[{"text": "So that is why we now include it in order that all investors across any industry are able to understand", "audio_length_s": 8.85, "path": "7ec9d2889f6012c7058eb766f6de38e2_156.wav"}, {"text": "This decree also defines how conflicts of interest must be addressed and communicated by the holding company of conglomerates to the ruling organs.", "audio_length_s": 8.85, "path": "d085781ecd776da8a9c4d31ad547606b_149.wav"}, {"text": "the Intreas team decided to buy additional protection during the year. You know that in the range 1 sector, you can buy during the year", "audio_length_s": 8.85, "path": "1f686a09cf3566a34f04f39fde02460e_141.wav"}, {"text": "The first involves our new real-time radiography crawlers, which we will use to inspect wells that join sections of newly constructed pipeline.", "audio_length_s": 8.85, "path": "145244b0378e6657d456cffca8bbc982_78.wav"}, {"text": "specifically in Russia and certain Middle East countries, Sanofi will provide transition services to assist us in the regulatory process.", "audio_length_s": 8.85, "path": "18b396ddd443d84d12477c42e31cdf0e_25.wav"}, {"text": "that you can maintain things like ESAs in. So the spirit of this in non-dialysis is to provide a first treatment option", "audio_length_s": 8.85, "path": "2a5b0a6532fa2b71915a2930be02621a_107.wav"}, {"text": "Overall, we believe the transaction meets our high bars and we look forward to adding the operation into our portfolio.", "audio_length_s": 8.85, "path": "1942e14b1721d0de894f437d1b3e75c5_175.wav"}, {"text": "as we transition our supply chain business model to a lower-touch application sale via our portal strategy and as we expect to benefit", "audio_length_s": 8.85, "path": "e26b501c6e000fdaa11edde97cc71436_53.wav"}, {"text": "stronger existing client base to growth due to the strengthening of the Brazilian economy and from our new usage-based pricing structure.", "audio_length_s": 8.85, "path": "839852ec8452dbd90e9341d15cbba7c5_179.wav"}, {"text": "With already a great business, it's positioned to become more important in terms of scope and growth opportunities with the pending acquisition of the Dispensing Systems business.", "audio_length_s": 8.85, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_3.wav"}, {"text": "And as more technology kind of gets baked into cars at the OEM level, it would seem to create an opportunity for aftermarket sales.", "audio_length_s": 8.85, "path": "b4874109876c9f165eef4be112d9f30d_145.wav"}, {"text": "a short while ago. Something else to think about. Even with the adjustments in spend that our customers have made this year,", "audio_length_s": 8.85, "path": "f46ae0a04d60dea8a759f07333ed37e2_145.wav"}, {"text": "Are they able to get back to you with considerations? To what extent are they looking at other bidders and trying to flex", "audio_length_s": 8.85, "path": "9da45cfd4472699ef05d887adce01223_52.wav"}, {"text": "including approximately 80 basis points of a negative impact related to the adoption of a new revenue recognition standard,", "audio_length_s": 8.85, "path": "1244d2b5a259c3bc73742830d60d53fc_14.wav"}, {"text": "nor the legacy things. It's the combination of those combined with a great performing client-focused organization", "audio_length_s": 8.85, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_45.wav"}, {"text": "So is that driven by acquisitions? Or do you think that organic growth will improve from the 0.5% that you reported this quarter?", "audio_length_s": 8.85, "path": "e3d70ecdb6aaed843dd059c121962e45_263.wav"}, {"text": "a transformative process, which we are referring to as Marlin 2.0. Through this transformation process, we expect to drive sustainable growth", "audio_length_s": 8.85, "path": "bda4b365d7a8386d5d2e6b4575d08a57_137.wav"}, {"text": "This is a very important program for us, and we continue to receive praise on the performance of our displays during flight testing.", "audio_length_s": 8.85, "path": "1ddc944827b99caf8c7867ceeed0ec20_84.wav"}, {"text": "we believe that we will be able to continue to grow the mortgage business and regain past profitability levels that we had seen.", "audio_length_s": 8.85, "path": "f2a2ba46b242698577188259de23de31_51.wav"}, {"text": "I mentioned during the last results call that we had expected to see seasonal softness in NOCITA sales, given our expectation at that time", "audio_length_s": 8.85, "path": "49a78c1ec143d9ac46e893e77198c0e3_61.wav"}, {"text": "and the reorder rates and then the anecdotes of how the product is performing. So we do want people to think about that nuance because of the way", "audio_length_s": 8.85, "path": "49a78c1ec143d9ac46e893e77198c0e3_22.wav"}, {"text": "and we don't see -- we can't categorize those. And additionally, there's a different effect that we have really no way of quantifying precisely", "audio_length_s": 8.85, "path": "65b48a7260ef038ff1bec3cc200331c3_233.wav"}, {"text": "when we talk about the increment -- the capital needed for the incremental spend, the way we're thinking about it now, this is it.", "audio_length_s": 8.85, "path": "0899e07f70a6e5be842fb6e22a3fafe9_108.wav"}, {"text": "As a result, many young educators work second jobs or leave the profession in search of a higher-paying job to pay back their debt.", "audio_length_s": 8.85, "path": "aeb50c6146f90bd32d147c5d4775c21d_12.wav"}, {"text": "We continue to find opportunities to profitably grow auto. We are targeting specific geographies, customer segments and cross-sell initiatives", "audio_length_s": 8.85, "path": "aeb50c6146f90bd32d147c5d4775c21d_40.wav"}, {"text": "We've routinely review all our projects and opportunities to ensure we are prioritizing those that have the greatest potential to enhance shareholder value.", "audio_length_s": 8.85, "path": "79afc92245f71d37a9adafb6f8d50e4f_58.wav"}, {"text": "digging that we did on this, it was kind of regional where there was some definite replacement that took place in a couple of regions. It appeared to be some storm damage-type thing,", "audio_length_s": 8.85, "path": "1d2ff648e4a30fa5555a7ab85bf60190_16.wav"}, {"text": "from the applications and take rate on the credit cards and from the warranties associated with the products that we sell there,", "audio_length_s": 8.85, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_97.wav"}, {"text": "are automatically switched in the free market and the tariff is in the hands of this company to decide. And as from there on,", "audio_length_s": 8.85, "path": "23417803b1a8115806b8e604b8b2bb83_272.wav"}, {"text": "RIA because the regulatory environment gets tougher and that value that we provide from a risk management standpoint", "audio_length_s": 8.85, "path": "8a77ceadd7e4729abc9102d38be3a227_46.wav"}, {"text": "It is by focusing this way and having a broad portfolio that we are able to deliver consistent returns through these challenging markets.", "audio_length_s": 8.85, "path": "47b1a118c53956b23f1d687a75f3e5ba_30.wav"}, {"text": "Can I just ask if this is a bit of a surprise or something you might not have anticipated that", "audio_length_s": 8.85, "path": "9b93af1e7019959620214c387f283d8e_38.wav"}, {"text": "The restricted cash balance, combined with the net value of expected future cash inflows related to our assumption of credit risk", "audio_length_s": 8.85, "path": "567a41009710fa1568bb8125213bf9eb_141.wav"}, {"text": "If you look at goodwill and other intangibles, there was a decrease in line with the impairments that we took as well as the impact of the stronger rand.", "audio_length_s": 8.85, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_249.wav"}, {"text": "He will then provide an update on our markets and geographies and discuss our capital deployment. He'll then walk you through the operating performance within", "audio_length_s": 8.85, "path": "02deeb29574f1571812a11f66bb8fda1_1.wav"}, {"text": "At the federal level, future needs include ICE demand of up to 3,000 beds pursuant to a request for information ICE just published last month,", "audio_length_s": 8.85, "path": "c5c7a9f409241412b160a93cde7ef630_38.wav"}, {"text": "enables you to calculate our estimated effective income tax rate of 5% to 6% and provides you with our estimate of total depreciation and interest expense", "audio_length_s": 8.85, "path": "c5c7a9f409241412b160a93cde7ef630_39.wav"}, {"text": "At present, we plan to begin this operation in fiscal 2020 and expect this to contribute to our group's growth strategy.", "audio_length_s": 8.85, "path": "b0b83ac66a31c5096a75bb1927c557e2_107.wav"}, {"text": "As a reminder, the reduction of the taxable equivalent gross up under the lower tax rate going forward will serve to reduce net interest margin.", "audio_length_s": 8.85, "path": "ef44080b170ca6366a6d3132d0baf11a_83.wav"}, {"text": "Our Trentwood facility continues to increase efficiency and throughput from investments in the Phase 5 expansion and the new casting complex,", "audio_length_s": 8.85, "path": "08f219f6cb65bd0ed50cb8444a3884f8_58.wav"}, {"text": "and we're working hard to create places where people want to work. And we have a very stable", "audio_length_s": 8.85, "path": "b43c001c5af465d220ab0b69a95202ae_152.wav"}, {"text": "and the respect of this industry. And I think it's improved dramatically, if you followed this industry 15 years ago and you look at it now.", "audio_length_s": 8.85, "path": "968913c3f9111fc67f1d9956c56dec3b_200.wav"}, {"text": "For example, we'll be able to offer members customized products based on their travel preferences and timeshare ownership characteristics.", "audio_length_s": 8.85, "path": "968913c3f9111fc67f1d9956c56dec3b_164.wav"}, {"text": "where it came from, if it was, I don't know, all US, or only Asia, if there was some sort of there. That was the first question and the second one", "audio_length_s": 8.85, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_42.wav"}, {"text": "Fortunately, our processes and systems are already set up this way, so this won't be a change to how we've always executed each marketing campaign.", "audio_length_s": 8.85, "path": "63eaf9677d7577484a1557ae6bfbb585_5.wav"}, {"text": "Our Express solutions, as Ari mentioned, we had one that sort of popped up and we closed down within a quarter, and then that's really a delivery", "audio_length_s": 8.85, "path": "7274a7a5fa848e641ba98fce556e26a1_61.wav"}, {"text": "to, quite frankly, all our satellite customers with regard to the potential for much better quality wireless service. So all of that kind of plays together.", "audio_length_s": 8.85, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_183.wav"}, {"text": "at 1 week of dosing and droxidopa has not been shown in clinical studies to produce durable response beyond 2 weeks.", "audio_length_s": 8.85, "path": "571b0d30d88945a981006f24faa72cf7_171.wav"}, {"text": "as you look at the earlier time points, perhaps at 1 week and then as you also look at the data at 4 weeks, is it possible to give us some sort of a sense of", "audio_length_s": 8.85, "path": "571b0d30d88945a981006f24faa72cf7_139.wav"}, {"text": "Okay. So the current -- this level of interest expense is a good run rate to use going forward and figuring out your free cash?", "audio_length_s": 8.85, "path": "8d9efef3c305ec549fb15daa27107c83_90.wav"}, {"text": "I think that the -- sort of that level of detail is really something that I don't really want to go into at this point.", "audio_length_s": 8.85, "path": "aed770c98113f594e36325a5822547e4_115.wav"}, {"text": "So there's a payment and a milestone on a technical transfer. Upon a payment, technical activities are done.", "audio_length_s": 8.85, "path": "b3d7bc295d09d9927e465213612c0192_242.wav"}, {"text": "So at that point, that's the end of my prepared remarks. And I'd like to turn it back to Gary. And if we have any questions, be happy to take", "audio_length_s": 8.85, "path": "1c7b9fe66120faecd8217e1df394005c_58.wav"}, {"text": "what Dime's -- what the existing portfolio is. So what I tried to express was that we have runway without growing the balance sheet there.", "audio_length_s": 8.85, "path": "1c7b9fe66120faecd8217e1df394005c_102.wav"}, {"text": "to work with operators. And so if you can consider retail prepared foods an operator, our ability to help them take out labor", "audio_length_s": 8.85, "path": "af2718cdc0b3b856f9a0b3da3d527d18_170.wav"}, {"text": "And we are working with them in order to achieve that. So you start to see people thinking about how can I use a J code to improve patient care.", "audio_length_s": 8.85, "path": "450a5dc6eb19b82da8dfc68127f6e79d_34.wav"}, {"text": "So I think on balance, we do see some pressure in Industrial and we have factored that into our thought process. But we don't see", "audio_length_s": 8.85, "path": "92bf6fe090b6bc565cb500b688fd9173_89.wav"}, {"text": "It is important to note that we were only beginning to apply some of the technology, internalization and other efficiencies to our business.", "audio_length_s": 8.85, "path": "f15966ae82e18b472ad78dd961f8e5e8_69.wav"}, {"text": "The new factory will provide us with the capability to produce more advanced paint products with even greater levels of quality and consistency.", "audio_length_s": 8.85, "path": "33fd8a867dbd88a837e541b1d2b25ea5_15.wav"}, {"text": "Is that by having complete control of the system, the enclosure, the energy conversion, the controllers,", "audio_length_s": 8.85, "path": "433a6e203f9db93835c27ff83e86c801_257.wav"}, {"text": "But also looking at additional ways to serve both our corporate services clients, their stock plan participants and our retail brokerage base", "audio_length_s": 8.85, "path": "7cc11de7f206c637e6293da0d956405e_204.wav"}, {"text": "Yes. So for sure, the comment is more about the overall risk in the environment and not about our risks to", "audio_length_s": 8.85, "path": "41c28201e80491c91e34488556721756_25.wav"}, {"text": "I think you're right in that definitely, especially if you look at the trends over the last 5, 10 years, you can see the holiday pulling earlier and earlier", "audio_length_s": 8.85, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_115.wav"}, {"text": "material new product development initiatives and marketing to improve both the vitality and the strength of our product offering", "audio_length_s": 8.85, "path": "c47a92e006b54d014a79b447528c55a7_67.wav"}, {"text": "right now, we don't have the opinion that we'll have a lower level than last year. So we believe that that business is still growing.", "audio_length_s": 8.85, "path": "9ec35a7809acb51486076e302028ba33_56.wav"}, {"text": "The Knoxville team is also very talented, and we are very excited to welcome them into the Lazydays family in the very near future.", "audio_length_s": 8.85, "path": "6760f7edfb883104c8c655c4671646e5_62.wav"}, {"text": "on migrations. It's always better to be on the newest platform, but frankly, the existing platform is satisfying a lot of needs for existing clients, and", "audio_length_s": 8.85, "path": "0dec9a606303da3039d11eec4ec9bd86_153.wav"}, {"text": "This more than offset declines in Senator, reflecting the recent period of political uncertainty surrounding the presidential election in Kenya.", "audio_length_s": 8.85, "path": "3877b1983229ec488c6349a188bccf92_206.wav"}, {"text": "We still have much to do throughout the balance of the year, but I'm pleased that we have built on the momentum from this past holiday season and continue to execute at a high level.", "audio_length_s": 8.85, "path": "50e17cbbbef8897681cc5f8ae110aae2_3.wav"}, {"text": "Comparison to the prior year is significantly distorted by the extra week in the fourth quarter last year and the associated shift in the calendar.", "audio_length_s": 8.85, "path": "4721d5a2e7061d90a4e4e4768adc2486_183.wav"}, {"text": "I also want to ask. On the labor front or any other -- is there anything on the horizon there that you're seeing in any of the", "audio_length_s": 8.85, "path": "3c80de013154b028ecdc6354d16c6fbc_59.wav"}, {"text": "and hence, make ourselves better connected to the end-users and the value they get from our products.", "audio_length_s": 8.85, "path": "01b376669d5ea40acc7fb5a87503586e_124.wav"}, {"text": "With regard to cash flow, we expect another good year, even with the anticipated level of capital expenditures and modest growth in working capital.", "audio_length_s": 8.85, "path": "799c15a4a6e9e3c86374761fec31c00a_48.wav"}, {"text": "enable us to pursue significant opportunities to broaden our portfolio through corporate development activities with a continued focus on long-lived,", "audio_length_s": 8.85, "path": "299bad77345d2e44fa5768f4416f7b97_16.wav"}, {"text": "We anticipate the initial rollout of these -- of the program to begin in the Pacific markets later this year and then globally over the next 2 years.", "audio_length_s": 8.85, "path": "1353031386f884a821e7e9bab449727d_81.wav"}, {"text": "in those term sheets, you commit to all the major terms of the loan. You have to then pay for the loan, which I shouldn't underestimate the importance of and the kind of length of.", "audio_length_s": 8.85, "path": "11f02fb2db5d9fb5ff82f0374376f759_60.wav"}, {"text": "I would like to close by thanking all of our employees for their efforts and continued dedication as we move forward.", "audio_length_s": 8.85, "path": "34b4c03bbd8e9d5fceb8c8af89388197_158.wav"}, {"text": "We continue to successfully integrate the recently acquired Mega Airless Company, and we're happy with the performance of the business.", "audio_length_s": 8.85, "path": "812d8f09b72b4d410d138d3b24caebbc_169.wav"}, {"text": "a key supplier in Asia. We started to win some new accounts, new OSAT accounts that we had not been in", "audio_length_s": 8.85, "path": "ecc871b8f89a858d952f554f1ca8f7da_29.wav"}, {"text": "What is somewhat less obvious, but equally as noteworthy, is the extreme level of flexibility required by the market from these units on those days.", "audio_length_s": 8.85, "path": "3f6641f7d8f1ab845ad4f637cfb35109_148.wav"}, {"text": "Although the third quarter was impacted by regulatory effects, we continue to make good financial progress.", "audio_length_s": 8.85, "path": "ae5a41fe3b3d515713608c5ac878eed3_163.wav"}, {"text": "opportunities to add to the business, but we're not going to acquire for acquisition sake or diversify", "audio_length_s": 8.85, "path": "64364105b816dd0b6a029e9cd210e65b_261.wav"}, {"text": "These statements should be viewed via the cautionary statements and risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission.", "audio_length_s": 8.85, "path": "64364105b816dd0b6a029e9cd210e65b_98.wav"}, {"text": "We never could have built AGI without you. So I hope that you know that I know, and that I'm very appreciative.", "audio_length_s": 8.85, "path": "7d74e5d733ec60a1be27a556e7689961_55.wav"}, {"text": "We understand the current freight environment and potential weakness in pricing. However, does the earnings guidance suggest a decline in the operating margin as well?", "audio_length_s": 8.85, "path": "14fa9d7635caae6483af62a4bfe1b9d6_17.wav"}, {"text": "is designed to access those consumers, and those -- that consumption that we don't cover with our participation in the modern trade. So it's both", "audio_length_s": 8.85, "path": "1f142ea668261ba963d47aac6bab69dd_203.wav"}, {"text": "you need a good foundation and I think we've done that in 2016 with the rate cases that we completed. So we're in good shape there. Number two,", "audio_length_s": 8.85, "path": "2cd5b184c2ef6624ce219830182927c9_65.wav"}, {"text": "The first thing that we wanted to drive during the second half was generating more proximity with our customer to drive collaboration.", "audio_length_s": 8.85, "path": "9826162bc1bb67bf8d65e4cf50e656e9_85.wav"}, {"text": "the year has started well, and we are delivering along expectations. And we are executing our CapEx plan and are on track.", "audio_length_s": 8.85, "path": "b20564a6da1bcfc7b80552299d9e002a_103.wav"}, {"text": "It's an inflow in the first quarter last year. It didn't cost in income because we recorded it directly into provisions.", "audio_length_s": 8.85, "path": "29262b03ab2581af83aaa5abd6acd0bd_73.wav"}, {"text": "with some additional secondary endpoints. So the company has gone back to the data and has been performing the analysis that they requested", "audio_length_s": 8.85, "path": "0411a1a45741648616bbfd7ca8dd3fd4_43.wav"}, {"text": "Increased equipment activations in 2018 will require the industry to look outside the current labor pool,", "audio_length_s": 8.85, "path": "3c17ad8c6709cbb1a8f7190f567a445f_46.wav"}, {"text": "In the grinding market, we expanded our product portfolio to increase larger grinding media, which opens up more sales opportunities for us.", "audio_length_s": 8.85, "path": "bf8646ad61e3857d4cf46e592c18f685_64.wav"}, {"text": "And then on average to compare to NYMEX, we would expect that rate to be at the high end or slightly above it, correct.", "audio_length_s": 8.85, "path": "5f4034bd1c0669186fcee6909c5d59e7_31.wav"}, {"text": "We have continued a rapid pace in advancing our lead Alzheimer's program, and we have set out a clear path forward for success.", "audio_length_s": 8.85, "path": "6c929ddddb79b887458ae21f1a3aa09d_51.wav"}, {"text": "And we include our variable annuity and are including our variable annuity providers in that and are getting a high level of interest in working toward a solution.", "audio_length_s": 8.85, "path": "bcb3aac2c7cc035961d9ee8cfd330044_18.wav"}, {"text": "and how the city should be organized to really better integrate the social dimension, the economical dimension and the production dimension of it.", "audio_length_s": 8.85, "path": "4fd138e27f5f375945332eacefa15b62_144.wav"}, {"text": "which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions do not place undue reliance on these forward-looking statements.", "audio_length_s": 8.85, "path": "48bcc356a89059f921765f872bfe293c_156.wav"}, {"text": "In Q4, we made a lot of good progress with Snap Pixel. We focused on scaling its usage as well as building out its capabilities.", "audio_length_s": 8.85, "path": "30a142fac5a62ab00227cb6a339a6226_20.wav"}, {"text": "a much more aggressive price increase that will become effective May 1. Unlike some others in our space, we're", "audio_length_s": 8.85, "path": "24a2aec67e247f9c4d4cc89d6dbab525_59.wav"}, {"text": "Hopefully, these changes will lead to fewer, but more professional and permanent salespeople to add to our existing outstanding performers.", "audio_length_s": 8.85, "path": "7e018402f521eec8ce7a9df8cd61e144_41.wav"}, {"text": "and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events", "audio_length_s": 8.85, "path": "153ca64e1ddbb5b38a71827429635d48_54.wav"}, {"text": "On the MH side, we continue to believe there is significant potential for this market in the long term based on the current upward trend we are experiencing in shipment levels.", "audio_length_s": 8.85, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_99.wav"}, {"text": "We expect ramp up of production from Kibali and improved production, in particular from the Australian and Brazilian operations.", "audio_length_s": 8.85, "path": "9b84dc4409f4ecccd173c2f81a4460cc_293.wav"}, {"text": "well, if we look at that and we've done everything that we can and where there's an opportunity to move and get better terms on all those fronts, we do.", "audio_length_s": 8.85, "path": "744f5859c7d9a0567b387ae84326d940_156.wav"}, {"text": "As such, we are continuing to work very hard to evolve our service offerings and capitalize on our growing go-to-market momentum.", "audio_length_s": 8.85, "path": "c2a4f7aacf0036edc5b94457c0d8329a_107.wav"}, {"text": "Thanks, Jim. Good morning, everyone. The aerospace market continues to represent one of our strongest end markets from a demand perspective,", "audio_length_s": 8.85, "path": "97ddc19ecb28bab2d19fd3b181182062_166.wav"}, {"text": "we do have breakthrough therapy designation for this indication. We will be talking to the agency as we develop a bigger safety database,", "audio_length_s": 8.85, "path": "6064088db0200b32f3f3e848047c5ab6_43.wav"}, {"text": "Our robust balance sheet continues to get stronger, and positions us well to take advantage of opportunities and challenges in the marketplace.", "audio_length_s": 8.85, "path": "4b5d33b9c200403f2d4633e47f1d4110_170.wav"}, {"text": "in the sense that these ships are much bigger, so maybe they will be harder to move around in the network, customers will have to accept", "audio_length_s": 8.8499375, "path": "89a894c2c6440d41510f0b009c0cd03b_117.wav"}, {"text": "in the percentage of personnel cost of total sales to make sure that this rate does not increase over the years.", "audio_length_s": 8.8200625, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_18.wav"}, {"text": "During that time, we became more internally focused on integrating and executing on these transactions and watched the momentum on our sales growth.", "audio_length_s": 8.8200625, "path": "45ab782035fdb06f5ec710d0845bc18f_16.wav"}, {"text": "have been our internal projects and initiatives where we see a high rate of return, and we have a history -- demonstrated history", "audio_length_s": 8.82, "path": "f5875d033110e66b5aafc3c0003babdf_75.wav"}, {"text": "And as I mentioned, we and our partners are very much engaged in looking at where that potential mechanism of action makes the most sense,", "audio_length_s": 8.82, "path": "070a939ddb72d87ed87e4b863da14a89_13.wav"}, {"text": "we always talk about TheStreet. We can now talk about constructive activism by talking about our participation in the Turtle Beach transaction.", "audio_length_s": 8.82, "path": "db6c253ba433d9a247219bb3f15da199_45.wav"}, {"text": "don't really know exactly what's going on in Chicago. It's been a struggle for us throughout the market, so it's not just any particular part of the market.", "audio_length_s": 8.82, "path": "d819fc602f924dd226fb27a9d26007d2_22.wav"}, {"text": "better comparison that we should add to this in future presentations. Our volume will be closer to theirs. But you could see the public comps trade at", "audio_length_s": 8.82, "path": "92b48b365197c65ebf545a4c9dd1200d_85.wav"}, {"text": "and through our established relationships in Search, we're able to open the door and we have a very large Culture Shaping project that's been launched over there.", "audio_length_s": 8.82, "path": "0d631e444d1c22f0be99a69f5deaff94_102.wav"}, {"text": "We have many enhancements to our loan experience and our road map over the next 12 months, which will continue to improve the convenience to our users and dramatically improve the efficiency of our platform.", "audio_length_s": 8.82, "path": "f3ea353a6c918bc1fd311a9cad6b9777_110.wav"}, {"text": "We then leveraged our post partnership to promote and drive awareness of this, and the result was we increased our new member sign-up threefold over the previous quarter.", "audio_length_s": 8.82, "path": "f3ea353a6c918bc1fd311a9cad6b9777_102.wav"}, {"text": "The primary drivers in the year-over-year increase in cash were borrowings under the line of credit and improved working capital velocity,", "audio_length_s": 8.82, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_135.wav"}, {"text": "predominantly behind the increased growth momentum of the businesses and slightly also increased by currencies.", "audio_length_s": 8.82, "path": "a95a220f118ae793c89d6d708e62cf8a_90.wav"}, {"text": "get to these big numbers, trying to figure out what to put in the model. So how much of your business in fourth quarter at Knight was in the spot market?", "audio_length_s": 8.82, "path": "94fdf7b24748a7706b1097482a0f363a_45.wav"}, {"text": "No more question. Thank you very much. We would like to close for the day. Once again, thank you very much for your participation.", "audio_length_s": 8.82, "path": "a93681c92a0b9c04743f541a54b180c7_117.wav"}, {"text": "So this year, the main effect was the movement that you have noticed in the value of new business and the value of in-force.", "audio_length_s": 8.82, "path": "a683f40be39761f8e66786d7c0b64134_63.wav"}, {"text": "are there any concerns about the earning prospects? Or do you have any specific major strategic funding needs in mind?", "audio_length_s": 8.82, "path": "3cb802f8fba7d33603c29387ccdaf817_198.wav"}, {"text": "However, even when adjusting for that, manufacturing productivity would still have been weaker than our targets across many businesses.", "audio_length_s": 8.82, "path": "3557b21a45c35e71e82cc43b19977855_7.wav"}, {"text": "for certain areas, which now it's not even possible to do because it requires you such a long time. So", "audio_length_s": 8.82, "path": "2f888e63a31b86cc2f4f97710e8eed79_53.wav"}, {"text": "we made a conscious decision not to be a monoline lender but to change the direction and culture of this organization to become a commercial bank.", "audio_length_s": 8.82, "path": "54cde38ae040b5e2c4e1f3c85691f907_12.wav"}, {"text": "However, we also do expect that we will see further bouts of volatility in the intermediate term and consequently are mindful of liquidity considerations,", "audio_length_s": 8.82, "path": "223f05c0b9b116532e9af84afa76cac7_17.wav"}, {"text": "And together with the online presence we have, it will create unique accessibility for our customers.", "audio_length_s": 8.82, "path": "55d548325797d638567669cd75444301_134.wav"}, {"text": "port issues, if you can just maybe kind of quantify that for us? And as we move to the fourth quarter, just help us understand", "audio_length_s": 8.82, "path": "280baf1d10cd27b78eae4bf2574b9c98_130.wav"}, {"text": "profitability as well as revenue growth and will continue to do so. And you see that we're investing in marketing dollars, and we're investing", "audio_length_s": 8.82, "path": "7e14890193df4b10e1eeab6ab886529f_55.wav"}, {"text": "Our mission is to go deeper than we do today and provide members with a deeply human and personal experience and one that truly meets them where they are.", "audio_length_s": 8.82, "path": "7e14890193df4b10e1eeab6ab886529f_34.wav"}, {"text": "We continue to target increasing marketing solutions and other services as a percent of total company revenue", "audio_length_s": 8.82, "path": "04f29bc02d1e2ef65077ca67bf41f475_202.wav"}, {"text": "Our technologies and sales channels are stronger, our digital technology services offers more mature,", "audio_length_s": 8.82, "path": "04f29bc02d1e2ef65077ca67bf41f475_216.wav"}, {"text": "Out of the acquisition of Holiday and its strong food program, would its own commissary change your perspective on prepared food", "audio_length_s": 8.82, "path": "570faeed3dcfa26c6246dc42309025ad_111.wav"}, {"text": "mind boggling in terms of their volume. And our view is that if we can get our balance sheet properly positioned,", "audio_length_s": 8.82, "path": "918de179148bbfe18b95415ee0065a3d_32.wav"}, {"text": "But we believe it's important to start to get commercial feedback even in advance of the publication of results from our latest trial.", "audio_length_s": 8.82, "path": "8bbc2f54137b794265dfb01f1559868d_15.wav"}, {"text": "Finally, we wanted to provide you with ample notice that we are postponing our 2016 Fall Investor Day in September", "audio_length_s": 8.82, "path": "3121e8f4a75758834d32a9e4e0555221_62.wav"}, {"text": "suffice it to say, we've got a lot more information in the second quarter that we didn't have in the first quarter. And the risk adjustment program for the Marketplace", "audio_length_s": 8.82, "path": "3121e8f4a75758834d32a9e4e0555221_128.wav"}, {"text": "It seems that finally, a settlement is not as unlikely as it used to be in the past.", "audio_length_s": 8.82, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_33.wav"}, {"text": "what opportunities are there inside the stores that you have that you want to continue to operate, that you can enhance profitability?", "audio_length_s": 8.82, "path": "6616e76da46baea11d6032fc063716c1_35.wav"}, {"text": "associated with development and regulatory events and a minority is associated with sales", "audio_length_s": 8.82, "path": "0c18e4de44a4c891690654ba38479935_66.wav"}, {"text": "We have been focused on reducing our second lien exposure at SUNS and cycling out of these investments at attractive prices", "audio_length_s": 8.82, "path": "07f580f6f7be50000b90caa25fcd2661_41.wav"}, {"text": "managing our costs and capturing enhanced operating efficiencies resulting from our increasing size and scale.", "audio_length_s": 8.82, "path": "0ee490f8688669984ae17a737590f7b5_75.wav"}, {"text": "extreme temperatures and ultra-high speeds require both exceptional engineering design and continuous operating performance capabilities.", "audio_length_s": 8.82, "path": "a827180c08c11f2e53c6966fceaabf5b_53.wav"}, {"text": "This singular view will drive our thinking as we continue to develop products and services to support our gaming customers.", "audio_length_s": 8.82, "path": "1b1699497be56330b3ed833f22bc63f6_64.wav"}, {"text": "in the same level of the first quarter of 2015, which was slightly higher. But we see a positive trend now.", "audio_length_s": 8.82, "path": "cc82e791c065bdc271addf355bac274f_67.wav"}, {"text": "Before we move on to review -- our review of the end markets, I'd like to provide a brief update on our Stromag acquisition.", "audio_length_s": 8.82, "path": "a0006b7891ead9bdb76273f555b6f1c8_102.wav"}, {"text": "through both spend and mix optimization while maintaining our competitive investment levels across all relevant consumer touch points.", "audio_length_s": 8.82, "path": "8475d4f528174aebabcb109487bee3f3_34.wav"}, {"text": "and pricing for that matter because, for a year, it shows up in that acquisition column. So I think it's important to note that", "audio_length_s": 8.82, "path": "23eff4c724ee00f56319fcc47add3441_102.wav"}, {"text": "Politicians and policymakers were already struggling to take action in the past, and now the importance for the Eurozone economy has only intensified.", "audio_length_s": 8.82, "path": "bddc15938bdcc3085f19b0851e74c2c0_213.wav"}, {"text": "The various factors for increases and decreases in income have been classified in accordance with the method that Honda considers reasonable.", "audio_length_s": 8.82, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_2.wav"}, {"text": "For those of you who have not yet downloaded the material, please do so now, as we will start immediately following our forward-looking statement.", "audio_length_s": 8.82, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_78.wav"}, {"text": "real estate brokerage and pension consulting businesses. However, this could not compensate for the decline from Swiss Life Select", "audio_length_s": 8.82, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_34.wav"}, {"text": "and puts us in a strong position to take advantage of the opportunities stemming from the economic recovery on the island.", "audio_length_s": 8.82, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_34.wav"}, {"text": "and, kind of, gave that guidance of those metrics on the initial conversation and then just worked with that partner to back into those metrics.", "audio_length_s": 8.82, "path": "15ac383479a7c990aab7b155e4d42053_29.wav"}, {"text": "The record high was fueled by performance at product line extensions introduced earlier in the year as well as expanded product access points.", "audio_length_s": 8.82, "path": "276392c471c063580869aec014a1feda_16.wav"}, {"text": "And I just -- a point that Jason made that I'd like to just make sure everybody's thinking about is, as the logistics business becomes more and more", "audio_length_s": 8.82, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_95.wav"}, {"text": "as well as innovative solutions. As we accelerate innovation across the company, we're introducing machine learning into our product capabilities,", "audio_length_s": 8.82, "path": "1244d2b5a259c3bc73742830d60d53fc_5.wav"}, {"text": "Where would you say it is as far as its runway for growth and its contribution to longer-term guidance?", "audio_length_s": 8.82, "path": "43942582edfb20599f3e7456137f8deb_156.wav"}, {"text": "The in brand lineup's in bar offerings also are enjoying steady sales in the wellness domain.", "audio_length_s": 8.82, "path": "f4d0f1362716be33f02690dd1a8df663_45.wav"}, {"text": "The increase was primarily due to impairment charges on goodwill and intangible assets as well as loan loss provisions recorded during the year.", "audio_length_s": 8.82, "path": "a8034762296368c60571fcde382c3274_9.wav"}, {"text": "the specific elements that are linked to the judgment. This is a dynamic situation.", "audio_length_s": 8.82, "path": "38b2f94da12bbf2d32246763aab8265a_71.wav"}, {"text": "terms that you are potentially going to get on your existing potential manufacturing partner not good enough? Just a few more details, if you could.", "audio_length_s": 8.82, "path": "1ddc944827b99caf8c7867ceeed0ec20_108.wav"}, {"text": "Following that, I'll detail some of our recent accomplishments as well as provide a business outlook for the balance of the year.", "audio_length_s": 8.82, "path": "1bba27cac9495fe57f623973383d6948_3.wav"}, {"text": "Specifically, a lot of the agents weren't in place at the start of the first quarter, and a very significant number of them were still onboarding into the first quarter.", "audio_length_s": 8.82, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_105.wav"}, {"text": "Specifically, when a customer asks us to do a site survey, that survey usually follows with a proposal and we close a large number of these.", "audio_length_s": 8.82, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_150.wav"}, {"text": "and that's really in those international markets where we've had the increase in sales. Domestic inventory levels have been brought down", "audio_length_s": 8.82, "path": "1d2ff648e4a30fa5555a7ab85bf60190_130.wav"}, {"text": "what we might expect to see from the industry results at the end of this week when the IRS reports it? And then, I have a follow-up, please.", "audio_length_s": 8.82, "path": "87ba56e8ff82d5e181ee5d6d66543c51_52.wav"}, {"text": "Both stapling and energy instruments are important to surgeons, and we've been investing in broadening our product line and incorporating customer feedback in both areas.", "audio_length_s": 8.82, "path": "58ff8a727ec4f3859407b64f08246759_72.wav"}, {"text": "While these items may recur in Q4 as well due to their nature, it is not possible to estimate their exact impacts.", "audio_length_s": 8.82, "path": "3cc0a4a6f1b08b522c732ad8944e8624_99.wav"}, {"text": "We think the changes we have already made across our platforms will help advisers better support their clients and differentiate their businesses.", "audio_length_s": 8.82, "path": "8a77ceadd7e4729abc9102d38be3a227_159.wav"}, {"text": "Second, we had a 7 percentage point benefit from our estimated state tax rates from prior years, which ended up being lower than what we had estimated.", "audio_length_s": 8.82, "path": "8a77ceadd7e4729abc9102d38be3a227_173.wav"}, {"text": "that we again are delivering more innovation with truly differentiated product benefits and rolling them out faster to more markets.", "audio_length_s": 8.82, "path": "47b1a118c53956b23f1d687a75f3e5ba_89.wav"}, {"text": "In one case, we completed the implementation of a large supplier on an ERP that we had integrated to before in under 4 weeks.", "audio_length_s": 8.82, "path": "9b93af1e7019959620214c387f283d8e_15.wav"}, {"text": "speed to market on our sourcing and technology to enable better utilization of our inventory across the whole portfolio.", "audio_length_s": 8.82, "path": "e2c02e1788cb10703d7611ef157f8135_158.wav"}, {"text": "However, we are working very constructively with each and every one of those customers on a customer by customer almost engine-by-engine basis,", "audio_length_s": 8.82, "path": "7bc22aba9bc29d69ee10cc60db7903d8_169.wav"}, {"text": "We are encouraged to see initial significant positive signals on some of the measures of physicality, cognition and quality of life", "audio_length_s": 8.82, "path": "1be44822d16f85bd501a5f19876895b1_93.wav"}, {"text": "that kind of is the swing factor that helps next year? So in other words, let's say we just brought our numbers down or your guidance got brought down by a couple percent.", "audio_length_s": 8.82, "path": "191c819db03c2dfd0207cd1f42e278a4_67.wav"}, {"text": "This will enable us to deliver offerings to our clients that are multidisciplinary and bring improved structure tools, points of view and quality assurance.", "audio_length_s": 8.82, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_122.wav"}, {"text": "To follow up on Joe's comments, we had our industry have been compelled to come to grips with the reality of permanently low interest rates.", "audio_length_s": 8.82, "path": "7cf9ea093ccaf8fe8af51c4e00832372_46.wav"}, {"text": "As of the end of the quarter, we had not repurchased any shares, but we are regularly monitoring the market opportunity with our board.", "audio_length_s": 8.82, "path": "b1da16cba24af8e472573c4c9caf17c7_189.wav"}, {"text": "If we look at the results others have reported using rigorous immunological assays, we saw", "audio_length_s": 8.82, "path": "17f54a9938f35a4bde713fb3eb33a80e_32.wav"}, {"text": "lower volumes due to the macroeconomic environment in Brazil and Southern Cone and higher costs for corn, energy and other inputs.", "audio_length_s": 8.82, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_19.wav"}, {"text": "with our footprint as well as our expansion of our nonwovens business with the Gastonia investment. So it was really a logical next step for us", "audio_length_s": 8.82, "path": "2a059b2b192b8e972ca7664ddfed8a20_172.wav"}, {"text": "We have a nice cost position because our costs are denominated in local currency. And as a result, we're able to service the local market. And if we have excess capacity, we are able to export.", "audio_length_s": 8.82, "path": "2a059b2b192b8e972ca7664ddfed8a20_182.wav"}, {"text": "is it more of a governor that you're putting on at this point and the demand is very strong? You're just making sure you're going through it very methodically? Or is it something that", "audio_length_s": 8.82, "path": "82131762fc1c2b2358ac3a167666ab87_21.wav"}, {"text": "we could have offered to buy more shares and the balance that we came to 5 million shares was what Renova was willing to do at this point.", "audio_length_s": 8.82, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_200.wav"}, {"text": "making their very existence more and more problematical. Let me further expand on that and a few other relevant points.", "audio_length_s": 8.82, "path": "75eb5b75bb8587b63c318714ea956b9e_139.wav"}, {"text": "and in the process, created significant value for our shareholders. I'm proud to leave this company far stronger than the one I started with.", "audio_length_s": 8.82, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_87.wav"}, {"text": "While the Q2 numbers were soft, we are seeing some green shoots, which give us confidence that we'll see improvement in the back half.", "audio_length_s": 8.82, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_10.wav"}, {"text": "we would have expected to be at the high end of the committed range of 15% to 16% had we not deconsolidated Venezuela.", "audio_length_s": 8.82, "path": "9b697782ea80be97854f35d6fc62c93a_156.wav"}, {"text": "We continue to invest in global expansion. And as you would have heard in the highlights, we have seen very good growth", "audio_length_s": 8.82, "path": "262bc21196721c5ff9114acbd2ff03c3_262.wav"}, {"text": "owned the Cannon Park City Centre in a Queensland legal structure known as Community Title Scheme, which involves individually owned lots", "audio_length_s": 8.82, "path": "e2225d612a954a24e7e91c08215d7b51_132.wav"}, {"text": "Our Win Flushing campaign is focused on further capitalizing on this market through market knowledge and understanding of customer needs.", "audio_length_s": 8.82, "path": "cac9bb252b7974b7044423e714c2f054_9.wav"}, {"text": "helicopter operator. So when the large oil and gas companies and the majors come back into the state to spend money on that pipeline or other projects,", "audio_length_s": 8.82, "path": "8d9efef3c305ec549fb15daa27107c83_107.wav"}, {"text": "a passenger is abused by another passenger? And are you seeing more instances of this kind of conduct on your flights right now?", "audio_length_s": 8.82, "path": "1949bd0c9c4c23d495d880c4c552bfe1_135.wav"}, {"text": "in terms of their commitment to aesthetics and I think that there are several other", "audio_length_s": 8.82, "path": "c40b5d1a13169c5acf69590932a56f98_162.wav"}, {"text": "It's not a negative strategy but I think you get it, right? So that's -- a lot of it is giving these folks some time out there to", "audio_length_s": 8.82, "path": "450a5dc6eb19b82da8dfc68127f6e79d_120.wav"}, {"text": "The issue is related to the regulatory process than the ability of the folks who are making parenteral products to be able to make them", "audio_length_s": 8.82, "path": "450a5dc6eb19b82da8dfc68127f6e79d_189.wav"}, {"text": "Legacy KCG had at least 3 independent trading systems in addition to separate back office platforms that were largely disconnected.", "audio_length_s": 8.82, "path": "f15966ae82e18b472ad78dd961f8e5e8_112.wav"}, {"text": "We have provided some specific guidance about the transitional impact of the exit of Dulux paints from Mitre 10 in New Zealand, particularly in the first half.", "audio_length_s": 8.82, "path": "33fd8a867dbd88a837e541b1d2b25ea5_226.wav"}, {"text": "is extremely well informed, right? They take data points from everywhere. They look at what we've done. They hold management accountable", "audio_length_s": 8.82, "path": "7cc11de7f206c637e6293da0d956405e_234.wav"}, {"text": "related to your comments earlier? And then the second question just has to do with the line extension behind HUMIRA. I believe you launched a", "audio_length_s": 8.82, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_275.wav"}, {"text": "Our second strategic initiative, strengthening our value proposition, requires integration and alignment across all operational areas.", "audio_length_s": 8.82, "path": "7498a6630302a038bd537d192c3a44f4_157.wav"}, {"text": "In addition, we have evaluated compensation plans at the store level in an effort to provide a more balanced structure for our associates.", "audio_length_s": 8.82, "path": "7498a6630302a038bd537d192c3a44f4_228.wav"}, {"text": "We have a strong offering with Unyson. But there may be other transportation management companies that possibly specialize in a", "audio_length_s": 8.82, "path": "2a7af3c66762ce608379005a3d7bfa96_110.wav"}, {"text": "continued to have parties that have been talking to us for quite a while. The number did not change when we", "audio_length_s": 8.82, "path": "e29584f9f829602cacebcce71c2a4fb9_135.wav"}, {"text": "in any forward-looking statement due to a variety of factors, which are discussed in detail in the company's most recent Form 10-K filed with the Securities and Exchange Commission.", "audio_length_s": 8.82, "path": "0cfaeed8cd93dc274845d450e921aeb6_136.wav"}, {"text": "let us remind you that it has its limitations. A portion of our capital will always be invested in assets that do not generate current net investment income.", "audio_length_s": 8.82, "path": "a0d537badd260e2071136602e3b73b26_145.wav"}, {"text": "I will talk through the components of the segment margin shortly. But let me point out here, the corporate expenses were unusually high when compared to the prior year.", "audio_length_s": 8.82, "path": "18e82b076319ac52f8a4b391ea345abd_5.wav"}, {"text": "And each of them has a full structure, and this full structure, we can get synergies out of it,", "audio_length_s": 8.82, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_174.wav"}, {"text": "but at the end, you can say what is new that is basically what we have to deal with and had to deal with the last 20 years.", "audio_length_s": 8.82, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_231.wav"}, {"text": "and the administrative costs that have been applied towards dealing with those audits will really be substituted for any of the administration on the pre-claims review.", "audio_length_s": 8.82, "path": "b126c31149f1cadf1d891082a187d6fc_57.wav"}, {"text": "Company projections and forward-looking statements are based on factors that are subject to change and, therefore, these statements speak only as of the date they are given.", "audio_length_s": 8.82, "path": "5efe4589d80ac1232c2958182c188903_29.wav"}, {"text": "Our loss in the fourth quarter was primarily driven by negative market valuation adjustments in our investment portfolio, resulting from spread widening late in the year.", "audio_length_s": 8.82, "path": "5c601f5318d5dcbe20fdd78f19c2b277_115.wav"}, {"text": "And I think we're on a path. I think we've given up everything so far from the side of what the refineries have gotten,", "audio_length_s": 8.82, "path": "09b5b62d328d3d0719b6825357fdfb48_215.wav"}, {"text": "Unlike our ag business, a majority of the cost in our performance businesses are matched to the sales from a currency perspective.", "audio_length_s": 8.82, "path": "b6688f44b91606fbd75a6d66e94d4e4b_97.wav"}, {"text": "who's already established in that market. But that's what's caused us to keep investing. And I think", "audio_length_s": 8.82, "path": "ecc871b8f89a858d952f554f1ca8f7da_37.wav"}, {"text": "Customers are investing to develop capabilities and build capacity necessary to address the demand.", "audio_length_s": 8.82, "path": "ecc871b8f89a858d952f554f1ca8f7da_128.wav"}, {"text": "and that's important. So I don't want in any way, shape or form suggest that that's not a first priority because it is. But we also want to make sure we just", "audio_length_s": 8.82, "path": "ed2810b765143f8341dcc8e8c14c27f1_106.wav"}, {"text": "But offset operators are testing down-spacing with encouraging early results that could add approximately 80 locations.", "audio_length_s": 8.82, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_44.wav"}, {"text": "Our ability to drive efficiencies is putting us on the path to a leaner, more agile organization that will be more responsive to all of our customers' needs.", "audio_length_s": 8.82, "path": "383cf39e54475c8a25af2af7b35c6f2e_6.wav"}, {"text": "We're really confident that our strategy to focus on customer choice and to reposition the portfolio sets us up for continued growth in future years.", "audio_length_s": 8.82, "path": "24a133abc343c813233d416b0cef96cd_115.wav"}, {"text": "We are seeing strong interest in our products across our service lines and continue to see opportunities to build deeper relationships", "audio_length_s": 8.82, "path": "fb03ff65af8e5f80abd090abeaf767cf_19.wav"}, {"text": "the remaining 6 months. And we will talk to most of you at the Capital Markets Day. And those that cannot participate, we will hear at least or can hear us", "audio_length_s": 8.82, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_95.wav"}, {"text": "advantages, so to speak. But in the short term, if somebody wants to come in with a big billfold and buy their way into the system, they can certainly do it.", "audio_length_s": 8.82, "path": "1215cf00a11992ec74743f92026af2e9_41.wav"}, {"text": "It is very likely that one or more decisions will be appealed, and it could take several months or longer for the appellate court to decide on any issues on appeal.", "audio_length_s": 8.82, "path": "0b21f953a7ae9970ef3a4c30b267927c_37.wav"}, {"text": "and the anniversary of the expiration of the service contract we previously discussed at the beginning of Q4 last year.", "audio_length_s": 8.82, "path": "b08d602a938cc263402d9d2db56f2490_20.wav"}, {"text": "We have a technology platform tailored to small businesses with product developers, agents, claim processors and underwriters aligned with their needs.", "audio_length_s": 8.82, "path": "648ddbbaa83d8a627c7ab752f63a80bd_114.wav"}, {"text": "we see significant potential for chocolate in a market where per capita consumption is quite low, even by emerging market standards.", "audio_length_s": 8.82, "path": "1f142ea668261ba963d47aac6bab69dd_58.wav"}, {"text": "an exciting company that we could use as a platform for the next 10 to 15 years of Axway. And it sets us", "audio_length_s": 8.82, "path": "9826162bc1bb67bf8d65e4cf50e656e9_148.wav"}, {"text": "for the extra effort and sense of urgency as we adjust to and take advantage of the significant changes in our industry.", "audio_length_s": 8.82, "path": "49dfadfb9a3d4d27ac250602928cf9ea_87.wav"}, {"text": "Forecast cost for the full year are expected to be within guidance although given the change in the mining contractor currently underway,", "audio_length_s": 8.82, "path": "a2245a8522589003f9c235a48c0197f0_110.wav"}, {"text": "This study will evaluate a single weekly dose of hGH-CTP versus daily injections of currently marketed growth hormones.", "audio_length_s": 8.82, "path": "0f8a61f667edd9a400d7abe2a7908a9e_122.wav"}, {"text": "a week doesn't usually matter since it all ends up in the same quarter. We think we get the business. It just shifts our promotional cadence a little bit, and you might get some", "audio_length_s": 8.82, "path": "6cbf592846662213258684c3049e4592_192.wav"}, {"text": "We executed against our plan this past year, and as a result, we achieved a number of significant accomplishments.", "audio_length_s": 8.82, "path": "6cbf592846662213258684c3049e4592_6.wav"}, {"text": "we'd obviously start to look at things like the pattern of investment. I mean we -- that's the last thing we'll go after because we do believe that it's important.", "audio_length_s": 8.82, "path": "09eebad8f3c529b4c7d916c5f7766f7f_167.wav"}, {"text": "we are bringing greater focus on the stores, which are already on the ground because we do see a lot more potential than", "audio_length_s": 8.82, "path": "00a36b039cb49e6b99bb6d17635a3c25_159.wav"}, {"text": "portfolios going into next year and beyond? Is it a cost of equity that the REITs have to get a better advantage of and", "audio_length_s": 8.82, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_197.wav"}, {"text": "Another significant benefit to this arrangement is that it has enabled Rex Energy to reduce the outstanding letters of credit that support our marketing efforts.", "audio_length_s": 8.82, "path": "5f4034bd1c0669186fcee6909c5d59e7_36.wav"}, {"text": "This additional revenue was driven from a combination of new customers visiting our resorts, existing customers returning and adjusting the rate where demand is high.", "audio_length_s": 8.82, "path": "5be70acf701b7a6c9322f8feeaca63cd_4.wav"}, {"text": "We have a principle which is, we're not going to take too much leverage risk or liquidity risk just to pay", "audio_length_s": 8.82, "path": "81c03e2c15e8fe8213fbd40368b49581_87.wav"}, {"text": "So whether we believed in or not as we go through the repack in a number of stations, we will be getting new transmission equipment that will", "audio_length_s": 8.82, "path": "77423f08f0208d476dea73c639f6293a_179.wav"}, {"text": "During our call today, we will reference certain non-GAAP financial measures, which we believe provide investors with additional information", "audio_length_s": 8.82, "path": "24c7526f6daca8e16ab91bea6124148a_64.wav"}, {"text": "to now include a streamline approach of licensing our know-how and intellectual property as we build out our IP business development function.", "audio_length_s": 8.82, "path": "a766b08317742c952705018a899f3998_13.wav"}, {"text": "The investments we've made in our operating platform over the last few years have transformed our customer offering and rewarded us with increased profitability.", "audio_length_s": 8.82, "path": "83c003be6ac012b814cfecef95459f02_34.wav"}, {"text": "Or is it just going to be nursing the basic business and maximizing same-store sales growth and profitability of those units?", "audio_length_s": 8.82, "path": "7e198f4b8da8fc367e2bca0fd1595633_82.wav"}, {"text": "and all segments, delivering high levels of performance while making substantial investments in our future success.", "audio_length_s": 8.82, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_148.wav"}, {"text": "as we progress through our migration from reactive to preventative to ultimately predictive maintenance programs.", "audio_length_s": 8.82, "path": "7a80c3e91e5a2693cdaef5f716808317_76.wav"}, {"text": "As we've discussed with a number of you, we're intending to provide less information on orders going forward. The lumpy nature of our project businesses means that", "audio_length_s": 8.82, "path": "7a80c3e91e5a2693cdaef5f716808317_60.wav"}, {"text": "I am pleased with our results and achievement this quarter. Let me highlight what we think are the key takeaways for the quarter.", "audio_length_s": 8.82, "path": "b1a98885c1d81414cdc122e807760faf_50.wav"}, {"text": "good momentum for a lot of products. So the overall forecast that we have for our Salesforce continues to be", "audio_length_s": 8.82, "path": "365c360aff42713cef71a7d026eeeb6d_257.wav"}, {"text": "Finally, we had drifted into a centrally driven business structure, and our store managers had become too task oriented.", "audio_length_s": 8.82, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_170.wav"}, {"text": "the market continuing to stay in a relatively healthy state, which we expected it is. And as we continue to build momentum on", "audio_length_s": 8.82, "path": "9dcce10786aa9db4cdc6cc4649adacdd_59.wav"}, {"text": "as you see the medical -- large medical claims normalizing, is that a good level to think of for the insurance cost going forward?", "audio_length_s": 8.82, "path": "0b7afb66a39a4c81151309bacc830c60_22.wav"}, {"text": "This new structure largely replicates the structure that was put in place in Europe last year and is highly customer-focused.", "audio_length_s": 8.82, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_172.wav"}, {"text": "of price increases and we work with our customers on what share of that we're willing to share with them. But we're on top of", "audio_length_s": 8.82, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_217.wav"}, {"text": "to optimize their performance. These new resources allow us to better target customers and get closer to their operations.", "audio_length_s": 8.82, "path": "744f5859c7d9a0567b387ae84326d940_131.wav"}, {"text": "but we did our own, and that was an one of our concerns was that the same exam given in 4 pieces is more difficult to pass than a single exam", "audio_length_s": 8.8199375, "path": "bcb3aac2c7cc035961d9ee8cfd330044_103.wav"}, {"text": "but what was important for us is that the customer responded to our new assortment and to our marketing. So -- and", "audio_length_s": 8.7900625, "path": "7498a6630302a038bd537d192c3a44f4_109.wav"}, {"text": "our strategic focus, our ability to make acquisitions, our negotiations with certain customers and the financial impacts of contract amendments,", "audio_length_s": 8.79, "path": "4fdbfd9eec396928550d0c799e170d34_1.wav"}, {"text": "are pretty well populated with equipment. The opportunity that we need to find is a new location to install additional equipment.", "audio_length_s": 8.79, "path": "a0e8f9500edc41a227b8d67235bf7753_62.wav"}, {"text": "Any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them. These statements are based on current management expectations", "audio_length_s": 8.79, "path": "6388da88b00ebc88af59435bdac74132_210.wav"}, {"text": "and it's something that we've certainly started to look at. But job 1 is going to be the -- get the cost structure", "audio_length_s": 8.79, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_93.wav"}, {"text": "In the fourth quarter, the Dutch mobile market remained very competitive. We've seen temporary aggressive promotions by our competitors.", "audio_length_s": 8.79, "path": "2f888e63a31b86cc2f4f97710e8eed79_9.wav"}, {"text": "And we just saw that it would take a long time for the readout and then we believe we can get the proof-of-concept data we're seeking from the 3 other studies.", "audio_length_s": 8.79, "path": "14e9ab3b38cd3029b8aff693a105dbfb_155.wav"}, {"text": "One year later, these responses in the majority of the subjects remain durable. And those where the responses have waned, we're able to boost them", "audio_length_s": 8.79, "path": "14e9ab3b38cd3029b8aff693a105dbfb_53.wav"}, {"text": "is we now start to see commodity costs continue to move up on a consecutive basis, higher rates of inflation. We're going to go back,", "audio_length_s": 8.79, "path": "d28b2b09c127b5be033738aa3cd380b3_124.wav"}, {"text": "As retailers increasingly compete based on value and competition in categories like trash bags and Cat Litter remains elevated,", "audio_length_s": 8.79, "path": "d28b2b09c127b5be033738aa3cd380b3_242.wav"}, {"text": "And I think I -- to shareholders, all I can say is be patient, wait for the results over the first and second quarter of this year.", "audio_length_s": 8.79, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_47.wav"}, {"text": "We have recently been able to capture significantly higher percentages of that revenue, and we will continue with that model going forward.", "audio_length_s": 8.79, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_111.wav"}, {"text": "within those loan pools to allow us to sell assets of any type within the loan pool. So even with", "audio_length_s": 8.79, "path": "abd0f750609f1263b566f0c09b981a16_159.wav"}, {"text": "Thanks, Tom. Let me conclude by saying once again, the opportunity in front of us is significant and we are determined to make the most of this opportunity.", "audio_length_s": 8.79, "path": "2602edddc3363eadcaafe1c33271f3e4_73.wav"}, {"text": "is that valuation may deviate from net asset value temporarily but should revert back usually over the course of a business cycle.", "audio_length_s": 8.79, "path": "223f05c0b9b116532e9af84afa76cac7_120.wav"}, {"text": "Because of our unique positioning in liquidity, we were able to move quickly and decisively in our acquisition of Hatteras announced a few weeks ago.", "audio_length_s": 8.79, "path": "223f05c0b9b116532e9af84afa76cac7_6.wav"}, {"text": "We actually had a drag in the first half with some aging positions that we tidied up in the first half, which aren't recurring in the second half.", "audio_length_s": 8.79, "path": "3bdb43dc1bcef6eff76f45efedb6a211_93.wav"}, {"text": "So with that, thank you for joining us this morning. And we appreciate all the interest and the questions and look forward to talking to you soon. Thank you.", "audio_length_s": 8.79, "path": "8cb24daf76784487ad63780546dc4ba4_173.wav"}, {"text": "In addition to our branding evolution, to achieve the impact we want to have in the world, our purpose must guide everything we do.", "audio_length_s": 8.79, "path": "7e14890193df4b10e1eeab6ab886529f_30.wav"}, {"text": "Every owner of commercial real estate understands that a significant component of their annual expenses include property taxes.", "audio_length_s": 8.79, "path": "e824f4380f8203a1e3ed60e7da1e39e5_133.wav"}, {"text": "So you had mentioned that you had seen some worry. Is there some reason for this worry in terms of numbers as well?", "audio_length_s": 8.79, "path": "4c0e38d8d88c73a7a01dc542a85b2604_41.wav"}, {"text": "But we think these types of lift-outs are great investments for the company that will continue to accelerate our growth and pay good long-term dividend.", "audio_length_s": 8.79, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_123.wav"}, {"text": "The products that we've set up with innovation technology in both business segments are perfectly aligned with what we see in future growth opportunities,", "audio_length_s": 8.79, "path": "ec0ecc8e73cce4598def6cfff6f7c598_158.wav"}, {"text": "We are sharing innovations, sharing consumer insights cross markets, cross business areas and business units.", "audio_length_s": 8.79, "path": "14f3d2486b21e639a953afb7ad03d90c_130.wav"}, {"text": "We're excited about this acquisition because it will improve the way information can be shared on project, and that leads to greater productivity and predictability.", "audio_length_s": 8.79, "path": "78c85dc9a16f82b09d3a2363004e658d_6.wav"}, {"text": "simple, but it's been very effective. And what we were able to do is determine", "audio_length_s": 8.79, "path": "d085781ecd776da8a9c4d31ad547606b_47.wav"}, {"text": "During integration, the team also focuses on optimizing the operation, including applying our retail experience and buying power to improve profitability.", "audio_length_s": 8.79, "path": "6616e76da46baea11d6032fc063716c1_64.wav"}, {"text": "and elevating it to a more actionable place. So we see it as the natural continuation of the brand positioning.", "audio_length_s": 8.79, "path": "75fa1bebed0b858c76cc7058477e40e2_198.wav"}, {"text": "That is a program where we are jointly developing with 2 other partners, replacement", "audio_length_s": 8.79, "path": "91422f85dbf838639b3cb9dd9da364eb_169.wav"}, {"text": "We were able to leverage our expertise in the data center industry, with this being our seventh investment in the sector.", "audio_length_s": 8.79, "path": "07f580f6f7be50000b90caa25fcd2661_65.wav"}, {"text": "And combining this with an aging population, rising income levels and better access to information should help fuel industry growth for years to come.", "audio_length_s": 8.79, "path": "ca2bc8d693d4751cc88444d2e715f645_36.wav"}, {"text": "By doing that, we are better able to manage the flow of their processes over the weekdays.", "audio_length_s": 8.79, "path": "fa45af64ef25007f998c655347bfbecb_468.wav"}, {"text": "In other ways, if they will come up with a decision this year, it's already part of the outlook, but we do not want to", "audio_length_s": 8.79, "path": "fa45af64ef25007f998c655347bfbecb_309.wav"}, {"text": "in the Mount Pleasant area. So there is a strong base of high tech", "audio_length_s": 8.79, "path": "8292bdb9af87f10627c044f3842b2c76_198.wav"}, {"text": "the footprint optimization complete and insulating our customers from any of the activities that were going on, on our side of the fence. So we've now turned that", "audio_length_s": 8.79, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_77.wav"}, {"text": "to differ materially from our expectations. These risks and uncertainties are discussed in the company's materials filed with the Canadian regulators from time to time.", "audio_length_s": 8.79, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_1.wav"}, {"text": "This is important because industry-leading shows enjoy a strong network effect that attracts the greatest number and the best quality of exhibitors and attendees in the marketplace.", "audio_length_s": 8.79, "path": "4032bfdd59881fc6506c082737cb5a99_54.wav"}, {"text": "to build the next great leading global biotechnology company in rare diseases. And again, this fits with the notion that we are building", "audio_length_s": 8.79, "path": "0dbbae27d7055ecc04cc25e14e4de12d_208.wav"}, {"text": "your view on how the payer is actually thinking about how they will be breaking out or not breaking out payments for digital visits", "audio_length_s": 8.79, "path": "d5c338a956681dbb2170472253a29b85_139.wav"}, {"text": "Current drill pipe bookings are not yet sufficient to overcome the pace of declining stocks of inventories, but customers remain capital constrained and cautious.", "audio_length_s": 8.79, "path": "8957425799e5ce0200bfacf204d0acde_191.wav"}, {"text": "with a significant increase in sales and a decrease in redemptions this quarter. I'd now like to turn it over to Ken to discuss operating results.", "audio_length_s": 8.79, "path": "bc7dbd6e321b4df22db9270b69b89c11_9.wav"}, {"text": "Before we end our call, I would like to again remind everyone to be on the lookout for the information on our Investor Day, and we hope to see you there.", "audio_length_s": 8.79, "path": "be4840dddb9ee8ea5102590be83badbd_93.wav"}, {"text": "All of this has been accomplished while maintaining our posture of extremely conservative reserving. As always,", "audio_length_s": 8.79, "path": "fc066133a3e40a7d270f2dff3e44fd58_29.wav"}, {"text": "So I'm going to sit back and let these great people tell you what a great quarter we had, which I believe, prompts us for a better quarter to come.", "audio_length_s": 8.79, "path": "15ac383479a7c990aab7b155e4d42053_36.wav"}, {"text": "when we're reaching to the last part of the projects when we have the biggest part of the CapEx. Currently, we have", "audio_length_s": 8.79, "path": "d5bf790f69586c23fa90f48cee1d6554_59.wav"}, {"text": "you called out some of the Chinese cloud demand. Can you just give us a little bit more color into the leasing and the pipeline and", "audio_length_s": 8.79, "path": "171fd9df333ddd814c764843ed624121_149.wav"}, {"text": "just to give you an example, one of our largest banking accounts who went through that shift a couple of years ago, the", "audio_length_s": 8.79, "path": "7ec19aea307c76d4a57fa87368305630_30.wav"}, {"text": "Contributions from higher-margin projects added to backlog over the past year are now beginning to have a positive impact on the specialty segment's operating results.", "audio_length_s": 8.79, "path": "a965bbd76f3d449c86e8c27d03ac192f_69.wav"}, {"text": "to which we subject our annual consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period.", "audio_length_s": 8.79, "path": "bc5fa7fe146f7b14353ebd573809b0a1_2.wav"}, {"text": "the recently opened Turkish restaurant in Walthamstow is a prime example of that in action, where the occupier was carefully selected against those factors.", "audio_length_s": 8.79, "path": "6e3037e770ba5e0dfc98e3223986aad2_65.wav"}, {"text": "trying to -- I don't know, again, why I'd never asked that question before, but I don't think you've ever referenced it. Just trying to get a sense of which quarter you might see positive growth", "audio_length_s": 8.79, "path": "002d12258ff802d65f79ae2eef99e4ab_102.wav"}, {"text": "The first is growth. It is critical that the company continue to accelerate growth to leverage its infrastructure across a larger portfolio.", "audio_length_s": 8.79, "path": "bda4b365d7a8386d5d2e6b4575d08a57_99.wav"}, {"text": "is an effective approach to providing customers with the economic and performance benefits derived from a distributed energy resource", "audio_length_s": 8.79, "path": "1bba27cac9495fe57f623973383d6948_86.wav"}, {"text": "resulting in core revenue growth of over 9% for the fourth quarter and full year.", "audio_length_s": 8.79, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_96.wav"}, {"text": "that the size of that business and the overhead associated with it is significant enough to be a headwind where it would create a loss for us.", "audio_length_s": 8.79, "path": "bab12f620df0f367e74acdcc467686f1_96.wav"}, {"text": "which may place the achievement of the milestone into 2019. We anticipate we will finance the company's needs as appropriate, with", "audio_length_s": 8.79, "path": "49a78c1ec143d9ac46e893e77198c0e3_176.wav"}, {"text": "Additionally, we have not included in the chart a previously discussed opportunity for an investment in the natural gas reserves.", "audio_length_s": 8.79, "path": "636d6909fbd8656f88f72f66a3a162ff_159.wav"}, {"text": "Yes. Listen, I have no way of knowing what peers will do and what they're currently doing other than what we all read about.", "audio_length_s": 8.79, "path": "0899e07f70a6e5be842fb6e22a3fafe9_105.wav"}, {"text": "I just want to understand better, your change in tone here, is it more about the macro outlook? Or", "audio_length_s": 8.79, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_117.wav"}, {"text": "which normally translates into much higher winter prices because we won't have that stored gas to rely on this winter. And I think already, we're starting to see the effect", "audio_length_s": 8.79, "path": "8fd0d858dd99b5b6291eafc83e9a604d_6.wav"}, {"text": "And then also, if you'll be taking a look at all on the metals price assumptions that you used to calculate those reserves and resources? I'll", "audio_length_s": 8.79, "path": "e5040d02fba73a359d3f7cb346517ce1_78.wav"}, {"text": "we haven't seen a lot of the dialogue change. Now maybe some of that because the firms that have opted out of the protocol thus far,", "audio_length_s": 8.79, "path": "8a77ceadd7e4729abc9102d38be3a227_42.wav"}, {"text": "you gotta remember one of our key strategic initiatives is driving core growth and so that would be the place that we would tend to prioritize that,", "audio_length_s": 8.79, "path": "8a77ceadd7e4729abc9102d38be3a227_34.wav"}, {"text": "Finally, the plan is designed to be cost-neutral, with the total amount of compensation maintained at the current level.", "audio_length_s": 8.79, "path": "47b1a118c53956b23f1d687a75f3e5ba_175.wav"}, {"text": "The aerospace industry continues to be driven by the industry push for more fuel-efficient aircraft and the satellite industry.", "audio_length_s": 8.79, "path": "9c3a67f574514131f1f506b2f9905bed_86.wav"}, {"text": "and if we see interesting and attractive objects and investment opportunities, they will only be looked at", "audio_length_s": 8.79, "path": "98f10f0935e5b778e888a1b8130a3d31_49.wav"}, {"text": "is it something about the competitiveness of your bread, the pricing architecture? Why do you think that it hasn't gained the traction? Or at least", "audio_length_s": 8.79, "path": "ea60900258f99d1003ab247c506e42d9_114.wav"}, {"text": "number of theaters. And then as it does better, they book it on more theaters. So it's hard to gauge how many theaters they're going to release their movies on.", "audio_length_s": 8.79, "path": "20097e37747ec7bc3734246e83798fb1_129.wav"}, {"text": "Do you think that, that's kind of a trend or something that's going to continue in the future and this won't drop off as quickly?", "audio_length_s": 8.79, "path": "20097e37747ec7bc3734246e83798fb1_177.wav"}, {"text": "to identify high-profile films with strong potential for release in China. We expect to make some announcements regarding that initiative soon.", "audio_length_s": 8.79, "path": "20097e37747ec7bc3734246e83798fb1_159.wav"}, {"text": "If there is a finding anything other than absent, that goes to a review for the independent Pediatric Cardiology Advisory Board.", "audio_length_s": 8.79, "path": "1be44822d16f85bd501a5f19876895b1_102.wav"}, {"text": "By focusing on a shopper-preferred assortment, store shelves will soon feature our most popular products and sizes based on consumer insight.", "audio_length_s": 8.79, "path": "bb2ca5b87982b2388d82cd64a73f08cf_107.wav"}, {"text": "there -- if you have any possibility of the surplus going down before the integration because the", "audio_length_s": 8.79, "path": "c53611de98fe85a76580391906f68d61_49.wav"}, {"text": "making sure that we make investors aware of -- there are some things out there that everybody's speaking about that we can't predict what that does.", "audio_length_s": 8.79, "path": "809e26eaacb31ffdee78d3f41a6ce90a_30.wav"}, {"text": "we are still optimistic about China. China market is big enough and the structure is complicated enough, so", "audio_length_s": 8.79, "path": "b126e11520fd54843c67f70f15cd30cc_46.wav"}, {"text": "that Sulzer is probably the company you should least worry about in terms of further sanctions. Because once again, we have everything in place, we believe, to", "audio_length_s": 8.79, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_25.wav"}, {"text": "We think that, that will continue to be -- continue to show weakness going into '16. But I should point out, that is not a significant part of our commercial business.", "audio_length_s": 8.79, "path": "63d825666ef6527fd7e4f26e728a4e61_77.wav"}, {"text": "And based upon our prior submissions and our prior inspections, they grant us approval on a conditional basis.", "audio_length_s": 8.79, "path": "75eb5b75bb8587b63c318714ea956b9e_28.wav"}, {"text": "Rather, we deliver communication solutions that help businesses improve visual engagement with their customers", "audio_length_s": 8.79, "path": "52a4e3ebf7e968a783401230c3f69a9d_4.wav"}, {"text": "As I announce my retirement today, let me emphasize that I've never been more confident in our plans and in our momentum", "audio_length_s": 8.79, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_4.wav"}, {"text": "on time and on budget. And I'd note in that regard that having capacity to the market and to liquid trading points, positions the producers", "audio_length_s": 8.79, "path": "626da68f2b245869534a0316b8b6139a_52.wav"}, {"text": "That said, as I noted in my earlier remarks, we seem to be paying an opportunity cost that's attached to the time and attention required by these projects.", "audio_length_s": 8.79, "path": "9e8690a521142359001a137074905535_262.wav"}, {"text": "These 16 million locations and the more than 1 million route miles of fiber in our overall network", "audio_length_s": 8.79, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_25.wav"}, {"text": "digital insights and data insights, and help advertisers make sure their advertising is working effectively and efficiently,", "audio_length_s": 8.79, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_197.wav"}, {"text": "Construction on the Garden State project is now underway, and we started construction on the mainline facilities of the Atlantic Sunrise project.", "audio_length_s": 8.79, "path": "74d0910b4af16f82a812bddbb151d966_57.wav"}, {"text": "The quality of talent we're bringing onboard is exceptional. We have a highly talented team in place to drive the company's growth going forward", "audio_length_s": 8.79, "path": "f1da65edd5f2026ffd647d496bb96ce7_18.wav"}, {"text": "by the end of this year that details the initial safety and antitumor activity observed in the dose-escalation trial.", "audio_length_s": 8.79, "path": "48f4f350c0636fa0c7acf339cfccb869_102.wav"}, {"text": "by the joint venture investments and acquisitions that we've been doing. So the vast majority of that has been funding things we've done, for instance, in Africa, in Brazil", "audio_length_s": 8.79, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_103.wav"}, {"text": "The Sientra is a proven brand much like my Los Angeles Lakers and we'll be back and we're just going to rebuild through this process and that we'll be back to our", "audio_length_s": 8.79, "path": "c40b5d1a13169c5acf69590932a56f98_83.wav"}, {"text": "This weakness resulted in a lower performance in Q1 than we had expected and adversely impacted our RF product sales.", "audio_length_s": 8.79, "path": "9e07401011239a074ff66741ee557224_42.wav"}, {"text": "as we said, when that new mill capacity comes online and gets up and running full in that geography, that micro region, we are seeing some pricing tension. So", "audio_length_s": 8.79, "path": "735a523f1ef6500b7aa97a2536d9c4fd_158.wav"}, {"text": "really look at it. I would say that there really haven't been any surprises, but their trends are fairly consistent with ours. The opportunities that we think are there", "audio_length_s": 8.79, "path": "059024560d9d1039cf08746ee7393114_76.wav"}, {"text": "The group's disciplined hedging program provided significant protection from volatile fuel prices through the half.", "audio_length_s": 8.79, "path": "01f88a67f39af3a74d5f23b095615d39_11.wav"}, {"text": "So first off, we won that contract many months ago, right? My point was that they went live in this quarter. So we signed that deal many months ago.", "audio_length_s": 8.79, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_18.wav"}, {"text": "Our submission will follow soon thereafter, enabling a commercial launch in 2018. In addition to TRINITY,", "audio_length_s": 8.79, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_155.wav"}, {"text": "Please, Jim, we are cautious about the future because we don't know what is going to happen in the future so we need to be cautious about that.", "audio_length_s": 8.79, "path": "e33785a294553de2a12d4463bf786744_114.wav"}, {"text": "It sounds like it, Jeff. And I just wanted to follow up on your point about diverting vacuum gas all around the cat cracker straight into the marine fuel pool.", "audio_length_s": 8.79, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_79.wav"}, {"text": "while managing challenging conditions in some of our markets. Let me share the highlights of our first half performance with you.", "audio_length_s": 8.79, "path": "3877b1983229ec488c6349a188bccf92_193.wav"}, {"text": "We have a sharp focus on efficiency, which is allowing us to reinvest in our brands and deliver margin expansion.", "audio_length_s": 8.79, "path": "3877b1983229ec488c6349a188bccf92_254.wav"}, {"text": "And we've delivered 4 consecutive years of strong free cash flow performance, which we've sustained in the first half.", "audio_length_s": 8.79, "path": "3877b1983229ec488c6349a188bccf92_3.wav"}, {"text": "Inventory turns have remained consistent in the first half of 2018, and we expect our inventory turns to show improvement throughout the remainder of the year.", "audio_length_s": 8.79, "path": "5633fe3600ee04237bbb918c56341864_141.wav"}, {"text": "You can track changes in portfolio size and composition on Slide 8. We continued to be less focused on the more commoditized credit sectors,", "audio_length_s": 8.79, "path": "a0d537badd260e2071136602e3b73b26_59.wav"}, {"text": "but only to credit that were developed and then were originated and then became deteriorated.", "audio_length_s": 8.79, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_168.wav"}, {"text": "As in previous quarters, the strength in our Payment Processing business helped offset the decrease in Digital Imaging revenue", "audio_length_s": 8.79, "path": "382e3c8eda678694c6368e00f19c8881_61.wav"}, {"text": "Cameron revenue in the area was flat with the third quarter as increased service system sales in India were offset by reduced activity in Saudi Arabia", "audio_length_s": 8.79, "path": "bfb0fac9575cd0820a660f2577199468_64.wav"}, {"text": "So I think the prepared comments suggest that once we get to the green numbers, we'll be fine. But the adjustments that we've made in our Coffee segment guidance reflect", "audio_length_s": 8.79, "path": "34b4c03bbd8e9d5fceb8c8af89388197_171.wav"}, {"text": "Let me first comment on the situation in Denmark. As I pointed out", "audio_length_s": 8.79, "path": "1862ee2f84dc77a40dde64b34f3ab94e_37.wav"}, {"text": "sales growth, had it not been for decreased custom tooling sales and the negative effects of passing through lower resin cost to our customers.", "audio_length_s": 8.79, "path": "812d8f09b72b4d410d138d3b24caebbc_173.wav"}, {"text": "Due to our strong focus on value creation for customers, we decided not to enter a recent tender process for a group of municipalities,", "audio_length_s": 8.79, "path": "ae5a41fe3b3d515713608c5ac878eed3_58.wav"}, {"text": "but we don't see the declines anymore and already stabilizing this and from there moving forward is for us very positive from where we came from.", "audio_length_s": 8.79, "path": "e35fae1d3df1f7aeda409f90f200ec7b_164.wav"}, {"text": "It's also why Novadaq continues to invest in research and development because it allows us to maintain our leadership position.", "audio_length_s": 8.79, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_138.wav"}, {"text": "An improved operating profitability in Financial Services was led by the cost synergies we delivered over the course of last 2 years", "audio_length_s": 8.79, "path": "c2bad61ce58687fad602549f6048004b_82.wav"}, {"text": "Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.", "audio_length_s": 8.79, "path": "648ddbbaa83d8a627c7ab752f63a80bd_55.wav"}, {"text": "have subsided somewhat, but certainly not as quickly as we expected. And this will put a little bit of pressure on us in the second half of the year as well.", "audio_length_s": 8.79, "path": "9fb4423a70358ef22be9982299969f7a_201.wav"}, {"text": "We have a big footprint in New England, in the East Coast. We have a strong position in renewable energy, and we really see the offshore market as likely", "audio_length_s": 8.79, "path": "2cd5b184c2ef6624ce219830182927c9_75.wav"}, {"text": "that drive this industry. And as we added Thermoplay and Priamus into the mix in the last few months,", "audio_length_s": 8.79, "path": "711d9abe4399e7184d7dd8e3273f8a71_224.wav"}, {"text": "Illinois is a challenge. It's just going to be a challenge. The public side is tough. Believe it or not, we do see growth on res in Illinois and we'll see some", "audio_length_s": 8.79, "path": "902872913863de98d38e2936b846cf66_112.wav"}, {"text": "The pricing climate continues to reflect this confidence in the sustained recovery and more tactically the healthy backlogs we and our customers see.", "audio_length_s": 8.79, "path": "902872913863de98d38e2936b846cf66_168.wav"}, {"text": "the diamond sales process. And our goal is to really match diamond demand on a stone by stone basis to supply", "audio_length_s": 8.79, "path": "a2245a8522589003f9c235a48c0197f0_18.wav"}, {"text": "We are the only large value investor in the space and the only major permanently capitalized company that retains a flexible and countercyclical approach to investing.", "audio_length_s": 8.79, "path": "96488f25af54f91198b444e5eff8e878_11.wav"}, {"text": "uncomfortable being in a country when you are a mobile operator and you have no path to having a strong", "audio_length_s": 8.79, "path": "429bcf63d57c11ea4d8864560f521dba_37.wav"}, {"text": "Once again, the quality and diversity of our portfolio, as well as the dedication of our team, allowed us to deliver a strong operating result", "audio_length_s": 8.79, "path": "93e134910b4a7c587bc461da0c9a2083_48.wav"}, {"text": "was going to be down double digits for the quarter and March is the first month for the quarter. So yes, Government took a step down from the Q2 levels.", "audio_length_s": 8.79, "path": "abd571ccf777ac4b0a43a7487031bc8a_126.wav"}, {"text": "I would assume that increases in revenue would increase our EBITDA margin. Cash flow should also continue to be", "audio_length_s": 8.79, "path": "594b7b614804475e4ab8ab4c405ecf40_107.wav"}, {"text": "It's been a very difficult work to combine our operations and our thinking in support of one company.", "audio_length_s": 8.79, "path": "c88e296697cd72c891ffb7bf5a1a60bb_2.wav"}, {"text": "Additionally, we initiated a detailed product line review identifying a number of product lines to be withdrawn from production over the next 18 months.", "audio_length_s": 8.79, "path": "7a80c3e91e5a2693cdaef5f716808317_198.wav"}, {"text": "We mentioned last year that we'd made a significant gain increasing our scrap utilization. We basically held that in the first quarter.", "audio_length_s": 8.79, "path": "24a2aec67e247f9c4d4cc89d6dbab525_28.wav"}, {"text": "We caution that these forward-looking statements are not a guarantee of future events and that actual events may differ materially from those in these statements.", "audio_length_s": 8.79, "path": "a85c54c77dd2524eedab1287ea3ceff4_111.wav"}, {"text": "To do that, we have to offer the best product assortment presented in the best way possible in our stores and the best design and sales service in the industry.", "audio_length_s": 8.79, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_124.wav"}, {"text": "Now I would like to introduce to you someone who, along with myself, Kirk and others in the company, is spearheading this effort.", "audio_length_s": 8.79, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_64.wav"}, {"text": "input into our core income unless there was a significant shift in expectations towards the next few Fed meetings between now and then.", "audio_length_s": 8.79, "path": "3fb901e6b501ddced60226a13ebef4af_107.wav"}, {"text": "We also post an investor presentation each quarter containing supplemental information, though we will not make specific reference to it in our prepared remarks.", "audio_length_s": 8.79, "path": "97b02b7a41ecb22cb04e7331052cefc8_171.wav"}, {"text": "with strong operating margins and earnings per share on revenue that was down a bit compared to the same period last year.", "audio_length_s": 8.79, "path": "9b83a4dcac688347e3b13ca7c55660ed_2.wav"}, {"text": "And so far, things are going well in terms of renewals and retaining contracts and business and so on. So when you put it all together,", "audio_length_s": 8.79, "path": "1bc08759c84df9d3f656cf53f5bb6d35_47.wav"}, {"text": "You can see in the margin waterfall that the combined benefit of 130 basis points from cost synergy and productivity save", "audio_length_s": 8.79, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_208.wav"}, {"text": "We have a detailed publication and medical education plan mapped out for the next 18 months to support the global launch.", "audio_length_s": 8.79, "path": "3a1ba1b79a8a016390f98ab3ffe71340_156.wav"}, {"text": "in RIIO-2. One of the aspects highlighted in the framework is the requirement of each company to develop customer engagement groups,", "audio_length_s": 8.79, "path": "190e0d8d92da94060523364716ce6e03_7.wav"}, {"text": "where we can achieve market-leading efficiencies. We will consider opportunities that allow us to enter at an attractive price point with upside for growth.", "audio_length_s": 8.7899375, "path": "93d3e5be9cf75e0921d47f10d4178939_39.wav"}, {"text": "in the last house, and we're moving a little faster here. So it doesn't bother me at all where our volume is. In fact, if our volume grows too much without", "audio_length_s": 8.7600625, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_147.wav"}, {"text": "Thanks, Lee. We are pleased with our organic performance to date, having achieved strong adjusted EBITDA results through the first half of the year.", "audio_length_s": 8.76, "path": "4fdbfd9eec396928550d0c799e170d34_67.wav"}, {"text": "Secondly, to grow the broking business, particularly motor, by launching a panel of external underwriters and extending our footprint.", "audio_length_s": 8.76, "path": "214dcdc435ef3259490466447858fa56_141.wav"}, {"text": "Specifically, we talk a lot about the investment we are making in our technology platform and brand, but we've also built up a very strong team and capabilities", "audio_length_s": 8.76, "path": "f3ea353a6c918bc1fd311a9cad6b9777_56.wav"}, {"text": "the acceleration of origination can occur versus what would be some directly originated ones that take 3 to 4 months. So you could see", "audio_length_s": 8.76, "path": "ab861b81968e1b5fcb606ed886919d68_121.wav"}, {"text": "would you actually say that at this stage, we really have enough data to say that -- i.e. to agree with the discussion or is the jury out?", "audio_length_s": 8.76, "path": "a95a220f118ae793c89d6d708e62cf8a_64.wav"}, {"text": "Here's my first question. With regards to the guidance , the range, where does that come from for ad", "audio_length_s": 8.76, "path": "a93681c92a0b9c04743f541a54b180c7_155.wav"}, {"text": "securely, on any cloud, whether it is public or private, and help them foster cultures that are optimized for speed, efficiency and productivity.", "audio_length_s": 8.76, "path": "47d77b15189fadcc76113a2f7800ba28_122.wav"}, {"text": "and effectiveness of smart pricing to enable to really capture also the margin-enhancing areas.", "audio_length_s": 8.76, "path": "9014ac9cbc2cff30468f1bcb659c0f66_346.wav"}, {"text": "in stark contrast to the situation at the time of our last conference call, the publicly traded capital markets have improved significantly over the last 2 months.", "audio_length_s": 8.76, "path": "223f05c0b9b116532e9af84afa76cac7_146.wav"}, {"text": "This concludes today's call. Thank you for your participation. You may now disconnect.", "audio_length_s": 8.76, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_137.wav"}, {"text": "In addition, our Industrial business remains strong, and we made further progress in stabilizing the Business Products Group.", "audio_length_s": 8.76, "path": "a069e0992c2083f0f53eaa4f7a02e47d_110.wav"}, {"text": "This business unit continues to operate very well, and with the backdrop of economic stability and sound aftermarket fundamentals,", "audio_length_s": 8.76, "path": "a069e0992c2083f0f53eaa4f7a02e47d_12.wav"}, {"text": "The challenge with cellular is -- and in fact, you can try this out, John, go down in the corner of your basement and see what kind of a signal you're getting on your cell phone.", "audio_length_s": 8.76, "path": "55d05334bdde612eb9dd102bb41d216e_122.wav"}, {"text": "Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program, and you may now disconnect. Everyone, have a great day.", "audio_length_s": 8.76, "path": "55d05334bdde612eb9dd102bb41d216e_98.wav"}, {"text": "as well as we can and maybe a little less focused on adviser count as a result. Secondly, as we've said in the recent past", "audio_length_s": 8.76, "path": "8cb24daf76784487ad63780546dc4ba4_220.wav"}, {"text": "We want to become their partner of choice. A partner to help them, inspire them and to be part of their journey to lead healthier lives.", "audio_length_s": 8.76, "path": "7e14890193df4b10e1eeab6ab886529f_84.wav"}, {"text": "Assuming no significant changes in market conditions, we believe that we can sustain a reported LIFO gross profit margin", "audio_length_s": 8.76, "path": "67716cee321d117b0318930dd142f06a_62.wav"}, {"text": "Of course, you could find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks also on our website.", "audio_length_s": 8.76, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_2.wav"}, {"text": "because we're at that point of the conversation, to Eric's point, that the decline in participation at the Major League Baseball level was a point", "audio_length_s": 8.76, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_213.wav"}, {"text": "So we view that as another positive thing, along with again the things I mentioned earlier about all the channel focus that we have.", "audio_length_s": 8.76, "path": "04f29bc02d1e2ef65077ca67bf41f475_222.wav"}, {"text": "that's true. Most of the changes that we've made to our quoto-share structures were done a couple of years ago. So", "audio_length_s": 8.76, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_79.wav"}, {"text": "Is it largely the effect of offsetting synergies? Or are you able to largely minimize the growth rate of your existing cost structure?", "audio_length_s": 8.76, "path": "570faeed3dcfa26c6246dc42309025ad_163.wav"}, {"text": "for the marketplace. That will really determine the time line far more than our ability to take it on board, to incorporate it and to execute on it.", "audio_length_s": 8.76, "path": "8b71a232d7fe61e6232807b635977c31_178.wav"}, {"text": "overall, if you look at the company, and I think if you ask our customers about it, they would say they're really well integrated at this point.", "audio_length_s": 8.76, "path": "c4dc8f962a85aa47af50f82845f550e2_32.wav"}, {"text": "that the newly implemented tax reform rules and the recent rise in the interest rates have not had a significant impact on our business.", "audio_length_s": 8.76, "path": "1d2f3c74735a986131e7b219d9eff713_153.wav"}, {"text": "Designed product that resonates with buyers and stands out from the competition and promise an outstanding customer experience.", "audio_length_s": 8.76, "path": "1d2f3c74735a986131e7b219d9eff713_5.wav"}, {"text": "So how do you manage this change in product life cycle? Second question is about existing products.", "audio_length_s": 8.76, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_14.wav"}, {"text": "the world and we'll continue to add as we go into new countries. And it's a huge huge advantage, and it does expand our addressable market. As you know,", "audio_length_s": 8.76, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_145.wav"}, {"text": "are, we getting to the point where Professional Services kind of growth will be more in line with revenue growth? Or is there still future scaling there?", "audio_length_s": 8.76, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_187.wav"}, {"text": "So I don't think we're compelled to react hastily to political or regulatory aspects that, quite frankly, are out of our control", "audio_length_s": 8.76, "path": "a212b77ae2b2452093665a4e179ed3a3_130.wav"}, {"text": "Our ability to consistently execute and meet this demand is translating into significantly improved returns.", "audio_length_s": 8.76, "path": "1b1699497be56330b3ed833f22bc63f6_144.wav"}, {"text": "We believe the continued strength in our operating performance, together with a favorable compliance in the overall capital markets,", "audio_length_s": 8.76, "path": "1b1699497be56330b3ed833f22bc63f6_153.wav"}, {"text": "the rest of the market or our competitors, such that we see a potential long-term disadvantage, then we'll have to look really hard at accelerating it. But", "audio_length_s": 8.76, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_156.wav"}, {"text": "kind of the new company volume -- the returning company volume and the categories that we have in the show. We also anticipated that the recent", "audio_length_s": 8.76, "path": "4032bfdd59881fc6506c082737cb5a99_30.wav"}, {"text": "Furthermore, we see lower litigation charges and compensation costs, which were partially offset by higher spend on technology and controls.", "audio_length_s": 8.76, "path": "bddc15938bdcc3085f19b0851e74c2c0_281.wav"}, {"text": "Risk management remains tight and vigilant as we demonstrated when markets tested us with the extraordinary volatility we saw following news of the Brexit vote.", "audio_length_s": 8.76, "path": "bddc15938bdcc3085f19b0851e74c2c0_263.wav"}, {"text": "allowing us to shift our resources away from service delivery, which has been the least profitable part of our global operations.", "audio_length_s": 8.76, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_7.wav"}, {"text": "And also, it's important to say that the amortization of the value of business acquired", "audio_length_s": 8.76, "path": "c6447babe88f061184d64309eebb8629_39.wav"}, {"text": "We remain confident in our process and as the markets normalize, that our relative performance will revert to more acceptable levels.", "audio_length_s": 8.76, "path": "8b6b51842af008f5f437f53cc2e71835_139.wav"}, {"text": "have over a rig coming in on a low day rate spending 5 days to mobilize this equipment and then starting against the efficiencies that we used to have.", "audio_length_s": 8.76, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_141.wav"}, {"text": "Our sensor business recorded a strong performance. A clear trend we see here is the adoption of our products", "audio_length_s": 8.76, "path": "863512efd537ffd31c094dd9bfd5ebd3_14.wav"}, {"text": "maintaining positive fundamentals for multifamily properties, which will drive investment sales and financing activity for the foreseeable future.", "audio_length_s": 8.76, "path": "9ab2e6eb9debfae2de541ba645bfd265_74.wav"}, {"text": "for healthy ingredients and nutritional functions and be suitable for sale at a wide variety of sales points.", "audio_length_s": 8.76, "path": "f4d0f1362716be33f02690dd1a8df663_83.wav"}, {"text": "drive improvements. And then in GDPR, what is your current thinking in terms of timing of when that starts to drive additional purchases?", "audio_length_s": 8.76, "path": "b2d6357f46f3a82cff6625277f9a20f6_34.wav"}, {"text": "and they do not result in any additional IDRs to the general partner. In summary, we are obviously not immune to market dynamics", "audio_length_s": 8.76, "path": "7394bde65e000fbb7b528c6c65bd099d_121.wav"}, {"text": "These results were delivered primarily through volume and continued gains in manufacturing productivity.", "audio_length_s": 8.76, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_8.wav"}, {"text": "This was the result of a decrease in retail sales volume due to unfavorable weather and a decrease in weather-adjusted loads,", "audio_length_s": 8.76, "path": "636d6909fbd8656f88f72f66a3a162ff_11.wav"}, {"text": "But in reality, as you know, we're huge believers in the all-channel model and one of the reasons why is because the Internet is a fantastic tool", "audio_length_s": 8.76, "path": "65b48a7260ef038ff1bec3cc200331c3_48.wav"}, {"text": "We've been working on both of these initiatives long before the spin and are pleased to see them making progress consistent with our plans.", "audio_length_s": 8.76, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_57.wav"}, {"text": "as we move towards the full year, the margins that you'll see in our business should return to roughly where they were at year end last year. And beyond that, we should certainly see margin scale benefits", "audio_length_s": 8.76, "path": "5664a96b7f1182d037b901d84eeb4fd6_152.wav"}, {"text": "Great. So thank you very much. I hope what you've heard this morning is that we've made really good progress in integrating and reshaping our business.", "audio_length_s": 8.76, "path": "be8b554309f7632bc9ebbd967764001e_123.wav"}, {"text": "fits our strategic model and profile for acquiring leading regional pest control companies that will strengthen our company.", "audio_length_s": 8.76, "path": "0360a780927a31fb0bec9e79dac878a2_132.wav"}, {"text": "This will continue in the first half of 2017. The savings from this restructuring investment will be progressively realized during this year.", "audio_length_s": 8.76, "path": "47b1a118c53956b23f1d687a75f3e5ba_32.wav"}, {"text": "Oil is up a lot from where it was in the first quarter of '16, and prices for most polymers have been moving up over the past year.", "audio_length_s": 8.76, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_106.wav"}, {"text": "differently and think about multiples for the different businesses. And I guess, it gets a little bit confused when we have a facility that's", "audio_length_s": 8.76, "path": "dd28a387ccc9575df47840b850647c7f_163.wav"}, {"text": "with the salespeople, all of which will allow for better focus on recurring revenue. This also is supported by", "audio_length_s": 8.76, "path": "6a372ea97b0b130a4d37f16b54d97909_56.wav"}, {"text": "China's economy weakened in the last quarter due to tariff regulations, which especially affected the Chinese consumer production exports.", "audio_length_s": 8.76, "path": "9c3a67f574514131f1f506b2f9905bed_29.wav"}, {"text": "We've increased focus on multicultural consumers and Cannon Blast is bringing new consumers into the brand through the shot occasion.", "audio_length_s": 8.76, "path": "c3567809c19ce6a800677544cd84f88b_41.wav"}, {"text": "We expect to announce several similar new distribution partnerships with other leading Chinese streaming and entertainment companies shortly.", "audio_length_s": 8.76, "path": "20097e37747ec7bc3734246e83798fb1_61.wav"}, {"text": "We now know based on the extensive field experience we have that body cameras record far richer and far better information than the handwritten forms of yesterday.", "audio_length_s": 8.76, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_182.wav"}, {"text": "with 2016 growth forecast in the high 1s to low 2s, with the heavy majority of this new supply coming from the largest vessel segments.", "audio_length_s": 8.76, "path": "62246783cdfc5083ebb32cff71ccd38b_14.wav"}, {"text": "Today's discussion may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected", "audio_length_s": 8.76, "path": "7a29e2dcd505f944b16d1e3173cb1c01_57.wav"}, {"text": "each of which are taxed or benefited at different statutory rates and the offset of the tax benefit of foreign losses in certain locations by valuation allowances.", "audio_length_s": 8.76, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_194.wav"}, {"text": "We are pleased with the progress that we have demonstrated in the Composites business over the past 2 years, including improvements in operating margins and return on capital.", "audio_length_s": 8.76, "path": "2a059b2b192b8e972ca7664ddfed8a20_87.wav"}, {"text": "It thus provide us with the incomparable freedom to operate from a development viewpoint while also posing a barrier to entry for others.", "audio_length_s": 8.76, "path": "75eb5b75bb8587b63c318714ea956b9e_142.wav"}, {"text": "Finally, we're keeping a watchful eye on our fixed as well as variable expenses to make sure we're operating with the most efficient cost structure possible.", "audio_length_s": 8.76, "path": "63eaf9677d7577484a1557ae6bfbb585_6.wav"}, {"text": "when they get back in, when they go off for the whole month of August, and they finally get back in", "audio_length_s": 8.76, "path": "948f025c16fce2bcb2909e610c9be557_148.wav"}, {"text": "wondered you might be able to just give us a little more color, a little more detail, maybe some data points if possible on your aftermarket efforts. I", "audio_length_s": 8.76, "path": "948f025c16fce2bcb2909e610c9be557_245.wav"}, {"text": "But again, that recovery didn't happen quite as fast as we thought. So on all of those, I wouldn't say that they'll all come back exactly in the second quarter, but", "audio_length_s": 8.76, "path": "9e8690a521142359001a137074905535_57.wav"}, {"text": "really excited about it. The compensation changes are intended to recognize and galvanize a really talented team that we have at First Merchants.", "audio_length_s": 8.76, "path": "532e653f6aa6c3bf43a5b256bb4c1254_121.wav"}, {"text": "But, while we were conducting Part B, we acknowledged and recognized that there were several of these 27 patients requesting extension on their therapy.", "audio_length_s": 8.76, "path": "571b0d30d88945a981006f24faa72cf7_79.wav"}, {"text": "And I mean, given currency depreciation has been a constant factor for the country, I mean, is there any", "audio_length_s": 8.76, "path": "baf4cec43f02cba3a0e2e83192f98380_133.wav"}, {"text": "It's due primarily to a fall of a particular contract with first delivery day shifting from the first half to the second half at the customer's request. So we can see all of that.", "audio_length_s": 8.76, "path": "262bc21196721c5ff9114acbd2ff03c3_10.wav"}, {"text": "Let's turn to our leasing activities. 44 Union Square is in the Midtown South office leasing market.", "audio_length_s": 8.76, "path": "e2225d612a954a24e7e91c08215d7b51_100.wav"}, {"text": "pleasing to note that we're already delivering on our regulatory obligations, delivering the regulatory contract and outperforming. So I think it's fair to say not only the results are", "audio_length_s": 8.76, "path": "e00fd35e201a8607d264b803a5130c59_101.wav"}, {"text": "this 5-year cycle. And I've got to say that I'm really looking forward to bringing Bournemouth Water and South West Water together because we have a little bit of a mantra, it's my mantra to say,", "audio_length_s": 8.76, "path": "e00fd35e201a8607d264b803a5130c59_183.wav"}, {"text": "Customer success stories will likely drive this next wave of growth, and the introduction of T2Bacteria will be a major driver as well.", "audio_length_s": 8.76, "path": "1ad54837f74515ad7caa2a50d70459c9_149.wav"}, {"text": "Please see our earnings release or our SEC filings for a list of words or expressions that identify such statements and the associated risk factors.", "audio_length_s": 8.76, "path": "82f5253b62614161333b038f5f9700f8_231.wav"}, {"text": "In the North, we anticipate second quarter fee harvest volumes will be significantly lower than the first quarter as we enter the spring breakup season.", "audio_length_s": 8.76, "path": "735a523f1ef6500b7aa97a2536d9c4fd_79.wav"}, {"text": "I think the bigger opportunity over time, although it's not a big earnings impact now, is the opportunity to grow the Southern export business.", "audio_length_s": 8.76, "path": "735a523f1ef6500b7aa97a2536d9c4fd_178.wav"}, {"text": "The impact to our business continues as commodity sales pricing and whole bird pricing is much lower than last year.", "audio_length_s": 8.76, "path": "af2718cdc0b3b856f9a0b3da3d527d18_120.wav"}, {"text": "with growth above 10%. We were exceptionally pleased with this performance, which resulted primarily from improved client demand,", "audio_length_s": 8.76, "path": "da879f8ea1c23aa6565cccaacac271fc_13.wav"}, {"text": "a large part of which we now drive with rigor in the RBB transformation office, which we have established, and I'll talk to this later.", "audio_length_s": 8.76, "path": "dffe8257f781608bb17bb637249e4d2a_198.wav"}, {"text": "retrenching revenue declines that John mentioned in China a few minutes ago of double-digit declines, and that's been significant. We think that's more market related.", "audio_length_s": 8.76, "path": "92bf6fe090b6bc565cb500b688fd9173_161.wav"}, {"text": "and we saw the opportunity for the shareholders to earn an additional dividend during the period. So the", "audio_length_s": 8.76, "path": "d223c88e8d5b658f28749ce0db145daf_39.wav"}, {"text": "Obviously, being on the inside we can provide better guidance now that we have a more complete understanding of the business and execute on our plan.", "audio_length_s": 8.76, "path": "f15966ae82e18b472ad78dd961f8e5e8_77.wav"}, {"text": "but they hadn't done a lot of consolidation. So if you'll remember, in Toronto alone, they still had 3 different facilities", "audio_length_s": 8.76, "path": "189b20e7b975130ca5abd0e419e54908_39.wav"}, {"text": "We are confident that our strategy to grow Qantas Loyalty earnings keeps us on track to reach our 2022 EBIT target.", "audio_length_s": 8.76, "path": "01f88a67f39af3a74d5f23b095615d39_101.wav"}, {"text": "when you added these elements together would be a double digit percentage increase for our customers. We took a ship out", "audio_length_s": 8.76, "path": "89a894c2c6440d41510f0b009c0cd03b_19.wav"}, {"text": "While the government changes create a smaller market, the portfolio quality is likely to improve as the number of marginal borrowers are excluded from the mix.", "audio_length_s": 8.76, "path": "130e8e56c1afa2419fd0c08708261824_12.wav"}, {"text": "the range of our services, but it's also very much also a function of how they're positioning their portfolios. Do they have a lot of", "audio_length_s": 8.76, "path": "6709c061d39d0e433079f84160f11c80_254.wav"}, {"text": "We have actually now during April already repaid more than half of the 19 maturities, it was a bond that was maturing that we have repaid.", "audio_length_s": 8.76, "path": "be1d9f57faececddb1cdbf5e831bcbf9_10.wav"}, {"text": "We do expect to realize dray cost savings by using the best carrier from a cost and service perspective and by improving loaded miles.", "audio_length_s": 8.76, "path": "2a7af3c66762ce608379005a3d7bfa96_197.wav"}, {"text": "And we are also working on improving the commercial arrangements with customers relating to the recovery of freight and related overheads.", "audio_length_s": 8.76, "path": "f1e7e3b84b4a0a56a0915f7ecde083ce_52.wav"}, {"text": "And that said, what kind of pressure are you getting from your customers to share more of the savings with them?", "audio_length_s": 8.76, "path": "ee00ebd8d782e8f124b3e142cbb74f37_84.wav"}, {"text": "making the investment in both our expanded sales force as well as our push to full globalization.", "audio_length_s": 8.76, "path": "d62cc3a0dfe3492ed16dfc17c028071e_133.wav"}, {"text": "Certainly, there's a number of players out there competing for deals. We still feel like Monro represents a great opportunity for", "audio_length_s": 8.76, "path": "884400c829f179d8cf68b767f45f03a4_176.wav"}, {"text": "And we didn't achieve these volumes by sacrificing economics as the average double digits spreads we achieved on these spaces in the second half of the year attest.", "audio_length_s": 8.76, "path": "11f02fb2db5d9fb5ff82f0374376f759_89.wav"}, {"text": "which is the request for advance payment. And that's where we actually get paid about 60% from Medicare at the beginning of the episode,", "audio_length_s": 8.76, "path": "b126c31149f1cadf1d891082a187d6fc_56.wav"}, {"text": "Right. I would agree. And so that sort of leads me into the sort of second part of this as part of", "audio_length_s": 8.76, "path": "b126c31149f1cadf1d891082a187d6fc_218.wav"}, {"text": "and post-acute services in particular will continue to grow. And we also know somebody is going to have to service this demand.", "audio_length_s": 8.76, "path": "b126c31149f1cadf1d891082a187d6fc_81.wav"}, {"text": "We will post both an audio recording and a transcript of this call on our website. We also will post an updated investor deck at the website later today.", "audio_length_s": 8.76, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_139.wav"}, {"text": "the message I want to leave you with is that there is enormous opportunity in the business across the whole company to keep growing and delivering good projects.", "audio_length_s": 8.76, "path": "24a133abc343c813233d416b0cef96cd_191.wav"}, {"text": "Three of the 5 parent wells in the unit are currently flowing without artificial lift, where they had been previously on rod pump or gas lift for several years.", "audio_length_s": 8.76, "path": "243e9a046160bfbf82be702927a4df22_38.wav"}, {"text": "global leaf supplier is in the best position in order to provide compliantly, to continue with sustainability programs", "audio_length_s": 8.76, "path": "9dc19bfa451bc1278b7136420493f84d_25.wav"}, {"text": "maintenance this year will attenuate that a little bit but I do think we've taken a reasonably conservative view about what the production base will be. Obviously,", "audio_length_s": 8.76, "path": "ebd59e21db89edb92205e012427cd9db_95.wav"}, {"text": "that's driven by sort of distractions, right? Like is it a good chunk of what's happening and that's what gives you confidence that it can be reversed?", "audio_length_s": 8.76, "path": "b0d88c0f1efca89ecb928172341dc75d_360.wav"}, {"text": "should be reasonably similar, so I wouldn't have thought that you'd be wanting to look at it in -- too much different from that, to be fair.", "audio_length_s": 8.76, "path": "4ee3c79ebc57c9870b221b9479d52436_53.wav"}, {"text": "These foreign exchange benefits were mostly reflected in our Q4 results, but they will have a positive impact on our first half comparisons.", "audio_length_s": 8.76, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_6.wav"}, {"text": "We collect data in nearly a million customer sites around the world, and we want to make sure that we connect that data collection capability", "audio_length_s": 8.76, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_149.wav"}, {"text": "find some people, especially as they want to go into new geos and start practices because they're finding they have to have people close to where their customers are", "audio_length_s": 8.76, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_44.wav"}, {"text": "highlighted and celebrated our growth and achievements of our teams and paid tribute to the men and women on the shop floors.", "audio_length_s": 8.76, "path": "7d74e5d733ec60a1be27a556e7689961_80.wav"}, {"text": "We're excited to add up to this portfolio a technology that offers significant advances over the current treatment of complex", "audio_length_s": 8.76, "path": "3e42c35588dc721e96280bc039e96c8d_9.wav"}, {"text": "as well as noticeable equipment repositioning costs as we shift more of our international capacity towards the Middle East and Russia.", "audio_length_s": 8.76, "path": "20489859070c48218db6ab0f5b6d2b05_27.wav"}, {"text": "I'm fairly convinced we've got a reasonably growing economy right now, with unemployment where it is and stock markets now rebounding up to their near highs again.", "audio_length_s": 8.76, "path": "c334e290beb657ee3efcb6b2f734c81e_30.wav"}, {"text": "We have rapidly evolved and developed a portfolio on both the acquisition and divestiture sides of the ledger.", "audio_length_s": 8.76, "path": "49dfadfb9a3d4d27ac250602928cf9ea_69.wav"}, {"text": "We will hold our current frac fleet in the Permian flat, as we expect pressure pumping market there to be very competitive for the near term.", "audio_length_s": 8.76, "path": "3c17ad8c6709cbb1a8f7190f567a445f_123.wav"}, {"text": "Speaking of the longer term, I'd like to highlight a few recent initiatives that move us beyond hardware and into software and new services.", "audio_length_s": 8.76, "path": "dbf6a9009ea60e2e96772ee3ccea7226_11.wav"}, {"text": "explanation of how we deal with these issues, and I think it will answer the question that you have in mind.", "audio_length_s": 8.76, "path": "f268a8174f58c93ad6b45b7f151fe896_235.wav"}, {"text": "As we've all read, the current environment is strong. We have very solid business processes in place to balance", "audio_length_s": 8.76, "path": "f268a8174f58c93ad6b45b7f151fe896_188.wav"}, {"text": "and we're very much looking forward to a bright future ahead. I'll now turn things over to Rustom. Thank you, Erik. Good morning, everyone.", "audio_length_s": 8.76, "path": "abd571ccf777ac4b0a43a7487031bc8a_155.wav"}, {"text": "is there is a lag between what we're seeing on the ground in terms of progress on initiatives and how that progress is translating into numbers.", "audio_length_s": 8.76, "path": "abd571ccf777ac4b0a43a7487031bc8a_174.wav"}, {"text": "We saw lower returns in Rhode Island from increased operating costs principally due to storms and inflationary cost pressures.", "audio_length_s": 8.76, "path": "6f1b092b312410065d308541be46da95_93.wav"}, {"text": "And as we become more front-of-mind in our customers' time of need, we want to make sure that we are providing the best possible customer experience.", "audio_length_s": 8.76, "path": "7e198f4b8da8fc367e2bca0fd1595633_97.wav"}, {"text": "Thank you, and have a wonderful day ahead.", "audio_length_s": 8.76, "path": "e45bd91347da3c6cbd1fca37e8c0215d_158.wav"}, {"text": "But for certain types of contract sales, the new standard requires us to recognize revenue over time as we incur manufacturing costs.", "audio_length_s": 8.76, "path": "24a2aec67e247f9c4d4cc89d6dbab525_43.wav"}, {"text": "We expect improvement in both accounts starting in the fourth quarter as our teams work with these customers to better align our operations with changing volumes.", "audio_length_s": 8.76, "path": "eb93e70cdf7a839a69546250fb3646fb_14.wav"}, {"text": "In fact, our research suggests that all of those assets are either in commercial operations already or they're in testing mode ready to be released,", "audio_length_s": 8.76, "path": "16c235a53fc719ec92ef3b3c3b371150_245.wav"}, {"text": "with their operating income coming up in the second half of the year. I think if you did a composite of all those things that you just mentioned,", "audio_length_s": 8.76, "path": "744f5859c7d9a0567b387ae84326d940_89.wav"}, {"text": "downward pressure on both pricing and activity levels due to low oil prices and the related reduction in drilling activities.", "audio_length_s": 8.76, "path": "97ddc19ecb28bab2d19fd3b181182062_162.wav"}, {"text": "when the new pricing regime comes in. You all have also mentioned to us that you expect your pension to be fully funded", "audio_length_s": 8.76, "path": "190e0d8d92da94060523364716ce6e03_122.wav"}, {"text": "Other income primarily reflects the sale of nonstrategic marketable securities partially offset by net currency losses.", "audio_length_s": 8.76, "path": "77f146e76d89a5be785a39ab23dfa763_66.wav"}, {"text": "So we think we absolutely will recover any cost that comes up to us.", "audio_length_s": 8.73, "path": "9d8c8f4a41008455665fd243ed99b642_119.wav"}, {"text": "The third trial I will touch on today is also for avacopan but this time to treat patients in a different disease area", "audio_length_s": 8.73, "path": "485e97686e9a27d2df5b3fc02106e3d4_154.wav"}, {"text": "So we're exploring what those opportunities are and we believe that this will continue to be a significant growth opportunity", "audio_length_s": 8.73, "path": "44e325093d15c18f3db1fd163cee40fa_66.wav"}, {"text": "we're falling back on a chipset business. It actually allows with our supply chain partners a better cost structure to our TOSA customers.", "audio_length_s": 8.73, "path": "ab5b4ea5cd86e4f7deafe9814024fada_168.wav"}, {"text": "We have started the fabrication phase of this project and, along with our other projects, we will see cash inflows in the coming months.", "audio_length_s": 8.73, "path": "ebb371780b97ae7f2172f242fbdc5c7c_37.wav"}, {"text": "and we will try to increase our sales at the same level of the consumption of", "audio_length_s": 8.73, "path": "0db71632fa65f1d166f14cb8593c4690_70.wav"}, {"text": "So -- and then there was an increase of price. So we are working with the expectation of", "audio_length_s": 8.73, "path": "0db71632fa65f1d166f14cb8593c4690_51.wav"}, {"text": "that will work its way through towards the second half of the year. So towards the back half of the year, there will be some acceleration coming in the revenue.", "audio_length_s": 8.73, "path": "5111fdad778749872c23e78c9b0d653b_165.wav"}, {"text": "At the very moment, we are still within our guidance range. But if the dollar stays where it currently is until year-end,", "audio_length_s": 8.73, "path": "a95a220f118ae793c89d6d708e62cf8a_19.wav"}, {"text": "As the project is coming to a close, our focus has been to make necessary investments to hold the time line as best we could to meet our customers' commitments.", "audio_length_s": 8.73, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_120.wav"}, {"text": "Since completing the Shelby project and then paying down the revolver is our top priority, therefore, we did not repurchase any stock in the fourth quarter.", "audio_length_s": 8.73, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_53.wav"}, {"text": "have the greatest long-term potential in terms of the number or the volume of consumers that those partners might give iPass access to?", "audio_length_s": 8.73, "path": "55cbaf368288111ebc2ccadb61e3bd34_68.wav"}, {"text": "Thank you. I'd like to welcome everyone on the call today. The news release announcing Capstone's 2018 third quarter financial results", "audio_length_s": 8.73, "path": "87bce6c4c7d972f51540cb0b27af5905_0.wav"}, {"text": "Our best-in-class software and services help organizations compete and grow by giving enterprises the technology they need to build and operate applications at scale,", "audio_length_s": 8.73, "path": "47d77b15189fadcc76113a2f7800ba28_82.wav"}, {"text": "And since the oil prices are rising during that period of time and the fourth quarter, there is a lot of heating-related LPG demand.", "audio_length_s": 8.73, "path": "95962e0f754f9e2f786778c85d0913b8_148.wav"}, {"text": "We are seeing more marginal fold increases, but you do see those increases in those with a weaker immunity, which is", "audio_length_s": 8.73, "path": "14e9ab3b38cd3029b8aff693a105dbfb_152.wav"}, {"text": "Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.", "audio_length_s": 8.73, "path": "2602edddc3363eadcaafe1c33271f3e4_219.wav"}, {"text": "In a market that is clearly in search for yield, I also wanted to address the relative valuations of the mortgage REIT sector.", "audio_length_s": 8.73, "path": "223f05c0b9b116532e9af84afa76cac7_93.wav"}, {"text": "And by doing so, we intend to improve the quality of our portfolio. But in addition to that, we're looking at whether we -- over time, want to sell off portions", "audio_length_s": 8.73, "path": "6b45877b719000e47adfd1ec118c376a_106.wav"}, {"text": "On the balance sheet, I can be relatively short. We have a sound balance sheet with relatively constant metrics", "audio_length_s": 8.73, "path": "65d5a09c659f6809931dc62aa7a9eaad_157.wav"}, {"text": "We continue to experience very low levels of credit losses, thanks to economic strength across our footprint and our strong underwriting.", "audio_length_s": 8.73, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_15.wav"}, {"text": "much better than anything that's available on the market today. We're averaging about 1 to 2 seconds on signal communication versus about 30 seconds", "audio_length_s": 8.73, "path": "ec0ecc8e73cce4598def6cfff6f7c598_174.wav"}, {"text": "as well as wins across a number of other key sectors. We expect our client retention rates to remain strong at the targeted mid-90s level", "audio_length_s": 8.73, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_65.wav"}, {"text": "across your segments, in your conversations with customers, is the expectation for demand to rebound after Chinese New Year?", "audio_length_s": 8.73, "path": "a4e84e293bde7191186ae3a7a0b34024_133.wav"}, {"text": "to us, the base management fee is an output, not an input. So we don't spend time focusing on kind of working towards a specific fee.", "audio_length_s": 8.73, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_79.wav"}, {"text": "So we already are pretty active in ASCs for our sports medicine business and, we have other products that we sell into that channel. So it's a channel that we know.", "audio_length_s": 8.73, "path": "044da592acc01ff7baacb3dbf2a302a9_166.wav"}, {"text": "which is good, so we're getting a much more balanced growth picture now than we had in the past. Of course, we like it to grow quicker, but I think the balance of the growth is very important.", "audio_length_s": 8.73, "path": "4b7945dd823dcbc0b2724efa66393673_224.wav"}, {"text": "As we look out, I think we've talked about some lower-cost generations coming in at the end of the calendar year", "audio_length_s": 8.73, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_10.wav"}, {"text": "I would not say too much, but still so much that we have to do additional testing, which needs a lot of additional shop floor space,", "audio_length_s": 8.73, "path": "cfbe91105113db7a5784f77e411b7a3f_23.wav"}, {"text": "perhaps you remember that we had a program last year to focus on stopping some of the activities", "audio_length_s": 8.73, "path": "cfbe91105113db7a5784f77e411b7a3f_167.wav"}, {"text": "which is one of the main reasons why we do think if you want to maintain that affordable and reliable network and create job", "audio_length_s": 8.73, "path": "fa45af64ef25007f998c655347bfbecb_395.wav"}, {"text": "we're terribly excited about it. As I say, it's taken some engineering work and some thought work in terms of how to break down very big", "audio_length_s": 8.73, "path": "e26b501c6e000fdaa11edde97cc71436_181.wav"}, {"text": "For example, in the half, we saw savings from rent at the end of the lease and continued productivity gains in stores and distribution centers.", "audio_length_s": 8.73, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_99.wav"}, {"text": "obviously, it will be a comprehensive discussion and the good news is we'll have our entire leadership team present to be able to really", "audio_length_s": 8.73, "path": "47a303604df9f9fc9f2f89a9280c3a79_165.wav"}, {"text": "and the impact of pension accounting treatment, which more than offset the negative impact of foreign exchange fluctuations and other factors.", "audio_length_s": 8.73, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_58.wav"}, {"text": "what -- understanding that investors probably don't maybe like it as much to spend more money on it, why not throw a little bit more gas on that fire and", "audio_length_s": 8.73, "path": "403903eb119bfc1cec44d86ec907077a_81.wav"}, {"text": "But given the comparison to the previous year, I believe, that it is still a rather satisfactory outcome of the segment.", "audio_length_s": 8.73, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_21.wav"}, {"text": "And I think when you start looking at our -- when we start talking about our margins, and while we're pleased with what secures switches bring to us", "audio_length_s": 8.73, "path": "ddf51a035f75b2e145a283edfd51fffc_191.wav"}, {"text": "And I think, also, the experience -- I think people sometimes undersell the experience that we have in the technology side with the founders and others,", "audio_length_s": 8.73, "path": "ddf51a035f75b2e145a283edfd51fffc_201.wav"}, {"text": "Also, the presentation we make today contains pro forma or non-GAAP financial measures, which we believe are meaningful in evaluating the company's performance.", "audio_length_s": 8.73, "path": "8b6b51842af008f5f437f53cc2e71835_127.wav"}, {"text": "But in Q4, we still have the impact from the loss of the 1 client, but in Q4, we had the traffic last year.", "audio_length_s": 8.73, "path": "3e714a49937be1672aa48244ba7254ce_66.wav"}, {"text": "does it make sense to maybe look even further strategically between the 2 businesses? I don't know maybe if you could just talk a little bit about", "audio_length_s": 8.73, "path": "6864081f83959f4b49e25e597f28af66_42.wav"}, {"text": "partially offset by higher investments in support of our strategic priorities and the negative impact of the revenue recognition standard.", "audio_length_s": 8.73, "path": "1244d2b5a259c3bc73742830d60d53fc_124.wav"}, {"text": "In another part of our engagement within their core operations, we'll be helping deliver a substantial boost in their productivity through automation,", "audio_length_s": 8.73, "path": "7ec19aea307c76d4a57fa87368305630_69.wav"}, {"text": "And we intend to do this in the future. That said, we intend to continue covering all our dividends with our generated free cash flow", "audio_length_s": 8.73, "path": "2ad9555a64eaa3f45bef5581adeecb9c_90.wav"}, {"text": "The increase in average selling price sequentially was primarily due to higher contracted sales prices due to increased in-basin sales in the quarter.", "audio_length_s": 8.73, "path": "2905366dcf0eb60a22b63a1b3d9adf95_142.wav"}, {"text": "The financial results for Angel's were in line with our expectations, and we're happy with their performance and the integration process to date.", "audio_length_s": 8.73, "path": "2b87d263eaf2464f275a48fa005b16c7_118.wav"}, {"text": "We also wanted to bring your attention that, as noted in the 10-Q we filed today, we have received a civil investigative demand letter from the Department of Justice.", "audio_length_s": 8.73, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_98.wav"}, {"text": "How quickly you think you can capture share? And then just from the outside, what are the key dynamics to understand around the ramp up of business and your focus points going into January?", "audio_length_s": 8.73, "path": "e3d70ecdb6aaed843dd059c121962e45_87.wav"}, {"text": "affected. We have certain scenarios, and we're able to identify certain customer groups ourselves on our own.", "audio_length_s": 8.73, "path": "38b2f94da12bbf2d32246763aab8265a_157.wav"}, {"text": "I do not like to have an open checkbook policy on anything, but in this particular situation, it is an open checkbook. If resources are needed,", "audio_length_s": 8.73, "path": "b96165244f010b3f1e61cbbc5e504d96_135.wav"}, {"text": "Bill will then discuss the financial results for the first quarter of fiscal 2017 and subsequently open the call to questions from the audience.", "audio_length_s": 8.73, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_95.wav"}, {"text": "And net-net, when you weigh all the positives against the one challenge, I continue to feel very, very good about our ability to drive", "audio_length_s": 8.73, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_176.wav"}, {"text": "largely reflecting leveling system utilization and moderating growth in China as we anticipate future system sales quota.", "audio_length_s": 8.73, "path": "58ff8a727ec4f3859407b64f08246759_88.wav"}, {"text": "Well, we have had some additional expenses that have been associated with Brazil and", "audio_length_s": 8.73, "path": "08ed60a546bd48af9db028c4e3c8af26_95.wav"}, {"text": "and our infrastructure have positioned us to double the number of RV dealership locations over the next 5 years.", "audio_length_s": 8.73, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_6.wav"}, {"text": "It's difficult to do that with one brand like Camping World. But when you show up with 5 or 6 brands with a different presentation and a different marketing,", "audio_length_s": 8.73, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_198.wav"}, {"text": "are you saying that there's not going to be a decline in February and March? And if there were, would that lead you to the low end of your guidance? Or", "audio_length_s": 8.73, "path": "7215c9d7a1158d3a944b609dd4b653a9_126.wav"}, {"text": "we don't think that the performance that we're showing there is that bad relative to what others are doing", "audio_length_s": 8.73, "path": "47b1a118c53956b23f1d687a75f3e5ba_127.wav"}, {"text": "once we execute the share repurchase, if we do, then we would go back to our board if we thought that was a wise thing to do to get further authorization.", "audio_length_s": 8.73, "path": "dd28a387ccc9575df47840b850647c7f_119.wav"}, {"text": "the strategic plan calls for a continuation and expansion of the margin improvement program we began last year.", "audio_length_s": 8.73, "path": "6a372ea97b0b130a4d37f16b54d97909_69.wav"}, {"text": "So we recorded an increase in revenues and profit both in Telecommunications as well as Smart Life business. And as we mentioned, at the end of the first quarter, that", "audio_length_s": 8.73, "path": "b2c4be32355b99e1a66809bd36e83dd2_131.wav"}, {"text": "In addition to strong business performance, our efforts with HPE Next continue to pay off as we build on the progress we made in the first half of the year.", "audio_length_s": 8.73, "path": "6c43a32379bfc34fc8cfe84ff94d6498_165.wav"}, {"text": "on the wholesale side in Germany. We do expect Marvel is a great opportunity to open a couple of more doors which were closed. But there is no", "audio_length_s": 8.73, "path": "b305bff75f28d238f0bd7da5bd4f13b8_131.wav"}, {"text": "on the second quarter of 2017. Before we begin, allow me to introduce the speakers today.", "audio_length_s": 8.73, "path": "e271ed845347e9c930ab0a44eb7785da_81.wav"}, {"text": "but more importantly, ICE will likely also need Congress to increase their annual appropriations for detention and removal operations.", "audio_length_s": 8.73, "path": "c5c7a9f409241412b160a93cde7ef630_71.wav"}, {"text": "Some reductions are very creative. For example, our legal team in South Africa now have a preferred supplier list of upcoming lawyers", "audio_length_s": 8.73, "path": "c3567809c19ce6a800677544cd84f88b_233.wav"}, {"text": "we experienced about 3 basis points of margin headwind during the past year due to a 2 percentage point lower concentration of loans relative to earning assets.", "audio_length_s": 8.73, "path": "6ad1d7c855ceb3eb830c365e357e4510_76.wav"}, {"text": "partly attributable to field usage increasing because you simply have more officers carrying the product?", "audio_length_s": 8.73, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_155.wav"}, {"text": "resulting in under absorption of our manufacturing facility cost, and the continued effect of competitive price pressures.", "audio_length_s": 8.73, "path": "505ccbd6e857cad05a179a5ed5419d1b_52.wav"}, {"text": "The most significant bright spot for DiamondRock in the quarter was the ability of our asset management team to drive positive profit margin", "audio_length_s": 8.73, "path": "b1da16cba24af8e472573c4c9caf17c7_127.wav"}, {"text": "Most impressive was the success of our asset managers working with our operators to reduce quarterly operating costs", "audio_length_s": 8.73, "path": "b1da16cba24af8e472573c4c9caf17c7_177.wav"}, {"text": "We also raised pricing on all lender-paid singles to address the additional PMIERs capital charges for singles.", "audio_length_s": 8.73, "path": "53889f50eda8b316a01a3df89d226e7f_37.wav"}, {"text": "if there's any optionality around the term loan, potentially upsizing or refining, kind of how should we be thinking about that at this point?", "audio_length_s": 8.73, "path": "53889f50eda8b316a01a3df89d226e7f_114.wav"}, {"text": "we would get a commitment to complete, and in other cases, it would go out for bids. So... Yes.", "audio_length_s": 8.73, "path": "f77935c4693e4d33252c9c76993e9c8b_47.wav"}, {"text": "We expect its ease of use and affordability to expand the market for our products to customers who are more price-sensitive.", "audio_length_s": 8.73, "path": "9098e5640309f25da0d4dfa04789a36f_63.wav"}, {"text": "plus growth of new materials required for advanced nodes at 10 and 7 nanometers. Transition to the next", "audio_length_s": 8.73, "path": "0ec0a75c1800bac01520dcac5b8992fb_155.wav"}, {"text": "We continue to provide a separate set of floated results in order to allow an easier transition towards new numbers.", "audio_length_s": 8.73, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_99.wav"}, {"text": "which is also compelling. So we'll need to say but as of now these are completely 2 different paths and each has its own", "audio_length_s": 8.73, "path": "7f0b365cacc47c00a8284b0070994e4a_102.wav"}, {"text": "The Italian position, I want to remind to all of you, is that it is coming from the past and we found it inside the", "audio_length_s": 8.73, "path": "4cbd8989dd9406e1f08c19a5ce9f8014_43.wav"}, {"text": "That's offset some of the medical and the interface -- other interface technologies. Again, another year in a row, I think our Gamesman business last year", "audio_length_s": 8.73, "path": "9e8690a521142359001a137074905535_148.wav"}, {"text": "Granted, these are early results, in trial conditions, but we are excited about what we have seen so far.", "audio_length_s": 8.73, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_24.wav"}, {"text": "But no, so there will be more, more to come. And then we'll also see a similar development in the Malvern PANalytical business.", "audio_length_s": 8.73, "path": "262bc21196721c5ff9114acbd2ff03c3_73.wav"}, {"text": "I. And so those additional costs will now come in as we've taken that decision to move into the feasibility and planning stage.", "audio_length_s": 8.73, "path": "262bc21196721c5ff9114acbd2ff03c3_227.wav"}, {"text": "to assess their impact on the market and to determine whether Reading should in fact adopt some variation of this model into the future.", "audio_length_s": 8.73, "path": "e2225d612a954a24e7e91c08215d7b51_112.wav"}, {"text": "which allows me to comfortably say that we are a leader in the renewable energy, recycling and resource management space there and pretty much recognized as such.", "audio_length_s": 8.73, "path": "e00fd35e201a8607d264b803a5130c59_33.wav"}, {"text": "The savings allow us to focus on improving our capital structure, increasing our liquidity and improving our leverage.", "audio_length_s": 8.73, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_34.wav"}, {"text": "And it's possible that we would continue development there, but I personally won't speak to the timing of that. But we have 1 successful", "audio_length_s": 8.73, "path": "aed770c98113f594e36325a5822547e4_49.wav"}, {"text": "In addition, we are working today on several exciting projects that will drive very high volume in the augmented reality and virtual reality markets", "audio_length_s": 8.73, "path": "b3d7bc295d09d9927e465213612c0192_78.wav"}, {"text": "So just for everyone on the call or maybe not on the call, we're having some issues that looks like it system wide with other folks as well.", "audio_length_s": 8.73, "path": "c40b5d1a13169c5acf69590932a56f98_157.wav"}, {"text": "So they're always evolving. We have several conversations going on right now with large clients,", "audio_length_s": 8.73, "path": "da879f8ea1c23aa6565cccaacac271fc_148.wav"}, {"text": "we are continuing to make disciplined investments in our people, processes and systems in order to position Charles River to support future growth.", "audio_length_s": 8.73, "path": "da879f8ea1c23aa6565cccaacac271fc_33.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 afternoon.", "audio_length_s": 8.73, "path": "49e533a8449f6b9b6c806458e73338e1_121.wav"}, {"text": "able to be opened digitally. So increasingly, digital will be a driver but we will get back to you with the mixes.", "audio_length_s": 8.73, "path": "41c28201e80491c91e34488556721756_89.wav"}, {"text": "We've isolated the impact of this credit throughout the presentation for easier comparability, and I'll refer to the figures, excluding this impact as an extraordinary.", "audio_length_s": 8.73, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_117.wav"}, {"text": "as Francois mentioned, we are expecting these rules to be published in the next few days. If it does happen, obviously,", "audio_length_s": 8.73, "path": "068bea67ac01942fafb955a1116b29dd_12.wav"}, {"text": "is Herbalife's promotion of participation in a multilevel marketing program with a compensation structure that's likely to harm its participants.", "audio_length_s": 8.73, "path": "94f913b974baab79fb636f6521170dd7_174.wav"}, {"text": "As we did mention -- as Joe mentioned in our prepared remarks, we did leverage our balance sheet and increased inventory to try and", "audio_length_s": 8.73, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_94.wav"}, {"text": "primarily due to the anticipated impact of the nondeductible expenses for stock-based compensation on our effective tax rate for the year.", "audio_length_s": 8.73, "path": "6760f7edfb883104c8c655c4671646e5_25.wav"}, {"text": "providing new movie releases and games to millions of consumers. We continue to believe that this will be the case for many years to come.", "audio_length_s": 8.73, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_24.wav"}, {"text": "In the cases where someone is very straightforward from a insurance coverage perspective, like an Aetna,", "audio_length_s": 8.73, "path": "e42f90eacf0e766ff39973c6aca06c93_12.wav"}, {"text": "but with existing rather than new production assets. And the third area of opportunity for us to invest", "audio_length_s": 8.73, "path": "e33785a294553de2a12d4463bf786744_11.wav"}, {"text": "But based on what the utilities are telling us, and based on what we're seeing in the development of our fuel, we're expecting to bring", "audio_length_s": 8.73, "path": "77d2dd6d5e46cc8a8e80809305b60208_264.wav"}, {"text": "the right one. But we have already -- without communicating a lot on it, but we have already downsized some of the sites", "audio_length_s": 8.73, "path": "a0f5944a79ea5150378d21e6a9ac05d8_106.wav"}, {"text": "but we're still -- we're talking a few hundred bps here and there. So it hasn't been a material shift at this point, and if anything, our cohorts are really consistent in their mix over time.", "audio_length_s": 8.73, "path": "50e17cbbbef8897681cc5f8ae110aae2_69.wav"}, {"text": "when store traffic was impacted by specific unfavorable factors during the year, including the yellow vests movement in the fourth quarter.", "audio_length_s": 8.73, "path": "642a235ab4ebc57d132a2e32c83c793c_73.wav"}, {"text": "Because of the increase of profit level for U.S. business, the operating profit contribution is already more than half,", "audio_length_s": 8.73, "path": "80a2ca14358172366acab4e80f3fa33b_73.wav"}, {"text": "you know, I think we've got a lot of flexibility on timing in what we do here. So we really just wanted to kind of lay out the facts that we have.", "audio_length_s": 8.73, "path": "97b9c8b95449565c1f280a2b61a65b31_74.wav"}, {"text": "I think we were able to drive -- I think with our season pass sales being so strong when we acquired the resort, I think we were able to drive, obviously, a big", "audio_length_s": 8.73, "path": "078b27aa69b10aa01f2eab2aa681bdd8_112.wav"}, {"text": "way ahead of the game versus where we were last year in terms of having a great", "audio_length_s": 8.73, "path": "9908957f60adff5efc1c8692a0f5ab38_154.wav"}, {"text": "all the reason that we have a declining market. Now how we are reacting? We are reacting with very strong point of sales.", "audio_length_s": 8.73, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_193.wav"}, {"text": "industry volumes have remained under pressure as the overall pace of home buying slows and most existing borrowers still have rates below those available today.", "audio_length_s": 8.73, "path": "5c601f5318d5dcbe20fdd78f19c2b277_15.wav"}, {"text": "going forward than we ever had and more that we are able to act on, so we have plenty to do going forward.", "audio_length_s": 8.73, "path": "1862ee2f84dc77a40dde64b34f3ab94e_105.wav"}, {"text": "And I can tell you, Chip, one of the things that we've been looking at is the need to potentially expand in Asia. Today, we are in one", "audio_length_s": 8.73, "path": "812d8f09b72b4d410d138d3b24caebbc_202.wav"}, {"text": "changes in the fair value of contingent consideration as well as amortization of identified acquisition intangibles.", "audio_length_s": 8.73, "path": "a2ba164f019804628c07b36de47cd464_103.wav"}, {"text": "I think we felt pretty comfortable making that comment to you. I want to avoid giving you specific numbers on how that would all play out.", "audio_length_s": 8.73, "path": "b6688f44b91606fbd75a6d66e94d4e4b_52.wav"}, {"text": "Wrapping up with the East, energy markets remained backward-dated in PJM given the expected addition of new generation capacity over the next few years.", "audio_length_s": 8.73, "path": "3f6641f7d8f1ab845ad4f637cfb35109_151.wav"}, {"text": "But overall, progressing roughly in line with the plan announced in May", "audio_length_s": 8.73, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_18.wav"}, {"text": "The team has done a fantastic job creating a collection that embodies the brand with fashion that is both fresh and relevant to multiple generations.", "audio_length_s": 8.73, "path": "1300495cfa53748f732f54277d5a8cea_36.wav"}, {"text": "We remain comfortable with these estimates at this time. Thank you for listening to all of these detail. I will now turn the call over to Jim Ryan.", "audio_length_s": 8.73, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_151.wav"}, {"text": "And a look at our study shows that we are on track to safeguard our future viability of the whole group.", "audio_length_s": 8.73, "path": "407fee9910ab57874978cf85a89b1d9d_96.wav"}, {"text": "We expect we'll be in a better position to provide an update on our August call on the CapEx that we are able to pull forward into '18 as well as the impact", "audio_length_s": 8.73, "path": "1215cf00a11992ec74743f92026af2e9_8.wav"}, {"text": "Our industrial markets appear to be improving and we see a lot of marine projects ahead of us. Only offshore marine remains a question mark for us.", "audio_length_s": 8.73, "path": "3412b2f7aef0615537779e312cf984c3_72.wav"}, {"text": "These statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call.", "audio_length_s": 8.73, "path": "b08d602a938cc263402d9d2db56f2490_108.wav"}, {"text": "And I mentioned the investment in terms of resources and training within the company. We doubled the number of customer success manager that we have", "audio_length_s": 8.73, "path": "9826162bc1bb67bf8d65e4cf50e656e9_87.wav"}, {"text": "So we expect our first sales for our animal health division to begin early in 2017, and I can tell you,", "audio_length_s": 8.73, "path": "0f8a61f667edd9a400d7abe2a7908a9e_25.wav"}, {"text": "Our clear focus lies on making use of innovative, new technologies to design simpler, faster and better processes.", "audio_length_s": 8.73, "path": "b4072ee178832ecf3d2a0f25fd8b8387_8.wav"}, {"text": "that when it comes time to the next increase, I would expect strong realization rates, particularly given the environment right now and the headlines around inflation.", "audio_length_s": 8.73, "path": "ffa357a084f4deb64797a0a32b8c5e33_231.wav"}, {"text": "So we have seen both of them play out, differentially in the dine-in environment and in the delivery environment, but both have been -- have", "audio_length_s": 8.73, "path": "00a36b039cb49e6b99bb6d17635a3c25_178.wav"}, {"text": "And do you expect some adjustment -- I know you had some adjustment on your Generics customers this quarter, it looks like. Do you expect some of that to happen on the Biologics side as well?", "audio_length_s": 8.73, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_123.wav"}, {"text": "So maybe Erik or Rustom, could you elaborate a bit on what you're seeing here? And also what factors could actually get better as you go through the fiscal year.", "audio_length_s": 8.73, "path": "abd571ccf777ac4b0a43a7487031bc8a_102.wav"}, {"text": "Consistent with our expectations, this growth was partially offset by lower sales to commercial vehicle customers as certain programs continue to wind down.", "audio_length_s": 8.73, "path": "10ad32c5e0559c879e032faaf3148ab4_4.wav"}, {"text": "and working to gain their business in areas that will help our network, so that we can actually give them a good price service combination,", "audio_length_s": 8.73, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_103.wav"}, {"text": "by December 31. We tend not to start all that early. We'd rather have more people go out before us than", "audio_length_s": 8.73, "path": "77423f08f0208d476dea73c639f6293a_186.wav"}, {"text": "in the top line and we hold our margins or enhance our margins through expense control, that's where you're going to see", "audio_length_s": 8.73, "path": "a756bd9ba43faae4d9d0f059925e39e9_152.wav"}, {"text": "upside potential bringing to the shareholders. So both parties remain confident that this is an interesting transaction to go forward.", "audio_length_s": 8.73, "path": "538323cb37246bc97d1253b369a7414a_144.wav"}, {"text": "which will be either advised or managed. The few pockets that will not be is because they are either external asset manager", "audio_length_s": 8.73, "path": "bf99037f89cd485f95f097842619a0c7_220.wav"}, {"text": "we're in full implementation mode of a new maintenance management system, as well as overhauling our company-wide procurement processes.", "audio_length_s": 8.73, "path": "eed99fefac02f862b3ee31c4748cb9b5_67.wav"}, {"text": "Our updated forecast is based on strong MACI growth trends as reflected by orders to date in the second quarter of the year -- or second half of the year", "audio_length_s": 8.73, "path": "4d7256bec87696f6c5defa8f37db1b48_2.wav"}, {"text": "Electronics operating income increased primarily due to higher sales resulting from the Orlaco acquisition and lower material costs,", "audio_length_s": 8.73, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_103.wav"}, {"text": "marketing enhancement opportunities, build new stores, remodel stores and rebuild existing locations across our footprint.", "audio_length_s": 8.73, "path": "1096d26129c469524041c969a684f8ae_120.wav"}, {"text": "So -- and, Justin, it's Drew. On the revenue side of the world, we did try to call out a couple of those in my comments. We are a brand business, and we do believe that the", "audio_length_s": 8.73, "path": "30a142fac5a62ab00227cb6a339a6226_205.wav"}, {"text": "I'd also like to remind you that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in any Oaktree fund.", "audio_length_s": 8.73, "path": "76b892bf017891d7028256847747227c_1.wav"}, {"text": "If we are in the line where I hope we will be we should be close to about 1 million customers on our fibre footprint by the end of the year.", "audio_length_s": 8.73, "path": "6f73dbce90cb2d313480b437f0c51bbc_109.wav"}, {"text": "And just as a reminder, we continue to do all of our business through our branch network, still do not accept broker deposits or pay a premium for large accounts.", "audio_length_s": 8.73, "path": "f1b53f83640f7ea0160087ae63818af2_4.wav"}, {"text": "Volume declines in the quarter were driven by our commercial realignment and profitability initiatives as well as soft demand.", "audio_length_s": 8.73, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_71.wav"}, {"text": "As a final note, you may have seen from the recent Form 4 filings, Seabed Veil Investment has reported selling a portion of its shares", "audio_length_s": 8.7299375, "path": "7d2a9151826f1fbcf538ffbf85924ed2_60.wav"}, {"text": "than others. What I would say is, is our guide reflects everything we see. Our footprint is broader than", "audio_length_s": 8.7299375, "path": "f46ae0a04d60dea8a759f07333ed37e2_124.wav"}, {"text": "The lower number for the paint factory was due to improved payment terms on key supply contracts and land purchase timing.", "audio_length_s": 8.7299375, "path": "33fd8a867dbd88a837e541b1d2b25ea5_146.wav"}, {"text": "And most of that will disappear once that -- they take on the full manufacturing.", "audio_length_s": 8.7, "path": "5833763223d8d85b6fcb5fe90e821c77_64.wav"}, {"text": "Well, in certain logic but still not across the board, only in very specific applications.", "audio_length_s": 8.7, "path": "d162113e3aface010baec17bd408736b_116.wav"}, {"text": "As most of you know, Besi's business is seasonal, with revenue and orders typically building in the first half of the year", "audio_length_s": 8.7, "path": "d162113e3aface010baec17bd408736b_10.wav"}, {"text": "Our customer franchise remains strong and is being built out further as we continue to work with our partners to provide solutions and align interests,", "audio_length_s": 8.7, "path": "569834a5cb8a33dfeac20dfa8e03afb3_83.wav"}, {"text": "the tragic losses sustained by employees and their families and friends have been met with a tremendous outpouring of support.", "audio_length_s": 8.7, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_140.wav"}, {"text": "Almost all of these investments have been originated on the back of our relationship based network of financial sponsors and bankers.", "audio_length_s": 8.7, "path": "ab861b81968e1b5fcb606ed886919d68_4.wav"}, {"text": "Knight. And so I really believe that we're going to be able to make Knight better. And I will tell you that Knight", "audio_length_s": 8.7, "path": "94fdf7b24748a7706b1097482a0f363a_172.wav"}, {"text": "As we said last quarter, the growth of our credit business will take time, but this quarter's results demonstrate positive momentum.", "audio_length_s": 8.7, "path": "6388da88b00ebc88af59435bdac74132_147.wav"}, {"text": "In August, we announced a statewide federally funded contract for the purchase of MedSafe and liners for the state of Montana.", "audio_length_s": 8.7, "path": "b40ab385cca0095fc17f5310045ca5d2_71.wav"}, {"text": "know he knows how to identify markets where we can add value. And so I'm optimistic and I wouldn't throw that number", "audio_length_s": 8.7, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_223.wav"}, {"text": "The revenue trend in the fourth quarter showed a strong improvement, supported by growth in integrated solutions and IT services.", "audio_length_s": 8.7, "path": "2f888e63a31b86cc2f4f97710e8eed79_85.wav"}, {"text": "Business development continues to be a priority, and we are committed to finding the best external science to enrich our pipeline and portfolio.", "audio_length_s": 8.7, "path": "f0ce0d97cf62c9076226e0aeeb550493_59.wav"}, {"text": "Even the long cycle that we have in this industry, we're already positioning ourselves in terms of technology development", "audio_length_s": 8.7, "path": "22ad97a95501a08f15c06605cd277fec_42.wav"}, {"text": "which was initially to produce more bulk in addition to the bulk we've already produced under past contracts.", "audio_length_s": 8.7, "path": "14e9ab3b38cd3029b8aff693a105dbfb_102.wav"}, {"text": "and it may just be the case that where we have had outperformance, we're now beginning to experience the impact not only of", "audio_length_s": 8.7, "path": "abd0f750609f1263b566f0c09b981a16_121.wav"}, {"text": "whether maybe the leverage levels might change categorically for like maybe the Agency portfolio and the credit portfolios?", "audio_length_s": 8.7, "path": "223f05c0b9b116532e9af84afa76cac7_67.wav"}, {"text": "to becoming the market-leading hybrid REIT, expanding our ability to further invest in areas across the Agency, residential credit", "audio_length_s": 8.7, "path": "223f05c0b9b116532e9af84afa76cac7_7.wav"}, {"text": "As the automotive market continues to evolve, we can accommodate changes in vehicle type such as electric vehicles", "audio_length_s": 8.7, "path": "3bdb43dc1bcef6eff76f45efedb6a211_19.wav"}, {"text": "As we look ahead, we think that's still appropriate. But obviously, we'll continue to keep an eye on that over the balance of the year.", "audio_length_s": 8.7, "path": "a069e0992c2083f0f53eaa4f7a02e47d_148.wav"}, {"text": "talk about philosophically how we approach this. Our advisers have been desirous of having index product for some time", "audio_length_s": 8.7, "path": "8cb24daf76784487ad63780546dc4ba4_141.wav"}, {"text": "from marketing to tech and digital product capabilities. Nick will go into further detail on our financial performance shortly.", "audio_length_s": 8.7, "path": "7e14890193df4b10e1eeab6ab886529f_177.wav"}, {"text": "by hiring additional mortgage loan originators and as we move into the seasonally stronger quarters for the housing market in Colorado.", "audio_length_s": 8.7, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_119.wav"}, {"text": "is when you have all the tornado and hail in Texas and that's when we expect to have an underwriting loss driven by our claims-related losses.", "audio_length_s": 8.7, "path": "3180572bc2da758668c19200930e1bc4_167.wav"}, {"text": "a little bit about the competitive environment and the margin you're getting on the marginal mortgage that you're adding considering how a few of them there are around right now?", "audio_length_s": 8.7, "path": "7974a5134807f46a1484a8adf81505be_105.wav"}, {"text": "And so our margin expansion will clearly be more weighted to the second half of the year. But from a revenue standpoint, we will enter the year", "audio_length_s": 8.7, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_103.wav"}, {"text": "And we believe the industry will adopt a more efficient industrial model to construct the floating production facilities needed to develop the planet's immense deepwater resources.", "audio_length_s": 8.7, "path": "dd3166f311a5f12a25103a0295e8ac3e_183.wav"}, {"text": "However, customers continue to reduce the scope and resulting spend of most projects as they seek to limit spending only to what is absolutely necessary.", "audio_length_s": 8.7, "path": "dd3166f311a5f12a25103a0295e8ac3e_83.wav"}, {"text": "The second point I'd like to make is that pipe defects are not uncommon. The manufacturing process can result in cracks, voids, inclusions and mill scale.", "audio_length_s": 8.7, "path": "dd3166f311a5f12a25103a0295e8ac3e_185.wav"}, {"text": "We don't see this -- I think the competition between the retailers in Norway is somewhat intensifying, but this is nothing", "audio_length_s": 8.7, "path": "14f3d2486b21e639a953afb7ad03d90c_34.wav"}, {"text": "We evaluated, restructured and reorganized the entire sales organization within 3 weeks of closing the Clarient acquisition.", "audio_length_s": 8.7, "path": "8bbc2f54137b794265dfb01f1559868d_142.wav"}, {"text": "to wait for a better opportunity. So I'd love to be able to give you a time and a date. But to be honest with you, the market will provide that for us.", "audio_length_s": 8.7, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_42.wav"}, {"text": "answer -- talk a little bit about how you all buy your lumber and how you lock that in versus how you all are pricing the house?", "audio_length_s": 8.7, "path": "1d2f3c74735a986131e7b219d9eff713_22.wav"}, {"text": "And in the past quarter, we did make progress against all 3 of these key objectives.", "audio_length_s": 8.7, "path": "82218f543c9a546c4baa5323f250b39f_126.wav"}, {"text": "And lastly, I am pleased and confident with the team's continued focus, objectivity, intensity", "audio_length_s": 8.7, "path": "75fa1bebed0b858c76cc7058477e40e2_129.wav"}, {"text": "China is a different thing. Of course, China is also aging, but the absolute number is there.", "audio_length_s": 8.7, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_183.wav"}, {"text": "My last mission is to further build up our brands. Right now, in Taiwan, we have many brands.", "audio_length_s": 8.7, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_272.wav"}, {"text": "Lots of questions there, Jenny, but I would say that the demand on the part of the tech companies", "audio_length_s": 8.7, "path": "8292bdb9af87f10627c044f3842b2c76_107.wav"}, {"text": "the growth coming from third-party credit cards also increased in our total mix. And that's why", "audio_length_s": 8.7, "path": "cc82e791c065bdc271addf355bac274f_62.wav"}, {"text": "and that's also very encouraging. And that's something that we are going to be gradually seeing improving through time.", "audio_length_s": 8.7, "path": "d261e09fa176510406c0d05eeedfc8f8_32.wav"}, {"text": "Our focus on cash generation continues. In the first quarter, our cash flow from operations was a net use of cash.", "audio_length_s": 8.7, "path": "73ba4ff250b62745e03880e75b9a1581_86.wav"}, {"text": "And that continues to be the plan. And that's where we, obviously within margins, have some flexibility on how we can manage the position.", "audio_length_s": 8.7, "path": "bddc15938bdcc3085f19b0851e74c2c0_154.wav"}, {"text": "there are steps being taken by both sides in the deal environment to either gain leverage or gain outcome. We'll see where it leads.", "audio_length_s": 8.7, "path": "dbafd430cf189ffeffd96a06da8ba37d_46.wav"}, {"text": "banker who called on software companies, and now we want to have our software and tech bankers calling on every company alongside the sector banker", "audio_length_s": 8.7, "path": "dbafd430cf189ffeffd96a06da8ba37d_61.wav"}, {"text": "for entry into the trial. Beyond that, we will continue to work closely with the NEPTUNE Consortium and NephCure international organizations", "audio_length_s": 8.7, "path": "a24a661c2eb55542903c72391ec09f9b_62.wav"}, {"text": "We will continue to work with a potential counterparty to reach an agreement in principle that would be beneficial to the company and our stakeholders.", "audio_length_s": 8.7, "path": "9da45cfd4472699ef05d887adce01223_6.wav"}, {"text": "Our guidance also does not account for the impact from shifts in the regulatory environment, including areas, such as immigration or tax.", "audio_length_s": 8.7, "path": "7ec19aea307c76d4a57fa87368305630_134.wav"}, {"text": "And I was just wondering, now that it looks like both of those products are experiencing some -- maybe some modest delays to the schedule,", "audio_length_s": 8.7, "path": "2ad9555a64eaa3f45bef5581adeecb9c_309.wav"}, {"text": "when you're considering -- you can spend your money on the frequency bandwidth, or you can spend your money on", "audio_length_s": 8.7, "path": "ebecd7e874a9b3998b70ec3200f71e89_183.wav"}, {"text": "into our data centers. Now each configuration for each one of our customers is different, but typically it's not going to all occur in the same quarter.", "audio_length_s": 8.7, "path": "bbe852c8c3f7827e31f31a56bc72b7da_37.wav"}, {"text": "Some of the resistance, which we have seen in the past because the tools weren't there to facilitate this, are", "audio_length_s": 8.7, "path": "bbe852c8c3f7827e31f31a56bc72b7da_182.wav"}, {"text": "we obviously confirm that we were confident pre-hearing in terms of our legal position. And I can confirm we remain as", "audio_length_s": 8.7, "path": "c3ac3b05413d9a9caee0626d57fee77f_49.wav"}, {"text": "And I'm pushing my luck here but would you give us a peak sales estimate for your 2 new drugs that you have in-licensed,", "audio_length_s": 8.7, "path": "0c1ba087943ffa875ee4e4c1c42a458f_92.wav"}, {"text": "We remain committed to refining our products and program offerings to ensure we are helping educators solve the financial issues they face,", "audio_length_s": 8.7, "path": "aeb50c6146f90bd32d147c5d4775c21d_79.wav"}, {"text": "These high standards are enabling us to more efficiently balance our order pace in ASP to build a healthy backlog position and improve returns.", "audio_length_s": 8.7, "path": "ade68f8add7249890d086ecf4b5b8cab_106.wav"}, {"text": "In summary, we are pleased with our results so far. Our focus on operational excellence, new products and partnerships", "audio_length_s": 8.7, "path": "87ba56e8ff82d5e181ee5d6d66543c51_46.wav"}, {"text": "I think, both of those products, we love the role they play in the portfolio, it's starting to fill in the gaps between", "audio_length_s": 8.7, "path": "87ba56e8ff82d5e181ee5d6d66543c51_63.wav"}, {"text": "As our business strengthened, we increased some investment through 2017 to strengthen our corporate infrastructure and position us to benefit from increased scale.", "audio_length_s": 8.7, "path": "58ff8a727ec4f3859407b64f08246759_130.wav"}, {"text": "The tax law enacted near the end of 2017 had a number of effects on EOG's results of operations, cash flows and consolidated financial statements.", "audio_length_s": 8.7, "path": "a8b43081254547419da7462d9c957d61_30.wav"}, {"text": "our mining shaft has been designed to go ultimately to a 1,000 meters in this first stage for our current 10-year reserve plus", "audio_length_s": 8.7, "path": "e5040d02fba73a359d3f7cb346517ce1_65.wav"}, {"text": "capital. And does that mean from a dividend or capital distribution point of view you would be at least", "audio_length_s": 8.7, "path": "6b3df032b804a1a371d25e1eef019c4a_123.wav"}, {"text": "After my first 7 months as CEO of LP, I am excited and energized by the progress we have made in our outlook for the future.", "audio_length_s": 8.7, "path": "dd28a387ccc9575df47840b850647c7f_194.wav"}, {"text": "pleased with the progress there. Put all that together, that's why we're confident in tone this morning with the financial outlook", "audio_length_s": 8.7, "path": "7bc22aba9bc29d69ee10cc60db7903d8_54.wav"}, {"text": "Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. With that, let me turn the call over to Antonio.", "audio_length_s": 8.7, "path": "6c43a32379bfc34fc8cfe84ff94d6498_2.wav"}, {"text": "and very importantly, the optimizing the effective pricing and yield for data propositions that we have taken to market.", "audio_length_s": 8.7, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_144.wav"}, {"text": "increased in the year to 2.7x. Now as we look over the medium term, we would like to see the holding company leverage", "audio_length_s": 8.7, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_58.wav"}, {"text": "the demographic opportunity, for sure, is there. The bit in the middle is we've got a strategy to basically take advantage of the opportunity.", "audio_length_s": 8.7, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_351.wav"}, {"text": "This means that while our start-up is progressing well and this is a desirable contributing contract,", "audio_length_s": 8.7, "path": "b94d748876ddf8e881d4191dec45baf3_131.wav"}, {"text": "We have a good success in creating an expanding list of qualifications in both of these growing areas. Let me start with the provider services.", "audio_length_s": 8.7, "path": "b94d748876ddf8e881d4191dec45baf3_205.wav"}, {"text": "A copy of the press release we issued this morning is available on our website. In addition, we are conducting a live webcast of this call also available on the site.", "audio_length_s": 8.7, "path": "73f474b631c43567329cad1bb76ff4fe_60.wav"}, {"text": "So the short answer to it is yes. I think that the magnitude is what you have to put your finger on. So", "audio_length_s": 8.7, "path": "02deeb29574f1571812a11f66bb8fda1_101.wav"}, {"text": "Field Service Lightning is a key part of that growth. In fact, one of the world's largest food and beverage companies selected Field Service Lightning for retail execution to boost", "audio_length_s": 8.7, "path": "16ed973148ce103dc95fdcfaf35bbe7b_197.wav"}, {"text": "again, because customers are taking advantage of these amazing technologies to drive and gather insights around what their customers are doing.", "audio_length_s": 8.7, "path": "16ed973148ce103dc95fdcfaf35bbe7b_215.wav"}, {"text": "what's -- like any major initiatives that's going to be on the promotional calendar this year? Or is that kind of business competitive information?", "audio_length_s": 8.7, "path": "0794a2f02bbe89feb49651735bba77c5_104.wav"}, {"text": "Before we begin today's call, I would like to remind everyone that this call may involve certain statements that are not based on historical facts", "audio_length_s": 8.7, "path": "2b0b79fa03313a4e9261734dd728b622_0.wav"}, {"text": "Moving to Slide 3. You'll see our agenda for today's discussion. We'll begin with an overview of our third quarter and year-to-date earnings results.", "audio_length_s": 8.7, "path": "526e0d5398a516831b49936c31a8ea1c_145.wav"}, {"text": "with the average annualized increase in shareholders' equity plus cash dividends over the last 5-year period", "audio_length_s": 8.7, "path": "7cf9ea093ccaf8fe8af51c4e00832372_56.wav"}, {"text": "it is a big opportunity for our type of technology in China as well. And if you remember,", "audio_length_s": 8.7, "path": "f7df5ecab61eca575f169a8298318eca_129.wav"}, {"text": "Great. Well, look, thanks, everybody, very much for your interest. Thanks for spending the time listening to us and talking with us and thanks very much for the questions.", "audio_length_s": 8.7, "path": "bb2ca5b87982b2388d82cd64a73f08cf_65.wav"}, {"text": "It doesn't mean that we don't have rollover of contracts where we have to go from a high price to the new market price. And so that will still hit us.", "audio_length_s": 8.7, "path": "ab4dae37361262d727d1d2f8f78765d5_42.wav"}, {"text": "pretty substantially in the last 3 years at this hotel. So we've been waiting a little bit to get that EBITDA back up to where we think it should be.", "audio_length_s": 8.7, "path": "b1da16cba24af8e472573c4c9caf17c7_166.wav"}, {"text": "If the vaccine includes the wrong neoantigens, the vaccine misses the target and works sub-optimally if it works at all.", "audio_length_s": 8.7, "path": "17f54a9938f35a4bde713fb3eb33a80e_42.wav"}, {"text": "This expands our global network with increased production capacity and more timely delivery of our unique higher value specialty solution.", "audio_length_s": 8.7, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_208.wav"}, {"text": "In other cases, given the fact that some of our branches need to continue to mature to our target of", "audio_length_s": 8.7, "path": "82131762fc1c2b2358ac3a167666ab87_23.wav"}, {"text": "We actually think we've achieved a very unique public record database now, and so we're helping to displace our external vendors for title right now.", "audio_length_s": 8.7, "path": "63d825666ef6527fd7e4f26e728a4e61_18.wav"}, {"text": "Simply put, our cost structure should provide increased profitability to Enzo and a marginal return for our customers, the independent lab.", "audio_length_s": 8.7, "path": "75eb5b75bb8587b63c318714ea956b9e_59.wav"}, {"text": "if I understand correctly, you're saying what are the efforts in terms of marketing to the broader developer population?", "audio_length_s": 8.7, "path": "52a4e3ebf7e968a783401230c3f69a9d_104.wav"}, {"text": "It doesn't include the fast-growing online business, which doubled last year and doubled again in the first quarter for us.", "audio_length_s": 8.7, "path": "915bdcf0edfec49b928ca4010cbb40ca_21.wav"}, {"text": "April 21. We are in receipt of those letters and are aware of the contemporaneous rumors that are in the marketplace.", "audio_length_s": 8.7, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_225.wav"}, {"text": "Well, it's certainly very positive for us. We're really excited about the transaction because it did allow us to obtain", "audio_length_s": 8.7, "path": "74d0910b4af16f82a812bddbb151d966_28.wav"}, {"text": "Over the past couple of weeks, there have been significant price increases announced by different competitors in both the branded and the private-label segments of the market.", "audio_length_s": 8.7, "path": "8b2f9d78b826db37ca84dae4d193d8a3_7.wav"}, {"text": "The early results are encouraging as nearly 20% of customers notified of early or delayed bags are using customer bag notification to set up a bag delivery.", "audio_length_s": 8.7, "path": "1949bd0c9c4c23d495d880c4c552bfe1_15.wav"}, {"text": "The premium A1 by AND1 collection is on track to launch in specialty stores and boutiques later this year.", "audio_length_s": 8.7, "path": "741526dd2a3db996d2f22f4bcdae4be6_88.wav"}, {"text": "I think there have been very few orders which, of course, means that the shipyards will struggle to fill their capacity.", "audio_length_s": 8.7, "path": "939c2eaaa171907197a14e58cea3514d_150.wav"}, {"text": "This quarter, with the expected acceleration in hardware spending, we did not mix as much into netted-down revenues.", "audio_length_s": 8.7, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_180.wav"}, {"text": "the lower growth rate in this portfolio more recently is consistent with our strategic objective to deliver balanced growth over a full cycle.", "audio_length_s": 8.7, "path": "87045996e7446329f1d98c909c6ca7fe_207.wav"}, {"text": "And is the idea to increase that over time depending on how it performs? Or is anything set in stone on that side?", "audio_length_s": 8.7, "path": "82f5253b62614161333b038f5f9700f8_269.wav"}, {"text": "China continues to present a significant opportunity for us, as the government and private industry both fund drug research.", "audio_length_s": 8.7, "path": "da879f8ea1c23aa6565cccaacac271fc_234.wav"}, {"text": "the result of continuing efforts at cost compression and improvements to margins. We've taken the opportunity than to say what does that mean", "audio_length_s": 8.7, "path": "369789f0d39dbf62298be2aa807ff8ee_53.wav"}, {"text": "The final phase is expected to be completed during the first half of 2018. And finally, turning to prospects,", "audio_length_s": 8.7, "path": "dffe8257f781608bb17bb637249e4d2a_133.wav"}, {"text": "difficult end markets such as oil and gas, mining and ag, in particular. And then we see continued", "audio_length_s": 8.7, "path": "92bf6fe090b6bc565cb500b688fd9173_29.wav"}, {"text": "We're in coordination with other industry partners. We can make personalized medicine a reality for billions of individuals on the planet and a way of life for the next generation.", "audio_length_s": 8.7, "path": "7551ffae17aa39dd4ea962a43f96bf04_5.wav"}, {"text": "there? We certainly haven't seen any impact at this point. They're obviously making a lot of noise out there in the marketplace.", "audio_length_s": 8.7, "path": "189b20e7b975130ca5abd0e419e54908_35.wav"}, {"text": "We've moved aggressively to rightsize the organization and expect OTE to return to profitability over the second half of our fiscal", "audio_length_s": 8.7, "path": "189b20e7b975130ca5abd0e419e54908_98.wav"}, {"text": "including a significant charge related to our South African projects, which we will discuss in greater detail later in the presentation.", "audio_length_s": 8.7, "path": "757695924b5e43c7d44e29dc141cc035_118.wav"}, {"text": "Due to the confidential nature of these discussions, we will have no further comments regarding this matter on today's call.", "audio_length_s": 8.7, "path": "1e32d5e01ff61f70b37850c473b9876a_52.wav"}, {"text": "Are you guys doing anything different than auctions at this point? You're not doing any retail experiments or anything like that or", "audio_length_s": 8.7, "path": "3d3b327645f62f252bb876e5bb4a9259_72.wav"}, {"text": "Zach, I don't think we can really comment on specifics. As we've said in the past, we view that we're the natural aggregator of", "audio_length_s": 8.7, "path": "1689b94530eca82b7758c86b4cf3125f_41.wav"}, {"text": "of beyond the max, you would probably only need to look for a property between 5% to 10% cheaper and that we felt was more doable.", "audio_length_s": 8.7, "path": "130e8e56c1afa2419fd0c08708261824_84.wav"}, {"text": "For the most part, I'd say we have the major platforms that we need, so we don't envision the need for large platforms.", "audio_length_s": 8.7, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_175.wav"}, {"text": "is well locked at this point and it's streamline it and simplify it. And we're going to continue to do that and continue to make progress on it like we have been for the last couple of quarters.", "audio_length_s": 8.7, "path": "50e17cbbbef8897681cc5f8ae110aae2_81.wav"}, {"text": "The most important subject of this midterm corporate strategy is how to achieve and apply responsiveness to change.", "audio_length_s": 8.7, "path": "254f3c2175c8e11d6da7d44a221e1bff_1.wav"}, {"text": "Such statements are based on the company's views as of today, and actual results could differ materially from the forward-looking statements.", "audio_length_s": 8.7, "path": "d74cec1fb73e1b1134bfa7152762ad80_0.wav"}, {"text": "Can you talk a bit about whether that is changing the tone and if that's going to lead to orders among airlines where", "audio_length_s": 8.7, "path": "7e2ebcd981f5b5ecb18c04906f87d768_247.wav"}, {"text": "We'll continue to expand our scale and achieve great achievements and developments.", "audio_length_s": 8.7, "path": "80a2ca14358172366acab4e80f3fa33b_173.wav"}, {"text": "again, we've become very, very good at predicting and intervening ahead of when a patient becomes not adherent based on factors that we're aware of.", "audio_length_s": 8.7, "path": "0cfaeed8cd93dc274845d450e921aeb6_39.wav"}, {"text": "Yes. We haven't really said anything yet on the number of locations that we're going to be adding, but that's something that we'll definitely be able to give more color on with our Q3 call,", "audio_length_s": 8.7, "path": "838af8ffae77ce8ff59c77b1985f8fc5_29.wav"}, {"text": "For example, Trex online provides homeowners the tools to design, price and order samples for their dream decks", "audio_length_s": 8.7, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_146.wav"}, {"text": "good news we had in last year's Q4. And as you think about -- that was the Worker's Comp. I just mentioned the incentive compensation, that was good news last year.", "audio_length_s": 8.7, "path": "9908957f60adff5efc1c8692a0f5ab38_197.wav"}, {"text": "Thanks, Marc. I want to thank all of our associates for contributing to another strong quarter at Burlington Stores.", "audio_length_s": 8.7, "path": "9908957f60adff5efc1c8692a0f5ab38_184.wav"}, {"text": "This is the third anniversary since we introduced the dividend program, and the board declared a 25% increase in the quarterly dividend over our prior dividend.", "audio_length_s": 8.7, "path": "382e3c8eda678694c6368e00f19c8881_42.wav"}, {"text": "Next, I'd like to spend a few minutes recognizing the outstanding efforts of our employees in responding to a major snowstorm in Colorado.", "audio_length_s": 8.7, "path": "919fd6c04cca92ecdf503e32f884435d_4.wav"}, {"text": "As you know, European markets are largely saturated markets in consumption per capita,", "audio_length_s": 8.7, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_130.wav"}, {"text": "But there continues to be volatility in the oil market, and the price of resin follows very closely the oil price, not directly, but very closely.", "audio_length_s": 8.7, "path": "8518e7d2073cc2898bd145e2e84ea482_59.wav"}, {"text": "Once again, we believe there is a significant discount between public and private valuations of plant assets, and we see proof of that in our process.", "audio_length_s": 8.7, "path": "09b5b62d328d3d0719b6825357fdfb48_12.wav"}, {"text": "is supporting the price. But it's simply to state that the prices we now have in place will ultimately result in a lower sales", "audio_length_s": 8.7, "path": "34b4c03bbd8e9d5fceb8c8af89388197_57.wav"}, {"text": "seed treatment and biosolutions. We also invested in a growing sales force in Brazil, and it is working.", "audio_length_s": 8.7, "path": "b6688f44b91606fbd75a6d66e94d4e4b_100.wav"}, {"text": "achieve economies of scale. And I think there's plenty of opportunities. Yes, and that certainly fits with what we have been saying. And we continue to say that we believe the", "audio_length_s": 8.7, "path": "9dc19bfa451bc1278b7136420493f84d_12.wav"}, {"text": "by decreased volumes in Canada due to apportionment issues. Additionally, the impact of anticipated changes in tariff mix on unit margins", "audio_length_s": 8.7, "path": "1215cf00a11992ec74743f92026af2e9_4.wav"}, {"text": "We, of course, intend to bring the company back on track as quickly as possible. And I will say a few words later on about the initiatives we're taking.", "audio_length_s": 8.7, "path": "52ea66e70853eaa0c1183ddfa31b760a_1.wav"}, {"text": "even more nimble and innovative than we have been in the past. And so I think we're taking a pretty fresh look at a lot of things, not just marketing innovation but", "audio_length_s": 8.7, "path": "7847510c8c1280e54583ff033a9decb2_61.wav"}, {"text": "Our isometric marine acquisition system remains unrivaled and represents one of the biggest engineering achievements in the history of our company.", "audio_length_s": 8.7, "path": "20489859070c48218db6ab0f5b6d2b05_19.wav"}, {"text": "Looking to the future, our strategy remains the same. We will continue to focus on effectively deploying capital from our diverse lending sources", "audio_length_s": 8.7, "path": "02242ceddfeb4bcc65f04552b63fe80e_170.wav"}, {"text": "you write about it in the report. Should we expect that the sort of seasonal effects would be enhanced, i.e., that you will have less or maybe", "audio_length_s": 8.7, "path": "323193895e800e72960d98dd5fb64cf5_202.wav"}, {"text": "Right. Martin, I think you're absolutely right on the innovation. This is not so much of a numbers thing. We're not looking at the", "audio_length_s": 8.7, "path": "49dfadfb9a3d4d27ac250602928cf9ea_120.wav"}, {"text": "and companies get started off of less than that. So very, very happy to see that continued commercial momentum.", "audio_length_s": 8.7, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_35.wav"}, {"text": "Our risk appetite is at moderate level, and capital consumption is presently at low levels.", "audio_length_s": 8.7, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_3.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.", "audio_length_s": 8.7, "path": "1378aabd380e63d3f89fe0e445fc8b06_81.wav"}, {"text": "thus we are upgrading our client coverage model to meet these needs. These changes, including new senior leadership, are already underway.", "audio_length_s": 8.7, "path": "09eebad8f3c529b4c7d916c5f7766f7f_328.wav"}, {"text": "Now we did pass on a large part of it, not completely, but a large part of it to our customers because", "audio_length_s": 8.7, "path": "00a36b039cb49e6b99bb6d17635a3c25_222.wav"}, {"text": "This results primarily from lower sample volume than anticipated, which can occur in the first quarter after the holiday period.", "audio_length_s": 8.7, "path": "50eb350badadec6e4272b90684741c25_229.wav"}, {"text": "Thanks, Glenn, and to all those joining us today. This has been a difficult year for our industry, and we're not pleased with our results.", "audio_length_s": 8.7, "path": "dbf6a9009ea60e2e96772ee3ccea7226_49.wav"}, {"text": "the usual seasonal factor, the furloughs, the calendar days being lower. On top of that, some of these additional aspects", "audio_length_s": 8.7, "path": "16614fa848b6601733f9eb4b2ee4da71_28.wav"}, {"text": "The product transfers are certainly the headliner but we have also now have a talented and very capable team in Shanghai and a new office and with a new warehouse,", "audio_length_s": 8.7, "path": "0668081864383eb57919b99c85649753_122.wav"}, {"text": "The -- and then the last component of large market demand is in the furniture segment. So you have a very strong market in", "audio_length_s": 8.7, "path": "93e134910b4a7c587bc461da0c9a2083_85.wav"}, {"text": "We will conclude, as we always do, with our long-term charts which is simply meant to display the power of dividends over time.", "audio_length_s": 8.7, "path": "81c03e2c15e8fe8213fbd40368b49581_11.wav"}, {"text": "acquire somebody sort of opportunistically that would be accretive and a good fit for our business, we would do it. That remains the case.", "audio_length_s": 8.7, "path": "099475edf8f9944537773b1d0a2aaea6_40.wav"}, {"text": "The long run average has been 70% across the portfolio. And in some years, you're a little bit below that and some years you're a little bit above that. And", "audio_length_s": 8.7, "path": "0536b57caa15ae9f7338c4e58f9f62b6_102.wav"}, {"text": "Good morning. I'm Steve Rolfs, Senior Vice President and Chief Financial Officer of Sensient Technologies Corporation.", "audio_length_s": 8.7, "path": "24c7526f6daca8e16ab91bea6124148a_126.wav"}, {"text": "while reducing operating costs through ore crushing efficiencies, even with an increase of the ore material hardness index.", "audio_length_s": 8.7, "path": "48bcc356a89059f921765f872bfe293c_171.wav"}, {"text": "They've been in search of a polymer that can withstand the new stronger disinfectants being used in hospitals, which is causing cracking with existing polymers.", "audio_length_s": 8.7, "path": "b154f7c33e567e453cb765f4ac03dd2f_173.wav"}, {"text": "So it's a factor but something that, I think, all the people around the table here are quite willing to handle and deal with as are the dealers.", "audio_length_s": 8.7, "path": "c88e296697cd72c891ffb7bf5a1a60bb_40.wav"}, {"text": "a lot of focus on building that organizational capability. We think it's showing up in key categories. We think it's allowing us to attract a higher price point,", "audio_length_s": 8.7, "path": "c88e296697cd72c891ffb7bf5a1a60bb_137.wav"}, {"text": "Importantly, data also showed patients who continue TYSABRI treatment experienced better clinical outcomes than those who switched to another therapy.", "audio_length_s": 8.7, "path": "b1a98885c1d81414cdc122e807760faf_111.wav"}, {"text": "may, at times, introduce a little bit of noise to the PEO margins now that it is included in our segment results.", "audio_length_s": 8.7, "path": "365c360aff42713cef71a7d026eeeb6d_176.wav"}, {"text": "Our sourcing team has been very busy selecting new and exciting products that we believe will appeal to our core upscale, fashion-conscious customer.", "audio_length_s": 8.7, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_15.wav"}, {"text": "We have a truly exciting and unique opportunity here at Univar to grow the profitability and the size of our company. As you know,", "audio_length_s": 8.7, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_136.wav"}, {"text": "and we're going to have to offset that with productivity and other initiatives so that we'd be positioned to deliver on the commitments we made.", "audio_length_s": 8.7, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_165.wav"}, {"text": "Finally, on Page 9, we offer a number of products that improve safety and security on both passenger and commercial vehicle applications.", "audio_length_s": 8.6999375, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_10.wav"}, {"text": "And I think, that our board believed that the company was doing a lot of the right things, and where we were", "audio_length_s": 8.6999375, "path": "97ddc19ecb28bab2d19fd3b181182062_138.wav"}, {"text": "And it's that experience that leads me to believe that Saga has all the core attributes that any broker business needs to win", "audio_length_s": 8.67, "path": "214dcdc435ef3259490466447858fa56_39.wav"}, {"text": "The recent acquisitions were kind of the primary growth drivers in the quarter. Correct me if I heard that wrong. But then when you were citing the business lines,", "audio_length_s": 8.67, "path": "e23e3aabab4b12e359bc92a480c2d294_50.wav"}, {"text": "Before I turn over the call to John, I'd like to remind everyone that management's prepared remarks and answers to your questions contain forward-looking statements,", "audio_length_s": 8.67, "path": "ab5b4ea5cd86e4f7deafe9814024fada_67.wav"}, {"text": "Before we get started, we want to emphasize that some of the information and statements you will be hearing during our discussions today will include forward-looking statements,", "audio_length_s": 8.67, "path": "55cbaf368288111ebc2ccadb61e3bd34_146.wav"}, {"text": "Or versus how many are still in the development stage with that? And then could you maybe give us a sense with how we might think about the time frame", "audio_length_s": 8.67, "path": "55cbaf368288111ebc2ccadb61e3bd34_209.wav"}, {"text": "that are launching new drugs as well as we have a few deals we're chasing with new customers. So the pipeline does look good, and we think that it'll", "audio_length_s": 8.67, "path": "b40ab385cca0095fc17f5310045ca5d2_96.wav"}, {"text": "If we turn to the outlook for this year, broadly, we're expecting similar market conditions to continue into this year.", "audio_length_s": 8.67, "path": "f0dd7e4dad969b480d0d2a70609aedba_69.wav"}, {"text": "Well, I don't want to put Matt into a box at this particular point in time, so I've been hesitant to", "audio_length_s": 8.67, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_198.wav"}, {"text": "As we look forward, we believe MITT is well positioned to take advantage of a wide range of Agency and credit market opportunities at favorable returns.", "audio_length_s": 8.67, "path": "6f3e90ad68b9b074ad827efdcaf6630d_35.wav"}, {"text": "In closing, I'm pleased with the steps we've taken over the past few years to improve the operating performance of our business and reduce fixed costs.", "audio_length_s": 8.67, "path": "264e575b73bc2a485bee416c1ac10cee_8.wav"}, {"text": "we will rebuild or migrate our customer applications using standard application and cloud-native services and operate them in the public cloud.", "audio_length_s": 8.67, "path": "0755f4b74dda585f3975c7d8208b1598_103.wav"}, {"text": "but what does that achieve if you've destroyed all the commission that you would be deriving in the product sales, so", "audio_length_s": 8.67, "path": "3bdb43dc1bcef6eff76f45efedb6a211_33.wav"}, {"text": "We are conducting a reexamination of our quality assurance process and implementing measures to prevent this from happening again.", "audio_length_s": 8.67, "path": "2a59b9df2de5248e64727f10185a8423_59.wav"}, {"text": "Yes. Well, first of all, I think it's a -- it would not be a correct characterization to say that the bulk of our investment is technology. I mean, there's certainly", "audio_length_s": 8.67, "path": "13220986bf30f26076a674e2a9edc89c_245.wav"}, {"text": "Germany is the point where we have not been so pleased with the development, especially stemming from the", "audio_length_s": 8.67, "path": "65d5a09c659f6809931dc62aa7a9eaad_75.wav"}, {"text": "as well as improvement in the energy market and we believe that Reliance is very well-positioned to capitalize on these opportunities.", "audio_length_s": 8.67, "path": "67716cee321d117b0318930dd142f06a_12.wav"}, {"text": "Nevertheless, we felt there was more operating efficiency we could drive into this business, and that is what was behind the creation of the single", "audio_length_s": 8.67, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_209.wav"}, {"text": "As I look back on our performance in 2017, our operating results for the full year and the fourth quarter were right where we expected them to be.", "audio_length_s": 8.67, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_74.wav"}, {"text": "and a number of our new products are gaining traction in both existing and new market areas, and we are pleased with how this business is progressing.", "audio_length_s": 8.67, "path": "e8a2a593282199ea052f788b8fead64b_28.wav"}, {"text": "to coordinate all the export initiatives we do in the different business units and business areas into each single export market.", "audio_length_s": 8.67, "path": "14f3d2486b21e639a953afb7ad03d90c_131.wav"}, {"text": "to be able to give us some really unique product offering, that if you look at our cementless offering, is now approaching 20% of our knees are now cementless, which is", "audio_length_s": 8.67, "path": "044da592acc01ff7baacb3dbf2a302a9_85.wav"}, {"text": "I think the biggest benefit to us is they have outstanding technology that gives us access to new procedures for a customer base", "audio_length_s": 8.67, "path": "044da592acc01ff7baacb3dbf2a302a9_32.wav"}, {"text": "The sequential increase was primarily due to the Recurrent transaction, 1 organic drop-down acquisition in December", "audio_length_s": 8.67, "path": "de3b766a868da918e499f407dbf5d716_14.wav"}, {"text": "and at conferences, visiting our operations and investors around the country throughout 2019. So please reach out to Ron. And we will look forward to speaking with you and meeting with you.", "audio_length_s": 8.67, "path": "b34f680a9162805e0188170d6272a356_80.wav"}, {"text": "next, we have adopted a dividend policy designed to support value creation for our shareholders through both growth and income", "audio_length_s": 8.67, "path": "1b91eb82f5211000e711424657cc2484_123.wav"}, {"text": "Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide show.", "audio_length_s": 8.67, "path": "9589f919b51ea96f732c4fe7fd180d7e_30.wav"}, {"text": "very quickly far more faster than any other state regulated or provincially regulated jurisdiction", "audio_length_s": 8.67, "path": "9589f919b51ea96f732c4fe7fd180d7e_53.wav"}, {"text": "I think most importantly, the way we think about it is that there is always going to be room for reimbursement", "audio_length_s": 8.67, "path": "46906afb4e1ee1fef09b5908e76beefa_156.wav"}, {"text": "as the operating officer for the company, the last 3 months, that's been a focus of mine across all of our companies,", "audio_length_s": 8.67, "path": "66c9091ba849cdb6d64987642ced64d2_38.wav"}, {"text": "offset of 400 business falling off and then partially offset by 500, until that actually becomes revenue generating?", "audio_length_s": 8.67, "path": "bad55d25c1222682bd893d97dc5cbb27_144.wav"}, {"text": "with the exception of Hong Kong, which is a colony, there is no such thing called foreign regime", "audio_length_s": 8.67, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_138.wav"}, {"text": "Our approach is rooted in the extensive study and understanding of consumer dynamics to which we then apply analytics to identify key leverage points.", "audio_length_s": 8.67, "path": "957e0f876f9a4af9b498c19843675474_78.wav"}, {"text": "As it relates to insurance coverage, the company has notified its carriers of a potential claim under the company's insurance policies", "audio_length_s": 8.67, "path": "1942e14b1721d0de894f437d1b3e75c5_168.wav"}, {"text": "I guess, the first question here is, does the summer release significantly expand your total addressable market that you talked about with", "audio_length_s": 8.67, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_194.wav"}, {"text": "that's also what is stated in the presentation that we expect implementation cost to be cost in the first 2 years.", "audio_length_s": 8.67, "path": "fa45af64ef25007f998c655347bfbecb_36.wav"}, {"text": "These decreases were mostly offset by improved operating performance across each business and higher unit volumes in the metal and plastic container businesses.", "audio_length_s": 8.67, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_62.wav"}, {"text": "We also started distributing Monster Energy drinks as we are fully leveraging our execution capabilities to capture additional share", "audio_length_s": 8.67, "path": "ab3ba3e2b11d2ba165b5f2533a55130f_8.wav"}, {"text": "have all input what was the diagnosis, what was the treatment and all that we have in the system already, but you also need to have the", "audio_length_s": 8.67, "path": "d5c338a956681dbb2170472253a29b85_173.wav"}, {"text": "what specifically there got you excited about this particular property? I know that being able to blow some of your own films instead of purchasing on the outside, but", "audio_length_s": 8.67, "path": "1133b8984db446b9c963a09eaf0785a4_249.wav"}, {"text": "most of what we do in construction is really renovation or adaptations to existing structures. But", "audio_length_s": 8.67, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_110.wav"}, {"text": "It might make more sense to figure out an investment in that country where we can better utilize the money without taking the big tax expense.", "audio_length_s": 8.67, "path": "a44c74bdc01aa7e317addc11f2274e11_92.wav"}, {"text": "And we remain focused on finding opportunities to further enhance shareholder value in a consistent and disciplined manner.", "audio_length_s": 8.67, "path": "655d592e9d1b1027f1824b1554d8b131_77.wav"}, {"text": "The team did a good job closing small deals but the lack of large opportunities coupled with a difficult compare made for a tough quarter.", "audio_length_s": 8.67, "path": "6864081f83959f4b49e25e597f28af66_13.wav"}, {"text": "as we have invested heavily in the core components required to transform this commercial infrastructure, namely human capital,", "audio_length_s": 8.67, "path": "575d21e05ceda8f95fc54e0292c2d99f_9.wav"}, {"text": "We disclaim any intentions or obligations to update or revise any forward-looking statements except as required by law.", "audio_length_s": 8.67, "path": "43942582edfb20599f3e7456137f8deb_43.wav"}, {"text": "And I think as we've said before, right, each one is on a different schedule in terms of shifting towards technology.", "audio_length_s": 8.67, "path": "7ec19aea307c76d4a57fa87368305630_189.wav"}, {"text": "Our realized oil prices were also impacted by regional basis differentials. With the acceleration of industry activity in the Permian Basin,", "audio_length_s": 8.67, "path": "c433164f6d189e18b1e4784e376b6ecb_19.wav"}, {"text": "In terms of our cooperation, I'm trying to click through to that slide so we can all look at it at the same time.", "audio_length_s": 8.67, "path": "38b2f94da12bbf2d32246763aab8265a_158.wav"}, {"text": "and need to evaluate the best path forward that will give us the broadest application of our technology and the best return for our shareholders.", "audio_length_s": 8.67, "path": "1ddc944827b99caf8c7867ceeed0ec20_42.wav"}, {"text": "But I'm more focused on, if there is a team or if there's a group of people that makes sense for us, I'd rather focus on the quality of the book of business that they can help us grow.", "audio_length_s": 8.67, "path": "f2a2ba46b242698577188259de23de31_80.wav"}, {"text": "This acquisition now extends CyberArk's market opportunity with revolutionary technology that takes us deeper into the DevOps life cycle.", "audio_length_s": 8.67, "path": "b2d6357f46f3a82cff6625277f9a20f6_114.wav"}, {"text": "And we are pursuing large opportunities in the aviation and health care sectors, which we anticipate will add to our visibility as the year progresses.", "audio_length_s": 8.67, "path": "bab12f620df0f367e74acdcc467686f1_182.wav"}, {"text": "The sequential increase was primarily driven by net new business, securities lending, equity market values and money market fees.", "audio_length_s": 8.67, "path": "0899e07f70a6e5be842fb6e22a3fafe9_145.wav"}, {"text": "With that being said, we continue to believe that we have the potential to hit our prior revenue targets and we want to guide external expectations", "audio_length_s": 8.67, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_117.wav"}, {"text": "We will offer more clarity on the potential impact of these changes on our core business when we provide our fiscal '19 outlook in December.", "audio_length_s": 8.67, "path": "87ba56e8ff82d5e181ee5d6d66543c51_16.wav"}, {"text": "But what we have to remember is that the people on our front lines and our management team are all paid on the results of their transactions.", "audio_length_s": 8.67, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_242.wav"}, {"text": "but we keep bumping into manufacturers and distributors. And we've said -- then we've done some market sizing. Of course, manufacturing and distribution are both", "audio_length_s": 8.67, "path": "9b93af1e7019959620214c387f283d8e_67.wav"}, {"text": "As another part of our plan to increase liquidity, we have engaged various specialized consultants to help us identify cost savings in the business.", "audio_length_s": 8.67, "path": "f23036451aab1cb9d659c3ac9a23825c_15.wav"}, {"text": "Thank you very much. Thanks for your questions. Thanks for your attendance. And I wish you a good rest of the afternoon. Thank you.", "audio_length_s": 8.67, "path": "98f10f0935e5b778e888a1b8130a3d31_290.wav"}, {"text": "And we started offering also new propositions, you saw some of them in Rob's earlier slides. And these have gained traction in the second half of the year.", "audio_length_s": 8.67, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_141.wav"}, {"text": "is that Facebook and Google both are partnering up with us. And we're getting a lot of access to a lot of very smart senior people", "audio_length_s": 8.67, "path": "0794a2f02bbe89feb49651735bba77c5_60.wav"}, {"text": "Moving on to productivity. We shared our plan on productivity with you at the conference, so let me update you on where we are.", "audio_length_s": 8.67, "path": "c3567809c19ce6a800677544cd84f88b_228.wav"}, {"text": "and our business -- our bilateral business with China. And we look forward to talking to you again in a couple months on our next call. Thank you all.", "audio_length_s": 8.67, "path": "20097e37747ec7bc3734246e83798fb1_95.wav"}, {"text": "clients and institutions spend money. It's one of the reasons that's driving that solutions trend for us.", "audio_length_s": 8.67, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_93.wav"}, {"text": "Our operating results for the first quarter of 2016 represented the best first quarter in our company's history.", "audio_length_s": 8.67, "path": "7cf9ea093ccaf8fe8af51c4e00832372_1.wav"}, {"text": "is, we're very comparable to sales like division by division and focus more on creating that natural hedge within the business unit.", "audio_length_s": 8.67, "path": "bb2ca5b87982b2388d82cd64a73f08cf_26.wav"}, {"text": "can you give us some sense around how much maintenance you had in the second half of last year or maybe how much you incurred in first half of this year?", "audio_length_s": 8.67, "path": "08f219f6cb65bd0ed50cb8444a3884f8_147.wav"}, {"text": "and believe that we've got our assets very well positioned for how we see the recovery playing out in the next couple of years.", "audio_length_s": 8.67, "path": "2a059b2b192b8e972ca7664ddfed8a20_264.wav"}, {"text": "including those discussed in the Risk Factors section of Dicerna's most current forms filed with the SEC. While", "audio_length_s": 8.67, "path": "e78997e6a75a2243292b2b54750bb3cb_2.wav"}, {"text": "We are in the late stages, we hope, of recruiting a Chief Product Officer, who will be a key player in our sustainable growth strategy.", "audio_length_s": 8.67, "path": "2c3945f11b4d91727b1ce00d490e11b6_40.wav"}, {"text": "these members, so that we can give them more products, more different experiences, which can generate a larger share of wallet. So", "audio_length_s": 8.67, "path": "968913c3f9111fc67f1d9956c56dec3b_189.wav"}, {"text": "we're just not going to talk about that. Also, there's a huge mergers and acquisitions activity going on in our marketplace right now.", "audio_length_s": 8.67, "path": "f77935c4693e4d33252c9c76993e9c8b_85.wav"}, {"text": "we will see concurrent increases in the focus of our integrated marketing and services team towards Clinical Laboratory customers.", "audio_length_s": 8.67, "path": "75eb5b75bb8587b63c318714ea956b9e_47.wav"}, {"text": "Are you willing to provide -- now that you're seeing some of these headwinds play out and addressing them, are you able and willing to give us", "audio_length_s": 8.67, "path": "63eaf9677d7577484a1557ae6bfbb585_96.wav"}, {"text": "and customer experience relies on the quality of interaction between a business' customers and its employees.", "audio_length_s": 8.67, "path": "52a4e3ebf7e968a783401230c3f69a9d_114.wav"}, {"text": "talk a bit about the kind of the shuffling of the project pipeline that you just mentioned. And it seems like it's something that's been kind of happening", "audio_length_s": 8.67, "path": "9abfcc6b57650e0b300aa243cb8336e8_18.wav"}, {"text": "These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements.", "audio_length_s": 8.67, "path": "626da68f2b245869534a0316b8b6139a_71.wav"}, {"text": "But the reason that we are confident in it is because now we've got a set of tools, we can go look at the process and we can bring in outside sets of eyes and expertise,", "audio_length_s": 8.67, "path": "9e8690a521142359001a137074905535_220.wav"}, {"text": "Our strong results in 2015 reflect our continued progress with the year playing out essentially as we planned", "audio_length_s": 8.67, "path": "9b697782ea80be97854f35d6fc62c93a_2.wav"}, {"text": "offsetting the costs of investing in our growing customer base and a small amount of pressure from the new financial instrument reporting rules.", "audio_length_s": 8.67, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_209.wav"}, {"text": "and then I'll let Mike talk about the competitive aspect. Yes. In terms of the competitive aspects as it relates to driving pricing, I would", "audio_length_s": 8.67, "path": "532e653f6aa6c3bf43a5b256bb4c1254_20.wav"}, {"text": "We met with many qualified individuals during the search process and Gary's pedigree and tenure stood out as the perfect fit for us.", "audio_length_s": 8.67, "path": "f1da65edd5f2026ffd647d496bb96ce7_11.wav"}, {"text": "are very specialized and different from country to country, which gives them a lot of experience in looking at", "audio_length_s": 8.67, "path": "5330f07390a3c14fc49f24ac98bf1eab_109.wav"}, {"text": "So that's our major focus right now with -- is getting this one right, which we're well on the track to.", "audio_length_s": 8.67, "path": "e97d1655ebabb8403ac0449eadb48f9b_42.wav"}, {"text": "For the full year, we delivered a solid 5% growth in our industrial category and saw growth across all of our key geographies and major product lines.", "audio_length_s": 8.67, "path": "1e756fc5d265eea3ff8e2e31c29826ae_206.wav"}, {"text": "Thanks, operator. In our remarks today, we will include statements that are considered forward-looking statements within the meaning of United States securities laws.", "audio_length_s": 8.67, "path": "c40b5d1a13169c5acf69590932a56f98_0.wav"}, {"text": "of our sales force and their strong professional and personal interactions with many of the surgeons in attendance.", "audio_length_s": 8.67, "path": "c40b5d1a13169c5acf69590932a56f98_54.wav"}, {"text": "We remain laser focused on advancing our supply chain with our new partner, Vesta, again Berkshire Hathaway subsidiary", "audio_length_s": 8.67, "path": "c40b5d1a13169c5acf69590932a56f98_11.wav"}, {"text": "the resources they have available to them to make technology decisions, they're not as significant as those in the Corporate segment,", "audio_length_s": 8.67, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_212.wav"}, {"text": "which runs through the end of 2017. Let me now touch on a few specific financial highlights from the third quarter.", "audio_length_s": 8.67, "path": "8eaca8d8a419f74540f69ade8defabbd_210.wav"}, {"text": "and the outlook for '17 has been cut as well? Are you trying to make a distinction between what's expected on the tractor side versus the trailer side?", "audio_length_s": 8.67, "path": "8eaca8d8a419f74540f69ade8defabbd_177.wav"}, {"text": "Our forward-looking statements advisory is found on Slide 13, and the agenda for today's call is on the second slide. I'll now turn the call over to Chris.", "audio_length_s": 8.67, "path": "87045996e7446329f1d98c909c6ca7fe_1.wav"}, {"text": "Many of our builder customers who were delayed by adverse weather conditions in the first quarter are eager to resume a normal construction schedule.", "audio_length_s": 8.67, "path": "735a523f1ef6500b7aa97a2536d9c4fd_81.wav"}, {"text": "We will also be keenly focused on integrating all of our current acquisitions and managing our existing businesses.", "audio_length_s": 8.67, "path": "da879f8ea1c23aa6565cccaacac271fc_120.wav"}, {"text": "There is a planned acceleration of development in the second quarter of this year that will affect our all-in costs, although it will be development into higher grade areas.", "audio_length_s": 8.67, "path": "369789f0d39dbf62298be2aa807ff8ee_116.wav"}, {"text": "The business has made good progress towards implementing the single policy administration system for both life and non-life insurance.", "audio_length_s": 8.67, "path": "dffe8257f781608bb17bb637249e4d2a_51.wav"}, {"text": "I continue to be very optimistic about the growth prospects in this market, given our long and successful history of solving challenges in hearing aids", "audio_length_s": 8.67, "path": "61a1812ea55a4d676119b4f3d7cd6c10_40.wav"}, {"text": "We received a lot of press coverage in March when we discussed our plans to close 2% to 3% of our store base this year.", "audio_length_s": 8.67, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_199.wav"}, {"text": "And I will say, we've got to spend a little bit more time with the purchase accounting rules for writing up inventory to market value,", "audio_length_s": 8.67, "path": "433a6e203f9db93835c27ff83e86c801_117.wav"}, {"text": "Asia's reserve power organic sales in the second quarter experienced a second consecutive double-digit decline as China Tower", "audio_length_s": 8.67, "path": "433a6e203f9db93835c27ff83e86c801_72.wav"}, {"text": "Historically, there's been about a 15% keep of the assets that come through us on a year basis as they vest and flow through those accounts.", "audio_length_s": 8.67, "path": "7cc11de7f206c637e6293da0d956405e_159.wav"}, {"text": "First, the regional context looks favorable due to the higher expected growth of Colombia's main trading partners, which support external demand.", "audio_length_s": 8.67, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_99.wav"}, {"text": "And with any kind of luck, we'll position ourselves very well for the next couple of years if we just hang in there patiently for the next few quarters.", "audio_length_s": 8.67, "path": "3d3b327645f62f252bb876e5bb4a9259_148.wav"}, {"text": "with existing customers and are getting our fair of shelf space -- our fair share of shelf space with our customers.", "audio_length_s": 8.67, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_55.wav"}, {"text": "since we began reporting this metric a couple of years ago. As we define, organic revenue growth is the change in our consolidated management fee revenue", "audio_length_s": 8.67, "path": "6709c061d39d0e433079f84160f11c80_3.wav"}, {"text": "where power rates were more where we expect them to run for the rest of the year and the overall gains we've made in pricing, we see ourselves well on track", "audio_length_s": 8.67, "path": "e33785a294553de2a12d4463bf786744_120.wav"}, {"text": "We are more consumer-centric, more efficient and more agile, which is enabling us to deliver consistent performance,", "audio_length_s": 8.67, "path": "3877b1983229ec488c6349a188bccf92_129.wav"}, {"text": "Our productivity program is on track and has enabled us to up-weight investment in our brands and continue to expand margins.", "audio_length_s": 8.67, "path": "3877b1983229ec488c6349a188bccf92_196.wav"}, {"text": "I mean, it looks like -- I know we've asked this before, but it looks like you're going to be well ahead of the long-term target by the end of the year", "audio_length_s": 8.67, "path": "4721d5a2e7061d90a4e4e4768adc2486_137.wav"}, {"text": "This demonstrates our bankers' ability to remain disciplined on pricing while generating plenty of opportunities for growth on the balance sheet.", "audio_length_s": 8.67, "path": "8635f950dc44da3fcad542b2c066bedf_73.wav"}, {"text": "a vague cost point there in terms of just on a dollar basis? And then when you say you're looking at the spreads for the applicable fuels,", "audio_length_s": 8.67, "path": "e7d23208b973f7998b2fb21a00d87849_92.wav"}, {"text": "is attributed to our focus on generating cash flow from operations and managing our capital structure to maximize shareholder returns.", "audio_length_s": 8.67, "path": "0cfaeed8cd93dc274845d450e921aeb6_212.wav"}, {"text": "and has moved into new product lines, including specialty. And so when you take a look at that collection of businesses, again, that -- with the exception of Canada that doesn't produce scripts,", "audio_length_s": 8.67, "path": "0cfaeed8cd93dc274845d450e921aeb6_134.wav"}, {"text": "These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated.", "audio_length_s": 8.67, "path": "838af8ffae77ce8ff59c77b1985f8fc5_34.wav"}, {"text": "These projects are designed to ensure that we are able to meet increased market demand more efficiently and effectively than the competition.", "audio_length_s": 8.67, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_102.wav"}, {"text": "especially in light of the fact that we're going to have -- they're going to have to drag the broadcasters kicking and screaming to get there. So", "audio_length_s": 8.67, "path": "d62cc3a0dfe3492ed16dfc17c028071e_76.wav"}, {"text": "In addition, we've been focused on helping our customers add more content to their networks, add more consumer devices to their networks.", "audio_length_s": 8.67, "path": "d62cc3a0dfe3492ed16dfc17c028071e_11.wav"}, {"text": "to understand what you expect in the coming year. We try to be conservative in that forecast. And then we obviously tried to put some", "audio_length_s": 8.67, "path": "11f02fb2db5d9fb5ff82f0374376f759_66.wav"}, {"text": "So in other words, merchants are used to paying for digital payments, that they do not have a problem or a negotiation in terms of", "audio_length_s": 8.67, "path": "75b064acca5b532722510ac0b9b0822e_307.wav"}, {"text": "One of our main drivers in the international activity during the year was the continual ramp-up of our Integrated Drilling Services business.", "audio_length_s": 8.67, "path": "bfb0fac9575cd0820a660f2577199468_165.wav"}, {"text": "Credit management will remain a key priority in 2016, especially amidst the weakened economic environment in Latin America.", "audio_length_s": 8.67, "path": "b6688f44b91606fbd75a6d66e94d4e4b_175.wav"}, {"text": "why I mentioned holiday as being when you'll see the newest -- the assortment from the new team fully represented", "audio_length_s": 8.67, "path": "1300495cfa53748f732f54277d5a8cea_90.wav"}, {"text": "We're always looking to the long term, but these daily moves are nevertheless unsettling and we believe, grossly overdone.", "audio_length_s": 8.67, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_23.wav"}, {"text": "we can now sell something else and potentially do an HR replacement to begin or a new HR implementation, because many times,", "audio_length_s": 8.67, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_47.wav"}, {"text": "So you did see some of that. But it doesn't flow through the overall numbers because of the increasing LIBOR rate", "audio_length_s": 8.67, "path": "02242ceddfeb4bcc65f04552b63fe80e_88.wav"}, {"text": "The past sales opportunity is a unique characteristic of licensing businesses and one that we think will continue to be a nice value driver for us over the coming years.", "audio_length_s": 8.67, "path": "e9970d55b0ac8bddede7f337c0f94d36_5.wav"}, {"text": "We have committed to specific higher-margin targets and are already delivering margin improvements without sacrificing growth.", "audio_length_s": 8.67, "path": "49dfadfb9a3d4d27ac250602928cf9ea_153.wav"}, {"text": "okay? So the expectation we had in the first place was of something that was underwritten on the current fuel environment as we see it.", "audio_length_s": 8.67, "path": "96488f25af54f91198b444e5eff8e878_51.wav"}, {"text": "to the extent we see, over time, real cost pressure, we have the ability to move both from a sourcing and a marketing standpoint for our customers", "audio_length_s": 8.67, "path": "ffa357a084f4deb64797a0a32b8c5e33_102.wav"}, {"text": "we are now ready for your questions. Please limit yourself to two questions. If you are in the listening to the conference mode", "audio_length_s": 8.67, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_160.wav"}, {"text": "extending the maturity date 3 years beyond the credit facilities and providing additional capacity to support our acquisition strategy.", "audio_length_s": 8.67, "path": "50eb350badadec6e4272b90684741c25_34.wav"}, {"text": "is using technologies like adaptive cruise control, lane departure, automatic braking, all of which compositely make for autonomy,", "audio_length_s": 8.67, "path": "f268a8174f58c93ad6b45b7f151fe896_121.wav"}, {"text": "growth in consumer solutions MedExpress parts of our business as well. And then really just focusing in terms of", "audio_length_s": 8.67, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_120.wav"}, {"text": "These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.", "audio_length_s": 8.67, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_170.wav"}, {"text": "Turning the page to Slide 5. Strategy for the business is to remain the leader in Graphic Papers,", "audio_length_s": 8.67, "path": "4750e4b9b0cd39e9b8774537c7fb0dba_104.wav"}, {"text": "At this point, it's a little bit too soon to tell, given -- the one thing I can say is that with the new rules that have come out,", "audio_length_s": 8.67, "path": "bcb3aac2c7cc035961d9ee8cfd330044_112.wav"}, {"text": "Now that all our retail banners have implemented the same financial system, we will be moving to the straight-line method for all our depreciable assets.", "audio_length_s": 8.67, "path": "c88e296697cd72c891ffb7bf5a1a60bb_135.wav"}, {"text": "in increasing our responsiveness to our customers and overall ease of doing business with Rotork. I'm pleased to announce,", "audio_length_s": 8.67, "path": "7a80c3e91e5a2693cdaef5f716808317_85.wav"}, {"text": "a combination of a lot of negative factors in the first quarter. We're pretty confident that's going to be as bad as it gets in terms of sales margins.", "audio_length_s": 8.67, "path": "24a2aec67e247f9c4d4cc89d6dbab525_58.wav"}, {"text": "Among the changes we made to our segments is the inclusion of ADP Indemnity into the PEO segment earnings,", "audio_length_s": 8.67, "path": "365c360aff42713cef71a7d026eeeb6d_252.wav"}, {"text": "appreciate the fact that he has a long background in brokerage. I think they believe in his vision of the future. So I'm as excited as can be", "audio_length_s": 8.67, "path": "9cd9b67e289e807d677aabc5765fec6a_93.wav"}, {"text": "and we want to keep our capital structure as straightforward and simple as possible. Of course, we always retain the flexibility to do a project financing.", "audio_length_s": 8.67, "path": "16c235a53fc719ec92ef3b3c3b371150_13.wav"}, {"text": "We're investing in digital tools that will accelerate growth through more e-commerce and lower our transaction cost.", "audio_length_s": 8.67, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_138.wav"}, {"text": "we achieved last year and in the early part of this year. I think that latter factor will continue, and we may see a little bit of upside", "audio_length_s": 8.67, "path": "9b83a4dcac688347e3b13ca7c55660ed_42.wav"}, {"text": "these key initiatives and areas of focus for the company and I am pleased with the motivation and enthusiasm of our team.", "audio_length_s": 8.67, "path": "47546a57a865bca0f4e677dc3b485053_66.wav"}, {"text": "Think of it as just the right amount of data and analytics to be a difference maker for our customers.", "audio_length_s": 8.6400625, "path": "04f29bc02d1e2ef65077ca67bf41f475_151.wav"}, {"text": "These declines were mostly offset by another strong quarter of growth in our EIS business as well as our MTS growth products.", "audio_length_s": 8.64, "path": "139f0a6300f504b3e8673e39b0429161_101.wav"}, {"text": "With that, I'll turn the call over to Bob to discuss our financial performance. Following Bob's remarks, we will take your questions and conclude the call.", "audio_length_s": 8.64, "path": "139f0a6300f504b3e8673e39b0429161_55.wav"}, {"text": "and we're very, very careful in doing that, and we're looking for the best talent that we can get, so expect for us to continue to grow that.", "audio_length_s": 8.64, "path": "0d631e444d1c22f0be99a69f5deaff94_19.wav"}, {"text": "And Craig, I want to add something on this. If you look at Marvell, one of the things I've been most impressed with", "audio_length_s": 8.64, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_143.wav"}, {"text": "We have delivered on our promises and made strong progress with our key priorities.", "audio_length_s": 8.64, "path": "2f888e63a31b86cc2f4f97710e8eed79_255.wav"}, {"text": "you asked about what would be the second publication. And there will be a number of publications that will come out of the study.", "audio_length_s": 8.64, "path": "f0ce0d97cf62c9076226e0aeeb550493_39.wav"}, {"text": "they will be very helpful to manage that effort. We believe that this path is the way to enhancing long-term value for our shareholders.", "audio_length_s": 8.64, "path": "54cde38ae040b5e2c4e1f3c85691f907_115.wav"}, {"text": "One of the areas that I said in India is that we do not go full-fledged with the complete portfolio of categories immediately", "audio_length_s": 8.64, "path": "9014ac9cbc2cff30468f1bcb659c0f66_81.wav"}, {"text": "the growth of the company and legal and professional fees and costs related to various issues in 2018. Earnings from", "audio_length_s": 8.64, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_154.wav"}, {"text": "To get these prophylactic patients to switch and to get more patients on prophylactic therapy, you have to have something they really want.", "audio_length_s": 8.64, "path": "2602edddc3363eadcaafe1c33271f3e4_4.wav"}, {"text": "So it's now full speed ahead. We're focused on execution and getting these trials up and running and driving them to completion.", "audio_length_s": 8.64, "path": "2602edddc3363eadcaafe1c33271f3e4_113.wav"}, {"text": "The ability to take data, look at historical trends, look at machine utilization and come to better judgments on", "audio_length_s": 8.64, "path": "264e575b73bc2a485bee416c1ac10cee_42.wav"}, {"text": "We've obviously got a more experienced team following appointments at the beginning of last year that are actually carrying through into this half.", "audio_length_s": 8.64, "path": "3bdb43dc1bcef6eff76f45efedb6a211_144.wav"}, {"text": "The world doesn't need another diet. The world needs a leader in wellness and a brand that can bring wellness to everyone, not just a few.", "audio_length_s": 8.64, "path": "7e14890193df4b10e1eeab6ab886529f_142.wav"}, {"text": "where we'll be putting Kansas barrels on to our Pony Express system to take them to either refineries or Cushing.", "audio_length_s": 8.64, "path": "c96b5ae4ffe20d946daec67e2b0917b2_62.wav"}, {"text": "this is kind of what we would have expected based upon kind of the last few years and how we see the business going forward. Jay, you want to add?", "audio_length_s": 8.64, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_15.wav"}, {"text": "Yes. And I also would just add to that, we continue to have a long-term horizon in terms of how we think about and invest in the emerging markets, and the", "audio_length_s": 8.64, "path": "8b71a232d7fe61e6232807b635977c31_154.wav"}, {"text": "I'm also happy to report that our rate discussions with the Commonwealth have gone well and that we received a rate increase of approximately 2.5% that", "audio_length_s": 8.64, "path": "3121e8f4a75758834d32a9e4e0555221_48.wav"}, {"text": "the improvements seen in the first part of the year on the business side and as well on the capital position are confirmed by today's results.", "audio_length_s": 8.64, "path": "d630500fca6fe44aaeed52c32e00dbb4_58.wav"}, {"text": "in connectivity solutions. We are also very committed to not only those franchises but generating", "audio_length_s": 8.64, "path": "9e937c87ad87f354d42a688156853a30_119.wav"}, {"text": "The transaction provides us with substantial synergy as we anticipate expanding our contract manufacturing revenues", "audio_length_s": 8.64, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_56.wav"}, {"text": "Thank you, Danny, and good morning, everyone. We would like to provide a brief update on the execution of the company's strategic vision and business plan.", "audio_length_s": 8.64, "path": "e081f678e77792e5c5762fa425c49e56_19.wav"}, {"text": "Just another question. With all the business that you're anticipating, will the company have to raise capital? Or do you have enough capital to", "audio_length_s": 8.64, "path": "392ca3d1e388c6d7a35f6d0db390c359_225.wav"}, {"text": "that's a fairly concise summary of what went on. If anyone has any questions with respect to", "audio_length_s": 8.64, "path": "dd5492732b46e270047f9b368d4fde11_125.wav"}, {"text": "But we had more inflation in the first part of the quarter, and we shifted quite definitively into a deflationary position as we exited the quarter.", "audio_length_s": 8.64, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_16.wav"}, {"text": "No, it probably won't be part of the summer show. And ultimately, the market will see a consolidated combined", "audio_length_s": 8.64, "path": "4032bfdd59881fc6506c082737cb5a99_41.wav"}, {"text": "Now I would like to explain more in depth about our results. Please look at the graph at the bottom center of the page.", "audio_length_s": 8.64, "path": "8011d82cf2151421d3dfacce65adde30_11.wav"}, {"text": "taken together will challenge future growth and profitability for most legacy investment managers. However,", "audio_length_s": 8.64, "path": "8b6b51842af008f5f437f53cc2e71835_18.wav"}, {"text": "And if you come down to the underlying combined ratio, you can see that this 1% up is coming from the underlying combined ratio which had moved", "audio_length_s": 8.64, "path": "3e714a49937be1672aa48244ba7254ce_129.wav"}, {"text": "bookings for the group was up 50% versus last year. And I think that's just giving a broad amount of indication for just how strong this is.", "audio_length_s": 8.64, "path": "171fd9df333ddd814c764843ed624121_222.wav"}, {"text": "Please refer to schedules 2 and 3 at the end of our earnings release for a detailed reconciliation of our reported to adjusted results.", "audio_length_s": 8.64, "path": "655d592e9d1b1027f1824b1554d8b131_70.wav"}, {"text": "We have ramped up some spending on that to make sure that we're compliant and that we're continuing to drive innovation through our business.", "audio_length_s": 8.64, "path": "655d592e9d1b1027f1824b1554d8b131_79.wav"}, {"text": "We're going to continue to focus on the NEB process that we're involved in and all the requirements of that while we continue our project", "audio_length_s": 8.64, "path": "2ad9555a64eaa3f45bef5581adeecb9c_338.wav"}, {"text": "that is required to achieve the zone theming we set out to deliver and the principal CapEx investments that will support this delivery.", "audio_length_s": 8.64, "path": "6e3037e770ba5e0dfc98e3223986aad2_31.wav"}, {"text": "I'll conclude with a reiteration of our goal to drive double-digit service growth via a combination of organic growth and acquisitions.", "audio_length_s": 8.64, "path": "2b87d263eaf2464f275a48fa005b16c7_18.wav"}, {"text": "With successful activities in both the prior and current year's second quarters, the moving parts are plentiful, and I will run through them today.", "audio_length_s": 8.64, "path": "a7e7a1621af9b4e850260f9824ee8746_80.wav"}, {"text": "the federal transportation bill, the first time in 10 years that we've had a long-term bill, and then the private sector that is", "audio_length_s": 8.64, "path": "bab12f620df0f367e74acdcc467686f1_162.wav"}, {"text": "But -- so going to market, the strategy is to work with oncologists who will then use that product to help us", "audio_length_s": 8.64, "path": "49a78c1ec143d9ac46e893e77198c0e3_42.wav"}, {"text": "Fortunately, we have an experienced and expert team of internal employees and external advisers who are currently working diligently on this important project.", "audio_length_s": 8.64, "path": "79afc92245f71d37a9adafb6f8d50e4f_20.wav"}, {"text": "I'm not sure if this was a mix issue or is distorted by the Ivy Hill transaction. But it seemed like you had originated", "audio_length_s": 8.64, "path": "8aa1aa8317783203344434f855535c25_197.wav"}, {"text": "So if you're in that game, and your game is marketing property, running your business efficiently and using data,", "audio_length_s": 8.64, "path": "5664a96b7f1182d037b901d84eeb4fd6_30.wav"}, {"text": "Our deep premium inventory in multiple basins provides flexibility to adjust to changing operational conditions in any given basin.", "audio_length_s": 8.64, "path": "a8b43081254547419da7462d9c957d61_27.wav"}, {"text": "Development of the underground mine is proceeding well. Our target is to have the first open production by the end of this year.", "audio_length_s": 8.64, "path": "e5040d02fba73a359d3f7cb346517ce1_170.wav"}, {"text": "These new developments are in addition to other large-scale projects already under construction in our region, including the restoration of several downtown buildings and hotels.", "audio_length_s": 8.64, "path": "3b0718945e9c427873c1f34fa49b15aa_80.wav"}, {"text": "I am very pleased to report that we significantly exceeded our expectations in several areas in the third quarter.", "audio_length_s": 8.64, "path": "6a372ea97b0b130a4d37f16b54d97909_189.wav"}, {"text": "With that, I'd like to turn it over to Brian to discuss our third quarter financial performance and our outlook in more detail.", "audio_length_s": 8.64, "path": "6a372ea97b0b130a4d37f16b54d97909_23.wav"}, {"text": "A significant amount of my next several weeks will be spent listening to clients and discussing opportunities for greater focus and engagement.", "audio_length_s": 8.64, "path": "6d97c63e754383663561baada77c7354_43.wav"}, {"text": "So those were the main items. And as you look at the income statement, moving to the income statement, I just want to pick up on some of the key areas.", "audio_length_s": 8.64, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_130.wav"}, {"text": "All right, let me pivot for a moment and move from markets to talk about capital deployment because that's been a big piece of our story here", "audio_length_s": 8.64, "path": "02deeb29574f1571812a11f66bb8fda1_202.wav"}, {"text": "what I wanted to understand is how much is this attributable to increasing contribution from railways and civil?", "audio_length_s": 8.64, "path": "98dd38fe77c24da55bc482b504ae3cc3_28.wav"}, {"text": "With the progress in growing our CoreCivic Community portfolio as well as the near-term opportunities to grow our CoreCivic Properties portfolio", "audio_length_s": 8.64, "path": "c5c7a9f409241412b160a93cde7ef630_116.wav"}, {"text": "In less than a year of full distribution, we are already gaining share in Johnnie Walker and Smirnoff.", "audio_length_s": 8.64, "path": "c3567809c19ce6a800677544cd84f88b_43.wav"}, {"text": "We continue to make good progress on the implementation of the capital management framework that I spoke about last year.", "audio_length_s": 8.64, "path": "ab4dae37361262d727d1d2f8f78765d5_90.wav"}, {"text": "The information in this presentation accompanies the financial disclosures in our earnings press release and on this conference call.", "audio_length_s": 8.64, "path": "051c23cc7bacc5c9df9312ac0fd431a9_112.wav"}, {"text": "So as we go forward, and I think we've said this on a few calls in the past, we expect we'll see degradation in that value-added revenue per pound or the mix,", "audio_length_s": 8.64, "path": "08f219f6cb65bd0ed50cb8444a3884f8_141.wav"}, {"text": "The business outlook is subject to a number of risk factors. As the format of this morning's presentation does not permit a full discussion of these risk factors,", "audio_length_s": 8.64, "path": "809e26eaacb31ffdee78d3f41a6ce90a_117.wav"}, {"text": "Unit margins in our Chemical segment were up compared to the third quarter of 2017 on higher prices for TOFA, TOFA derivatives and other high-value products.", "audio_length_s": 8.64, "path": "809e26eaacb31ffdee78d3f41a6ce90a_6.wav"}, {"text": "prosecution of the bad guys, who are the bad resellers. We do everything we can to continue to build the integrity", "audio_length_s": 8.64, "path": "968913c3f9111fc67f1d9956c56dec3b_149.wav"}, {"text": "At the same time, the margin expansion at the lab is also assisted by continually adding in-house developed technologies", "audio_length_s": 8.64, "path": "75eb5b75bb8587b63c318714ea956b9e_129.wav"}, {"text": "On the Los Angeles Refinery integration and compliance project, we are continuing with the permitting process, and we are now in the public comment period.", "audio_length_s": 8.64, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_203.wav"}, {"text": "While we are no doubt facing some near-term challenges in our business, we continue to make good progress across our objectives in these areas.", "audio_length_s": 8.64, "path": "9e8690a521142359001a137074905535_166.wav"}, {"text": "a core capability. But it definitely wasn't before, and so we're struggling through some of those. But I think we're gaining a lot of great momentum.", "audio_length_s": 8.64, "path": "9e8690a521142359001a137074905535_209.wav"}, {"text": "and that does facilitate an easier discussion as we think about contracting those pricing models.", "audio_length_s": 8.64, "path": "f1da65edd5f2026ffd647d496bb96ce7_78.wav"}, {"text": "When we apply the same threshold and by the way, that change of 2.3 was seen at 1 week that was the deepest response they got. They", "audio_length_s": 8.64, "path": "571b0d30d88945a981006f24faa72cf7_194.wav"}, {"text": "in the latter half. The form in which we repatriate, we have a variety of tools for doing that. Obviously given the potential for tax reform,", "audio_length_s": 8.64, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_102.wav"}, {"text": "but I think it was more -- we didn't see the same volatility that some of the other banks had seen because of the nature of the portfolio that we had.", "audio_length_s": 8.64, "path": "21f21433851eb7c7f7dbc710309341bb_42.wav"}, {"text": "our experience would suggest there's a little bit more juice from a margin appreciation standpoint to going on our own in those categories.", "audio_length_s": 8.64, "path": "21f21433851eb7c7f7dbc710309341bb_166.wav"}, {"text": "Specifically, we are removing noncash items for this non-GAAP measure. We believe this metric is a better proxy for measuring the success of a high growth organization", "audio_length_s": 8.64, "path": "c40b5d1a13169c5acf69590932a56f98_12.wav"}, {"text": "While our emphasis at Jennie-O Turkey Store is on value-added products, whole birds are an important part of the turkey supply chain.", "audio_length_s": 8.64, "path": "af2718cdc0b3b856f9a0b3da3d527d18_64.wav"}, {"text": "if you look at the return on that investment in the finance department, you actually see that the rate of financial growth", "audio_length_s": 8.64, "path": "da879f8ea1c23aa6565cccaacac271fc_63.wav"}, {"text": "We were very pleased to see the Safety Assessment margin above 20% again and believe that we will continue to drive further improvement.", "audio_length_s": 8.64, "path": "da879f8ea1c23aa6565cccaacac271fc_14.wav"}, {"text": "So as we assess this quarter's performance, in the aggregate, it represents another strong quarter for the overall company", "audio_length_s": 8.64, "path": "92bf6fe090b6bc565cb500b688fd9173_131.wav"}, {"text": "We have a well-diversified portfolio of products and markets in which we operate and are prepared to react should economic conditions change.", "audio_length_s": 8.64, "path": "49e533a8449f6b9b6c806458e73338e1_154.wav"}, {"text": "with supplemental disclosure to deliver enhanced clarity and transparency into how the operations of the combined company are shaping up.", "audio_length_s": 8.64, "path": "f15966ae82e18b472ad78dd961f8e5e8_157.wav"}, {"text": "what the ramp is in terms of the small business emphasis that Jason talked about as well as the sales of entertainment products,", "audio_length_s": 8.64, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_179.wav"}, {"text": "don't like to see a lot of disruption. So I think there's probably some pensiveness there.", "audio_length_s": 8.64, "path": "416ebb7a4160f7cd2f98361cbd1cb769_37.wav"}, {"text": "Both MTY and Imvescor's board of directors have been unanimously supportive of this transaction,", "audio_length_s": 8.64, "path": "416ebb7a4160f7cd2f98361cbd1cb769_54.wav"}, {"text": "During the past year, we have also developed a family of outdoor products that provides a more competitive price with different performance levels.", "audio_length_s": 8.64, "path": "9ec35a7809acb51486076e302028ba33_98.wav"}, {"text": "going down. It seems that people that are choosing us again are making a value call, and they like what they're getting. It is", "audio_length_s": 8.64, "path": "1689b94530eca82b7758c86b4cf3125f_40.wav"}, {"text": "I'm not going to speculate on what the right strategy is there. I would tell you in the markets that HUMIRA competes in,", "audio_length_s": 8.64, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_209.wav"}, {"text": "This presentation is based on our current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates.", "audio_length_s": 8.64, "path": "77d2dd6d5e46cc8a8e80809305b60208_68.wav"}, {"text": "We saw benefit coming through from the work on organizational effectiveness and also the benefits from the second year of zero-based budgeting.", "audio_length_s": 8.64, "path": "3877b1983229ec488c6349a188bccf92_210.wav"}, {"text": "I'm pleased with our progress in this half. And I'm confident we remain on track to deliver our guidance of mid-single-digit top line growth", "audio_length_s": 8.64, "path": "3877b1983229ec488c6349a188bccf92_95.wav"}, {"text": "rail prices up and your pricing maybe down or how do you -- it still seems like it's still hard to kind of match it together unless you're saying well it's a little conservative on the guidance?", "audio_length_s": 8.64, "path": "2a7af3c66762ce608379005a3d7bfa96_211.wav"}, {"text": "because the drilling of the well -- companies that provide those drilling rigs do benefit early on from that revenue flow.", "audio_length_s": 8.64, "path": "5633fe3600ee04237bbb918c56341864_74.wav"}, {"text": "and adjustments to other income and expenses as a result of the Tropical Palms RV lease termination and settlement of the California litigation.", "audio_length_s": 8.64, "path": "98bbf1693b5a53e7f02d890a8dca876a_8.wav"}, {"text": "In line with our product diversification strategy, we recently launched a new line of bedding accessory products,", "audio_length_s": 8.64, "path": "799c15a4a6e9e3c86374761fec31c00a_76.wav"}, {"text": "to ensure that we deliver not only the best cost outcomes, but look at really what else can you do in managing the total member and what role can retail play in that.", "audio_length_s": 8.64, "path": "0cfaeed8cd93dc274845d450e921aeb6_153.wav"}, {"text": "The entire suite of topics evolving strategic sourcing, value engineering and design for manufacturing awaits us.", "audio_length_s": 8.64, "path": "e522eff219f3eaa2c9b090dc12cad420_4.wav"}, {"text": "of course, we're not quite ready to talk about that yet. We haven't submitted yet. But clearly, we think this could be a benefit to", "audio_length_s": 8.64, "path": "299bad77345d2e44fa5768f4416f7b97_232.wav"}, {"text": "In 2018, our global sales force will continue to educate health care providers on the importance of recognizing hypersensitivity reactions", "audio_length_s": 8.64, "path": "299bad77345d2e44fa5768f4416f7b97_131.wav"}, {"text": "and upon contractual amendments as the learning curve associated with starting up production and transitions of manufacturing lines generates revenue,", "audio_length_s": 8.64, "path": "ee00ebd8d782e8f124b3e142cbb74f37_128.wav"}, {"text": "Our investment spending has been directed to new product development and the fast return cost savings project.", "audio_length_s": 8.64, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_55.wav"}, {"text": "I guess, more looking forward, what still has you excited about some low-hanging fruits or some other aspects in that business you're still working towards?", "audio_length_s": 8.64, "path": "94f601dc7b34ad38667e3b714aa89d35_119.wav"}, {"text": "Technical work is underway and our current goal is to be in a position to share the results in mid-2016. We are very confident about this project.", "audio_length_s": 8.64, "path": "00dcacc7fe3cab64b14aff04a9cd0284_41.wav"}, {"text": "Thanks, Tom, and good morning, everyone. Thank you for joining us today. We are very pleased with our third quarter performance.", "audio_length_s": 8.64, "path": "9908957f60adff5efc1c8692a0f5ab38_12.wav"}, {"text": "as a percentage of sales in the fourth quarter in 2016 due to this transition from a leased to an owned business.", "audio_length_s": 8.64, "path": "9908957f60adff5efc1c8692a0f5ab38_123.wav"}, {"text": "In addition, we achieved record third quarter earnings per share, while continuing to invest in our strategic initiatives.", "audio_length_s": 8.64, "path": "884400c829f179d8cf68b767f45f03a4_65.wav"}, {"text": "The difference was largely due to a decrease in payables, primarily resulting from the timing of payments and increased accounts receivable.", "audio_length_s": 8.64, "path": "ea80970d6b8e6fab10c4500aa7298914_16.wav"}, {"text": "Well, currently we have 2 boards. The university has a Board of Trustees that's responsible for overseeing the academic", "audio_length_s": 8.64, "path": "4311782968e936c378fdee8946cd9cca_58.wav"}, {"text": "As a result, volume trends improved as we proceeded through the quarter and continuing into August.", "audio_length_s": 8.64, "path": "34b4c03bbd8e9d5fceb8c8af89388197_146.wav"}, {"text": "In addition, we recently launched an emergency room diversion program, which is expected to produce savings beginning next quarter.", "audio_length_s": 8.64, "path": "a2ba164f019804628c07b36de47cd464_17.wav"}, {"text": "larger multimeter, multi-jurisdiction load in all of the geographies in which we have gen. And with respect to", "audio_length_s": 8.64, "path": "3f6641f7d8f1ab845ad4f637cfb35109_235.wav"}, {"text": "The impact of this increase was even higher as it was offset by efficiencies, largely in advertising production from Zero Based Budgeting.", "audio_length_s": 8.64, "path": "e35fae1d3df1f7aeda409f90f200ec7b_150.wav"}, {"text": "that's another item that we're going to cover in the Analyst Day and get to show you all the detail from those smaller projects. We do have -- as we've", "audio_length_s": 8.64, "path": "95303f68781d6fb58e19ec1dc7785a7c_130.wav"}, {"text": "Let's go through the details of the business units, and I continue on Page 6 of the slide deck.", "audio_length_s": 8.64, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_98.wav"}, {"text": "And third, I don't want there to be any doubt, we are as excited as ever to have the Pinnacle family of brands in our portfolio.", "audio_length_s": 8.64, "path": "b0d88c0f1efca89ecb928172341dc75d_15.wav"}, {"text": "we are -- basically, what we're saying is that we will -- we have seen enough progress. We are in clinical already", "audio_length_s": 8.64, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_177.wav"}, {"text": "focused on really adding more capability and leveraging all of this to drive even more faster growth", "audio_length_s": 8.64, "path": "6aad408f4bb1930cf10f445115f6ed3d_133.wav"}, {"text": "While the purest in me initially thought mixed martial arts was kind of little more than street fighting, I really come to appreciate the sport as its fighters", "audio_length_s": 8.64, "path": "92287986b332deec2c9712d7c89eef08_8.wav"}, {"text": "I just have a follow-up on Marcelo's first question. And I just want to get some more information in terms of the evolution of Linx Pay.", "audio_length_s": 8.64, "path": "ffe22f8bcf153b8b51f6e52039686c1e_122.wav"}, {"text": "These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements.", "audio_length_s": 8.64, "path": "ee17f090e669ff9029bd1dc57db6e43e_2.wav"}, {"text": "Some are self-inflicted, others were a function of more broader macro forces. However, I also want to emphasize that there are a lot of", "audio_length_s": 8.64, "path": "14fa9d7635caae6483af62a4bfe1b9d6_123.wav"}, {"text": "This is one of the primary reasons we have accelerated our trade cycles last year and invested in the enhanced safety equipment of our fleet.", "audio_length_s": 8.64, "path": "14fa9d7635caae6483af62a4bfe1b9d6_190.wav"}, {"text": "Finally, I'd like to mention that the company recently began discussions with our union employees to negotiate a new collective bargaining agreement.", "audio_length_s": 8.64, "path": "f17bd619f65ff0b31c5103503bd56fdb_99.wav"}, {"text": "at the mark based on what we know today. We are certainly not idle and have moved quite quickly and effectively on the restructuring.", "audio_length_s": 8.64, "path": "02242ceddfeb4bcc65f04552b63fe80e_176.wav"}, {"text": "However, should a cap be introduced, we do not expect the impact to be material, given around 80% of our customers have no exit charge.", "audio_length_s": 8.64, "path": "6299a010c7bb84feaf14b263750dbd1a_80.wav"}, {"text": "We invite you to read the complete disclaimer included in the first page of this presentation, which you will also find on our website in the IR section.", "audio_length_s": 8.64, "path": "b4072ee178832ecf3d2a0f25fd8b8387_94.wav"}, {"text": "If you start to look at the technology or company that already has contracted customers or where devices are already sold,", "audio_length_s": 8.64, "path": "b20564a6da1bcfc7b80552299d9e002a_112.wav"}, {"text": "this year's budget is expected to be roughly 50-50. As we look toward next year and assuming commodity prices stay similar,", "audio_length_s": 8.64, "path": "c71a6ab1a0697010811c89200ab21613_13.wav"}, {"text": "Almost all the projects in this outer circle are located in British Columbia, and a number of them have been slowed by the spring flooding and the forest fires.", "audio_length_s": 8.64, "path": "3d0f5785f81125b6efa2339a4aef56aa_49.wav"}, {"text": "indicating lower levels compared to the last year and being better than our year-end targets.", "audio_length_s": 8.64, "path": "01162e33e5dda8aa154d9a8659da4495_34.wav"}, {"text": "and our proposition perspective overall? If you can provide some details there because first 9 months, it seems to be no different than last year.", "audio_length_s": 8.64, "path": "16614fa848b6601733f9eb4b2ee4da71_171.wav"}, {"text": "to make this investment in this technology and positions us to bring this product to market 6 to 12 months sooner than the current schedule.", "audio_length_s": 8.64, "path": "62658bb0c3307b2b10e3668b8df73b0d_63.wav"}, {"text": "have to be keenly aware of the side effects on the oral , are you hearing any kind of feedback where,", "audio_length_s": 8.64, "path": "6c929ddddb79b887458ae21f1a3aa09d_94.wav"}, {"text": "In this manner, we anticipate that we will be able to defer on a long-term basis any income taxes associated with spectrum surrendered through the auction.", "audio_length_s": 8.64, "path": "77423f08f0208d476dea73c639f6293a_14.wav"}, {"text": "opportunities that this could present for Sensient, could present for the market, and maybe some restrictions that it could present for you going forward?", "audio_length_s": 8.64, "path": "24c7526f6daca8e16ab91bea6124148a_178.wav"}, {"text": "We've laid that out in our responses to the consultation. I know there are other views in the market, but the logic of it is basically, we think,", "audio_length_s": 8.64, "path": "6f1b092b312410065d308541be46da95_43.wav"}, {"text": "We also continue to manage our capital aggressively and only invest where we see economically attractive returns in the core markets we operate in.", "audio_length_s": 8.64, "path": "83c003be6ac012b814cfecef95459f02_55.wav"}, {"text": "regarding making the investment that you have been talking about? And what is the time line for that, a reasonable timeline?", "audio_length_s": 8.64, "path": "f15a674bdbbc461872000604216ae071_142.wav"}, {"text": "has always been a major player in terms of giving steps in corporate governance, and this is another very important step.", "audio_length_s": 8.64, "path": "f15a674bdbbc461872000604216ae071_11.wav"}, {"text": "our continued focus on leveraging growth synergies across the organization, expanding our product portfolio and entering new markets and geographic regions.", "audio_length_s": 8.64, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_145.wav"}, {"text": "and can deal with that outside of this meeting. But it really was a financial decision ultimately at the end of the day. What we are", "audio_length_s": 8.64, "path": "9b84dc4409f4ecccd173c2f81a4460cc_319.wav"}, {"text": "And one of the things that I can tell you we've experienced is, is that by localizing supply in Asia, for example,", "audio_length_s": 8.64, "path": "744f5859c7d9a0567b387ae84326d940_100.wav"}, {"text": "We also believe product innovation is an important means of keeping our edge in a competitive market for cost-containment solutions.", "audio_length_s": 8.64, "path": "97b02b7a41ecb22cb04e7331052cefc8_134.wav"}, {"text": "First, across the business, we have experienced some lower levels of production and some turnover among a small number of our perennial top performers,", "audio_length_s": 8.64, "path": "1bb9219ad31877175e18e8e48ff2f63c_60.wav"}, {"text": "and who are the personnel responsible for accomplishing that. So we're excited to get going on that once we merge.", "audio_length_s": 8.6399375, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_89.wav"}, {"text": "Answer to your question broadly is the location of the next plant is something that we don't have to decide today.", "audio_length_s": 8.6399375, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_18.wav"}, {"text": "The fourth quarter of 2017 concluded another strong year for Ares. We generated our highest quarterly levels of management fees", "audio_length_s": 8.6100625, "path": "1b91eb82f5211000e711424657cc2484_87.wav"}, {"text": "And if they do survive, many need invasive ventilation or tracheostomy. Furthermore, due to the instability", "audio_length_s": 8.6100625, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_130.wav"}, {"text": "thanks to greater market penetration and our ability to accelerate sales of these products through our buildings and components channels.", "audio_length_s": 8.61, "path": "f5875d033110e66b5aafc3c0003babdf_12.wav"}, {"text": "The company's actual results may differ materially from the anticipated performance or results expressed or implied by these forward-looking statements.", "audio_length_s": 8.61, "path": "f5875d033110e66b5aafc3c0003babdf_28.wav"}, {"text": "So that study is going to have a couple different endpoints that we're going to dive into and provide detail around.", "audio_length_s": 8.61, "path": "070a939ddb72d87ed87e4b863da14a89_16.wav"}, {"text": "And for those of you that really try to track what's going on in this market for us,", "audio_length_s": 8.61, "path": "92b48b365197c65ebf545a4c9dd1200d_136.wav"}, {"text": "with regard to IoT as well as other implementations using the technology. And as I mentioned earlier,", "audio_length_s": 8.61, "path": "139f0a6300f504b3e8673e39b0429161_156.wav"}, {"text": "And in many ways, Ignite 2 ensures that we can move apace while we do this. And finally, driving an innovation agenda which is about making the technology in the business", "audio_length_s": 8.61, "path": "bc605e9d69e921f4f61a508a448ad0dd_147.wav"}, {"text": "Look, I don't think that the growth in headcount is going to be at the level that we have had it in the past from an external", "audio_length_s": 8.61, "path": "0d631e444d1c22f0be99a69f5deaff94_91.wav"}, {"text": "Corporate profits in many cases have stabilized and have begun showing growth. Yet, we have not seen this translate into more robust lodging demand at this point.", "audio_length_s": 8.61, "path": "7eebbbc069b4bf8367aa748751df9bc7_111.wav"}, {"text": "and that has really impacted on the dilution. And at the same time, in establishing", "audio_length_s": 8.61, "path": "b7d4858dcc1d9cf454416082b75a3429_48.wav"}, {"text": "But for the individual initiatives, we want each of the companies to move swiftly and therefore, we have come up with this organization.", "audio_length_s": 8.61, "path": "a93681c92a0b9c04743f541a54b180c7_25.wav"}, {"text": "and in 2019 we should try to leverage on that lessons learned so that we will be able to revamp our growth.", "audio_length_s": 8.61, "path": "a93681c92a0b9c04743f541a54b180c7_147.wav"}, {"text": "And again, we have this core competency and an ability to do a lot of data manipulation and data crunching,", "audio_length_s": 8.61, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_88.wav"}, {"text": "in terms of speed, in terms of where we are right now, if I was to license this program next week,", "audio_length_s": 8.61, "path": "14e9ab3b38cd3029b8aff693a105dbfb_120.wav"}, {"text": "And we had another strong year of innovation, delivering about 3 points of incremental sales to the top line.", "audio_length_s": 8.61, "path": "d28b2b09c127b5be033738aa3cd380b3_94.wav"}, {"text": "And we think it put tremendous pressure on the existing billing company. Adding a second, certainly makes sense. We've identified the markets", "audio_length_s": 8.61, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_25.wav"}, {"text": "These updates will align the achievement of Restaurateur status with the measurable elements that directly result in an excellent customer experience.", "audio_length_s": 8.61, "path": "1f1b29266d2cede9b8f0f06ca57aae17_52.wav"}, {"text": "I guess, in a similar vein, do you think the issuance of the conforming securitization by Chase last month can be a meaningful part of the market?", "audio_length_s": 8.61, "path": "223f05c0b9b116532e9af84afa76cac7_117.wav"}, {"text": "Our sector has an opportunity now to return to historical valuations by rationalizing operating models and cost structures,", "audio_length_s": 8.61, "path": "223f05c0b9b116532e9af84afa76cac7_96.wav"}, {"text": "So how should we think about these projects? Is this like a risk of", "audio_length_s": 8.61, "path": "17ee868a7ed8656d69e6888ee4a6d550_101.wav"}, {"text": "Since the last time I talked to you, we have also announced the sale of the Tabakoto assets, and that transaction is expected to close in the current quarter.", "audio_length_s": 8.61, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_2.wav"}, {"text": "where we don't have relationships or deep relationships and so that's a very significant area of opportunity", "audio_length_s": 8.61, "path": "13220986bf30f26076a674e2a9edc89c_32.wav"}, {"text": "what were the assets that we're talking about here would just be a subset of the overall funds assets.", "audio_length_s": 8.61, "path": "8cb24daf76784487ad63780546dc4ba4_168.wav"}, {"text": "First, we are working to create subadvised index funds for inclusion in our MAP advisory programs.", "audio_length_s": 8.61, "path": "8cb24daf76784487ad63780546dc4ba4_185.wav"}, {"text": "activity and prompt and what we can offer will be something that we will do with multiple partners, and we're", "audio_length_s": 8.61, "path": "7e14890193df4b10e1eeab6ab886529f_114.wav"}, {"text": "that we would do for our brand and for members and for individuals, especially that population,", "audio_length_s": 8.61, "path": "7e14890193df4b10e1eeab6ab886529f_102.wav"}, {"text": "When we factor in about a point of revenue headwinds from natural disasters, our revenue growth was within the multiyear framework.", "audio_length_s": 8.61, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_61.wav"}, {"text": "In the meantime, we have our solutions out there. We're working on a solution that would provide more comprehensive, if you will, syndicated coverage of all of that viewing,", "audio_length_s": 8.61, "path": "8b71a232d7fe61e6232807b635977c31_165.wav"}, {"text": "Our first half results reinforce the strength of our product portfolio, commercial execution and globalization effort.", "audio_length_s": 8.61, "path": "044da592acc01ff7baacb3dbf2a302a9_58.wav"}, {"text": "With our specialized sales force, we will be able to broaden the reach of NOVADAQ's technology as we look to leverage our highly complementary customer bases.", "audio_length_s": 8.61, "path": "044da592acc01ff7baacb3dbf2a302a9_5.wav"}, {"text": "but ERP systems continued to fill the void in terms of the whole financial planning and budgeting aspects and some of the financial aspects.", "audio_length_s": 8.61, "path": "78c85dc9a16f82b09d3a2363004e658d_20.wav"}, {"text": "We also incurred some additional on-boarding costs related to new mobile programs expected to ramp up later in the year.", "audio_length_s": 8.61, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_47.wav"}, {"text": "Overall, ATCO had a very busy year as we continue to transform into a globally diversified infrastructure holding company.", "audio_length_s": 8.61, "path": "3d4b9cfcb489a54bda65e749b7b79b15_30.wav"}, {"text": "based on very few patients. Needs to be confirmed obviously, and that's what we're doing as we expand into the confirmation cohort.", "audio_length_s": 8.61, "path": "7503d7356c13f095c26bfad29c5390c6_14.wav"}, {"text": "Regarding 2018, I'll focus my prepared remarks this morning on the full year results. Please refer to the news release for additional details", "audio_length_s": 8.61, "path": "a212b77ae2b2452093665a4e179ed3a3_15.wav"}, {"text": "Through the actions we have already taken to date, we are achieving cost savings that will ultimately result in lower operating expenses,", "audio_length_s": 8.61, "path": "5f38ce681d4413a793d34a0650c59bf2_122.wav"}, {"text": "Additional information concerning factors that could cause our forward-looking statements not to occur is contained in our filings with the Securities and Exchange Commission", "audio_length_s": 8.61, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_49.wav"}, {"text": "Now even with years of savings, the High Street cost base is still substantial, and we continue to build a healthy pipeline of trials", "audio_length_s": 8.61, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_34.wav"}, {"text": "In addition, a much more severe instantaneous market risk scenario with significantly higher shock factors has been chosen.", "audio_length_s": 8.61, "path": "bddc15938bdcc3085f19b0851e74c2c0_194.wav"}, {"text": "or essentially offset by the combined impact of last year's flexibles acquisition and Peninsula, which was now in for the full quarter.", "audio_length_s": 8.61, "path": "1133b8984db446b9c963a09eaf0785a4_10.wav"}, {"text": "So at this moment I would say we have no reason to think it would change. We haven't seen any real indications", "audio_length_s": 8.61, "path": "e1da48985804bd3d99dffc5e33b6124b_124.wav"}, {"text": "which is intended to be an objective evaluation of the secular headwinds and also the opportunities currently facing our industry.", "audio_length_s": 8.61, "path": "8b6b51842af008f5f437f53cc2e71835_17.wav"}, {"text": "or as presented on the call to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.", "audio_length_s": 8.61, "path": "9da45cfd4472699ef05d887adce01223_32.wav"}, {"text": "So if you're talking epoxies in total, there is a significant piece there, but it's not on the specialty side. I was interpreting your question", "audio_length_s": 8.61, "path": "bb9c0d60d15efa53cedac31e079e9ae6_39.wav"}, {"text": "They bring a very educated perspective on the market, and they bring a very comprehensive network", "audio_length_s": 8.61, "path": "575d21e05ceda8f95fc54e0292c2d99f_29.wav"}, {"text": "We are committed to maintaining a healthy balance sheet to support our growth strategy and enhance shareholder returns.", "audio_length_s": 8.61, "path": "43942582edfb20599f3e7456137f8deb_19.wav"}, {"text": "Going forward, I think your number is probably a little high certainly with respect to the first year", "audio_length_s": 8.61, "path": "9ab2e6eb9debfae2de541ba645bfd265_48.wav"}, {"text": "Is that number inclusive of Entrada or exclusive of it? I know you guys have adjusted acquisitions previously. So I'll start there.", "audio_length_s": 8.61, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_69.wav"}, {"text": "continuing to pursue efforts to divest certain oil and natural gas properties and investigating potential refinancing alternatives.", "audio_length_s": 8.61, "path": "c433164f6d189e18b1e4784e376b6ecb_52.wav"}, {"text": "We are putting considerable effort into the e-commerce channel, but we are not giving up on brick-and-mortar outlets.", "audio_length_s": 8.61, "path": "f4d0f1362716be33f02690dd1a8df663_25.wav"}, {"text": "MS, we have very significant margins in that sector, but our second half will probably exceed our expectations relative to what we", "audio_length_s": 8.61, "path": "bab12f620df0f367e74acdcc467686f1_213.wav"}, {"text": "As we look forward, I'm confident we have the opportunity to continue this trend. We believe our net interest margin will continue to benefit from recent rate hikes,", "audio_length_s": 8.61, "path": "b092d2be33ad52beefab208355b18235_56.wav"}, {"text": "Today I'll be talking about the business in some detail and then I'll turn the call back over to Bill, our Chief Financial Officer, to talk about our financial results in the quarter.", "audio_length_s": 8.61, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_97.wav"}, {"text": "If we determine that we need to update our projections to reflect the lower baseline coal utilization, we will, as we have done before,", "audio_length_s": 8.61, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_139.wav"}, {"text": "In Nigeria, we raised our shares further to 60%, and we bought out the minority shareholding in Egypt and surrounding countries.", "audio_length_s": 8.61, "path": "47b1a118c53956b23f1d687a75f3e5ba_185.wav"}, {"text": "this result has been fueled by a very good performance across all the geographies that AXA has.", "audio_length_s": 8.61, "path": "98f10f0935e5b778e888a1b8130a3d31_200.wav"}, {"text": "the various programs in the various stages. So there'll be situations like we are this year where we have an inordinate amount of start-ups.", "audio_length_s": 8.61, "path": "b94d748876ddf8e881d4191dec45baf3_117.wav"}, {"text": "And so we're trying to move a lot from -- historically, our information has been lagging or historical.", "audio_length_s": 8.61, "path": "0794a2f02bbe89feb49651735bba77c5_27.wav"}, {"text": "Instead, we are pushing the bounds of technology applications for our law enforcement to truly deliver on our vision of an end-to-end experience.", "audio_length_s": 8.61, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_189.wav"}, {"text": "as we have mentioned before, we have continued our investment in production capacity in China, and we, today, have", "audio_length_s": 8.61, "path": "f7df5ecab61eca575f169a8298318eca_81.wav"}, {"text": "These are only a few examples of the many hundreds of initiatives that have been delivered or are in the pipeline to be delivered.", "audio_length_s": 8.61, "path": "ab4dae37361262d727d1d2f8f78765d5_98.wav"}, {"text": "through expansion of digital customer bases and efficient channel strategy and improvement of working processes, including management efficiency.", "audio_length_s": 8.61, "path": "c53611de98fe85a76580391906f68d61_57.wav"}, {"text": "what -- you get into the accounting gymnastics of revenue recognition, what gets recognized at the end of the year and what gets pushed into", "audio_length_s": 8.61, "path": "08f219f6cb65bd0ed50cb8444a3884f8_106.wav"}, {"text": "And those have been reasonably strong, although not high-growth areas, but reasonably strong, just like all of our general industrial has been here in the first half.", "audio_length_s": 8.61, "path": "08f219f6cb65bd0ed50cb8444a3884f8_179.wav"}, {"text": "and further enhances our focus around our leading consumer health care brands. It also allows for future capital reallocation opportunities.", "audio_length_s": 8.61, "path": "915bdcf0edfec49b928ca4010cbb40ca_131.wav"}, {"text": "specifically in Connection Technologies, resulting in segment margin dollars almost exactly on plan.", "audio_length_s": 8.61, "path": "9e8690a521142359001a137074905535_189.wav"}, {"text": "And so boy, with all that going on, to go switch gears and look at some other alternatives right now, I'd say is not a big focus for us.", "audio_length_s": 8.61, "path": "9e8690a521142359001a137074905535_206.wav"}, {"text": "But on the phones, we feel pretty good about getting good value for the investment plans we put out there and a great opportunity to generate value.", "audio_length_s": 8.61, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_259.wav"}, {"text": "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.", "audio_length_s": 8.61, "path": "c8124cdb821d04f0e585420c128d76c7_0.wav"}, {"text": "Third, we see a fully integrated physician acute offering as a precursor to building a leading platform for evolving payment models.", "audio_length_s": 8.61, "path": "f1da65edd5f2026ffd647d496bb96ce7_99.wav"}, {"text": "do you see that, that can sustain from here on, and probably, that is the cost structure with which we will be operating from now on?", "audio_length_s": 8.61, "path": "baf4cec43f02cba3a0e2e83192f98380_70.wav"}, {"text": "Our challenges include evaluating the seismic issues and construction risk and making sure we can achieve our investment returns.", "audio_length_s": 8.61, "path": "e2225d612a954a24e7e91c08215d7b51_20.wav"}, {"text": "The results of Foresight Energy announced today reflect our continued success in the face of extremely challenging and very uncertain markets.", "audio_length_s": 8.61, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_63.wav"}, {"text": "they all did, including our competitors. We made a big difference. We continue to make a big difference. And we're proud of that and extremely thankful and appreciative of our team.", "audio_length_s": 8.61, "path": "1949bd0c9c4c23d495d880c4c552bfe1_208.wav"}, {"text": "I'd now like to take just a minute to provide a legal update regarding the pending litigation with our former contract manufacturer.", "audio_length_s": 8.61, "path": "c40b5d1a13169c5acf69590932a56f98_10.wav"}, {"text": "The impact of the July increase in the Bank of Canada's overnight rate was positive but not significant as it occurred relatively late in the quarter.", "audio_length_s": 8.61, "path": "87045996e7446329f1d98c909c6ca7fe_215.wav"}, {"text": "primarily related to our assumption that the telecom capital spending environment remains subdued throughout 2016, particularly during the first half of the year.", "audio_length_s": 8.61, "path": "82f5253b62614161333b038f5f9700f8_107.wav"}, {"text": "especially as we continue to grow our USA TODAY NETWORK to include more local markets and more new platforms.", "audio_length_s": 8.61, "path": "059024560d9d1039cf08746ee7393114_11.wav"}, {"text": "lower silver sales and lower copper sales, if you look at the page to follow, we had average realized gold price in the quarter,", "audio_length_s": 8.61, "path": "369789f0d39dbf62298be2aa807ff8ee_88.wav"}, {"text": "Obviously, it's more fun to be adding people and growing the business that when you need to, we can move swiftly and take cost out of the organization", "audio_length_s": 8.61, "path": "189b20e7b975130ca5abd0e419e54908_130.wav"}, {"text": "through education, through more meaningful interaction with those stock plan participants, that this will be a big value driver for us go forward.", "audio_length_s": 8.61, "path": "7cc11de7f206c637e6293da0d956405e_40.wav"}, {"text": "So we think it was an exceptionally strong quarter, and I think if you look against the industry, you'll find that the stats are quite strong.", "audio_length_s": 8.61, "path": "ab3354b86be920cde18291112bf8a70a_19.wav"}, {"text": "As an example, customers often use the online channel when they are most certain about their purchase and the store channel when they are less certain.", "audio_length_s": 8.61, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_11.wav"}, {"text": "Full tech support is a new Geek Squad offering that provides support for all of the customers' technology no matter where or when they bought it.", "audio_length_s": 8.61, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_10.wav"}, {"text": "In Capital Markets, we provide compliance products and services to companies that are subject to the filing and reporting requirements of the SEC.", "audio_length_s": 8.61, "path": "3b2908426357bb8269c3a01469865cd6_151.wav"}, {"text": "provide any more color on that? Could you say anything about the share of the business now being online, for example?", "audio_length_s": 8.61, "path": "a1e1e6f86dead4f43a363d0877cb4979_86.wav"}, {"text": "We're in the early stages. We have a financially sound company. We generate strong free cash flow and have a strong balance sheet.", "audio_length_s": 8.61, "path": "af00f4e7b63ee843a3d203f982fac701_59.wav"}, {"text": "The favorable variance is largely offset by increased repairs and maintenance expenses as we cleaned up properties during the quarter following those storm events.", "audio_length_s": 8.61, "path": "98bbf1693b5a53e7f02d890a8dca876a_6.wav"}, {"text": "while we have done a number of these reserve adjustments, and the spend is going to overall be greater than we expected,", "audio_length_s": 8.61, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_177.wav"}, {"text": "Yes, so I'll take the first part of that, David. I think what we were saying was that in order to fund the remainder of what we have right now", "audio_length_s": 8.61, "path": "97b9c8b95449565c1f280a2b61a65b31_31.wav"}, {"text": "This acquisition accelerates our product development plans in specialty tools, injects new engineering talent and leverages our great distribution channel.", "audio_length_s": 8.61, "path": "18e82b076319ac52f8a4b391ea345abd_11.wav"}, {"text": "all of which positions us well, given the value proposition our products bring directly to address these very issues.", "audio_length_s": 8.61, "path": "cd331fa6dd24e811af3c0529212bfbb8_99.wav"}, {"text": "Following the rollout of our customer satisfaction and online reputation management program across our entire store base almost a year ago,", "audio_length_s": 8.61, "path": "884400c829f179d8cf68b767f45f03a4_137.wav"}, {"text": "versus, say, average sales price increase or reduction of variable costs? And then is this affecting at all where you see", "audio_length_s": 8.61, "path": "5efe4589d80ac1232c2958182c188903_79.wav"}, {"text": "The combination of these factors, together with a large selloff in the equity markets due to concerns around global growth and increasing U.S. interest rates,", "audio_length_s": 8.61, "path": "bfb0fac9575cd0820a660f2577199468_68.wav"}, {"text": "These numbers exclude any capital related to our high-protein DDG project, which is still in the engineering and contracting phase.", "audio_length_s": 8.61, "path": "09b5b62d328d3d0719b6825357fdfb48_127.wav"}, {"text": "We continued to deliver value to our customers through innovative dispensing and sealing solutions and manufacturing excellence.", "audio_length_s": 8.61, "path": "812d8f09b72b4d410d138d3b24caebbc_3.wav"}, {"text": "While the company has started to see some early signs and more stable conditions in certain markets, we continue to expect the headwinds from soft market conditions", "audio_length_s": 8.61, "path": "ed2810b765143f8341dcc8e8c14c27f1_133.wav"}, {"text": "Our strategy is focused on delivering strong, profitable growth through operational excellence and accretive acquisitions.", "audio_length_s": 8.61, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_64.wav"}, {"text": "Now with a stronger backlog in hand and an improved operating footprint, we should be better positioned to take advantage of the increasing demand environment", "audio_length_s": 8.61, "path": "64364105b816dd0b6a029e9cd210e65b_113.wav"}, {"text": "compliance and operating as one Stockland, to realize the synergies, the natural synergies that exist in that business.", "audio_length_s": 8.61, "path": "24a133abc343c813233d416b0cef96cd_78.wav"}, {"text": "Our backlog is up significantly from the same time a year ago and our 12-week order rates are positive in all geographies and segments.", "audio_length_s": 8.61, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_2.wav"}, {"text": "that looks like any other foreign-based company in a territorial tax system. So we think that our global capital structure is appropriate for our company,", "audio_length_s": 8.61, "path": "e0555e30370c43189a1136fb7ef17d20_129.wav"}, {"text": "We have changed our interpretation of the guidance and now are deferring revenue associated with warranty contracts for which services are performed over the life of contract.", "audio_length_s": 8.61, "path": "648ddbbaa83d8a627c7ab752f63a80bd_180.wav"}, {"text": "Electrical Systems and Services where you are working off of a very large backlog, it does take time to pass through price increases.", "audio_length_s": 8.61, "path": "9fb4423a70358ef22be9982299969f7a_228.wav"}, {"text": "While we exclude the fair market value changes from our core earnings, it is a simple fact that the value of servicing rights increases significantly in a rising rate environment,", "audio_length_s": 8.61, "path": "3bc6d3e1c0a117340d288c289bf7f679_118.wav"}, {"text": "Okay. Would -- are there any costs incurred for the storm restoration included in your guidance?", "audio_length_s": 8.61, "path": "f17bd619f65ff0b31c5103503bd56fdb_56.wav"}, {"text": "a business we started over 12 months ago focused on providing an integrated completion and fracturing offering in the unconventional market.", "audio_length_s": 8.61, "path": "20489859070c48218db6ab0f5b6d2b05_113.wav"}, {"text": "Our Kinh Do business in Vietnam continues to be a bright spot. Our teams are executing well as we integrate this business,", "audio_length_s": 8.61, "path": "1f142ea668261ba963d47aac6bab69dd_16.wav"}, {"text": "struck by the turbines when they're migrating. So many things we're doing that are on the cusp of new technology that we're implementing today.", "audio_length_s": 8.61, "path": "2cd5b184c2ef6624ce219830182927c9_244.wav"}, {"text": "Question on the cash flow again from the lower tax rate. Your appendix indicates that you are expecting lower", "audio_length_s": 8.61, "path": "2cd5b184c2ef6624ce219830182927c9_290.wav"}, {"text": "For those viewing our presentation, please turn to Slide 7. In the second quarter, we further diversified our portfolio.", "audio_length_s": 8.61, "path": "02242ceddfeb4bcc65f04552b63fe80e_108.wav"}, {"text": "This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.", "audio_length_s": 8.61, "path": "c334e290beb657ee3efcb6b2f734c81e_101.wav"}, {"text": "While I suspect we will see an occasional bout of volatility during the year, we think the backdrop for real estate lending and ownership is good enough to provide numerous", "audio_length_s": 8.61, "path": "c334e290beb657ee3efcb6b2f734c81e_109.wav"}, {"text": "It feels very different now because our customers are talking about and actively trying to make those investments in their own capacity. Well, they see what's coming and they've got bigger backlogs.", "audio_length_s": 8.61, "path": "902872913863de98d38e2936b846cf66_131.wav"}, {"text": "but comping against the combination of Battlefield Hardline and Mortal Kombat was very tough as each of those titles sold 1 million units.", "audio_length_s": 8.61, "path": "125388f1b45117acde70abc39e0f7d04_12.wav"}, {"text": "You can see some pictures of that store in the supplemental deck. We also have 34 collectibles stores overseas.", "audio_length_s": 8.61, "path": "125388f1b45117acde70abc39e0f7d04_52.wav"}, {"text": "in terms of product availability and features, consumer awareness and purchase intent. We plan to provide an update each quarter.", "audio_length_s": 8.61, "path": "125388f1b45117acde70abc39e0f7d04_32.wav"}, {"text": "And as I mentioned, we'll be confident of we'll be back into profitability this year. So notable projects around the world", "audio_length_s": 8.61, "path": "1e82002540bb3371dcda874a3ce114b2_122.wav"}, {"text": "expected through the second half of the year, revenues and plant efficiencies are anticipated to improve and generate a more stable and predictable result profile.", "audio_length_s": 8.61, "path": "3d0f5785f81125b6efa2339a4aef56aa_40.wav"}, {"text": "We kept thinking that eventually, this workover business was going to have to snap back because so much of this maintenance work was being delayed", "audio_length_s": 8.61, "path": "3c17ad8c6709cbb1a8f7190f567a445f_60.wav"}, {"text": "the broadest and most comprehensive line of catheter-directed thrombolysis products in the market, which we believe will allow us to serve", "audio_length_s": 8.61, "path": "62658bb0c3307b2b10e3668b8df73b0d_8.wav"}, {"text": "Our revenue growth has been driven by new product launches across a wide range of products due to changing consumer preferences.", "audio_length_s": 8.61, "path": "24c7526f6daca8e16ab91bea6124148a_132.wav"}, {"text": "like savory or beverage as it is a group of products. And those group of products could span any number of segments.", "audio_length_s": 8.61, "path": "24c7526f6daca8e16ab91bea6124148a_111.wav"}, {"text": "Participants may view the slides in any order they wish. The replay will be available shortly after the event is concluded.", "audio_length_s": 8.61, "path": "6f4386a0ec3f1f34eebaf9bc231a5895_116.wav"}, {"text": "I don't believe we're in that kind of a scenario today. I think what's happening is the second point that you were making is, that", "audio_length_s": 8.61, "path": "a756bd9ba43faae4d9d0f059925e39e9_58.wav"}, {"text": "that the merger represents a highly compelling opportunity for companies and their shareholders.", "audio_length_s": 8.61, "path": "538323cb37246bc97d1253b369a7414a_172.wav"}, {"text": "a -- I mean you've always had a very good software-only solution, I think the market is probably moved,", "audio_length_s": 8.61, "path": "594b7b614804475e4ab8ab4c405ecf40_138.wav"}, {"text": "The investor presentation available on our website includes an appendix that reconciles these non-GAAP financial measures to GAAP measures.", "audio_length_s": 8.61, "path": "0702a77635d50ec3b154df61456c1b63_79.wav"}, {"text": "We will however continue to make improvements, including more deep-dive analysis of equipment along with training and improving the skill of our people.", "audio_length_s": 8.61, "path": "eed99fefac02f862b3ee31c4748cb9b5_72.wav"}, {"text": "the Canadian heavy was impacted a little earlier by planned maintenance, unplanned maintenance in the fields.", "audio_length_s": 8.61, "path": "1096d26129c469524041c969a684f8ae_196.wav"}, {"text": "we didn't want to say we're going to wait 3 years for these key-enabling pieces of the solution to come. So we took that step and developed that middle layer, which gives us those", "audio_length_s": 8.61, "path": "7a80c3e91e5a2693cdaef5f716808317_37.wav"}, {"text": "Thank you. That concludes today's conference call. Please disconnect your lines at this time, and we thank you for your participation.", "audio_length_s": 8.61, "path": "6f73dbce90cb2d313480b437f0c51bbc_101.wav"}, {"text": "Used vehicle sales volumes were better than expected and allowed us to reduce inventory levels to our target range sooner than expected.", "audio_length_s": 8.61, "path": "eb93e70cdf7a839a69546250fb3646fb_174.wav"}, {"text": "And in closing, we have our work cut out for us in the months ahead with a clear set of priorities, which we normally outline each year.", "audio_length_s": 8.61, "path": "9b84dc4409f4ecccd173c2f81a4460cc_215.wav"}, {"text": "Getting deals closed and started remains a high priority, and we expect to see significantly improved Adjacent Services performance", "audio_length_s": 8.61, "path": "c2a4f7aacf0036edc5b94457c0d8329a_95.wav"}, {"text": "beyond the end of July until new contracts are set up? Or should we just still continue to expect the RAC revenue to fall off at the end of July?", "audio_length_s": 8.61, "path": "97b02b7a41ecb22cb04e7331052cefc8_197.wav"}, {"text": "Given strong underlying demand, pricing for aerospace aluminum plate has increased with 2 price increases announced this year.", "audio_length_s": 8.61, "path": "97ddc19ecb28bab2d19fd3b181182062_168.wav"}, {"text": "cross-selling opportunities and how they are benefiting your revenue growth, certainly in addition to your positioning with", "audio_length_s": 8.61, "path": "7f85288e472b08575b33943f4c718070_90.wav"}, {"text": "the State Department has put it on this Fed Bid. Which makes it that you've got to bid on every one of the contracts. And what it has done is,", "audio_length_s": 8.61, "path": "47546a57a865bca0f4e677dc3b485053_83.wav"}, {"text": "And that may also lead to further market share gains in the automotive, as indicated in the comments.", "audio_length_s": 8.58, "path": "d162113e3aface010baec17bd408736b_118.wav"}, {"text": "As a result, these transactions can take longer to complete than normal, but the benefit is the opportunity to complete an acquisition without competition.", "audio_length_s": 8.58, "path": "4fdbfd9eec396928550d0c799e170d34_71.wav"}, {"text": "So when I stand up again, I'll take you through how those lessons have helped us to reset the business for growth. I think we've got a great plan.", "audio_length_s": 8.58, "path": "214dcdc435ef3259490466447858fa56_150.wav"}, {"text": "the actual costs, but we haven't been in a period of running at steady state at all.", "audio_length_s": 8.58, "path": "b7d4858dcc1d9cf454416082b75a3429_198.wav"}, {"text": "connects to any bank account and lets you transfer money directly and instantly from your checking account to your new spending account. We believe this is the first in Canada.", "audio_length_s": 8.58, "path": "f3ea353a6c918bc1fd311a9cad6b9777_9.wav"}, {"text": "and then become more of the primary provider of the service as time goes on and then they help scale", "audio_length_s": 8.58, "path": "47d77b15189fadcc76113a2f7800ba28_150.wav"}, {"text": "And as an operator, virtualization will enable us to run multiple services on the same generic hardware.", "audio_length_s": 8.58, "path": "2f888e63a31b86cc2f4f97710e8eed79_96.wav"}, {"text": "is less of mixing and matching loan pools. It's more of looking ahead and refinancing proactively, capitalizing on", "audio_length_s": 8.58, "path": "abd0f750609f1263b566f0c09b981a16_30.wav"}, {"text": "with a little bit of optimism for infrastructure pick up, is there an appetite to re-fleet in any way or is it really just putting", "audio_length_s": 8.58, "path": "264e575b73bc2a485bee416c1ac10cee_119.wav"}, {"text": "We do not undertake and specifically disclaim any obligation to update or revise this information except as required by law.", "audio_length_s": 8.58, "path": "223f05c0b9b116532e9af84afa76cac7_129.wav"}, {"text": "Yourself and the company actually mentioned that you want to build smelters in different locations around the world.", "audio_length_s": 8.58, "path": "17ee868a7ed8656d69e6888ee4a6d550_75.wav"}, {"text": "We have increased the forecast to account for the impact of the continued weak yen on results from the first quarter through the third quarter.", "audio_length_s": 8.58, "path": "2a59b9df2de5248e64727f10185a8423_93.wav"}, {"text": "Another option is to bypass that provider, try to go right to the SAP system that all of these entities are using and we're also looking at that.", "audio_length_s": 8.58, "path": "55d05334bdde612eb9dd102bb41d216e_115.wav"}, {"text": "As a first move, we have just announced the partnership with Fresh Realm, the leading challenger brand in the fresh foods market", "audio_length_s": 8.58, "path": "7e14890193df4b10e1eeab6ab886529f_203.wav"}, {"text": "rewarding shareholders and making the investments necessary to sustain and expand upon our competitive position for the long term.", "audio_length_s": 8.58, "path": "e824f4380f8203a1e3ed60e7da1e39e5_11.wav"}, {"text": "The discovery of the instances of unauthorized usage continues to create opportunities for Reis' compliance team to engage in productive conversations", "audio_length_s": 8.58, "path": "e824f4380f8203a1e3ed60e7da1e39e5_100.wav"}, {"text": "for an extended period if they should so desire. So very happy with what's going on down there and continue to be happy and expect that will go for", "audio_length_s": 8.58, "path": "c96b5ae4ffe20d946daec67e2b0917b2_91.wav"}, {"text": "We're comfortable paying a higher rate to win the initial deposit relationship even if that results in short-term NIM compression", "audio_length_s": 8.58, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_114.wav"}, {"text": "and others backing out of the Marketplace as they're raising prices much more dramatically, are you concerned at all that you're going to pick up some of their less healthy populations", "audio_length_s": 8.58, "path": "3121e8f4a75758834d32a9e4e0555221_135.wav"}, {"text": "It really is going to depend on where some of the acquisitions are sourced, because some of the international acquisition opportunities", "audio_length_s": 8.58, "path": "de3b766a868da918e499f407dbf5d716_92.wav"}, {"text": "Now let's look at Specialty Property, which delivered a strong quarter despite ongoing normalization in lender-placed.", "audio_length_s": 8.58, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_86.wav"}, {"text": "To that end, we now have a fully developed corporate strategy team dedicated to exploring and analyzing these opportunities.", "audio_length_s": 8.58, "path": "1b91eb82f5211000e711424657cc2484_188.wav"}, {"text": "With our licensed agents, we're now offering Medicare Supplement insurance to help our customers pay some of the hospital and Medicare costs,", "audio_length_s": 8.58, "path": "6d02f116f1ae8575d9b916f1429454eb_40.wav"}, {"text": "Excluding this windfall tax from the current year and exit taxes associated with our European reorganization from the prior year,", "audio_length_s": 8.58, "path": "01502edf6cda82061f1f45d6b0e8e189_17.wav"}, {"text": "Ultimately, I think in generics, time is money. We want to get these products out as quickly as possible, and we don't want to be", "audio_length_s": 8.58, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_124.wav"}, {"text": "to allow these patients to lead as normal a life as possible or as independent a life as possible.", "audio_length_s": 8.58, "path": "39e5706898dcaf14a280b3a123877cd6_77.wav"}, {"text": "much more job security for the people working for us but also working in the postal market than we can today.", "audio_length_s": 8.58, "path": "fa45af64ef25007f998c655347bfbecb_132.wav"}, {"text": "If the industry is in decline, what do you think has been driving that? And do you expect declines to continue, or is there something that will flip the industry back to", "audio_length_s": 8.58, "path": "5eb57224d167f55747e3ea5aab8a91cf_7.wav"}, {"text": "increase potentially our revenue, but equally, be -- make us even more attractive to the supply chain for food safety adoption.", "audio_length_s": 8.58, "path": "e26b501c6e000fdaa11edde97cc71436_155.wav"}, {"text": "this will be a business that over the next several years should demonstrate the earnings leverage and its potential in taking great care of its customers.", "audio_length_s": 8.58, "path": "e26b501c6e000fdaa11edde97cc71436_21.wav"}, {"text": "Several have tried to place products in other existing platforms, and we've never accepted because obviously everyone wants", "audio_length_s": 8.58, "path": "cc82e791c065bdc271addf355bac274f_142.wav"}, {"text": "on the infrastructure side and we've also been quoting some mass transit work. But it just hasn't materialized like oil and gas and ag and mining that have come back nicely.", "audio_length_s": 8.58, "path": "a0006b7891ead9bdb76273f555b6f1c8_121.wav"}, {"text": "To conclude my remarks, I would like to say that we are in a relatively good position, probably the best we've had in a decade,", "audio_length_s": 8.58, "path": "23181e15a64aff686a4bbef534a46cb3_81.wav"}, {"text": "Our premier tools, powered by mass cytometry and microfluidic technologies provide deep insights across a range of many diseases.", "audio_length_s": 8.58, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_114.wav"}, {"text": "Also during this presentation, CapStar may make certain comments that constitute forward-looking statements within the meaning of the federal securities laws.", "audio_length_s": 8.58, "path": "257e4e92036da9582a8a288c88332ff3_53.wav"}, {"text": "I don't think it's going to grow as fast as the Fiscal Board predicted obviously at the beginning of the term, because federal funds have come in much slower than expected.", "audio_length_s": 8.58, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_153.wav"}, {"text": "And it's been very impressive to see its growth. It's a global company. It's not just a Spanish company. It has facilities on a global basis.", "audio_length_s": 8.58, "path": "ebc4bc2cb3902901aff809c685db42ae_9.wav"}, {"text": "Our operations team did an excellent job delivering the significant increase in revenue, while keeping control over our fixed cost.", "audio_length_s": 8.58, "path": "e56726c7aedd69029957c84128050700_67.wav"}, {"text": "highly variable seasonal swing for Robotics as we roll out of Q1 into the rest of the year. If Q1 is going to be", "audio_length_s": 8.58, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_162.wav"}, {"text": "up and running. It didn't mean we couldn't do payments before. It just -- we couldn't do forwards and we're not doing forwards in the bank yet,", "audio_length_s": 8.58, "path": "81bfbc1fbd3ce62adc594e6b57c6fb34_62.wav"}, {"text": "sustainable high volume supply of finer mesh Northern White. The one thing we would say is, these other basins are getting busier", "audio_length_s": 8.58, "path": "2905366dcf0eb60a22b63a1b3d9adf95_154.wav"}, {"text": "programs where we come in into projects as some sort of preferred player. So I don't think you'll see us", "audio_length_s": 8.58, "path": "93d3e5be9cf75e0921d47f10d4178939_110.wav"}, {"text": "While it's too soon for us to discuss the timing of sales or pricing for these properties, we believe there will be significant interest from a wide pool of potential buyers.", "audio_length_s": 8.58, "path": "93d3e5be9cf75e0921d47f10d4178939_67.wav"}, {"text": "But until then, we're maintaining our policy that we're better off with our competitors not knowing how much subsidies we're doing.", "audio_length_s": 8.58, "path": "ebecd7e874a9b3998b70ec3200f71e89_299.wav"}, {"text": "The JCR acquisition now gives us a platform that combines our access to deal flow with sources of capital looking to invest", "audio_length_s": 8.58, "path": "9ab2e6eb9debfae2de541ba645bfd265_66.wav"}, {"text": "Our company remarks on today's call include both our earnings results and guidance, which contains certain non-GAAP financial measures.", "audio_length_s": 8.58, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_47.wav"}, {"text": "But that hasn't really shown up yet. And so what you're seeing is kind of a continued extension of good solid execution the way things were", "audio_length_s": 8.58, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_21.wav"}, {"text": "but we're working pretty darn hard and making some real progress. You mentioned the holistic approach towards serving the customer and giving them", "audio_length_s": 8.58, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_173.wav"}, {"text": "We will weigh capital investment alternatives and adjust our capital trajectory as needed with the best interest of our shareholders in mind.", "audio_length_s": 8.58, "path": "bda4b365d7a8386d5d2e6b4575d08a57_70.wav"}, {"text": "we purchased the bank in June of last year, so our 20% equity stake", "audio_length_s": 8.58, "path": "38b2f94da12bbf2d32246763aab8265a_103.wav"}, {"text": "And Gates is very well positioned in those applications where we have much more significant content", "audio_length_s": 8.58, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_46.wav"}, {"text": "We are the premier and largest valve distributor, and this proves our commitment to not only maintain but extend this leadership position.", "audio_length_s": 8.58, "path": "40e11288ea7cb86fdf307dbe648142e3_104.wav"}, {"text": "the second quarter, we'll get the full benefit of the lion's share of savings out of OIB in the third quarter.", "audio_length_s": 8.58, "path": "b092d2be33ad52beefab208355b18235_19.wav"}, {"text": "there have been a whole host of examples of exits that we've made from companies that, frankly, we weren't thrilled with performance in. So we talk about backing our incumbent winners a lot,", "audio_length_s": 8.58, "path": "8aa1aa8317783203344434f855535c25_210.wav"}, {"text": "So can you just talk about where you were promotionally in the second quarter compared to the first quarter? And then, how do you think about that going forward?", "audio_length_s": 8.58, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_109.wav"}, {"text": "but that doesn't mean that we will not have this subject coming up in the next one. So as the evolution of the markets", "audio_length_s": 8.58, "path": "23417803b1a8115806b8e604b8b2bb83_53.wav"}, {"text": "early into this year. It's kind of broad-based. It makes us feel good that the processes are working and our market coverage model seems to be well received.", "audio_length_s": 8.58, "path": "1c89bbe35013b8f40511ac9ba8824242_70.wav"}, {"text": "So I think we gave you some statistics which are very generalized but basically kind of said, hey, of our proprietary brand portfolio,", "audio_length_s": 8.58, "path": "e2c02e1788cb10703d7611ef157f8135_109.wav"}, {"text": "like returning patients back to work or the reduction of ICU and hospital length of stay that we've already seen in the NEWTON study.", "audio_length_s": 8.58, "path": "73f474b631c43567329cad1bb76ff4fe_66.wav"}, {"text": "We do have schedules on hand, and we know what our shipping windows are and what our obligations are relative to their schedules.", "audio_length_s": 8.58, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_111.wav"}, {"text": "No, I think it was a good quarter in a number of levels. Volumes are holding up well. We are seeing strong demand on the refuse side.", "audio_length_s": 8.58, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_65.wav"}, {"text": "Any sense when the majors might be ready to build new offshore rigs or getting any sense of what it looks like looking out to the future?", "audio_length_s": 8.58, "path": "505ccbd6e857cad05a179a5ed5419d1b_54.wav"}, {"text": "we -- Oscar, we've actually been a little bit worried about the sustainability of these investment levels with the low", "audio_length_s": 8.58, "path": "f7df5ecab61eca575f169a8298318eca_95.wav"}, {"text": "We also will expand revenues for the Cargo and Mail business shown in green and the LCC business shown in orange.", "audio_length_s": 8.58, "path": "b0b83ac66a31c5096a75bb1927c557e2_13.wav"}, {"text": "We're seeing an opportunity to bring our solutions from other parts of the world and to localize for the local taste", "audio_length_s": 8.58, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_41.wav"}, {"text": "The first area that I'd like to cover, revenue trends, have been mixed with both some positives and some soft spots during the past few months.", "audio_length_s": 8.58, "path": "13141efea197b407280701081390f0ce_79.wav"}, {"text": "that we think are relevant to the market, main terms of our agreement with Renova. So first bucket, dividends.", "audio_length_s": 8.58, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_11.wav"}, {"text": "We continue to progress our high level of organic capital projects, and we believe these will provide increased profit growth in future years.", "audio_length_s": 8.58, "path": "0ec0a75c1800bac01520dcac5b8992fb_24.wav"}, {"text": "We have identified several step out opportunities, which will allow us to accelerate growth and profitability in the coming years.", "audio_length_s": 8.58, "path": "0ec0a75c1800bac01520dcac5b8992fb_160.wav"}, {"text": "And we think we can support our existing rates in a pretty straightforward way. So we don't anticipate meaningful, if any,", "audio_length_s": 8.58, "path": "626da68f2b245869534a0316b8b6139a_60.wav"}, {"text": "More detailed information on our reserves and resources can be found in our AIF and reserves press release issued this morning.", "audio_length_s": 8.58, "path": "ea7f210b3c08271afbdb6d434b8394e9_19.wav"}, {"text": "After all, we're changing the way we operate and run the business. The early results from some of the first transformations have been very positive and encouraging.", "audio_length_s": 8.58, "path": "9e8690a521142359001a137074905535_13.wav"}, {"text": "We're working hard to build something great for first responders, and early response from our sales activities has been very positive.", "audio_length_s": 8.58, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_136.wav"}, {"text": "Over the next 5 years, we'll be putting Band 14 on tens of thousands of new and existing sites nationwide.", "audio_length_s": 8.58, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_159.wav"}, {"text": "He's got the right experience. He's going to bring a ton of focus, as we've talked about, to take what we think is a very", "audio_length_s": 8.58, "path": "f1da65edd5f2026ffd647d496bb96ce7_88.wav"}, {"text": "That's settling down very well, but there is -- there's certainly another 6 months to a year of work to be done there I would say to get back to", "audio_length_s": 8.58, "path": "262bc21196721c5ff9114acbd2ff03c3_221.wav"}, {"text": "Our consultants determined the nature and extent of the breach while providing support for communications to regulators and law enforcement.", "audio_length_s": 8.58, "path": "1fd097fa0bd05da0e7af03521e23bc68_81.wav"}, {"text": "and that these additional statistics can better allow our investors to understand the value of the customer base as it continues to grow.", "audio_length_s": 8.58, "path": "1ad54837f74515ad7caa2a50d70459c9_147.wav"}, {"text": "Tom, it's Rob. So Japan goes into the same basket that I -- when I commented on seeing strong cash flow and distributable cash flow", "audio_length_s": 8.58, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_215.wav"}, {"text": "obviously don't comment on transactions in the abstract. I will say that we have been", "audio_length_s": 8.58, "path": "03b9bb6c861e205653c9c22f11f9ef1f_115.wav"}, {"text": "which is not different than the market averages. But we have room to grow, and we'll not hesitate", "audio_length_s": 8.58, "path": "d8db289a641593a1934fbb6407eede02_36.wav"}, {"text": "This transaction is expected to close on or around February 28. But is subject to usual closing conditions.", "audio_length_s": 8.58, "path": "e97d1655ebabb8403ac0449eadb48f9b_139.wav"}, {"text": "We estimate our full year tax rate, which reflects the impact of tax reform and stock compensation rules,", "audio_length_s": 8.58, "path": "1e756fc5d265eea3ff8e2e31c29826ae_22.wav"}, {"text": "a focused sales and support channel that provides significant value to our customers and a strong network of integration partners.", "audio_length_s": 8.58, "path": "9e07401011239a074ff66741ee557224_105.wav"}, {"text": "On the education front, we continue to advance our robust public relations campaign to raise awareness around the need for opioid-sparing pain management strategies.", "audio_length_s": 8.58, "path": "450a5dc6eb19b82da8dfc68127f6e79d_10.wav"}, {"text": "For the consumer, this includes One Touch payment, buyer protection and instant bank funding.", "audio_length_s": 8.58, "path": "49e533a8449f6b9b6c806458e73338e1_12.wav"}, {"text": "We aspire to be the de facto operating system for mobile and digital commerce around the world,", "audio_length_s": 8.58, "path": "49e533a8449f6b9b6c806458e73338e1_64.wav"}, {"text": "With IP launches occurring on a near-weekly basis, we are finding that Collectibles provides us a consistent revenue stream and traffic driver", "audio_length_s": 8.58, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_151.wav"}, {"text": "see forward-looking statements included in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations,", "audio_length_s": 8.58, "path": "433a6e203f9db93835c27ff83e86c801_131.wav"}, {"text": "We have built reserves. Now we have to assess when to say they are redundancy. And -- but we are in a very good position at this stage.", "audio_length_s": 8.58, "path": "ab3354b86be920cde18291112bf8a70a_131.wav"}, {"text": "These discussions have progressed to a point where we now better understand our cost responsibilities between parties and can more accurately estimate our costs.", "audio_length_s": 8.58, "path": "757695924b5e43c7d44e29dc141cc035_25.wav"}, {"text": "We continued to have strong relationships with key national billboard companies and expect demand to pick up again early next calendar year", "audio_length_s": 8.58, "path": "9ec35a7809acb51486076e302028ba33_4.wav"}, {"text": "The savings span across most marketing activities, including media, experiential and right through to point of sale.", "audio_length_s": 8.58, "path": "3877b1983229ec488c6349a188bccf92_145.wav"}, {"text": "But our ambition is not to create price wars, we don't follow price wars, and we certainly don't condone any price wars in the market.", "audio_length_s": 8.58, "path": "f6ce013decc49462849265711e8c93fc_106.wav"}, {"text": "Finally, we are making progress in the expansion of our business as evidenced by our performance in Installation Services.", "audio_length_s": 8.58, "path": "7498a6630302a038bd537d192c3a44f4_14.wav"}, {"text": "administration services only or ASO contract with the state of New York at the beginning of the second quarter.", "audio_length_s": 8.58, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_49.wav"}, {"text": "between the last year and this year's performance on numbers of registered actives, it is actually stable now versus last year.", "audio_length_s": 8.58, "path": "47b5defd6e2c5724f6dc3b80859c281c_48.wav"}, {"text": "But globally, please note that those bolt-on acquisitions are very consistent with what we have been doing over the last few", "audio_length_s": 8.58, "path": "49d1f0821d7f9a848e9b07a239c47074_150.wav"}, {"text": "including installation costs due under the contract. We are still working on the detailed terms which we will share when finalized.", "audio_length_s": 8.58, "path": "e7d23208b973f7998b2fb21a00d87849_9.wav"}, {"text": "look to push down. So there's an element to that built in, Sunil, but I would say that whether it's that or whether it's putting gas in the trucks", "audio_length_s": 8.58, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_147.wav"}, {"text": "At the end of the second quarter, MDU filed with the North Dakota Public Service Commission an advance determination of prudence to purchase the expansion.", "audio_length_s": 8.58, "path": "3e29586725757a72d8c143f3da2658f5_6.wav"}, {"text": "I want to spend the rest of my remarks this afternoon updating you on our progress in preparing for the accelerated approval application.", "audio_length_s": 8.58, "path": "e29584f9f829602cacebcce71c2a4fb9_111.wav"}, {"text": "pretty much on track, and we've got -- we're going to be able to really toe the line on not being behind schedule, by the end of the year.", "audio_length_s": 8.58, "path": "838af8ffae77ce8ff59c77b1985f8fc5_96.wav"}, {"text": "We're very pleased with this revenue mix as it reflects the recurring nature of our revenue and provides added predictability to our results.", "audio_length_s": 8.58, "path": "cd331fa6dd24e811af3c0529212bfbb8_5.wav"}, {"text": "The most significant factors that could affect future results are outlined in Monro's filings with the SEC and in our earnings release.", "audio_length_s": 8.58, "path": "884400c829f179d8cf68b767f45f03a4_124.wav"}, {"text": "were unique that would have put a little bit of pressure on our margins. But I think, without -- absent the investment, I think", "audio_length_s": 8.58, "path": "4311782968e936c378fdee8946cd9cca_30.wav"}, {"text": "Capital expenditures are tracking slightly higher versus planned as certain of the expenditures that were expected to occur pre spin", "audio_length_s": 8.58, "path": "ff898f396d49760343d08575ea773b54_233.wav"}, {"text": "But what we firmly believe is that in 2018, that we will see a modest price increase in the net basis.", "audio_length_s": 8.58, "path": "794528c461ef7009b1741ac67c17aba4_142.wav"}, {"text": "looking to replace disappearing traditional phone lines with advanced wireless cellular communications technology.", "audio_length_s": 8.58, "path": "fb03ff65af8e5f80abd090abeaf767cf_8.wav"}, {"text": "At NAPCO, we take their feedback and market insight seriously. The good news is that based on our conversations,", "audio_length_s": 8.58, "path": "fb03ff65af8e5f80abd090abeaf767cf_3.wav"}, {"text": "any thoughts in terms of how much higher it could possibly go or at least stay at these elevated levels?", "audio_length_s": 8.58, "path": "692de133aab90ff6681b2c45b433b32b_74.wav"}, {"text": "For our part, we will honor their service by keeping people first in everything we do. Thank you, and have a quality day.", "audio_length_s": 8.58, "path": "89499eed4dff3bd184e91cd496111f22_99.wav"}, {"text": "the same effect as we have said over the last couple of quarters, scaling specific industry solutions.", "audio_length_s": 8.58, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_10.wav"}, {"text": "We've signed a number of confidentiality agreements with quality costumers and are discussing material term contracts for our expansion volumes.", "audio_length_s": 8.58, "path": "ebd59e21db89edb92205e012427cd9db_126.wav"}, {"text": "and we do understand the government's desire to reduce energy prices overall. But this has resulted in numerous regulatory reform interventions", "audio_length_s": 8.58, "path": "4ee3c79ebc57c9870b221b9479d52436_173.wav"}, {"text": "With that said, we're also getting pricing, fairly significant pricing as a consequence of the devaluation that have occurred down there from a currency standpoint.", "audio_length_s": 8.58, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_16.wav"}, {"text": "and, importantly, they want to do more with us. Rarely in my business career have I seen such an enthusiastic customer base.", "audio_length_s": 8.58, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_113.wav"}, {"text": "and EBIT for Q4 results and recognize that these results are an accumulation on many individuals' efforts and focus.", "audio_length_s": 8.58, "path": "14fa9d7635caae6483af62a4bfe1b9d6_33.wav"}, {"text": "Are there capabilities now that you didn't have before that you have now? Is it there's more clarity on productivity efforts that enable the investment at this point?", "audio_length_s": 8.58, "path": "1f142ea668261ba963d47aac6bab69dd_29.wav"}, {"text": "back growing again in -- more significantly is a critical piece of our overall performance. But our Power Brands will continue to be", "audio_length_s": 8.58, "path": "1f142ea668261ba963d47aac6bab69dd_45.wav"}, {"text": "and the distribution improvements, which we fully believe will get approved by the New York Commission, but they haven't been yet so we're putting that in the highly likely category.", "audio_length_s": 8.58, "path": "2cd5b184c2ef6624ce219830182927c9_331.wav"}, {"text": "We should remember when we look at the operating income, yes, it is weaker than last year. Part of the", "audio_length_s": 8.58, "path": "323193895e800e72960d98dd5fb64cf5_113.wav"}, {"text": "Or a mix of both? And then, if you had any initial takeaways from the early openings of the ThinkGeek stores.", "audio_length_s": 8.58, "path": "125388f1b45117acde70abc39e0f7d04_83.wav"}, {"text": "sales tender process, where a greater number of exceptional stones will be sold as part of our regular sales tender.", "audio_length_s": 8.58, "path": "a2245a8522589003f9c235a48c0197f0_108.wav"}, {"text": "buying to this low single plan and then you're chasing? Are you, as a retailer, sort of taking the same point of view as", "audio_length_s": 8.58, "path": "6cbf592846662213258684c3049e4592_165.wav"}, {"text": "It is definitely in an early stage, but highly interesting from the technology and very complementary to Advanced Technologies.", "audio_length_s": 8.58, "path": "b20564a6da1bcfc7b80552299d9e002a_12.wav"}, {"text": "So between the volume of pricing and the fact that the usual kind of assumptions haven't yet played out,", "audio_length_s": 8.58, "path": "09eebad8f3c529b4c7d916c5f7766f7f_28.wav"}, {"text": "and remain a proprietary important branded product of United Therapeutics. First and foremost,", "audio_length_s": 8.58, "path": "8f92dfb06900be4f209f31f24cb885fb_126.wav"}, {"text": "We will aggressively go after new private networks deals, where our technology and services are highly differentiated.", "audio_length_s": 8.58, "path": "dbf6a9009ea60e2e96772ee3ccea7226_43.wav"}, {"text": "would you consider moving that to RIDEA structure? Should we expect maybe for you to do more RIDEA or some other kind of operating joint", "audio_length_s": 8.58, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_50.wav"}, {"text": "We've been looking for the right expansion opportunity for quite a while and we were excited to find an excellent partner in TAC,", "audio_length_s": 8.58, "path": "abd571ccf777ac4b0a43a7487031bc8a_15.wav"}, {"text": "flexibility and the ability to sort of redeploy that -- any capital we currently have. And that's effectively what our strategy is.", "audio_length_s": 8.58, "path": "81c03e2c15e8fe8213fbd40368b49581_112.wav"}, {"text": "So what would you be looking for to move back into some of those opportunities you shared that Dynex needs to be in some of those deeper credit", "audio_length_s": 8.58, "path": "81c03e2c15e8fe8213fbd40368b49581_27.wav"}, {"text": "We continue to successfully execute our strategy to increase market share by focusing on targeted customers across all business lines,", "audio_length_s": 8.58, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_45.wav"}, {"text": "With the recent deepening of our advisory business, we expect to add significantly more value for our care delivery customers.", "audio_length_s": 8.58, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_97.wav"}, {"text": "So it's kind of the confluence of both of those that we think is going to lead to or is leading to more folks thinking about selling.", "audio_length_s": 8.58, "path": "77423f08f0208d476dea73c639f6293a_279.wav"}, {"text": "Our purpose, vision and values together guide the organization, why we exist and what we stand for. This clarity is vital as we look to the future.", "audio_length_s": 8.58, "path": "6f1b092b312410065d308541be46da95_183.wav"}, {"text": "to the total number including redevelopment. That's what you've always seen the more detailed same-property disclosure from us in the supplemental around", "audio_length_s": 8.58, "path": "1cfd7da6c2da11f7e3f7102a6265146b_22.wav"}, {"text": "As I wrap up, let me say that we remain committed to maintaining a strong balance sheet while also executing the capital strategy Glenn described earlier.", "audio_length_s": 8.58, "path": "bcb3aac2c7cc035961d9ee8cfd330044_129.wav"}, {"text": "like to go back to the blade server and the opportunities there. And you mentioned that possibly some sites outside Alaska", "audio_length_s": 8.58, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_138.wav"}, {"text": "implementing a lot of the same best practice and also excited by seeing that our wholesaling -- wholesale partners", "audio_length_s": 8.58, "path": "7bac04f03928ee8894ab00007116400b_36.wav"}, {"text": "business revenues grew mid single digits in the fourth quarter, and we plan to maintain the price increases that we've implemented", "audio_length_s": 8.58, "path": "7bac04f03928ee8894ab00007116400b_104.wav"}, {"text": "Moving now to strategic initiatives. Last quarter, we announced that we are implementing a comprehensive corporate and operating cost reduction program.", "audio_length_s": 8.58, "path": "3ae068efa03cd088f4d3edea682f199f_193.wav"}, {"text": "Additionally, the fourth quarter saw significantly more new Android users as a percentage of net additional users than any other quarter in our history.", "audio_length_s": 8.58, "path": "30a142fac5a62ab00227cb6a339a6226_61.wav"}, {"text": "and if any color on how much of that is leveraged versus some of the maybe more discreet items that you're doing to improve margins overall.", "audio_length_s": 8.58, "path": "365c360aff42713cef71a7d026eeeb6d_218.wav"}, {"text": "As you might infer from our guidance, we expect some drag next year from lower workers' compensation and SUI rates,", "audio_length_s": 8.58, "path": "365c360aff42713cef71a7d026eeeb6d_21.wav"}, {"text": "effectively, permits you to be a much long -- bigger brand, whether it's 8 feet over time or even greater. Is that how we should think about it as incremental space and just better", "audio_length_s": 8.58, "path": "19bfb8daeb6e43d59415df478017d5c3_55.wav"}, {"text": "In addition, the production contribution from TauTona has been excluded due to the orderly closure of the mine.", "audio_length_s": 8.58, "path": "9b84dc4409f4ecccd173c2f81a4460cc_211.wav"}, {"text": "But we did do a deep dive into the condition of the equipment and the infrastructure that we need. We", "audio_length_s": 8.58, "path": "9b84dc4409f4ecccd173c2f81a4460cc_309.wav"}, {"text": "but it was exactly what we needed to do in order to generate growth through increasing service to our customers, and it's now paying off.", "audio_length_s": 8.58, "path": "744f5859c7d9a0567b387ae84326d940_130.wav"}, {"text": "do you do any preparation in terms of purchasing or not, or do you just wait and see what happens with the announcement.", "audio_length_s": 8.58, "path": "97ddc19ecb28bab2d19fd3b181182062_190.wav"}, {"text": "and potentially valuable over the longer term because of unique packaging or the resulting long-term rarity.", "audio_length_s": 8.58, "path": "ff59c33225941d4025bcecc8fe1a4b32_6.wav"}, {"text": "vehicle dealerships, we have 2 products. One was already operating in the cloud and the other one was not running in the cloud.", "audio_length_s": 8.5799375, "path": "ffe22f8bcf153b8b51f6e52039686c1e_63.wav"}, {"text": "that I think are all actionable. There is also an opportunity in addition to the cost that we had last quarter.", "audio_length_s": 8.5500625, "path": "22ad97a95501a08f15c06605cd277fec_126.wav"}, {"text": "and still represent record levels. Moving to our land and inventory management on Page 11. Another factor", "audio_length_s": 8.5500625, "path": "ade68f8add7249890d086ecf4b5b8cab_57.wav"}, {"text": "from our perspective, the demand is equivalent to what we are holding ourselves accountable to do.", "audio_length_s": 8.5500625, "path": "4311782968e936c378fdee8946cd9cca_60.wav"}, {"text": "Also contributing to the decline in net investment income was an unusually high level of income from called securities in the prior year period,", "audio_length_s": 8.5500625, "path": "bcb3aac2c7cc035961d9ee8cfd330044_126.wav"}, {"text": "the customer demand came in strongly. And with some of the steps that we've taken over the past couple of years", "audio_length_s": 8.55, "path": "7ad622c38e1f0e472ca166e2ad70844d_61.wav"}, {"text": "the local financials for in pesos and the translation so there is a disconnect between the exchange rate movements", "audio_length_s": 8.55, "path": "13aa6c0669adb5544a0d62beef677189_38.wav"}, {"text": "confirmation regarding how much of the secured facilities can be used as cash and how much for letter of credit.", "audio_length_s": 8.55, "path": "569834a5cb8a33dfeac20dfa8e03afb3_26.wav"}, {"text": "We've now received the volume production orders. If you remember, I was talking about they had to go through a sequence of preproduction builds. And so", "audio_length_s": 8.55, "path": "ab5b4ea5cd86e4f7deafe9814024fada_39.wav"}, {"text": "the increase in sales volume directly led to the increase of gross profit and increase in operating profit.", "audio_length_s": 8.55, "path": "3cb802f8fba7d33603c29387ccdaf817_176.wav"}, {"text": "are you seeing any change in the value of those larger projects that are already in existence? Or they just remain at very high multiples?", "audio_length_s": 8.55, "path": "8b6c481f7fe797353fefe886e205bbaa_41.wav"}, {"text": "we're really encouraged by the fact that it was only a little bit down versus what we expected because of some growth that we're seeing in one of our end markets up in Canada.", "audio_length_s": 8.55, "path": "22ad97a95501a08f15c06605cd277fec_110.wav"}, {"text": "So I understand you might not be able to get into the details of the negotiations and so forth, I fully understand that.", "audio_length_s": 8.55, "path": "54558afacef9ab3010d5a57ac4feb664_30.wav"}, {"text": "we're going to be operating the pharmacy with the focus on the customer and their healthcare needs with an improved level of sophistication", "audio_length_s": 8.55, "path": "d70a57dd52d0e4cf86a6225dca186bc2_142.wav"}, {"text": "on a worldwide basis to help us reach, on a frequent basis, the markets that we need to reach", "audio_length_s": 8.55, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_58.wav"}, {"text": "and which is a pressure on net interest margins is the whole LCR regime or the liquidity coverage ratio regime.", "audio_length_s": 8.55, "path": "4c0e38d8d88c73a7a01dc542a85b2604_18.wav"}, {"text": "that are produced locally and sustainably. And we're also focused on meeting consumer demand for convenience and speed of service.", "audio_length_s": 8.55, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_125.wav"}, {"text": "process, which is going to be a great strategic advantage for us to now use these direct contracts", "audio_length_s": 8.55, "path": "56e05107e391476d11fe1f637733f028_38.wav"}, {"text": "We're confident on the positive impact this will have on our customer traffic as they become increasingly familiar with Circle K's added value to their shopping experience", "audio_length_s": 8.55, "path": "570faeed3dcfa26c6246dc42309025ad_135.wav"}, {"text": "with that of other health plans that primarily serve Medicaid members as opposed to those that primarily serve commercial members.", "audio_length_s": 8.55, "path": "3121e8f4a75758834d32a9e4e0555221_13.wav"}, {"text": "As the American saying goes, put your money where your mouth is, and I think this is increasingly what we need to do", "audio_length_s": 8.55, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_15.wav"}, {"text": "capital into that market. The other thing to remember is we haven't had a big storm in quite a while, and that's not going to continue.", "audio_length_s": 8.55, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_150.wav"}, {"text": "that. That is our argument as well. That there is no -- there may not be any bias,", "audio_length_s": 8.55, "path": "1f43e30e245ed30be41602d8423db99e_42.wav"}, {"text": "We continue to focus on finding additional opportunities to grow beyond the current plan for the benefit of our customers and our shareholders.", "audio_length_s": 8.55, "path": "9589f919b51ea96f732c4fe7fd180d7e_66.wav"}, {"text": "Thank you. First of all, I would like to thank you for spending your valuable time with us. Regarding your questions, I'm going to answer them one by one.", "audio_length_s": 8.55, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_15.wav"}, {"text": "if you need to manage companies based on interpreters, then it can be really difficult.", "audio_length_s": 8.55, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_279.wav"}, {"text": "We will continue to assess the rate at which we grow the dividend in the context of our yield and payout ratio relative to peers.", "audio_length_s": 8.55, "path": "a212b77ae2b2452093665a4e179ed3a3_10.wav"}, {"text": "to continue our strategic approach to pricing, service enhancements, customer retention and new business development.", "audio_length_s": 8.55, "path": "5308c910fb34c8291b372e7a94521e9b_81.wav"}, {"text": "up to 4.6%. So we do see some sequential improvement throughout the course of the year. I think that's predominantly going to be in the second and third quarters,", "audio_length_s": 8.55, "path": "a827180c08c11f2e53c6966fceaabf5b_83.wav"}, {"text": "in order to provide our customers with the ability to optimize how their guests access funds across the casino floor,", "audio_length_s": 8.55, "path": "1b1699497be56330b3ed833f22bc63f6_99.wav"}, {"text": "only show in our portfolio that uses the entire exhibit space, we're going to benefit of that on the comeback. And in fact, we'll expect to sell this show out.", "audio_length_s": 8.55, "path": "4032bfdd59881fc6506c082737cb5a99_132.wav"}, {"text": "indicating that the drug may demonstrate substantial improvement on a clinically significant endpoint over available therapies.", "audio_length_s": 8.55, "path": "0dbbae27d7055ecc04cc25e14e4de12d_199.wav"}, {"text": "We plan to grow these businesses and recently approved capital to put a new thermoforming line in our plant in Guadalajara, Mexico.", "audio_length_s": 8.55, "path": "1133b8984db446b9c963a09eaf0785a4_159.wav"}, {"text": "And at the same time, we continued to push hard for capturing the synergies between our mail", "audio_length_s": 8.55, "path": "cfe2656d9b742e3743835cfde245c60a_50.wav"}, {"text": "Please turn to Slide 18. With respect to profit before income taxes for the fiscal first half,", "audio_length_s": 8.55, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_39.wav"}, {"text": "This is the second quarter in a row in which we have operated with our loan to deposit ratio at the upper end of our guidance and we expect this trend to continue.", "audio_length_s": 8.55, "path": "257e4e92036da9582a8a288c88332ff3_16.wav"}, {"text": "for total core revenue growth of 18 basis points on assets when you include Harbor and Sunshine. And Steve can give you some more color", "audio_length_s": 8.55, "path": "15ac383479a7c990aab7b155e4d42053_5.wav"}, {"text": "We continue to be very confident in Grizzly's strong underlying trends, its authentic product proposition, its highly loyal consumer base", "audio_length_s": 8.55, "path": "655d592e9d1b1027f1824b1554d8b131_117.wav"}, {"text": "exceptional service and process knowledge to support our clients when, where and how they want to work in a digital world.", "audio_length_s": 8.55, "path": "1244d2b5a259c3bc73742830d60d53fc_38.wav"}, {"text": "mainly due to contributions from the Newark Airport Terminal 1 project and the favorable closeout adjustment on a courthouse project in California.", "audio_length_s": 8.55, "path": "a965bbd76f3d449c86e8c27d03ac192f_15.wav"}, {"text": "Our effective tax rate was 24% for the quarter and we currently expect our effective rate to continue to be in the low 20% range.", "audio_length_s": 8.55, "path": "2905366dcf0eb60a22b63a1b3d9adf95_104.wav"}, {"text": "whether we choose to call that a release or not, I don't think of it as a release. I think that we've built energy reserves, just not specific reserves, because the", "audio_length_s": 8.55, "path": "07d30eec04a77191950ef0992d097daf_38.wav"}, {"text": "was a specific reserve for the problem credit we've been talking about now for almost 18 months that got resolved. It was supposed to get resolved", "audio_length_s": 8.55, "path": "07d30eec04a77191950ef0992d097daf_95.wav"}, {"text": "As a reminder, PHYOX has enrolled 25 normal healthy volunteers in the Group A portion of the study, which is complete,", "audio_length_s": 8.55, "path": "01ebdadb81d0e5a57270957c0cbe83fc_117.wav"}, {"text": "Our capital investment plan includes realignment of our production network to strengthen our foundation for the future.", "audio_length_s": 8.55, "path": "f4d0f1362716be33f02690dd1a8df663_131.wav"}, {"text": "and we would expect that as we get more and more phone numbers and we get the usage pull-through,", "audio_length_s": 8.55, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_136.wav"}, {"text": "We have not considered positively the conversion to condos. At", "audio_length_s": 8.55, "path": "02825b6f22019c60be741d7e45b63f9d_66.wav"}, {"text": "But on the load side and this continuation effect you ask, I do think there is an element of our size of city,", "audio_length_s": 8.55, "path": "a7e7a1621af9b4e850260f9824ee8746_152.wav"}, {"text": "We expect to repatriate a limited amount of cash from our non-U.S. entities due to the capital and liquidity requirements of those entities.", "audio_length_s": 8.55, "path": "0899e07f70a6e5be842fb6e22a3fafe9_78.wav"}, {"text": "the subbase on site, and really working hard to make sure that they are using their infrastructure efficiently and getting a better bang for the dollar.", "audio_length_s": 8.55, "path": "ade68f8add7249890d086ecf4b5b8cab_74.wav"}, {"text": "Of course, we keep looking for better ways to complete this big resource that we've got and keep looking at new technologies that are always being developed.", "audio_length_s": 8.55, "path": "8fd0d858dd99b5b6291eafc83e9a604d_37.wav"}, {"text": "benefit from cost savings, you said that is before any reinvestment in the business. So wondering if you could give us an idea of what's your sort of", "audio_length_s": 8.55, "path": "be8b554309f7632bc9ebbd967764001e_114.wav"}, {"text": "Let me begin by reminding everyone that our discussion this morning may include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities", "audio_length_s": 8.55, "path": "3cc0a4a6f1b08b522c732ad8944e8624_92.wav"}, {"text": "in a lot of those markets tends to be lumpier, and I'm trying to get a sense whether we should view", "audio_length_s": 8.55, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_118.wav"}, {"text": "closely, is in line or, without being too optimistic, slightly ahead of what we expected there as well. So we believe that", "audio_length_s": 8.55, "path": "47b1a118c53956b23f1d687a75f3e5ba_42.wav"}, {"text": "to continue to drive that down. In fact, we are slightly disappointed that we haven't driven it down more in 2016, may I say.", "audio_length_s": 8.55, "path": "47b1a118c53956b23f1d687a75f3e5ba_224.wav"}, {"text": "ownership mentality once more that we're trying to drive next to this speed and proximity to the marketplace.", "audio_length_s": 8.55, "path": "47b1a118c53956b23f1d687a75f3e5ba_54.wav"}, {"text": "In a nutshell, we've been very pleased with how things are going this year. We're seeing good growth in our customer and usage metrics.", "audio_length_s": 8.55, "path": "9b93af1e7019959620214c387f283d8e_93.wav"}, {"text": "will bring that new leadership and strength to make this business continue to grow and to improve and to return shareholder value.", "audio_length_s": 8.55, "path": "a02b735de681c682fbb8025edecca271_73.wav"}, {"text": "Now before we open up the call for questions, I'd just like to say it's been a privilege to be part of this team and I'm incredibly proud of what we've accomplished.", "audio_length_s": 8.55, "path": "6c43a32379bfc34fc8cfe84ff94d6498_78.wav"}, {"text": "So I mentioned earlier that we continue to expand very quickly into the international using", "audio_length_s": 8.55, "path": "815f65663b3982554e82806de0cbd918_203.wav"}, {"text": "We're looking at -- we continue to look to buy quality plants. We have nothing imminent and have seen nothing on the market", "audio_length_s": 8.55, "path": "f90636acacf7a46141d37814810a6a8f_26.wav"}, {"text": "And three, is the system of intelligence. Bret touched on it with Einstein, with AI, but even look at our advanced analytics capabilities that we now", "audio_length_s": 8.55, "path": "16ed973148ce103dc95fdcfaf35bbe7b_159.wav"}, {"text": "we have to take account of the current macro oil environment and that, as Kenneth said, we're putting a much", "audio_length_s": 8.55, "path": "10dfe5270a7e4216d68614041d2a9bbe_146.wav"}, {"text": "As you can imagine that there has been a lot of work over the last years of moving the port infrastructures around", "audio_length_s": 8.55, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_79.wav"}, {"text": "These changes are already having an impact. Smirnoff is in a competitive segment, and we adjusted price to improve competitiveness.", "audio_length_s": 8.55, "path": "c3567809c19ce6a800677544cd84f88b_216.wav"}, {"text": "So this is something that I feel confident we will get on the other side of as that vertical market becomes more stable.", "audio_length_s": 8.55, "path": "191c819db03c2dfd0207cd1f42e278a4_141.wav"}, {"text": "to that set of clients. And that's a group of clients that have been largely ignored by our larger competitors.", "audio_length_s": 8.55, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_33.wav"}, {"text": "and was flat for the third quarter. Let's move to a more detailed review of the third quarter segment earnings drivers starting with the Pennsylvania results", "audio_length_s": 8.55, "path": "526e0d5398a516831b49936c31a8ea1c_116.wav"}, {"text": "we have produced annual total value creation, defined as the increase in book value plus dividends paid,", "audio_length_s": 8.55, "path": "7cf9ea093ccaf8fe8af51c4e00832372_21.wav"}, {"text": "And America continues to be weak when it comes to orders. If you look at the net sales growth,", "audio_length_s": 8.55, "path": "f7df5ecab61eca575f169a8298318eca_75.wav"}, {"text": "This also means that all previously recognized currency translation differences,", "audio_length_s": 8.55, "path": "4567936d89925d1a3b983274b11ecae5_132.wav"}, {"text": "But again, a good place to look, I think people -- if you go back and look -- and we put 10 years' worth of information in our investor presentation", "audio_length_s": 8.55, "path": "08f219f6cb65bd0ed50cb8444a3884f8_130.wav"}, {"text": "and we can see it. It's just been a matter of delivering. And we're confident that there's more there. We're nowhere near our full potential", "audio_length_s": 8.55, "path": "08f219f6cb65bd0ed50cb8444a3884f8_30.wav"}, {"text": "start to contemplate a bigger expansion at Trentwood? And hypothetically, if someone approached you to provide substrate into", "audio_length_s": 8.55, "path": "08f219f6cb65bd0ed50cb8444a3884f8_104.wav"}, {"text": "The improvements reflect a favorable shift in product mix as the current year automotive shipments include new programs for chassis and structural applications", "audio_length_s": 8.55, "path": "08f219f6cb65bd0ed50cb8444a3884f8_5.wav"}, {"text": "We will not be making an adjustment for mainly loss volume. We don't think that'd be appropriate, but we'll certainly be able to quantify the effects of", "audio_length_s": 8.55, "path": "809e26eaacb31ffdee78d3f41a6ce90a_98.wav"}, {"text": "so I would think the mix, I'll give you a better answer next time when I look at that in detail but from what I've seen at this point, the mix is more", "audio_length_s": 8.55, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_122.wav"}, {"text": "It is important to note that, quite apart from the number of retail stores in the Russian market, we continue to see improving trends in the overall amount of SIM card sales", "audio_length_s": 8.55, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_44.wav"}, {"text": "We have 2 production units in hometown, and we have converted the first unit to the same technology we already use in our Korea plant.", "audio_length_s": 8.55, "path": "0ec0a75c1800bac01520dcac5b8992fb_116.wav"}, {"text": "we're all focused on driving our culture to deliver outstanding results for our customers, employees and shareholders.", "audio_length_s": 8.55, "path": "0ec0a75c1800bac01520dcac5b8992fb_60.wav"}, {"text": "slightly down from where we were in the first half of last year but roughly in the range of where we've been as we look at the last 6 quarters or so.", "audio_length_s": 8.55, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_97.wav"}, {"text": "Our quarterly earnings press release was issued last night. You can find the release, including reconciliations of reported results", "audio_length_s": 8.55, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_136.wav"}, {"text": "and there was inventory builds and the product was just rolling out. And in fact, as you know with military applications, they may not be as", "audio_length_s": 8.55, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_28.wav"}, {"text": "it doesn't matter if you think -- if you make dollars and you get it that way. But when you're thinking Colombian pesos, it will be hard to", "audio_length_s": 8.55, "path": "333d478ab06fd400afafa68f4a952191_148.wav"}, {"text": "and Viridor. And it's natural for a new Chairman to examine the strengths of the business and consider the future.", "audio_length_s": 8.55, "path": "e00fd35e201a8607d264b803a5130c59_1.wav"}, {"text": "Well, can I say thank you all for being with us this morning. I heard the word awesome being used, and I think the talent in this room", "audio_length_s": 8.55, "path": "e00fd35e201a8607d264b803a5130c59_236.wav"}, {"text": "The HeliOffshore community will be gathering later this month for a second annual conference to continue this important mission.", "audio_length_s": 8.55, "path": "8d9efef3c305ec549fb15daa27107c83_41.wav"}, {"text": "but we can also be leaders in making it better. So if the NAACP wants to talk to us and wants to help us get better, we're excited about that. So", "audio_length_s": 8.55, "path": "1949bd0c9c4c23d495d880c4c552bfe1_269.wav"}, {"text": "At a high level, results in the quarter benefited from strong margins and good growth across a number of our businesses.", "audio_length_s": 8.55, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_173.wav"}, {"text": "Because we have the scale to invest in vertically focused sales channels, we develop deep industry knowledge and customer intimacy", "audio_length_s": 8.55, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_181.wav"}, {"text": "not only do we think that, that will carry over, we would expect that to even improve over the course of the year as we continue to focus on operating costs across the system.", "audio_length_s": 8.55, "path": "735a523f1ef6500b7aa97a2536d9c4fd_31.wav"}, {"text": "when I looked back over time, I think you're starting to see that other products with this customer are starting to drive a fair amount of demand for us.", "audio_length_s": 8.55, "path": "61a1812ea55a4d676119b4f3d7cd6c10_55.wav"}, {"text": "While this particular slide is a bit of a repeat of information we shared on our REIT call last month, I think the information does bear repeating.", "audio_length_s": 8.55, "path": "9ba83ac067a98f8b12cc480ff0691e91_123.wav"}, {"text": "and engagement and so this is one of the things I am really excited about as we move into '19, and I think it could be a big opportunity for us.", "audio_length_s": 8.55, "path": "ab3354b86be920cde18291112bf8a70a_115.wav"}, {"text": "and ensuring that in an interactive way our clients can deliver that seamlessly to more of their clients because it does take a bit more work", "audio_length_s": 8.55, "path": "ab3354b86be920cde18291112bf8a70a_69.wav"}, {"text": "and we've been taking steps to address it. We have a broad set of capabilities and product offerings with good performance and global distribution.", "audio_length_s": 8.55, "path": "ab3354b86be920cde18291112bf8a70a_94.wav"}, {"text": "want to start with Redeem, especially given the impact that had in this quarter. Just how do you think about that", "audio_length_s": 8.55, "path": "c20824ea6f927fe380f48a904cf4821b_55.wav"}, {"text": "have had the enviable position of having your stock go up for the most of the year and share buybacks come in a little bit below expectations.", "audio_length_s": 8.55, "path": "4721d5a2e7061d90a4e4e4768adc2486_194.wav"}, {"text": "to the extent you could kind of force rank where you're saying the greatest pressure from and maybe kind of characterizing it in 3 buckets? One,", "audio_length_s": 8.55, "path": "2a7af3c66762ce608379005a3d7bfa96_102.wav"}, {"text": "and a handful of markets and a couple of those being weaker obviously than others. Have you guys given any thought to, and you don't need to tell us specific markets, but", "audio_length_s": 8.55, "path": "3c80de013154b028ecdc6354d16c6fbc_47.wav"}, {"text": "I don't see us losing that same amount this year. I think that we'll essentially cut that loss in half this year.", "audio_length_s": 8.55, "path": "80a2ca14358172366acab4e80f3fa33b_164.wav"}, {"text": "If indeed the international spend next year is up 10%, we would still guide our revenue", "audio_length_s": 8.55, "path": "5633fe3600ee04237bbb918c56341864_37.wav"}, {"text": "we have been able to continuously maximize shareholder value. I will now turn it over to Paul to walk through the numbers in detail.", "audio_length_s": 8.55, "path": "98bbf1693b5a53e7f02d890a8dca876a_81.wav"}, {"text": "Our conservative portfolio construction, including the proportional increase in credit hedges that I previous mentioned, both contributed to our October performance.", "audio_length_s": 8.55, "path": "a0d537badd260e2071136602e3b73b26_152.wav"}, {"text": "This will assist us going forward as we expand our relationship with each customer, helping to supply them with additional services.", "audio_length_s": 8.55, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_5.wav"}, {"text": "We will continue to expand our investment in beauty and improve our vendor base similar to our strategy with home.", "audio_length_s": 8.55, "path": "9908957f60adff5efc1c8692a0f5ab38_7.wav"}, {"text": "The team recognized this opportunity and moved quickly. We went from conception to completion and moving traffic in less than 90 days.", "audio_length_s": 8.55, "path": "71ea3ed1436c2759a95f8d629963db2e_238.wav"}, {"text": "we are actively working with our customers to sort of change this model that I talked about.", "audio_length_s": 8.55, "path": "71ea3ed1436c2759a95f8d629963db2e_191.wav"}, {"text": "Examples of forward-looking statements include statements we make regarding guidance relating to our financial results.", "audio_length_s": 8.55, "path": "cd331fa6dd24e811af3c0529212bfbb8_85.wav"}, {"text": "We expect RVI transactions to begin closing in the second quarter with larger volumes in the second half of the year.", "audio_length_s": 8.55, "path": "11f02fb2db5d9fb5ff82f0374376f759_45.wav"}, {"text": "and that is not going to change with the pre-claims demonstration. So we'll continue to have that amount coming in upfront.", "audio_length_s": 8.55, "path": "b126c31149f1cadf1d891082a187d6fc_118.wav"}, {"text": "We're in the process of evaluating several opportunities that support this strategy and look forward to sharing announcements on our progress at the appropriate times.", "audio_length_s": 8.55, "path": "5efe4589d80ac1232c2958182c188903_94.wav"}, {"text": "And so I think we're going to need a lot more time before we can make a structural judgment. What I know is we have lower green in the future. We have the price points that are working.", "audio_length_s": 8.55, "path": "34b4c03bbd8e9d5fceb8c8af89388197_113.wav"}, {"text": "One of those is an operation that will be going in for refrigerated trailers in Mexico.", "audio_length_s": 8.55, "path": "64364105b816dd0b6a029e9cd210e65b_54.wav"}, {"text": "For the past 5 years, we've been reshaping the business and really focusing on a clear 3-point strategy.", "audio_length_s": 8.55, "path": "24a133abc343c813233d416b0cef96cd_231.wav"}, {"text": "which are leading to many new customer and business opportunities. The level of interest for our Sketch-to-Scale solutions remains very high", "audio_length_s": 8.55, "path": "f5e9c69a92eb9179062673e044f8a53b_194.wav"}, {"text": "at what point in time does management start back up the stock buyback with these type of cash flows looking", "audio_length_s": 8.55, "path": "52446e909611115f34d7b34bf7c09c99_31.wav"}, {"text": "where there's legislation being passed without consultation, and by your own admission, too early to assess the impact of some of that legislation,", "audio_length_s": 8.55, "path": "4ee3c79ebc57c9870b221b9479d52436_44.wav"}, {"text": "yes. We're here to service our clients. We here to meet their needs as and when they're ready, and we certainly expect that these relationships will grow over time.", "audio_length_s": 8.55, "path": "6aad408f4bb1930cf10f445115f6ed3d_209.wav"}, {"text": "I think you're just seeing the fruits of that. So our expectation is we're going to have a very strong fourth quarter, a little bit artificially strong", "audio_length_s": 8.55, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_129.wav"}, {"text": "we have the pipeline there to do it. It's getting the PPAs agree to, and we don't want to get too far out ahead of that. So", "audio_length_s": 8.55, "path": "2cd5b184c2ef6624ce219830182927c9_389.wav"}, {"text": "We're not quite there yet. I think that there's going to be challenges for the next couple of quarters as we continue to work on them.", "audio_length_s": 8.55, "path": "711d9abe4399e7184d7dd8e3273f8a71_176.wav"}, {"text": "Barnes Group experienced a challenging third quarter as overall macroeconomic conditions put pressure on some of the end markets we serve.", "audio_length_s": 8.55, "path": "711d9abe4399e7184d7dd8e3273f8a71_64.wav"}, {"text": "and that we have reached satisfactory agreement with the insurance company that will cover damages and loss of profits.", "audio_length_s": 8.55, "path": "05dd495370eec8168a564fd9eac0ea5d_54.wav"}, {"text": "At our current rate of waste mining, we expect to complete the Cut 2 pushback either in Q4 this year or Q1 next year,", "audio_length_s": 8.55, "path": "a2245a8522589003f9c235a48c0197f0_6.wav"}, {"text": "You might or we might need to buy a few of those assets to get your next Sensile Medical.", "audio_length_s": 8.55, "path": "b20564a6da1bcfc7b80552299d9e002a_11.wav"}, {"text": "So could you talk about your plans and ambitions in specialty chemicals in China both in terms of organic and inorganic growth?", "audio_length_s": 8.55, "path": "29262b03ab2581af83aaa5abd6acd0bd_56.wav"}, {"text": "as well as an incremental benefit from foreign exchange. David will discuss the details of these items shortly.", "audio_length_s": 8.55, "path": "50eb350badadec6e4272b90684741c25_150.wav"}, {"text": "So those of you who do even the smallest analysis will quickly realize that our headcount has grown faster than", "audio_length_s": 8.55, "path": "16614fa848b6601733f9eb4b2ee4da71_8.wav"}, {"text": "The first step we are integrating new product features and interactive services to increase user engagement and stickiness of the portals.", "audio_length_s": 8.55, "path": "411bdacf05f84134fc80b874a15cf3b7_256.wav"}, {"text": "As Joe discussed, we expected to begin regaining momentum in our VA business during the second quarter, and it's going to take longer than we anticipated.", "audio_length_s": 8.55, "path": "62658bb0c3307b2b10e3668b8df73b0d_25.wav"}, {"text": "quarters, is seeing considerable pickup in the growth rate in that small direct marketing channel. We've moved it from being a more transactional relationship", "audio_length_s": 8.55, "path": "abd571ccf777ac4b0a43a7487031bc8a_271.wav"}, {"text": "Can it also have this attribute? That's the key part why we continue to see a lot of growth in this market is because we've invested", "audio_length_s": 8.55, "path": "24c7526f6daca8e16ab91bea6124148a_230.wav"}, {"text": "We believe the outcome of the filings was fair and importantly, there was a clear recognition of a need for increased investment to modernize the networks.", "audio_length_s": 8.55, "path": "6f1b092b312410065d308541be46da95_6.wav"}, {"text": "It also helps us support our customers in ways that our competitors find hard to match, as we have units where and when they want them, regardless of the location.", "audio_length_s": 8.55, "path": "83c003be6ac012b814cfecef95459f02_123.wav"}, {"text": "I'd like to remind everyone that in the course of the call, in order to give you a better understanding of our performance, we will be making certain forward-looking statements.", "audio_length_s": 8.55, "path": "4750e4b9b0cd39e9b8774537c7fb0dba_97.wav"}, {"text": "we do see some signs of more jobs in civil construction", "audio_length_s": 8.55, "path": "f15a674bdbbc461872000604216ae071_167.wav"}, {"text": "It's expected that OMB will approve the rule and a final regulation will be published in the coming months with implementation expected around year-end.", "audio_length_s": 8.55, "path": "bcb3aac2c7cc035961d9ee8cfd330044_7.wav"}, {"text": "no. Right now the people have not shown lot of interest on the enterprise side to move to software.", "audio_length_s": 8.55, "path": "594b7b614804475e4ab8ab4c405ecf40_139.wav"}, {"text": "And the reason for that is that our own operating units are processing more than what we have", "audio_length_s": 8.55, "path": "48bcc356a89059f921765f872bfe293c_179.wav"}, {"text": "We discussed on our recent earnings calls our expense improvement actions over the past few quarters and our newly acquired properties.", "audio_length_s": 8.55, "path": "b49c3cda0bcd26bab06abdd492274a3e_37.wav"}, {"text": "After I provide you with some additional color on our first quarter numbers, I have a couple of announcements to make, and then we'll brief you on some recent developments.", "audio_length_s": 8.55, "path": "b49c3cda0bcd26bab06abdd492274a3e_80.wav"}, {"text": "As we discussed during our call on March 23, the acquisition will strengthen and help grow the core of our business.", "audio_length_s": 8.55, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_6.wav"}, {"text": "We expect to translate this growth into strong operating and earnings performance and once again achieve our target business model for the full fiscal year.", "audio_length_s": 8.55, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_90.wav"}, {"text": "Power declined due to lower activity in the Middle East and Africa and Far East, with the Far East also reporting the largest reduction in water.", "audio_length_s": 8.55, "path": "7a80c3e91e5a2693cdaef5f716808317_68.wav"}, {"text": "In just 2 months since its launch, some of the most visited websites have installed the Pixel across thousands of domains.", "audio_length_s": 8.55, "path": "30a142fac5a62ab00227cb6a339a6226_77.wav"}, {"text": "it's -- the thing that's so attractive about it is to expand our cemetery footprint, you have to use expensive capital. I have to buy the cemetery.", "audio_length_s": 8.55, "path": "7e018402f521eec8ce7a9df8cd61e144_72.wav"}, {"text": "a little shorter. So it really depends on product mix. But that is a focus for us, is trying to continue to make sure that we manage our", "audio_length_s": 8.55, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_97.wav"}, {"text": "yet we've seen rental really have a nice pickup. So I would tell you, in this case, it's probably -- it doesn't seem to be impacting it.", "audio_length_s": 8.55, "path": "eb93e70cdf7a839a69546250fb3646fb_105.wav"}, {"text": "likely to increase margins in the first half. Does that mean you're expecting the other segments to show margin improvement year-over-year in the first half?", "audio_length_s": 8.55, "path": "744f5859c7d9a0567b387ae84326d940_154.wav"}, {"text": "As we have previously indicated, our primary capital allocation focus for that cash and our available borrowing capacity", "audio_length_s": 8.55, "path": "97b02b7a41ecb22cb04e7331052cefc8_189.wav"}, {"text": "Compared to our expectations, revenue, excluding storm restoration services, was at the upper end of guidance but earnings were near the low end.", "audio_length_s": 8.55, "path": "523cf294ec146d5411972168b1c10f09_38.wav"}, {"text": "These ratios as well as our enhanced liquidity, have us well-positioned to be able to transact efficiently on acquisition opportunities as they materialize.", "audio_length_s": 8.55, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_60.wav"}, {"text": "but not -- the increase will not be as much as we have seen before. So I would expect single-digit increase", "audio_length_s": 8.55, "path": "78cf0d3e40caba622d8914916f0f9146_85.wav"}, {"text": "Although there is some seasonality because of Chinese New Year, it is a very encouraging trend.", "audio_length_s": 8.52, "path": "118b6e5a6077bedf5081ed70425b6866_32.wav"}, {"text": "Now let me give you guidance for the second quarter. Our Executive Search backlog remains strong when compared to other first quarters,", "audio_length_s": 8.52, "path": "0d631e444d1c22f0be99a69f5deaff94_8.wav"}, {"text": "We are also beginning to see tangible benefits from our efforts to reengineer and streamline our internal processes.", "audio_length_s": 8.52, "path": "e274d02ea943c0a74779950fe28e839d_10.wav"}, {"text": "Mr. Itaya explained that because of many uncertainties, annual dividend will be unchanged for now.", "audio_length_s": 8.52, "path": "3cb802f8fba7d33603c29387ccdaf817_144.wav"}, {"text": "As I've mentioned, I've also had a chance to meet several customers already in order to understand their needs and how Marvell can help solve their problems.", "audio_length_s": 8.52, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_26.wav"}, {"text": "going on within the company whatsoever. I believe that quarter one seasonally is always down,", "audio_length_s": 8.52, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_104.wav"}, {"text": "With a broad and deep clinical program that continues to grow and continues to generate positive monotherapy and combination data,", "audio_length_s": 8.52, "path": "f0ce0d97cf62c9076226e0aeeb550493_124.wav"}, {"text": "extremely high short-term finance penetration. I'm probably a little bit more cautious on that because I think the", "audio_length_s": 8.52, "path": "3bdb43dc1bcef6eff76f45efedb6a211_129.wav"}, {"text": "When we bought it, they had about 8 years left on their lease, but again working closely with them, we're hopeful that we can do something in the very short term,", "audio_length_s": 8.52, "path": "6b45877b719000e47adfd1ec118c376a_154.wav"}, {"text": "annual merit increases and other costs to support overall franchise growth, including the full quarter of our combination with West Capital Management.", "audio_length_s": 8.52, "path": "2d7efae3f89647d6468deed3b73bf98a_65.wav"}, {"text": "We plan to support these objectives with a strong balance sheet, strong cash flows and effective capital allocation.", "audio_length_s": 8.52, "path": "a069e0992c2083f0f53eaa4f7a02e47d_135.wav"}, {"text": "touching on all aspects, both the digital and traditional, and the epic is just a great way to bring to life", "audio_length_s": 8.52, "path": "280baf1d10cd27b78eae4bf2574b9c98_161.wav"}, {"text": "Looking ahead, we expect improved results given we have completed the repositioning of our Asia trade finance businesses", "audio_length_s": 8.52, "path": "7974a5134807f46a1484a8adf81505be_172.wav"}, {"text": "These agreements provide for our base of highly predictable terminaling revenues through either throughput or storage agreements.", "audio_length_s": 8.52, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_82.wav"}, {"text": "It's worth noting that our estimated tax rate does not reflect any of the pending legislative changes currently under consideration.", "audio_length_s": 8.52, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_196.wav"}, {"text": "more activity such as restructuring in Europe? And do you think you would like to shift more production to", "audio_length_s": 8.52, "path": "a4e84e293bde7191186ae3a7a0b34024_257.wav"}, {"text": "We continue to look for opportunities to provide accessories and other check-related products and services to our consumers,", "audio_length_s": 8.52, "path": "04f29bc02d1e2ef65077ca67bf41f475_96.wav"}, {"text": "a lot of factors that go into these well performances. One of the things that we're attempting to do more often", "audio_length_s": 8.52, "path": "918de179148bbfe18b95415ee0065a3d_187.wav"}, {"text": "This has enabled us to exceed our original sales and earnings target and is reflected in today's revised financial outlook for the year.", "audio_length_s": 8.52, "path": "044da592acc01ff7baacb3dbf2a302a9_114.wav"}, {"text": "And I think we're seeing nice results as utilization in the Medicare line of business is starting to come down.", "audio_length_s": 8.52, "path": "3121e8f4a75758834d32a9e4e0555221_80.wav"}, {"text": "We'll make a significant profit despite the fact that we are not cutting spending in key areas of engineering, marketing or sales.", "audio_length_s": 8.52, "path": "c4dc8f962a85aa47af50f82845f550e2_52.wav"}, {"text": "we encourage people to spend more on above the line, spend less on below the line.", "audio_length_s": 8.52, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_265.wav"}, {"text": "However, legacy systems have hampered their transformation to today's digital world, leading to poor and inconsistent customer experience.", "audio_length_s": 8.52, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_58.wav"}, {"text": "so that we are quite well positioned there to take opportunity from -- advantage of growth opportunities.", "audio_length_s": 8.52, "path": "cfbe91105113db7a5784f77e411b7a3f_165.wav"}, {"text": "so more or less stable or comparable to what we've seen in 2019. Please note that there's one working day less", "audio_length_s": 8.52, "path": "fa45af64ef25007f998c655347bfbecb_359.wav"}, {"text": "was due to seasonal factors as opposed to internal improvements? Or maybe help us think about what role internal improvements are playing in this? Are", "audio_length_s": 8.52, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_40.wav"}, {"text": "Meanwhile, we continue to be very disciplined with our capital allocation through a progressive dividend policy and returning cash to shareholders.", "audio_length_s": 8.52, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_136.wav"}, {"text": "This is particularly pleasing for us as it comes in a period where we've had to change our ranges and our promotional offers", "audio_length_s": 8.52, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_151.wav"}, {"text": "So we're still excited about being able to continue to drive those solutions and other solutions to improve upon the position in global automotive.", "audio_length_s": 8.52, "path": "23eff4c724ee00f56319fcc47add3441_156.wav"}, {"text": "Definitely, our objective is to get bigger into this business and have a bigger market share, which we are gaining as we speak, Jonathan.", "audio_length_s": 8.52, "path": "224a41b247c04842c2998802d67c8123_25.wav"}, {"text": "I would like to remind you that much of the information we will be speaking to today, including the answers we give in response to your questions,", "audio_length_s": 8.52, "path": "224a41b247c04842c2998802d67c8123_1.wav"}, {"text": "Expenses were relatively flat with prior year and we experienced higher than normal operating leverage, which allowed more earnings to drop to the bottom line.", "audio_length_s": 8.52, "path": "257e4e92036da9582a8a288c88332ff3_165.wav"}, {"text": "With these moves behind us, our focus will now increasingly shift to driving operational excellence and superior customer experience.", "audio_length_s": 8.52, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_54.wav"}, {"text": "we fear that it's a little bit too early to say that any real recovery has begun in spite of stabilized and better commodity price.", "audio_length_s": 8.52, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_159.wav"}, {"text": "Additionally, a cutting-edge virtual anatomy lab and a best-in-class patient care center allows our faculty to better prepare medical students", "audio_length_s": 8.52, "path": "43942582edfb20599f3e7456137f8deb_4.wav"}, {"text": "purchasing the plastic and the mailing of reissuance because we reissue every single household that we had. So it was a significant number of cards. So", "audio_length_s": 8.52, "path": "07d30eec04a77191950ef0992d097daf_197.wav"}, {"text": "Many of the new hires were made to support traditional growth. A fair number were hired to support an unusually high level of large in-house", "audio_length_s": 8.52, "path": "2b87d263eaf2464f275a48fa005b16c7_114.wav"}, {"text": "is reaching into a new country, that while being the second largest economy in the continent, trailed other countries by a couple of years.", "audio_length_s": 8.52, "path": "bbe852c8c3f7827e31f31a56bc72b7da_155.wav"}, {"text": "Among our other business segments, the Real Estate and Services business shows a rather big drop in sales,", "audio_length_s": 8.52, "path": "f4d0f1362716be33f02690dd1a8df663_36.wav"}, {"text": "And so for us, the choice is buyback dividend or invest in our business through new funds.", "audio_length_s": 8.52, "path": "a8034762296368c60571fcde382c3274_146.wav"}, {"text": "and we have not made any such decision. As far as that article, I'm not sure who that came from and", "audio_length_s": 8.52, "path": "37a4b48ae67b74a7533cc6f9a1a1c11d_66.wav"}, {"text": "Today, we are not only helping customers protect assets in the cloud, but organizations are also increasingly running our software in public cloud environments.", "audio_length_s": 8.52, "path": "b2d6357f46f3a82cff6625277f9a20f6_162.wav"}, {"text": "available. It isn't always the case in other regions in the world. So it does impact them maybe a little differently, particularly depending on where you are in Europe.", "audio_length_s": 8.52, "path": "b96165244f010b3f1e61cbbc5e504d96_143.wav"}, {"text": "Today in Boise, temperatures are expected to push the century mark, where we have consistently been for the last couple of weeks.", "audio_length_s": 8.52, "path": "a7e7a1621af9b4e850260f9824ee8746_96.wav"}, {"text": "any contracts that are exposed to line space we are buying the line space and getting paid that differential. So that essentially", "audio_length_s": 8.52, "path": "7394bde65e000fbb7b528c6c65bd099d_139.wav"}, {"text": "in that arena. And quite frankly, our downturn has not been quite as bad as some of our competitors that we're seeing. So", "audio_length_s": 8.52, "path": "bab12f620df0f367e74acdcc467686f1_192.wav"}, {"text": "The development collaboration includes an option agreement for multiple therapeutic candidates with potential in pain, allergy and cancer", "audio_length_s": 8.52, "path": "49a78c1ec143d9ac46e893e77198c0e3_65.wav"}, {"text": "the potential for allowing more wind, more renewables above and beyond the state requirements?", "audio_length_s": 8.52, "path": "636d6909fbd8656f88f72f66a3a162ff_192.wav"}, {"text": "I would also like to extend a warm welcome to all of our new associates in Germany and Belgium who recently joined the HBC family.", "audio_length_s": 8.52, "path": "65b48a7260ef038ff1bec3cc200331c3_196.wav"}, {"text": "in profitable geographies while taking appropriate rate actions to improve profitability in segments and geographies that are more challenging.", "audio_length_s": 8.52, "path": "aeb50c6146f90bd32d147c5d4775c21d_5.wav"}, {"text": "we've had a great start to the year in terms of the numbers and the engagement metrics with both our consumer audience and our partner base.", "audio_length_s": 8.52, "path": "5664a96b7f1182d037b901d84eeb4fd6_76.wav"}, {"text": "We don't have a crystal ball as to those TAMs, and we're not ready yet to describe how big we think they can be in part because our estimates are", "audio_length_s": 8.52, "path": "58ff8a727ec4f3859407b64f08246759_162.wav"}, {"text": "men and women on the front lines in the Midwest and the Northeast that were coming out of a terrible winter and a terrible April, they're trying to", "audio_length_s": 8.52, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_254.wav"}, {"text": "Note the lower tax rate of 27.4 in the current year reflects the favorable impact of the recent tax legislation.", "audio_length_s": 8.52, "path": "3cc0a4a6f1b08b522c732ad8944e8624_95.wav"}, {"text": "With respect to our balance sheet capitalization, not much has changed since our last commentary. We continue to have no debt,", "audio_length_s": 8.52, "path": "3cc0a4a6f1b08b522c732ad8944e8624_68.wav"}, {"text": "How do we drive assets with new store sales or attracting new advisers? How do we grow assets in support of our existing advisers?", "audio_length_s": 8.52, "path": "8a77ceadd7e4729abc9102d38be3a227_134.wav"}, {"text": "Connected 4 Growth? And that's a fair question, but I don't think so. I think if you really look at the slightly softer growth that we're seeing", "audio_length_s": 8.52, "path": "47b1a118c53956b23f1d687a75f3e5ba_190.wav"}, {"text": "a presentation where we graphically represent key trends and key numbers for the accounting period.", "audio_length_s": 8.52, "path": "e9fb03f263f117a9fe607d74602fa9b0_3.wav"}, {"text": "Already just at the halfway point of 2017, we have nearly matched all of the product gross profit dollars", "audio_length_s": 8.52, "path": "885b465648704d8a5d15bd00078e2160_89.wav"}, {"text": "smart technology development, I think it is the directions for all manufacturing industries", "audio_length_s": 8.52, "path": "e271ed845347e9c930ab0a44eb7785da_69.wav"}, {"text": "The working capital movement was caused by the comparison year-on-year. We saw a significant drop in operating working capital last year,", "audio_length_s": 8.52, "path": "c3567809c19ce6a800677544cd84f88b_78.wav"}, {"text": "to take both medications at the same time in 1 pill, which we believe will help drive physician adoption and further growth in the category.", "audio_length_s": 8.52, "path": "265e62fc569e790d8b3e58698aaab701_180.wav"}, {"text": "No -- understood. And just embedded within that, you saw significant acceleration in the second half of the year on your", "audio_length_s": 8.52, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_41.wav"}, {"text": "when we look at the -- what's under the hood on those deals that we're signing. They're at rates we can make a good return on.", "audio_length_s": 8.52, "path": "191c819db03c2dfd0207cd1f42e278a4_61.wav"}, {"text": "We are extremely focused on driving growth and working hard to accelerate the return on investments we are making in the sales and solutions space.", "audio_length_s": 8.52, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_142.wav"}, {"text": "China is really combating their air pollution problem and the government is providing incentives to increase", "audio_length_s": 8.52, "path": "051c23cc7bacc5c9df9312ac0fd431a9_133.wav"}, {"text": "and that's because we just didn't have the right processes in place, and we weren't executing well. We now feel like", "audio_length_s": 8.52, "path": "28404e399cb043d390aa70bceb339dd4_31.wav"}, {"text": "to remove the effect of quarter-to-quarter fluctuations, which have the potential to be significant in arriving at adjusted earnings and adjusted earnings per share.", "audio_length_s": 8.52, "path": "2a059b2b192b8e972ca7664ddfed8a20_136.wav"}, {"text": "I'd now like to take a few minutes to provide a recap of key 2018 events and recent notable achievements.", "audio_length_s": 8.52, "path": "e78997e6a75a2243292b2b54750bb3cb_88.wav"}, {"text": "so that they kind of -- can accelerate their growth. But I think with the -- obviously there's a great leveraging effect", "audio_length_s": 8.52, "path": "82131762fc1c2b2358ac3a167666ab87_208.wav"}, {"text": "As we discussed on our last call, we continue our focus on the implementation of the new integrated mortgage disclosure rule,", "audio_length_s": 8.52, "path": "63d825666ef6527fd7e4f26e728a4e61_6.wav"}, {"text": "What we've been doing is making sure that we're making the right decision. I think there's a time where we're making significant investments, and we've prioritized AM", "audio_length_s": 8.52, "path": "0ec0a75c1800bac01520dcac5b8992fb_43.wav"}, {"text": "and are excited about our Express solutions, which have the ability to drive a true SaaS model and accelerate our timeline to profitability.", "audio_length_s": 8.52, "path": "7274a7a5fa848e641ba98fce556e26a1_55.wav"}, {"text": "quite a bit better than we anticipated here in the first quarter and moving out to the -- through the balance of the year.", "audio_length_s": 8.52, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_175.wav"}, {"text": "But that being said, what's important is we've also added a lot of executives over the course of the last 12 months", "audio_length_s": 8.52, "path": "c8124cdb821d04f0e585420c128d76c7_203.wav"}, {"text": "As we did in our first quarter 10-Q, we'll include a comparison in the footnote to show our revenues reported under both the new and the old standard.", "audio_length_s": 8.52, "path": "3898a5c021167b8169287fc8bb59f753_72.wav"}, {"text": "I would -- sort of just for clarity on that. The contributions into our international business at the earlier part of the year were largely driven", "audio_length_s": 8.52, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_46.wav"}, {"text": "The profit split will be based on actual performance by these specific vessels, so we cannot guide you on and if and when a profit share will materialize", "audio_length_s": 8.52, "path": "939c2eaaa171907197a14e58cea3514d_90.wav"}, {"text": "Then only we start receiving purchase orders. As the Materials Handling vehicle makers now have operating experience with our batteries,", "audio_length_s": 8.52, "path": "e97d1655ebabb8403ac0449eadb48f9b_101.wav"}, {"text": "we're moving forward while we are adding to the resources and particularly the", "audio_length_s": 8.52, "path": "c40b5d1a13169c5acf69590932a56f98_129.wav"}, {"text": "And I think importantly, we're really well positioned if and when those tariffs do come off to reaccelerate the growth out of our Southern business.", "audio_length_s": 8.52, "path": "735a523f1ef6500b7aa97a2536d9c4fd_95.wav"}, {"text": "to be able to employ those benefits to the WIL organization as we bring them closer to Charles River. So a couple of years to get", "audio_length_s": 8.52, "path": "da879f8ea1c23aa6565cccaacac271fc_49.wav"}, {"text": "We believe that our global biopharma, biotech and academic clients are searching for the right partner to support them", "audio_length_s": 8.52, "path": "da879f8ea1c23aa6565cccaacac271fc_99.wav"}, {"text": "the largest local to national network of journalists in the country. This would include more local markets and new platforms,", "audio_length_s": 8.52, "path": "059024560d9d1039cf08746ee7393114_6.wav"}, {"text": "High view was also designed to benefit advertisers by providing better delivery of pre-roll ads to consumers.", "audio_length_s": 8.52, "path": "059024560d9d1039cf08746ee7393114_58.wav"}, {"text": "we're a heck of a lot smaller on that front. So I think that has significant advantages to your franchisees. It allows them to reinvest back into their restaurants.", "audio_length_s": 8.52, "path": "416ebb7a4160f7cd2f98361cbd1cb769_204.wav"}, {"text": "I am -- first of all, I have to say that I am a little bit disappointed about your core equity in the first quarter of the year.", "audio_length_s": 8.52, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_184.wav"}, {"text": "Now claims have to be truthful, and they also have to be substantiated. This is based on this documented verifiable retail sale.", "audio_length_s": 8.52, "path": "94f913b974baab79fb636f6521170dd7_203.wav"}, {"text": "a little bit uncertain because of how challenging the external environment has been for everyone. However, I guess, the best way to address your question", "audio_length_s": 8.52, "path": "1e32d5e01ff61f70b37850c473b9876a_79.wav"}, {"text": "Also, during this call, various remarks we make about future expectations, plans and prospects for the company", "audio_length_s": 8.52, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_57.wav"}, {"text": "and they believe that they have vet it thoroughly in technical space. So between ourselves and AREVA, we are quite confident that the fuel is going to work.", "audio_length_s": 8.52, "path": "77d2dd6d5e46cc8a8e80809305b60208_236.wav"}, {"text": "with growth in operating profit being offset by a one-off tax payment and increase of maturing stock within working capital.", "audio_length_s": 8.52, "path": "3877b1983229ec488c6349a188bccf92_152.wav"}, {"text": "Product knowledge is something we focus on day in and day out. And I can tell you that most of our stores", "audio_length_s": 8.52, "path": "7498a6630302a038bd537d192c3a44f4_133.wav"}, {"text": "Inventory this quarter increased slightly in both value and days, and you should expect going forward that the inventory will remain", "audio_length_s": 8.52, "path": "47b5defd6e2c5724f6dc3b80859c281c_38.wav"}, {"text": "In addition to factors noted during this call, a more comprehensive discussion of our risk factors can be found in today's press release", "audio_length_s": 8.52, "path": "af00f4e7b63ee843a3d203f982fac701_25.wav"}, {"text": "More specifically, we anticipate mail growth and new generic launches will drive increased volumes as the year progresses.", "audio_length_s": 8.52, "path": "0cfaeed8cd93dc274845d450e921aeb6_8.wav"}, {"text": "Additional information concerning risk factors relating to our business, prospects and results are available in the company's filings with the Securities and Exchange Commission,", "audio_length_s": 8.52, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_9.wav"}, {"text": "whereas, previously, these activities would be considered period cost and revenue was recognized only when the product was delivered to the customer.", "audio_length_s": 8.52, "path": "ee00ebd8d782e8f124b3e142cbb74f37_180.wav"}, {"text": "Our outlook is promising, and we believe our investments have been worthwhile and will continue to provide returns into the future.", "audio_length_s": 8.52, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_27.wav"}, {"text": "Our electronic manufacturing capabilities and know-how to support customers end-to-end needs has been key to the launch of our new subsidiary", "audio_length_s": 8.52, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_29.wav"}, {"text": "On the cell therapy side, we had the benefit of seeing the recent and early data around the challenges facing bio-space platforms.", "audio_length_s": 8.52, "path": "c5120d9702331edaf23bb6e639df0a70_120.wav"}, {"text": "Now that leads then to the summary of the outlook. You have seen this morning already, I'm sure that you have studied that.", "audio_length_s": 8.52, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_237.wav"}, {"text": "Now we will go on to Slide 13, please. Now we will see the evolution that Ripley has had", "audio_length_s": 8.52, "path": "0f9d6e24171bc068e7ff7a11e7e44060_43.wav"}, {"text": "from the farm states between Nebraska, South Dakota, Iowa and other states that are very important to this administration, are pushing very hard in trying to get clarity.", "audio_length_s": 8.52, "path": "09b5b62d328d3d0719b6825357fdfb48_156.wav"}, {"text": "all in all, we feel that when it comes from -- comes back to what we said, we were ahead of the plan, both on cost", "audio_length_s": 8.52, "path": "1862ee2f84dc77a40dde64b34f3ab94e_65.wav"}, {"text": "By vertically stacking chips versus placing them side by side, the electrical connections between chips can be much shorter.", "audio_length_s": 8.52, "path": "ecc871b8f89a858d952f554f1ca8f7da_22.wav"}, {"text": "This acquisition is the most recent extension of an initiative that began several years ago when we first emphasized our efforts to get closer to our customers.", "audio_length_s": 8.52, "path": "3f6641f7d8f1ab845ad4f637cfb35109_208.wav"}, {"text": "are starting to give us a true competitive advantage in addressing the growth opportunities that I referred to earlier.", "audio_length_s": 8.52, "path": "e35fae1d3df1f7aeda409f90f200ec7b_201.wav"}, {"text": "Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance,", "audio_length_s": 8.52, "path": "a7b69d0f77cd4d6a684399e12b066e39_48.wav"}, {"text": "Okay. And then just a quick question for Dave. Just so I'm clear on how this accretion guidance works and what base we're talking about.", "audio_length_s": 8.52, "path": "b0d88c0f1efca89ecb928172341dc75d_261.wav"}, {"text": "And Western Australia continues to benefit from the addition of new customers, with the full-year contribution from the Eastern Goldfields Pipeline,", "audio_length_s": 8.52, "path": "4ee3c79ebc57c9870b221b9479d52436_162.wav"}, {"text": "You talked about that kind of potentially starting to contribute more in the back half of the year. You started doing some bids.", "audio_length_s": 8.52, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_118.wav"}, {"text": "And we are working closely with our customer to evaluate that option. We expect to have a better view of this in the fourth quarter.", "audio_length_s": 8.52, "path": "e552924838fe493d3cc967dd0c5c4563_67.wav"}, {"text": "Results in the quarter reflect continued growth in retirement consulting, primarily driven by demand for delegated investment consulting services.", "audio_length_s": 8.52, "path": "e0555e30370c43189a1136fb7ef17d20_59.wav"}, {"text": "we have reached the end of what we call our countercyclical business development program, and we are really shifting our attention to project execution.", "audio_length_s": 8.52, "path": "20489859070c48218db6ab0f5b6d2b05_32.wav"}, {"text": "So we see the Media business as very important to us as well as to our customers. And therefore, we have", "audio_length_s": 8.52, "path": "323193895e800e72960d98dd5fb64cf5_122.wav"}, {"text": "primarily reflecting the differences between the short- and long-term rate assumptions and the negative market movements over the year.", "audio_length_s": 8.52, "path": "6299a010c7bb84feaf14b263750dbd1a_117.wav"}, {"text": "if you think about just a small increment of royalties across our entire base, that's -- that can be a huge amount of money", "audio_length_s": 8.52, "path": "e9970d55b0ac8bddede7f337c0f94d36_117.wav"}, {"text": "Our strong operating cash flow performance and meaningful improvement in the quality of our assets and the distinct and valuable strategic position of our franchise", "audio_length_s": 8.52, "path": "96488f25af54f91198b444e5eff8e878_116.wav"}, {"text": "improvement of the capabilities of the lines, which, in the end, is also quality, but we are talking automation that leads to,", "audio_length_s": 8.52, "path": "b20564a6da1bcfc7b80552299d9e002a_131.wav"}, {"text": "These transactions as well as cash flow generation during the fourth quarter, allowed Gulfport to return a significant amount of capital to shareholders.", "audio_length_s": 8.52, "path": "c71a6ab1a0697010811c89200ab21613_49.wav"}, {"text": "precisely the move from prepaid to postpaid. And we think we've hit it right on the spot on the way to do it", "audio_length_s": 8.52, "path": "429bcf63d57c11ea4d8864560f521dba_23.wav"}, {"text": "for new and reactivated horsepower across the industry, causing pricing there to be very competitive.", "audio_length_s": 8.52, "path": "3c17ad8c6709cbb1a8f7190f567a445f_47.wav"}, {"text": "and then make some comments regarding our balance sheet. Additionally, you can view the reconciliation of GAAP and non-GAAP financial measures in our press release.", "audio_length_s": 8.52, "path": "dbf6a9009ea60e2e96772ee3ccea7226_83.wav"}, {"text": "On top of this, this also bakes in a delay in the ramp of a large server manufacturing platform, which was previously expected to ramp in the December quarter", "audio_length_s": 8.52, "path": "0668081864383eb57919b99c85649753_7.wav"}, {"text": "Having said that, it won't go up as much as EPS because of what I said about CapEx. I hope that gives you the color that you need.", "audio_length_s": 8.52, "path": "f268a8174f58c93ad6b45b7f151fe896_32.wav"}, {"text": "While the transient component of our RV business only represents 5% of our overall revenue, it is an important feeder for the rest of our RV business.", "audio_length_s": 8.52, "path": "5be70acf701b7a6c9322f8feeaca63cd_81.wav"}, {"text": "We'll be able to get those deals done in the near term. We will not -- we are not likely to be on every", "audio_length_s": 8.52, "path": "77423f08f0208d476dea73c639f6293a_173.wav"}, {"text": "is to pursue strategically important acquisitions and divestures. We continually evaluate our internal business portfolio", "audio_length_s": 8.52, "path": "af146425f68dd8e32f31878389746637_50.wav"}, {"text": "are subject to future risks and uncertainties. Please refer to Slide 2 of today's presentation for further details.", "audio_length_s": 8.52, "path": "af146425f68dd8e32f31878389746637_1.wav"}, {"text": "And also writing the certification exam, that's the precursor to the actual exam, only a handful have made it to the province and have written the exam.", "audio_length_s": 8.52, "path": "bcb3aac2c7cc035961d9ee8cfd330044_101.wav"}, {"text": "That's going to -- okay, got it. And then maybe last one for me and then I'll hop off. How aggressively are you seeing", "audio_length_s": 8.52, "path": "594b7b614804475e4ab8ab4c405ecf40_61.wav"}, {"text": "is built on the pillars of growing with its customers, delivering with excellence and partnering for shared success.", "audio_length_s": 8.52, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_69.wav"}, {"text": "lower production volumes led to lower fixed cost absorption resulting in a loss that we posted in the quarter.", "audio_length_s": 8.52, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_2.wav"}, {"text": "As we enter the second half of the year, I also wanted to provide some observations on the macro environment impacting the business.", "audio_length_s": 8.52, "path": "1096d26129c469524041c969a684f8ae_124.wav"}, {"text": "as well. It was a combination of the 2 that -- it was a combination of 2 bad rules, rule factors there in the first quarter.", "audio_length_s": 8.52, "path": "24a2aec67e247f9c4d4cc89d6dbab525_122.wav"}, {"text": "with embedded derisked growth, which we continue to unlock as we redevelop and re-lease our space.", "audio_length_s": 8.52, "path": "b35398859e534e471fb1cd60f5baac20_3.wav"}, {"text": "However, we saw strong growth in operating volumes across all segments of the business, and I'll show you the operating stats shortly.", "audio_length_s": 8.52, "path": "8dd740d83ff1c7319a82eeba6047633d_144.wav"}, {"text": "And as we turned into our second year, I saw the necessary foundation for our ultimate success building in the right direction.", "audio_length_s": 8.52, "path": "9cd9b67e289e807d677aabc5765fec6a_110.wav"}, {"text": "The Q3 results are the most recent indication of the improvement in the insurance business.", "audio_length_s": 8.52, "path": "0b7afb66a39a4c81151309bacc830c60_98.wav"}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 8.52, "path": "f1b53f83640f7ea0160087ae63818af2_27.wav"}, {"text": "our sell-in to sell-through, which allows us to maintain and keep our retailers in a much healthier inventory position than we were -- than they were in", "audio_length_s": 8.52, "path": "19bfb8daeb6e43d59415df478017d5c3_31.wav"}, {"text": "our board amended our share repurchase plan and increased the authorized number of shares available to be repurchased by 7.5 million", "audio_length_s": 8.52, "path": "97ddc19ecb28bab2d19fd3b181182062_111.wav"}, {"text": "have been running better than we might have expected at the beginning of the year or when we did the acquisition model that valued Visa Europe.", "audio_length_s": 8.52, "path": "1bc08759c84df9d3f656cf53f5bb6d35_163.wav"}, {"text": "We think that will turn around pretty quickly with the new funding in place, but what you're seeing right now is really driven by healthy private demand.", "audio_length_s": 8.4900625, "path": "902872913863de98d38e2936b846cf66_119.wav"}, {"text": "They're probably very dependent upon where their steel positions were, what inventory costs were and how they were managing through that.", "audio_length_s": 8.49, "path": "f5875d033110e66b5aafc3c0003babdf_22.wav"}, {"text": "We would plan to provide an update of this guidance at the time that we close the pending transaction for the Valspar wood coatings business.", "audio_length_s": 8.49, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_151.wav"}, {"text": "as we sort of finalize some of the newer indications then we'll be able to provide sort of bookends as to what the market potential for those would be,", "audio_length_s": 8.49, "path": "070a939ddb72d87ed87e4b863da14a89_110.wav"}, {"text": "Now what's interesting is the last year in particular, we've now started to be able to look at supply chain as an opportunity.", "audio_length_s": 8.49, "path": "8ad0d5b5df75415c56ba590cad29489a_162.wav"}, {"text": "We will be orchestrating the sourcing and selection of the technology solutions that will create this European digital bank,", "audio_length_s": 8.49, "path": "6e6da7f810609ce64857373f11984455_75.wav"}, {"text": "Again, some of these unique customer dynamics that we saw in the third quarter and fourth quarter of last year we'll have to deal with in the fourth quarter of this year.", "audio_length_s": 8.49, "path": "139f0a6300f504b3e8673e39b0429161_80.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.", "audio_length_s": 8.49, "path": "5111fdad778749872c23e78c9b0d653b_46.wav"}, {"text": "Furthermore, many of our customers were primarily refractive LASIK centers and have little or no experience with buy and bill drugs", "audio_length_s": 8.49, "path": "5111fdad778749872c23e78c9b0d653b_51.wav"}, {"text": "and we were adversely impacted by a competitive private label tissue market and significant commodity and transportation cost inflation.", "audio_length_s": 8.49, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_8.wav"}, {"text": "during the Christmas season this year strong growth in this area, and Marvell is going to be part of it and a big part of it.", "audio_length_s": 8.49, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_89.wav"}, {"text": "Also in communication around the fixed price increase during the summer, we were able to personalize messaging to our customers.", "audio_length_s": 8.49, "path": "2f888e63a31b86cc2f4f97710e8eed79_157.wav"}, {"text": "incorporated into the existing filing for KEYNOTE-010? We have seen the agency moving that way before, but", "audio_length_s": 8.49, "path": "f0ce0d97cf62c9076226e0aeeb550493_94.wav"}, {"text": "Compared to the third quarter, we expect a slight decline in the fourth quarter sales for this business with margins similar to the first quarter.", "audio_length_s": 8.49, "path": "22ad97a95501a08f15c06605cd277fec_10.wav"}, {"text": "are difficult to predict and which can cause actual results to materially differ from those expressed or forecast in these forward-looking statements.", "audio_length_s": 8.49, "path": "54cde38ae040b5e2c4e1f3c85691f907_108.wav"}, {"text": "you've mentioned a few times the success of the smaller brands. Well, I just wonder whether there's not a bit of confusion here because", "audio_length_s": 8.49, "path": "9014ac9cbc2cff30468f1bcb659c0f66_97.wav"}, {"text": "So isn't it more the case of having stayed relevant as a big brand rather than saying that it's the smaller brands", "audio_length_s": 8.49, "path": "9014ac9cbc2cff30468f1bcb659c0f66_401.wav"}, {"text": "not going to sit idly by and let them push us around. We have to make our statement to show them that we're serious about collecting", "audio_length_s": 8.49, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_125.wav"}, {"text": "one thing that I'm very sure about is that the fear that all of us seem to be having about this is possibly not to the", "audio_length_s": 8.49, "path": "0018ad922e541b415ae60e175160b976_72.wav"}, {"text": "at a much lower price per puff, is a major opportunity for VIP. Six new products have been identified", "audio_length_s": 8.49, "path": "c68c15299b67173c7ae163cc5938f3c1_19.wav"}, {"text": "several times. And it ended up that it didn't work out. It would not be profitable for us. Although we can plant a flag if we wanted to, but", "audio_length_s": 8.49, "path": "c68c15299b67173c7ae163cc5938f3c1_35.wav"}, {"text": "And by virtue of holding lower levels of inventory, in turn that obviously leads into lower floor plan debt and interest.", "audio_length_s": 8.49, "path": "3bdb43dc1bcef6eff76f45efedb6a211_131.wav"}, {"text": "because we do think that in these ways of doing, we can really gain efficiency in the way we develop projects.", "audio_length_s": 8.49, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_180.wav"}, {"text": "We will invest in research areas that bring health and wellness benefits that can't be measured only on the scale.", "audio_length_s": 8.49, "path": "7e14890193df4b10e1eeab6ab886529f_94.wav"}, {"text": "We also have the capability and responsibility to make communities healthier by making healthy habits accessible to all,", "audio_length_s": 8.49, "path": "7e14890193df4b10e1eeab6ab886529f_32.wav"}, {"text": "a significant gain in our renewal rates and strong year-over-year growth in both deferred revenue and aggregate revenue under contract.", "audio_length_s": 8.49, "path": "e824f4380f8203a1e3ed60e7da1e39e5_132.wav"}, {"text": "The company remains active in protecting its intellectual property by pursuing firms and individuals who had previously gained unauthorized access to our services.", "audio_length_s": 8.49, "path": "e824f4380f8203a1e3ed60e7da1e39e5_57.wav"}, {"text": "We've operated there for over 9 years. We're very comfortable operating in the DR, and we look forward to growing our business there.", "audio_length_s": 8.49, "path": "7974a5134807f46a1484a8adf81505be_42.wav"}, {"text": "we don't provide specific expectations around segment revenue within a quarter for a variety of reasons. But", "audio_length_s": 8.49, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_156.wav"}, {"text": "it's in 3 years. So we would probably say that it's in the lower part of the range. And I would say probably as we speak now and what we know", "audio_length_s": 8.49, "path": "570faeed3dcfa26c6246dc42309025ad_30.wav"}, {"text": "Got it. And just thinking about the directional organic growth of mortgage solution revenue.", "audio_length_s": 8.49, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_70.wav"}, {"text": "These offerings now account for 27% of the segment's revenue, and are expected to continue to grow at double digits in the long term.", "audio_length_s": 8.49, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_81.wav"}, {"text": "As we saw throughout much of 2018, operational and financial trends held up until wet weather began impacting our business in late November.", "audio_length_s": 8.49, "path": "b34f680a9162805e0188170d6272a356_86.wav"}, {"text": "We do believe that some of the existing frameworks and conventions that are being used in both traditional C-Corp managers and alternatives are", "audio_length_s": 8.49, "path": "1b91eb82f5211000e711424657cc2484_316.wav"}, {"text": "It was just last year at this time that we were in the process of recovering from Hurricane Harvey. So we empathize with those now in that position.", "audio_length_s": 8.49, "path": "54240e38051f2a3bb6a4e58fe55344cd_34.wav"}, {"text": "look at the G1 and to identify the great features of it and features that they think they could improve upon.", "audio_length_s": 8.49, "path": "01502edf6cda82061f1f45d6b0e8e189_39.wav"}, {"text": "ago. This road map is going to be implemented over the next 3 years because it implies substantial changes", "audio_length_s": 8.49, "path": "39e5706898dcaf14a280b3a123877cd6_154.wav"}, {"text": "later on. This has led us, in a certain number of cases, to projects where we'll actually be setting up shop", "audio_length_s": 8.49, "path": "39e5706898dcaf14a280b3a123877cd6_17.wav"}, {"text": "We have proven our ability to capitalize on continuing strong fundamentals in the apartment business through all economic cycles.", "audio_length_s": 8.49, "path": "0ee490f8688669984ae17a737590f7b5_12.wav"}, {"text": "And to make sure that people can do the work, and that they can do those long routes, we also are changing into e-bikes.", "audio_length_s": 8.49, "path": "fa45af64ef25007f998c655347bfbecb_339.wav"}, {"text": "Thank you, Neal, and good morning, everyone. I'd like to begin this morning by reviewing our financial performance for the fourth quarter and full year.", "audio_length_s": 8.49, "path": "a827180c08c11f2e53c6966fceaabf5b_59.wav"}, {"text": "back a couple of years ago, more than a couple of years ago, the prior owner of home health and beauty and Dispensing had an Analyst Day on", "audio_length_s": 8.49, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_50.wav"}, {"text": "This decrease was primarily due to the pass-through of lower raw material and other manufacturing costs and a shift in sales mix to smaller can sizes.", "audio_length_s": 8.49, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_161.wav"}, {"text": "about our expense expectation, in nominal terms, I can say that we are firmly focused on", "audio_length_s": 8.49, "path": "cc82e791c065bdc271addf355bac274f_151.wav"}, {"text": "the multi-arm cells or quite frankly, more complex typed automation systems, and we want to be their partner on that journey.", "audio_length_s": 8.49, "path": "23eff4c724ee00f56319fcc47add3441_159.wav"}, {"text": "which gave us the range and flexibility to use a new aircraft versus what was available on the leased market. So that was the only reason.", "audio_length_s": 8.49, "path": "d261e09fa176510406c0d05eeedfc8f8_215.wav"}, {"text": "built over multiple years retain confidence in their counterparty. In short, strong credit ratings are critical to our business model and strategy,", "audio_length_s": 8.49, "path": "8957425799e5ce0200bfacf204d0acde_73.wav"}, {"text": "This decline was due to the impact of economic deceleration in Asia on the motor vehicle business as well as a downturn in the ship market.", "audio_length_s": 8.49, "path": "8011d82cf2151421d3dfacce65adde30_26.wav"}, {"text": "In fact, we have passed Amazon's rigorous shipping test standard and are actively working with their brand managers on e-commerce opportunities.", "audio_length_s": 8.49, "path": "e743ddc0caabaebf5e9a6568eaef8334_134.wav"}, {"text": "The pre-marketing portion of the trial will focus on an interim analysis of proteinuria, which shows a substantial treatment effect,", "audio_length_s": 8.49, "path": "a24a661c2eb55542903c72391ec09f9b_59.wav"}, {"text": "As you know, our CMO had an unforeseen manufacturing delay, which resulted in us having to move first patient dosed in the trial.", "audio_length_s": 8.49, "path": "a24a661c2eb55542903c72391ec09f9b_90.wav"}, {"text": "The combination of security and SD-WAN functionality into a single form factor drove this competitor displacement.", "audio_length_s": 8.49, "path": "ddf51a035f75b2e145a283edfd51fffc_163.wav"}, {"text": "that has many aspects and involves the regulator, among other things. But I could not go into detail in", "audio_length_s": 8.49, "path": "9da45cfd4472699ef05d887adce01223_26.wav"}, {"text": "But when you read across the media reports or whatever coming across, the general perception still remains that the Internet speed in Philippines is not that great.", "audio_length_s": 8.49, "path": "e649ca4cf7eeb63f0bc30b231a94a014_121.wav"}, {"text": "was primarily driven by the favorable mix between services and products that I noted earlier and our cost-reduction actions,", "audio_length_s": 8.49, "path": "1244d2b5a259c3bc73742830d60d53fc_122.wav"}, {"text": "So I think I'd answer that with what we've already talked about, Kenric. I think we have and are working on a wide variety of alternatives", "audio_length_s": 8.49, "path": "6933d49d1af6eb4613a4f75bf37d00e1_95.wav"}, {"text": "and close them and dramatically reduce the unbilleds. It can't continue to go up. I couldn't agree more.", "audio_length_s": 8.49, "path": "a965bbd76f3d449c86e8c27d03ac192f_142.wav"}, {"text": "It is important to note these transactions were undertaken during a period with strong demand, and we are pleased with the pricing we have achieved.", "audio_length_s": 8.49, "path": "93d3e5be9cf75e0921d47f10d4178939_92.wav"}, {"text": "In the Distribution segment, our prior year comps were tough, as last year's third quarter was a very strong quarter for Distribution", "audio_length_s": 8.49, "path": "2b87d263eaf2464f275a48fa005b16c7_9.wav"}, {"text": "available to invest. So it's not like we bought a fully invested firm that was starting over with the fundraising process.", "audio_length_s": 8.49, "path": "9ab2e6eb9debfae2de541ba645bfd265_33.wav"}, {"text": "I'd like to draw your attention to the results of our overseas business, which we regard as an important growth area.", "audio_length_s": 8.49, "path": "f4d0f1362716be33f02690dd1a8df663_71.wav"}, {"text": "could you share with us what is going to change in your strategy? Or we need to wait for the presentation next May?", "audio_length_s": 8.49, "path": "0c1ba087943ffa875ee4e4c1c42a458f_64.wav"}, {"text": "by nearly 20 basis points. Last year, we had a flat market in this asset class.", "audio_length_s": 8.49, "path": "38b2f94da12bbf2d32246763aab8265a_15.wav"}, {"text": "Demand is growing across the board, particularly with new and existing international customers an area that we have targeted for growth.", "audio_length_s": 8.49, "path": "1ddc944827b99caf8c7867ceeed0ec20_3.wav"}, {"text": "And so this is going to be a multiyear program that we're going to have to go after, and the pace of that will be dependent on resources, and again, progress and", "audio_length_s": 8.49, "path": "636d6909fbd8656f88f72f66a3a162ff_46.wav"}, {"text": "This quarter was a very active quarter for HBC as we continue to execute on our strategy for targeted profitable growth.", "audio_length_s": 8.49, "path": "65b48a7260ef038ff1bec3cc200331c3_120.wav"}, {"text": "what we intend to do to continue our drive for efficiency as well as actions we will take to strengthen and streamline our infrastructure.", "audio_length_s": 8.49, "path": "0899e07f70a6e5be842fb6e22a3fafe9_75.wav"}, {"text": "In addition, we are successfully launching our new group retirement product, Retirement Advantage, in more school districts.", "audio_length_s": 8.49, "path": "aeb50c6146f90bd32d147c5d4775c21d_77.wav"}, {"text": "of senior secured loans from Pacific Western Bancorp, as the bank decided to exit middle-market lending during the first quarter.", "audio_length_s": 8.49, "path": "8aa1aa8317783203344434f855535c25_14.wav"}, {"text": "the number of leases is difficult to predict in the short term, we expect the proportion of these types of arrangements will increase over time.", "audio_length_s": 8.49, "path": "58ff8a727ec4f3859407b64f08246759_15.wav"}, {"text": "or a bigger component of that, I would have thought that it would have been much closer to last year, if not below. Well, remember that", "audio_length_s": 8.49, "path": "08ed60a546bd48af9db028c4e3c8af26_107.wav"}, {"text": "at our existing 140 Camping World stores, that there's an opportunity for growth over the next 2 years in that business as well.", "audio_length_s": 8.49, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_182.wav"}, {"text": "As far as the reduction of people in Chile, I think there is a little bit of excitement there. We don't see any material big", "audio_length_s": 8.49, "path": "23417803b1a8115806b8e604b8b2bb83_192.wav"}, {"text": "to take a look at our current initiatives in the space of digital marketing and learn about opportunities related to demand creation moving forward.", "audio_length_s": 8.49, "path": "0360a780927a31fb0bec9e79dac878a2_98.wav"}, {"text": "the size of these packages are going to be very area dependent. It's really complex geologically, and we take -- as we've discussed before,", "audio_length_s": 8.49, "path": "a8b43081254547419da7462d9c957d61_173.wav"}, {"text": "So we had so much room. I think the next few years are really about flow and using the speed initiative and localization to our advantage.", "audio_length_s": 8.49, "path": "e2c02e1788cb10703d7611ef157f8135_41.wav"}, {"text": "net new customers. But the interesting part about that is given the architecture and the integration and", "audio_length_s": 8.49, "path": "29426a77336443eedde7eaa29e9c2852_23.wav"}, {"text": "A lot of people are cutting back on capacity because they're not making money. We are making money and believe we can make more money if we have more capacity.", "audio_length_s": 8.49, "path": "f90636acacf7a46141d37814810a6a8f_16.wav"}, {"text": "as part of their broader engagement with Salesforce. We had notable expansions with another leading athletic apparel maker who's enhancing and expanding their direct", "audio_length_s": 8.49, "path": "16ed973148ce103dc95fdcfaf35bbe7b_72.wav"}, {"text": "A description of these risks, uncertainties and assumptions and other factors that could affect our financial results are included in our SEC filings,", "audio_length_s": 8.49, "path": "16ed973148ce103dc95fdcfaf35bbe7b_64.wav"}, {"text": "California's future demand for out-of-state capacity will be dependent on the direction of their overall inmate populations.", "audio_length_s": 8.49, "path": "c5c7a9f409241412b160a93cde7ef630_123.wav"}, {"text": "Yes. I think that, that will happen. I think there are a couple of beneficial things that will happen in our business", "audio_length_s": 8.49, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_97.wav"}, {"text": "Okay. And then just for the industry, I mean, it sounds like those softened a bit through the quarter but there's been some positive signs early in January.", "audio_length_s": 8.49, "path": "10728656364812338b7417b035dae4c4_14.wav"}, {"text": "kind of current level of performance, so if WPD is able to continue to improve that would push us", "audio_length_s": 8.49, "path": "526e0d5398a516831b49936c31a8ea1c_130.wav"}, {"text": "Without your hard work and dedication, our continued success would not be possible, and I look forward to working with you over the coming periods.", "audio_length_s": 8.49, "path": "959dcc8fe47eb1aa44183740e1a46ad5_10.wav"}, {"text": "The Air Transportation business built on the favorable performance of the first half and steadily captured passenger and cargo demand.", "audio_length_s": 8.49, "path": "b0b83ac66a31c5096a75bb1927c557e2_65.wav"}, {"text": "Then closing up with what we talked about in Capital Markets Day.", "audio_length_s": 8.49, "path": "4567936d89925d1a3b983274b11ecae5_67.wav"}, {"text": "Further, no interested party should rely on the fact that the guidance of forward-looking statements is current at any time, other than the time of this call.", "audio_length_s": 8.49, "path": "53889f50eda8b316a01a3df89d226e7f_94.wav"}, {"text": "Owens Corning delivered an outstanding year. The company is at its best when all of its businesses make meaningful contributions to our financial results.", "audio_length_s": 8.49, "path": "2a059b2b192b8e972ca7664ddfed8a20_138.wav"}, {"text": "Could you just maybe be a little bit more specific in terms of the China -- how did China perform in the fourth quarter in constant currency?", "audio_length_s": 8.49, "path": "9098e5640309f25da0d4dfa04789a36f_79.wav"}, {"text": "We believe that the vertically integrated structure that we have built here at Enzo can be a part of the answer to these problems.", "audio_length_s": 8.49, "path": "75eb5b75bb8587b63c318714ea956b9e_98.wav"}, {"text": "So does that mean that if execution doesn't improve for the year, that there's downside risk to that updated outlook that you've given", "audio_length_s": 8.49, "path": "9e8690a521142359001a137074905535_243.wav"}, {"text": "This is important we got this super right for customers in terms of making their options very clear on how we communicate and what we do with that data.", "audio_length_s": 8.49, "path": "e2c17247ae2f5d4fa8dd8814cc801198_134.wav"}, {"text": "for Canada and what we need to do in order to make sure that we get in", "audio_length_s": 8.49, "path": "ba5f13bb75329629d0c070c9014ff4f0_156.wav"}, {"text": "land collateral as a way to -- that may be lowly levered or unlevered to help provide the capital to clean up some of those operating lines. So I think", "audio_length_s": 8.49, "path": "40b1895fcd5116b51eb97573544b3afd_80.wav"}, {"text": "Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation, you may now disconnect your lines.", "audio_length_s": 8.49, "path": "cac9bb252b7974b7044423e714c2f054_147.wav"}, {"text": "As expected, the majority of Premium Economy customers are leisure customers looking for an affordable way to enhance their international flight experience.", "audio_length_s": 8.49, "path": "1949bd0c9c4c23d495d880c4c552bfe1_14.wav"}, {"text": "so far this year. No. Is that what you're looking at before or this is just going to be how things flow at a bit lower volume level next year?", "audio_length_s": 8.49, "path": "8eaca8d8a419f74540f69ade8defabbd_120.wav"}, {"text": "Our assessment platform, iON, continues to expand its reach both in terms of having a physical presence in every state and union territory in India,", "audio_length_s": 8.49, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_49.wav"}, {"text": "and it doesn't impact other products quite as much. And as I said, being surgical allows you to evaluate those types of decisions.", "audio_length_s": 8.49, "path": "92bf6fe090b6bc565cb500b688fd9173_86.wav"}, {"text": "realistic and appropriate in terms of the kinds of evidence they're looking for to support", "audio_length_s": 8.49, "path": "7551ffae17aa39dd4ea962a43f96bf04_42.wav"}, {"text": "so we're not actually losing any revenue. In fact those strategies are actually performing better with significantly smaller book sizes and therefore significantly smaller capital.", "audio_length_s": 8.49, "path": "f15966ae82e18b472ad78dd961f8e5e8_83.wav"}, {"text": "Thank you, Catherine. Good morning, and welcome to the Aptose Biosciences conference call to discuss financial and operational results for the third quarter", "audio_length_s": 8.49, "path": "8c1b4f4af2af2847a240041390e31399_39.wav"}, {"text": "you guys are one of those few remaining independent firms that you would entertain merging with a bigger firm at a certain price without mentioning the price of a dime?", "audio_length_s": 8.49, "path": "3d3b327645f62f252bb876e5bb4a9259_35.wav"}, {"text": "All Integer associates are excited to serve our customers because it is through our customers that we improve patients' lives.", "audio_length_s": 8.49, "path": "45ab782035fdb06f5ec710d0845bc18f_23.wav"}, {"text": "although our third quarter is our weakest group quarter of the year, we are encouraged by the pickup during the second quarter", "audio_length_s": 8.49, "path": "b4fc31ae6403a17b15c30d3ec3b82487_175.wav"}, {"text": "The fact that we've seen a buildup in cash over the last several quarters doesn't reflect the change in that philosophy.", "audio_length_s": 8.49, "path": "6709c061d39d0e433079f84160f11c80_92.wav"}, {"text": "And third, Connecticut Governor Malloy signed the legislation allowing state officials to change the rules for how electricity", "audio_length_s": 8.49, "path": "77d2dd6d5e46cc8a8e80809305b60208_10.wav"}, {"text": "and how the drug's performing. But I think what we're trying to say is there's other work that's gone on in this area -- I would say quite a bit of work over time.", "audio_length_s": 8.49, "path": "c36ef43210d40b0d1ad8f2acc597c76b_95.wav"}, {"text": "what appears to be sort of a flattening trend line in terms of loan demand, particularly with", "audio_length_s": 8.49, "path": "8635f950dc44da3fcad542b2c066bedf_146.wav"}, {"text": "Looking back over 2016, I'm pleased with the significant accomplishments that we achieved through the hard work and dedication of our employees.", "audio_length_s": 8.49, "path": "d74cec1fb73e1b1134bfa7152762ad80_2.wav"}, {"text": "would be looking for -- if you did look at truck brokerage, would you look at a Mode like model or would it be more of the company store, company employee model?", "audio_length_s": 8.49, "path": "2a7af3c66762ce608379005a3d7bfa96_55.wav"}, {"text": "built over the last period of time in Europe, but the market is growing and growing into that capacity so we're not unhappy with what's going on there.", "audio_length_s": 8.49, "path": "f1e7e3b84b4a0a56a0915f7ecde083ce_148.wav"}, {"text": "we always said Line 9 and Southern Access Extension would provide us with the strongest netbacks. So we've been encouraged by", "audio_length_s": 8.49, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_173.wav"}, {"text": "if there are unique characteristics trickling into the selling cycle this year as well from maybe high retention rates or any other trend that you're seeing.", "audio_length_s": 8.49, "path": "0cfaeed8cd93dc274845d450e921aeb6_32.wav"}, {"text": "a little above what the Street was anticipating for both revenue and EPS. If you could maybe just touch on that a little bit where it gives you confidence", "audio_length_s": 8.49, "path": "94f601dc7b34ad38667e3b714aa89d35_124.wav"}, {"text": "This campaign will continue throughout the fourth quarter and our overall marketing dollar spend will be in line with last year.", "audio_length_s": 8.49, "path": "9908957f60adff5efc1c8692a0f5ab38_116.wav"}, {"text": "Can you maybe talk to some of the benefit that you're getting from improving or consolidating your relationships with specific manufacturing vendors?", "audio_length_s": 8.49, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_42.wav"}, {"text": "line of your business actually down sequentially? I'm just trying to understand if the growth in the other parts of your business were actually", "audio_length_s": 8.49, "path": "66b25c60d952bd002c7ab20da9248086_122.wav"}, {"text": "These are not trivial things, as they have a big impact on the overall convenience of the experience, and it's convenience that has always been one of the main drivers of disruption.", "audio_length_s": 8.49, "path": "66b25c60d952bd002c7ab20da9248086_52.wav"}, {"text": "This modern platform is one of the big advantages we have over the existing incumbents as it allows us to be faster and more innovative in terms of features and products", "audio_length_s": 8.49, "path": "66b25c60d952bd002c7ab20da9248086_98.wav"}, {"text": "stock compensation expense as well as changes in the fair value of contingent consideration recorded in relation to acquisitions.", "audio_length_s": 8.49, "path": "a2ba164f019804628c07b36de47cd464_69.wav"}, {"text": "With Noble, we'll be adding a new highly sophisticated large commercial and industrial customer base, targeted through a direct access model.", "audio_length_s": 8.49, "path": "3f6641f7d8f1ab845ad4f637cfb35109_81.wav"}, {"text": "while they weren't down in Europe, they were weaker than normal. So I think those are maybe a little bit more of a telltale sign of the macro.", "audio_length_s": 8.49, "path": "ed2810b765143f8341dcc8e8c14c27f1_58.wav"}, {"text": "This is supported by smart analytics, meaning, we can rely less on mass marketing campaigns.", "audio_length_s": 8.49, "path": "ae5a41fe3b3d515713608c5ac878eed3_161.wav"}, {"text": "pull back on their Class 8 tractor investments this year, but they are not saying that about their trailer needs.", "audio_length_s": 8.49, "path": "64364105b816dd0b6a029e9cd210e65b_78.wav"}, {"text": "The first is going to be the addition of the abdominal symptoms claim, which we believe will allow us to speak to a broader patient population", "audio_length_s": 8.49, "path": "794528c461ef7009b1741ac67c17aba4_135.wav"}, {"text": "Investing cash flows are up at the half year due to timing of projects, with the full year expected to be consistent with last year.", "audio_length_s": 8.49, "path": "24a133abc343c813233d416b0cef96cd_11.wav"}, {"text": "So from a financial perspective, you can see today that we remain in a strong position in regards to profitability and balance sheet,", "audio_length_s": 8.49, "path": "24a133abc343c813233d416b0cef96cd_89.wav"}, {"text": "So when you think about people that ought to be able to capitalize on this, it's people like ourselves that have built and spent 20-plus years building a system out there", "audio_length_s": 8.49, "path": "1215cf00a11992ec74743f92026af2e9_80.wav"}, {"text": "people tend to wrap up the year and then it's usually well into January before they're through their budgeting for the next year. Many of our customers are", "audio_length_s": 8.49, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_121.wav"}, {"text": "space over the last few years as you had really strong cash flow growth. But if looking forward over the next couple of years,", "audio_length_s": 8.49, "path": "e0555e30370c43189a1136fb7ef17d20_43.wav"}, {"text": "Along the way, we have assembled an exceptional team with lots of caring and lots of compete. I'm so proud of them.", "audio_length_s": 8.49, "path": "7d74e5d733ec60a1be27a556e7689961_56.wav"}, {"text": "Would you -- as far as items that you would caution us not to get too caught up in terms of looking at that as a run rate,", "audio_length_s": 8.49, "path": "3bc6d3e1c0a117340d288c289bf7f679_75.wav"}, {"text": "So all of these point to the need for greater infrastructure in the region. And this is a project we continue to move forward with.", "audio_length_s": 8.49, "path": "2cd5b184c2ef6624ce219830182927c9_63.wav"}, {"text": "resources in the market just as the renewables credits are the cost of keeping resources in the market, paying for the environmental attributes,", "audio_length_s": 8.49, "path": "5b331cf4e6f62ec9a9c30a4728e36054_126.wav"}, {"text": "So you could list them and they are available to see in the catalog. And this is what the customer would be running if they bought the AMPLIFY", "audio_length_s": 8.49, "path": "9826162bc1bb67bf8d65e4cf50e656e9_129.wav"}, {"text": "So generally speaking, do you think there should be a change in your assumed depreciation schedule so you would prevent a lot of these aircraft impairment charges?", "audio_length_s": 8.49, "path": "96488f25af54f91198b444e5eff8e878_202.wav"}, {"text": "to date. That's certainly a reflection of the feedback that we've had from the market over the course of the last five months.", "audio_length_s": 8.49, "path": "ddabb30d106a115232a49981d62da464_15.wav"}, {"text": "and any discounts, rebates and product returns. We expect the earliest we'll have sufficient visibility to reliably", "audio_length_s": 8.49, "path": "0f8a61f667edd9a400d7abe2a7908a9e_20.wav"}, {"text": "Having said this, it is still very early days. But so far we like what we're seeing in Colombia on mobile as much as we do on home.", "audio_length_s": 8.49, "path": "429bcf63d57c11ea4d8864560f521dba_55.wav"}, {"text": "I think you want to go ahead and kind of reevaluate your portfolio even further and maybe sell some more assets at this point,", "audio_length_s": 8.49, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_48.wav"}, {"text": "To go into more detail on our operational excellence progress, over the last 2 years, our manufacturing organization has executed on our plans to be more efficient.", "audio_length_s": 8.49, "path": "62658bb0c3307b2b10e3668b8df73b0d_194.wav"}, {"text": "Not the sales force, but pieces of particularly around the value proposition, and we've applied it to those small customers who are doing business with us through the web,", "audio_length_s": 8.49, "path": "abd571ccf777ac4b0a43a7487031bc8a_132.wav"}, {"text": "and we continue to have steady success. We have now surpassed 25,000 unique direct customers as of September.", "audio_length_s": 8.49, "path": "712bbcab5338e07dd63dad97bb652018_53.wav"}, {"text": "With fuel hedge losses significantly below where they were last year and the second half of the -- of this year,", "audio_length_s": 8.49, "path": "910a1a60a0549a5973f42bb19b66a0ae_14.wav"}, {"text": "Our vision is to exceed the expectations of our customers, shareholders and communities today and to make possible the energy systems of tomorrow.", "audio_length_s": 8.49, "path": "6f1b092b312410065d308541be46da95_184.wav"}, {"text": "And you will see that the market is currently dominated by Qatar and Australia.", "audio_length_s": 8.49, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_45.wav"}, {"text": "how much EBIDTA did you guys actually see from those acquisitions in Q4? I'm guessing it was negligible, but was it a couple of million bucks or what?", "audio_length_s": 8.49, "path": "83c003be6ac012b814cfecef95459f02_133.wav"}, {"text": "we get it done in 6, 8, 10 weeks and we get the deal. So we're seeing more of that as we go forward.", "audio_length_s": 8.49, "path": "0807d606b6cf98da19b317b4928c3572_86.wav"}, {"text": "As we make larger inroads into the residential market, we expect this market to become a larger and more significant portion", "audio_length_s": 8.49, "path": "0b2059114216fe9195b6a4256ed84843_92.wav"}, {"text": "that this is an important program for us, not only because of its size, but also because it is our first large blade server opportunity.", "audio_length_s": 8.49, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_26.wav"}, {"text": "and buying that from a company that does the design, development and manufacturing domestically, it really narrows down the field", "audio_length_s": 8.49, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_66.wav"}, {"text": "While the new model involves some measure of dependency on downstream partners, this is mitigated by the profound alignment of interest with our new customers.", "audio_length_s": 8.49, "path": "85edb0a846d9e1cfa542b893eed4a0f3_38.wav"}, {"text": "I'll take this moment to remind everyone of our previously stated ambitions to deliver sustainable mid- to high-single digits revenue growth", "audio_length_s": 8.49, "path": "7a80c3e91e5a2693cdaef5f716808317_1.wav"}, {"text": "In the last couple of months, we have made a number of significant organizational changes that we believe will make us more effective.", "audio_length_s": 8.49, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_10.wav"}, {"text": "I am very pleased with our execution in Q3. My team delivered strong financial performance,", "audio_length_s": 8.49, "path": "0b7afb66a39a4c81151309bacc830c60_34.wav"}, {"text": "This deal represents the largest subscription software contract in the company's history and provides significant momentum for this solution.", "audio_length_s": 8.49, "path": "c2a4f7aacf0036edc5b94457c0d8329a_5.wav"}, {"text": "So we feel good about the competitive positioning. We're working hard to get ahead of the complexity on this large program,", "audio_length_s": 8.49, "path": "523cf294ec146d5411972168b1c10f09_21.wav"}, {"text": "A reconciliation of these measures to the most comparable GAAP measures can be found in the financial tables of today's press release.", "audio_length_s": 8.49, "path": "1bb9219ad31877175e18e8e48ff2f63c_81.wav"}, {"text": "then the likelihood of you are sitting on the sideline for a period of time until your results are where your expectations lie", "audio_length_s": 8.49, "path": "97ddc19ecb28bab2d19fd3b181182062_189.wav"}, {"text": "Really, the emergence of bankruptcy and the reinvigoration of capital spending by Ultra has driven volumes,", "audio_length_s": 8.49, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_26.wav"}, {"text": "driving the overall downward trend in the delinquency ratio. And now the provision on Page 18. As was mentioned,", "audio_length_s": 8.4600625, "path": "1c60a3d37d43a43d5851722212ddcd71_26.wav"}, {"text": "The tone seems a little bit lukewarm on that. Is this more like you want to put in a floor if the stock were to get hit for some reason? Or", "audio_length_s": 8.46, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_186.wav"}, {"text": "smart elevators and using Internet of Things and using a strategy around that, around an agile enterprise, when you look at the auto", "audio_length_s": 8.46, "path": "6e6da7f810609ce64857373f11984455_60.wav"}, {"text": "And frankly, we've shown patience and discipline with our growth which has really come in chunks over that span of time", "audio_length_s": 8.46, "path": "7ad622c38e1f0e472ca166e2ad70844d_15.wav"}, {"text": "finally down in the lower left, historical cost of deposits. We were able to lag during the cycle, but if the Fed Funds rate increase", "audio_length_s": 8.46, "path": "c272c3032aa56f99fd19c220786b0636_107.wav"}, {"text": "in our knowledge and our understanding of the over 50s. In the longer term, we expect to see a positive impact on churn rates", "audio_length_s": 8.46, "path": "214dcdc435ef3259490466447858fa56_253.wav"}, {"text": "Noble Group will remain a strong diverse set of businesses, focused on our strong physical franchises around the world.", "audio_length_s": 8.46, "path": "569834a5cb8a33dfeac20dfa8e03afb3_17.wav"}, {"text": "Before I provide the numbers for the second quarter's instructive, to point out that despite our outperformance in the first quarter, we are maintaining our original full year guidance.", "audio_length_s": 8.46, "path": "7eebbbc069b4bf8367aa748751df9bc7_157.wav"}, {"text": "I just thought you may be interested to see what emerges out of -- what looks like a complicated rough.", "audio_length_s": 8.46, "path": "b7d4858dcc1d9cf454416082b75a3429_71.wav"}, {"text": "So anything you want to point out in terms of cadence through the year or seasonality, both on the top and the bottom lines?", "audio_length_s": 8.46, "path": "5111fdad778749872c23e78c9b0d653b_123.wav"}, {"text": "is sufficient for us to meet our return hurdles while providing a competitive edge for TCAP from a product mix standpoint.", "audio_length_s": 8.46, "path": "ab861b81968e1b5fcb606ed886919d68_5.wav"}, {"text": "and reflects the point of origination of pickup of the material for the customer, Jon. So it's already baked into those numbers.", "audio_length_s": 8.46, "path": "e274d02ea943c0a74779950fe28e839d_160.wav"}, {"text": "follow up on the discussion about Florida. So could you just give us a little bit more of a sense of", "audio_length_s": 8.46, "path": "b40ab385cca0095fc17f5310045ca5d2_117.wav"}, {"text": "So for other financial services what are your future plans? How are you going to reinforce your financial services business?", "audio_length_s": 8.46, "path": "a93681c92a0b9c04743f541a54b180c7_93.wav"}, {"text": "As you all know, Q1 is normally seasonally down from Q4 of the prior year market expectations", "audio_length_s": 8.46, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_135.wav"}, {"text": "Any amounts though that were included in the adjustment in the fourth quarter, I mean, we've not", "audio_length_s": 8.46, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_181.wav"}, {"text": "As we observed on our last conference call, property pricing has leveled off but not yet been impacted negatively by the slowing transaction activity.", "audio_length_s": 8.46, "path": "223f05c0b9b116532e9af84afa76cac7_147.wav"}, {"text": "for people to buy at a dealership. These products are specifically tailored to the auto industry, they are beneficial", "audio_length_s": 8.46, "path": "3bdb43dc1bcef6eff76f45efedb6a211_187.wav"}, {"text": "and manufacturing strategy in one of those 3 plants. So we need to get into that and we'll come back to you with updated estimates.", "audio_length_s": 8.46, "path": "54558afacef9ab3010d5a57ac4feb664_154.wav"}, {"text": "But how quickly that happened in the quarter and then being able to react to it did drive the basis point decline in the quarter.", "audio_length_s": 8.46, "path": "a069e0992c2083f0f53eaa4f7a02e47d_198.wav"}, {"text": "The new suite will cover the entire item lifecycle from how we engage and buy from our suppliers to how we replenish and allocate to stores.", "audio_length_s": 8.46, "path": "d70a57dd52d0e4cf86a6225dca186bc2_55.wav"}, {"text": "and where we have a very competitive product. I think to that extent, that thinking has been", "audio_length_s": 8.46, "path": "8cb24daf76784487ad63780546dc4ba4_166.wav"}, {"text": "the remainder of my comments, I'm going to speak to the midpoint of our full year EPS range and on a constant currency basis.", "audio_length_s": 8.46, "path": "7e14890193df4b10e1eeab6ab886529f_191.wav"}, {"text": "that than just a market deal. And we've got a lot of cash, so we'd like to have that be a meaningful amount or", "audio_length_s": 8.46, "path": "3180572bc2da758668c19200930e1bc4_215.wav"}, {"text": "and our Makoto business. We are building out our investment in corporate banking presence here in Canada and internationally.", "audio_length_s": 8.46, "path": "7974a5134807f46a1484a8adf81505be_241.wav"}, {"text": "In addition, this year, with the implementation of our renewed ERP system, which we expect", "audio_length_s": 8.46, "path": "e8a2a593282199ea052f788b8fead64b_74.wav"}, {"text": "if you take a step back from that and if you're a player in the market who only covers, say, part of the market, may be only digital or you only have set-top box data,", "audio_length_s": 8.46, "path": "8b71a232d7fe61e6232807b635977c31_156.wav"}, {"text": "in terms of our ability to execute in that space. There's an absolute change in the manufacturing market and that change favors the cloud native.", "audio_length_s": 8.46, "path": "78c85dc9a16f82b09d3a2363004e658d_40.wav"}, {"text": "The size of any funding required for the balance of 2015 will be a function of planned activity, production levels and revenue at that time.", "audio_length_s": 8.46, "path": "e1f462455d6c826d9c173c35d4844383_59.wav"}, {"text": "the protocol so that we can start on time in the second half of this year.", "audio_length_s": 8.46, "path": "1f43e30e245ed30be41602d8423db99e_29.wav"}, {"text": "it's not as simple as bringing new technology to the fire service market as it might be bringing new technology to the consumer market.", "audio_length_s": 8.46, "path": "01502edf6cda82061f1f45d6b0e8e189_92.wav"}, {"text": "It's really exciting to be working with Honda Aircraft Company, and we see opportunities to do even more with them going forward.", "audio_length_s": 8.46, "path": "bad55d25c1222682bd893d97dc5cbb27_116.wav"}, {"text": "Part of the selling expense as you go through the whole thing in the second quarter was just a shift, because we're doing more international, which is more second quarter", "audio_length_s": 8.46, "path": "2fc915b996c687200d995736980aae9a_195.wav"}, {"text": "looking back on the CODA business is a lot of these contracts require significant deposits before we", "audio_length_s": 8.46, "path": "392ca3d1e388c6d7a35f6d0db390c359_216.wav"}, {"text": "And not only from a supply chain perspective but equally, from a ReposiTrak perspective, we're terribly concerned that our customers get", "audio_length_s": 8.46, "path": "e26b501c6e000fdaa11edde97cc71436_59.wav"}, {"text": "I think that -- you raise a very good point, though. We did take some actions that we outlined in our prepared remarks related to both", "audio_length_s": 8.46, "path": "a827180c08c11f2e53c6966fceaabf5b_116.wav"}, {"text": "In addition, we continue to pursue unmanned opportunities with the Marine Corps and the firefighting mission with the Department of the Interior.", "audio_length_s": 8.46, "path": "a827180c08c11f2e53c6966fceaabf5b_136.wav"}, {"text": "These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.", "audio_length_s": 8.46, "path": "a3c389b6f737603969fd26408544747f_75.wav"}, {"text": "and it seems that the investment you're making in price can be promotion, shelf pricing, more dollars in PC Plus.", "audio_length_s": 8.46, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_18.wav"}, {"text": "and customers were able to experience the new automated software solution Phenomap from Visiopharm. While the software is the headline,", "audio_length_s": 8.46, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_83.wav"}, {"text": "At the end of this presentation, we will open the floor for questions, where we will answer with as much detail as possible any remaining doubts or inquiries.", "audio_length_s": 8.46, "path": "11ca275b0bd65060f43ae2d28e1c489f_62.wav"}, {"text": "Quota credit and commissions for nonrecurring sales have been eliminated. We believe that an individual rep", "audio_length_s": 8.46, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_233.wav"}, {"text": "Also notable was the change in the proportion of patients achieving modified partial remission during the open-label period of the study.", "audio_length_s": 8.46, "path": "a24a661c2eb55542903c72391ec09f9b_84.wav"}, {"text": "maybe refer more specifically kind of to the deal flow that we have seen over now the last 9 months or so.", "audio_length_s": 8.46, "path": "0f4370b614f29bd596e4f6871cc77864_222.wav"}, {"text": "Further to that point, improving and ultimately acceptable financial returns will be the most critical measure by which we measure our own success.", "audio_length_s": 8.46, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_48.wav"}, {"text": "looking in Q1, then you are back again because now they both are included in the figures from the 1st of January.", "audio_length_s": 8.46, "path": "3e714a49937be1672aa48244ba7254ce_148.wav"}, {"text": "aligning directly to our 5-year plan and allowing us to better focus on our global regulatory and compliance offerings.", "audio_length_s": 8.46, "path": "1244d2b5a259c3bc73742830d60d53fc_110.wav"}, {"text": "As we look to the future, the return we can bring to shareholders by focusing on our members and the value we bring to them will be front and center in our minds.", "audio_length_s": 8.46, "path": "6933d49d1af6eb4613a4f75bf37d00e1_12.wav"}, {"text": "New York City has this enormous backlog. Governor Cuomo has stated for everyone to hear that he expects to generate", "audio_length_s": 8.46, "path": "a965bbd76f3d449c86e8c27d03ac192f_178.wav"}, {"text": "in an industry where nobody's left. I keep saying it, but the truth is in the pudding. We have now got 3 straight", "audio_length_s": 8.46, "path": "a965bbd76f3d449c86e8c27d03ac192f_174.wav"}, {"text": "what the future commencing really now has in store. The only thing that I", "audio_length_s": 8.46, "path": "a965bbd76f3d449c86e8c27d03ac192f_182.wav"}, {"text": "net income. We are expecting higher revenue in the second half than the first. The revenue growth, we also expect to increase in", "audio_length_s": 8.46, "path": "ebecd7e874a9b3998b70ec3200f71e89_19.wav"}, {"text": "Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program, and you may now disconnect. Everyone, have a great day.", "audio_length_s": 8.46, "path": "b2d6357f46f3a82cff6625277f9a20f6_101.wav"}, {"text": "At the same time, I've spent a lot of time in Europe with the team underneath Katarzyna, and we have strong players. I have a lot of confidence in the team.", "audio_length_s": 8.46, "path": "b96165244f010b3f1e61cbbc5e504d96_144.wav"}, {"text": "to offset what we view -- what we know is going to be a hole for us for the full year relative to our original guidance. So", "audio_length_s": 8.46, "path": "bab12f620df0f367e74acdcc467686f1_18.wav"}, {"text": "middle of next year, we'd get a decision from the commission on our action plan as part of the Integrated Resource Planning process.", "audio_length_s": 8.46, "path": "636d6909fbd8656f88f72f66a3a162ff_23.wav"}, {"text": "we become an even more important place to work. When you look at our turnover, not excessively high in any way, shape or form,", "audio_length_s": 8.46, "path": "0899e07f70a6e5be842fb6e22a3fafe9_129.wav"}, {"text": "Recently, the Brazilian government announced changes in the primary financing program for irrigation equipment called", "audio_length_s": 8.46, "path": "1d2ff648e4a30fa5555a7ab85bf60190_108.wav"}, {"text": "While we want to be clear regarding our GAAP results and the items they reflect, when adjusting for these onetime items", "audio_length_s": 8.46, "path": "c1d916407f390d20e9d8f9b453e22435_114.wav"}, {"text": "mine is a big complex thing where you're doing lots of work and lots of -- it's not all related to every ton of coal that's delivered.", "audio_length_s": 8.46, "path": "08ed60a546bd48af9db028c4e3c8af26_30.wav"}, {"text": "our pipeline includes a large number of opportunities, including an active pilot with a national enterprise customer", "audio_length_s": 8.46, "path": "16e51362df94379ea33a24334015f385_81.wav"}, {"text": "Northwest will be identifying areas of synergy that they can leverage by being part of Rollins. The addition of Northwest", "audio_length_s": 8.46, "path": "0360a780927a31fb0bec9e79dac878a2_91.wav"}, {"text": "The main reason for the increase is the full quarter revenues on the 4 container vessels on charter to Evergreen, which were delivered to us end of May.", "audio_length_s": 8.46, "path": "39eee2eb09766cf1717c05e39c7db798_45.wav"}, {"text": "certain lift out of loyalty in the second year and we just didn't get that. As we dug more into it and talked to", "audio_length_s": 8.46, "path": "e2c02e1788cb10703d7611ef157f8135_44.wav"}, {"text": "And part of the costs that we've talked about and fully scoped out this morning, include both the expected", "audio_length_s": 8.46, "path": "7bc22aba9bc29d69ee10cc60db7903d8_146.wav"}, {"text": "this is partially as a result of new product and service introductions, which generate those higher margins and leads to a more favorable product mix.", "audio_length_s": 8.46, "path": "a02b735de681c682fbb8025edecca271_25.wav"}, {"text": "where we provided support for the federal marketplace. Second quarter operating margin for the federal segment", "audio_length_s": 8.46, "path": "b94d748876ddf8e881d4191dec45baf3_8.wav"}, {"text": "These adverse impacts were more than offset by operating profit growth, higher associate income and lower net finance charges,", "audio_length_s": 8.46, "path": "c3567809c19ce6a800677544cd84f88b_202.wav"}, {"text": "This is required for us to continue to be a leader in the OTT space, particularly in the rapidly growing AVOD segment that Chris described.", "audio_length_s": 8.46, "path": "20097e37747ec7bc3734246e83798fb1_70.wav"}, {"text": "Despite the good backlog in our Energy Group, we remain slightly cautious on our outlook for the Energy Group, with the main headwinds for this group being persistent.", "audio_length_s": 8.46, "path": "9979d7fef684b8cac613c934b6229791_70.wav"}, {"text": "In conclusion, Industrial had an exceptional first half of the year and remains well positioned for continued success.", "audio_length_s": 8.46, "path": "7a29e2dcd505f944b16d1e3173cb1c01_60.wav"}, {"text": "Before we begin, I'll remind listeners that during the course of this call we will make forward-looking statements within the meaning of the Federal Securities Laws.", "audio_length_s": 8.46, "path": "bd40628b97efec198825ccf910c7e27e_59.wav"}, {"text": "For example, on the opposite end of the spectrum from CityFibre might be incumbent local exchange carriers.", "audio_length_s": 8.46, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_92.wav"}, {"text": "that when you're looking at the mix of projects in our backlog, there is a wide variety of price levels that we're seeing.", "audio_length_s": 8.46, "path": "505ccbd6e857cad05a179a5ed5419d1b_12.wav"}, {"text": "As Kate mentioned, we've seen some improving trends across our international businesses, with revenues in Europe and Asia Pacific increasing during the quarter.", "audio_length_s": 8.46, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_19.wav"}, {"text": "We will expand our network into white spots by including such methods as utilizing alliances with overseas airlines.", "audio_length_s": 8.46, "path": "b0b83ac66a31c5096a75bb1927c557e2_41.wav"}, {"text": "Together, automotive and industrial markets contributed close to half of total company revenue in the September quarter.", "audio_length_s": 8.46, "path": "051c23cc7bacc5c9df9312ac0fd431a9_118.wav"}, {"text": "we reserved our right to dispute that amount not because we disagree with the amount necessarily because we haven't had a chance to audit the calculations yet.", "audio_length_s": 8.46, "path": "151a08a0353f92bc3a78bbf8a17b52aa_106.wav"}, {"text": "It has been relatively stable over the course of the last year. We think that's a positive for us as a manufacturer. We also think it's probably a positive", "audio_length_s": 8.46, "path": "2a059b2b192b8e972ca7664ddfed8a20_167.wav"}, {"text": "and increasing volume from a large existing customer that has decided to extend our services into one of their other product groups.", "audio_length_s": 8.46, "path": "2c3945f11b4d91727b1ce00d490e11b6_13.wav"}, {"text": "I don't anticipate that we'll have to, because there is a very -- there's a lot of clarity from OFAC that the 50% of capital is the rule that they apply.", "audio_length_s": 8.46, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_226.wav"}, {"text": "Thank you. It's been a very strong quarter for us. We are making significant progress on the fronts of product development and", "audio_length_s": 8.46, "path": "75eb5b75bb8587b63c318714ea956b9e_83.wav"}, {"text": "the variability in that number would be based on the activity that we have on the legal front in terms of case work.", "audio_length_s": 8.46, "path": "75eb5b75bb8587b63c318714ea956b9e_159.wav"}, {"text": "This speaks to the power of our common, scaled network infrastructure that serves both the Consumer and Business segments.", "audio_length_s": 8.46, "path": "52a4e3ebf7e968a783401230c3f69a9d_129.wav"}, {"text": "Engineering and development increased 76% for the full year due to the same factors.", "audio_length_s": 8.46, "path": "52a4e3ebf7e968a783401230c3f69a9d_78.wav"}, {"text": "The nature of that business is lower margin for us but also from the pricing point of view because it's projects versus service.", "audio_length_s": 8.46, "path": "262bc21196721c5ff9114acbd2ff03c3_154.wav"}, {"text": "Accordingly, we're continuing to engage with potential tenants while preserving the flexibility to achieve an optimal outcome.", "audio_length_s": 8.46, "path": "e2225d612a954a24e7e91c08215d7b51_63.wav"}, {"text": "According to our leasing agents, the Midtown South office market had a strong quarter with 2.7 million square feet being leased.", "audio_length_s": 8.46, "path": "e2225d612a954a24e7e91c08215d7b51_138.wav"}, {"text": "The fourth quarter was dominated by the new tax legislation being signed into law by the President and causing our company to remeasure its deferred tax asset on the balance sheet.", "audio_length_s": 8.46, "path": "f13362f70e41d74f3fda8d7dfb19f09e_88.wav"}, {"text": "So we are sticking with the guidance of something around 100 for the full year, needless to change this in just last quarter.", "audio_length_s": 8.46, "path": "d8db289a641593a1934fbb6407eede02_32.wav"}, {"text": "Our investments in the second quarter primarily represent a combination of incremental loans to existing portfolio companies", "audio_length_s": 8.46, "path": "73c60e60043b8775dac929320839a8c6_86.wav"}, {"text": "Our view is that as we see the construction activity really start picking up, that's going to flush through probably a little bit quicker on the lumber side", "audio_length_s": 8.46, "path": "735a523f1ef6500b7aa97a2536d9c4fd_87.wav"}, {"text": "companies. There's a whole host of biotech companies that are operating businesses that have drugs in the marketplace and have sales and", "audio_length_s": 8.46, "path": "da879f8ea1c23aa6565cccaacac271fc_51.wav"}, {"text": "The adjustments shown for pension, stock-based compensation and restructuring are all attributable to the spin so have also been adjusted out.", "audio_length_s": 8.46, "path": "757695924b5e43c7d44e29dc141cc035_132.wav"}, {"text": "As discussed in prior earnings calls, the effective tax rate will continue to be somewhat sensitive to the geographic mix of earnings across the globe.", "audio_length_s": 8.46, "path": "5633fe3600ee04237bbb918c56341864_98.wav"}, {"text": "We remain encouraged by the progress and constructive discussions with customers on the growth of our new Lifecycle business.", "audio_length_s": 8.46, "path": "01b376669d5ea40acc7fb5a87503586e_106.wav"}, {"text": "Through the fourth quarter, academic centers represented the highest number of ordering accounts by type as well as the highest volume of orders.", "audio_length_s": 8.46, "path": "299bad77345d2e44fa5768f4416f7b97_187.wav"}, {"text": "This is how we planned the business to better align with customer demand, along with an expectation around improved international service levels in the fourth quarter.", "audio_length_s": 8.46, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_72.wav"}, {"text": "the NOCs and independents are starting to see the need to invest in their resource base simply to maintain production at current levels.", "audio_length_s": 8.46, "path": "bfb0fac9575cd0820a660f2577199468_173.wav"}, {"text": "our level of charge-offs is very much dependent on the target yield and risk profile that we're taking in the business. I think, right now, we are", "audio_length_s": 8.46, "path": "66b25c60d952bd002c7ab20da9248086_73.wav"}, {"text": "Global economic uncertainty and slow growth in China continued to dampen LED TV demand.", "audio_length_s": 8.46, "path": "ecc871b8f89a858d952f554f1ca8f7da_72.wav"}, {"text": "Thanks, Dick, and good morning, everyone. Let me start by saying that we are obviously pleased with the fourth quarter and full year results.", "audio_length_s": 8.46, "path": "64364105b816dd0b6a029e9cd210e65b_133.wav"}, {"text": "And what is the status of the standstill agreement with Allergan? And then you touched a little bit on pricing", "audio_length_s": 8.46, "path": "794528c461ef7009b1741ac67c17aba4_20.wav"}, {"text": "to bring technological solutions and to be seen as a positive force in our interactions with communities where our assets are located.", "audio_length_s": 8.46, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_33.wav"}, {"text": "This year, we have experienced growing pains in a few of our plants where higher sales growth rates have increased capacity utilization.", "audio_length_s": 8.46, "path": "e552924838fe493d3cc967dd0c5c4563_13.wav"}, {"text": "another customer with Linx Pay. And so maybe we would think that these would be", "audio_length_s": 8.46, "path": "ffe22f8bcf153b8b51f6e52039686c1e_64.wav"}, {"text": "types of vessels in Europe. That seems to be getting better. The area that again still seems to be", "audio_length_s": 8.46, "path": "3412b2f7aef0615537779e312cf984c3_48.wav"}, {"text": "We've increased the renewable piece and the spending, but we're probably not going to see a lot of the revenue because those are more at the", "audio_length_s": 8.46, "path": "2cd5b184c2ef6624ce219830182927c9_405.wav"}, {"text": "And as Jim mentioned going to this concept of adjusted net income, we're really looking to focus on the core business going forward,", "audio_length_s": 8.46, "path": "2cd5b184c2ef6624ce219830182927c9_219.wav"}, {"text": "That's great. It's always -- the thing about this digital thing, Overwatch is a great title for us, and the thing about it is you have to be insightful about what", "audio_length_s": 8.46, "path": "125388f1b45117acde70abc39e0f7d04_89.wav"}, {"text": "We have spent time following up with several analysts and investors since our Investor Day and have had good dialogue on our strategy.", "audio_length_s": 8.46, "path": "125388f1b45117acde70abc39e0f7d04_100.wav"}, {"text": "Given that this is a very recent development, we don't yet have specific comments or guidance on the financial implications of this change.", "audio_length_s": 8.46, "path": "a2245a8522589003f9c235a48c0197f0_11.wav"}, {"text": "and we are expecting also to continue on that lower levels for the next year, as I have explained with the guidance before. So", "audio_length_s": 8.46, "path": "b4072ee178832ecf3d2a0f25fd8b8387_174.wav"}, {"text": "we expanded operating margins by 50 basis points for the year in a declining sales environment, a very solid result.", "audio_length_s": 8.46, "path": "1378aabd380e63d3f89fe0e445fc8b06_129.wav"}, {"text": "Well, thank you for joining us for today's call. And we look forward to speaking you -- with you again when we report our first quarter results in May.", "audio_length_s": 8.46, "path": "1378aabd380e63d3f89fe0e445fc8b06_40.wav"}, {"text": "we see certainly advantages to higher defense spending and certainly other key advantages to actually having a budget.", "audio_length_s": 8.46, "path": "1378aabd380e63d3f89fe0e445fc8b06_113.wav"}, {"text": "And -- for instance, we had one customer that sold out in Eastern New Mexico and we were running 5 rigs a day", "audio_length_s": 8.46, "path": "3c17ad8c6709cbb1a8f7190f567a445f_37.wav"}, {"text": "We did this to heighten our focus on becoming the leader in the integrated containment and delivery of injectable medicines.", "audio_length_s": 8.46, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_48.wav"}, {"text": "you might deploy the kind of what looks to be excess funds available to Medicare Advantage for next year.", "audio_length_s": 8.46, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_295.wav"}, {"text": "So -- and the pattern of our share-based awards creates a higher level of vestings and exercises in the first half, and that's been consistent over time.", "audio_length_s": 8.46, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_49.wav"}, {"text": "following the additional rejections expected in the first quarter before reaccelerating in the second half as redevelopment completions also accelerate.", "audio_length_s": 8.46, "path": "1cfd7da6c2da11f7e3f7102a6265146b_73.wav"}, {"text": "and we have not submitted this yet. We have -- we are very motivated, and", "audio_length_s": 8.46, "path": "f15a674bdbbc461872000604216ae071_12.wav"}, {"text": "putting these expenses as deductible according to the parameters that are in the law.", "audio_length_s": 8.46, "path": "f15a674bdbbc461872000604216ae071_17.wav"}, {"text": "is operating in the third quarter already higher than the nominal capacity. So in the third quarter and the fourth quarter,", "audio_length_s": 8.46, "path": "f15a674bdbbc461872000604216ae071_64.wav"}, {"text": "conserving a little bit of cash and having a little more firepower for some of the organic projects that you have potentially on the table or acquisitions?", "audio_length_s": 8.46, "path": "f388f8ab8a5751d4efc504090d00ca64_45.wav"}, {"text": "what we saw last year, where at this point in time you saw the seasonal downturn from now until August, September?", "audio_length_s": 8.46, "path": "eed99fefac02f862b3ee31c4748cb9b5_126.wav"}, {"text": "The LIT business is now fully integrated and continues to play an important role in several of our major programs.", "audio_length_s": 8.46, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_46.wav"}, {"text": "but we need to be more aggressive. Although I'm pleased with the performance in '17, I think we could have set the bar higher and acquired more aggressively.", "audio_length_s": 8.46, "path": "c88e296697cd72c891ffb7bf5a1a60bb_66.wav"}, {"text": "as well as the quality of execution on projects, the management of risk for future projects and a strong underpinning of continued awards in Fab Services,", "audio_length_s": 8.46, "path": "3ae068efa03cd088f4d3edea682f199f_169.wav"}, {"text": "driving operational and supply chain efficiencies, improving our process and focus within our innovation and new product development efforts,", "audio_length_s": 8.46, "path": "7a80c3e91e5a2693cdaef5f716808317_73.wav"}, {"text": "We drove a 16 percentage point lift in action intent to shop at Target for the holidays as measured by Nielsen", "audio_length_s": 8.46, "path": "30a142fac5a62ab00227cb6a339a6226_79.wav"}, {"text": "Target partnered with us using Snap Ads and Filters to drive action intent and in-store visitation for holiday shopping.", "audio_length_s": 8.46, "path": "30a142fac5a62ab00227cb6a339a6226_22.wav"}, {"text": "And again, it's -- the best way we can measure it right now is the fact that our lead times have doubled here over the past few months.", "audio_length_s": 8.46, "path": "24a2aec67e247f9c4d4cc89d6dbab525_101.wav"}, {"text": "And so a lot of those securities are still turning out distributions and dividends and interest, but the market value of the securities have gone down. And so", "audio_length_s": 8.46, "path": "7e018402f521eec8ce7a9df8cd61e144_101.wav"}, {"text": "around the building as we now have no street seller of our ticket to whom we are obligated to sell our tickets.", "audio_length_s": 8.46, "path": "b35398859e534e471fb1cd60f5baac20_179.wav"}, {"text": "This restructuring was intended to create better alignment with client expectations and market demand and also to improve our leverage model.", "audio_length_s": 8.46, "path": "9cd9b67e289e807d677aabc5765fec6a_149.wav"}, {"text": "The operating team needs to be rebuilt and operating systems and processes designed for a modern mechanized operation.", "audio_length_s": 8.46, "path": "9b84dc4409f4ecccd173c2f81a4460cc_197.wav"}, {"text": "Specifically, July 2018 wind production at the peak hour was right around the average wind production at the peak hour over the last 3 years in July.", "audio_length_s": 8.46, "path": "16c235a53fc719ec92ef3b3c3b371150_20.wav"}, {"text": "Ian joined us from Sherwin-Williams and is already collaborating with our segment business leaders and marketing teams to find better ways to gather,", "audio_length_s": 8.46, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_194.wav"}, {"text": "we will continue to exclude New Jersey from our full-year projection. Though we now expect the second quarter to include 3 months of New Jersey revenue.", "audio_length_s": 8.46, "path": "97b02b7a41ecb22cb04e7331052cefc8_187.wav"}, {"text": "somewhat unique because we played the role of an SI in that deal and that was obviously, a multimillion dollar deal.", "audio_length_s": 8.46, "path": "726bad4d5d1a6b2f62034eb8dc843450_72.wav"}, {"text": "when we go to market by combining our payroll, our benefits and our HR technology services into an integrated service offering to our clients.", "audio_length_s": 8.46, "path": "1bb9219ad31877175e18e8e48ff2f63c_88.wav"}, {"text": "Incremental investments, which are forecasted to be lower in 2015, will be focused on new products and channel development to meet", "audio_length_s": 8.46, "path": "77f146e76d89a5be785a39ab23dfa763_130.wav"}, {"text": "Probably the most pleasing thing of all is the long-term contracted position in relation to the ERFs, which has substantially changed.", "audio_length_s": 8.4300625, "path": "e00fd35e201a8607d264b803a5130c59_192.wav"}, {"text": "As a reminder, we have provided additional guidance for the third quarter in the supplemental presentation posted on our website.", "audio_length_s": 8.43, "path": "f5875d033110e66b5aafc3c0003babdf_95.wav"}, {"text": "we do expect to come back to the historical levels within a year or so.", "audio_length_s": 8.43, "path": "364a769967b9b1a7cd069e2ce95c6e25_14.wav"}, {"text": "But at the moment there is nothing tangible on the horizon that indicates that opportunity will be presenting itself anytime soon.", "audio_length_s": 8.43, "path": "a0e8f9500edc41a227b8d67235bf7753_17.wav"}, {"text": "We will be in a much better position by the end of this year when it will have been operating in a steady state for a period of months.", "audio_length_s": 8.43, "path": "b7d4858dcc1d9cf454416082b75a3429_88.wav"}, {"text": "We chose credit unions because we believe they will continue to lose relevancy especially with millennials and don't have the ability to invest in technology and make that shift to digital.", "audio_length_s": 8.43, "path": "f3ea353a6c918bc1fd311a9cad6b9777_90.wav"}, {"text": "Leonardo, now regarding prices, and you specifically focused on the industry.", "audio_length_s": 8.43, "path": "0db71632fa65f1d166f14cb8593c4690_12.wav"}, {"text": "in a tumor type that was previously believed to be refractory, that is where immuno-oncology would provide no benefit, there's clear evidence there could be some.", "audio_length_s": 8.43, "path": "f0ce0d97cf62c9076226e0aeeb550493_211.wav"}, {"text": "that's just core growth on sales in the quarter, but just to reiterate, when I'm looking at orders in the quarter, which I think we highlighted on the conference call", "audio_length_s": 8.43, "path": "22ad97a95501a08f15c06605cd277fec_114.wav"}, {"text": "And so we were looking at a significant growth of metals portion in our overall cost structure.", "audio_length_s": 8.43, "path": "95962e0f754f9e2f786778c85d0913b8_34.wav"}, {"text": "A nonrecurring retention plan based on restricted shares instead of options is a great way to reward the hard work and commitment our people have put forth", "audio_length_s": 8.43, "path": "1f1b29266d2cede9b8f0f06ca57aae17_160.wav"}, {"text": "Beyond our efforts to strengthen the quality of customer service in restaurant operations, we're also making progress on our key digital initiatives.", "audio_length_s": 8.43, "path": "1f1b29266d2cede9b8f0f06ca57aae17_7.wav"}, {"text": "so the first goal was to grow organically in the last couple of years when the market's been fairly challenging and protect our capital.", "audio_length_s": 8.43, "path": "223f05c0b9b116532e9af84afa76cac7_72.wav"}, {"text": "The weakness in Australia and Argentina through the first half are expected to impact International revenue growth negatively by about 2% in the first half of the year.", "audio_length_s": 8.43, "path": "0755f4b74dda585f3975c7d8208b1598_116.wav"}, {"text": "It also includes strategic initiatives that require extra resources and new capabilities.", "audio_length_s": 8.43, "path": "55d548325797d638567669cd75444301_47.wav"}, {"text": "Today's call will include my comments on Reis' financial and operational results. I will then ask Mark to review our financial performance.", "audio_length_s": 8.43, "path": "e824f4380f8203a1e3ed60e7da1e39e5_45.wav"}, {"text": "positioned to absorb increased volumes in our existing footprint and cost structure as this end market improves.", "audio_length_s": 8.43, "path": "67716cee321d117b0318930dd142f06a_131.wav"}, {"text": "I'll get that for you. I will say in general that our fees overall tend to be fairly well distributed relative to the room counts,", "audio_length_s": 8.43, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_230.wav"}, {"text": "It is harder to see with the acquisition and the disposition activity over the past year with MD, Jarislowsky Fraser", "audio_length_s": 8.43, "path": "7974a5134807f46a1484a8adf81505be_203.wav"}, {"text": "comments if there were something specific that you guys achieved that helps you understand how this works or if this was just simply Texas kind of clearing the decks for the last couple of years?", "audio_length_s": 8.43, "path": "3121e8f4a75758834d32a9e4e0555221_20.wav"}, {"text": "It's a great opportunity, because a lot of Europe is in the process of static to digital conversion", "audio_length_s": 8.43, "path": "de3b766a868da918e499f407dbf5d716_99.wav"}, {"text": "primarily due to the previously disclosed loss of a domestic tablet program and declines within our legacy runoff business.", "audio_length_s": 8.43, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_9.wav"}, {"text": "because of the fact that we were not doing business with ClarusONE. We lost our business with ClarusONE. So", "audio_length_s": 8.43, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_93.wav"}, {"text": "Expenses were controlled very well, thanks to our precise marketing and channel management.", "audio_length_s": 8.43, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_217.wav"}, {"text": "I encourage you to ask the same question and to look for those details when we have the announcement at the end of this year.", "audio_length_s": 8.43, "path": "39e5706898dcaf14a280b3a123877cd6_51.wav"}, {"text": "Second of all, we have started to deploy our new real estate strategy, which is twofold", "audio_length_s": 8.43, "path": "39e5706898dcaf14a280b3a123877cd6_188.wav"}, {"text": "and a rigorous focus on cross functional customer success KPIs. Now I'd like to spend a few minutes talking about our latest", "audio_length_s": 8.43, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_107.wav"}, {"text": "increase in the turnover, and that was mainly because of limitations of our capacity.", "audio_length_s": 8.43, "path": "cfbe91105113db7a5784f77e411b7a3f_9.wav"}, {"text": "Have you had direct conversations with entities at this point? I'm just trying to get a sense of how close you might be to doing something in this regard?", "audio_length_s": 8.43, "path": "8292bdb9af87f10627c044f3842b2c76_99.wav"}, {"text": "Our Fluid Power platform, which is more dependent on OEM end markets, is also under top line pressure in the current macro environment.", "audio_length_s": 8.43, "path": "a827180c08c11f2e53c6966fceaabf5b_15.wav"}, {"text": "Two additional quick service restaurants were added in April and we took over operation of 1 more from a former tenant.", "audio_length_s": 8.43, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_5.wav"}, {"text": "We have identified areas where we know we're not competitive internally. We've already taken the decision to shut down some activities", "audio_length_s": 8.43, "path": "d261e09fa176510406c0d05eeedfc8f8_59.wav"}, {"text": "Well, that -- I can tell you what it was. The trouble is it's sort of a meaningless number, because", "audio_length_s": 8.43, "path": "a5aee620f2ef348884bdc8fa3e0cee19_46.wav"}, {"text": "As we find opportunities that yield even bigger benefits, through testing and learning and iterating, those things will probably take a little bit longer, but", "audio_length_s": 8.43, "path": "47a303604df9f9fc9f2f89a9280c3a79_98.wav"}, {"text": "the Census Bureau and the SEC. And we see opportunity more broadly", "audio_length_s": 8.43, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_139.wav"}, {"text": "We remain focused on proactively evaluating all assets and all transaction structures and will continue to rely on our proven process.", "audio_length_s": 8.43, "path": "403903eb119bfc1cec44d86ec907077a_6.wav"}, {"text": "that allows us to reach entirely new audiences. And I could go on and on. Innovation in content is integral to our culture.", "audio_length_s": 8.43, "path": "403903eb119bfc1cec44d86ec907077a_10.wav"}, {"text": "how much utilization impact we could see in the market from scrubber -- from vessels being out of the market", "audio_length_s": 8.43, "path": "2063e78dbcf34b0ffd9d058a3a4ef6f2_96.wav"}, {"text": "I view that as an enabling technology to help us go after the market opportunity. The more it's a transactional side in the ERP system", "audio_length_s": 8.43, "path": "0f4370b614f29bd596e4f6871cc77864_174.wav"}, {"text": "communications tower at our Aurora I location during the quarter, and we will be offering the first on-campus wireless access to customers.", "audio_length_s": 8.43, "path": "171fd9df333ddd814c764843ed624121_63.wav"}, {"text": "We're ramping up our Oakdale expansion project, so capital spending in Oakdale will be relatively low next year.", "audio_length_s": 8.43, "path": "2905366dcf0eb60a22b63a1b3d9adf95_11.wav"}, {"text": "and so we're really seeing a significant -- a much more frictionless upgrade. That was one of my commitments early on to the client base. The next is", "audio_length_s": 8.43, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_122.wav"}, {"text": "So as we look at all of those underlying factors, that continues to give us great confidence because we can continue to make progress there.", "audio_length_s": 8.43, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_111.wav"}, {"text": "Having said that, there are still times when facilities can lie idle for short periods of time, and this has been addressed by running the business", "audio_length_s": 8.43, "path": "3416f142ad06359966636184f66e87c5_22.wav"}, {"text": "specifically as it relates to volatile basis differentials and hedge losses that have capped upside participation in the oil curve.", "audio_length_s": 8.43, "path": "c433164f6d189e18b1e4784e376b6ecb_74.wav"}, {"text": "is there a little bit more in those neck of the woods for you guys to look at? Or does that comment that really encompass all of those opportunities at this point?", "audio_length_s": 8.43, "path": "f2a2ba46b242698577188259de23de31_55.wav"}, {"text": "We are uniquely able to provide new products and services to the schools through complete solutions of affordable,", "audio_length_s": 8.43, "path": "da14df2e02d11f6f8599533d9d57faee_132.wav"}, {"text": "If we're coming to our client with a better value proposition, with a highly integrated set of services", "audio_length_s": 8.43, "path": "bf07ba925d6e5f568f66bb89b00a9463_91.wav"}, {"text": "any thoughts on what that could look like going forward? You guys -- I mean, given the decline in the margin, I understand your comments about", "audio_length_s": 8.43, "path": "b092d2be33ad52beefab208355b18235_67.wav"}, {"text": "With this execution, we expect our additional equity investment in Ivy Hill will generate a comparable level of dividends", "audio_length_s": 8.43, "path": "8aa1aa8317783203344434f855535c25_122.wav"}, {"text": "We have reached the point where LED product represents our core business as they have become the focus of almost all of our customers.", "audio_length_s": 8.43, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_154.wav"}, {"text": "However, many of the other segments have weakened, which is consistent with the general economic trends and slow growth others are reporting.", "audio_length_s": 8.43, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_95.wav"}, {"text": "about the infrastructure forecast for the fourth quarter, and I think I heard that there will be somewhat less", "audio_length_s": 8.43, "path": "1d2ff648e4a30fa5555a7ab85bf60190_67.wav"}, {"text": "Before we begin our prepared remarks, I'll remind everyone that this call will include forward-looking statements, as defined under the securities laws.", "audio_length_s": 8.43, "path": "87ba56e8ff82d5e181ee5d6d66543c51_1.wav"}, {"text": "We are now making additional investment both in technology and distribution to support the continued growth of this strategy.", "audio_length_s": 8.43, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_209.wav"}, {"text": "While the markets and operating environments have created some serious challenges for both us and the rest of the industry,", "audio_length_s": 8.43, "path": "be8b554309f7632bc9ebbd967764001e_148.wav"}, {"text": "that we're going to attract a lot of new customers, and it should -- there's no reason it doesn't perform like the spinners did for us. It's just a matter of magnitude,", "audio_length_s": 8.43, "path": "c67af59ea29f4e80b8eeede6e730658e_72.wav"}, {"text": "all right. And I can get the presented from you another time. I wondered if you could review back", "audio_length_s": 8.43, "path": "9b93af1e7019959620214c387f283d8e_111.wav"}, {"text": "Now our Crop Protection business continues to outperform the industry, led by strong performance in Asia and Europe.", "audio_length_s": 8.43, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_126.wav"}, {"text": "to drive the top line positive. And so being more thoughtful about the balance sheet simply makes sense to us.", "audio_length_s": 8.43, "path": "e2c02e1788cb10703d7611ef157f8135_140.wav"}, {"text": "As always, it is important to note that we do not believe that the very strong growth rates from our early sales will be maintained through the remainder of the selling season", "audio_length_s": 8.43, "path": "cd1773ea94a046c0a36b679e2efcee9f_8.wav"}, {"text": "they're absent right now. And so what I view is happening is this kind of continued pause and hesitancy", "audio_length_s": 8.43, "path": "02deeb29574f1571812a11f66bb8fda1_29.wav"}, {"text": "than any other enterprise software company in history. You can see that in the numbers from this quarter, the trajectory is clear.", "audio_length_s": 8.43, "path": "16ed973148ce103dc95fdcfaf35bbe7b_7.wav"}, {"text": "environmentally friendly products into their portfolios in terms of their public transport products.", "audio_length_s": 8.43, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_152.wav"}, {"text": "This standardized way of working drives growth because it ensures our brands are available in the most dynamic outlets", "audio_length_s": 8.43, "path": "c3567809c19ce6a800677544cd84f88b_51.wav"}, {"text": "The size of the circles represent the relative size of the loan portfolios, and the circles are ordered by size, left to right,", "audio_length_s": 8.43, "path": "6ad1d7c855ceb3eb830c365e357e4510_11.wav"}, {"text": "In many cases, it reduces cost, but in some cases, it increases revenue. Certainly has an impact on customer satisfaction and employee satisfaction. So", "audio_length_s": 8.43, "path": "6ad1d7c855ceb3eb830c365e357e4510_57.wav"}, {"text": "If we're fortunate enough to get a pellet plant order and we're fortunate enough to deliver some of it in '18, it will not be dilutive. Okay,", "audio_length_s": 8.43, "path": "9979d7fef684b8cac613c934b6229791_89.wav"}, {"text": "while development costs for dasotraline and others that are closer to NDA filing will decrease.", "audio_length_s": 8.43, "path": "58d5f604300a30c0c5bd9aa57d207478_66.wav"}, {"text": "Before turning the call to Herb, I would like to share the one other executive team position that is new for the company this fiscal year.", "audio_length_s": 8.43, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_70.wav"}, {"text": "we can come in and help these very large clients in their remote offices. So we've made a conscious effort", "audio_length_s": 8.43, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_210.wav"}, {"text": "another questioner asked about ultimately how productive these branches could get in terms of the servicing.", "audio_length_s": 8.43, "path": "82131762fc1c2b2358ac3a167666ab87_96.wav"}, {"text": "We also reported the second highest annual net income and earnings per share. But that's the bright part of the story.", "audio_length_s": 8.43, "path": "9098e5640309f25da0d4dfa04789a36f_60.wav"}, {"text": "the one little bit of guidance I'll give you because it's such a noisy thing is that Orchard will more than likely turn around after the second quarter", "audio_length_s": 8.43, "path": "63eaf9677d7577484a1557ae6bfbb585_135.wav"}, {"text": "But in the future, laypeople will configure without the need for software coding skills.", "audio_length_s": 8.43, "path": "52a4e3ebf7e968a783401230c3f69a9d_116.wav"}, {"text": "We are well positioned with the leading CapEx investors and believe we can continue to grow with their expansion plans.", "audio_length_s": 8.43, "path": "0ec0a75c1800bac01520dcac5b8992fb_54.wav"}, {"text": "did they outgrow the rest of your portfolio when you strip out household cleaning when you look at that or was it about even this time?", "audio_length_s": 8.43, "path": "915bdcf0edfec49b928ca4010cbb40ca_74.wav"}, {"text": "on an annualized basis by the end of fiscal 2020. The transition of our merchandising staff will occur over the next 6 months,", "audio_length_s": 8.43, "path": "5ea42ed8ea9a65bd01aaabb678685483_160.wav"}, {"text": "listening and learning as much as I can about the business and operation. And at the end of that time, I'll present a plan to Paul comprising my", "audio_length_s": 8.43, "path": "948f025c16fce2bcb2909e610c9be557_130.wav"}, {"text": "that the situation is, that because it's a tire and a wheel,", "audio_length_s": 8.43, "path": "948f025c16fce2bcb2909e610c9be557_153.wav"}, {"text": "With respect to our portfolio reshaping, we continue to expect our sale of certain Wallop assets to close in the first half of this fiscal year.", "audio_length_s": 8.43, "path": "9e8690a521142359001a137074905535_97.wav"}, {"text": "just curious, and maybe it's a moot point with a sale pending, but is there any recovery on that if it was a third party responsible for it?", "audio_length_s": 8.43, "path": "74d0910b4af16f82a812bddbb151d966_82.wav"}, {"text": "We also have quite a bit of activity across the group around implementing lean activity, not just in our operations,", "audio_length_s": 8.43, "path": "262bc21196721c5ff9114acbd2ff03c3_26.wav"}, {"text": "And the chart on the right there gives a breakdown of where that operational RoRE outperformance has come from. The middle line is the business plan commitment.", "audio_length_s": 8.43, "path": "e00fd35e201a8607d264b803a5130c59_261.wav"}, {"text": "as well as poor weather conditions and poor hours of daylight, which impact oil and gas operations. Q1 of this year was no different.", "audio_length_s": 8.43, "path": "8d9efef3c305ec549fb15daa27107c83_114.wav"}, {"text": "So we're probably looking at probably several quarters of work to try and to primarily educate", "audio_length_s": 8.43, "path": "6318dda27b3e36d76533c048c64a3014_80.wav"}, {"text": "Our new threat models are well received so far. They work out of the box and provide meaningful alert about potential threats to data", "audio_length_s": 8.43, "path": "52976c4bc9a150b3c85d5d6f1b3febb1_53.wav"}, {"text": "and we look at something called vintage curves and what we basically do is check accounts over time and assess their behavior against previous accounts.", "audio_length_s": 8.43, "path": "21f21433851eb7c7f7dbc710309341bb_25.wav"}, {"text": "Our remarks and answers to your questions today may contain forward-looking information about future events on the company's performance.", "audio_length_s": 8.43, "path": "a1329d5014382fed182ec42276821868_157.wav"}, {"text": "areas in other markets. We certainly want to leverage the strong businesses that we acquired as part of the Walker", "audio_length_s": 8.43, "path": "8eaca8d8a419f74540f69ade8defabbd_116.wav"}, {"text": "I believe we took market share from our competition as we continued to outperform them. As I've said, many times before,", "audio_length_s": 8.43, "path": "9e07401011239a074ff66741ee557224_112.wav"}, {"text": "But we can see the momentum because there are a number of orders on a daily basis that are going specifically for oral surgery practices", "audio_length_s": 8.43, "path": "450a5dc6eb19b82da8dfc68127f6e79d_101.wav"}, {"text": "Most of the savings came from lab materials and labor, which directly benefit from higher volumes, especially as we automated more of our production processes.", "audio_length_s": 8.43, "path": "7551ffae17aa39dd4ea962a43f96bf04_12.wav"}, {"text": "So they're the sort of dynamics here. And if I think back to the journey where we took those businesses I mentioned before that were losing money,", "audio_length_s": 8.43, "path": "33fd8a867dbd88a837e541b1d2b25ea5_37.wav"}, {"text": "On the half of the market that's trade, that essentially is all going to market through our own trade network where we, the Dulux company, sold to the painters.", "audio_length_s": 8.43, "path": "33fd8a867dbd88a837e541b1d2b25ea5_50.wav"}, {"text": "all that attractive when you look at some of the other transactions that have taken place over the last 12 to 24 months. So", "audio_length_s": 8.43, "path": "416ebb7a4160f7cd2f98361cbd1cb769_96.wav"}, {"text": "We want our customers to feel like they can do just about anything, whether it's opening an account, uploading documents using device's camera", "audio_length_s": 8.43, "path": "7cc11de7f206c637e6293da0d956405e_66.wav"}, {"text": "I'm much more comfortable putting those very ill patients on the higher-dose levels because we think we'll see efficacy at those levels.", "audio_length_s": 8.43, "path": "8c1b4f4af2af2847a240041390e31399_28.wav"}, {"text": "we are restating our 2015 targets on a core basis. We believe this gives the best visibility into the organic changes in our targets.", "audio_length_s": 8.43, "path": "757695924b5e43c7d44e29dc141cc035_28.wav"}, {"text": "However, late in the third quarter customer behavior grew more cautious across the board and we saw some of the channel inventory adjustments I just referred to.", "audio_length_s": 8.43, "path": "757695924b5e43c7d44e29dc141cc035_20.wav"}, {"text": "We do everything we can in our marketing efforts to facilitate the pull through there as well, but it really is driven by the economics", "audio_length_s": 8.43, "path": "e42f90eacf0e766ff39973c6aca06c93_74.wav"}, {"text": "The increase was primarily due to an increase in compensation, legal and other expenses, supporting operational growth. For", "audio_length_s": 8.43, "path": "e42f90eacf0e766ff39973c6aca06c93_89.wav"}, {"text": "the ability to manage money flexibly and efficiently at that scale, but the goal is to build scale across franchises.", "audio_length_s": 8.43, "path": "6709c061d39d0e433079f84160f11c80_103.wav"}, {"text": "The other category mainly includes costs associated with RINs, outgoing freight, product differentials and inventory impacts.", "audio_length_s": 8.43, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_131.wav"}, {"text": "It is worth pointing out that our voyages are generally 40 to 60 days in duration and are fixed 2 to 4 weeks in advance.", "audio_length_s": 8.43, "path": "e7d23208b973f7998b2fb21a00d87849_50.wav"}, {"text": "to participate in growth in China, you may have to have local presence, especially when it comes to manufacturing?", "audio_length_s": 8.43, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_72.wav"}, {"text": "I am pleased to report that our construction services business experienced exceptional earnings growth in the second quarter compared to a year ago,", "audio_length_s": 8.43, "path": "3e29586725757a72d8c143f3da2658f5_36.wav"}, {"text": "how that has changed. I know you've been doing a lot of those feed studies, or some of them for some time. I mean, have you seen", "audio_length_s": 8.43, "path": "01b376669d5ea40acc7fb5a87503586e_67.wav"}, {"text": "We have successfully repositioned ourselves from a coal car producer to a diversified railcar manufacturer,", "audio_length_s": 8.43, "path": "e522eff219f3eaa2c9b090dc12cad420_2.wav"}, {"text": "that are requiring us to go through a negotiation process that is taking much longer because the majority of these credits are in Brazil.", "audio_length_s": 8.43, "path": "d5fb88dba0740bc906c5127e05592f95_99.wav"}, {"text": "to become more credible in alternative asset management for a fund that can", "audio_length_s": 8.43, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_170.wav"}, {"text": "we are seeing some improved demand in our core markets, but I'd say most of it is coming a little bit East from Aurora.", "audio_length_s": 8.43, "path": "b01b8f0fa0baf54952151c2e767b6f77_8.wav"}, {"text": "I think that the pass is becoming more and more of value opportunity for people as they have more and more choices in terms of where to go. So the", "audio_length_s": 8.43, "path": "078b27aa69b10aa01f2eab2aa681bdd8_124.wav"}, {"text": "we would have done everything we could to at least hold the margins that we realized this year. Obviously, our margins this year were much higher than what we", "audio_length_s": 8.43, "path": "4311782968e936c378fdee8946cd9cca_62.wav"}, {"text": "I believe we have the contractual framework and the contract base to start demonstrating to you and the rest of the investment community", "audio_length_s": 8.43, "path": "bfb0fac9575cd0820a660f2577199468_95.wav"}, {"text": "We will follow with a review on the second quarter results of the year to continue to a more detailed look of the results.", "audio_length_s": 8.43, "path": "0f9d6e24171bc068e7ff7a11e7e44060_51.wav"}, {"text": "Based on this positive cash flow before investment receivables, our actual cash used in the quarter was entirely related to our investment in our loan book.", "audio_length_s": 8.43, "path": "66b25c60d952bd002c7ab20da9248086_157.wav"}, {"text": "Overall, I'm pleased with our solid results in the quarter and believe we're on track to meet our full year financial objectives.", "audio_length_s": 8.43, "path": "a2ba164f019804628c07b36de47cd464_92.wav"}, {"text": "really wanted to talk about what excites me about our business and why I'm confident in our growth momentum moving forward.", "audio_length_s": 8.43, "path": "24a133abc343c813233d416b0cef96cd_154.wav"}, {"text": "Also, this year, our development completions were significantly lower in the same period last year, and you can see that on the slide in front of you.", "audio_length_s": 8.43, "path": "24a133abc343c813233d416b0cef96cd_31.wav"}, {"text": "over a longer period in that regard? And then the second sort of related question is, just in the longer term, I know over the next quarter or two,", "audio_length_s": 8.43, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_81.wav"}, {"text": "And we will provide our initial perspective on, and plans for, the Pinnacle business. There's a lot to cover. So let's jump right in.", "audio_length_s": 8.43, "path": "b0d88c0f1efca89ecb928172341dc75d_2.wav"}, {"text": "it's going to take a little bit of time to see that actually show up in our overall corporate results, but it's a very exciting time for them right now.", "audio_length_s": 8.43, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_106.wav"}, {"text": "I think those 2 markets are comparatively larger for Berkeley Point than they are for Newmark taken as a whole", "audio_length_s": 8.43, "path": "c2bad61ce58687fad602549f6048004b_17.wav"}, {"text": "share gains in the first quarter. We've held steady here and we believe that we will see future share gains there. So I mean, I'd like to have the same", "audio_length_s": 8.43, "path": "b08d602a938cc263402d9d2db56f2490_96.wav"}, {"text": "large increase was in May of 2015. But any additional increases in 2016 will depend on the rate increases", "audio_length_s": 8.43, "path": "14fa9d7635caae6483af62a4bfe1b9d6_18.wav"}, {"text": "on the equipment that we provide. So I mean, this is nothing new for us. We have -- we've already made significant investments into this. We are quite competitive", "audio_length_s": 8.43, "path": "20489859070c48218db6ab0f5b6d2b05_42.wav"}, {"text": "that were in there, and they would have been at probably the higher return and now we have more the distribution projects, which are probably a little bit lower.", "audio_length_s": 8.43, "path": "2cd5b184c2ef6624ce219830182927c9_303.wav"}, {"text": "At PHI, we are encouraged by the process we're making. Although some of this success has been helped by good weather", "audio_length_s": 8.43, "path": "5b331cf4e6f62ec9a9c30a4728e36054_53.wav"}, {"text": "plenty of people out there that are refinancing every chance they get. And there's a version of that in the private markets.", "audio_length_s": 8.43, "path": "02242ceddfeb4bcc65f04552b63fe80e_90.wav"}, {"text": "For those who accept the offer, there will be a payout in December of 2015, which will be made out of existing plan assets.", "audio_length_s": 8.43, "path": "711d9abe4399e7184d7dd8e3273f8a71_207.wav"}, {"text": "I say all that because we expect to return to more normal profitability and growth moving forward. And I think you'd see that", "audio_length_s": 8.43, "path": "902872913863de98d38e2936b846cf66_105.wav"}, {"text": "are expected to offset the declines in video game products sales, and operating earnings are forecasted to be flattish for the quarter.", "audio_length_s": 8.43, "path": "125388f1b45117acde70abc39e0f7d04_62.wav"}, {"text": "do you think that is a strategy with the markets more willing to pay up right now for the order book, as opposed to the operations of the leasing? What's your view on that?", "audio_length_s": 8.43, "path": "96488f25af54f91198b444e5eff8e878_53.wav"}, {"text": "will be considered forward-looking and as such will be subject to risks and uncertainties that could materially affect the company's expected results,", "audio_length_s": 8.43, "path": "0f8a61f667edd9a400d7abe2a7908a9e_38.wav"}, {"text": "being flat to a little bit down for the balance of the year. When do you guys think it's likely to inflect and begin to track up as you look forward?", "audio_length_s": 8.43, "path": "933faa5ac159ab158506e2bc0f714977_67.wav"}, {"text": "We have identified several noncore potential divestiture candidates and are actively pursuing options for each of those today.", "audio_length_s": 8.43, "path": "c71a6ab1a0697010811c89200ab21613_55.wav"}, {"text": "There are considerable number of Northern Canadian opportunities on our radar screen, driven by our unique partnerships and our long history of working in the North.", "audio_length_s": 8.43, "path": "3d0f5785f81125b6efa2339a4aef56aa_54.wav"}, {"text": "and several smaller residential projects. 2016 revenues were associated with a few small residential projects generated by the acquisition", "audio_length_s": 8.43, "path": "3d0f5785f81125b6efa2339a4aef56aa_17.wav"}, {"text": "and bring in concepts that are relevant to the communities we serve. Expect to see this follow-on growth continue this year and beyond.", "audio_length_s": 8.43, "path": "1cfd7da6c2da11f7e3f7102a6265146b_62.wav"}, {"text": "On a sequential quarter basis, recruiting and new life insurance licenses declined reflecting seasonally low activity levels in the fourth quarter.", "audio_length_s": 8.43, "path": "bcb3aac2c7cc035961d9ee8cfd330044_80.wav"}, {"text": "We move forward with high conviction that we are well positioned to capitalize on a range of exciting opportunities to drive future growth.", "audio_length_s": 8.43, "path": "594b7b614804475e4ab8ab4c405ecf40_93.wav"}, {"text": "But you need to bear in mind that last year recurring was strong in Q4 because we had a few catch-ups", "audio_length_s": 8.43, "path": "4fd138e27f5f375945332eacefa15b62_161.wav"}, {"text": "So while we had already planned to invest in our business this year, the recent tax reform presents a compelling opportunity", "audio_length_s": 8.43, "path": "7e198f4b8da8fc367e2bca0fd1595633_65.wav"}, {"text": "in the quarter, it would seem like there would be pent-up demand for the fourth quarter and that they will be looking to buy more product.", "audio_length_s": 8.43, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_43.wav"}, {"text": "we will have established a better-optimized, flexible capital structure and a strong banking group that should serve our needs well moving forward.", "audio_length_s": 8.43, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_18.wav"}, {"text": "low value. I mean, these are -- there are going to be very high-value programs in the context of some very focused efforts on the part of our partners with", "audio_length_s": 8.43, "path": "85edb0a846d9e1cfa542b893eed4a0f3_22.wav"}, {"text": "the more engaged the customer base, the more data you have, the easier that is to do. So that's the journey we're on. We've got an amazing set of tools with", "audio_length_s": 8.43, "path": "c88e296697cd72c891ffb7bf5a1a60bb_83.wav"}, {"text": "This visibility promotes root cause investigation and corrective actions, as well as best practice sharing between all entities and locations.", "audio_length_s": 8.43, "path": "7a80c3e91e5a2693cdaef5f716808317_28.wav"}, {"text": "And as always, we will continue to focus on sales growth and manufacturing cost efficiency benefits from our investments across the platform.", "audio_length_s": 8.43, "path": "24a2aec67e247f9c4d4cc89d6dbab525_15.wav"}, {"text": "the best thing that we can do is just simply continue to really put forward the strength of our own products.", "audio_length_s": 8.43, "path": "b1a98885c1d81414cdc122e807760faf_90.wav"}, {"text": "kind of what's happening in the revenue growth numbers and in the noise. But in the PEO, the most important thing for us in the PEO is profit per employee,", "audio_length_s": 8.43, "path": "365c360aff42713cef71a7d026eeeb6d_193.wav"}, {"text": "outer years. So what that means is we finished '18 a little bit ahead of our own expectation, so we have really terrific momentum going on.", "audio_length_s": 8.43, "path": "365c360aff42713cef71a7d026eeeb6d_195.wav"}, {"text": "And then can you talk at all about the tenant watch list in terms of credit? Like have you seen any change in that over prior quarters?", "audio_length_s": 8.43, "path": "b35398859e534e471fb1cd60f5baac20_162.wav"}, {"text": "focused on strategic investment and capacity expansion, geographic expansion, increased efficiencies as well as new process and product development.", "audio_length_s": 8.43, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_107.wav"}, {"text": "As we told you on our Q2 earnings call, we took the next step in the verticalization of our direct channel", "audio_length_s": 8.43, "path": "0b7afb66a39a4c81151309bacc830c60_99.wav"}, {"text": "compared with last year, despite the additional cost incurred related to the spinoff and the incremental cost to be incurred going forward as a stand-alone.", "audio_length_s": 8.43, "path": "ec81096e007f2e89de94b49db12d11bb_64.wav"}, {"text": "and we will continue to ensure that we set challenging targets and then provide the right environment for our operators to meet them.", "audio_length_s": 8.43, "path": "9b84dc4409f4ecccd173c2f81a4460cc_94.wav"}, {"text": "All of these business pillars support our central objective of improving cash flow and returns on a sustainable basis.", "audio_length_s": 8.43, "path": "9b84dc4409f4ecccd173c2f81a4460cc_168.wav"}, {"text": "it's a '19 issue. I think it's a good issue to have. We can manage it, and we could actually push more into '20 if we wanted to.", "audio_length_s": 8.43, "path": "16c235a53fc719ec92ef3b3c3b371150_55.wav"}, {"text": "Because of the culmination of these and other commitments around continuous improvement at PolyOne, we recently achieved certification", "audio_length_s": 8.43, "path": "744f5859c7d9a0567b387ae84326d940_22.wav"}, {"text": "So let me answer a little bit the question on the net working capital. So the net working capital, first of all, we see", "audio_length_s": 8.4299375, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_92.wav"}, {"text": "But we've always said that we're about growth, as I mentioned in my remarks. And if we think there is an opportunity to put capital to work,", "audio_length_s": 8.4299375, "path": "0fa398ef99a7a936fc1e509dacaaadde_165.wav"}, {"text": "I think airline capacity is actually growing, and it will be higher this year than it was last year. So not to be confused with", "audio_length_s": 8.4299375, "path": "b08d602a938cc263402d9d2db56f2490_33.wav"}, {"text": "canopy tours I think that exist certainly anywhere in the Mountain. And so we're confident that, that will drive its own profitability and more visitation.", "audio_length_s": 8.4000625, "path": "078b27aa69b10aa01f2eab2aa681bdd8_114.wav"}, {"text": "However, not yet seen an improvement in the market and we expect MOCVD investments to remain soft", "audio_length_s": 8.4000625, "path": "ecc871b8f89a858d952f554f1ca8f7da_19.wav"}, {"text": "And part of that is due to some of the marketing and operating -- particularly marketing efficiency issues we've been talking about the last 6 to 9 months.", "audio_length_s": 8.4, "path": "a0e8f9500edc41a227b8d67235bf7753_38.wav"}, {"text": "increases of rates do not necessarily reflect a declining premium on a government guaranteed floating rate instrument.", "audio_length_s": 8.4, "path": "92b48b365197c65ebf545a4c9dd1200d_192.wav"}, {"text": "We've gotten a little bit bigger this year into Pennsylvania. We have a few more utility areas that we'll be looking into", "audio_length_s": 8.4, "path": "7ad622c38e1f0e472ca166e2ad70844d_63.wav"}, {"text": "In fact, with the steps we took last year, we are in an even better positioned to take advantage of a return to more seasonable weather.", "audio_length_s": 8.4, "path": "7ad622c38e1f0e472ca166e2ad70844d_26.wav"}, {"text": "In total, the actions that have already undertaken in the last 6 months are expected to improve our PBIT performance", "audio_length_s": 8.4, "path": "569834a5cb8a33dfeac20dfa8e03afb3_129.wav"}, {"text": "I'll conclude today's prepared comments by providing an update on key business developments related to our long-term secular growth drivers", "audio_length_s": 8.4, "path": "ab5b4ea5cd86e4f7deafe9814024fada_2.wav"}, {"text": "regarding what we have communicated in the summer to you in terms of the midterm margin development. We are fully on track,", "audio_length_s": 8.4, "path": "a95a220f118ae793c89d6d708e62cf8a_97.wav"}, {"text": "If there's an opportunity to obviously enhance the breadth and depth of our programs, the degree levels as well as the programmatic offerings,", "audio_length_s": 8.4, "path": "10ad172801ac8cd3a21e4355d7349eb5_76.wav"}, {"text": "which are still primarily driven by our underlying operating performance and the number of revenue earning days during the quarter.", "audio_length_s": 8.4, "path": "10ad172801ac8cd3a21e4355d7349eb5_141.wav"}, {"text": "that you're really looking at your cash generation as opposed to GAAP earnings. So is it fair to say that your cash generation", "audio_length_s": 8.4, "path": "8cb24daf76784487ad63780546dc4ba4_230.wav"}, {"text": "so I just want to make sure I fully understand it. So obviously, sales force productivity driving incremental subscriptions and then obviously the continued", "audio_length_s": 8.4, "path": "e824f4380f8203a1e3ed60e7da1e39e5_82.wav"}, {"text": "We took on a 10-year take-or-pay agreement for a new supply connection and terminal in the Central Kansas Uplift", "audio_length_s": 8.4, "path": "c96b5ae4ffe20d946daec67e2b0917b2_3.wav"}, {"text": "Now that's business travel as well as leisure travel, but you're seeing that the Chinese are participating in the high-end of the market", "audio_length_s": 8.4, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_56.wav"}, {"text": "And if we talk about index, you can't necessarily pierce through what it is we're saying to have your own source of data for it.", "audio_length_s": 8.4, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_206.wav"}, {"text": "This is where we are to date. We feel we're on track for full year expectations. And for those of you who are available,", "audio_length_s": 8.4, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_34.wav"}, {"text": "for a very long time because of the half-life of the drug, and it would be pretty unlikely to require a second dose of the drug to treat a single attack.", "audio_length_s": 8.4, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_83.wav"}, {"text": "And finally, our discovery programs are progressing to where we could start to see them refill our pipeline and create sustainable value.", "audio_length_s": 8.4, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_13.wav"}, {"text": "reconciling and matching payments, resolving exceptions and then posting payments to keep receivables current.", "audio_length_s": 8.4, "path": "04f29bc02d1e2ef65077ca67bf41f475_35.wav"}, {"text": "This allows our customers to keep their pharmaceutical supply chain under their own control.", "audio_length_s": 8.4, "path": "56e05107e391476d11fe1f637733f028_118.wav"}, {"text": "Yes. So I think you're actually touching on something that's important here. If you look at the way that's evolved in the manufacturing space,", "audio_length_s": 8.4, "path": "78c85dc9a16f82b09d3a2363004e658d_159.wav"}, {"text": "I wanted to provide an update on a decision that ITC received from FERC on ROE matters just after our New York Investor Day.", "audio_length_s": 8.4, "path": "9589f919b51ea96f732c4fe7fd180d7e_63.wav"}, {"text": "Now I'll turn things over to Cliff to discuss some of the operational highlights for the quarter and address how they impacted LMI's financial results.", "audio_length_s": 8.4, "path": "bad55d25c1222682bd893d97dc5cbb27_11.wav"}, {"text": "This doesn't mean there is no opportunity. This just means that the challenge is greater.", "audio_length_s": 8.4, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_39.wav"}, {"text": "I'm just wondering, are there any other proactive strategic options still left on the table worth looking at?", "audio_length_s": 8.4, "path": "a212b77ae2b2452093665a4e179ed3a3_81.wav"}, {"text": "in which truck drivers can receive their payroll while on the road and then use it like a prepaid card within the MasterCard network.", "audio_length_s": 8.4, "path": "839852ec8452dbd90e9341d15cbba7c5_168.wav"}, {"text": "In addition, we were profitable in the first quarter, and considering the outlook we have for the remainder of the year, we do expect to be profitable for the full year.", "audio_length_s": 8.4, "path": "1b1699497be56330b3ed833f22bc63f6_30.wav"}, {"text": "There's quite some application for these units. But as I've said in the report there, a number of our competitors in the last few months have come to market", "audio_length_s": 8.4, "path": "beb9b090a2850e9f9feb4f00ee472d07_107.wav"}, {"text": "I would now like to turn the call over to Paul. Thank you, Steve. Good morning, and thank you for joining us for today's call.", "audio_length_s": 8.4, "path": "5f38ce681d4413a793d34a0650c59bf2_172.wav"}, {"text": "include this in the capitation model, which means that what you gain from it", "audio_length_s": 8.4, "path": "d5c338a956681dbb2170472253a29b85_119.wav"}, {"text": "This is not in full force yet, but that's a development that is going on right now and our plan is that we", "audio_length_s": 8.4, "path": "d5c338a956681dbb2170472253a29b85_152.wav"}, {"text": "The year-over-year and sequential increases in product margins were due to favorable manufacturing capacity utilization and product mix,", "audio_length_s": 8.4, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_124.wav"}, {"text": "And that creates a virtuous cycle, that combined with these software releases in which we have better utilization of the system, faster utilization of the system,", "audio_length_s": 8.4, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_132.wav"}, {"text": "This was primarily due to the positive impact of pension accounting treatment, which more than offset the negative impact of ForEx effects.", "audio_length_s": 8.4, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_69.wav"}, {"text": "since it's not contributing, the -- your whole guide is still trending downwards. I get the revenue guide,", "audio_length_s": 8.4, "path": "403903eb119bfc1cec44d86ec907077a_86.wav"}, {"text": "in the second quarter of last year, which is also part of the reason why we believe that the current guidance is appropriate and also realistic.", "audio_length_s": 8.4, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_99.wav"}, {"text": "The challenge will be to execute strategies that can deliver more for less by staying focused, developing talent", "audio_length_s": 8.4, "path": "8b6b51842af008f5f437f53cc2e71835_145.wav"}, {"text": "The nonoperating results were primarily due to unrealized gains and losses on our seed investments.", "audio_length_s": 8.4, "path": "8b6b51842af008f5f437f53cc2e71835_6.wav"}, {"text": "As Gary mentioned, our construction team continued to do an outstanding job delivering capacity to support our sales team,", "audio_length_s": 8.4, "path": "171fd9df333ddd814c764843ed624121_77.wav"}, {"text": "But I think we do feel well prepared for it. We've got a great pipeline of innovations that we think is very relevant for the future.", "audio_length_s": 8.4, "path": "655d592e9d1b1027f1824b1554d8b131_198.wav"}, {"text": "Therefore, repurchasing the company's shares now represents an excellent investment opportunity for both the company and our shareholders.", "audio_length_s": 8.4, "path": "2905366dcf0eb60a22b63a1b3d9adf95_17.wav"}, {"text": "why we still have very high cash CapEx, not that we aren't continuing to invest. We are. We're still expanding our fiber footprint but at a lower pace than we were.", "audio_length_s": 8.4, "path": "ebecd7e874a9b3998b70ec3200f71e89_125.wav"}, {"text": "We built a much more complete framework and in doing so, we feel like we shifted the conversation towards NextGen being a trusted adviser to our clients.", "audio_length_s": 8.4, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_54.wav"}, {"text": "the August shutdown in Q3 and then we'll see where we are in terms of meeting our channel inventory objectives for the year.", "audio_length_s": 8.4, "path": "132abea68f255eb89160dde90b6d3b80_12.wav"}, {"text": "We are increasingly positive about the potential of this area to deliver incremental oil production into our portfolio.", "audio_length_s": 8.4, "path": "c433164f6d189e18b1e4784e376b6ecb_41.wav"}, {"text": "We are currently in the process of our fall borrowing base redetermination and will update everyone when that has been completed.", "audio_length_s": 8.4, "path": "c433164f6d189e18b1e4784e376b6ecb_108.wav"}, {"text": "This slide introduces our main wellness products, which we consider a key growth domain.", "audio_length_s": 8.4, "path": "f4d0f1362716be33f02690dd1a8df663_115.wav"}, {"text": "which negatively impacted adjusted EBITDA. Some of these are related to the significant ramping of traffic that we've experienced and some are not related to that.", "audio_length_s": 8.4, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_85.wav"}, {"text": "many investment has been postponed in the French water. And now a lot of", "audio_length_s": 8.4, "path": "e60f6485243932b9280d864cb17a6ba8_220.wav"}, {"text": "could we expect to see some changes in your number of AOCs, and perhaps a better fleet utilization?", "audio_length_s": 8.4, "path": "c8ba00f442f07177594bfec3ac8a8d8d_63.wav"}, {"text": "On the supply of tankers. Tanker fleet growth is expected to fall this year and next on lower deliveries and higher scrapping.", "audio_length_s": 8.4, "path": "fabca2790ac9e6a96be6e6b59a497436_125.wav"}, {"text": "which generally stated, will help us respond to constantly changing customer demand by deploying the least cost available resource to balance load.", "audio_length_s": 8.4, "path": "a7e7a1621af9b4e850260f9824ee8746_94.wav"}, {"text": "Across our markets in the Americas, we are also encouraged by an increasing pipeline of projects utilizing alternative delivery models.", "audio_length_s": 8.4, "path": "bab12f620df0f367e74acdcc467686f1_181.wav"}, {"text": "We are on track to exceed our original auto rate plan by a point or so and are looking for opportunities to accelerate rate actions.", "audio_length_s": 8.4, "path": "aeb50c6146f90bd32d147c5d4775c21d_39.wav"}, {"text": "are very wide and all-pervasive. And we keep including all the new technologies that are coming into place within the organization,", "audio_length_s": 8.4, "path": "868e2f2da68927553e52046caca381d1_123.wav"}, {"text": "that is a reflection of some of these challenges that we have now in most places in the world that we, in our competitive set, need to deal with.", "audio_length_s": 8.4, "path": "47b1a118c53956b23f1d687a75f3e5ba_145.wav"}, {"text": "There are over 75 qualified opportunities currently being worked on by sales, more than half of which could close in the next 1 to 2 quarters,", "audio_length_s": 8.4, "path": "9b93af1e7019959620214c387f283d8e_59.wav"}, {"text": "And that actually adds value for the supplier as well because it actually gathers then email addresses for the customers they don't have email addresses on file for.", "audio_length_s": 8.4, "path": "9b93af1e7019959620214c387f283d8e_77.wav"}, {"text": "We have been pleased with the favorable response to this initiative and see an opportunity to further expand our assortment by offering additional third-party brands.", "audio_length_s": 8.4, "path": "f23036451aab1cb9d659c3ac9a23825c_39.wav"}, {"text": "let's say that for the light users maybe you provide more returns through bold reductions in rates for light users.", "audio_length_s": 8.4, "path": "b2c4be32355b99e1a66809bd36e83dd2_53.wav"}, {"text": "We still have a large balance of old debtors to be collected. We still have some supplies that we tend to pay a little earlier than the terms", "audio_length_s": 8.4, "path": "7bc22aba9bc29d69ee10cc60db7903d8_33.wav"}, {"text": "and modification activity generated considerable taxable income in excess of our book income.", "audio_length_s": 8.4, "path": "567a41009710fa1568bb8125213bf9eb_54.wav"}, {"text": "based on the growth -- on the known growth that we have at the MLPs. However, we -- when we talk about changing", "audio_length_s": 8.4, "path": "10dfe5270a7e4216d68614041d2a9bbe_65.wav"}, {"text": "Yet over the long term, the focus we put on the quality of our coffee, the passion of our partners, beautiful third place environments", "audio_length_s": 8.4, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_215.wav"}, {"text": "So far, the impact of the latter 2 is being negligible, and we are optimistic that the formal will yield margin relief in the second half.", "audio_length_s": 8.4, "path": "ea60900258f99d1003ab247c506e42d9_18.wav"}, {"text": "we expect that maize, juice and cereals will sustain an improved performance off a sound base established in the first half of the year.", "audio_length_s": 8.4, "path": "ea60900258f99d1003ab247c506e42d9_111.wav"}, {"text": "As a result, we do not anticipate a significant margin effect moving ahead on this project. With regards to the pellet plant revenues for this year,", "audio_length_s": 8.4, "path": "9979d7fef684b8cac613c934b6229791_18.wav"}, {"text": "Instead of the phase where you acquire assets from overseas, you're looking for opportunities in Japan, including alliance.", "audio_length_s": 8.4, "path": "58d5f604300a30c0c5bd9aa57d207478_19.wav"}, {"text": "Before I turn the call over to Brett, I'd like to tell you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act.", "audio_length_s": 8.4, "path": "10728656364812338b7417b035dae4c4_37.wav"}, {"text": "We are positioning this hotel to be among the top luxury hotels in Chicago and are building awareness, which takes time.", "audio_length_s": 8.4, "path": "b1da16cba24af8e472573c4c9caf17c7_62.wav"}, {"text": "something deeper there. So that's the most important part about that. That news is -- the relationship is sound. They're moving forward.", "audio_length_s": 8.4, "path": "13141efea197b407280701081390f0ce_30.wav"}, {"text": "It's probably premature to make those calls right now. Again, the rule is brand-new. We really won't see the full impact of it", "audio_length_s": 8.4, "path": "63d825666ef6527fd7e4f26e728a4e61_71.wav"}, {"text": "As more of these transactions close throughout the fourth quarter, we'll have a better assessment on the overall impact of the new disclosure rule.", "audio_length_s": 8.4, "path": "63d825666ef6527fd7e4f26e728a4e61_84.wav"}, {"text": "And I think as a combination of those 2 events, we will get further confidence in the product, and I believe that's going to drive", "audio_length_s": 8.4, "path": "9abfcc6b57650e0b300aa243cb8336e8_50.wav"}, {"text": "Alaska logistics and wholesale marketing distribution acquisition and from the recently closed acquisition of Great Northern Midstream.", "audio_length_s": 8.4, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_74.wav"}, {"text": "from our facilities out into our -- the market areas that we attract. So we -- that's part of our overall integrated business. But", "audio_length_s": 8.4, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_104.wav"}, {"text": "Our producer customers have indicated a strong ongoing need to have the capacity in place and available for their use", "audio_length_s": 8.4, "path": "626da68f2b245869534a0316b8b6139a_17.wav"}, {"text": "resulting in the associated move from our OE customers to seize that opportunity for efficiency, including inventory rationalization.", "audio_length_s": 8.4, "path": "9e8690a521142359001a137074905535_9.wav"}, {"text": "We believe that this change will help local and regional management teams focus on their proper levers to increase value.", "audio_length_s": 8.4, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_8.wav"}, {"text": "As a result, market share steadily improved with half of our chocolate revenue gaining or holding share for the full year.", "audio_length_s": 8.4, "path": "9b697782ea80be97854f35d6fc62c93a_144.wav"}, {"text": "and we've got a good innovation pipeline. So I think we're well staged to continue to drive growth in this geography.", "audio_length_s": 8.4, "path": "9b697782ea80be97854f35d6fc62c93a_54.wav"}, {"text": "But we're improving every day, we're getting better every day, we're correcting a lot of mistakes of the past and et cetera, et cetera.", "audio_length_s": 8.4, "path": "c8124cdb821d04f0e585420c128d76c7_79.wav"}, {"text": "Recall that patients were eligible to be enrolled in Part C based on their blood pressure response in part A, not on the severity of their dizziness.", "audio_length_s": 8.4, "path": "571b0d30d88945a981006f24faa72cf7_170.wav"}, {"text": "This year there were a couple of things going on which we've talked about. Also I think is unusual and so far as orders growth far outpaced sales growth,", "audio_length_s": 8.4, "path": "262bc21196721c5ff9114acbd2ff03c3_290.wav"}, {"text": "These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared", "audio_length_s": 8.4, "path": "cac9bb252b7974b7044423e714c2f054_75.wav"}, {"text": "Overall, we remain well capitalized and our focus on our strategic objectives enable us to", "audio_length_s": 8.4, "path": "cac9bb252b7974b7044423e714c2f054_84.wav"}, {"text": "what was once a horribly inefficient industry to one that is now investing for the long term in its people and its airports.", "audio_length_s": 8.4, "path": "1949bd0c9c4c23d495d880c4c552bfe1_63.wav"}, {"text": "During those initial 5 years, Main Street consistently generated substantial but variable realized gains from exited equity investments.", "audio_length_s": 8.4, "path": "6318dda27b3e36d76533c048c64a3014_91.wav"}, {"text": "The practice was retained to support a criminal investigation into allegations of financial fraud and misrepresentation,", "audio_length_s": 8.4, "path": "1fd097fa0bd05da0e7af03521e23bc68_6.wav"}, {"text": "there are issues between the promoters, which is for them to resolve. As far as Tata Steel is concerned, both have come out publicly to say that they support the transaction.", "audio_length_s": 8.4, "path": "da34a7b460e520db0401de3ce860187c_9.wav"}, {"text": "We further caution you that the company does not obligate or commit itself by providing this guidance to update predictions.", "audio_length_s": 8.4, "path": "1e756fc5d265eea3ff8e2e31c29826ae_135.wav"}, {"text": "This higher level starting point multiplies the productivity of these design teams and helps bring the industrial IoT to life faster.", "audio_length_s": 8.4, "path": "9e07401011239a074ff66741ee557224_110.wav"}, {"text": "Prior to the launch, the ratings were approximately 40% on legacy video players for the same article placement.", "audio_length_s": 8.4, "path": "059024560d9d1039cf08746ee7393114_100.wav"}, {"text": "and as we benefit from the recovery in ETI and growth of our rest of African operations following the investments that we have made.", "audio_length_s": 8.4, "path": "dffe8257f781608bb17bb637249e4d2a_233.wav"}, {"text": "which will have multiple benefits to the company on the acquisition front as well as in expanding the investor audience for the stock,", "audio_length_s": 8.4, "path": "9ba83ac067a98f8b12cc480ff0691e91_22.wav"}, {"text": "That now concludes the formal part of the presentation. I will now open the meeting up to questions, alternating between questions on the floor here in Sydney", "audio_length_s": 8.4, "path": "33fd8a867dbd88a837e541b1d2b25ea5_93.wav"}, {"text": "particularly with big spaces, painters and homeowners would like to get as flat finish as possible so you don't see any imperfections on the wall.", "audio_length_s": 8.4, "path": "33fd8a867dbd88a837e541b1d2b25ea5_33.wav"}, {"text": "Shortly after the quarter closed, we were also able to place new forward contracts to hedge our future exposure to the euro and British pound.", "audio_length_s": 8.4, "path": "5b0a12e70a31041016a008c29a6d2bb1_60.wav"}, {"text": "On Slide 10, you can see the credit performance continues to hold steady, considering the prevailing market conditions.", "audio_length_s": 8.4, "path": "28d675c77a4b2269c1c1460ad3e56250_112.wav"}, {"text": "Unfair practices likely to cause substantial injury to consumers. The nature of the unfair practices in this instance", "audio_length_s": 8.4, "path": "94f913b974baab79fb636f6521170dd7_101.wav"}, {"text": "some correction factors now. And we obviously do the correction internally because we have our own data, that we know", "audio_length_s": 8.4, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_181.wav"}, {"text": "We are very pleased with our results this quarter, which further illustrates our internal growth strategies are working.", "audio_length_s": 8.4, "path": "b4fc31ae6403a17b15c30d3ec3b82487_162.wav"}, {"text": "Or is this you'd like to see what you have and then determine if you want to take the next step about further consolidating?", "audio_length_s": 8.4, "path": "0dec9a606303da3039d11eec4ec9bd86_157.wav"}, {"text": "second quarter trends you might be seeing in terms of the marketing efficiency and customer acquisition trends? And then there", "audio_length_s": 8.4, "path": "50e17cbbbef8897681cc5f8ae110aae2_33.wav"}, {"text": "However, significant work needs to be done as the fixed nature of these contracts become increasingly burdensome with the reduced development.", "audio_length_s": 8.4, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_63.wav"}, {"text": "We take each one of them individually. We love it when we can start with their data and understand their unique challenges. I mean, for an example, I saw a prospect deck yesterday,", "audio_length_s": 8.4, "path": "0cfaeed8cd93dc274845d450e921aeb6_33.wav"}, {"text": "But it also means that the maturation of the supply chain and for companies to work just harder on making sure we are all competing", "audio_length_s": 8.4, "path": "ee00ebd8d782e8f124b3e142cbb74f37_138.wav"}, {"text": "Earlier this morning, we released the results for our first quarter of the fiscal 2017 year, and I hope you had a chance to review them.", "audio_length_s": 8.4, "path": "382e3c8eda678694c6368e00f19c8881_20.wav"}, {"text": "The reality is that reductions in size are somewhat uncommon because it's very expensive for the retailer.", "audio_length_s": 8.4, "path": "11f02fb2db5d9fb5ff82f0374376f759_31.wav"}, {"text": "We have improved the assortment. We have reduced the whole portfolio that was much too big.", "audio_length_s": 8.4, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_83.wav"}, {"text": "we couldn't raise prices. We were more or less flat in price, and our growth came mainly from volume.", "audio_length_s": 8.4, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_185.wav"}, {"text": "Reconciliation between the 2 can be found in the company's presentation today, which is available on its website.", "audio_length_s": 8.4, "path": "66b25c60d952bd002c7ab20da9248086_48.wav"}, {"text": "how those exposures impacted our 2015 results and what sort of actions we are taking to help mitigate these risks today and in the future.", "audio_length_s": 8.4, "path": "b6688f44b91606fbd75a6d66e94d4e4b_251.wav"}, {"text": "This was, however, amplified by a softer comparator and the start of improving conditions in some emerging markets.", "audio_length_s": 8.4, "path": "e35fae1d3df1f7aeda409f90f200ec7b_129.wav"}, {"text": "Our customer focus is reflected in part by our ability to continue to capture significant opportunities in today's competitive marketplace.", "audio_length_s": 8.4, "path": "383cf39e54475c8a25af2af7b35c6f2e_38.wav"}, {"text": "One of the things I'm most proud of is the way NAPCO has been able to remain at the forefront of innovation in the industry", "audio_length_s": 8.4, "path": "fb03ff65af8e5f80abd090abeaf767cf_2.wav"}, {"text": "but its early time production had been hampered by that obstruction, so we've included it from the Sable pad metrics in the table, given its mechanical constraints.", "audio_length_s": 8.4, "path": "243e9a046160bfbf82be702927a4df22_12.wav"}, {"text": "maybe 4 weeks or 1 month minimum or maybe 12 months depending on the contract we agree upon with the customer.", "audio_length_s": 8.4, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_21.wav"}, {"text": "We also see entering into FEED on the Pikka unit development. Alaska as being a fundamental for end of the first half this year.", "audio_length_s": 8.4, "path": "ebd59e21db89edb92205e012427cd9db_136.wav"}, {"text": "All of that is reversible, but that's the kind of thing that, as you can see in the data, has really kind of emerged as we've gone through the course of this summer.", "audio_length_s": 8.4, "path": "b0d88c0f1efca89ecb928172341dc75d_171.wav"}, {"text": "because of a relatively negative speech from the French government and from the French President", "audio_length_s": 8.4, "path": "6d41a81b648d81660c0d65523086346b_123.wav"}, {"text": "thrust upon our industry at short notice and with limited consultation. I will briefly focus on some of those areas.", "audio_length_s": 8.4, "path": "4ee3c79ebc57c9870b221b9479d52436_245.wav"}, {"text": "But essentially, what we're doing is funding ongoing investments in our business with running our business smarter and more efficiently.", "audio_length_s": 8.4, "path": "6aad408f4bb1930cf10f445115f6ed3d_115.wav"}, {"text": "the amount of visibility you have into the second half, based on the leases that have already been signed and kind of what you already", "audio_length_s": 8.4, "path": "92287986b332deec2c9712d7c89eef08_129.wav"}, {"text": "resulting from lower inventory rentals as well as lower dollar utilization of our designated rental fleet in our Construction segment,", "audio_length_s": 8.4, "path": "ee17f090e669ff9029bd1dc57db6e43e_94.wav"}, {"text": "and growth in the office construction is also beginning to moderate somewhat. Large industrial project activity continues to be weak.", "audio_length_s": 8.4, "path": "9fb4423a70358ef22be9982299969f7a_193.wav"}, {"text": "What percentage of your customers are utilizing more than one of your services? More than 2? Can you quantify the cross-selling opportunity you have?", "audio_length_s": 8.4, "path": "14fa9d7635caae6483af62a4bfe1b9d6_53.wav"}, {"text": "This underscores our premise that the SBC market is earlier in the credit cycle and more correlated to the strong housing market.", "audio_length_s": 8.4, "path": "3bc6d3e1c0a117340d288c289bf7f679_7.wav"}, {"text": "This quarter seemed to show a little softer growth in developed markets actually, I had expected a little bit of pressure on Brazil and some of those markets, and you've certainly cited those.", "audio_length_s": 8.4, "path": "1f142ea668261ba963d47aac6bab69dd_25.wav"}, {"text": "consumer demand was down and categories have been down. So we do see some signs of stabilization as we look through the second half of the year.", "audio_length_s": 8.4, "path": "1f142ea668261ba963d47aac6bab69dd_138.wav"}, {"text": "Well, I will already now apologize a little bit because my -- I'm standing here with a bit of a flu.", "audio_length_s": 8.4, "path": "323193895e800e72960d98dd5fb64cf5_154.wav"}, {"text": "I don't think the worldwide economic growth will be what a lot of Fed officials think it will be because that yield curve is telling me -- because it's so flat,", "audio_length_s": 8.4, "path": "c334e290beb657ee3efcb6b2f734c81e_131.wav"}, {"text": "In the life, pensions and investment space, market volatility has impacted new business flows over the past 6 months.", "audio_length_s": 8.4, "path": "bc1efb704df9c180935803c70a315597_85.wav"}, {"text": "Other than that, we really didn't see it and we haven't really -- it's not been one of those things we've ever felt had a big impact on our business one way or the other.", "audio_length_s": 8.4, "path": "6cbf592846662213258684c3049e4592_128.wav"}, {"text": "And I would say it's different in different places. In the Oklahoma set of contracts", "audio_length_s": 8.4, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_39.wav"}, {"text": "meaning they've only been hired in the last year and haven't hit their stride yet. So we expect that pipeline to keep growing.", "audio_length_s": 8.4, "path": "abd571ccf777ac4b0a43a7487031bc8a_175.wav"}, {"text": "for truckload conversion. It's also a part of our overall strategy of focusing on specific clients", "audio_length_s": 8.4, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_59.wav"}, {"text": "what you think a proper set of disclosures would look like or a better way to kind of communicate to the market how good of a business that is for you?", "audio_length_s": 8.4, "path": "910a1a60a0549a5973f42bb19b66a0ae_244.wav"}, {"text": "The end of the reverse auction and the quiet rule have led to more than a few new opportunities for Gray to acquire additional television stations.", "audio_length_s": 8.4, "path": "77423f08f0208d476dea73c639f6293a_86.wav"}, {"text": "our build number is likely going to continue to drag a little bit in the first part of the year as we take back those Kmart boxes.", "audio_length_s": 8.4, "path": "1cfd7da6c2da11f7e3f7102a6265146b_150.wav"}, {"text": "and what opportunities do we see there to reach the targets of 2017. This was presented in the strategic plan. And", "audio_length_s": 8.4, "path": "e97326d6a8951550e363f2be6ec489ba_30.wav"}, {"text": "along with our 10-K, which was filed yesterday with the SEC. A replay of this call will be archived on our website for a limited time.", "audio_length_s": 8.4, "path": "f388f8ab8a5751d4efc504090d00ca64_32.wav"}, {"text": "when increasing prices to reflect raw mats increase. And in addition, we are overcoming or compensating or bringing at least", "audio_length_s": 8.4, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_35.wav"}, {"text": "again, the primary responsibility of LOOP is to be an import facility, and that's extremely important for us in our refineries.", "audio_length_s": 8.4, "path": "1096d26129c469524041c969a684f8ae_27.wav"}, {"text": "and complete interior packages, bumper covers, hoods and trim for the automotive, specialty transportation and other industrial markets.", "audio_length_s": 8.4, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_97.wav"}, {"text": "In addition, our industrial sales team is well positioned to continue to penetrate the residential housing market, particularly given the rise in single-family starts.", "audio_length_s": 8.4, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_57.wav"}, {"text": "Third, technology companies should use equity awards to attract and retain talent.", "audio_length_s": 8.4, "path": "0b7afb66a39a4c81151309bacc830c60_72.wav"}, {"text": "lower revenue stores with limited growth opportunities into newer stores and markets with more attractive demographics and growth prospects.", "audio_length_s": 8.4, "path": "3043e7527da9e59e29b7412cafeb9d80_58.wav"}, {"text": "For the members of our team who are listening on today's call, I want to congratulate you on another strong quarter and thank you for all that you do to contribute to our success.", "audio_length_s": 8.4, "path": "1bb9219ad31877175e18e8e48ff2f63c_80.wav"}, {"text": "are a combination of availability of some of these product and affordability of some of these product, that their cost", "audio_length_s": 8.4, "path": "7f85288e472b08575b33943f4c718070_14.wav"}, {"text": "In addition, we will use certain non-GAAP measures in our discussion, and we ask that you read through the sections of our press release that address the use of these items.", "audio_length_s": 8.4, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_65.wav"}, {"text": "it is true to say that between now and into June, into July, into September and into rest of the year,", "audio_length_s": 8.4, "path": "78cf0d3e40caba622d8914916f0f9146_134.wav"}, {"text": "I confirm to you today that I am absolutely in the same mood about the rationale of this strategic deal.", "audio_length_s": 8.3999375, "path": "e60f6485243932b9280d864cb17a6ba8_185.wav"}, {"text": "just the number of text messages that are being delivered between operators that we actually handle. That volume is just going down a little bit.", "audio_length_s": 8.37, "path": "139f0a6300f504b3e8673e39b0429161_128.wav"}, {"text": "Or do you think it'll follow along your typical seasonality where you have most of the procedures done in the fourth quarter?", "audio_length_s": 8.37, "path": "e23e3aabab4b12e359bc92a480c2d294_51.wav"}, {"text": "I hope I can give you a direction that makes us sound positive. But it's a service that's hard to use, which we would like to make easier to use.", "audio_length_s": 8.37, "path": "a93681c92a0b9c04743f541a54b180c7_114.wav"}, {"text": "Regarding PayPay and the way users are increasing, what is the image of growth? So you -- 6 million", "audio_length_s": 8.37, "path": "a93681c92a0b9c04743f541a54b180c7_100.wav"}, {"text": "Okay. Andrea, you've got a couple of questions there. Let me see if I can answer each of them in turn, but let me start off with the outlook and answer the question", "audio_length_s": 8.37, "path": "d28b2b09c127b5be033738aa3cd380b3_117.wav"}, {"text": "looking very closely in order to extract much more and to grow in this area, extract more metals in this area and grow in these areas as well.", "audio_length_s": 8.37, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_61.wav"}, {"text": "that would be a big -- a priority of ours as well. And yes -- and as we said before, we continue to be very active and looking", "audio_length_s": 8.37, "path": "10ad172801ac8cd3a21e4355d7349eb5_116.wav"}, {"text": "more resources and training more people who won't yet be revenue producing or revenue productive in anticipation of demand.", "audio_length_s": 8.37, "path": "ed1006cd88de67e8fe53ea86ad6862d7_33.wav"}, {"text": "we're going to be -- we're not going to be quick to make any decisions or changes in our policies", "audio_length_s": 8.37, "path": "13220986bf30f26076a674e2a9edc89c_173.wav"}, {"text": "Third, we have invested in conducting extensive customer research to inform category strategy by market and by store", "audio_length_s": 8.37, "path": "d70a57dd52d0e4cf86a6225dca186bc2_71.wav"}, {"text": "We have taken a similar approach to optimize our inventory. Based on a very deep and unprecedented view of what we need to grow,", "audio_length_s": 8.37, "path": "d70a57dd52d0e4cf86a6225dca186bc2_51.wav"}, {"text": "technology that can bring all processing to real time, so back offices can get automated in a big way. But those", "audio_length_s": 8.37, "path": "9b42adffcf2518fd04e7d8df8f449e73_108.wav"}, {"text": "in anticipation of ingesting later this year all commercial properties that fall outside of our traditional coverage and metro boundaries,", "audio_length_s": 8.37, "path": "e824f4380f8203a1e3ed60e7da1e39e5_10.wav"}, {"text": "and so it's quite hard to get your head around if you're not inside the company. It's also the business that's going through the most radical restructuring.", "audio_length_s": 8.37, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_91.wav"}, {"text": "can you just give us a little bit sort of broad outline around how to think about margins in each one of the segments and in the international segment, in particular?", "audio_length_s": 8.37, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_143.wav"}, {"text": "The financial flexibility that we have achieved since the IPO has recently enabled us to take the next step in shareholder value creation", "audio_length_s": 8.37, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_60.wav"}, {"text": "Mine operations were halted there and all fire suppression systems were inspected prior to restarting operations.", "audio_length_s": 8.37, "path": "7ec9d2889f6012c7058eb766f6de38e2_180.wav"}, {"text": "and also materials, cover different products. And the reason why we can manage it in a different way is that we have now", "audio_length_s": 8.37, "path": "4b7945dd823dcbc0b2724efa66393673_276.wav"}, {"text": "this business just can't support the internalization quite yet. I think you would have to have", "audio_length_s": 8.37, "path": "de3b766a868da918e499f407dbf5d716_33.wav"}, {"text": "The way we get there is through this evolution of our businesses and the focus of the resources on the attractive growth businesses, which you've seen us doing", "audio_length_s": 8.37, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_25.wav"}, {"text": "will provide continued financial flexibility to support our current and future opportunities in the housing and lifestyle markets.", "audio_length_s": 8.37, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_93.wav"}, {"text": "for the service management sector and the largest ServiceNow-exclusive service management consulting firm", "audio_length_s": 8.37, "path": "82218f543c9a546c4baa5323f250b39f_77.wav"}, {"text": "but the big difference there is UXC. That's why we bought UXC was we were going to gain a significant presence", "audio_length_s": 8.37, "path": "82218f543c9a546c4baa5323f250b39f_167.wav"}, {"text": "I think it -- what I think it is a great opportunity for the financial markets, for the capital markets in Colombia because it really expands", "audio_length_s": 8.37, "path": "d085781ecd776da8a9c4d31ad547606b_207.wav"}, {"text": "things on top of a market that may be under pressure, but at its core and foundation, is an excellent market", "audio_length_s": 8.37, "path": "75fa1bebed0b858c76cc7058477e40e2_96.wav"}, {"text": "I'm going to turn it over to Greg and then, I'll talk more about progress we're making on key initiatives in a few minutes. Greg?", "audio_length_s": 8.37, "path": "6d02f116f1ae8575d9b916f1429454eb_36.wav"}, {"text": "there were some new products, but they disappeared and did not succeed. Do you think that is a structural change?", "audio_length_s": 8.37, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_107.wav"}, {"text": "Considering our current product structure and the products in our pipelines, we have", "audio_length_s": 8.37, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_34.wav"}, {"text": "we will have to adjust because whether -- it will all depend on how the social contributions decrease", "audio_length_s": 8.37, "path": "39e5706898dcaf14a280b3a123877cd6_236.wav"}, {"text": "The online spending is increasing, and we see an extensive growth in the amount of parcels which are ordered by heavy users.", "audio_length_s": 8.37, "path": "fa45af64ef25007f998c655347bfbecb_454.wav"}, {"text": "This was a kind of a conference call every shareholder waits for. And I say thank you for a couple of reasons. One,", "audio_length_s": 8.37, "path": "e26b501c6e000fdaa11edde97cc71436_173.wav"}, {"text": "One of the strongest formats in terms of adopting PC Plus is actually our superstore format, which is", "audio_length_s": 8.37, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_103.wav"}, {"text": "directly in this market. I think we will see a large increase in the number of even off-line companies that will", "audio_length_s": 8.37, "path": "cc82e791c065bdc271addf355bac274f_41.wav"}, {"text": "in this, about half of these patients by the middle of this year. And we think that's a very important point. That's a point where there is clear separation", "audio_length_s": 8.37, "path": "0dbbae27d7055ecc04cc25e14e4de12d_220.wav"}, {"text": "This is consistent with our normal seasonal pattern of using cash in the first quarter to prepare for higher sales activity in the second quarter.", "audio_length_s": 8.37, "path": "73ba4ff250b62745e03880e75b9a1581_159.wav"}, {"text": "We do continue to build our Corporate Finance business, and we were successful in bringing in a number of high-profile new hires in the quarter.", "audio_length_s": 8.37, "path": "bddc15938bdcc3085f19b0851e74c2c0_91.wav"}, {"text": "we are sure Brazil will play a key role in this evolution and the recovery we are beginning to experience is a proof of that.", "audio_length_s": 8.37, "path": "11ca275b0bd65060f43ae2d28e1c489f_67.wav"}, {"text": "And if you look from an overall industry perspective, this pattern placement or alignment is a big challenge for customers.", "audio_length_s": 8.37, "path": "f46ae0a04d60dea8a759f07333ed37e2_95.wav"}, {"text": "At the Investor Day, we quantified the size of our addressable markets and the significant opportunity available to us to penetrate these markets.", "audio_length_s": 8.37, "path": "0f4370b614f29bd596e4f6871cc77864_71.wav"}, {"text": "The volume point growth was again very broad based, including double-digit growth in 4 of our top 5 markets for the second quarter in a row.", "audio_length_s": 8.37, "path": "276392c471c063580869aec014a1feda_58.wav"}, {"text": "in our data centers. We focused on low-resiliency solutions that enabled us to get even higher yields on some of the assets that we're deploying. We've done", "audio_length_s": 8.37, "path": "171fd9df333ddd814c764843ed624121_27.wav"}, {"text": "We'll continue to be disciplined toward managing the balance sheet while investing in growth opportunities to improve our overall portfolio.", "audio_length_s": 8.37, "path": "1244d2b5a259c3bc73742830d60d53fc_130.wav"}, {"text": "We don't believe this has any implications in a multiple dose context, and it's certainly no", "audio_length_s": 8.37, "path": "01ebdadb81d0e5a57270957c0cbe83fc_41.wav"}, {"text": "is whether the subsidies in the first quarter of next year are larger or smaller than the amortization that's going away.", "audio_length_s": 8.37, "path": "ebecd7e874a9b3998b70ec3200f71e89_247.wav"}, {"text": "I would honestly say to you that given the breadth of our platform today, it's sort of all over in the sense that there's no one specific", "audio_length_s": 8.37, "path": "9ab2e6eb9debfae2de541ba645bfd265_130.wav"}, {"text": "There is likely to be some additional infill and satellite wells in the field and the operator is working hard with the joint venture", "audio_length_s": 8.37, "path": "c3ac3b05413d9a9caee0626d57fee77f_139.wav"}, {"text": "In addition to our strong financial and operational performance, we continue to make good progress in rounding out the Marlin management team.", "audio_length_s": 8.37, "path": "bda4b365d7a8386d5d2e6b4575d08a57_91.wav"}, {"text": "Given the strong customer demand for super-spec rigs, we have signed contracts to provide for the completion of 2 new APEX rigs.", "audio_length_s": 8.37, "path": "4e04d3229b988f1db5b842ac5b993894_10.wav"}, {"text": "you about the amount of donations that have grown quite strongly in Q1. Could you say a few words about your donations?", "audio_length_s": 8.37, "path": "38b2f94da12bbf2d32246763aab8265a_37.wav"}, {"text": "much better than the other microdisplay companies in terms of our technology in terms of brightness and contrast", "audio_length_s": 8.37, "path": "1ddc944827b99caf8c7867ceeed0ec20_59.wav"}, {"text": "over the last couple of years in terms of the replacement rate of those products. And how you would expect that to", "audio_length_s": 8.37, "path": "265a38d0c390f3df900f7a658e257384_58.wav"}, {"text": "Our second quarter non-GAAP operating income guidance reflects the full run rate of the headcount increases we've made in the first quarter", "audio_length_s": 8.37, "path": "b2d6357f46f3a82cff6625277f9a20f6_71.wav"}, {"text": "Further, both our customers and the company will benefit from the productive regulatory outcomes that were finalized in the second quarter.", "audio_length_s": 8.37, "path": "a7e7a1621af9b4e850260f9824ee8746_127.wav"}, {"text": "I think your second question -- or part of the first question is actually more interesting, and I've made this point in the past as have others on calls. But", "audio_length_s": 8.37, "path": "8aa1aa8317783203344434f855535c25_209.wav"}, {"text": "The fourth quarter was down from the unusually high utilization we saw in the same period last year", "audio_length_s": 8.37, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_9.wav"}, {"text": "A large portion of our cash balance will be used for the Northwest acquisition, but by no means would this limit our ability or appetite", "audio_length_s": 8.37, "path": "0360a780927a31fb0bec9e79dac878a2_102.wav"}, {"text": "We just -- we're not banking on it, to use the word banking in a different way. We're not banking on it right now, but it's -- there's some great upside with those opportunities.", "audio_length_s": 8.37, "path": "9b93af1e7019959620214c387f283d8e_66.wav"}, {"text": "Because you are expecting a decline in profits going forward, in which year will you hit the bottom? And", "audio_length_s": 8.37, "path": "b2c4be32355b99e1a66809bd36e83dd2_95.wav"}, {"text": "investment opportunities. Now let's turn to Slide 8 and discuss the second quarter's results by strategy.", "audio_length_s": 8.37, "path": "567a41009710fa1568bb8125213bf9eb_119.wav"}, {"text": "Our proposal to shareholders in this year's proxy for the authorization to issue preferred stock is an example of the variety of options we wish to have available.", "audio_length_s": 8.37, "path": "2b0b79fa03313a4e9261734dd728b622_61.wav"}, {"text": "if you're talking about the new store growth. And when you look at our new stores, we track very closely how the new stores perform.", "audio_length_s": 8.37, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_248.wav"}, {"text": "We are -- our strategy is certainly right now we're designing and planning to execute on some very focused", "audio_length_s": 8.37, "path": "265e62fc569e790d8b3e58698aaab701_156.wav"}, {"text": "The trading environment in which Essential Foods operates was characterized by deflationary dynamics across all product categories,", "audio_length_s": 8.37, "path": "ea60900258f99d1003ab247c506e42d9_127.wav"}, {"text": "Strong volume recovery generated top line growth in core categories and translated into market share gains for some of our market leading brands.", "audio_length_s": 8.37, "path": "ea60900258f99d1003ab247c506e42d9_13.wav"}, {"text": "in the earnings release. I know there's some disclosure in the EBITDA table. What additional color can you give on that? Or do we have to wait for the Q?", "audio_length_s": 8.37, "path": "20097e37747ec7bc3734246e83798fb1_30.wav"}, {"text": "We will continue to develop and launch new sensors and devices to round out our offering and drive adoption and usage of the Axon platform applications.", "audio_length_s": 8.37, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_7.wav"}, {"text": "new equipment traditionally carries a lower margin through the early part of its life cycle due to the refining and the manufacturing process.", "audio_length_s": 8.37, "path": "9979d7fef684b8cac613c934b6229791_103.wav"}, {"text": "I would like to say, for Japan, that we are trying to change the way we work across the company.", "audio_length_s": 8.37, "path": "58d5f604300a30c0c5bd9aa57d207478_6.wav"}, {"text": "And thirdly, quite importantly as well, currency movements impacted the revenue adversely as a result of the translation", "audio_length_s": 8.37, "path": "ab4dae37361262d727d1d2f8f78765d5_82.wav"}, {"text": "For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements,", "audio_length_s": 8.37, "path": "08f219f6cb65bd0ed50cb8444a3884f8_110.wav"}, {"text": "And our capacity expansion in Mexico is progressing nicely, which will be available to support both specialty and core", "audio_length_s": 8.37, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_209.wav"}, {"text": "Our strategy generates income in a variety of ways, including fee income, investment income, dividend income and capital gains,", "audio_length_s": 8.37, "path": "4479886907c2a9ec843d6ea1e5e0cacc_100.wav"}, {"text": "is lower than the first quarter growth is not a surprise to us. I remember when we were discussing the first quarter results,", "audio_length_s": 8.37, "path": "8cd753ed00aeee0ed32d03823eef3f7e_116.wav"}, {"text": "And then the second thing is we're going to get to build out some products and services for our lender basis. But it will be more of a moderate growth over the next year or so.", "audio_length_s": 8.37, "path": "63d825666ef6527fd7e4f26e728a4e61_44.wav"}, {"text": "at least to see shorter time to revenue as our ability to deploy and successfully install that would materially improve.", "audio_length_s": 8.37, "path": "52a4e3ebf7e968a783401230c3f69a9d_101.wav"}, {"text": "So I don't like to whine about it. I would say that in the face of the -- some competitors, especially on the ethnic side", "audio_length_s": 8.37, "path": "5ea42ed8ea9a65bd01aaabb678685483_126.wav"}, {"text": "Again, there are different -- I would rather not go and quantify the OEM numbers because there's very high sensitivity on", "audio_length_s": 8.37, "path": "785be95695b063f97a17e4dea4a0529a_119.wav"}, {"text": "While we continue to invest in strategic programs where we can generate returns, our goal is to limit functional costs increases.", "audio_length_s": 8.37, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_210.wav"}, {"text": "we really do believe that that's critical to be able to provide the services and to provide the quality of service", "audio_length_s": 8.37, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_123.wav"}, {"text": "pretty specific terms out there on what those drivers are and give you a lot better opportunity to", "audio_length_s": 8.37, "path": "74d0910b4af16f82a812bddbb151d966_72.wav"}, {"text": "producer activities in sort of prolific shale plays that may have high associated gas cuts coming with them,", "audio_length_s": 8.37, "path": "74d0910b4af16f82a812bddbb151d966_34.wav"}, {"text": "in whatever outfit you wanted him or her to wear, and you could buy it straight through to the site, so pretty cool for the gaming generation.", "audio_length_s": 8.37, "path": "e2c17247ae2f5d4fa8dd8814cc801198_19.wav"}, {"text": "is to sort of highlight the amount of network interfacing that goes into these products. And these products really are made", "audio_length_s": 8.37, "path": "262bc21196721c5ff9114acbd2ff03c3_285.wav"}, {"text": "This is a situation where we're realizing the benefits of being both the operator and the landlord of a cinema at our shopping center.", "audio_length_s": 8.37, "path": "e2225d612a954a24e7e91c08215d7b51_7.wav"}, {"text": "There are several other contracts out there that we're currently tendering as well. And we will have some good choices to make in terms of we could contract long again,", "audio_length_s": 8.37, "path": "e00fd35e201a8607d264b803a5130c59_37.wav"}, {"text": "but also we're now managing the operational risk as well. So some of you may recall Lakeside in its early days.", "audio_length_s": 8.37, "path": "e00fd35e201a8607d264b803a5130c59_277.wav"}, {"text": "A hub-and-spoke business model allows us to serve an incredibly broad spectrum of customers, getting them to the places they want to fly with the amenities that they value.", "audio_length_s": 8.37, "path": "1949bd0c9c4c23d495d880c4c552bfe1_155.wav"}, {"text": "Additional details on our investment portfolio at quarter end are included in the press release that we issued yesterday, but I'll touch on a few highlights.", "audio_length_s": 8.37, "path": "6318dda27b3e36d76533c048c64a3014_14.wav"}, {"text": "We have developed this value creation model with a focus to Link People to a Brighter Future, and it embraces our stakeholders,", "audio_length_s": 8.37, "path": "828ec1416eb7fa95846b5137752b3ff9_3.wav"}, {"text": "The preproduction process has been long and complex. The products being developed by the OEMs are sophisticated. Their markets", "audio_length_s": 8.37, "path": "e97d1655ebabb8403ac0449eadb48f9b_6.wav"}, {"text": "do you think that core growth rate accelerates or decelerates or remains relatively flat through the remainder of the calendar year?", "audio_length_s": 8.37, "path": "9e07401011239a074ff66741ee557224_57.wav"}, {"text": "All of our efforts to date have been focused on positioning Charles River as the premier early-stage contract research organization", "audio_length_s": 8.37, "path": "da879f8ea1c23aa6565cccaacac271fc_98.wav"}, {"text": "And all I can say to try to answer that question is we will do everything we can to continue to", "audio_length_s": 8.37, "path": "da879f8ea1c23aa6565cccaacac271fc_207.wav"}, {"text": "This change has no impact on reported operating income, operating cash flows, net income or earnings per share.", "audio_length_s": 8.37, "path": "059024560d9d1039cf08746ee7393114_61.wav"}, {"text": "If you want to ask a question, please just put your hand up, introduce yourself and where you're from, and a microphone will arrive", "audio_length_s": 8.37, "path": "dffe8257f781608bb17bb637249e4d2a_315.wav"}, {"text": "which we will refer to during the call, are available on the IR section of our website as well as on our iPhone and iPad applications.", "audio_length_s": 8.37, "path": "92bf6fe090b6bc565cb500b688fd9173_1.wav"}, {"text": "Excluding the impact of On Time, which we'll get to in a minute, we also made good progress in our efforts to drive organic growth,", "audio_length_s": 8.37, "path": "189b20e7b975130ca5abd0e419e54908_50.wav"}, {"text": "and third, the revaluation of the peso in the first quarter, which impacted our equity by spurning the creation of a larger deferred tax liability", "audio_length_s": 8.37, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_170.wav"}, {"text": "You can find reconciliations of all pro forma figures to their respective GAAP measures in an appendix to today's presentation.", "audio_length_s": 8.37, "path": "757695924b5e43c7d44e29dc141cc035_173.wav"}, {"text": "Our 12% increase in revenue in the first quarter was driven by a better effective price per gallon on higher volume,", "audio_length_s": 8.37, "path": "c20824ea6f927fe380f48a904cf4821b_31.wav"}, {"text": "what type of money are you going to get from them, so you don't have to dilute the stock anymore?", "audio_length_s": 8.37, "path": "77d2dd6d5e46cc8a8e80809305b60208_22.wav"}, {"text": "In Asia Pacific, lower volumes were caused mainly by India. As I mentioned, the popular segment there is in decline.", "audio_length_s": 8.37, "path": "3877b1983229ec488c6349a188bccf92_139.wav"}, {"text": "is making sure that we have the right product in the right place, and that's in our stores. And not all of the product belongs in our stores, but", "audio_length_s": 8.37, "path": "7498a6630302a038bd537d192c3a44f4_199.wav"}, {"text": "But this was somewhat offset by obsolescence costs related to the transition of the assortment and to a lesser degree, the higher mix of installation sales.", "audio_length_s": 8.37, "path": "7498a6630302a038bd537d192c3a44f4_18.wav"}, {"text": "have a solid operating plan and have the right team in place. We do understand, however, that we have a long way to go.", "audio_length_s": 8.37, "path": "7498a6630302a038bd537d192c3a44f4_242.wav"}, {"text": "we do see that as an opportunity or an area where we can be, again, front-footed and lean into a little bit over the foreseeable future.", "audio_length_s": 8.37, "path": "8635f950dc44da3fcad542b2c066bedf_44.wav"}, {"text": "Our strong execution really positions us well for further investments in our business to drive future top line growth opportunities.", "audio_length_s": 8.37, "path": "af00f4e7b63ee843a3d203f982fac701_27.wav"}, {"text": "minute 1, on day 1 of the stress, you can look out and see how bad it's going to be. And because you can look out and see how bad it's going to be,", "audio_length_s": 8.37, "path": "fe80c1056f21701e41cf3489c450f5ae_66.wav"}, {"text": "So before I turn over to Bernie, I'll come back to my key themes. It's all about growth for us, customers, ARPUs, revenue and OCF. And while we feel", "audio_length_s": 8.37, "path": "0fa398ef99a7a936fc1e509dacaaadde_20.wav"}, {"text": "The letters of credit business continued its upward trend over the last couple of quarters as demand is picking up from a more diversified slate of clients.", "audio_length_s": 8.37, "path": "d5fb88dba0740bc906c5127e05592f95_97.wav"}, {"text": "The management delayering is essentially completed and we are currently in the midst of implementing the remaining staff-related measures.", "audio_length_s": 8.37, "path": "c12aea8267b41c1b0347ac04aaa4f789_104.wav"}, {"text": "All of this would not be possible without the Herculean efforts by our team on the island as well as our property and construction management teams.", "audio_length_s": 8.37, "path": "11f02fb2db5d9fb5ff82f0374376f759_11.wav"}, {"text": "So what does that mean for the shareholder? I think it's, again, positive news over the last 20 -- last years, we have been able to constantly", "audio_length_s": 8.37, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_156.wav"}, {"text": "with a large part of the compensation really at risk based on the corporation's", "audio_length_s": 8.37, "path": "e0d1342ad3d27fd648b708837de08797_34.wav"}, {"text": "we hit the ground running on integration initiatives with a key focus on preserving customers in the short term and share gains in the medium to long term.", "audio_length_s": 8.37, "path": "b6688f44b91606fbd75a6d66e94d4e4b_104.wav"}, {"text": "Third and finally, we are creating new paths to our customers to supplement or even circumvent the markets,", "audio_length_s": 8.37, "path": "3f6641f7d8f1ab845ad4f637cfb35109_219.wav"}, {"text": "Vince remains a leading brand with our department store partners, and we believe we have an opportunity to further strengthen our market share position", "audio_length_s": 8.37, "path": "1300495cfa53748f732f54277d5a8cea_69.wav"}, {"text": "the only question was how much because margins had been pinched so much. We're now in a sweet spot right now, where I think people are saying how certain.", "audio_length_s": 8.37, "path": "1215cf00a11992ec74743f92026af2e9_82.wav"}, {"text": "The declines in refrigerated reflect the fact that with the exception of Reddi-wip, we have yet to bring innovation to the marketplace.", "audio_length_s": 8.37, "path": "b0d88c0f1efca89ecb928172341dc75d_187.wav"}, {"text": "So we feel quite good, particularly about where we are with the orders we have in-house for private label and the momentum", "audio_length_s": 8.37, "path": "72b117fb1330bda9f954a219bb5a675e_28.wav"}, {"text": "Year-over-year, the reduction in other income is largely the result of a change in the India budget,", "audio_length_s": 8.37, "path": "6aad408f4bb1930cf10f445115f6ed3d_241.wav"}, {"text": "Please take a moment to read the cautionary statements on these materials stating that this teleconference, the discussion and the slides include estimates of future performance.", "audio_length_s": 8.37, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_56.wav"}, {"text": "prepaid, which we agreed to pay earlier this year. And the assumption is that, that's the prepaid amount going forward.", "audio_length_s": 8.37, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_73.wav"}, {"text": "although these were partially offset by stronger SIS software sales and increased product sales from the drilling and production groups.", "audio_length_s": 8.37, "path": "20489859070c48218db6ab0f5b6d2b05_171.wav"}, {"text": "so that we do not need, every time we have a new project, to start up the entire engineering development departments", "audio_length_s": 8.37, "path": "6a45749d272884d2809fa70f7807250c_33.wav"}, {"text": "The shortfall in aggregates volumes drove most of the gap between our reported results and expectations for the quarter.", "audio_length_s": 8.37, "path": "902872913863de98d38e2936b846cf66_237.wav"}, {"text": "In our GameStop-branded stores, we continue to see strong acceptance of collectibles by our existing consumer base.", "audio_length_s": 8.37, "path": "125388f1b45117acde70abc39e0f7d04_167.wav"}, {"text": "It all starts with being in the right places. Today, EnLink is focused on 5 core areas, the STACK in Central Oklahoma,", "audio_length_s": 8.37, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_5.wav"}, {"text": "how did you reach this number? And what has been labor representative reflections on it", "audio_length_s": 8.37, "path": "231c0551a5811614150f489e7871a7ba_77.wav"}, {"text": "that we are. And the great thing about the country we have is that different parts of it can enact different rules that meet what their population wants to see happen. So", "audio_length_s": 8.37, "path": "933faa5ac159ab158506e2bc0f714977_204.wav"}, {"text": "when we go into the next down cycle or downturn in the economy, that you think that", "audio_length_s": 8.37, "path": "933faa5ac159ab158506e2bc0f714977_190.wav"}, {"text": "Market dynamics are changing for our clients. The shift from active to passive means thinner fees as well as more competition amongst managers", "audio_length_s": 8.37, "path": "09eebad8f3c529b4c7d916c5f7766f7f_109.wav"}, {"text": "A little more than one year ago, we announced a realigned organizational structure to better support our market-led strategy.", "audio_length_s": 8.37, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_3.wav"}, {"text": "The fixed-price differential will also give us stronger returns on wells placed into sales during the summer pricing seasons.", "audio_length_s": 8.37, "path": "5f4034bd1c0669186fcee6909c5d59e7_19.wav"}, {"text": "Okay, so it's primarily financial engineering that is leading to the debt on the books as well as the cash on the other side? That's right.", "audio_length_s": 8.37, "path": "d8652861ccebce254205bf463b404401_99.wav"}, {"text": "It was an excellent opportunity for us to provide the staff additional insight into and context for our work.", "audio_length_s": 8.37, "path": "6c929ddddb79b887458ae21f1a3aa09d_78.wav"}, {"text": "that will be launching later this year into low earth orbit so that we can start testing, validating and demonstrating", "audio_length_s": 8.37, "path": "099475edf8f9944537773b1d0a2aaea6_52.wav"}, {"text": "and the question then becomes, well, do we replace that technology spend that was for the new reservation system and put that money to something else? So that's", "audio_length_s": 8.37, "path": "910a1a60a0549a5973f42bb19b66a0ae_32.wav"}, {"text": "In the middle of last year, we noted that we were evaluating strategic alternatives for a facility within our Flavors business.", "audio_length_s": 8.37, "path": "24c7526f6daca8e16ab91bea6124148a_11.wav"}, {"text": "In closing, we are pleased with the results of the third quarter and the expansion of our customer base across all our markets.", "audio_length_s": 8.37, "path": "a766b08317742c952705018a899f3998_48.wav"}, {"text": "And the following question is related to the volumes of gas trading,", "audio_length_s": 8.37, "path": "e97326d6a8951550e363f2be6ec489ba_117.wav"}, {"text": "particularly for the Mexican projects. We have to be sure of what we want to do and how we want to do these projects.", "audio_length_s": 8.37, "path": "48bcc356a89059f921765f872bfe293c_24.wav"}, {"text": "they may hire some low-level analysts to do due diligence for them or have a function answering to other portfolio managers who are also managing clients,", "audio_length_s": 8.37, "path": "32283c24ad18239efb166db8422560b2_155.wav"}, {"text": "Looking forward, I see more opportunities to improve ROIC by further enhancing our approach to allocating capital among our businesses.", "audio_length_s": 8.37, "path": "c88e296697cd72c891ffb7bf5a1a60bb_73.wav"}, {"text": "Over time, we believe these initiatives will result in an increase in traffic, a re-acceleration of Pro sales growth", "audio_length_s": 8.37, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_26.wav"}, {"text": "Number three. We have implemented a new sales associate compensation system that we believe will allow us to attract and retain top sales talent.", "audio_length_s": 8.37, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_123.wav"}, {"text": "And second question is that there has been a significant decline in terms of the bunker C and naphtha margin, what is the driver behind that?", "audio_length_s": 8.37, "path": "cd94f09ed5b897feb733def490ba4630_63.wav"}, {"text": "No one likes that kind of volatility. We don't like it, we don't think the shareholders like it and the regulators certainly don't like it. And so their great preference", "audio_length_s": 8.37, "path": "a98061f951c1b2c7a915e296098bc4de_70.wav"}, {"text": "is poised to end this year above the 10 million tonnes of trading volumes, and that is contributing to the overall increasing volumes at the portfolio level.", "audio_length_s": 8.37, "path": "bece1ee458b65656b484de51021c5219_122.wav"}, {"text": "did you say that you saw construction equipment orders from your perspective or demand from metal picking up?", "audio_length_s": 8.37, "path": "97ddc19ecb28bab2d19fd3b181182062_70.wav"}, {"text": "Before I finish, I have one more topic. A couple of weeks back, Jack informed me of his intention to retire at the end of this year.", "audio_length_s": 8.37, "path": "1bc08759c84df9d3f656cf53f5bb6d35_195.wav"}, {"text": "And that's what we have to deal with. How do we convince new people to come in when we say when we give 20% discount price, it's a major thing.", "audio_length_s": 8.37, "path": "47546a57a865bca0f4e677dc3b485053_95.wav"}, {"text": "And I think we're going to have a lot of fun with that business. Yes, the only thing I'd add, Jeff, is that we will be disciplined. I mean, I think", "audio_length_s": 8.3400625, "path": "a0006b7891ead9bdb76273f555b6f1c8_132.wav"}, {"text": "price increases to compensate for that, but during the quarter we have seen a continuing increase in the pulp prices,", "audio_length_s": 8.34, "path": "1ea5a01d14ee672e3e9cdbff8e56da74_27.wav"}, {"text": "I'm now going to hand back to Miles, who's going to talk a little bit more about how our actions in the period have contributed to our increasing margin", "audio_length_s": 8.34, "path": "9d8c8f4a41008455665fd243ed99b642_104.wav"}, {"text": "Yes, I mean, obviously expansions and recessions are a natural part of the economic cycle.", "audio_length_s": 8.34, "path": "62d981deed6d5128615c99d1597178b6_210.wav"}, {"text": "As we fabricate more volume, our facility will improve their efficiency and our financial performance will follow.", "audio_length_s": 8.34, "path": "ebb371780b97ae7f2172f242fbdc5c7c_41.wav"}, {"text": "And this comes from an increase of backlog. These activity level are the first step for increasing revenue.", "audio_length_s": 8.34, "path": "ebb371780b97ae7f2172f242fbdc5c7c_30.wav"}, {"text": "This will not change the bank's sound policy of terminating poor performing employees. BofI is not in the business of settling meritless lawsuits,", "audio_length_s": 8.34, "path": "b7050f62f52a3d2803beea21404f7af6_102.wav"}, {"text": "how we go about doing our deployment services, but deployment services are the lowest margin offering in the services portfolio.", "audio_length_s": 8.34, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_109.wav"}, {"text": "which is more than 4x the level for the same period last year and includes contribution to income from each of the 3 quarters this year.", "audio_length_s": 8.34, "path": "48954c357d5ad754c29ea1c28dbdad2a_2.wav"}, {"text": "to track shipments of goods through their distribution cycles in order to predict what's going to happen in the global supply chain.", "audio_length_s": 8.34, "path": "55cbaf368288111ebc2ccadb61e3bd34_93.wav"}, {"text": "And that is how we would like to grow our merchant-base. Also with regards to users", "audio_length_s": 8.34, "path": "a93681c92a0b9c04743f541a54b180c7_18.wav"}, {"text": "In emerging markets, the negative sentiment kept building whether it was from a major currency devaluation in Argentina,", "audio_length_s": 8.34, "path": "aaf7e3a1cc8cf65ccf788923cb583954_18.wav"}, {"text": "Laurie, I'm just going to add on. On the interest-bearing checking line item is where we have the vast majority of our municipal deposits,", "audio_length_s": 8.34, "path": "54cde38ae040b5e2c4e1f3c85691f907_30.wav"}, {"text": "without jeopardizing our sales. So you have to plan all this very carefully.", "audio_length_s": 8.34, "path": "6d943ecc16a745032247da12a1062b88_96.wav"}, {"text": "Of course, we've been taking pricing in markets like Argentina and other countries with higher rates of inflation, but we're also going to take a hard look at pricing", "audio_length_s": 8.34, "path": "d28b2b09c127b5be033738aa3cd380b3_176.wav"}, {"text": "But in terms of capital allocation priorities, those remain unchanged. We're going to continue to be disciplined in how we allocate capital, how we run this business.", "audio_length_s": 8.34, "path": "d28b2b09c127b5be033738aa3cd380b3_284.wav"}, {"text": "We've got opportunities as we bring consumer meaningful innovation to shelf. We believe that we'll create opportunities for incremental shelf space. So", "audio_length_s": 8.34, "path": "d28b2b09c127b5be033738aa3cd380b3_121.wav"}, {"text": "dollar prices fell, and actually we granted twice as many loans as we have to our name,", "audio_length_s": 8.34, "path": "17ee868a7ed8656d69e6888ee4a6d550_85.wav"}, {"text": "For 55 years, Weight Watchers has inspired people to come together and begin a journey of positive, lasting change.", "audio_length_s": 8.34, "path": "7e14890193df4b10e1eeab6ab886529f_95.wav"}, {"text": "But this is paving the way nicely for us to tackle some more difficult and challenging integration areas such as billing,", "audio_length_s": 8.34, "path": "8bbc2f54137b794265dfb01f1559868d_56.wav"}, {"text": "Our lease in the Irvine facility expires next April, so the timing is good and we're very focused on meeting this deadline.", "audio_length_s": 8.34, "path": "8bbc2f54137b794265dfb01f1559868d_150.wav"}, {"text": "the need for infrastructure will continue. The challenge is matching the timing with production growth and infrastructure growth,", "audio_length_s": 8.34, "path": "84d2b192c2dd9cdcf24bacf3788a5322_206.wav"}, {"text": "Both phases of the trial helped to define the most appropriate patient population and optimal treatment duration for Acthar in this condition.", "audio_length_s": 8.34, "path": "46906afb4e1ee1fef09b5908e76beefa_118.wav"}, {"text": "You typically assume that most of that heterogeneity will be balanced across randomized groups, but this is a small study in the ultra-rare condition.", "audio_length_s": 8.34, "path": "46906afb4e1ee1fef09b5908e76beefa_35.wav"}, {"text": "These kinds of achievements are part of a steady drumbeat of enhancements that support the business our agents continue to bring in the door.", "audio_length_s": 8.34, "path": "6d02f116f1ae8575d9b916f1429454eb_56.wav"}, {"text": "how data gets to a customer, making it smart as opposed to just something written on a piece of paper, those types of things are going to make us much more", "audio_length_s": 8.34, "path": "145244b0378e6657d456cffca8bbc982_95.wav"}, {"text": "were able to put our promotion expenses and overhead in a controllable range.", "audio_length_s": 8.34, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_215.wav"}, {"text": "We definitely haven't been through a full diet season of all channels going at the same time, so it's something that we'll be adjusting as we go through first quarter.", "audio_length_s": 8.34, "path": "957e0f876f9a4af9b498c19843675474_31.wav"}, {"text": "the logistics in our industry around wholesalers and distributors and the amount of inventory that people take on when we launch new product.", "audio_length_s": 8.34, "path": "ca2bc8d693d4751cc88444d2e715f645_57.wav"}, {"text": "so I think we -- as we said last year, we've done a lot of different programs to catch up on the preventative maintenance front", "audio_length_s": 8.34, "path": "0ee490f8688669984ae17a737590f7b5_48.wav"}, {"text": "any kind of operating expenses because of its location. And we just feel like, it's -- a better plan for us", "audio_length_s": 8.34, "path": "797946494c2985a20aa50823e8723c44_31.wav"}, {"text": "to where we are today, where in your opinion are we on that scale and what are some of the metrics that we need to focus upon", "audio_length_s": 8.34, "path": "1942e14b1721d0de894f437d1b3e75c5_33.wav"}, {"text": "I'm extremely proud of the entire Five9 team and our strategic partners for bringing it all together with 1 goal in mind,", "audio_length_s": 8.34, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_13.wav"}, {"text": "All right. Well, thank you for joining us for today's call. We look forward to speaking with you again when we report first quarter results next month.", "audio_length_s": 8.34, "path": "a827180c08c11f2e53c6966fceaabf5b_167.wav"}, {"text": "We continue to diversify our operations, as we expand our products both inside and outside of Oklahoma.", "audio_length_s": 8.34, "path": "1b1699497be56330b3ed833f22bc63f6_51.wav"}, {"text": "Now we shouldn't underestimate the significance of this agreement because at the end of the mining boom, we saw a major reduction in revenue and earnings in WA,", "audio_length_s": 8.34, "path": "beb9b090a2850e9f9feb4f00ee472d07_67.wav"}, {"text": "And we are being very careful that we don't overpay for the licenses that we do want to have access to.", "audio_length_s": 8.34, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_176.wav"}, {"text": "And it wasn't clear to me if there was sort of anything new -- any new elements to the plan, if you've made any sort of strategic decisions", "audio_length_s": 8.34, "path": "b4874109876c9f165eef4be112d9f30d_118.wav"}, {"text": "in terms of ROIC. So we need and we want to exploit it. We need to get them to their", "audio_length_s": 8.34, "path": "d261e09fa176510406c0d05eeedfc8f8_252.wav"}, {"text": "trying to be reliable in many aspects of our business.", "audio_length_s": 8.34, "path": "cfe2656d9b742e3743835cfde245c60a_71.wav"}, {"text": "So to get a better sense of our segment operating performance, we will split these items out as legacy cost and report at the corporate level.", "audio_length_s": 8.34, "path": "e743ddc0caabaebf5e9a6568eaef8334_144.wav"}, {"text": "these loans are not transactions purchased from a syndication desk where there is no relationship with the client.", "audio_length_s": 8.34, "path": "257e4e92036da9582a8a288c88332ff3_170.wav"}, {"text": "And then we're -- obviously, the second part of that is statistical modeling to see how many patients we need to have reached that time point", "audio_length_s": 8.34, "path": "a24a661c2eb55542903c72391ec09f9b_79.wav"}, {"text": "that's what we want to see. We really felt that fixing the balance sheet, especially given the challenges of the industry,", "audio_length_s": 8.34, "path": "6b5a6b4dce64e7db04bee7d7b7d37aba_56.wav"}, {"text": "a decision based upon deteriorating results, the continuing advertising and technology arms race,", "audio_length_s": 8.34, "path": "fc066133a3e40a7d270f2dff3e44fd58_24.wav"}, {"text": "Prior to this change, distributions from our Japanese subadvisory business were recorded in net flows", "audio_length_s": 8.34, "path": "8b6b51842af008f5f437f53cc2e71835_134.wav"}, {"text": "knowing how it would impact what the DFS would allow you to do? Or is it just pricing with this other counterparty? Andrew,", "audio_length_s": 8.34, "path": "9da45cfd4472699ef05d887adce01223_82.wav"}, {"text": "within that business. We, frankly, expect that to continue as it relates to some of the lumpiness that you see quarter in, quarter out.", "audio_length_s": 8.34, "path": "1244d2b5a259c3bc73742830d60d53fc_67.wav"}, {"text": "I think last year was possibly impacted by a high percentage of diving work that carries the higher rate.", "audio_length_s": 8.34, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_174.wav"}, {"text": "providers will increasingly look to an operating partner that can maximize and best leverage proprietary and bolt-on technology", "audio_length_s": 8.34, "path": "575d21e05ceda8f95fc54e0292c2d99f_84.wav"}, {"text": "We will continue to focus and strategically align our portfolio to deliver growth, while driving improved operating efficiencies across our organizations", "audio_length_s": 8.34, "path": "43942582edfb20599f3e7456137f8deb_51.wav"}, {"text": "and to maximize performance, our community shopping center proposition must align to the audiences we serve in each scheme.", "audio_length_s": 8.34, "path": "6e3037e770ba5e0dfc98e3223986aad2_140.wav"}, {"text": "that slide as it relates to the growth in revenue per employee and how we've driven operating margins up very steadily over the last 5 years.", "audio_length_s": 8.34, "path": "9ab2e6eb9debfae2de541ba645bfd265_41.wav"}, {"text": "as a result of fleet sales, timing and customers waiting to see the new launch that we'll have in the heavy commercial vehicle segment in June.", "audio_length_s": 8.34, "path": "132abea68f255eb89160dde90b6d3b80_130.wav"}, {"text": "business over the next 3 years. Which I think will either happen through just natural organic extensions in the existing businesses or", "audio_length_s": 8.34, "path": "bda4b365d7a8386d5d2e6b4575d08a57_86.wav"}, {"text": "We remain confident in our ability to expand our market share and also we focus on expense management.", "audio_length_s": 8.34, "path": "da14df2e02d11f6f8599533d9d57faee_36.wav"}, {"text": "The revenues expected from the vessels in the fleet with secured employment cover the company's annual operating and financial obligation.", "audio_length_s": 8.34, "path": "fabca2790ac9e6a96be6e6b59a497436_13.wav"}, {"text": "While existing customers are rolling out CyberArk programs, new customers continue to take a more strategic approach to Privileged Account Security.", "audio_length_s": 8.34, "path": "b2d6357f46f3a82cff6625277f9a20f6_55.wav"}, {"text": "While management believes that its expectations are based on reasonable assumptions, there can be no assurance that such expectations will prove to be correct.", "audio_length_s": 8.34, "path": "7394bde65e000fbb7b528c6c65bd099d_144.wav"}, {"text": "We're happy to report that all of our employees in the region were safely evacuated and are ready to start the rebuilding effort when it is safe to do so.", "audio_length_s": 8.34, "path": "bab12f620df0f367e74acdcc467686f1_177.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.", "audio_length_s": 8.34, "path": "636d6909fbd8656f88f72f66a3a162ff_149.wav"}, {"text": "Now I'll take you through the core adjustments in just a second, but first let me summarize the major items in the income statement, and I'll remind you that", "audio_length_s": 8.34, "path": "2f52e3495f64a67b885c0d35be2e8dce_74.wav"}, {"text": "We're studying that question not only with data and analysis, but we're also talking with our customers about the specific units and fleet operational plans.", "audio_length_s": 8.34, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_94.wav"}, {"text": "is likely to be sound policy. That said, in terms of impact on our business, I'm quite positive about", "audio_length_s": 8.34, "path": "5664a96b7f1182d037b901d84eeb4fd6_198.wav"}, {"text": "that our company is actually selling every single asset that it has, even more than some of our historical businesses.", "audio_length_s": 8.34, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_158.wav"}, {"text": "the structure has probably exceeded most people's expectations. We think it works very well because we have", "audio_length_s": 8.34, "path": "be8b554309f7632bc9ebbd967764001e_41.wav"}, {"text": "As we look to '18, do we still expect this trajectory to continue and operating cost savings to cover for that?", "audio_length_s": 8.34, "path": "3df0981a2d94ed56170b78330aa72ee9_116.wav"}, {"text": "I am excited to be back at ITG and I'm confident that the best is yet to come for our clients, our shareholders and our employees.", "audio_length_s": 8.34, "path": "6d97c63e754383663561baada77c7354_26.wav"}, {"text": "that we're delivering this kind of margin profile with some of our bellwether, most profitable companies struggling,", "audio_length_s": 8.34, "path": "02deeb29574f1571812a11f66bb8fda1_112.wav"}, {"text": "But -- so that's what is connected to our target of 15% to 20% in the GP or Teekay Parent dividend", "audio_length_s": 8.34, "path": "10dfe5270a7e4216d68614041d2a9bbe_24.wav"}, {"text": "I will touch on this more in detail later in this presentation. Teekay Parent's new dividend policy that was implemented in the second quarter", "audio_length_s": 8.34, "path": "10dfe5270a7e4216d68614041d2a9bbe_84.wav"}, {"text": "at our existing facility with the new contract, where we could expand it and would allow them to close some facilities that they've got in downtown in Chattanooga.", "audio_length_s": 8.34, "path": "c5c7a9f409241412b160a93cde7ef630_48.wav"}, {"text": "Though we don't expect these initiatives to bear fruit overnight, we do expect them to gradually improve our customer experience over the next year,", "audio_length_s": 8.34, "path": "003356e698453d6b74f19a8e02587605_25.wav"}, {"text": "This is a great position to be in, and we will continue to work hard in our efforts to ensure millions of IBS-C and chronic constipation patients", "audio_length_s": 8.34, "path": "265e62fc569e790d8b3e58698aaab701_6.wav"}, {"text": "We also recently launched new upholstery and dining collections, and the initial reaction from our customers has been encouraging.", "audio_length_s": 8.34, "path": "e6c0fa1068c28557c3e17e0d02b831b1_6.wav"}, {"text": "period. So this is really Q2. So we're trying to get our legs around the types of metrics that we can start to be consistent with", "audio_length_s": 8.34, "path": "20097e37747ec7bc3734246e83798fb1_88.wav"}, {"text": "So that's why we are not really tied in necessarily to the ballooning costs of movies per se at this point in time.", "audio_length_s": 8.34, "path": "20097e37747ec7bc3734246e83798fb1_27.wav"}, {"text": "have gotten used to dash cams, I'd say the vast majority of them want to maintain dash cams even if they add body cameras.", "audio_length_s": 8.34, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_112.wav"}, {"text": "essentially in the same region, I think our capability to be very competitive should we get to that point", "audio_length_s": 8.34, "path": "526e0d5398a516831b49936c31a8ea1c_38.wav"}, {"text": "The company cautions listeners that any such forward-looking statements are based on assumptions that the company believes are reasonable but are subject to a wide range of risks.", "audio_length_s": 8.34, "path": "bb2ca5b87982b2388d82cd64a73f08cf_66.wav"}, {"text": "What's going on with the market fears over Zika virus and anything else that we should be aware of?", "audio_length_s": 8.34, "path": "b1da16cba24af8e472573c4c9caf17c7_50.wav"}, {"text": "and that will mostly be a function of what's the capacity utilization look like in the industry, who has slack capacity", "audio_length_s": 8.34, "path": "08f219f6cb65bd0ed50cb8444a3884f8_144.wav"}, {"text": "So we are not at all distressed by changes in mix or what planes they build. We just want them to build planes that use aluminum.", "audio_length_s": 8.34, "path": "08f219f6cb65bd0ed50cb8444a3884f8_24.wav"}, {"text": "continued investments in our administrative processes and costs to obtain other future efficiencies in our business.", "audio_length_s": 8.34, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_228.wav"}, {"text": "So that's a big growth area for us. So that's where our lab and manufacturing is going in, and we're making great progress with both the customers there.", "audio_length_s": 8.34, "path": "0ec0a75c1800bac01520dcac5b8992fb_139.wav"}, {"text": "is there any kind of trade-off you have to make in terms of profitability when you sell something online versus through a physical retail store?", "audio_length_s": 8.34, "path": "915bdcf0edfec49b928ca4010cbb40ca_22.wav"}, {"text": "that we incurred in that first quarter, to use that as a baseline to say that we're going to have", "audio_length_s": 8.34, "path": "9e8690a521142359001a137074905535_242.wav"}, {"text": "Do programs like AMC's Stubs A-list change the way that you look into future as it relates to raising price?", "audio_length_s": 8.34, "path": "e2225d612a954a24e7e91c08215d7b51_111.wav"}, {"text": "which can be found on the company's website or at sec.gov. Main Street assumes no obligation to update any of these statements, unless required by law.", "audio_length_s": 8.34, "path": "6318dda27b3e36d76533c048c64a3014_45.wav"}, {"text": "in large measure the bulk of the teams that we need in order to do that. Doesn't mean we won't continue to invest, but I think the pace of investment will slow a bit.", "audio_length_s": 8.34, "path": "21f21433851eb7c7f7dbc710309341bb_75.wav"}, {"text": "driven by continued product innovation and design with consumer brands. We'll transform the Sport Chek brand and operations.", "audio_length_s": 8.34, "path": "21f21433851eb7c7f7dbc710309341bb_68.wav"}, {"text": "We think that the price increases that we put forward, which are more modest price increases, will all generally stick.", "audio_length_s": 8.34, "path": "fb817a6cc685a3fd0f003456dd641c01_151.wav"}, {"text": "and we remain enthusiastic about the prospect of our ProNeura platform for the treatment of select chronic diseases.", "audio_length_s": 8.34, "path": "5330f07390a3c14fc49f24ac98bf1eab_45.wav"}, {"text": "on a phone would be taken up by other people that our customers could ship into shortly, so the market itself would level out.", "audio_length_s": 8.34, "path": "b3d7bc295d09d9927e465213612c0192_93.wav"}, {"text": "and Jim McKinney, Kemper's Senior Vice President and Chief Financial Officer. We will make the opening remarks to provide context around our first quarter results.", "audio_length_s": 8.34, "path": "7ebbb41dcefeb482191f8bc22031b5d9_69.wav"}, {"text": "The safe harbor provision identifies risk factors that may cause the actual results to differ materially from the content of our forward-looking statements.", "audio_length_s": 8.34, "path": "059024560d9d1039cf08746ee7393114_42.wav"}, {"text": "Growth in hydraulics was down 17% as volume in our demolition shares is correlated to pricing levels in the scrap steel market.", "audio_length_s": 8.34, "path": "92bf6fe090b6bc565cb500b688fd9173_15.wav"}, {"text": "We also are implementing performance improvement plans that were developed in conjunction with FMI group, a leading industry consulting specialist,", "audio_length_s": 8.34, "path": "9ba83ac067a98f8b12cc480ff0691e91_12.wav"}, {"text": "so at the end of our operating agreement, which is 18 months from now when they finally move into intermediated payments which", "audio_length_s": 8.34, "path": "49e533a8449f6b9b6c806458e73338e1_225.wav"}, {"text": "We are very pleased with the strategic priorities we have executed on, that have translated into both higher earnings and higher returns.", "audio_length_s": 8.34, "path": "ec298d3b4d5979aa8c64bf222562e259_45.wav"}, {"text": "As we move into the fourth quarter, we expect transactional activity to return to a more normal level.", "audio_length_s": 8.34, "path": "ab3354b86be920cde18291112bf8a70a_7.wav"}, {"text": "Day guidance. And as a result of that strong first half production performance, we've taken the decision to revise", "audio_length_s": 8.34, "path": "b24e0b37987585f3c63f28df67e6a1f6_150.wav"}, {"text": "And so we do feel like we're very well positioned. We feel like this range is thoughtful given the plans that we have in front of us", "audio_length_s": 8.34, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_159.wav"}, {"text": "The company continued its operational efficiency drive, and it continued to control and cut costs in light of the difficult environment,", "audio_length_s": 8.34, "path": "94f913b974baab79fb636f6521170dd7_156.wav"}, {"text": "We have continued to apply our enhanced completion designs that have proven successful and new wells are performing in line with expectations.", "audio_length_s": 8.34, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_62.wav"}, {"text": "That's why we have to develop our trading platform, expand our business network to achieve", "audio_length_s": 8.34, "path": "80a2ca14358172366acab4e80f3fa33b_105.wav"}, {"text": "The industry will continue to add perf clusters per stage, yielding less stages while lateral lengths are nearing maximum levels", "audio_length_s": 8.34, "path": "5633fe3600ee04237bbb918c56341864_6.wav"}, {"text": "I think at this opportunity, this guidance can revert into an opportunity because clearly", "audio_length_s": 8.34, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_145.wav"}, {"text": "I would like to thank all of our employees for their passion, hard work and commitment to our organization, which has always lied at the center of our success.", "audio_length_s": 8.34, "path": "078b27aa69b10aa01f2eab2aa681bdd8_78.wav"}, {"text": "as we now have strong prowess in providing product design, sustaining engineering services and a successful track record of designing", "audio_length_s": 8.34, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_52.wav"}, {"text": "And the chemical expansion project at Baytown and Mont Belvieu will begin a phased start-up in the second half of the year.", "audio_length_s": 8.34, "path": "e0d1342ad3d27fd648b708837de08797_260.wav"}, {"text": "in the second quarter for our beauty market. Also Latin America, we also saw good growth really across all of our markets. Personal care was up.", "audio_length_s": 8.34, "path": "812d8f09b72b4d410d138d3b24caebbc_138.wav"}, {"text": "As you can see, from the chart in the upper left, during the heat wave, all 11 of our peaking units were needed each day that week to serve peak load.", "audio_length_s": 8.34, "path": "3f6641f7d8f1ab845ad4f637cfb35109_84.wav"}, {"text": "So there's a couple of big themes like a Nike and a Bose. But after that, it's a very, very broad cross-sections of any kind of smart connected device.", "audio_length_s": 8.34, "path": "f5e9c69a92eb9179062673e044f8a53b_116.wav"}, {"text": "Is it a matter of just digging into Pinnacle once the deal closed and finding out some of the things that you mentioned? Or I guess, just another way of asking,", "audio_length_s": 8.34, "path": "b0d88c0f1efca89ecb928172341dc75d_132.wav"}, {"text": "all the advances in the mobile segment but it does provide some fluctuation. So as we've talked on that particular piece,", "audio_length_s": 8.34, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_175.wav"}, {"text": "So the consequence of that even in a relatively flat environment if you assume no material activity change, and we continue to", "audio_length_s": 8.34, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_120.wav"}, {"text": "As you look out 3-plus years, do you see meaningful opportunity for consolidation in the industry? Or rather is it the case that", "audio_length_s": 8.34, "path": "e552924838fe493d3cc967dd0c5c4563_146.wav"}, {"text": "in terms of the operating platforms, distribution, internal, so now we want to take that power that we have and really focus it towards", "audio_length_s": 8.34, "path": "648ddbbaa83d8a627c7ab752f63a80bd_152.wav"}, {"text": "This progress was partially offset by declines in some large markets, such as U.S. Biscuits and Brazil,", "audio_length_s": 8.34, "path": "1f142ea668261ba963d47aac6bab69dd_108.wav"}, {"text": "We see a return to solid growth, but don't know that we can fully catch up to our original guidance in the months remaining.", "audio_length_s": 8.34, "path": "902872913863de98d38e2936b846cf66_17.wav"}, {"text": "with the execution of regional campaigns or the optimization of agreements with suppliers for sampling and merchandising materials.", "audio_length_s": 8.34, "path": "49dfadfb9a3d4d27ac250602928cf9ea_63.wav"}, {"text": "We are committed to financial discipline, and have strategically focused on lower risk, high-return organic growth projects in our core areas.", "audio_length_s": 8.34, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_76.wav"}, {"text": "And so we're not at a point today where we need to decide where the next plant would go, whether it's in the Chisholm area or whether it's back further to", "audio_length_s": 8.34, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_139.wav"}, {"text": "full field development that will come on in bigger chunks at a time.", "audio_length_s": 8.34, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_40.wav"}, {"text": "I think you covered most of the things I could have said.", "audio_length_s": 8.34, "path": "1530acc3242f0ee1713e757ee06f6aa1_19.wav"}, {"text": "support coming from the government and the industry zone that is helpful, especially in the starting period,", "audio_length_s": 8.34, "path": "b20564a6da1bcfc7b80552299d9e002a_147.wav"}, {"text": "as well as the new plant we are setting up in North Macedonia. I have the next chart showing more details on this specific topic.", "audio_length_s": 8.34, "path": "b20564a6da1bcfc7b80552299d9e002a_57.wav"}, {"text": "But I would assume that the normal way of -- which we normally have on the seasonality is also that what will happen", "audio_length_s": 8.34, "path": "b20564a6da1bcfc7b80552299d9e002a_93.wav"}, {"text": "how that kind of materializes into bookings and eventually revenue. Just trying to get a sense of timing of", "audio_length_s": 8.34, "path": "50eb350badadec6e4272b90684741c25_286.wav"}, {"text": "This growth was driven by new customer onboardings as well as strong growth from existing customers.", "audio_length_s": 8.34, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_50.wav"}, {"text": "People will not have a business in most of our markets so they don't have our station on there. So if the economics turn out to be appropriate,", "audio_length_s": 8.34, "path": "77423f08f0208d476dea73c639f6293a_30.wav"}, {"text": "with movements of early payments of debt within the liability management strategy of the company,", "audio_length_s": 8.34, "path": "f15a674bdbbc461872000604216ae071_120.wav"}, {"text": "and a continued market penetration of our OPTILOAD product were more than offset by the decrease", "audio_length_s": 8.34, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_28.wav"}, {"text": "An important part of getting back to high performance is strengthening our leadership team on both the design and operation side of the business.", "audio_length_s": 8.34, "path": "7bac04f03928ee8894ab00007116400b_46.wav"}, {"text": "that was done, we shared this at the time that we announced it, really to just enable us to execute the plan that's been laid out without need of going back to the board. So", "audio_length_s": 8.34, "path": "1096d26129c469524041c969a684f8ae_110.wav"}, {"text": "even while we do that, the people that we hire, we're going to pay them more because they're going to be more skilled, they're going to be using technology", "audio_length_s": 8.34, "path": "8dd740d83ff1c7319a82eeba6047633d_29.wav"}, {"text": "From my perspective, I would like to briefly point out what I believe are the 3-bullet-point takeaways from our activities during the third quarter.", "audio_length_s": 8.34, "path": "3fb901e6b501ddced60226a13ebef4af_70.wav"}, {"text": "So we'll be surgical about it, but we do think there's a big opportunity. So you will see us grow but we're going to do it in a very thoughtful manner.", "audio_length_s": 8.34, "path": "0b7afb66a39a4c81151309bacc830c60_29.wav"}, {"text": "And second, if the export model is profitable, how come the utilization rate of your existing China capacity", "audio_length_s": 8.34, "path": "5478e14c30a7a53219de2176fdba0d4a_96.wav"}, {"text": "Thank you, Dave, for your hand in building the platform and the team. We promise to make you proud as we take Life Storage to the next level.", "audio_length_s": 8.34, "path": "3043e7527da9e59e29b7412cafeb9d80_2.wav"}, {"text": "Should we expect an acceleration in VIVITROL trends like we saw a few years ago sort of kind of following up on the last comment as well?", "audio_length_s": 8.34, "path": "9097dcbaf554d635920c6274b1de4997_156.wav"}, {"text": "There's a lot to digest in the presentations, which we have provided. So perhaps, it's worthwhile just taking a step back and taking stock.", "audio_length_s": 8.34, "path": "9b84dc4409f4ecccd173c2f81a4460cc_50.wav"}, {"text": "Finally, we remain strongly levered to the higher gold price despite the stronger exchange rates and higher oil price,", "audio_length_s": 8.34, "path": "9b84dc4409f4ecccd173c2f81a4460cc_295.wav"}, {"text": "We significantly expanded our aftermarket business by some very promising acquisitions", "audio_length_s": 8.34, "path": "49256d3015fbd8542019b3fc989473f4_56.wav"}, {"text": "Well, I don't know if we can -- if we really have any thoughts on what might happen with new inpatient regulations.", "audio_length_s": 8.34, "path": "97b02b7a41ecb22cb04e7331052cefc8_198.wav"}, {"text": "mainly due to recent announcements about slower growth in China, resulting in even further downward pressure on metal pricing,", "audio_length_s": 8.34, "path": "97ddc19ecb28bab2d19fd3b181182062_221.wav"}, {"text": "However, as highlighted previously, our teams in the field did a great job of maintaining and increasing our gross profit margin.", "audio_length_s": 8.34, "path": "97ddc19ecb28bab2d19fd3b181182062_102.wav"}, {"text": "Can you just give us a little bit more color as to the strength that you're seeing there and whether or not you believe that can be sustained in coming quarters?", "audio_length_s": 8.34, "path": "7f85288e472b08575b33943f4c718070_31.wav"}, {"text": "points range by fiscal year '20. There's been a lot of moving pieces here. I'm just looking for an update now on if those goals all stand.", "audio_length_s": 8.34, "path": "1bc08759c84df9d3f656cf53f5bb6d35_220.wav"}, {"text": "Design centers and delivery centers were closed anywhere from a couple of days to more than a week with an effect on both written orders and net delivered sales.", "audio_length_s": 8.34, "path": "47546a57a865bca0f4e677dc3b485053_51.wav"}, {"text": "We completed the move of the fourth and final Stromag manufacturing operation out of the seller's facility on schedule,", "audio_length_s": 8.3399375, "path": "a0006b7891ead9bdb76273f555b6f1c8_37.wav"}, {"text": "And so there's not a tremendous amount of activity from the senior management team still to make that happen.", "audio_length_s": 8.3399375, "path": "a0006b7891ead9bdb76273f555b6f1c8_66.wav"}, {"text": "at least the likelihood that there is going to be a continuation of a repopulation of your backlog, a continuation of capital deployment", "audio_length_s": 8.3399375, "path": "626da68f2b245869534a0316b8b6139a_67.wav"}, {"text": "And these are typically the old Panamaxes that are almost, you can say, almost being obsolete because the new vessels are so much more efficient", "audio_length_s": 8.3399375, "path": "939c2eaaa171907197a14e58cea3514d_29.wav"}, {"text": "Please note, we've prepared a slide presentation to accompany today's webcast. We encourage you to follow along with the slides on veeco.com.", "audio_length_s": 8.3100625, "path": "ecc871b8f89a858d952f554f1ca8f7da_108.wav"}, {"text": "I will now turn the call over to Tom Schall. Thank you, Bill, and good afternoon to everyone listening.", "audio_length_s": 8.31, "path": "485e97686e9a27d2df5b3fc02106e3d4_98.wav"}, {"text": "acquisitions that we've made are indeed experiencing accelerated growth. And as you know that we've had some challenges with some portions of our business that we've discussed in the past.", "audio_length_s": 8.31, "path": "62d981deed6d5128615c99d1597178b6_110.wav"}, {"text": "So there will be some tailwinds, as Julio said, on the bottom line and on margins within Consulting as a result.", "audio_length_s": 8.31, "path": "62d981deed6d5128615c99d1597178b6_111.wav"}, {"text": "and so with the kind of strength that we've continued to see in January, we expect to see", "audio_length_s": 8.31, "path": "94fdf7b24748a7706b1097482a0f363a_74.wav"}, {"text": "time of the year for the contracts. I mean, you're kind of dealing with pricing that had gone into a place 6 to 9 months previously. So", "audio_length_s": 8.31, "path": "94fdf7b24748a7706b1097482a0f363a_105.wav"}, {"text": "but also improved average uptake on the ARPU of next transactions that we are going to see", "audio_length_s": 8.31, "path": "b28b60cd77c97aadb361896b0eb570a8_128.wav"}, {"text": "We've pivoted to investing in projects that build value around our extensive asset portfolio of refineries and logistics infrastructure.", "audio_length_s": 8.31, "path": "8b6c481f7fe797353fefe886e205bbaa_55.wav"}, {"text": "relates to is the IRS allows you for orphan drug clinical trials. So if you have a drug that has a", "audio_length_s": 8.31, "path": "f0ce0d97cf62c9076226e0aeeb550493_150.wav"}, {"text": "We capitalized on higher demand for product support from other customers and our team has done a commendable job implementing a mitigation plan", "audio_length_s": 8.31, "path": "264e575b73bc2a485bee416c1ac10cee_142.wav"}, {"text": "but there is still a big opportunity and we continue to work on that front both on assets and transactions and the liability side. And even if", "audio_length_s": 8.31, "path": "4c0e38d8d88c73a7a01dc542a85b2604_155.wav"}, {"text": "We are well positioned to continue building on the strong momentum we displayed at the lottery and gaming trade shows.", "audio_length_s": 8.31, "path": "123a9a590195f61aa739ee9b2dec4952_159.wav"}, {"text": "getting ready for Christmas. So there's not a whole lot that goes on the last couple of weeks, which always hurts your production, but anyway, we're really doing well at Prime.", "audio_length_s": 8.31, "path": "3180572bc2da758668c19200930e1bc4_193.wav"}, {"text": "but in late 2014, we placed a renewed focus on properly pricing the value we provide to our customers", "audio_length_s": 8.31, "path": "67716cee321d117b0318930dd142f06a_61.wav"}, {"text": "Marriott is a company with a more than 90-year history of creating value for its shareholders, and we are committed to continuing to do so.", "audio_length_s": 8.31, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_95.wav"}, {"text": "ex the hurricane, the growth was very consistent with our expectations.", "audio_length_s": 8.31, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_165.wav"}, {"text": "that was virtually unchanged from last quarter. The weighted average primary lease term of our new investments continues to be long at approximately 18 years.", "audio_length_s": 8.31, "path": "1927f9c722093d1d64b610c4227ccf59_50.wav"}, {"text": "third-party independence is to the measurement business and to the business models of all the players in this marketplace. That's always been true.", "audio_length_s": 8.31, "path": "8b71a232d7fe61e6232807b635977c31_98.wav"}, {"text": "previously insured with other carriers or -- and just not new to? And I'm just curious how you guys are doing such a good job here.", "audio_length_s": 8.31, "path": "3121e8f4a75758834d32a9e4e0555221_18.wav"}, {"text": "We have opportunities to grow organically by increasing our fund sizes or by expanding our products, geographic coverage, channels of distribution.", "audio_length_s": 8.31, "path": "1b91eb82f5211000e711424657cc2484_23.wav"}, {"text": "subcontractors and the vendors and constantly developing a strong bench strength that allows our", "audio_length_s": 8.31, "path": "1d2f3c74735a986131e7b219d9eff713_121.wav"}, {"text": "Gross margins showed meaningful improvements as well, as we saw strengthening in substantially all of our product categories.", "audio_length_s": 8.31, "path": "01502edf6cda82061f1f45d6b0e8e189_101.wav"}, {"text": "combined with providing us additional manufacturing capabilities to expand and accelerate the recommercialization effort", "audio_length_s": 8.31, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_107.wav"}, {"text": "Our International segment is poised for continued margin growth against a relatively weak second half prior year comparable.", "audio_length_s": 8.31, "path": "145244b0378e6657d456cffca8bbc982_80.wav"}, {"text": "improve the specialization of our facilities depending on the local needs when we have several facilities in one city. The idea will be to", "audio_length_s": 8.31, "path": "39e5706898dcaf14a280b3a123877cd6_133.wav"}, {"text": "to offer various weight loss solutions that work for as many people as possible. Weight loss is more relevant than ever.", "audio_length_s": 8.31, "path": "957e0f876f9a4af9b498c19843675474_120.wav"}, {"text": "It's typically a number that we're always pushing for more on. It's not a number that typically contracts,", "audio_length_s": 8.31, "path": "0ee490f8688669984ae17a737590f7b5_95.wav"}, {"text": "more or less continuous smaller opportunities that fit our investments and operating focus and we'll certainly", "audio_length_s": 8.31, "path": "8292bdb9af87f10627c044f3842b2c76_88.wav"}, {"text": "Our rate requests are being made to support additional capital investments to make the grid smarter, stronger and more resilient,", "audio_length_s": 8.31, "path": "a212b77ae2b2452093665a4e179ed3a3_11.wav"}, {"text": "These -- by the way, as well as links to our financial statements and our investor presentation can all be found in our website", "audio_length_s": 8.31, "path": "dd5492732b46e270047f9b368d4fde11_14.wav"}, {"text": "And it seems like that segment of the market has become more challenged through 2016. So how do you balance return on those investments", "audio_length_s": 8.31, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_56.wav"}, {"text": "Okay. So you haven't really started to see pressure on the legacy deposit book just from higher rates yet?", "audio_length_s": 8.31, "path": "8b2314627d54755a15c55244bb862225_106.wav"}, {"text": "we also posted decreases in expenses, and that's not related to tax benefit. I'm not familiar with all of the tax", "audio_length_s": 8.31, "path": "cc82e791c065bdc271addf355bac274f_183.wav"}, {"text": "volume loss or share loss as we have pushed price pretty hard. Some of that is coming from", "audio_length_s": 8.31, "path": "1133b8984db446b9c963a09eaf0785a4_101.wav"}, {"text": "And also, keep in mind, in that particular product suite I just described, software is much larger than switches, and it's generating a lot more margin for us.", "audio_length_s": 8.31, "path": "ddf51a035f75b2e145a283edfd51fffc_39.wav"}, {"text": "And reinvestments are now classified as inflows. Prior periods reflect these revised classifications.", "audio_length_s": 8.31, "path": "8b6b51842af008f5f437f53cc2e71835_92.wav"}, {"text": "Thank you, Henric. Then we move over to the financials from a group perspective.", "audio_length_s": 8.31, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_117.wav"}, {"text": "from '17 to '18. So that had a huge impact on the core earnings for the bank.", "audio_length_s": 8.31, "path": "3e714a49937be1672aa48244ba7254ce_17.wav"}, {"text": "Okay. We are a couple of months behind in that, okay. Not terribly far behind, but we're not hitting the schedule we thought we'd hit.", "audio_length_s": 8.31, "path": "a44c74bdc01aa7e317addc11f2274e11_192.wav"}, {"text": "generally, you want to get a sense of what are the brands doing. And that's really why we wanted to come forward with a little bit of that color because", "audio_length_s": 8.31, "path": "655d592e9d1b1027f1824b1554d8b131_134.wav"}, {"text": "and approving a court, the company believes there is any legal reason to accelerate the debt that company was paying every single", "audio_length_s": 8.31, "path": "eb4fd38da7ae1a347630ef447dfe9abe_140.wav"}, {"text": "The decrease was primarily attributable to gains on sales recorded in the comparable quarter of the prior year.", "audio_length_s": 8.31, "path": "93d3e5be9cf75e0921d47f10d4178939_97.wav"}, {"text": "a year ago at this time, it was my first quarter here. And what I discovered after the first quarterly announcement", "audio_length_s": 8.31, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_161.wav"}, {"text": "the overall pool looks the same, feels the same. I would say, in general, we try to keep a particular look at the pool that we hold", "audio_length_s": 8.31, "path": "baf97ac5f6cc21f1387a53f2755e60d7_116.wav"}, {"text": "At this point, we are looking at potentially putting some submersible pumps up in Loving County", "audio_length_s": 8.31, "path": "87753115961242d7035b7938c7e4dea1_104.wav"}, {"text": "our presentation, was that we continue to look for other opportunities to increase our supply even further.", "audio_length_s": 8.31, "path": "550ef3fcaf67ca1df87136acfdfa9d19_131.wav"}, {"text": "performance in Latin America, more than compensating the negative effect of unfavorable weather conditions in May and June in Spain and France.", "audio_length_s": 8.31, "path": "e60f6485243932b9280d864cb17a6ba8_19.wav"}, {"text": "With that said, let me provide a bit more detail for each of our previously stated short-term priorities, which are the ongoing quality remediation,", "audio_length_s": 8.31, "path": "b96165244f010b3f1e61cbbc5e504d96_59.wav"}, {"text": "We have addressed the majority of our earnings volatility related to line space through the re-contracting efforts and other strategies.", "audio_length_s": 8.31, "path": "7394bde65e000fbb7b528c6c65bd099d_68.wav"}, {"text": "the details of how it will be operated and what the performance requirements are going to be. They don't have to worry about the revenue side of it. It's just a fixed payment.", "audio_length_s": 8.31, "path": "bab12f620df0f367e74acdcc467686f1_170.wav"}, {"text": "which we've been successful on a number of communities. So we won't see a significant increase there. Other areas of focus would be", "audio_length_s": 8.31, "path": "ade68f8add7249890d086ecf4b5b8cab_159.wav"}, {"text": "on our sports offering. At the same time, we need to balance it out with the profitability or the losses that we need to keep under check.", "audio_length_s": 8.31, "path": "fcabfedf41ab18064a96d393869e4d4e_21.wav"}, {"text": "This initiative includes a new robust self-help customer portal designed to increase online resolution of customer issues.", "audio_length_s": 8.31, "path": "16e51362df94379ea33a24334015f385_54.wav"}, {"text": "At the conclusion of that process, taking into account ongoing feedback we have received from some of our largest shareholders,", "audio_length_s": 8.31, "path": "6a372ea97b0b130a4d37f16b54d97909_62.wav"}, {"text": "simplification of our value is the key priority in marketing. And we see doing that by tailoring our messages", "audio_length_s": 8.31, "path": "e2c02e1788cb10703d7611ef157f8135_223.wav"}, {"text": "managing discretionary spend very tightly, particularly on travel costs, which have come down quite significantly over the last few months and in capital expenditure as well.", "audio_length_s": 8.31, "path": "7bc22aba9bc29d69ee10cc60db7903d8_279.wav"}, {"text": "But in the interim, we continue to add a lot of international markets that are within range of A320 family airplanes.", "audio_length_s": 8.31, "path": "815f65663b3982554e82806de0cbd918_174.wav"}, {"text": "I have really enjoyed working with Patrick during his time with the company, and we are very excited about his move into this position.", "audio_length_s": 8.31, "path": "c5c7a9f409241412b160a93cde7ef630_150.wav"}, {"text": "You are reminded that certain statements made in this conference call and our responses to various questions may constitute forward-looking statements", "audio_length_s": 8.31, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_44.wav"}, {"text": "typically, we're still going to generate more cash than we need to fund growth inclusive of acquisitions.", "audio_length_s": 8.31, "path": "974a2d744cd3d9acf42d74816de91f7f_190.wav"}, {"text": "and we're still trying to figure out how many of those are actually signing up for that. We'll probably know what that number looks like out of the gate here in the next couple of weeks.", "audio_length_s": 8.31, "path": "265e62fc569e790d8b3e58698aaab701_90.wav"}, {"text": "and three, the right machine learning expertise to research tailored deep-learning models and engineer the machine learning infrastructure.", "audio_length_s": 8.31, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_65.wav"}, {"text": "We are working diligently on this. We are spending a lot of manpower to work on this, analyzing in order to", "audio_length_s": 8.31, "path": "58d5f604300a30c0c5bd9aa57d207478_81.wav"}, {"text": "Based upon this and what we are hearing from clients, we've established an executive team position to develop our integrated solutions practice", "audio_length_s": 8.31, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_180.wav"}, {"text": "which is below average owing to a higher level of claim settlements and normal timing of the settlements of reinsurance balances.", "audio_length_s": 8.31, "path": "7cf9ea093ccaf8fe8af51c4e00832372_67.wav"}, {"text": "Let me finally turn to Consumer. Consumer was up in the September quarter, above our expectations.", "audio_length_s": 8.31, "path": "051c23cc7bacc5c9df9312ac0fd431a9_175.wav"}, {"text": "where do you expect this to be reflected? My understanding would be in better margins because you're just becoming more efficient and, therefore, lowering cost. It's not something that's really going to drive up", "audio_length_s": 8.31, "path": "08f219f6cb65bd0ed50cb8444a3884f8_154.wav"}, {"text": "was that one ramp-up of a military customer in this particular space, which is normalizing through the course of the year as a new product.", "audio_length_s": 8.31, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_58.wav"}, {"text": "in other areas. And then we could really evaluate how we think about the other 2 prongs of returning capital to our stakeholders", "audio_length_s": 8.31, "path": "a7228e39e0d5f04dfba28fe3477e034a_101.wav"}, {"text": "In terms of our overall perspective on the quarter and the year, when we reported first quarter results back in May,", "audio_length_s": 8.31, "path": "0e52a74a184c92ad0c336af764aa0796_94.wav"}, {"text": "But what we see is that still the aftermarket business on half yearly basis, the number I calculated was has seen an 18% growth,", "audio_length_s": 8.31, "path": "baf4cec43f02cba3a0e2e83192f98380_155.wav"}, {"text": "We believe that the more relevant target for us is increasing the patient population that we have access to for testing with T2Candida now", "audio_length_s": 8.31, "path": "1ad54837f74515ad7caa2a50d70459c9_20.wav"}, {"text": "To be clear, we could step back from this type of investment and drive more short-term earnings, but that's not the right way forward.", "audio_length_s": 8.31, "path": "21f21433851eb7c7f7dbc710309341bb_70.wav"}, {"text": "There's only one area of our particular portfolio right now that's unusual versus prior trends. And I'd call it the strengthening dollar,", "audio_length_s": 8.31, "path": "fb817a6cc685a3fd0f003456dd641c01_205.wav"}, {"text": "The majority of ERICO sales are into commercial vertical, which continued to deliver growth in the quarter, although the rate of growth is moderating.", "audio_length_s": 8.31, "path": "fb817a6cc685a3fd0f003456dd641c01_173.wav"}, {"text": "The latest economic indicators have shown a stable environment, which is favorable to our business in Hong Kong and Mainland China.", "audio_length_s": 8.31, "path": "828ec1416eb7fa95846b5137752b3ff9_32.wav"}, {"text": "as we continue to invest in product development and innovation, which is a key component of our value-creation model that Chris spoke to earlier.", "audio_length_s": 8.31, "path": "1e756fc5d265eea3ff8e2e31c29826ae_217.wav"}, {"text": "was accepted very well by the physicians everyone likes the new packaging. And then for us on the serialized tracking that Jeff mentioned before", "audio_length_s": 8.31, "path": "c40b5d1a13169c5acf69590932a56f98_31.wav"}, {"text": "An additional month of interest on the 6% notes that were redeemed was partially offset by interest savings from the recent refinancing.", "audio_length_s": 8.31, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_133.wav"}, {"text": "About half of that is due to seasonality around our forestry and road spending, and the other half relates to the timing of our export shipments.", "audio_length_s": 8.31, "path": "735a523f1ef6500b7aa97a2536d9c4fd_17.wav"}, {"text": "Comparing our first quarter results with the year ago quarter, EBITDA decreased significantly due to lower average realizations,", "audio_length_s": 8.31, "path": "735a523f1ef6500b7aa97a2536d9c4fd_134.wav"}, {"text": "This year, we will be looking at net asset value increases. Two of the notable ones that will distinguish", "audio_length_s": 8.31, "path": "369789f0d39dbf62298be2aa807ff8ee_9.wav"}, {"text": "to increase the total resources and to start to develop a plan for development in '16 and '17. Between these 2 years,", "audio_length_s": 8.31, "path": "369789f0d39dbf62298be2aa807ff8ee_122.wav"}, {"text": "premise of the investment decision into ETI took a view on our strategy for the rest of the continent.", "audio_length_s": 8.31, "path": "dffe8257f781608bb17bb637249e4d2a_319.wav"}, {"text": "In 2019, we will continue to balance investment with return of capital while maintaining an efficient capital structure.", "audio_length_s": 8.31, "path": "49e533a8449f6b9b6c806458e73338e1_30.wav"}, {"text": "to do it once and do it right. This is just as relevant for smaller, more frequent jobs as it is for larger projects.", "audio_length_s": 8.31, "path": "33fd8a867dbd88a837e541b1d2b25ea5_202.wav"}, {"text": "get to where we wanted to go, but it was more a question about the time frame with which you could do it in and", "audio_length_s": 8.31, "path": "416ebb7a4160f7cd2f98361cbd1cb769_189.wav"}, {"text": "Overall, the impact from market assumption was marginal and behavioral characteristics were within ranges.", "audio_length_s": 8.31, "path": "ab3354b86be920cde18291112bf8a70a_148.wav"}, {"text": "So from our perspective, we're doing exactly what we told you we would do a number of years ago and we've executed quite well on it.", "audio_length_s": 8.31, "path": "ab3354b86be920cde18291112bf8a70a_31.wav"}, {"text": "we've been growing our technology spend. And in particular, we've been growing the portion of it that is invested in changing the bank. And that runs the gamut", "audio_length_s": 8.31, "path": "41c28201e80491c91e34488556721756_38.wav"}, {"text": "the growth of our net interest income has been driven by our ability to reduce the cost of our funding more quickly than the compression of our interest income.", "audio_length_s": 8.31, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_126.wav"}, {"text": "The Gun Lake Casino also had a strong fourth quarter and year resulting in our management fees in this property increasing double digits for both periods.", "audio_length_s": 8.31, "path": "1e850c2f72078279ebafea4edcbb3aa4_20.wav"}, {"text": "which will be conducted in renal cell carcinoma, will initiate in the third quarter of this year. The primary outcome will be overall response rates.", "audio_length_s": 8.31, "path": "f542ab325f47ed150e28888da2f85871_114.wav"}, {"text": "In our view, a number of those borrowers may be able to restructure or consolidate their other debts to improve their total debt service ratio.", "audio_length_s": 8.31, "path": "130e8e56c1afa2419fd0c08708261824_101.wav"}, {"text": "this being ready for actual implementation at Halden. Is there a time line or?", "audio_length_s": 8.31, "path": "77d2dd6d5e46cc8a8e80809305b60208_33.wav"}, {"text": "We are doing this by making progress against our strategy to increase our spirits participation in emerging markets", "audio_length_s": 8.31, "path": "3877b1983229ec488c6349a188bccf92_192.wav"}, {"text": "In order to stay on this course, we will also keep a cash flow focused management approach for each business group.", "audio_length_s": 8.31, "path": "254f3c2175c8e11d6da7d44a221e1bff_6.wav"}, {"text": "even in an economic slowdown. So I don't anticipate the overall demand for the types of products that get labeled", "audio_length_s": 8.31, "path": "4721d5a2e7061d90a4e4e4768adc2486_136.wav"}, {"text": "And we've just been methodically going through every business in the company and ensuring that it fits with the overall strategy.", "audio_length_s": 8.31, "path": "d74cec1fb73e1b1134bfa7152762ad80_84.wav"}, {"text": "We are admittedly now taking a bit more defense posture because we have discussed our ability to test varying strategies and make changes quickly", "audio_length_s": 8.31, "path": "3c80de013154b028ecdc6354d16c6fbc_192.wav"}, {"text": "near the level recorded in Q2 last year, as Globals represented a greater share of our overall deliveries.", "audio_length_s": 8.31, "path": "7e2ebcd981f5b5ecb18c04906f87d768_144.wav"}, {"text": "which we provided yesterday evening after the close of trading. I'll now turn the call over to Mark Erickson, our CEO, to go through some of the highlights for this quarter.", "audio_length_s": 8.31, "path": "838af8ffae77ce8ff59c77b1985f8fc5_69.wav"}, {"text": "that is as it looks like today. Definitely, when you come in an attraction for all", "audio_length_s": 8.31, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_95.wav"}, {"text": "as well as our financial strength, position us well to deliver valuable services to our customers and robust returns for our shareholders.", "audio_length_s": 8.31, "path": "68862e23c71ce741719b7bd99a6c44d6_100.wav"}, {"text": "I think as we've talked about earlier with Justin, I think you have the information. You should be able to back into that relatively closely. I think the wildcard", "audio_length_s": 8.31, "path": "a9ff9f85f03afdd2d13b76e14060b31d_175.wav"}, {"text": "and before our corporate cost allocations. Our business took advantage of the levers at our disposal to generate these results.", "audio_length_s": 8.31, "path": "b6688f44b91606fbd75a6d66e94d4e4b_227.wav"}, {"text": "The changes in our channel landscape also give us the opportunity to reach more consumers with more differentiated products", "audio_length_s": 8.31, "path": "e35fae1d3df1f7aeda409f90f200ec7b_74.wav"}, {"text": "the need of our customers who more often than not on these trade areas are leaving the trade areas because we're not offering what they're looking for.", "audio_length_s": 8.31, "path": "24a133abc343c813233d416b0cef96cd_245.wav"}, {"text": "when you have a look at census data over the last 10 years, in fact, the proportion of retirees living in a village continues to grow.", "audio_length_s": 8.31, "path": "24a133abc343c813233d416b0cef96cd_111.wav"}, {"text": "As we said, for the full year, we are currently assuming that we will still be able to pay dividends.", "audio_length_s": 8.31, "path": "407fee9910ab57874978cf85a89b1d9d_248.wav"}, {"text": "so you end up spending more on the last barrel that you pump. So I can't give you an accurate number on what the run rate would be. But", "audio_length_s": 8.31, "path": "1215cf00a11992ec74743f92026af2e9_27.wav"}, {"text": "too deep, but I'd like to have an open mind. Oftentimes, you may be positively surprised.", "audio_length_s": 8.31, "path": "ffe22f8bcf153b8b51f6e52039686c1e_57.wav"}, {"text": "We've also expanded and upgraded the talent in our claims department to better assess and manage our risk when accidents do occur.", "audio_length_s": 8.31, "path": "14fa9d7635caae6483af62a4bfe1b9d6_234.wav"}, {"text": "However, we expect to offset this deterioration in the combined ratio by outperforming the market in terms of policies and premiums.", "audio_length_s": 8.31, "path": "3f42280b77b93c90b893930aeb7eac53_111.wav"}, {"text": "We have doubts about the Fed raising rates 4 times this year. That pace would hurt the housing market, and we don't think the Fed wants to do that.", "audio_length_s": 8.31, "path": "c334e290beb657ee3efcb6b2f734c81e_74.wav"}, {"text": "Our AAV manufacturing leadership position continues to be an important element of our overall corporate strategy for long-term value creation.", "audio_length_s": 8.31, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_9.wav"}, {"text": "We were in fact very pleased to release our first product for use in Europe just this quarter, another important milestone for our manufacturing operations.", "audio_length_s": 8.31, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_131.wav"}, {"text": "These changes are improving our customer's experience and will lead to cost efficiencies and income growth over time.", "audio_length_s": 8.31, "path": "bc1efb704df9c180935803c70a315597_90.wav"}, {"text": "how we are going to deal with pricing, we're going to follow the market parameters, list price and", "audio_length_s": 8.31, "path": "f15a674bdbbc461872000604216ae071_67.wav"}, {"text": "Hey, we're real busy right now. You're the fifth caller in line. If you like we can call you back when your place comes up and you won't lose your place in line", "audio_length_s": 8.31, "path": "0807d606b6cf98da19b317b4928c3572_53.wav"}, {"text": "And the impact on operating margin from the investments is going to be exactly the one we indicated at the beginning of the year.", "audio_length_s": 8.31, "path": "4fd138e27f5f375945332eacefa15b62_57.wav"}, {"text": "obligation being denominated in euro versus U.S. dollar, we do need to mark to market that adjustment", "audio_length_s": 8.31, "path": "a968612b5d51d3df12aad60dde8e1e41_114.wav"}, {"text": "pay progressive and sustainable dividends going forward, and we feel that we're in a position to increase our interim dividend.", "audio_length_s": 8.31, "path": "8dd740d83ff1c7319a82eeba6047633d_17.wav"}, {"text": "The combined effect of more hedges with slightly less remaining term resulted in an unchanged hedge duration or interest rate sensitivity,", "audio_length_s": 8.31, "path": "3fb901e6b501ddced60226a13ebef4af_40.wav"}, {"text": "We expect to target products and markets in line with our current portfolio to allow us to continue to cultivate the Patrick brand and enhance our product offerings.", "audio_length_s": 8.31, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_12.wav"}, {"text": "what may have driven that. I think, as you saw, the driver market the end of last year start to improve a little bit. Maybe there was fewer companies out looking for outsourcing.", "audio_length_s": 8.31, "path": "eb93e70cdf7a839a69546250fb3646fb_201.wav"}, {"text": "Expenses in the fourth quarter are typically lower in the third quarter due to the seasonality in our marketing and servicing expenses.", "audio_length_s": 8.31, "path": "a98061f951c1b2c7a915e296098bc4de_98.wav"}, {"text": "We frankly took a look internally and decided that we had opportunity we just hadn't taken advantage of in prior years.", "audio_length_s": 8.31, "path": "1bee232b4d03ce3a6f424bb7891581a2_29.wav"}, {"text": "local chemical distribution and focus industries. There's growth opportunities in all of those, but the sales cycles in all of those are very different.", "audio_length_s": 8.31, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_100.wav"}, {"text": "A more detailed description of such risks and uncertainties can be found in the company's filings with the Securities and Exchange Commission.", "audio_length_s": 8.31, "path": "1bb9219ad31877175e18e8e48ff2f63c_28.wav"}, {"text": "by next year. Just so I can clarify, when you make that statement, do you believe that you can", "audio_length_s": 8.31, "path": "7f85288e472b08575b33943f4c718070_195.wav"}, {"text": "We all wish Jack the best in his future endeavors, which he tells me may include running the town chairlift in Park City next winter.", "audio_length_s": 8.31, "path": "1bc08759c84df9d3f656cf53f5bb6d35_138.wav"}, {"text": "We hope that you found the information and discussions to be useful. We're pleased to have received quite positive and helpful feedback from the event.", "audio_length_s": 8.31, "path": "1bc08759c84df9d3f656cf53f5bb6d35_3.wav"}, {"text": "you'll take care of it in the second quarter. Or is it something that's going to be spread out over the year?", "audio_length_s": 8.31, "path": "027d36b67ee5bba934695b2d0c47eb08_83.wav"}, {"text": "as enterprise buyers seek to maintain flexibility and maintain leverage over service and technology providers.", "audio_length_s": 8.28, "path": "6e6da7f810609ce64857373f11984455_70.wav"}, {"text": "Conversely, the work on our stock system is an example of one of the bigger initiatives that's going to take longer to land and may well require cost upfront", "audio_length_s": 8.28, "path": "bc605e9d69e921f4f61a508a448ad0dd_107.wav"}, {"text": "Well, you also have to look at the etiology of that AR and then layer on top of that the seasonality of our company.", "audio_length_s": 8.28, "path": "e23e3aabab4b12e359bc92a480c2d294_114.wav"}, {"text": "This is the strongest bidding activity that I've seen in my 5 years at MACOM. On top of this groundswell of activity,", "audio_length_s": 8.28, "path": "ab5b4ea5cd86e4f7deafe9814024fada_91.wav"}, {"text": "Thank you, Mark. We clearly have momentum in the market and in our firm and we're delivering profitable growth.", "audio_length_s": 8.28, "path": "0d631e444d1c22f0be99a69f5deaff94_45.wav"}, {"text": "in the health care setting. And I think the market is looking -- or the industry is looking for more of a -- to recycle solution. So it doesn't go back into health care,", "audio_length_s": 8.28, "path": "b40ab385cca0095fc17f5310045ca5d2_61.wav"}, {"text": "We open an office and are great at recruiting people and fill them up and look for move for larger space relatively quickly, and we've done that and doing that with L.A.", "audio_length_s": 8.28, "path": "f0dd7e4dad969b480d0d2a70609aedba_53.wav"}, {"text": "I think the key piece on services is to remember that we're delivering the level of services that our customers need to be successful on the platform", "audio_length_s": 8.28, "path": "47d77b15189fadcc76113a2f7800ba28_141.wav"}, {"text": "continuing to chase is the Permian Edge gas play fairway on the Western Flank. Moving on to bit about Lattice. We're obviously excited about the future.", "audio_length_s": 8.28, "path": "309554ae886fe4911da6e3329b631fe6_19.wav"}, {"text": "Partially offsetting these were cash outflows related to our teach-out campuses and payments associated with legal settlements.", "audio_length_s": 8.28, "path": "10ad172801ac8cd3a21e4355d7349eb5_25.wav"}, {"text": "Finally, as you update your models on Ashford Trust, I'd like to point out that in the fourth quarter, we will have a significant increase in hotels under renovation.", "audio_length_s": 8.28, "path": "abd0f750609f1263b566f0c09b981a16_134.wav"}, {"text": "by the latter part of 2019. This same process will be followed to build new applications or migrate existing applications going forward.", "audio_length_s": 8.28, "path": "0755f4b74dda585f3975c7d8208b1598_104.wav"}, {"text": "It sounds like you're saying you do think that you're over more of the hump than less of the hump in terms of deposit betas. Are you expecting", "audio_length_s": 8.28, "path": "232edaebd93a3d8673bce183d269ad6d_182.wav"}, {"text": "These operating costs were up from last year as a result of several factors, including the effect of rising costs in areas such as payroll,", "audio_length_s": 8.28, "path": "a069e0992c2083f0f53eaa4f7a02e47d_125.wav"}, {"text": "all grew double digits in Q4 in both online and meetings with particular outperformance from online.", "audio_length_s": 8.28, "path": "7e14890193df4b10e1eeab6ab886529f_12.wav"}, {"text": "online growth will continue to accelerate. But having said that, we're also investing a lot in our meeting experiences.", "audio_length_s": 8.28, "path": "7e14890193df4b10e1eeab6ab886529f_100.wav"}, {"text": "Our investments in developing more granular property databases have already paid dividends and will continue to do so in a more expansive way", "audio_length_s": 8.28, "path": "e824f4380f8203a1e3ed60e7da1e39e5_139.wav"}, {"text": "We're now into our second year of our graduate training program. Training more generally has become quite a big investment area for the company.", "audio_length_s": 8.28, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_127.wav"}, {"text": "what will be the right going-forward investment level for the business. And I've always taken the view that", "audio_length_s": 8.28, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_174.wav"}, {"text": "It gives us some -- 2 advantages, really, by comparison to most of our peers. The first is we don't have anything else in this business other than exhibitions.", "audio_length_s": 8.28, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_22.wav"}, {"text": "But for us, it's more important to realize what we believe is fair value than time. We are not in a hurry.", "audio_length_s": 8.28, "path": "14f3d2486b21e639a953afb7ad03d90c_10.wav"}, {"text": "Then they would move through the same phases that I talked about before with respect to Total Audience. They'll evaluate it and they'll choose whether or not they want it to be adopted", "audio_length_s": 8.28, "path": "8b71a232d7fe61e6232807b635977c31_113.wav"}, {"text": "And I think both Jigisha and I are comfortable that we will get the integration in line as planned and that the operational folks are,", "audio_length_s": 8.28, "path": "b34f680a9162805e0188170d6272a356_156.wav"}, {"text": "as Jigisha said, add to the CapEx, which means we can build more crews and we can provide more equipment to expand that business. That will be a little slower.", "audio_length_s": 8.28, "path": "b34f680a9162805e0188170d6272a356_298.wav"}, {"text": "We recently delivered new products to help our agents better meet protection needs of our customers and attract new business.", "audio_length_s": 8.28, "path": "6d02f116f1ae8575d9b916f1429454eb_54.wav"}, {"text": "to absolutely continue to manage CapEx as we have all year long. And we've been putting pressure on suppliers relative to", "audio_length_s": 8.28, "path": "bad55d25c1222682bd893d97dc5cbb27_141.wav"}, {"text": "and the Market Observation Post System where you can download the information. Once again, thank you for your participation.", "audio_length_s": 8.28, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_71.wav"}, {"text": "Frankly, this is the core of our success and the reason our customers are loyal. Because of our tailored innovative products, based on customer", "audio_length_s": 8.28, "path": "833f98dbc79997580b24335033aac5d2_173.wav"}, {"text": "if our therapy can get people off of transfusion, implication being you can extend the period of time the patient's alive,", "audio_length_s": 8.28, "path": "2a5b0a6532fa2b71915a2930be02621a_110.wav"}, {"text": "a number that we should look at only because I think there's some sort of maybe bonus type stuff in Q4 or is that a good", "audio_length_s": 8.28, "path": "8292bdb9af87f10627c044f3842b2c76_169.wav"}, {"text": "So certainly, it would look to us, by '18, we should begin to recover some of what we're talking about here. Right. Okay, that's helpful.", "audio_length_s": 8.28, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_125.wav"}, {"text": "some strategic leverage. And I am very comfortable and I'm sure that we will continue to grow above market levels.", "audio_length_s": 8.28, "path": "cc82e791c065bdc271addf355bac274f_74.wav"}, {"text": "With that, I look forward to sharing more details with you on the special call I mentioned earlier. Now I'll turn the call over to Jack Hartung to provide a financial update.", "audio_length_s": 8.28, "path": "47a303604df9f9fc9f2f89a9280c3a79_206.wav"}, {"text": "weather was much warmer than we expected, while at the same time, we saw a steady increase in the price of heating oil and propane costs.", "audio_length_s": 8.28, "path": "0f06227be4dd36d9329849eda96196aa_42.wav"}, {"text": "And what we need to do is make a final determination and then send you a calendar notice. So I promise to do that, Patrick. Thanks.", "audio_length_s": 8.28, "path": "f46ae0a04d60dea8a759f07333ed37e2_42.wav"}, {"text": "Our focus over the past 6 quarters has been on cost control, and we have begun to transition that focus to the future of this great company", "audio_length_s": 8.28, "path": "e56726c7aedd69029957c84128050700_107.wav"}, {"text": "a single digit million in terms of CapEx. But I don't really want to be drawn further into how much it could be. I'd", "audio_length_s": 8.28, "path": "6933d49d1af6eb4613a4f75bf37d00e1_104.wav"}, {"text": "as long as we can get them from the design phase into the construction phase and generate the cost", "audio_length_s": 8.28, "path": "a965bbd76f3d449c86e8c27d03ac192f_86.wav"}, {"text": "This reduces cost to first gas. And with the early oil opportunity ready to go, it will help supplement cash generation for this business.", "audio_length_s": 8.28, "path": "911d447bcdcedb4e0cf5230de225921c_182.wav"}, {"text": "Since that time, we successfully transitioned most of SAM's active AUM from legacy funds to new diversified strategies", "audio_length_s": 8.28, "path": "a8034762296368c60571fcde382c3274_41.wav"}, {"text": "I'm sure you're aware of this, Jeff. We've been going through a number of efforts to be optimizing our global cash position, and we've been", "audio_length_s": 8.28, "path": "002d12258ff802d65f79ae2eef99e4ab_202.wav"}, {"text": "We have much more active sales, and we can see that clearly", "audio_length_s": 8.28, "path": "38b2f94da12bbf2d32246763aab8265a_146.wav"}, {"text": "Customers will have more choice, and we will expand our addressable market to include schools that need virtual solutions.", "audio_length_s": 8.28, "path": "da14df2e02d11f6f8599533d9d57faee_114.wav"}, {"text": "I'd like to get scale in some of the areas that we already play in that have better growth profiles than some of our larger businesses.", "audio_length_s": 8.28, "path": "b96165244f010b3f1e61cbbc5e504d96_69.wav"}, {"text": "vast majority of the volatility, the amount tied to line space has been essentially eliminated.", "audio_length_s": 8.28, "path": "7394bde65e000fbb7b528c6c65bd099d_188.wav"}, {"text": "from the acceleration of a cost recovery on federal contract pension entitlement that have resulted from harmonizing our benefits programs.", "audio_length_s": 8.28, "path": "bab12f620df0f367e74acdcc467686f1_131.wav"}, {"text": "what we think we need to do for the future, and we came to the determination that we think we can intelligently spend this amount of money.", "audio_length_s": 8.28, "path": "0899e07f70a6e5be842fb6e22a3fafe9_33.wav"}, {"text": "What we experienced this year I will describe as a shorter, more compacted season in several parts of the country due to weather issues at the beginning of the season", "audio_length_s": 8.28, "path": "1d2ff648e4a30fa5555a7ab85bf60190_10.wav"}, {"text": "I think, if you keep it very simple, what we're seeing is a very good product at a great value, and we're starting to tell people about it.", "audio_length_s": 8.28, "path": "87ba56e8ff82d5e181ee5d6d66543c51_27.wav"}, {"text": "Note that in the future, as the IRS issues additional guidance and interpretation of the new tax law, our estimated rate may be impacted.", "audio_length_s": 8.28, "path": "58ff8a727ec4f3859407b64f08246759_219.wav"}, {"text": "As I stated earlier, we believe the bulk of the investment has been made, and we believe that when these are fully mature and ramped up,", "audio_length_s": 8.28, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_241.wav"}, {"text": "I can say with the Internet of Things or the retail business that we have in Italy. There", "audio_length_s": 8.28, "path": "23417803b1a8115806b8e604b8b2bb83_191.wav"}, {"text": "This month, our Chief Marketing and Strategy Officer, Kevin Smith, invited me to tag along for a meeting with Google in Silicon Valley,", "audio_length_s": 8.28, "path": "0360a780927a31fb0bec9e79dac878a2_57.wav"}, {"text": "Our primary focus remains investing for organic growth, and we plan to deploy more capital into recruiting and technology.", "audio_length_s": 8.28, "path": "8a77ceadd7e4729abc9102d38be3a227_125.wav"}, {"text": "call it, historical bulk of the market has shown slow growth. But we feel fairly confident on the results", "audio_length_s": 8.28, "path": "47b1a118c53956b23f1d687a75f3e5ba_271.wav"}, {"text": "A delay will also help us avoid filing rate cases at the same time as other utilities in New Mexico, which will reduce the burden on commission staff.", "audio_length_s": 8.28, "path": "3b0718945e9c427873c1f34fa49b15aa_53.wav"}, {"text": "robust presentation, and then the stores that are lower volume, we obviously need to showcase the brand, but they won't have as many bells and whistles", "audio_length_s": 8.28, "path": "e2c02e1788cb10703d7611ef157f8135_31.wav"}, {"text": "We have mentioned on previous earning call that the number of larger loan transactions have grown proportionately with the size of the bank.", "audio_length_s": 8.28, "path": "2a7d7f3eb6960e631743ca5a0d86461f_42.wav"}, {"text": "equilibrium? It sounds like it's at least a couple of quarters away, if not longer? Or do you think it happens in the next quarter", "audio_length_s": 8.28, "path": "9c3a67f574514131f1f506b2f9905bed_68.wav"}, {"text": "and driving the benefits of this business. So you will see a restructuring charge in the fourth quarter, and we're doing exactly what we said we'd do.", "audio_length_s": 8.28, "path": "02deeb29574f1571812a11f66bb8fda1_86.wav"}, {"text": "Well, it's really 2 different things. One is what you just said, which is that we already have enough growth in the book", "audio_length_s": 8.28, "path": "10dfe5270a7e4216d68614041d2a9bbe_145.wav"}, {"text": "So our existing units are actually more relevant in a low oil price environment than in a high oil price environment.", "audio_length_s": 8.28, "path": "10dfe5270a7e4216d68614041d2a9bbe_29.wav"}, {"text": "These have all been big hits in early testing, and we are excited to expand these offerings to more customers this quarter.", "audio_length_s": 8.28, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_154.wav"}, {"text": "The asset sales and the recent equity raise has given us a financial platform to execute our goals.", "audio_length_s": 8.28, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_5.wav"}, {"text": "we didn't have as good a performance in the last part of February from a collection execution standpoint", "audio_length_s": 8.28, "path": "e6c0fa1068c28557c3e17e0d02b831b1_160.wav"}, {"text": "Longer term, we see the opportunity for the Axon segment hardware margins in the 50% range as service plan upgrades start to kick in.", "audio_length_s": 8.28, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_82.wav"}, {"text": "We are returning capital to shareholders through our quarterly dividend and are focused on driving performance and long-term value.", "audio_length_s": 8.28, "path": "7a29e2dcd505f944b16d1e3173cb1c01_44.wav"}, {"text": "Training, process improvement and several new operating initiatives contributed to the margin gains this quarter.", "audio_length_s": 8.28, "path": "10728656364812338b7417b035dae4c4_3.wav"}, {"text": "if you will, as we go forward because we're bringing in, from a growth standpoint, some lower value-added products, still attractive products but", "audio_length_s": 8.28, "path": "08f219f6cb65bd0ed50cb8444a3884f8_195.wav"}, {"text": "At the conclusion of the company's presentation, we will open the call for questions. I would now like to turn the call over to Jack Hockema. Jack?", "audio_length_s": 8.28, "path": "08f219f6cb65bd0ed50cb8444a3884f8_165.wav"}, {"text": "something that we've been a leader in and we continue to be excited about it. I think the other one that certainly I love to focus on is", "audio_length_s": 8.28, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_39.wav"}, {"text": "We see oil and gas with good momentum versus anything we felt over the last few years, we", "audio_length_s": 8.28, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_108.wav"}, {"text": "It provides us with an ability to deliver high-performance, easily adaptable products and services at good margins.", "audio_length_s": 8.28, "path": "75eb5b75bb8587b63c318714ea956b9e_101.wav"}, {"text": "where most companies are profitable. There are opportunities, we continue to work on them, but those will happen when they happen.", "audio_length_s": 8.28, "path": "0ec0a75c1800bac01520dcac5b8992fb_127.wav"}, {"text": "as we won't go over each financial metric on today's call. This will allow us more time to move quickly into question and answer period.", "audio_length_s": 8.28, "path": "c92a9ecd2741326fd8625841a07f74f9_3.wav"}, {"text": "That said, we do not believe the incident has had any long-term impact to our customer relationships or market share.", "audio_length_s": 8.28, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_71.wav"}, {"text": "Right. And so when I think about the -- I mean, I don't want to get too far ahead of ourselves, but when Craig was asking his questions earlier,", "audio_length_s": 8.28, "path": "626da68f2b245869534a0316b8b6139a_136.wav"}, {"text": "And we'll see what the rest of the year brings. You would think with solid market demand and as time ramps up in the high season,", "audio_length_s": 8.28, "path": "e16c49bab0eeda53f9fd5b3d0f599149_46.wav"}, {"text": "the reality of the commercial aviation market is different today than we expected then. Also,", "audio_length_s": 8.28, "path": "9e8690a521142359001a137074905535_112.wav"}, {"text": "So to sum up. We are off to a very good start for 2016. Our global team produced strong results.", "audio_length_s": 8.28, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_216.wav"}, {"text": "As you know, we are in an active process to sell our dibenzoates manufacturing plant in Antwerp, Belgium.", "audio_length_s": 8.28, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_87.wav"}, {"text": "which was driven by the increase in our cost of funds, prepayment income for the real estate that occurred in the third quarter that did not repeat in the fourth quarter", "audio_length_s": 8.28, "path": "f13362f70e41d74f3fda8d7dfb19f09e_49.wav"}, {"text": "I'll now turn the call over to Richard to review our fiscal 2017 financial highlights in greater details.", "audio_length_s": 8.28, "path": "e97d1655ebabb8403ac0449eadb48f9b_50.wav"}, {"text": "and some of the standard campaigns that we had run for renewals had not had the meat behind them as we had in the past.", "audio_length_s": 8.28, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_53.wav"}, {"text": "and we will continue to invest in our claims team there with additional training. And as they season in a little more with the organization.", "audio_length_s": 8.28, "path": "7ebbb41dcefeb482191f8bc22031b5d9_67.wav"}, {"text": "But we want to do it in a controlled way and multiple sites. So we're going to do 15 patients over 3 sites and run our protocol with that.", "audio_length_s": 8.28, "path": "33ed8514914fae6825997843290fe049_63.wav"}, {"text": "I'd say, better guidance that said that we would be best served by having prototypes of the product we're going to use in the trials,", "audio_length_s": 8.28, "path": "33ed8514914fae6825997843290fe049_83.wav"}, {"text": "There are many examples of things that we've done that have managed expenses in this market condition. We've had sales meetings that", "audio_length_s": 8.28, "path": "af2718cdc0b3b856f9a0b3da3d527d18_42.wav"}, {"text": "what we're currently doing for them, what the current dialogue is and where we think it could go. We do build that up client by client. So", "audio_length_s": 8.28, "path": "da879f8ea1c23aa6565cccaacac271fc_74.wav"}, {"text": "And you see the halo of that, that people that have had success with EXPAREL in the ambulatory environment, especially people who are", "audio_length_s": 8.28, "path": "450a5dc6eb19b82da8dfc68127f6e79d_235.wav"}, {"text": "These position us well for the tail risk that could emerge should the local sovereign credit rating downgrades happen,", "audio_length_s": 8.28, "path": "dffe8257f781608bb17bb637249e4d2a_307.wav"}, {"text": "as well as the lower levels of single premium investment policies following the high growth experienced in prior years.", "audio_length_s": 8.28, "path": "dffe8257f781608bb17bb637249e4d2a_294.wav"}, {"text": "is enabling our mutual consumers to use their credit card reward points as a tender type in the PayPal Wallet.", "audio_length_s": 8.28, "path": "49e533a8449f6b9b6c806458e73338e1_74.wav"}, {"text": "We are also including all of the global volume information we have disclosed previously for the market as a whole.", "audio_length_s": 8.28, "path": "f15966ae82e18b472ad78dd961f8e5e8_22.wav"}, {"text": "and share buybacks. Now I would like to turn to Slide 5 and highlight some recent trends in adjusted net trading income.", "audio_length_s": 8.28, "path": "f15966ae82e18b472ad78dd961f8e5e8_17.wav"}, {"text": "Finally, the revenue outlook for this business remains challenging given the weakness in energy and resources infrastructure projects in particular.", "audio_length_s": 8.28, "path": "33fd8a867dbd88a837e541b1d2b25ea5_8.wav"}, {"text": "full story is yet to be written. And then the second point that I would make is that", "audio_length_s": 8.28, "path": "189b20e7b975130ca5abd0e419e54908_17.wav"}, {"text": "So for us, we feel like that has been a piece of the investment and we even said at Investor Day that likely going forward will continue to be a piece of the investment thesis.", "audio_length_s": 8.28, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_153.wav"}, {"text": "just from South Africa this year or the cash flow impacts from it and", "audio_length_s": 8.28, "path": "757695924b5e43c7d44e29dc141cc035_55.wav"}, {"text": "Before I begin with comments around the business, I'd like to thank our employees for their hard work in completing this long spin-off process,", "audio_length_s": 8.28, "path": "757695924b5e43c7d44e29dc141cc035_60.wav"}, {"text": "I think that kind of gives you a sense of our view about the opportunity in the future quarters.", "audio_length_s": 8.28, "path": "1e32d5e01ff61f70b37850c473b9876a_59.wav"}, {"text": "We believe that the continued strong job market as well as increased competition have impacted retention as compared to the prior year's quarter.", "audio_length_s": 8.28, "path": "1e32d5e01ff61f70b37850c473b9876a_28.wav"}, {"text": "A normalization in weather led to a strong second quarter result, and we are right on plan with where we expected to be for the full year.", "audio_length_s": 8.28, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_39.wav"}, {"text": "on a CD40 agonist candidate, and you will likely see data from what appears to be a very interesting program later this year.", "audio_length_s": 8.28, "path": "f542ab325f47ed150e28888da2f85871_40.wav"}, {"text": "As I mentioned earlier, 2016 was a challenging year for this part of the business, but our client relationships and reputation in this space", "audio_length_s": 8.28, "path": "3b2908426357bb8269c3a01469865cd6_54.wav"}, {"text": "to drive more payroll from accountants into a third party has been slower, much slower to happen than we expected.", "audio_length_s": 8.28, "path": "0dec9a606303da3039d11eec4ec9bd86_56.wav"}, {"text": "The demand by utilities for license amendments of this kind is fairly well known", "audio_length_s": 8.28, "path": "77d2dd6d5e46cc8a8e80809305b60208_113.wav"}, {"text": "but in a good place overall given the phasing of the ads and some new activation campaigns that effectively reduced the average price of the first transaction.", "audio_length_s": 8.28, "path": "50e17cbbbef8897681cc5f8ae110aae2_87.wav"}, {"text": "Our team is very focused on controlling these costs as we continue to build the right foundation for Lumber Liquidators.", "audio_length_s": 8.28, "path": "7498a6630302a038bd537d192c3a44f4_223.wav"}, {"text": "In light of both increased competition and our belief that APUS is now attracting better quality students with improved persistence and conversion rates,", "audio_length_s": 8.28, "path": "561ad2552e8f7fab8126e9ca75cf8c89_5.wav"}, {"text": "while continuing to grow the dividend, repurchase shares and pursue value enhancing bolt-on acquisitions.", "audio_length_s": 8.28, "path": "4721d5a2e7061d90a4e4e4768adc2486_176.wav"}, {"text": "More important though, we began laying the strategic foundation to ensure we achieve our long-term financial goals for this business,", "audio_length_s": 8.28, "path": "4721d5a2e7061d90a4e4e4768adc2486_6.wav"}, {"text": "For the first and third quarter, we would arrange this open call for media and financial markets.", "audio_length_s": 8.28, "path": "a1e1e6f86dead4f43a363d0877cb4979_66.wav"}, {"text": "Commercial real estate growth was largely driven by the funding up of prior commitments, yet we remain active in the broader CRE market.", "audio_length_s": 8.28, "path": "8635f950dc44da3fcad542b2c066bedf_189.wav"}, {"text": "And from a margin perspective, I mean, look, we are extremely pleased with what the management team has been able to do from efficiency", "audio_length_s": 8.28, "path": "d74cec1fb73e1b1134bfa7152762ad80_129.wav"}, {"text": "We see growing demand for our product, and interface, fueled by the steady decline in deposit rates across the market.", "audio_length_s": 8.28, "path": "ab29ac574f423764c40f2d2eec696623_6.wav"}, {"text": "and we are encouraged by the strong customer placement heading into the April furniture market in High Point this spring.", "audio_length_s": 8.28, "path": "799c15a4a6e9e3c86374761fec31c00a_12.wav"}, {"text": "and what we've been able to do, not only -- compounds was not one and done. If you take a look that as a daily battle for us to stay ahead of", "audio_length_s": 8.28, "path": "0cfaeed8cd93dc274845d450e921aeb6_173.wav"}, {"text": "will not change, only the timing of that revenue changes. An increased amount of revenue will be recognized at the beginning of the contract", "audio_length_s": 8.28, "path": "ee00ebd8d782e8f124b3e142cbb74f37_75.wav"}, {"text": "Finally, we are again benefiting from a lower share count as a result of stock repurchases earlier this year.", "audio_length_s": 8.28, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_150.wav"}, {"text": "settled on with the team is one which we think is appropriate we'll give a signal but it's also cautious", "audio_length_s": 8.28, "path": "c5120d9702331edaf23bb6e639df0a70_113.wav"}, {"text": "the volume of BioLife product included in a manufactured dose or what's used in the preservation of a given piece of source material", "audio_length_s": 8.28, "path": "5efe4589d80ac1232c2958182c188903_47.wav"}, {"text": "to better utilize our new lines in our plants and also to gain experience for our new workforces, where they're running the new lines.", "audio_length_s": 8.28, "path": "8518e7d2073cc2898bd145e2e84ea482_55.wav"}, {"text": "and attractive. So the more Mogo obviously increases its reach, its scale, the more it has these products, the more interested these partners are to", "audio_length_s": 8.28, "path": "66b25c60d952bd002c7ab20da9248086_162.wav"}, {"text": "In the digital world, it's increasingly easier for consumers to switch. And unlike the old world, where the friction to go from one bank to the other was a lot,", "audio_length_s": 8.28, "path": "66b25c60d952bd002c7ab20da9248086_145.wav"}, {"text": "We've now revised the presentation of corporate costs to more fully allocate costs to our Healthcare and Pharmacy businesses,", "audio_length_s": 8.28, "path": "a2ba164f019804628c07b36de47cd464_14.wav"}, {"text": "As mentioned so many times earlier in the presentation, a key short-term use of our free cash flow remains a reduction in our leverage.", "audio_length_s": 8.28, "path": "b6688f44b91606fbd75a6d66e94d4e4b_44.wav"}, {"text": "in the growth in some of these new businesses as well as us achieving the growth target as well as the margin ranges", "audio_length_s": 8.28, "path": "f5e9c69a92eb9179062673e044f8a53b_145.wav"}, {"text": "on slower purchasing and later shipment timing this year as well as negative comparisons to the prior year's large carryover crop volumes.", "audio_length_s": 8.28, "path": "9dc19bfa451bc1278b7136420493f84d_28.wav"}, {"text": "and the backlog that we have right now. And your other question on the third to fourth quarter.", "audio_length_s": 8.28, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_181.wav"}, {"text": "Long-term investors on the call are well familiar with APA's views on this. Australia has sufficient and significant gas resources.", "audio_length_s": 8.28, "path": "4ee3c79ebc57c9870b221b9479d52436_172.wav"}, {"text": "We continue to work with our customers to provide them with what they're wanting, access to infrastructure at affordable prices. Our", "audio_length_s": 8.28, "path": "4ee3c79ebc57c9870b221b9479d52436_18.wav"}, {"text": "We're also pleased that leading surgeons and hospitals are switching to DermACELL. Both of these factors", "audio_length_s": 8.28, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_79.wav"}, {"text": "Our intent is to capture share in this fast-growing channel by leveraging our strong brands and marketing know-how.", "audio_length_s": 8.28, "path": "1f142ea668261ba963d47aac6bab69dd_162.wav"}, {"text": "And so we haven't used it in a long time. And it may be that our deployment this quarter is such that it doesn't make sense to use it.", "audio_length_s": 8.28, "path": "02242ceddfeb4bcc65f04552b63fe80e_187.wav"}, {"text": "As we have discussed in the past, we expect our new product development effort to deliver about 100 basis points organic volume growth per annum.", "audio_length_s": 8.28, "path": "1d021dfadd51998ac079e1df49929c60_5.wav"}, {"text": "Customer confidence remains very strong given this visibility and the pricing climate remains positive.", "audio_length_s": 8.28, "path": "902872913863de98d38e2936b846cf66_7.wav"}, {"text": "Long-term project pipelines for both private and public transportation work continue to build,", "audio_length_s": 8.28, "path": "902872913863de98d38e2936b846cf66_84.wav"}, {"text": "And now we -- there's a lot of things that need to move through the process. And while this is a very high priority for us,", "audio_length_s": 8.28, "path": "1378aabd380e63d3f89fe0e445fc8b06_19.wav"}, {"text": "This charge is in response to the challenging industry conditions and includes the organizational streamlining and delayering actions that Ron announced last month.", "audio_length_s": 8.28, "path": "09eebad8f3c529b4c7d916c5f7766f7f_224.wav"}, {"text": "what I like about it now was that unlike what our growth was 3, 4 years ago", "audio_length_s": 8.28, "path": "429bcf63d57c11ea4d8864560f521dba_182.wav"}, {"text": "That shows to us that we have a robust mix that can take reductions and variations in the different sectors we have going forward as well.", "audio_length_s": 8.28, "path": "d5f5f4efd41927526b14fc2c353cb4e3_66.wav"}, {"text": "Furthermore, since our product has a different route of administration than oral Aricept, the agency staff indicated an openness", "audio_length_s": 8.28, "path": "6c929ddddb79b887458ae21f1a3aa09d_77.wav"}, {"text": "We'll also be tracking who will be the new Fed governors. We've got 5 new governors that potentially", "audio_length_s": 8.28, "path": "81c03e2c15e8fe8213fbd40368b49581_104.wav"}, {"text": "an individualized next-best action lists for better health and independent consumer reviews from other patients.", "audio_length_s": 8.28, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_179.wav"}, {"text": "Those statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking", "audio_length_s": 8.28, "path": "77423f08f0208d476dea73c639f6293a_1.wav"}, {"text": "As you probably know, we tend to have very good access to customers in the world of personal care and cosmetics.", "audio_length_s": 8.28, "path": "24c7526f6daca8e16ab91bea6124148a_103.wav"}, {"text": "We also received further clarity on the Electricity System Operator role. Under the proposal, which is subject to ongoing consultation,", "audio_length_s": 8.28, "path": "6f1b092b312410065d308541be46da95_244.wav"}, {"text": "body of the presentation, I'd like just to make a couple of comments on the picture you see on the first page.", "audio_length_s": 8.28, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_19.wav"}, {"text": "I'd also like to thank our employees for working tirelessly for the betterment of our group. This is and continues to be a good company with great people.", "audio_length_s": 8.28, "path": "83c003be6ac012b814cfecef95459f02_130.wav"}, {"text": "I think it was -- it wasn't a dramatic change there. It was more that the way that we calculate it is very different now than it was then.", "audio_length_s": 8.28, "path": "a756bd9ba43faae4d9d0f059925e39e9_148.wav"}, {"text": "We continue to drive more opportunities in this market and we're confident about our potential growth in the upcoming quarters.", "audio_length_s": 8.28, "path": "a756bd9ba43faae4d9d0f059925e39e9_50.wav"}, {"text": "And the other comment I'd make is I think that any good long-term business plan has some degree of capital recycling.", "audio_length_s": 8.28, "path": "1cfd7da6c2da11f7e3f7102a6265146b_83.wav"}, {"text": "The reduction was in raw materials, as we continued to process surplus steel plates that was on hand earlier in the year.", "audio_length_s": 8.28, "path": "ee824d23bd881a3dc5ee8be881b7d18b_12.wav"}, {"text": "very close to that. And that's the best this whole market industry has been", "audio_length_s": 8.28, "path": "ee824d23bd881a3dc5ee8be881b7d18b_98.wav"}, {"text": "that we will need to generate during this year will be coming from the order intake from now on. So of course,", "audio_length_s": 8.28, "path": "538323cb37246bc97d1253b369a7414a_80.wav"}, {"text": "always follow also the American market, which is, in fact, the main driver", "audio_length_s": 8.28, "path": "f15a674bdbbc461872000604216ae071_169.wav"}, {"text": "at their own pace. And it's not really necessarily cloud migration because customers have multiple choices", "audio_length_s": 8.28, "path": "594b7b614804475e4ab8ab4c405ecf40_67.wav"}, {"text": "So you can expect to see us being class leading in this respect in the years to come.", "audio_length_s": 8.28, "path": "bf99037f89cd485f95f097842619a0c7_187.wav"}, {"text": "some opportunities to grow via debottlenecking. And I was just wondering if maybe you could elaborate a little bit more specifically on what you", "audio_length_s": 8.28, "path": "0e410ca71e50235e520d5af32ce0f54a_118.wav"}, {"text": "of what our new reps have been able to do in the previous 2 years. And we have every confidence that these", "audio_length_s": 8.28, "path": "4d7256bec87696f6c5defa8f37db1b48_18.wav"}, {"text": "and how we're helping our customers win through innovation. In Germany, I met with a leading manufacturer of medical devices for the operating theater.", "audio_length_s": 8.28, "path": "b154f7c33e567e453cb765f4ac03dd2f_116.wav"}, {"text": "So I am confident about our long-term position and strongly believe this will continue to be a valuable business for Eastman going forward.", "audio_length_s": 8.28, "path": "b154f7c33e567e453cb765f4ac03dd2f_126.wav"}, {"text": "Our commercial teams are doing a great job in managing trade-offs and maintaining margins and customer engagement for innovation and growth.", "audio_length_s": 8.28, "path": "b154f7c33e567e453cb765f4ac03dd2f_66.wav"}, {"text": "We expect to receive final bids by the end of November. And I can tell you that overall, we're extremely pleased with the initial offers we received", "audio_length_s": 8.28, "path": "3ae068efa03cd088f4d3edea682f199f_279.wav"}, {"text": "pretty good and it's because we did finish the migration. So even though we had some losses towards the end of the migrations,", "audio_length_s": 8.28, "path": "365c360aff42713cef71a7d026eeeb6d_179.wav"}, {"text": "important to say that we are very happy with our competitive position. We continue to be very happy with our competitive position.", "audio_length_s": 8.28, "path": "b35398859e534e471fb1cd60f5baac20_159.wav"}, {"text": "as a result of many factors that may be outside the company's control including, but not limited to, changes in the business environment.", "audio_length_s": 8.28, "path": "8dd740d83ff1c7319a82eeba6047633d_1.wav"}, {"text": "where the expectations had been a year or less prior when ARMs are resetting. So I would view the overall position", "audio_length_s": 8.28, "path": "3fb901e6b501ddced60226a13ebef4af_78.wav"}, {"text": "Thank you, Todd. Our first quarter results are a reflection of and are consistent with the strong start to the year in all 3 of our primary markets,", "audio_length_s": 8.28, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_3.wav"}, {"text": "period and about 9% lower on a year-over-year basis. We would expect activity to pick up as we progress further into the first quarter.", "audio_length_s": 8.28, "path": "f1b53f83640f7ea0160087ae63818af2_51.wav"}, {"text": "which is operating better than it ever has in most areas, we can see a considerable additional value that we can add.", "audio_length_s": 8.28, "path": "9b84dc4409f4ecccd173c2f81a4460cc_180.wav"}, {"text": "And you'll -- and so I think it's better for us to hold on at this point on full year guidance. But as I said in my prepared remarks,", "audio_length_s": 8.28, "path": "16c235a53fc719ec92ef3b3c3b371150_267.wav"}, {"text": "If we were comparing performance today to our original guidance issued in November of last year, the beat would be significantly greater.", "audio_length_s": 8.28, "path": "16c235a53fc719ec92ef3b3c3b371150_84.wav"}, {"text": "While the fourth quarter is seasonally our weakest, I am pleased to note that we had one of the smallest fourth quarter operating losses since we began reporting.", "audio_length_s": 8.28, "path": "1bee232b4d03ce3a6f424bb7891581a2_36.wav"}, {"text": "maybe get into sort of the biggest drivers of that and -- that we might expect to see the improvement in over the next", "audio_length_s": 8.28, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_42.wav"}, {"text": "electronic locks in the commercial arena is really the mother lode of opportunity for the company.", "audio_length_s": 8.28, "path": "77f146e76d89a5be785a39ab23dfa763_145.wav"}, {"text": "and to be able to sell our portfolio into customers, where they have a presence. So I think it's a really nice marriage of commercial excellence, our own", "audio_length_s": 8.2799375, "path": "044da592acc01ff7baacb3dbf2a302a9_200.wav"}, {"text": "Well, so you can see right here that it's in these 3 products that we've shown you a picture of.", "audio_length_s": 8.2799375, "path": "91422f85dbf838639b3cb9dd9da364eb_24.wav"}, {"text": "In the non-resource field, we invested in Olam in the agricultural products business and made investments in the infrastructure and fund-related businesses,", "audio_length_s": 8.2799375, "path": "8011d82cf2151421d3dfacce65adde30_39.wav"}, {"text": "We remain excited about the prospects for our existing installed and operating assets to produce solid results for the balance of the year.", "audio_length_s": 8.25, "path": "4fdbfd9eec396928550d0c799e170d34_70.wav"}, {"text": "The trial is not only blinded but quite large relative to the C3G orphan patient population.", "audio_length_s": 8.25, "path": "485e97686e9a27d2df5b3fc02106e3d4_105.wav"}, {"text": "Last quarter, we received volume production orders for 3 GaN programs that I had referred to in previous calls.", "audio_length_s": 8.25, "path": "ab5b4ea5cd86e4f7deafe9814024fada_84.wav"}, {"text": "In equities trading, we've undertaken proactive measures to enhance the client experience for our wide range of investors with a whole series of changes.", "audio_length_s": 8.25, "path": "92d6249907f14e4011cf1b08d2f298d9_70.wav"}, {"text": "Is there a percentage of that 300 system installed base that you guys are not really actively engaged in folks that maybe", "audio_length_s": 8.25, "path": "5111fdad778749872c23e78c9b0d653b_127.wav"}, {"text": "As you may recall, last year, at this time, we made an important announcement with regard to our transformation strategy.", "audio_length_s": 8.25, "path": "07d2c762b6e3c4a59486baba2c8f0639_1.wav"}, {"text": "or noncontract market and some of our efforts to get in front of this with certain customers to get things priced in a way", "audio_length_s": 8.25, "path": "94fdf7b24748a7706b1097482a0f363a_48.wav"}, {"text": "is actually very easy in Beiersdorf because people understand and people want to drag the financial success of the company. And", "audio_length_s": 8.25, "path": "9014ac9cbc2cff30468f1bcb659c0f66_289.wav"}, {"text": "Third, we implemented a new student contact center technology that is significantly more efficient and effective in serving prospective students", "audio_length_s": 8.25, "path": "10ad172801ac8cd3a21e4355d7349eb5_12.wav"}, {"text": "in conjunction with those refinancings, we have also tried to free up adequate buckets", "audio_length_s": 8.25, "path": "abd0f750609f1263b566f0c09b981a16_116.wav"}, {"text": "If you could disclose some details. Are you going to pay the bonus that was under discussion?", "audio_length_s": 8.25, "path": "17ee868a7ed8656d69e6888ee4a6d550_13.wav"}, {"text": "think about how to present this better in the future to give you some visibility down the road. But right now, I think it's not a", "audio_length_s": 8.25, "path": "54558afacef9ab3010d5a57ac4feb664_113.wav"}, {"text": "that we cannot only have that in that distribution but in other distribution that make sense for us.", "audio_length_s": 8.25, "path": "7e14890193df4b10e1eeab6ab886529f_109.wav"}, {"text": "Overall, in terms of the credit cycle, the new flow into challenging accounts", "audio_length_s": 8.25, "path": "4c0e38d8d88c73a7a01dc542a85b2604_134.wav"}, {"text": "free to proceed with the merger of the loyalty programs and the websites and all the rest of it. So those restrictions were behind us.", "audio_length_s": 8.25, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_228.wav"}, {"text": "We are incredibly proud of the organization's tenacity, having delivered 5 quarters in a row of improving results amidst challenging market conditions.", "audio_length_s": 8.25, "path": "dd3166f311a5f12a25103a0295e8ac3e_37.wav"}, {"text": "Head of our International Business, with us here today. But over the last year, we've hired more than a dozen senior people", "audio_length_s": 8.25, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_54.wav"}, {"text": "The strength of our free cash flow and our business model positions us well to continue to deliver value to our shareholders.", "audio_length_s": 8.25, "path": "8b71a232d7fe61e6232807b635977c31_197.wav"}, {"text": "just the pipeline for new clients, and maybe more specifically, if you see some that are sort of sitting on the sidelines, waiting for", "audio_length_s": 8.25, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_17.wav"}, {"text": "would be Intuitive. If you think about how they expanded geographically, it was sort of very similar, which certain countries are much more", "audio_length_s": 8.25, "path": "044da592acc01ff7baacb3dbf2a302a9_221.wav"}, {"text": "If the contractual objection periods expire without any claim, the underlying provisions", "audio_length_s": 8.25, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_56.wav"}, {"text": "and deliver sound financial results, while continue to invest in the business to support the market share growth opportunities we have in front of us.", "audio_length_s": 8.25, "path": "c4dc8f962a85aa47af50f82845f550e2_156.wav"}, {"text": "And we thank our customers, employees and industry partners for their diligence and cooperation as we manage through the situation.", "audio_length_s": 8.25, "path": "9589f919b51ea96f732c4fe7fd180d7e_62.wav"}, {"text": "for our competitors, and that makes us feel pretty good. But we're not at all sitting still", "audio_length_s": 8.25, "path": "01502edf6cda82061f1f45d6b0e8e189_90.wav"}, {"text": "and took us 5 years to bring that to market with the amount of voice of customer research that we did in order to hit the bull's eye the way we did.", "audio_length_s": 8.25, "path": "01502edf6cda82061f1f45d6b0e8e189_186.wav"}, {"text": "could be better positioned in terms of allowing you for some low-cost financing to kind of work up some of those investments?", "audio_length_s": 8.25, "path": "bad55d25c1222682bd893d97dc5cbb27_108.wav"}, {"text": "they often come back and scare you because if they do not scare you, they cannot find their meaning of existence.", "audio_length_s": 8.25, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_54.wav"}, {"text": "within our group, we have reduced the number of bad factors or bad conditions.", "audio_length_s": 8.25, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_213.wav"}, {"text": "What we see at this moment in time is that PostNL is a very attractive employer in the market for Parcels.", "audio_length_s": 8.25, "path": "fa45af64ef25007f998c655347bfbecb_250.wav"}, {"text": "because of the process of negotiation. What we can say is, is that we do know today when those contracts that are underwater", "audio_length_s": 8.25, "path": "5308c910fb34c8291b372e7a94521e9b_34.wav"}, {"text": "But the growth rate of the -- what we used to call the core business, which isn't fair to say anymore, but the supply chain business,", "audio_length_s": 8.25, "path": "e26b501c6e000fdaa11edde97cc71436_69.wav"}, {"text": "next year. And then we have layered in a bit of incremental revenue next year in the plan for this Beyond", "audio_length_s": 8.25, "path": "839852ec8452dbd90e9341d15cbba7c5_140.wav"}, {"text": "as well as a few sort of smaller ones, ARM in Boston and a few other things. So we'll be very active in the next", "audio_length_s": 8.25, "path": "dd5492732b46e270047f9b368d4fde11_16.wav"}, {"text": "The first and third calendar quarters are disproportionately higher than the second and fourth, which is typical of the trade show industry as a whole.", "audio_length_s": 8.25, "path": "4032bfdd59881fc6506c082737cb5a99_158.wav"}, {"text": "getting that science ready for manufacturer and ultimately then hand of either to a CMO or to our later stage process development", "audio_length_s": 8.25, "path": "0dbbae27d7055ecc04cc25e14e4de12d_238.wav"}, {"text": "And so we're not so pessimistic about the net impact, although the gross impact of negative interest rates is obviously fairly negative for us.", "audio_length_s": 8.25, "path": "bddc15938bdcc3085f19b0851e74c2c0_316.wav"}, {"text": "At the group level, we continue to invest heavily in improving our administration systems and in strengthening our controls.", "audio_length_s": 8.25, "path": "bddc15938bdcc3085f19b0851e74c2c0_93.wav"}, {"text": "As a result of this share retention, we do not expect SpinCo itself to have any outstanding indebtedness at the time of the separation.", "audio_length_s": 8.25, "path": "599ab9a8d39052867bd99cb2fa4fd4f2_58.wav"}, {"text": "This was mainly because performance was firm in the non-resource field, and we recorded no major one-off losses in the resource field", "audio_length_s": 8.25, "path": "8011d82cf2151421d3dfacce65adde30_32.wav"}, {"text": "Before I cover our consolidated financial results and capital allocation for the quarter, I'd like to review just a few special items with you.", "audio_length_s": 8.25, "path": "403903eb119bfc1cec44d86ec907077a_11.wav"}, {"text": "in each of the competitors' and peers' forecasts. So it's hard to make a direct comparison of what we see differently", "audio_length_s": 8.25, "path": "f46ae0a04d60dea8a759f07333ed37e2_75.wav"}, {"text": "The move toward software and recurring revenue streams is one of the topics that we are most often asked about with our business.", "audio_length_s": 8.25, "path": "0f4370b614f29bd596e4f6871cc77864_84.wav"}, {"text": "the consumption going up and the chance of getting more revenues. So it's fixing our kitchen first and then work on our perception.", "audio_length_s": 8.25, "path": "e649ca4cf7eeb63f0bc30b231a94a014_184.wav"}, {"text": "lends itself really to an operating partner that is able to holistically partner with those customers and transform", "audio_length_s": 8.25, "path": "575d21e05ceda8f95fc54e0292c2d99f_141.wav"}, {"text": "pluses and minuses associated with project delays and we have some minuses associated with project delays. I think we've been able to find plenty of opportunities to", "audio_length_s": 8.25, "path": "2ad9555a64eaa3f45bef5581adeecb9c_313.wav"}, {"text": "And those properties are really probably, in terms of yield on debt, some of the strongest ones we have in the portfolio.", "audio_length_s": 8.25, "path": "07d30eec04a77191950ef0992d097daf_224.wav"}, {"text": "Okay, and then with any use of capital you get, how would you decide between an acquisition and buying stock back? What would be the thought process there?", "audio_length_s": 8.25, "path": "93d3e5be9cf75e0921d47f10d4178939_84.wav"}, {"text": "you end up getting these reclasses between interest income and credit recoveries or credit impairments that are difficult to predict", "audio_length_s": 8.25, "path": "baf97ac5f6cc21f1387a53f2755e60d7_56.wav"}, {"text": "We believe this effort to expand consumer touchpoints will drive sales growth in the future.", "audio_length_s": 8.25, "path": "f4d0f1362716be33f02690dd1a8df663_14.wav"}, {"text": "during the last couple of years. We are of course one of the main players in the credit card business. And we will keep", "audio_length_s": 8.25, "path": "909945f04ac355656384777136995c9b_46.wav"}, {"text": "one of the outcomes that could offset for this tendency that we see. This could be one of them.", "audio_length_s": 8.25, "path": "38b2f94da12bbf2d32246763aab8265a_33.wav"}, {"text": "one company is very powerful in the space and is interested in -- and we're putting scenarios together on a few different displays,", "audio_length_s": 8.25, "path": "1ddc944827b99caf8c7867ceeed0ec20_75.wav"}, {"text": "very positive about what we see in China and the effort that our teams are putting forward to execute.", "audio_length_s": 8.25, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_170.wav"}, {"text": "the strong margin improvement in overall DCS and in MS and the enhanced pipeline of opportunities across our diverse end markets.", "audio_length_s": 8.25, "path": "bab12f620df0f367e74acdcc467686f1_133.wav"}, {"text": "Importantly, our pipeline reflects our leading position in existing markets as well as our ability to extend our capabilities into new markets.", "audio_length_s": 8.25, "path": "bab12f620df0f367e74acdcc467686f1_184.wav"}, {"text": "We believe that we have strategically balanced our direct sales organization with distributors to optimize the early ENTYCE commercial efforts.", "audio_length_s": 8.25, "path": "49a78c1ec143d9ac46e893e77198c0e3_54.wav"}, {"text": "as the product begins to move into the clinics from the distributors and then from the clinics to the pet owners, meaning the product is dispensed,", "audio_length_s": 8.25, "path": "49a78c1ec143d9ac46e893e77198c0e3_125.wav"}, {"text": "The remainder of the increase was largely related to higher net interest margins, which increased as a result of additional assets under management,", "audio_length_s": 8.25, "path": "aeb50c6146f90bd32d147c5d4775c21d_52.wav"}, {"text": "The largest opportunity for revenue growth lies in our existing client base, and we are beginning to see real traction.", "audio_length_s": 8.25, "path": "bf07ba925d6e5f568f66bb89b00a9463_12.wav"}, {"text": "And as we continue to reshape our business, we will remain focused on ensuring the assets on the balance sheet", "audio_length_s": 8.25, "path": "be8b554309f7632bc9ebbd967764001e_212.wav"}, {"text": "We're simplifying our business and we're putting in place a new global operating model that embraces modern working practices", "audio_length_s": 8.25, "path": "be8b554309f7632bc9ebbd967764001e_87.wav"}, {"text": "your hand on this call, but my question I guess is when I think about net price realization going forward", "audio_length_s": 8.25, "path": "3cc0a4a6f1b08b522c732ad8944e8624_112.wav"}, {"text": "Once we completed our inventory of DUCs, we completed a few fantastic wells in both the Bakken and the Three Forks targets.", "audio_length_s": 8.25, "path": "a8b43081254547419da7462d9c957d61_151.wav"}, {"text": "We are seeing really good recovery rates in the pulp agglomeration plant for the first stage of recovery. We do produce", "audio_length_s": 8.25, "path": "e5040d02fba73a359d3f7cb346517ce1_68.wav"}, {"text": "that not only are they feeling a sense of urgency to do that because all the banks are looking at ways to improve their lockbox services,", "audio_length_s": 8.25, "path": "9b93af1e7019959620214c387f283d8e_105.wav"}, {"text": "Pricing remained robust and we continue to make progress on productivity and our cost improvement initiatives.", "audio_length_s": 8.25, "path": "dd28a387ccc9575df47840b850647c7f_189.wav"}, {"text": "All of this is supported by strong balance sheet that will provide us with the flexibility to deploy capital with the highest return opportunities.", "audio_length_s": 8.25, "path": "dd28a387ccc9575df47840b850647c7f_137.wav"}, {"text": "The increase in adjusted income before taxes was due mostly to reductions in labor and overhead costs and pricing actions.", "audio_length_s": 8.25, "path": "a02b735de681c682fbb8025edecca271_38.wav"}, {"text": "and managing them in a way that you can either get out of the misery of underperforming", "audio_length_s": 8.25, "path": "98f10f0935e5b778e888a1b8130a3d31_248.wav"}, {"text": "is to increase the leverage at the opco level, wherever possible, it's not always possible in some of the markets that we operate in.", "audio_length_s": 8.25, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_243.wav"}, {"text": "The South African operation we show on an organic basis where we exclude disposals, exclude acquisitions and significant one", "audio_length_s": 8.25, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_39.wav"}, {"text": "to the rule? Or do you think that your infrastructure layer would actually increasingly have more of a hybrid cloud feel to it?", "audio_length_s": 8.25, "path": "16ed973148ce103dc95fdcfaf35bbe7b_49.wav"}, {"text": "This could ultimately be a significant milestone for the industry as it would represent the first time in our industry's history", "audio_length_s": 8.25, "path": "c5c7a9f409241412b160a93cde7ef630_12.wav"}, {"text": "I am very proud of our leadership in promoting responsible drinking, including the work we do on drink driving reduction.", "audio_length_s": 8.25, "path": "c3567809c19ce6a800677544cd84f88b_148.wav"}, {"text": "We continue to believe our retail model and credit platform can consistently support total annual retail sales", "audio_length_s": 8.25, "path": "e6c0fa1068c28557c3e17e0d02b831b1_56.wav"}, {"text": "We have staggered charter expiries to ensure that we maintain a limited exposure to renewals in any one particular period.", "audio_length_s": 8.25, "path": "62246783cdfc5083ebb32cff71ccd38b_5.wav"}, {"text": "The good news about it is our clients tend to understand what it takes to -- price talent", "audio_length_s": 8.25, "path": "191c819db03c2dfd0207cd1f42e278a4_30.wav"}, {"text": "Finally, you'll see the details for the Bank and Asset Servicing segments beginning on Slide 26 followed by details on each.", "audio_length_s": 8.25, "path": "ef44080b170ca6366a6d3132d0baf11a_88.wav"}, {"text": "we have additional support for reversal of the valuation allowance on our deferred tax asset, sometime over the next year.", "audio_length_s": 8.25, "path": "53889f50eda8b316a01a3df89d226e7f_16.wav"}, {"text": "I don't have that number exactly. Okay. And then just sort of more generally, as you think about", "audio_length_s": 8.25, "path": "28404e399cb043d390aa70bceb339dd4_57.wav"}, {"text": "As we have explained in our business model, these pricing actions typically require 3 to 6 months to take full effect.", "audio_length_s": 8.25, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_148.wav"}, {"text": "by these issues that you've seen in terms of the paving markets in Latin America and then the outages,", "audio_length_s": 8.25, "path": "809e26eaacb31ffdee78d3f41a6ce90a_62.wav"}, {"text": "The overall slowdown, and I think that we see some opportunities where we", "audio_length_s": 8.25, "path": "f77935c4693e4d33252c9c76993e9c8b_144.wav"}, {"text": "At the same time, diagnostics has become a key ingredient in determining health problems and monitoring treatment.", "audio_length_s": 8.25, "path": "75eb5b75bb8587b63c318714ea956b9e_54.wav"}, {"text": "all the acquisition are marching on to what we had anticipate, what our model was showing and even more.", "audio_length_s": 8.25, "path": "c92a9ecd2741326fd8625841a07f74f9_147.wav"}, {"text": "cost alleviation there. But if you could just help us look at the sensitivity to earnings as well as sales?", "audio_length_s": 8.25, "path": "5e95976c2c94d24ba7df09eb05e3a3b0_33.wav"}, {"text": "You are kindly referred to the risk factors and cautionary language contained in the documents that the company filed with the Securities and Exchange Commission,", "audio_length_s": 8.25, "path": "7f0b365cacc47c00a8284b0070994e4a_1.wav"}, {"text": "The progress we've made has been encouraging, in this early going, we are seeing positive same-store sales and improvements in our margins.", "audio_length_s": 8.25, "path": "5ea42ed8ea9a65bd01aaabb678685483_6.wav"}, {"text": "Paul spoke about this and we spoke a lot about this at the year-end call relative to our Business Improvement Framework", "audio_length_s": 8.25, "path": "948f025c16fce2bcb2909e610c9be557_28.wav"}, {"text": "Finally, and notably, in December, we filed a customer agreement with the FERC to extend our Columbia Gas Transmission", "audio_length_s": 8.25, "path": "626da68f2b245869534a0316b8b6139a_84.wav"}, {"text": "I think we would like to see less maintenance breaks and the customers running and us delivering to them", "audio_length_s": 8.25, "path": "c4c82b9f0d0167137949864b86e2a812_85.wav"}, {"text": "There are 3 situations that occurred during the first quarter of last year that were a bit different from this quarter.", "audio_length_s": 8.25, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_231.wav"}, {"text": "This means prudently increasing investments behind our Power Brands and innovation platforms to accelerate revenue growth and gain share,", "audio_length_s": 8.25, "path": "9b697782ea80be97854f35d6fc62c93a_87.wav"}, {"text": "and the analytics that can be wrapped around that practice optimization, which includes a number of", "audio_length_s": 8.25, "path": "f1da65edd5f2026ffd647d496bb96ce7_37.wav"}, {"text": "Thank you very much, operator. I'd like to thank everyone for joining us today and listening to our business update. Have a good day.", "audio_length_s": 8.25, "path": "571b0d30d88945a981006f24faa72cf7_161.wav"}, {"text": "coupled with favorable opportunities we see for our private loan and middle market strategies, allows us to maintain our belief that the continued growth of our business", "audio_length_s": 8.25, "path": "6318dda27b3e36d76533c048c64a3014_140.wav"}, {"text": "So if you see the EBITDA has improved as compared to the previous quarter because the steel prices have been quite stable.", "audio_length_s": 8.25, "path": "da34a7b460e520db0401de3ce860187c_106.wav"}, {"text": "During the course of this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company.", "audio_length_s": 8.25, "path": "1e756fc5d265eea3ff8e2e31c29826ae_134.wav"}, {"text": "have deepened our value proposition, diversified our revenues, and significantly expand our total addressable market.", "audio_length_s": 8.25, "path": "c40b5d1a13169c5acf69590932a56f98_6.wav"}, {"text": "higher bandwidth, lower latency and more coverage to connect people and things to data processing and decision-making.", "audio_length_s": 8.25, "path": "9e07401011239a074ff66741ee557224_82.wav"}, {"text": "The effect of the change is a reduction of operating income and an increase in our non-GAAP tax rate.", "audio_length_s": 8.25, "path": "da879f8ea1c23aa6565cccaacac271fc_190.wav"}, {"text": "In addition, we were excited to announce just a few weeks ago, our REIT conversion, an important milestone in our company's evolution.", "audio_length_s": 8.25, "path": "9ba83ac067a98f8b12cc480ff0691e91_114.wav"}, {"text": "for your quarter. That's correct. So just trying to reconcile the current quarter to back down to that number, and where the variances might be?", "audio_length_s": 8.25, "path": "ec298d3b4d5979aa8c64bf222562e259_18.wav"}, {"text": "and we are only beginning to achieve trading efficiencies and harmonized the strengths of both legacy firms.", "audio_length_s": 8.25, "path": "f15966ae82e18b472ad78dd961f8e5e8_155.wav"}, {"text": "Interest income from originated loans continued to grow as the portfolio grows and from the mix I mentioned earlier,", "audio_length_s": 8.25, "path": "28d675c77a4b2269c1c1460ad3e56250_110.wav"}, {"text": "and to discuss the progress we're making to mitigate risk associated with South Africa. This will be the way we discuss the company going forward.", "audio_length_s": 8.25, "path": "757695924b5e43c7d44e29dc141cc035_131.wav"}, {"text": "Thank you, operator. I just want to thank Julie and the entire Cable ONE team for all their support.", "audio_length_s": 8.25, "path": "1689b94530eca82b7758c86b4cf3125f_48.wav"}, {"text": "that is located on the Big Island of Hawaii, we are seeing a slight impact from the volcanic activity that began in early May.", "audio_length_s": 8.25, "path": "b4fc31ae6403a17b15c30d3ec3b82487_170.wav"}, {"text": "Based on results for the first 3 weeks of May and visible pipeline, we expect positive active strategy flows to continue in the third quarter.", "audio_length_s": 8.25, "path": "6709c061d39d0e433079f84160f11c80_140.wav"}, {"text": "I'm proud not only of the progress we've made on our strategic priorities, but also of the new partnership we announced with Atairos shortly after the quarter's end.", "audio_length_s": 8.25, "path": "50e17cbbbef8897681cc5f8ae110aae2_133.wav"}, {"text": "how long can you rely on the inventory level?", "audio_length_s": 8.25, "path": "80a2ca14358172366acab4e80f3fa33b_267.wav"}, {"text": "they can get trucked directly to a rail facility and leave the region. So that's been the impact on our", "audio_length_s": 8.25, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_191.wav"}, {"text": "but the improved loan growth late in the second quarter is expected to offset that decrease. And the maturity of high-cost borrowed funds late in the second quarter", "audio_length_s": 8.25, "path": "aa14e40ba684ff629fa9635314cea11e_26.wav"}, {"text": "And so to wrap up, we are pleased with our second quarter's results. As we look forward, each of our business lines has a bright future.", "audio_length_s": 8.25, "path": "3e29586725757a72d8c143f3da2658f5_93.wav"}, {"text": "on combination with some of the targeted therapies for AML that might lead to some of that use? Could that potentially come this year? Will it be next year?", "audio_length_s": 8.25, "path": "299bad77345d2e44fa5768f4416f7b97_114.wav"}, {"text": "and in fact, we are in active negotiations for a number of lines with the expectation of closing them in the next 1 to 2 months.", "audio_length_s": 8.25, "path": "ee00ebd8d782e8f124b3e142cbb74f37_164.wav"}, {"text": "We appreciate your participation in today's call to discuss our third quarter operating and financial results and our business outlook.", "audio_length_s": 8.25, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_2.wav"}, {"text": "I expect the end of this crop year to be somewhat traditional on how the market share plays out. As I look down the road,", "audio_length_s": 8.25, "path": "71ea3ed1436c2759a95f8d629963db2e_115.wav"}, {"text": "In fiscal 2017 this expense was recorded in the second quarter, whereas this year, it was recorded in the first quarter.", "audio_length_s": 8.25, "path": "ea80970d6b8e6fab10c4500aa7298914_74.wav"}, {"text": "the repayment of the new systems and applications put into operation in the previous months. The launchings of new stores", "audio_length_s": 8.25, "path": "0f9d6e24171bc068e7ff7a11e7e44060_6.wav"}, {"text": "We laid the groundwork with the strategic initiatives that we outlined at the beginning of the year, and we began the early phases of executing on our vision.", "audio_length_s": 8.25, "path": "5c601f5318d5dcbe20fdd78f19c2b277_3.wav"}, {"text": "Next, the MogoCard continues to be a key part of our product strategy, as controlling someone's spending is no doubt an important part of their financial wallet.", "audio_length_s": 8.25, "path": "66b25c60d952bd002c7ab20da9248086_103.wav"}, {"text": "As we further develop our state business, we believe that many of these models of care can be applied to our commercial business as well.", "audio_length_s": 8.25, "path": "a2ba164f019804628c07b36de47cd464_76.wav"}, {"text": "in the future as the market recovers and people really want to use better tools that are more cost-effective.", "audio_length_s": 8.25, "path": "ecc871b8f89a858d952f554f1ca8f7da_140.wav"}, {"text": "Mobile devices are the primary demand driver behind the shift to Fan Out Wafer Level Packaging.", "audio_length_s": 8.25, "path": "ecc871b8f89a858d952f554f1ca8f7da_181.wav"}, {"text": "given us all, I believe, a taste of the rapid changes that are happening in the society, and that, in my opinion, are only going to speed up.", "audio_length_s": 8.25, "path": "e35fae1d3df1f7aeda409f90f200ec7b_186.wav"}, {"text": "In relation to the Retail Town Centres, it's really 3 streams of work. The first stream of work is where we develop", "audio_length_s": 8.25, "path": "24a133abc343c813233d416b0cef96cd_244.wav"}, {"text": "Our progress in this respect is consistent with our intention 4 years ago to grow this segment, and I'm very pleased with the progress.", "audio_length_s": 8.25, "path": "24a133abc343c813233d416b0cef96cd_174.wav"}, {"text": "And I know it's a sensitive topic, but is there anyway you can give us some kind of view on what you're pushing for this year in terms of that?", "audio_length_s": 8.25, "path": "71c8aba809b2c3334e487f92f9009647_121.wav"}, {"text": "from the point of view of the rates you contract out with clients versus what you can find in the market and how much -- how easy is it not to do back to backs", "audio_length_s": 8.25, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_33.wav"}, {"text": "And those are the businesses that we've got to get on stat. It's not going to be overnight. We've got some work to do. But there is not a doubt in our mind", "audio_length_s": 8.25, "path": "b0d88c0f1efca89ecb928172341dc75d_134.wav"}, {"text": "We typically see the biggest impact in our business from productivity, from project runoff, from volume impacts", "audio_length_s": 8.25, "path": "6aad408f4bb1930cf10f445115f6ed3d_35.wav"}, {"text": "So what we have actually done is for the first time ever in the history of the company and frankly for the first time in India, we've actually created,", "audio_length_s": 8.25, "path": "6aad408f4bb1930cf10f445115f6ed3d_217.wav"}, {"text": "because they wanted to capitalize that amount and treat it as CapEx. So we allowed them to do that. I don't", "audio_length_s": 8.25, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_89.wav"}, {"text": "it was below our expectations. It came in lower. I think some of that due to the late start to the plant.", "audio_length_s": 8.25, "path": "ee17f090e669ff9029bd1dc57db6e43e_115.wav"}, {"text": "extend our leading capabilities on the online travel side of the market that largely consumes our web services offering to enable their business.", "audio_length_s": 8.25, "path": "b08d602a938cc263402d9d2db56f2490_12.wav"}, {"text": "Well, I think there's a couple of things as we look at our mill systems around structural cost, and we gave you an example of one we did", "audio_length_s": 8.25, "path": "1d021dfadd51998ac079e1df49929c60_37.wav"}, {"text": "I'm very excited and confident about the potential for our entire company, and our ambitions have not changed.", "audio_length_s": 8.25, "path": "6cbf592846662213258684c3049e4592_61.wav"}, {"text": "When it comes to more add-on, the question you have to raise is always when do you actually invest.", "audio_length_s": 8.25, "path": "b20564a6da1bcfc7b80552299d9e002a_61.wav"}, {"text": "But it shows that a lot of things are ongoing in the company at the moment, and let me pick some examples.", "audio_length_s": 8.25, "path": "b20564a6da1bcfc7b80552299d9e002a_158.wav"}, {"text": "there is more work going on in the refineries and many of our customers, we believe, will be doing a lot more tank cleaning and other", "audio_length_s": 8.25, "path": "712bbcab5338e07dd63dad97bb652018_158.wav"}, {"text": "Besides the favorable markets, revenue also benefited from favorable foreign exchange rates and metals pass-through.", "audio_length_s": 8.25, "path": "10ad32c5e0559c879e032faaf3148ab4_80.wav"}, {"text": "So history continues to be a guide. We expect our lowest effective tax rate in the first half, with 1Q typically somewhat", "audio_length_s": 8.25, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_304.wav"}, {"text": "Tammy will explain further, but I did want to offer some commentary on our capacity forecast. It's being updated today", "audio_length_s": 8.25, "path": "910a1a60a0549a5973f42bb19b66a0ae_140.wav"}, {"text": "A lot of these projects are related to new technologies and those are my favorite. We have very high expectations for the returns that we can get on those.", "audio_length_s": 8.25, "path": "24c7526f6daca8e16ab91bea6124148a_96.wav"}, {"text": "Our new sales contract with the New Zealand Ministry of Education continues to ramp up, and we're beginning to see solid contribution from that project.", "audio_length_s": 8.25, "path": "83c003be6ac012b814cfecef95459f02_113.wav"}, {"text": "currently think about something different except for working with the levers I mentioned so that this can take place naturally.", "audio_length_s": 8.25, "path": "e97326d6a8951550e363f2be6ec489ba_241.wav"}, {"text": "You may now disconnect.", "audio_length_s": 8.25, "path": "c88e296697cd72c891ffb7bf5a1a60bb_115.wav"}, {"text": "First, we've reached a significant milestone of 32 million work hours without a lost time incident at the Cameron LNG project.", "audio_length_s": 8.25, "path": "3ae068efa03cd088f4d3edea682f199f_280.wav"}, {"text": "Based on that initial level of due diligence, we would expect to receive initial bids,", "audio_length_s": 8.25, "path": "a85c54c77dd2524eedab1287ea3ceff4_132.wav"}, {"text": "In terms of the -- in terms of the cash distribution, I think when you're looking at -- or I'm sorry, the trust funds you mentioned,", "audio_length_s": 8.25, "path": "7e018402f521eec8ce7a9df8cd61e144_27.wav"}, {"text": "help the passengers to use it for those who are using for the first time, and that's bearing fruit. So we got the high percentage of passengers using it,", "audio_length_s": 8.25, "path": "8dd740d83ff1c7319a82eeba6047633d_25.wav"}, {"text": "To better respond to your questions, with myself today are executives from SK Innovation and its major subsidiaries.", "audio_length_s": 8.25, "path": "cd94f09ed5b897feb733def490ba4630_1.wav"}, {"text": "Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied.", "audio_length_s": 8.25, "path": "16c235a53fc719ec92ef3b3c3b371150_230.wav"}, {"text": "And as we said, the raw materials continue to be a challenge but think that we can overcome that with what we're looking at right now.", "audio_length_s": 8.25, "path": "744f5859c7d9a0567b387ae84326d940_201.wav"}, {"text": "With increasing demand for end-to-end cloud-based solutions, we are seeing more customers looking to implement our offerings on a subscription basis.", "audio_length_s": 8.25, "path": "726bad4d5d1a6b2f62034eb8dc843450_58.wav"}, {"text": "Thanks, Joe. Before we conclude, I'd like to make a few comments on our outlook for the start of the fiscal year. But", "audio_length_s": 8.25, "path": "ff59c33225941d4025bcecc8fe1a4b32_65.wav"}, {"text": "and commercialization through a commercial affiliate that would have a small focus sales force.", "audio_length_s": 8.25, "path": "3a1ba1b79a8a016390f98ab3ffe71340_43.wav"}, {"text": "in our current business plan, we are performing very well and consistent with what Ofgem, I believe, would expect from us.", "audio_length_s": 8.25, "path": "190e0d8d92da94060523364716ce6e03_132.wav"}, {"text": "Great. So I was hoping that you might be able to provide a little bit more color on,", "audio_length_s": 8.2200625, "path": "299bad77345d2e44fa5768f4416f7b97_208.wav"}, {"text": "time -- in the end of last year we saw an increase in pulp prices and we have now negotiated", "audio_length_s": 8.22, "path": "1ea5a01d14ee672e3e9cdbff8e56da74_14.wav"}, {"text": "Now let me take a few moments to discuss some of our strategic initiatives in the current market environment.", "audio_length_s": 8.22, "path": "d162113e3aface010baec17bd408736b_103.wav"}, {"text": "that I can quantify it for you so that it's about 30 million impact", "audio_length_s": 8.22, "path": "13aa6c0669adb5544a0d62beef677189_104.wav"}, {"text": "our forecast does have us pulling back a little bit in the fourth quarter, not necessarily because of", "audio_length_s": 8.22, "path": "139f0a6300f504b3e8673e39b0429161_32.wav"}, {"text": "situation with a big impact in '17 behind us. We have a couple of other things that I can't disclose going on in the portfolio that are positive,", "audio_length_s": 8.22, "path": "7eebbbc069b4bf8367aa748751df9bc7_90.wav"}, {"text": "And on top of that franchise, we're building an innovation company for the future. It's important to understand both those things when you think about our company.", "audio_length_s": 8.22, "path": "92d6249907f14e4011cf1b08d2f298d9_73.wav"}, {"text": "Our new monthly credit score monitoring product was a great example of this. Not only can someone open an account through web or iOS app in only 3 minutes,", "audio_length_s": 8.22, "path": "f3ea353a6c918bc1fd311a9cad6b9777_36.wav"}, {"text": "We have said all along that deployment services is something that we want to make sure we can do for our customers, but we're also very happy", "audio_length_s": 8.22, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_155.wav"}, {"text": "We believe the comparability of our results is improved by excluding these infrequent items that are unrelated to our core operations.", "audio_length_s": 8.22, "path": "94fdf7b24748a7706b1097482a0f363a_62.wav"}, {"text": "we have services, to monetize those services and this depicts that scenario regarding media business,", "audio_length_s": 8.22, "path": "a93681c92a0b9c04743f541a54b180c7_3.wav"}, {"text": "And briefly to explain it again, the gray triangle is where our long-term incentive plan kicks in and tops out.", "audio_length_s": 8.22, "path": "f0dd7e4dad969b480d0d2a70609aedba_106.wav"}, {"text": "just paid online, and instantly within seconds, that service can be provisioned without any", "audio_length_s": 8.22, "path": "2f888e63a31b86cc2f4f97710e8eed79_202.wav"}, {"text": "diversifying into different industries, tesa was able to set the foundations for further sustainable growth in the future.", "audio_length_s": 8.22, "path": "9014ac9cbc2cff30468f1bcb659c0f66_322.wav"}, {"text": "the way to look at it going forward is that as we launch our new campaign in April, there will be a video component, some of which will be on television,", "audio_length_s": 8.22, "path": "1f1b29266d2cede9b8f0f06ca57aae17_123.wav"}, {"text": "Fortunately, this is also a track that we started several years ago. Our new consumer system that will include digital consumer support, called Renaissance,", "audio_length_s": 8.22, "path": "0755f4b74dda585f3975c7d8208b1598_186.wav"}, {"text": "Next, please turn to the top of the next page, Slide 7. This is the breakdown by segment.", "audio_length_s": 8.22, "path": "2a59b9df2de5248e64727f10185a8423_54.wav"}, {"text": "and these activities are specifically targeted towards improving the mobile experience.", "audio_length_s": 8.22, "path": "55d548325797d638567669cd75444301_137.wav"}, {"text": "in terms of the margins. And I do hope and believe that the RBI in due course will reduce", "audio_length_s": 8.22, "path": "4c0e38d8d88c73a7a01dc542a85b2604_19.wav"}, {"text": "In our minds, there's no conversations there to be had in the east. The conversations that we'll be focused on will be in the west as those producers and those customers", "audio_length_s": 8.22, "path": "c96b5ae4ffe20d946daec67e2b0917b2_103.wav"}, {"text": "give us any trouble in terms of stimulation or production. So that may be something specific to", "audio_length_s": 8.22, "path": "918de179148bbfe18b95415ee0065a3d_52.wav"}, {"text": "There are no further questions at this time. I will now turn the conference over to Mr. Kevin Lobo for closing remarks.", "audio_length_s": 8.22, "path": "044da592acc01ff7baacb3dbf2a302a9_55.wav"}, {"text": "The REIT structure certainly would be a little bit easier for investors from a tax standpoint.", "audio_length_s": 8.22, "path": "de3b766a868da918e499f407dbf5d716_140.wav"}, {"text": "Going forward, of course, we'll continue to build on our leadership position as the premier ground lease acquisition company in the industry.", "audio_length_s": 8.22, "path": "de3b766a868da918e499f407dbf5d716_11.wav"}, {"text": "The nature of K-1s also results in the possibility that certain unitholders may have to file state tax returns in multiple states", "audio_length_s": 8.22, "path": "1b91eb82f5211000e711424657cc2484_30.wav"}, {"text": "as well as both the realized and unrealized gains that rolled through that portfolio in the first year. So while it's not completely", "audio_length_s": 8.22, "path": "1b91eb82f5211000e711424657cc2484_152.wav"}, {"text": "In closing, we were very pleased with our first quarter results, even more satisfied with the successful execution of our strategy", "audio_length_s": 8.22, "path": "6616e76da46baea11d6032fc063716c1_33.wav"}, {"text": "in line with our previous announcement. And this amount more than covers the dividend paid early this year and the holding expenses", "audio_length_s": 8.22, "path": "1f686a09cf3566a34f04f39fde02460e_119.wav"}, {"text": "some softness during Q2. I think some of our other folks in the industry have also been pointing to a little bit of softness as well.", "audio_length_s": 8.22, "path": "75fa1bebed0b858c76cc7058477e40e2_36.wav"}, {"text": "and ability to remain persistent towards executing our shared expectations and making improvements.", "audio_length_s": 8.22, "path": "75fa1bebed0b858c76cc7058477e40e2_181.wav"}, {"text": "we've always had those plans Southern Crossing would be the first step to see if we can extend that to tie into the lower part of the Enbridge system.", "audio_length_s": 8.22, "path": "9589f919b51ea96f732c4fe7fd180d7e_85.wav"}, {"text": "not covered by Medicare. This coverage is available in most states through the Exchange's life subsidiary, Erie Family Life.", "audio_length_s": 8.22, "path": "6d02f116f1ae8575d9b916f1429454eb_55.wav"}, {"text": "Today's presentation is available on the webcast, and an audio recording will be provided after the call for the next 7 days.", "audio_length_s": 8.22, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_126.wav"}, {"text": "because of the fact, I think, people are at the same level in our -- in the same -- at the same level and in the same way motivated to do", "audio_length_s": 8.22, "path": "fa45af64ef25007f998c655347bfbecb_172.wav"}, {"text": "is at the very same high level that we've always wanted. What's that mean? It means we're now able to go faster than we have before", "audio_length_s": 8.22, "path": "e26b501c6e000fdaa11edde97cc71436_13.wav"}, {"text": "So with that, let me turn the call back over to Eric to provide some additional detail on the quarter. Eric?", "audio_length_s": 8.22, "path": "839852ec8452dbd90e9341d15cbba7c5_15.wav"}, {"text": "We also believe our new operating model will help enable a new Endo culture focused on execution and accountability.", "audio_length_s": 8.22, "path": "5f38ce681d4413a793d34a0650c59bf2_120.wav"}, {"text": "although somewhat lower than Q1. We are now leveraging that healthier demand environment with a lower cost structure", "audio_length_s": 8.22, "path": "a0006b7891ead9bdb76273f555b6f1c8_68.wav"}, {"text": "I would like to say that I'm extremely happy with the progress that we've made and the hard work that our teams have done. I'm really impressed with what we've gotten done.", "audio_length_s": 8.22, "path": "599ab9a8d39052867bd99cb2fa4fd4f2_46.wav"}, {"text": "Yes. But I mean, is it still kind of worth from a risk return profile to", "audio_length_s": 8.22, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_27.wav"}, {"text": "From an end-market perspective, industrial machinery performed well in the second quarter but was offset by declines in packaging and automotive.", "audio_length_s": 8.22, "path": "e1da48985804bd3d99dffc5e33b6124b_9.wav"}, {"text": "are you thinking about maybe -- do you think you would see a change in -- with a level like that or do you think you might have to", "audio_length_s": 8.22, "path": "a24a661c2eb55542903c72391ec09f9b_76.wav"}, {"text": "overcoming the deceleration of Moore's Law scaling. This is driving new types of innovation across the ecosystem.", "audio_length_s": 8.22, "path": "f46ae0a04d60dea8a759f07333ed37e2_152.wav"}, {"text": "I would think -- we think about it both opportunistically as well as strategically. From an opportunistic perspective,", "audio_length_s": 8.22, "path": "0f4370b614f29bd596e4f6871cc77864_35.wav"}, {"text": "we're convinced that asset managers who are focused on a limited number of historically inefficient markets with strong brands", "audio_length_s": 8.22, "path": "8b6b51842af008f5f437f53cc2e71835_61.wav"}, {"text": "with the objective of when we launch to everybody, we know it works well, right? We don't want to -- I think the worst thing we can do with the new tool", "audio_length_s": 8.22, "path": "276392c471c063580869aec014a1feda_181.wav"}, {"text": "or to sell them together, offering more flavor variety at a comparable price to our normal 30 serving size individual flavors.", "audio_length_s": 8.22, "path": "276392c471c063580869aec014a1feda_53.wav"}, {"text": "have intimated in the past. We've actually actively been managing driver pay. And so we asked the same question during the quarter.", "audio_length_s": 8.22, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_21.wav"}, {"text": "They are free to quote any member of management, but they are asked not to quote remarks from any other participant without that participant's permission.", "audio_length_s": 8.22, "path": "f314d55f20e7186f4cd0e41e32ec144b_0.wav"}, {"text": "Contributing to the stronger results from the quarter, was mine support services activity at the Fording River coal mine in Southeast British Columbia,", "audio_length_s": 8.22, "path": "f314d55f20e7186f4cd0e41e32ec144b_37.wav"}, {"text": "Recently, we completed the first round of bidding for the sale of American Roads and had a strong response with a number of submissions.", "audio_length_s": 8.22, "path": "9da45cfd4472699ef05d887adce01223_92.wav"}, {"text": "Thank you. And I'm not showing any further questions on the phone lines. I would now like to turn the call back over to Mr. Craig Morrison for any further remarks.", "audio_length_s": 8.22, "path": "bb9c0d60d15efa53cedac31e079e9ae6_26.wav"}, {"text": "So what does this look like in practice or on the ground? A series of merchandise precincts as you can see here,", "audio_length_s": 8.22, "path": "6e3037e770ba5e0dfc98e3223986aad2_124.wav"}, {"text": "we're moving away from that strategy. So hope that answers your question. Then there were questions about the campaigns and", "audio_length_s": 8.22, "path": "ebecd7e874a9b3998b70ec3200f71e89_23.wav"}, {"text": "in particular, and also some investments we engaged in as far as creating some next-generation products, we feel will do pretty well for us", "audio_length_s": 8.22, "path": "a8034762296368c60571fcde382c3274_129.wav"}, {"text": "for activity in Middle East and everywhere where you have companies and countries", "audio_length_s": 8.22, "path": "e60f6485243932b9280d864cb17a6ba8_164.wav"}, {"text": "in diversifying the business even beyond some of the areas that we currently play, again, with an eye towards driving the mission of the organization,", "audio_length_s": 8.22, "path": "b96165244f010b3f1e61cbbc5e504d96_14.wav"}, {"text": "Before the call begins, on Page 2, I'd like to remind everyone that certain statements made in the course of this call constitute forward-looking statements", "audio_length_s": 8.22, "path": "ade68f8add7249890d086ecf4b5b8cab_82.wav"}, {"text": "and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here.", "audio_length_s": 8.22, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_1.wav"}, {"text": "We don't believe that there's any change that will happen in the third quarter from the second quarter because we want to be aggressive,", "audio_length_s": 8.22, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_177.wav"}, {"text": "that investment professionals don't want to come and work for Aberdeen Standard Investments. Quite the reverse,", "audio_length_s": 8.22, "path": "be8b554309f7632bc9ebbd967764001e_120.wav"}, {"text": "The new franchises will offer commercial and residential pest control as well as termite services where appropriate.", "audio_length_s": 8.22, "path": "0360a780927a31fb0bec9e79dac878a2_6.wav"}, {"text": "what we saw in the most recent quarter and what the outlook is a little bit farther out, and then I'll maybe jump into pricing to allow you to put the whole thing together.", "audio_length_s": 8.22, "path": "3cc0a4a6f1b08b522c732ad8944e8624_47.wav"}, {"text": "where we might improve and enhance our overall processes, techniques and approach to selling and recruiting.", "audio_length_s": 8.22, "path": "8a77ceadd7e4729abc9102d38be3a227_184.wav"}, {"text": "We urge you to review DuPont's SEC filings for a discussion of some of the factors that could cause actual results to differ materially.", "audio_length_s": 8.22, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_55.wav"}, {"text": "Is there a point when it changes to try to attract new customer? Or is the current style the best way to generate profitable", "audio_length_s": 8.22, "path": "70c92ab88d38f489d5074f2859e0290e_19.wav"}, {"text": "Underneath that there are 5 very key elements. And the first one that I want to focus on is that we have a strong position in the right markets.", "audio_length_s": 8.22, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_164.wav"}, {"text": "Yes, so we -- pricing is a subject we will continue to debate as we get more information from our pharmacoeconomic research", "audio_length_s": 8.22, "path": "73f474b631c43567329cad1bb76ff4fe_12.wav"}, {"text": "you could see a higher correlation of profitability return on invested capital for those facilities that tended to have local management,", "audio_length_s": 8.22, "path": "1968062b387ef01efed18108be2dc264_23.wav"}, {"text": "Before I begin to discuss business developments during the third quarter, I'd like to say and take a few moments", "audio_length_s": 8.22, "path": "c5c7a9f409241412b160a93cde7ef630_149.wav"}, {"text": "and very strong belief in the growth plans and the strategy that we've built for the market going forward.", "audio_length_s": 8.22, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_187.wav"}, {"text": "You'll also see in the 2 horizontal red boxes the extension periods that we secured", "audio_length_s": 8.22, "path": "62246783cdfc5083ebb32cff71ccd38b_63.wav"}, {"text": "expert real estate evaluations of our future disposition of these properties along with accounting for our experiencing and exiting our first 35 retail outlets.", "audio_length_s": 8.22, "path": "7a29e2dcd505f944b16d1e3173cb1c01_35.wav"}, {"text": "generally based on the notion that the industry would be up about 5% and that you would get a little bit of pricing. So", "audio_length_s": 8.22, "path": "10728656364812338b7417b035dae4c4_28.wav"}, {"text": "at which time we will target a 4% to 6% dividend growth rate more in line with our earnings growth expectations.", "audio_length_s": 8.22, "path": "526e0d5398a516831b49936c31a8ea1c_103.wav"}, {"text": "and we've been able to continue to penetrate the contract market for Service", "audio_length_s": 8.22, "path": "f7df5ecab61eca575f169a8298318eca_5.wav"}, {"text": "While tax reform is seen as a positive, we don't expect it to significantly affect CRE development or acquisition activity.", "audio_length_s": 8.22, "path": "ef44080b170ca6366a6d3132d0baf11a_125.wav"}, {"text": "it basically is generic and applies to all of the airframes. There are exceptions to that in terms of our plate,", "audio_length_s": 8.22, "path": "08f219f6cb65bd0ed50cb8444a3884f8_132.wav"}, {"text": "For more information about factors that may cause actual results to be materially different from forward-looking statements,", "audio_length_s": 8.22, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_2.wav"}, {"text": "considerable free cash flow, haven't done a lot on the acquisition front this year. How should we think about the", "audio_length_s": 8.22, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_200.wav"}, {"text": "and we expect several more facilities to achieve this designation in 2017. In addition,", "audio_length_s": 8.22, "path": "b43c001c5af465d220ab0b69a95202ae_63.wav"}, {"text": "the impact of tariffs in China and specifically, the general effects of tariff on demand in China. Relative to global demand overall,", "audio_length_s": 8.22, "path": "809e26eaacb31ffdee78d3f41a6ce90a_134.wav"}, {"text": "touchy situations where customers are on the fence and hesitating to give us an order because somebody's been whispering in their ears", "audio_length_s": 8.22, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_30.wav"}, {"text": "while focusing greater efforts on development of our new diagnostic assays and the platforms that are associated with them.", "audio_length_s": 8.22, "path": "75eb5b75bb8587b63c318714ea956b9e_7.wav"}, {"text": "Furthermore, to ensure that we're prepared to quickly start the trial following IND clearance,", "audio_length_s": 8.22, "path": "7f0b365cacc47c00a8284b0070994e4a_88.wav"}, {"text": "Over the past few years, our board has been engaged in a thorough multiyear succession planning process.", "audio_length_s": 8.22, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_119.wav"}, {"text": "of our products and it's fully anticipated these design changes will also lower the cost to manufacture these products and improve quality as well.", "audio_length_s": 8.22, "path": "948f025c16fce2bcb2909e610c9be557_30.wav"}, {"text": "we believe we're one of the few industry players with the potential to deliver strong top and bottom line growth over the long term.", "audio_length_s": 8.22, "path": "9b697782ea80be97854f35d6fc62c93a_226.wav"}, {"text": "We were notified at the end of July that one of our major customers has decided to transition a significant portion of premium business to another supplier", "audio_length_s": 8.22, "path": "8b2f9d78b826db37ca84dae4d193d8a3_52.wav"}, {"text": "reiterating the way we run this company from day 1. We're thinking about everything from a very long term. We're adding systems that will support", "audio_length_s": 8.22, "path": "3898a5c021167b8169287fc8bb59f753_147.wav"}, {"text": "Let me provide some further details on sales from this quarter. I will speak to our December sales results later in my remarks.", "audio_length_s": 8.22, "path": "333d478ab06fd400afafa68f4a952191_158.wav"}, {"text": "was the strongest I've seen and reinforce the points that we made in the discussion that", "audio_length_s": 8.22, "path": "c40b5d1a13169c5acf69590932a56f98_153.wav"}, {"text": "There were some challenges this year from a rail perspective. And so it's not as though everything went perfectly smoothly this year.", "audio_length_s": 8.22, "path": "735a523f1ef6500b7aa97a2536d9c4fd_233.wav"}, {"text": "and implementing additional projects to enhance the automation and efficiency of other businesses through IT investments.", "audio_length_s": 8.22, "path": "da879f8ea1c23aa6565cccaacac271fc_119.wav"}, {"text": "We exceeded expectations in Q1, with significant improvements across all operational metrics. Just under 30,000 ounces of production", "audio_length_s": 8.22, "path": "369789f0d39dbf62298be2aa807ff8ee_6.wav"}, {"text": "and a continued reassessment of the overlay provisions in the book, with some releases having been processed in this half", "audio_length_s": 8.22, "path": "dffe8257f781608bb17bb637249e4d2a_118.wav"}, {"text": "We've positioned several development assets for retail and wholesale monetization and look forward to strategic closings in the quarters ahead.", "audio_length_s": 8.22, "path": "9ba83ac067a98f8b12cc480ff0691e91_96.wav"}, {"text": "a very meaningful part of that for many of those players given that they cater to small businesses. And small businesses really rely upon", "audio_length_s": 8.22, "path": "49e533a8449f6b9b6c806458e73338e1_234.wav"}, {"text": "And finally, as a market leader with both premiumness and scale, both the doors and openers parts of our business are profitable.", "audio_length_s": 8.22, "path": "33fd8a867dbd88a837e541b1d2b25ea5_90.wav"}, {"text": "I am very fortunate to have a strong leadership team, both within the brands and within the shared service functions.", "audio_length_s": 8.22, "path": "416ebb7a4160f7cd2f98361cbd1cb769_161.wav"}, {"text": "which personifies our focus on technology and innovation. And finally, we are excited about the addition of Alpha", "audio_length_s": 8.22, "path": "433a6e203f9db93835c27ff83e86c801_16.wav"}, {"text": "For example, during the quarter, we opened a new distribution center in Compton, California, in time for the busy holiday season.", "audio_length_s": 8.22, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_140.wav"}, {"text": "This is how we look at our business and it allows us to provide clearer insights into the portion of our business we are focused on for long-term strategic development", "audio_length_s": 8.22, "path": "757695924b5e43c7d44e29dc141cc035_74.wav"}, {"text": "the number of patients that now come into that practice of the physician who wants to put on Eversense accelerates even more", "audio_length_s": 8.22, "path": "e42f90eacf0e766ff39973c6aca06c93_20.wav"}, {"text": "I know you guys have been selling those for a while. It sounds like they're selling well and that it's helping retain some of those larger customers that were looking around.", "audio_length_s": 8.22, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_58.wav"}, {"text": "Billings and gross profit declined on an absolute dollars basis. Our decision to close countries and FX were significant contributors.", "audio_length_s": 8.22, "path": "50e17cbbbef8897681cc5f8ae110aae2_54.wav"}, {"text": "Thus, depending on our strengths and functions, we may also have to pass on some of our businesses to new shareholders.", "audio_length_s": 8.22, "path": "254f3c2175c8e11d6da7d44a221e1bff_9.wav"}, {"text": "And so we think that could be the largest change that could happen from now. And so we", "audio_length_s": 8.22, "path": "472c8876d3d729a35b2d00133efbb029_13.wav"}, {"text": "Today, I'll discuss our continued progress in our strategic improvement plan as well as our first quarter operational and financial highlights.", "audio_length_s": 8.22, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_2.wav"}, {"text": "part of it is just where we are in the cycle, and I think that we think the opportunity in the next 3 years in that market certainly looks better than the last 3 years.", "audio_length_s": 8.22, "path": "0fa398ef99a7a936fc1e509dacaaadde_121.wav"}, {"text": "in order to cool different parts of the consumer lending market is willing to use, this mechanism to increase risk weights.", "audio_length_s": 8.22, "path": "ab29ac574f423764c40f2d2eec696623_153.wav"}, {"text": "being able to access our customer more efficiently. And in terms of the spend on those activities,", "audio_length_s": 8.22, "path": "98bbf1693b5a53e7f02d890a8dca876a_24.wav"}, {"text": "In 18 years, we've had dozens of earnings calls, hundreds of investor conferences and thousands of meetings with you.", "audio_length_s": 8.22, "path": "0cfaeed8cd93dc274845d450e921aeb6_83.wav"}, {"text": "have a different selling point and to potentially bring other products in development or other commercial products along", "audio_length_s": 8.22, "path": "299bad77345d2e44fa5768f4416f7b97_58.wav"}, {"text": "It's really a split bag. It's probably focused more on the top end of the product category.", "audio_length_s": 8.22, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_38.wav"}, {"text": "The Trex brand's strength is driven by our ability to capture greater share of the growing composite decking and railing market.", "audio_length_s": 8.22, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_3.wav"}, {"text": "to Vancouver now and I think that laps itself, takes care of itself and the strength of the domestic product we have, we'll finish the quarter ahead in intermodal in total.", "audio_length_s": 8.22, "path": "71ea3ed1436c2759a95f8d629963db2e_38.wav"}, {"text": "Just in regards to the 20 new programs for this next year, what is the mix between graduate versus STEM programs?", "audio_length_s": 8.22, "path": "4311782968e936c378fdee8946cd9cca_53.wav"}, {"text": "These positions are being filled, and Encompass management is confident these markets will be back on plan by the end of the year.", "audio_length_s": 8.22, "path": "b126c31149f1cadf1d891082a187d6fc_71.wav"}, {"text": "they're not in that situation. They have some of their business is nonconsolidated, but some is. And so when you look at", "audio_length_s": 8.22, "path": "ff898f396d49760343d08575ea773b54_63.wav"}, {"text": "In the North Sea, activity in Norway was flat with only minor seasonal impact. Our performance was strong with integrated projects.", "audio_length_s": 8.22, "path": "bfb0fac9575cd0820a660f2577199468_12.wav"}, {"text": "Before we move through our standard disclosures, let me highlight the key messages to take from this slide, as shown on the right.", "audio_length_s": 8.22, "path": "3f6641f7d8f1ab845ad4f637cfb35109_25.wav"}, {"text": "And finally, we are well positioned in our markets and will continue to redeploy capital in ways that are most accretive to our shareholders.", "audio_length_s": 8.22, "path": "3f6641f7d8f1ab845ad4f637cfb35109_34.wav"}, {"text": "as well as propositions than we've ever done before, and we've taken advantage of this again this year.", "audio_length_s": 8.22, "path": "e35fae1d3df1f7aeda409f90f200ec7b_136.wav"}, {"text": "the changing consumer preferences, the changes in customer channels, the new media to communicate through with our brands.", "audio_length_s": 8.22, "path": "e35fae1d3df1f7aeda409f90f200ec7b_125.wav"}, {"text": "that the big thing for us has really been around data analytics and our integrated operations, which really started", "audio_length_s": 8.22, "path": "95303f68781d6fb58e19ec1dc7785a7c_55.wav"}, {"text": "that allowed you to keep down at those levels? And whether there's any lagging effect or whether this fully reflects the volume that goes through there?", "audio_length_s": 8.22, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_180.wav"}, {"text": "And on top of that, the pricing that we have taken is now in the marketplace and being realized, particularly in the second half.", "audio_length_s": 8.22, "path": "b0d88c0f1efca89ecb928172341dc75d_326.wav"}, {"text": "Connecting more gas resources will definitely help with putting downward pressure on prices, and that is what APA does and continues to do well.", "audio_length_s": 8.22, "path": "4ee3c79ebc57c9870b221b9479d52436_27.wav"}, {"text": "and launched several new hiring and training initiatives designed to ensure WNS resources are prepared", "audio_length_s": 8.22, "path": "6aad408f4bb1930cf10f445115f6ed3d_159.wav"}, {"text": "we talk a lot about how much space we've leased. We've leased a lot. Now the next piece of the puzzle is to get those tenants open as soon as possible. And so there is", "audio_length_s": 8.22, "path": "92287986b332deec2c9712d7c89eef08_26.wav"}, {"text": "And simply put, they want to reduce complexity, simplify and automate, and then empower their employees to focus on higher value-added activities,", "audio_length_s": 8.22, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_132.wav"}, {"text": "On our existing business performance, we are pleased with the expansion in our existing Small Commercial Business and specialty risk and extended warranty segments.", "audio_length_s": 8.22, "path": "648ddbbaa83d8a627c7ab752f63a80bd_168.wav"}, {"text": "Weather in Russia and Central Asia mainly affected wireline, although this was partially offset by record highway stimulation operations", "audio_length_s": 8.22, "path": "20489859070c48218db6ab0f5b6d2b05_16.wav"}, {"text": "at this moment isn't as key to us as a commercial and industrial. We think a little bit later in this plan, that will start to take", "audio_length_s": 8.22, "path": "2cd5b184c2ef6624ce219830182927c9_375.wav"}, {"text": "for meeting various targets within the overall REV initiative. We made a filing in December", "audio_length_s": 8.22, "path": "2cd5b184c2ef6624ce219830182927c9_157.wav"}, {"text": "The Americas and Asia saw strong momentum, and Western Europe was resilient in a context of high competitive pressure.", "audio_length_s": 8.22, "path": "49dfadfb9a3d4d27ac250602928cf9ea_58.wav"}, {"text": "Okay. And just on the E2s, is there a geographic region that's showing greater interest than we might expect?", "audio_length_s": 8.22, "path": "96488f25af54f91198b444e5eff8e878_160.wav"}, {"text": "our regional residential real estate projects and terminating certain retirement living and student accommodation projects as I mentioned.", "audio_length_s": 8.22, "path": "ddabb30d106a115232a49981d62da464_18.wav"}, {"text": "And really, the Scholl's piece of it was due to -- and we'll continue in the first quarter with a little bit softness and some change at Walmart.", "audio_length_s": 8.22, "path": "6cbf592846662213258684c3049e4592_20.wav"}, {"text": "We also increased our reported revenue growth guidance by 200 basis points to reflect a more favorable benefit from foreign exchange.", "audio_length_s": 8.22, "path": "50eb350badadec6e4272b90684741c25_109.wav"}, {"text": "it would be bringing the money forward and not spending it later. It's the CapEx for GDP growth rates", "audio_length_s": 8.22, "path": "f268a8174f58c93ad6b45b7f151fe896_47.wav"}, {"text": "This past quarter, however, we did see some softness coming primarily in the automotive sector in the Midwest.", "audio_length_s": 8.22, "path": "abd571ccf777ac4b0a43a7487031bc8a_222.wav"}, {"text": "The third quarter is the seasonally weakest quarter for the CIS business, and we expect both revenues and margins to be higher in the fourth quarter.", "audio_length_s": 8.22, "path": "10ad32c5e0559c879e032faaf3148ab4_42.wav"}, {"text": "on an alternative solution for that property in the event that Bunnings does move on at some stage.", "audio_length_s": 8.22, "path": "268717db3804942c4ba9b5cb6912b558_11.wav"}, {"text": "and the monthly impact on costs because of the change in the calculation of tariff", "audio_length_s": 8.22, "path": "e3d039c554f5cc556071f83c93609e76_5.wav"}, {"text": "They worked exceptionally hard to learn and use a totally new system. It has been very hard work,", "audio_length_s": 8.22, "path": "910a1a60a0549a5973f42bb19b66a0ae_143.wav"}, {"text": "We intend to explore opportunities to sell this property in 2019, subject to leasing progress and market conditions.", "audio_length_s": 8.22, "path": "45c2e7788c29cc5f1c183ec742511c6f_64.wav"}, {"text": "We really believe that this helps to differentiate us from our competition and highlights our value proposition for the wireless industry.", "audio_length_s": 8.22, "path": "a756bd9ba43faae4d9d0f059925e39e9_93.wav"}, {"text": "the spot prices at lower levels. So could you talk about the market? And the second question", "audio_length_s": 8.22, "path": "f15a674bdbbc461872000604216ae071_156.wav"}, {"text": "your confidence and acceleration in sales, I guess for the balance of the year", "audio_length_s": 8.22, "path": "0807d606b6cf98da19b317b4928c3572_16.wav"}, {"text": "move our durations and continue to get a nice ladder of future maturities that will help us on our liquidity as well as", "audio_length_s": 8.22, "path": "7e198f4b8da8fc367e2bca0fd1595633_90.wav"}, {"text": "As David will discuss in more detail during his comments, we have reduced our overall portfolio", "audio_length_s": 8.22, "path": "a85c54c77dd2524eedab1287ea3ceff4_82.wav"}, {"text": "going forward in 2016, what we may be doing with the Observatory and as part of our annual budgeting and planning, and", "audio_length_s": 8.22, "path": "b35398859e534e471fb1cd60f5baac20_223.wav"}, {"text": "This week, we filed the necessary papers in the Texas and New York courts to dismiss all pending cases between the parties.", "audio_length_s": 8.22, "path": "97b02b7a41ecb22cb04e7331052cefc8_137.wav"}, {"text": "The results of the Sporting business are reported as discontinued operations in our GAAP results.", "audio_length_s": 8.22, "path": "9b83a4dcac688347e3b13ca7c55660ed_134.wav"}, {"text": "And the change to the incentive outlook, is that all timing? Or do you anticipate paying a little bit less than what you previously forecast?", "audio_length_s": 8.22, "path": "1bc08759c84df9d3f656cf53f5bb6d35_147.wav"}, {"text": "The end result is that purchase price allocation provides a more properly classified and valued balance sheet.", "audio_length_s": 8.22, "path": "19e7822c0e829faf25355c16b830cf39_62.wav"}, {"text": "The decrease in revenues was partially offset by an increase in revenues at the limerock mining operations because of an increase in customer requirements", "audio_length_s": 8.2199375, "path": "08ed60a546bd48af9db028c4e3c8af26_42.wav"}, {"text": "Thank you, Steve, and good morning, everyone. I'll briefly cover a few details and then we will turn it over for questions.", "audio_length_s": 8.2199375, "path": "812d8f09b72b4d410d138d3b24caebbc_175.wav"}, {"text": "is a very significant opportunity for us. And Mike can talk about the different trials that are in that particular area", "audio_length_s": 8.1900625, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_202.wav"}, {"text": "our view is collectively that the pricing would be more likely disclosed more closer towards launch or at launch.", "audio_length_s": 8.19, "path": "070a939ddb72d87ed87e4b863da14a89_93.wav"}, {"text": "they're more like 55-45, and I think that's probably a decent balance for us. We want to make sure that our portfolio companies", "audio_length_s": 8.19, "path": "92b48b365197c65ebf545a4c9dd1200d_34.wav"}, {"text": "If you have not already done so, we encourage you to download the quarterly report on Form 10-Q and the slides to use on this call.", "audio_length_s": 8.19, "path": "139f0a6300f504b3e8673e39b0429161_0.wav"}, {"text": "Our total December and new year bookings are comfortably ahead of last year, but in truth, it's becoming far easier for people to book. So we're not getting complacent.", "audio_length_s": 8.19, "path": "bc605e9d69e921f4f61a508a448ad0dd_27.wav"}, {"text": "Since our last call, we have been getting ready to roll out our franchise marketing program. Our franchise has received legal approval in all 50 states.", "audio_length_s": 8.19, "path": "a20052a04bcb5b7b8d242a21c859550d_47.wav"}, {"text": "the grids and the markets. However, coal will remain the major component, and we see ourselves as being a major part", "audio_length_s": 8.19, "path": "569834a5cb8a33dfeac20dfa8e03afb3_22.wav"}, {"text": "how does that impact your mix of product versus services cost of goods sold?", "audio_length_s": 8.19, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_153.wav"}, {"text": "but in the balance, I am extremely pleased with our progress and very, very excited about our future.", "audio_length_s": 8.19, "path": "55cbaf368288111ebc2ccadb61e3bd34_183.wav"}, {"text": "Kevin, the reason why we did it is we have a lot of business in Florida. The majority of our business is where", "audio_length_s": 8.19, "path": "b40ab385cca0095fc17f5310045ca5d2_118.wav"}, {"text": "At Argo, nearly 2 decades ago, we identified technology as a transformative and potentially disruptive force", "audio_length_s": 8.19, "path": "aaf7e3a1cc8cf65ccf788923cb583954_2.wav"}, {"text": "We're pleased with the early traction in PKS deals during the first year of availability and continue to be encouraged by the growing pipeline.", "audio_length_s": 8.19, "path": "47d77b15189fadcc76113a2f7800ba28_47.wav"}, {"text": "as an element of the integrated solutions, where we have seen an increasing order intake and its,", "audio_length_s": 8.19, "path": "2f888e63a31b86cc2f4f97710e8eed79_113.wav"}, {"text": "portfolio outside of the Victorian assets in that gas pricing. So that's what caused the gas pricing drop off", "audio_length_s": 8.19, "path": "309554ae886fe4911da6e3329b631fe6_34.wav"}, {"text": "especially when we believe that these areas where we cannot accelerate as fast as we can go organically.", "audio_length_s": 8.19, "path": "9014ac9cbc2cff30468f1bcb659c0f66_276.wav"}, {"text": "Therefore, you should expect us to continue being selective and disciplined as we balance expected returns, underwritten growth, and our cost of capital.", "audio_length_s": 8.19, "path": "abd0f750609f1263b566f0c09b981a16_48.wav"}, {"text": "well, fundamentally, the economy is not crippled, but it is slowing down in almost every area.", "audio_length_s": 8.19, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_33.wav"}, {"text": "positions. And we made a commitment that we will run some analysis to", "audio_length_s": 8.19, "path": "17ee868a7ed8656d69e6888ee4a6d550_92.wav"}, {"text": "Should we expect your commercial investments to remain at the pace that we've seen in this quarter? Because that would imply that", "audio_length_s": 8.19, "path": "55d548325797d638567669cd75444301_105.wav"}, {"text": "We are using -- investing in several new data sources to conduct market analysis and better understanding our pharmacy patients", "audio_length_s": 8.19, "path": "d70a57dd52d0e4cf86a6225dca186bc2_148.wav"}, {"text": "we will be eliminating and writing off inventory associated with both the store closings and unproductive inventory throughout the enterprise.", "audio_length_s": 8.19, "path": "d70a57dd52d0e4cf86a6225dca186bc2_89.wav"}, {"text": "We saw a strong performance in our Tech and Candy world's as well as our Games and Toy categories,", "audio_length_s": 8.19, "path": "280baf1d10cd27b78eae4bf2574b9c98_145.wav"}, {"text": "a lot of these broader architecture changes would probably happen regardless of what happens to the rule. Could you give us an idea of", "audio_length_s": 8.19, "path": "8cb24daf76784487ad63780546dc4ba4_227.wav"}, {"text": "We all know that the first quarter is a great time to engage people in losing weight and getting healthier in the new year.", "audio_length_s": 8.19, "path": "7e14890193df4b10e1eeab6ab886529f_89.wav"}, {"text": "Yes, we still like the look of the data in that regard, and we'll present the information in detail on the 17th. But, yes, that's still a very much in the", "audio_length_s": 8.19, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_105.wav"}, {"text": "we've always said that we didn't want to be in the underwriting business, we want to be in the distribution business. This is a relatively small business.", "audio_length_s": 8.19, "path": "7974a5134807f46a1484a8adf81505be_110.wav"}, {"text": "even in the event actual throughput volumes are less than the contractual minimum volume of product during that period.", "audio_length_s": 8.19, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_17.wav"}, {"text": "steadily improving demand, underinvestment by the industry and favorable secular trends will drive step change improvements in our businesses.", "audio_length_s": 8.19, "path": "dd3166f311a5f12a25103a0295e8ac3e_157.wav"}, {"text": "Favorable secular trends support increasing growth in our land-oriented businesses within the segment and we expect will continue to do so in the future.", "audio_length_s": 8.19, "path": "dd3166f311a5f12a25103a0295e8ac3e_152.wav"}, {"text": "We simplified our processes and took complexity out of the business while reducing our costs and expense structure.", "audio_length_s": 8.19, "path": "04f29bc02d1e2ef65077ca67bf41f475_149.wav"}, {"text": "The home infusion companies offer a bundle that includes providing the drug and reimbursement for the drug,", "audio_length_s": 8.19, "path": "56e05107e391476d11fe1f637733f028_14.wav"}, {"text": "and we expect that to continue. The beauty of this market is it's a growth market. So you're having implants put in where they weren't put in before.", "audio_length_s": 8.19, "path": "044da592acc01ff7baacb3dbf2a302a9_158.wav"}, {"text": "They didn't have that -- those kind of numbers in the second quarter, but we do see that as a resumption of the pipeline within Physio.", "audio_length_s": 8.19, "path": "044da592acc01ff7baacb3dbf2a302a9_206.wav"}, {"text": "but they're all seeing increases in their material costs. So really, it's not affecting their ability to execute on projects relative to their competition.", "audio_length_s": 8.19, "path": "78c85dc9a16f82b09d3a2363004e658d_123.wav"}, {"text": "Of the 40 to 45 company restaurants, we expect all but a handful of locations to open before the fourth quarter of this year.", "audio_length_s": 8.19, "path": "75fa1bebed0b858c76cc7058477e40e2_16.wav"}, {"text": "I'm really not focused in that area. Clearly as public company, if someone is prepared to make Fortis an offer for some part of our business,", "audio_length_s": 8.19, "path": "9589f919b51ea96f732c4fe7fd180d7e_17.wav"}, {"text": "All patients evaluated demonstrated fine motor, cognition and language ability within the normal range.", "audio_length_s": 8.19, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_5.wav"}, {"text": "to serve the strong growth in new orders from last year. We've been aggressively addressing these issues by placing more experienced management with the newer crews,", "audio_length_s": 8.19, "path": "797946494c2985a20aa50823e8723c44_10.wav"}, {"text": "But I do think 1 way you can defend against it is by having the kind of properties that we tend to focus on", "audio_length_s": 8.19, "path": "8292bdb9af87f10627c044f3842b2c76_219.wav"}, {"text": "that however we're going to capitalize to support our JV into China and to look at these other markets,", "audio_length_s": 8.19, "path": "392ca3d1e388c6d7a35f6d0db390c359_32.wav"}, {"text": "Doug will discuss our financial results in greater detail in a few minutes, but first, I'll provide a few comments on each business segment.", "audio_length_s": 8.19, "path": "b4874109876c9f165eef4be112d9f30d_123.wav"}, {"text": "This would be a fantastic achievement for Amicus and will represent a meaningful impact on how Fabry disease is treated around the world.", "audio_length_s": 8.19, "path": "0dbbae27d7055ecc04cc25e14e4de12d_198.wav"}, {"text": "We continue to expand our suite of condition-based maintenance capabilities, and more customers are beginning to recognize the value offered by such services.", "audio_length_s": 8.19, "path": "8957425799e5ce0200bfacf204d0acde_87.wav"}, {"text": "providing our customers with new tools to deeply characterize unique cellular subtypes and functional states unavailable on competing systems.", "audio_length_s": 8.19, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_51.wav"}, {"text": "This was partially driven by the conscious decision to exit high risk-weight securities trading -- securitized trading", "audio_length_s": 8.19, "path": "bddc15938bdcc3085f19b0851e74c2c0_282.wav"}, {"text": "why the bank communicated last year that it would sell Postbank was to manage the capital position.", "audio_length_s": 8.19, "path": "bddc15938bdcc3085f19b0851e74c2c0_74.wav"}, {"text": "The decrease in gross profit was primarily due to lower selling prices in our industrial and canned pineapple product lines.", "audio_length_s": 8.19, "path": "224a41b247c04842c2998802d67c8123_92.wav"}, {"text": "on the translation of earnings in foreign currencies but, again, had essentially no year-over-year impact on earnings for the quarter.", "audio_length_s": 8.19, "path": "1133b8984db446b9c963a09eaf0785a4_218.wav"}, {"text": "In quarter 1, the reduced rate is a function of the new corporate tax rate plus the impact of deductions related to the first quarter equity vest.", "audio_length_s": 8.19, "path": "dbafd430cf189ffeffd96a06da8ba37d_119.wav"}, {"text": "hire people and into what format, but we could definitely do a few more this year if things fall the right way for us.", "audio_length_s": 8.19, "path": "dbafd430cf189ffeffd96a06da8ba37d_141.wav"}, {"text": "We experienced payoffs on multiple projects in the third quarter that essentially offset fundings on new projects.", "audio_length_s": 8.19, "path": "257e4e92036da9582a8a288c88332ff3_115.wav"}, {"text": "To expand our product offering to the larger wellness consumer category, we continued the expansion of our premium Select line during the quarter.", "audio_length_s": 8.19, "path": "276392c471c063580869aec014a1feda_7.wav"}, {"text": "What I'd like to do today is provide you with an update on the progress of our business and lay out the groundwork for what to expect in the coming months.", "audio_length_s": 8.19, "path": "575d21e05ceda8f95fc54e0292c2d99f_115.wav"}, {"text": "So there is nothing in that credit that makes me think that it should be graded adversely, but it is. And", "audio_length_s": 8.19, "path": "07d30eec04a77191950ef0992d097daf_77.wav"}, {"text": "and we did not want to be enrolling the pediatric patients in the 6.0 milligram per kilogram cohort. So that has led to some delay in", "audio_length_s": 8.19, "path": "01ebdadb81d0e5a57270957c0cbe83fc_31.wav"}, {"text": "somewhere between minus 50 and minus 60. As we sit here today, we're at minus 5 and continuing to trend upwards. So", "audio_length_s": 8.19, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_123.wav"}, {"text": "they're smaller markets at the end of the day, but they do kind of even out some of the bigger markets as they go up and down,", "audio_length_s": 8.19, "path": "132abea68f255eb89160dde90b6d3b80_34.wav"}, {"text": "Germany and the Netherlands were solid contributors to Big 4 results this quarter and France delivered solid installations at the end of the quarter.", "audio_length_s": 8.19, "path": "bbe852c8c3f7827e31f31a56bc72b7da_83.wav"}, {"text": "and that's down noticeably from where we've been in the first 3 quarters of this year. So all in for '17, we're still expecting the", "audio_length_s": 8.19, "path": "002d12258ff802d65f79ae2eef99e4ab_247.wav"}, {"text": "I'll turn the floor over. Just -- could you talk a little bit about the manufacturing runs, how you're able to switch", "audio_length_s": 8.19, "path": "1ddc944827b99caf8c7867ceeed0ec20_141.wav"}, {"text": "I'm sure, many of you have questions about our business situation with SPI, so I'll take a few minutes to address this topic.", "audio_length_s": 8.19, "path": "1bba27cac9495fe57f623973383d6948_94.wav"}, {"text": "that we know are talking about requiring more local content. So that would potentially require some CapEx in some different regions.", "audio_length_s": 8.19, "path": "1d2ff648e4a30fa5555a7ab85bf60190_30.wav"}, {"text": "These statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected.", "audio_length_s": 8.19, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_110.wav"}, {"text": "What it does not include is the revenue and profitability generated from the sale of Good Sam memberships,", "audio_length_s": 8.19, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_30.wav"}, {"text": "We experienced -- by the way, this is a very important point. In the history of our company, we have, on several occasions,", "audio_length_s": 8.19, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_194.wav"}, {"text": "can you talk a little bit more about what we should expect in terms of retail growth acceleration?", "audio_length_s": 8.19, "path": "3cc0a4a6f1b08b522c732ad8944e8624_76.wav"}, {"text": "I think another thing to bear in mind that gets lost sometimes in the analysis is that exports out of Europe", "audio_length_s": 8.19, "path": "7215c9d7a1158d3a944b609dd4b653a9_167.wav"}, {"text": "The new deal is a commitment of 4 telecom players on the French market to accelerate", "audio_length_s": 8.19, "path": "d8eb5522db0e51d75ea6518462954c52_287.wav"}, {"text": "In addition, we are strategically getting our message out around sale and promotion in a way that feels exclusive and brand appropriate.", "audio_length_s": 8.19, "path": "f23036451aab1cb9d659c3ac9a23825c_24.wav"}, {"text": "So if the ARPU goes up, then you may introduce some new billing plans and return those profits to the customers. Isn't that the case?", "audio_length_s": 8.19, "path": "b2c4be32355b99e1a66809bd36e83dd2_123.wav"}, {"text": "people who are buying in advance, people who are buying multiple days, people who are buying packages, people who are buying obviously a full season of skiing. So", "audio_length_s": 8.19, "path": "cd1773ea94a046c0a36b679e2efcee9f_13.wav"}, {"text": "but secondarily also, a couple of open questions. I think the big question in that is what is the right go-to market and what is the right branding.", "audio_length_s": 8.19, "path": "b305bff75f28d238f0bd7da5bd4f13b8_261.wav"}, {"text": "These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those provided, including,", "audio_length_s": 8.19, "path": "1968062b387ef01efed18108be2dc264_1.wav"}, {"text": "Our plan is to continue with our strategy of becoming a pure-play GP and not owning fixed assets upstairs.", "audio_length_s": 8.19, "path": "10dfe5270a7e4216d68614041d2a9bbe_21.wav"}, {"text": "and you should have a good idea, I would believe, of what you look to see in incremental revenue from this. So I was hoping you might be able to bring that up on this call?", "audio_length_s": 8.19, "path": "974a2d744cd3d9acf42d74816de91f7f_84.wav"}, {"text": "some of the states in which we do business may be evaluating their tax structure in reaction to the change in the federal tax law, and thus, we may experience a change", "audio_length_s": 8.19, "path": "6ad1d7c855ceb3eb830c365e357e4510_21.wav"}, {"text": "in recognition of the above market growth we are generating. Our management team is driving improved execution,", "audio_length_s": 8.19, "path": "7a29e2dcd505f944b16d1e3173cb1c01_4.wav"}, {"text": "we think we're on a trajectory of performance unless we have some unanticipated hiccups here where we're going to continue to sustain or", "audio_length_s": 8.19, "path": "08f219f6cb65bd0ed50cb8444a3884f8_83.wav"}, {"text": "let me now turn it back over to Brad for his closing remarks. Thank you, Glenn. This has been an exciting time at National MI.", "audio_length_s": 8.19, "path": "53889f50eda8b316a01a3df89d226e7f_80.wav"}, {"text": "that will, as I said before, make us more important to our customers. And so it's matching that value that they expect or would like", "audio_length_s": 8.19, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_59.wav"}, {"text": "But in addition to strong EBIT growth in all 3 of our businesses, and strong earnings growth, as Michael noted, we also had very strong free cash flow, which has been", "audio_length_s": 8.19, "path": "2a059b2b192b8e972ca7664ddfed8a20_265.wav"}, {"text": "well structured industry right now and, in fact, it's moving in your favor due to what we're seeing out there. I mean, is there anything that would really concern you if", "audio_length_s": 8.19, "path": "2a059b2b192b8e972ca7664ddfed8a20_247.wav"}, {"text": "Following our hypothesis that RNAi potency and duration of action may be dependent on the target site,", "audio_length_s": 8.19, "path": "e78997e6a75a2243292b2b54750bb3cb_90.wav"}, {"text": "we have made a provision that although butadiene is showing some signs of weakening of late, the forecast does assume", "audio_length_s": 8.19, "path": "809e26eaacb31ffdee78d3f41a6ce90a_76.wav"}, {"text": "Our opportunity has never been greater, and I look forward to sharing our progress with you in the future.", "audio_length_s": 8.19, "path": "52a4e3ebf7e968a783401230c3f69a9d_178.wav"}, {"text": "As you say you've got significant costs in Turkey as well as revenues in Turkey, so presumably there was some", "audio_length_s": 8.19, "path": "5e95976c2c94d24ba7df09eb05e3a3b0_9.wav"}, {"text": "Brazilian real and Mexican peso have both dropped in excess of this amount. So could you please guide how you've been able to mitigate", "audio_length_s": 8.19, "path": "4eb41fa11a52a50234620475be1e41f2_76.wav"}, {"text": "And we're the only tile producer that's doing that around the world. You have to look at what we're doing and what we've seen, and how we're executing", "audio_length_s": 8.19, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_186.wav"}, {"text": "If you think about the overall digital market, I don't know the exact numbers, but I think last year, the overall digital advertising market", "audio_length_s": 8.19, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_196.wav"}, {"text": "You'll also see a little more portfolio of the kind of opportunities we're pursuing in", "audio_length_s": 8.19, "path": "74d0910b4af16f82a812bddbb151d966_167.wav"}, {"text": "I think if you average out all of the rate increases that we have seen this year, it remains just kind of a daily average", "audio_length_s": 8.19, "path": "532e653f6aa6c3bf43a5b256bb4c1254_93.wav"}, {"text": "Second, health systems appreciate the ability to contract on a flexible basis around certain components of their revenue cycle.", "audio_length_s": 8.19, "path": "f1da65edd5f2026ffd647d496bb96ce7_58.wav"}, {"text": "to really want to introduce the new technology in their sort of peak season of December. Now we had a couple of exceptions to that.", "audio_length_s": 8.19, "path": "e97d1655ebabb8403ac0449eadb48f9b_22.wav"}, {"text": "replacing their products and expanding plants, it's also about a lot of new upstarts that you see across the range, from innovator molecules to generics.", "audio_length_s": 8.19, "path": "1e756fc5d265eea3ff8e2e31c29826ae_112.wav"}, {"text": "in digital and some other areas will be there. The cost opportunities that we think will be there are going to be there. So", "audio_length_s": 8.19, "path": "059024560d9d1039cf08746ee7393114_117.wav"}, {"text": "I always have to be careful here because so much of what we say on these calls shows up to be in the strategic plan for some of the people that think they're our competitors.", "audio_length_s": 8.19, "path": "450a5dc6eb19b82da8dfc68127f6e79d_244.wav"}, {"text": "We put a reasonable amount of detail on the growth of the various submarkets into the review of operations, so I urge you to read that.", "audio_length_s": 8.19, "path": "33fd8a867dbd88a837e541b1d2b25ea5_5.wav"}, {"text": "If we see a prolonged downturn, we'd need to revisit our assumptions, but we would also likely get more aggressive on cost actions.", "audio_length_s": 8.19, "path": "757695924b5e43c7d44e29dc141cc035_145.wav"}, {"text": "As a result of this, we have also reduced our expectations around the recoverability of these costs from either subcontractors or customers.", "audio_length_s": 8.19, "path": "757695924b5e43c7d44e29dc141cc035_83.wav"}, {"text": "This affected timing and revenue recognition to these projects, and we will see sales for this work later in the fiscal year", "audio_length_s": 8.19, "path": "9ec35a7809acb51486076e302028ba33_31.wav"}, {"text": "We haven't -- we obviously have not found anything yet that has met the criteria that we're looking for", "audio_length_s": 8.19, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_194.wav"}, {"text": "I don't think there've been a lot of impact -- there's been a lot of impact on us of consolidation of offerings. I think that's", "audio_length_s": 8.19, "path": "6709c061d39d0e433079f84160f11c80_118.wav"}, {"text": "The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release.", "audio_length_s": 8.19, "path": "c20824ea6f927fe380f48a904cf4821b_23.wav"}, {"text": "Today, we announced 3 binding agreements with AREVA NP. These contracts form the foundation for", "audio_length_s": 8.19, "path": "77d2dd6d5e46cc8a8e80809305b60208_69.wav"}, {"text": "I think what's interesting is the tolerability of that combination is unlikely to result in long, durable treatment.", "audio_length_s": 8.19, "path": "c36ef43210d40b0d1ad8f2acc597c76b_134.wav"}, {"text": "the reports that the company files or furnishes with the SEC, corporate governance information and select press releases and social media postings.", "audio_length_s": 8.19, "path": "50e17cbbbef8897681cc5f8ae110aae2_1.wav"}, {"text": "I think it's fair to comment on the trial that it is the largest global randomized trial", "audio_length_s": 8.19, "path": "8b3fb852b7afa89068326fa10e2e7563_78.wav"}, {"text": "that are truly multichannel, and we can split and allocate the costs across the group no matter what channel.", "audio_length_s": 8.19, "path": "a1e1e6f86dead4f43a363d0877cb4979_60.wav"}, {"text": "Expense in the bank was up as we continued our investment in strategic hires in expansion markets and specialty businesses.", "audio_length_s": 8.19, "path": "8635f950dc44da3fcad542b2c066bedf_187.wav"}, {"text": "I think we're starting to see what Bryan talked about in terms of CRE trends emerging right now. And we've had several examples of that occurring,", "audio_length_s": 8.19, "path": "8635f950dc44da3fcad542b2c066bedf_228.wav"}, {"text": "The focus remains on targeting customers for growth opportunities and integrating our value-added services.", "audio_length_s": 8.19, "path": "2a7af3c66762ce608379005a3d7bfa96_175.wav"}, {"text": "because we've seen the challenging environment for intermodal pricing and volume. And so as a result of that, we lowered our bonus projection for the year.", "audio_length_s": 8.19, "path": "2a7af3c66762ce608379005a3d7bfa96_98.wav"}, {"text": "Thus far in April, we are down slightly in intermodal volume as a result of less demand from our clients as well as a highly competitive price environment.", "audio_length_s": 8.19, "path": "2a7af3c66762ce608379005a3d7bfa96_114.wav"}, {"text": "But you can bet, and you can expect, that looking at our price value relationship, will continue to be a major source of both revenue", "audio_length_s": 8.19, "path": "0fa398ef99a7a936fc1e509dacaaadde_239.wav"}, {"text": "We plan to further expand the product range, building new value-added services and adding lending products throughout SME marketplace.", "audio_length_s": 8.19, "path": "ab29ac574f423764c40f2d2eec696623_59.wav"}, {"text": "They will, of course, begin with parties who are already in discussion with us. As noted in the press release, Greenhill also", "audio_length_s": 8.19, "path": "e29584f9f829602cacebcce71c2a4fb9_40.wav"}, {"text": "We believe we are the best partner to service Anthem's complex business and are well positioned to improve the competitiveness", "audio_length_s": 8.19, "path": "0cfaeed8cd93dc274845d450e921aeb6_143.wav"}, {"text": "Sure, it does. I wouldn't say it comes up in the majority of the cases. It probably comes up in what I'll call is a small to medium minority of the cases,", "audio_length_s": 8.19, "path": "0cfaeed8cd93dc274845d450e921aeb6_113.wav"}, {"text": "the output on a daily basis. We've got other projects like this in the pipeline. We'll continue to execute them as we move forward.", "audio_length_s": 8.19, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_125.wav"}, {"text": "Michael, I think -- this is David. We thought very carefully about how we structure the fee arrangement between the 2 companies", "audio_length_s": 8.19, "path": "11f02fb2db5d9fb5ff82f0374376f759_150.wav"}, {"text": "will be a net positive for HealthSouth. It's important to remember there are 2 goals of these alternative models.", "audio_length_s": 8.19, "path": "b126c31149f1cadf1d891082a187d6fc_13.wav"}, {"text": "we will need to begin investing in additional administrative resources in advance of the demonstration effective dates.", "audio_length_s": 8.19, "path": "b126c31149f1cadf1d891082a187d6fc_93.wav"}, {"text": "They've become much more aggressive coming back and marketing their products. Certainly, as we're getting closer to the Olympics, there's been more promotions going on.", "audio_length_s": 8.19, "path": "812d8f09b72b4d410d138d3b24caebbc_141.wav"}, {"text": "I see many parallels between the business I ran at Sigma-Aldrich and the portfolio of businesses that Platform has assembled,", "audio_length_s": 8.19, "path": "b6688f44b91606fbd75a6d66e94d4e4b_76.wav"}, {"text": "for diversification sake. It's all going to be done that makes sense to continue to increase value for shareholders with those actions.", "audio_length_s": 8.19, "path": "64364105b816dd0b6a029e9cd210e65b_358.wav"}, {"text": "Let me now comment about the portfolio mix, the funding structure and how we see our net interest margin.", "audio_length_s": 8.19, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_62.wav"}, {"text": "the way your tactics played out in Q2? It looks like there was more focus on market share preservation rather than profitability.", "audio_length_s": 8.19, "path": "407fee9910ab57874978cf85a89b1d9d_217.wav"}, {"text": "that will replace an older one, and it's a much bigger facility, and it's just about to be done. And that's a big investment by the private operating company,", "audio_length_s": 8.19, "path": "7847510c8c1280e54583ff033a9decb2_87.wav"}, {"text": "if something unexpected were to happen and we were to lose a piece of business for some reason that we don't have visibility to today.", "audio_length_s": 8.19, "path": "6aad408f4bb1930cf10f445115f6ed3d_107.wav"}, {"text": "these technologies can lower existing costs, reduce the amount of water that it takes to execute ex mining, I mean, people are still mining", "audio_length_s": 8.19, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_217.wav"}, {"text": "We are currently in the process of locking and evaluating the well. And we expect to be able to provide results from the well", "audio_length_s": 8.19, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_6.wav"}, {"text": "the technology is so specific that the industry does not lend itself to meaningful consolidation?", "audio_length_s": 8.19, "path": "e552924838fe493d3cc967dd0c5c4563_205.wav"}, {"text": "We manage it in terms of coverage and leverage ratios, as you would expect. And we really have a global capital structure", "audio_length_s": 8.19, "path": "e0555e30370c43189a1136fb7ef17d20_79.wav"}, {"text": "Revenue was negatively impacted by a lower store count resulting from our fiscal 2018 restructuring plan", "audio_length_s": 8.19, "path": "ee17f090e669ff9029bd1dc57db6e43e_134.wav"}, {"text": "We have been applying one interpretation of the revenue recognition guidance in the accounting standards and recognizing some administrative service fee revenue up front.", "audio_length_s": 8.19, "path": "648ddbbaa83d8a627c7ab752f63a80bd_125.wav"}, {"text": "is primarily due to the reduction in our interest rate swap positions, which we closed out upon completing the securitization back in March.", "audio_length_s": 8.19, "path": "3bc6d3e1c0a117340d288c289bf7f679_51.wav"}, {"text": "can you provide any specific examples of changes that you've been making? And have your expectations around trade promotion", "audio_length_s": 8.19, "path": "1f142ea668261ba963d47aac6bab69dd_140.wav"}, {"text": "specialty finance without trying to take inventory risk versus businesses that have a good franchise and sustainability,", "audio_length_s": 8.19, "path": "02242ceddfeb4bcc65f04552b63fe80e_32.wav"}, {"text": "During our call, we will be referring to the earnings release supplement slides, which are also posted on our website.", "audio_length_s": 8.19, "path": "711d9abe4399e7184d7dd8e3273f8a71_1.wav"}, {"text": "As we described in the press release, we overlapped significant titles and also saw a shift of uncharted out of the first quarter.", "audio_length_s": 8.19, "path": "125388f1b45117acde70abc39e0f7d04_3.wav"}, {"text": "As I think about all that is underway at EnLink today and the progress we've achieved, I see 3 main keys to our success.", "audio_length_s": 8.19, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_184.wav"}, {"text": "Lower interest rates and reduced loan imperilment reversal also had an impact on the reported results from the level in the same period last year.", "audio_length_s": 8.19, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_57.wav"}, {"text": "Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your line at this time. Thank you for your participation, and have a wonderful day.", "audio_length_s": 8.19, "path": "c71a6ab1a0697010811c89200ab21613_175.wav"}, {"text": "relationships obviously at the Michigan site that we just bought. They can work with the same study directors and", "audio_length_s": 8.19, "path": "50eb350badadec6e4272b90684741c25_189.wav"}, {"text": "Overall, if we are successful on this transformation road map, we expect very positive changes in our financial results.", "audio_length_s": 8.19, "path": "bf8646ad61e3857d4cf46e592c18f685_60.wav"}, {"text": "Number three, higher interest expense, because we intend to fund a portion of our equipment purchases with debt.", "audio_length_s": 8.19, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_101.wav"}, {"text": "at 63 degrees west longitude to expand our services over the Americas, the Caribbean and the North Atlantic.", "audio_length_s": 8.19, "path": "099475edf8f9944537773b1d0a2aaea6_27.wav"}, {"text": "we rolled the new tenant up to market and let the old tenant roll out. That obviously hit our headline retention number, but was a positive for", "audio_length_s": 8.19, "path": "0536b57caa15ae9f7338c4e58f9f62b6_47.wav"}, {"text": "the portfolio and core FFO. So ultimately, the handful of decisions we made to let tenants roll out and then opportunistically either", "audio_length_s": 8.19, "path": "0536b57caa15ae9f7338c4e58f9f62b6_74.wav"}, {"text": "The facility primarily produced ingredients that did not align well with our strategy of producing value-added savory flavors.", "audio_length_s": 8.19, "path": "24c7526f6daca8e16ab91bea6124148a_74.wav"}, {"text": "because our product has already been used by clients in many different markets. And for this reason,", "audio_length_s": 8.19, "path": "f15a674bdbbc461872000604216ae071_23.wav"}, {"text": "Moving next to the segment results, starting with Advanced Materials on Slide 6, which delivered a great first half of the year.", "audio_length_s": 8.19, "path": "b154f7c33e567e453cb765f4ac03dd2f_7.wav"}, {"text": "The -- one of the things that we've also talked about and I think what we're seeing as a result of us having these new capabilities", "audio_length_s": 8.19, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_139.wav"}, {"text": "and we think that the style and design that we're bringing to market is extremely relevant for active families. And lastly, maybe a little bit", "audio_length_s": 8.19, "path": "c88e296697cd72c891ffb7bf5a1a60bb_194.wav"}, {"text": "Empire State Building of the connection with New York City and with its history and with being in the center of New York.", "audio_length_s": 8.19, "path": "b35398859e534e471fb1cd60f5baac20_180.wav"}, {"text": "And as we've noted on March 14, we experienced a significant decline in revenue as a result of delays in engine supply from certain vendors,", "audio_length_s": 8.19, "path": "9dcce10786aa9db4cdc6cc4649adacdd_55.wav"}, {"text": "in order to increase exposure to markets with more attractive demographics and newer properties with higher revenue and better growth prospects.", "audio_length_s": 8.19, "path": "3043e7527da9e59e29b7412cafeb9d80_3.wav"}, {"text": "is that we hold the assets on the balance sheet, assuming that we can have proper coverage of the capital, which they are responsible for.", "audio_length_s": 8.19, "path": "a98061f951c1b2c7a915e296098bc4de_113.wav"}, {"text": "Given the tight reserve margins we expect through at least summer 2020, we believe this backwardation will reverse at some point in the future.", "audio_length_s": 8.19, "path": "16c235a53fc719ec92ef3b3c3b371150_101.wav"}, {"text": "In the end, as we execute as expected in 2018 and 2019, we can move on a number of capital allocation fronts,", "audio_length_s": 8.19, "path": "16c235a53fc719ec92ef3b3c3b371150_90.wav"}, {"text": "reform, share repurchases. It seems like you've got a lot of levers to be able to maybe drive something meaningfully better", "audio_length_s": 8.19, "path": "744f5859c7d9a0567b387ae84326d940_32.wav"}, {"text": "Furthermore, a complete disclosure of our GAAP financial results will be available in our first quarter Form 10-Q.", "audio_length_s": 8.19, "path": "9b83a4dcac688347e3b13ca7c55660ed_199.wav"}, {"text": "And that's for us to look at the export market, which was more favorable this year than it had been at least in the recent past.", "audio_length_s": 8.19, "path": "4b5d33b9c200403f2d4633e47f1d4110_186.wav"}, {"text": "We also incurred a charge for the write-down of unamortized financing charges related to the early extinguishment of our term loan", "audio_length_s": 8.19, "path": "47546a57a865bca0f4e677dc3b485053_53.wav"}, {"text": "I don't think there any particular reasons to take steps. The price will fluctuate in the third quarter, too,", "audio_length_s": 8.1600625, "path": "3cb802f8fba7d33603c29387ccdaf817_154.wav"}, {"text": "so that means that we are carefully monitoring the development to evaluate potential need for further price increases.", "audio_length_s": 8.16, "path": "1ea5a01d14ee672e3e9cdbff8e56da74_40.wav"}, {"text": "and therefore, the restructuring that is being undertaken just simply isn't sufficient. Because a year ago, we were talking about trending to cash flow break", "audio_length_s": 8.16, "path": "d22830e34d4f069487310864ec17789f_66.wav"}, {"text": "we started doing that in part because we couldn't find product in markets or submarkets where we wanted to build out our franchise,", "audio_length_s": 8.16, "path": "d819fc602f924dd226fb27a9d26007d2_63.wav"}, {"text": "And just in terms of investment activity over there, what's going on in terms of development or anything on the acquisition side?", "audio_length_s": 8.16, "path": "d819fc602f924dd226fb27a9d26007d2_15.wav"}, {"text": "Corporate and Other is not treated as a segment, but includes certain general and administrative costs that are not allocated to either of the reporting segments.", "audio_length_s": 8.16, "path": "4fdbfd9eec396928550d0c799e170d34_157.wav"}, {"text": "because after all, this is a chronic disease with relapsing and remitting and we wanted to know whether we could not just induce the remission", "audio_length_s": 8.16, "path": "485e97686e9a27d2df5b3fc02106e3d4_37.wav"}, {"text": "Since we don't know the concentration of ligand in the local environment but we know that in some local environments, it can be actually huge,", "audio_length_s": 8.16, "path": "485e97686e9a27d2df5b3fc02106e3d4_90.wav"}, {"text": "We are completing the ADVOCATE trial and preparing to share top line data in the fourth quarter of this coming year.", "audio_length_s": 8.16, "path": "485e97686e9a27d2df5b3fc02106e3d4_163.wav"}, {"text": "and supporting new innovation and service offerings, investing in our digital services platform and enhancing our network infrastructure.", "audio_length_s": 8.16, "path": "139f0a6300f504b3e8673e39b0429161_151.wav"}, {"text": "those lines go up and down. But we really like that business. We think it's a very safe and strong asset class, and we have some", "audio_length_s": 8.16, "path": "b7050f62f52a3d2803beea21404f7af6_162.wav"}, {"text": "fully abstracted and stateful, open and standards-based that allow our customers to move at DevOps speed", "audio_length_s": 8.16, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_61.wav"}, {"text": "this enlarged facility provides the company with a more streamlined ability to borrow to support our investing and operational activities.", "audio_length_s": 8.16, "path": "ab861b81968e1b5fcb606ed886919d68_146.wav"}, {"text": "the real story is our results for the 9 months, which indicates that we have now reached a consistent level of sales and profitability.", "audio_length_s": 8.16, "path": "48954c357d5ad754c29ea1c28dbdad2a_48.wav"}, {"text": "we believe our strategic investments and the improvements in our operations position us for future growth in a rapidly evolving market.", "audio_length_s": 8.16, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_111.wav"}, {"text": "up from 50% last quarter and giving us increased flexibility in pricing and winning significant strategic partner opportunities.", "audio_length_s": 8.16, "path": "55cbaf368288111ebc2ccadb61e3bd34_32.wav"}, {"text": "the executive staff and talk about their mobile strategy and talk about the challenges they face", "audio_length_s": 8.16, "path": "55cbaf368288111ebc2ccadb61e3bd34_272.wav"}, {"text": "but we have indicated there that we have reduced the strike on these swap rates", "audio_length_s": 8.16, "path": "a683f40be39761f8e66786d7c0b64134_225.wav"}, {"text": "and are just getting outstanding responses from consumers for this particular product. They're looking at the product that they bought before,", "audio_length_s": 8.16, "path": "3557b21a45c35e71e82cc43b19977855_234.wav"}, {"text": "was less than what was the other parties that we had used to originally record our revenue.", "audio_length_s": 8.16, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_37.wav"}, {"text": "But we also see improvements in technology, which can also serve to reduce some cost. So", "audio_length_s": 8.16, "path": "abd0f750609f1263b566f0c09b981a16_170.wav"}, {"text": "and reiterate what we believe to be our core attributes and competitive strengths. Butterfield is a full-service bank and trust company,", "audio_length_s": 8.16, "path": "249b7b83531140105343e2a0e89150fa_99.wav"}, {"text": "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.", "audio_length_s": 8.16, "path": "280baf1d10cd27b78eae4bf2574b9c98_1.wav"}, {"text": "We were glad that so many of you could join us by webcast. And what a special moment it was to be joined on stage by Oprah Winfrey.", "audio_length_s": 8.16, "path": "7e14890193df4b10e1eeab6ab886529f_60.wav"}, {"text": "in this guidance as I saw already here on some comments that put some guidance -- to some drama into this, but we don't really see it. It's more", "audio_length_s": 8.16, "path": "75b0b010cea5a159f55403f51894b1ae_175.wav"}, {"text": "We will be more than happy to answer. Thank you very much.", "audio_length_s": 8.16, "path": "1c60a3d37d43a43d5851722212ddcd71_71.wav"}, {"text": "being very accomplishable. I would say that's kind of the plan, ex large transactions, that may allow you to kind of", "audio_length_s": 8.16, "path": "c96b5ae4ffe20d946daec67e2b0917b2_172.wav"}, {"text": "the confidence that, over the next years, we could appreciate the same kind of growth we have appreciated", "audio_length_s": 8.16, "path": "123a9a590195f61aa739ee9b2dec4952_29.wav"}, {"text": "Management has made all kinds of efforts to reduce the risk profile and increase the profitability of the book.", "audio_length_s": 8.16, "path": "3180572bc2da758668c19200930e1bc4_138.wav"}, {"text": "construction both a bit more expensive and has to take a little bit longer. The other thing that we're seeing in our pipeline is we have", "audio_length_s": 8.16, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_269.wav"}, {"text": "which allows us to provide a better customer experience while improving productivity and risk management.", "audio_length_s": 8.16, "path": "7974a5134807f46a1484a8adf81505be_6.wav"}, {"text": "So that could mean that they might have some idea that the government -- Chinese government may take some action.", "audio_length_s": 8.16, "path": "a4e84e293bde7191186ae3a7a0b34024_134.wav"}, {"text": "This allows us to prepay our term loan at a faster rate than we would otherwise be able to,", "audio_length_s": 8.16, "path": "56e05107e391476d11fe1f637733f028_18.wav"}, {"text": "Many of our clients rated us very, very highly and are essentially promoters of our service. So", "audio_length_s": 8.16, "path": "8bbc2f54137b794265dfb01f1559868d_75.wav"}, {"text": "And so we're just looking for the particular client that understands what we're trying to do for them. And so the minimum is not really an issue.", "audio_length_s": 8.16, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_7.wav"}, {"text": "We've had some Stryker issues as we work through some of the supply challenges. But on the positive front, those do appear to be moderating for us.", "audio_length_s": 8.16, "path": "044da592acc01ff7baacb3dbf2a302a9_20.wav"}, {"text": "We have identified numerous utilization management and provider contracting opportunities in Puerto Rico that give us a great deal of confidence in the future.", "audio_length_s": 8.16, "path": "3121e8f4a75758834d32a9e4e0555221_138.wav"}, {"text": "This is slightly higher than guidance as we accrued for a larger projected annual bonus compensation expense driven by better-than-expected operating income.", "audio_length_s": 8.16, "path": "9e937c87ad87f354d42a688156853a30_11.wav"}, {"text": "So I would start off. I think, certainly, we do have a pretty smart and really nice plan when it comes to promotion.", "audio_length_s": 8.16, "path": "75fa1bebed0b858c76cc7058477e40e2_103.wav"}, {"text": "So those are clearly a couple of areas where we believe we already have expertise, that we have things already in our pipeline", "audio_length_s": 8.16, "path": "46906afb4e1ee1fef09b5908e76beefa_154.wav"}, {"text": "but we have other activities in process here to build off of that platform. It's just not a standalone product", "audio_length_s": 8.16, "path": "01502edf6cda82061f1f45d6b0e8e189_138.wav"}, {"text": "yielded threefold improvement in 1 year and doubling of median survival, compared to outcomes with lower levels of circulating antibody.", "audio_length_s": 8.16, "path": "2a5b0a6532fa2b71915a2930be02621a_81.wav"}, {"text": "And we have prioritized a little bit more to the delivery of the modules instead of the delivery of the prototype.", "audio_length_s": 8.16, "path": "cfbe91105113db7a5784f77e411b7a3f_200.wav"}, {"text": "forecast timing, we do not want to forecast what will be the outcome of that decision. This is more safety measure", "audio_length_s": 8.16, "path": "fa45af64ef25007f998c655347bfbecb_439.wav"}, {"text": "Another customer that has kept our plant very busy over the past few months is KESHI with their electric mining vehicle application.", "audio_length_s": 8.16, "path": "392ca3d1e388c6d7a35f6d0db390c359_132.wav"}, {"text": "The expectation is that we will start to transition the portfolio late in the fourth quarter and be complete early in the second quarter.", "audio_length_s": 8.16, "path": "839852ec8452dbd90e9341d15cbba7c5_79.wav"}, {"text": "has been when we bought First Federal a number of years ago, they were obviously a thrift, and so there was a lot of 1 to 4 on the balance sheet.", "audio_length_s": 8.16, "path": "8b2314627d54755a15c55244bb862225_41.wav"}, {"text": "Our estimated range for full year organic revenue growth of 0% to 2% reflects good growth in many of our brands,", "audio_length_s": 8.16, "path": "4032bfdd59881fc6506c082737cb5a99_105.wav"}, {"text": "I'd like to start by updating you on the latest developments of the strategic plan that we first introduced on the Q3 earnings call.", "audio_length_s": 8.16, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_156.wav"}, {"text": "as the positive impact provided by acquisitions in colder weather was only partially offset by net customer attrition and other factors.", "audio_length_s": 8.16, "path": "0f06227be4dd36d9329849eda96196aa_37.wav"}, {"text": "This will require discipline and increased cooperation between the Fiscal Oversight Board and the local government.", "audio_length_s": 8.16, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_64.wav"}, {"text": "And even more positive perspective is to look at our fundamental operating performance without the effects of acquisitions made in the last year.", "audio_length_s": 8.16, "path": "0f4370b614f29bd596e4f6871cc77864_3.wav"}, {"text": "So we think that this is something that fits us very well and also something that we can do well with going forward.", "audio_length_s": 8.16, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_116.wav"}, {"text": "And you've got a certain group of clients that are trying to sustain that optionality in the market by awarding the work.", "audio_length_s": 8.16, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_183.wav"}, {"text": "So that's really the only pressure on us. We continue to operate strongly in spite of the unbilled receivables.", "audio_length_s": 8.16, "path": "a965bbd76f3d449c86e8c27d03ac192f_87.wav"}, {"text": "and we are working on further initiatives in those areas to enhance our offer and support retailers with their forward and reverse logistics", "audio_length_s": 8.16, "path": "6e3037e770ba5e0dfc98e3223986aad2_46.wav"}, {"text": "And to illustrate the masterplan approach in action, I'd just like to take a few moments to give you an overview of our established plan at Hemel Hempstead and", "audio_length_s": 8.16, "path": "6e3037e770ba5e0dfc98e3223986aad2_105.wav"}, {"text": "if you look at the overall company, the margins are improving. Yes, it's a result of new properties being added to the company.", "audio_length_s": 8.16, "path": "93d3e5be9cf75e0921d47f10d4178939_49.wav"}, {"text": "Our strategy has got to be like we like to -- enjoy sitting next to them on a store. We actually want to sit next to them online.", "audio_length_s": 8.16, "path": "9c1272d9d120c5bfafd6e6b566f89b62_112.wav"}, {"text": "We have marked some significant milestones since our last call. In addition to renewing the .net registry agreement with ICANN for another 6 years,", "audio_length_s": 8.16, "path": "92ac600c52fc9590be50475bd4065ae8_35.wav"}, {"text": "And I will say that from what we've seen over the last quarter in terms of what's happening in the broker channel of", "audio_length_s": 8.16, "path": "bda4b365d7a8386d5d2e6b4575d08a57_78.wav"}, {"text": "It crosses the spectrum from acute to chronic. The way that inappetence works is, we like to think of it as a dog can be", "audio_length_s": 8.16, "path": "49a78c1ec143d9ac46e893e77198c0e3_32.wav"}, {"text": "And then I think to that, you added on, what is our appetite or capacity for other transactions and what are we looking for.", "audio_length_s": 8.16, "path": "b092d2be33ad52beefab208355b18235_101.wav"}, {"text": "The improved sequential earnings were driven by higher yield on the investment portfolio as we benefited from continued portfolio rotation initiatives", "audio_length_s": 8.16, "path": "8aa1aa8317783203344434f855535c25_4.wav"}, {"text": "But our goal is to be able to provide good returns in any rate environment and hopefully in any economic environment as well.", "audio_length_s": 8.16, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_139.wav"}, {"text": "we can -- you've seen the list, and I think you can size yourself what you think the market opportunity might be. But again, caution you that", "audio_length_s": 8.16, "path": "58ff8a727ec4f3859407b64f08246759_107.wav"}, {"text": "within the capital budget is different. Then the other thing that -- in our capital budget, and Bill alluded to this earlier, we are testing", "audio_length_s": 8.16, "path": "a8b43081254547419da7462d9c957d61_59.wav"}, {"text": "and continue to stay flexible and to learn and to continue to focus on cost reduction.", "audio_length_s": 8.16, "path": "a8b43081254547419da7462d9c957d61_174.wav"}, {"text": "and beating consensus. Do you guys have any sense or have you heard anything as to what people are concerned about with respect to the share price?", "audio_length_s": 8.16, "path": "e5040d02fba73a359d3f7cb346517ce1_38.wav"}, {"text": "Interest rates remain low, and despite strong home price growth in recent years, home prices remain relatively affordable.", "audio_length_s": 8.16, "path": "dd28a387ccc9575df47840b850647c7f_73.wav"}, {"text": "or in all, is delivered through an IT system or digital platform. So there's no success for us without success in the world of technology.", "audio_length_s": 8.16, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_30.wav"}, {"text": "in terms of what they'll be analyzing? And then if you could also maybe just update us on cash burn? It seems like things kind of came in pretty much in line with what", "audio_length_s": 8.16, "path": "73f474b631c43567329cad1bb76ff4fe_16.wav"}, {"text": "anything increasing in terms of costs. And so, yes, I think that you should assume that it should be in the", "audio_length_s": 8.16, "path": "2b626b620ef42f716c6028c74ee4187b_88.wav"}, {"text": "just a couple of weeks ago, I was with the CEO of one of the largest insurance companies in the world, and we're having a conversation about changing their business model and transformation", "audio_length_s": 8.16, "path": "16ed973148ce103dc95fdcfaf35bbe7b_29.wav"}, {"text": "We will further evaluate the allocation of these incremental funds and our available capital as we move forward and provide additional guidance in the future.", "audio_length_s": 8.16, "path": "7aeefd3f7f36ea98354844517c1f012d_77.wav"}, {"text": "As the Department of Justice continues to receive these additional resources, most expect case volumes will return to normal levels.", "audio_length_s": 8.16, "path": "c5c7a9f409241412b160a93cde7ef630_118.wav"}, {"text": "that we know is going to generate a very nice return to get the ball started for us in our Chinese partners than it is just to", "audio_length_s": 8.16, "path": "20097e37747ec7bc3734246e83798fb1_133.wav"}, {"text": "That opportunity has passed as we have earned enough infrastructure-related business to make delivery on any new pellet plant order not possible", "audio_length_s": 8.16, "path": "9979d7fef684b8cac613c934b6229791_116.wav"}, {"text": "While certain contingencies remain, as of this time, we do not believe there are any further material costs associated with the exit of these operations.", "audio_length_s": 8.16, "path": "7a29e2dcd505f944b16d1e3173cb1c01_36.wav"}, {"text": "Thank you, operator. The second quarter presented some encouraging signs for Powell by way of increased bookings. As we enter into the second half of this year,", "audio_length_s": 8.16, "path": "505ccbd6e857cad05a179a5ed5419d1b_65.wav"}, {"text": "Yes, we didn't, but it's not -- as we said earlier, the first use of cash will always be to pay down debt.", "audio_length_s": 8.16, "path": "bb2ca5b87982b2388d82cd64a73f08cf_126.wav"}, {"text": "Additional information concerning factors that could cause actual results to differ materially from those discussed during today's conference call or in this morning's press release,", "audio_length_s": 8.16, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_1.wav"}, {"text": "I think that's primarily related to construction cycles maybe gapping out a little bit in the second half of last year. So", "audio_length_s": 8.16, "path": "2a059b2b192b8e972ca7664ddfed8a20_253.wav"}, {"text": "The company undertakes no obligation to update or make any forward-looking statements, whether as a result of new information, future events or otherwise.", "audio_length_s": 8.16, "path": "b43c001c5af465d220ab0b69a95202ae_0.wav"}, {"text": "The market has also been subject to a consolidation. We have seen a number of our", "audio_length_s": 8.16, "path": "75eb5b75bb8587b63c318714ea956b9e_24.wav"}, {"text": "at the moment at the second time to enter into a segment which was not part", "audio_length_s": 8.16, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_38.wav"}, {"text": "to target additional lines of business and achieve growth and to diversify our business over time.", "audio_length_s": 8.16, "path": "998be8edc26e9b2c4dc0a06a5b42a887_71.wav"}, {"text": "triple that capability by further build-out of San Antonio. That becomes not very cost prohibitive", "audio_length_s": 8.16, "path": "b3d7bc295d09d9927e465213612c0192_227.wav"}, {"text": "it's not beyond me to ask the team to continue to repeat an unfair performance, but I think it would be probably unlikely that they would continue to have", "audio_length_s": 8.16, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_222.wav"}, {"text": "The positive news is that there has been industry capacity coming out of the liquid tank space, and we are well positioned to take advantage of stronger future demand.", "audio_length_s": 8.16, "path": "8eaca8d8a419f74540f69ade8defabbd_10.wav"}, {"text": "History suggests the turkey industry will balance supply and demand and market conditions will improve in the coming months.", "audio_length_s": 8.16, "path": "af2718cdc0b3b856f9a0b3da3d527d18_4.wav"}, {"text": "a heavy social media presence, an active voice and a focus on local events, in additional local markets.", "audio_length_s": 8.16, "path": "059024560d9d1039cf08746ee7393114_14.wav"}, {"text": "which include but are not limited to statements with respect to the estimation of mineral reserves and resources,", "audio_length_s": 8.16, "path": "369789f0d39dbf62298be2aa807ff8ee_74.wav"}, {"text": "This slide shows only our defaulted loan book and excludes performing loans classified as such post-default.", "audio_length_s": 8.16, "path": "dffe8257f781608bb17bb637249e4d2a_39.wav"}, {"text": "But look, at the end of the day, I suppose over the years, whether it's our current competitors or all those that have come and gone", "audio_length_s": 8.16, "path": "33fd8a867dbd88a837e541b1d2b25ea5_252.wav"}, {"text": "we also see a trend where we have a lot of these smaller games that we're able to bring to market and really bring some new people into.", "audio_length_s": 8.16, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_107.wav"}, {"text": "So what's been filed is the stipulation for the entry of an order with a proposed order attached, but the court has not yet entered the order officially.", "audio_length_s": 8.16, "path": "94f913b974baab79fb636f6521170dd7_32.wav"}, {"text": "And then in the way you termed it at the beginning of the call, you said that we're choosing no longer to pursue Yingde at this time.", "audio_length_s": 8.16, "path": "e33785a294553de2a12d4463bf786744_250.wav"}, {"text": "The consistency of the performance we are delivering and the momentum we have in all 4 measures of our progress", "audio_length_s": 8.16, "path": "3877b1983229ec488c6349a188bccf92_1.wav"}, {"text": "We are paying severance under our restructuring, and with our negative working capital cycle, we do have to fund as we exit countries and shrink goods.", "audio_length_s": 8.16, "path": "50e17cbbbef8897681cc5f8ae110aae2_35.wav"}, {"text": "how sustainable is your ability to continually drive productivity in that regard looking forward?", "audio_length_s": 8.16, "path": "4721d5a2e7061d90a4e4e4768adc2486_46.wav"}, {"text": "So we are early in that process. And we've already started to see the cost take outs. So you can take the combination of the rail increases", "audio_length_s": 8.16, "path": "2a7af3c66762ce608379005a3d7bfa96_142.wav"}, {"text": "competitor. And not just them though, but there is some other asset base players, which are being more aggressive in the market. So I would say that", "audio_length_s": 8.16, "path": "2a7af3c66762ce608379005a3d7bfa96_103.wav"}, {"text": "volume target for any particular country. It's about where can we sell that meat for the highest possible value, and that's where we try to take it.", "audio_length_s": 8.16, "path": "80a2ca14358172366acab4e80f3fa33b_111.wav"}, {"text": "and fixed assets. And that would be, for us, a really good indicator and a really good opportunity to prove those out for you and for ourselves. So", "audio_length_s": 8.16, "path": "0fa398ef99a7a936fc1e509dacaaadde_227.wav"}, {"text": "It's important to remember that our capital adequacy requirements are measured on the basis of Russian accounting standards", "audio_length_s": 8.16, "path": "ab29ac574f423764c40f2d2eec696623_125.wav"}, {"text": "I was wondering if you can provide more color on where you saw increased competition and help us somehow quantify the impact due to that.", "audio_length_s": 8.16, "path": "3e29586725757a72d8c143f3da2658f5_68.wav"}, {"text": "we don't have a paucity of agents to develop. We'd like to have a partnering deal. So we have the resources to proceed", "audio_length_s": 8.16, "path": "e29584f9f829602cacebcce71c2a4fb9_104.wav"}, {"text": "that we could not issue any more stock and stay within our stated comfort range for our debt metrics.", "audio_length_s": 8.16, "path": "97b9c8b95449565c1f280a2b61a65b31_69.wav"}, {"text": "it seems that Wall Street is having trouble understanding that just because you've got hospital attached and therefore a high per diem,", "audio_length_s": 8.16, "path": "b126c31149f1cadf1d891082a187d6fc_35.wav"}, {"text": "cost structure in terms of developing these types of projects, in terms of cost inflation, in terms of how we can think about the potential cost of the project?", "audio_length_s": 8.16, "path": "e0d1342ad3d27fd648b708837de08797_224.wav"}, {"text": "but I'm sure that all our customers are continuing to kind of work through their budgets and look at their plans and opportunities. And the IOCs have,", "audio_length_s": 8.16, "path": "bfb0fac9575cd0820a660f2577199468_132.wav"}, {"text": "Our groundbreaking work with individuals with serious mental illness in Florida continues to generate interest from other states.", "audio_length_s": 8.16, "path": "a2ba164f019804628c07b36de47cd464_41.wav"}, {"text": "This decrease is mainly due to the impact of contract terminations and net unfavorable year-over-year medical claims development.", "audio_length_s": 8.16, "path": "a2ba164f019804628c07b36de47cd464_16.wav"}, {"text": "and we believe the organization weathered the challenges well. We feel constructive about the performance of both our businesses,", "audio_length_s": 8.16, "path": "b6688f44b91606fbd75a6d66e94d4e4b_8.wav"}, {"text": "including recent innovation within Orpak automation offering, led to a number of large tender wins during the quarter.", "audio_length_s": 8.16, "path": "ed2810b765143f8341dcc8e8c14c27f1_199.wav"}, {"text": "the value proposition, the longevity, durability, reliability of the products that they may be investing in,", "audio_length_s": 8.16, "path": "64364105b816dd0b6a029e9cd210e65b_191.wav"}, {"text": "Norway was plus 7,000. Again, we had better uptime and well performance, but also some increased gas offtake in the summer.", "audio_length_s": 8.16, "path": "95303f68781d6fb58e19ec1dc7785a7c_44.wav"}, {"text": "It's important to note that we are not saying this is the 24-hour IP for this well, as peak production has not yet been established.", "audio_length_s": 8.16, "path": "243e9a046160bfbf82be702927a4df22_76.wav"}, {"text": "is -- we were one of the first companies to actually look at the climate change resilience of our", "audio_length_s": 8.16, "path": "ebd59e21db89edb92205e012427cd9db_140.wav"}, {"text": "Finally, I did want to brief you on the fact that we are working on a new -- on a number of new additional molecules", "audio_length_s": 8.16, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_21.wav"}, {"text": "Longer term, there's probably 2 key areas that we're going to have outsize emphasis, one I just talked about in terms of", "audio_length_s": 8.16, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_96.wav"}, {"text": "There are certain things that take time. I don't see any major inhibiting factor.", "audio_length_s": 8.16, "path": "ffe22f8bcf153b8b51f6e52039686c1e_69.wav"}, {"text": "How much we improve in fiscal 2018 will depend on the collective efforts of our internal operations, coupled with our supply chain.", "audio_length_s": 8.16, "path": "3412b2f7aef0615537779e312cf984c3_102.wav"}, {"text": "on the cost curve that you would then look to implement in CRB take the form more in terms of trying to find lower-cost", "audio_length_s": 8.16, "path": "1d021dfadd51998ac079e1df49929c60_109.wav"}, {"text": "We continue to be a best-in-class asset manager, built to handle both the opportunities and adversities that inevitably arise from time to time.", "audio_length_s": 8.16, "path": "96488f25af54f91198b444e5eff8e878_66.wav"}, {"text": "Throughout the year, we used the strong demand for private assets to largely complete the rotation of the acquired American Capital portfolio,", "audio_length_s": 8.16, "path": "9a33a60ff30e5b8a3e106c2204e3300a_32.wav"}, {"text": "we weren't getting commensurate leverage on that. The model was losing productivity and effectiveness for a lot of the reasons I mentioned, changes that happened", "audio_length_s": 8.16, "path": "ffa357a084f4deb64797a0a32b8c5e33_162.wav"}, {"text": "Well, we compete market by market, and we're going to be competitive in every market we're in, as David said, looking to provide the value on the ground", "audio_length_s": 8.16, "path": "933faa5ac159ab158506e2bc0f714977_152.wav"}, {"text": "What assurance can you give that savings will be sustainable? And what is your new pretax margin target? And before answering,", "audio_length_s": 8.16, "path": "09eebad8f3c529b4c7d916c5f7766f7f_85.wav"}, {"text": "And I think you saw in my prepared remarks, I gave you a sense of what we expect to do in terms of expenses for the year", "audio_length_s": 8.16, "path": "09eebad8f3c529b4c7d916c5f7766f7f_32.wav"}, {"text": "risk costs and what you feel the trends are going to be in the second quarter in terms of", "audio_length_s": 8.16, "path": "01162e33e5dda8aa154d9a8659da4495_83.wav"}, {"text": "We are making good progress in delivering the plan we announced on the 1st of March, and the diversification benefit to the group is showing through.", "audio_length_s": 8.16, "path": "18312cfa47f1a58a275a66ed44a87d3f_12.wav"}, {"text": "and uncertainties, some of which cannot be predicted or quantified. The company's actual results and timing of certain events could", "audio_length_s": 8.16, "path": "81c03e2c15e8fe8213fbd40368b49581_91.wav"}, {"text": "Gray turned in another quarter as we continue to build a larger, more diversified pure-play", "audio_length_s": 8.16, "path": "77423f08f0208d476dea73c639f6293a_75.wav"}, {"text": "And what's fun is that we're doing it off of pretty low rents, so we're able to do it and make money in the process. So", "audio_length_s": 8.16, "path": "1cfd7da6c2da11f7e3f7102a6265146b_88.wav"}, {"text": "to meet the needs of your tenants. And if you look at the market share that we're capturing at the new store openings, I think it shows you", "audio_length_s": 8.16, "path": "1cfd7da6c2da11f7e3f7102a6265146b_206.wav"}, {"text": "The second question, why during the first quarter we have had a drop above in hydro production", "audio_length_s": 8.16, "path": "e97326d6a8951550e363f2be6ec489ba_112.wav"}, {"text": "every 6 to 8 weeks for all of our existing and future customers. Our phones themselves basically do what the platform tells it to do,", "audio_length_s": 8.16, "path": "0807d606b6cf98da19b317b4928c3572_21.wav"}, {"text": "the new phone introduction cycle? Isn't that something that sort of happens on an annual basis or could you just speak to that a little bit?", "audio_length_s": 8.16, "path": "0807d606b6cf98da19b317b4928c3572_80.wav"}, {"text": "Great question. From what we see right now, we think the price pressure is upon us based on those capacities. I don't think we see any", "audio_length_s": 8.16, "path": "b154f7c33e567e453cb765f4ac03dd2f_148.wav"}, {"text": "It was set 2 weeks ahead of schedule. Once complete, the MEG project will be the largest ethylene glycol plant in the world.", "audio_length_s": 8.16, "path": "3ae068efa03cd088f4d3edea682f199f_181.wav"}, {"text": "Now turning to our key enablers. The execution within our next 2 pillars is critical to the achievement of our aspirations.", "audio_length_s": 8.16, "path": "7a80c3e91e5a2693cdaef5f716808317_81.wav"}, {"text": "So all in all, a fairly simple quarter to explain when it comes to the finances.", "audio_length_s": 8.16, "path": "e43b90b4488b47b5e2cc96b57863bc19_44.wav"}, {"text": "as well as the sale of certain interests we had obtained in connection with the Detroit bankruptcy. These efforts are ongoing.", "audio_length_s": 8.16, "path": "a85c54c77dd2524eedab1287ea3ceff4_46.wav"}, {"text": "and the increased costs associated with implementing the recommendations of the agreement. I would expect the efficiency ratio to stay generally in this range.", "audio_length_s": 8.16, "path": "f1b53f83640f7ea0160087ae63818af2_9.wav"}, {"text": "a quick run through the highlights, which are shown on this slide, and Christine will unpack them more in her presentation.", "audio_length_s": 8.16, "path": "9b84dc4409f4ecccd173c2f81a4460cc_88.wav"}, {"text": "some of its August 2018 and summer 2019 length in the spring when the forward curve ran up and was higher than our fundamental point of view.", "audio_length_s": 8.16, "path": "16c235a53fc719ec92ef3b3c3b371150_236.wav"}, {"text": "with the European affiliates taking place first. We think the revenue opportunity there is very good.", "audio_length_s": 8.16, "path": "726bad4d5d1a6b2f62034eb8dc843450_114.wav"}, {"text": "Our targeted initiatives to develop a stronger footprint internationally are especially focused in the coin business in Asia.", "audio_length_s": 8.16, "path": "ff59c33225941d4025bcecc8fe1a4b32_52.wav"}, {"text": "The answer is because it fits perfectly within our strategic plan. Last week, we announced we had entered into an asset purchase agreement", "audio_length_s": 8.13, "path": "5833763223d8d85b6fcb5fe90e821c77_45.wav"}, {"text": "Here with me today are Ron Havner and John Reyes. Before we begin, I want to remind those on the call that all statements other than statements", "audio_length_s": 8.13, "path": "d819fc602f924dd226fb27a9d26007d2_40.wav"}, {"text": "My interpretation is what they announced leads me to believe that there might've been a bad actor that made a bad transaction to the bad guys,", "audio_length_s": 8.13, "path": "ab5b4ea5cd86e4f7deafe9814024fada_111.wav"}, {"text": "either orders, or 3 customers that you have that have given you production-type orders. Would you clarify what you mean by that?", "audio_length_s": 8.13, "path": "ab5b4ea5cd86e4f7deafe9814024fada_239.wav"}, {"text": "So it's been a busy 15 months, I think it's fair to say. In my time here, we've been preparing for increased domestic competition", "audio_length_s": 8.13, "path": "92d6249907f14e4011cf1b08d2f298d9_10.wav"}, {"text": "We're actively pursuing opportunities to grow our warehouse lending business for new warehouse lines and request for existing customers to upsize their current lines.", "audio_length_s": 8.13, "path": "b7050f62f52a3d2803beea21404f7af6_45.wav"}, {"text": "This also has the added benefit to lead to decreased workers' compensation expense and insurance based on incidents.", "audio_length_s": 8.13, "path": "e274d02ea943c0a74779950fe28e839d_46.wav"}, {"text": "the chain stores that have a nationwide presence, when those type of merchants increase the amount of", "audio_length_s": 8.13, "path": "a93681c92a0b9c04743f541a54b180c7_17.wav"}, {"text": "that is why it was quite dramatic. But in terms of the second campaign, we want", "audio_length_s": 8.13, "path": "a93681c92a0b9c04743f541a54b180c7_221.wav"}, {"text": "customer we lost on its international business, which is a big revenue hit, but not on margin, and that's", "audio_length_s": 8.13, "path": "2f888e63a31b86cc2f4f97710e8eed79_57.wav"}, {"text": "And therefore, I think this sense of urgency to address that element, considering the impact and considering the size of the company,", "audio_length_s": 8.13, "path": "9014ac9cbc2cff30468f1bcb659c0f66_65.wav"}, {"text": "Now moving on to ETE. I'll begin with ETE's fourth quarter results, followed by a liquidity and financing update.", "audio_length_s": 8.13, "path": "718a89dc503706eae0091bcd9410d567_24.wav"}, {"text": "Living a normal life was not a consideration and many patients have referred to this time as the dark years.", "audio_length_s": 8.13, "path": "2602edddc3363eadcaafe1c33271f3e4_121.wav"}, {"text": "it's going to be a transition year. And so I think until we see how some of these things play out with", "audio_length_s": 8.13, "path": "8cb24daf76784487ad63780546dc4ba4_160.wav"}, {"text": "with the West Coast terminals' audited financial statements that we filed in relation to the acquisition in February of this year.", "audio_length_s": 8.13, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_25.wav"}, {"text": "EV. So like Ray said, the backlog is very strong in these areas. We've had a lot of success in all the regions", "audio_length_s": 8.13, "path": "ec0ecc8e73cce4598def6cfff6f7c598_120.wav"}, {"text": "is, as I said earlier, a building of capability for the long term and an improvement in ambition.", "audio_length_s": 8.13, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_204.wav"}, {"text": "and so I am being very thoughtful and diligent here. Interest is very high for this position,", "audio_length_s": 8.13, "path": "04f29bc02d1e2ef65077ca67bf41f475_41.wav"}, {"text": "Can you -- I'm not sure we understand the question. Do you mind just saying it one more time? With regard to retentions specifically, I'm not sure what you're referring to.", "audio_length_s": 8.13, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_105.wav"}, {"text": "As I understood from the previous call, the third quarter was going to be quite a step up from the second quarter, but we didn't quite see that.", "audio_length_s": 8.13, "path": "7ec9d2889f6012c7058eb766f6de38e2_47.wav"}, {"text": "We continue to have strong engagement by clients across all segments of the media sector, many of whom participate in our ongoing client advisory boards.", "audio_length_s": 8.13, "path": "8b71a232d7fe61e6232807b635977c31_75.wav"}, {"text": "to unlock the value, to unleash the value of big datasets across our Total Audience Measurement framework, both the digital datasets and", "audio_length_s": 8.13, "path": "8b71a232d7fe61e6232807b635977c31_168.wav"}, {"text": "This had the impact of both improving client service through better turnaround time and reducing our overall costs.", "audio_length_s": 8.13, "path": "8bbc2f54137b794265dfb01f1559868d_100.wav"}, {"text": "This safe harbor language applies to the presentation and all comments to be made today. I would also like to mention that", "audio_length_s": 8.13, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_25.wav"}, {"text": "in March 2015 with an agreement with a regional marketer to export our crude by a truck to international markets.", "audio_length_s": 8.13, "path": "e1f462455d6c826d9c173c35d4844383_3.wav"}, {"text": "or we end up being the lead sponsor on the projects. We made a strong commitment to ourselves that we're not going to take", "audio_length_s": 8.13, "path": "b34f680a9162805e0188170d6272a356_309.wav"}, {"text": "private funds business. And if you think about the evolution of the private equity and leveraged finance markets that we largely participate in,", "audio_length_s": 8.13, "path": "1b91eb82f5211000e711424657cc2484_148.wav"}, {"text": "for us, i.e., we have to have a view that we can add value to the business, in the way that we did in some of our prior acquisitions by", "audio_length_s": 8.13, "path": "1b91eb82f5211000e711424657cc2484_145.wav"}, {"text": "The impact of this event, in terms of timing cannot be quantified at this time, but we will provide further updates as they become known.", "audio_length_s": 8.13, "path": "088b4c55add5ff0e667bdbdd22187fc3_29.wav"}, {"text": "Our backlog is healthy to start the second quarter, and order activity in industrial products continues to provide a sense of optimism.", "audio_length_s": 8.13, "path": "01502edf6cda82061f1f45d6b0e8e189_119.wav"}, {"text": "the old factors that created the old situations are no longer with us.", "audio_length_s": 8.13, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_33.wav"}, {"text": "Currently, lung transplantation is the only option for patients who are not responsive to current medical therapy.", "audio_length_s": 8.13, "path": "18b396ddd443d84d12477c42e31cdf0e_41.wav"}, {"text": "We continue to move forward, and there are several topics to cover related to our asset management business and holding company initiatives.", "audio_length_s": 8.13, "path": "e081f678e77792e5c5762fa425c49e56_36.wav"}, {"text": "is in line with what is typical for the market. So the kind of profit margin on the proceeds", "audio_length_s": 8.13, "path": "8292bdb9af87f10627c044f3842b2c76_112.wav"}, {"text": "what are your assumptions around competition in guidance for '17 on both the liquid and powder? And then I have a quick follow-up.", "audio_length_s": 8.13, "path": "5f38ce681d4413a793d34a0650c59bf2_217.wav"}, {"text": "Europe and international is probably a year or 2 behind in terms of the overall adoption of", "audio_length_s": 8.13, "path": "b4874109876c9f165eef4be112d9f30d_113.wav"}, {"text": "that are a key part of our success with Galafold and also laid the foundation for our future growth. And I think it also reflects the essence", "audio_length_s": 8.13, "path": "0dbbae27d7055ecc04cc25e14e4de12d_215.wav"}, {"text": "AT-GAA to have a pretty profound effect on their function and we saw that, also in the motor function of course in the 6-minute walk increasing in both groups. So", "audio_length_s": 8.13, "path": "0dbbae27d7055ecc04cc25e14e4de12d_242.wav"}, {"text": "Mobile continues to be the main source of traffic to the site, and our investment in web development continues to reflect this.", "audio_length_s": 8.13, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_131.wav"}, {"text": "The models proved to be a big hit with accumulated orders totaling 27,000 units in the first month following the launch.", "audio_length_s": 8.13, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_54.wav"}, {"text": "I commented that our intention was to capitalize on the momentum created by our operating and financial results.", "audio_length_s": 8.13, "path": "257e4e92036da9582a8a288c88332ff3_108.wav"}, {"text": "tremendous balance across all of the device types versus really just being more foundry-focused. Then what I would say going forward", "audio_length_s": 8.13, "path": "f46ae0a04d60dea8a759f07333ed37e2_34.wav"}, {"text": "Yes. I think it probably is a point of emphasis that has grown over the last 5 years.", "audio_length_s": 8.13, "path": "0f4370b614f29bd596e4f6871cc77864_126.wav"}, {"text": "While this is a time for our team to have some pride in signs of positive progress, we still see significant opportunity in each of our businesses.", "audio_length_s": 8.13, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_165.wav"}, {"text": "or 0.5 of 1 percentage point of sales. As we continue to build out our sales force to accelerate growth in the markets,", "audio_length_s": 8.13, "path": "a44c74bdc01aa7e317addc11f2274e11_157.wav"}, {"text": "Our new facilities will initially manufacture disposable products then progress to chemical suits and on to more complex product lines.", "audio_length_s": 8.13, "path": "a44c74bdc01aa7e317addc11f2274e11_57.wav"}, {"text": "But until that happens, we sought an alternative means to fund our growth capital needs without needing to issue shares in the common equity market", "audio_length_s": 8.13, "path": "2ad9555a64eaa3f45bef5581adeecb9c_272.wav"}, {"text": "British Columbia, the Midwest and New York and also due to the timing of when new projects will begin to burn revenue of any significance.", "audio_length_s": 8.13, "path": "a965bbd76f3d449c86e8c27d03ac192f_120.wav"}, {"text": "This collaboration to extend our GalXC RNAi technologies to tissues beyond the liver will be a joint research effort", "audio_length_s": 8.13, "path": "01ebdadb81d0e5a57270957c0cbe83fc_180.wav"}, {"text": "We remain confident in our future cash flow generation and the ability to both sustain and grow our dividend over time.", "audio_length_s": 8.13, "path": "9ab2e6eb9debfae2de541ba645bfd265_64.wav"}, {"text": "Although a negative for current profits, we regard the spending as an investment in Morinaga's future.", "audio_length_s": 8.13, "path": "f4d0f1362716be33f02690dd1a8df663_75.wav"}, {"text": "basically now in front of the bankruptcy? Clearly, are you going to be -- would you take precedence over bankruptcy payments", "audio_length_s": 8.13, "path": "636d6909fbd8656f88f72f66a3a162ff_137.wav"}, {"text": "As I've interacted with our clients, I continue to believe we have more opportunity to partner with our clients across the many services we offer.", "audio_length_s": 8.13, "path": "0899e07f70a6e5be842fb6e22a3fafe9_203.wav"}, {"text": "This increase was due to a number of factors, including favorable product mix and strength in overall product margins.", "audio_length_s": 8.13, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_160.wav"}, {"text": "Actual results may differ materially from expected results and reported results should not be considered as an indication of future performance.", "audio_length_s": 8.13, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_1.wav"}, {"text": "although we saw a couple of things in late in the quarter that -- but this is not material type stuff right now in terms of", "audio_length_s": 8.13, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_86.wav"}, {"text": "In the assisted business, we outpaced the industry in the first half on the strength of our promotions and improved execution.", "audio_length_s": 8.13, "path": "87ba56e8ff82d5e181ee5d6d66543c51_39.wav"}, {"text": "world-class investment company that's well placed to deal with the disruptive forces reshaping the industry.", "audio_length_s": 8.13, "path": "be8b554309f7632bc9ebbd967764001e_213.wav"}, {"text": "Our regulatory capital ratios on Slide 11 are above the regulatory definition of well capitalized and our internal targets.", "audio_length_s": 8.13, "path": "1c89bbe35013b8f40511ac9ba8824242_5.wav"}, {"text": "Although earnings were negative for the quarter, we continue to see positive economic growth in our regions and to experience growth in the number of customers served.", "audio_length_s": 8.13, "path": "3b0718945e9c427873c1f34fa49b15aa_51.wav"}, {"text": "And then our Swan Valley plant that we converted in 2015, it did not run at full capacity", "audio_length_s": 8.13, "path": "dd28a387ccc9575df47840b850647c7f_100.wav"}, {"text": "and our growing roster of referenceable accounts will allow us to continue to penetrate this largely greenfield segment.", "audio_length_s": 8.13, "path": "6a372ea97b0b130a4d37f16b54d97909_21.wav"}, {"text": "Before I turn the call over to management for remarks, I would like to remind you that we may make some forward-looking statements during the course of this call.", "audio_length_s": 8.13, "path": "a02b735de681c682fbb8025edecca271_86.wav"}, {"text": "Our Colorado resorts continue to deliver outstanding results with growth in visitation and revenue above our record prior year.", "audio_length_s": 8.13, "path": "cd1773ea94a046c0a36b679e2efcee9f_81.wav"}, {"text": "was impacted by both sales mix, given the strong comp in grocery, and our promotion and pricing initiatives.", "audio_length_s": 8.13, "path": "70c92ab88d38f489d5074f2859e0290e_51.wav"}, {"text": "good expected developments, but we cannot expect that every year you will get exactly same. And that's why,", "audio_length_s": 8.13, "path": "98f10f0935e5b778e888a1b8130a3d31_164.wav"}, {"text": "meaning these borrowers could lower their mortgage rate a half of a percentage point or more by refinancing.", "audio_length_s": 8.13, "path": "567a41009710fa1568bb8125213bf9eb_114.wav"}, {"text": "We will evaluate opportunities to put this capital to work, to improve profitability and generate strong returns for our shareholders.", "audio_length_s": 8.13, "path": "6d97c63e754383663561baada77c7354_20.wav"}, {"text": "system of record, of course, which is kind of where Salesforce started. I would say that we probably have the strongest system of record experience", "audio_length_s": 8.13, "path": "16ed973148ce103dc95fdcfaf35bbe7b_33.wav"}, {"text": "We are also actively managing our capital so that we can provide a good return to our shareholders while planning for longer-term growth.", "audio_length_s": 8.13, "path": "2b0b79fa03313a4e9261734dd728b622_40.wav"}, {"text": "The delivery opportunity has enabled a different yet not unusual competitive retail environment in China.", "audio_length_s": 8.13, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_87.wav"}, {"text": "First, we will work to educate physicians and create greater urgency for them to treat appropriate uncontrolled gout patients.", "audio_length_s": 8.13, "path": "265e62fc569e790d8b3e58698aaab701_68.wav"}, {"text": "As we balance our investment to match the adjusted timing of program ramps, we are maintaining a tight rein on labor management.", "audio_length_s": 8.13, "path": "191c819db03c2dfd0207cd1f42e278a4_88.wav"}, {"text": "The business is less and less sensitive at the bottom line, even though we may have times where there's difficulties at the top line.", "audio_length_s": 8.13, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_79.wav"}, {"text": "The third area of focus is to leverage our proven success in the transportation independent contractor space", "audio_length_s": 8.13, "path": "7cf9ea093ccaf8fe8af51c4e00832372_25.wav"}, {"text": "Our ongoing cash flow from operations continued to enable us to deploy cash to advance our strategic blueprint.", "audio_length_s": 8.13, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_72.wav"}, {"text": "And Wyndham Vacation Ownership had a great operational quarter, as we saw the benefits of various initiatives, new sales processes,", "audio_length_s": 8.13, "path": "968913c3f9111fc67f1d9956c56dec3b_156.wav"}, {"text": "reflecting the actions we took to maximize value and the enhanced visibility we have on this segment.", "audio_length_s": 8.13, "path": "52a4e3ebf7e968a783401230c3f69a9d_130.wav"}, {"text": "This rapid adoption of Vonage Business Cloud is the result of significant investments in functionality,", "audio_length_s": 8.13, "path": "52a4e3ebf7e968a783401230c3f69a9d_10.wav"}, {"text": "Brazil remains challenging due to continued economic weakness. Our chocolate business delivered a third consecutive quarter of growth", "audio_length_s": 8.13, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_21.wav"}, {"text": "This platform was affected by lower sales compounded by operational challenges, resulting from supplier issues,", "audio_length_s": 8.13, "path": "9e8690a521142359001a137074905535_190.wav"}, {"text": "as well as positive impacts from the refinements in our risk management strategy for product guarantees that we implemented last year.", "audio_length_s": 8.13, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_129.wav"}, {"text": "that this is a business that has had 14 consecutive years of positive net flows from institutional clients.", "audio_length_s": 8.13, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_219.wav"}, {"text": "I want to acknowledge the strong partnership and team based approach that we have established with the best organization in Wisconsin.", "audio_length_s": 8.13, "path": "c40b5d1a13169c5acf69590932a56f98_106.wav"}, {"text": "And I think that's as much a driver as Win 10, relative to what's going on with the notebook world", "audio_length_s": 8.13, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_46.wav"}, {"text": "And I think -- look, I don't know that we're in any particular inning. I will tell you, if you think about just", "audio_length_s": 8.13, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_159.wav"}, {"text": "So we may have already seen the bottom for these markets and as exhibited by our strong financial results, have managed through it quite well.", "audio_length_s": 8.13, "path": "8eaca8d8a419f74540f69ade8defabbd_144.wav"}, {"text": "As a reminder, we will annualize the divestiture of Diamond Crystal Brands early in the third quarter.", "audio_length_s": 8.13, "path": "af2718cdc0b3b856f9a0b3da3d527d18_127.wav"}, {"text": "solid our business is and how strong that balance is. But I mean, we do believe that we'll get through this", "audio_length_s": 8.13, "path": "af2718cdc0b3b856f9a0b3da3d527d18_214.wav"}, {"text": "The Canadian dollar was flat to our assumption for our budgets. The Brazil real was well below our budget. The Argentine peso was slightly below", "audio_length_s": 8.13, "path": "369789f0d39dbf62298be2aa807ff8ee_112.wav"}, {"text": "While our first quarter is being impacted by an inventory correction in smartphones, we expect this to largely be behind us by the end of the quarter", "audio_length_s": 8.13, "path": "61a1812ea55a4d676119b4f3d7cd6c10_119.wav"}, {"text": "As we continue to align with our most important partner, we are transitioning the core of our business to be focused on entertainment first,", "audio_length_s": 8.13, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_202.wav"}, {"text": "On the video game side, we set records with our Switch launch around the world, returning vibrancy to the physical video game category.", "audio_length_s": 8.13, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_64.wav"}, {"text": "So the capital risk will be with our manufacturing partner in that scenario. But obviously,", "audio_length_s": 8.13, "path": "433a6e203f9db93835c27ff83e86c801_235.wav"}, {"text": "But we listened to the customers. I think we're doing the right thing. We're spending a lot more money than we had originally planned,", "audio_length_s": 8.13, "path": "433a6e203f9db93835c27ff83e86c801_191.wav"}, {"text": "for the full procedure. So all-in, it's going to take at least 90 days to get them certified just because of the duration of the sensor.", "audio_length_s": 8.13, "path": "e42f90eacf0e766ff39973c6aca06c93_142.wav"}, {"text": "With respect to our operating plan for 2017, I'd like to share with you a few of our key priorities. First,", "audio_length_s": 8.13, "path": "3b2908426357bb8269c3a01469865cd6_8.wav"}, {"text": "We are utilizing these insights to participate in the right occasions with the right brands at the right price.", "audio_length_s": 8.13, "path": "3877b1983229ec488c6349a188bccf92_53.wav"}, {"text": "That said, one piece of the customer experience in which we made fast gains is in customer service, where we'll continue to increase our investment.", "audio_length_s": 8.13, "path": "50e17cbbbef8897681cc5f8ae110aae2_50.wav"}, {"text": "I guess you could say we and the rest of the industry have gotten pretty comfortable working in an industry where rates don't do very much.", "audio_length_s": 8.13, "path": "8635f950dc44da3fcad542b2c066bedf_205.wav"}, {"text": "And most important, we have talented and dedicated employees all over the world who are committed to helping our clients and our company achieve greatness.", "audio_length_s": 8.13, "path": "af00f4e7b63ee843a3d203f982fac701_83.wav"}, {"text": "In the first half, because of lowered raw material prices and seasonal factors,", "audio_length_s": 8.13, "path": "80a2ca14358172366acab4e80f3fa33b_143.wav"}, {"text": "Our product mix improved gradually with continuous increase on a proportion of new products.", "audio_length_s": 8.13, "path": "80a2ca14358172366acab4e80f3fa33b_5.wav"}, {"text": "We are running our fall campaigns, and now we're in the middle of our best selling season. And we are targeting up to 1 million RGU additions for the full year.", "audio_length_s": 8.13, "path": "0fa398ef99a7a936fc1e509dacaaadde_161.wav"}, {"text": "an adjustment to our purchase price of AirSep shares and as such is not currently taxable, which contributed to the lower rate.", "audio_length_s": 8.13, "path": "01b376669d5ea40acc7fb5a87503586e_56.wav"}, {"text": "That's the area we're targeting. A next big area is also bed skirts and bed wraps", "audio_length_s": 8.13, "path": "799c15a4a6e9e3c86374761fec31c00a_115.wav"}, {"text": "nuanced different drivers that affect the mattress pads and protectors versus the mattress fabrics, it would be helpful.", "audio_length_s": 8.13, "path": "799c15a4a6e9e3c86374761fec31c00a_93.wav"}, {"text": "or out of our North Carolina for customers that want a quicker delivery time but a little higher cost.", "audio_length_s": 8.13, "path": "799c15a4a6e9e3c86374761fec31c00a_119.wav"}, {"text": "Thank you. Before we begin, I need to read the following safe harbor statement. Statements or comments made on this conference call may be forward-looking statements", "audio_length_s": 8.13, "path": "0cfaeed8cd93dc274845d450e921aeb6_0.wav"}, {"text": "This is the second straight quarter that Riviera has beat guidance on adjusted EBITDAX, production and capital spending.", "audio_length_s": 8.13, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_32.wav"}, {"text": "but certainly we want to be fair to both the company and the supplier. The combination of those 2 certainly has had an impact", "audio_length_s": 8.13, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_185.wav"}, {"text": "comprise of special assets who would purely focus on collections and would not be doing any lending. And there was a Micro Banking, which continued business as usual.", "audio_length_s": 8.13, "path": "4abafd22e11b6ea5b43048d805ea115f_22.wav"}, {"text": "China truck sales have declined on average, and we anticipate calendar year to run about 25% of last year peak level.", "audio_length_s": 8.13, "path": "18e82b076319ac52f8a4b391ea345abd_142.wav"}, {"text": "So while we continue to see net inflation headwinds, we believe this is temporary in nature as more pricing is expected to layer in over time.", "audio_length_s": 8.13, "path": "18e82b076319ac52f8a4b391ea345abd_52.wav"}, {"text": "However, I'm pleased to share that we have largely addressed these issues and are confident that we will fully overcome these headwinds in the second half of the fiscal year.", "audio_length_s": 8.13, "path": "cd331fa6dd24e811af3c0529212bfbb8_62.wav"}, {"text": "The method change resulted in additional tax deduction for the examination years instead of a deferral of such deductions in later years.", "audio_length_s": 8.13, "path": "884400c829f179d8cf68b767f45f03a4_153.wav"}, {"text": "we sold quite a few assets at the end of the fourth quarter. Obviously, that NOI would be included in the fourth quarter run rate. Happy to help you there. And then the last thing is,", "audio_length_s": 8.13, "path": "11f02fb2db5d9fb5ff82f0374376f759_73.wav"}, {"text": "We have again included some presentation materials to go along with today's call that are also accessible on our website.", "audio_length_s": 8.13, "path": "ea80970d6b8e6fab10c4500aa7298914_1.wav"}, {"text": "We have an operational center that we set up in Singapore in order to provide the customers all the support they need.", "audio_length_s": 8.13, "path": "e0d1342ad3d27fd648b708837de08797_48.wav"}, {"text": "It's also been a time of change. I think we talked about this last time. We see some of our major customers, some of the leading", "audio_length_s": 8.13, "path": "8518e7d2073cc2898bd145e2e84ea482_77.wav"}, {"text": "as we said, we lifted our grain storage and sold our grain storage and lifted our piles that we have. You know that we have made a significant investment", "audio_length_s": 8.13, "path": "09b5b62d328d3d0719b6825357fdfb48_233.wav"}, {"text": "are making to customers. So we're just not selling out certain slots during certain part of the year to anticipate that.", "audio_length_s": 8.13, "path": "64364105b816dd0b6a029e9cd210e65b_256.wav"}, {"text": "When you get into the sort of second half of Conagra, that's really the first half of what", "audio_length_s": 8.13, "path": "b0d88c0f1efca89ecb928172341dc75d_65.wav"}, {"text": "very strong value proposition to encourage our customers to upgrade to the latest technology.", "audio_length_s": 8.13, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_89.wav"}, {"text": "This awareness makes ServiceNow even more relevant and more strategic to our customers and we're excited by this large opportunity.", "audio_length_s": 8.13, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_170.wav"}, {"text": "The storms did have an impact as the East Coast was essentially shut down for 3 days, and we are now in the process of recovering.", "audio_length_s": 8.13, "path": "14fa9d7635caae6483af62a4bfe1b9d6_204.wav"}, {"text": "It's important to note that the impacts of the rate case will be recognized for financial reporting purposes after a resolution is reached.", "audio_length_s": 8.13, "path": "f17bd619f65ff0b31c5103503bd56fdb_103.wav"}, {"text": "okay? Everything we do, we challenge whether we're doing it the best way. And we constantly look for best practices across our utilities", "audio_length_s": 8.13, "path": "2cd5b184c2ef6624ce219830182927c9_359.wav"}, {"text": "productivity focus and cash generation will allow us to continue to invest in value-enhancing growth opportunities.", "audio_length_s": 8.13, "path": "711d9abe4399e7184d7dd8e3273f8a71_199.wav"}, {"text": "Our lease rental revenue guidance reflects asset sales completed during the third quarter as well as additional dispositions we expect to complete by year-end,", "audio_length_s": 8.13, "path": "96488f25af54f91198b444e5eff8e878_184.wav"}, {"text": "We also made a decision to terminate a number of development projects in student accommodation and retirement living. These were", "audio_length_s": 8.13, "path": "ddabb30d106a115232a49981d62da464_1.wav"}, {"text": "Today, we have one of the best positions in the STACK, both in terms of our infrastructure, and diverse and active customer base.", "audio_length_s": 8.13, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_67.wav"}, {"text": "who are increasingly challenged to outperform their peers and, consequently, face lower volumes and thinner fees themselves.", "audio_length_s": 8.13, "path": "09eebad8f3c529b4c7d916c5f7766f7f_216.wav"}, {"text": "investing in core franchises and launching new products that we expect to be the foundation of our future growth.", "audio_length_s": 8.13, "path": "e69e64683a56cdadf1c95192e753f27e_2.wav"}, {"text": "For the completion and remedial segment revenue splits, it should be noted that we made slight adjustments to the service line percentages", "audio_length_s": 8.13, "path": "3c17ad8c6709cbb1a8f7190f567a445f_48.wav"}, {"text": "These large rig packages are important because they reflect the underlying strength of the current workover and completion market.", "audio_length_s": 8.13, "path": "3c17ad8c6709cbb1a8f7190f567a445f_6.wav"}, {"text": "that's always a good place to be. Our balance sheet is in a good position, and having refinanced, we've got a lot of runway.", "audio_length_s": 8.13, "path": "099475edf8f9944537773b1d0a2aaea6_15.wav"}, {"text": "This is a quirk of accounting standards, so for your benefit, we've calculated a pro forma continuing EPS for this year.", "audio_length_s": 8.13, "path": "6f1b092b312410065d308541be46da95_100.wav"}, {"text": "I am pleased to report that the steel quality and paint production issues have been corrected, and production is flowing normally.", "audio_length_s": 8.13, "path": "ee824d23bd881a3dc5ee8be881b7d18b_51.wav"}, {"text": "contracted obligated revenue that is not recognized yet. So when we talk about increasing our backlog by", "audio_length_s": 8.13, "path": "0807d606b6cf98da19b317b4928c3572_17.wav"}, {"text": "And on the upstream side, you guys would like to see maybe a little bit more clarity in the market before.", "audio_length_s": 8.13, "path": "0702a77635d50ec3b154df61456c1b63_49.wav"}, {"text": "overall kind of trajectory when we get there. But I think that's kind of where -- we would like to get to that level. As you remember,", "audio_length_s": 8.13, "path": "7e198f4b8da8fc367e2bca0fd1595633_18.wav"}, {"text": "comfortable. We did a strategic study that we talked about a couple of years ago, which gave us a range of", "audio_length_s": 8.13, "path": "0e410ca71e50235e520d5af32ce0f54a_158.wav"}, {"text": "so we expect this will be a very smooth implementation with minimal impact to existing territories.", "audio_length_s": 8.13, "path": "4d7256bec87696f6c5defa8f37db1b48_51.wav"}, {"text": "And competitive pressures particularly from competitors in Asia have intensified, and we expect this will continue to the back half of the year.", "audio_length_s": 8.13, "path": "b154f7c33e567e453cb765f4ac03dd2f_184.wav"}, {"text": "we get to know what they want and we're able to curate the assortments within the applicable banners that the customer will want. So", "audio_length_s": 8.13, "path": "c88e296697cd72c891ffb7bf5a1a60bb_105.wav"}, {"text": "Our ongoing investment in machine learning and our commitment to improving efficiency for advertisers is paying off.", "audio_length_s": 8.13, "path": "30a142fac5a62ab00227cb6a339a6226_72.wav"}, {"text": "This represents very strong underlying demand combined with some natural inventory build as the launch ramps.", "audio_length_s": 8.13, "path": "b1a98885c1d81414cdc122e807760faf_118.wav"}, {"text": "Our Pro customers felt that our pricing strategy was undermining their ability to do business with us on a profitable basis", "audio_length_s": 8.13, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_61.wav"}, {"text": "supply chain challenges as much as sort of anybody else has as well if everybody's been ramping up to the higher levels of activity.", "audio_length_s": 8.13, "path": "9dcce10786aa9db4cdc6cc4649adacdd_39.wav"}, {"text": "health savings account that's going to bring in multiple hundreds of millions of dollars. We will look to expand, certainly,", "audio_length_s": 8.13, "path": "a98061f951c1b2c7a915e296098bc4de_158.wav"}, {"text": "as compared to higher shipments in the comparable period in the prior year, primarily related to international sales.", "audio_length_s": 8.13, "path": "9b83a4dcac688347e3b13ca7c55660ed_11.wav"}, {"text": "memorabilia collectors and we -- there may be some of that internationally, too. But right now, we see it as primarily for coins.", "audio_length_s": 8.13, "path": "ff59c33225941d4025bcecc8fe1a4b32_22.wav"}, {"text": "As has always been the case, the consumer has the power to choose. They are free to choose a different product, a", "audio_length_s": 8.13, "path": "19e7822c0e829faf25355c16b830cf39_80.wav"}, {"text": "so I think you can see how difficult it will be for others to get to this point especially in the Canadian market. Again, I think we're just beginning to see the benefits of this investment.", "audio_length_s": 8.1299375, "path": "f3ea353a6c918bc1fd311a9cad6b9777_70.wav"}, {"text": "There's simply a lot of change to absorb. It took a lot of collaboration and commitment to get us where we are today.", "audio_length_s": 8.1000625, "path": "9cd9b67e289e807d677aabc5765fec6a_62.wav"}, {"text": "With that I will now turn the call over to Kevin McLaughlin, our Chief Financial Officer, to run through the financials for the quarter.", "audio_length_s": 8.1, "path": "070a939ddb72d87ed87e4b863da14a89_100.wav"}, {"text": "Moving to Slide 7, we recently launched the new Syniverse brand as the World's Most Connected Company", "audio_length_s": 8.1, "path": "139f0a6300f504b3e8673e39b0429161_53.wav"}, {"text": "As we had always guided, that there would be variable incremental expenses associated with the Block transaction.", "audio_length_s": 8.1, "path": "b7050f62f52a3d2803beea21404f7af6_153.wav"}, {"text": "we don't get rid of this kind of currency fluctuations in Argentina. We will keep you posted on", "audio_length_s": 8.1, "path": "a95a220f118ae793c89d6d708e62cf8a_225.wav"}, {"text": "Now I realize that Marvell has had some challenges lately, but I believe that this is the best time to join a company to help lead it to the next level.", "audio_length_s": 8.1, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_82.wav"}, {"text": "So we spend a lot of time on the FY '16 look back, and you can see the implications of", "audio_length_s": 8.1, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_102.wav"}, {"text": "is if cyber find its way out of the admitted market back into the non-admitted marketplace, where I think it ought to be,", "audio_length_s": 8.1, "path": "aaf7e3a1cc8cf65ccf788923cb583954_147.wav"}, {"text": "With our regulatory issues behind us, we are a stronger company today and better prepared to grow to the next level.", "audio_length_s": 8.1, "path": "54cde38ae040b5e2c4e1f3c85691f907_84.wav"}, {"text": "I think that the number of sites and the distribution of sites and the distribution of patients,", "audio_length_s": 8.1, "path": "2602edddc3363eadcaafe1c33271f3e4_27.wav"}, {"text": "and positive duration enabled us to weather the rates rally without having to change our asset and hedge composition in any meaningful way.", "audio_length_s": 8.1, "path": "223f05c0b9b116532e9af84afa76cac7_100.wav"}, {"text": "a reference to the amount of runway they have in front of them to grow their database as well as provide innovative new solutions.", "audio_length_s": 8.1, "path": "0755f4b74dda585f3975c7d8208b1598_271.wav"}, {"text": "The current half year operating cash flow reflects a more normalized result with a large number of working capital swings", "audio_length_s": 8.1, "path": "3bdb43dc1bcef6eff76f45efedb6a211_6.wav"}, {"text": "But in our literal interpretation of the white paper, we saw the opportunity to make the change on the maintenance CapEx, which we did.", "audio_length_s": 8.1, "path": "6b45877b719000e47adfd1ec118c376a_138.wav"}, {"text": "As oil becomes more valuable, as the rigs become busier, we will probably see that replacement business pick up also.", "audio_length_s": 8.1, "path": "55d05334bdde612eb9dd102bb41d216e_95.wav"}, {"text": "We must also reassert ourselves in products with strong and improving performance and bring our best thinking to product innovation.", "audio_length_s": 8.1, "path": "8cb24daf76784487ad63780546dc4ba4_121.wav"}, {"text": "But we felt that it's important for us to continue to -- or at least at this point in time to understand, what is", "audio_length_s": 8.1, "path": "e824f4380f8203a1e3ed60e7da1e39e5_127.wav"}, {"text": "to deliver our results. At the same time, we made significant investments to position the bank for future growth.", "audio_length_s": 8.1, "path": "7974a5134807f46a1484a8adf81505be_70.wav"}, {"text": "Thank you, Tom. Let me wrap up by saying things are getting very exciting at BioCryst, especially when you look at the progress we've made so far this year.", "audio_length_s": 8.1, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_12.wav"}, {"text": "people don't realize how hard it is to contract with these complex integrated health networks.", "audio_length_s": 8.1, "path": "56e05107e391476d11fe1f637733f028_35.wav"}, {"text": "strong business performance and expense reduction associated with integration of our recently completed transactions.", "audio_length_s": 8.1, "path": "6616e76da46baea11d6032fc063716c1_52.wav"}, {"text": "we have a broad range of alternatives available to us and we're continuing to explore all of those going forward. So", "audio_length_s": 8.1, "path": "46906afb4e1ee1fef09b5908e76beefa_129.wav"}, {"text": "So we just went over -- were able to overcome some of that, but I don't think that, that in any way", "audio_length_s": 8.1, "path": "01502edf6cda82061f1f45d6b0e8e189_185.wav"}, {"text": "information to find it. In the old days, when I grew up in the business, you'd just throw a lot of bodies at it and hunt and peck and try to find it.", "audio_length_s": 8.1, "path": "145244b0378e6657d456cffca8bbc982_130.wav"}, {"text": "I would say as it relates to any data that we may have generated prior to the briefing document going in,", "audio_length_s": 8.1, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_107.wav"}, {"text": "As in the first quarter, international wholesale achieved the highest percentage and dollar increase of our 3 distribution channels.", "audio_length_s": 8.1, "path": "2fc915b996c687200d995736980aae9a_62.wav"}, {"text": "and interact within their home and what devices they use, and we are constantly looking for ways to make their life easier. In essence,", "audio_length_s": 8.1, "path": "833f98dbc79997580b24335033aac5d2_11.wav"}, {"text": "to keep pace with accelerating opportunity and activity. I believe we've done a very good job in this regard,", "audio_length_s": 8.1, "path": "8292bdb9af87f10627c044f3842b2c76_80.wav"}, {"text": "The team has worked extraordinarily hard to deliver the results that we delivered last year. I could not be prouder of them than I am.", "audio_length_s": 8.1, "path": "e26b501c6e000fdaa11edde97cc71436_68.wav"}, {"text": "all of the good there was created by the things that we've been doing to", "audio_length_s": 8.1, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_89.wav"}, {"text": "for future initiatives, particularly investing in technology to drive further efficiencies in the store's operating model.", "audio_length_s": 8.1, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_79.wav"}, {"text": "meaning that we are more likely to have faced and successfully navigated challenges and that we are the low risk purchasing decision for our customers.", "audio_length_s": 8.1, "path": "8957425799e5ce0200bfacf204d0acde_176.wav"}, {"text": "The quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call.", "audio_length_s": 8.1, "path": "47a303604df9f9fc9f2f89a9280c3a79_67.wav"}, {"text": "This was primarily due to a reduction in expenditures in each of the business segments and negative ForEx translation effects.", "audio_length_s": 8.1, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_46.wav"}, {"text": "We have ample headroom around the current household ownership cap, but of course, a higher cap creates even more possible combinations.", "audio_length_s": 8.1, "path": "403903eb119bfc1cec44d86ec907077a_144.wav"}, {"text": "For example, we work on and measure every day discrete items that drive operational excellence.", "audio_length_s": 8.1, "path": "e743ddc0caabaebf5e9a6568eaef8334_84.wav"}, {"text": "As I mentioned before, I am proud of our team's accomplishments this past year and the significant improvements we continue to see.", "audio_length_s": 8.1, "path": "e56726c7aedd69029957c84128050700_100.wav"}, {"text": "and growth in our SaaS offerings was more than offset by lower mutual funds volume in U.S. Investment Markets,", "audio_length_s": 8.1, "path": "1244d2b5a259c3bc73742830d60d53fc_12.wav"}, {"text": "someone who can drive these things from start to finish as we work with the Group Presidents and think about how we can better", "audio_length_s": 8.1, "path": "43942582edfb20599f3e7456137f8deb_123.wav"}, {"text": "and we've seen increased momentum during quarter 4 last year, which encouragingly has continued into this year", "audio_length_s": 8.1, "path": "6e3037e770ba5e0dfc98e3223986aad2_2.wav"}, {"text": "was not our strongest asset and therefore, it was not identifying the places to use some of our pop health assets.", "audio_length_s": 8.1, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_180.wav"}, {"text": "And we expect, particularly given the recent market events, that Sprott is on a positive trajectory going forward.", "audio_length_s": 8.1, "path": "a8034762296368c60571fcde382c3274_113.wav"}, {"text": "of the revenue was due to the reclassification of how some of the economics will flow with our customers.", "audio_length_s": 8.1, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_130.wav"}, {"text": "So there's nothing really out there which, at this point, says that even though we're in the fourth quarter here, there is anything imminent", "audio_length_s": 8.1, "path": "616e9ba16db091317ae4d96e877a9bbe_35.wav"}, {"text": "this was a good environment to generate above-average returns. If we look at our main portfolio", "audio_length_s": 8.1, "path": "38b2f94da12bbf2d32246763aab8265a_94.wav"}, {"text": "we can provide an expanded selection of new and used textbooks to lower the cost of supply", "audio_length_s": 8.1, "path": "da14df2e02d11f6f8599533d9d57faee_19.wav"}, {"text": "the enhanced ability to go to schools and offer the hybrid solution that we don't currently have the capability on.", "audio_length_s": 8.1, "path": "da14df2e02d11f6f8599533d9d57faee_137.wav"}, {"text": "And to be honest, as we said in the first quarter as well because there was a lot of discussion around, are you seeing pressure on volumes in the first quarter?", "audio_length_s": 8.1, "path": "b96165244f010b3f1e61cbbc5e504d96_16.wav"}, {"text": "And our commitment to delivering exceptional products and services to customers who trust and counted us will guide us going forward.", "audio_length_s": 8.1, "path": "ea97a179f1be386d6cd36637ae70a1fc_50.wav"}, {"text": "Gateway West is really about reliability on our system and availability to better manage our footprint.", "audio_length_s": 8.1, "path": "a7e7a1621af9b4e850260f9824ee8746_66.wav"}, {"text": "In addition, more than 25 states and metros have enacted new infrastructure funding measures over the past 3 years.", "audio_length_s": 8.1, "path": "bab12f620df0f367e74acdcc467686f1_180.wav"}, {"text": "continued to generate solid growth in their aggregate earnings as the weighted average EBITDA growth over the past 12 months", "audio_length_s": 8.1, "path": "8aa1aa8317783203344434f855535c25_15.wav"}, {"text": "Additionally, we want to be more conservative in our revenue outlook because we are still in the early stages of developing our sales agency channels.", "audio_length_s": 8.1, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_52.wav"}, {"text": "Although the investment will be higher than anticipated this year, due to our pacing of store openings and RV dealership integrations,", "audio_length_s": 8.1, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_141.wav"}, {"text": "I think Martin and I both believe, those challenges have reinforced the strategic logic behind the merger.", "audio_length_s": 8.1, "path": "be8b554309f7632bc9ebbd967764001e_210.wav"}, {"text": "We are deeply aware, these investments are held ultimately to create value for shareholders.", "audio_length_s": 8.1, "path": "be8b554309f7632bc9ebbd967764001e_150.wav"}, {"text": "When you grow your domestic collector workforce as much as we have in 18 months, it's expected for average tenure to decrease.", "audio_length_s": 8.1, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_56.wav"}, {"text": "ramp up the productivity of all these new hires? Or is that offset by a more favorable macro backdrop?", "audio_length_s": 8.1, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_122.wav"}, {"text": "and then taking that further into EBITDA combining with where those assets are going on our platforms. The profitability associated with that mix,", "audio_length_s": 8.1, "path": "8a77ceadd7e4729abc9102d38be3a227_37.wav"}, {"text": "people will still buy their telephone cards or start to buy them a little bit quicker, whilst they run down their bottle of shampoo.", "audio_length_s": 8.1, "path": "47b1a118c53956b23f1d687a75f3e5ba_52.wav"}, {"text": "there was a lot of discounting going on in the marketplace, and we didn't go chasing after a lot of that volume. And so that showed up in those volume numbers as well.", "audio_length_s": 8.1, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_138.wav"}, {"text": "We continue to work closely with our customers in developing new products as we support the marks to complete 5G deployment.", "audio_length_s": 8.1, "path": "9c3a67f574514131f1f506b2f9905bed_59.wav"}, {"text": "We now live in a connected world, which continues to require an increased demand of electronic components and solutions.", "audio_length_s": 8.1, "path": "9c3a67f574514131f1f506b2f9905bed_35.wav"}, {"text": "we have more than offset recent unit declines and grown Operational Services orders, our most profitable business, for 3 consecutive quarters.", "audio_length_s": 8.1, "path": "6c43a32379bfc34fc8cfe84ff94d6498_74.wav"}, {"text": "that segment, I guess it's quite logical that you lost in the premium segment and you substantially gained", "audio_length_s": 8.1, "path": "b305bff75f28d238f0bd7da5bd4f13b8_279.wav"}, {"text": "And that integration is going extremely well. We have received an overwhelmingly positive response for our customers", "audio_length_s": 8.1, "path": "16ed973148ce103dc95fdcfaf35bbe7b_76.wav"}, {"text": "Before turning the meeting over to management, please be advised that this call contains forward-looking statements that are based on current expectations", "audio_length_s": 8.1, "path": "0794a2f02bbe89feb49651735bba77c5_41.wav"}, {"text": "different categories of Chinese content, films and TV programs out there for a Western audience to actually view", "audio_length_s": 8.1, "path": "20097e37747ec7bc3734246e83798fb1_172.wav"}, {"text": "Contracting has continued to slow materially during 2016. New orders placed during the first 9 months of the year", "audio_length_s": 8.1, "path": "62246783cdfc5083ebb32cff71ccd38b_48.wav"}, {"text": "Yes. And so Paul, at the risk of you chastising me into giving you other numbers prior to the 10-K being out,", "audio_length_s": 8.1, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_23.wav"}, {"text": "Finally, in a positive move that reflects our strong performance and confident outlook, yesterday we announced", "audio_length_s": 8.1, "path": "959dcc8fe47eb1aa44183740e1a46ad5_63.wav"}, {"text": "In addition to our Air Transportation business, revenues and income for Airline Related businesses also increased.", "audio_length_s": 8.1, "path": "b0b83ac66a31c5096a75bb1927c557e2_91.wav"}, {"text": "do you envision yourselves kind of announcing it when it's -- when it goes hard or announcing it when it closes? Because we've obviously seen", "audio_length_s": 8.1, "path": "b1da16cba24af8e472573c4c9caf17c7_151.wav"}, {"text": "reached the Phase I milestone in the fully funded primary metabolite research program we began at the start of last year.", "audio_length_s": 8.1, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_83.wav"}, {"text": "In monthly premiums, the rest of the industry aligned with our PMIERs base rate card as of April,", "audio_length_s": 8.1, "path": "53889f50eda8b316a01a3df89d226e7f_99.wav"}, {"text": "we can see technological empowerment. And then in terms of building ecosystems, we can be faster.", "audio_length_s": 8.1, "path": "b126e11520fd54843c67f70f15cd30cc_200.wav"}, {"text": "very well known for using technology to enhance customer experience, selected our APIs for account verification.", "audio_length_s": 8.1, "path": "52a4e3ebf7e968a783401230c3f69a9d_176.wav"}, {"text": "which we did not intend to develop and for which we received capital to support our internal development plan.", "audio_length_s": 8.1, "path": "7f0b365cacc47c00a8284b0070994e4a_108.wav"}, {"text": "Subscriber growth continues to be strong in Mexico. We added more than 500,000 new subscribers in the quarter", "audio_length_s": 8.1, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_222.wav"}, {"text": "that people can count on that production being there through the valleys and peaks that tend to occur in the oil business.", "audio_length_s": 8.1, "path": "74d0910b4af16f82a812bddbb151d966_91.wav"}, {"text": "and continue to represent potential mitigation strategies to offset pricing pressures with strategies to grow volume.", "audio_length_s": 8.1, "path": "0e52a74a184c92ad0c336af764aa0796_68.wav"}, {"text": "at the higher end of activity there as well. Somewhat of a mild winter fourth quarter, it just allowed for a more active fourth quarter", "audio_length_s": 8.1, "path": "532e653f6aa6c3bf43a5b256bb4c1254_135.wav"}, {"text": "The primary driver of this increase over our prior guidance is the onboarding of the Wisconsin business.", "audio_length_s": 8.1, "path": "f1da65edd5f2026ffd647d496bb96ce7_68.wav"}, {"text": "which we were embarking upon, but we saw the opportunity to acquire an already market accepted", "audio_length_s": 8.1, "path": "262bc21196721c5ff9114acbd2ff03c3_269.wav"}, {"text": "to really say definitively what kind of realizations you're going to '16 and '17. We have our contract book", "audio_length_s": 8.1, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_117.wav"}, {"text": "industry trend of a sector base does not overly impact you. And I think we're pretty good positioned for that.", "audio_length_s": 8.1, "path": "b3d7bc295d09d9927e465213612c0192_100.wav"}, {"text": "That's been corrected. And as we're walking into the first -- the second half of the year, we're seeing some uplift in the renewals, and we believe that we're", "audio_length_s": 8.1, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_88.wav"}, {"text": "I think your wording was several quarters. So that implies you think within a year or so you could be moving in the right direction?", "audio_length_s": 8.1, "path": "7ebbb41dcefeb482191f8bc22031b5d9_85.wav"}, {"text": "These features allow the user to follow the contour of the skin and avoid the stamping effect often seen with competing fractional lasers.", "audio_length_s": 8.1, "path": "33ed8514914fae6825997843290fe049_6.wav"}, {"text": "Does it in particular make sense to maybe generate some additional cash for share repurchases just given where the stock trades relative to NAV? So", "audio_length_s": 8.1, "path": "735a523f1ef6500b7aa97a2536d9c4fd_224.wav"}, {"text": "Turning to our Real Estate, Energy and Natural Resources segment. Second quarter earnings and adjusted EBITDA will be lower than the first quarter", "audio_length_s": 8.1, "path": "735a523f1ef6500b7aa97a2536d9c4fd_139.wav"}, {"text": "together with an increase in weather-related claims experienced in insurance, as well as the overall impact of a strengthening rand.", "audio_length_s": 8.1, "path": "dffe8257f781608bb17bb637249e4d2a_288.wav"}, {"text": "at least with PayPal, an average of about 3x. So we think we can help small businesses through these new capabilities", "audio_length_s": 8.1, "path": "49e533a8449f6b9b6c806458e73338e1_48.wav"}, {"text": "Dan, I'll hand it back to you now. Thanks, Bill. It's great to see deep relationships, like those we have with Walmart", "audio_length_s": 8.1, "path": "49e533a8449f6b9b6c806458e73338e1_78.wav"}, {"text": "for early extinguishment of debt in Q3, associated with the redemption of the TRUPs. The vast majority of which were redeemed earlier this week.", "audio_length_s": 8.1, "path": "7cc11de7f206c637e6293da0d956405e_199.wav"}, {"text": "I guess my question is how much of the improvement in the quarter was a function of mix and some of these larger projects", "audio_length_s": 8.1, "path": "757695924b5e43c7d44e29dc141cc035_106.wav"}, {"text": "we can't sit here today and say there's not risk. There is a chance for risk, but we feel good that we have accounted for everything we do know.", "audio_length_s": 8.1, "path": "757695924b5e43c7d44e29dc141cc035_38.wav"}, {"text": "He brings very strong competencies to our company in large project execution in the global power industry.", "audio_length_s": 8.1, "path": "757695924b5e43c7d44e29dc141cc035_184.wav"}, {"text": "we'll wait and see. But the net of that is that the competition is still out there. The other thing in terms of looking at the competition", "audio_length_s": 8.1, "path": "3d3b327645f62f252bb876e5bb4a9259_131.wav"}, {"text": "for the product. I think earlier on we probably had the younger set, but as", "audio_length_s": 8.1, "path": "e42f90eacf0e766ff39973c6aca06c93_146.wav"}, {"text": "Can you tell us about the competitive environment there? I know it's a very fragmented market. There's some legacy players and there's a couple of new players that I think are taking share.", "audio_length_s": 8.1, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_121.wav"}, {"text": "as strength on the corporate group side indicates optimism in the broader economy and a return to corporate spending", "audio_length_s": 8.1, "path": "b4fc31ae6403a17b15c30d3ec3b82487_58.wav"}, {"text": "Well, we don't want to give you any numbers, but I would like to say that the Jazan project is making good progress.", "audio_length_s": 8.1, "path": "e33785a294553de2a12d4463bf786744_126.wav"}, {"text": "and through creating a small dedicated team focused on the tourism business and third spaces.", "audio_length_s": 8.1, "path": "3877b1983229ec488c6349a188bccf92_103.wav"}, {"text": "We have to recognize that this is an important long-term customer decision that needs input and careful consideration.", "audio_length_s": 8.1, "path": "7498a6630302a038bd537d192c3a44f4_12.wav"}, {"text": "And coming out of a meeting in California this week with a bunch of cardiologists, there's a lot of enthusiasm for the unique capability", "audio_length_s": 8.1, "path": "8b3fb852b7afa89068326fa10e2e7563_45.wav"}, {"text": "and we'll leverage our leadership position in RFID to build partnerships and grow share within the core business.", "audio_length_s": 8.1, "path": "4721d5a2e7061d90a4e4e4768adc2486_65.wav"}, {"text": "It's a little bit of a different agent but nevertheless, the process is the same. So I think the partnering is important", "audio_length_s": 8.1, "path": "e29584f9f829602cacebcce71c2a4fb9_68.wav"}, {"text": "Our global efforts are focused on disease awareness and medical education to expand health care providers' knowledge and recognition", "audio_length_s": 8.1, "path": "299bad77345d2e44fa5768f4416f7b97_189.wav"}, {"text": "This relates to the surface flaking issue that affected a small portion of products produced at our Nevada plant before 2007. To", "audio_length_s": 8.1, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_152.wav"}, {"text": "We continue to roll out programs that strengthen our brand relationships with consumers and the trade.", "audio_length_s": 8.1, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_99.wav"}, {"text": "This upcoming quarter will be our fourth year in a row enhancing our gift-giving selection for the holiday season.", "audio_length_s": 8.1, "path": "9908957f60adff5efc1c8692a0f5ab38_166.wav"}, {"text": "the proposed rule also includes changes to case mix weightings and the outlier payment methodology.", "audio_length_s": 8.1, "path": "b126c31149f1cadf1d891082a187d6fc_213.wav"}, {"text": "they really focused on all of those areas in terms of deciding whether we have achieved first quartile performance.", "audio_length_s": 8.1, "path": "e0d1342ad3d27fd648b708837de08797_117.wav"}, {"text": "And I think we're starting to see opportunities around the world to now continue to have those discussions as we go into 2019. And I", "audio_length_s": 8.1, "path": "bfb0fac9575cd0820a660f2577199468_131.wav"}, {"text": "from plus 50 to plus 25 to 50 on a full year basis, but you talked a lot about mix. I was hoping you could tell us a little bit more", "audio_length_s": 8.1, "path": "ed2810b765143f8341dcc8e8c14c27f1_114.wav"}, {"text": "The majority of our surplus inventory can be sold into other markets. Only a relatively small number of the units are highly customized", "audio_length_s": 8.1, "path": "383cf39e54475c8a25af2af7b35c6f2e_77.wav"}, {"text": "and he will continue to be an inspiration to the many people whose lives he touched through his irresistible passion and energy.", "audio_length_s": 8.1, "path": "52ea66e70853eaa0c1183ddfa31b760a_46.wav"}, {"text": "So interest expense on the statement of earnings differs from the actual interest paid in the quarter due to hedge accounting.", "audio_length_s": 8.1, "path": "7847510c8c1280e54583ff033a9decb2_49.wav"}, {"text": "What we've done in FY '17 confirms that our long-standing strategy of delivering connected and sustainable energy solutions", "audio_length_s": 8.1, "path": "4ee3c79ebc57c9870b221b9479d52436_146.wav"}, {"text": "partially offset by a slow start to the spring planting season that negatively impacted our parts and service business.", "audio_length_s": 8.1, "path": "ee17f090e669ff9029bd1dc57db6e43e_60.wav"}, {"text": "Actual results could differ materially from the statements made on this call today. All statements made on the call are made as of today.", "audio_length_s": 8.1, "path": "8611e088fa81dc9b999c382b62641dfc_48.wav"}, {"text": "of these improved fuel economy on this new equipment. Thirdly is our insurance and claims.", "audio_length_s": 8.1, "path": "14fa9d7635caae6483af62a4bfe1b9d6_70.wav"}, {"text": "that the board would be inclined to increase the dividend? Or do you prefer to retain that capital and use it to reinvest in the business?", "audio_length_s": 8.1, "path": "3bc6d3e1c0a117340d288c289bf7f679_111.wav"}, {"text": "every best practice we can bring into the business from what IBERDROLA has rolled wide and anything else we can find that's going on in the industry.", "audio_length_s": 8.1, "path": "2cd5b184c2ef6624ce219830182927c9_345.wav"}, {"text": "Right now, where we see it is as it develops and I think most would agree that the storage is not", "audio_length_s": 8.1, "path": "2cd5b184c2ef6624ce219830182927c9_390.wav"}, {"text": "has a little bit more of an interest to the types of folks we hire and have been successful in retaining. So", "audio_length_s": 8.1, "path": "02242ceddfeb4bcc65f04552b63fe80e_75.wav"}, {"text": "our mill operations are highly integrated with our converting platform as we consume over 85% of the paperboard we produce.", "audio_length_s": 8.1, "path": "1d021dfadd51998ac079e1df49929c60_52.wav"}, {"text": "and enabling us to deliver superior customer value, all of which are critically important in the current economic environment.", "audio_length_s": 8.1, "path": "711d9abe4399e7184d7dd8e3273f8a71_78.wav"}, {"text": "All of which have been partially offset by typical pricing headwinds of just under 2 percentage points annually.", "audio_length_s": 8.1, "path": "09eebad8f3c529b4c7d916c5f7766f7f_333.wav"}, {"text": "real variability baked into our pricing, and we don't see that pricing structure as having changed", "audio_length_s": 8.1, "path": "09eebad8f3c529b4c7d916c5f7766f7f_403.wav"}, {"text": "to seeing more business consolidate with us and us having in the end a much higher share of the wallet.", "audio_length_s": 8.1, "path": "09eebad8f3c529b4c7d916c5f7766f7f_385.wav"}, {"text": "We are focused on controlling what is within our control and maximizing results with the core assets we have in the portfolio of today.", "audio_length_s": 8.1, "path": "c71a6ab1a0697010811c89200ab21613_102.wav"}, {"text": "We have seen a significant increase in traffic to our website and have a number of new residential prospects in hand as a result.", "audio_length_s": 8.1, "path": "3d0f5785f81125b6efa2339a4aef56aa_30.wav"}, {"text": "As for margin, we do expect more of the cost down efforts to be realized in the coming quarter, but expect a slight headwind from product mix as well.", "audio_length_s": 8.1, "path": "0668081864383eb57919b99c85649753_84.wav"}, {"text": "And with that very quick overview, I'd like to turn it over to our Chief Financial Officer, Tammy Romo, to take us through the quarterly financials.", "audio_length_s": 8.1, "path": "910a1a60a0549a5973f42bb19b66a0ae_145.wav"}, {"text": "The reduction on these projects was partially offset by an increase in non-load-related spend to meet RIIO outputs.", "audio_length_s": 8.1, "path": "6f1b092b312410065d308541be46da95_91.wav"}, {"text": "The review did result in some changes to specific outputs, but as expected there were no changes to the key financial parameters.", "audio_length_s": 8.1, "path": "6f1b092b312410065d308541be46da95_165.wav"}, {"text": "We believe the coming year will demonstrate the growth potential of our asset base, the internal capabilities we have developed with respect to redevelopment execution,", "audio_length_s": 8.1, "path": "1cfd7da6c2da11f7e3f7102a6265146b_191.wav"}, {"text": "You can see that with a recent development in the currencies, we now expect", "audio_length_s": 8.1, "path": "3c01ad6de1eb32de94f246387918fa2b_20.wav"}, {"text": "yes. So what adjustments are you making to be able to adjust to that lack of volume coming from them?", "audio_length_s": 8.1, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_94.wav"}, {"text": "Okay. Got it. And then just one more question, and I don't know if you guys can talk on this just because it's kind of recently announced. The Navy announced that", "audio_length_s": 8.1, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_143.wav"}, {"text": "sourcing capabilities. And she will have to have a few months of learning the business, and then she will start to unlock", "audio_length_s": 8.1, "path": "7bac04f03928ee8894ab00007116400b_39.wav"}, {"text": "A critical element of our success will depend on the ability of our organization to work smoothly as a team", "audio_length_s": 8.1, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_171.wav"}, {"text": "geographic expansion opportunities in these markets and as well expand our presence into new territories and markets to further grow market share.", "audio_length_s": 8.1, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_96.wav"}, {"text": "and forward curves will offer us multiple opportunities to hedge above our point of view, especially as retail players look to hedge those periods.", "audio_length_s": 8.1, "path": "16c235a53fc719ec92ef3b3c3b371150_159.wav"}, {"text": "so our momentum for our technology center solutions continue to grow and we expect to convert additional opportunities to contracts in the coming months.", "audio_length_s": 8.1, "path": "c2a4f7aacf0036edc5b94457c0d8329a_9.wav"}, {"text": "So far, a lot of reasons we think the outlook for the top line is balanced. The earnings outlook is obviously got a range on it because of", "audio_length_s": 8.0700625, "path": "d28b2b09c127b5be033738aa3cd380b3_181.wav"}, {"text": "up -- revised upwards in a similar manner? Or do you guys have an idea of how it might shake out in October?", "audio_length_s": 8.0700625, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_36.wav"}, {"text": "So we can do that with Renewables. We have rate cases that are already in place that are going to help us, and it's getting more efficient with all of our operations.", "audio_length_s": 8.0700625, "path": "2cd5b184c2ef6624ce219830182927c9_135.wav"}, {"text": "The new reporting methodology will help to avoid the corresponding volatility in revenue development.", "audio_length_s": 8.07, "path": "c459f473b2c99662c3e29eeb2df74043_48.wav"}, {"text": "we believe, have to invest in riskier levered asset classes and to put more leverage on the books.", "audio_length_s": 8.07, "path": "92b48b365197c65ebf545a4c9dd1200d_10.wav"}, {"text": "We're helping them understand some emerging companies that have technologies, and this was where our Plug and Play", "audio_length_s": 8.07, "path": "6e6da7f810609ce64857373f11984455_28.wav"}, {"text": "And our kind of normalized investments as we go forward for the balance of this year and next year will be concentrated", "audio_length_s": 8.07, "path": "6e6da7f810609ce64857373f11984455_57.wav"}, {"text": "But what it does mean, in order to really mitigate that damage and do the best thing for your dollars spent over the long term and the best thing", "audio_length_s": 8.07, "path": "7d2a9151826f1fbcf538ffbf85924ed2_135.wav"}, {"text": "And is this actually -- can you quantify the effect roughly? And is this really a one-off? Or should we really expect", "audio_length_s": 8.07, "path": "a95a220f118ae793c89d6d708e62cf8a_141.wav"}, {"text": "we're going to talk more about that after Matt's been on the ground a little while. But I can tell you one thing.", "audio_length_s": 8.07, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_90.wav"}, {"text": "the whole Midstream business, Paul. So it's really that commitment to getting that size and then just looking beyond that is to continue to grow.", "audio_length_s": 8.07, "path": "8b6c481f7fe797353fefe886e205bbaa_127.wav"}, {"text": "I think that there was a significant winter event in Q1 that impacted our industrial businesses", "audio_length_s": 8.07, "path": "3557b21a45c35e71e82cc43b19977855_110.wav"}, {"text": "Overall, we see that our strategy of moving customers to integrated solutions and growth in IT is working.", "audio_length_s": 8.07, "path": "2f888e63a31b86cc2f4f97710e8eed79_235.wav"}, {"text": "We're launching our melanoma indication in more than 50 markets globally, and we are preparing for launches in additional tumors.", "audio_length_s": 8.07, "path": "f0ce0d97cf62c9076226e0aeeb550493_11.wav"}, {"text": "I think as we've said for many years, we'd like to get that below 14%. We've done that, and I think we feel good about it. I think there's more opportunity here.", "audio_length_s": 8.07, "path": "d28b2b09c127b5be033738aa3cd380b3_171.wav"}, {"text": "contributed in the same way as our luxury division did is, as I pointed out,", "audio_length_s": 8.07, "path": "9014ac9cbc2cff30468f1bcb659c0f66_267.wav"}, {"text": "And we do see that the stores that we market are performing better, so now all new restaurants receive marketing at their opening.", "audio_length_s": 8.07, "path": "1f1b29266d2cede9b8f0f06ca57aae17_175.wav"}, {"text": "Please turn to the slide at the bottom of the next page, Slide 18, Technology Solutions Services.", "audio_length_s": 8.07, "path": "2a59b9df2de5248e64727f10185a8423_44.wav"}, {"text": "the price increases that we're getting associated with that and then the new business sales augmented, specifically, I would say,", "audio_length_s": 8.07, "path": "e824f4380f8203a1e3ed60e7da1e39e5_111.wav"}, {"text": "In terms of lounges, we opened the deck and closed the cabin, so again very much investing heavily in the customer side there.", "audio_length_s": 8.07, "path": "cb054f97c9550389265154e2994a520a_42.wav"}, {"text": "as well as being selective with the orders we fulfill, which is easier to do when your inventories are in good shape.", "audio_length_s": 8.07, "path": "67716cee321d117b0318930dd142f06a_119.wav"}, {"text": "from the Health and the Benefits business that you'd expect over time you can either take out of the organization or redeploy into growth areas?", "audio_length_s": 8.07, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_24.wav"}, {"text": "is really holding very, very steady. And I'm just -- I'm especially interested in what's going on underneath the hood of the tract mortgages,", "audio_length_s": 8.07, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_34.wav"}, {"text": "We continue to focus on opportunities for efficiencies and reductions in higher overhead levels of our recent acquisitions.", "audio_length_s": 8.07, "path": "b34f680a9162805e0188170d6272a356_186.wav"}, {"text": "We have 2 large successor funds in the market, and we have a platform that has considerable opportunity for further scaling.", "audio_length_s": 8.07, "path": "1b91eb82f5211000e711424657cc2484_270.wav"}, {"text": "and lastly, the global trend away from traditional banking and the acceptance of private debt as an investable asset class.", "audio_length_s": 8.07, "path": "1b91eb82f5211000e711424657cc2484_181.wav"}, {"text": "It is appropriate to note that this trend shift was partly a consequence of digital innovations designed in our digital labs", "audio_length_s": 8.07, "path": "d085781ecd776da8a9c4d31ad547606b_215.wav"}, {"text": "And you go -- you will have these stop and starts going on. So it's all very confusing is what I'm trying to come -- to get on. And I'm not sure", "audio_length_s": 8.07, "path": "9e937c87ad87f354d42a688156853a30_48.wav"}, {"text": "And then you mentioned the pricing coming with menu news, and now it's going to be accelerating.", "audio_length_s": 8.07, "path": "75fa1bebed0b858c76cc7058477e40e2_86.wav"}, {"text": "We continue to progress a diverse portfolio of life cycle management and mid-to-late phase development programs with well over a dozen ongoing trials.", "audio_length_s": 8.07, "path": "46906afb4e1ee1fef09b5908e76beefa_62.wav"}, {"text": "This is primarily due to an increase in demand for wavelength selective switches driven by carrier deployments in India and China.", "audio_length_s": 8.07, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_81.wav"}, {"text": "As Dan had mentioned, we recently moved into a new manufacturing facility in Mexico, which significantly expands our capacity.", "audio_length_s": 8.07, "path": "6f2c2a55736c5c47a19eca807ec60e33_40.wav"}, {"text": "were less responsive to EPO in the comparator arm, consistent with the published historical ESA studies.", "audio_length_s": 8.07, "path": "2a5b0a6532fa2b71915a2930be02621a_73.wav"}, {"text": "The new mail route means much more flexibilization of the business model we see within Mail in the Netherlands.", "audio_length_s": 8.07, "path": "fa45af64ef25007f998c655347bfbecb_337.wav"}, {"text": "But I think you're getting a bit of a step this year. And what we're looking at all the time are other ways that we can take costs out of the system", "audio_length_s": 8.07, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_178.wav"}, {"text": "I want to remind listeners that the discussion contains forward-looking statements regarding our financial condition and results.", "audio_length_s": 8.07, "path": "8b2314627d54755a15c55244bb862225_30.wav"}, {"text": "the other peers can also benefit from this once they go through all of the legal proceedings.", "audio_length_s": 8.07, "path": "cc82e791c065bdc271addf355bac274f_184.wav"}, {"text": "and a slight recovery in the second quarter. The increase in sales was thanks to the good performance of the industrial", "audio_length_s": 8.07, "path": "8475d4f528174aebabcb109487bee3f3_58.wav"}, {"text": "and if sustained, will bring significant healing to this battered industry in the form strong cash flows and higher activity levels as the year progresses.", "audio_length_s": 8.07, "path": "8957425799e5ce0200bfacf204d0acde_147.wav"}, {"text": "the effect of the price decrease on oil and gas in the period under review was larger, leading to the decline in net income.", "audio_length_s": 8.07, "path": "8011d82cf2151421d3dfacce65adde30_24.wav"}, {"text": "Before we begin our presentation, I will remind everyone that parts of our discussion today will include forward-looking statements as defined in the securities laws.", "audio_length_s": 8.07, "path": "47a303604df9f9fc9f2f89a9280c3a79_66.wav"}, {"text": "as we discussed and kind of talked to you about even last year that we had moved that up and that's at kind of a nice range where we have it today.", "audio_length_s": 8.07, "path": "257e4e92036da9582a8a288c88332ff3_187.wav"}, {"text": "It's going to go out on our website as well. We're kind of readvertising to our existing drivers and drivers that we're recruiting, that we have a great pay package", "audio_length_s": 8.07, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_171.wav"}, {"text": "changed our performance-based quarterly per mile bonus opportunity that drivers have to a monthly", "audio_length_s": 8.07, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_170.wav"}, {"text": "and most of you had a chance to listen to it. And I'm not -- we are not going to repeat that same presentation.", "audio_length_s": 8.07, "path": "ebc4bc2cb3902901aff809c685db42ae_55.wav"}, {"text": "As you know, the brand rolled out a 10-count mini lozenge in selected stores in the third quarter, and this style is now available", "audio_length_s": 8.07, "path": "655d592e9d1b1027f1824b1554d8b131_119.wav"}, {"text": "I might add, when you move around the state of Florida and you basically look at all the major markets that we're doing, that we do business in and all the major", "audio_length_s": 8.07, "path": "b022fc1979ef416dd25317a4c062328e_174.wav"}, {"text": "This slide summarizes our internal management structure reforms. Morinaga has", "audio_length_s": 8.07, "path": "f4d0f1362716be33f02690dd1a8df663_87.wav"}, {"text": "And there was no question that as the 4G technology is maturing and we are getting ready for 5G, there is a bit of a pause in terms of", "audio_length_s": 8.07, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_52.wav"}, {"text": "Logistics inflation in the form of higher fuel costs and higher carrier rates remained in place subsequent to the hurricanes.", "audio_length_s": 8.07, "path": "30710391b8ab4cb549180602d31d4f4a_103.wav"}, {"text": "pretty accurately taken the offset on both the revenue side and the cost side into account.", "audio_length_s": 8.07, "path": "002d12258ff802d65f79ae2eef99e4ab_51.wav"}, {"text": "We believe that we are well positioned to broaden our presence in foreign, commercial, industrial and military markets.", "audio_length_s": 8.07, "path": "1ddc944827b99caf8c7867ceeed0ec20_43.wav"}, {"text": "We plan to continue to make investments in innovation and to gain market share that we believe will deliver long-term value to our shareholders.", "audio_length_s": 8.07, "path": "b2d6357f46f3a82cff6625277f9a20f6_173.wav"}, {"text": "associated with those new products. I'm not going to get into specifics, but just know that the revenue growth that we expect from those products is coming to bear.", "audio_length_s": 8.07, "path": "b96165244f010b3f1e61cbbc5e504d96_212.wav"}, {"text": "Steve? Thank you, David, and good afternoon, everyone. I'll start by reviewing our financial and operating performance for the fourth quarter", "audio_length_s": 8.07, "path": "ea97a179f1be386d6cd36637ae70a1fc_91.wav"}, {"text": "The current consensus is pretty close to the 75 basis point scenario. And if it takes place, as expected,", "audio_length_s": 8.07, "path": "2f52e3495f64a67b885c0d35be2e8dce_81.wav"}, {"text": "most of them, operated at the lower end of the middle market, which we think is a fantastic place to be, particularly for gathering deposits.", "audio_length_s": 8.07, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_213.wav"}, {"text": "Obviously, we want to make sure that our partners make money, and we make money. But we don't see any, at least with the vendors we deal with,", "audio_length_s": 8.07, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_45.wav"}, {"text": "You saw in the first quarter our historically sort of high churn number. That's when contracts come up for renewals. So", "audio_length_s": 8.07, "path": "16e51362df94379ea33a24334015f385_72.wav"}, {"text": "You know that so -- I think that you know that we are quite well in managing working capital in Italy,", "audio_length_s": 8.07, "path": "23417803b1a8115806b8e604b8b2bb83_69.wav"}, {"text": "Our ability to consistently add reserves at low cost demonstrates the tremendous capital efficiency gains we made through the downturn", "audio_length_s": 8.07, "path": "a8b43081254547419da7462d9c957d61_218.wav"}, {"text": "Not a lot different than what we saw at Manantial Espejo through its life. Some of our best grades came through the open pits there as well.", "audio_length_s": 8.07, "path": "e5040d02fba73a359d3f7cb346517ce1_71.wav"}, {"text": "view of the year, how do you feel you're going to manage -- Graeme, you called it out at Port Sunlight as an issue. How are you going to manage the transition from", "audio_length_s": 8.07, "path": "47b1a118c53956b23f1d687a75f3e5ba_142.wav"}, {"text": "skewed towards the first half last year, if you want to. So we have that little, little swing in the forecast.", "audio_length_s": 8.07, "path": "47b1a118c53956b23f1d687a75f3e5ba_296.wav"}, {"text": "and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated.", "audio_length_s": 8.07, "path": "9b93af1e7019959620214c387f283d8e_1.wav"}, {"text": "when does it make sense to define a business by the end market it serves versus the underlying chemistry?", "audio_length_s": 8.07, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_188.wav"}, {"text": "we would be impacted by the overall auto builds in general, and so we did see a rather strong", "audio_length_s": 8.07, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_40.wav"}, {"text": "We have an engaged and experienced management team to bring a track record of delivering on the type of transformation that we are pursuing company-wide.", "audio_length_s": 8.07, "path": "dd28a387ccc9575df47840b850647c7f_197.wav"}, {"text": "So additional marketing and data utilization is the key here. So these are the businesses that we would like to further cultivate going forward.", "audio_length_s": 8.07, "path": "b2c4be32355b99e1a66809bd36e83dd2_13.wav"}, {"text": "And then, on a very personal basis, providing offers to them that are unique to them in real-time", "audio_length_s": 8.07, "path": "e2c02e1788cb10703d7611ef157f8135_47.wav"}, {"text": "We plan to add new stores at a rate that will allow us to remain focused on our existing stores, gross sales and generate positive cash flow.", "audio_length_s": 8.07, "path": "70c92ab88d38f489d5074f2859e0290e_28.wav"}, {"text": "The reason for it is threefold. First of all, we have really focused our new business sales", "audio_length_s": 8.07, "path": "98f10f0935e5b778e888a1b8130a3d31_62.wav"}, {"text": "On the Ag side, Ag prices continue to be depressed. We did see a little bit of upside here in the quarter for the first time in quite some time.", "audio_length_s": 8.07, "path": "02deeb29574f1571812a11f66bb8fda1_70.wav"}, {"text": "Our East Africa, South Africa and Africa Regional Markets businesses all saw improved momentum in the second half.", "audio_length_s": 8.07, "path": "c3567809c19ce6a800677544cd84f88b_12.wav"}, {"text": "And we know how we would handle that going forward, but it is behind us. It's not something that shows back up again.", "audio_length_s": 8.07, "path": "9979d7fef684b8cac613c934b6229791_123.wav"}, {"text": "Before I jump into the earnings details, however, let me tell you briefly where we stand with 3 quarters of the year behind us.", "audio_length_s": 8.07, "path": "526e0d5398a516831b49936c31a8ea1c_146.wav"}, {"text": "With that, let me turn the call over to Mr. Adam Spice, our Chief Financial Officer, for a review of the financial and our forward guidance.", "audio_length_s": 8.07, "path": "26119288a71567b572f1d8b551e397cb_115.wav"}, {"text": "So we are really good at monitoring situations and reacting", "audio_length_s": 8.07, "path": "ef44080b170ca6366a6d3132d0baf11a_105.wav"}, {"text": "over the years and really those additions in that area will continue to be incremental", "audio_length_s": 8.07, "path": "28404e399cb043d390aa70bceb339dd4_126.wav"}, {"text": "But that's kind of how we're still looking at it. We're waiting for that bounce up, and I'm not quite ready to call that at this point in time.", "audio_length_s": 8.07, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_251.wav"}, {"text": "We continue to see asphalt deflation as a way to improve our margins, although we expect our end markets to remain competitive.", "audio_length_s": 8.07, "path": "2a059b2b192b8e972ca7664ddfed8a20_24.wav"}, {"text": "It's important to note that the decline in yield for convenience checks appears, perhaps, larger than it otherwise would", "audio_length_s": 8.07, "path": "82131762fc1c2b2358ac3a167666ab87_71.wav"}, {"text": "Is there any other factors that are impeding your ability to get back to even modest traffic growth -- traffic and tonnage growth?", "audio_length_s": 8.07, "path": "5ea42ed8ea9a65bd01aaabb678685483_167.wav"}, {"text": "the -- it is in the public comment phase right now. We expect that to end here around maybe the third week of May.", "audio_length_s": 8.07, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_243.wav"}, {"text": "I think many of you know that's our largest, most important business and as Morry's talked about and I talked about, there's a lot of emphasis being put on", "audio_length_s": 8.07, "path": "948f025c16fce2bcb2909e610c9be557_114.wav"}, {"text": "On previous earnings calls, I provided estimates for our 2018 pension contributions as the airline relief legislation ends for us.", "audio_length_s": 8.07, "path": "1949bd0c9c4c23d495d880c4c552bfe1_10.wav"}, {"text": "Those factors really gave us the confidence that we think we can make this change in the dividend with moving the supplemental into the monthly,", "audio_length_s": 8.07, "path": "6318dda27b3e36d76533c048c64a3014_154.wav"}, {"text": "First, in addition to commenting on our third quarter results, we won't be speaking to you formally again until February sometime,", "audio_length_s": 8.07, "path": "21f21433851eb7c7f7dbc710309341bb_171.wav"}, {"text": "In our discussions of the results of operations, we may refer to pro forma results, which exclude the impact of items", "audio_length_s": 8.07, "path": "1e756fc5d265eea3ff8e2e31c29826ae_2.wav"}, {"text": "through the execution of our committed time line and plan to provide any material updates on this matter when appropriate.", "audio_length_s": 8.07, "path": "c40b5d1a13169c5acf69590932a56f98_56.wav"}, {"text": "Our sales reps are being incentivized to work with our existing customers to improve the understanding of the value of XTRAC to their practices.", "audio_length_s": 8.07, "path": "33ed8514914fae6825997843290fe049_32.wav"}, {"text": "as soon as the acquisition closes, maximizing the benefits of our larger organization and minimizing disruption.", "audio_length_s": 8.07, "path": "da879f8ea1c23aa6565cccaacac271fc_19.wav"}, {"text": "technology during a launch phase when you're talking to folks about how to use the drug and generally it wouldn't run right to an outpatient environment.", "audio_length_s": 8.07, "path": "450a5dc6eb19b82da8dfc68127f6e79d_178.wav"}, {"text": "nearly as much interest or at least some sort of an indication on that? Clearly, interest for sure. And with the size and scale of that asset,", "audio_length_s": 8.07, "path": "369789f0d39dbf62298be2aa807ff8ee_35.wav"}, {"text": "It is difficult to accurately predict demand for our services, and therefore, our actual results could differ materially from our guidance.", "audio_length_s": 8.07, "path": "7551ffae17aa39dd4ea962a43f96bf04_47.wav"}, {"text": "very importantly into the broader adoption of preventive panels like those that we offer. So we think that will help us", "audio_length_s": 8.07, "path": "7551ffae17aa39dd4ea962a43f96bf04_21.wav"}, {"text": "Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.", "audio_length_s": 8.07, "path": "d223c88e8d5b658f28749ce0db145daf_55.wav"}, {"text": "The key driver of this improvement is the lower level of capital expenditure relating to the new factory project than previously forecast.", "audio_length_s": 8.07, "path": "33fd8a867dbd88a837e541b1d2b25ea5_212.wav"}, {"text": "It's a long way out. We're not trying to guess what the fuel price is going to be, so we do have significant exposure to", "audio_length_s": 8.07, "path": "01f88a67f39af3a74d5f23b095615d39_47.wav"}, {"text": "the company's own disclosures. And what's interesting is the company has spent the last several years saying everything that we said was totally false.", "audio_length_s": 8.07, "path": "94f913b974baab79fb636f6521170dd7_288.wav"}, {"text": "In the quarter, we did tip in a promotion, and we plan to do that on an ongoing basis, but these are short-term promotions versus", "audio_length_s": 8.07, "path": "1689b94530eca82b7758c86b4cf3125f_67.wav"}, {"text": "The reason I mentioned that was because in June I talked about -- at the end of the June quarter, I talked about how significant the pipeline was going into the new fiscal year.", "audio_length_s": 8.07, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_21.wav"}, {"text": "improving margins, grouping up and unlocking embedded value through our ROI projects.", "audio_length_s": 8.07, "path": "b4fc31ae6403a17b15c30d3ec3b82487_2.wav"}, {"text": "As we near the 17 month in our ownership of Calvert, we feel good about what we've accomplished and even better about the opportunities ahead of us", "audio_length_s": 8.07, "path": "6709c061d39d0e433079f84160f11c80_12.wav"}, {"text": "In many cases, Parametric client relationships that started with exposure management mandates have migrated to also include other strategies.", "audio_length_s": 8.07, "path": "6709c061d39d0e433079f84160f11c80_203.wav"}, {"text": "During the course of today's call, words such as expect, anticipate, believe and intend will be used in our discussion of the goals or events in the future.", "audio_length_s": 8.07, "path": "77d2dd6d5e46cc8a8e80809305b60208_1.wav"}, {"text": "Europe and Turkey continue to deliver consistently strong performance with this half mainly attributable to volume gains.", "audio_length_s": 8.07, "path": "3877b1983229ec488c6349a188bccf92_10.wav"}, {"text": "Our first-to-market strategy with the Percepta classifier is to focus our efforts on large institutions for early adoption,", "audio_length_s": 8.07, "path": "41e5f97c6d94e8f87bb5fb602fe25500_52.wav"}, {"text": "in cash at the end of March. And so we have ample ability to do both share repurchases and an acquisition. And", "audio_length_s": 8.07, "path": "2a7af3c66762ce608379005a3d7bfa96_218.wav"}, {"text": "Lower volumes were transported due to less drilling activity and natural declines surrounding our Bow River and Central Alberta pipeline systems.", "audio_length_s": 8.07, "path": "f7c059b1312a5f1fc017ece069fddee2_66.wav"}, {"text": "on the futures curve have to increase in price to ensure greater international and deepwater investment for future supply.", "audio_length_s": 8.07, "path": "5633fe3600ee04237bbb918c56341864_93.wav"}, {"text": "That's one of the main reasons that we switched to this design, was to have that flatter decline profile after bubble point is reached and for the following years.", "audio_length_s": 8.07, "path": "838af8ffae77ce8ff59c77b1985f8fc5_113.wav"}, {"text": "we just don't view those as being a material problem with respect to our company, given the fact that we don't have very many vertical wells", "audio_length_s": 8.07, "path": "838af8ffae77ce8ff59c77b1985f8fc5_49.wav"}, {"text": "it would be more of kind of all costs going up to some degree, which is not the direction we want to be going.", "audio_length_s": 8.07, "path": "ee00ebd8d782e8f124b3e142cbb74f37_41.wav"}, {"text": "Consistent net absorption across the broader markets has kept occupancy levels steady as new supply delivers.", "audio_length_s": 8.07, "path": "97b9c8b95449565c1f280a2b61a65b31_128.wav"}, {"text": "Obviously, the most challenging aspect of discussing these bundled models is that, at this point, it's all speculative.", "audio_length_s": 8.07, "path": "b126c31149f1cadf1d891082a187d6fc_202.wav"}, {"text": "While we are highly confident in our ability to fully comply with all provisions of the demonstration,", "audio_length_s": 8.07, "path": "b126c31149f1cadf1d891082a187d6fc_31.wav"}, {"text": "with a marquee customer base, sticky relationships, limited commercial competition and a phenomenal growth opportunity.", "audio_length_s": 8.07, "path": "5efe4589d80ac1232c2958182c188903_87.wav"}, {"text": "any color on how much investment will be needed and what kind of margin pressure that would have? And if any of that investment has already started?", "audio_length_s": 8.07, "path": "ff898f396d49760343d08575ea773b54_37.wav"}, {"text": "So we think we can keep this occupation and also the sales at this level.", "audio_length_s": 8.07, "path": "8d71e62af8c57a752b0e04f6546bf622_88.wav"}, {"text": "we are benefiting from that cost reduction. But at the same time, we have started a number of new", "audio_length_s": 8.07, "path": "ecc871b8f89a858d952f554f1ca8f7da_49.wav"}, {"text": "And secondly, I wonder if you could comment on the sort of outlook for growth", "audio_length_s": 8.07, "path": "71c8aba809b2c3334e487f92f9009647_125.wav"}, {"text": "Finally, we are making an effort to heavily invest in research and development to bring us sustainable growth opportunities", "audio_length_s": 8.07, "path": "5323c1cb78ad5a1cf9d35417ec5e22ca_52.wav"}, {"text": "This trend will continue somewhat into our second quarter as we expect to experience higher inventory levels", "audio_length_s": 8.07, "path": "ee17f090e669ff9029bd1dc57db6e43e_109.wav"}, {"text": "We do continue to experience commodity cost pressures as we move into the second half. And this does include", "audio_length_s": 8.07, "path": "9fb4423a70358ef22be9982299969f7a_17.wav"}, {"text": "So I want to come back and look at the platform again in a different lens. It's a little simpler way to look at it. You see on the", "audio_length_s": 8.07, "path": "9826162bc1bb67bf8d65e4cf50e656e9_183.wav"}, {"text": "able to be played with and used by our sales team so they can understand what we're talking about and what we're trying to do.", "audio_length_s": 8.07, "path": "9826162bc1bb67bf8d65e4cf50e656e9_184.wav"}, {"text": "We also see companies working on technology that can be standardized if they have the ability to effectively deliver the technology into the standards", "audio_length_s": 8.07, "path": "e9970d55b0ac8bddede7f337c0f94d36_9.wav"}, {"text": "As we look at the months in the quarter, we expect new software for the industry to grow in May, with Uncharted 4, DOOM", "audio_length_s": 8.07, "path": "125388f1b45117acde70abc39e0f7d04_109.wav"}, {"text": "treating business decisions at every level as an owner would. But they do it with the devotion to who we do it with and for.", "audio_length_s": 8.07, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_197.wav"}, {"text": "The second one is because of the play we've now better understood the counterparty stress test that the Fed runs,", "audio_length_s": 8.07, "path": "09eebad8f3c529b4c7d916c5f7766f7f_415.wav"}, {"text": "to strengthen our ability to holistically support our clients drug discovery, early development and manufacturing efforts", "audio_length_s": 8.07, "path": "50eb350badadec6e4272b90684741c25_3.wav"}, {"text": "twice as fast as the market does currently on mobile. We are growing, as far as video is concerned in line with the market", "audio_length_s": 8.07, "path": "411bdacf05f84134fc80b874a15cf3b7_290.wav"}, {"text": "We expect the contribution from base rent and the detraction our contribution from net recoveries to follow the occupancy trajectory throughout the year.", "audio_length_s": 8.07, "path": "1cfd7da6c2da11f7e3f7102a6265146b_132.wav"}, {"text": "In addition, we continue to manage our cost and improve our bottom line as we get closer to cash flow breakeven and GAAP profitably.", "audio_length_s": 8.07, "path": "0807d606b6cf98da19b317b4928c3572_41.wav"}, {"text": "We expect a public endorsement of our virtualization technology by this customer over the coming weeks.", "audio_length_s": 8.07, "path": "594b7b614804475e4ab8ab4c405ecf40_49.wav"}, {"text": "and flow, all important properties of insoluble sulfur, which can help our customers maximize the productivity of their operations.", "audio_length_s": 8.07, "path": "b154f7c33e567e453cb765f4ac03dd2f_174.wav"}, {"text": "I hope I've given you a sense of the strong pipeline for 2018 awards in all the end markets we serve around the world.", "audio_length_s": 8.07, "path": "3ae068efa03cd088f4d3edea682f199f_108.wav"}, {"text": "I cannot provide any further information at this time, other than to say that this was, obviously, a very significant decision", "audio_length_s": 8.07, "path": "a85c54c77dd2524eedab1287ea3ceff4_41.wav"}, {"text": "We don't have a similar really big one that we are implementing this year. We're still going to get up to 110,000 retirees", "audio_length_s": 8.07, "path": "9cd9b67e289e807d677aabc5765fec6a_32.wav"}, {"text": "And that is because of clearly working capital optimization initiatives that we had taken up during the year as well as supported by", "audio_length_s": 8.07, "path": "bece1ee458b65656b484de51021c5219_4.wav"}, {"text": "Results also reflect less provider abrasion, better cash flow for our customers on top of the improved results", "audio_length_s": 8.07, "path": "97b02b7a41ecb22cb04e7331052cefc8_135.wav"}, {"text": "So we have nothing further to add on the call today. However, we said from the outset that our goal in bringing the lawsuits", "audio_length_s": 8.07, "path": "97b02b7a41ecb22cb04e7331052cefc8_23.wav"}, {"text": "And what is your view on sort of market share and pricing in the industry in a more broader sense?", "audio_length_s": 8.07, "path": "523cf294ec146d5411972168b1c10f09_56.wav"}, {"text": "The government health care consulting business continues to be a very strong performer with steady growth in both revenue and earnings contributions.", "audio_length_s": 8.07, "path": "1bb9219ad31877175e18e8e48ff2f63c_85.wav"}, {"text": "for the quarter, and I used the word traditional advertising, not the advertising now that we are doing through all the digital mediums like Amazon,", "audio_length_s": 8.07, "path": "47546a57a865bca0f4e677dc3b485053_22.wav"}, {"text": "and the positive experience that we've had in both large and small PI. And finally, the Travel division increased profits materially.", "audio_length_s": 8.0699375, "path": "214dcdc435ef3259490466447858fa56_154.wav"}, {"text": "But how pronounced it would be and how notable it would be, we'll be able to provide guidance on that when we're a little bit closer to it.", "audio_length_s": 8.04, "path": "f5875d033110e66b5aafc3c0003babdf_19.wav"}, {"text": "We will open the call with Jim's update on our business strategy moving forward, followed by Bob's review of our financial results for the second quarter.", "audio_length_s": 8.04, "path": "5833763223d8d85b6fcb5fe90e821c77_78.wav"}, {"text": "as well as gains in operating efficiencies, including greater overhead absorption resulting from higher production volumes.", "audio_length_s": 8.04, "path": "8ad0d5b5df75415c56ba590cad29489a_214.wav"}, {"text": "Someone will travel a long way, but not with frequency. When we look at most of our stuff from marketing perspective, and our current", "audio_length_s": 8.04, "path": "a0e8f9500edc41a227b8d67235bf7753_20.wav"}, {"text": "using technology, how to acquire cost effectively opportunities in credit that work and make sense.", "audio_length_s": 8.04, "path": "92b48b365197c65ebf545a4c9dd1200d_96.wav"}, {"text": "opportunities are presenting themselves for active antenna programs that address certain urgent battlefield vulnerabilities.", "audio_length_s": 8.04, "path": "ab5b4ea5cd86e4f7deafe9814024fada_158.wav"}, {"text": "For example, we are looking at several technologies to roll out fiber in a cheaper and more efficient way.", "audio_length_s": 8.04, "path": "2f888e63a31b86cc2f4f97710e8eed79_98.wav"}, {"text": "When I commit, I deliver, supported by a very committed new management", "audio_length_s": 8.04, "path": "9014ac9cbc2cff30468f1bcb659c0f66_59.wav"}, {"text": "And building a better REIT also speaks to the ongoing focus to make our business better every day by working tirelessly to execute our strategy.", "audio_length_s": 8.04, "path": "6b45877b719000e47adfd1ec118c376a_42.wav"}, {"text": "It's kind of what happened. It really didn't have too much to do with production cost, more it just had to do with just the general increase in the value of raw milk.", "audio_length_s": 8.04, "path": "54558afacef9ab3010d5a57ac4feb664_172.wav"}, {"text": "and driven primarily by lower freight cost versus last year, as we anniversaried the impact of the West Coast port issues.", "audio_length_s": 8.04, "path": "280baf1d10cd27b78eae4bf2574b9c98_105.wav"}, {"text": "but that the latter program also will be of appeal to a subset of advisers for whom outsourcing of fund recommendations would prove attractive.", "audio_length_s": 8.04, "path": "8cb24daf76784487ad63780546dc4ba4_187.wav"}, {"text": "may differ materially from these statements due to a variety of factors including the precautionary statements referenced in our discussion today", "audio_length_s": 8.04, "path": "3180572bc2da758668c19200930e1bc4_1.wav"}, {"text": "the material numbers. Now there are other factors that go into development in other parts of the world that can take a long time to get permits.", "audio_length_s": 8.04, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_70.wav"}, {"text": "First, let me remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws.", "audio_length_s": 8.04, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_77.wav"}, {"text": "We embrace change perhaps now more than ever. And we pride ourselves on our corporate culture, a culture of service to others.", "audio_length_s": 8.04, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_18.wav"}, {"text": "Depending on where you all live, that is one of the significant factors that goes into which airline you tend to prefer.", "audio_length_s": 8.04, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_203.wav"}, {"text": "We continue to work across our supply chain to create menus with more vegan, vegetarian and plant-forward options", "audio_length_s": 8.04, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_67.wav"}, {"text": "offerings into what we think are going to be the most attractive and interesting markets in the next upturn. And I think the company is really well positioned for that upturn. Yes. No, I", "audio_length_s": 8.04, "path": "dd3166f311a5f12a25103a0295e8ac3e_50.wav"}, {"text": "Really, the only thing, Charlie, that's a little -- and you see it on the chart, a little more transactional in nature is the small business marketing.", "audio_length_s": 8.04, "path": "04f29bc02d1e2ef65077ca67bf41f475_232.wav"}, {"text": "test growth on the sort of legacy core Neo business is pretty phenomenal and you're saying that", "audio_length_s": 8.04, "path": "8bbc2f54137b794265dfb01f1559868d_71.wav"}, {"text": "At the same time, we are actively managing the ongoing normalization of lender-placed with our expense management initiatives.", "audio_length_s": 8.04, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_119.wav"}, {"text": "of the technical margin result, which has been progressively managed and is going to be managed. And so I'm", "audio_length_s": 8.04, "path": "d630500fca6fe44aaeed52c32e00dbb4_49.wav"}, {"text": "and we closed our first renewable energy royalty transaction and launched a renewable royalty business, which we are very excited about.", "audio_length_s": 8.04, "path": "ada4e338c266148264077e06bac68005_55.wav"}, {"text": "post the initial Phase I study that have been exposed to both 101 and nusinersen and if there's any data that you could collect there that could inform", "audio_length_s": 8.04, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_233.wav"}, {"text": "We are integrating from a marketing standpoint and putting more of our resources into", "audio_length_s": 8.04, "path": "ca2bc8d693d4751cc88444d2e715f645_111.wav"}, {"text": "and the reduction in tax benefits on holding company interest expense due to the lower federal tax rate resulting from U.S. tax reform.", "audio_length_s": 8.04, "path": "a212b77ae2b2452093665a4e179ed3a3_66.wav"}, {"text": "continued to progress largely as we expected, and we're now through the worst of the tough quarterly fuel margin comparisons", "audio_length_s": 8.04, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_50.wav"}, {"text": "and then working with partner airlines as well. So all of the activities that we've spoken about previously are ahead of", "audio_length_s": 8.04, "path": "d261e09fa176510406c0d05eeedfc8f8_76.wav"}, {"text": "The higher earnings mainly reflect a reversal of provision for losses on guarantee obligations for the North Sea oil project.", "audio_length_s": 8.04, "path": "8011d82cf2151421d3dfacce65adde30_25.wav"}, {"text": "and they occur some in the beginning of the year, some in the middle part of the year. So we're usually able to be", "audio_length_s": 8.04, "path": "1133b8984db446b9c963a09eaf0785a4_183.wav"}, {"text": "we're beginning to focus on those customers where we can deliver the most value and consequently, extract the most value from our perspective.", "audio_length_s": 8.04, "path": "1133b8984db446b9c963a09eaf0785a4_231.wav"}, {"text": "The program is expected to be executed through 2019 but is not specific as to when or how many shares will be purchased.", "audio_length_s": 8.04, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_39.wav"}, {"text": "This concludes our comments on the quarter's results, looking forward to speaking with you on the call later today.", "audio_length_s": 8.04, "path": "bc7dbd6e321b4df22db9270b69b89c11_59.wav"}, {"text": "Finally, I'll touch on our business development efforts before turning it over to Laura to run through the financials. BD remains a key piece of our strategy,", "audio_length_s": 8.04, "path": "a24a661c2eb55542903c72391ec09f9b_68.wav"}, {"text": "that included a customer acquiring over 20 high-end FortiGate products along with a range of other products and services.", "audio_length_s": 8.04, "path": "ddf51a035f75b2e145a283edfd51fffc_111.wav"}, {"text": "is about the margin and I previously talked about the ambition to be reaching the 10% margin", "audio_length_s": 8.04, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_130.wav"}, {"text": "unlike many of our competitors, we did a pay increase in the fourth quarter of '16. Prior to that, we also", "audio_length_s": 8.04, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_120.wav"}, {"text": "We'd like to highlight when comparing total revenue between the second quarter this year over the first quarter of this year, the results were relatively flat.", "audio_length_s": 8.04, "path": "171fd9df333ddd814c764843ed624121_14.wav"}, {"text": "as we contemplate divestitures in particular, we use the same criteria that we", "audio_length_s": 8.04, "path": "6864081f83959f4b49e25e597f28af66_198.wav"}, {"text": "Turning to Slide 5. We continued to see gains in key specialty product lines in the first quarter.", "audio_length_s": 8.04, "path": "bb9c0d60d15efa53cedac31e079e9ae6_83.wav"}, {"text": "of course, our motivation is to keep going and to do everything that we can to make this business", "audio_length_s": 8.04, "path": "863512efd537ffd31c094dd9bfd5ebd3_226.wav"}, {"text": "Now in addition to being affordable and abundant, I want to stress again some facts about the environmental friendliness of natural gas.", "audio_length_s": 8.04, "path": "2ad9555a64eaa3f45bef5581adeecb9c_184.wav"}, {"text": "of our strategic evolution, which will reduce our concentrations in legacy markets and older properties.", "audio_length_s": 8.04, "path": "93d3e5be9cf75e0921d47f10d4178939_47.wav"}, {"text": "We have been very focused on minimizing this volatility through additional basis hedges, which I will get into a bit later.", "audio_length_s": 8.04, "path": "c433164f6d189e18b1e4784e376b6ecb_18.wav"}, {"text": "This is a journey and we still have much to accomplish, with several more potential divestments slated from now into early next year,", "audio_length_s": 8.04, "path": "c433164f6d189e18b1e4784e376b6ecb_102.wav"}, {"text": "And importantly, increased investor interest has moved both of our gold and silver trust to premiums", "audio_length_s": 8.04, "path": "a8034762296368c60571fcde382c3274_5.wav"}, {"text": "As I mentioned in my opening remarks and as Christie also discussed, we continue to invest in business", "audio_length_s": 8.04, "path": "616e9ba16db091317ae4d96e877a9bbe_23.wav"}, {"text": "The continuing decrease in the capital ratio quarter-to-quarter is by design and results from strong asset growth.", "audio_length_s": 8.04, "path": "bda4b365d7a8386d5d2e6b4575d08a57_157.wav"}, {"text": "to ensure that we have the supply and so that we can do our best to ensure that there is some cost competitiveness out there for us as well.", "audio_length_s": 8.04, "path": "4e04d3229b988f1db5b842ac5b993894_90.wav"}, {"text": "In terms of materials, I think some of the materials and supplies that we use in both drilling and pressure pumping will start to move up", "audio_length_s": 8.04, "path": "4e04d3229b988f1db5b842ac5b993894_89.wav"}, {"text": "Our C3 Alliance also extends our solution and is a key differentiator for us with prospects and customers who are looking for more cooperation among vendors.", "audio_length_s": 8.04, "path": "b2d6357f46f3a82cff6625277f9a20f6_13.wav"}, {"text": "and introduce products that are more efficient from a manufacturing perspective. So I think that is where Gates Operating System transitions to", "audio_length_s": 8.04, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_178.wav"}, {"text": "more of a promotional environment or just given with some of the events that are going on? Or -- and what's your outlook halfway through the holiday period?", "audio_length_s": 8.04, "path": "65b48a7260ef038ff1bec3cc200331c3_201.wav"}, {"text": "all your questions on March 8, and we'll do the best job we can. But for now, we'd love to answer whatever questions you have, especially about this quarter.", "audio_length_s": 8.04, "path": "0899e07f70a6e5be842fb6e22a3fafe9_155.wav"}, {"text": "The second piece of it is there are a couple of loans in there that I would categorize as just less traditional to frankly get financed on", "audio_length_s": 8.04, "path": "8aa1aa8317783203344434f855535c25_147.wav"}, {"text": "And in the DIY space, we continue to optimize our product to drive conversion and deliver an exceptional client experience.", "audio_length_s": 8.04, "path": "87ba56e8ff82d5e181ee5d6d66543c51_12.wav"}, {"text": "As we did last quarter, we have adjusted the financial results to exclude Centennial to provide a clearer look at the performance of the remaining operations.", "audio_length_s": 8.04, "path": "08ed60a546bd48af9db028c4e3c8af26_80.wav"}, {"text": "Thank you for your continued interest and support of Camping World. As we look to double the size of our business over the next 5 years,", "audio_length_s": 8.04, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_66.wav"}, {"text": "this creates an opportunity to have a positive impact on gross inflows. It's an area where we have a strong", "audio_length_s": 8.04, "path": "be8b554309f7632bc9ebbd967764001e_85.wav"}, {"text": "This acquisition would bring a new source of expertise and innovative technologies, particularly in data management,", "audio_length_s": 8.04, "path": "d8eb5522db0e51d75ea6518462954c52_83.wav"}, {"text": "This allows us to maintain our presence in trade area and improve productivity and profitability in much the same way.", "audio_length_s": 8.04, "path": "e2c02e1788cb10703d7611ef157f8135_136.wav"}, {"text": "I can tell you we continue to be very pleased with the acquisition of Scepter and the contributions it has made to the Myers business and earnings.", "audio_length_s": 8.04, "path": "a02b735de681c682fbb8025edecca271_9.wav"}, {"text": "As we mentioned in the earnings release, headwinds from the challenged agricultural end market are expected to continue during the fourth quarter.", "audio_length_s": 8.04, "path": "a02b735de681c682fbb8025edecca271_95.wav"}, {"text": "Liquidation and paydown activity on distressed loans continued to generate significant positive cash flows.", "audio_length_s": 8.04, "path": "567a41009710fa1568bb8125213bf9eb_138.wav"}, {"text": "It's not unusual in a contract like this to see fluctuations from the estimates that were first provided as part of the tender process, and it's worth noting that", "audio_length_s": 8.04, "path": "b94d748876ddf8e881d4191dec45baf3_105.wav"}, {"text": "We did hold a webinar 2 days ago, and I was really proud that we were kind of first to market in that regard with a very comprehensive webinar held in conjunction with", "audio_length_s": 8.04, "path": "b94d748876ddf8e881d4191dec45baf3_99.wav"}, {"text": "Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.", "audio_length_s": 8.04, "path": "16ed973148ce103dc95fdcfaf35bbe7b_1.wav"}, {"text": "around how their agents can be more productive, how they can retire all these legacy systems so that they have a single unified view of the customer,", "audio_length_s": 8.04, "path": "16ed973148ce103dc95fdcfaf35bbe7b_92.wav"}, {"text": "I think -- I still think that the Parkway sale other than the cleanup of the construction stuff that we're doing now", "audio_length_s": 8.04, "path": "b9b40b0c1e92fb226067bdceacbdab5c_10.wav"}, {"text": "depending on the structure that we employ for revenue in these collaborations, can affect the timing of the revenue recognition.", "audio_length_s": 8.04, "path": "885b465648704d8a5d15bd00078e2160_112.wav"}, {"text": "We continue to right size the business and accelerated our planned closures of 2 facilities in Brazil this year.", "audio_length_s": 8.04, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_142.wav"}, {"text": "is -- the only thing there that I would consider a little out of period or unusual for this quarter", "audio_length_s": 8.04, "path": "b43c001c5af465d220ab0b69a95202ae_54.wav"}, {"text": "you see the telecommunications operators and the satellite operators combining so that they have a decent force against", "audio_length_s": 8.04, "path": "f77935c4693e4d33252c9c76993e9c8b_93.wav"}, {"text": "And again, we have a full portfolio of programs we're driving around productivity that we expect will deliver over the next", "audio_length_s": 8.04, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_103.wav"}, {"text": "primarily from higher utilization and operational efficiencies. Through the end of the first quarter,", "audio_length_s": 8.04, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_76.wav"}, {"text": "And I was hoping that you could talk a little bit -- as you look across your Refining, marketing and Logistics segments,", "audio_length_s": 8.04, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_16.wav"}, {"text": "the torture we've been put through because we were stuck because we couldn't grow because we didn't have the new capacity in place.", "audio_length_s": 8.04, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_115.wav"}, {"text": "if that is a legitimate concern for sort of your legacy avenue of growth. Or", "audio_length_s": 8.04, "path": "74d0910b4af16f82a812bddbb151d966_131.wav"}, {"text": "On a GAAP basis, including amounts categorized as realized investment gains or losses and results from divested businesses,", "audio_length_s": 8.04, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_69.wav"}, {"text": "But we don't have the liberty to give more information because it's a private placement. And as you may hear from the number,", "audio_length_s": 8.04, "path": "d8db289a641593a1934fbb6407eede02_180.wav"}, {"text": "We were encouraged by the pickup in spending from midsize and large U.S. pharmaceutical customers who had been more cautious earlier in the year.", "audio_length_s": 8.04, "path": "1e756fc5d265eea3ff8e2e31c29826ae_207.wav"}, {"text": "and our ability to deliver that speed to market with our reimagined Agile model has been instrumental in winning many large transformation deals.", "audio_length_s": 8.04, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_103.wav"}, {"text": "The low growth level of expenses was achieved through an ongoing and disciplined focus on active cost management,", "audio_length_s": 8.04, "path": "dffe8257f781608bb17bb637249e4d2a_117.wav"}, {"text": "as all of these systems will be migrated to a single efficient Virtu quality process supported by a common infrastructure.", "audio_length_s": 8.04, "path": "f15966ae82e18b472ad78dd961f8e5e8_65.wav"}, {"text": "right? It's about looking at our digital offering and making sure that it is extremely easy to interact with,", "audio_length_s": 8.04, "path": "7cc11de7f206c637e6293da0d956405e_238.wav"}, {"text": "The external environment is challenging, but we continue to focus on the needs of our students and operational excellence.", "audio_length_s": 8.04, "path": "1e32d5e01ff61f70b37850c473b9876a_75.wav"}, {"text": "through '16 kind of calendar year, because I think some things will fall out -- I think some clients will fall out and realize they should have had the product", "audio_length_s": 8.04, "path": "0dec9a606303da3039d11eec4ec9bd86_97.wav"}, {"text": "Should we expect those 2 variables to continue to weigh on your profitability in the fourth quarter and early next year?", "audio_length_s": 8.04, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_82.wav"}, {"text": "towards the end of the first half, what do you think about your inventory level?", "audio_length_s": 8.04, "path": "80a2ca14358172366acab4e80f3fa33b_199.wav"}, {"text": "are putting up a good fight with more aggressive bundles and improved video offers. I mean, this has been happening for a while, and we never underestimate these guys.", "audio_length_s": 8.04, "path": "0fa398ef99a7a936fc1e509dacaaadde_4.wav"}, {"text": "These statements involve risks and uncertainties that could cause results to differ materially from historical performance and these statements.", "audio_length_s": 8.04, "path": "aa14e40ba684ff629fa9635314cea11e_0.wav"}, {"text": "show what you can do with the business over time or you might be looking at longer-term valuations for that similar type of asset?", "audio_length_s": 8.04, "path": "f7c059b1312a5f1fc017ece069fddee2_118.wav"}, {"text": "Following the receipt of necessary permits and regulatory approvals, construction on this project is expected to begin early next year", "audio_length_s": 8.04, "path": "3e29586725757a72d8c143f3da2658f5_89.wav"}, {"text": "And of course, there are some draperies in the main lobbies, but the bigger volume is in the individual hotel room for window treatments.", "audio_length_s": 8.04, "path": "799c15a4a6e9e3c86374761fec31c00a_50.wav"}, {"text": "global presence and the extensive experience to assist us in the review of different partnering structures.", "audio_length_s": 8.04, "path": "e29584f9f829602cacebcce71c2a4fb9_5.wav"}, {"text": "change of ownership risk that was highlighted by one of your colleague in question previously, we don't think it will come that", "audio_length_s": 8.04, "path": "a76bedec950d8af557e451e58416d028_72.wav"}, {"text": "During our distributor and sales meeting, we shared 1 product in development with our sales and distribution team.", "audio_length_s": 8.04, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_161.wav"}, {"text": "We did see higher preproduction engineering investment in support of new launches, along with an unfavorable product line mix.", "audio_length_s": 8.04, "path": "18e82b076319ac52f8a4b391ea345abd_95.wav"}, {"text": "towards the end of this year. And then also, we've talked a lot about aggressively dealing with inventory. We've done a lot of that in the first 3 quarters", "audio_length_s": 8.04, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_88.wav"}, {"text": "The quarterly increase was mainly attributable to growth in international equipment revenue, reflecting our continued momentum", "audio_length_s": 8.04, "path": "cd331fa6dd24e811af3c0529212bfbb8_94.wav"}, {"text": "have seen and know for -- I know that from previous years or from Martin, but here just kind of as a rehearsal.", "audio_length_s": 8.04, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_129.wav"}, {"text": "Today, we are supplying thousands of customers directly and indirectly through our network of domestic and international distributors.", "audio_length_s": 8.04, "path": "5efe4589d80ac1232c2958182c188903_84.wav"}, {"text": "with a diligent approach to cost savings, allowing us to deliver earnings per share growth.", "audio_length_s": 8.04, "path": "34b4c03bbd8e9d5fceb8c8af89388197_78.wav"}, {"text": "With those business leaders and Sanjiv and Ben, I'm confident about our capability to move this organization forward.", "audio_length_s": 8.04, "path": "b6688f44b91606fbd75a6d66e94d4e4b_158.wav"}, {"text": "and so that would imply. I'm going to fill in some blanks for you. That will imply that they're are going to be strictly", "audio_length_s": 8.04, "path": "64364105b816dd0b6a029e9cd210e65b_288.wav"}, {"text": "And we need to continue to leverage the higher-margin tank parts and services opportunities to improve the margins in our retail segment,", "audio_length_s": 8.04, "path": "64364105b816dd0b6a029e9cd210e65b_326.wav"}, {"text": "The weakness that we reported recently is mainly a feature of routes from Asia Pacific and America to Europe.", "audio_length_s": 8.04, "path": "407fee9910ab57874978cf85a89b1d9d_168.wav"}, {"text": "wait to go through the filings. You went through all your free cash numbers, et cetera. So my other question is,", "audio_length_s": 8.04, "path": "89499eed4dff3bd184e91cd496111f22_91.wav"}, {"text": "the range in EBITDA is generally attributable to the discretionary business that we -- that our customers do with us", "audio_length_s": 8.04, "path": "4ee3c79ebc57c9870b221b9479d52436_97.wav"}, {"text": "an idea of the number of stores and the size and the magnitude of the sub-acquiree? And what is the TEF that you already", "audio_length_s": 8.04, "path": "ffe22f8bcf153b8b51f6e52039686c1e_51.wav"}, {"text": "We have proven ourselves time and time again and have shown our commitment to our dividend under more difficult circumstances.", "audio_length_s": 8.04, "path": "7d74e5d733ec60a1be27a556e7689961_4.wav"}, {"text": "Construction activity is picking up. We have the inventory, footprint and people resources to benefit from the current improved business climate.", "audio_length_s": 8.04, "path": "ee17f090e669ff9029bd1dc57db6e43e_133.wav"}, {"text": "the value of the assets that we're building inside of us and that the value that these exchange place on these kinds of businesses because this is their future.", "audio_length_s": 8.04, "path": "c2bad61ce58687fad602549f6048004b_75.wav"}, {"text": "Lately, it seems like there's been an excess amount of discussions regarding rate increases or lack thereof.", "audio_length_s": 8.04, "path": "14fa9d7635caae6483af62a4bfe1b9d6_184.wav"}, {"text": "Then the projects that Transco has in the AC proceeding would be up next a", "audio_length_s": 8.04, "path": "2cd5b184c2ef6624ce219830182927c9_400.wav"}, {"text": "And so regardless of what the owner of the business or its financial management team would like to do, they can't.", "audio_length_s": 8.04, "path": "02242ceddfeb4bcc65f04552b63fe80e_130.wav"}, {"text": "during the quarter, and that despite selling significantly less receivables than a normal year.", "audio_length_s": 8.04, "path": "323193895e800e72960d98dd5fb64cf5_114.wav"}, {"text": "Solid CET1 ratios with high quality with very small difference between debt phase-in and the fully loaded ratio", "audio_length_s": 8.04, "path": "3f42280b77b93c90b893930aeb7eac53_74.wav"}, {"text": "On our last earnings call, I signed off saying I was optimistic about the quarters ahead, and today, I'd like to leave you with that same sentiment.", "audio_length_s": 8.04, "path": "c334e290beb657ee3efcb6b2f734c81e_75.wav"}, {"text": "remind us of the scale of manufacturing you currently have? And kind of as you go into more and more indications,", "audio_length_s": 8.04, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_31.wav"}, {"text": "But to a more fundamental question, we have a very solid book. We have a very healthy allowance account.", "audio_length_s": 8.04, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_41.wav"}, {"text": "have it come through the appropriation process. I think perhaps one of the most significant advantages for us would be that", "audio_length_s": 8.04, "path": "1378aabd380e63d3f89fe0e445fc8b06_152.wav"}, {"text": "And equally as important is a reasonable seller and reasonable seller expectations. And there have been -- there has been a little bit of dislocation in that, but", "audio_length_s": 8.04, "path": "933faa5ac159ab158506e2bc0f714977_19.wav"}, {"text": "I hope you've had the opportunity to review our earnings release from yesterday. Thomas, Bob, and I will address any questions regarding our second quarter results", "audio_length_s": 8.04, "path": "5f4034bd1c0669186fcee6909c5d59e7_1.wav"}, {"text": "But at the same time, it's something that makes us even more convinced of what we are able to deliver in the next couple of quarters.", "audio_length_s": 8.04, "path": "411bdacf05f84134fc80b874a15cf3b7_289.wav"}, {"text": "The domestic product is closely aligned and integrated with our international import-export business that is doing great.", "audio_length_s": 8.04, "path": "f268a8174f58c93ad6b45b7f151fe896_115.wav"}, {"text": "we asked people, and we broke the data down by what treatments their family members were on currently.", "audio_length_s": 8.04, "path": "6c929ddddb79b887458ae21f1a3aa09d_72.wav"}, {"text": "in terms of the satellites, in terms of the ground terminals and the like. And we were persuaded some time ago", "audio_length_s": 8.04, "path": "099475edf8f9944537773b1d0a2aaea6_44.wav"}, {"text": "and we will be there serving them to assist them in any way we can, which, in some regards,", "audio_length_s": 8.04, "path": "ef7e77f6a5983826d0eefe75f7832ce6_155.wav"}, {"text": "For an explanation of the items considered to be non-GAAP financial information that will be discussed on today's call", "audio_length_s": 8.04, "path": "6fe1a71311b4937268b4c0332dc7c11f_41.wav"}, {"text": "drops may be more of a priority in terms of order of execution at this point? Or", "audio_length_s": 8.04, "path": "0702a77635d50ec3b154df61456c1b63_48.wav"}, {"text": "Based on how well the plant has been running, the decision has been made to reduce the length of the upcoming September turnaround to 12 days.", "audio_length_s": 8.04, "path": "eed99fefac02f862b3ee31c4748cb9b5_7.wav"}, {"text": "strengthen our loyalty program and engage more Canadians than ever before. We believe there's significant untapped opportunity here.", "audio_length_s": 8.04, "path": "c88e296697cd72c891ffb7bf5a1a60bb_11.wav"}, {"text": "in not only developing new products in the engineering functions of designing new things that would simplify our RFS offering.", "audio_length_s": 8.04, "path": "7a80c3e91e5a2693cdaef5f716808317_55.wav"}, {"text": "Promoted Story allows brands to take advantage of the familiar Stories format that we invented 4 years ago.", "audio_length_s": 8.04, "path": "30a142fac5a62ab00227cb6a339a6226_14.wav"}, {"text": "For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements,", "audio_length_s": 8.04, "path": "24a2aec67e247f9c4d4cc89d6dbab525_70.wav"}, {"text": "in continuing the momentum into the first quarter. I think it's probably -- given the way new business bookings work,", "audio_length_s": 8.04, "path": "365c360aff42713cef71a7d026eeeb6d_277.wav"}, {"text": "Unemployment remains high, to start with. And none of those drivers is likely to be available in the short term to drive growth.", "audio_length_s": 8.04, "path": "153ca64e1ddbb5b38a71827429635d48_47.wav"}, {"text": "predicting that it's going to be flat or what it's going to be doing yet. That's still work to be done here in this -- in the next few months as we come up with our plan. So", "audio_length_s": 8.04, "path": "eb93e70cdf7a839a69546250fb3646fb_33.wav"}, {"text": "and sales were strong against key geographies, categories and channels and balanced between evergreen back catalog content", "audio_length_s": 8.04, "path": "19bfb8daeb6e43d59415df478017d5c3_76.wav"}, {"text": "big downdraft in pricing with a lot of inventory on hand. We kind of like it when it goes the other way, when our inventory does revalue because", "audio_length_s": 8.04, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_162.wav"}, {"text": "David's announcement is another example of the actions we're taking to build the foundation for a growth company,", "audio_length_s": 8.04, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_198.wav"}, {"text": "we have now a capital productivity task force in the company whose focus is to try and improve capital productivity, both on", "audio_length_s": 8.04, "path": "bece1ee458b65656b484de51021c5219_57.wav"}, {"text": "This facility is being sized and designed to support the anticipated growth we could see for the next 10 years.", "audio_length_s": 8.04, "path": "ff59c33225941d4025bcecc8fe1a4b32_8.wav"}, {"text": "Overall, I would say the economic landscape is supportive of continued order and revenue growth momentum", "audio_length_s": 8.04, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_203.wav"}, {"text": "Our growth in new products has been strong, with a vitality index that has doubled from the prior year.", "audio_length_s": 8.04, "path": "77f146e76d89a5be785a39ab23dfa763_58.wav"}, {"text": "how many of those you've touched kind of in the last couple of years in terms of maybe relocations or redesigns or anything like that to give us a sense", "audio_length_s": 8.04, "path": "47546a57a865bca0f4e677dc3b485053_187.wav"}, {"text": "As far as anything that we do to offset it, we have not implemented any particular strategy. We have not changed our pricing approach next year.", "audio_length_s": 8.0100625, "path": "276392c471c063580869aec014a1feda_131.wav"}, {"text": "Closing is subject to Federal Trade Commission and Canadian Competition Bureau approval as well as other customary closing conditions.", "audio_length_s": 8.01, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_8.wav"}, {"text": "But all in all, I would say that we are very satisfied with the development of cash flow, bringing the leverage below 2 turns.", "audio_length_s": 8.01, "path": "364a769967b9b1a7cd069e2ce95c6e25_122.wav"}, {"text": "We look at how we spend each and every dollar, and how we can maximize that dollar to realize the best return for the long term", "audio_length_s": 8.01, "path": "7d2a9151826f1fbcf538ffbf85924ed2_158.wav"}, {"text": "and expanded assets under delegated management by fivefold. I am pleased the company will continue to benefit from Julio's advice", "audio_length_s": 8.01, "path": "62d981deed6d5128615c99d1597178b6_126.wav"}, {"text": "Good morning. My name is Sophie and I will be your conference operator today.", "audio_length_s": 8.01, "path": "ebb371780b97ae7f2172f242fbdc5c7c_0.wav"}, {"text": "and, at the same time, continue our relentless focus on satisfying customers as they move more mission-critical applications to the platform.", "audio_length_s": 8.01, "path": "47d77b15189fadcc76113a2f7800ba28_43.wav"}, {"text": "I would like to remind you that some of the statements that we make during today's call may be considered forward-looking statements within the meaning of the safe harbor provision", "audio_length_s": 8.01, "path": "f0ce0d97cf62c9076226e0aeeb550493_57.wav"}, {"text": "And I will continue, and I'll commit to continue to update you on the progress of the plan.", "audio_length_s": 8.01, "path": "9014ac9cbc2cff30468f1bcb659c0f66_362.wav"}, {"text": "excluding volatility in the rate due to the adoption of a new accounting standard related to the tax treatment for exercises in employee equity plan.", "audio_length_s": 8.01, "path": "1f1b29266d2cede9b8f0f06ca57aae17_114.wav"}, {"text": "So we're well positioned -- really well positioned short term to maximize on the growth out there through that header and through our pipes,", "audio_length_s": 8.01, "path": "718a89dc503706eae0091bcd9410d567_195.wav"}, {"text": "Digital adoption increased by 7%, which continues to accelerate with good growth in all regions.", "audio_length_s": 8.01, "path": "7974a5134807f46a1484a8adf81505be_216.wav"}, {"text": "As the higher levels of excess tax benefits related to the equity awards from the IPO have now been recognized.", "audio_length_s": 8.01, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_139.wav"}, {"text": "and with the combined success of debt reduction and improved operational performance, we're now even better positioned to advance our project pipeline.", "audio_length_s": 8.01, "path": "7ec9d2889f6012c7058eb766f6de38e2_88.wav"}, {"text": "On independence, if we just go back to that one for a second. I think it's one that people have taken for granted for so long,", "audio_length_s": 8.01, "path": "8b71a232d7fe61e6232807b635977c31_97.wav"}, {"text": "Our first quarter volume growth, cost trends and synergy realization all were above our expectations.", "audio_length_s": 8.01, "path": "8bbc2f54137b794265dfb01f1559868d_17.wav"}, {"text": "I think we've got to get to closing before we start to really articulate some of our plans. But obviously, we anticipate a lot of synergies to be realized,", "audio_length_s": 8.01, "path": "044da592acc01ff7baacb3dbf2a302a9_45.wav"}, {"text": "where are the areas that you feel like you were weakest sort of coming into this year and where the greatest improvements will come from?", "audio_length_s": 8.01, "path": "3121e8f4a75758834d32a9e4e0555221_70.wav"}, {"text": "is to invest in our own managed fund product. And so as we highlight in the prepared remarks, we currently have a balance sheet", "audio_length_s": 8.01, "path": "1b91eb82f5211000e711424657cc2484_238.wav"}, {"text": "It is our understanding that this carrier is reviewing major capital programs, and our vectoring program is part of this review.", "audio_length_s": 8.01, "path": "a45510e526a5935c1f8d4f039149ff3b_141.wav"}, {"text": "So now let me just go into a little more deal and color on each of those points.", "audio_length_s": 8.01, "path": "82218f543c9a546c4baa5323f250b39f_5.wav"}, {"text": "sector has been a little bit bumpy over the past year, and we want to provide ourselves enough wiggle room. On top of that,", "audio_length_s": 8.01, "path": "bad55d25c1222682bd893d97dc5cbb27_58.wav"}, {"text": "There has been a lot of excitement, speculation and even fear surrounding the arrival of 5G and how it may impact our business.", "audio_length_s": 8.01, "path": "6f2c2a55736c5c47a19eca807ec60e33_26.wav"}, {"text": "a majority of the market. So there is a lot of waste in the process. Now with our IT system, with our sales management system,", "audio_length_s": 8.01, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_198.wav"}, {"text": "getting mediocre ratings to make them better and we tend to eliminate products that are getting low ratings and reintroduce them and that's constantly", "audio_length_s": 8.01, "path": "957e0f876f9a4af9b498c19843675474_26.wav"}, {"text": "just continue to execute and keep moving ahead. That's our focus. We have quite a large interest in", "audio_length_s": 8.01, "path": "2a5b0a6532fa2b71915a2930be02621a_35.wav"}, {"text": "let's say, activity going forward. That puts a little bit of pressure on the revenue stream in that particular segment.", "audio_length_s": 8.01, "path": "cfbe91105113db7a5784f77e411b7a3f_261.wav"}, {"text": "the agriculture market and so on. But we're just not seeing a lot of interest from that side of it.", "audio_length_s": 8.01, "path": "392ca3d1e388c6d7a35f6d0db390c359_113.wav"}, {"text": "without losing sight of the primary objective of actually delivering the right value proposition to our customers. They want compliance,", "audio_length_s": 8.01, "path": "e26b501c6e000fdaa11edde97cc71436_60.wav"}, {"text": "On that call, I highlighted a refined description of our business focus as that of a gaming technology company.", "audio_length_s": 8.01, "path": "1b1699497be56330b3ed833f22bc63f6_62.wav"}, {"text": "When we look at new product launches for 2017, we say we have about 20 products. I would tell you that we have a", "audio_length_s": 8.01, "path": "5f38ce681d4413a793d34a0650c59bf2_152.wav"}, {"text": "Our long-term efforts to further raise efficiency and improve our working capital are paying off more and more.", "audio_length_s": 8.01, "path": "8475d4f528174aebabcb109487bee3f3_57.wav"}, {"text": "think about the antibacterial products that you might buy to make sure the paint in the cans are", "audio_length_s": 8.01, "path": "73ba4ff250b62745e03880e75b9a1581_59.wav"}, {"text": "by some of the sub businesses, what type of growth you're going to see in the second half to sort of hit that full year number?", "audio_length_s": 8.01, "path": "73ba4ff250b62745e03880e75b9a1581_164.wav"}, {"text": "We are already making plans to collapse the noncore unit at year-end and migrate any residual RWA back into the Core Bank.", "audio_length_s": 8.01, "path": "bddc15938bdcc3085f19b0851e74c2c0_298.wav"}, {"text": "putting clarity of what you're supposed to be doing in your role, how you support each other then in the restaurant and then providing clarity of how you can grow", "audio_length_s": 8.01, "path": "47a303604df9f9fc9f2f89a9280c3a79_118.wav"}, {"text": "we will only disclose this metric for the full year as it's best reviewed on an annual basis given the seasonality of our business.", "audio_length_s": 8.01, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_196.wav"}, {"text": "to complete the analysis and gain agreement with FDA on this particular piece. We are confident we will get there in the very near future.", "audio_length_s": 8.01, "path": "a24a661c2eb55542903c72391ec09f9b_7.wav"}, {"text": "an increase in LatAm North in industrial risk and transportation due to the issuance of the PEMEX policy,", "audio_length_s": 8.01, "path": "c6447babe88f061184d64309eebb8629_116.wav"}, {"text": "Before I turn the call over to Chris, let me touch a little on our PAS model, which continues to see strong growth.", "audio_length_s": 8.01, "path": "575d21e05ceda8f95fc54e0292c2d99f_124.wav"}, {"text": "Now to look at the individual pieces, to give you a little bit more granularity. We expect natural gas to end the year slightly", "audio_length_s": 8.01, "path": "2ad9555a64eaa3f45bef5581adeecb9c_120.wav"}, {"text": "the goddamned crooked lawyers appealing and delaying and delaying and appealing so they can generate more legal fees,", "audio_length_s": 8.01, "path": "a965bbd76f3d449c86e8c27d03ac192f_47.wav"}, {"text": "Any way to think about how those impact sort of core growth in the Service segment? I mean, should we be bumping up our expectations", "audio_length_s": 8.01, "path": "2b87d263eaf2464f275a48fa005b16c7_102.wav"}, {"text": "we've got all the data we need, but actually it's the way we present it can be a little more insightful to drive a few more actions. So we will always look to improve", "audio_length_s": 8.01, "path": "9c1272d9d120c5bfafd6e6b566f89b62_194.wav"}, {"text": "opportunity to engage in consolidation, and we think we'll be able to achieve that also at the net", "audio_length_s": 8.01, "path": "38b2f94da12bbf2d32246763aab8265a_107.wav"}, {"text": "But there's opportunities for us to cobble together a team and to potentially continue to move forward there. So we are looking at that.", "audio_length_s": 8.01, "path": "f2a2ba46b242698577188259de23de31_79.wav"}, {"text": "which did not allow for the opportunity to replace the decreased supply of used textbooks as a result of rental.", "audio_length_s": 8.01, "path": "da14df2e02d11f6f8599533d9d57faee_117.wav"}, {"text": "Let us move to Slide 5. Here are the main figures of the semester.", "audio_length_s": 8.01, "path": "e60f6485243932b9280d864cb17a6ba8_130.wav"}, {"text": "we have made some quick decisions to add incremental capacity in our existing footprint.", "audio_length_s": 8.01, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_125.wav"}, {"text": "negotiating financial terms of the transaction and ultimately finalizing a definitive license agreement takes a substantial amount of time and human capital.", "audio_length_s": 8.01, "path": "79afc92245f71d37a9adafb6f8d50e4f_22.wav"}, {"text": "relative to certain market conditions or changes as you might in the other models. So I don't believe you see that", "audio_length_s": 8.01, "path": "8a77ceadd7e4729abc9102d38be3a227_139.wav"}, {"text": "And yes, we continue to build our Prestige business, with all brands growing in line with our plans.", "audio_length_s": 8.01, "path": "47b1a118c53956b23f1d687a75f3e5ba_235.wav"}, {"text": "The improvement in cash flow from operations is primarily due to the timing of tax and other payments.", "audio_length_s": 8.01, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_173.wav"}, {"text": "representing reported and constant currency growth of 13%. We continued to see improvements in profitability", "audio_length_s": 8.01, "path": "6a372ea97b0b130a4d37f16b54d97909_133.wav"}, {"text": "was very much about mortality of people that are 100 years and beyond, so that I would call on the outskirts.", "audio_length_s": 8.01, "path": "98f10f0935e5b778e888a1b8130a3d31_288.wav"}, {"text": "But with this product launch, we have that capability and have adjusted the way our magnets function so that they don't", "audio_length_s": 8.01, "path": "b305bff75f28d238f0bd7da5bd4f13b8_152.wav"}, {"text": "Inventory will also be another key area of focus where we will implement our revised approach to stock management and distribution", "audio_length_s": 8.01, "path": "3278114d0e939eef0c3ec96dbed0f49b_42.wav"}, {"text": "As expected, total consolidated revenues for this quarter declined as a result of the contracted decline in our cinema equipment business", "audio_length_s": 8.01, "path": "20097e37747ec7bc3734246e83798fb1_162.wav"}, {"text": "Telling me most of the new deliveries are big ships, while most of the scrapping continues to be focused on midsized and smaller vessels,", "audio_length_s": 8.01, "path": "62246783cdfc5083ebb32cff71ccd38b_17.wav"}, {"text": "And we see an increased focus from customers when it comes to flexibility,", "audio_length_s": 8.01, "path": "f7df5ecab61eca575f169a8298318eca_79.wav"}, {"text": "big impact in terms of us being more challenged with our product line. So", "audio_length_s": 8.01, "path": "051c23cc7bacc5c9df9312ac0fd431a9_164.wav"}, {"text": "This is a highly complementary acquisition that will provide new revenue, technology, talent and access to markets.", "audio_length_s": 8.01, "path": "2a059b2b192b8e972ca7664ddfed8a20_158.wav"}, {"text": "While Panama City itself was spared from the storm surge and the flooding that hit areas to the west, our plant was damaged by high winds.", "audio_length_s": 8.01, "path": "809e26eaacb31ffdee78d3f41a6ce90a_81.wav"}, {"text": "understanding our product offering. To make sure that our specialist presenter programs and others are the best that they can be.", "audio_length_s": 8.01, "path": "968913c3f9111fc67f1d9956c56dec3b_150.wav"}, {"text": "Our focus on adding customers on the Vonage Business Cloud platform lowers this risk significantly.", "audio_length_s": 8.01, "path": "52a4e3ebf7e968a783401230c3f69a9d_128.wav"}, {"text": "As you think about your models for the next 2 quarters, remember that Q4 is seasonally a higher revenue quarter", "audio_length_s": 8.01, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_28.wav"}, {"text": "Now that we're a little further into this process, I was wondering if there were any maybe more specific metrics you could share along those lines. Because,", "audio_length_s": 8.01, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_92.wav"}, {"text": "We believe we have the right strategy, we have the right team, we have the right approach to capital allocation to continue to create value for our shareholders.", "audio_length_s": 8.01, "path": "ceeedf178333db4c586311e4f43bdfd1_123.wav"}, {"text": "However, it's worth noting that our teams are acting on numerous recent proposals in these business areas that could prove fruitful.", "audio_length_s": 8.01, "path": "9e8690a521142359001a137074905535_256.wav"}, {"text": "It seems that on the last report issued by the association of book printers in Brazil", "audio_length_s": 8.01, "path": "4eb41fa11a52a50234620475be1e41f2_35.wav"}, {"text": "As such, the facility has been classified as an asset held for sale and is reported as a discontinued operation.", "audio_length_s": 8.01, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_155.wav"}, {"text": "we remain focused on reducing costs, expanding margins and building our advantaged platform to drive top line growth.", "audio_length_s": 8.01, "path": "9b697782ea80be97854f35d6fc62c93a_89.wav"}, {"text": "the meantime, please feel free to reach out to us at any time, and we look forward to talking with you all again after our first quarter results.", "audio_length_s": 8.01, "path": "d4b51176b605646e70b37d07a7c19599_55.wav"}, {"text": "way more than we expected of our Shacks are going to open in the third and fourth quarter, with the vast majority of those in the fourth quarter,", "audio_length_s": 8.01, "path": "3898a5c021167b8169287fc8bb59f753_85.wav"}, {"text": "for Mylan to capture the very large outpatient market and for combined efforts by both companies in the hospital discharge arena.", "audio_length_s": 8.01, "path": "571b0d30d88945a981006f24faa72cf7_72.wav"}, {"text": "But I think it's probably not fair to compare it directly because those are often spot blood pressures as opposed to profiles as we've generated in the study.", "audio_length_s": 8.01, "path": "571b0d30d88945a981006f24faa72cf7_200.wav"}, {"text": "As previously discussed, we remain committed to improving our overall expense scalability and efficiency", "audio_length_s": 8.01, "path": "cac9bb252b7974b7044423e714c2f054_118.wav"}, {"text": "It is now my pleasure to introduce your host, Mr. Simon Harnest, Vice President of Corporate Strategies and Finance. Thank you. You may begin.", "audio_length_s": 8.01, "path": "48f4f350c0636fa0c7acf339cfccb869_46.wav"}, {"text": "In particular, we're always looking at ways of managing our risk to create the best economic outcomes across scenarios", "audio_length_s": 8.01, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_144.wav"}, {"text": "We've been reviving existing brands like NOMA, MOTOMASTER and Outbound. These 3 brands have been rejuvenated over the past 2 years", "audio_length_s": 8.01, "path": "21f21433851eb7c7f7dbc710309341bb_175.wav"}, {"text": "And so when you talk about the beverage projects, should we think about that bucket of revenue, is that about 350 of sales that's kind of.", "audio_length_s": 8.01, "path": "fb817a6cc685a3fd0f003456dd641c01_215.wav"}, {"text": "basically -- we've won these just by going in and showing the performance of the battery.", "audio_length_s": 8.01, "path": "e97d1655ebabb8403ac0449eadb48f9b_160.wav"}, {"text": "Within 2017, we reset several business strategies and tactics to enable greater value production shipments", "audio_length_s": 8.01, "path": "b3d7bc295d09d9927e465213612c0192_3.wav"}, {"text": "This charge represents our best estimate, and the actual expense may differ from this estimate due to further refinement of our calculations", "audio_length_s": 8.01, "path": "1e756fc5d265eea3ff8e2e31c29826ae_218.wav"}, {"text": "as opposed to silo play either from an organizational structure or from a compensation perspective to make sure that you're capturing as much wallet share", "audio_length_s": 8.01, "path": "d1ea27c78d9b77d1db1349ca8b4789d1_137.wav"}, {"text": "the member representation groups, is that this is such a low level of incidence", "audio_length_s": 8.01, "path": "c40b5d1a13169c5acf69590932a56f98_159.wav"}, {"text": "that can experience fluctuations in working capital on a quarter-to-quarter basis and provide a better metric to track our profitability over time.", "audio_length_s": 8.01, "path": "c40b5d1a13169c5acf69590932a56f98_57.wav"}, {"text": "is that we have relationships with customers on both sides of the federal government marketplace. And I think that will,", "audio_length_s": 8.01, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_167.wav"}, {"text": "We see an expanding role for EXPAREL in oral surgery field, where an overwhelming majority of patients would prefer a nonopioid option for managing pain.", "audio_length_s": 8.01, "path": "450a5dc6eb19b82da8dfc68127f6e79d_135.wav"}, {"text": "But this is a journey of many steps. And the early ones are planted firmly in leading and consolidating key parts of the traditional genetic testing industry.", "audio_length_s": 8.01, "path": "7551ffae17aa39dd4ea962a43f96bf04_50.wav"}, {"text": "impact per se in terms of our strategy of looking to hold our overall EBIT margins. It's just one of the variables", "audio_length_s": 8.01, "path": "33fd8a867dbd88a837e541b1d2b25ea5_48.wav"}, {"text": "The Porter's Paint acquisition we completed during the year is an example of extending our reach in premium design-focused brands.", "audio_length_s": 8.01, "path": "33fd8a867dbd88a837e541b1d2b25ea5_18.wav"}, {"text": "what the supply of the Switch is going to be. And I'd say those 2 factors kept us with the same guidance.", "audio_length_s": 8.01, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_42.wav"}, {"text": "try to effectuate some change. So I'm not projecting a whole bunch of impact from Alpha", "audio_length_s": 8.01, "path": "433a6e203f9db93835c27ff83e86c801_97.wav"}, {"text": "and we made meaningful progress on this initiative in the third quarter. I'd like to take a few moments to discuss our portfolio's performance,", "audio_length_s": 8.01, "path": "5b0a12e70a31041016a008c29a6d2bb1_69.wav"}, {"text": "Okay, so a very good morning to everybody, and welcome to IPC's second quarter", "audio_length_s": 8.01, "path": "b24e0b37987585f3c63f28df67e6a1f6_0.wav"}, {"text": "And so, sometimes, you get a little bit, not quite lazy, but we sort of work with what we see rather than go out and try and get what we want.", "audio_length_s": 8.01, "path": "3d3b327645f62f252bb876e5bb4a9259_89.wav"}, {"text": "Today's conference is being recorded. At this time, I would like to turn the conference over to Allison Cain of ICR. You may begin.", "audio_length_s": 8.01, "path": "f74a9d06236a0e937a6e98bfacc85eb7_32.wav"}, {"text": "To that end, we are currently exploring such an entity as it would enable us to recapture a portion of the portfolio insurance market.", "audio_length_s": 8.01, "path": "130e8e56c1afa2419fd0c08708261824_103.wav"}, {"text": "I don't believe, first off, that it strengthens them at all on the core side because this acquisition has nothing to do with their core.", "audio_length_s": 8.01, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_171.wav"}, {"text": "and seeing growth out of those customers because they have more functionality on the new platform. We're adding new customers through the", "audio_length_s": 8.01, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_158.wav"}, {"text": "this is something that does get competed away. But if you think about increasing clean product yields, and specifically, you guys have a few projects", "audio_length_s": 8.01, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_106.wav"}, {"text": "but what would it take for you to flex that down? Or are you looking at the adds that you're coming -- that you're bringing in", "audio_length_s": 8.01, "path": "2a7af3c66762ce608379005a3d7bfa96_192.wav"}, {"text": "let me say, the tower environment is enough exciting because the new technology that", "audio_length_s": 8.01, "path": "ea45464984232d301c70cc7a9afdbc65_18.wav"}, {"text": "It differs because Greenhill has a much wider, in terms of", "audio_length_s": 8.01, "path": "e29584f9f829602cacebcce71c2a4fb9_125.wav"}, {"text": "other factors that could cause actual results to differ materially from those indicated or implied by such statements.", "audio_length_s": 8.01, "path": "ee00ebd8d782e8f124b3e142cbb74f37_107.wav"}, {"text": "Concrete tensioning sales declined modestly as we stabilized the operations and worked to claw back lost shares resulting from poor delivery.", "audio_length_s": 8.01, "path": "18e82b076319ac52f8a4b391ea345abd_49.wav"}, {"text": "And like you said, yes, we probably will be doing some sort of recruiting special in the future. We just don't give any dates or details.", "audio_length_s": 8.01, "path": "82ccbfb62e125b146fba0f8e4347cc62_36.wav"}, {"text": "Turning to our sales results. Although the economy in our region remained strong and we continue to add customers,", "audio_length_s": 8.01, "path": "919fd6c04cca92ecdf503e32f884435d_34.wav"}, {"text": "And then as it relates to both the longer-term implications on bad debt and also the administration costs, as Jay mentioned,", "audio_length_s": 8.01, "path": "b126c31149f1cadf1d891082a187d6fc_179.wav"}, {"text": "Bryan and Modesto, together with the impact of converting Midland to a JV, will create a net expense", "audio_length_s": 8.01, "path": "b126c31149f1cadf1d891082a187d6fc_212.wav"}, {"text": "a reminder, our guidance excludes any potential impact from the previously announced agreement to acquire the Wesson brands.", "audio_length_s": 8.01, "path": "34b4c03bbd8e9d5fceb8c8af89388197_237.wav"}, {"text": "And finally, note that all amounts discussed today are in Canadian dollars unless otherwise indicated.", "audio_length_s": 8.01, "path": "66b25c60d952bd002c7ab20da9248086_95.wav"}, {"text": "as well as the annualization of store openings and strategic investments from the first half of last year.", "audio_length_s": 8.01, "path": "1300495cfa53748f732f54277d5a8cea_84.wav"}, {"text": "These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company.", "audio_length_s": 8.01, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_2.wav"}, {"text": "days it takes to drill and complete our wells from year to year. So even where we're mature, we're still continuing to see a significant", "audio_length_s": 8.01, "path": "95303f68781d6fb58e19ec1dc7785a7c_110.wav"}, {"text": "in the value chain has to contribute to achieve the necessary efficiency gains in our industry, not just the airlines.", "audio_length_s": 8.01, "path": "407fee9910ab57874978cf85a89b1d9d_180.wav"}, {"text": "As indicated recently, we now expect unit revenues to decrease very significantly in the months ahead.", "audio_length_s": 8.01, "path": "407fee9910ab57874978cf85a89b1d9d_3.wav"}, {"text": "and expect that line to begin service in the fourth quarter of 2019, with throughput volumes ramping up over a couple of quarters.", "audio_length_s": 8.01, "path": "1215cf00a11992ec74743f92026af2e9_49.wav"}, {"text": "there's that. And then, I guess, adjacent to that, I understand that you can't do all of your due diligence that you want to do on a competitor but", "audio_length_s": 8.01, "path": "b0d88c0f1efca89ecb928172341dc75d_142.wav"}, {"text": "The delays in fine chemicals and nutraceutical orders is dampening performance in this segment. But the focus on operational excellence", "audio_length_s": 8.01, "path": "e552924838fe493d3cc967dd0c5c4563_123.wav"}, {"text": "First half performance has been strong and with continued momentum across the business. We expect solid results for the remainder of the year.", "audio_length_s": 8.01, "path": "b08d602a938cc263402d9d2db56f2490_23.wav"}, {"text": "and currency in particular, continues to be a headwind for us in most markets around the world. And so the key for us, as we think about", "audio_length_s": 8.01, "path": "1f142ea668261ba963d47aac6bab69dd_91.wav"}, {"text": "and strong sales and marketing capabilities will not only grow our business, but will also accelerate the category.", "audio_length_s": 8.01, "path": "1f142ea668261ba963d47aac6bab69dd_161.wav"}, {"text": "This is what we feel most comfortable, saying this is the foundation for a strong plan. We think it's an ambitious plan and we're excited about it.", "audio_length_s": 8.01, "path": "2cd5b184c2ef6624ce219830182927c9_82.wav"}, {"text": "The other thing that happens in the unitary tax regime is sometimes, states will change their allocation factors, whether it's", "audio_length_s": 8.01, "path": "2cd5b184c2ef6624ce219830182927c9_324.wav"}, {"text": "during the period, we exited credits at a higher spread than those that we entered.", "audio_length_s": 8.01, "path": "02242ceddfeb4bcc65f04552b63fe80e_35.wav"}, {"text": "specialized or potentially has ability to grow above the rest of your portfolio, whether it's in beverage", "audio_length_s": 8.01, "path": "1d021dfadd51998ac079e1df49929c60_38.wav"}, {"text": "for the long term as we continue to execute the strategy to change the portfolio towards engineered products and industrial technologies,", "audio_length_s": 8.01, "path": "711d9abe4399e7184d7dd8e3273f8a71_120.wav"}, {"text": "of growth and margin. And we are on track on both of these. And so for now, I wouldn't want to get into a discussion.", "audio_length_s": 8.01, "path": "49dfadfb9a3d4d27ac250602928cf9ea_167.wav"}, {"text": "the only way to get better at it is to try to cluster it more. That gives you the ability to go faster in a given area.", "audio_length_s": 8.01, "path": "429bcf63d57c11ea4d8864560f521dba_171.wav"}, {"text": "they are new and because they can contribute more than normal components to their design.", "audio_length_s": 8.01, "path": "e21fc19597d349bcd86de1329167659b_152.wav"}, {"text": "Note the 3 points in time highlighted in these pie charts. You can see that our portfolio has changed over the past 9 years.", "audio_length_s": 8.01, "path": "81c03e2c15e8fe8213fbd40368b49581_6.wav"}, {"text": "And finally, if you turn to Slide 14, let me summarize. We believe this is an environment where capital preservation is important.", "audio_length_s": 8.01, "path": "81c03e2c15e8fe8213fbd40368b49581_10.wav"}, {"text": "which is notable considering our very significant outperformance in second quarter of last year.", "audio_length_s": 8.01, "path": "910a1a60a0549a5973f42bb19b66a0ae_79.wav"}, {"text": "These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company.", "audio_length_s": 8.01, "path": "77423f08f0208d476dea73c639f6293a_2.wav"}, {"text": "As we have said many times before, we believe it is important for Gray to continue to grow the size and scale of our portfolio with high-quality assets", "audio_length_s": 8.01, "path": "77423f08f0208d476dea73c639f6293a_159.wav"}, {"text": "Now to address our balance sheet. We are pleased with the strength of our balance sheet and the improvement in our cash position during the quarter.", "audio_length_s": 8.01, "path": "a766b08317742c952705018a899f3998_102.wav"}, {"text": "We experienced strong performance from our network VARs toward the end of the quarter as our regionalization efforts began to take hold.", "audio_length_s": 8.01, "path": "a756bd9ba43faae4d9d0f059925e39e9_132.wav"}, {"text": "and accuracy of questions on the front end. So we are going through a transition period with the agreement of the regulators in Canada", "audio_length_s": 8.01, "path": "bcb3aac2c7cc035961d9ee8cfd330044_66.wav"}, {"text": "So we are sharing the benefit of tax reform by raising our minimum wage and issuing a special bonus to our team members.", "audio_length_s": 8.01, "path": "7e198f4b8da8fc367e2bca0fd1595633_67.wav"}, {"text": "That's because our redesign separates social from media, solving many of the problems that arise when friends are commingled with professional content creators.", "audio_length_s": 8.01, "path": "30a142fac5a62ab00227cb6a339a6226_10.wav"}, {"text": "selling and be successful in the multinational space, which is a -- again, a mid-teens growing business for us. And this just extends that", "audio_length_s": 8.01, "path": "365c360aff42713cef71a7d026eeeb6d_217.wav"}, {"text": "but certainly, by the second half of the year, we expect a substantial number of these items to be in place", "audio_length_s": 8.01, "path": "9dcce10786aa9db4cdc6cc4649adacdd_88.wav"}, {"text": "However, reduced customer spending by large enterprise customers on core connectivity, business service solutions and data products", "audio_length_s": 8.01, "path": "6f73dbce90cb2d313480b437f0c51bbc_45.wav"}, {"text": "related to the vesting or exercise of such payments be recognized in our income tax provision rather than in additional paid-in capital.", "audio_length_s": 8.01, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_19.wav"}, {"text": "I know that the initial push or at least my perception was the initial push of that was to get more revenue in your top line quicker.", "audio_length_s": 8.01, "path": "97b02b7a41ecb22cb04e7331052cefc8_220.wav"}, {"text": "many of the opportunities in our pipeline are being offered as both a perpetual license and SaaS pricing model.", "audio_length_s": 8.01, "path": "726bad4d5d1a6b2f62034eb8dc843450_7.wav"}, {"text": "The typical seasonal trend is for the third quarter volume to decline 3% to 5% from the second quarter.", "audio_length_s": 8.01, "path": "97ddc19ecb28bab2d19fd3b181182062_2.wav"}, {"text": "As Jimmy mentioned, the increase in unit cost was consistent with our plan and was forecasted on our previous earnings call.", "audio_length_s": 8.01, "path": "4b5d33b9c200403f2d4633e47f1d4110_114.wav"}, {"text": "has allowed us to achieve sustained operating profitability much earlier than other companies preparing to launch their first drugs.", "audio_length_s": 8.01, "path": "3a1ba1b79a8a016390f98ab3ffe71340_23.wav"}, {"text": "Okay. And so when we talk about the additional opportunity for development through redevelopment of existing buildings, would that additional opportunity be", "audio_length_s": 8.0099375, "path": "0ee490f8688669984ae17a737590f7b5_67.wav"}, {"text": "We've already made great strides in just the first few months of the year with our data presentations at the WORLD Symposium on Orlando,", "audio_length_s": 8.0099375, "path": "0dbbae27d7055ecc04cc25e14e4de12d_20.wav"}, {"text": "Investors should expect this pattern to continue over time, essentially using the stated leverage range as a reference point.", "audio_length_s": 7.98, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_24.wav"}, {"text": "from that. And we expect the level we have seen in Q1 to be certainly sustainable", "audio_length_s": 7.98, "path": "c459f473b2c99662c3e29eeb2df74043_20.wav"}, {"text": "the revised range for the combination of our adjusted EBITDA plus the cash on the design and construction contract", "audio_length_s": 7.98, "path": "4fdbfd9eec396928550d0c799e170d34_160.wav"}, {"text": "So you can assume that these companies will continue now that they have assurance for continuation", "audio_length_s": 7.98, "path": "10a419054cf3cc5d4ca00b7f338cc73b_74.wav"}, {"text": "We continue to focus on controlling cost to maintain positive cash flow and look for any potential opportunities.", "audio_length_s": 7.98, "path": "a0e8f9500edc41a227b8d67235bf7753_3.wav"}, {"text": "The Australian public sector remained soft due to several changes in the federal government, but we anticipate this segment to pick up through the year.", "audio_length_s": 7.98, "path": "6e6da7f810609ce64857373f11984455_45.wav"}, {"text": "How do you -- what kind of revenue mix in margin profile", "audio_length_s": 7.98, "path": "0d631e444d1c22f0be99a69f5deaff94_24.wav"}, {"text": "and we're finding the opportunity to put our KXL systems and our drugs into those accounts. So there are opportunities that are", "audio_length_s": 7.98, "path": "5111fdad778749872c23e78c9b0d653b_124.wav"}, {"text": "but I think on a go-forward basis, far less than what we've historically experienced. And if you think about us from a carry perspective,", "audio_length_s": 7.98, "path": "6388da88b00ebc88af59435bdac74132_248.wav"}, {"text": "with the goal of course of trying to drive similar growth in ACV, some deals are big", "audio_length_s": 7.98, "path": "55cbaf368288111ebc2ccadb61e3bd34_43.wav"}, {"text": "So the company and senior executives have been unable to purchase the stock in this period.", "audio_length_s": 7.98, "path": "e274d02ea943c0a74779950fe28e839d_42.wav"}, {"text": "with price increases for the most part. And you said you added a large piece of new business. Can you give us any details there?", "audio_length_s": 7.98, "path": "e274d02ea943c0a74779950fe28e839d_35.wav"}, {"text": "Market capture is impacted in part by the configuration of our refineries and their production relative to the market crack calculation.", "audio_length_s": 7.98, "path": "8b6c481f7fe797353fefe886e205bbaa_168.wav"}, {"text": "associated with closed schools will be reflected within corporate and other. Income taxes.", "audio_length_s": 7.98, "path": "10ad172801ac8cd3a21e4355d7349eb5_143.wav"}, {"text": "whereby an oral prophylactic is the patient and physician's overwhelming choice for living a normal life with HAE disease.", "audio_length_s": 7.98, "path": "2602edddc3363eadcaafe1c33271f3e4_72.wav"}, {"text": "I think we are seeing, if we convert to Chile or transition to Chile, I think we were pleased with the product support improvement,", "audio_length_s": 7.98, "path": "264e575b73bc2a485bee416c1ac10cee_102.wav"}, {"text": "Our goal is to shrink this loss in each of the next successive quarters and to get to EBITDA breakeven by Q4 of this year.", "audio_length_s": 7.98, "path": "ed1006cd88de67e8fe53ea86ad6862d7_131.wav"}, {"text": "In order to continue to drive these kinds of recurring revenue engagements, we will be focusing on several important initiatives", "audio_length_s": 7.98, "path": "ed1006cd88de67e8fe53ea86ad6862d7_128.wav"}, {"text": "While these cost increases have had a negative impact on margins, we are optimistic that the increase in drilling activity in Canada,", "audio_length_s": 7.98, "path": "280817d93f79714585d82b9c2dbecab3_23.wav"}, {"text": "but we have been able to make up the difference, primarily in the manufacturing industry and retailing and distribution industry.", "audio_length_s": 7.98, "path": "2a59b9df2de5248e64727f10185a8423_57.wav"}, {"text": "And I see periods of spikes in the stock that are kind of uncommon for most other bank stocks that I hold.", "audio_length_s": 7.98, "path": "2d7efae3f89647d6468deed3b73bf98a_22.wav"}, {"text": "And that obviously gave us enough confidence to want to not only repeat it in fourth quarter here, but to expand it.", "audio_length_s": 7.98, "path": "280baf1d10cd27b78eae4bf2574b9c98_183.wav"}, {"text": "Thanks, Joel, and good afternoon, everyone. I will begin my remarks with a review of our third quarter results", "audio_length_s": 7.98, "path": "280baf1d10cd27b78eae4bf2574b9c98_104.wav"}, {"text": "Yes. I think the reality is the most important device in our life today is our mobile device,", "audio_length_s": 7.98, "path": "7e14890193df4b10e1eeab6ab886529f_214.wav"}, {"text": "So there are some spiky elements which happened last year particularly. During the demon period you had some spiky elements where you had income", "audio_length_s": 7.98, "path": "4c0e38d8d88c73a7a01dc542a85b2604_121.wav"}, {"text": "One independent reports that they have avoided incidences of stuck pipe by utilizing this system, which they now use routinely.", "audio_length_s": 7.98, "path": "dd3166f311a5f12a25103a0295e8ac3e_193.wav"}, {"text": "Expected increases in Medicare FISH reimbursement were slightly offset by slight Medicare decreases in other testing areas.", "audio_length_s": 7.98, "path": "8bbc2f54137b794265dfb01f1559868d_143.wav"}, {"text": "We experienced strong growth in our enterprise business during the quarter, which speaks to the strategic importance of our products in a healthy demand environment.", "audio_length_s": 7.98, "path": "78c85dc9a16f82b09d3a2363004e658d_3.wav"}, {"text": "It may surprise some, but our optimism is growing and our country is poised to invest significantly in domestic infrastructure.", "audio_length_s": 7.98, "path": "b34f680a9162805e0188170d6272a356_30.wav"}, {"text": "The deferred tax amount is based on unrealized gains and does not translate into current tax obligations until realized.", "audio_length_s": 7.98, "path": "1b91eb82f5211000e711424657cc2484_287.wav"}, {"text": "if our customers are down a little more in the second half than they expected, then we will be too. And that's exactly what is happening.", "audio_length_s": 7.98, "path": "c4dc8f962a85aa47af50f82845f550e2_49.wav"}, {"text": "We continue to experience steady and strong adjusted EBITDA growth and margin expansion and feel good about our opportunity to extend that into the future.", "audio_length_s": 7.98, "path": "54240e38051f2a3bb6a4e58fe55344cd_14.wav"}, {"text": "We believe that our collaboration partners are well positioned to take advantage of STENDRA's 15-minute of onset,", "audio_length_s": 7.98, "path": "18b396ddd443d84d12477c42e31cdf0e_5.wav"}, {"text": "Looking forward, we expect operating cash flows to increase sharply in the second half of the year, driven by our strong earnings outlook.", "audio_length_s": 7.98, "path": "797946494c2985a20aa50823e8723c44_138.wav"}, {"text": "Also, Meritor specifically announced UQM as one of their 2 strategic partners in this product line.", "audio_length_s": 7.98, "path": "392ca3d1e388c6d7a35f6d0db390c359_9.wav"}, {"text": "So we expect some of that contributed to the 10%, because like you said that's a big swing for our market.", "audio_length_s": 7.98, "path": "5eb57224d167f55747e3ea5aab8a91cf_36.wav"}, {"text": "And as you know, there's somebody running for President who's now been constrained to a teleprompter. So I understand his pain.", "audio_length_s": 7.98, "path": "e26b501c6e000fdaa11edde97cc71436_55.wav"}, {"text": "that's where I want to drive you to. The huge red has to do with the supply we need to perform", "audio_length_s": 7.98, "path": "d261e09fa176510406c0d05eeedfc8f8_92.wav"}, {"text": "is one of those areas that we believe there's a lot of opportunity to take those dollars that we're currently allocating and make the brand much more visible with what we have.", "audio_length_s": 7.98, "path": "47a303604df9f9fc9f2f89a9280c3a79_157.wav"}, {"text": "Next, we would like to explain the positive and negative factors that impacted profit before income taxes for the second quarter.", "audio_length_s": 7.98, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_11.wav"}, {"text": "I previously referenced positive results from the market survey recently completed by Greenwich Associates.", "audio_length_s": 7.98, "path": "257e4e92036da9582a8a288c88332ff3_180.wav"}, {"text": "there is also an important network effect. So I literally had a conversation with my pricing team 2 weeks ago", "audio_length_s": 7.98, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_128.wav"}, {"text": "the work continued on the coal mine, which we took at lower margin because we needed to fill in for a job that was canceled.", "audio_length_s": 7.98, "path": "f314d55f20e7186f4cd0e41e32ec144b_17.wav"}, {"text": "One of the main pillars of our strategy is to remove the complexity of shipping for our clients, and we are doing it.", "audio_length_s": 7.98, "path": "6864081f83959f4b49e25e597f28af66_3.wav"}, {"text": "the oil and gas tenants. They reduced their amount of space but this is a picture at the end of this quarter.", "audio_length_s": 7.98, "path": "eb4fd38da7ae1a347630ef447dfe9abe_154.wav"}, {"text": "We believe that we are in an excellent position with all of these technology", "audio_length_s": 7.98, "path": "863512efd537ffd31c094dd9bfd5ebd3_44.wav"}, {"text": "and also creating a good opportunity to secure the electric load that we need to make this project very attractive economically.", "audio_length_s": 7.98, "path": "2ad9555a64eaa3f45bef5581adeecb9c_193.wav"}, {"text": "And in terms of kind of the longer range, I don't know how much we can really read into that. I think you have to look at all the", "audio_length_s": 7.98, "path": "2ad9555a64eaa3f45bef5581adeecb9c_140.wav"}, {"text": "from what we expected at the time of the second quarter call due to deteriorations in commodity prices subsequent to that call.", "audio_length_s": 7.98, "path": "2ad9555a64eaa3f45bef5581adeecb9c_204.wav"}, {"text": "also the need to create very high quality environments and to remove the friction from our shopping visit, which we believe is essential.", "audio_length_s": 7.98, "path": "6e3037e770ba5e0dfc98e3223986aad2_48.wav"}, {"text": "So we obviously have a deeper view into Florida and also New York not just because of", "audio_length_s": 7.98, "path": "b022fc1979ef416dd25317a4c062328e_51.wav"}, {"text": "Clearly, this is a market -- this is an area that we've really got to get ourselves on the front foot with.", "audio_length_s": 7.98, "path": "9c1272d9d120c5bfafd6e6b566f89b62_235.wav"}, {"text": "Meanwhile, we plan to invest aggressively in our production facilities to improve production efficiency", "audio_length_s": 7.98, "path": "f4d0f1362716be33f02690dd1a8df663_20.wav"}, {"text": "the takeaway from a financial perspective is that we believe we can consistently deliver increasing adjusted EBITDA results,", "audio_length_s": 7.98, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_123.wav"}, {"text": "Can you speak around what exactly those other factors are? How transitory do you think those factors going to be moving forward? And then", "audio_length_s": 7.98, "path": "e3d70ecdb6aaed843dd059c121962e45_94.wav"}, {"text": "The whole market is in profitable territory. So one could surmise, one could expect", "audio_length_s": 7.98, "path": "38b2f94da12bbf2d32246763aab8265a_152.wav"}, {"text": "And I don't have the intention of really changing my capital management strategy at the current time. I'd like to put it to use", "audio_length_s": 7.98, "path": "f2a2ba46b242698577188259de23de31_64.wav"}, {"text": "With respect to Citizens Insurance, the opt-out percentage in September was significantly lower than recent trends and expectations.", "audio_length_s": 7.98, "path": "3068d678d3331b8f0a10ea4fa92361f2_25.wav"}, {"text": "direction? I think regulators understand the need for firm capacity, meet firm load and they understand that renewables are not firm resources.", "audio_length_s": 7.98, "path": "636d6909fbd8656f88f72f66a3a162ff_144.wav"}, {"text": "Do you get the sense that regulators understand that distinction and thus will be supportive of going the capacity", "audio_length_s": 7.98, "path": "636d6909fbd8656f88f72f66a3a162ff_94.wav"}, {"text": "We have a couple of other items that are pending also before the commission. So we'll give you guidance in February but that's about as much as I can tell you now.", "audio_length_s": 7.98, "path": "636d6909fbd8656f88f72f66a3a162ff_186.wav"}, {"text": "Due to internal insider trading blackouts and effects because of the Resultz transactions and routine quarter end insider trading restrictions,", "audio_length_s": 7.98, "path": "79afc92245f71d37a9adafb6f8d50e4f_5.wav"}, {"text": "In terms of new store productivity it's actually been fairly stable over the last 5 years since we've entered the Midwest. So", "audio_length_s": 7.98, "path": "a001f4c808bdc9a395ee7d3f9288fc50_58.wav"}, {"text": "And I think that's the only one that we called out that has an impact from", "audio_length_s": 7.98, "path": "08ed60a546bd48af9db028c4e3c8af26_143.wav"}, {"text": "We do that on a very frequent basis. Obviously, we have to give our suppliers a significant lead time,", "audio_length_s": 7.98, "path": "08ed60a546bd48af9db028c4e3c8af26_114.wav"}, {"text": "quantify those cost savings longer term and if there was any material expense in terms of developing that platform?", "audio_length_s": 7.98, "path": "16e51362df94379ea33a24334015f385_31.wav"}, {"text": "are working together to make EOG the leader in organic generation of new and better premium drilling inventory.", "audio_length_s": 7.98, "path": "a8b43081254547419da7462d9c957d61_222.wav"}, {"text": "the impact of commodity costs, I mean, it's not really the case that we look to any particular category to do heavy-lifting", "audio_length_s": 7.98, "path": "47b1a118c53956b23f1d687a75f3e5ba_60.wav"}, {"text": "And then hopefully, we'll start to see a little bit more tailwind, and the effects of our changes", "audio_length_s": 7.98, "path": "47b1a118c53956b23f1d687a75f3e5ba_300.wav"}, {"text": "Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from those predicted.", "audio_length_s": 7.98, "path": "3df0981a2d94ed56170b78330aa72ee9_118.wav"}, {"text": "But our biggest revenue business had a challenging year, and that was clearly a drag on the growth rate. And it's going to take a few quarters to course correct that.", "audio_length_s": 7.98, "path": "3df0981a2d94ed56170b78330aa72ee9_170.wav"}, {"text": "I wanted to talk a little bit about input costs and manufacturing costs in OSB, and I think you've alluded to it by discussing the number of down days", "audio_length_s": 7.98, "path": "dd28a387ccc9575df47840b850647c7f_47.wav"}, {"text": "On Slide 15, we break out the expected impact of the energy research sale on our annual revenues and expenses going forward.", "audio_length_s": 7.98, "path": "6d97c63e754383663561baada77c7354_40.wav"}, {"text": "Rich will provide a brief update on the ongoing operations of this contract.", "audio_length_s": 7.98, "path": "b94d748876ddf8e881d4191dec45baf3_68.wav"}, {"text": "And that's why you're seeing these very, very large deals. Now I would love to tell you that we wake up every day and we meet a new customer, and we sign one of these large deals.", "audio_length_s": 7.98, "path": "16ed973148ce103dc95fdcfaf35bbe7b_48.wav"}, {"text": "which obviously had a great quarter in Q1. But one of your competitors in the space is now adding commerce functionality by way of an acquisition,", "audio_length_s": 7.98, "path": "16ed973148ce103dc95fdcfaf35bbe7b_93.wav"}, {"text": "the good news for us is because of the size of our company and the amount that we spend on media", "audio_length_s": 7.98, "path": "0794a2f02bbe89feb49651735bba77c5_19.wav"}, {"text": "In addition to providing a source of liquidity, the large size of our investment portfolio allows us to manage interest rate risk effectively.", "audio_length_s": 7.98, "path": "2b0b79fa03313a4e9261734dd728b622_8.wav"}, {"text": "In other regions, MEROPEN business was returned from AstraZeneca for Southeast", "audio_length_s": 7.98, "path": "58d5f604300a30c0c5bd9aa57d207478_30.wav"}, {"text": "As such, we will continue to receive stable, predictable cash flows despite the generally distressed market.", "audio_length_s": 7.98, "path": "62246783cdfc5083ebb32cff71ccd38b_54.wav"}, {"text": "For the group as a whole, we delivered a quarter with stable organic revenues, with a margin expansion", "audio_length_s": 7.98, "path": "4567936d89925d1a3b983274b11ecae5_31.wav"}, {"text": "as we redouble our efforts to increase sales, which we believe is essential to restore the company to financial health.", "audio_length_s": 7.98, "path": "f77935c4693e4d33252c9c76993e9c8b_109.wav"}, {"text": "second, our normal growth and maintenance CapEx, which supports and drives the growth of our existing business.", "audio_length_s": 7.98, "path": "0ec0a75c1800bac01520dcac5b8992fb_113.wav"}, {"text": "I'll also expand on a few of our key achievements in 2016 and discuss how they contribute to Vermillion's self-funded growth and income model.", "audio_length_s": 7.98, "path": "ea7f210b3c08271afbdb6d434b8394e9_1.wav"}, {"text": "As a result, we have delivered a strong first quarter, all things considered, with sound performance fundamentals.", "audio_length_s": 7.98, "path": "ceeedf178333db4c586311e4f43bdfd1_115.wav"}, {"text": "We can attribute slightly more than half of this sales miss to weaker demand and scheduled movements across our various end markets.", "audio_length_s": 7.98, "path": "9e8690a521142359001a137074905535_85.wav"}, {"text": "These approaches are now the way we work and will continue to benefit -- deliver benefits for us as we move forward.", "audio_length_s": 7.98, "path": "9b697782ea80be97854f35d6fc62c93a_82.wav"}, {"text": "but it will continue to be pressured as we see inflation in these emerging markets. I think most importantly, what you need to look to for us", "audio_length_s": 7.98, "path": "9b697782ea80be97854f35d6fc62c93a_50.wav"}, {"text": "I don't know that the upgrade rate itself because the age of devices has changed that much,", "audio_length_s": 7.98, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_242.wav"}, {"text": "The superior operational performance was also fueled by the successful execution of our global cinema strategy.", "audio_length_s": 7.98, "path": "e2225d612a954a24e7e91c08215d7b51_83.wav"}, {"text": "including their size and potential for growth, and our competitive position in our target markets.", "audio_length_s": 7.98, "path": "e97d1655ebabb8403ac0449eadb48f9b_130.wav"}, {"text": "tightly controlled plan to manage existing inventory levels on our path toward full-scale manufacturing supply.", "audio_length_s": 7.98, "path": "c40b5d1a13169c5acf69590932a56f98_49.wav"}, {"text": "And in the federal space, it was an exceptionally strong quarter. I think it would be unfair, although I'm not", "audio_length_s": 7.98, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_166.wav"}, {"text": "will certainly support that overall demand will likely be somewhat stronger than what the third-party forecasters have indicated.", "audio_length_s": 7.98, "path": "8eaca8d8a419f74540f69ade8defabbd_164.wav"}, {"text": "In the Western domestic market, log demand remained moderate through most of the first quarter due to continued low lumber prices.", "audio_length_s": 7.98, "path": "735a523f1ef6500b7aa97a2536d9c4fd_7.wav"}, {"text": "Specifically, many anesthesiologists are viewing EXPAREL as a game changer and the positive results that they are achieving with brachial plexus blocks", "audio_length_s": 7.98, "path": "450a5dc6eb19b82da8dfc68127f6e79d_2.wav"}, {"text": "similar utilization rates in the second half of this year versus what you had in the second half of '18? Or was there any", "audio_length_s": 7.98, "path": "61a1812ea55a4d676119b4f3d7cd6c10_32.wav"}, {"text": "do a profit improvement program within Grace, I'm very confident that we have access to the capital necessary to do that.", "audio_length_s": 7.98, "path": "9ba83ac067a98f8b12cc480ff0691e91_68.wav"}, {"text": "we wouldn't be issuing franked dividends if we didn't have franking credits by the 30th of June. So the amount of franking credits that are required", "audio_length_s": 7.98, "path": "01f88a67f39af3a74d5f23b095615d39_48.wav"}, {"text": "These increases were partially offset by the flow-through of cost reductions. The 40 basis point rate decrease was driven by sales leverage.", "audio_length_s": 7.98, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_211.wav"}, {"text": "I think really probably what you're trying to get at is in prior quarters, we made the comment that we expected to make up", "audio_length_s": 7.98, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_91.wav"}, {"text": "there have been -- has been a fairly consistent maximum tolerated dose that held up in preclinical models in the toxicology studies.", "audio_length_s": 7.98, "path": "f542ab325f47ed150e28888da2f85871_62.wav"}, {"text": "We plan to present data from the study at the European Society for Medical Oncology, ESMO meeting, in October.", "audio_length_s": 7.98, "path": "f542ab325f47ed150e28888da2f85871_43.wav"}, {"text": "We believe the Phase I portion of the study will complete enrollment in the next few months and that the Phase II portion of the study will initiate by year-end.", "audio_length_s": 7.98, "path": "f542ab325f47ed150e28888da2f85871_17.wav"}, {"text": "we think we'll have a better indication of what the adjusted timeline will look like after we have come more extensive Europe experience.", "audio_length_s": 7.98, "path": "f542ab325f47ed150e28888da2f85871_5.wav"}, {"text": "But I don't have guidance to give in terms of what we anticipate we'll do throughout the rest of the year, outside of saying that we would", "audio_length_s": 7.98, "path": "6709c061d39d0e433079f84160f11c80_250.wav"}, {"text": "We're kind of letting the clients get comfortable with Flex and then show them that there's additional modules, which will help not only sales but retention", "audio_length_s": 7.98, "path": "0dec9a606303da3039d11eec4ec9bd86_232.wav"}, {"text": "no, I think it's fairly normal. And then what about the lead times for you at the moment in the different divisions?", "audio_length_s": 7.98, "path": "be1d9f57faececddb1cdbf5e831bcbf9_73.wav"}, {"text": "only items? And does that mean the online range is now as big as the range for in some of the larger stores?", "audio_length_s": 7.98, "path": "a1e1e6f86dead4f43a363d0877cb4979_18.wav"}, {"text": "We remain focused on providing our customers with an excellent value proposition of pricing service in what is a very competitive environment.", "audio_length_s": 7.98, "path": "2a7af3c66762ce608379005a3d7bfa96_130.wav"}, {"text": "form a strong foundation for a long-term partnership, and we expect to pursue additional transactions with our new partners across the coming years.", "audio_length_s": 7.98, "path": "3c80de013154b028ecdc6354d16c6fbc_13.wav"}, {"text": "As one of our core value states and it strongly applies to our acquisition strategy, we are committed to success.", "audio_length_s": 7.98, "path": "aa14e40ba684ff629fa9635314cea11e_25.wav"}, {"text": "as we believe that commenting on price in isolation does not provide a complete picture of the outcome of the formulary negotiations", "audio_length_s": 7.98, "path": "9c67fafcb51925dcbaa570283fe01701_113.wav"}, {"text": "Our platform continues to show the strength of the underlying fundamentals. We own great real estate locations with a strong demographic trend.", "audio_length_s": 7.98, "path": "98bbf1693b5a53e7f02d890a8dca876a_79.wav"}, {"text": "I certainly appreciate all of your interest and commitment to MDU Resources. I now ask that we open the lines to questions that you may have.", "audio_length_s": 7.98, "path": "3e29586725757a72d8c143f3da2658f5_41.wav"}, {"text": "quite nicely. And the backlog of claims has not been increasing, so", "audio_length_s": 7.98, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_129.wav"}, {"text": "I'll touch more on Nashville and Raleigh, where development has been more notable when I turn to the market overviews.", "audio_length_s": 7.98, "path": "97b9c8b95449565c1f280a2b61a65b31_47.wav"}, {"text": "We plan to request a commission decision by November so that we can capture the full production tax credit benefit for our customers.", "audio_length_s": 7.98, "path": "919fd6c04cca92ecdf503e32f884435d_28.wav"}, {"text": "With respect to our outlook for the full year of 2018, as we noted in our preliminary revenue release in early July,", "audio_length_s": 7.98, "path": "5efe4589d80ac1232c2958182c188903_91.wav"}, {"text": "We are in the middle of a robust process, which we believe will allow us to significantly reduce or eliminate term debt by the end of the year.", "audio_length_s": 7.98, "path": "09b5b62d328d3d0719b6825357fdfb48_188.wav"}, {"text": "Third, we have reorganized and strengthened key functions within the company to be more agile", "audio_length_s": 7.98, "path": "34b4c03bbd8e9d5fceb8c8af89388197_148.wav"}, {"text": "At this time, I'll turn it over to Bob, who will review some of the details behind our recent financial results.", "audio_length_s": 7.98, "path": "812d8f09b72b4d410d138d3b24caebbc_120.wav"}, {"text": "that then make it a little bit more competitive environment out there. So we get probably more indirect impact than we do direct impact.", "audio_length_s": 7.98, "path": "64364105b816dd0b6a029e9cd210e65b_182.wav"}, {"text": "Actual results could differ materially from projected or estimated results and we assume no obligation to update any forward-looking statements.", "audio_length_s": 7.98, "path": "9dc19bfa451bc1278b7136420493f84d_39.wav"}, {"text": "And the way to think about that ramp is this. Our first half innovation is now hitting its stride, it's fully out there, the marketing programs are on.", "audio_length_s": 7.98, "path": "b0d88c0f1efca89ecb928172341dc75d_146.wav"}, {"text": "field technology and customer connection technology. We're going to continue to invest there, make sure that we have a leadership position.", "audio_length_s": 7.98, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_152.wav"}, {"text": "less true for Berkeley Point, so that's a mitigating fact as the financing of multifamily tends to be", "audio_length_s": 7.98, "path": "c2bad61ce58687fad602549f6048004b_40.wav"}, {"text": "from conception through regulatory approval swiftly, to ultimately reach patients faster.", "audio_length_s": 7.98, "path": "6daa2d0829057899b014b06c36e1d54b_114.wav"}, {"text": "in the fourth quarter. This platform, along with our real estate portfolio, should be powerful additions to our core earnings throughout the year ahead.", "audio_length_s": 7.98, "path": "c334e290beb657ee3efcb6b2f734c81e_41.wav"}, {"text": "I'll compare mainly to Q2 of 2016, but will provide a few comments relative to our views for the rest of this year and going forward as well.", "audio_length_s": 7.98, "path": "3d0f5785f81125b6efa2339a4aef56aa_78.wav"}, {"text": "At this point, we have completed the high volume transfers we initially set out to accomplish and are starting to focus on the next set of cost down activities.", "audio_length_s": 7.98, "path": "0668081864383eb57919b99c85649753_86.wav"}, {"text": "Overall, modular space leasing has begun to make a nice recovery and remote accommodations business appears to be beginning to stabilize as well.", "audio_length_s": 7.98, "path": "83c003be6ac012b814cfecef95459f02_22.wav"}, {"text": "Steve, Doug, will you get to a point do you think that you'll feel comfortable discussing that backlog and the booking numbers?", "audio_length_s": 7.98, "path": "0807d606b6cf98da19b317b4928c3572_47.wav"}, {"text": "overlap with the Fluke Network and the tools business. And so things have been up and down. And I think that's", "audio_length_s": 7.98, "path": "594b7b614804475e4ab8ab4c405ecf40_150.wav"}, {"text": "And that's why we have taken time to really work with our clients to reflect that in the price increases. And so that's why", "audio_length_s": 7.98, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_36.wav"}, {"text": "by providing the required blend of chemical resistance and durability. This has positioned Tritan as a material choice in both clear and opaque applications.", "audio_length_s": 7.98, "path": "b154f7c33e567e453cb765f4ac03dd2f_3.wav"}, {"text": "at the different banners? And then how do you expect to be able to leverage that in your business in '18 and '19? I mean, is it a matter of", "audio_length_s": 7.98, "path": "c88e296697cd72c891ffb7bf5a1a60bb_82.wav"}, {"text": "it made a massive turnaround. And now we have -- I think it's close to 60% of our new business bookings coming from", "audio_length_s": 7.98, "path": "365c360aff42713cef71a7d026eeeb6d_48.wav"}, {"text": "Our people are what make the products we sell come to life. Our goal is to offer the best service in the industry.", "audio_length_s": 7.98, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_25.wav"}, {"text": "Now it took some time to turn off these programs, and it wasn't until December when we were fully able to curtail these price-driven approaches to the business.", "audio_length_s": 7.98, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_18.wav"}, {"text": "We completed the migration of Ambrose in Q1. And during the third quarter, we completed the Accord migration.", "audio_length_s": 7.98, "path": "0b7afb66a39a4c81151309bacc830c60_43.wav"}, {"text": "with advanced analytics and functionally relevant application technology to deliver value for our clients.", "audio_length_s": 7.98, "path": "c2a4f7aacf0036edc5b94457c0d8329a_47.wav"}, {"text": "These charges are presented in our table of non-GAAP net income and earnings per share amounts in our press release issued earlier today.", "audio_length_s": 7.98, "path": "97ddc19ecb28bab2d19fd3b181182062_251.wav"}, {"text": "will have some impact, all else equal, but the rest of the business is doing a little better than", "audio_length_s": 7.98, "path": "9b83a4dcac688347e3b13ca7c55660ed_247.wav"}, {"text": "especially in China, and a myriad of software developments to bring new web-based and mobile capabilities to our customers.", "audio_length_s": 7.98, "path": "ff59c33225941d4025bcecc8fe1a4b32_80.wav"}, {"text": "This decrease was mainly the result of the decline in volumes and our continued investment in new high volume technologies.", "audio_length_s": 7.98, "path": "78cf0d3e40caba622d8914916f0f9146_178.wav"}, {"text": "We are not concerned that this would negatively impact our plans as we currently do not have projects that we meet those conditions", "audio_length_s": 7.98, "path": "190e0d8d92da94060523364716ce6e03_8.wav"}, {"text": "If you look back at some of the stores that were relocated a few years ago, like how long does it normally take, how many years for those stores to get to", "audio_length_s": 7.98, "path": "47546a57a865bca0f4e677dc3b485053_31.wav"}, {"text": "that were not related to our core activity. And also we rationalized the portfolio", "audio_length_s": 7.9799375, "path": "cfbe91105113db7a5784f77e411b7a3f_242.wav"}, {"text": "unless you separate these things out, you will be always criticized and you are making so much money out of your telecommunications service.", "audio_length_s": 7.9799375, "path": "b2c4be32355b99e1a66809bd36e83dd2_59.wav"}, {"text": "to take a deep breath. I know everyone is focused on the recent election and the transition that's going on and", "audio_length_s": 7.95, "path": "5833763223d8d85b6fcb5fe90e821c77_36.wav"}, {"text": "I guess, I lied. We pulled it off again 3 quarters later, and I'm really happy for our shareholders for the quarter that we've just had.", "audio_length_s": 7.95, "path": "db6c253ba433d9a247219bb3f15da199_86.wav"}, {"text": "is to be -- is to achieve excellence in your investment performance. You simply have to be a good stock picker. And I'd say, so far so good", "audio_length_s": 7.95, "path": "db6c253ba433d9a247219bb3f15da199_105.wav"}, {"text": "Yes, I would say also the key here is that if we had knocked on the strategy change, we would have been forced to sell these private holdings,", "audio_length_s": 7.95, "path": "db6c253ba433d9a247219bb3f15da199_93.wav"}, {"text": "And it is important to note that we will have meaningful representation of senior JLT colleagues at the Executive Committee level.", "audio_length_s": 7.95, "path": "62d981deed6d5128615c99d1597178b6_185.wav"}, {"text": "With the success of that trial, that has now gone live across the business from the start of this financial year, and I would expect us to get some benefit from that process.", "audio_length_s": 7.95, "path": "bc605e9d69e921f4f61a508a448ad0dd_20.wav"}, {"text": "And going forward, I think -- I will address this since this must be on your mind as well. Going forward,", "audio_length_s": 7.95, "path": "a95a220f118ae793c89d6d708e62cf8a_35.wav"}, {"text": "was really high, you had to amend your covenants many times. What is being done internally to make sure you're not going to see that again?", "audio_length_s": 7.95, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_100.wav"}, {"text": "How about the strategic funding needs? You explained the Yokohama site. If that is the only major one,", "audio_length_s": 7.95, "path": "3cb802f8fba7d33603c29387ccdaf817_92.wav"}, {"text": "we talked about the changes to the organization because of the unfortunate situation with John.", "audio_length_s": 7.95, "path": "3557b21a45c35e71e82cc43b19977855_231.wav"}, {"text": "In Business, we've seen a steadily improving revenue trend in the last 2 years and we remain on track to stabilize revenues.", "audio_length_s": 7.95, "path": "2f888e63a31b86cc2f4f97710e8eed79_10.wav"}, {"text": "and continue to pursue optimal capital allocation strategies that are in the best interest of our students and other stakeholders.", "audio_length_s": 7.95, "path": "10ad172801ac8cd3a21e4355d7349eb5_70.wav"}, {"text": "There are weekly department and team meetings to discuss the progress towards building a productive engagement with each new student.", "audio_length_s": 7.95, "path": "10ad172801ac8cd3a21e4355d7349eb5_7.wav"}, {"text": "The purpose of this call is to discuss the information and data provided in the quarterly earnings release issued this morning.", "audio_length_s": 7.95, "path": "232edaebd93a3d8673bce183d269ad6d_49.wav"}, {"text": "that doesn't actually necessarily make a lot of sense. So I think what we need to do broadly as an industry is to better educate", "audio_length_s": 7.95, "path": "3bdb43dc1bcef6eff76f45efedb6a211_85.wav"}, {"text": "based on strategic prioritization is proving to be effective. We will highlight more of this at our upcoming Investor Day.", "audio_length_s": 7.95, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_147.wav"}, {"text": "But our pipelines are up significantly like 50% if you do an apples-to-apples comparison on where we were", "audio_length_s": 7.95, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_100.wav"}, {"text": "But overall, we think we have good product, good performance in that product too, and I think a lot of channels to sell through.", "audio_length_s": 7.95, "path": "7974a5134807f46a1484a8adf81505be_204.wav"}, {"text": "Though we believe customers have mostly exhausted their 2017 budgets and expect lighter bookings and flat revenues through year-end,", "audio_length_s": 7.95, "path": "dd3166f311a5f12a25103a0295e8ac3e_90.wav"}, {"text": "How should we just think about the Mako opportunity internationally, especially given some of the variant reimbursement structures that we have in place overseas?", "audio_length_s": 7.95, "path": "044da592acc01ff7baacb3dbf2a302a9_220.wav"}, {"text": "And if the environment that they are in can't reach those minimum thresholds, then they need to keep moving into an environment that can.", "audio_length_s": 7.95, "path": "b34f680a9162805e0188170d6272a356_77.wav"}, {"text": "we reached out to our partners. They've reached out to us, and they're eager to work with us on extending their reach in the market.", "audio_length_s": 7.95, "path": "82218f543c9a546c4baa5323f250b39f_199.wav"}, {"text": "The leadership in response of the claims and branch team has so far even close to what my other carriers have done.", "audio_length_s": 7.95, "path": "6d02f116f1ae8575d9b916f1429454eb_50.wav"}, {"text": "Over the coming quarters, we will continue to take additional steps to execute the plan consistent with these financial objectives.", "audio_length_s": 7.95, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_60.wav"}, {"text": "At the same time, we also refinanced our debt at the end of the second quarter, which resulted in lower interest costs, better covenants and a", "audio_length_s": 7.95, "path": "ada4e338c266148264077e06bac68005_53.wav"}, {"text": "But you'd have to have those things -- a good price that you're getting in at, and there is some big synergies that you can go after.", "audio_length_s": 7.95, "path": "833f98dbc79997580b24335033aac5d2_313.wav"}, {"text": "get a mail market that is affordable, accessible and will continue to be so for everybody in the Netherlands throughout the country,", "audio_length_s": 7.95, "path": "fa45af64ef25007f998c655347bfbecb_24.wav"}, {"text": "so that our customers get that they're making a lifelong decision about Park City Group, and that's critically important to the sales effort.", "audio_length_s": 7.95, "path": "e26b501c6e000fdaa11edde97cc71436_183.wav"}, {"text": "and we look forward to providing you with updates as we move forward. Thank you all for joining us in the call today. Thank you, and goodbye.", "audio_length_s": 7.95, "path": "5f38ce681d4413a793d34a0650c59bf2_56.wav"}, {"text": "Our markets are economically vibrant, as evidenced by a double-digit loan growth, and we continue to take share from the larger banks.", "audio_length_s": 7.95, "path": "8b2314627d54755a15c55244bb862225_96.wav"}, {"text": "We believe this investment has been a key driver of our like-for-like sales performance, along with the growth in passenger numbers.", "audio_length_s": 7.95, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_60.wav"}, {"text": "of company to watch in 2019. We will find out the results next week. We have really come a long way in the last 2 years.", "audio_length_s": 7.95, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_129.wav"}, {"text": "which will be published late Friday for the largest 51 banks in Europe and on Deutsche Bank's funding profile.", "audio_length_s": 7.95, "path": "bddc15938bdcc3085f19b0851e74c2c0_26.wav"}, {"text": "One of our toughest challenges right now is dealing with generally weak demand from many of our Consumer Packaging customers. This isn't new.", "audio_length_s": 7.95, "path": "1133b8984db446b9c963a09eaf0785a4_89.wav"}, {"text": "is our ability to convert some of our nonrecurring revenue to recurring revenue. There's a number of", "audio_length_s": 7.95, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_59.wav"}, {"text": "While this trend may not persist in a straight line, this growing revenue seem -- stream is clearly stable.", "audio_length_s": 7.95, "path": "403903eb119bfc1cec44d86ec907077a_95.wav"}, {"text": "it will convert, people will convert it because it is currently very attractively priced for people who", "audio_length_s": 7.95, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_121.wav"}, {"text": "More diverse demand drivers spanning consumer and enterprise markets, combined with very disciplined investment,", "audio_length_s": 7.95, "path": "f46ae0a04d60dea8a759f07333ed37e2_100.wav"}, {"text": "particularly as our direct exposure to machine sales has declined in a relative sense with increased software content.", "audio_length_s": 7.95, "path": "0f4370b614f29bd596e4f6871cc77864_70.wav"}, {"text": "some of our checks that there were customers pulling forward spend in advance of price increases. So I was wondering if you", "audio_length_s": 7.95, "path": "ddf51a035f75b2e145a283edfd51fffc_81.wav"}, {"text": "to emphasize that we have completed this 4-year transition of reducing volatility while increasing premium,", "audio_length_s": 7.95, "path": "fc066133a3e40a7d270f2dff3e44fd58_66.wav"}, {"text": "we feel that we have a lot more potential to sell broadly internationally, and we just need to build out that platform to be able to attack those other markets.", "audio_length_s": 7.95, "path": "171fd9df333ddd814c764843ed624121_30.wav"}, {"text": "We continue to invest in items around automation and network optimization, particularly within our Commerce Services businesses.", "audio_length_s": 7.95, "path": "6864081f83959f4b49e25e597f28af66_26.wav"}, {"text": "and that goes to the board for final approval tomorrow, which will be routinely processed.", "audio_length_s": 7.95, "path": "a965bbd76f3d449c86e8c27d03ac192f_51.wav"}, {"text": "And these acquisitions are important because they are strengthening our portfolio by providing us access to the right end markets with", "audio_length_s": 7.95, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_68.wav"}, {"text": "I expect strategic investments in first quarter to be very similar to what we saw in the fourth quarter.", "audio_length_s": 7.95, "path": "002d12258ff802d65f79ae2eef99e4ab_208.wav"}, {"text": "In broadening our strategic purview, we do expect overall yields to decline somewhat as we grow by extending our reach into new segments.", "audio_length_s": 7.95, "path": "bda4b365d7a8386d5d2e6b4575d08a57_57.wav"}, {"text": "in the previous period, but nevertheless, we've been able to return to that corridor of profitability", "audio_length_s": 7.95, "path": "38b2f94da12bbf2d32246763aab8265a_128.wav"}, {"text": "And we need to get them into full launch, which, by the way, around a year from now, would be the time frame that we should be in full launch of that full portfolio.", "audio_length_s": 7.95, "path": "b96165244f010b3f1e61cbbc5e504d96_153.wav"}, {"text": "earlier this week or last week. On the -- the refinery in Mexico that went down was on the West Coast.", "audio_length_s": 7.95, "path": "7394bde65e000fbb7b528c6c65bd099d_132.wav"}, {"text": "certainly, of our technology spend. I personally would like to do as much as we possibly can. If we didn't want to do it, we wouldn't be doing it,", "audio_length_s": 7.95, "path": "0899e07f70a6e5be842fb6e22a3fafe9_164.wav"}, {"text": "On that note, I would like to conclude our prepared comments and turn the call back over to the operator to address any questions.", "audio_length_s": 7.95, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_164.wav"}, {"text": "We remain focused on growth across all our distribution channels by providing innovative products and best-in-class service quality.", "audio_length_s": 7.95, "path": "b8cbc11bbdc49ca206588e2a99b0f733_118.wav"}, {"text": "comes about over the next year or so? There might be some people sitting back, but I think there are a lot of", "audio_length_s": 7.95, "path": "2f52e3495f64a67b885c0d35be2e8dce_130.wav"}, {"text": "Mortgage had a fantastic third quarter as low interest rates drove high origination volumes and strong gain on sale margins.", "audio_length_s": 7.95, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_120.wav"}, {"text": "While this is clearly a positive step regarding interest in da Vinci procedures in Japan, the final level of reimbursement has not been communicated.", "audio_length_s": 7.95, "path": "58ff8a727ec4f3859407b64f08246759_128.wav"}, {"text": "last year with the exception of Foods. And in fact, the Foods margin only went back -- was really because of the exposure it has to Europe and the head office costs,", "audio_length_s": 7.95, "path": "47b1a118c53956b23f1d687a75f3e5ba_137.wav"}, {"text": "The slides for today's presentation and corresponding segment commentary can be found on our website along with our news release.", "audio_length_s": 7.95, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_160.wav"}, {"text": "and specialty copolymers in packaging products as well as timing benefits from the second quarter.", "audio_length_s": 7.95, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_117.wav"}, {"text": "in the corporate world to start to monetize that in better way, and we're doing that really for 2 different reasons.", "audio_length_s": 7.95, "path": "6a372ea97b0b130a4d37f16b54d97909_219.wav"}, {"text": "As we think about the rest of 2017, we have added back our pre-fall delivery in the second quarter, which we eliminated last year.", "audio_length_s": 7.95, "path": "f23036451aab1cb9d659c3ac9a23825c_52.wav"}, {"text": "Not forgetting the future, the technology pieces, I spoke about not forgetting resilience, the future of the business", "audio_length_s": 7.95, "path": "7bc22aba9bc29d69ee10cc60db7903d8_299.wav"}, {"text": "Although I would guess that given some of the projects that we've worked on this year, we'll probably be more at the lower end of that range. But", "audio_length_s": 7.95, "path": "a02b735de681c682fbb8025edecca271_53.wav"}, {"text": "And diving a little bit deeper on the hearing instruments side, now lots of the bullet points are kind of repetitive.", "audio_length_s": 7.95, "path": "b305bff75f28d238f0bd7da5bd4f13b8_232.wav"}, {"text": "materially higher number as a negative revaluation. The total negative revaluation in the first half", "audio_length_s": 7.95, "path": "e9fb03f263f117a9fe607d74602fa9b0_158.wav"}, {"text": "increase the number of items that we prepare. We may be looking to shift them.", "audio_length_s": 7.95, "path": "0794a2f02bbe89feb49651735bba77c5_77.wav"}, {"text": "The Western genre for instance continues to outperform with a key content producer. And we continue to keep that pipeline full", "audio_length_s": 7.95, "path": "20097e37747ec7bc3734246e83798fb1_23.wav"}, {"text": "This new service was developed as a direct result of customer feedback and we have a number of customers live on the system today.", "audio_length_s": 7.95, "path": "7a29e2dcd505f944b16d1e3173cb1c01_22.wav"}, {"text": "These standards of care have not been disrupted for decades and could benefit from new treatment options.", "audio_length_s": 7.95, "path": "bd40628b97efec198825ccf910c7e27e_36.wav"}, {"text": "Is there one way to think about it or just a bunch of things that always move around, but they seemed to all go the wrong way this quarter?", "audio_length_s": 7.95, "path": "191c819db03c2dfd0207cd1f42e278a4_153.wav"}, {"text": "The initiative is then communicated within the company and we will see the transition activities completed by the end of the fourth quarter.", "audio_length_s": 7.95, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_118.wav"}, {"text": "And as I indicated earlier in my remarks, we are now confident we can achieve 6% compound annual earnings growth", "audio_length_s": 7.95, "path": "526e0d5398a516831b49936c31a8ea1c_101.wav"}, {"text": "Yes, this is Mike. Not going to give you guidance on a specific number. But as we've talked about in the past,", "audio_length_s": 7.95, "path": "ef44080b170ca6366a6d3132d0baf11a_138.wav"}, {"text": "Our team, working closely with our operators, performed at a high level in response to a tough demand environment.", "audio_length_s": 7.95, "path": "b1da16cba24af8e472573c4c9caf17c7_60.wav"}, {"text": "With that, why don't I turn it over to Jonathan to discuss the quarter's financials before we open up the call to questions.", "audio_length_s": 7.95, "path": "17f54a9938f35a4bde713fb3eb33a80e_49.wav"}, {"text": "sometimes gives us a little bit of a blip. So sometimes, it's tougher to hold the efficiency in the second half, but, frankly,", "audio_length_s": 7.95, "path": "08f219f6cb65bd0ed50cb8444a3884f8_28.wav"}, {"text": "So it's really a matter of timing rather than any real demand impact. We still remain extremely confident", "audio_length_s": 7.95, "path": "08f219f6cb65bd0ed50cb8444a3884f8_18.wav"}, {"text": "We need to incubate industries, and we should have the ability of turning around.", "audio_length_s": 7.95, "path": "b126e11520fd54843c67f70f15cd30cc_173.wav"}, {"text": "We see a special opportunity in front of us to offer innovative, unique solutions to the health care marketplace.", "audio_length_s": 7.95, "path": "75eb5b75bb8587b63c318714ea956b9e_2.wav"}, {"text": "grow cash flow implies that there's significant operating leverage on an allocated basis coming from", "audio_length_s": 7.95, "path": "52a4e3ebf7e968a783401230c3f69a9d_50.wav"}, {"text": "Our business portfolio is strong, and we have -- and we continue to invest in it to drive profitable growth in the years to come.", "audio_length_s": 7.95, "path": "0ec0a75c1800bac01520dcac5b8992fb_102.wav"}, {"text": "a change in accounting policies around revenue recognition and the timing of related expenses and a challenging comparison in the prior year.", "audio_length_s": 7.95, "path": "915bdcf0edfec49b928ca4010cbb40ca_48.wav"}, {"text": "and now in chocolate is simply the playbook, which is that we or intend to have all of our categories available", "audio_length_s": 7.95, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_224.wav"}, {"text": "So that's what we've been doing over the past 2 years in terms of seeding the future and the customers that we've picked", "audio_length_s": 7.95, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_269.wav"}, {"text": "So I think there is some -- not only just based on the volume of customers but also based on what the customers want to buy, and we'll continue to look for that.", "audio_length_s": 7.95, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_245.wav"}, {"text": "We are planning to increase our efforts at this level, and one our new venture brands will be aimed at new lower price point products for our customers.", "audio_length_s": 7.95, "path": "e2c17247ae2f5d4fa8dd8814cc801198_186.wav"}, {"text": "That would just say, as if more rate hikes happen, the real question will be what happens to the long end of the curve.", "audio_length_s": 7.95, "path": "532e653f6aa6c3bf43a5b256bb4c1254_32.wav"}, {"text": "Given the changing landscape of payment models and increased complexity, we have seen a rise in demand for these services.", "audio_length_s": 7.95, "path": "f1da65edd5f2026ffd647d496bb96ce7_15.wav"}, {"text": "While I won't rehash all of that in detail today, and if it isn't already obvious, we are very excited about the opportunities ahead of us.", "audio_length_s": 7.95, "path": "1949bd0c9c4c23d495d880c4c552bfe1_82.wav"}, {"text": "consistent with what we saw in the second quarter. This is a great outcome as we faced difficult conditions due to hurricanes Irma and Maria.", "audio_length_s": 7.95, "path": "1949bd0c9c4c23d495d880c4c552bfe1_153.wav"}, {"text": "As we continue to reduce the complexity in the business and drive better execution in projects, we believe we have a long runway for margin improvement.", "audio_length_s": 7.95, "path": "fb817a6cc685a3fd0f003456dd641c01_64.wav"}, {"text": "As you know, we and our collaborators have conducted some pilot-scale experiments in the past to evaluate the feasibility", "audio_length_s": 7.95, "path": "5330f07390a3c14fc49f24ac98bf1eab_12.wav"}, {"text": "The additional activities that we have are focused on growing capability on", "audio_length_s": 7.95, "path": "b3d7bc295d09d9927e465213612c0192_105.wav"}, {"text": "comprised approximately half of the balance of new impaired loan formations this quarter, and neither of them require a specific allowance.", "audio_length_s": 7.95, "path": "87045996e7446329f1d98c909c6ca7fe_222.wav"}, {"text": "In Q1, we continued to be impacted by the challenging economic environment, resulting in revenue performance below our expectations.", "audio_length_s": 7.95, "path": "9e07401011239a074ff66741ee557224_102.wav"}, {"text": "We do think you're going to see some upward pricing pressure as well. So we're still optimistic at this point in the year that we're going to have a healthy cash flow for", "audio_length_s": 7.95, "path": "735a523f1ef6500b7aa97a2536d9c4fd_100.wav"}, {"text": "We were able to do this through impressive results from our meat products, foodservice, Grocery Products and International teams.", "audio_length_s": 7.95, "path": "af2718cdc0b3b856f9a0b3da3d527d18_61.wav"}, {"text": "There are 4 million births a year and over 300 million people who could otherwise benefit from proactive genetic information services.", "audio_length_s": 7.95, "path": "7551ffae17aa39dd4ea962a43f96bf04_62.wav"}, {"text": "Looking forward, the group intends to distribute future surplus capital via the base dividend every 6 months,", "audio_length_s": 7.95, "path": "01f88a67f39af3a74d5f23b095615d39_38.wav"}, {"text": "This guidance includes the impact of a significant increase in targeted and impactful investments in advertising,", "audio_length_s": 7.95, "path": "c47a92e006b54d014a79b447528c55a7_38.wav"}, {"text": "hurricane recovery revenue in retail. It was also driven by 2 significant nonrepeating promotional loadings last year", "audio_length_s": 7.95, "path": "c47a92e006b54d014a79b447528c55a7_93.wav"}, {"text": "As noted in this morning's press release, we developed plans to permanently reduce our cost structure and began to implement those plans in December.", "audio_length_s": 7.95, "path": "3b2908426357bb8269c3a01469865cd6_97.wav"}, {"text": "Also, in these first few months, I've had the opportunity to meet with many of our employees as well as with some of our clients.", "audio_length_s": 7.95, "path": "3b2908426357bb8269c3a01469865cd6_3.wav"}, {"text": "to have -- the initial rate has been very positive, but we really don't have what I would call a fully baked", "audio_length_s": 7.95, "path": "7498a6630302a038bd537d192c3a44f4_287.wav"}, {"text": "some of our cash flow level has been affected because of payables and receivables.", "audio_length_s": 7.95, "path": "80a2ca14358172366acab4e80f3fa33b_151.wav"}, {"text": "For example, we are conducting a few key feed studies for customers that could lead to future orders for large projects.", "audio_length_s": 7.95, "path": "01b376669d5ea40acc7fb5a87503586e_154.wav"}, {"text": "the better optimization of our store technical -- or technician labor allowed us to achieve overall greater store efficiency", "audio_length_s": 7.95, "path": "884400c829f179d8cf68b767f45f03a4_21.wav"}, {"text": "I just would like to ask you to pay attention to our declaration we have here.", "audio_length_s": 7.95, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_60.wav"}, {"text": "So those could be reagents, those could be containers, those could be devices. There could be some ancillary services that are also", "audio_length_s": 7.95, "path": "5efe4589d80ac1232c2958182c188903_72.wav"}, {"text": "not only have we optimized the design, but that the co-ventures are all ready to move forward and that we have a", "audio_length_s": 7.95, "path": "e0d1342ad3d27fd648b708837de08797_77.wav"}, {"text": "I think we have a lot of flexibility, and we have built these plans with the eye of being able to effectively scale up and scale down", "audio_length_s": 7.95, "path": "bfb0fac9575cd0820a660f2577199468_102.wav"}, {"text": "And so while in the past a lot of cattle feeders were directly focused on taking care of the packing demand that was owned by those companies,", "audio_length_s": 7.95, "path": "09b5b62d328d3d0719b6825357fdfb48_29.wav"}, {"text": "In that particular area, we took that knowing that our ZBB program will be kicking off at the latter part of the first quarter", "audio_length_s": 7.95, "path": "34b4c03bbd8e9d5fceb8c8af89388197_136.wav"}, {"text": "to build on Chris' question, how much of that new capacity that you added in France is going to be taken up by the new opportunity", "audio_length_s": 7.95, "path": "812d8f09b72b4d410d138d3b24caebbc_51.wav"}, {"text": "it sounds like you're getting closer. You're doing some trials and customer qualifications. When do you anticipate", "audio_length_s": 7.95, "path": "812d8f09b72b4d410d138d3b24caebbc_95.wav"}, {"text": "To put it simply, we used to make too many pieces of traditional TV advertising and we used to take them off-air before they reach their full effectiveness.", "audio_length_s": 7.95, "path": "e35fae1d3df1f7aeda409f90f200ec7b_212.wav"}, {"text": "Before I turn the call over to Scott, I want to remind everyone that some of the statements provided during this call and in the press release are forward-looking.", "audio_length_s": 7.95, "path": "383cf39e54475c8a25af2af7b35c6f2e_94.wav"}, {"text": "We currently have about 5 of our villages in the early stages of planning, and we've started with holding units for sale at some of those villages.", "audio_length_s": 7.95, "path": "24a133abc343c813233d416b0cef96cd_186.wav"}, {"text": "And importantly, redevelopment and new development is really lifting the quality of that part of our portfolio.", "audio_length_s": 7.95, "path": "24a133abc343c813233d416b0cef96cd_5.wav"}, {"text": "In aggregate, the new oil facility -- oil opportunity set we see could add around 30 million barrels", "audio_length_s": 7.95, "path": "ebd59e21db89edb92205e012427cd9db_13.wav"}, {"text": "start off on this basis and thereafter move to other models. But it gives WNS a 6- to 8-year run", "audio_length_s": 7.95, "path": "6aad408f4bb1930cf10f445115f6ed3d_179.wav"}, {"text": "Within our space it boils down to whether or not we are improving the delivery of goods and services, as well as enhancing the experience of our guests,", "audio_length_s": 7.95, "path": "92287986b332deec2c9712d7c89eef08_5.wav"}, {"text": "we're expanding our content and global footprint through tuck-in acquisitions that increase scale in emerging markets or expand capability.", "audio_length_s": 7.95, "path": "e0555e30370c43189a1136fb7ef17d20_154.wav"}, {"text": "We haven't committed to that, certainly that would be great if we could do that. But our goal is to get it over 10%, certainly by the end of the year.", "audio_length_s": 7.95, "path": "3bc6d3e1c0a117340d288c289bf7f679_28.wav"}, {"text": "credits going forward so -- in that year. So all the businesses improved, but the earnings ended up being flat because of the taxes.", "audio_length_s": 7.95, "path": "2cd5b184c2ef6624ce219830182927c9_210.wav"}, {"text": "So look at our assets and regulatory diversity, that provides stability and predictability that you want to see in a company like ours.", "audio_length_s": 7.95, "path": "2cd5b184c2ef6624ce219830182927c9_328.wav"}, {"text": "So I don't really expect to see a cost-of-funds increase over the next 2 years. Because I think any rapid prepayment will result in", "audio_length_s": 7.95, "path": "c334e290beb657ee3efcb6b2f734c81e_66.wav"}, {"text": "value of actually trying to get to the bottom of the ore body sooner and get access to that higher value ore.", "audio_length_s": 7.95, "path": "a2245a8522589003f9c235a48c0197f0_137.wav"}, {"text": "and the FDA notified the company that we had resolved all outstanding Warning Letters, and the letters were officially lifted.", "audio_length_s": 7.95, "path": "62658bb0c3307b2b10e3668b8df73b0d_175.wav"}, {"text": "anchor a couple of these really big accounts? And maybe, what's been the hindrance on securing maybe a couple of those?", "audio_length_s": 7.95, "path": "712bbcab5338e07dd63dad97bb652018_184.wav"}, {"text": "We're focused on offering the best cost service package for our clients and remain neutral as to whether to use Hub-owned drayage versus outsourced.", "audio_length_s": 7.95, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_91.wav"}, {"text": "not only for the commitments we made but we're also really pleased with the mix of where that growth is. It's really tilted towards very strong well-performing markets for us. So", "audio_length_s": 7.95, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_211.wav"}, {"text": "on Q1. Just wondering if you have a pace number and what your thoughts are on core and local and national for the year.", "audio_length_s": 7.95, "path": "77423f08f0208d476dea73c639f6293a_167.wav"}, {"text": "Our Cosmetics business had a very successful year on strong demand for makeup, lipstick and other personal care products.", "audio_length_s": 7.95, "path": "24c7526f6daca8e16ab91bea6124148a_69.wav"}, {"text": "And just secondly on the remaining stake in Cadent, what is", "audio_length_s": 7.95, "path": "6f1b092b312410065d308541be46da95_54.wav"}, {"text": "or anything like that, that we would be able to analyze to determine at which point it's going. I'm encouraged by the fact that our sales force", "audio_length_s": 7.95, "path": "bcb3aac2c7cc035961d9ee8cfd330044_64.wav"}, {"text": "I would say the year will end up north of 8,000. And you would have continuous growth, but", "audio_length_s": 7.95, "path": "76c04b0646e881995fdd48aa58abee4c_20.wav"}, {"text": "I also want to thank them for the warm welcome they have shown me in my first few months, and I'm very glad to be part of the team here at American Midstream.", "audio_length_s": 7.95, "path": "f388f8ab8a5751d4efc504090d00ca64_29.wav"}, {"text": "have that baked into the plan because we have the good bookings and we have, I think, a small improvement in retention also", "audio_length_s": 7.95, "path": "365c360aff42713cef71a7d026eeeb6d_121.wav"}, {"text": "few remarks. The first thing I would say is that I, personally, I am really happy with how everyone is performing", "audio_length_s": 7.95, "path": "b35398859e534e471fb1cd60f5baac20_183.wav"}, {"text": "New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us.", "audio_length_s": 7.95, "path": "3fb901e6b501ddced60226a13ebef4af_32.wav"}, {"text": "but we -- the point being is with the dismantlement and recovery of a site with a power plant,", "audio_length_s": 7.95, "path": "16c235a53fc719ec92ef3b3c3b371150_63.wav"}, {"text": "Despite sluggish volumes, we saw some chemical prices increase in our portfolio as the quarter progressed.", "audio_length_s": 7.95, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_115.wav"}, {"text": "some of those have started to roll over. Where do see pricing in the second quarter developing for you guys?", "audio_length_s": 7.95, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_220.wav"}, {"text": "So this combination of 3 investments that we are making will help us substantially increase the cake milling capacity", "audio_length_s": 7.95, "path": "bece1ee458b65656b484de51021c5219_24.wav"}, {"text": "in terms of additional costs that are going into the business. The only observation that I have about M", "audio_length_s": 7.95, "path": "744f5859c7d9a0567b387ae84326d940_205.wav"}, {"text": "But as we came out of the vacation periods, CSX is struggling a little bit to get ramped up now. Obviously,", "audio_length_s": 7.95, "path": "4b5d33b9c200403f2d4633e47f1d4110_179.wav"}, {"text": "In each of our business units, we continue these activities and as well a few additional target activities with specific market leaders,", "audio_length_s": 7.9200625, "path": "b3d7bc295d09d9927e465213612c0192_81.wav"}, {"text": "capital for strategic objective. And as I answered to a previous question,", "audio_length_s": 7.92, "path": "d162113e3aface010baec17bd408736b_81.wav"}, {"text": "We expect to see benefits from our investments in digital and technology. And we are confident in our ability to complete", "audio_length_s": 7.92, "path": "62d981deed6d5128615c99d1597178b6_129.wav"}, {"text": "to more effectively reflect Syniverse as the company best positioned to address these key focus areas.", "audio_length_s": 7.92, "path": "139f0a6300f504b3e8673e39b0429161_98.wav"}, {"text": "and the increased use of outside contractors. We will continue to make strategic investments in our platform, products and software", "audio_length_s": 7.92, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_8.wav"}, {"text": "the recovery boiler water washes, higher natural gas prices and the need to purchase higher amounts of external pulp.", "audio_length_s": 7.92, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_119.wav"}, {"text": "It certainly has not been easy or predictable, but we need to be patient and focused on meeting our long-term objectives.", "audio_length_s": 7.92, "path": "54cde38ae040b5e2c4e1f3c85691f907_120.wav"}, {"text": "As you know, large distributors are in the process of pairing their investment product platforms,", "audio_length_s": 7.92, "path": "8cb24daf76784487ad63780546dc4ba4_182.wav"}, {"text": "we are addressing it. We have been addressing it for some time, and we are very sure that it's going to improve. We are investing in this factory", "audio_length_s": 7.92, "path": "75b0b010cea5a159f55403f51894b1ae_7.wav"}, {"text": "we're at the point where we need to do expansions up there. But we also have facilities in the Permian. And", "audio_length_s": 7.92, "path": "c96b5ae4ffe20d946daec67e2b0917b2_49.wav"}, {"text": "with the leverage ratio covenant in our credit facility, and includes the EBITDA we expect to generate", "audio_length_s": 7.92, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_13.wav"}, {"text": "They are making progress on the work that they need to do to fully take advantage of the new components. For example, look at CBS.", "audio_length_s": 7.92, "path": "8b71a232d7fe61e6232807b635977c31_206.wav"}, {"text": "This reflects favorable leverage from business mix and continued focus on operating expense improvements through our cost transformation for growth program.", "audio_length_s": 7.92, "path": "044da592acc01ff7baacb3dbf2a302a9_11.wav"}, {"text": "The Texas Department of Health and Human Services notified us this quarter that it would allow health plans to retain all outstanding quality revenue", "audio_length_s": 7.92, "path": "3121e8f4a75758834d32a9e4e0555221_10.wav"}, {"text": "Work on the facilities will commence upon completion of the contracts, and most of the required vessels and equipment are already available.", "audio_length_s": 7.92, "path": "e1f462455d6c826d9c173c35d4844383_103.wav"}, {"text": "Would you please discuss that further and kind of circle back to what you're referring to? And really the implications", "audio_length_s": 7.92, "path": "a45510e526a5935c1f8d4f039149ff3b_134.wav"}, {"text": "We have significant opportunities to expand our share of these served markets by leveraging our strong relationships", "audio_length_s": 7.92, "path": "c4dc8f962a85aa47af50f82845f550e2_54.wav"}, {"text": "I am also excited that we can now discuss Cable ONE's growth in total as both the current and prior year", "audio_length_s": 7.92, "path": "54240e38051f2a3bb6a4e58fe55344cd_51.wav"}, {"text": "Aside from improving our salad lineups, this launch will also allow us to reinforce our World Kitchen positioning", "audio_length_s": 7.92, "path": "75fa1bebed0b858c76cc7058477e40e2_165.wav"}, {"text": "With regard to rail transportation, we were able to level out the effects from the reorganization of the segment.", "audio_length_s": 7.92, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_47.wav"}, {"text": "Yes. I mean, let me clarify that. I think we typically have the discussions starting in the fall, but it's effective", "audio_length_s": 7.92, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_70.wav"}, {"text": "And I was just wondering if you thought any of that was attributable to the passing of the federal budget earlier this year?", "audio_length_s": 7.92, "path": "6fa080ad3d32111b4490d1c7e30874f3_29.wav"}, {"text": "above the line and below the line, how do you allocate? It varies by company. Within our company,", "audio_length_s": 7.92, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_194.wav"}, {"text": "There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements.", "audio_length_s": 7.92, "path": "18b396ddd443d84d12477c42e31cdf0e_39.wav"}, {"text": "and in dialysis have EPO therapy, some of whom have iron support, most of whom do not.", "audio_length_s": 7.92, "path": "2a5b0a6532fa2b71915a2930be02621a_48.wav"}, {"text": "gaining required certifications, new product developments, future orders to be received from our customers,", "audio_length_s": 7.92, "path": "392ca3d1e388c6d7a35f6d0db390c359_61.wav"}, {"text": "which reflects our ongoing confidence in the long-term strong cash flow generation capabilities of the company.", "audio_length_s": 7.92, "path": "23eff4c724ee00f56319fcc47add3441_94.wav"}, {"text": "just because we don't get something doesn't mean that we aren't interested. But what I will tell you is that", "audio_length_s": 7.92, "path": "73ba4ff250b62745e03880e75b9a1581_272.wav"}, {"text": "will give us a stronger value proposition to those contractors to be able to communicate better with the owners that they're serving today.", "audio_length_s": 7.92, "path": "0f4370b614f29bd596e4f6871cc77864_169.wav"}, {"text": "The Houston consolidation marks a major milestone in our integration plan as now all facility consolidations are complete,", "audio_length_s": 7.92, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_2.wav"}, {"text": "of rental properties through these companies in Israel and there are a lot of land bank that we have into commercial properties.", "audio_length_s": 7.92, "path": "eb4fd38da7ae1a347630ef447dfe9abe_19.wav"}, {"text": "I think, the utilities to go out with some kind of a competitive process and so it will take us some time. But we are very", "audio_length_s": 7.92, "path": "2ad9555a64eaa3f45bef5581adeecb9c_217.wav"}, {"text": "But we have a very substantial, as I've said before, number of claims teed up in negotiations", "audio_length_s": 7.92, "path": "a965bbd76f3d449c86e8c27d03ac192f_29.wav"}, {"text": "over future years, how do you get that net interest margin up closer towards peer levels?", "audio_length_s": 7.92, "path": "b022fc1979ef416dd25317a4c062328e_97.wav"}, {"text": "how many kilometers your current infrastructure is and what the penetration is of", "audio_length_s": 7.92, "path": "bfd8a8fb608e88d8cb818b2325360215_163.wav"}, {"text": "The key markets we're presently exposed to are education, affordable housing, corrections and resources", "audio_length_s": 7.92, "path": "3416f142ad06359966636184f66e87c5_21.wav"}, {"text": "out on the road and speaking with you again on our fourth quarter conference call that we anticipate, likely, in March.", "audio_length_s": 7.92, "path": "bbe852c8c3f7827e31f31a56bc72b7da_62.wav"}, {"text": "This quarter, we had sizable bookings from cloud platform providers that triggered the projects we announced during the quarter,", "audio_length_s": 7.92, "path": "bbe852c8c3f7827e31f31a56bc72b7da_73.wav"}, {"text": "before the turning the call over to Andy Hendricks, who will share some comments on our operational highlights as well as our outlook.", "audio_length_s": 7.92, "path": "4e04d3229b988f1db5b842ac5b993894_99.wav"}, {"text": "Let me start this morning by saying that I'm very pleased with our progress this quarter and believe that we're off to a great start this year.", "audio_length_s": 7.92, "path": "1ddc944827b99caf8c7867ceeed0ec20_41.wav"}, {"text": "but I can just tell you that our service area in particular is experiencing significant growth. And I would say most of it is in and around", "audio_length_s": 7.92, "path": "a7e7a1621af9b4e850260f9824ee8746_111.wav"}, {"text": "testing and a larger area for added capacity as well as valve modification shop.", "audio_length_s": 7.92, "path": "40e11288ea7cb86fdf307dbe648142e3_55.wav"}, {"text": "the way we're thinking about spending, you and I both know that you don't make these commitments on, what is today, January 18 and", "audio_length_s": 7.92, "path": "0899e07f70a6e5be842fb6e22a3fafe9_225.wav"}, {"text": "This backlog represents the amount of revenue that we expect to realize in the near future as a result of firm committed purchase orders.", "audio_length_s": 7.92, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_98.wav"}, {"text": "In the end, that won't drive the final decision, right? We're going to pick the best opportunities in the marketplace. But", "audio_length_s": 7.92, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_167.wav"}, {"text": "We have shared our concerns about the long-term market dynamics in the Chinese Recon market periodically on our earnings call.", "audio_length_s": 7.92, "path": "c1d916407f390d20e9d8f9b453e22435_47.wav"}, {"text": "by a greater amount than a decline in the actual diesel cost that we are incurring", "audio_length_s": 7.92, "path": "08ed60a546bd48af9db028c4e3c8af26_99.wav"}, {"text": "we plan to offer a full assortment of RV parts and accessories in all Gander locations by the end of this year.", "audio_length_s": 7.92, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_11.wav"}, {"text": "an organization that is more consumer- and customer-centric and more competitive for the connected world.", "audio_length_s": 7.92, "path": "47b1a118c53956b23f1d687a75f3e5ba_22.wav"}, {"text": "The deployment of this smart grid technology would require a legislative change. And so we'll continue to advocate for that for the benefit of our customers.", "audio_length_s": 7.92, "path": "3b0718945e9c427873c1f34fa49b15aa_56.wav"}, {"text": "We believe the investment by Silver Lake and LinkedIn not only endorses our plan, it accelerates it.", "audio_length_s": 7.92, "path": "6a372ea97b0b130a4d37f16b54d97909_63.wav"}, {"text": "to our board immediately upon the closing of the transaction, which is expected to occur by the end of the year.", "audio_length_s": 7.92, "path": "6a372ea97b0b130a4d37f16b54d97909_179.wav"}, {"text": "systems over the past couple of years really are -- will help us drive some of this efficiency and effectiveness across the org. So", "audio_length_s": 7.92, "path": "29426a77336443eedde7eaa29e9c2852_92.wav"}, {"text": "tasks that are quite common across all plans, like the creation of member handbooks and notices and so forth that could be", "audio_length_s": 7.92, "path": "b94d748876ddf8e881d4191dec45baf3_101.wav"}, {"text": "and that's a doubling of our daily predictions just last quarter. This is the most strategic technology for our customers.", "audio_length_s": 7.92, "path": "16ed973148ce103dc95fdcfaf35bbe7b_68.wav"}, {"text": "So this will be the first big year in terms of percent of the chain being renovated, and", "audio_length_s": 7.92, "path": "0794a2f02bbe89feb49651735bba77c5_72.wav"}, {"text": "Our so-called deposit beta, or the increase in the cost of deposits expressed as a percentage of the increase in the cost of federal funds rate,", "audio_length_s": 7.92, "path": "6ad1d7c855ceb3eb830c365e357e4510_188.wav"}, {"text": "Much of the improvement came from the oil and gas portfolio, and we remain optimistic that we will continue to see further favorable changes", "audio_length_s": 7.92, "path": "6ad1d7c855ceb3eb830c365e357e4510_203.wav"}, {"text": "And then to be able to use that change to power through -- power up what we would look at for the responder analyses.", "audio_length_s": 7.92, "path": "265e62fc569e790d8b3e58698aaab701_203.wav"}, {"text": "For the quarter, international sales increased in the Infrastructure Group and the Aggregate and Mining Group and decreased in the Energy Group.", "audio_length_s": 7.92, "path": "9979d7fef684b8cac613c934b6229791_99.wav"}, {"text": "acquired growth, it takes us some time to work through the new volumes to get to higher sustainable margins for us.", "audio_length_s": 7.92, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_2.wav"}, {"text": "The disease is a genetic disorder where mutations in the disease gene lead to the production of an abnormal protein,", "audio_length_s": 7.92, "path": "e78997e6a75a2243292b2b54750bb3cb_136.wav"}, {"text": "as well as the impact of the previously discussed decline in surgical volumes and the impact of the LHC transaction.", "audio_length_s": 7.92, "path": "b43c001c5af465d220ab0b69a95202ae_9.wav"}, {"text": "We are constantly finding ways to improve upon our track record as efficient operators.", "audio_length_s": 7.92, "path": "b43c001c5af465d220ab0b69a95202ae_178.wav"}, {"text": "and, in doing so, enhance customer experience to create greater satisfaction and brand loyalty.", "audio_length_s": 7.92, "path": "52a4e3ebf7e968a783401230c3f69a9d_58.wav"}, {"text": "So that is also a little bit why we have set up the structure with product area. So these are 8 companies that are working hard", "audio_length_s": 7.92, "path": "3d278a2ed905799fa07e009f431603e1_77.wav"}, {"text": "The divestitures improve our growth rates while we're moving quickly to remove stranded costs associated with these actions.", "audio_length_s": 7.92, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_141.wav"}, {"text": "Our fourth quarter has a number of fairly significant projects that are scheduled to deliver in the fourth quarter,", "audio_length_s": 7.92, "path": "9e8690a521142359001a137074905535_65.wav"}, {"text": "Because we remain in a process, I am limited to the information that I can provide. But I wanted to highlight a couple of important points", "audio_length_s": 7.92, "path": "8b2f9d78b826db37ca84dae4d193d8a3_40.wav"}, {"text": "Our leaders are working harder than ever to build community gathering places that become a key part of our guests everyday lives and to the lives of our team members.", "audio_length_s": 7.92, "path": "3898a5c021167b8169287fc8bb59f753_84.wav"}, {"text": "It's probably fair to say that there's a little bit of a capacity going in there ahead of demand, so that's one to be careful of.", "audio_length_s": 7.92, "path": "262bc21196721c5ff9114acbd2ff03c3_124.wav"}, {"text": "Now Reading is able to make unilateral decisions about the Cannon Park City Centre without input from Charter Hall.", "audio_length_s": 7.92, "path": "e2225d612a954a24e7e91c08215d7b51_134.wav"}, {"text": "Are there price increases set for the fourth quarter given the steel situation? Or have they already occurred?", "audio_length_s": 7.92, "path": "fb817a6cc685a3fd0f003456dd641c01_147.wav"}, {"text": "Before I give an overview of our second quarter investment activity, let me give a brief update on our strategic", "audio_length_s": 7.92, "path": "73c60e60043b8775dac929320839a8c6_36.wav"}, {"text": "those shortages may last. If they believe those shortages, and you've probably read this like I have, might end by the end of the year,", "audio_length_s": 7.92, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_95.wav"}, {"text": "We are benefiting from the actions we've taken over the past several years to grow and diversify the company into new products and new markets.", "audio_length_s": 7.92, "path": "8eaca8d8a419f74540f69ade8defabbd_235.wav"}, {"text": "a pretty interesting pipeline of acquisitions. Kind of pulling on your question a little bit,", "audio_length_s": 7.92, "path": "189b20e7b975130ca5abd0e419e54908_21.wav"}, {"text": "Investment securities was up a little due to lower premium amortization, but also from purchases during this quarter.", "audio_length_s": 7.92, "path": "28d675c77a4b2269c1c1460ad3e56250_9.wav"}, {"text": "Our revenue premium and superior earnings are maintaining -- are maintained through our focus on the customer.", "audio_length_s": 7.92, "path": "01f88a67f39af3a74d5f23b095615d39_90.wav"}, {"text": "There's only so much that customers will spend during the quarter. And if one category or one type of product", "audio_length_s": 7.92, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_34.wav"}, {"text": "sense of what sort of capability we've built, some of the technologies that we've got in there, and what we're looking to do.", "audio_length_s": 7.92, "path": "6873127ed3a63887e8207a095144ff99_10.wav"}, {"text": "To be very blunt, the only thing we saw in the quarter was a little bit of weakness in HHI. So we expect a little bit more sales there.", "audio_length_s": 7.92, "path": "c47a92e006b54d014a79b447528c55a7_25.wav"}, {"text": "Such forward-looking statements are subject to certain risks that could cause actual results to differ materially from those projected.", "audio_length_s": 7.92, "path": "3d3b327645f62f252bb876e5bb4a9259_38.wav"}, {"text": "This upgraded service covers up to 10,000 square feet when deployed with the latest Wi-Fi technology installed by Cable ONE business.", "audio_length_s": 7.92, "path": "1689b94530eca82b7758c86b4cf3125f_79.wav"}, {"text": "book that has the supplementary capital applied to it. The other thing of note is that supplementary capital is dynamic in terms of the calculation of", "audio_length_s": 7.92, "path": "130e8e56c1afa2419fd0c08708261824_89.wav"}, {"text": "I've read your report. I thought it was extremely well done, and I'd tell you that I agree wholeheartedly with the thesis that you laid out", "audio_length_s": 7.92, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_28.wav"}, {"text": "Some states will be more progressive than others. But I think you're going to continue over time to see more and more regulations", "audio_length_s": 7.92, "path": "c20824ea6f927fe380f48a904cf4821b_78.wav"}, {"text": "we added 1 million incremental new customers as our spending mix shifted to acquisition from our historical transactional tactics.", "audio_length_s": 7.92, "path": "50e17cbbbef8897681cc5f8ae110aae2_127.wav"}, {"text": "Our strong balance sheet continues to provide flexibility to pursue a range of growth opportunities while maintaining a strong leverage ratio.", "audio_length_s": 7.92, "path": "d74cec1fb73e1b1134bfa7152762ad80_81.wav"}, {"text": "These 2 items are fundamental to our policy of returning cash to our shareholders, and we remain firmly committed to continuing them.", "audio_length_s": 7.92, "path": "af00f4e7b63ee843a3d203f982fac701_80.wav"}, {"text": "and meeting your needs as investors. So thank you very much and look forward to talking to you at a future date. Thank you. Bye-bye.", "audio_length_s": 7.92, "path": "0cfaeed8cd93dc274845d450e921aeb6_271.wav"}, {"text": "to continue to service the client with information and the data they need to do their job. We'll continue to bring them cost-saving opportunities and", "audio_length_s": 7.92, "path": "0cfaeed8cd93dc274845d450e921aeb6_180.wav"}, {"text": "We have now experienced traffic increases in 8 out of the last 9 quarters.", "audio_length_s": 7.92, "path": "9908957f60adff5efc1c8692a0f5ab38_67.wav"}, {"text": "are starting to produce more visible opportunities, and we're focused on rebuilding this business back up in order to further grow profitability in the company.", "audio_length_s": 7.92, "path": "382e3c8eda678694c6368e00f19c8881_64.wav"}, {"text": "and thirdly, also, investment in our brands, such as advertising and also, activities at the point of sale.", "audio_length_s": 7.92, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_42.wav"}, {"text": "You may remember Germany, France, Italy and Switzerland were the 4 core markets we started on", "audio_length_s": 7.92, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_191.wav"}, {"text": "And in getting back to basics, we need to focus on our fundamental principles and cash flow generation as chief amongst them.", "audio_length_s": 7.92, "path": "b6688f44b91606fbd75a6d66e94d4e4b_124.wav"}, {"text": "invest the total net proceeds of the spreads sale into buybacks this year and no more and no less than that, can I just be clear?", "audio_length_s": 7.92, "path": "e35fae1d3df1f7aeda409f90f200ec7b_110.wav"}, {"text": "If we take that together, what that has created is a very strong foundation.", "audio_length_s": 7.92, "path": "24a133abc343c813233d416b0cef96cd_232.wav"}, {"text": "We started construction at Newport and Brisbane and Elara here in Sydney, taking advantage of our large residential communities land bank.", "audio_length_s": 7.92, "path": "24a133abc343c813233d416b0cef96cd_37.wav"}, {"text": "That, together with the other key driver, being the reduction in our overhead spend. And that is due to the timing of expenditure,", "audio_length_s": 7.92, "path": "24a133abc343c813233d416b0cef96cd_179.wav"}, {"text": "Our working interest tends to be higher in Area 2, so that would be a change to our capital program and anticipated production.", "audio_length_s": 7.92, "path": "243e9a046160bfbf82be702927a4df22_83.wav"}, {"text": "with a series of good projects, a series of very good projects, a series of bad projects and a series of very bad projects.", "audio_length_s": 7.92, "path": "6d41a81b648d81660c0d65523086346b_151.wav"}, {"text": "and we're quietly working our way through a program of those sorts of things on the business and technology side of things.", "audio_length_s": 7.92, "path": "4ee3c79ebc57c9870b221b9479d52436_253.wav"}, {"text": "and that we have seen enough progress that we expect to announce at least one molecule this year", "audio_length_s": 7.92, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_239.wav"}, {"text": "continue to give us optimism for continued growth of DermACELL both in breast and in wound applications.", "audio_length_s": 7.92, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_141.wav"}, {"text": "clients push for productivity improvements. We continue to deliver those. We continue to execute to what we commit to within our contracts.", "audio_length_s": 7.92, "path": "6aad408f4bb1930cf10f445115f6ed3d_196.wav"}, {"text": "the banking and financial vertical. Any color you can give us there in terms of the demand trends or opportunities you see?", "audio_length_s": 7.92, "path": "6aad408f4bb1930cf10f445115f6ed3d_28.wav"}, {"text": "had gains in terms of quality. To mitigate that, the way we look at companies make it", "audio_length_s": 7.92, "path": "ffe22f8bcf153b8b51f6e52039686c1e_118.wav"}, {"text": "First, dating back to the beginning of 2015, we discussed that the quarterly rate comps would become more difficult as the year progressed", "audio_length_s": 7.92, "path": "14fa9d7635caae6483af62a4bfe1b9d6_86.wav"}, {"text": "into additional containers for Intermodal because our focus is upon working to improve the earnings and return on our previous investments.", "audio_length_s": 7.92, "path": "14fa9d7635caae6483af62a4bfe1b9d6_156.wav"}, {"text": "As a result of this sale, we will be able to reduce by 1 billion pounds the carbon dioxide from the company's annual emissions.", "audio_length_s": 7.92, "path": "f17bd619f65ff0b31c5103503bd56fdb_66.wav"}, {"text": "are really positive with the Chinese consumer, and we have every expectation that we can actually bring growth", "audio_length_s": 7.92, "path": "1f142ea668261ba963d47aac6bab69dd_103.wav"}, {"text": "So in closing, I just want to say thanks for your attention. We really feel optimistic", "audio_length_s": 7.92, "path": "2cd5b184c2ef6624ce219830182927c9_371.wav"}, {"text": "Perhaps using it in slightly different ways over time, as we've speculated on a bit in the past and some companies are attempting.", "audio_length_s": 7.92, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_145.wav"}, {"text": "And following on that, I think you mentioned in your Q1 report that one of the factors driving increased profitability", "audio_length_s": 7.92, "path": "b20564a6da1bcfc7b80552299d9e002a_81.wav"}, {"text": "And you can expect that the improvement will continue until there's a change in the programs driving the reduced level of process gross to net deductions.", "audio_length_s": 7.92, "path": "e69e64683a56cdadf1c95192e753f27e_117.wav"}, {"text": "Regarding our PicOnyx investment, we are currently working to finalize our asset contribution in exchange for a minority position in the company.", "audio_length_s": 7.92, "path": "bf8646ad61e3857d4cf46e592c18f685_69.wav"}, {"text": "and also reduces the associated letters of credit fees. Staying on the topic of liquidity during the third quarter", "audio_length_s": 7.92, "path": "5f4034bd1c0669186fcee6909c5d59e7_3.wav"}, {"text": "we are able to constantly renew existing publisher contracts and win new mandates to round our existing portfolio.", "audio_length_s": 7.92, "path": "411bdacf05f84134fc80b874a15cf3b7_177.wav"}, {"text": "Yes, I would say it's slightly higher than our everyday business at brokerage because we're providing more services.", "audio_length_s": 7.92, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_107.wav"}, {"text": "Wales. Having said that, it is a very valuable site, and there's a lot of density on the site and it's a prime location.", "audio_length_s": 7.92, "path": "268717db3804942c4ba9b5cb6912b558_64.wav"}, {"text": "such as caring for the frail and vulnerable wherever they reside, delivering value and transparency in pharmacy care services", "audio_length_s": 7.92, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_91.wav"}, {"text": "we will do the deal. If they intend to look for great television to subsidize them, then we will not do that deal.", "audio_length_s": 7.92, "path": "77423f08f0208d476dea73c639f6293a_102.wav"}, {"text": "As part of this announcement, we shared quantifiable results regarding the benefits of haptics in mobile advertising.", "audio_length_s": 7.92, "path": "a766b08317742c952705018a899f3998_14.wav"}, {"text": "I'm a bit curious why you are even providing a guidance because in these situations, historically, you have not", "audio_length_s": 7.92, "path": "538323cb37246bc97d1253b369a7414a_32.wav"}, {"text": "I know we are on the right track and I'm very excited to continue to execute on our growth plans now and into the future.", "audio_length_s": 7.92, "path": "0807d606b6cf98da19b317b4928c3572_15.wav"}, {"text": "by building out the team further, connecting it to our brand and ability to market and our own networks.", "audio_length_s": 7.92, "path": "32283c24ad18239efb166db8422560b2_99.wav"}, {"text": "we're assuming conditions stay pretty challenging like they were in the second quarter and continue that way for the rest of the year.", "audio_length_s": 7.92, "path": "b154f7c33e567e453cb765f4ac03dd2f_150.wav"}, {"text": "And then the negative earnings affect will be -- as you grow your receivables", "audio_length_s": 7.92, "path": "c88e296697cd72c891ffb7bf5a1a60bb_100.wav"}, {"text": "And I'm confident sales will continue to increase as our commercial resources gain even more leverage in all regions.", "audio_length_s": 7.92, "path": "744f5859c7d9a0567b387ae84326d940_81.wav"}, {"text": "Another example of our focus on the controllable aspects of our business is our effective expense management.", "audio_length_s": 7.92, "path": "97ddc19ecb28bab2d19fd3b181182062_7.wav"}, {"text": "It's a little bit early because this was somewhat of a learning experience for both sides.", "audio_length_s": 7.92, "path": "47546a57a865bca0f4e677dc3b485053_127.wav"}, {"text": "So expenses must be in line or a couple of percentage points", "audio_length_s": 7.89, "path": "c8ccd72440eb1d7f094ee44252c12830_93.wav"}, {"text": "supported by some major projects down there in Peru and some others in South Korea and in China.", "audio_length_s": 7.89, "path": "d22830e34d4f069487310864ec17789f_153.wav"}, {"text": "In addition, this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast,", "audio_length_s": 7.89, "path": "485e97686e9a27d2df5b3fc02106e3d4_1.wav"}, {"text": "You mentioned that's going to be at a reduced borrowing rate. I wonder if you could give us a little more color around that. And also, when do you expect to be able to close this?", "audio_length_s": 7.89, "path": "92b48b365197c65ebf545a4c9dd1200d_155.wav"}, {"text": "We expect this magnitude of decline to gradually dissipate the remainder of the year, as the impact of Zika in the market began in August", "audio_length_s": 7.89, "path": "7eebbbc069b4bf8367aa748751df9bc7_18.wav"}, {"text": "we hold negotiations together with our customers. And in many cases, these are quarterly negotiations. And in others,", "audio_length_s": 7.89, "path": "0db71632fa65f1d166f14cb8593c4690_35.wav"}, {"text": "So let me say that nothing has changed in our expectations", "audio_length_s": 7.89, "path": "a95a220f118ae793c89d6d708e62cf8a_21.wav"}, {"text": "The difficult driver market, combined with the implementation of more stringent hiring requirements, continue to be a headwind for our business.", "audio_length_s": 7.89, "path": "94fdf7b24748a7706b1097482a0f363a_67.wav"}, {"text": "we're going to need to do more with less here. And we know that cost is a big part of it. And operational excellence is also a big part of it. So", "audio_length_s": 7.89, "path": "e274d02ea943c0a74779950fe28e839d_28.wav"}, {"text": "because we would like to grow more than we're currently growing, and that opportunity may arise at some point in the future. And of course, it's a combination of", "audio_length_s": 7.89, "path": "f0dd7e4dad969b480d0d2a70609aedba_4.wav"}, {"text": "and it's been appropriate to also transform the executive team for the new asset base and our future growth expectations.", "audio_length_s": 7.89, "path": "309554ae886fe4911da6e3329b631fe6_42.wav"}, {"text": "I think the company has never been in a better position to expand and to exploit the market opportunities there for our services.", "audio_length_s": 7.89, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_95.wav"}, {"text": "This single data fabric will deliver seamless real-time integration and data access across our many unique data sources.", "audio_length_s": 7.89, "path": "0755f4b74dda585f3975c7d8208b1598_183.wav"}, {"text": "Jeff, with respect to what the ideal partner would be. There's probably 7 or 8 criteria there. We pulled that together", "audio_length_s": 7.89, "path": "c68c15299b67173c7ae163cc5938f3c1_38.wav"}, {"text": "as we applied tighter disciplines and controls to our key working capital and inventory balances.", "audio_length_s": 7.89, "path": "3bdb43dc1bcef6eff76f45efedb6a211_109.wav"}, {"text": "or potential customers in the backlog who want to install BEACON and want to start using our products.", "audio_length_s": 7.89, "path": "55d05334bdde612eb9dd102bb41d216e_12.wav"}, {"text": "we'll often stress or emphasize that the quarter year-over-year results or comparisons are not always the most meaningful. We will look", "audio_length_s": 7.89, "path": "81430c39b7b202d05644e419e2a01a65_60.wav"}, {"text": "I believe that when you shop our stores this season, you will agree that the assortment looks great.", "audio_length_s": 7.89, "path": "280baf1d10cd27b78eae4bf2574b9c98_17.wav"}, {"text": "you've got the investment and new that comes in your cost ex fuel, but the benefit comes in the fuel line and that piece there.", "audio_length_s": 7.89, "path": "cb054f97c9550389265154e2994a520a_70.wav"}, {"text": "we're quoting on a ton of connectivity business this year, and we do believe this will help position us for future growth.", "audio_length_s": 7.89, "path": "ec0ecc8e73cce4598def6cfff6f7c598_176.wav"}, {"text": "And we expect this segment will return to a slow, steady pace of improvement in 2018 as customer inventories of spare parts are depleted,", "audio_length_s": 7.89, "path": "dd3166f311a5f12a25103a0295e8ac3e_202.wav"}, {"text": "We are also focused on profitably scaling integrated marketing on-demand solution offers,", "audio_length_s": 7.89, "path": "04f29bc02d1e2ef65077ca67bf41f475_29.wav"}, {"text": "label converters seeking a flexible solution that meets the demands for short label runs and professional printing houses.", "audio_length_s": 7.89, "path": "e8a2a593282199ea052f788b8fead64b_4.wav"}, {"text": "Our friends at Chase have remained very supportive of the company and management, and while handling of a very challenging Medicare billing transition.", "audio_length_s": 7.89, "path": "56e05107e391476d11fe1f637733f028_173.wav"}, {"text": "the maintenance price increase for those customers who don't take advantage of the M2S program and less discounting and promotional activity.", "audio_length_s": 7.89, "path": "78c85dc9a16f82b09d3a2363004e658d_12.wav"}, {"text": "And finally, the renewable power generation segment is driving growth as solar acquisition activity is especially strong.", "audio_length_s": 7.89, "path": "de3b766a868da918e499f407dbf5d716_45.wav"}, {"text": "by completing a strategic investment in Racemi, a specialist in helping clients migrate their applications", "audio_length_s": 7.89, "path": "82218f543c9a546c4baa5323f250b39f_136.wav"}, {"text": "While YRC Freight reported improved financial results over last year, we are far from satisfied with our overall performance.", "audio_length_s": 7.89, "path": "66c9091ba849cdb6d64987642ced64d2_56.wav"}, {"text": "Our long-term goal remains to reduce the company's leverage, and we will look at refinancing our debt when the time is right.", "audio_length_s": 7.89, "path": "bad55d25c1222682bd893d97dc5cbb27_119.wav"}, {"text": "Discussions will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles.", "audio_length_s": 7.89, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_102.wav"}, {"text": "There can be no assurance that the actual future results, performance or achievements expressed or implied by such forward-looking statements will occur.", "audio_length_s": 7.89, "path": "2fc915b996c687200d995736980aae9a_161.wav"}, {"text": "Based on our data, we believe that the blockade of CTGF will be a more effective approach to fibrotic disease and multiple cancers.", "audio_length_s": 7.89, "path": "2a5b0a6532fa2b71915a2930be02621a_77.wav"}, {"text": "And second, a small percentage of new enterprise accounts decide to utilize their own carriers for usage.", "audio_length_s": 7.89, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_122.wav"}, {"text": "And another key win in the sector was our recently announced contract with Ballard Power Systems", "audio_length_s": 7.89, "path": "392ca3d1e388c6d7a35f6d0db390c359_76.wav"}, {"text": "And certainly, I believe we have a very strong business plan with significant rate base and earnings growth and a very competitive dividend.", "audio_length_s": 7.89, "path": "a212b77ae2b2452093665a4e179ed3a3_82.wav"}, {"text": "and Aerospace operations are well positioned to gain advantage from favorable conditions for a number of our programs", "audio_length_s": 7.89, "path": "a827180c08c11f2e53c6966fceaabf5b_108.wav"}, {"text": "packaging, and there were some really interesting unique engines that they talked about for their dispensing business.", "audio_length_s": 7.89, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_102.wav"}, {"text": "The team at Southeastern is a strong addition to the South State team, and we believe that the merger will be additive in many ways to the company.", "audio_length_s": 7.89, "path": "8b2314627d54755a15c55244bb862225_2.wav"}, {"text": "as a result of the consolidations, supply chain enhancements and pricing initiatives we implemented during the downturn.", "audio_length_s": 7.89, "path": "a0006b7891ead9bdb76273f555b6f1c8_101.wav"}, {"text": "The first quarter of each calendar year generally produces our weakest financial results. The second and third", "audio_length_s": 7.89, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_155.wav"}, {"text": "Pricing performance reflected the benefits of prior pricing actions and the surcharge applied to recover tariffs.", "audio_length_s": 7.89, "path": "23eff4c724ee00f56319fcc47add3441_131.wav"}, {"text": "In motorcycle business operations, group unit sales decreased primarily in Indonesia, China and Brazil.", "audio_length_s": 7.89, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_9.wav"}, {"text": "But I would say almost every company is thinking about themselves as a technology company or is positioning themselves", "audio_length_s": 7.89, "path": "dbafd430cf189ffeffd96a06da8ba37d_137.wav"}, {"text": "we had growth across all of our commercial products during the quarter, which led to the 23% growth over the fourth quarter last year.", "audio_length_s": 7.89, "path": "a24a661c2eb55542903c72391ec09f9b_42.wav"}, {"text": "The main issue here is that the environment on the investment market", "audio_length_s": 7.89, "path": "3e714a49937be1672aa48244ba7254ce_16.wav"}, {"text": "VIBE offers more liquid than the brand's previous products and also has a more powerful and longer-lasting battery.", "audio_length_s": 7.89, "path": "655d592e9d1b1027f1824b1554d8b131_169.wav"}, {"text": "These assets are now embedded in each of our businesses. We're able to use these assets to help drive client value.", "audio_length_s": 7.89, "path": "6864081f83959f4b49e25e597f28af66_163.wav"}, {"text": "I signed up for that contract but I don't really need it now, and can you let me get out of it or can we defer the timing of it?", "audio_length_s": 7.89, "path": "2ad9555a64eaa3f45bef5581adeecb9c_165.wav"}, {"text": "And we're looking at where this trucking is taking place and we're telling these people that we're not going to give you a trucking", "audio_length_s": 7.89, "path": "2905366dcf0eb60a22b63a1b3d9adf95_152.wav"}, {"text": "Also, please note that this guidance does not reflect the operational or capital impact of any future acquisition,", "audio_length_s": 7.89, "path": "93d3e5be9cf75e0921d47f10d4178939_76.wav"}, {"text": "And as I mentioned earlier, we expect to see improved productivity, both in the short term as new technicians progress along the learning curve", "audio_length_s": 7.89, "path": "2b87d263eaf2464f275a48fa005b16c7_55.wav"}, {"text": "general indicator of interest in the asset class and transaction volumes, things are very healthy right now.", "audio_length_s": 7.89, "path": "9ab2e6eb9debfae2de541ba645bfd265_172.wav"}, {"text": "Our discussion of operating performance will include non-GAAP financial measures within the meaning of SEC Regulation G.", "audio_length_s": 7.89, "path": "30710391b8ab4cb549180602d31d4f4a_141.wav"}, {"text": "I mentioned in my comments that we're still very much focused on our existing customer base for all the reasons you might expect, Chris.", "audio_length_s": 7.89, "path": "bda4b365d7a8386d5d2e6b4575d08a57_164.wav"}, {"text": "Combining these industry leaders will enhance our ability to deliver on our mission of providing affordable,", "audio_length_s": 7.89, "path": "da14df2e02d11f6f8599533d9d57faee_103.wav"}, {"text": "which would mean in the spaces that we already play with the businesses that we already have, in our major segments that we're growing at or above market.", "audio_length_s": 7.89, "path": "b96165244f010b3f1e61cbbc5e504d96_27.wav"}, {"text": "acquire customers at the right cost and be able to charge the right prices, too, there was a large market to be tapped.", "audio_length_s": 7.89, "path": "ea97a179f1be386d6cd36637ae70a1fc_118.wav"}, {"text": "This will be more than replaced beginning in the December quarter, when Vulcan Materials starts mining and paying royalties", "audio_length_s": 7.89, "path": "02825b6f22019c60be741d7e45b63f9d_25.wav"}, {"text": "And there are some companies in Florida as well that we think could be very compelling to us in terms of", "audio_length_s": 7.89, "path": "3068d678d3331b8f0a10ea4fa92361f2_20.wav"}, {"text": "We don't expect that we'll be able to continue to gain on that. We would really -- we're expecting that", "audio_length_s": 7.89, "path": "ade68f8add7249890d086ecf4b5b8cab_73.wav"}, {"text": "We typically have an ability to keep those in the portfolio if we want to. So if we're exiting them, you can assume that we're exiting them for a reason,", "audio_length_s": 7.89, "path": "8aa1aa8317783203344434f855535c25_49.wav"}, {"text": "These forward-looking statements are subject to the risks that could cause actual results to be materially different.", "audio_length_s": 7.89, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_96.wav"}, {"text": "you can't really choose to ignore us and be as successful as somebody who engages with us. On the", "audio_length_s": 7.89, "path": "5664a96b7f1182d037b901d84eeb4fd6_88.wav"}, {"text": "as we've modeled out the historical maturity of our dealerships, the return on capital actually is exceeding", "audio_length_s": 7.89, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_88.wav"}, {"text": "long-time customers in that group and they tend to sign 3- to 5-year contracts. So there's a good amount of stability in the customer base.", "audio_length_s": 7.89, "path": "16e51362df94379ea33a24334015f385_142.wav"}, {"text": "Now turning to Page 20. Now we have a deep look on our financial figures.", "audio_length_s": 7.89, "path": "23417803b1a8115806b8e604b8b2bb83_21.wav"}, {"text": "But both of those numbers are really still very conservative relative to what we're capable of and relative to the capital programs that we've had in the past.", "audio_length_s": 7.89, "path": "8fd0d858dd99b5b6291eafc83e9a604d_75.wav"}, {"text": "the work that Michael is doing, maybe speak to that. And as that product quality goes up, the ability to take a little bit more on price,", "audio_length_s": 7.89, "path": "c67af59ea29f4e80b8eeede6e730658e_100.wav"}, {"text": "overall, its performance still has tremendous room to improve, and we're taking the right steps to realize those opportunities.", "audio_length_s": 7.89, "path": "3df0981a2d94ed56170b78330aa72ee9_180.wav"}, {"text": "And that we have also learned our lessons, also, going back in the past. When you look at what has hit us,", "audio_length_s": 7.89, "path": "98f10f0935e5b778e888a1b8130a3d31_94.wav"}, {"text": "elevated origination volumes and margins for the mortgage industry. While interest rates have fallen,", "audio_length_s": 7.89, "path": "567a41009710fa1568bb8125213bf9eb_6.wav"}, {"text": "This vessel is currently providing ammonia transportation services under a 10-year charter with Potash Corporation.", "audio_length_s": 7.89, "path": "10dfe5270a7e4216d68614041d2a9bbe_45.wav"}, {"text": "I would just broaden the Middle America part to definitely talk about the broad swath of the Southern U.S.", "audio_length_s": 7.89, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_191.wav"}, {"text": "As we close out fiscal 2018, most of our targets remain consistent with previous guidance, but I'd like to highlight a few specifics.", "audio_length_s": 7.89, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_163.wav"}, {"text": "Vince will then review our segment results and provide a more detailed financial overview. As always, we'll leave time to answer your questions.", "audio_length_s": 7.89, "path": "526e0d5398a516831b49936c31a8ea1c_98.wav"}, {"text": "Investments will serve to improve the digital user experience for our partners and customers, as well as expand our HSA investment capabilities.", "audio_length_s": 7.89, "path": "ef44080b170ca6366a6d3132d0baf11a_113.wav"}, {"text": "As we mentioned in today's press release, we'll be presenting some compelling new ATLAS data at next week's SITC meeting,", "audio_length_s": 7.89, "path": "17f54a9938f35a4bde713fb3eb33a80e_27.wav"}, {"text": "These discussions are ongoing and, of course, we'll update the market as soon as we have material news to share.", "audio_length_s": 7.89, "path": "17f54a9938f35a4bde713fb3eb33a80e_29.wav"}, {"text": "The effect on associated companies and net financials are related to the change in market value in the period", "audio_length_s": 7.89, "path": "4567936d89925d1a3b983274b11ecae5_24.wav"}, {"text": "So we don't expect we're going to have major disruption there. The other thing that happens in the second half is,", "audio_length_s": 7.89, "path": "08f219f6cb65bd0ed50cb8444a3884f8_136.wav"}, {"text": "that over the next several years we're going to see a 5% compound annual growth rate in our content per vehicle.", "audio_length_s": 7.89, "path": "08f219f6cb65bd0ed50cb8444a3884f8_73.wav"}, {"text": "The quarter's results again reflect the progress we have made to date to meet the needs of the demanding and fast-moving medical markets,", "audio_length_s": 7.89, "path": "75eb5b75bb8587b63c318714ea956b9e_52.wav"}, {"text": "in the fourth quarter of last year, we were obviously -- the business was not doing as well as we would have liked it to do. Things started to slow down, so we had", "audio_length_s": 7.89, "path": "63eaf9677d7577484a1557ae6bfbb585_62.wav"}, {"text": "We have accepted and are in alignment with the recommendation of the FDA. Accordingly", "audio_length_s": 7.89, "path": "7f0b365cacc47c00a8284b0070994e4a_5.wav"}, {"text": "and future predictions are forward-looking statements intended to be covered by the safe harbor provisions of the securities act", "audio_length_s": 7.89, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_1.wav"}, {"text": "This morning, I'll provide an overview of our first quarter performance and also discuss activity within our regions and current market conditions.", "audio_length_s": 7.89, "path": "e16c49bab0eeda53f9fd5b3d0f599149_36.wav"}, {"text": "execution. We do expect that to be coming back in, but it's not going to go all into the second quarter.", "audio_length_s": 7.89, "path": "9e8690a521142359001a137074905535_222.wav"}, {"text": "And we continue to be very excited about it. We will get a significant amount of the Band 14 up this year,", "audio_length_s": 7.89, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_126.wav"}, {"text": "is the -- as we build out the physician platform, the ability to extend", "audio_length_s": 7.89, "path": "f1da65edd5f2026ffd647d496bb96ce7_40.wav"}, {"text": "Second, a lower loss from Corporate and Other operations, driven by favorable fluctuations in expenses and investment income.", "audio_length_s": 7.89, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_67.wav"}, {"text": "And so currently, we are focused very much on continuing that pattern. And so", "audio_length_s": 7.89, "path": "5330f07390a3c14fc49f24ac98bf1eab_77.wav"}, {"text": "increase that flywheel as we move into the next second half and beyond. Also with the second half last year, the", "audio_length_s": 7.89, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_58.wav"}, {"text": "it does add a little bit of additional traceability monitoring for us to ensure we can continue to track that product and gets into the channel.", "audio_length_s": 7.89, "path": "c40b5d1a13169c5acf69590932a56f98_76.wav"}, {"text": "We're also -- continue to believe that the technology will provide a superior refrigerated truck body product for our customers.", "audio_length_s": 7.89, "path": "8eaca8d8a419f74540f69ade8defabbd_155.wav"}, {"text": "think the last time I pointed out -- last time we talked about that, we said it would take a couple of years", "audio_length_s": 7.89, "path": "da879f8ea1c23aa6565cccaacac271fc_200.wav"}, {"text": "And then when you take that away, you have a very different scenario. So if you looked at it over the last 2 years when there was no payment", "audio_length_s": 7.89, "path": "450a5dc6eb19b82da8dfc68127f6e79d_52.wav"}, {"text": "under contract, under binding contract. And I was just wondering if you could give us any visibility on", "audio_length_s": 7.89, "path": "9ba83ac067a98f8b12cc480ff0691e91_143.wav"}, {"text": "This investment has a positive NPV and strong financial payback driven by the cost savings associated with having a single site", "audio_length_s": 7.89, "path": "33fd8a867dbd88a837e541b1d2b25ea5_151.wav"}, {"text": "look at it that way, right? This is a phenomenal feeder channel for us, and we'll continue to invest in this business. I mean, some of the", "audio_length_s": 7.89, "path": "7cc11de7f206c637e6293da0d956405e_232.wav"}, {"text": "For this reason, a number of AML patients during the screening process were not enrolled in the trial because of their advanced disease.", "audio_length_s": 7.89, "path": "8c1b4f4af2af2847a240041390e31399_43.wav"}, {"text": "assumed that the settlement was a huge win for Herbalife. We're now going to go to a video clip. Let me just introduce it before we begin the clip.", "audio_length_s": 7.89, "path": "94f913b974baab79fb636f6521170dd7_38.wav"}, {"text": "As I hope you can appreciate, we will not be making any further public comments about this process until we complete our evaluation.", "audio_length_s": 7.89, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_69.wav"}, {"text": "primarily driven by particularly strong growth in Chinese white spirits despite the later timing of Chinese New Year.", "audio_length_s": 7.89, "path": "3877b1983229ec488c6349a188bccf92_72.wav"}, {"text": "This focus on returning to profitability is our overarching mandate and is incorporated in all of our initiatives.", "audio_length_s": 7.89, "path": "7498a6630302a038bd537d192c3a44f4_155.wav"}, {"text": "reflecting the timing of various rollouts where we continue to expect sales to be up about 15% for the full year.", "audio_length_s": 7.89, "path": "4721d5a2e7061d90a4e4e4768adc2486_62.wav"}, {"text": "In the first quarter, we on-boarded several new customers and have additional on-boarding scheduled in the second quarter.", "audio_length_s": 7.89, "path": "2a7af3c66762ce608379005a3d7bfa96_65.wav"}, {"text": "And given we've had the paper on the calibration of the Pillar 2A, do you have a sense of where that buffer will go to on the stress", "audio_length_s": 7.89, "path": "fe80c1056f21701e41cf3489c450f5ae_212.wav"}, {"text": "gun market as a driver for our business. As such, Core's ballistic engineers recently teamed up with a major service provider", "audio_length_s": 7.89, "path": "5633fe3600ee04237bbb918c56341864_152.wav"}, {"text": "and you look at the acute care that you can deliver through a strong retail network, you look at the other things you can do to build the star ratings, the health plans and other things,", "audio_length_s": 7.89, "path": "0cfaeed8cd93dc274845d450e921aeb6_41.wav"}, {"text": "This brings our development program count in strategic markets to a total of 5, up from 3 last quarter.", "audio_length_s": 7.89, "path": "ee00ebd8d782e8f124b3e142cbb74f37_5.wav"}, {"text": "Please go on to Slide 5 and we will review other relevant facts through the period.", "audio_length_s": 7.89, "path": "0f9d6e24171bc068e7ff7a11e7e44060_19.wav"}, {"text": "And quite frankly, one that we think is very difficult for others, especially in the start-up phase, to compete with because", "audio_length_s": 7.89, "path": "66b25c60d952bd002c7ab20da9248086_23.wav"}, {"text": "As you know, we benefited from a soft comparator in the fourth quarter last year as we lapped both demonetization in India", "audio_length_s": 7.89, "path": "e35fae1d3df1f7aeda409f90f200ec7b_83.wav"}, {"text": "and then have cash available for operations and investment going forward and have the full use of our revolver going forward. So", "audio_length_s": 7.89, "path": "1300495cfa53748f732f54277d5a8cea_61.wav"}, {"text": "on your last response there that the Nike revenue run rate is a little bit slower than what you planned maybe a year or two ago.", "audio_length_s": 7.89, "path": "f5e9c69a92eb9179062673e044f8a53b_216.wav"}, {"text": "operational tanks needed, we have moved some of those projects and accelerated it into this year. And we've been able to do that.", "audio_length_s": 7.89, "path": "1215cf00a11992ec74743f92026af2e9_146.wav"}, {"text": "We believe this tuck-in acquisition strengthens our capabilities and domain expertise in the pharma space.", "audio_length_s": 7.89, "path": "6aad408f4bb1930cf10f445115f6ed3d_227.wav"}, {"text": "As a result of the recent political and economic events in Venezuela, we wrote down our investment in Venezuela.", "audio_length_s": 7.89, "path": "20489859070c48218db6ab0f5b6d2b05_54.wav"}, {"text": "we figure we'll be able to improve our automation and then get more system efficiency out of that.", "audio_length_s": 7.89, "path": "2cd5b184c2ef6624ce219830182927c9_337.wav"}, {"text": "Finally, offshore. This has been touched on a little bit, and it's really mostly falls outside of the planned scope but it's a", "audio_length_s": 7.89, "path": "2cd5b184c2ef6624ce219830182927c9_278.wav"}, {"text": "So no change on a consolidated basis for that item. But when you do look at the Renewables results, they look a little low for the year", "audio_length_s": 7.89, "path": "2cd5b184c2ef6624ce219830182927c9_323.wav"}, {"text": "This regulatory focus will certainly continue in the future, and therefore, it is essential to have in place an operational model", "audio_length_s": 7.89, "path": "6299a010c7bb84feaf14b263750dbd1a_186.wav"}, {"text": "Before we begin, let me remind you that comments regarding the company's results and projections may include forward-looking statements,", "audio_length_s": 7.89, "path": "902872913863de98d38e2936b846cf66_1.wav"}, {"text": "We remain focused on tight cost control while at the same time, making appropriate investments in our businesses.", "audio_length_s": 7.89, "path": "bc1efb704df9c180935803c70a315597_84.wav"}, {"text": "And I was curious as to, as you look at where we are right now and you try to assess your strategy over the course of the next few years, let's say,", "audio_length_s": 7.89, "path": "933faa5ac159ab158506e2bc0f714977_82.wav"}, {"text": "and so we've been able to offset some of the lot cost increases we've been seeing come through to protect the margins.", "audio_length_s": 7.89, "path": "933faa5ac159ab158506e2bc0f714977_65.wav"}, {"text": "Strategic execution by the FedEx team and a stronger global economy drove improved financial results,", "audio_length_s": 7.89, "path": "f268a8174f58c93ad6b45b7f151fe896_135.wav"}, {"text": "massive snowstorms, such as we've had out west that creates avalanches, it's -- there's going to be some deterioration in service. But", "audio_length_s": 7.89, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_117.wav"}, {"text": "we've reorganized and targeted going after parts of the business where we believe our value proposition is very strong.", "audio_length_s": 7.89, "path": "a756bd9ba43faae4d9d0f059925e39e9_99.wav"}, {"text": "In sum, just a few weeks into this new year, we are focused and excited for what we expect the year to bring.", "audio_length_s": 7.89, "path": "1cfd7da6c2da11f7e3f7102a6265146b_126.wav"}, {"text": "So we don't have any reason now to deviate from this current agreement.", "audio_length_s": 7.89, "path": "538323cb37246bc97d1253b369a7414a_97.wav"}, {"text": "of the potential transaction related to the royalties that Klabin pays on certain brands.", "audio_length_s": 7.89, "path": "f15a674bdbbc461872000604216ae071_141.wav"}, {"text": "look out there. There's maybe something between nothing and just the 10th quarter long-term view that we'll get our heads around", "audio_length_s": 7.89, "path": "6fe1a71311b4937268b4c0332dc7c11f_156.wav"}, {"text": "and that over and above what the market is hiring. We can and will through this experienced", "audio_length_s": 7.89, "path": "bf99037f89cd485f95f097842619a0c7_91.wav"}, {"text": "Got it. And you guys have talked a little bit about sort of the security opportunity on the embedded side, but I just wanted to understand, like", "audio_length_s": 7.89, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_137.wav"}, {"text": "To address this issue, we have been working with the bank and leveraging our position as the largest", "audio_length_s": 7.89, "path": "5a85c98fc5e3d596bc18741b744f9ea5_62.wav"}, {"text": "We are meeting with our customer regularly, and senior management at both companies have targeted a resolution before year's end.", "audio_length_s": 7.89, "path": "3ae068efa03cd088f4d3edea682f199f_10.wav"}, {"text": "a few of our recent new product development efforts allow significant operating efficiencies here, and we will be increasing our focus here as we progress.", "audio_length_s": 7.89, "path": "7a80c3e91e5a2693cdaef5f716808317_72.wav"}, {"text": "across the board and something that we're looking to address with the price increases that we're implementing effective May 1 as well.", "audio_length_s": 7.89, "path": "24a2aec67e247f9c4d4cc89d6dbab525_99.wav"}, {"text": "While the profitability of this particular investment makes it extraordinary in our experience, the process and approach", "audio_length_s": 7.89, "path": "76b892bf017891d7028256847747227c_104.wav"}, {"text": "We continue to be very excited about acquisition opportunities in the primary markets we serve and also in adjacent recreational lifestyle markets.", "audio_length_s": 7.89, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_140.wav"}, {"text": "and according to the various demands that we have at the appropriate time, and at an appropriate level, we are going to continue", "audio_length_s": 7.89, "path": "5478e14c30a7a53219de2176fdba0d4a_67.wav"}, {"text": "Our Adjacent Services opportunity pipeline increased significantly over the last quarter, and we are seeing", "audio_length_s": 7.89, "path": "c2a4f7aacf0036edc5b94457c0d8329a_35.wav"}, {"text": "We are comfortable that we have the right leaders focused on the right areas and that the organic revenue results will improve as a result of this focus.", "audio_length_s": 7.89, "path": "1bb9219ad31877175e18e8e48ff2f63c_7.wav"}, {"text": "given our updated outlook that oil prices remain depressed for longer than we had previously anticipated,", "audio_length_s": 7.89, "path": "97ddc19ecb28bab2d19fd3b181182062_8.wav"}, {"text": "with the transaction scheduled to close no later than the first quarter of 2018. In the preliminary proxy related to the transaction,", "audio_length_s": 7.89, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_3.wav"}, {"text": "In the quick charge segment, there are a number of protocols and approaches in the market to facilitate a higher power transfer.", "audio_length_s": 7.89, "path": "78cf0d3e40caba622d8914916f0f9146_184.wav"}, {"text": "This was attributable to the weakness in Nigeria, Brazil and the export channel in West LAC, as I discussed earlier.", "audio_length_s": 7.8600625, "path": "c3567809c19ce6a800677544cd84f88b_17.wav"}, {"text": "I think you will definitely get a sense. There's a very rich opportunity set here, and we really have the team to deliver in this moment. So", "audio_length_s": 7.8600625, "path": "2cd5b184c2ef6624ce219830182927c9_66.wav"}, {"text": "We use more and more technology and we've brought in more efficiency in doing all these processes,", "audio_length_s": 7.8600625, "path": "00a36b039cb49e6b99bb6d17635a3c25_78.wav"}, {"text": "But still, it is in an early phase. So it offers us great flexibility.", "audio_length_s": 7.86, "path": "d162113e3aface010baec17bd408736b_88.wav"}, {"text": "And there were some new features but also in the existing technology generation.", "audio_length_s": 7.86, "path": "d162113e3aface010baec17bd408736b_125.wav"}, {"text": "as well as for some of the institutional verticals within nonrisk construction to reflect some of the uneven nature of how we think the 6 months plays out.", "audio_length_s": 7.86, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_78.wav"}, {"text": "from banc-serv Partners this year. And we also did a small acquisition of some technology assets and accounts", "audio_length_s": 7.86, "path": "92b48b365197c65ebf545a4c9dd1200d_127.wav"}, {"text": "the market was a bit choppier at the end of the year, there's no question. So I think the range of outcomes was a bit wider than what we had seen", "audio_length_s": 7.86, "path": "62d981deed6d5128615c99d1597178b6_45.wav"}, {"text": "Once the second ship is delivered, dividends will resume from the travel business into group.", "audio_length_s": 7.86, "path": "214dcdc435ef3259490466447858fa56_170.wav"}, {"text": "We finished formally integrating Leadership Consulting and Culture Shaping and launched a new business, Heidrick Consulting.", "audio_length_s": 7.86, "path": "0d631e444d1c22f0be99a69f5deaff94_2.wav"}, {"text": "We would like to thank all of the investors who participated in this offering and those who continue to support us today.", "audio_length_s": 7.86, "path": "5111fdad778749872c23e78c9b0d653b_2.wav"}, {"text": "So we end up not ending up with a price for something that didn't have boundaries around it. So that's been going on since Greg has been here.", "audio_length_s": 7.86, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_35.wav"}, {"text": "The investment in our IT infrastructure builds a more scalable foundation, allows us to automate the growing demands of our business.", "audio_length_s": 7.86, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_134.wav"}, {"text": "at Swift that I believe are excited about the stability that we have added", "audio_length_s": 7.86, "path": "94fdf7b24748a7706b1097482a0f363a_155.wav"}, {"text": "although a correlation of our stock chart with the international dry bulk index would lead you to believe that we are similar.", "audio_length_s": 7.86, "path": "e274d02ea943c0a74779950fe28e839d_150.wav"}, {"text": "As for the reaction of the patients, I have heard that according to various SNS sources,", "audio_length_s": 7.86, "path": "3cb802f8fba7d33603c29387ccdaf817_36.wav"}, {"text": "establishing an organization structure of checks and balances in order to execute the business strategy.", "audio_length_s": 7.86, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_20.wav"}, {"text": "As everyone knows in this industry, the cost of a design is escalating exponentially.", "audio_length_s": 7.86, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_219.wav"}, {"text": "With that said, as you look forward and you think about combinations of potential immunotherapies or combinations with other therapies,", "audio_length_s": 7.86, "path": "f0ce0d97cf62c9076226e0aeeb550493_162.wav"}, {"text": "But overall, net-net, to answer the question, we feel pretty good about the balance between foreign exchange, pricing and commodity costs.", "audio_length_s": 7.86, "path": "22ad97a95501a08f15c06605cd277fec_130.wav"}, {"text": "We continue to take pricing to offset unfavorable foreign exchange as part of our larger effort to improve margin.", "audio_length_s": 7.86, "path": "d28b2b09c127b5be033738aa3cd380b3_82.wav"}, {"text": "That will take some time, and we want to do that diligently and", "audio_length_s": 7.86, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_130.wav"}, {"text": "Our construction and engineering groups remain committed to working closely with FERC, PA DEP and other regulatory agencies", "audio_length_s": 7.86, "path": "718a89dc503706eae0091bcd9410d567_78.wav"}, {"text": "This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.", "audio_length_s": 7.86, "path": "264e575b73bc2a485bee416c1ac10cee_175.wav"}, {"text": "He did all -- he does all the holding of the product. He was super positive. We hired a joint person that", "audio_length_s": 7.86, "path": "c68c15299b67173c7ae163cc5938f3c1_158.wav"}, {"text": "Regarding people. We are very focused on improving employee engagement and the overall culture at Fred's Pharmacy.", "audio_length_s": 7.86, "path": "d70a57dd52d0e4cf86a6225dca186bc2_14.wav"}, {"text": "We unveiled our company's new purpose. We inspire healthy habits for real life,", "audio_length_s": 7.86, "path": "7e14890193df4b10e1eeab6ab886529f_118.wav"}, {"text": "which demonstrates not only the strength of our cash generation but the efforts of our team to manage capital effectively.", "audio_length_s": 7.86, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_21.wav"}, {"text": "is a continuous length of steel tubing, typically around 2 inches in diameter and up to 30,000 feet in length, which is wound on a reel as we manufacture it.", "audio_length_s": 7.86, "path": "dd3166f311a5f12a25103a0295e8ac3e_132.wav"}, {"text": "and forms and accessories expected to represent approximately 20% of revenue.", "audio_length_s": 7.86, "path": "04f29bc02d1e2ef65077ca67bf41f475_26.wav"}, {"text": "And the concern now is a lack of adequate funding to local government agencies to respond to Zika in a comprehensive manner.", "audio_length_s": 7.86, "path": "3121e8f4a75758834d32a9e4e0555221_49.wav"}, {"text": "Today's call will contain other non-GAAP financial measures which we believe are important in evaluating the company's performance.", "audio_length_s": 7.86, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_39.wav"}, {"text": "several new community openings coming in California and specifically at Pacific Highlands Ranch down in San Diego.", "audio_length_s": 7.86, "path": "1d2f3c74735a986131e7b219d9eff713_176.wav"}, {"text": "I'd like to spend a few minutes updating you on some specific topics of interest as follows.", "audio_length_s": 7.86, "path": "91422f85dbf838639b3cb9dd9da364eb_146.wav"}, {"text": "we also said the highway broadband backbone,", "audio_length_s": 7.86, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_158.wav"}, {"text": "This creates another alternative cycle, and sometimes the result is mistaken", "audio_length_s": 7.86, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_161.wav"}, {"text": "But also this launching customer will have its advantage because of the, let's say, development that we're doing on details now in this", "audio_length_s": 7.86, "path": "cfbe91105113db7a5784f77e411b7a3f_126.wav"}, {"text": "further investing in our organization to bring the organization to a next level of competence", "audio_length_s": 7.86, "path": "cfbe91105113db7a5784f77e411b7a3f_238.wav"}, {"text": "which will cause a reported organic growth rate for our lodging segment to be -- potentially be in the low single digits in the fourth quarter.", "audio_length_s": 7.86, "path": "839852ec8452dbd90e9341d15cbba7c5_180.wav"}, {"text": "As the proof of our strategy's success continues to mount, we remain confident in our longer-term goal", "audio_length_s": 7.86, "path": "1b1699497be56330b3ed833f22bc63f6_12.wav"}, {"text": "get a sense of how important this digestion factor is in your own timing of making new acquisitions.", "audio_length_s": 7.86, "path": "d5c338a956681dbb2170472253a29b85_183.wav"}, {"text": "This program is part of DARPA's Electronics Resurgence Initiative to develop new computing materials, designs and architectures.", "audio_length_s": 7.86, "path": "f46ae0a04d60dea8a759f07333ed37e2_57.wav"}, {"text": "your question. And the Qudos should not have any impact because all the Qudos have", "audio_length_s": 7.86, "path": "3e714a49937be1672aa48244ba7254ce_111.wav"}, {"text": "The company assumes no obligation to update forward-looking statements, information in the press release, the financial highlights deck", "audio_length_s": 7.86, "path": "9da45cfd4472699ef05d887adce01223_3.wav"}, {"text": "As such, sometimes, it can be a little tricky reporting our estimated project revenues when oil and gas markets begin showing signs of recovery.", "audio_length_s": 7.86, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_5.wav"}, {"text": "Our team is more experienced, diverse and growth oriented and that is reflected in our ability to deliver consistent operating results.", "audio_length_s": 7.86, "path": "43942582edfb20599f3e7456137f8deb_9.wav"}, {"text": "For those of you accessing the presentation, which can be downloaded on the website, these can be found on Page 3 of the Q1 highlights presentation.", "audio_length_s": 7.86, "path": "6933d49d1af6eb4613a4f75bf37d00e1_74.wav"}, {"text": "to start. Is that what I thought I heard you say? What we're saying is that we have mapped out a plan to", "audio_length_s": 7.86, "path": "2ad9555a64eaa3f45bef5581adeecb9c_243.wav"}, {"text": "And finally, having terminal in-basin gives us a presence in the basin, where we can market our wellsite solutions.", "audio_length_s": 7.86, "path": "2905366dcf0eb60a22b63a1b3d9adf95_5.wav"}, {"text": "So overall, we take confidence as these strong metrics demonstrate the relevance and resilience of our community assets", "audio_length_s": 7.86, "path": "6e3037e770ba5e0dfc98e3223986aad2_60.wav"}, {"text": "at the next auction, but assuming that there is one for the 900, would you also demand that you get the exact same treatment? Of course.", "audio_length_s": 7.86, "path": "ebecd7e874a9b3998b70ec3200f71e89_27.wav"}, {"text": "Until a couple of quarters ago, the bulk of the demand came from the top 2 providers and we only saw sporadic orders from the other vendors.", "audio_length_s": 7.86, "path": "bbe852c8c3f7827e31f31a56bc72b7da_94.wav"}, {"text": "can you give a sense of how much you've taken? And what was the main driver other than perhaps customers want", "audio_length_s": 7.86, "path": "550ef3fcaf67ca1df87136acfdfa9d19_127.wav"}, {"text": "At the same time, we've been able to create incentive programs for intermediaries,", "audio_length_s": 7.86, "path": "38b2f94da12bbf2d32246763aab8265a_62.wav"}, {"text": "it sounds like the issue is one that may be related to an evaluation tool or something like that rather than", "audio_length_s": 7.86, "path": "265a38d0c390f3df900f7a658e257384_16.wav"}, {"text": "to welcome a minority partner in this regulated company to do even more in the future.", "audio_length_s": 7.86, "path": "e60f6485243932b9280d864cb17a6ba8_68.wav"}, {"text": "The cloud is accelerating business and as migration strategies take shape, cloud security is top of mind for all organizations.", "audio_length_s": 7.86, "path": "b2d6357f46f3a82cff6625277f9a20f6_61.wav"}, {"text": "The second piece of the puzzle is the ones that haven't been successful have been revenue-based", "audio_length_s": 7.86, "path": "bab12f620df0f367e74acdcc467686f1_169.wav"}, {"text": "are closer. And we obviously control our price, and so that's another variable we can use to control margins. And we're very pleased with", "audio_length_s": 7.86, "path": "49a78c1ec143d9ac46e893e77198c0e3_192.wav"}, {"text": "So when we get to 2019, we certainly wouldn't expect to see anything like this. We would expect to see just", "audio_length_s": 7.86, "path": "0899e07f70a6e5be842fb6e22a3fafe9_156.wav"}, {"text": "and, as a result, is expanding school access and reinforcing the unique value proposition of the Horace Mann brand.", "audio_length_s": 7.86, "path": "aeb50c6146f90bd32d147c5d4775c21d_47.wav"}, {"text": "North Carolina represents our largest share of insured losses from this event with additional losses in South Carolina and Georgia.", "audio_length_s": 7.86, "path": "aeb50c6146f90bd32d147c5d4775c21d_126.wav"}, {"text": "We're optimistic that we can accomplish this goal because we are seeing strong growth from some of our highest margin products.", "audio_length_s": 7.86, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_114.wav"}, {"text": "Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating, and you may now disconnect.", "audio_length_s": 7.86, "path": "b8cbc11bbdc49ca206588e2a99b0f733_38.wav"}, {"text": "The final enabler will be the proposed new reward framework that I referred to a little bit earlier.", "audio_length_s": 7.86, "path": "47b1a118c53956b23f1d687a75f3e5ba_23.wav"}, {"text": "as weaker, in so far as it is the best quarter in fact for a second quarter in fiber net adds ever.", "audio_length_s": 7.86, "path": "d8eb5522db0e51d75ea6518462954c52_181.wav"}, {"text": "building a lot of results from banks in certainly the first half of 2016, but we're going to work hard on signing at least one deal.", "audio_length_s": 7.86, "path": "9b93af1e7019959620214c387f283d8e_147.wav"}, {"text": "The large increase in production volume reflects a larger mortgage origination market, driven by lower mortgage rates during the quarter,", "audio_length_s": 7.86, "path": "567a41009710fa1568bb8125213bf9eb_93.wav"}, {"text": "So that if rates do go up, we actually not only are not impacted negatively but we", "audio_length_s": 7.86, "path": "2b626b620ef42f716c6028c74ee4187b_33.wav"}, {"text": "Before we begin, I'll remind you that our discussion this morning may contain forward-looking statements that relate to the future performance of the company.", "audio_length_s": 7.86, "path": "9979d7fef684b8cac613c934b6229791_147.wav"}, {"text": "In terms of revenue, we experienced constant-currency growth with several existing and new clients in the third quarter.", "audio_length_s": 7.86, "path": "191c819db03c2dfd0207cd1f42e278a4_123.wav"}, {"text": "probably got started because of that, that have actually morphed into -- they're looking at their network entirely differently and those are", "audio_length_s": 7.86, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_85.wav"}, {"text": "basically the -- and we are in a certain way because I talked very much about the prices of the other energies", "audio_length_s": 7.86, "path": "ca67cef56548d21bf5c1669beebf3cb0_116.wav"}, {"text": "We expect the full year to be in similar range as a result of the planned Carseland shutdown later on this financial year.", "audio_length_s": 7.86, "path": "ab4dae37361262d727d1d2f8f78765d5_23.wav"}, {"text": "Please turn to Page 40. This is the status of our International Passenger operations.", "audio_length_s": 7.86, "path": "b0b83ac66a31c5096a75bb1927c557e2_62.wav"}, {"text": "So where do we go from there? Would we do something that beefs up our existing positions or fills white spaces", "audio_length_s": 7.86, "path": "08f219f6cb65bd0ed50cb8444a3884f8_146.wav"}, {"text": "We still expect the full year margin to be in the low 3.40s range, which is consistent with our original guidance.", "audio_length_s": 7.86, "path": "28404e399cb043d390aa70bceb339dd4_12.wav"}, {"text": "These declines were partially offset by stronger volumes in APAC and EMEA. Like last quarter,", "audio_length_s": 7.86, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_139.wav"}, {"text": "the way the year finished, that really the entire Roofing shipments and Roofing market ran through the finish line and didn't die off in the fourth quarter,", "audio_length_s": 7.86, "path": "2a059b2b192b8e972ca7664ddfed8a20_235.wav"}, {"text": "As we do, we can grow in every market and successfully integrate our recently acquired assets.", "audio_length_s": 7.86, "path": "b43c001c5af465d220ab0b69a95202ae_118.wav"}, {"text": "We're now fashioning those into service offerings and products that we can bring to markets.", "audio_length_s": 7.86, "path": "2c3945f11b4d91727b1ce00d490e11b6_17.wav"}, {"text": "Designed to appeal to the everyday traveler, we've made Wyndham Rewards the most generous and easiest to use program in the industry.", "audio_length_s": 7.86, "path": "968913c3f9111fc67f1d9956c56dec3b_157.wav"}, {"text": "coupled with the temporary inefficiencies of the Kaikaku, segment operating margins were adversely affected.", "audio_length_s": 7.86, "path": "9e8690a521142359001a137074905535_106.wav"}, {"text": "and we do put it in that light. So I mean there was a chunk that was up in Everett, where we did the Kaikaku event.", "audio_length_s": 7.86, "path": "9e8690a521142359001a137074905535_136.wav"}, {"text": "into that space in a way that companies can create more data storage in smaller spaces.", "audio_length_s": 7.86, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_57.wav"}, {"text": "as I'll get into in a moment. I should first mention that Logistics is a strategic division for us.", "audio_length_s": 7.86, "path": "c8124cdb821d04f0e585420c128d76c7_3.wav"}, {"text": "Our commitment to maximizing value creation was the key motivating force for the strategic review", "audio_length_s": 7.86, "path": "0e52a74a184c92ad0c336af764aa0796_33.wav"}, {"text": "But offsetting that decline is a category that I referenced in a prior question, Brian, you might have heard it, about", "audio_length_s": 7.86, "path": "532e653f6aa6c3bf43a5b256bb4c1254_34.wav"}, {"text": "And we also saw a slight recovery in Asia where Petrochemicals and Syngas sales improved slightly.", "audio_length_s": 7.86, "path": "9aeced6a84c2436e62dd21d1441d0bb4_156.wav"}, {"text": "We see a significant opportunity to improve the patient experience, physician satisfaction and business outcomes.", "audio_length_s": 7.86, "path": "f1da65edd5f2026ffd647d496bb96ce7_8.wav"}, {"text": "I just wanted to know which patients were selected on the basis of their responses before progressing to the subsequent stages", "audio_length_s": 7.86, "path": "571b0d30d88945a981006f24faa72cf7_184.wav"}, {"text": "We then settle our operating expenses generally with a lag within traditional trade terms.", "audio_length_s": 7.86, "path": "e2225d612a954a24e7e91c08215d7b51_31.wav"}, {"text": "and we remain positive on our strategies to produce long-term growth and consistent financial outcomes across our businesses.", "audio_length_s": 7.86, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_8.wav"}, {"text": "And this is where we are launching new products within the shorter time cycle, and this is enabled by our newly", "audio_length_s": 7.86, "path": "dffe8257f781608bb17bb637249e4d2a_268.wav"}, {"text": "the remainder of the year is expected to be challenging, with further consumer pressure and subdued investment sentiment.", "audio_length_s": 7.86, "path": "dffe8257f781608bb17bb637249e4d2a_214.wav"}, {"text": "As I said before, we take a conservative approach in modeling our interest rate sensitivity to any potential Fed rate hikes.", "audio_length_s": 7.86, "path": "ec298d3b4d5979aa8c64bf222562e259_41.wav"}, {"text": "remains full with a number of great opportunities. However, our focus is also on making sure we remain disciplined in our acquisition strategy", "audio_length_s": 7.86, "path": "5b0a12e70a31041016a008c29a6d2bb1_74.wav"}, {"text": "Banking services revenue was up more than 6% due to higher seasonal electronic banking transaction volumes.", "audio_length_s": 7.86, "path": "28d675c77a4b2269c1c1460ad3e56250_42.wav"}, {"text": "particularly given current oil prices and this assumes that we do nothing with the rest of the resource base. Now hope from", "audio_length_s": 7.86, "path": "b24e0b37987585f3c63f28df67e6a1f6_176.wav"}, {"text": "all of which have led to an environment that creates uncertainty despite our efforts to focus on the items we have control over.", "audio_length_s": 7.86, "path": "757695924b5e43c7d44e29dc141cc035_11.wav"}, {"text": "very good about the data that we've generated across the program and across genotypes. If you look at our response rates, they're very high", "audio_length_s": 7.86, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_192.wav"}, {"text": "sounded like China had worked out some of the early problems with their coal to MEG processes and we're going forward with a number of projects.", "audio_length_s": 7.86, "path": "e33785a294553de2a12d4463bf786744_171.wav"}, {"text": "Reported sales were up just under 2% as organic growth was partially offset by unfavorable exchange.", "audio_length_s": 7.86, "path": "3877b1983229ec488c6349a188bccf92_71.wav"}, {"text": "with truly global geographic reach and broad-based participation across most categories and price points.", "audio_length_s": 7.86, "path": "3877b1983229ec488c6349a188bccf92_200.wav"}, {"text": "Mike brings a great track record of success plus decades of large-scale financial, operational and e-commerce leadership experience to the team.", "audio_length_s": 7.86, "path": "50e17cbbbef8897681cc5f8ae110aae2_61.wav"}, {"text": "Once again, we saw the immense promise in connecting customers with amazing small businesses to experience the best their neighborhoods have to offer.", "audio_length_s": 7.86, "path": "50e17cbbbef8897681cc5f8ae110aae2_124.wav"}, {"text": "We continue to evaluate opportunities to grow the business in additional areas where we can leverage our competitive advantages.", "audio_length_s": 7.86, "path": "7498a6630302a038bd537d192c3a44f4_232.wav"}, {"text": "the point where passengers from the airport and from the sea will originate their journey", "audio_length_s": 7.86, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_118.wav"}, {"text": "Our IT transformation effort to position the company to take advantage of new and emerging technologies is just getting underway.", "audio_length_s": 7.86, "path": "d74cec1fb73e1b1134bfa7152762ad80_38.wav"}, {"text": "and our conclusion that, that would be banking a lot on the fourth quarter, where we just don't have visibility yet.", "audio_length_s": 7.86, "path": "3c80de013154b028ecdc6354d16c6fbc_87.wav"}, {"text": "loss on China was several hundred thousand dollars a year. So what we've done is, we moved", "audio_length_s": 7.86, "path": "fe3a8419e2f120643bff5e9e80190ed5_28.wav"}, {"text": "Number one, people who want higher speeds generally want to be more engaged in the Internet than they do and they are. But also they're finding that the experience is better.", "audio_length_s": 7.86, "path": "0fa398ef99a7a936fc1e509dacaaadde_102.wav"}, {"text": "This will primarily be driven by the construction of an active pharmaceutical ingredient production facility in Clayton, North Carolina.", "audio_length_s": 7.86, "path": "9c67fafcb51925dcbaa570283fe01701_125.wav"}, {"text": "secondary source to some of our Eastern North Dakota markets. So that kind of things about how we think about the Valley Expansion Project.", "audio_length_s": 7.86, "path": "3e29586725757a72d8c143f3da2658f5_72.wav"}, {"text": "And unfortunately, for us, we scratch our heads with that because we would've liked to have all this done in the backroom and figured out how to solve these things", "audio_length_s": 7.86, "path": "0cfaeed8cd93dc274845d450e921aeb6_251.wav"}, {"text": "almost all of them have never been up close to a railcar before is a similarly big undertaking.", "audio_length_s": 7.86, "path": "e522eff219f3eaa2c9b090dc12cad420_102.wav"}, {"text": "I talked about the cash flow we've got upcoming over the next couple of years in addition to our existing balance sheet strength.", "audio_length_s": 7.86, "path": "299bad77345d2e44fa5768f4416f7b97_219.wav"}, {"text": "We are committed to further investing in our sales and marketing efforts and related activities in order to increase our sales pipeline.", "audio_length_s": 7.86, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_4.wav"}, {"text": "That said, we're looking forward to sharing a deeper perspective on our strategies and our long-term outlook with you at our December Investor Day.", "audio_length_s": 7.86, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_126.wav"}, {"text": "The New Mexico Commission is expected to rule on the settlement later this year, and new rates are expected to go into effect in August.", "audio_length_s": 7.86, "path": "919fd6c04cca92ecdf503e32f884435d_12.wav"}, {"text": "for total programs at the end of 2018? So in other words, how many new programs are expected to launch this next year", "audio_length_s": 7.86, "path": "4311782968e936c378fdee8946cd9cca_49.wav"}, {"text": "as I said, we do believe there are market share gain opportunities in those markets where we have a cost advantage.", "audio_length_s": 7.86, "path": "b126c31149f1cadf1d891082a187d6fc_159.wav"}, {"text": "that stroke patients be treated at an inpatient rehabilitation facility rather than a skilled nursing facility.", "audio_length_s": 7.86, "path": "b126c31149f1cadf1d891082a187d6fc_5.wav"}, {"text": "spend, which will come in relating to future new launch projects. I've got 6 new communities that we launch in the second half.", "audio_length_s": 7.86, "path": "24a133abc343c813233d416b0cef96cd_52.wav"}, {"text": "and the ongoing strong growth in over 65s for the Retirement Living business positions us to deliver sustainable growth", "audio_length_s": 7.86, "path": "24a133abc343c813233d416b0cef96cd_198.wav"}, {"text": "we are naturally focusing more on our traditional strengths, which are anchored in short-term trade finance business", "audio_length_s": 7.86, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_174.wav"}, {"text": "demands and markets in regions where they have not been active in before. But I would not say it's a market trend.", "audio_length_s": 7.86, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_128.wav"}, {"text": "We actually feel really good about the continuation of this, Brian, as I said before. First of all, for us, first and foremost, it's really the health category, absolutely", "audio_length_s": 7.86, "path": "e0555e30370c43189a1136fb7ef17d20_42.wav"}, {"text": "to the business. But over the last couple of years, we've definitely been building it out as a stand-alone company. So if we did decide", "audio_length_s": 7.86, "path": "648ddbbaa83d8a627c7ab752f63a80bd_83.wav"}, {"text": "We have to find new ways for distribution. So it's something really depends on the cycle. I will tell you, we do believe where the market is priced today", "audio_length_s": 7.86, "path": "648ddbbaa83d8a627c7ab752f63a80bd_92.wav"}, {"text": "Can you provide us with some additional granularity on the sequential increases in EBIT for Swift's other non-reportable segments?", "audio_length_s": 7.86, "path": "14fa9d7635caae6483af62a4bfe1b9d6_115.wav"}, {"text": "and we think at least in part it relates to expression of the different ligands in different systems.", "audio_length_s": 7.86, "path": "6daa2d0829057899b014b06c36e1d54b_190.wav"}, {"text": "However, well, some of the reasons -- some people don't like flat leases. We're actually okay with them because if you believe that inflation is on the horizon, and we do,", "audio_length_s": 7.86, "path": "c334e290beb657ee3efcb6b2f734c81e_59.wav"}, {"text": "that the number of suppliers raising less price since January is more limited relative to", "audio_length_s": 7.86, "path": "ffa357a084f4deb64797a0a32b8c5e33_235.wav"}, {"text": "Another new facility is set up in Brazil to cover the increased capacity needs of South America,", "audio_length_s": 7.86, "path": "b20564a6da1bcfc7b80552299d9e002a_108.wav"}, {"text": "Three, we will continue to innovate to grow diversified revenue streams, including new markets", "audio_length_s": 7.86, "path": "09eebad8f3c529b4c7d916c5f7766f7f_9.wav"}, {"text": "growing of price of supply those months due to the need to cover peaks of supply", "audio_length_s": 7.86, "path": "e97326d6a8951550e363f2be6ec489ba_12.wav"}, {"text": "piece of your sales, but it sounds like that is seeing some traction. Can you just speak to the end markets", "audio_length_s": 7.86, "path": "0b2059114216fe9195b6a4256ed84843_153.wav"}, {"text": "We are committed to delivering the 2016 forecast that Dan reviewed even given the difficult conditions we are facing as an industry.", "audio_length_s": 7.86, "path": "f388f8ab8a5751d4efc504090d00ca64_42.wav"}, {"text": "follow. That's the expansion of the scope of what we do. And we are going to stick to that strategy", "audio_length_s": 7.86, "path": "4fd138e27f5f375945332eacefa15b62_126.wav"}, {"text": "It's about electromagnetic simulation. And you should maybe look at this not as a point solution", "audio_length_s": 7.86, "path": "4fd138e27f5f375945332eacefa15b62_214.wav"}, {"text": "This was primarily due to lower utilization levels from the decrease in volume sold to our large U.S. customer.", "audio_length_s": 7.86, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_81.wav"}, {"text": "you think about the cadence through the rest of the year, we expect earnings in the third quarter will be similar to this second quarter", "audio_length_s": 7.86, "path": "b154f7c33e567e453cb765f4ac03dd2f_75.wav"}, {"text": "This does conclude today's program. Thank you for your participation. You may disconnect at anytime, and have a great day.", "audio_length_s": 7.86, "path": "a968612b5d51d3df12aad60dde8e1e41_123.wav"}, {"text": "So we're trying to grow the business, obviously, faster, but we're trying to grow the expense and the number of people to service those clients at a", "audio_length_s": 7.86, "path": "365c360aff42713cef71a7d026eeeb6d_67.wav"}, {"text": "we also have people in place who know intimately what made the company successful in the past and hence know what we are seeking to achieve in the future.", "audio_length_s": 7.86, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_175.wav"}, {"text": "We believe that by listening to our clients and offering tailored products that solve their critical needs,", "audio_length_s": 7.86, "path": "0b7afb66a39a4c81151309bacc830c60_13.wav"}, {"text": "which we believe will be the first of many more to come over time as we start to bring this important jurisdiction into account.", "audio_length_s": 7.86, "path": "9b84dc4409f4ecccd173c2f81a4460cc_8.wav"}, {"text": "These high day-ahead prices provided Vistra the opportunity to sell unhedged length at attractive prices during the month of July.", "audio_length_s": 7.86, "path": "16c235a53fc719ec92ef3b3c3b371150_172.wav"}, {"text": "below our companywide pretax income levels as well as lower amortization expense from a portion of the intangible write-downs.", "audio_length_s": 7.86, "path": "97ddc19ecb28bab2d19fd3b181182062_33.wav"}, {"text": "Based on these interactions, we are even more confident in inotersen's potential to address the unmet need of patients", "audio_length_s": 7.86, "path": "3a1ba1b79a8a016390f98ab3ffe71340_155.wav"}, {"text": "we developed a completely new store format for avec, including a new brand.", "audio_length_s": 7.8300625, "path": "65d5a09c659f6809931dc62aa7a9eaad_30.wav"}, {"text": "By providing a complete and unified technology strategy to these operators, Trimble can achieve both the special relationship", "audio_length_s": 7.8300625, "path": "0f4370b614f29bd596e4f6871cc77864_139.wav"}, {"text": "This is classified as a termination fee in the press release and in the table on Page 4 in our supplemental package.", "audio_length_s": 7.8300625, "path": "97b9c8b95449565c1f280a2b61a65b31_130.wav"}, {"text": "coming from strong new product and new customer account additions. And finally, consolidation between coatings market participants", "audio_length_s": 7.83, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_137.wav"}, {"text": "how that works certainly from a revenue point of view. Would you also expect the type of seasonality that you've seen", "audio_length_s": 7.83, "path": "d162113e3aface010baec17bd408736b_78.wav"}, {"text": "I'm excited with current customer engagement and quoting activity, and we expect strong, new order bookings", "audio_length_s": 7.83, "path": "8ad0d5b5df75415c56ba590cad29489a_3.wav"}, {"text": "However, due to the episodic nature of our acquisition activity and the unpredictability of when deals will be executed,", "audio_length_s": 7.83, "path": "4fdbfd9eec396928550d0c799e170d34_159.wav"}, {"text": "will kill me almost if I don't mention that they are very close to being a top 10 country EBIT-wise now,", "audio_length_s": 7.83, "path": "364a769967b9b1a7cd069e2ce95c6e25_133.wav"}, {"text": "it's not a bad place to be for the time being. So strong set of numbers from Road, which we are very happy about.", "audio_length_s": 7.83, "path": "364a769967b9b1a7cd069e2ce95c6e25_117.wav"}, {"text": "quick questions. It looks like your operating margins were a lot better, kind of, relative to the rest of the fiscal year here.", "audio_length_s": 7.83, "path": "a0e8f9500edc41a227b8d67235bf7753_14.wav"}, {"text": "in terms of how we manage it. So all those things bode well for our ability to take advantage of", "audio_length_s": 7.83, "path": "7ad622c38e1f0e472ca166e2ad70844d_18.wav"}, {"text": "This capability uses our private network that is independent from exposure to the public network.", "audio_length_s": 7.83, "path": "139f0a6300f504b3e8673e39b0429161_139.wav"}, {"text": "in that I don't want to say too much about where we are gaining share at the moment. I don't want to give away too much competitive information", "audio_length_s": 7.83, "path": "214dcdc435ef3259490466447858fa56_55.wav"}, {"text": "As we all know, we've been in a long economic recovery cycle, et cetera, so we would expect to see exactly what we are seeing in terms of the upward trend. My", "audio_length_s": 7.83, "path": "0d631e444d1c22f0be99a69f5deaff94_93.wav"}, {"text": "This is in addition to our past option of using an -- at the market offering to issue common equity.", "audio_length_s": 7.83, "path": "b7050f62f52a3d2803beea21404f7af6_106.wav"}, {"text": "Second, we continue to scale our funds and expect improved operating leverage in our business.", "audio_length_s": 7.83, "path": "6388da88b00ebc88af59435bdac74132_15.wav"}, {"text": "but as they grow their user rate, once again, we're willing to go back and renegotiate a per-unit price down if they want to add", "audio_length_s": 7.83, "path": "55cbaf368288111ebc2ccadb61e3bd34_135.wav"}, {"text": "So we've been subcontracting it out for years, and it got to the point where when we looked at it hard", "audio_length_s": 7.83, "path": "b40ab385cca0095fc17f5310045ca5d2_21.wav"}, {"text": "keep our portfolio in case of a setback or crisis in equity markets without having to", "audio_length_s": 7.83, "path": "a683f40be39761f8e66786d7c0b64134_28.wav"}, {"text": "Roche Group believes the actions taken by Shire to be totally unjust for the patients.", "audio_length_s": 7.83, "path": "3cb802f8fba7d33603c29387ccdaf817_197.wav"}, {"text": "Services revenue came in slightly lighter than we were expecting as some services projects pushed out due to Q4 holidays.", "audio_length_s": 7.83, "path": "47d77b15189fadcc76113a2f7800ba28_10.wav"}, {"text": "and also in Business, where we continue to raise customer satisfaction, while undertaking a major business transformation.", "audio_length_s": 7.83, "path": "2f888e63a31b86cc2f4f97710e8eed79_226.wav"}, {"text": "I guess I'm asking, could you help frame for us how you see the evolution of Merck's revenue base?", "audio_length_s": 7.83, "path": "f0ce0d97cf62c9076226e0aeeb550493_48.wav"}, {"text": "Bill Brown, our Chief Retail Officer, has been recruiting talent to enhance our production in the small business and middle markets.", "audio_length_s": 7.83, "path": "54cde38ae040b5e2c4e1f3c85691f907_111.wav"}, {"text": "These factors were partially offset by 130 basis points of higher manufacturing and logistics costs from continued inflation", "audio_length_s": 7.83, "path": "d28b2b09c127b5be033738aa3cd380b3_231.wav"}, {"text": "that it absolutely will impact your -- it does create more complexity in your processes. And it's just something that we have to work through.", "audio_length_s": 7.83, "path": "0755f4b74dda585f3975c7d8208b1598_241.wav"}, {"text": "That increased the value of milk in a lot of markets across the world. It's kind of flattened out right now.", "audio_length_s": 7.83, "path": "54558afacef9ab3010d5a57ac4feb664_128.wav"}, {"text": "We're in discussions with people about doing things down there with that. But one of the big attractive drivers for", "audio_length_s": 7.83, "path": "c96b5ae4ffe20d946daec67e2b0917b2_149.wav"}, {"text": "Thank you. On behalf of our team here at Reliance, I'd like to thank all of you for participating in today's call.", "audio_length_s": 7.83, "path": "67716cee321d117b0318930dd142f06a_173.wav"}, {"text": "contribution in the first quarter relative to what you'd expect over the course of the year? Or should it be steady over each quarter?", "audio_length_s": 7.83, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_217.wav"}, {"text": "even more in the future. And so panels are really expensive. To do them right, if you're going to do a panel right, it's expensive.", "audio_length_s": 7.83, "path": "8b71a232d7fe61e6232807b635977c31_39.wav"}, {"text": "we had very strong pipelines at NeoGenomics. And we had a number of customers that were starting.", "audio_length_s": 7.83, "path": "8bbc2f54137b794265dfb01f1559868d_25.wav"}, {"text": "really is unlike the risk adjustment programs that we have experienced in Medicaid or Medicare.", "audio_length_s": 7.83, "path": "3121e8f4a75758834d32a9e4e0555221_173.wav"}, {"text": "And in the local regional markets, those regional players don't have the large capacity.", "audio_length_s": 7.83, "path": "b34f680a9162805e0188170d6272a356_232.wav"}, {"text": "we will work with our growing list of customers, we will buy companies that give us a platform for additional revenue growth,", "audio_length_s": 7.83, "path": "c4dc8f962a85aa47af50f82845f550e2_146.wav"}, {"text": "something that might have wide-ranging applications across a number of other industries, not just necessarily", "audio_length_s": 7.83, "path": "91422f85dbf838639b3cb9dd9da364eb_127.wav"}, {"text": "We look forward to maintaining this overall momentum. And looking ahead to coming quarters, there are a few key things you should expect to see.", "audio_length_s": 7.83, "path": "46906afb4e1ee1fef09b5908e76beefa_116.wav"}, {"text": "entry barrier is higher. Difficulty is also greater. If you are not an established player in Taiwan,", "audio_length_s": 7.83, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_40.wav"}, {"text": "This government appears to be very serious about addressing the supply issue", "audio_length_s": 7.83, "path": "0ee490f8688669984ae17a737590f7b5_89.wav"}, {"text": "That's what we would like to be, the favorite deliverer in the Benelux, to give you special moments to everyone.", "audio_length_s": 7.83, "path": "fa45af64ef25007f998c655347bfbecb_475.wav"}, {"text": "as we've been able to accelerate and increase the net savings expected to be realized through our restructuring efforts.", "audio_length_s": 7.83, "path": "5f38ce681d4413a793d34a0650c59bf2_129.wav"}, {"text": "the loan-loss rates that we did when we acquired the company. So that kind of put the provision up", "audio_length_s": 7.83, "path": "8b2314627d54755a15c55244bb862225_46.wav"}, {"text": "some of whom were confined to wheelchairs, some still with the ability to walk and the group who had previously been on treatment", "audio_length_s": 7.83, "path": "0dbbae27d7055ecc04cc25e14e4de12d_68.wav"}, {"text": "There's still a lot of work to be done, but introducing new share classes and responding to evolving regulations is nothing new to us.", "audio_length_s": 7.83, "path": "bc7dbd6e321b4df22db9270b69b89c11_17.wav"}, {"text": "I'm sometimes asked to quantify the total proportion of our semi-related business that comes from servicing the installed base.", "audio_length_s": 7.83, "path": "f46ae0a04d60dea8a759f07333ed37e2_111.wav"}, {"text": "the operators and the teams from what they're doing today. These are businesses that are growing double-digit. You heard me refer to the strong", "audio_length_s": 7.83, "path": "0f4370b614f29bd596e4f6871cc77864_170.wav"}, {"text": "There's been a lot of investor focus this quarter on net interest margin, deposit betas and core revenue growth.", "audio_length_s": 7.83, "path": "15ac383479a7c990aab7b155e4d42053_107.wav"}, {"text": "We continue to plan to invest in this area, and we know, it will expand our ability to compete in the marketplace.", "audio_length_s": 7.83, "path": "e56726c7aedd69029957c84128050700_15.wav"}, {"text": "this not belong to us and then a judge should approve or should reject", "audio_length_s": 7.83, "path": "eb4fd38da7ae1a347630ef447dfe9abe_145.wav"}, {"text": "new projects in many of the rental properties. The operation of the quarter was very good and we make", "audio_length_s": 7.83, "path": "eb4fd38da7ae1a347630ef447dfe9abe_197.wav"}, {"text": "and expecting the free water level in the field would rise uniformly over time.", "audio_length_s": 7.83, "path": "911d447bcdcedb4e0cf5230de225921c_178.wav"}, {"text": "The asset masterplan approach that Lawrence outlined earlier is at the heart of defining what shape that investment takes,", "audio_length_s": 7.83, "path": "6e3037e770ba5e0dfc98e3223986aad2_138.wav"}, {"text": "as Chris said, it's 5 years ago that we really put our best foot forward in flooring. It was time to do review of this area.", "audio_length_s": 7.83, "path": "9c1272d9d120c5bfafd6e6b566f89b62_240.wav"}, {"text": "there may be some, but we would consider that more to be an intra-year number rather than impacting the full year.", "audio_length_s": 7.83, "path": "132abea68f255eb89160dde90b6d3b80_108.wav"}, {"text": "I also want to note that we have elected to move from rejecting to recovering ethane in the Pinedale and Piceance basins in the fourth quarter.", "audio_length_s": 7.83, "path": "c433164f6d189e18b1e4784e376b6ecb_112.wav"}, {"text": "Core price growth was down slightly in the quarter, as we took targeted actions to drive organic volume growth.", "audio_length_s": 7.83, "path": "002d12258ff802d65f79ae2eef99e4ab_219.wav"}, {"text": "We're probably competing every other upstream company in United States for hedges. Which is probably why there's a bit of a", "audio_length_s": 7.83, "path": "7394bde65e000fbb7b528c6c65bd099d_90.wav"}, {"text": "things that we hope to spend a fair amount of time on is to talk about the uniqueness of the Bank of New York Mellon franchise.", "audio_length_s": 7.83, "path": "0899e07f70a6e5be842fb6e22a3fafe9_236.wav"}, {"text": "So assets that we can acquire the business. There's some revenue being generated, and we can manufacture the product in our facility.", "audio_length_s": 7.83, "path": "79afc92245f71d37a9adafb6f8d50e4f_31.wav"}, {"text": "And then my second question is really just going all the way back to what Robert was speaking about.", "audio_length_s": 7.83, "path": "8aa1aa8317783203344434f855535c25_46.wav"}, {"text": "Gross profit for the quarter was also weighed down by increased depreciation expense and 2 unusual nonrecurring charges.", "audio_length_s": 7.83, "path": "3cc0a4a6f1b08b522c732ad8944e8624_94.wav"}, {"text": "from both our recent and ongoing operational excellence and margin improvement initiatives and our proposed actions to strengthen our business.", "audio_length_s": 7.83, "path": "6a372ea97b0b130a4d37f16b54d97909_2.wav"}, {"text": "While our systems migration challenges are not fully behind us, we have made progress and continue to focus on addressing open issues.", "audio_length_s": 7.83, "path": "f23036451aab1cb9d659c3ac9a23825c_17.wav"}, {"text": "that has now not really evolved since around the end of last year. So", "audio_length_s": 7.83, "path": "7bc22aba9bc29d69ee10cc60db7903d8_150.wav"}, {"text": "The decrease in store expenses as a percent of sales was primarily driven by leverage on the strong comp sales growth.", "audio_length_s": 7.83, "path": "70c92ab88d38f489d5074f2859e0290e_52.wav"}, {"text": "The guarantee in the new business is very close to 0. So the dilution, I would say, of the in-force brings the overall guarantee down.", "audio_length_s": 7.83, "path": "98f10f0935e5b778e888a1b8130a3d31_256.wav"}, {"text": "And what can we also do to influence the claims behavior that we're experiencing in a positive way?", "audio_length_s": 7.83, "path": "98f10f0935e5b778e888a1b8130a3d31_209.wav"}, {"text": "in terms of any thoughts around the price elasticity of demand, so, I mean, just my broad sense is that if you have to get back to your,", "audio_length_s": 7.83, "path": "815f65663b3982554e82806de0cbd918_189.wav"}, {"text": "augmented by our suite of CRM applications that do that for them, things like our", "audio_length_s": 7.83, "path": "16ed973148ce103dc95fdcfaf35bbe7b_209.wav"}, {"text": "that we get for selling the FPSOs and the one Conventional Tanker that we have. And I think that", "audio_length_s": 7.83, "path": "10dfe5270a7e4216d68614041d2a9bbe_155.wav"}, {"text": "With our enhanced credit model in place, new stores are ramping at a slower rate as we closely control credit risk.", "audio_length_s": 7.83, "path": "e6c0fa1068c28557c3e17e0d02b831b1_92.wav"}, {"text": "Our business both expanded relationships with current customers and added a number of new accounts in the period.", "audio_length_s": 7.83, "path": "7a29e2dcd505f944b16d1e3173cb1c01_5.wav"}, {"text": "we use them to localize the solutions. But it is true that we would add selected investments,", "audio_length_s": 7.83, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_52.wav"}, {"text": "From a structural perspective, as you know, the governments have taken off a lot of the export subsidies that were on corn and things like that, which", "audio_length_s": 7.83, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_35.wav"}, {"text": "And so if you think about that and you kind of say the market is very similar to last year in terms of utilization levels. So I would expect", "audio_length_s": 7.83, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_168.wav"}, {"text": "so we have to make sure that we are -- we maintain stability. At the same time, we have a long horizon.", "audio_length_s": 7.83, "path": "b126e11520fd54843c67f70f15cd30cc_16.wav"}, {"text": "What needs to happen to make that change or what approvals do you need or decisions you have to make? What moves that up?", "audio_length_s": 7.83, "path": "246876171ef2f408df10ee0816f9db83_70.wav"}, {"text": "will reoccur every 3 to 5 years based on market growth and capacity needs.", "audio_length_s": 7.83, "path": "0ec0a75c1800bac01520dcac5b8992fb_117.wav"}, {"text": "This is primarily due to the weaker wholesale propane market fundamentals, a decrease in regional arbitrage opportunities", "audio_length_s": 7.83, "path": "c92a9ecd2741326fd8625841a07f74f9_82.wav"}, {"text": "For the last 4 days of the quarter and into the third quarter, we had limited ability to ship and invoice customers in many markets.", "audio_length_s": 7.83, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_126.wav"}, {"text": "I'd like to conclude my remarks this morning with an update on our discontinued operation.", "audio_length_s": 7.83, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_19.wav"}, {"text": "compared with last year's adjusted rate, which is in line with the guidance we provided on the last earnings call.", "audio_length_s": 7.83, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_12.wav"}, {"text": "our Latin America satellite operations continue to be profitable and generate positive free cash flow.", "audio_length_s": 7.83, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_155.wav"}, {"text": "including all the things which we've already talked about and John will be covering a little bit more as we go through the business segments.", "audio_length_s": 7.83, "path": "262bc21196721c5ff9114acbd2ff03c3_24.wav"}, {"text": "as far as underway, you've got what you pitched. So maybe it's a bit different from you there. But if you could give some granularity on whether it becomes", "audio_length_s": 7.83, "path": "e00fd35e201a8607d264b803a5130c59_218.wav"}, {"text": "Before I turn the call over to Dr. Wilson, I would like to remind you that today's call will include forward-looking statements based on current expectations.", "audio_length_s": 7.83, "path": "f875d701e5a9dd5ab745c8380c02cc3a_57.wav"}, {"text": "is there a change in where you were expecting commercialization of bacteria from a month ago, John?", "audio_length_s": 7.83, "path": "1ad54837f74515ad7caa2a50d70459c9_179.wav"}, {"text": "With the exception of the greater Toronto area and certain parts of greater Vancouver, Canadian residential real estate markets remain affordable.", "audio_length_s": 7.83, "path": "87045996e7446329f1d98c909c6ca7fe_92.wav"}, {"text": "Lumber prices were flat through most of January and improved moderately in February in anticipation of the spring building season.", "audio_length_s": 7.83, "path": "735a523f1ef6500b7aa97a2536d9c4fd_13.wav"}, {"text": "that will likely make that number creep up a little bit in the fourth quarter versus the third quarter. But we are definitely seeing another step change", "audio_length_s": 7.83, "path": "92bf6fe090b6bc565cb500b688fd9173_168.wav"}, {"text": "We are meeting and exceeding client needs as evidenced by our profitable growth and the recognition we received.", "audio_length_s": 7.83, "path": "ab3354b86be920cde18291112bf8a70a_109.wav"}, {"text": "increase on us, but you can really see the traction that our price increases had in the quarter.", "audio_length_s": 7.83, "path": "8cfc2a9aace5078f22a83c782b9d41f7_161.wav"}, {"text": "relative to our first quarter numbers and that was at the upper end of our second quarter Capital Markets", "audio_length_s": 7.83, "path": "b24e0b37987585f3c63f28df67e6a1f6_101.wav"}, {"text": "And a lot of those initiatives have already fallen through to the bottom line in different areas of the business, so we're feeling good about that.", "audio_length_s": 7.83, "path": "757695924b5e43c7d44e29dc141cc035_109.wav"}, {"text": "Now there's a component where you basically -- the company has to teach distributors how to run a business and how to account for profit and loss. I think", "audio_length_s": 7.83, "path": "94f913b974baab79fb636f6521170dd7_275.wav"}, {"text": "Our market outlook over the coming years is positive. We see continued adoption of our products in all of our major markets.", "audio_length_s": 7.83, "path": "9ec35a7809acb51486076e302028ba33_43.wav"}, {"text": "Our most recent launch encompassed the downtown quarter of Boise with early results exceeding expectations.", "audio_length_s": 7.83, "path": "1689b94530eca82b7758c86b4cf3125f_31.wav"}, {"text": "Before we begin, I'd like to remind everyone that many of our comments made today are considered forward-looking statements under federal securities laws.", "audio_length_s": 7.83, "path": "b4fc31ae6403a17b15c30d3ec3b82487_106.wav"}, {"text": "These investments will further strengthen our leadership position in India's merchant industrial gases market.", "audio_length_s": 7.83, "path": "e33785a294553de2a12d4463bf786744_163.wav"}, {"text": "at one point early in the call that you had a little bit of a pickup this quarter. Just trying to understand how you're thinking about that going forward.", "audio_length_s": 7.83, "path": "7498a6630302a038bd537d192c3a44f4_202.wav"}, {"text": "The committee has been meeting each week with Heidrick and has met a number of potential candidates, several of whom the committee remains actively engaged with.", "audio_length_s": 7.83, "path": "fe3a8419e2f120643bff5e9e80190ed5_82.wav"}, {"text": "Second, we historically have bought back shares to offset the dilution associated with our employee equity compensation programs.", "audio_length_s": 7.83, "path": "af00f4e7b63ee843a3d203f982fac701_56.wav"}, {"text": "you have expressed your concern over the development of Shuanghui in China.", "audio_length_s": 7.83, "path": "80a2ca14358172366acab4e80f3fa33b_37.wav"}, {"text": "Storage solution continue to evolve into a major element of our revenue mix", "audio_length_s": 7.83, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_100.wav"}, {"text": "we don't know -- we don't have any information as to whether this will or won't be implemented. And I certainly haven't heard anything about it myself.", "audio_length_s": 7.83, "path": "ab29ac574f423764c40f2d2eec696623_52.wav"}, {"text": "quantify timing more precisely than that. We are assuming that it's dependent on", "audio_length_s": 7.83, "path": "01b376669d5ea40acc7fb5a87503586e_170.wav"}, {"text": "We are also modifying inventory for customers in order to deal with the changing regulations for LNG fuel stations.", "audio_length_s": 7.83, "path": "01b376669d5ea40acc7fb5a87503586e_17.wav"}, {"text": "We have corrected these legacy warranty issues and are rebuilding our reputation in the marketplace. We're investing in product development", "audio_length_s": 7.83, "path": "01b376669d5ea40acc7fb5a87503586e_58.wav"}, {"text": "to put these programs in place because we -- in some cases, we take risk on our ability to go out and contract these things.", "audio_length_s": 7.83, "path": "0cfaeed8cd93dc274845d450e921aeb6_229.wav"}, {"text": "We find this especially impressive considering that we're growing from such a high base.", "audio_length_s": 7.83, "path": "838af8ffae77ce8ff59c77b1985f8fc5_105.wav"}, {"text": "The good news is so far we've been able to get the pricing that we've gone after and we will continue to negotiate, obviously,", "audio_length_s": 7.83, "path": "18e82b076319ac52f8a4b391ea345abd_27.wav"}, {"text": "and market demographics to ensure we are investing the appropriate amount of capital to achieve the highest possible returns.", "audio_length_s": 7.83, "path": "884400c829f179d8cf68b767f45f03a4_197.wav"}, {"text": "a great example of organic and disciplined growth that provides value to shareholders, customers and the economy in our service territory.", "audio_length_s": 7.83, "path": "919fd6c04cca92ecdf503e32f884435d_78.wav"}, {"text": "we are developing a risk-sharing model that we will be rolling out at the latter part of this year.", "audio_length_s": 7.83, "path": "b126c31149f1cadf1d891082a187d6fc_37.wav"}, {"text": "what you were saying right there, but just to get a little bit more specific. It looks like private label has picked up market share", "audio_length_s": 7.83, "path": "34b4c03bbd8e9d5fceb8c8af89388197_177.wav"}, {"text": "that indirectly we can raise prices because the farmers there, the growers are actually exporting in dollars.", "audio_length_s": 7.83, "path": "b6688f44b91606fbd75a6d66e94d4e4b_284.wav"}, {"text": "is clearly going to provide some level of offset to what may be happening in the Class 8 space.", "audio_length_s": 7.83, "path": "64364105b816dd0b6a029e9cd210e65b_267.wav"}, {"text": "In a world with a lot of uncertainty, one thing is sure, and that is that the world will need much more aluminium in the future.", "audio_length_s": 7.83, "path": "6e741dde9f96f20227b467204b93b6b2_2.wav"}, {"text": "So we -- so long as we have competitive races going forward and we don't think the country is going to be any less", "audio_length_s": 7.83, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_133.wav"}, {"text": "Customers have to learn, if I may add, also that the good times of historic low rates", "audio_length_s": 7.83, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_187.wav"}, {"text": "some further analysis and discussion and we receive production information daily. Ian, would you like to", "audio_length_s": 7.83, "path": "ebd59e21db89edb92205e012427cd9db_200.wav"}, {"text": "Importantly, we believe that we have the right playbook to address these issues, and that work is already underway.", "audio_length_s": 7.83, "path": "b0d88c0f1efca89ecb928172341dc75d_94.wav"}, {"text": "I'm going to round off this morning's presentation with an outlook of the industry, including gas policy developments and our strategy.", "audio_length_s": 7.83, "path": "4ee3c79ebc57c9870b221b9479d52436_25.wav"}, {"text": "also involves an additional loss of control for the client. So it's not always an easy decision or an easy discussion to have.", "audio_length_s": 7.83, "path": "6aad408f4bb1930cf10f445115f6ed3d_123.wav"}, {"text": "activities in the second half that are going to add to production but we've kind of waded that toward the back end, just to be conservative. So I think that that's", "audio_length_s": 7.83, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_82.wav"}, {"text": "In 2015, we appointed a Global Chief Actuary and added a new Chief Pricing and new Chief Reserving Actuarial positions", "audio_length_s": 7.83, "path": "648ddbbaa83d8a627c7ab752f63a80bd_129.wav"}, {"text": "But where we struggle is clearly in our Digital Services, and you will see that we come back to that.", "audio_length_s": 7.83, "path": "323193895e800e72960d98dd5fb64cf5_106.wav"}, {"text": "perhaps there might have even been some lower prices in the second quarter this year versus last year because of the lags you have. I don't know if that played into it. Yes,", "audio_length_s": 7.83, "path": "1d021dfadd51998ac079e1df49929c60_126.wav"}, {"text": "will increase volumes that can compensate some of the market deterioration.", "audio_length_s": 7.83, "path": "3f42280b77b93c90b893930aeb7eac53_126.wav"}, {"text": "next year, but I was just wondering kind of if you had -- if you could just provide some color on what the cadence of that is over the next few years.", "audio_length_s": 7.83, "path": "96488f25af54f91198b444e5eff8e878_100.wav"}, {"text": "On the revenue side, we have already started a series of portfolio adjustments for the O2 plan as well as in the Blau area", "audio_length_s": 7.83, "path": "b4072ee178832ecf3d2a0f25fd8b8387_102.wav"}, {"text": "at Swiss Chalet. I'm just wondering if you've had any further thoughts on your promotional tactics and how they're working, et cetera.", "audio_length_s": 7.83, "path": "4fafe8c628e676ca508b37756da75419_178.wav"}, {"text": "wait as long as that's going to take for them to make it. And so we want to move them out of the portfolio. So -- yes, so I don't think,", "audio_length_s": 7.83, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_117.wav"}, {"text": "Okay. And then can you just kind of share with us kind of early take on what you're expecting for", "audio_length_s": 7.83, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_154.wav"}, {"text": "providing excellent service to our clients as we continue to invest in our people, thereby, providing a differentiated service.", "audio_length_s": 7.83, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_89.wav"}, {"text": "putting together a program for enterprise relationships and how that's going to work for existing", "audio_length_s": 7.83, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_327.wav"}, {"text": "To the quarter specifically, we continued to do well in small business. That's a particularly important market segment for us.", "audio_length_s": 7.83, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_33.wav"}, {"text": "in the quarter because I think there continues to be benefits in innovation in terms of how these products are performing,", "audio_length_s": 7.83, "path": "24c7526f6daca8e16ab91bea6124148a_29.wav"}, {"text": "In the commercial dealers and resellers or VAR market, revenue was up slightly from a year ago while gross profit was down slightly.", "audio_length_s": 7.83, "path": "a756bd9ba43faae4d9d0f059925e39e9_91.wav"}, {"text": "The slides can be advanced in the webcast viewer to follow our commentary. We will call out the slide number we are referencing in our remarks.", "audio_length_s": 7.83, "path": "594b7b614804475e4ab8ab4c405ecf40_40.wav"}, {"text": "takes time for those companies to change this mindset because they are very isolated organization at this point in time.", "audio_length_s": 7.83, "path": "4fd138e27f5f375945332eacefa15b62_168.wav"}, {"text": "we've seen the first signs in '16 of positive net new money coming from the new joiners, but I think it should come through", "audio_length_s": 7.83, "path": "bf99037f89cd485f95f097842619a0c7_45.wav"}, {"text": "Additional information on our hedge positions can be found in our investor presentation and in our information on file with the SEC.", "audio_length_s": 7.83, "path": "0702a77635d50ec3b154df61456c1b63_9.wav"}, {"text": "Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.", "audio_length_s": 7.83, "path": "0e410ca71e50235e520d5af32ce0f54a_85.wav"}, {"text": "So all of our contracts are predicated on passing through the full U.S. cost of prime.", "audio_length_s": 7.83, "path": "24a2aec67e247f9c4d4cc89d6dbab525_132.wav"}, {"text": "and will allow for expansion of physician visits and greater health care professional coverage to reach as many patients as possible.", "audio_length_s": 7.83, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_47.wav"}, {"text": "the first quarter -- off of the fourth quarter, how do you feel going into the new year, I would reiterate strong. We feel very strong confidence in", "audio_length_s": 7.83, "path": "365c360aff42713cef71a7d026eeeb6d_47.wav"}, {"text": "I'd like to highlight a few of the investments we're making over the next 12 months to support each of our key strategies.", "audio_length_s": 7.83, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_74.wav"}, {"text": "We will bring in a mining contractor to help us with the transition because it will be a different style of mining from what Obuasi has been about in the past.", "audio_length_s": 7.83, "path": "9b84dc4409f4ecccd173c2f81a4460cc_144.wav"}, {"text": "Our days working capital metrics improved from year-end as we maintained our efficiency gains.", "audio_length_s": 7.83, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_69.wav"}, {"text": "Now clearly, the mood has changed towards the end of last year and also beginning of this year,", "audio_length_s": 7.83, "path": "49256d3015fbd8542019b3fc989473f4_75.wav"}, {"text": "These advanced technologies in audit processes are important drivers of our revenue growth in our core recovery audit business.", "audio_length_s": 7.83, "path": "c2a4f7aacf0036edc5b94457c0d8329a_73.wav"}, {"text": "Individual provider error rates would have to be more than 50% to get above the old 2% limit.", "audio_length_s": 7.83, "path": "97b02b7a41ecb22cb04e7331052cefc8_63.wav"}, {"text": "for the balance of the year as a result, before any other potential adjustments are factored in.", "audio_length_s": 7.83, "path": "9b83a4dcac688347e3b13ca7c55660ed_106.wav"}, {"text": "We will now open the floor for questions. And I kindly ask you to please focus on the issues related to", "audio_length_s": 7.8299375, "path": "a46647751ef690279d96126395de42d5_91.wav"}, {"text": "Higher wireless equipment and strategic service revenues partially offset declines in legacy services,", "audio_length_s": 7.8000625, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_210.wav"}, {"text": "About midway through the period, there was a rise in paper prices, which is not unusual, and we've already significantly recovered.", "audio_length_s": 7.8, "path": "9d8c8f4a41008455665fd243ed99b642_6.wav"}, {"text": "then a customer who arrives from outside the franchise is new and frankly, from your perspective, a customer who comes across from insurance is new as well.", "audio_length_s": 7.8, "path": "214dcdc435ef3259490466447858fa56_200.wav"}, {"text": "but they can also instantly see their credit score, understand what drives their score and get monthly updates on that score all for free and all digitally.", "audio_length_s": 7.8, "path": "f3ea353a6c918bc1fd311a9cad6b9777_69.wav"}, {"text": "There's 2 things going on here with services going forward. One is that we are increasing our mix", "audio_length_s": 7.8, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_151.wav"}, {"text": "Following our commentary, we hope to answer as many questions as time will allow. If we're not able to get to your question due to time restrictions,", "audio_length_s": 7.8, "path": "94fdf7b24748a7706b1097482a0f363a_177.wav"}, {"text": "We will continue to focus on a mix of technologies to deliver the best customer experience,", "audio_length_s": 7.8, "path": "2f888e63a31b86cc2f4f97710e8eed79_172.wav"}, {"text": "An extensive search and recruitment process was undertaken. This morning, we announced 4 new appointments.", "audio_length_s": 7.8, "path": "309554ae886fe4911da6e3329b631fe6_82.wav"}, {"text": "and lean into the more profitable parts of our portfolio. And we remain committed to our overall strategy,", "audio_length_s": 7.8, "path": "d28b2b09c127b5be033738aa3cd380b3_169.wav"}, {"text": "and I'm excited by the new product launches like Scentiva and some of these platforms we're creating. So I think when we look at the totality of that,", "audio_length_s": 7.8, "path": "d28b2b09c127b5be033738aa3cd380b3_286.wav"}, {"text": "The increase from our previous guidance is due to higher cost resulting from delays on our Rover and Mariner East projects,", "audio_length_s": 7.8, "path": "718a89dc503706eae0091bcd9410d567_20.wav"}, {"text": "Up until this quarter, we had achieved 9 consecutive quarters of revenue growth in our domestic drilling operations.", "audio_length_s": 7.8, "path": "280817d93f79714585d82b9c2dbecab3_44.wav"}, {"text": "working on that right now. And then on the mindset and mindfulness side, it will probably be a combination", "audio_length_s": 7.8, "path": "7e14890193df4b10e1eeab6ab886529f_172.wav"}, {"text": "with no likely requirement for an advisory committee meeting and with a PDUFA date in the third quarter of this year.", "audio_length_s": 7.8, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_4.wav"}, {"text": "demonstrated unprecedented effectiveness, highly encouraging safety and a potential dosage regimen", "audio_length_s": 7.8, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_113.wav"}, {"text": "from asset sales and loan repayments. By August, we expect guests will be able to see and book all of our inventory", "audio_length_s": 7.8, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_11.wav"}, {"text": "Geographically, we saw a nice acceleration in orders from the Americas and Asia and we added several new dealers in all regions,", "audio_length_s": 7.8, "path": "e8a2a593282199ea052f788b8fead64b_2.wav"}, {"text": "these returns will be lumpy and the results through the first 9 months of the year is more than we would expect in a normal annual period.", "audio_length_s": 7.8, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_41.wav"}, {"text": "So all together, we are quite satisfied with development in Care in, especially, the second half of the year.", "audio_length_s": 7.8, "path": "14f3d2486b21e639a953afb7ad03d90c_127.wav"}, {"text": "DAWN, and some of the previous studies that have come out that are contributing to the interest in ischemic treatments that are mechanical based.", "audio_length_s": 7.8, "path": "044da592acc01ff7baacb3dbf2a302a9_95.wav"}, {"text": "The cash position allowed us to continue to invest into our infrastructure and into our -- presentation of our brand.", "audio_length_s": 7.8, "path": "4b7945dd823dcbc0b2724efa66393673_239.wav"}, {"text": "or to that point, rather. Some of them may take longer. Some of them may catch a hold sooner. And that's what's going to be sort of the delta", "audio_length_s": 7.8, "path": "3121e8f4a75758834d32a9e4e0555221_74.wav"}, {"text": "As a result of this venture, we do expect acquisition volume to increase materially later in 2017 and beyond.", "audio_length_s": 7.8, "path": "de3b766a868da918e499f407dbf5d716_10.wav"}, {"text": "The profit performance of our acquired businesses beat our expectations, generating solid incremental margin contribution.", "audio_length_s": 7.8, "path": "b34f680a9162805e0188170d6272a356_249.wav"}, {"text": "This strategy drives traffic, orders, premium pricing and lead to higher customer satisfaction.", "audio_length_s": 7.8, "path": "1d2f3c74735a986131e7b219d9eff713_68.wav"}, {"text": "As I mentioned last quarter, we are comfortable at this relative level of operating expense given our current portfolio of businesses.", "audio_length_s": 7.8, "path": "9e937c87ad87f354d42a688156853a30_62.wav"}, {"text": "of which the data will also be presented in Q3. So these are very important moments in the history of the company.", "audio_length_s": 7.8, "path": "0c18e4de44a4c891690654ba38479935_77.wav"}, {"text": "more and more people will be involved over time. So I think it has some financial implications going forward.", "audio_length_s": 7.8, "path": "7503d7356c13f095c26bfad29c5390c6_19.wav"}, {"text": "primarily due to reduced projected domestic earnings, combined with increased projected earnings from our China operations,", "audio_length_s": 7.8, "path": "2fc915b996c687200d995736980aae9a_165.wav"}, {"text": "and our distributor base. So the bias, barring any significant changes in mix or currency, should be to the upside.", "audio_length_s": 7.8, "path": "2fc915b996c687200d995736980aae9a_156.wav"}, {"text": "For Nutrisystem, our direct business continues to benefit from many drivers, including increased customer activation and engagement.", "audio_length_s": 7.8, "path": "957e0f876f9a4af9b498c19843675474_40.wav"}, {"text": "many alternatives out there to the bond market and the bank market if I can call it that", "audio_length_s": 7.8, "path": "8292bdb9af87f10627c044f3842b2c76_114.wav"}, {"text": "While our current Bearing manufacturing business is aligned with GRW through a focus on solving the critical problems", "audio_length_s": 7.8, "path": "a827180c08c11f2e53c6966fceaabf5b_137.wav"}, {"text": "These are also highlighted in this morning's press release and are all on track with several already achieved.", "audio_length_s": 7.8, "path": "0dbbae27d7055ecc04cc25e14e4de12d_86.wav"}, {"text": "So, David, our response is the same one we gave in the fourth quarter that we don't think we need to be talking about TiO2 this year.", "audio_length_s": 7.8, "path": "73ba4ff250b62745e03880e75b9a1581_174.wav"}, {"text": "and sometimes, we have higher installation rate, which -- of smaller deals, which makes the number go up.", "audio_length_s": 7.8, "path": "a5aee620f2ef348884bdc8fa3e0cee19_102.wav"}, {"text": "I don't think it'll have much impact at all. They just need to clarify exactly what they mean by", "audio_length_s": 7.8, "path": "1133b8984db446b9c963a09eaf0785a4_111.wav"}, {"text": "Yes. I think that's a solid question. I'm expecting it to follow more of a consistent pattern.", "audio_length_s": 7.8, "path": "1133b8984db446b9c963a09eaf0785a4_39.wav"}, {"text": "on Premion, I think you were clear on the up revenue guidance excludes political, and I think you've been bullish on Premion from a political perspective, so", "audio_length_s": 7.8, "path": "403903eb119bfc1cec44d86ec907077a_160.wav"}, {"text": "and as I always underpin, the fourth quarter is of the essence for the overall results of the group.", "audio_length_s": 7.8, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_121.wav"}, {"text": "based on the metrics we are seeing, the recovery of the Puerto Rico economy following the storm continues to be steady.", "audio_length_s": 7.8, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_10.wav"}, {"text": "The Security Fabric includes software, secure switches and other hardware products and services.", "audio_length_s": 7.8, "path": "ddf51a035f75b2e145a283edfd51fffc_113.wav"}, {"text": "displays the current and trailing 4 quarter trend in revenue and breaks out investment advisory fees by vehicle.", "audio_length_s": 7.8, "path": "8b6b51842af008f5f437f53cc2e71835_88.wav"}, {"text": "From a timing perspective, historically the fourth quarter has always been our biggest quarter on revenue, earnings and cash flow.", "audio_length_s": 7.8, "path": "6864081f83959f4b49e25e597f28af66_129.wav"}, {"text": "combination of volume and also pricing as well as some raw material decline in cost.", "audio_length_s": 7.8, "path": "bb9c0d60d15efa53cedac31e079e9ae6_12.wav"}, {"text": "This renewal demonstrates the important role that Accretive plays to provide focused and comprehensive RCM solutions", "audio_length_s": 7.8, "path": "575d21e05ceda8f95fc54e0292c2d99f_80.wav"}, {"text": "we're delighted with the steps that have been taken so far to put us in a position to place more of this capacity", "audio_length_s": 7.8, "path": "2ad9555a64eaa3f45bef5581adeecb9c_303.wav"}, {"text": "Management of the free water level has also allowed the TT-21 well down to the south to come back on production", "audio_length_s": 7.8, "path": "911d447bcdcedb4e0cf5230de225921c_72.wav"}, {"text": "So much of this is dependent on what your economic forecast is at the time you implement the standard.", "audio_length_s": 7.8, "path": "b022fc1979ef416dd25317a4c062328e_121.wav"}, {"text": "say we've now got the new HR person. We've got John from a commercial point of view who replaced our previous", "audio_length_s": 7.8, "path": "9c1272d9d120c5bfafd6e6b566f89b62_196.wav"}, {"text": "Our active resource strategies have been completely retooled and are now delivering better investment performance.", "audio_length_s": 7.8, "path": "a8034762296368c60571fcde382c3274_40.wav"}, {"text": "So that we'll have it in 2017, but we wouldn't necessarily have had it for as many months of 2016 as we would have initially hoped for.", "audio_length_s": 7.8, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_135.wav"}, {"text": "at this point in time, we continue to lay out the plan, as we have talked about. We are making investment in", "audio_length_s": 7.8, "path": "002d12258ff802d65f79ae2eef99e4ab_28.wav"}, {"text": "in the quarter to December. So clearly, we will benefit from those higher prices in the current quarter we're in.", "audio_length_s": 7.8, "path": "550ef3fcaf67ca1df87136acfdfa9d19_73.wav"}, {"text": "And if we look at the profitability of group and individually continued insurance,", "audio_length_s": 7.8, "path": "38b2f94da12bbf2d32246763aab8265a_132.wav"}, {"text": "Okay. And would you place those orders at this point in the cycle speculatively? Or would you still stick to having a project tied to it?", "audio_length_s": 7.8, "path": "fabca2790ac9e6a96be6e6b59a497436_28.wav"}, {"text": "The decline in the international gross profit margin was driven by the impact of the discontinued U.K. line of credit product.", "audio_length_s": 7.8, "path": "ea97a179f1be386d6cd36637ae70a1fc_96.wav"}, {"text": "Our innovative approach to the claims process has been well-received by our customers and agents and differentiates Heritage from our peers.", "audio_length_s": 7.8, "path": "3068d678d3331b8f0a10ea4fa92361f2_71.wav"}, {"text": "The order was a positive outcome for Idaho Power and its customers as the commission both granted our request for new customer classes", "audio_length_s": 7.8, "path": "a7e7a1621af9b4e850260f9824ee8746_17.wav"}, {"text": "Since we're not in the position to try and predict the timing of revenue, that is one of the reasons to be more conservative with our guidance.", "audio_length_s": 7.8, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_4.wav"}, {"text": "While we're pleased with our progress in the year, the opportunity for improvement in surgery is substantial, and much work remains to be done.", "audio_length_s": 7.8, "path": "58ff8a727ec4f3859407b64f08246759_3.wav"}, {"text": "They're very nice when it comes to having volume locked in. You don't have to worry about being in the spot market and some kind of", "audio_length_s": 7.8, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_80.wav"}, {"text": "For LPL, the reduction in corporate tax rates will benefit our financial results and Matt will cover this in his remarks.", "audio_length_s": 7.8, "path": "8a77ceadd7e4729abc9102d38be3a227_9.wav"}, {"text": "others shrink, that only enhances the opportunity we have to take advantage of that. So it's definitely a focus, there's no question about it.", "audio_length_s": 7.8, "path": "e2c02e1788cb10703d7611ef157f8135_42.wav"}, {"text": "We expect to continue to invest significantly in technology improvements, which includes the substantial overhaul to our core systems.", "audio_length_s": 7.8, "path": "6ad1d7c855ceb3eb830c365e357e4510_145.wav"}, {"text": "We are excited to execute our retail growth plan and I look forward to sharing our success in the coming quarters.", "audio_length_s": 7.8, "path": "e6c0fa1068c28557c3e17e0d02b831b1_53.wav"}, {"text": "which is a mature product, but it's strong with the heavy total build rates but, in particular, the build rates of trucks", "audio_length_s": 7.8, "path": "08f219f6cb65bd0ed50cb8444a3884f8_194.wav"}, {"text": "Our first priority will always be to deliver high-quality care and service to our patients.", "audio_length_s": 7.8, "path": "b43c001c5af465d220ab0b69a95202ae_58.wav"}, {"text": "a confidential undertaking between us and Renova, but if voting rights were an issue, the voting rights would be adjusted automatically.", "audio_length_s": 7.8, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_24.wav"}, {"text": "mainly supported by the strong performance of our core Russian market where we continue to enjoy an improving pricing environment,", "audio_length_s": 7.8, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_119.wav"}, {"text": "We continue to be excited about this project as it enhances our position on the West Coast and offers several benefits, including", "audio_length_s": 7.8, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_15.wav"}, {"text": "as well as the new spectrum Band 14, gives us real excited about the ability to serve customers really, really well.", "audio_length_s": 7.8, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_201.wav"}, {"text": "I've been doing this long enough to say that I never had that expectation. And somehow almost every year,", "audio_length_s": 7.8, "path": "3898a5c021167b8169287fc8bb59f753_37.wav"}, {"text": "We're not expecting any recovery in industrial capital or maintenance spending at the end of the year in contrast to the typical year-end lift.", "audio_length_s": 7.8, "path": "fb817a6cc685a3fd0f003456dd641c01_2.wav"}, {"text": "And then they will run those in a single warehouse, see how they like it.", "audio_length_s": 7.8, "path": "e97d1655ebabb8403ac0449eadb48f9b_39.wav"}, {"text": "Against the first quarter, we are very, very excited and optimistic of continued organic growth.", "audio_length_s": 7.8, "path": "b3d7bc295d09d9927e465213612c0192_121.wav"}, {"text": "and we have enhanced strategies for partnering with our clients that's increasingly more flexible and thoughtful", "audio_length_s": 7.8, "path": "da879f8ea1c23aa6565cccaacac271fc_57.wav"}, {"text": "that would have normally gone to other facilities in the network and start it at Massachusetts. Could you help us to understand kind of", "audio_length_s": 7.8, "path": "da879f8ea1c23aa6565cccaacac271fc_58.wav"}, {"text": "And so what we decided to do was to take the place where these folks would have the opportunity to have a very strong", "audio_length_s": 7.8, "path": "450a5dc6eb19b82da8dfc68127f6e79d_118.wav"}, {"text": "we can't define exactly how the product is being used because most of these procedures are done in an ambulatory environment.", "audio_length_s": 7.8, "path": "450a5dc6eb19b82da8dfc68127f6e79d_37.wav"}, {"text": "Business is a key national asset in South Africa, and the financial services sector is something we can all be very proud of.", "audio_length_s": 7.8, "path": "dffe8257f781608bb17bb637249e4d2a_10.wav"}, {"text": "Going forward, Virtu's leading proprietary trading technology will power our expanded product and service offering", "audio_length_s": 7.8, "path": "f15966ae82e18b472ad78dd961f8e5e8_7.wav"}, {"text": "We could not be more excited about the opportunities that lie ahead now that we are operating as one company and one team.", "audio_length_s": 7.8, "path": "f15966ae82e18b472ad78dd961f8e5e8_123.wav"}, {"text": "if you have the benefit and the bounty of customer information and customer orders, you can be more intelligent. This is exactly what we thought", "audio_length_s": 7.8, "path": "f15966ae82e18b472ad78dd961f8e5e8_96.wav"}, {"text": "And it's a mixture of that type of thing. So that's the source of that context when you hear", "audio_length_s": 7.8, "path": "33fd8a867dbd88a837e541b1d2b25ea5_199.wav"}, {"text": "Before I talk about our third quarter results versus last year, I would like to talk about them versus the expectations we shared with you last quarter.", "audio_length_s": 7.8, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_17.wav"}, {"text": "Utilizing our universal shelf registration statement, we established our second at-the-market common stock offering program", "audio_length_s": 7.8, "path": "bc3fa49aaccfacb1392855627864851e_100.wav"}, {"text": "Now moving to our results. We are pleased with our fiscal second quarter results as we saw solid growth in our business.", "audio_length_s": 7.8, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_6.wav"}, {"text": "One of the reasons why we have not done much over time is that we would still", "audio_length_s": 7.8, "path": "561ad2552e8f7fab8126e9ca75cf8c89_42.wav"}, {"text": "we can increase scalability and are able to react faster to opportunities, doubling the frequency of new releases", "audio_length_s": 7.8, "path": "fe80c1056f21701e41cf3489c450f5ae_236.wav"}, {"text": "Great. Thank you, Sharon. We appreciate your interest in Enbridge Partners and thank you for participating on today's conference call. I would like to remind you", "audio_length_s": 7.8, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_50.wav"}, {"text": "Thank you for your interest in MDU Resources and for taking the time to join us today to discuss our second quarter results.", "audio_length_s": 7.8, "path": "3e29586725757a72d8c143f3da2658f5_82.wav"}, {"text": "And we'll -- as next year develops, we'll certainly add more color to that market to our efforts in that industry.", "audio_length_s": 7.8, "path": "799c15a4a6e9e3c86374761fec31c00a_65.wav"}, {"text": "As you heard from Rubens, the economic and political environment remained relatively volatile in the region during the first months of the year,", "audio_length_s": 7.8, "path": "d5fb88dba0740bc906c5127e05592f95_62.wav"}, {"text": "with and without SEMM. So going forward, you can assume that this trend will continue and", "audio_length_s": 7.8, "path": "4abafd22e11b6ea5b43048d805ea115f_56.wav"}, {"text": "The general Industrial market continued to see good demand and distributors are reporting good retail activity and pricing dynamics.", "audio_length_s": 7.8, "path": "18e82b076319ac52f8a4b391ea345abd_56.wav"}, {"text": "and build their sales teams through their social networks. These tools will continue to roll out around the world over the next several quarters.", "audio_length_s": 7.8, "path": "1353031386f884a821e7e9bab449727d_7.wav"}, {"text": "solidify the thinking of the acute care hospital partners and kind of line us up with them going into next year.", "audio_length_s": 7.8, "path": "b126c31149f1cadf1d891082a187d6fc_50.wav"}, {"text": "We want to keep them busy. We want to absorb those overheads as best as we can. And what we've seen during quarter 2 is that we've been gradually", "audio_length_s": 7.8, "path": "8518e7d2073cc2898bd145e2e84ea482_80.wav"}, {"text": "the Church Management new modules that we've built will fit all sizes of the church.", "audio_length_s": 7.8, "path": "a9ff9f85f03afdd2d13b76e14060b31d_115.wav"}, {"text": "will be significantly impacted by a road construction project that will kick off in the late first quarter of this year", "audio_length_s": 7.8, "path": "64364105b816dd0b6a029e9cd210e65b_31.wav"}, {"text": "that's not included in that yet. So if your question is, do we have to go out and aggressively buy a lot to achieve it?", "audio_length_s": 7.8, "path": "24a133abc343c813233d416b0cef96cd_299.wav"}, {"text": "This provides the clearest view of the sustainability of our spending and our resilience to commodity price movements.", "audio_length_s": 7.8, "path": "95303f68781d6fb58e19ec1dc7785a7c_116.wav"}, {"text": "From a credit quality standpoint, the portfolio remains sound with a couple of exposures", "audio_length_s": 7.8, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_4.wav"}, {"text": "our design agility, which is one of our strengths, needs to even be sharper, and we need to continuously reduce lead times", "audio_length_s": 7.8, "path": "52ea66e70853eaa0c1183ddfa31b760a_53.wav"}, {"text": "With respect to DermACELL, I think with 1 year under the belt and with some more clinical data", "audio_length_s": 7.8, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_30.wav"}, {"text": "to primarily be looking for tuck-in acquisitions to augment our capabilities but to make sure that we continue to be", "audio_length_s": 7.8, "path": "6aad408f4bb1930cf10f445115f6ed3d_57.wav"}, {"text": "What we're very excited about, Quentin, is the overall health category. And this is a category we've been investing in substantially for a number of years,", "audio_length_s": 7.8, "path": "e0555e30370c43189a1136fb7ef17d20_30.wav"}, {"text": "In summary, we delivered solid organic growth across every major business and strengthened our operational performance,", "audio_length_s": 7.8, "path": "e0555e30370c43189a1136fb7ef17d20_60.wav"}, {"text": "As the increased year-over-year shipment levels and backlog numbers increased, it is obvious that conditions have improved in some of our product end markets.", "audio_length_s": 7.8, "path": "3412b2f7aef0615537779e312cf984c3_3.wav"}, {"text": "with our other capital allocation alternatives and do what is in the best for the long-term interest of our stockholders.", "audio_length_s": 7.8, "path": "14fa9d7635caae6483af62a4bfe1b9d6_108.wav"}, {"text": "Just wondering if the impact from those was amplified by the seasonal timing in the quarter or a difficult comparison. And", "audio_length_s": 7.8, "path": "1f142ea668261ba963d47aac6bab69dd_188.wav"}, {"text": "regulators currently authorizing returns and you make that judgment as to whether you can stay out. Our preference, as I said, from rate perspective, we'd love to stay out", "audio_length_s": 7.8, "path": "2cd5b184c2ef6624ce219830182927c9_88.wav"}, {"text": "The -- what is -- how should we think about what you guys are exactly planning in terms of getting into the earnings sharing", "audio_length_s": 7.8, "path": "2cd5b184c2ef6624ce219830182927c9_293.wav"}, {"text": "where you can then utilize it to help in the distribution system and then also for the transmission. So you're bringing in the", "audio_length_s": 7.8, "path": "2cd5b184c2ef6624ce219830182927c9_84.wav"}, {"text": "what we should do when it comes to a thing . I am not sure if I... I think the question was that some of the initiatives take a little bit longer to execute.", "audio_length_s": 7.8, "path": "6a45749d272884d2809fa70f7807250c_38.wav"}, {"text": "a 5% growth rate on the year despite the negative market effect in recent quarters that has been very relevant.", "audio_length_s": 7.8, "path": "3f42280b77b93c90b893930aeb7eac53_116.wav"}, {"text": "being able to keep this momentum that we build along the H2 and during this first semester to have a very successful first", "audio_length_s": 7.8, "path": "9826162bc1bb67bf8d65e4cf50e656e9_33.wav"}, {"text": "All of that still supports a good climate for pricing and a good climate for compounding profit improvement", "audio_length_s": 7.8, "path": "902872913863de98d38e2936b846cf66_216.wav"}, {"text": "and we were intentionally building that. We had inventory on hand for the titles that launched in early May.", "audio_length_s": 7.8, "path": "125388f1b45117acde70abc39e0f7d04_94.wav"}, {"text": "Can you tell the nature or which aircraft was? No. It's I'm not going to get into those specifics here.", "audio_length_s": 7.8, "path": "96488f25af54f91198b444e5eff8e878_208.wav"}, {"text": "Thank you, Scott. Welcome, ladies and gentlemen, and thank you for giving me another opportunity to report our quarterly highlights", "audio_length_s": 7.8, "path": "c8236c1645c0d49837800e24a77e14a8_72.wav"}, {"text": "through various capital cities and look forward to speaking with our stakeholders throughout the course of that program", "audio_length_s": 7.8, "path": "ddabb30d106a115232a49981d62da464_31.wav"}, {"text": "There was a slight downtick in margin with these products, which we expect to see continued down to the 60% to 65% margin range", "audio_length_s": 7.8, "path": "0668081864383eb57919b99c85649753_15.wav"}, {"text": "And this concludes today's conference call. Thank you so much for your participation. You may now disconnect.", "audio_length_s": 7.8, "path": "f268a8174f58c93ad6b45b7f151fe896_263.wav"}, {"text": "There are a couple of items like that. The more material one is a little harder to explain and it's with our groups.", "audio_length_s": 7.8, "path": "910a1a60a0549a5973f42bb19b66a0ae_26.wav"}, {"text": "So every bid is different and every bid is very competitive, so we have to stay priced sharp in order to win those bids,", "audio_length_s": 7.8, "path": "ef7e77f6a5983826d0eefe75f7832ce6_168.wav"}, {"text": "We realized this is a significant request, so we provided 2 additional years of data to facilitate a multi-year settlement.", "audio_length_s": 7.8, "path": "6f1b092b312410065d308541be46da95_269.wav"}, {"text": "Our third priority is to improve our product and vendor management engagement, and we have made significant progress.", "audio_length_s": 7.8, "path": "a756bd9ba43faae4d9d0f059925e39e9_46.wav"}, {"text": "we want to repeat once again that our net profit for this year will be as", "audio_length_s": 7.8, "path": "e97326d6a8951550e363f2be6ec489ba_161.wav"}, {"text": "and certainly, the ways in which we attract, serve and retain our customers are key differentiating factors.", "audio_length_s": 7.8, "path": "7e198f4b8da8fc367e2bca0fd1595633_4.wav"}, {"text": "So we're going to do that. We're going to take out cost as much as we possibly can but not cut our innovation programs. That's a core choice for us.", "audio_length_s": 7.8, "path": "b154f7c33e567e453cb765f4ac03dd2f_213.wav"}, {"text": "And quite frankly, availability is a big one. When you sift through brands that are available for sale that haven't been", "audio_length_s": 7.8, "path": "c88e296697cd72c891ffb7bf5a1a60bb_143.wav"}, {"text": "We have high expectations of ourselves and have implemented a rigorous approach to track our progress with each stakeholder group.", "audio_length_s": 7.8, "path": "c88e296697cd72c891ffb7bf5a1a60bb_176.wav"}, {"text": "Could you help us understand your expectation of relative contribution from these initiatives in fiscal '19 and", "audio_length_s": 7.8, "path": "365c360aff42713cef71a7d026eeeb6d_57.wav"}, {"text": "Perhaps one of the most important developments of 2016 was confirmation of the merger rationale.", "audio_length_s": 7.8, "path": "9cd9b67e289e807d677aabc5765fec6a_108.wav"}, {"text": "I'd like to now return to the very positive and exciting growth we are experiencing in our commercial health plan business.", "audio_length_s": 7.8, "path": "97b02b7a41ecb22cb04e7331052cefc8_121.wav"}, {"text": "to the product going into the automotive market. I will now turn the call over to Bill for comments on our nonferrous markets. Bill?", "audio_length_s": 7.8, "path": "97ddc19ecb28bab2d19fd3b181182062_93.wav"}, {"text": "not knowing exactly when that will be. I would say the other categories that come immediately to mind are", "audio_length_s": 7.8, "path": "1bc08759c84df9d3f656cf53f5bb6d35_227.wav"}, {"text": "which is somewhat new. We had already put that into our plans for RIIO-ED1, which I think helped justify", "audio_length_s": 7.8, "path": "190e0d8d92da94060523364716ce6e03_25.wav"}, {"text": "this will end. And yes, I think it's not smart to start speculating about the potential opportunities. But", "audio_length_s": 7.7700625, "path": "2f888e63a31b86cc2f4f97710e8eed79_182.wav"}, {"text": "is the number of prescriptions filled for patients via the pharmacies, multiplied times the price paid to us by the wholesalers.", "audio_length_s": 7.77, "path": "5833763223d8d85b6fcb5fe90e821c77_53.wav"}, {"text": "Yes, Ryan, let me reinforce a few of the things Dan said. I mean, because of the nature of the business, there's little guaranteed recurring revenue.", "audio_length_s": 7.77, "path": "62d981deed6d5128615c99d1597178b6_146.wav"}, {"text": "and all of the contracts are being looked at and renegotiated, and savings to be squeezed out of that.", "audio_length_s": 7.77, "path": "b7d4858dcc1d9cf454416082b75a3429_140.wav"}, {"text": "To understand, if you reach this level, will you pay the debt to your creditors?", "audio_length_s": 7.77, "path": "0db71632fa65f1d166f14cb8593c4690_15.wav"}, {"text": "They are recording this in their local balance sheet as a liability. And of course, if the local currency depreciates, it produces a loss", "audio_length_s": 7.77, "path": "a95a220f118ae793c89d6d708e62cf8a_223.wav"}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 7.77, "path": "94fdf7b24748a7706b1097482a0f363a_117.wav"}, {"text": "towards the -- they saw some towards the end of the year, there definitely is some pent-up wage pressure, and I think you're seeing that", "audio_length_s": 7.77, "path": "94fdf7b24748a7706b1097482a0f363a_77.wav"}, {"text": "And so there are many other -- and that doesn't even take into account the fact that we have a", "audio_length_s": 7.77, "path": "6388da88b00ebc88af59435bdac74132_264.wav"}, {"text": "these newly connected iPass users collected over 5 million network records in the Rio area.", "audio_length_s": 7.77, "path": "55cbaf368288111ebc2ccadb61e3bd34_18.wav"}, {"text": "when we made particularly strong investments to support our brands and drive trial behind our innovation programs.", "audio_length_s": 7.77, "path": "d28b2b09c127b5be033738aa3cd380b3_232.wav"}, {"text": "We've got great relationships with all of the lumber producers, I think the tax that's talked about is", "audio_length_s": 7.77, "path": "264e575b73bc2a485bee416c1ac10cee_72.wav"}, {"text": "One of the changes we are making in Canada is managing our used and rental fleets together to provide customers with a broader range of product options.", "audio_length_s": 7.77, "path": "264e575b73bc2a485bee416c1ac10cee_92.wav"}, {"text": "Additionally, the contents of this conference call may contain time-sensitive information that is accurate only as of the date of this earnings call.", "audio_length_s": 7.77, "path": "223f05c0b9b116532e9af84afa76cac7_86.wav"}, {"text": "At this stage right now, we still have a healthy pipeline, but this is something we wanted to watch because", "audio_length_s": 7.77, "path": "13220986bf30f26076a674e2a9edc89c_43.wav"}, {"text": "We expected the inclusion of index products in MAP will further enhance adviser and client satisfaction with the program.", "audio_length_s": 7.77, "path": "8cb24daf76784487ad63780546dc4ba4_71.wav"}, {"text": "investing in our research capabilities and emphasizing tighter integration between our investment and sales and marketing personnel.", "audio_length_s": 7.77, "path": "8cb24daf76784487ad63780546dc4ba4_64.wav"}, {"text": "some things changed regarding the legality as well as this kind of level playing field concept with regards to the hotel tax,", "audio_length_s": 7.77, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_59.wav"}, {"text": "The exact timing of rate increases will be a key determinant for the magnitude of any margin increase.", "audio_length_s": 7.77, "path": "7974a5134807f46a1484a8adf81505be_102.wav"}, {"text": "allowing us to drastically reduce cycle time and increase the value of business we process to ourselves and to our clients.", "audio_length_s": 7.77, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_32.wav"}, {"text": "So we were very pleased that productivity improved even with our focus on service and employee retention.", "audio_length_s": 7.77, "path": "8bbc2f54137b794265dfb01f1559868d_145.wav"}, {"text": "I think what you're going to see is they're going to pack their bags and go somewhere else, where they can go, do some large design build work", "audio_length_s": 7.77, "path": "b34f680a9162805e0188170d6272a356_123.wav"}, {"text": "A combination of strong job growth, low levels of supply and new home product perfectly tailored for the market", "audio_length_s": 7.77, "path": "1d2f3c74735a986131e7b219d9eff713_7.wav"}, {"text": "without discounting the brand to the extent that it would impact the value proposition, we've certainly been very targeted from that perspective.", "audio_length_s": 7.77, "path": "75fa1bebed0b858c76cc7058477e40e2_208.wav"}, {"text": "I need to remind you that any forward-looking statements are subject to risks and uncertainties, which are discussed at length in our SEC filings.", "audio_length_s": 7.77, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_54.wav"}, {"text": "if you are going to need these inherent investments for that type of growth, is it a safe statement to say that the capital structure", "audio_length_s": 7.77, "path": "bad55d25c1222682bd893d97dc5cbb27_71.wav"}, {"text": "Both our customers and we, as a company, are excited about the potential for meaningful efficiencies to be gained.", "audio_length_s": 7.77, "path": "145244b0378e6657d456cffca8bbc982_112.wav"}, {"text": "as we build value in our product development programs across multiple indications continues to be the core focus of our efforts.", "audio_length_s": 7.77, "path": "2a5b0a6532fa2b71915a2930be02621a_114.wav"}, {"text": "And the bank market, Matt, in our experience sort of opens and closes", "audio_length_s": 7.77, "path": "8292bdb9af87f10627c044f3842b2c76_56.wav"}, {"text": "Our goal is to finalize our construction costs and schedule by the end of the quarter. I will now turn the call back to Michael.", "audio_length_s": 7.77, "path": "8292bdb9af87f10627c044f3842b2c76_17.wav"}, {"text": "as far as, you know you've been very successful in reducing leverage to issuing equity. Does that fit in at all going forward?", "audio_length_s": 7.77, "path": "8292bdb9af87f10627c044f3842b2c76_200.wav"}, {"text": "While there has been some improvement in exchange rates since our last guidance update, it continues to be volatile, especially in Brazil.", "audio_length_s": 7.77, "path": "839852ec8452dbd90e9341d15cbba7c5_78.wav"}, {"text": "Now before I turn the call over to Randy, I wanted to clarify one of the comments that we made on the fourth quarter conference call.", "audio_length_s": 7.77, "path": "1b1699497be56330b3ed833f22bc63f6_16.wav"}, {"text": "Meanwhile, our large store in Heathrow Terminal 3 is currently being redeveloped and will open in the next few weeks", "audio_length_s": 7.77, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_21.wav"}, {"text": "Therefore, please be advised that Honda's actual results could differ materially from those described in these forward-looking statements", "audio_length_s": 7.77, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_53.wav"}, {"text": "And with Newport's integration now behind us, this is an appropriate time to lay out our leadership succession plans.", "audio_length_s": 7.77, "path": "655d592e9d1b1027f1824b1554d8b131_107.wav"}, {"text": "is typically deferred until substantially later than when we deliver services, bill and collect cash from our customers.", "audio_length_s": 7.77, "path": "575d21e05ceda8f95fc54e0292c2d99f_92.wav"}, {"text": "And I think when we drill into the large money center banks, we're talking about a handful of clients.", "audio_length_s": 7.77, "path": "7ec19aea307c76d4a57fa87368305630_188.wav"}, {"text": "The repositioning, which is really about how we focus on our accessible locations, which we believe have appropriate scale,", "audio_length_s": 7.77, "path": "6e3037e770ba5e0dfc98e3223986aad2_4.wav"}, {"text": "I think it's probably the first time you've discussed in some degree of detail your design", "audio_length_s": 7.77, "path": "01ebdadb81d0e5a57270957c0cbe83fc_153.wav"}, {"text": "This is an important strategic initiative within Marlin 2.0, so I'm very pleased to have somebody of Dave's caliber in this role.", "audio_length_s": 7.77, "path": "bda4b365d7a8386d5d2e6b4575d08a57_4.wav"}, {"text": "we're not really sure which group of customers would be", "audio_length_s": 7.77, "path": "38b2f94da12bbf2d32246763aab8265a_117.wav"}, {"text": "complete solutions that empowers students and faculty and drives success in the classroom and beyond. It", "audio_length_s": 7.77, "path": "da14df2e02d11f6f8599533d9d57faee_150.wav"}, {"text": "As demonstrated earlier this week, Conjur was recognized by Gartner as a Cool Vendor in DevOps because of its leading edge technology.", "audio_length_s": 7.77, "path": "b2d6357f46f3a82cff6625277f9a20f6_63.wav"}, {"text": "has been able to help us start to close the gap where we've had gaps in our performance versus market. We're not there yet.", "audio_length_s": 7.77, "path": "b96165244f010b3f1e61cbbc5e504d96_25.wav"}, {"text": "We remain optimistic about the future of each of our business units for many of the reasons we have discussed today and many we have discussed in the past.", "audio_length_s": 7.77, "path": "7394bde65e000fbb7b528c6c65bd099d_26.wav"}, {"text": "These initiatives are a key part of HBC's future growth, and we look forward to realizing the benefits of these investments in the coming quarters.", "audio_length_s": 7.77, "path": "65b48a7260ef038ff1bec3cc200331c3_9.wav"}, {"text": "This expense increase was partially offset by our continued operational process improvements and other cost reductions throughout the company.", "audio_length_s": 7.77, "path": "bf07ba925d6e5f568f66bb89b00a9463_28.wav"}, {"text": "lowered the cost of investing for their fund investors through various types of fee changes. Can you talk about the factors", "audio_length_s": 7.77, "path": "b8cbc11bbdc49ca206588e2a99b0f733_144.wav"}, {"text": "those individual customer decisions are overlaid by the broader macro Industrial Environmental that they operate in.", "audio_length_s": 7.77, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_153.wav"}, {"text": "we feel very confident in the return on our investment when the stores and dealerships are fully ramped and mature.", "audio_length_s": 7.77, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_207.wav"}, {"text": "All of our capital will be focused almost exclusively on the Cardium as those economics are still", "audio_length_s": 7.77, "path": "8fd0d858dd99b5b6291eafc83e9a604d_108.wav"}, {"text": "especially over the latter part of the last year, which we expect to continue over the first half", "audio_length_s": 7.77, "path": "47b1a118c53956b23f1d687a75f3e5ba_3.wav"}, {"text": "Increased European sunflower seed sales also added growth to the top line from both price and volume,", "audio_length_s": 7.77, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_178.wav"}, {"text": "and probably Tyvek also is where we're really working on our capacity release program we've talked about on the operations side.", "audio_length_s": 7.77, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_157.wav"}, {"text": "These risks, uncertainties, assumptions as well as other information on potential factors that could affect our financial results", "audio_length_s": 7.77, "path": "6a372ea97b0b130a4d37f16b54d97909_60.wav"}, {"text": "membership would be the focus of our business management going forward. So the", "audio_length_s": 7.77, "path": "b2c4be32355b99e1a66809bd36e83dd2_94.wav"}, {"text": "of 2020. Now let's turn briefly to our financial results before opening the call up to questions.", "audio_length_s": 7.77, "path": "66f8c62a56dfd5c78625e220e4be83bc_6.wav"}, {"text": "But it is gratifying to see that some of the initiatives we are doing are working. And obviously,", "audio_length_s": 7.77, "path": "0794a2f02bbe89feb49651735bba77c5_157.wav"}, {"text": "As we've said for some time, we continually look to improve our capital structure and to lower our cost of capital.", "audio_length_s": 7.77, "path": "265e62fc569e790d8b3e58698aaab701_126.wav"}, {"text": "Thank you very much for your efforts in the first half of the year and in anticipation for your contribution", "audio_length_s": 7.77, "path": "ea60900258f99d1003ab247c506e42d9_120.wav"}, {"text": "We do not undertake to update our forward-looking statements as a result of new information or future events or developments.", "audio_length_s": 7.77, "path": "191c819db03c2dfd0207cd1f42e278a4_1.wav"}, {"text": "it would essentially mean -- the high end of our guidance at this point would essentially mean that we'd be flat organically versus last year for the rest of the year,", "audio_length_s": 7.77, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_139.wav"}, {"text": "So I think the elements of growth are present in our regional strategy.", "audio_length_s": 7.77, "path": "75eb5b75bb8587b63c318714ea956b9e_68.wav"}, {"text": "is that the only region where they are used? Or are we using them as well in more temperate regions?", "audio_length_s": 7.77, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_262.wav"}, {"text": "is part of that a function of -- and I assume these are some of the local brands that you got via Cadbury,", "audio_length_s": 7.77, "path": "9b697782ea80be97854f35d6fc62c93a_118.wav"}, {"text": "All of this occurred despite a relatively warm winter in many areas of the country and particularly in the Northeast.", "audio_length_s": 7.77, "path": "74d0910b4af16f82a812bddbb151d966_59.wav"}, {"text": "Before we begin our formal remarks, we need to remind everyone that today's discussion will include forward-looking statements within the meaning of the federal securities", "audio_length_s": 7.77, "path": "a7228e39e0d5f04dfba28fe3477e034a_27.wav"}, {"text": "We confirm our target for the mid-term to reach a position in the top tier of the specialty chemicals industry.", "audio_length_s": 7.77, "path": "9aeced6a84c2436e62dd21d1441d0bb4_162.wav"}, {"text": "in the coming months there are certain opportunities there that we will be bidding on,", "audio_length_s": 7.77, "path": "ba5f13bb75329629d0c070c9014ff4f0_141.wav"}, {"text": "At a minimum, just so everybody on the call can hear his voice and just ask him to share some comments. Obviously,", "audio_length_s": 7.77, "path": "f1da65edd5f2026ffd647d496bb96ce7_73.wav"}, {"text": "We're currently planning new apparel and accessory launches in the fall including handbags, outerwear, scarves,", "audio_length_s": 7.77, "path": "741526dd2a3db996d2f22f4bcdae4be6_65.wav"}, {"text": "Our field sales and commercial operations teams are working very closely together to track the status", "audio_length_s": 7.77, "path": "c40b5d1a13169c5acf69590932a56f98_94.wav"}, {"text": "in terms of overall exposure. When you think of the changes that have been enacted to attempt to cool the market,", "audio_length_s": 7.77, "path": "87045996e7446329f1d98c909c6ca7fe_179.wav"}, {"text": "what led to this banking surprise that we've seen this quarter? I thought earlier we were quite confident of acceleration, but", "audio_length_s": 7.77, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_69.wav"}, {"text": "Recall that starting in the second quarter of 2014, we experienced a significant increase in demand for mobile equipment used in oil and gas sector", "audio_length_s": 7.77, "path": "82f5253b62614161333b038f5f9700f8_81.wav"}, {"text": "Margins were very strong. I understand the good volume leverage here. But looks like we're coming in at the high end", "audio_length_s": 7.77, "path": "92bf6fe090b6bc565cb500b688fd9173_207.wav"}, {"text": "I'm excited about the tremendous progress we've made toward that goal, and we continue to pull levers that add value to the portfolio.", "audio_length_s": 7.77, "path": "9ba83ac067a98f8b12cc480ff0691e91_3.wav"}, {"text": "The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information", "audio_length_s": 7.77, "path": "bc3fa49aaccfacb1392855627864851e_61.wav"}, {"text": "but continues to grow nicely, not only through our banking customers but through partnerships that we do through EPS, and we've talked about some of those in the past.", "audio_length_s": 7.77, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_94.wav"}, {"text": "This is a great example of the discipline required to effectively deploy the capital.", "audio_length_s": 7.77, "path": "e33785a294553de2a12d4463bf786744_9.wav"}, {"text": "in Refining to either improve yields or to access more advantaged crude one way or the other. I think the other", "audio_length_s": 7.77, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_165.wav"}, {"text": "across all categories as we started to see these new products come online in our stores. So", "audio_length_s": 7.77, "path": "7498a6630302a038bd537d192c3a44f4_27.wav"}, {"text": "and recent increases in conversion rates that resulted from reengineering student on-boarding processes and expanding student service hours.", "audio_length_s": 7.77, "path": "561ad2552e8f7fab8126e9ca75cf8c89_53.wav"}, {"text": "It's other countries like Mexico and Korea, where we have made some major increases in our export volumes. And so", "audio_length_s": 7.77, "path": "80a2ca14358172366acab4e80f3fa33b_172.wav"}, {"text": "The operator is currently working with Core's engineers on computations to assist in optimizing their future completion strategies.", "audio_length_s": 7.77, "path": "5633fe3600ee04237bbb918c56341864_30.wav"}, {"text": "in the energy states, so we're seeing more and more people bid on different jobs. But that's where we're seeing most of the competition.", "audio_length_s": 7.77, "path": "3e29586725757a72d8c143f3da2658f5_42.wav"}, {"text": "Many of our customers were moving business forward in advance of the plant shutdowns in order to meet anticipated demand.", "audio_length_s": 7.77, "path": "799c15a4a6e9e3c86374761fec31c00a_78.wav"}, {"text": "There is a more natural churn there with brokers and so forth and so some of that -- when you look at the churn, it's not any one reason. You've got a couple of different market segments.", "audio_length_s": 7.77, "path": "0cfaeed8cd93dc274845d450e921aeb6_119.wav"}, {"text": "The pure economics of wind energy are really compelling. Corporate and retail customers want to buy wind.", "audio_length_s": 7.77, "path": "ee00ebd8d782e8f124b3e142cbb74f37_65.wav"}, {"text": "Increased branding expenditures were strategically redirected from the first quarter to the second and the third quarters of the year.", "audio_length_s": 7.77, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_60.wav"}, {"text": "While shipments do not immediately translate into sales due to timing of shipments and inventory replenishment at our Richmond and Long Beach terminal,", "audio_length_s": 7.77, "path": "00dcacc7fe3cab64b14aff04a9cd0284_8.wav"}, {"text": "much more can you stack on the revenues before you do need to make anything material as far as investment in the line?", "audio_length_s": 7.77, "path": "82ccbfb62e125b146fba0f8e4347cc62_164.wav"}, {"text": "Before we begin, I would like to remind everyone that certain matters discussed in today's conference call or answers that may be given to questions asked", "audio_length_s": 7.77, "path": "382e3c8eda678694c6368e00f19c8881_19.wav"}, {"text": "Finally, we remain on track to deliver ongoing earnings solidly within our 2016 guidance range.", "audio_length_s": 7.77, "path": "919fd6c04cca92ecdf503e32f884435d_63.wav"}, {"text": "we really would like to get very much in the mode of designing one and building many, like we did in Angola.", "audio_length_s": 7.77, "path": "e0d1342ad3d27fd648b708837de08797_63.wav"}, {"text": "These competencies will be increasingly critical as competition for newly originated jumbo loans remains fierce.", "audio_length_s": 7.77, "path": "5c601f5318d5dcbe20fdd78f19c2b277_154.wav"}, {"text": "We also believe that the reduction of term debt for Green Plains improves its credit quality, which should have a positive impact on the partnership.", "audio_length_s": 7.77, "path": "09b5b62d328d3d0719b6825357fdfb48_75.wav"}, {"text": "So again, I am very positive that no one got hurt in the facility, and we had no environmental issues around that.", "audio_length_s": 7.77, "path": "812d8f09b72b4d410d138d3b24caebbc_89.wav"}, {"text": "We've changed the way we innovate quite significantly. And we're pleased to see that our innovation pipeline", "audio_length_s": 7.77, "path": "e35fae1d3df1f7aeda409f90f200ec7b_72.wav"}, {"text": "For example, where a valuer has carefully looked at a sub-regional asset and has determined that there's probably more supply than demand", "audio_length_s": 7.77, "path": "24a133abc343c813233d416b0cef96cd_212.wav"}, {"text": "Okay. And maybe just to follow up on that. I know you gave a number of pointers. But can you help lay out some of your", "audio_length_s": 7.77, "path": "72b117fb1330bda9f954a219bb5a675e_147.wav"}, {"text": "And my observation is what the company's done a very good job on over the last couple years is to recognize that and then build these", "audio_length_s": 7.77, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_123.wav"}, {"text": "or maybe sell a portion of it to a partner that has a different type of balance sheet and things where you would still have access", "audio_length_s": 7.77, "path": "648ddbbaa83d8a627c7ab752f63a80bd_27.wav"}, {"text": "what can we do to help solve the energy issues that we're facing in New York and New England?", "audio_length_s": 7.77, "path": "2cd5b184c2ef6624ce219830182927c9_52.wav"}, {"text": "I think it usually happens very quickly because what we've seen is the distributors react accordingly. So", "audio_length_s": 7.77, "path": "711d9abe4399e7184d7dd8e3273f8a71_38.wav"}, {"text": "For information on this matter, we refer you to our prior public filings. We will not be making any additional comments on this matter on this call.", "audio_length_s": 7.77, "path": "c334e290beb657ee3efcb6b2f734c81e_36.wav"}, {"text": "then you could have an integration team with inside the customer that could actually start doing the integrations.", "audio_length_s": 7.77, "path": "9826162bc1bb67bf8d65e4cf50e656e9_74.wav"}, {"text": "And that's our strategy and we're pushing into it. We should expect strong growth in that line item for quite a while.", "audio_length_s": 7.77, "path": "9826162bc1bb67bf8d65e4cf50e656e9_207.wav"}, {"text": "The proceeds from our asset sales, together with our strong operating cash flows, have reduced our financing needs for new acquisitions in this current environment.", "audio_length_s": 7.77, "path": "96488f25af54f91198b444e5eff8e878_129.wav"}, {"text": "We deployed the first phase of a new platform in October that is driving our search pages and most of our apparel product pages in English.", "audio_length_s": 7.77, "path": "21abf3409d34eea6f33336ad93662cfd_99.wav"}, {"text": "from brands that, you could say, were demand brands that had a lot of excess inventory that then created more pressure", "audio_length_s": 7.77, "path": "6cbf592846662213258684c3049e4592_198.wav"}, {"text": "When we look at our existing base of business, meaning business with existing customers, I give us strong grades. We're growing nicely.", "audio_length_s": 7.77, "path": "ffa357a084f4deb64797a0a32b8c5e33_92.wav"}, {"text": "Yes, with respect to ARPA revenue, while au ARPA is increasing and the", "audio_length_s": 7.77, "path": "1530acc3242f0ee1713e757ee06f6aa1_42.wav"}, {"text": "we recognize that this is only a beginning and that a lot more work remains to be done over the next few quarters.", "audio_length_s": 7.77, "path": "00a36b039cb49e6b99bb6d17635a3c25_200.wav"}, {"text": "Project starts for customers were delayed by both scheduling and some logistical issues, sand and water delays", "audio_length_s": 7.77, "path": "3c17ad8c6709cbb1a8f7190f567a445f_2.wav"}, {"text": "yes, the DUC count continues to climb and I'm just trying to sort through", "audio_length_s": 7.77, "path": "3c17ad8c6709cbb1a8f7190f567a445f_96.wav"}, {"text": "and we remain on track to bring Aviat to profitability this fiscal year on an adjusted EBITDA basis.", "audio_length_s": 7.77, "path": "dbf6a9009ea60e2e96772ee3ccea7226_73.wav"}, {"text": "gaining full ownership earlier and catching more of that upside make sense, given you're going to have all these proceeds coming in?", "audio_length_s": 7.77, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_34.wav"}, {"text": "The technology clearly is working for clinicians as consumable growth continues at a very healthy pace, which is a tremendous positive.", "audio_length_s": 7.77, "path": "62658bb0c3307b2b10e3668b8df73b0d_73.wav"}, {"text": "Second, the sales changes have freed up our sellers to engage in more growth activities,", "audio_length_s": 7.77, "path": "abd571ccf777ac4b0a43a7487031bc8a_218.wav"}, {"text": "Before wrapping up, I'll talk about Mexico which is an exciting development for the company.", "audio_length_s": 7.77, "path": "abd571ccf777ac4b0a43a7487031bc8a_84.wav"}, {"text": "Yes, Justin, this is Don. So at the end of the day, what we've tried to do over the last few years is to penetrate our customers across our business lines.", "audio_length_s": 7.77, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_105.wav"}, {"text": "from the artificially depressed growth this year and that you'd get back to like a GDP-ish-like number in 2019 on capacity", "audio_length_s": 7.77, "path": "910a1a60a0549a5973f42bb19b66a0ae_43.wav"}, {"text": "The decline in this volume is driving a significant unfavorable mix impact to unit margins and segment profit.", "audio_length_s": 7.77, "path": "b478d2808e90233ed994884e644a3d34_55.wav"}, {"text": "Once again, that does conclude today's conference. Thank you for your participation. You may now disconnect.", "audio_length_s": 7.77, "path": "a766b08317742c952705018a899f3998_61.wav"}, {"text": "as of June 30, 2016. The increase was primarily driven by the Samsung payment received during the quarter", "audio_length_s": 7.77, "path": "a766b08317742c952705018a899f3998_11.wav"}, {"text": "We were happy to receive continued support from previous noteholders and new investors, in addition to our preferred stockholder.", "audio_length_s": 7.77, "path": "eed99fefac02f862b3ee31c4748cb9b5_86.wav"}, {"text": "We have high expectations for our SmartReach Digital business, which we hope will grow into a meaningful player in the digital marketing solutions market.", "audio_length_s": 7.77, "path": "b49c3cda0bcd26bab06abdd492274a3e_34.wav"}, {"text": "that are nontraditional and that can make money in those categories. So I'd say, for the last 18 months or so,", "audio_length_s": 7.77, "path": "c88e296697cd72c891ffb7bf5a1a60bb_196.wav"}, {"text": "So ore volumes are now expected to increase as we aggressively expose more of the orebody in the center of the pit.", "audio_length_s": 7.77, "path": "a83cbbbd8810dc0b05f8746b36ff4c36_37.wav"}, {"text": "During the quarter, Anadarko announced a key milestone of reaching their marine concession agreements with the government of Mozambique", "audio_length_s": 7.77, "path": "3ae068efa03cd088f4d3edea682f199f_21.wav"}, {"text": "as we veered away from the 5 critical success factors, which have historically driven our success over the past 2 decades.", "audio_length_s": 7.77, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_110.wav"}, {"text": "Wireless continued to have excellent financial performance, as can be seen in the metrics, and strong Wireless postpaid growth.", "audio_length_s": 7.77, "path": "6f73dbce90cb2d313480b437f0c51bbc_35.wav"}, {"text": "Well, actually, we have -- the reason we don't have every last dollar in there is because there is some cost on the top line.", "audio_length_s": 7.77, "path": "9cd9b67e289e807d677aabc5765fec6a_181.wav"}, {"text": "We are working with our larger retail partners to improve in-stock and inventory productivity at levels at retail", "audio_length_s": 7.77, "path": "19bfb8daeb6e43d59415df478017d5c3_86.wav"}, {"text": "and relate this to the expected mine life of some of our key operations. I'll briefly cover our project pipeline", "audio_length_s": 7.77, "path": "9b84dc4409f4ecccd173c2f81a4460cc_106.wav"}, {"text": "in the way the supply stack performed that makes it kind of different than your assumptions going into the summer?", "audio_length_s": 7.77, "path": "16c235a53fc719ec92ef3b3c3b371150_136.wav"}, {"text": "I think one thing I do want to make a point about, though, is that on the remediation as it relates to the mines,", "audio_length_s": 7.77, "path": "16c235a53fc719ec92ef3b3c3b371150_291.wav"}, {"text": "Importantly, however, even though July prices did not reach the scarcity extremes that some might have expected during the July heat wave,", "audio_length_s": 7.77, "path": "16c235a53fc719ec92ef3b3c3b371150_249.wav"}, {"text": "Both are industries that we know well and we expect will realize growth and innovation opportunities in the years to come.", "audio_length_s": 7.77, "path": "744f5859c7d9a0567b387ae84326d940_136.wav"}, {"text": "okay, we really have to maximize our margin as best we possibly can. And given our model with small order sizes,", "audio_length_s": 7.77, "path": "97ddc19ecb28bab2d19fd3b181182062_195.wav"}, {"text": "Going forward, we expect prices for these products to remain fairly steady with current levels due to in large part,", "audio_length_s": 7.77, "path": "97ddc19ecb28bab2d19fd3b181182062_20.wav"}, {"text": "in terms of our share in telephony or the mix in general. But what I can say to that end", "audio_length_s": 7.7400625, "path": "cc82e791c065bdc271addf355bac274f_77.wav"}, {"text": "Finally, I'd like to thank all of our dedicated employees for their unwavering focus on the safety and comfort of our customers", "audio_length_s": 7.74, "path": "7ad622c38e1f0e472ca166e2ad70844d_56.wav"}, {"text": "kind of unique customer dynamics that actually happened in the third quarter of last year when this EU roaming regulation actually went into effect.", "audio_length_s": 7.74, "path": "139f0a6300f504b3e8673e39b0429161_123.wav"}, {"text": "Our ability to efficiently target solid tumors has grown substantially over the past year, so we will also discuss this in some depth.", "audio_length_s": 7.74, "path": "e2b2a746a7a2cd752c92ccfab257cfca_49.wav"}, {"text": "This is a great example of the power of our platform, products and brand all working together to drive real financial benefit.", "audio_length_s": 7.74, "path": "f3ea353a6c918bc1fd311a9cad6b9777_19.wav"}, {"text": "a transfer to the industry. You said that the conversations are", "audio_length_s": 7.74, "path": "0db71632fa65f1d166f14cb8593c4690_11.wav"}, {"text": "This analysis makes sense given the fact that we naturally are in the process of deploying the new equity proceeds.", "audio_length_s": 7.74, "path": "ab861b81968e1b5fcb606ed886919d68_8.wav"}, {"text": "during the Capital Markets Day, and this is not partnering related. So we are still expecting this to occur", "audio_length_s": 7.74, "path": "a95a220f118ae793c89d6d708e62cf8a_118.wav"}, {"text": "We anticipate that this is likely to have a positive impact on aggregate demand for the foreseeable future.", "audio_length_s": 7.74, "path": "e274d02ea943c0a74779950fe28e839d_139.wav"}, {"text": "I think that's something we need to take a hard look at and we don't want to ad lib it on the call. But it's a very, very, good question", "audio_length_s": 7.74, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_36.wav"}, {"text": "And in terms of whether we can go in the black in the second half of 2018, that is our plan and we stand by our plan", "audio_length_s": 7.74, "path": "95962e0f754f9e2f786778c85d0913b8_193.wav"}, {"text": "Of all the studies we've ever done, I've never seen enthusiasm for a trial at BioCryst like I've seen for this one.", "audio_length_s": 7.74, "path": "2602edddc3363eadcaafe1c33271f3e4_193.wav"}, {"text": "makes us continue to try and be agile and deliver great value for customers in a cost-effective way and", "audio_length_s": 7.74, "path": "264e575b73bc2a485bee416c1ac10cee_103.wav"}, {"text": "Mark provided a perspective on total incremental spending on security and technology transformation over the 2018 to '20 period.", "audio_length_s": 7.74, "path": "0755f4b74dda585f3975c7d8208b1598_200.wav"}, {"text": "What's interesting is you do see a tremendous amount of new recruits on Connect", "audio_length_s": 7.74, "path": "7e14890193df4b10e1eeab6ab886529f_212.wav"}, {"text": "guiding to 300 basis points improvement in '18, it just shows how well this business model responds", "audio_length_s": 7.74, "path": "7e14890193df4b10e1eeab6ab886529f_168.wav"}, {"text": "loss and loss adjustment expenses declined. I think you might -- went over a little bit in your comment, can you go over it again, please?", "audio_length_s": 7.74, "path": "3180572bc2da758668c19200930e1bc4_50.wav"}, {"text": "Importantly, revenue growth accelerated in the fourth quarter, and our productivity initiatives continued to gain traction.", "audio_length_s": 7.74, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_132.wav"}, {"text": "We're going to now roll up our sleeves. We're going to get back to work, and we look forward to providing a positive progress report on our next earnings call.", "audio_length_s": 7.74, "path": "04f29bc02d1e2ef65077ca67bf41f475_234.wav"}, {"text": "Before going through each segment, let me say again for the second quarter in a row that our U.S. business in total is doing very well.", "audio_length_s": 7.74, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_58.wav"}, {"text": "our organic growth is somewhat below what we estimate as the market growth, so I tick that off as a yellow.", "audio_length_s": 7.74, "path": "14f3d2486b21e639a953afb7ad03d90c_85.wav"}, {"text": "This dynamic, along with the successful release of Digital Content Ratings this month and increasing demand for our Video On Demand measurement,", "audio_length_s": 7.74, "path": "8b71a232d7fe61e6232807b635977c31_213.wav"}, {"text": "We expect to fully combine our Irvine operations into the Aliso Viejo facility around the end of the year.", "audio_length_s": 7.74, "path": "8bbc2f54137b794265dfb01f1559868d_104.wav"}, {"text": "and potentially, the drilling of a new well, all of which will target most the Cretaceous and tertiary reservoirs. We will", "audio_length_s": 7.74, "path": "e1f462455d6c826d9c173c35d4844383_14.wav"}, {"text": "focus people on realized income, and we want to simplify the lens that people are thinking about our business and seeing it through.", "audio_length_s": 7.74, "path": "1b91eb82f5211000e711424657cc2484_233.wav"}, {"text": "it was to a lesser degree. And the reason is that in both of those areas, and I referred to this,", "audio_length_s": 7.74, "path": "c4dc8f962a85aa47af50f82845f550e2_70.wav"}, {"text": "As we turn to the next slide, this chart compares our performance in the first quarter to the results of the fourth quarter of last year.", "audio_length_s": 7.74, "path": "6616e76da46baea11d6032fc063716c1_31.wav"}, {"text": "We updated our guidance for the second half of the year in order to better reflect our evolving business model.", "audio_length_s": 7.74, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_103.wav"}, {"text": "had a smaller operating loss in Q2, and we are optimistic that the benefits of an improved sales backlog will drive this segment to profitability", "audio_length_s": 7.74, "path": "145244b0378e6657d456cffca8bbc982_105.wav"}, {"text": "in the marrow is really dependence on transfusion. And as such, they are asking us to see", "audio_length_s": 7.74, "path": "2a5b0a6532fa2b71915a2930be02621a_52.wav"}, {"text": "We have programs running there. And again, also the additional capacity that will come in will help us to get", "audio_length_s": 7.74, "path": "cfbe91105113db7a5784f77e411b7a3f_173.wav"}, {"text": "gradually migrating that, whilst at the same time, we will introduce the new mail route", "audio_length_s": 7.74, "path": "fa45af64ef25007f998c655347bfbecb_281.wav"}, {"text": "stores in Ontario, how that's worked out, whether it adds anything or builds traffic or what's your early view of it is.", "audio_length_s": 7.74, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_41.wav"}, {"text": "what I wanted was just to explain the rationale behind that, but I must say that", "audio_length_s": 7.74, "path": "cc82e791c065bdc271addf355bac274f_179.wav"}, {"text": "This includes a couple of very significant wins for us in Madrid and Rio de Janeiro, which I'll come on to in a moment.", "audio_length_s": 7.74, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_71.wav"}, {"text": "to try to bring that International business to where we see steady continuous improvement in the profitability as we move forward.", "audio_length_s": 7.74, "path": "23eff4c724ee00f56319fcc47add3441_112.wav"}, {"text": "which demonstrates how well the organization can operate through the cycle. It gives me great confidence that we are on the right side of the growth curve", "audio_length_s": 7.74, "path": "23eff4c724ee00f56319fcc47add3441_5.wav"}, {"text": "Below the line. So what can we tell you about what's happening below the line? So some", "audio_length_s": 7.74, "path": "d261e09fa176510406c0d05eeedfc8f8_35.wav"}, {"text": "and operator to be aware of the latest technologies and the capabilities of those technologies so", "audio_length_s": 7.74, "path": "8957425799e5ce0200bfacf204d0acde_49.wav"}, {"text": "Her expertise and insights will be a valuable addition to the Fluidigm team, particularly as we pursue increased penetration in pharma customers.", "audio_length_s": 7.74, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_25.wav"}, {"text": "except as may be required by law. During the call, we will also present some financial information on a non-GAAP basis.", "audio_length_s": 7.74, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_3.wav"}, {"text": "strong activity in the German transportation infrastructures markets will last, notwithstanding the", "audio_length_s": 7.74, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_139.wav"}, {"text": "Based on what we've seen, it's clear that the fourth quarter was a significant step in that direction as our results speak for themselves.", "audio_length_s": 7.74, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_117.wav"}, {"text": "Our ability to take on these stronger volumes was aided by the expansion of our heavy haul fleet capacity with the investment in growth capital", "audio_length_s": 7.74, "path": "f314d55f20e7186f4cd0e41e32ec144b_107.wav"}, {"text": "We also have an employee base that knows the automotive industry as well, if not better, than anyone else in our space.", "audio_length_s": 7.74, "path": "e56726c7aedd69029957c84128050700_78.wav"}, {"text": "And does that imply that in future quarters, we should see some sort of similar expansion?", "audio_length_s": 7.74, "path": "655d592e9d1b1027f1824b1554d8b131_90.wav"}, {"text": "Firstly, lettings and contracts, as Lawrence said, we've had very good momentum on leasing and letting across the year", "audio_length_s": 7.74, "path": "6e3037e770ba5e0dfc98e3223986aad2_58.wav"}, {"text": "But I think it's pretty clear the kind of demand framework and the kind of way that we're looking to deploy our capital", "audio_length_s": 7.74, "path": "bbe852c8c3f7827e31f31a56bc72b7da_122.wav"}, {"text": "as a CEO, what you need to do is be very clear about the directions we're going, be very clear about how you measure performance and ask the right questions.", "audio_length_s": 7.74, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_259.wav"}, {"text": "and resulting demand against the constrained supply is forcing rents higher on a global scale, as you will see from our slides.", "audio_length_s": 7.74, "path": "616e9ba16db091317ae4d96e877a9bbe_199.wav"}, {"text": "Over the past year, we have faced many challenges, but our team is thriving and we are well on our way to becoming a strong public company.", "audio_length_s": 7.74, "path": "87753115961242d7035b7938c7e4dea1_28.wav"}, {"text": "We have some demographic factors and also the retirement issues Roman talked about.", "audio_length_s": 7.74, "path": "38b2f94da12bbf2d32246763aab8265a_106.wav"}, {"text": "in order to balance growth and our profitability targets. These actions led to a slow start to originations in the fourth quarter.", "audio_length_s": 7.74, "path": "ea97a179f1be386d6cd36637ae70a1fc_132.wav"}, {"text": "if it wasn't for the benefit of things like the renewables. We do invest in the bank on life insurance, and we also have", "audio_length_s": 7.74, "path": "0899e07f70a6e5be842fb6e22a3fafe9_57.wav"}, {"text": "In addition to our technology products, we continue to recognize benefits from the water-related acquisitions completed over the last few years.", "audio_length_s": 7.74, "path": "1d2ff648e4a30fa5555a7ab85bf60190_11.wav"}, {"text": "it was a relatively unknown supplier they were doing it with and a relatively uncompetitive deal that they were offering. So", "audio_length_s": 7.74, "path": "5664a96b7f1182d037b901d84eeb4fd6_161.wav"}, {"text": "in the next 5 years. And so when I talk about aggressive, we're saying we're going to do everything in the next 5 years that we did in the first 15 years.", "audio_length_s": 7.74, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_186.wav"}, {"text": "we believe this level of investment provides the right balance of investing for organic growth while still delivering operating leverage.", "audio_length_s": 7.74, "path": "8a77ceadd7e4729abc9102d38be3a227_69.wav"}, {"text": "In emerging markets, the key points we watch are the affordability of our products for consumers and the actions of local competitors.", "audio_length_s": 7.74, "path": "47b1a118c53956b23f1d687a75f3e5ba_254.wav"}, {"text": "so we are building greater flexibility in our organization to bring innovation to market faster than ever before.", "audio_length_s": 7.74, "path": "47b1a118c53956b23f1d687a75f3e5ba_93.wav"}, {"text": "And we will invest in training our global associates to arm them with the skills to succeed in tomorrow's workplace.", "audio_length_s": 7.74, "path": "3df0981a2d94ed56170b78330aa72ee9_191.wav"}, {"text": "It is important to note that our large Enterprise delivery business is the least profitable part of our global operations.", "audio_length_s": 7.74, "path": "6a372ea97b0b130a4d37f16b54d97909_68.wav"}, {"text": "and all the engine manufacturers have the same hooks as we do in terms of knowledge and intellectual property in the engines.", "audio_length_s": 7.74, "path": "7bc22aba9bc29d69ee10cc60db7903d8_156.wav"}, {"text": "And the other thing to keep in mind is this is not just an HPE thing. This is an industry thing. So how will the competition in the industry", "audio_length_s": 7.74, "path": "6c43a32379bfc34fc8cfe84ff94d6498_98.wav"}, {"text": "We have a new leader in place since January in that business for retail Germany overall,", "audio_length_s": 7.74, "path": "b305bff75f28d238f0bd7da5bd4f13b8_201.wav"}, {"text": "This increase is primarily driven by the increase in the number of Corporate restaurants, including the addition of St-Hubert and Original Joe's,", "audio_length_s": 7.74, "path": "0794a2f02bbe89feb49651735bba77c5_87.wav"}, {"text": "The collaboration task has been coming in different fronts and different forms.", "audio_length_s": 7.74, "path": "e271ed845347e9c930ab0a44eb7785da_25.wav"}, {"text": "we've managed to balance our initiatives with rectifying some of the core issues we faced in the prior year,", "audio_length_s": 7.74, "path": "ea60900258f99d1003ab247c506e42d9_107.wav"}, {"text": "The slight decrease was driven by higher research and development expense as well as end of the year physical inventory adjustments.", "audio_length_s": 7.74, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_17.wav"}, {"text": "the government is taking measures to improve quality of generic products, which will help grow generics.", "audio_length_s": 7.74, "path": "58d5f604300a30c0c5bd9aa57d207478_40.wav"}, {"text": "so the strong contribution from -- margin-wise from project volumes as we've seen in a couple of quarters before,", "audio_length_s": 7.74, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_24.wav"}, {"text": "distribution, this is something we will share with you as part of the strategic plan because we have done a very detailed review", "audio_length_s": 7.74, "path": "8cd753ed00aeee0ed32d03823eef3f7e_180.wav"}, {"text": "that demand a very high level of service and a very comprehensive", "audio_length_s": 7.74, "path": "75eb5b75bb8587b63c318714ea956b9e_149.wav"}, {"text": "The connection of subsea field wells is ongoing and is expected to complete by December.", "audio_length_s": 7.74, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_63.wav"}, {"text": "in part, reflecting early benefits of Sunrise although partly offset by increased incentive compensation costs.", "audio_length_s": 7.74, "path": "5ea42ed8ea9a65bd01aaabb678685483_157.wav"}, {"text": "what are some examples of how the economic weakness is causing you to revisit your marketing plans, if at all, whether it be", "audio_length_s": 7.74, "path": "9b697782ea80be97854f35d6fc62c93a_61.wav"}, {"text": "As expected, higher prices were the key driver, contributing about 7 percentage points of growth.", "audio_length_s": 7.74, "path": "9b697782ea80be97854f35d6fc62c93a_137.wav"}, {"text": "what we were doing was working and was getting the results, not only just results, but the results we wanted.", "audio_length_s": 7.74, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_47.wav"}, {"text": "By the end of the year, we will also finalize the group meeting space design and will evaluate the timing of any future development at the property.", "audio_length_s": 7.74, "path": "a7228e39e0d5f04dfba28fe3477e034a_92.wav"}, {"text": "is there any talk of the government loosening the constraints on currency conversion into dollars?", "audio_length_s": 7.74, "path": "333d478ab06fd400afafa68f4a952191_78.wav"}, {"text": "This is an attractive site in a national capital city, and we'll be deliberate in our approach to generate the greatest long-term value.", "audio_length_s": 7.74, "path": "e2225d612a954a24e7e91c08215d7b51_59.wav"}, {"text": "So in conclusion, despite the challenges resulting from the 3 hurricanes, our team has produced another excellent quarter.", "audio_length_s": 7.74, "path": "1949bd0c9c4c23d495d880c4c552bfe1_80.wav"}, {"text": "just curious how to think about where that margin will shake out in the first quarter and how to think about, if you can", "audio_length_s": 7.74, "path": "f13362f70e41d74f3fda8d7dfb19f09e_157.wav"}, {"text": "Now with tax-efficient access to our significant global free cash flow, we see great opportunity in all 3 of these areas.", "audio_length_s": 7.74, "path": "1e756fc5d265eea3ff8e2e31c29826ae_213.wav"}, {"text": "to significant known and unknown uncertainties and changes in circumstances, many of which are beyond our control.", "audio_length_s": 7.74, "path": "33ed8514914fae6825997843290fe049_23.wav"}, {"text": "So obviously, that positions us extremely well as they move towards production and the test systems that will follow.", "audio_length_s": 7.74, "path": "9e07401011239a074ff66741ee557224_28.wav"}, {"text": "We remain optimistic on the long-term opportunity related to domestic energy production and the need for mobile products that are essential for these activities.", "audio_length_s": 7.74, "path": "82f5253b62614161333b038f5f9700f8_235.wav"}, {"text": "Yes. And so we absolutely saw a healthy increase in pricing. And I'll tell you, I think the majority of that is due to weather. We had", "audio_length_s": 7.74, "path": "735a523f1ef6500b7aa97a2536d9c4fd_216.wav"}, {"text": "you're not seeing anything other than normal seasonal increases in harvest costs and that's part of what is driving the sequential", "audio_length_s": 7.74, "path": "735a523f1ef6500b7aa97a2536d9c4fd_151.wav"}, {"text": "So as a consequence of that, I certainly believe that this set of numbers is best interpreted as two chapters", "audio_length_s": 7.74, "path": "dffe8257f781608bb17bb637249e4d2a_4.wav"}, {"text": "Turning to expenses, we increased our forecast on cost management in a slowing revenue growth environment.", "audio_length_s": 7.74, "path": "dffe8257f781608bb17bb637249e4d2a_104.wav"}, {"text": "at what we are focusing on over the medium to longer term and our medium- to longer-term financial targets as a consequence of that.", "audio_length_s": 7.74, "path": "dffe8257f781608bb17bb637249e4d2a_304.wav"}, {"text": "region in the world, except with the possible exception of China, where we are not gaining share.", "audio_length_s": 7.74, "path": "92bf6fe090b6bc565cb500b688fd9173_37.wav"}, {"text": "Firstly, the outlook for both the existing home and new housing market segments in Australia and New Zealand is to remain relatively bland.", "audio_length_s": 7.74, "path": "33fd8a867dbd88a837e541b1d2b25ea5_25.wav"}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 7.74, "path": "5b0a12e70a31041016a008c29a6d2bb1_87.wav"}, {"text": "We refer all of you to the company SEC filings for a more detailed discussion of the risk factors that could cause these differences.", "audio_length_s": 7.74, "path": "5b0a12e70a31041016a008c29a6d2bb1_45.wav"}, {"text": "organic and the inorganic coming through to help drive that. And as that kind of flows through to earnings,", "audio_length_s": 7.74, "path": "8cfc2a9aace5078f22a83c782b9d41f7_153.wav"}, {"text": "As permitted by first-time adoption regulation, the charge associated with the increase in allowances was taken against our equity account.", "audio_length_s": 7.74, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_17.wav"}, {"text": "But the direction is very exciting, and for me, seeing how these new approaches resonate with customers", "audio_length_s": 7.74, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_44.wav"}, {"text": "but should not be considered superior to, as a substitute for and should be read in conjunction with the GAAP financial measures for the period.", "audio_length_s": 7.74, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_189.wav"}, {"text": "Going forward, we see continued opportunity in examining how customers use the various channels in their shopping journey", "audio_length_s": 7.74, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_200.wav"}, {"text": "given your -- the number of programs that you've got and given the ability to understand how multiple therapies can be used into the future,", "audio_length_s": 7.74, "path": "f542ab325f47ed150e28888da2f85871_128.wav"}, {"text": "We expect our new insurance written will stabilize around that level, with potential for modest growth over the next 12 to 18 months.", "audio_length_s": 7.74, "path": "130e8e56c1afa2419fd0c08708261824_153.wav"}, {"text": "while EBITDA margins increased by 50 basis points at the midpoint to a new range of flat", "audio_length_s": 7.74, "path": "b4fc31ae6403a17b15c30d3ec3b82487_177.wav"}, {"text": "We also anticipate stronger transient demand and remain positive about the outlook for the rest of the year.", "audio_length_s": 7.74, "path": "b4fc31ae6403a17b15c30d3ec3b82487_18.wav"}, {"text": "of our sales and service teams, our product strength and financial performance, and I appreciate the great work of our Paychex employee team.", "audio_length_s": 7.74, "path": "0dec9a606303da3039d11eec4ec9bd86_4.wav"}, {"text": "is the very, very large industrial gas projects around the world driven by demand for more energy,", "audio_length_s": 7.74, "path": "e33785a294553de2a12d4463bf786744_76.wav"}, {"text": "they appreciate the differentiation, or is this a market where we're going to have to think about deep discounts to get preferred status?", "audio_length_s": 7.74, "path": "c36ef43210d40b0d1ad8f2acc597c76b_142.wav"}, {"text": "because we have so many variable components, like our fixed income business, that make it hard to ever reconcile back to that.", "audio_length_s": 7.74, "path": "8635f950dc44da3fcad542b2c066bedf_23.wav"}, {"text": "our investment in Nashville in the music industry and the bankers that have come on board to help us build that business.", "audio_length_s": 7.74, "path": "8635f950dc44da3fcad542b2c066bedf_236.wav"}, {"text": "for the future of DST. And we're confident we have the right strategy in place and the right team executing to deliver on our objectives.", "audio_length_s": 7.74, "path": "d74cec1fb73e1b1134bfa7152762ad80_16.wav"}, {"text": "These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions.", "audio_length_s": 7.74, "path": "e7d23208b973f7998b2fb21a00d87849_1.wav"}, {"text": "We continue to work cooperatively with the permitting authorities, state agencies, elected officials and the public to bring these projects into service.", "audio_length_s": 7.74, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_116.wav"}, {"text": "But we believe we can still talk to this via our medical liaisons based on", "audio_length_s": 7.74, "path": "9c67fafcb51925dcbaa570283fe01701_92.wav"}, {"text": "We value Anthem as a client, and we very much would like to continue working with them for the long term.", "audio_length_s": 7.74, "path": "0cfaeed8cd93dc274845d450e921aeb6_138.wav"}, {"text": "namely lower input cost, manufacturing cost savings and higher capacity utilization.", "audio_length_s": 7.74, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_148.wav"}, {"text": "On the flip side of all that, I continue to be very impressed with our entire sales support team", "audio_length_s": 7.74, "path": "9908957f60adff5efc1c8692a0f5ab38_188.wav"}, {"text": "as well business and financial meetings has increased substantially in 2018 already and with global reach.", "audio_length_s": 7.74, "path": "c5120d9702331edaf23bb6e639df0a70_43.wav"}, {"text": "the post-acute management risk of these patients off of their plate. We believe that, that", "audio_length_s": 7.74, "path": "b126c31149f1cadf1d891082a187d6fc_221.wav"}, {"text": "Should we expect for the full year that you can keep growing double digits, obviously, understanding you're going to have 1 less week next year than you did this year?", "audio_length_s": 7.74, "path": "68862e23c71ce741719b7bd99a6c44d6_17.wav"}, {"text": "we could be facing a more moderate growth in U.S. shale production in the coming years than what the most optimistic views have been suggesting.", "audio_length_s": 7.74, "path": "bfb0fac9575cd0820a660f2577199468_72.wav"}, {"text": "The impact of spread widening was cushioned by our modest leverage and by the overall resiliency of our credit-focused portfolio,", "audio_length_s": 7.74, "path": "5c601f5318d5dcbe20fdd78f19c2b277_53.wav"}, {"text": "I think it'd be too early of a reaction. And again, I want to reiterate. We're still very positive about the Asia growth platform for us.", "audio_length_s": 7.74, "path": "812d8f09b72b4d410d138d3b24caebbc_147.wav"}, {"text": "The same can be said of Diego, who in a short period of time has demonstrated strong leadership and domain expertise.", "audio_length_s": 7.74, "path": "b6688f44b91606fbd75a6d66e94d4e4b_85.wav"}, {"text": "We continued to make progress in the business segment this quarter, although the challenges mentioned in previous quarters remained.", "audio_length_s": 7.74, "path": "ae5a41fe3b3d515713608c5ac878eed3_154.wav"}, {"text": "Cost reductions were quite effective. Are there any special factors,", "audio_length_s": 7.74, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_86.wav"}, {"text": "but for patients that really realize the full benefit of the drug and then realize the benefits, particularly in the abdominal symptom relief,", "audio_length_s": 7.74, "path": "794528c461ef7009b1741ac67c17aba4_32.wav"}, {"text": "Inventory will probably go up now in the next quarter as we prepare for the big fourth quarter, as many of you who follow us know.", "audio_length_s": 7.74, "path": "fb03ff65af8e5f80abd090abeaf767cf_103.wav"}, {"text": "and then I will take the liberty to talk about the progress we have made in implementing our strategy and recent changes", "audio_length_s": 7.74, "path": "407fee9910ab57874978cf85a89b1d9d_231.wav"}, {"text": "We have seen some increases in service cost, particularly on the completion side. But we're still comfortable with this range for now.", "audio_length_s": 7.74, "path": "243e9a046160bfbf82be702927a4df22_84.wav"}, {"text": "We've incorporated the modern food attributes millennials value into our iconic brands to reimagine our frozen portfolio.", "audio_length_s": 7.74, "path": "b0d88c0f1efca89ecb928172341dc75d_9.wav"}, {"text": "However, my confidence in our ability to deliver sustainable, profitable growth for investors with this acquisition is unwavering.", "audio_length_s": 7.74, "path": "b0d88c0f1efca89ecb928172341dc75d_114.wav"}, {"text": "And finally, I've spoken in the past about enterprise contracting and our ability to leverage our increasing scale and breadth.", "audio_length_s": 7.74, "path": "72b117fb1330bda9f954a219bb5a675e_66.wav"}, {"text": "That begets inflation. It drives up our raw materials in that market, and we've got to get pricing to offset that, which we're doing", "audio_length_s": 7.74, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_72.wav"}, {"text": "down modestly worse year-on-year than the third quarter simply because the fourth quarter comps of last year included", "audio_length_s": 7.74, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_139.wav"}, {"text": "as a chemical feedstock. The world is short on propylene and more and more of our customers are investing", "audio_length_s": 7.74, "path": "e552924838fe493d3cc967dd0c5c4563_141.wav"}, {"text": "the number is lower because Berkeley Point carries with it a lower compensation ratio because it's a different kind of business.", "audio_length_s": 7.74, "path": "c2bad61ce58687fad602549f6048004b_19.wav"}, {"text": "we actually had a sales decline from Q2 to Q3. And then the second reason is that we did have some", "audio_length_s": 7.74, "path": "9fb4423a70358ef22be9982299969f7a_207.wav"}, {"text": "that market would weaken up a little bit and it did. We think longer term, we think Lighting continues to be a positive market", "audio_length_s": 7.74, "path": "9fb4423a70358ef22be9982299969f7a_33.wav"}, {"text": "In general the advisors, and if you relate specifically to the advisors that are", "audio_length_s": 7.74, "path": "6daa2d0829057899b014b06c36e1d54b_35.wav"}, {"text": "Our second strategic priority is to execute on acquisitions at post-synergy multiples that are well below our trading multiple.", "audio_length_s": 7.74, "path": "1d021dfadd51998ac079e1df49929c60_8.wav"}, {"text": "And I am certain, more certain than ever, that there is a significant opportunity for Phoenix to generate further value", "audio_length_s": 7.74, "path": "6299a010c7bb84feaf14b263750dbd1a_31.wav"}, {"text": "Looking to the future, Phoenix is starting from a solid base and is well placed for that future.", "audio_length_s": 7.74, "path": "6299a010c7bb84feaf14b263750dbd1a_1.wav"}, {"text": "as well as our valuation. So there's nothing that we're not going to be looking at per se from a strategic perspective.", "audio_length_s": 7.74, "path": "dbf6a9009ea60e2e96772ee3ccea7226_91.wav"}, {"text": "And therefore, we had that anticipated in really first half of '17, but that was brought forward a little bit earlier than we anticipated", "audio_length_s": 7.74, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_34.wav"}, {"text": "of maximum transparency on the acquired companies from day 1. We call it accountability concept.", "audio_length_s": 7.74, "path": "411bdacf05f84134fc80b874a15cf3b7_187.wav"}, {"text": "again, really solid performance. Can you just give us some details on the sources of growth either by geography or initiatives or products?", "audio_length_s": 7.74, "path": "ef7e77f6a5983826d0eefe75f7832ce6_161.wav"}, {"text": "and technology showcase that brings together manufacturers, integrators and wireless professionals from across the industry.", "audio_length_s": 7.74, "path": "a756bd9ba43faae4d9d0f059925e39e9_52.wav"}, {"text": "improving profitability and delivering higher returns on invested capital is definitely gaining momentum.", "audio_length_s": 7.74, "path": "af146425f68dd8e32f31878389746637_61.wav"}, {"text": "We are also expanding our advisory platform and product offerings as well as working to increase our number of investment advisers.", "audio_length_s": 7.74, "path": "bcb3aac2c7cc035961d9ee8cfd330044_120.wav"}, {"text": "That's real money in the pockets of the middle market that will positively impact our ability to recruit people as well as make sales.", "audio_length_s": 7.74, "path": "bcb3aac2c7cc035961d9ee8cfd330044_142.wav"}, {"text": "The structured way that we're approaching helping our clients structuring the way we deliver our advice", "audio_length_s": 7.74, "path": "bf99037f89cd485f95f097842619a0c7_216.wav"}, {"text": "related to estimated losses for litigation matters partially offset by Sandpiper asset liquidation gains.", "audio_length_s": 7.74, "path": "1096d26129c469524041c969a684f8ae_4.wav"}, {"text": "We received initial responses from numerous potential buyers and received multiple indicative bids in mid-September.", "audio_length_s": 7.74, "path": "3ae068efa03cd088f4d3edea682f199f_109.wav"}, {"text": "While we are still very early in the rollout, we are optimistic about the potential to unlock additional growth with the redesign of our application.", "audio_length_s": 7.74, "path": "30a142fac5a62ab00227cb6a339a6226_67.wav"}, {"text": "With this payment in full of the surplus notes, the company now no longer needs to obtain the consent", "audio_length_s": 7.74, "path": "a85c54c77dd2524eedab1287ea3ceff4_44.wav"}, {"text": "the clients who are in for the long run don't have to worry about other clients withdrawing and screwing up the cash flow", "audio_length_s": 7.74, "path": "76b892bf017891d7028256847747227c_178.wav"}, {"text": "reflecting mixed performance in private assets and strength in some public equities and energy-related debt securities.", "audio_length_s": 7.74, "path": "76b892bf017891d7028256847747227c_141.wav"}, {"text": "Within our retirement plan services business, we benefited in 2015 from a number of large projects in our actuarial business.", "audio_length_s": 7.74, "path": "1bb9219ad31877175e18e8e48ff2f63c_34.wav"}, {"text": "as well as our ability to make significant investments in new equipment and facilities to support this growth.", "audio_length_s": 7.74, "path": "97ddc19ecb28bab2d19fd3b181182062_159.wav"}, {"text": "as a percentage of our total revenues. I think our revenues for services will still be,", "audio_length_s": 7.7399375, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_121.wav"}, {"text": "We have advanced the process of bringing Lakeland products online, which we view as providing us with opportunities for sales growth", "audio_length_s": 7.7399375, "path": "a44c74bdc01aa7e317addc11f2274e11_9.wav"}, {"text": "I think you said it's going to be flat this year. Do you expect Gateways, given the projects that you on", "audio_length_s": 7.71, "path": "10a419054cf3cc5d4ca00b7f338cc73b_108.wav"}, {"text": "So we will grow our cardiovascular and vein modalities in all of our markets appropriately.", "audio_length_s": 7.71, "path": "e23e3aabab4b12e359bc92a480c2d294_52.wav"}, {"text": "Sure. Let me start by saying that we're really pleased with the progress we've made in Global Credit. And Look, this is a major strategic", "audio_length_s": 7.71, "path": "6388da88b00ebc88af59435bdac74132_262.wav"}, {"text": "Second, I think we've proven our thesis that our market is much bigger than international business travelers,", "audio_length_s": 7.71, "path": "55cbaf368288111ebc2ccadb61e3bd34_182.wav"}, {"text": "We were cautiously optimistic but pleased with the increase related to the flu business. We don't want to be known as the company that only", "audio_length_s": 7.71, "path": "b40ab385cca0095fc17f5310045ca5d2_51.wav"}, {"text": "by kind of -- in some way that virtual capacity that's building and the success our partners are seeing, which we think is really goodness for", "audio_length_s": 7.71, "path": "47d77b15189fadcc76113a2f7800ba28_62.wav"}, {"text": "install and operate the platform and get initial workloads on very quickly. We find that if they get the platform operational and", "audio_length_s": 7.71, "path": "47d77b15189fadcc76113a2f7800ba28_108.wav"}, {"text": "the basis for filing supplements in the context of having multiple reviews. And maybe if I could elevate just a little bit, I would say that", "audio_length_s": 7.71, "path": "f0ce0d97cf62c9076226e0aeeb550493_96.wav"}, {"text": "We look at returns on investments. So we have significantly over the last few years stepped up our level of advertising. Why? It's working.", "audio_length_s": 7.71, "path": "d28b2b09c127b5be033738aa3cd380b3_192.wav"}, {"text": "Going forward, we have identified and addressed several areas within our billing and collection process that have been enhanced.", "audio_length_s": 7.71, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_9.wav"}, {"text": "We view it as our civic duty after making all necessary preparations and ensuring that safety will not be compromised", "audio_length_s": 7.71, "path": "abd0f750609f1263b566f0c09b981a16_58.wav"}, {"text": "And the charge in the fourth quarter was essentially a full charge-off of an unsecured portion of a loan, so both of those are gone.", "audio_length_s": 7.71, "path": "2d7efae3f89647d6468deed3b73bf98a_58.wav"}, {"text": "more variety in terms of the offering. Customers do expect that they have an opportunity to", "audio_length_s": 7.71, "path": "65d5a09c659f6809931dc62aa7a9eaad_175.wav"}, {"text": "while it might not have a completely fixed rate of predictability, we know that that's ongoing. We've built technology over the last few years that helps", "audio_length_s": 7.71, "path": "e824f4380f8203a1e3ed60e7da1e39e5_156.wav"}, {"text": "As a reminder, heavy industry includes sales to agriculture equipment OEMs, which has been a weaker area of the market.", "audio_length_s": 7.71, "path": "67716cee321d117b0318930dd142f06a_188.wav"}, {"text": "and have entered into an agreement with Colonial Pipeline to improve and upgrade our connection.", "audio_length_s": 7.71, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_74.wav"}, {"text": "and still have a very conservative distribution coverage. So", "audio_length_s": 7.71, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_28.wav"}, {"text": "and continue to be encouraged by the growth momentum. So getting growth in fourth quarter", "audio_length_s": 7.71, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_54.wav"}, {"text": "required subjects to attend a clinic or a hospital when they had an attack, necessitating sometimes long delays before treatment.", "audio_length_s": 7.71, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_8.wav"}, {"text": "including use of our integrated Deluxe Marketing Suite across all customers and channels,", "audio_length_s": 7.71, "path": "04f29bc02d1e2ef65077ca67bf41f475_89.wav"}, {"text": "It's just that going into the third quarter we were expecting such a pickup. And I'm just trying to think if there had been", "audio_length_s": 7.71, "path": "7ec9d2889f6012c7058eb766f6de38e2_48.wav"}, {"text": "very good about the progress toward not just getting out the residual expenses but going far beyond that as we grow the company.", "audio_length_s": 7.71, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_139.wav"}, {"text": "is there any way you could give us, I guess, a little bit of guidance on what's expected from that project in 2019? If", "audio_length_s": 7.71, "path": "b34f680a9162805e0188170d6272a356_215.wav"}, {"text": "As we were ramping up in Q1, not only did we ramp up their business, but we got them on a", "audio_length_s": 7.71, "path": "c4dc8f962a85aa47af50f82845f550e2_29.wav"}, {"text": "And if I could ask one follow-up. Can you give us a sense on where you are in your programming renewal cycles", "audio_length_s": 7.71, "path": "54240e38051f2a3bb6a4e58fe55344cd_43.wav"}, {"text": "As we reiterated immediately after the announcement, the partnership continues to execute and focus on completing the growth strategy we have outlined,", "audio_length_s": 7.71, "path": "6616e76da46baea11d6032fc063716c1_47.wav"}, {"text": "communicate in much more impactful way. And we're looking for ways in some of those medium to small markets", "audio_length_s": 7.71, "path": "75fa1bebed0b858c76cc7058477e40e2_35.wav"}, {"text": "potentially be able to file this in 2019? Or do you think you might have to do some more", "audio_length_s": 7.71, "path": "46906afb4e1ee1fef09b5908e76beefa_190.wav"}, {"text": "somewhat universal for the industry that are under-hired right now and doing the very best we can to bring on additional talent", "audio_length_s": 7.71, "path": "66c9091ba849cdb6d64987642ced64d2_153.wav"}, {"text": "in order to redeploy the proceeds into first lien loans. This past quarter, we continued to make progress in this effort.", "audio_length_s": 7.71, "path": "07f580f6f7be50000b90caa25fcd2661_66.wav"}, {"text": "You can also write down your questions on question slips. You have the slips with you at your desk.", "audio_length_s": 7.71, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_214.wav"}, {"text": "All currently approved products treat the symptoms of PAH, but do not address the underlying disease.", "audio_length_s": 7.71, "path": "18b396ddd443d84d12477c42e31cdf0e_22.wav"}, {"text": "to get ready for next year. So, but as of right now, I would tell you that, that would probably be my forecast.", "audio_length_s": 7.71, "path": "2fc915b996c687200d995736980aae9a_155.wav"}, {"text": "in her report, it was very clear that if we want to have a sustainable postal network going forward,", "audio_length_s": 7.71, "path": "fa45af64ef25007f998c655347bfbecb_399.wav"}, {"text": "We've been able to call upon the full resources of the Clinton Group to support the evaluation of opportunities as they present themselves.", "audio_length_s": 7.71, "path": "e081f678e77792e5c5762fa425c49e56_56.wav"}, {"text": "and to continue the company's proven track record of outstanding execution established by Robert over the past 20 years.", "audio_length_s": 7.71, "path": "a212b77ae2b2452093665a4e179ed3a3_98.wav"}, {"text": "We've demonstrated very successfully in a number of provinces that we can effectively manage it as a controlled substance.", "audio_length_s": 7.71, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_42.wav"}, {"text": "that can also cater to the needs of our clients. These partners we have -- will have", "audio_length_s": 7.71, "path": "cc82e791c065bdc271addf355bac274f_88.wav"}, {"text": "in the very current market situation, that's looking more difficult. So what we said was we'd be a little bit more", "audio_length_s": 7.71, "path": "bddc15938bdcc3085f19b0851e74c2c0_314.wav"}, {"text": "Top line and bottom line results came in ahead of plan, meeting or significantly exceeding expectations in all reporting segments.", "audio_length_s": 7.71, "path": "0f4370b614f29bd596e4f6871cc77864_143.wav"}, {"text": "how can that integrate with other software assets that you have and how high is that from priority list in terms of technological implementation?", "audio_length_s": 7.71, "path": "0f4370b614f29bd596e4f6871cc77864_164.wav"}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 7.71, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_149.wav"}, {"text": "The results contained in the press release issued last night are clear indicators of the changes we have made to the business.", "audio_length_s": 7.71, "path": "e56726c7aedd69029957c84128050700_92.wav"}, {"text": "does this improve leverage? Or does it just keep you out of the equity markets? Is there anything that you can share with us on that?", "audio_length_s": 7.71, "path": "2ad9555a64eaa3f45bef5581adeecb9c_148.wav"}, {"text": "but this reflects the sale of one of the businesses to golf courses during the previous fiscal year.", "audio_length_s": 7.71, "path": "f4d0f1362716be33f02690dd1a8df663_69.wav"}, {"text": "issue stock as consideration for the transaction, which is a good tax answer many times for closely held companies. So", "audio_length_s": 7.71, "path": "95d5af9f7ffd8af7b47b56baff4f5b0c_21.wav"}, {"text": "And finally, despite transformation expenses incurred during the third quarter that caused the slight decline in ROE,", "audio_length_s": 7.71, "path": "bda4b365d7a8386d5d2e6b4575d08a57_27.wav"}, {"text": "I'm from Trigon. I have a question about the additional provision for general damages.", "audio_length_s": 7.71, "path": "38b2f94da12bbf2d32246763aab8265a_29.wav"}, {"text": "I would like to share with you some examples. Few weeks ago, we received an order for multiple systems", "audio_length_s": 7.71, "path": "265a38d0c390f3df900f7a658e257384_96.wav"}, {"text": "regarding the performance of any particular product. As a result, the facility continues to manufacture its full range of products at this time.", "audio_length_s": 7.71, "path": "b96165244f010b3f1e61cbbc5e504d96_4.wav"}, {"text": "We still have important work to do with regard to manufacturing and quality remediation, which is why we are going to stay diligent in these efforts.", "audio_length_s": 7.71, "path": "b96165244f010b3f1e61cbbc5e504d96_5.wav"}, {"text": "And then if you can just walk us through some of the major raw material inputs that you'd be impacted by.", "audio_length_s": 7.71, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_26.wav"}, {"text": "consistent with our commitment to building a book of high quality credit relationships funded largely with customer deposits.", "audio_length_s": 7.71, "path": "2f52e3495f64a67b885c0d35be2e8dce_44.wav"}, {"text": "Forward-looking statements include the information concerning possible or assumed future results of operations of the company", "audio_length_s": 7.71, "path": "1d2ff648e4a30fa5555a7ab85bf60190_35.wav"}, {"text": "and we look forward to demonstrating the impact the product can have on clinical effectiveness as well as efficiency and productivity.", "audio_length_s": 7.71, "path": "cdfa14ed43d00710c35d9d0bf8c31886_54.wav"}, {"text": "While a proportion of VATS remained virtually unchanged during the study period, the robotic rate grew as open declined.", "audio_length_s": 7.71, "path": "58ff8a727ec4f3859407b64f08246759_28.wav"}, {"text": "Eagle Ford continues to be a growth asset for the company that we expect will contribute premium return production and reserve additions.", "audio_length_s": 7.71, "path": "a8b43081254547419da7462d9c957d61_79.wav"}, {"text": "we should be able to manage that successfully, so I don't expect to see significant rises in net interest expense for the year.", "audio_length_s": 7.71, "path": "3df0981a2d94ed56170b78330aa72ee9_200.wav"}, {"text": "And that's the very reason why we're doing all this effort on transformation. We have to generate a sensible, competitive", "audio_length_s": 7.71, "path": "7bc22aba9bc29d69ee10cc60db7903d8_326.wav"}, {"text": "that has allowed us to be able to get these loans. It is the creativity, it's understanding the market, it's understanding what that developer", "audio_length_s": 7.71, "path": "2a7d7f3eb6960e631743ca5a0d86461f_61.wav"}, {"text": "These capabilities allow us to generate attractive investments on a repeatable basis over time.", "audio_length_s": 7.71, "path": "567a41009710fa1568bb8125213bf9eb_144.wav"}, {"text": "when we have aggregated a sufficiently large population, and if we believe market conditions are favorable.", "audio_length_s": 7.71, "path": "567a41009710fa1568bb8125213bf9eb_16.wav"}, {"text": "debt. That is assuming that the cost stays where it is and doesn't start to go up in base rate or others moving forward,", "audio_length_s": 7.71, "path": "2b626b620ef42f716c6028c74ee4187b_19.wav"}, {"text": "So we don't believe that there's too much capacity coming into the market. It's in line with the growth of business and growth of the industry.", "audio_length_s": 7.71, "path": "815f65663b3982554e82806de0cbd918_81.wav"}, {"text": "Additionally, we divested 2 nonstrategic product lines in the quarter, and we did a third here in the first part of October.", "audio_length_s": 7.71, "path": "02deeb29574f1571812a11f66bb8fda1_4.wav"}, {"text": "It's terrific to see the acceleration of product revenues unfold in 2017. Our new guidance range for product sales", "audio_length_s": 7.71, "path": "885b465648704d8a5d15bd00078e2160_60.wav"}, {"text": "in technology and manufacturing. So in the future, there would be some collaboration opportunities.", "audio_length_s": 7.71, "path": "e271ed845347e9c930ab0a44eb7785da_103.wav"}, {"text": "who introduced exotic Shanghai and Greater China to U.S. readers before World War II and is based on extensive,", "audio_length_s": 7.71, "path": "20097e37747ec7bc3734246e83798fb1_108.wav"}, {"text": "From an economic standpoint, we have seen mixed results in terms of the national economic data released over the past quarter.", "audio_length_s": 7.71, "path": "28404e399cb043d390aa70bceb339dd4_7.wav"}, {"text": "lower sales volume in Performance Products and the effects of the unplanned downtime and inflation in logistics costs.", "audio_length_s": 7.71, "path": "809e26eaacb31ffdee78d3f41a6ce90a_51.wav"}, {"text": "as well as your other markets? I think you kind of lumped them together with auto, and I'm just trying to get a sense of", "audio_length_s": 7.71, "path": "9098e5640309f25da0d4dfa04789a36f_27.wav"}, {"text": "Although a new market, our ability to engineer and execute challenging marine operation was crucial", "audio_length_s": 7.71, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_153.wav"}, {"text": "And as we've noted on a number of occasions, we expect those projects will result in a tripling of CPG's net investment level", "audio_length_s": 7.71, "path": "626da68f2b245869534a0316b8b6139a_19.wav"}, {"text": "Procurement is somewhat similar story. We started on that quite early. There's a lot we can do there in terms of bringing", "audio_length_s": 7.71, "path": "262bc21196721c5ff9114acbd2ff03c3_272.wav"}, {"text": "Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain,", "audio_length_s": 7.71, "path": "1fd097fa0bd05da0e7af03521e23bc68_26.wav"}, {"text": "This was a great opportunity to showcase the AND1 brand with top young players wearing our sneakers.", "audio_length_s": 7.71, "path": "741526dd2a3db996d2f22f4bcdae4be6_62.wav"}, {"text": "this is not visible in a lot of banks because this is mostly, that is, a result of", "audio_length_s": 7.71, "path": "d8db289a641593a1934fbb6407eede02_120.wav"}, {"text": "or more frequently dosed oral formulations for the treatment of Parkinson's disease symptoms and restless leg syndrome.", "audio_length_s": 7.71, "path": "5330f07390a3c14fc49f24ac98bf1eab_11.wav"}, {"text": "and contrasted with the somewhat weaker demand environment than what we had previously anticipated for the tank and platform businesses,", "audio_length_s": 7.71, "path": "8eaca8d8a419f74540f69ade8defabbd_231.wav"}, {"text": "and does not directly reflect the dollar value of expected write-offs, given tangible security held in support of our lending exposure.", "audio_length_s": 7.71, "path": "87045996e7446329f1d98c909c6ca7fe_24.wav"}, {"text": "particularly in the West as well as continued efforts by dealers and builders to maintain lower product inventories.", "audio_length_s": 7.71, "path": "735a523f1ef6500b7aa97a2536d9c4fd_75.wav"}, {"text": "You may recall that our Safety Assessment business in Canada recognizes the majority of its revenue in U.S. dollars,", "audio_length_s": 7.71, "path": "da879f8ea1c23aa6565cccaacac271fc_179.wav"}, {"text": "So the way we view that segment as much as we have over the last few quarters that it's going to be a declining trend.", "audio_length_s": 7.71, "path": "059024560d9d1039cf08746ee7393114_28.wav"}, {"text": "As we reviewed during our Investor Day in May, you should expect us to return over time to a capital allocation", "audio_length_s": 7.71, "path": "92bf6fe090b6bc565cb500b688fd9173_135.wav"}, {"text": "All the things that we talked about a year ago that we wanted to accomplish for that business, we're seeing them really get traction in all those areas.", "audio_length_s": 7.71, "path": "92bf6fe090b6bc565cb500b688fd9173_159.wav"}, {"text": "and get some -- get more than our fair share of the market growth by applying the technologies.", "audio_length_s": 7.71, "path": "92bf6fe090b6bc565cb500b688fd9173_222.wav"}, {"text": "or what Red Dead was expected to do in the fall, it's going to suck some dollars away from some of the other games. So", "audio_length_s": 7.71, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_167.wav"}, {"text": "Our best estimate is that more than 5 million antennas will eventually be installed to provide complete 5G coverage.", "audio_length_s": 7.71, "path": "433a6e203f9db93835c27ff83e86c801_207.wav"}, {"text": "collected a few more records to display in our trophy case and set our sights squarely on the remaining work we must do to continue to drive growth", "audio_length_s": 7.71, "path": "7cc11de7f206c637e6293da0d956405e_14.wav"}, {"text": "and favorable FX on foreign currency sales also contributed to the overall increase in revenue.", "audio_length_s": 7.71, "path": "01f88a67f39af3a74d5f23b095615d39_155.wav"}, {"text": "business acumen and strategic expertise have helped Cable ONE evolved into a leading broadband communications provider.", "audio_length_s": 7.71, "path": "1689b94530eca82b7758c86b4cf3125f_7.wav"}, {"text": "And it's really nothing more than the fact that under 50, we're -- we were", "audio_length_s": 7.71, "path": "0dec9a606303da3039d11eec4ec9bd86_260.wav"}, {"text": "I believe this partnership will help even better position us to execute on our strategic priorities, and I'm very excited to have Michael join our board.", "audio_length_s": 7.71, "path": "50e17cbbbef8897681cc5f8ae110aae2_11.wav"}, {"text": "And given the already uncertain macro, it was interesting for us to test it in such fashion.", "audio_length_s": 7.71, "path": "642a235ab4ebc57d132a2e32c83c793c_193.wav"}, {"text": "The realignment is also creating significant reductions in our operating costs, with further enhancements on the drilling board.", "audio_length_s": 7.71, "path": "2a7af3c66762ce608379005a3d7bfa96_169.wav"}, {"text": "There have been no new developments and as of today, service of the initiating papers in these actions has not been made on the company.", "audio_length_s": 7.71, "path": "e29584f9f829602cacebcce71c2a4fb9_79.wav"}, {"text": "By raising this additional capital, we positioned ourselves to continue clinical and manufacturing activities", "audio_length_s": 7.71, "path": "e29584f9f829602cacebcce71c2a4fb9_3.wav"}, {"text": "where there is a question around the financial situations of the customers, but also about the valuation of the current asset.", "audio_length_s": 7.71, "path": "29f56972971325265e4a53485f49793e_112.wav"}, {"text": "which provides us with a visible cash flow steam to execute on our current development plan while minimizing the need to lean on our balance sheet.", "audio_length_s": 7.71, "path": "838af8ffae77ce8ff59c77b1985f8fc5_109.wav"}, {"text": "We believe that the implementation of our standardized in-store operating procedures and brand standards across our store base,", "audio_length_s": 7.71, "path": "884400c829f179d8cf68b767f45f03a4_9.wav"}, {"text": "probably down low-single digits in the first part of January when we had that consistently mild weather that we saw also in December.", "audio_length_s": 7.71, "path": "884400c829f179d8cf68b767f45f03a4_105.wav"}, {"text": "business, and we have more to do to take cost and scale and quality out of this.", "audio_length_s": 7.71, "path": "1862ee2f84dc77a40dde64b34f3ab94e_45.wav"}, {"text": "So we see that really as a key driver from a marketing perspective of, I'll say, a, bringing a lot more members into our ecosystem.", "audio_length_s": 7.71, "path": "66b25c60d952bd002c7ab20da9248086_22.wav"}, {"text": "give us your thoughts as to why these things would be happening that you'd be above your long-term margin target", "audio_length_s": 7.71, "path": "812d8f09b72b4d410d138d3b24caebbc_104.wav"}, {"text": "Their comments will be based on the earnings release, which was issued yesterday. A copy of the long version is available on the corporate website.", "audio_length_s": 7.71, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_168.wav"}, {"text": "Restructuring as opposed to defensive restructuring. And as we move into an offensive structuring, we think about how do we make our company even", "audio_length_s": 7.71, "path": "f5e9c69a92eb9179062673e044f8a53b_149.wav"}, {"text": "That is something that obviously is very much depending on the reference of the turnover, turnover with our current", "audio_length_s": 7.71, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_157.wav"}, {"text": "But how is it possible that people still insisting losing money? In practical terms as acquiring", "audio_length_s": 7.71, "path": "ffe22f8bcf153b8b51f6e52039686c1e_101.wav"}, {"text": "We just want to be clear that it's the inventory in the channel and it was combined with that drought in the early stages of the", "audio_length_s": 7.71, "path": "7d74e5d733ec60a1be27a556e7689961_43.wav"}, {"text": "And we're currently working through the preclinical studies for the data package that will be used to determine our readiness for our first-in-human trial.", "audio_length_s": 7.71, "path": "3e42c35588dc721e96280bc039e96c8d_8.wav"}, {"text": "number three, you have nuclear plants upstate that while they're being supported now by this concept of ZECs, zero energy credits,", "audio_length_s": 7.71, "path": "2cd5b184c2ef6624ce219830182927c9_369.wav"}, {"text": "So we are not yet out of the big issues we have had in the Americas, but at least we see", "audio_length_s": 7.71, "path": "6a45749d272884d2809fa70f7807250c_8.wav"}, {"text": "It is my deep belief that corporate strategy is a movie and not a photo.", "audio_length_s": 7.71, "path": "49dfadfb9a3d4d27ac250602928cf9ea_155.wav"}, {"text": "I think the good news on nutrition is that the improvement here in the second quarter is fairly broad-based.", "audio_length_s": 7.71, "path": "49dfadfb9a3d4d27ac250602928cf9ea_32.wav"}, {"text": "mandated government discounts and the discounts that we expect to be earned on our volume-based contracts with providers", "audio_length_s": 7.71, "path": "0f8a61f667edd9a400d7abe2a7908a9e_132.wav"}, {"text": "a mix of different requirements that we really have to fulfill. One of the aspects that was really important for me is the", "audio_length_s": 7.71, "path": "b20564a6da1bcfc7b80552299d9e002a_196.wav"}, {"text": "Got it. And are there other things that you can point out specifically as far as the areas where you're seeing the decreases", "audio_length_s": 7.71, "path": "933faa5ac159ab158506e2bc0f714977_197.wav"}, {"text": "there was some risk there in our ability to exit assets at that coverage. And so we said, we'll give you that rent cut now,", "audio_length_s": 7.71, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_110.wav"}, {"text": "completing our pivotal donepezil study, with treatment finishing in February and top line data in the second calendar quarter,", "audio_length_s": 7.71, "path": "6c929ddddb79b887458ae21f1a3aa09d_14.wav"}, {"text": "that we will face a real capacity crisis in the air because it takes longer and longer", "audio_length_s": 7.71, "path": "910a1a60a0549a5973f42bb19b66a0ae_127.wav"}, {"text": "Just as we remain as busy as ever at corporate trying to build a larger, more efficient and more profitable company,", "audio_length_s": 7.71, "path": "77423f08f0208d476dea73c639f6293a_9.wav"}, {"text": "It's important to note that the projects we are gearing up for redevelopment are creating over a 100 basis point drag on occupancy,", "audio_length_s": 7.71, "path": "1cfd7da6c2da11f7e3f7102a6265146b_65.wav"}, {"text": "more should be seen I guess over the next year or so and if there's additional opportunities for cost savings going forward?", "audio_length_s": 7.71, "path": "6fe1a71311b4937268b4c0332dc7c11f_100.wav"}, {"text": "I would imagine your pension liabilities will grow given the interest rates -- interest rate environment that we're in.", "audio_length_s": 7.71, "path": "b154f7c33e567e453cb765f4ac03dd2f_157.wav"}, {"text": "We're also working in parallel with our clinical CRO, that is our full contract research organization,", "audio_length_s": 7.71, "path": "a968612b5d51d3df12aad60dde8e1e41_6.wav"}, {"text": "Our commercial efforts are now fully allocated to the new business model, and the results just described are extremely encouraging.", "audio_length_s": 7.71, "path": "85edb0a846d9e1cfa542b893eed4a0f3_8.wav"}, {"text": "This project has been developed collaboratively with our client for the past year and will utilize primarily nonunion labor.", "audio_length_s": 7.71, "path": "3ae068efa03cd088f4d3edea682f199f_274.wav"}, {"text": "the bar continues to rise each time you take a layer of these off. So now that the team is focused on a fewer, more meaningful set,", "audio_length_s": 7.71, "path": "7a80c3e91e5a2693cdaef5f716808317_105.wav"}, {"text": "In the first quarter, we experienced similarly unfavorable market conditions, intensified by additional cost pressure", "audio_length_s": 7.71, "path": "24a2aec67e247f9c4d4cc89d6dbab525_113.wav"}, {"text": "we expect all board members to serve out their current terms, and that includes", "audio_length_s": 7.71, "path": "a85c54c77dd2524eedab1287ea3ceff4_63.wav"}, {"text": "which impacts our revenue, but is ultimately a positive development for our clients and for our PEO prospects.", "audio_length_s": 7.71, "path": "365c360aff42713cef71a7d026eeeb6d_98.wav"}, {"text": "Also, because our service teams work closely with our clients, we monitor various other metrics and operating statistics", "audio_length_s": 7.71, "path": "365c360aff42713cef71a7d026eeeb6d_18.wav"}, {"text": "market reflection of where they think short-term LIBOR is going over the 12 months. But during that 12-month period, for those particular", "audio_length_s": 7.71, "path": "3fb901e6b501ddced60226a13ebef4af_22.wav"}, {"text": "as the industrial markets represent a breadth of product opportunities for us, both through organic market penetration, potential acquisitions and", "audio_length_s": 7.71, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_53.wav"}, {"text": "But as I mentioned earlier, I think our target growth model of midteens will have a combination of", "audio_length_s": 7.71, "path": "0b7afb66a39a4c81151309bacc830c60_90.wav"}, {"text": "gotten done, particularly in the auto sector and the spreads in that market have not widened", "audio_length_s": 7.71, "path": "a98061f951c1b2c7a915e296098bc4de_107.wav"}, {"text": "We've been supporting our online ordering through marketing efforts such as our Leap the Line promotion on Leap Day this February.", "audio_length_s": 7.7099375, "path": "75fa1bebed0b858c76cc7058477e40e2_62.wav"}, {"text": "and increased mobile data allowances. We expect to benefit from better profitability and higher customer loyalty.", "audio_length_s": 7.7099375, "path": "ae5a41fe3b3d515713608c5ac878eed3_148.wav"}, {"text": "what will be the impact or how they will ultimately proceed. They're trying to figure that out. So we recognize that is very uncertain.", "audio_length_s": 7.7099375, "path": "81c03e2c15e8fe8213fbd40368b49581_106.wav"}, {"text": "And in connection with adopting the new standard on revenue recognition, the company will now record universal service", "audio_length_s": 7.6800625, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_71.wav"}, {"text": "was approximately 1%. This is a significant accomplishment, and we feel we are well positioned for continued", "audio_length_s": 7.6800625, "path": "77f146e76d89a5be785a39ab23dfa763_122.wav"}, {"text": "So the orders in the third quarter were related to other parts in those", "audio_length_s": 7.68, "path": "d162113e3aface010baec17bd408736b_27.wav"}, {"text": "As usual, this conference call will be recorded and is available for replay. Let me now hand over to you, Gregor.", "audio_length_s": 7.68, "path": "c459f473b2c99662c3e29eeb2df74043_63.wav"}, {"text": "Good afternoon. My name is Jackie, and I will be your conference operator today.", "audio_length_s": 7.68, "path": "d819fc602f924dd226fb27a9d26007d2_0.wav"}, {"text": "are looking forward to a nice, easy year with minimal challenges and hopefully more opportunities.", "audio_length_s": 7.68, "path": "a0e8f9500edc41a227b8d67235bf7753_77.wav"}, {"text": "including those associated with our avacopan commercialization planning efforts and increased professional fees.", "audio_length_s": 7.68, "path": "485e97686e9a27d2df5b3fc02106e3d4_66.wav"}, {"text": "That's the key, right? And so that's why we're doing a couple of wells this year to make sure that our thesis on how to do that accurately", "audio_length_s": 7.68, "path": "7d2a9151826f1fbcf538ffbf85924ed2_185.wav"}, {"text": "However, our focus on generating liquidity this year has impacted overall profitability.", "audio_length_s": 7.68, "path": "569834a5cb8a33dfeac20dfa8e03afb3_79.wav"}, {"text": "So from the numbers we've seen this year, they're getting back to 80% of the unit volume on the client side of the previous peak.", "audio_length_s": 7.68, "path": "ab5b4ea5cd86e4f7deafe9814024fada_127.wav"}, {"text": "These and other efforts culminated in several critical accomplishments over the past 12 months", "audio_length_s": 7.68, "path": "5111fdad778749872c23e78c9b0d653b_5.wav"}, {"text": "tilting towards proactive investment in terms of footprint expansion, product enhancement and infrastructure build", "audio_length_s": 7.68, "path": "ab861b81968e1b5fcb606ed886919d68_149.wav"}, {"text": "and we did it while maintaining a relentless focus on the financial health and well-being of the company.", "audio_length_s": 7.68, "path": "07d2c762b6e3c4a59486baba2c8f0639_6.wav"}, {"text": "pass on that 30% or so to the driver? And can you talk to some of the other cost savings and how they might temper that outlook?", "audio_length_s": 7.68, "path": "94fdf7b24748a7706b1097482a0f363a_214.wav"}, {"text": "you, and I'm showing no further questions at this time. I would now like to turn the call back to Mr. Daniel Harris for closing remarks.", "audio_length_s": 7.68, "path": "6388da88b00ebc88af59435bdac74132_209.wav"}, {"text": "we calculate the last full quarter of run rate revenue and annualize to determine the adverse impact on revenue over the next 12 months.", "audio_length_s": 7.68, "path": "55cbaf368288111ebc2ccadb61e3bd34_103.wav"}, {"text": "And also another scene in the video, you might have much balance and you might not use and then you can buy", "audio_length_s": 7.68, "path": "a93681c92a0b9c04743f541a54b180c7_15.wav"}, {"text": "The stability and quality of content through these locations is higher, which improves customer experience.", "audio_length_s": 7.68, "path": "2f888e63a31b86cc2f4f97710e8eed79_95.wav"}, {"text": "Sentiment among our customers and suppliers remains relatively stable, but there is still a fair amount of broader market uncertainty.", "audio_length_s": 7.68, "path": "22ad97a95501a08f15c06605cd277fec_143.wav"}, {"text": "the subordinate securities on the single borrower hotel deals. I was wondering if you could give a little bit more color on", "audio_length_s": 7.68, "path": "6f3e90ad68b9b074ad827efdcaf6630d_42.wav"}, {"text": "Turning now to our Consumer business and the evolution of our growth by quarters and for the full year.", "audio_length_s": 7.68, "path": "9014ac9cbc2cff30468f1bcb659c0f66_12.wav"}, {"text": "Our Omni-channel approach provides us with a low-cost way to reach new customers and strengthen relationships with existing customers.", "audio_length_s": 7.68, "path": "264e575b73bc2a485bee416c1ac10cee_6.wav"}, {"text": "What we did was take some of the activities that we had been doing outside, move them inside under a great leader,", "audio_length_s": 7.68, "path": "c68c15299b67173c7ae163cc5938f3c1_52.wav"}, {"text": "knowledge, just because I know that some of the sites we had toured a couple of years ago, was a question, of some of the stores needed to be refreshed, but some of them", "audio_length_s": 7.68, "path": "6b45877b719000e47adfd1ec118c376a_101.wav"}, {"text": "Not a surprise that it will happen, always a surprise when it happens because it's very difficult to time these things.", "audio_length_s": 7.68, "path": "65d5a09c659f6809931dc62aa7a9eaad_42.wav"}, {"text": "We are in a very strong position in our view given the fact that we focus exclusively on these kind of food", "audio_length_s": 7.68, "path": "65d5a09c659f6809931dc62aa7a9eaad_22.wav"}, {"text": "is one of our October openings in Mississippi, which was among the strongest initial performances this year.", "audio_length_s": 7.68, "path": "280baf1d10cd27b78eae4bf2574b9c98_4.wav"}, {"text": "And then you have other people in the beauty and be rated like we are on the debt side of the equation, which is", "audio_length_s": 7.68, "path": "c96b5ae4ffe20d946daec67e2b0917b2_57.wav"}, {"text": "historically, efficient mechanisms to do that. So tax reform does not change that in any significant way.", "audio_length_s": 7.68, "path": "ec0ecc8e73cce4598def6cfff6f7c598_90.wav"}, {"text": "This is a net reclassification in both years between the operating and financing sections of our cash flow statement.", "audio_length_s": 7.68, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_79.wav"}, {"text": "good housekeeping seal of approval for pipe transactions. A single joint of OCTG pipe may be inspected several times through its life.", "audio_length_s": 7.68, "path": "dd3166f311a5f12a25103a0295e8ac3e_128.wav"}, {"text": "products, services and our brand in order to position ourselves for sustainable revenue growth", "audio_length_s": 7.68, "path": "04f29bc02d1e2ef65077ca67bf41f475_98.wav"}, {"text": "Okay. Any tariff issues presenting any headwinds for you guys at all at this point?", "audio_length_s": 7.68, "path": "e8a2a593282199ea052f788b8fead64b_35.wav"}, {"text": "In order to avoid a repeat of what happened in the first quarter, we have re-prioritized and accelerated improvements", "audio_length_s": 7.68, "path": "3121e8f4a75758834d32a9e4e0555221_139.wav"}, {"text": "by reentering and completing 1 or 2 of the previously drilled exploration wells and drilling a new well", "audio_length_s": 7.68, "path": "e1f462455d6c826d9c173c35d4844383_66.wav"}, {"text": "So they're -- inside holders have ownership both of Ares through a private partnership as well as", "audio_length_s": 7.68, "path": "1b91eb82f5211000e711424657cc2484_306.wav"}, {"text": "Today, I will reiterate our incremental growth objectives and give you a progress report on these initiatives.", "audio_length_s": 7.68, "path": "c4dc8f962a85aa47af50f82845f550e2_141.wav"}, {"text": "how soon till that might get to the point that it could offset the losses from the continuing FDA trials here?", "audio_length_s": 7.68, "path": "91422f85dbf838639b3cb9dd9da364eb_140.wav"}, {"text": "At INOMAX, growth continues to be driven by strong demand and contract renewals at or above historic levels,", "audio_length_s": 7.68, "path": "46906afb4e1ee1fef09b5908e76beefa_167.wav"}, {"text": "Why are you suggesting that improvement wouldn't happen until back half of the year? It seems as if,", "audio_length_s": 7.68, "path": "66c9091ba849cdb6d64987642ced64d2_17.wav"}, {"text": "but also means that any organic or acquisition growth that occurs becomes purely accretive rather than replacement type in nature.", "audio_length_s": 7.68, "path": "ada4e338c266148264077e06bac68005_37.wav"}, {"text": "to better utilize our facilities and lower our overall cost, and we are on track to close that operation by year-end.", "audio_length_s": 7.68, "path": "bad55d25c1222682bd893d97dc5cbb27_80.wav"}, {"text": "just sort of looking at the results this morning and listening to some of your commentary, I'm not sure I have a full understanding of kind of what", "audio_length_s": 7.68, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_183.wav"}, {"text": "I think the best person to answer that question would be Brian Kaspar. And, Brian, maybe you can just give a little perspective on", "audio_length_s": 7.68, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_58.wav"}, {"text": "I don't know if churn will ever go to 0. I can tell you our goal as a company is to be as flat as we can and also grow.", "audio_length_s": 7.68, "path": "833f98dbc79997580b24335033aac5d2_285.wav"}, {"text": "On the cost side, it's a matter of continuing the excellent leadership that we have in that area.", "audio_length_s": 7.68, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_140.wav"}, {"text": "as said a couple of times already today, our dividend policy remains unchanged. We aim to pay progressive dividends", "audio_length_s": 7.68, "path": "fa45af64ef25007f998c655347bfbecb_234.wav"}, {"text": "were always already taken into account in the adjusted net debt that we used to calculate the leverage on.", "audio_length_s": 7.68, "path": "fa45af64ef25007f998c655347bfbecb_443.wav"}, {"text": "We expect premium games to be an ongoing area of growth in terms of installations and daily win per unit going forward.", "audio_length_s": 7.68, "path": "1b1699497be56330b3ed833f22bc63f6_22.wav"}, {"text": "Mining sales were up in the quarter both year-over-year and sequentially as maintenance spending continues to improve.", "audio_length_s": 7.68, "path": "a0006b7891ead9bdb76273f555b6f1c8_74.wav"}, {"text": "and how we are committed to our mission to build one of the great and enduring companies in all of biotechnology.", "audio_length_s": 7.68, "path": "0dbbae27d7055ecc04cc25e14e4de12d_126.wav"}, {"text": "We've got a balanced mix of male and female patients with both switch and previously untreated patients, who have amenable variance.", "audio_length_s": 7.68, "path": "0dbbae27d7055ecc04cc25e14e4de12d_136.wav"}, {"text": "While we've had challenges related to our offshore businesses, there is some cause for optimism that we're at or very near a bottoming activity.", "audio_length_s": 7.68, "path": "8957425799e5ce0200bfacf204d0acde_84.wav"}, {"text": "Yes. Abengoa has publicly said that they have launched a process", "audio_length_s": 7.68, "path": "7ca9a48938902d0c64c2ab9eb299497e_33.wav"}, {"text": "The only other factor that is relevant is really the fact that we have done a lot of value", "audio_length_s": 7.68, "path": "73ba4ff250b62745e03880e75b9a1581_135.wav"}, {"text": "innovate and create a new strategy that will ensure our growth for the future. Going forward, Steve has embraced his new role as Executive Chairman.", "audio_length_s": 7.68, "path": "47a303604df9f9fc9f2f89a9280c3a79_69.wav"}, {"text": "More importantly, all 3 organizations have identified significant market upsides that are available through collaboration.", "audio_length_s": 7.68, "path": "0f4370b614f29bd596e4f6871cc77864_206.wav"}, {"text": "We also began subadvising a corporate hybrid preferred securities fund for Shinsei Investment Management", "audio_length_s": 7.68, "path": "8b6b51842af008f5f437f53cc2e71835_101.wav"}, {"text": "At the same time, we continue to make every effort to preserve and improve our position on more challenging credits.", "audio_length_s": 7.68, "path": "9da45cfd4472699ef05d887adce01223_97.wav"}, {"text": "As a reminder, we use 2 non-GAAP measures to supplement our GAAP results and to provide a better view of our operations.", "audio_length_s": 7.68, "path": "575d21e05ceda8f95fc54e0292c2d99f_15.wav"}, {"text": "It comes in the form of technology overlays that are able to complement the core EHR system and then infrastructure.", "audio_length_s": 7.68, "path": "575d21e05ceda8f95fc54e0292c2d99f_28.wav"}, {"text": "And then lastly, institutionally, there's absolutely no question that with negative interest rates globally,", "audio_length_s": 7.68, "path": "a8034762296368c60571fcde382c3274_90.wav"}, {"text": "certainly speak to the demand for that super spec as you guys have been talking about for a long time. I guess, I'm curious what", "audio_length_s": 7.68, "path": "4e04d3229b988f1db5b842ac5b993894_125.wav"}, {"text": "Before I turn the call back to Mark for his concluding remarks, let me provide an update on several other financial matters.", "audio_length_s": 7.68, "path": "4e04d3229b988f1db5b842ac5b993894_16.wav"}, {"text": "So we really haven't seen a significant increase in new origination loan pricing.", "audio_length_s": 7.68, "path": "f2a2ba46b242698577188259de23de31_83.wav"}, {"text": "Okay. That's helpful. And you're expecting to give us more color on that over the next couple of quarters? Is that what you said?", "audio_length_s": 7.68, "path": "bab12f620df0f367e74acdcc467686f1_116.wav"}, {"text": "The Americas design business returned to positive organic growth, which is a significant turning point for our largest profit driver", "audio_length_s": 7.68, "path": "bab12f620df0f367e74acdcc467686f1_3.wav"}, {"text": "It will be proportionately smaller and potentially actually smaller as we go forward.", "audio_length_s": 7.68, "path": "30e94343ee663488872ae176b419a163_132.wav"}, {"text": "feel fortunate to have, would like to maintain and use, we feel, as a competitive advantage to drive low-cost financing against the assets.", "audio_length_s": 7.68, "path": "8aa1aa8317783203344434f855535c25_191.wav"}, {"text": "progress side, can you give us a little color as to where you are? And you implied that there were going to be some product", "audio_length_s": 7.68, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_137.wav"}, {"text": "on online estate agents, can you give us any numbers in terms of the proportion of listings that", "audio_length_s": 7.68, "path": "5664a96b7f1182d037b901d84eeb4fd6_40.wav"}, {"text": "I really wouldn't add anything other than just in its most simple form. We provide the tons the customer needs.", "audio_length_s": 7.68, "path": "08ed60a546bd48af9db028c4e3c8af26_98.wav"}, {"text": "On the horizon though we've got all of this Cardium that's just now starting to come to fruition. And as we direct", "audio_length_s": 7.68, "path": "8fd0d858dd99b5b6291eafc83e9a604d_30.wav"}, {"text": "We focused on idea generation, idea capture and idea implementation to improve", "audio_length_s": 7.68, "path": "be8b554309f7632bc9ebbd967764001e_143.wav"}, {"text": "This good results allowed us to sustain our investment efforts in line with our full year guidance", "audio_length_s": 7.68, "path": "d8eb5522db0e51d75ea6518462954c52_227.wav"}, {"text": "is trying to use the inventory we already have to drive sales more effectively and efficiently. And then", "audio_length_s": 7.68, "path": "e2c02e1788cb10703d7611ef157f8135_216.wav"}, {"text": "So that just sort of reinforces the need to have a great footprint. But they'll be smaller. I mean, that's really what it's going to be about. And", "audio_length_s": 7.68, "path": "e2c02e1788cb10703d7611ef157f8135_206.wav"}, {"text": "Additionally, in September, our website was relaunched with an enhanced functionality and a refreshed appearance.", "audio_length_s": 7.68, "path": "70c92ab88d38f489d5074f2859e0290e_27.wav"}, {"text": "I think you would not appreciate if the payout ratio would jump around every year, if the dividend would jump around every year.", "audio_length_s": 7.68, "path": "98f10f0935e5b778e888a1b8130a3d31_81.wav"}, {"text": "integration is a strategic priority for our customers because without it, they can't move fast enough on their customer-facing systems. So", "audio_length_s": 7.68, "path": "16ed973148ce103dc95fdcfaf35bbe7b_212.wav"}, {"text": "as we start to dose those patients. And then we'll let that information guide us as to where we go with increased doses.", "audio_length_s": 7.68, "path": "b281eff988085e0776dc8a10223f1048_61.wav"}, {"text": "but also to kind of withstand any kind of ups and downs with the market, I think we look really, really good. So we continue to kind of make that point that", "audio_length_s": 7.68, "path": "c5c7a9f409241412b160a93cde7ef630_190.wav"}, {"text": "While recent coffee market entrants have chosen to capitalize on delivery combined with heavily discounted offers,", "audio_length_s": 7.68, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_23.wav"}, {"text": "and in our action plans to resume the level of consistent profitable growth that both you and we expect.", "audio_length_s": 7.68, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_150.wav"}, {"text": "Before I turn the call over to Juan, I would like to remind everyone that this presentation is proprietary and all rights are reserved.", "audio_length_s": 7.68, "path": "959dcc8fe47eb1aa44183740e1a46ad5_81.wav"}, {"text": "following the explosion of Antofagasta package explosive plant in Chile, we conducted a complete safety review of all plants in the region.", "audio_length_s": 7.68, "path": "ab4dae37361262d727d1d2f8f78765d5_148.wav"}, {"text": "We will invest in quality to enhance our products and services and maintain our group's greatest revenue platform.", "audio_length_s": 7.68, "path": "b0b83ac66a31c5096a75bb1927c557e2_9.wav"}, {"text": "but we definitely will devote a lot of time to answer those questions as soon as possible.", "audio_length_s": 7.68, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_21.wav"}, {"text": "is no longer present in the company. So it makes sense for us to more aggressively seek downstream participation", "audio_length_s": 7.68, "path": "e78997e6a75a2243292b2b54750bb3cb_25.wav"}, {"text": "warranties and reps and expectations from dealers and pricing with dealers and pricing with customers", "audio_length_s": 7.68, "path": "82131762fc1c2b2358ac3a167666ab87_174.wav"}, {"text": "I'd appreciate if you take my questions and do something about them, okay? Well, we're redoubling our efforts", "audio_length_s": 7.68, "path": "f77935c4693e4d33252c9c76993e9c8b_65.wav"}, {"text": "push us in the other direction, i.e., the relative share of oil and gas business compared to everything else in Sulzer is", "audio_length_s": 7.68, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_265.wav"}, {"text": "please be a little bit more patient if you can. We will come back to you when we have some more to share with you. And we will do so as soon as we can.", "audio_length_s": 7.68, "path": "5e766700b74bbeb1d21bc7a91100faca_31.wav"}, {"text": "The malware incident has created a headwind, and I would say it does make that target a little bit tougher as we talked a little bit about some of the third quarter", "audio_length_s": 7.68, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_95.wav"}, {"text": "needing to book and ship this year. And while they're very optimistic about it and aggressively going out there,", "audio_length_s": 7.68, "path": "9e8690a521142359001a137074905535_210.wav"}, {"text": "Last quarter, we implemented a different format for our quarterly conference call to reserve more time for your questions.", "audio_length_s": 7.68, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_217.wav"}, {"text": "Charles will review the quarterly results, Blake will review recent strategic and operating initiatives. And after that, we'll open the call to the questions.", "audio_length_s": 7.68, "path": "a7228e39e0d5f04dfba28fe3477e034a_81.wav"}, {"text": "people resources and dollar resources into the point at which that becomes a front-burner item for us.", "audio_length_s": 7.68, "path": "532e653f6aa6c3bf43a5b256bb4c1254_14.wav"}, {"text": "A total of 40 eligible patients with moderate to severely active ulcerative colitis were enrolled across the 3 cohorts", "audio_length_s": 7.68, "path": "571b0d30d88945a981006f24faa72cf7_121.wav"}, {"text": "that are outlined in the inter-agency statement. We don't -- I don't want to give out what our percentages are", "audio_length_s": 7.68, "path": "cac9bb252b7974b7044423e714c2f054_103.wav"}, {"text": "and actual performance and results may differ materially from those expressed or implied in these statements due to many important factors.", "audio_length_s": 7.68, "path": "1fd097fa0bd05da0e7af03521e23bc68_51.wav"}, {"text": "We also continue to build our bolt-on acquisition funnel for businesses that have earned the right to grow, primarily within Water Quality Systems.", "audio_length_s": 7.68, "path": "fb817a6cc685a3fd0f003456dd641c01_125.wav"}, {"text": "We're benefiting from improved agent productivity in life sales in the home service companies as well as higher sales in Reserve National.", "audio_length_s": 7.68, "path": "7ebbb41dcefeb482191f8bc22031b5d9_52.wav"}, {"text": "Organic growth remained strong, but diving just a little bit deeper into the sources of our growth, it was broad-based.", "audio_length_s": 7.68, "path": "92bf6fe090b6bc565cb500b688fd9173_63.wav"}, {"text": "price going forward, to the extent we're going to talk about it for '16. And then Jim, I think, he'll give you a little deeper dive on Industrial and our thoughts.", "audio_length_s": 7.68, "path": "92bf6fe090b6bc565cb500b688fd9173_142.wav"}, {"text": "in which we are doing to drive total shareholder return for a broader investor base. So much, much more to come here.", "audio_length_s": 7.68, "path": "9ba83ac067a98f8b12cc480ff0691e91_127.wav"}, {"text": "Both actions will comfortably allow us to accommodate the special distribution using our revolving credit facility.", "audio_length_s": 7.68, "path": "9ba83ac067a98f8b12cc480ff0691e91_131.wav"}, {"text": "We've noted strong sales activity at the project over the last few months, with 21 new bound contracts received since March", "audio_length_s": 7.68, "path": "9ba83ac067a98f8b12cc480ff0691e91_11.wav"}, {"text": "initially thought when we were talking about this originally. And so the fact that we're affirming", "audio_length_s": 7.68, "path": "49e533a8449f6b9b6c806458e73338e1_44.wav"}, {"text": "We also continued to make good progress in leveraging our personnel and general administrative costs as a function of our net revenues,", "audio_length_s": 7.68, "path": "189b20e7b975130ca5abd0e419e54908_96.wav"}, {"text": "the dynamic that's taken place with that demographic is tantamount to product dumping.", "audio_length_s": 7.68, "path": "8cfc2a9aace5078f22a83c782b9d41f7_75.wav"}, {"text": "talk a little bit about the cash flow and how quickly you think that working capital move can reverse.", "audio_length_s": 7.68, "path": "757695924b5e43c7d44e29dc141cc035_158.wav"}, {"text": "As we've described in prior calls, the declines in sales in the legacy Iglo markets have been driven by", "audio_length_s": 7.68, "path": "94f913b974baab79fb636f6521170dd7_242.wav"}, {"text": "in January of 2013, a few weeks after our presentation. Look at what they've said to their investors, look at the impact that it's had on the stock price.", "audio_length_s": 7.68, "path": "94f913b974baab79fb636f6521170dd7_217.wav"}, {"text": "clawing back and are getting closer to the 30% going into the third quarter,", "audio_length_s": 7.68, "path": "89a894c2c6440d41510f0b009c0cd03b_52.wav"}, {"text": "We also continued to experience steady and strong adjusted EBITDA growth and margin expansion.", "audio_length_s": 7.68, "path": "1689b94530eca82b7758c86b4cf3125f_36.wav"}, {"text": "through signing customers because they like the functionality that we have particularly with the PSCU technology laying over the top. So", "audio_length_s": 7.68, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_221.wav"}, {"text": "And then we don't break out the detail of international, as I mentioned. Most of the fourth quarter decline was driven by capital markets,", "audio_length_s": 7.68, "path": "3b2908426357bb8269c3a01469865cd6_80.wav"}, {"text": "really detrimental effect on the margins at this point in time, the chain margin. And I think that really speaks to the demand", "audio_length_s": 7.68, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_31.wav"}, {"text": "While I'm pleased with this performance, I will update you later on the work we're doing to further improve upon this.", "audio_length_s": 7.68, "path": "3877b1983229ec488c6349a188bccf92_4.wav"}, {"text": "Looking at the operational highlights, we can see that strategy is continuing to be rolled out and implemented.", "audio_length_s": 7.68, "path": "47b5defd6e2c5724f6dc3b80859c281c_2.wav"}, {"text": "is there any way you can quantify at least the Easter effect in this month? Because I believe in previous years, you've said that the Easter is", "audio_length_s": 7.68, "path": "a1e1e6f86dead4f43a363d0877cb4979_99.wav"}, {"text": "because we want to retain our financial flexibility in order to face one", "audio_length_s": 7.68, "path": "ea45464984232d301c70cc7a9afdbc65_48.wav"}, {"text": "in Japan and Korea and other places. So there are great areas for us to continue to grow out there in the Asia area.", "audio_length_s": 7.68, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_74.wav"}, {"text": "We hope to present these interim results at an upcoming symposium on genitourinary cancers", "audio_length_s": 7.68, "path": "e29584f9f829602cacebcce71c2a4fb9_47.wav"}, {"text": "ways to do this and are comfortable that we have found one that is potent and durable.", "audio_length_s": 7.68, "path": "1270f7f67f406b52a2ee86584b452bff_39.wav"}, {"text": "make them more intuitive, if we have something in the patient's history, even if they weren't our patient at the time, that we're able to get and understand,", "audio_length_s": 7.68, "path": "0cfaeed8cd93dc274845d450e921aeb6_243.wav"}, {"text": "It's also true we've not yet come close to realizing the potential of such a facility.", "audio_length_s": 7.68, "path": "e522eff219f3eaa2c9b090dc12cad420_73.wav"}, {"text": "Did I hear you right that you are planning to be at full utilization there by the end of this year?", "audio_length_s": 7.68, "path": "ee00ebd8d782e8f124b3e142cbb74f37_98.wav"}, {"text": "for next year, I would anticipate it to be a little bit north of that, just because we obviously won't have the benefit of the onetime item", "audio_length_s": 7.68, "path": "884400c829f179d8cf68b767f45f03a4_177.wav"}, {"text": "The revenue share between the 2 entities remains subject to completion of a transfer pricing study and subsequent negotiation,", "audio_length_s": 7.68, "path": "4311782968e936c378fdee8946cd9cca_70.wav"}, {"text": "we had sold significantly -- or not significantly but higher basis levels and index values than we did all of last year, which was very weak.", "audio_length_s": 7.68, "path": "09b5b62d328d3d0719b6825357fdfb48_23.wav"}, {"text": "and look to kind of partner with them to bring that solution in. That obviously dramatically simplifies all of the things that we have to deal with, right?", "audio_length_s": 7.68, "path": "66b25c60d952bd002c7ab20da9248086_86.wav"}, {"text": "Several new products were introduced in the quarter, including a generic allergy treatment using our nasal spray system.", "audio_length_s": 7.68, "path": "812d8f09b72b4d410d138d3b24caebbc_172.wav"}, {"text": "We have a rich set of opportunities in Advanced Packaging and the right set of products to effectively compete,", "audio_length_s": 7.68, "path": "ecc871b8f89a858d952f554f1ca8f7da_24.wav"}, {"text": "There, you've got a strong town center, a fantastic park and open space and playground at the heart of that community,", "audio_length_s": 7.68, "path": "24a133abc343c813233d416b0cef96cd_6.wav"}, {"text": "higher aircraft maintenance and modification services and passenger transportation services, primarily for the Defense Department,", "audio_length_s": 7.68, "path": "89499eed4dff3bd184e91cd496111f22_155.wav"}, {"text": "So that's generally been the trend. As to what might be the impact on that going forward with the introduction of,", "audio_length_s": 7.68, "path": "4ee3c79ebc57c9870b221b9479d52436_215.wav"}, {"text": "absolutely critical. So we find ourselves actually working more and more with market partners in ways to sort of come up with new and innovative solutions,", "audio_length_s": 7.68, "path": "e0555e30370c43189a1136fb7ef17d20_35.wav"}, {"text": "are we -- should we start thinking that you might not be producing as much top line going forward organically because of a reaction to a soft market?", "audio_length_s": 7.68, "path": "648ddbbaa83d8a627c7ab752f63a80bd_91.wav"}, {"text": "The format of the call will be an introduction by Barry, then Simon will provide details on the financials. We will then have time for questions.", "audio_length_s": 7.68, "path": "8611e088fa81dc9b999c382b62641dfc_60.wav"}, {"text": "And if you go a step further and where our catalog in our products going to go over the next year or so,", "audio_length_s": 7.68, "path": "9826162bc1bb67bf8d65e4cf50e656e9_18.wav"}, {"text": "Another important aspect was for us the location offers enough opportunity for further growth in the following years", "audio_length_s": 7.68, "path": "b20564a6da1bcfc7b80552299d9e002a_9.wav"}, {"text": "At the same time, we need to do more to improve performance in the short term, which is evidenced by our actions announced today.", "audio_length_s": 7.68, "path": "09eebad8f3c529b4c7d916c5f7766f7f_329.wav"}, {"text": "In addition to this, we have begun expanding our overseas design resources and are developing an engineering center of excellence in Taiwan,", "audio_length_s": 7.68, "path": "0668081864383eb57919b99c85649753_40.wav"}, {"text": "You should also know that we're spending a significant amount on our tax structure that is below the line, and that will have benefits", "audio_length_s": 7.68, "path": "f268a8174f58c93ad6b45b7f151fe896_226.wav"}, {"text": "As Fred mentioned, we are proud of the terrific service we have provided even on some of the busiest days in the history of FedEx.", "audio_length_s": 7.68, "path": "f268a8174f58c93ad6b45b7f151fe896_150.wav"}, {"text": "one, because of the escalators in the contracts we just signed and, secondly, because there's just so many contracts that are up next year.", "audio_length_s": 7.68, "path": "77423f08f0208d476dea73c639f6293a_41.wav"}, {"text": "as I've talked about our business and margins have increased in many of the areas, when you talk about", "audio_length_s": 7.68, "path": "594b7b614804475e4ab8ab4c405ecf40_141.wav"}, {"text": "let's talk about the Middle East, the one that we already closed. That business has the same margin as every other business.", "audio_length_s": 7.68, "path": "0b2059114216fe9195b6a4256ed84843_69.wav"}, {"text": "as well as our Investor Day presentation and webcast, along with other important information about Garrett.", "audio_length_s": 7.68, "path": "4e5c4493f72e781905efa4dd73460ff6_1.wav"}, {"text": "the required distribution channels to efficiently place product to customers without incurring significant price reductions.", "audio_length_s": 7.68, "path": "eed99fefac02f862b3ee31c4748cb9b5_71.wav"}, {"text": "there's no surprise about Fort Hills. We've known for a long time we were moving into a position of length.", "audio_length_s": 7.68, "path": "0e410ca71e50235e520d5af32ce0f54a_115.wav"}, {"text": "This included a significant proportion of patients in whom antipsychotics were used to treat mood disorder.", "audio_length_s": 7.68, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_140.wav"}, {"text": "and financial outlook for the next 3 years. We received a lot of positive feedback. And for those of you who may have missed it", "audio_length_s": 7.68, "path": "365c360aff42713cef71a7d026eeeb6d_84.wav"}, {"text": "both to residential credit as well as to make additional share repurchases. So the overall portfolio leverage", "audio_length_s": 7.68, "path": "3fb901e6b501ddced60226a13ebef4af_102.wav"}, {"text": "across several industry sectors really customers coming in for rental demand. So I know, Dennis, you can give them a little color on where we're seeing it.", "audio_length_s": 7.68, "path": "eb93e70cdf7a839a69546250fb3646fb_85.wav"}, {"text": "and we are scheduled to go live later this quarter, which is, again, is why we're really trying to work with those retailers to pull that revenue", "audio_length_s": 7.68, "path": "19bfb8daeb6e43d59415df478017d5c3_21.wav"}, {"text": "And so you can imagine, we booked margin much better than that in the quarter that brought the average up about 30 basis points.", "audio_length_s": 7.68, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_98.wav"}, {"text": "And I think our track record shows that we're not afraid to take bold action if we believe shareowners will benefit in the long term.", "audio_length_s": 7.68, "path": "190e0d8d92da94060523364716ce6e03_127.wav"}, {"text": "First of all, much of the political revenue we receive is down ballot, either on federal or state or local elections.", "audio_length_s": 7.6799375, "path": "b49c3cda0bcd26bab06abdd492274a3e_44.wav"}, {"text": "we view pricing as stabilizing despite market inventories that are lower but still above historical levels.", "audio_length_s": 7.6500625, "path": "eb93e70cdf7a839a69546250fb3646fb_76.wav"}, {"text": "on various aspects of the setup as well as the commissioning of the operations line, which was completed in September.", "audio_length_s": 7.65, "path": "8ad0d5b5df75415c56ba590cad29489a_130.wav"}, {"text": "The commercial truck market is a critically important market segment globally and in China.", "audio_length_s": 7.65, "path": "8ad0d5b5df75415c56ba590cad29489a_10.wav"}, {"text": "just tell us what your leverage was at the end of the quarter as it relates to your debt covenant and what your borrowings were under your credit facility?", "audio_length_s": 7.65, "path": "7ad622c38e1f0e472ca166e2ad70844d_40.wav"}, {"text": "obviously, we have been focused a lot on this proposed deal over the last several months. And no doubt it's impacted", "audio_length_s": 7.65, "path": "c272c3032aa56f99fd19c220786b0636_77.wav"}, {"text": "This increase was mainly attributable to the costs related to the launch of the new Syniverse brand during the quarter that Dean described earlier.", "audio_length_s": 7.65, "path": "139f0a6300f504b3e8673e39b0429161_60.wav"}, {"text": "Can we expect to see a greater contribution from overseas customers going forward? And if so,", "audio_length_s": 7.65, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_111.wav"}, {"text": "the end of the year to say how much stock we might need to repurchase. And they get the opportunity to at least", "audio_length_s": 7.65, "path": "232edaebd93a3d8673bce183d269ad6d_95.wav"}, {"text": "for those cars that have been repaired, we've been going through hail sale events in the first few months.", "audio_length_s": 7.65, "path": "3bdb43dc1bcef6eff76f45efedb6a211_40.wav"}, {"text": "Its very strong and capable team is ready to not only repeat Crombie's first decade of growth, but exceed it by executing against the great opportunities", "audio_length_s": 7.65, "path": "6b45877b719000e47adfd1ec118c376a_85.wav"}, {"text": "On the other hand, I think we want to see how things play out as we go through the first couple of quarters", "audio_length_s": 7.65, "path": "13220986bf30f26076a674e2a9edc89c_93.wav"}, {"text": "We have launched several key initiatives around assortment and inventory management that will lower our overall inventory days of supply,", "audio_length_s": 7.65, "path": "d70a57dd52d0e4cf86a6225dca186bc2_127.wav"}, {"text": "to raise our minimum store manager salary to this level because it is a most worthwhile investment in our employees", "audio_length_s": 7.65, "path": "d70a57dd52d0e4cf86a6225dca186bc2_53.wav"}, {"text": "And with that, I would like to turn the call back over to Joel to provide some closing comments before we open it up for questions.", "audio_length_s": 7.65, "path": "280baf1d10cd27b78eae4bf2574b9c98_16.wav"}, {"text": "Rather, the independent investment consultant would create these models utilizing our active proprietary product.", "audio_length_s": 7.65, "path": "8cb24daf76784487ad63780546dc4ba4_13.wav"}, {"text": "You know, it is not comparable in terms of produced water to what is going on in the Delaware,", "audio_length_s": 7.65, "path": "c96b5ae4ffe20d946daec67e2b0917b2_73.wav"}, {"text": "we certainly see an opportunity to leverage not only the commissary itself, but the learnings that Holiday has in terms of", "audio_length_s": 7.65, "path": "570faeed3dcfa26c6246dc42309025ad_113.wav"}, {"text": "We are optimistic about the opportunities this presents, and we expect to share more on what we are evaluating next quarter.", "audio_length_s": 7.65, "path": "54240e38051f2a3bb6a4e58fe55344cd_57.wav"}, {"text": "logging that takes place after the fires. And I just wondered if you could kind of help us as we think about the puts and takes there?", "audio_length_s": 7.65, "path": "088b4c55add5ff0e667bdbdd22187fc3_94.wav"}, {"text": "added to that momentum with another strong result on both the top and bottom line driven by a mix of organic growth", "audio_length_s": 7.65, "path": "a4a85b87c36f3a8c723d6d0e87cba645_2.wav"}, {"text": "and we would expect in the future that growth to be driven by volume not price. And we spoke a little bit about that earlier.", "audio_length_s": 7.65, "path": "46906afb4e1ee1fef09b5908e76beefa_201.wav"}, {"text": "And again, if and when competition does occur, we would anticipate that we would be competing in a branded space", "audio_length_s": 7.65, "path": "46906afb4e1ee1fef09b5908e76beefa_214.wav"}, {"text": "and believe the timing was right to accelerate the CEO change, while still allowing me the opportunity to help Darren until I retire.", "audio_length_s": 7.65, "path": "66c9091ba849cdb6d64987642ced64d2_3.wav"}, {"text": "That said, we operate across a number of end markets and geographies that remain uneven and a bit volatile.", "audio_length_s": 7.65, "path": "01502edf6cda82061f1f45d6b0e8e189_72.wav"}, {"text": "If you remove the impact from the Alternative Carrier business, our revenue for the quarter is consistent with the same year-ago period.", "audio_length_s": 7.65, "path": "6f2c2a55736c5c47a19eca807ec60e33_19.wav"}, {"text": "and demonstration of quality that one needs to do. So we took a step-wise approach to get the facility back up and running,", "audio_length_s": 7.65, "path": "2e3470778d787bc7db14a62eeaefd902_37.wav"}, {"text": "Looking ahead, DSOs will increase gradually as a mix shift to enterprise from commercial continues.", "audio_length_s": 7.65, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_27.wav"}, {"text": "in the same way motivated as deliverers of PostNL and that's because they want to do their -- the job as good as possible.", "audio_length_s": 7.65, "path": "fa45af64ef25007f998c655347bfbecb_431.wav"}, {"text": "And a important point to note is that our working capital is also significantly influenced", "audio_length_s": 7.65, "path": "fa45af64ef25007f998c655347bfbecb_483.wav"}, {"text": "I'm wondering what type of a time frame that any of these or all of these different initiatives", "audio_length_s": 7.65, "path": "392ca3d1e388c6d7a35f6d0db390c359_88.wav"}, {"text": "performance from an operating income perspective in the second and third quarter of last year, and it really tailed off so quickly.", "audio_length_s": 7.65, "path": "a827180c08c11f2e53c6966fceaabf5b_74.wav"}, {"text": "while at the same time, improving our customers' operating efficiency or reducing their operating costs.", "audio_length_s": 7.65, "path": "1b1699497be56330b3ed833f22bc63f6_150.wav"}, {"text": "We have a combination of 8 company-owned, managed or licensed restaurants and unique food and beverage hospitality deals", "audio_length_s": 7.65, "path": "a3c389b6f737603969fd26408544747f_78.wav"}, {"text": "we are very pleased with the results and expect to build on the success of these first shows under our ownership as we get to know these properties even better.", "audio_length_s": 7.65, "path": "4032bfdd59881fc6506c082737cb5a99_146.wav"}, {"text": "And we continue to invest here to provide new formats to landlords as they reconfigure their space.", "audio_length_s": 7.65, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_155.wav"}, {"text": "those draws continue to come fast and furious and that led to -- leads to our optimism for a", "audio_length_s": 7.65, "path": "8957425799e5ce0200bfacf204d0acde_224.wav"}, {"text": "And -- so in terms of what the particular growth rates are going to be, I would say it's less than what it has been historically.", "audio_length_s": 7.65, "path": "599ab9a8d39052867bd99cb2fa4fd4f2_18.wav"}, {"text": "Before we get started, I'd like to note that today's discussion will contain forward-looking statements based on the business environment as we currently see it", "audio_length_s": 7.65, "path": "e1da48985804bd3d99dffc5e33b6124b_1.wav"}, {"text": "We came away from the meeting with a much-needed clarity on how to move sparsentan forward as expeditiously as possible.", "audio_length_s": 7.65, "path": "a24a661c2eb55542903c72391ec09f9b_85.wav"}, {"text": "or will you be financing that externally. And the second question is by redeeming the convertible bonds,", "audio_length_s": 7.65, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_28.wav"}, {"text": "The acquisition of Upverter represents a significant step in the implementation of our cloud strategy.", "audio_length_s": 7.65, "path": "d9a3d28bdd36864c63b02659cc8870a8_44.wav"}, {"text": "And at this time there are no further questions. I'd now like to turn the conference back to Mr. Lautenbach for any closing remarks.", "audio_length_s": 7.65, "path": "6864081f83959f4b49e25e597f28af66_154.wav"}, {"text": "increasing external focus with customers and investors, and finally, improving financial visibility.", "audio_length_s": 7.65, "path": "575d21e05ceda8f95fc54e0292c2d99f_83.wav"}, {"text": "So it's the smart move to pick your battles carefully and focus on the work that you think is going to be most", "audio_length_s": 7.65, "path": "7ec19aea307c76d4a57fa87368305630_101.wav"}, {"text": "But please do not consider that SiC is only for power modules.", "audio_length_s": 7.65, "path": "863512efd537ffd31c094dd9bfd5ebd3_157.wav"}, {"text": "consistently falling as people and shoppers chose to go elsewhere for their facilities and experiences that they desired.", "audio_length_s": 7.65, "path": "6e3037e770ba5e0dfc98e3223986aad2_142.wav"}, {"text": "June 30. It didn't quite close through the bankruptcy court on June 30. It closed the very first business day of July.", "audio_length_s": 7.65, "path": "07d30eec04a77191950ef0992d097daf_154.wav"}, {"text": "not the least of which is actually starting to give them a road map for as they want to expand, how do they profitability expand in markets around them.", "audio_length_s": 7.65, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_176.wav"}, {"text": "Those are the right decisions to get that business to the profitability level that we saw in the fourth quarter and for us to be able to continue to build upon that.", "audio_length_s": 7.65, "path": "30710391b8ab4cb549180602d31d4f4a_131.wav"}, {"text": "extremely active for the last year and change. Has there been any change in pricing expectation?", "audio_length_s": 7.65, "path": "616e9ba16db091317ae4d96e877a9bbe_41.wav"}, {"text": "We know that there are some legislative processes that could add greater clarity to the situation.", "audio_length_s": 7.65, "path": "38b2f94da12bbf2d32246763aab8265a_111.wav"}, {"text": "they tend to be in the budgeting process early in January. Tend to be a ramp-up after that point.", "audio_length_s": 7.65, "path": "40e11288ea7cb86fdf307dbe648142e3_37.wav"}, {"text": "We're making good progress, and we are confident that our captive distribution force, leadership position in the educator space", "audio_length_s": 7.65, "path": "aeb50c6146f90bd32d147c5d4775c21d_43.wav"}, {"text": "Well, thank you, everybody. I'd like to just conclude by saying that we remain in very good shape to deliver a very solid year", "audio_length_s": 7.65, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_188.wav"}, {"text": "what are you seeing beneath the overall macro environment in terms of the execution of Industrial Environmental? And", "audio_length_s": 7.65, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_104.wav"}, {"text": "If it stays warm whereas that probably did not help our market in the winter, it would help the coal market a lot in the summer,", "audio_length_s": 7.65, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_119.wav"}, {"text": "wall in terms of approaching it that way. Whereas, I think if you continue to charge", "audio_length_s": 7.65, "path": "5664a96b7f1182d037b901d84eeb4fd6_115.wav"}, {"text": "Those are my prepared remarks on the second quarter financial results, and I now will turn it back over to Marcus.", "audio_length_s": 7.65, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_216.wav"}, {"text": "We will not increase activity if it means eroding our operational performance or increasing our well cost.", "audio_length_s": 7.65, "path": "a8b43081254547419da7462d9c957d61_10.wav"}, {"text": "One of our top priorities for 2018 is making it easier for advisers and their clients to do business with us.", "audio_length_s": 7.65, "path": "8a77ceadd7e4729abc9102d38be3a227_58.wav"}, {"text": "Can you remind us of the incremental capacity there and the expected ramp-up period for that project?", "audio_length_s": 7.65, "path": "dd28a387ccc9575df47840b850647c7f_208.wav"}, {"text": "Our opportunity, of course, continues to be on the top line, and that has been driven by disappointing traffic metrics.", "audio_length_s": 7.65, "path": "e2c02e1788cb10703d7611ef157f8135_8.wav"}, {"text": "Our periodic reports are available from the company or online on the company's website or the SEC website.", "audio_length_s": 7.65, "path": "2a7d7f3eb6960e631743ca5a0d86461f_1.wav"}, {"text": "where average customers could not tell, were they interacting with a computer or were they interacting with a human being?", "audio_length_s": 7.65, "path": "16ed973148ce103dc95fdcfaf35bbe7b_182.wav"}, {"text": "Can you help us bridge the gap between the wage inflation that you're seeing and sort of your reported labor costs?", "audio_length_s": 7.65, "path": "7aeefd3f7f36ea98354844517c1f012d_96.wav"}, {"text": "but with a return to growth in 2018. Our third quarter results were also negatively impacted", "audio_length_s": 7.65, "path": "974a2d744cd3d9acf42d74816de91f7f_53.wav"}, {"text": "to the state tax rates. Nonetheless, we feel comfortable giving an outlook that the 2018 effective tax rate is likely to be", "audio_length_s": 7.65, "path": "6ad1d7c855ceb3eb830c365e357e4510_83.wav"}, {"text": "So when the Sea Ray announcement came, when we had to shift people that way, this wasn't a, hey, guess what, we have a new product for you. This was", "audio_length_s": 7.65, "path": "10728656364812338b7417b035dae4c4_105.wav"}, {"text": "I -- we don't typically break it down by segment, but when you think about -- when we say premium, you think about all the different brands we have.", "audio_length_s": 7.65, "path": "10728656364812338b7417b035dae4c4_134.wav"}, {"text": "It'll be offset in the tax line below and is earnings neutral, but will create the visual of contracting net interest margins.", "audio_length_s": 7.65, "path": "ef44080b170ca6366a6d3132d0baf11a_118.wav"}, {"text": "And I'm happy to observe now that it seems like in the prepaid, decline in revenues is starting to flatten out.", "audio_length_s": 7.65, "path": "4567936d89925d1a3b983274b11ecae5_114.wav"}, {"text": "with a longer-term expectation that, that market will tighten and you will have an opportunity to realize upside there?", "audio_length_s": 7.65, "path": "151a08a0353f92bc3a78bbf8a17b52aa_40.wav"}, {"text": "and solidified 2 new substantial collaborations based on our GalXC platform with Eli Lilly", "audio_length_s": 7.65, "path": "e78997e6a75a2243292b2b54750bb3cb_45.wav"}, {"text": "We see continued progress with other potentially large life science accounts that are designing us into their equipment.", "audio_length_s": 7.65, "path": "9098e5640309f25da0d4dfa04789a36f_33.wav"}, {"text": "are based on management's expectations, depend on assumptions that may be incorrect or imprecise and", "audio_length_s": 7.65, "path": "52a4e3ebf7e968a783401230c3f69a9d_109.wav"}, {"text": "to gain efficiency in the time to market of our products and services but very close to the customer front.", "audio_length_s": 7.65, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_11.wav"}, {"text": "creates an approximately 50 basis point headwind. So we're now likely to be at the lower end of that range.", "audio_length_s": 7.65, "path": "9b697782ea80be97854f35d6fc62c93a_26.wav"}, {"text": "But at the same time, we did see margin improvements in business wireline and international.", "audio_length_s": 7.65, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_73.wav"}, {"text": "be a continuous and unchanged development during the year. Always trying to reinforce geographical or technological positions", "audio_length_s": 7.65, "path": "9aeced6a84c2436e62dd21d1441d0bb4_19.wav"}, {"text": "We also expect some more efficiencies in terms of operations during this quarter.", "audio_length_s": 7.65, "path": "baf4cec43f02cba3a0e2e83192f98380_5.wav"}, {"text": "line I'd like to point you towards is the 5th row, return on sales. This is also excluding the cost of uplift", "audio_length_s": 7.65, "path": "262bc21196721c5ff9114acbd2ff03c3_175.wav"}, {"text": "We experienced some increases in direct and indirect costs related to the shutdown of Hillsboro's Deer Run Mine", "audio_length_s": 7.65, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_36.wav"}, {"text": "Additionally, we will refer to some non-GAAP financial measures on this call and certain measures presented on a constant currency basis.", "audio_length_s": 7.65, "path": "1fd097fa0bd05da0e7af03521e23bc68_2.wav"}, {"text": "As you can tell, I'm pretty confident about where Altium is in terms of its preparation for the next phase of growth.", "audio_length_s": 7.65, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_83.wav"}, {"text": "We continue to validate this technology through designs that provide customers unparalleled value through significant improvements in weight,", "audio_length_s": 7.65, "path": "8eaca8d8a419f74540f69ade8defabbd_154.wav"}, {"text": "Any further increases in the Bank of Canada's overnight rate would also be expected to have a positive impact on this key metric.", "audio_length_s": 7.65, "path": "87045996e7446329f1d98c909c6ca7fe_87.wav"}, {"text": "In the meantime, we will continue to focus on a variety of strategic initiatives to increase the awareness, availability and affordability of home standby generators.", "audio_length_s": 7.65, "path": "82f5253b62614161333b038f5f9700f8_162.wav"}, {"text": "It is part of the reason that we told you we might see some short-term volatility in the hog prices as", "audio_length_s": 7.65, "path": "af2718cdc0b3b856f9a0b3da3d527d18_206.wav"}, {"text": "We've been successful with that in the past. So I guess the answer to your question is, is that we look at our harvest levels on a daily basis.", "audio_length_s": 7.65, "path": "af2718cdc0b3b856f9a0b3da3d527d18_141.wav"}, {"text": "all of which will be delivered in a very well-established environment of world-class risk management for the benefit of our shareholders.", "audio_length_s": 7.65, "path": "dffe8257f781608bb17bb637249e4d2a_71.wav"}, {"text": "We remain an important financier of small business and infrastructure, and we're also a custodian of the nation's savings.", "audio_length_s": 7.65, "path": "dffe8257f781608bb17bb637249e4d2a_174.wav"}, {"text": "can be found in our press release posted on our website at knowles.com, including a reconciliation to the most directly comparable GAAP measures.", "audio_length_s": 7.65, "path": "61a1812ea55a4d676119b4f3d7cd6c10_71.wav"}, {"text": "While I will defer to Paul to cover the numbers later in the call, our Commercial Real Estate segment had an excellent quarter", "audio_length_s": 7.65, "path": "9ba83ac067a98f8b12cc480ff0691e91_4.wav"}, {"text": "the FX. So I'm just curious, is that the right way to think about it, that the core business outside of that is accelerating and if there's anything else in there?", "audio_length_s": 7.65, "path": "49e533a8449f6b9b6c806458e73338e1_56.wav"}, {"text": "Looking at the integrated portfolio, each segment plays a role in the success of the overall group.", "audio_length_s": 7.65, "path": "01f88a67f39af3a74d5f23b095615d39_88.wav"}, {"text": "But the good news is by having those cases continue to be in the relevant jurisdictions rather than under one case,", "audio_length_s": 7.65, "path": "94f913b974baab79fb636f6521170dd7_21.wav"}, {"text": "than anyone out there and that there will be synergies, as you pointed out, in your research earlier this year,", "audio_length_s": 7.65, "path": "1689b94530eca82b7758c86b4cf3125f_66.wav"}, {"text": "get our products in the hands of people with diabetes and to accelerate our momentum as we drive towards building a strong install base.", "audio_length_s": 7.65, "path": "e42f90eacf0e766ff39973c6aca06c93_50.wav"}, {"text": "However, we expect some continued modest impact until the situation stabilizes. As a reminder,", "audio_length_s": 7.65, "path": "b4fc31ae6403a17b15c30d3ec3b82487_13.wav"}, {"text": "As we stack more of these larger, quality cohorts throughout the course of this year, we continue to believe they will fuel long-term growth.", "audio_length_s": 7.65, "path": "50e17cbbbef8897681cc5f8ae110aae2_128.wav"}, {"text": "better in the stores. I would say we're -- if you ask us where we are on that, we're just getting started", "audio_length_s": 7.65, "path": "7498a6630302a038bd537d192c3a44f4_272.wav"}, {"text": "to improve margins as they finish the implementation efforts and transition to the ongoing servicing work for our platform clients.", "audio_length_s": 7.65, "path": "d74cec1fb73e1b1134bfa7152762ad80_106.wav"}, {"text": "and we are very confident about the future of the Global 7000 moving forward. So all in all,", "audio_length_s": 7.65, "path": "7e2ebcd981f5b5ecb18c04906f87d768_229.wav"}, {"text": "We need to expand our trading volume, construct a stronger network", "audio_length_s": 7.65, "path": "80a2ca14358172366acab4e80f3fa33b_20.wav"}, {"text": "and whether they have any relevance to the future development of AB-452, the class of molecules or the mechanism of action.", "audio_length_s": 7.65, "path": "1270f7f67f406b52a2ee86584b452bff_9.wav"}, {"text": "You may disconnect your lines at this time. Thank you for your participation.", "audio_length_s": 7.65, "path": "ee00ebd8d782e8f124b3e142cbb74f37_105.wav"}, {"text": "Its close proximity to Orca means that we have the opportunity to start operations on a small scale, utilizing the existing infrastructure", "audio_length_s": 7.65, "path": "00dcacc7fe3cab64b14aff04a9cd0284_56.wav"}, {"text": "Through the balance of 2016, we expect to spend relatively modest maintenance CapEx for Orca and our terminals.", "audio_length_s": 7.65, "path": "00dcacc7fe3cab64b14aff04a9cd0284_7.wav"}, {"text": "No. I think that's not necessarily the case. We do have a strong services part of our business which is unrelated to the environment.", "audio_length_s": 7.65, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_59.wav"}, {"text": "Relative to our expectations, we are realizing some early benefits from our efforts to drive greater efficiency and effectiveness.", "audio_length_s": 7.65, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_77.wav"}, {"text": "timely release that information so that you guys can all get a good sense of how we're looking at this.", "audio_length_s": 7.65, "path": "4311782968e936c378fdee8946cd9cca_91.wav"}, {"text": "become more seasonal due to the significant growth of our ground traditional campus and due to the shift in the start dates and breaks between years.", "audio_length_s": 7.65, "path": "4311782968e936c378fdee8946cd9cca_77.wav"}, {"text": "So a lot of variables to think about, and that's what really underpins my comment about just being cautious.", "audio_length_s": 7.65, "path": "e0d1342ad3d27fd648b708837de08797_188.wav"}, {"text": "Also note that the content of this conference call contains time-sensitive information that is accurate only as of today,", "audio_length_s": 7.65, "path": "5c601f5318d5dcbe20fdd78f19c2b277_51.wav"}, {"text": "We'll have more details on these amounts when we report our first quarter results in April. And with that, I'll conclude our prepared remarks.", "audio_length_s": 7.65, "path": "5c601f5318d5dcbe20fdd78f19c2b277_170.wav"}, {"text": "and in a way that makes it easier for these consumers to become financially healthy. This is at the core of our strategy and what's fueling our growth today.", "audio_length_s": 7.65, "path": "66b25c60d952bd002c7ab20da9248086_4.wav"}, {"text": "to be able to continue to supply customers. And right now we don't think we'll have a material impact on any of our customers as a result of this.", "audio_length_s": 7.65, "path": "812d8f09b72b4d410d138d3b24caebbc_199.wav"}, {"text": "They have great expertise. And what they're doing basically is selecting out of the larger group of PBM's available,", "audio_length_s": 7.65, "path": "a2ba164f019804628c07b36de47cd464_98.wav"}, {"text": "speed the introduction of new products out of Wabash Composites and continue our expansion in the growing food storage and processing area", "audio_length_s": 7.65, "path": "64364105b816dd0b6a029e9cd210e65b_132.wav"}, {"text": "we were one of the exhibitors this year. I stayed there to meet with customers face-to-face.", "audio_length_s": 7.65, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_12.wav"}, {"text": "Earnings for the Oriental joint venture were also up, mainly on a more favorable sales mix and lower currency remeasurement losses.", "audio_length_s": 7.65, "path": "9dc19bfa451bc1278b7136420493f84d_4.wav"}, {"text": "you could actually see barrels back up into the Permian Basin, simply because something happened on the coast. And we're certainly providing", "audio_length_s": 7.65, "path": "1215cf00a11992ec74743f92026af2e9_33.wav"}, {"text": "Victoria was somewhat flat year-on-year, but this was not unexpected given it was the last year of the current access arrangement.", "audio_length_s": 7.65, "path": "4ee3c79ebc57c9870b221b9479d52436_89.wav"}, {"text": "Our Enterprise Asset Management System is an integrated asset management system to enable us to deliver energy", "audio_length_s": 7.65, "path": "4ee3c79ebc57c9870b221b9479d52436_231.wav"}, {"text": "In 2016's difficult operating environment, we have focused on driving new business gains by helping customers to lower their costs.", "audio_length_s": 7.65, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_171.wav"}, {"text": "With that, I'll turn it back to Fred for closing remarks. Thanks, Tom. As we enter the second half of the year", "audio_length_s": 7.65, "path": "e552924838fe493d3cc967dd0c5c4563_198.wav"}, {"text": "whether there is any market segment where you could probably have", "audio_length_s": 7.65, "path": "ffe22f8bcf153b8b51f6e52039686c1e_6.wav"}, {"text": "you just can't have everyone overbuilding at once. So I am hopeful that this one will be", "audio_length_s": 7.65, "path": "3412b2f7aef0615537779e312cf984c3_54.wav"}, {"text": "we see a pathway for others to be disciplined as we have. But obviously, we need to see execution on that -- in that regard.", "audio_length_s": 7.65, "path": "5b331cf4e6f62ec9a9c30a4728e36054_88.wav"}, {"text": "in that process. We're making sure we understand customer needs and expectations. There'll be some paperboard integration opportunities for us", "audio_length_s": 7.65, "path": "1d021dfadd51998ac079e1df49929c60_178.wav"}, {"text": "We have taken steps to offer a full range of products to our customer base to meet either investment needs or long-term income needs.", "audio_length_s": 7.65, "path": "6299a010c7bb84feaf14b263750dbd1a_81.wav"}, {"text": "California has been a great story for us in the second quarter. We saw the -- it's really driven by the private side.", "audio_length_s": 7.65, "path": "902872913863de98d38e2936b846cf66_267.wav"}, {"text": "So we feel very good about the fundamental demand drivers and about the leading indicators of near-term shipments.", "audio_length_s": 7.65, "path": "902872913863de98d38e2936b846cf66_93.wav"}, {"text": "rumors or there's a lot of news coming out of Brazil. It seems like it's a fairly challenged situation there. So you guys have", "audio_length_s": 7.65, "path": "96488f25af54f91198b444e5eff8e878_155.wav"}, {"text": "but at this point in time at this stage of negotiations, we're really going to shy away. In fact, we're not going to make any comment on pricing.", "audio_length_s": 7.65, "path": "1378aabd380e63d3f89fe0e445fc8b06_37.wav"}, {"text": "with all our segments contributing to strong overall results. And with that, let me turn it back over to Mark to review our financial results.", "audio_length_s": 7.65, "path": "93e134910b4a7c587bc461da0c9a2083_39.wav"}, {"text": "They've also grown faster than the general air cargo markets over a long period of time as well, I might add.", "audio_length_s": 7.65, "path": "f268a8174f58c93ad6b45b7f151fe896_185.wav"}, {"text": "and how you make these products, how you source them and all those other factors are very, very precise.", "audio_length_s": 7.65, "path": "24c7526f6daca8e16ab91bea6124148a_87.wav"}, {"text": "The event strengthens our relationships with our partners and is a great vehicle to develop new opportunities for the year ahead.", "audio_length_s": 7.65, "path": "a756bd9ba43faae4d9d0f059925e39e9_134.wav"}, {"text": "part of a tax extenders package, similar to the way it was done last year. And", "audio_length_s": 7.65, "path": "ee824d23bd881a3dc5ee8be881b7d18b_21.wav"}, {"text": "so we can note that this time, field service performance from the volume point of view was stronger than in parts.", "audio_length_s": 7.65, "path": "538323cb37246bc97d1253b369a7414a_16.wav"}, {"text": "because of the sites where they are, because of the conditions that we have achieved in hardware. So", "audio_length_s": 7.65, "path": "e97326d6a8951550e363f2be6ec489ba_189.wav"}, {"text": "We believe that many of the issues that affected third quarter revenues are likely to impact our performance in the fourth quarter.", "audio_length_s": 7.65, "path": "594b7b614804475e4ab8ab4c405ecf40_81.wav"}, {"text": "So this is in summary, our short presentation for this morning. And now I would like to open the floor to questions.", "audio_length_s": 7.65, "path": "bf99037f89cd485f95f097842619a0c7_26.wav"}, {"text": "We will stick to what we do best, providing our customers with the right products to improve their financial standing and flexibility.", "audio_length_s": 7.65, "path": "7e198f4b8da8fc367e2bca0fd1595633_6.wav"}, {"text": "I'll begin today's call with a business update. Gerry will review the financials and guidance, and then we'll open it up for your questions.", "audio_length_s": 7.65, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_5.wav"}, {"text": "committed to continuing to drive shareholder value through strong operating results, profitable new business and focused deployment of our available capital.", "audio_length_s": 7.65, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_89.wav"}, {"text": "Well, if you look at the second half of the year, we do expect to receive a little bit more of a headwind associated with", "audio_length_s": 7.65, "path": "a968612b5d51d3df12aad60dde8e1e41_112.wav"}, {"text": "pulling lots of the most talented people in the company together to ensure we're defining the platform of how we want to operate Rotork going forward. So", "audio_length_s": 7.65, "path": "7a80c3e91e5a2693cdaef5f716808317_94.wav"}, {"text": "We'll probably call through another line of that and kill another round of them because, again, you take these off in layers and say", "audio_length_s": 7.65, "path": "7a80c3e91e5a2693cdaef5f716808317_49.wav"}, {"text": "Importantly, as we look to expand our presence in SMA, we are also excited about the potential for gene therapy as a complementary mechanism.", "audio_length_s": 7.65, "path": "b1a98885c1d81414cdc122e807760faf_162.wav"}, {"text": "As always, please do not hesitate to reach out should you have any questions regarding these new metrics and disclosures. Now let me turn the call over to Carlos.", "audio_length_s": 7.65, "path": "365c360aff42713cef71a7d026eeeb6d_156.wav"}, {"text": "adjusts our GAAP quarterly results by eliminating special charges and then applies the tax rate to the result.", "audio_length_s": 7.65, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_29.wav"}, {"text": "is in line with our revenue increase if you look at the some of the trend numbers that we showed you earlier. So I think it's stabilized", "audio_length_s": 7.65, "path": "8dd740d83ff1c7319a82eeba6047633d_172.wav"}, {"text": "This is an important longer-term option for us, and we will keep all avenues open to realize value from this asset.", "audio_length_s": 7.65, "path": "9b84dc4409f4ecccd173c2f81a4460cc_172.wav"}, {"text": "We also took additional cost actions in Mexico and Brazil to respond to the tough economic conditions there.", "audio_length_s": 7.65, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_130.wav"}, {"text": "and we are looking at taking several steps to restructure this business, and we'll update you when we meet again for the Q4 result.", "audio_length_s": 7.65, "path": "bece1ee458b65656b484de51021c5219_8.wav"}, {"text": "And although not materially impacting revenue in 2016, we are encouraged by the early reception that we're receiving from our clients", "audio_length_s": 7.65, "path": "1bb9219ad31877175e18e8e48ff2f63c_61.wav"}, {"text": "Many of our assets have been put on shortly before the downturn in oil and gas prices and production levels were curtailed.", "audio_length_s": 7.65, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_7.wav"}, {"text": "Given the fact that we did provide a significant amount of information just a couple of weeks ago, my prepared remarks today will be relatively brief.", "audio_length_s": 7.65, "path": "1bc08759c84df9d3f656cf53f5bb6d35_62.wav"}, {"text": "We have seen the volume of collectibles submitted to us for grading increase dramatically in the last 12 months.", "audio_length_s": 7.65, "path": "ff59c33225941d4025bcecc8fe1a4b32_31.wav"}, {"text": "Execution of our remediation plan is progressing with a sense of urgency. However, fixing these issues in the right way takes time.", "audio_length_s": 7.6499375, "path": "b96165244f010b3f1e61cbbc5e504d96_116.wav"}, {"text": "During the transaction close process, we made the decision to conform MuleSoft's revenue recognition policy to Salesforce's policy", "audio_length_s": 7.6499375, "path": "16ed973148ce103dc95fdcfaf35bbe7b_143.wav"}, {"text": "Before reviewing the forward-looking statements, as retiring CFO, I wanted to express my gratitude and appreciation", "audio_length_s": 7.6499375, "path": "5b0a12e70a31041016a008c29a6d2bb1_22.wav"}, {"text": "We've lined up a strong product pipeline to be launched over the next 12 months, with about 1 new product launch", "audio_length_s": 7.62, "path": "5833763223d8d85b6fcb5fe90e821c77_83.wav"}, {"text": "And therefore, in the mix, the ForEx does really have an impact on the overall, margin mix that we do have.", "audio_length_s": 7.62, "path": "d22830e34d4f069487310864ec17789f_186.wav"}, {"text": "for the quarter, discuss trends and developments in our industry and business, and the outlook for the rest of the year.", "audio_length_s": 7.62, "path": "10a419054cf3cc5d4ca00b7f338cc73b_82.wav"}, {"text": "our best opportunity to have very efficient capital for the long term, but it is -- we are in the early stages, very early stages of that project.", "audio_length_s": 7.62, "path": "7d2a9151826f1fbcf538ffbf85924ed2_169.wav"}, {"text": "In the middle of June, we announced that the study had been fully enrolled, and all subjects had received at least their first dose.", "audio_length_s": 7.62, "path": "e2b2a746a7a2cd752c92ccfab257cfca_51.wav"}, {"text": "Slide 12. We thought it would also be helpful to give an illustration of our business model. As you can see from this slide,", "audio_length_s": 7.62, "path": "f3ea353a6c918bc1fd311a9cad6b9777_48.wav"}, {"text": "and we believe that as reimbursement and the consistency in favorable payment policies continue to be established", "audio_length_s": 7.62, "path": "5111fdad778749872c23e78c9b0d653b_125.wav"}, {"text": "We've seen tremendous progress they've made in some areas such as payroll and freight with some of their investments.", "audio_length_s": 7.62, "path": "a069e0992c2083f0f53eaa4f7a02e47d_100.wav"}, {"text": "cooked at home in less than a half hour from our recipe that we've developed over a period of time", "audio_length_s": 7.62, "path": "7e14890193df4b10e1eeab6ab886529f_49.wav"}, {"text": "We reduced our operating expenditures, streamlining and focusing our operations through the implementation of a company-wide restructuring", "audio_length_s": 7.62, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_40.wav"}, {"text": "of those institutions, the needs grow stronger within those constituencies, and there is an increased usage of our reports", "audio_length_s": 7.62, "path": "e824f4380f8203a1e3ed60e7da1e39e5_124.wav"}, {"text": "We are making good progress in Texas, and the issues we identified in Ohio in the first quarter are substantially resolved.", "audio_length_s": 7.62, "path": "3121e8f4a75758834d32a9e4e0555221_47.wav"}, {"text": "Except as required by law, the company undertakes no duty to update these forward-looking statements that are made during the course of this call.", "audio_length_s": 7.62, "path": "1d2f3c74735a986131e7b219d9eff713_1.wav"}, {"text": "we know that supply has become more of an issue in the BC Interior, yet at the same time, we know there's probably going to be a lot of salvage", "audio_length_s": 7.62, "path": "088b4c55add5ff0e667bdbdd22187fc3_69.wav"}, {"text": "We are very committed to our business model of only having franchises,", "audio_length_s": 7.62, "path": "9e937c87ad87f354d42a688156853a30_17.wav"}, {"text": "but we have our hands full on that, and at the same time we are working on next projects and also", "audio_length_s": 7.62, "path": "cfbe91105113db7a5784f77e411b7a3f_163.wav"}, {"text": "from the traditional diesel to electric. And it's our understanding and plan that they'll all be with our systems as well.", "audio_length_s": 7.62, "path": "392ca3d1e388c6d7a35f6d0db390c359_196.wav"}, {"text": "And with that services that they can now provide, they're able to bring", "audio_length_s": 7.62, "path": "392ca3d1e388c6d7a35f6d0db390c359_223.wav"}, {"text": "We believe we have the right assets and strategies in place and are focused on executing our key priorities.", "audio_length_s": 7.62, "path": "a827180c08c11f2e53c6966fceaabf5b_3.wav"}, {"text": "In 2017, the underlying rate of base business price erosion is likely to be high single digit", "audio_length_s": 7.62, "path": "5f38ce681d4413a793d34a0650c59bf2_13.wav"}, {"text": "For the most part, we're not paying a lot of attention to the limestone auctions. We're particularly interested in base metal auctions when they come up.", "audio_length_s": 7.62, "path": "43028740644ea81c42c672416be4926e_57.wav"}, {"text": "there can always be changes in markets. What we're giving a perspective on today is what we're seeing in the market.", "audio_length_s": 7.62, "path": "f46ae0a04d60dea8a759f07333ed37e2_129.wav"}, {"text": "If this really comes back to the idea of enabling this information transparency between owners, general contractors and the trade contractors.", "audio_length_s": 7.62, "path": "0f4370b614f29bd596e4f6871cc77864_232.wav"}, {"text": "In short, on a 3-year basis, our performance fits the growth model we talked about at our Investor Day, with clear acceleration over the last year.", "audio_length_s": 7.62, "path": "0f4370b614f29bd596e4f6871cc77864_17.wav"}, {"text": "So I think that plays into the strengths of us and the other competitors of ours that you mentioned.", "audio_length_s": 7.62, "path": "575d21e05ceda8f95fc54e0292c2d99f_32.wav"}, {"text": "so that kind of maybe plays into managing spending and retaining more cash flow", "audio_length_s": 7.62, "path": "2ad9555a64eaa3f45bef5581adeecb9c_224.wav"}, {"text": "We are recruiting new people with energy, passion, experience and a deep understanding of a changing and exciting industry", "audio_length_s": 7.62, "path": "6e3037e770ba5e0dfc98e3223986aad2_123.wav"}, {"text": "in development and commercialization milestones. The agreement also includes potential royalties on product sales.", "audio_length_s": 7.62, "path": "01ebdadb81d0e5a57270957c0cbe83fc_70.wav"}, {"text": "The new capacity in Paris adds to our product expansion plans in Paris with openings scheduled for later this quarter", "audio_length_s": 7.62, "path": "bbe852c8c3f7827e31f31a56bc72b7da_192.wav"}, {"text": "This is a very innovative deal for us at a modest cost in an area which is seeing significant interest", "audio_length_s": 7.62, "path": "c3ac3b05413d9a9caee0626d57fee77f_151.wav"}, {"text": "we are increasing investments in a number of core platforms to accelerate growth in 2017 and beyond.", "audio_length_s": 7.62, "path": "002d12258ff802d65f79ae2eef99e4ab_151.wav"}, {"text": "maybe also just some additional context around the benefit from mix in the quarter in terms of how much that contributed?", "audio_length_s": 7.62, "path": "e3d70ecdb6aaed843dd059c121962e45_162.wav"}, {"text": "Our Walmart locations continue to see increased traffic and be well received by customers.", "audio_length_s": 7.62, "path": "e3d70ecdb6aaed843dd059c121962e45_145.wav"}, {"text": "educating our environmental groups and others around the need for a firm capacity to assure that we can meet firm load.", "audio_length_s": 7.62, "path": "636d6909fbd8656f88f72f66a3a162ff_93.wav"}, {"text": "Actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors.", "audio_length_s": 7.62, "path": "0899e07f70a6e5be842fb6e22a3fafe9_66.wav"}, {"text": "utilizing our unique approach to help educators find additional funds that can be redeployed to retirement savings.", "audio_length_s": 7.62, "path": "aeb50c6146f90bd32d147c5d4775c21d_114.wav"}, {"text": "We also saw less pressure from higher polypropylene resin costs in the fourth quarter compared to the prior year.", "audio_length_s": 7.62, "path": "c1d916407f390d20e9d8f9b453e22435_36.wav"}, {"text": "Now that I've covered early season results, I'd like to discuss our plans for the second half of the season.", "audio_length_s": 7.62, "path": "87ba56e8ff82d5e181ee5d6d66543c51_79.wav"}, {"text": "Additional income from the unconsolidated mining operations and modestly improved operating results at the limerock dragline mining operations", "audio_length_s": 7.62, "path": "08ed60a546bd48af9db028c4e3c8af26_82.wav"}, {"text": "primarily because of an expected decrease in income at Mississippi Lignite Mining Company and a decrease in royalty and other income.", "audio_length_s": 7.62, "path": "08ed60a546bd48af9db028c4e3c8af26_43.wav"}, {"text": "That's continued into '18. You layer in what '18 has over '17, is the halo of the spinner.", "audio_length_s": 7.62, "path": "c67af59ea29f4e80b8eeede6e730658e_90.wav"}, {"text": "And assuming that target still holds, do you have any appetite to actually accelerate share repurchase in light of some of those tailwinds as well as your capacity?", "audio_length_s": 7.62, "path": "8a77ceadd7e4729abc9102d38be3a227_180.wav"}, {"text": "which actually were positively received despite all of this. Most of our competitors in our categories have high single digit.", "audio_length_s": 7.62, "path": "47b1a118c53956b23f1d687a75f3e5ba_49.wav"}, {"text": "All right. So now I'm going to turn my attention to ARC and take a few minutes to outline the progress we've been making in the Solutions business.", "audio_length_s": 7.62, "path": "9b93af1e7019959620214c387f283d8e_52.wav"}, {"text": "partners. So -- which would have been a little bit of pull forward, obviously. But we didn't really see a lot of that in perspective to the whole quarter", "audio_length_s": 7.62, "path": "dd28a387ccc9575df47840b850647c7f_160.wav"}, {"text": "We believe a 6% target is the best estimate as of today, but I did want to point out this nuance in our financial outlook.", "audio_length_s": 7.62, "path": "6a372ea97b0b130a4d37f16b54d97909_93.wav"}, {"text": "we had significant increase basically, thanks to price adjustments in the contract.", "audio_length_s": 7.62, "path": "cc5ce88cbccddf8e99408418e7749a7d_4.wav"}, {"text": "so -- and that was pretty consistent with what we did in Q2. So again, I think the best way to think about it", "audio_length_s": 7.62, "path": "6c43a32379bfc34fc8cfe84ff94d6498_89.wav"}, {"text": "All of these results, as you have seen, are really embedded in all geographies across all lines of business.", "audio_length_s": 7.62, "path": "98f10f0935e5b778e888a1b8130a3d31_37.wav"}, {"text": "This slide illustrates how the CRT transactions are carried on the balance sheet and flow through the income statement.", "audio_length_s": 7.62, "path": "567a41009710fa1568bb8125213bf9eb_69.wav"}, {"text": "data traffic growth of 60% in the year and that was in the back of the sustained investment in the network that we took,", "audio_length_s": 7.62, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_133.wav"}, {"text": "Over the past couple of years, we have worked hard to focus our people on managing working capital every day of the year.", "audio_length_s": 7.62, "path": "c3567809c19ce6a800677544cd84f88b_138.wav"}, {"text": "So it's all still going the same as I would have said it was going 6 months ago or a year ago.", "audio_length_s": 7.62, "path": "191c819db03c2dfd0207cd1f42e278a4_96.wav"}, {"text": "But inexorably, we're driven to going over 50% as a company and that's where our focus is on in this next year.", "audio_length_s": 7.62, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_17.wav"}, {"text": "new -- call it greenfield or expansions. But also something we didn't see last couple of years in the downturn", "audio_length_s": 7.62, "path": "505ccbd6e857cad05a179a5ed5419d1b_78.wav"}, {"text": "do you feel like the average number of Resources professionals on assignment at a typical client will go up?", "audio_length_s": 7.62, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_40.wav"}, {"text": "which began in the first quarter of 2015, but these reductions could not offset the impact of our reduced sales levels.", "audio_length_s": 7.62, "path": "f77935c4693e4d33252c9c76993e9c8b_108.wav"}, {"text": "once Vancouver Energy is up and operating, we'll use crude oil into the facility to supply our West Coast operations, but there's no", "audio_length_s": 7.62, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_102.wav"}, {"text": "we look at inspiration from our customers, we look at inspiration from others, but we also look at inspiration from the tech", "audio_length_s": 7.62, "path": "e2c17247ae2f5d4fa8dd8814cc801198_154.wav"}, {"text": "which includes increased overhead cost from our Barnwell, South Carolina facility that are not fully absorbed by production and sales.", "audio_length_s": 7.62, "path": "8b2f9d78b826db37ca84dae4d193d8a3_32.wav"}, {"text": "the nation. I was curious in just how you think about that now that you have a growing base outside of New York, California, you mentioned having strong unit volume.", "audio_length_s": 7.62, "path": "3898a5c021167b8169287fc8bb59f753_142.wav"}, {"text": "We continued to improve our guest technology experience and increased our revenue through online ticketing capabilities.", "audio_length_s": 7.62, "path": "e2225d612a954a24e7e91c08215d7b51_89.wav"}, {"text": "Just a word on RoRE, return on regulated equity. We did promise in previous results that we'd give you an ongoing", "audio_length_s": 7.62, "path": "e00fd35e201a8607d264b803a5130c59_24.wav"}, {"text": "issued safety directives requiring operators to suspend public transport flights and commercial air transport operations", "audio_length_s": 7.62, "path": "8d9efef3c305ec549fb15daa27107c83_75.wav"}, {"text": "In addition, while not a primary endpoint, the IOP reduction will also need to be clinically meaningful for regulatory approval.", "audio_length_s": 7.62, "path": "aed770c98113f594e36325a5822547e4_70.wav"}, {"text": "We'll accelerate our customer experience and digital capabilities. We'll bring newly designed store concepts to market", "audio_length_s": 7.62, "path": "21f21433851eb7c7f7dbc710309341bb_125.wav"}, {"text": "With strong residential demand, dealer intimacy and a steady stream of new products, our outlook for the aquatics business remains strong.", "audio_length_s": 7.62, "path": "fb817a6cc685a3fd0f003456dd641c01_126.wav"}, {"text": "The performance of these 2 businesses was not enough in the quarter to offset the margin impact from thermal management.", "audio_length_s": 7.62, "path": "fb817a6cc685a3fd0f003456dd641c01_11.wav"}, {"text": "I now hand over to Andy to go through the financial highlights and provide some updates on our portfolio. Thanks, George.", "audio_length_s": 7.62, "path": "828ec1416eb7fa95846b5137752b3ff9_62.wav"}, {"text": "Please be advised that this call is being taped at the company's request and will be archived on the company's website starting later today.", "audio_length_s": 7.62, "path": "5330f07390a3c14fc49f24ac98bf1eab_0.wav"}, {"text": "are actually being very helpful with us to address their markets, while they're rolling out the product.", "audio_length_s": 7.62, "path": "e97d1655ebabb8403ac0449eadb48f9b_68.wav"}, {"text": "Looking forward, we will proceed carefully and thoughtfully in evaluating our opportunities for enhanced capital deployment.", "audio_length_s": 7.62, "path": "1e756fc5d265eea3ff8e2e31c29826ae_147.wav"}, {"text": "I do think the other piece to consider is that there will be improvements along the way as", "audio_length_s": 7.62, "path": "af2718cdc0b3b856f9a0b3da3d527d18_88.wav"}, {"text": "that took place at the end of last year. At this point, we're very comfortable that we will continue to", "audio_length_s": 7.62, "path": "059024560d9d1039cf08746ee7393114_154.wav"}, {"text": "Thus, we will provide billable tests, not only in our 10-Q filings, but also in our earnings calls moving forward.", "audio_length_s": 7.62, "path": "7551ffae17aa39dd4ea962a43f96bf04_99.wav"}, {"text": "And in terms of the retail royalties. So the sales of product in the grocery store, you mentioned", "audio_length_s": 7.62, "path": "416ebb7a4160f7cd2f98361cbd1cb769_93.wav"}, {"text": "And also, how do you think about the risk that it could partly cannibalize your existing cash sweep by increasing the beta?", "audio_length_s": 7.62, "path": "7cc11de7f206c637e6293da0d956405e_161.wav"}, {"text": "One of the things that's been most exciting about smart home and that supports much of what Hubert said is that within the category,", "audio_length_s": 7.62, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_237.wav"}, {"text": "when you have the biggest movie of all-time, you don't expect it to be a big renter. It will either be something that people saw at the theater", "audio_length_s": 7.62, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_55.wav"}, {"text": "both from a new product development perspective as well as from a product characterization perspective", "audio_length_s": 7.62, "path": "e42f90eacf0e766ff39973c6aca06c93_159.wav"}, {"text": "I mentioned that 19 customers signed with us today that were never on the old platform. So it's not that we'll be migrating them,", "audio_length_s": 7.62, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_95.wav"}, {"text": "and lower volume of compliance works in the fourth quarter of 2016. Investment markets reported", "audio_length_s": 7.62, "path": "3b2908426357bb8269c3a01469865cd6_110.wav"}, {"text": "so those are the ones that makes us a little bit cautious. But maybe we are too cautious but that's usually not a bad thing.", "audio_length_s": 7.62, "path": "e33785a294553de2a12d4463bf786744_115.wav"}, {"text": "Assuming the pipeline is fully subscribed, the capacity could be expanded to about 1 million barrels per day.", "audio_length_s": 7.62, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_4.wav"}, {"text": "We typically don't guide for what exactly the figure will be. But the majority of the impact you will still see", "audio_length_s": 7.62, "path": "be1d9f57faececddb1cdbf5e831bcbf9_142.wav"}, {"text": "the business has faced a number of challenges over the past few years. In particular, sales growth has been volatile.", "audio_length_s": 7.62, "path": "4721d5a2e7061d90a4e4e4768adc2486_115.wav"}, {"text": "We've been at or above the high end of our long-term target range for organic sales growth for the past 2 quarters,", "audio_length_s": 7.62, "path": "4721d5a2e7061d90a4e4e4768adc2486_169.wav"}, {"text": "And on that note, I would like to turn the call over to Keith to provide a summary of our financial results for the second quarter.", "audio_length_s": 7.62, "path": "41e5f97c6d94e8f87bb5fb602fe25500_59.wav"}, {"text": "in our cost-to-income ratio and creating even greater capacity for future investments.", "audio_length_s": 7.62, "path": "fe80c1056f21701e41cf3489c450f5ae_83.wav"}, {"text": "This analytical program, which includes many reservoir stress conditional laboratory experiments will continue over the next several quarters.", "audio_length_s": 7.62, "path": "5633fe3600ee04237bbb918c56341864_22.wav"}, {"text": "The biggest area of fabric utilization in the hotel area is the window treatments.", "audio_length_s": 7.62, "path": "799c15a4a6e9e3c86374761fec31c00a_82.wav"}, {"text": "versus science of capturing weather and the impact of weather, and we did have some significant mild weather in the quarter. So I'm", "audio_length_s": 7.62, "path": "919fd6c04cca92ecdf503e32f884435d_20.wav"}, {"text": "But what has happened is a fairly consistent pace of dispositions with a pretty wide pool of buyers,", "audio_length_s": 7.62, "path": "11f02fb2db5d9fb5ff82f0374376f759_138.wav"}, {"text": "We are working with our insurer to receive regular business interruption payments as we negotiate finalized claim amounts.", "audio_length_s": 7.62, "path": "11f02fb2db5d9fb5ff82f0374376f759_16.wav"}, {"text": "what level of dilution would be unacceptable to you as stewards of the", "audio_length_s": 7.62, "path": "4311782968e936c378fdee8946cd9cca_59.wav"}, {"text": "we believe our proprietary biopreservation media products have been used in more than 300 customer clinical applications.", "audio_length_s": 7.62, "path": "5efe4589d80ac1232c2958182c188903_32.wav"}, {"text": "Turning to exploration. We remain focused on adding resources that are attractive in the current price environment.", "audio_length_s": 7.62, "path": "e0d1342ad3d27fd648b708837de08797_18.wav"}, {"text": "With the changes relating to the corporate transformation program and the organizational streamlining now well behind us,", "audio_length_s": 7.62, "path": "bfb0fac9575cd0820a660f2577199468_75.wav"}, {"text": "Services revenue grew by 11% from last year, with higher sales of both consulting and contracted services.", "audio_length_s": 7.62, "path": "1862ee2f84dc77a40dde64b34f3ab94e_84.wav"}, {"text": "peg it exactly like that, because it's changing pretty quickly as we win new applications.", "audio_length_s": 7.62, "path": "ecc871b8f89a858d952f554f1ca8f7da_160.wav"}, {"text": "You reduce the number of pieces of equipment on the highway because you're able to haul more with a more concentrated footprint.", "audio_length_s": 7.62, "path": "64364105b816dd0b6a029e9cd210e65b_269.wav"}, {"text": "and Kevin's addressed the obvious question of what happened to the political. So I'll keep my comments brief to a few other items.", "audio_length_s": 7.62, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_14.wav"}, {"text": "So we really want to be thoughtful about how we proceed as far as our core strategy and our investment thesis.", "audio_length_s": 7.62, "path": "794528c461ef7009b1741ac67c17aba4_91.wav"}, {"text": "one of the top Enoxaparin markets in Europe in terms of volume and value with good sales prospects.", "audio_length_s": 7.62, "path": "5323c1cb78ad5a1cf9d35417ec5e22ca_48.wav"}, {"text": "those that have already been contemplated within our guidance for the second half of the year. So we don't see a substantial change to that.", "audio_length_s": 7.62, "path": "72b117fb1330bda9f954a219bb5a675e_56.wav"}, {"text": "relatively long-term view of the business, and so I don't feel like the cupboards are bare, that are going to need to be restocked per se", "audio_length_s": 7.62, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_71.wav"}, {"text": "Basically, these are companies that made their projections", "audio_length_s": 7.62, "path": "ffe22f8bcf153b8b51f6e52039686c1e_46.wav"}, {"text": "Pricing and freight mix both contributed to the revenue and profitability results within Refrigerated.", "audio_length_s": 7.62, "path": "14fa9d7635caae6483af62a4bfe1b9d6_163.wav"}, {"text": "The goal this year is essentially to implement and put in place all the technology.", "audio_length_s": 7.62, "path": "2cd5b184c2ef6624ce219830182927c9_160.wav"}, {"text": "doesn't really indicate that it's a higher activity level because, as you can see from the graph, Q3 of last year", "audio_length_s": 7.62, "path": "690a9eb04a9c850c77634cd88c8459da_80.wav"}, {"text": "And if you can't specifically comment on that, can you discuss any historical economic differences between cartridges and discs for the pre-owned business?", "audio_length_s": 7.62, "path": "125388f1b45117acde70abc39e0f7d04_42.wav"}, {"text": "Once again, we are not projecting. We are simply looking at the potential for a new console in comparison to prior consoles.", "audio_length_s": 7.62, "path": "125388f1b45117acde70abc39e0f7d04_31.wav"}, {"text": "that a sufficient number of eligible employees had been recruited to join the Mine Workers Union, thereby requiring the union to be certified.", "audio_length_s": 7.62, "path": "a2245a8522589003f9c235a48c0197f0_117.wav"}, {"text": "We're experienced in dealing with restructurings and took immediate steps to protect our asset and our position. The aircraft is now in our possession.", "audio_length_s": 7.62, "path": "96488f25af54f91198b444e5eff8e878_3.wav"}, {"text": "we want to thank Ignacio. And we have no doubt that he's one of the top executive talents of Argentina.", "audio_length_s": 7.62, "path": "1758a982f596e3033f062a5b9f011361_126.wav"}, {"text": "is going to increase according to the design of this program because subscriptions will increase", "audio_length_s": 7.62, "path": "1530acc3242f0ee1713e757ee06f6aa1_49.wav"}, {"text": "I would note that this operating environment is materially worse today than it was just 45 days ago when I presented at the Goldman conference.", "audio_length_s": 7.62, "path": "09eebad8f3c529b4c7d916c5f7766f7f_341.wav"}, {"text": "In addition to the lower tax rate, we also expect a small incremental EPS benefit from foreign exchange.", "audio_length_s": 7.62, "path": "50eb350badadec6e4272b90684741c25_246.wav"}, {"text": "and that these customers weren't going to be able to hold their breath -- continue to hold their breath very long.", "audio_length_s": 7.62, "path": "3c17ad8c6709cbb1a8f7190f567a445f_98.wav"}, {"text": "additional confidence in the pivotal study compared to the pilot. We have more subjects, and that tends to", "audio_length_s": 7.62, "path": "6c929ddddb79b887458ae21f1a3aa09d_16.wav"}, {"text": "apart maybe from these small amount of leasing that we are dealing -- we were dealing together with this,", "audio_length_s": 7.62, "path": "9f434d15965cc67967f8d08fca44ce82_38.wav"}, {"text": "Our regional operations have been expanded or rightsized to capture a greater share of the improved economic environment. And", "audio_length_s": 7.62, "path": "83c003be6ac012b814cfecef95459f02_125.wav"}, {"text": "that is focused on serving our customers and increasing accountability. Our balance sheet is in good shape.", "audio_length_s": 7.62, "path": "af146425f68dd8e32f31878389746637_23.wav"}, {"text": "including changes to the licensing processes to accelerate licensing momentum, simultaneously with recruiting growth.", "audio_length_s": 7.62, "path": "bcb3aac2c7cc035961d9ee8cfd330044_79.wav"}, {"text": "Larger platforms will compete more effectively. We expect to participate in that consolidation.", "audio_length_s": 7.62, "path": "eed99fefac02f862b3ee31c4748cb9b5_25.wav"}, {"text": "Our soot sensor was originally developed as a commercial vehicle application to test particular emissions at the tailpipe of diesel trucks.", "audio_length_s": 7.62, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_68.wav"}, {"text": "that you're getting today away from where you would need to see it to go and build more ADRs at this point?", "audio_length_s": 7.62, "path": "629c0a83b1f68ad1a696546500a2f3ff_115.wav"}, {"text": "In early June, we hosted an Investor Day where we discussed in detail our strategic vision, transformation initiatives", "audio_length_s": 7.62, "path": "365c360aff42713cef71a7d026eeeb6d_7.wav"}, {"text": "Can you maybe talk about where we stand with that? How much have we seen over the last couple of quarters and what lies ahead?", "audio_length_s": 7.62, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_69.wav"}, {"text": "And you never would have heard her talk like that even a year or 2 ago. So we -- Jim and I always said on these calls, which,", "audio_length_s": 7.62, "path": "9097dcbaf554d635920c6274b1de4997_204.wav"}, {"text": "Although we have now confined our area to the southern section of the mine, nevertheless, the government has entered into a security agreement where it provides", "audio_length_s": 7.62, "path": "9b84dc4409f4ecccd173c2f81a4460cc_56.wav"}, {"text": "These agreements have been signed by government, and ratification is expected during this parliamentary sitting.", "audio_length_s": 7.62, "path": "9b84dc4409f4ecccd173c2f81a4460cc_110.wav"}, {"text": "As we begin to look forward, this year is going to be more focused on price increases of our premium product where", "audio_length_s": 7.62, "path": "1bee232b4d03ce3a6f424bb7891581a2_46.wav"}, {"text": "The remaining growth in first quarter adjusted EBITDA in EMEA can be attributed to higher gross profit margins", "audio_length_s": 7.62, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_183.wav"}, {"text": "On the Arabica market, we are more medium term. We think there'll be a price correction upwards", "audio_length_s": 7.62, "path": "bece1ee458b65656b484de51021c5219_67.wav"}, {"text": "Our primary focus continues to be to deploy products that will ensure the success of our customers.", "audio_length_s": 7.62, "path": "726bad4d5d1a6b2f62034eb8dc843450_23.wav"}, {"text": "but I would say that they're in the range of the high 6 digit to low 7 digit price range", "audio_length_s": 7.62, "path": "726bad4d5d1a6b2f62034eb8dc843450_152.wav"}, {"text": "the last point I want to mention is the successful integration and efficiency program following the acquisition we made", "audio_length_s": 7.62, "path": "7f85288e472b08575b33943f4c718070_61.wav"}, {"text": "I think the financial results show how those gains have translated into increased shareholder value as well.", "audio_length_s": 7.62, "path": "ff59c33225941d4025bcecc8fe1a4b32_91.wav"}, {"text": "The key driver of this production improvement, compared to the same period last year, was a full production quarter at the Harvey mine.", "audio_length_s": 7.62, "path": "4b5d33b9c200403f2d4633e47f1d4110_105.wav"}, {"text": "Our investments in new products will provide growth not just for 2016, but for sustained growth in the future.", "audio_length_s": 7.62, "path": "77f146e76d89a5be785a39ab23dfa763_162.wav"}, {"text": "over this period, it really traces back to some of the elements that we need to deal with as one-offs in a very tough environment.", "audio_length_s": 7.6199375, "path": "47b1a118c53956b23f1d687a75f3e5ba_265.wav"}, {"text": "But if we look at the performance in this quarter, the comp performance within that category was the lowest of any category", "audio_length_s": 7.6199375, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_100.wav"}, {"text": "but we'd like to continue our progress and then show the results. So we will see improvement", "audio_length_s": 7.59, "path": "a7fbe5c630b4ff10d4755adc193425a9_71.wav"}, {"text": "During the second quarter, you can clearly see we are moving in the right direction. In the second half, our model will take further shape.", "audio_length_s": 7.59, "path": "a20052a04bcb5b7b8d242a21c859550d_19.wav"}, {"text": "to be able to proliferate across those programs and scale to meaningful penetration to be able to meaningfully contribute to growth.", "audio_length_s": 7.59, "path": "ab5b4ea5cd86e4f7deafe9814024fada_108.wav"}, {"text": "So you have to separate the issue of delivering production designs and qualifications separate from a transactional sale", "audio_length_s": 7.59, "path": "ab5b4ea5cd86e4f7deafe9814024fada_256.wav"}, {"text": "and ultimately to become a digital organization that can grow and adapt at the pace required by a very diverse client base.", "audio_length_s": 7.59, "path": "92d6249907f14e4011cf1b08d2f298d9_22.wav"}, {"text": "The objective is to realize the value of this company's portfolio of capabilities that have historically been entrenched in individual businesses,", "audio_length_s": 7.59, "path": "92d6249907f14e4011cf1b08d2f298d9_3.wav"}, {"text": "I think the expression that we used was there were times where we were chasing yield as a company.", "audio_length_s": 7.59, "path": "ab861b81968e1b5fcb606ed886919d68_28.wav"}, {"text": "the lack of a major outage in 2018 and achieving higher selling prices in both businesses in the second half of the year.", "audio_length_s": 7.59, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_114.wav"}, {"text": "our equipment revenue were up by 13% and this is coming from much higher unitary price,", "audio_length_s": 7.59, "path": "b28b60cd77c97aadb361896b0eb570a8_7.wav"}, {"text": "I will give you an update of our financial performance in the fourth quarter and developments related to our network and operations.", "audio_length_s": 7.59, "path": "2f888e63a31b86cc2f4f97710e8eed79_90.wav"}, {"text": "So we believe the new contract that is in place will provide future revenue streams", "audio_length_s": 7.59, "path": "14e9ab3b38cd3029b8aff693a105dbfb_63.wav"}, {"text": "Hence, we believe that it will be important for other stakeholders in this ecosystem to actually participate,", "audio_length_s": 7.59, "path": "19eed824fc629ea7d3f8ea7572c7abb7_6.wav"}, {"text": "in the residential property lending business there. And of course, we successfully completed our initial public offering of common shares", "audio_length_s": 7.59, "path": "249b7b83531140105343e2a0e89150fa_51.wav"}, {"text": "we believe the API, together with the granular building level database that I have been spending a lot of time on,", "audio_length_s": 7.59, "path": "e824f4380f8203a1e3ed60e7da1e39e5_75.wav"}, {"text": "Higher retail impaired losses were primarily due to higher provisions, driven by the full quarter impact of acquisitions,", "audio_length_s": 7.59, "path": "7974a5134807f46a1484a8adf81505be_232.wav"}, {"text": "We're also pleased to have been named the Best Employer for Healthy Lifestyles by the National Business Group on Health.", "audio_length_s": 7.59, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_9.wav"}, {"text": "The portfolio remains extremely diverse by design with our largest tenant representing less than 3% of rent and interest.", "audio_length_s": 7.59, "path": "1927f9c722093d1d64b610c4227ccf59_99.wav"}, {"text": "directly to AstroNova. In late October, we were successful in transitioning several of the larger contracts.", "audio_length_s": 7.59, "path": "e8a2a593282199ea052f788b8fead64b_48.wav"}, {"text": "which is what I think you're referring to, which is really a SKU rationalization program that we're putting in place to sort of harmonize", "audio_length_s": 7.59, "path": "044da592acc01ff7baacb3dbf2a302a9_153.wav"}, {"text": "Yes. Okay. All right. And then I wonder if we can just toggle over to Western Canada and you can give us some sense of kind of where the", "audio_length_s": 7.59, "path": "088b4c55add5ff0e667bdbdd22187fc3_19.wav"}, {"text": "That is something that we start to see consolidating and that is something that does change compared to what was happening in the past", "audio_length_s": 7.59, "path": "d085781ecd776da8a9c4d31ad547606b_62.wav"}, {"text": "We are characterized by a very efficient sales force that is growing with, let's say, quality of", "audio_length_s": 7.59, "path": "1f686a09cf3566a34f04f39fde02460e_135.wav"}, {"text": "with one of the most important and largest future demographic groups, millennial parents and their families.", "audio_length_s": 7.59, "path": "75fa1bebed0b858c76cc7058477e40e2_107.wav"}, {"text": "than more simply brand building. So that's how we're doing it. We're not leaving it, but we're making it more specific", "audio_length_s": 7.59, "path": "75fa1bebed0b858c76cc7058477e40e2_146.wav"}, {"text": "what's your take on the trends of raw material prices over the next year? Will they go down further?", "audio_length_s": 7.59, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_248.wav"}, {"text": "You can see the direction of the trend, which does not change very easily.", "audio_length_s": 7.59, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_46.wav"}, {"text": "Turning to Slide 7. Luminant once again delivered strong commercial performance during the quarter.", "audio_length_s": 7.59, "path": "833f98dbc79997580b24335033aac5d2_12.wav"}, {"text": "The reasons for this financing stem from our realization that the opportunities in China are going to be considerably larger than we originally planned", "audio_length_s": 7.59, "path": "2a5b0a6532fa2b71915a2930be02621a_183.wav"}, {"text": "That will take at least 3 to 4 month. But as you do know, ACM can ask questions to us", "audio_length_s": 7.59, "path": "fa45af64ef25007f998c655347bfbecb_141.wav"}, {"text": "with others who are more passive in terms of how they invest. And we'll", "audio_length_s": 7.59, "path": "8292bdb9af87f10627c044f3842b2c76_156.wav"}, {"text": "It actually is, I would say, probably more indicative of our drive to get", "audio_length_s": 7.59, "path": "1b1699497be56330b3ed833f22bc63f6_171.wav"}, {"text": "that Paul talked about as well as the cost savings initiatives that we have been driving. And then in terms of the Claris 1 impact,", "audio_length_s": 7.59, "path": "5f38ce681d4413a793d34a0650c59bf2_158.wav"}, {"text": "who have built very successful multi-product franchises around these diseases, with significant unmet need.", "audio_length_s": 7.59, "path": "0dbbae27d7055ecc04cc25e14e4de12d_211.wav"}, {"text": "I am just wondering have you seen any disruption from the bundles launched", "audio_length_s": 7.59, "path": "23181e15a64aff686a4bbef534a46cb3_139.wav"}, {"text": "any idea of splitting up the bank. So that was really just a -- someone got a little bit off-track.", "audio_length_s": 7.59, "path": "bddc15938bdcc3085f19b0851e74c2c0_76.wav"}, {"text": "gives us confidence that we are making the right changes to best position Cornerstone for the future.", "audio_length_s": 7.59, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_101.wav"}, {"text": "As you may recall, our expense base is running a little lighter than normal as we are booking a lower incentive accrual with this year's performance.", "audio_length_s": 7.59, "path": "257e4e92036da9582a8a288c88332ff3_18.wav"}, {"text": "Have you seen any investments come down to the island yet or heard much talk about investments being made under that particular program?", "audio_length_s": 7.59, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_88.wav"}, {"text": "Our Trucking segment experienced a truly transformative quarter, and now we will look for sustainable repeat performances.", "audio_length_s": 7.59, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_15.wav"}, {"text": "They have, according to the diminishing and also related to the effect", "audio_length_s": 7.59, "path": "d5bf790f69586c23fa90f48cee1d6554_55.wav"}, {"text": "which was partially offset by growth in our SaaS offerings and higher volume in Language Solutions and compliance.", "audio_length_s": 7.59, "path": "1244d2b5a259c3bc73742830d60d53fc_89.wav"}, {"text": "We are increasingly encouraged by the response we have received from prospective customers on our holistic solutions.", "audio_length_s": 7.59, "path": "575d21e05ceda8f95fc54e0292c2d99f_123.wav"}, {"text": "I'm encouraged about the progress the finance team has made partnering with operations to identify and execute on opportunities", "audio_length_s": 7.59, "path": "575d21e05ceda8f95fc54e0292c2d99f_88.wav"}, {"text": "We're giving you a reason to come and shop right now. If you're in the market today, today is the very best day you could be in the market.", "audio_length_s": 7.59, "path": "9c1272d9d120c5bfafd6e6b566f89b62_168.wav"}, {"text": "A physician who is truly responsible for closing gaps in care instead looks at the client use case", "audio_length_s": 7.59, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_44.wav"}, {"text": "you would like to listen to a replay of today's call, it will be available through the investor relations section of Vanguard's corporate website", "audio_length_s": 7.59, "path": "c433164f6d189e18b1e4784e376b6ecb_2.wav"}, {"text": "I will explain this result in more detail when presenting the results for each products group.", "audio_length_s": 7.59, "path": "f4d0f1362716be33f02690dd1a8df663_2.wav"}, {"text": "We, therefore, remain committed to developing a product portfolio that will meet consumer needs", "audio_length_s": 7.59, "path": "f4d0f1362716be33f02690dd1a8df663_50.wav"}, {"text": "and increase in advertising costs owing to strategic investments and higher distribution costs.", "audio_length_s": 7.59, "path": "f4d0f1362716be33f02690dd1a8df663_72.wav"}, {"text": "In the existing business domain, we are increasing our focus on core brands and products.", "audio_length_s": 7.59, "path": "f4d0f1362716be33f02690dd1a8df663_96.wav"}, {"text": "We recently spud our first well on the acreage, and we intend to perform extensive data gathering on the first 4 wells", "audio_length_s": 7.59, "path": "87753115961242d7035b7938c7e4dea1_60.wav"}, {"text": "In addition to the continued low level of net charge-offs, other credit quality indicators are trending in a positive direction as well.", "audio_length_s": 7.59, "path": "b092d2be33ad52beefab208355b18235_131.wav"}, {"text": "We've got a process in place that's seeing that almost on a -- not a -- necessarily a daily basis, but certainly, a weekly basis. We're seeing what's happening,", "audio_length_s": 7.59, "path": "b092d2be33ad52beefab208355b18235_152.wav"}, {"text": "There's been no real change in the composition of the liquidity portfolio, which remains highly liquid with a moderate duration.", "audio_length_s": 7.59, "path": "2f52e3495f64a67b885c0d35be2e8dce_20.wav"}, {"text": "Randy will give you more detail, but I think it's important to keep in mind that the relative net income contribution of mortgage to our company as a whole", "audio_length_s": 7.59, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_11.wav"}, {"text": "Disciplined growth means not adding overpriced or poor performing services and equipment in order to grow.", "audio_length_s": 7.59, "path": "a8b43081254547419da7462d9c957d61_193.wav"}, {"text": "Turning to Slide 8. I cannot remember a time in which so many large-scale development projects have been announced in our region in such a short period.", "audio_length_s": 7.59, "path": "3b0718945e9c427873c1f34fa49b15aa_79.wav"}, {"text": "And if you look at what we have been able to achieve when it comes to adjusting margins", "audio_length_s": 7.59, "path": "6b3df032b804a1a371d25e1eef019c4a_76.wav"}, {"text": "All of these products will continue to support growth in Crop Protection post merger with Dow.", "audio_length_s": 7.59, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_76.wav"}, {"text": "The second is on margins. Irrespective of our go-forward services strategy and based on our operational efficiency plans,", "audio_length_s": 7.59, "path": "6a372ea97b0b130a4d37f16b54d97909_94.wav"}, {"text": "Women's apparel is definitely a focus in this effort. And so speed's starting to take hold in", "audio_length_s": 7.59, "path": "e2c02e1788cb10703d7611ef157f8135_226.wav"}, {"text": "and that should set us in a good position to achieve results for the full year in line with the guidance here.", "audio_length_s": 7.59, "path": "b305bff75f28d238f0bd7da5bd4f13b8_32.wav"}, {"text": "And so the value prop is quite straightforward for the customer, and we are foreseeing a lot of success", "audio_length_s": 7.59, "path": "29426a77336443eedde7eaa29e9c2852_49.wav"}, {"text": "impacts. Of course, then the decrease of financial costs in the last few years", "audio_length_s": 7.59, "path": "2b626b620ef42f716c6028c74ee4187b_59.wav"}, {"text": "and that's really what we're seeing in a lot of the eastern part of our acreage position that's really benefited us.", "audio_length_s": 7.59, "path": "9952903822d3aabb9a8a8fdd41f23bc2_109.wav"}, {"text": "And I feel that for a couple of reasons. One of which is I just look around and see what's going on with these jurisdictions with either growth or overcrowding.", "audio_length_s": 7.59, "path": "c5c7a9f409241412b160a93cde7ef630_93.wav"}, {"text": "providing a new channel which we can communicate and engage with our customers and drive transactions to our stores.", "audio_length_s": 7.59, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_217.wav"}, {"text": "We see the achievement of this milestone without any outliers as strong evidence of the general momentum of this business unit.", "audio_length_s": 7.59, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_73.wav"}, {"text": "We believe Convergys offers a superior value proposition, and we continue to pursue new business opportunities", "audio_length_s": 7.59, "path": "191c819db03c2dfd0207cd1f42e278a4_125.wav"}, {"text": "I want to go back to a piece that you said though and answer a question you didn't ask, but you sort of started going down the path.", "audio_length_s": 7.59, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_20.wav"}, {"text": "of actually gaining customer acceptance around new technology and so on. But we have made progress", "audio_length_s": 7.59, "path": "f7df5ecab61eca575f169a8298318eca_31.wav"}, {"text": "Very short because basically it's unchanged. These results clearly show that we are doing what we said we were going to do.", "audio_length_s": 7.59, "path": "ab4dae37361262d727d1d2f8f78765d5_34.wav"}, {"text": "Rick? There were sales that occurred in the third quarter that we had hoped", "audio_length_s": 7.59, "path": "50b20eb62889a9a6f09f354a21fe0ea7_21.wav"}, {"text": "Pakistan is expected to continue its volume growth and drive for continued efficiency gains.", "audio_length_s": 7.59, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_27.wav"}, {"text": "And because of that -- I'll go to the first part of the question, which is, I don't think we're really in a position to talk about this", "audio_length_s": 7.59, "path": "968913c3f9111fc67f1d9956c56dec3b_196.wav"}, {"text": "also go back down by about a turn the day we sell the shares and we can sell the shares anytime we want. So", "audio_length_s": 7.59, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_163.wav"}, {"text": "cash flows in the first half of the year were impacted by front-end-loaded restructuring outflows and seasonable payables timing.", "audio_length_s": 7.59, "path": "0ec0a75c1800bac01520dcac5b8992fb_122.wav"}, {"text": "Over the past 4 weeks, we've worked tirelessly to restore our systems and recover from the disruption.", "audio_length_s": 7.59, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_12.wav"}, {"text": "Results benefited from continued high consumer demand in our regions and growth on our branded station network.", "audio_length_s": 7.59, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_6.wav"}, {"text": "And with that agreement, we have a situation for track, wheels and tires.", "audio_length_s": 7.59, "path": "948f025c16fce2bcb2909e610c9be557_271.wav"}, {"text": "The second piece is what we would -- the third piece is what we would call our industrial application. Now what's interesting", "audio_length_s": 7.59, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_97.wav"}, {"text": "but revenues from this mandate were not as important as the project is just starting to hit", "audio_length_s": 7.59, "path": "ba5f13bb75329629d0c070c9014ff4f0_3.wav"}, {"text": "to really test some things, to have some fun downstairs right here, to do a lot more of the local items, maybe even", "audio_length_s": 7.59, "path": "3898a5c021167b8169287fc8bb59f753_161.wav"}, {"text": "as well as rate increases for our maintenance and fleet service team members that became effective mid-third quarter last year.", "audio_length_s": 7.59, "path": "1949bd0c9c4c23d495d880c4c552bfe1_7.wav"}, {"text": "We also advise you that this conference call is being broadcast live through the Internet and can be accessed on the company's home page.", "audio_length_s": 7.59, "path": "6318dda27b3e36d76533c048c64a3014_87.wav"}, {"text": "is at least favorable to the consideration of activities-based approaches as opposed to entity designations.", "audio_length_s": 7.59, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_100.wav"}, {"text": "Got you. And then maybe just finally in the tech solutions, you talked about some of the productivity issues with the big projects. I mean,", "audio_length_s": 7.59, "path": "fb817a6cc685a3fd0f003456dd641c01_162.wav"}, {"text": "it opens up our optionality for reducing debt in a faster manner than which we would have done it.", "audio_length_s": 7.59, "path": "da34a7b460e520db0401de3ce860187c_21.wav"}, {"text": "put too fine a point on that. I think what we saw with our customers and in discussions is just a general", "audio_length_s": 7.59, "path": "1e756fc5d265eea3ff8e2e31c29826ae_164.wav"}, {"text": "to existing Sientra customers and begin to expand the number of customers we serve.", "audio_length_s": 7.59, "path": "c40b5d1a13169c5acf69590932a56f98_79.wav"}, {"text": "I think if I were to throw in an analogy in there from since you got to do hug index, I get to do an analogy as well.", "audio_length_s": 7.59, "path": "c40b5d1a13169c5acf69590932a56f98_38.wav"}, {"text": "a unique experience that maximizes both overall video views and playtime. Additionally,", "audio_length_s": 7.59, "path": "059024560d9d1039cf08746ee7393114_139.wav"}, {"text": "ordering EXPAREL been increasing it? Or is it now about further penetrating existing accounts in the hospital setting?", "audio_length_s": 7.59, "path": "450a5dc6eb19b82da8dfc68127f6e79d_246.wav"}, {"text": "This should lead to continued improvements in the financial performance and efficiencies in RBB over the medium to long term.", "audio_length_s": 7.59, "path": "dffe8257f781608bb17bb637249e4d2a_311.wav"}, {"text": "in that space. If I come back to the year just gone, the fact that, that existing home market", "audio_length_s": 7.59, "path": "33fd8a867dbd88a837e541b1d2b25ea5_241.wav"}, {"text": "So it's a multitude of things in that regard. And then, I suppose, a bit like we did with the Alesco acquisition,", "audio_length_s": 7.59, "path": "33fd8a867dbd88a837e541b1d2b25ea5_64.wav"}, {"text": "And so putting the brand and helping them grow organically and then also being able to introduce them to a number of RIAs who are very interested", "audio_length_s": 7.59, "path": "7cc11de7f206c637e6293da0d956405e_47.wav"}, {"text": "and continues to grow nicely. We have a nice complement with the Asset Management that we manage assets for Advice as well as", "audio_length_s": 7.59, "path": "ab3354b86be920cde18291112bf8a70a_123.wav"}, {"text": "and productivity levels at our Nigel manufacturing facility, we concluded that our prior cost estimates needed to be revised.", "audio_length_s": 7.59, "path": "757695924b5e43c7d44e29dc141cc035_196.wav"}, {"text": "This strong performance in the first quarter has us hopeful that Mondelez' operational transformation is successfully underway.", "audio_length_s": 7.59, "path": "94f913b974baab79fb636f6521170dd7_4.wav"}, {"text": "we went back and looked at the last 8 years, just to give you context for this first year's half redemptions, this year's first half would be sixth", "audio_length_s": 7.59, "path": "94f913b974baab79fb636f6521170dd7_149.wav"}, {"text": "And then of those 10, are those competitive takeaways? Or are those banks that are looking to grow and want to establish a commercial banking", "audio_length_s": 7.59, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_186.wav"}, {"text": "add or subtract duration? Are they using futures to add or subtract currency exposure? All of these things", "audio_length_s": 7.59, "path": "6709c061d39d0e433079f84160f11c80_60.wav"}, {"text": "And on Royal Challenge, we identified the opportunity to increase spend and reallocate across our media channels.", "audio_length_s": 7.59, "path": "3877b1983229ec488c6349a188bccf92_23.wav"}, {"text": "The third quarter, we saw very good revenues trends in the first 2 months of the quarter. They moderated some in September,", "audio_length_s": 7.59, "path": "8635f950dc44da3fcad542b2c066bedf_182.wav"}, {"text": "I would say not irrational, I would say aggressive in this market. I would say that what they're trying to make sure that they're turning their assets.", "audio_length_s": 7.59, "path": "2a7af3c66762ce608379005a3d7bfa96_48.wav"}, {"text": "I also wish to remind you that during the course of this call, we may make projections or other forward-looking statements regarding future events,", "audio_length_s": 7.59, "path": "7e2ebcd981f5b5ecb18c04906f87d768_1.wav"}, {"text": "retaining focus on efficiency and extensive work in scaling up the business lines we've built over the last 3 to 4 years.", "audio_length_s": 7.59, "path": "ab29ac574f423764c40f2d2eec696623_1.wav"}, {"text": "we're largely through that analysis and we don't believe that there is going to be anything material along those lines.", "audio_length_s": 7.59, "path": "a0d537badd260e2071136602e3b73b26_136.wav"}, {"text": "mandates for VOO. To be honest, I think for the time being, we do not see that there will be", "audio_length_s": 7.59, "path": "a76bedec950d8af557e451e58416d028_59.wav"}, {"text": "As a result of our wells continuing to exceed our crude oil production expectations,", "audio_length_s": 7.59, "path": "838af8ffae77ce8ff59c77b1985f8fc5_38.wav"}, {"text": "Similar to the first half of the year, the impact of our specialty materials business on third quarter revenue was negligible.", "audio_length_s": 7.59, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_151.wav"}, {"text": "We feel like the success of the business allows us to also return capital to shareholders. And I think we feel like we can use", "audio_length_s": 7.59, "path": "078b27aa69b10aa01f2eab2aa681bdd8_88.wav"}, {"text": "And secondly, can you also discuss the income level of your customer and how that been recently changing.", "audio_length_s": 7.59, "path": "9908957f60adff5efc1c8692a0f5ab38_105.wav"}, {"text": "and additional entertainment clients. So there is no way at this point for us to separate that and", "audio_length_s": 7.59, "path": "d62cc3a0dfe3492ed16dfc17c028071e_18.wav"}, {"text": "One will be approximately 1,500 seats and the other one will be a smaller seat count but will have a much larger transaction volume.", "audio_length_s": 7.59, "path": "382e3c8eda678694c6368e00f19c8881_59.wav"}, {"text": "Also, during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements.", "audio_length_s": 7.59, "path": "1353031386f884a821e7e9bab449727d_1.wav"}, {"text": "For such measures, reconciliations to the most directly comparable GAAP measure is available at the end of the supplemental information,", "audio_length_s": 7.59, "path": "b126c31149f1cadf1d891082a187d6fc_125.wav"}, {"text": "in many instances wireless, even though some wireless standards need to be upgraded as we have learned over the last couple of weeks,", "audio_length_s": 7.59, "path": "1862ee2f84dc77a40dde64b34f3ab94e_103.wav"}, {"text": "for that group to be weaker, both top and bottom line, than the second half of 2016, much like what we saw", "audio_length_s": 7.59, "path": "64364105b816dd0b6a029e9cd210e65b_304.wav"}, {"text": "Our core local and national are being impacted as expected by political displacement in October and November.", "audio_length_s": 7.59, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_108.wav"}, {"text": "That was a success on the Axis 3. And then so we repeated that on all of the Kudu wells,", "audio_length_s": 7.59, "path": "243e9a046160bfbf82be702927a4df22_25.wav"}, {"text": "as this transitioned to a new manufacturing facility during the third quarter aided in driving operational improvements.", "audio_length_s": 7.59, "path": "f5e9c69a92eb9179062673e044f8a53b_66.wav"}, {"text": "net of revenues from reimbursables in 2017. Principal factors were additional aircraft operations for Amazon,", "audio_length_s": 7.59, "path": "89499eed4dff3bd184e91cd496111f22_16.wav"}, {"text": "Retailers care about category growth and they're allocating more shelf space to our products because we're driving the growth in the category.", "audio_length_s": 7.59, "path": "b0d88c0f1efca89ecb928172341dc75d_191.wav"}, {"text": "And I think that we're starting at a much higher plateau this year because we have about 80 people who have experience.", "audio_length_s": 7.59, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_85.wav"}, {"text": "And those investments, in addition to the impact of annual wage increases, are going to get funded through improved seat utilization.", "audio_length_s": 7.59, "path": "6aad408f4bb1930cf10f445115f6ed3d_262.wav"}, {"text": "This morning's announcement is a great example. This will be the largest single train PP unit in the world,", "audio_length_s": 7.59, "path": "e552924838fe493d3cc967dd0c5c4563_70.wav"}, {"text": "So we've had robust business growth last year, we now have a larger business volume and we expect the continuation of", "audio_length_s": 7.59, "path": "d383beeae6efd0a411a453f90412d8d3_46.wav"}, {"text": "in what way all these designed and what are the purposes of all these programs?", "audio_length_s": 7.59, "path": "1530acc3242f0ee1713e757ee06f6aa1_17.wav"}, {"text": "And you would think that you would take that investment and put it on AngioVac. But actually, the investment we made was on Fluid because it alleviated the entire organization.", "audio_length_s": 7.59, "path": "62658bb0c3307b2b10e3668b8df73b0d_109.wav"}, {"text": "We are pleased with the high realization rates that we're seeing, which are due to the solid efforts of our sales and marketing teams.", "audio_length_s": 7.59, "path": "abd571ccf777ac4b0a43a7487031bc8a_13.wav"}, {"text": "Fortunately, the combination of pricing initiatives and our success in capturing higher-value waste streams", "audio_length_s": 7.59, "path": "712bbcab5338e07dd63dad97bb652018_143.wav"}, {"text": "they just could not suffer the idea of being off of that cable system for more than a couple of weeks whereas we certainly can.", "audio_length_s": 7.59, "path": "77423f08f0208d476dea73c639f6293a_68.wav"}, {"text": "Turning to an update on the projects, starting in Pakistan.", "audio_length_s": 7.59, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_21.wav"}, {"text": "is that we see the ability to impact nearly half of the assets we have through accretive reinvestments, everything from", "audio_length_s": 7.59, "path": "1cfd7da6c2da11f7e3f7102a6265146b_79.wav"}, {"text": "but the trend certainly is. So I'm very encouraged with the absolute cost reductions that people are making,", "audio_length_s": 7.59, "path": "0e410ca71e50235e520d5af32ce0f54a_24.wav"}, {"text": "We continue to realize the benefits of operating leverage, as we grew the bottom line even faster than the top line once again this quarter.", "audio_length_s": 7.59, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_88.wav"}, {"text": "By now you should have a copy of our results press release, which crossed the wires this afternoon following the close of market.", "audio_length_s": 7.59, "path": "85edb0a846d9e1cfa542b893eed4a0f3_30.wav"}, {"text": "and we expect that to continue. We have pretty good optics of where the crude market is going over the next 60 to 90 days.", "audio_length_s": 7.59, "path": "1096d26129c469524041c969a684f8ae_105.wav"}, {"text": "to making data and analytics readily available to our site employees to enable faster and better decision-making.", "audio_length_s": 7.59, "path": "3ae068efa03cd088f4d3edea682f199f_15.wav"}, {"text": "trying to stay a step ahead of everyone else when you think about the product. And I think there's been a lot of questions", "audio_length_s": 7.59, "path": "30a142fac5a62ab00227cb6a339a6226_221.wav"}, {"text": "try to focus on things that are in the early clinical asset space that's kind of our core, where we believe that we can identify things", "audio_length_s": 7.59, "path": "b1a98885c1d81414cdc122e807760faf_31.wav"}, {"text": "And with that, I'll turn over the call to Jan for his commentary on the fourth quarter results and fiscal 2019 outlook.", "audio_length_s": 7.59, "path": "365c360aff42713cef71a7d026eeeb6d_241.wav"}, {"text": "And we will also be continuing to add more opening price point products, as we have done successfully in the past.", "audio_length_s": 7.59, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_131.wav"}, {"text": "compared to that based on the ore reserve at any particular time. This is even more the case for underground mines.", "audio_length_s": 7.59, "path": "9b84dc4409f4ecccd173c2f81a4460cc_108.wav"}, {"text": "higher earnings power to the company because it's not reflected in the forward curves. But we do the fundamental analysis.", "audio_length_s": 7.59, "path": "16c235a53fc719ec92ef3b3c3b371150_120.wav"}, {"text": "I think I commented on that earlier. But -- so we see very strong big box demand at the moment.", "audio_length_s": 7.59, "path": "976a5489fe4d30c2e1ebb237ec62398a_108.wav"}, {"text": "The success of our ink to green initiative is another significant contributor to our health plan growth.", "audio_length_s": 7.59, "path": "97b02b7a41ecb22cb04e7331052cefc8_180.wav"}, {"text": "Overall, while we are continuing to evolve both our organization and our industry-leading products,", "audio_length_s": 7.59, "path": "726bad4d5d1a6b2f62034eb8dc843450_135.wav"}, {"text": "We also announced a strategic investment and planned partnership with Klarna, one of Europe's leading payment providers.", "audio_length_s": 7.59, "path": "1bc08759c84df9d3f656cf53f5bb6d35_123.wav"}, {"text": "All participants consent to having their voice and questions broadcast via participation of this event.", "audio_length_s": 7.59, "path": "19e7822c0e829faf25355c16b830cf39_58.wav"}, {"text": "You may now disconnect.", "audio_length_s": 7.59, "path": "3a1ba1b79a8a016390f98ab3ffe71340_50.wav"}, {"text": "We'll be there on Tuesday, March 13, to meet with investors and present investment highlights. And so now, I'll turn the call over to Randy.", "audio_length_s": 7.56, "path": "8ad0d5b5df75415c56ba590cad29489a_1.wav"}, {"text": "We anticipate that all remaining subjects in the other cohorts will have received all doses by mid- to late September.", "audio_length_s": 7.56, "path": "e2b2a746a7a2cd752c92ccfab257cfca_130.wav"}, {"text": "We actively monitor the value of the underlying collateral, and any piece of collateral that is nonperforming is removed from the borrowing base.", "audio_length_s": 7.56, "path": "b7050f62f52a3d2803beea21404f7af6_89.wav"}, {"text": "going forward, when you launch another campaign, are you going to come up with more", "audio_length_s": 7.56, "path": "a93681c92a0b9c04743f541a54b180c7_45.wav"}, {"text": "we believe and we've already begun to see our ability to win incremental sockets that lead to long-term growth", "audio_length_s": 7.56, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_202.wav"}, {"text": "when you look at the heart of IC design, it's basically your ability to efficiently use silicon.", "audio_length_s": 7.56, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_109.wav"}, {"text": "This result was included in the operating result as we had previously reported the change of that value in the investment", "audio_length_s": 7.56, "path": "aaf7e3a1cc8cf65ccf788923cb583954_122.wav"}, {"text": "Thank you, operator. We are pleased with our performance. Our businesses are executing extremely well and our teams are focused on our growth initiatives.", "audio_length_s": 7.56, "path": "22ad97a95501a08f15c06605cd277fec_90.wav"}, {"text": "the amount of mining days in itself is something that is being managed by the government. And for us to operate our plant, you need a", "audio_length_s": 7.56, "path": "95962e0f754f9e2f786778c85d0913b8_72.wav"}, {"text": "The business is capitalizing on new and used equipment opportunities in a challenging market, while benefiting from a lower cost structure.", "audio_length_s": 7.56, "path": "264e575b73bc2a485bee416c1ac10cee_90.wav"}, {"text": "Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any shares,", "audio_length_s": 7.56, "path": "223f05c0b9b116532e9af84afa76cac7_1.wav"}, {"text": "another extension of time to regain compliance with applicable NASDAQ reported requirements.", "audio_length_s": 7.56, "path": "4bf5e132b2f3d6aab97932e977a3fa7e_20.wav"}, {"text": "I hope as many of you as possible would be able to join us on the today or listen in, and I look forward to talking to you again very soon.", "audio_length_s": 7.56, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_121.wav"}, {"text": "I now go to the next slide, which is introducing Clas Ohlson Limited Edition.", "audio_length_s": 7.56, "path": "55d548325797d638567669cd75444301_49.wav"}, {"text": "I think there are a couple of significant differences in terms of our German business and the most important one is,", "audio_length_s": 7.56, "path": "65d5a09c659f6809931dc62aa7a9eaad_182.wav"}, {"text": "The amount of business that could be done across the country is very large. I don't know if you have seen some of the", "audio_length_s": 7.56, "path": "81430c39b7b202d05644e419e2a01a65_56.wav"}, {"text": "drive that line and a lot of things have happened here too. There's a lot of expense management you can do in some of the stuff because", "audio_length_s": 7.56, "path": "3180572bc2da758668c19200930e1bc4_106.wav"}, {"text": "Our strong cash from operations enabled us to both grow the company and return value to our stockholders.", "audio_length_s": 7.56, "path": "67716cee321d117b0318930dd142f06a_143.wav"}, {"text": "Slide 3 shows the agenda for today's review. Following the formal presentation, we will be pleased to take your questions.", "audio_length_s": 7.56, "path": "ec0ecc8e73cce4598def6cfff6f7c598_50.wav"}, {"text": "while continuing to build out partnership and acquisition web services opportunities.", "audio_length_s": 7.56, "path": "04f29bc02d1e2ef65077ca67bf41f475_148.wav"}, {"text": "each portfolio can have a different management fee. So the shift didn't have to come from credit to equity. Within equity,", "audio_length_s": 7.56, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_106.wav"}, {"text": "because we've already got the healthy states. We've got the local. We've got the big propositions. Those are all that are going to be the growth environments.", "audio_length_s": 7.56, "path": "b34f680a9162805e0188170d6272a356_304.wav"}, {"text": "is this going to change anything in terms of how you manage group liquidity or upstreams in the future?", "audio_length_s": 7.56, "path": "1f686a09cf3566a34f04f39fde02460e_34.wav"}, {"text": "These areas include continuing to enhance the Erie experience, improving our platforms and data management,", "audio_length_s": 7.56, "path": "6d02f116f1ae8575d9b916f1429454eb_24.wav"}, {"text": "We're very comfortable with that based on commodity price movements since the beginning of the year, especially in Potash and copper.", "audio_length_s": 7.56, "path": "ada4e338c266148264077e06bac68005_56.wav"}, {"text": "people will certainly do what they need to do in the time period and what they should do in the time period to treat themselves or their children,", "audio_length_s": 7.56, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_217.wav"}, {"text": "We have assumed full responsibility for the development and commercialization of the licensed compounds.", "audio_length_s": 7.56, "path": "18b396ddd443d84d12477c42e31cdf0e_42.wav"}, {"text": "Interesting. Thank you, Todd. I'm going to read my comments again. Now this is only the second or third time that I've done that.", "audio_length_s": 7.56, "path": "e26b501c6e000fdaa11edde97cc71436_8.wav"}, {"text": "After much anticipation, we could not be more excited to finally open STK Orlando at the end of May.", "audio_length_s": 7.56, "path": "a3c389b6f737603969fd26408544747f_29.wav"}, {"text": "see a change in sales that's different than what we see based on how they adjust their inventories.", "audio_length_s": 7.56, "path": "a0006b7891ead9bdb76273f555b6f1c8_125.wav"}, {"text": "focusing on streamlining and harmonizing our assortment, both from a supply and from a commercial point of view.", "audio_length_s": 7.56, "path": "8475d4f528174aebabcb109487bee3f3_89.wav"}, {"text": "we are seeing an increased growth in diagnosed untreated patients coming onto Galafold and that's right in line with our strategy.", "audio_length_s": 7.56, "path": "0dbbae27d7055ecc04cc25e14e4de12d_227.wav"}, {"text": "that is the core to improve the usage of the theatre, so that we spend a lot of time on trying to shorten those", "audio_length_s": 7.56, "path": "d5c338a956681dbb2170472253a29b85_131.wav"}, {"text": "And though it was a solid quarter, we realize we have much more work ahead. Since Brian's arrival, we've been taking a fresh look at every element of our business.", "audio_length_s": 7.56, "path": "47a303604df9f9fc9f2f89a9280c3a79_9.wav"}, {"text": "what is your goal in terms of where that reserves to loan ratio would be", "audio_length_s": 7.56, "path": "257e4e92036da9582a8a288c88332ff3_43.wav"}, {"text": "I think if you look back even as far back as last year at our IPO, we said we had a number of levers that we'd pull", "audio_length_s": 7.56, "path": "257e4e92036da9582a8a288c88332ff3_50.wav"}, {"text": "Relative to technology positions, I think nothing has really changed versus what we thought before.", "audio_length_s": 7.56, "path": "f46ae0a04d60dea8a759f07333ed37e2_136.wav"}, {"text": "that maybe rather than for the next year's negotiations could be a smaller headwind as those", "audio_length_s": 7.56, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_200.wav"}, {"text": "costs that came through in third quarter, and certainly, were concentrated in third quarter with some of the things that we were doing. So", "audio_length_s": 7.56, "path": "655d592e9d1b1027f1824b1554d8b131_195.wav"}, {"text": "So we use the current market condition I mean that consumers are looking for the best prices. And", "audio_length_s": 7.56, "path": "e52e6870e8a04339ef969543fc0f0329_35.wav"}, {"text": "We're reconfirming our 2017 guidance, and simplification of the business and operational discipline will continue to drive results.", "audio_length_s": 7.56, "path": "6933d49d1af6eb4613a4f75bf37d00e1_121.wav"}, {"text": "However, setting aside Washington, the truth of the matter is New York State, which is 1 of our 2 major", "audio_length_s": 7.56, "path": "a965bbd76f3d449c86e8c27d03ac192f_176.wav"}, {"text": "Three of our existing customers now ship sand through our terminal to North Dakota.", "audio_length_s": 7.56, "path": "2905366dcf0eb60a22b63a1b3d9adf95_86.wav"}, {"text": "Thanks, Chuck. As Chuck highlighted, we did have solid volumes in the third quarter and strong financial results for the quarter.", "audio_length_s": 7.56, "path": "2905366dcf0eb60a22b63a1b3d9adf95_100.wav"}, {"text": "Deal models aren't the thing that gets the deal closed. Deal models are the thing in which you measure yourself for by year after year.", "audio_length_s": 7.56, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_170.wav"}, {"text": "The success of this initial partnership drove Rubicon Project's decision to migrate its entire European production infrastructure", "audio_length_s": 7.56, "path": "bbe852c8c3f7827e31f31a56bc72b7da_138.wav"}, {"text": "Just like we have done in our Northern Delaware acreage, it is our plan to gather and analyze sufficient data", "audio_length_s": 7.56, "path": "87753115961242d7035b7938c7e4dea1_7.wav"}, {"text": "Our inventory values include our pre-sold gallons that are at a higher price", "audio_length_s": 7.56, "path": "7394bde65e000fbb7b528c6c65bd099d_99.wav"}, {"text": "and you are busy sort of trying to fix out as much as you can at attractive rates on the liability side of your balance sheet,", "audio_length_s": 7.56, "path": "8aa1aa8317783203344434f855535c25_145.wav"}, {"text": "We currently are only closing on about 3% to 4% of the transactions we review for new companies,", "audio_length_s": 7.56, "path": "8aa1aa8317783203344434f855535c25_167.wav"}, {"text": "Another positive for the quarter was the rollout of our new payment platform, including the launch of credit cards and merchant services.", "audio_length_s": 7.56, "path": "2f52e3495f64a67b885c0d35be2e8dce_2.wav"}, {"text": "into securities that are consistent with our strategies, and we marked their loan portfolio to fair value using current market rates.", "audio_length_s": 7.56, "path": "2f52e3495f64a67b885c0d35be2e8dce_16.wav"}, {"text": "But in addition to that, there may be some CapEx in our existing facilities that will also expand capacity or reduce costs.", "audio_length_s": 7.56, "path": "1d2ff648e4a30fa5555a7ab85bf60190_65.wav"}, {"text": "This conference call is the property of Exponent and any taping or other reproduction is expressly prohibited without prior written consent.", "audio_length_s": 7.56, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_68.wav"}, {"text": "Cash expenditures related to mine reclamation will continue until reclamation is complete or ownership of the mines is transferred.", "audio_length_s": 7.56, "path": "08ed60a546bd48af9db028c4e3c8af26_44.wav"}, {"text": "We look forward to working with the Phillips family and the Northwest team.", "audio_length_s": 7.56, "path": "0360a780927a31fb0bec9e79dac878a2_5.wav"}, {"text": "I'll call it a different reason or a different context perhaps -- then perhaps that discount trader and their trading activity.", "audio_length_s": 7.56, "path": "8a77ceadd7e4729abc9102d38be3a227_90.wav"}, {"text": "though these firms have opted out of the protocol, you just sort of flip them over to the process that you might use on the other side of that line,", "audio_length_s": 7.56, "path": "8a77ceadd7e4729abc9102d38be3a227_92.wav"}, {"text": "After the prepared remarks, management will BE available to take your questions for as long as time permits. Now I'll turn the call over to Brendan.", "audio_length_s": 7.56, "path": "f23036451aab1cb9d659c3ac9a23825c_19.wav"}, {"text": "that are going to help us achieve the results that I just outlined going forward. So I'd say we're very pleased.", "audio_length_s": 7.56, "path": "a02b735de681c682fbb8025edecca271_104.wav"}, {"text": "of why we like the progress of the business over the last years and also the last 12 months since I'm here.", "audio_length_s": 7.56, "path": "b305bff75f28d238f0bd7da5bd4f13b8_194.wav"}, {"text": "and participants are encouraged to carefully review this reconciliation. We intend to limit the length of this call to 1 hour.", "audio_length_s": 7.56, "path": "6ad1d7c855ceb3eb830c365e357e4510_2.wav"}, {"text": "In addition to our investments in new stores, we plan on opening our new Houston distribution center late this summer.", "audio_length_s": 7.56, "path": "e6c0fa1068c28557c3e17e0d02b831b1_52.wav"}, {"text": "We have already picked up a few candidates for the Chief Medical Officer position.", "audio_length_s": 7.56, "path": "58d5f604300a30c0c5bd9aa57d207478_102.wav"}, {"text": "However, and as we pointed out on the previous call, it's important to note that the starting point is one of latent oversupply,", "audio_length_s": 7.56, "path": "62246783cdfc5083ebb32cff71ccd38b_72.wav"}, {"text": "The financing flows reflect drawings on our existing debt and the bridge financing for the West acquisition.", "audio_length_s": 7.56, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_10.wav"}, {"text": "Domestic Passenger, International Passenger and Cargo and Mail businesses all recorded increased revenues.", "audio_length_s": 7.56, "path": "b0b83ac66a31c5096a75bb1927c557e2_27.wav"}, {"text": "the vast majority of that was Chicago based. And it was in the first quarter, which was a slow quarter for us anyway.", "audio_length_s": 7.56, "path": "b1da16cba24af8e472573c4c9caf17c7_88.wav"}, {"text": "and that we need to get pricing back to levels that would resemble where we were in the last cycle in order to get profitability back to reinvestment economics.", "audio_length_s": 7.56, "path": "2a059b2b192b8e972ca7664ddfed8a20_194.wav"}, {"text": "When adjusted to exclude both Providence as well as the reduction to revenue associated with the LHC transaction,", "audio_length_s": 7.56, "path": "b43c001c5af465d220ab0b69a95202ae_8.wav"}, {"text": "We have a very resilient business, built on the strength of our core brands and our diversified portfolio.", "audio_length_s": 7.56, "path": "968913c3f9111fc67f1d9956c56dec3b_60.wav"}, {"text": "That's kind of -- that hasn't really died down much. I would just say given the reconfiguration of the cards,", "audio_length_s": 7.56, "path": "246876171ef2f408df10ee0816f9db83_136.wav"}, {"text": "To increase market share, in the first quarter, we doubled the size of our sales team and tripled our lead generation investments.", "audio_length_s": 7.56, "path": "7274a7a5fa848e641ba98fce556e26a1_5.wav"}, {"text": "And now I would like to turn the call over to your host for today's call. And with that, it's my pleasure to hand over to Patrick.", "audio_length_s": 7.56, "path": "9aeced6a84c2436e62dd21d1441d0bb4_51.wav"}, {"text": "was there a change in the basket of inflation from a labor standpoint in the quarter? And then maybe what's your outlook for that basket", "audio_length_s": 7.56, "path": "3898a5c021167b8169287fc8bb59f753_106.wav"}, {"text": "Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.", "audio_length_s": 7.56, "path": "48f4f350c0636fa0c7acf339cfccb869_137.wav"}, {"text": "and go through the brain damage of passing our credits to our largely retail shareholder base and explain to them how to claim it on their tax return.", "audio_length_s": 7.56, "path": "6318dda27b3e36d76533c048c64a3014_115.wav"}, {"text": "very well against our peers, not something that we just build into our ongoing operation, and it becomes,", "audio_length_s": 7.56, "path": "03b9bb6c861e205653c9c22f11f9ef1f_77.wav"}, {"text": "And Patricia, it's the other Greg. I would just say it would stand to reason that issuance and redemption would be way up in Mark's and FCL because it's net new. But", "audio_length_s": 7.56, "path": "21f21433851eb7c7f7dbc710309341bb_56.wav"}, {"text": "This part of the power management market addresses about 50% of the overall PM market and supports many end applications,", "audio_length_s": 7.56, "path": "b3d7bc295d09d9927e465213612c0192_74.wav"}, {"text": "customers that add value to them on high-end platforms and that we're being very successful in.", "audio_length_s": 7.56, "path": "b3d7bc295d09d9927e465213612c0192_158.wav"}, {"text": "Original gallium nitride devices for gas sensing are also fabricated on GaN on silicon wafers.", "audio_length_s": 7.56, "path": "b3d7bc295d09d9927e465213612c0192_18.wav"}, {"text": "business for us right now in terms of these kits, but one that we think has good growth potential on a pretty sustainable basis.", "audio_length_s": 7.56, "path": "1e756fc5d265eea3ff8e2e31c29826ae_188.wav"}, {"text": "With this framework in mind, let's turn to Page 4 and look at our first quarter's results where you can see the earnings per share amounts.", "audio_length_s": 7.56, "path": "7ebbb41dcefeb482191f8bc22031b5d9_49.wav"}, {"text": "We'll see, as the year goes along, whether the tax reduction has any impact on the back end of the curve.", "audio_length_s": 7.56, "path": "1c7b9fe66120faecd8217e1df394005c_135.wav"}, {"text": "what do you think the sensitivity is for the residential versus I think you're saying flat? And then can we also get an updated dealer count?", "audio_length_s": 7.56, "path": "82f5253b62614161333b038f5f9700f8_278.wav"}, {"text": "The business was also ranked second in the private banking category, which is a significant improvement from last year's fourth place.", "audio_length_s": 7.56, "path": "dffe8257f781608bb17bb637249e4d2a_210.wav"}, {"text": "Our asset management businesses continue to win industry awards for their performance and stewardship of our clients' savings.", "audio_length_s": 7.56, "path": "dffe8257f781608bb17bb637249e4d2a_255.wav"}, {"text": "And one of the great things is that even as we have significantly increased the number of net new actives coming onto the platform each quarter,", "audio_length_s": 7.56, "path": "49e533a8449f6b9b6c806458e73338e1_171.wav"}, {"text": "All of the MSOs recognize the need to deliver higher bandwidth and speed to remain competitive against wireless alternatives.", "audio_length_s": 7.56, "path": "433a6e203f9db93835c27ff83e86c801_11.wav"}, {"text": "to be materially different from the results or achievements expressed or implied by such forward-looking statements.", "audio_length_s": 7.56, "path": "189b20e7b975130ca5abd0e419e54908_141.wav"}, {"text": "We think that we still can do better. But this is something that we will address in the next", "audio_length_s": 7.56, "path": "a46647751ef690279d96126395de42d5_111.wav"}, {"text": "And the underlying business, it's not that we particularly see a lot of risk. I think we're trying to be thoughtful about the puts and takes across the business.", "audio_length_s": 7.56, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_33.wav"}, {"text": "Additionally, we have a number of operational improvement and strategic sourcing initiatives underway in the segment that favorably impacted our results.", "audio_length_s": 7.56, "path": "757695924b5e43c7d44e29dc141cc035_134.wav"}, {"text": "We are pleased with our strong business performance this quarter, particularly our loss ratio, which continues to develop in line with our expectations,", "audio_length_s": 7.56, "path": "130e8e56c1afa2419fd0c08708261824_94.wav"}, {"text": "period of kind of weak title slate in the middle of last year coming back now that the slates improved to some degree? Or is it just impossible to measure that?", "audio_length_s": 7.56, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_35.wav"}, {"text": "both in terms of number of clients and in terms of average exposures with those clients.", "audio_length_s": 7.56, "path": "6709c061d39d0e433079f84160f11c80_59.wav"}, {"text": "a number of increases that -- until it gets much higher. So I don't think we're going to see a big impact on small business", "audio_length_s": 7.56, "path": "0dec9a606303da3039d11eec4ec9bd86_179.wav"}, {"text": "The strength of our business model leaves us well positioned to make the long-term investments necessary to grow our business in the future.", "audio_length_s": 7.56, "path": "af00f4e7b63ee843a3d203f982fac701_60.wav"}, {"text": "These types of forward-looking statements are subject to a number of risks and uncertainties relating to the oil and gas industry,", "audio_length_s": 7.56, "path": "5633fe3600ee04237bbb918c56341864_44.wav"}, {"text": "as we can gain business and learn that market. But probably not a lot of impact the first half of next year.", "audio_length_s": 7.56, "path": "799c15a4a6e9e3c86374761fec31c00a_63.wav"}, {"text": "While all leverage is higher, the increase is a natural result of our overall portfolio growth and remains well below the sector average.", "audio_length_s": 7.56, "path": "a0d537badd260e2071136602e3b73b26_97.wav"}, {"text": "be able to register some gains from some of the productivity initiatives that we have across the bank.", "audio_length_s": 7.56, "path": "4abafd22e11b6ea5b43048d805ea115f_71.wav"}, {"text": "and also, I think I have to say though it's too early to make any broad conclusions, certainly about any kind of market share.", "audio_length_s": 7.56, "path": "078b27aa69b10aa01f2eab2aa681bdd8_16.wav"}, {"text": "We believe our Industrial businesses are well aligned with key long-term secular trends that are supported by sound fundamentals.", "audio_length_s": 7.56, "path": "ea80970d6b8e6fab10c4500aa7298914_127.wav"}, {"text": "So I'm not going to put a specific target out there, but the role of the organization is one to really", "audio_length_s": 7.56, "path": "e0d1342ad3d27fd648b708837de08797_311.wav"}, {"text": "These statements are not guarantees of future performance and involves risks and uncertainties that are difficult to predict.", "audio_length_s": 7.56, "path": "75b064acca5b532722510ac0b9b0822e_178.wav"}, {"text": "Times to drill each wells are beginning to shorten with one well being delivered in a record 16 days from spuds to total depth.", "audio_length_s": 7.56, "path": "bfb0fac9575cd0820a660f2577199468_10.wav"}, {"text": "come back to the table to negotiate. So now it's really just a function of the administration realizing that the hurt is gone from", "audio_length_s": 7.56, "path": "09b5b62d328d3d0719b6825357fdfb48_154.wav"}, {"text": "As a reminder, our regular scheduled maintenance and the amount of export products we produce can have an effect on our production rates during any quarter.", "audio_length_s": 7.56, "path": "09b5b62d328d3d0719b6825357fdfb48_120.wav"}, {"text": "And simplification is delivering significant quality improvements and structural spend savings.", "audio_length_s": 7.56, "path": "ae5a41fe3b3d515713608c5ac878eed3_18.wav"}, {"text": "Our focus strategy to diversify is paying dividends as the added leverage provide balance and offsets.", "audio_length_s": 7.56, "path": "64364105b816dd0b6a029e9cd210e65b_34.wav"}, {"text": "This is a very customer-focused business, and it's important that it is. We need to respect our customers and their individual circumstances.", "audio_length_s": 7.56, "path": "24a133abc343c813233d416b0cef96cd_265.wav"}, {"text": "color of how you're thinking about revenue management in the market that is seeing quite aggressive competition by local carriers. I", "audio_length_s": 7.56, "path": "407fee9910ab57874978cf85a89b1d9d_151.wav"}, {"text": "have more of a limited entry effect, to further refine the completion so that we", "audio_length_s": 7.56, "path": "243e9a046160bfbf82be702927a4df22_130.wav"}, {"text": "We do need more gas supply to get to market, and simply unlocking the reserves that Australia has will achieve that.", "audio_length_s": 7.56, "path": "4ee3c79ebc57c9870b221b9479d52436_9.wav"}, {"text": "So we expect to leave the year with very good momentum and fewer hills to climb. The external environment", "audio_length_s": 7.56, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_118.wav"}, {"text": "does this change your view as sort of to what the structural profitability of Westeel is, either a little bit better or a little bit below?", "audio_length_s": 7.56, "path": "7d74e5d733ec60a1be27a556e7689961_19.wav"}, {"text": "First of all, I'm full of gratitude to everyone who has stepped up to the plate for us and with us over the years.", "audio_length_s": 7.56, "path": "7d74e5d733ec60a1be27a556e7689961_28.wav"}, {"text": "Our federal successes also helped us with state and local agencies, both domestically and internationally.", "audio_length_s": 7.56, "path": "8611e088fa81dc9b999c382b62641dfc_65.wav"}, {"text": "and you'll work with them to make sure that you up-sell, cross-sell at different business dimensions to scale it up,", "audio_length_s": 7.56, "path": "a4f81a27f0c6d07b56208e16121b9896_43.wav"}, {"text": "And this demonstrates our confidence in a stable and sustainable dividend well into the future.", "audio_length_s": 7.56, "path": "6299a010c7bb84feaf14b263750dbd1a_22.wav"}, {"text": "We are reorienting our efforts to reach the customer's home or premises in order to gain share in a vertical manner", "audio_length_s": 7.56, "path": "1758a982f596e3033f062a5b9f011361_11.wav"}, {"text": "Collectively, this means being faster and smarter about how we deliver solutions that solve our clients' greatest challenges.", "audio_length_s": 7.56, "path": "09eebad8f3c529b4c7d916c5f7766f7f_6.wav"}, {"text": "because we are actually thinking in a very long stature, where does the growth come from today,", "audio_length_s": 7.56, "path": "411bdacf05f84134fc80b874a15cf3b7_298.wav"}, {"text": "And it's been fantastic for us, and it continues to be a great program. It's not just for family members but it's also friends. Yes,", "audio_length_s": 7.56, "path": "f268a8174f58c93ad6b45b7f151fe896_258.wav"}, {"text": "where I think we have largely hit the bottom there in the short term because they will buy more software,", "audio_length_s": 7.56, "path": "594b7b614804475e4ab8ab4c405ecf40_25.wav"}, {"text": "Our maintenance departments are managing, based on the data we collect, not based on a gut feel of how equipment is operating.", "audio_length_s": 7.56, "path": "eed99fefac02f862b3ee31c4748cb9b5_104.wav"}, {"text": "as demonstrated by the recent expansion of the Cigna MACI medical policy to include patella defects.", "audio_length_s": 7.56, "path": "4d7256bec87696f6c5defa8f37db1b48_76.wav"}, {"text": "And I want to take this opportunity of giving our retailers and our dealers credit for great execution across all fronts.", "audio_length_s": 7.56, "path": "c88e296697cd72c891ffb7bf5a1a60bb_59.wav"}, {"text": "in '19. We just don't believe that it could be as large as it was in '19 and don't, at least, have that planned currently.", "audio_length_s": 7.56, "path": "365c360aff42713cef71a7d026eeeb6d_34.wav"}, {"text": "So just to be clear, your trust funds, you said, had a positive return in the fourth quarter. Was it -- is it just positive in terms of the gains you were able to take out?", "audio_length_s": 7.56, "path": "7e018402f521eec8ce7a9df8cd61e144_126.wav"}, {"text": "and that's why we have this amplified combined ratio. It's not so much used in other markets, but we find it important to show it.", "audio_length_s": 7.56, "path": "525a3d59e4a319ddd41c161ec0e67f93_46.wav"}, {"text": "Revenue for the fourth quarter increased 15%, our highest quarterly increase of the year.", "audio_length_s": 7.56, "path": "744f5859c7d9a0567b387ae84326d940_119.wav"}, {"text": "And these investments really began to pay off last year as we delivered 7% organic sales growth,", "audio_length_s": 7.56, "path": "744f5859c7d9a0567b387ae84326d940_3.wav"}, {"text": "I want to comment briefly on the announcement we made last week that we settled the pending litigation with Public Consulting Group.", "audio_length_s": 7.56, "path": "97b02b7a41ecb22cb04e7331052cefc8_136.wav"}, {"text": "While difficult to measure worldwide, we are also confident that because of the brand's strength of our grading services,", "audio_length_s": 7.56, "path": "ff59c33225941d4025bcecc8fe1a4b32_77.wav"}, {"text": "The decline in operating income is in large part related to extra costs incurred to ramp EMS capacity.", "audio_length_s": 7.56, "path": "19e7822c0e829faf25355c16b830cf39_184.wav"}, {"text": "with pricing. But overall, we've hesitated to answer the question whether or not it was sustainable or not", "audio_length_s": 7.5599375, "path": "67716cee321d117b0318930dd142f06a_31.wav"}, {"text": "That said, we would expect it to contribute slightly to revenue growth and be modestly negative for profitability and cash flows for the quarter.", "audio_length_s": 7.5599375, "path": "78c85dc9a16f82b09d3a2363004e658d_154.wav"}, {"text": "demand dollar growth is defined as prescriptions filled at the pharmacy counter times by the price sold to the wholesalers.", "audio_length_s": 7.53, "path": "5833763223d8d85b6fcb5fe90e821c77_6.wav"}, {"text": "We've said it many times before, the only way we will ever be successful -- in fact, the key to success for any investment manager", "audio_length_s": 7.53, "path": "db6c253ba433d9a247219bb3f15da199_73.wav"}, {"text": "demands for the right packaging no matter what the retail outfit is, develop the solutions,", "audio_length_s": 7.53, "path": "9d8c8f4a41008455665fd243ed99b642_10.wav"}, {"text": "At this time, for opening remarks and introductions, I would like to turn the conference over to Mr. Barry Holt. Please go ahead, sir.", "audio_length_s": 7.53, "path": "6e6da7f810609ce64857373f11984455_31.wav"}, {"text": "As we typically do on our fourth quarter calls, I will give you a brief update on our global retirement plan.", "audio_length_s": 7.53, "path": "62d981deed6d5128615c99d1597178b6_136.wav"}, {"text": "So my view hasn't changed that we still think this business should generate mid- to high single-digit growth over time.", "audio_length_s": 7.53, "path": "62d981deed6d5128615c99d1597178b6_205.wav"}, {"text": "very pleasing to see that we were able to move through that same problem area, but done on Level 2 in", "audio_length_s": 7.53, "path": "b7d4858dcc1d9cf454416082b75a3429_141.wav"}, {"text": "Certainly, this year, because we feel like that there's enough strength and the bid season will carry us through the next 4 quarters.", "audio_length_s": 7.53, "path": "94fdf7b24748a7706b1097482a0f363a_101.wav"}, {"text": "and third, continue focusing on generating cash flow and to begin paying down bank debt in the second half of the year.", "audio_length_s": 7.53, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_78.wav"}, {"text": "over the last several quarters talking about expense management, that will continue, and so", "audio_length_s": 7.53, "path": "55cbaf368288111ebc2ccadb61e3bd34_42.wav"}, {"text": "but at the same time, they do require more time. And so as we've seen that shift in", "audio_length_s": 7.53, "path": "55cbaf368288111ebc2ccadb61e3bd34_112.wav"}, {"text": "The improvement that we saw this year was just a reflection of the fact that we did see some of those blanket orders come in, in the third quarter,", "audio_length_s": 7.53, "path": "22ad97a95501a08f15c06605cd277fec_15.wav"}, {"text": "The increase in book value was driven by the credit portion of our portfolio as credit spreads tightened during the quarter.", "audio_length_s": 7.53, "path": "6f3e90ad68b9b074ad827efdcaf6630d_24.wav"}, {"text": "The business also drove share gains behind incremental distribution and merchandising activities in lip care.", "audio_length_s": 7.53, "path": "d28b2b09c127b5be033738aa3cd380b3_7.wav"}, {"text": "I will obviously come back at the end with a summary. But I would like to hand over to Dessi, who will continue presenting you the financial ambitions", "audio_length_s": 7.53, "path": "9014ac9cbc2cff30468f1bcb659c0f66_250.wav"}, {"text": "I've spoken about our equipment to expanding our digital capabilities on previous calls and we are making progress in this regard,", "audio_length_s": 7.53, "path": "264e575b73bc2a485bee416c1ac10cee_5.wav"}, {"text": "executing additional strategic or financial combinations and attracting the incremental investor looking for income.", "audio_length_s": 7.53, "path": "223f05c0b9b116532e9af84afa76cac7_139.wav"}, {"text": "we'll get past this, the politics, everything else and make the most of our opportunities as we look forward", "audio_length_s": 7.53, "path": "232edaebd93a3d8673bce183d269ad6d_158.wav"}, {"text": "the end of the year. And this is a result of an annual inventory reset in September at one of our retailers.", "audio_length_s": 7.53, "path": "c68c15299b67173c7ae163cc5938f3c1_6.wav"}, {"text": "that strategy is working and you'll see us continue to do that as we go into '16 and '17. And", "audio_length_s": 7.53, "path": "280baf1d10cd27b78eae4bf2574b9c98_139.wav"}, {"text": "Now to discuss our financial performance and outlook in more detail, I will hand it over to Ken. Ken?", "audio_length_s": 7.53, "path": "280baf1d10cd27b78eae4bf2574b9c98_57.wav"}, {"text": "it's true that we are working very hard. But for the NIM outlook, we believe that there won't be much change", "audio_length_s": 7.53, "path": "1c60a3d37d43a43d5851722212ddcd71_47.wav"}, {"text": "first of all, that's laughable, particularly laughable since we're now showing you what this is capable of doing.", "audio_length_s": 7.53, "path": "c96b5ae4ffe20d946daec67e2b0917b2_80.wav"}, {"text": "And then are you seeing more willingness from Chinese consumers to move up the chain scale? Is that helping you at all?", "audio_length_s": 7.53, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_132.wav"}, {"text": "is the quality of the asset. And in the main, we have been focused largely looking at the Exhibitions market", "audio_length_s": 7.53, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_58.wav"}, {"text": "European operations. So do you think you would have to do", "audio_length_s": 7.53, "path": "a4e84e293bde7191186ae3a7a0b34024_190.wav"}, {"text": "In addition, we saw high single digits in Southeast Asia and mid-single digits in the Middle East and Greater China, despite all of the turbulence there.", "audio_length_s": 7.53, "path": "8b71a232d7fe61e6232807b635977c31_86.wav"}, {"text": "If foreign currency exchange rates hold near current levels, we expect net sales in the third quarter and full year to be negatively impacted", "audio_length_s": 7.53, "path": "044da592acc01ff7baacb3dbf2a302a9_14.wav"}, {"text": "and is currently in due diligence on this product line. It is entirely too early to discuss any specifics,", "audio_length_s": 7.53, "path": "91422f85dbf838639b3cb9dd9da364eb_101.wav"}, {"text": "that's definitely something worth keeping in mind when you look at the results there. And that's why we also added in the talk that", "audio_length_s": 7.53, "path": "7503d7356c13f095c26bfad29c5390c6_61.wav"}, {"text": "exemplified by the modification kits we won for in-flight entertainment systems announced last quarter.", "audio_length_s": 7.53, "path": "bad55d25c1222682bd893d97dc5cbb27_8.wav"}, {"text": "and we believe indicative of a strong demand from parents with Type 1 incidence to participate in this study.", "audio_length_s": 7.53, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_125.wav"}, {"text": "So implicit in a new investment is that you have to shove somebody out of the market for you actually to compete.", "audio_length_s": 7.53, "path": "833f98dbc79997580b24335033aac5d2_148.wav"}, {"text": "or we'll start up an organic brand to try to compete with different segments in the market.", "audio_length_s": 7.53, "path": "833f98dbc79997580b24335033aac5d2_128.wav"}, {"text": "we are looking at minor CapEx expenditures in the coming year to enable us to take even more work.", "audio_length_s": 7.53, "path": "2e3470778d787bc7db14a62eeaefd902_24.wav"}, {"text": "having some pressure on profitability. It's a little bit more specific to manufacturing systems.", "audio_length_s": 7.53, "path": "cfbe91105113db7a5784f77e411b7a3f_48.wav"}, {"text": "It's a simplification of sorting and delivery processes and improved automatic coding,", "audio_length_s": 7.53, "path": "fa45af64ef25007f998c655347bfbecb_467.wav"}, {"text": "if you look at a company like Peterbilt or others that are in the traditional vehicle market, they don't have that electrification experience.", "audio_length_s": 7.53, "path": "392ca3d1e388c6d7a35f6d0db390c359_164.wav"}, {"text": "So I'm going to read my comments. It's worth staying around to the end because we're going to do something new that we haven't done before.", "audio_length_s": 7.53, "path": "e26b501c6e000fdaa11edde97cc71436_102.wav"}, {"text": "The decline was even more pronounced in our Fluid Power platform, which is more dependent on energy and mining end market.", "audio_length_s": 7.53, "path": "a827180c08c11f2e53c6966fceaabf5b_131.wav"}, {"text": "At Distribution, we have adjusted our cost structure to position us to be able to navigate the market we are faced with,", "audio_length_s": 7.53, "path": "a827180c08c11f2e53c6966fceaabf5b_66.wav"}, {"text": "This preparation has not only resulted in improvements in the way we operate the bank but also enhanced the customer experience.", "audio_length_s": 7.53, "path": "8b2314627d54755a15c55244bb862225_92.wav"}, {"text": "The first store opened in Gatwick before Christmas and is delivering for us very pleasing results.", "audio_length_s": 7.53, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_153.wav"}, {"text": "We expect free cash flow in Q1 will decline due in part to the first meaningful incentive compensation payments we will have made in 3 years", "audio_length_s": 7.53, "path": "8957425799e5ce0200bfacf204d0acde_187.wav"}, {"text": "Provisions for credit losses are only driven by a small number of exposures, but increased compared to the prior year.", "audio_length_s": 7.53, "path": "bddc15938bdcc3085f19b0851e74c2c0_113.wav"}, {"text": "more cross-border flow now that there's a major tax regime change that might make people think of where they want to", "audio_length_s": 7.53, "path": "dbafd430cf189ffeffd96a06da8ba37d_75.wav"}, {"text": "So I think that's one that goes in. Sort of where we have European competition which is", "audio_length_s": 7.53, "path": "e1da48985804bd3d99dffc5e33b6124b_129.wav"}, {"text": "In November, we followed up with additional positive data from the DUET trial, which was presented in the late-breaking oral session", "audio_length_s": 7.53, "path": "a24a661c2eb55542903c72391ec09f9b_3.wav"}, {"text": "bottom line, from a position standpoint, we've never been in a better position. We have a very strong pipeline of new products,", "audio_length_s": 7.53, "path": "f46ae0a04d60dea8a759f07333ed37e2_183.wav"}, {"text": "These decisions, along with others, including more strategic usage of reinsurance structures,", "audio_length_s": 7.53, "path": "fc066133a3e40a7d270f2dff3e44fd58_62.wav"}, {"text": "We do, however, pay local taxes on certain country operations when those operations are profitable on a local basis.", "audio_length_s": 7.53, "path": "a44c74bdc01aa7e317addc11f2274e11_117.wav"}, {"text": "are on the system and ensure that our teams will always stay in compliance, and as laws change, they come in.", "audio_length_s": 7.53, "path": "81bfbc1fbd3ce62adc594e6b57c6fb34_98.wav"}, {"text": "So obviously, it's in our interest to pay later rather than earlier, and we'll continue to do that as we are", "audio_length_s": 7.53, "path": "ebecd7e874a9b3998b70ec3200f71e89_162.wav"}, {"text": "The demand for apartments is also being driven by the lack of supply and affordability of single-family homes.", "audio_length_s": 7.53, "path": "9ab2e6eb9debfae2de541ba645bfd265_23.wav"}, {"text": "and some folks prefer to go in a different direction. We feel good about the progress we're making and certainly", "audio_length_s": 7.53, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_120.wav"}, {"text": "One is us taking actions on addressing our manufacturing supply chain footprint", "audio_length_s": 7.53, "path": "002d12258ff802d65f79ae2eef99e4ab_264.wav"}, {"text": "Volume was softer than expected due in large part to the specific market dynamics highlighted by Steve earlier.", "audio_length_s": 7.53, "path": "e3d70ecdb6aaed843dd059c121962e45_217.wav"}, {"text": "that would better leverage our capital base and increase the company's return on equity, while also providing an additional funding source.", "audio_length_s": 7.53, "path": "bda4b365d7a8386d5d2e6b4575d08a57_53.wav"}, {"text": "possible pressure there that it will make it more difficult for you to keep your prices up or stable on the coated woodfree side?", "audio_length_s": 7.53, "path": "550ef3fcaf67ca1df87136acfdfa9d19_41.wav"}, {"text": "I just wanted to understand on the refined products guidance for the year.", "audio_length_s": 7.53, "path": "7394bde65e000fbb7b528c6c65bd099d_186.wav"}, {"text": "look, we have begun to see a traction in the market as well as we identified significant number of future opportunities.", "audio_length_s": 7.53, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_87.wav"}, {"text": "what I'll call private infrastructure that is like the investment we already talked about that we made in the Ohio River hydroelectric project", "audio_length_s": 7.53, "path": "bab12f620df0f367e74acdcc467686f1_231.wav"}, {"text": "that has several thousand locations representing a significant monthly recurring revenue opportunity.", "audio_length_s": 7.53, "path": "16e51362df94379ea33a24334015f385_119.wav"}, {"text": "In addition to the substantial cash flow generated by the business, we have capital available for portfolio purchases", "audio_length_s": 7.53, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_162.wav"}, {"text": "as customers close production facilities. Our backlog remains strong and continues to support growth.", "audio_length_s": 7.53, "path": "9c3a67f574514131f1f506b2f9905bed_53.wav"}, {"text": "As we've mentioned in the past, the rate of growth seems likely to slow although we still expect a strong rate of growth.", "audio_length_s": 7.53, "path": "6ad1d7c855ceb3eb830c365e357e4510_129.wav"}, {"text": "And I feel very, very good about the relationship that we have now, and I can't think of anybody in the industry we should be partnering with.", "audio_length_s": 7.53, "path": "265e62fc569e790d8b3e58698aaab701_165.wav"}, {"text": "This will also help us execute a more productive middle-market strategy where we see opportunities for strong growth.", "audio_length_s": 7.53, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_7.wav"}, {"text": "And finally, our Consumer business was up sequentially, above our expectations due to product diversification.", "audio_length_s": 7.53, "path": "051c23cc7bacc5c9df9312ac0fd431a9_123.wav"}, {"text": "it seems like you may be getting a little bit more confident in the longer-term capabilities.", "audio_length_s": 7.53, "path": "08f219f6cb65bd0ed50cb8444a3884f8_29.wav"}, {"text": "Despite the reduction in the cost of deposits, a large average excess cash position during the quarter", "audio_length_s": 7.53, "path": "28404e399cb043d390aa70bceb339dd4_119.wav"}, {"text": "If we see some clients where we don't like the performance and it's mostly would be on the credit side of things,", "audio_length_s": 7.53, "path": "63eaf9677d7577484a1557ae6bfbb585_145.wav"}, {"text": "In parallel, we've put in place the corporate capabilities required to execute drug development", "audio_length_s": 7.53, "path": "7f0b365cacc47c00a8284b0070994e4a_59.wav"}, {"text": "Glen will then highlight our key execution milestones and will close with plenty of time for your questions.", "audio_length_s": 7.53, "path": "626da68f2b245869534a0316b8b6139a_37.wav"}, {"text": "We are already talking to some of them right now actively and the evaluations are in progress, and those things are already happening with some of them.", "audio_length_s": 7.53, "path": "785be95695b063f97a17e4dea4a0529a_13.wav"}, {"text": "Was the -- were the bookings in line with your expectations? And maybe, is there any particular areas", "audio_length_s": 7.53, "path": "9e8690a521142359001a137074905535_59.wav"}, {"text": "or other activities that we currently don't do, but always on the energy business. I won't start to do", "audio_length_s": 7.53, "path": "ba5f13bb75329629d0c070c9014ff4f0_115.wav"}, {"text": "with a 7 millimeter mercury or greater increase at all time points on all clinic visits.", "audio_length_s": 7.53, "path": "571b0d30d88945a981006f24faa72cf7_10.wav"}, {"text": "As we accrue more patients, it will probably be easier and certainly once we've got balance numbers of active and placebo in larger studies,", "audio_length_s": 7.53, "path": "571b0d30d88945a981006f24faa72cf7_39.wav"}, {"text": "We will update the market on results of the strategic review when we have reached any conclusion.", "audio_length_s": 7.53, "path": "828ec1416eb7fa95846b5137752b3ff9_12.wav"}, {"text": "doing the chartering the way we do chartering for Tata Steel. We are taking a lot more long-term positions on many of these things.", "audio_length_s": 7.53, "path": "da34a7b460e520db0401de3ce860187c_111.wav"}, {"text": "The second vessel will be delivered next week, and we will have full cash flow effect from the vessels in the second quarter.", "audio_length_s": 7.53, "path": "939c2eaaa171907197a14e58cea3514d_41.wav"}, {"text": "came in at 80.4 million shares or approximately 1 million shares lower than in the fourth quarter last year.", "audio_length_s": 7.53, "path": "1e756fc5d265eea3ff8e2e31c29826ae_152.wav"}, {"text": "and we continue to evaluate attractive adjacent assets that complement our core portfolio,", "audio_length_s": 7.53, "path": "c40b5d1a13169c5acf69590932a56f98_17.wav"}, {"text": "for some time that of all of our markets, the consumption model in that market is changing", "audio_length_s": 7.53, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_98.wav"}, {"text": "when we put it into our modeling looking at both the price at which the option was struck and the yield on it,", "audio_length_s": 7.53, "path": "dffe8257f781608bb17bb637249e4d2a_316.wav"}, {"text": "the virality of Venmo and the network effects on core PayPal are clearly", "audio_length_s": 7.53, "path": "49e533a8449f6b9b6c806458e73338e1_99.wav"}, {"text": "and a great indicator of how focused management is on the key strategies to maintain the strong numbers.", "audio_length_s": 7.53, "path": "d223c88e8d5b658f28749ce0db145daf_45.wav"}, {"text": "But today, she has to put up with me one more time and she will shortly give you her update.", "audio_length_s": 7.53, "path": "416ebb7a4160f7cd2f98361cbd1cb769_3.wav"}, {"text": "Our team selling approach continues to produce results by introducing the full suite of products that Paychex can offer our clients upfront.", "audio_length_s": 7.53, "path": "0dec9a606303da3039d11eec4ec9bd86_1.wav"}, {"text": "East Africa net sales were flat, reflecting the impact from the uncertainty that followed the presidential election in Kenya.", "audio_length_s": 7.53, "path": "3877b1983229ec488c6349a188bccf92_202.wav"}, {"text": "demonstrating our commitment to promoting positive drinking experiences and tackling harmful drinking.", "audio_length_s": 7.53, "path": "3877b1983229ec488c6349a188bccf92_224.wav"}, {"text": "I'd like to come back to the enablers behind our margin expansion. Gross margin was broadly flat in the half,", "audio_length_s": 7.53, "path": "3877b1983229ec488c6349a188bccf92_18.wav"}, {"text": "The highly regulated environment in which we and our clients operate drove significant changes to our core IT systems,", "audio_length_s": 7.53, "path": "d74cec1fb73e1b1134bfa7152762ad80_70.wav"}, {"text": "is it just that pricing maybe ends up being down. And that's just so tough in terms of rail price -- costs up and", "audio_length_s": 7.53, "path": "2a7af3c66762ce608379005a3d7bfa96_155.wav"}, {"text": "However, these increases are offset by cost reduction actions within the partnership. Collectively, the culmination", "audio_length_s": 7.53, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_69.wav"}, {"text": "Okay, so if I'm hearing you there, then the way we should think about it is non-real estate", "audio_length_s": 7.53, "path": "a0d537badd260e2071136602e3b73b26_29.wav"}, {"text": "in our franchise and our way of doing business, which have demonstrated our ability to adapt and adjust quickly", "audio_length_s": 7.53, "path": "d5fb88dba0740bc906c5127e05592f95_7.wav"}, {"text": "Second, we expect to see additional market growth from conversion to composites from wood.", "audio_length_s": 7.53, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_66.wav"}, {"text": "the historical absorption in Raleigh, so we feel like it's sort of matching up pretty well. In terms of downtown competitive", "audio_length_s": 7.53, "path": "97b9c8b95449565c1f280a2b61a65b31_103.wav"}, {"text": "We completed a small drilling program in the project in March and have since been developing our evaluation of the opportunity.", "audio_length_s": 7.53, "path": "00dcacc7fe3cab64b14aff04a9cd0284_26.wav"}, {"text": "Our third category which we are focused on is growing our ladies apparel business.", "audio_length_s": 7.53, "path": "9908957f60adff5efc1c8692a0f5ab38_115.wav"}, {"text": "engaging platforms, enabling products and empowering programs. First, let me talk a little bit about engaging platforms.", "audio_length_s": 7.53, "path": "1353031386f884a821e7e9bab449727d_42.wav"}, {"text": "This has allowed us to significantly decrease drilling days and cost while improving our recent production results.", "audio_length_s": 7.53, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_26.wav"}, {"text": "which are not yet in the first half. So I think on the volume and pricing side will be more skewed towards the second half.", "audio_length_s": 7.53, "path": "e35fae1d3df1f7aeda409f90f200ec7b_99.wav"}, {"text": "that they just have been flexing their businesses and moving product around to keep businesses running or taking overtime out,", "audio_length_s": 7.53, "path": "64364105b816dd0b6a029e9cd210e65b_181.wav"}, {"text": "The early creation and implementation of that amenity helps drive higher residential sales and, therefore, an overall", "audio_length_s": 7.53, "path": "24a133abc343c813233d416b0cef96cd_91.wav"}, {"text": "as well as increases in recurring revenue and partially offset by decreased sales of access control products.", "audio_length_s": 7.53, "path": "fb03ff65af8e5f80abd090abeaf767cf_66.wav"}, {"text": "but it's worth noting that it was not acquired until April last year after the severe first -- weather in the first quarter.", "audio_length_s": 7.53, "path": "71c8aba809b2c3334e487f92f9009647_135.wav"}, {"text": "In Africa, comparisons were heavily influenced by timing factors as volumes for the first half of the fiscal year declined", "audio_length_s": 7.53, "path": "9dc19bfa451bc1278b7136420493f84d_15.wav"}, {"text": "by individual salespeople. It went in Swisher, and obviously, that's not how we distribute our product for safety reasons", "audio_length_s": 7.53, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_164.wav"}, {"text": "customers that are more traditional with CLV. I just want to understand the difference why", "audio_length_s": 7.53, "path": "ffe22f8bcf153b8b51f6e52039686c1e_100.wav"}, {"text": "earnings growth rate once we get through these rate cases or this rate case or just kind of the thinking on that?", "audio_length_s": 7.53, "path": "f17bd619f65ff0b31c5103503bd56fdb_86.wav"}, {"text": "about this time, a little bit later last year, announced the Nike transaction, which wasn't our new project but we want to take some of our existing merchant capacity", "audio_length_s": 7.53, "path": "2cd5b184c2ef6624ce219830182927c9_174.wav"}, {"text": "And therefore, we see a sequentially increasing loss during the fourth quarter.", "audio_length_s": 7.53, "path": "323193895e800e72960d98dd5fb64cf5_70.wav"}, {"text": "but all of these were individual products. They were all stand-alone components. And so the market is moving and we're moving", "audio_length_s": 7.53, "path": "9826162bc1bb67bf8d65e4cf50e656e9_9.wav"}, {"text": "As we discussed on our Investor Day in September, we are estimating the annual revenue of these opportunities in the next 5 years", "audio_length_s": 7.53, "path": "e9970d55b0ac8bddede7f337c0f94d36_104.wav"}, {"text": "we have proprietary sales and operational programs that allow us to maximize the productivity of our Technology Brands stores,", "audio_length_s": 7.53, "path": "125388f1b45117acde70abc39e0f7d04_162.wav"}, {"text": "So I am going to move on now to our guidance and", "audio_length_s": 7.53, "path": "a2245a8522589003f9c235a48c0197f0_126.wav"}, {"text": "While some retailers were more promotional during the quarter, we actually reduced the rate of some of our promotions.", "audio_length_s": 7.53, "path": "6cbf592846662213258684c3049e4592_169.wav"}, {"text": "investing in not just making the necessary changes, but also making it a real business enabler for us", "audio_length_s": 7.53, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_28.wav"}, {"text": "transfer of the capabilities of the lines to be competitive also for the next years. We are talking", "audio_length_s": 7.53, "path": "b20564a6da1bcfc7b80552299d9e002a_80.wav"}, {"text": "Yes, Jane, I think those are very good questions. I'm not so sure that I feel comfortable", "audio_length_s": 7.53, "path": "c71a6ab1a0697010811c89200ab21613_172.wav"}, {"text": "where investments in cleaner energies are being pushed by the government, especially near Beijing.", "audio_length_s": 7.53, "path": "e21fc19597d349bcd86de1329167659b_2.wav"}, {"text": "We also see an opportunity to further leverage our reverse logistics expertise to enhance the overall returns process.", "audio_length_s": 7.53, "path": "f268a8174f58c93ad6b45b7f151fe896_59.wav"}, {"text": "We expect the impact of the cyberattack on our financial results to diminish in our fiscal second half.", "audio_length_s": 7.53, "path": "f268a8174f58c93ad6b45b7f151fe896_222.wav"}, {"text": "While we have been successful in our efforts so far, restoring the full confidence of our customers is our key goal.", "audio_length_s": 7.53, "path": "f268a8174f58c93ad6b45b7f151fe896_156.wav"}, {"text": "some operating leverage in the corporate overhead where it's not growing any faster than sales, maybe even slightly slower?", "audio_length_s": 7.53, "path": "712bbcab5338e07dd63dad97bb652018_165.wav"}, {"text": "stretch in that organization's 20-year history over the course of the last 7 years. If you think about the things that we", "audio_length_s": 7.53, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_70.wav"}, {"text": "This was slightly down on the prior year, with increased spend to meet the required network output measures.", "audio_length_s": 7.53, "path": "6f1b092b312410065d308541be46da95_11.wav"}, {"text": "We just need to find a regulatory legal solution that works for everybody. So we've taken the prudent decision to just expense the spend that we've had to date.", "audio_length_s": 7.53, "path": "6f1b092b312410065d308541be46da95_283.wav"}, {"text": "As a result, we believe we currently trade at an implied yield that does not fully reflect the Partnership's value proposition.", "audio_length_s": 7.53, "path": "0702a77635d50ec3b154df61456c1b63_5.wav"}, {"text": "In Living, the kitchen category saw good growth with some new innovative products and, of course, the launch of the Paderno cookware line.", "audio_length_s": 7.53, "path": "c88e296697cd72c891ffb7bf5a1a60bb_127.wav"}, {"text": "Thanks, Tim. As we open the call for questions, we ask that you limit yourself to one question and a follow-up.", "audio_length_s": 7.53, "path": "1096d26129c469524041c969a684f8ae_193.wav"}, {"text": "I don't think we've guided specifically on that, Ed. I think if you look at the products that we depicted in the first half of the year,", "audio_length_s": 7.53, "path": "7a80c3e91e5a2693cdaef5f716808317_104.wav"}, {"text": "We believe this planned sales force expansion can help accelerate TD market development and prepare us for the next waves of growth.", "audio_length_s": 7.53, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_95.wav"}, {"text": "I want to also point out that a usual slide presentation that we prepare for our quarterly financial updates is up on our website", "audio_length_s": 7.53, "path": "9dcce10786aa9db4cdc6cc4649adacdd_54.wav"}, {"text": "The market then, we are no different. And we are exercising", "audio_length_s": 7.53, "path": "525a3d59e4a319ddd41c161ec0e67f93_107.wav"}, {"text": "Okay. And if that were the case, you'd think those owner operators would be more on the tractor side", "audio_length_s": 7.53, "path": "eb93e70cdf7a839a69546250fb3646fb_95.wav"}, {"text": "is this volatility that gives Vistra the chance to opportunistically hedge when forwards are above our fundamental point of view.", "audio_length_s": 7.53, "path": "16c235a53fc719ec92ef3b3c3b371150_98.wav"}, {"text": "Over the years, Reliance has consistently demonstrated our ability to quickly respond to changing market factors.", "audio_length_s": 7.53, "path": "97ddc19ecb28bab2d19fd3b181182062_80.wav"}, {"text": "for their continued hard work to support the progress of our various programs, our investigators and most importantly,", "audio_length_s": 7.53, "path": "6064088db0200b32f3f3e848047c5ab6_74.wav"}, {"text": "Stronger demand and production rates in Brazil in the first quarter do seem to indicate a potential stabilization in that market.", "audio_length_s": 7.5, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_84.wav"}, {"text": "in PAH, along with preclinical presentations and an overview of our clinical development efforts.", "audio_length_s": 7.5, "path": "070a939ddb72d87ed87e4b863da14a89_36.wav"}, {"text": "is so important to us. Because it allows us not to arbitrage the market, but at least to manage as much as we can the sensitivity.", "audio_length_s": 7.5, "path": "9d8c8f4a41008455665fd243ed99b642_80.wav"}, {"text": "but it has not yet delivered the growth in the footprint that we want it to. And I'm going to talk more about that in a minute.", "audio_length_s": 7.5, "path": "214dcdc435ef3259490466447858fa56_142.wav"}, {"text": "and as Lance said earlier, we haven't got as far as we wanted to. We hope we might get that competitive tension up quicker on the motor panel", "audio_length_s": 7.5, "path": "214dcdc435ef3259490466447858fa56_128.wav"}, {"text": "We continue to expand our software and service capabilities in order to create a better, more seamless user experience for deposit customers.", "audio_length_s": 7.5, "path": "b7050f62f52a3d2803beea21404f7af6_94.wav"}, {"text": "been fortunate to raise some growth capital back in July of last year and February of this year. And when we", "audio_length_s": 7.5, "path": "ab861b81968e1b5fcb606ed886919d68_171.wav"}, {"text": "From a financial return perspective, the blended weighted average yield we have been receiving on this mix of investments,", "audio_length_s": 7.5, "path": "ab861b81968e1b5fcb606ed886919d68_139.wav"}, {"text": "again, it's been a very, very strong quarter, as you must have seen with the results this morning. And I'll remind you this momentum started", "audio_length_s": 7.5, "path": "a95a220f118ae793c89d6d708e62cf8a_234.wav"}, {"text": "So we've definitely seen cost creep up. There seems to be a bit of a catch up that we kind of need to get caught up. It looks as though", "audio_length_s": 7.5, "path": "94fdf7b24748a7706b1097482a0f363a_157.wav"}, {"text": "The effectiveness is proven to visibly reduce dark spots in 8 weeks.", "audio_length_s": 7.5, "path": "9014ac9cbc2cff30468f1bcb659c0f66_142.wav"}, {"text": "First of all, the Internet business acquired 3.2 million GiGA subscribers as of the end of the second quarter.", "audio_length_s": 7.5, "path": "19eed824fc629ea7d3f8ea7572c7abb7_0.wav"}, {"text": "Historically, we have only secured a small percentage of the revenue from the professional services via our partnerships with surgeons.", "audio_length_s": 7.5, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_63.wav"}, {"text": "This was primarily due to a decrease in transportation fees due to renegotiated contracts and a customer bankruptcy,", "audio_length_s": 7.5, "path": "718a89dc503706eae0091bcd9410d567_17.wav"}, {"text": "positive results in core office supplies, technology and facilities and safety supplies category.", "audio_length_s": 7.5, "path": "a069e0992c2083f0f53eaa4f7a02e47d_17.wav"}, {"text": "But in each case, you have to be able to take that BEACON data that has been brought into BEACON from the water meter", "audio_length_s": 7.5, "path": "55d05334bdde612eb9dd102bb41d216e_91.wav"}, {"text": "That concludes my formal remarks for the third quarter. Now I'll add a few additional comments regarding the future.", "audio_length_s": 7.5, "path": "d70a57dd52d0e4cf86a6225dca186bc2_84.wav"}, {"text": "Second quarter, we hope -- by the second quarter of next year, we also hope to get our capacity up to about", "audio_length_s": 7.5, "path": "3c211ab9236e508ad4a5ee63e29324e3_6.wav"}, {"text": "I would like to take a moment to remind you how we define backlog because it is different from all of our competitors.", "audio_length_s": 7.5, "path": "ec0ecc8e73cce4598def6cfff6f7c598_104.wav"}, {"text": "and then improving our marketing activity to sit on top of what is now, I think, a much more efficient sales machine.", "audio_length_s": 7.5, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_29.wav"}, {"text": "any question about lack of efficacy on abdominal attacks, because we have patients with symptoms", "audio_length_s": 7.5, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_95.wav"}, {"text": "But we still see potential improvement by doing more of the value-add activities and", "audio_length_s": 7.5, "path": "14f3d2486b21e639a953afb7ad03d90c_134.wav"}, {"text": "that fits our needs and fits -- and our capabilities fit their needs as being wealth managers and managers of their risk.", "audio_length_s": 7.5, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_90.wav"}, {"text": "We've got export capacity out of Beaumont and we're continuing to build out that facility.", "audio_length_s": 7.5, "path": "84d2b192c2dd9cdcf24bacf3788a5322_216.wav"}, {"text": "So I think there'll be great transparency on current taxes versus what we'll call this provision approach.", "audio_length_s": 7.5, "path": "1b91eb82f5211000e711424657cc2484_71.wav"}, {"text": "And we will provide information as it becomes available in the near future.", "audio_length_s": 7.5, "path": "1f43e30e245ed30be41602d8423db99e_31.wav"}, {"text": "As you know, we integrated the Polish rail activities into the Metrans Group and gave up unprofitable routes.", "audio_length_s": 7.5, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_68.wav"}, {"text": "that was helpful for us and securing a broader label in a reasonable time period, that's something that we would consider.", "audio_length_s": 7.5, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_25.wav"}, {"text": "The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast,", "audio_length_s": 7.5, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_184.wav"}, {"text": "it's too early. They really get going in August and September. But our anticipation and what we hear for sell-throughs gives us", "audio_length_s": 7.5, "path": "2fc915b996c687200d995736980aae9a_84.wav"}, {"text": "And some of these kind of bigger projects will come in, in the second half year, and we didn't have in the first half year.", "audio_length_s": 7.5, "path": "cfbe91105113db7a5784f77e411b7a3f_17.wav"}, {"text": "But could you just talk about the sustainability of this growth rate and sort of what we should look out for and how we should think about the growth rate of that segment?", "audio_length_s": 7.5, "path": "839852ec8452dbd90e9341d15cbba7c5_186.wav"}, {"text": "Demand for education buildings remains at a high level, and Fleetwood is a major player in this market, particularly on the East Coast.", "audio_length_s": 7.5, "path": "beb9b090a2850e9f9feb4f00ee472d07_41.wav"}, {"text": "bringing new customers into the store. So what I would say is that the team is doing a great job in the way that they're trading the business across the board. And", "audio_length_s": 7.5, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_38.wav"}, {"text": "will become more challenging in the future? So this is my first question. And my second question.", "audio_length_s": 7.5, "path": "cc82e791c065bdc271addf355bac274f_20.wav"}, {"text": "The initial child with CLM3 Batten disease in that study continues to participate with no serious adverse events", "audio_length_s": 7.5, "path": "0dbbae27d7055ecc04cc25e14e4de12d_134.wav"}, {"text": "Underlying operating cash flows describes operating cash flows, excluding the effect of factors such as working capital.", "audio_length_s": 7.5, "path": "8011d82cf2151421d3dfacce65adde30_18.wav"}, {"text": "will to be work off extreme high order backlog of STRABAG. The company is therefore being very selective", "audio_length_s": 7.5, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_65.wav"}, {"text": "but I think you have a better firm, you have a better company, and you have a better product for years to come,", "audio_length_s": 7.5, "path": "dbafd430cf189ffeffd96a06da8ba37d_144.wav"}, {"text": "It's significant for advertisers because it really gives them insights in over-the-air radio that,", "audio_length_s": 7.5, "path": "6b5a6b4dce64e7db04bee7d7b7d37aba_60.wav"}, {"text": "You're bringing on new equipment, but you probably need to raise wages. Where do you think", "audio_length_s": 7.5, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_169.wav"}, {"text": "which was lower than last year as a result of lower premium accelerations and from the continued runoff of our book of business.", "audio_length_s": 7.5, "path": "9da45cfd4472699ef05d887adce01223_101.wav"}, {"text": "We continue to focus on the level of our operating expenses in our continued efforts to perform our functions", "audio_length_s": 7.5, "path": "9da45cfd4472699ef05d887adce01223_94.wav"}, {"text": "competition? Or are a lot of the clients just coming directly to you and it's not even really a bidding process? It's more like they want you to do the work for", "audio_length_s": 7.5, "path": "171fd9df333ddd814c764843ed624121_162.wav"}, {"text": "And then how this may be limiting up-trading or the privatization trend that we've been seeing for so long.", "audio_length_s": 7.5, "path": "655d592e9d1b1027f1824b1554d8b131_200.wav"}, {"text": "We provide end-to-end digital business, operations and technology services for their global asset management group.", "audio_length_s": 7.5, "path": "7ec19aea307c76d4a57fa87368305630_60.wav"}, {"text": "ranging from self-funding them with the cash that we generate, all the way to distributing our cash to shareholders and accessing capital markets", "audio_length_s": 7.5, "path": "2ad9555a64eaa3f45bef5581adeecb9c_185.wav"}, {"text": "The Building business continues to be a low margin, relatively low risk", "audio_length_s": 7.5, "path": "a965bbd76f3d449c86e8c27d03ac192f_34.wav"}, {"text": "rather than just kind of wallow through it, and we're going to try to do something. But if something doesn't happen, it's not like a disaster.", "audio_length_s": 7.5, "path": "07d30eec04a77191950ef0992d097daf_15.wav"}, {"text": "so they can take a long monthly payment and have something perhaps a little more aspirational than they originally were looking for.", "audio_length_s": 7.5, "path": "9c1272d9d120c5bfafd6e6b566f89b62_153.wav"}, {"text": "and new precious metal strategies, which are just now beginning to achieve the scale needed to deliver meaningful profitability.", "audio_length_s": 7.5, "path": "a8034762296368c60571fcde382c3274_78.wav"}, {"text": "some of our larger acquisitions which are in the early stages of integration and therefore not yet delivering full margin", "audio_length_s": 7.5, "path": "e3d70ecdb6aaed843dd059c121962e45_219.wav"}, {"text": "I was little surprised on the duration of those new contracts, but I kind of understand reactivating something you spent the money on, going into an up market.", "audio_length_s": 7.5, "path": "4e04d3229b988f1db5b842ac5b993894_37.wav"}, {"text": "split between voice and data is more of an accounting allocation issue than a real trend.", "audio_length_s": 7.5, "path": "5a55e28476e46aabc8571a60134e8b4d_12.wav"}, {"text": "Thank you, operator. Before reviewing our results, I'd like to direct you to the safe harbor statement on Page 2 of today's presentation.", "audio_length_s": 7.5, "path": "bab12f620df0f367e74acdcc467686f1_59.wav"}, {"text": "Before Charlie and Mike discuss our results, let me take a moment to remind you that our remarks today may include forward-looking statements.", "audio_length_s": 7.5, "path": "0899e07f70a6e5be842fb6e22a3fafe9_0.wav"}, {"text": "As you may recall, we expanded our channel to include agent-driven distribution sales because we knew that over the long term,", "audio_length_s": 7.5, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_11.wav"}, {"text": "I wouldn't pay that much attention to what is going on -- what's being said in the lead up to the election. I think about what", "audio_length_s": 7.5, "path": "5664a96b7f1182d037b901d84eeb4fd6_140.wav"}, {"text": "that we've strategically needed to do that because we're playing catch up or we want to chase somebody else because we're new to the market.", "audio_length_s": 7.5, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_189.wav"}, {"text": "it -- neither one has a material impact on the overall quarter. They're just good for keeping the store looking fresh, and", "audio_length_s": 7.5, "path": "c67af59ea29f4e80b8eeede6e730658e_95.wav"}, {"text": "Not knowing the exact rule change, I can't speak specifically to it, and there will, of course, be a comment period and a process around that", "audio_length_s": 7.5, "path": "8a77ceadd7e4729abc9102d38be3a227_97.wav"}, {"text": "Let's now turn to Spain, where we continue to deliver,", "audio_length_s": 7.5, "path": "d8eb5522db0e51d75ea6518462954c52_241.wav"}, {"text": "Also, we anticipate that other factors could potentially result in further negative changes to the availability under revolving credit facility.", "audio_length_s": 7.5, "path": "f23036451aab1cb9d659c3ac9a23825c_32.wav"}, {"text": "It is a big ground for innovation. We have certainly moved on with some very tangible results.", "audio_length_s": 7.5, "path": "98f10f0935e5b778e888a1b8130a3d31_293.wav"}, {"text": "We have deposited cash into the SPVs, and it is recorded as a separate line item on our balance sheet.", "audio_length_s": 7.5, "path": "567a41009710fa1568bb8125213bf9eb_105.wav"}, {"text": "a business as usual level that will drive us to that profitability. Clearly we needed to make some transformational things.", "audio_length_s": 7.5, "path": "e9fb03f263f117a9fe607d74602fa9b0_115.wav"}, {"text": "the highlights as an introduction, as a summary. I already told you about the order intake, 17% less", "audio_length_s": 7.5, "path": "664ce6f8ad7864e2844f637e7a1b48d7_44.wav"}, {"text": "Partners will also have mobile access to their schedules, reducing the time it takes to communicate and manage changes.", "audio_length_s": 7.5, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_143.wav"}, {"text": "And we've been very successful gaining market share. And I think we're now going to see the benefits of that as we start to get into", "audio_length_s": 7.5, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_107.wav"}, {"text": "Overall, revenue growth was driven by a solid performance in our legacy product lines as we've focused marketing campaigns on these categories in the quarter.", "audio_length_s": 7.5, "path": "7a29e2dcd505f944b16d1e3173cb1c01_67.wav"}, {"text": "as well as promote work style reforms to increase productivity and further improve our cost competitiveness.", "audio_length_s": 7.5, "path": "b0b83ac66a31c5096a75bb1927c557e2_111.wav"}, {"text": "And so we've been very disciplined about that. And at the same time, we continue to knock on a lot of doors of family companies.", "audio_length_s": 7.5, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_58.wav"}, {"text": "in order to support the growth of our customers. We worked our way through some of these agreements at the end of last year and concluded that it was in the best interest", "audio_length_s": 7.5, "path": "2a059b2b192b8e972ca7664ddfed8a20_107.wav"}, {"text": "The remaining portion of the sales decrease reflects the soft retail environment partially offset by improved fill rates.", "audio_length_s": 7.5, "path": "63eaf9677d7577484a1557ae6bfbb585_126.wav"}, {"text": "The growth in merchandise inventories is primarily seasonal in nature with minor impacts from our first quarter sales office.", "audio_length_s": 7.5, "path": "63eaf9677d7577484a1557ae6bfbb585_128.wav"}, {"text": "and solid share performance while our Biscuits business continued to face difficult price gaps and consumer down trading.", "audio_length_s": 7.5, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_79.wav"}, {"text": "How it plays out, I do think that we have a pretty consistent ramp-up through the rest of the quarters, as Bob mentioned.", "audio_length_s": 7.5, "path": "9e8690a521142359001a137074905535_129.wav"}, {"text": "that area has performed better than we thought it would in the first quarter. And the outlook, quite candidly, is pretty good", "audio_length_s": 7.5, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_93.wav"}, {"text": "more than offset the headwind from higher taxes and dilution from the coffee transaction that closed in July.", "audio_length_s": 7.5, "path": "9b697782ea80be97854f35d6fc62c93a_213.wav"}, {"text": "So we think that was a very smart transaction in that regard. There's really nothing much more complicated than that, frankly,", "audio_length_s": 7.5, "path": "74d0910b4af16f82a812bddbb151d966_125.wav"}, {"text": "The Tower is a truly unique feature to the skyline of Las Vegas, and its iconic nature will continue to draw visitors from around the world.", "audio_length_s": 7.5, "path": "a7228e39e0d5f04dfba28fe3477e034a_40.wav"}, {"text": "due to a higher severance a year ago and restructuring actions taken last June to effectively scale the company.", "audio_length_s": 7.5, "path": "f1da65edd5f2026ffd647d496bb96ce7_66.wav"}, {"text": "Consistent performance like what we've seen in Q3 is the result of decisions we've made 18 to 36 months ago", "audio_length_s": 7.5, "path": "21f21433851eb7c7f7dbc710309341bb_61.wav"}, {"text": "that go well beyond the performance possible with today's RF SOI processes and will provide us a strong competitive advantage", "audio_length_s": 7.5, "path": "b3d7bc295d09d9927e465213612c0192_70.wav"}, {"text": "Let me first give you a backdrop for my views on our market and prospects for the balance of this year and then next year.", "audio_length_s": 7.5, "path": "8eaca8d8a419f74540f69ade8defabbd_225.wav"}, {"text": "As we've discussed, our vision for STRATA is to become the dermatology and aesthetic medicine partner of choice,", "audio_length_s": 7.5, "path": "33ed8514914fae6825997843290fe049_25.wav"}, {"text": "I'll go back to what we said early on, which I haven't talked about maybe in the last quarter, which is the open nature of the platform,", "audio_length_s": 7.5, "path": "61a1812ea55a4d676119b4f3d7cd6c10_61.wav"}, {"text": "customers who access the trade section of our site trade at twice the rate as average customers.", "audio_length_s": 7.5, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_22.wav"}, {"text": "One example of how we are succeeding is that we had 93% growth in our global omnichannel revenues.", "audio_length_s": 7.5, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_190.wav"}, {"text": "This resulted in significant softness in sales of existing mobile phone models in October as customers delayed their purchases.", "audio_length_s": 7.5, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_129.wav"}, {"text": "I'll cover a few different topics on today's call, including the progress we've made in standing up the company to operate independently.", "audio_length_s": 7.5, "path": "3b2908426357bb8269c3a01469865cd6_91.wav"}, {"text": "You have the Sweeny Hub that's performing, albeit not at the level that we would expect. If you take the first quarter", "audio_length_s": 7.5, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_150.wav"}, {"text": "Let me remind you also that this norm will have a significant impact on the reported net debt of the group.", "audio_length_s": 7.5, "path": "a0f5944a79ea5150378d21e6a9ac05d8_102.wav"}, {"text": "So let's turn to Retail Branding and Information Solutions. While we are the clear leader in the apparel labeling market,", "audio_length_s": 7.5, "path": "4721d5a2e7061d90a4e4e4768adc2486_60.wav"}, {"text": "I'm sorry if I missed it. What was the reason why we didn't see more expense leverage at FTN this quarter,", "audio_length_s": 7.5, "path": "8635f950dc44da3fcad542b2c066bedf_153.wav"}, {"text": "This effort, coupled with other regulatory changes, have put pressure on IFDS, which will require continued focus and effort", "audio_length_s": 7.5, "path": "d74cec1fb73e1b1134bfa7152762ad80_73.wav"}, {"text": "making sure that we maintain our gross shares and service our clients effectively. And we just feel as though the margins are going to be compressed somewhat", "audio_length_s": 7.5, "path": "2a7af3c66762ce608379005a3d7bfa96_208.wav"}, {"text": "I can tell you now that I can confirm the positive perception I had from the outside,", "audio_length_s": 7.5, "path": "ea45464984232d301c70cc7a9afdbc65_5.wav"}, {"text": "I don't know. When we talked about the increase in quoting activity", "audio_length_s": 7.5, "path": "01b376669d5ea40acc7fb5a87503586e_115.wav"}, {"text": "This was also supported by lower churn levels compared to one year back even with the rising competition.", "audio_length_s": 7.5, "path": "a76bedec950d8af557e451e58416d028_149.wav"}, {"text": "The reversal in trend of the Canadian dollar has resulted in a modest negative impact on our results in the quarter.", "audio_length_s": 7.5, "path": "00dcacc7fe3cab64b14aff04a9cd0284_51.wav"}, {"text": "We anticipate strong results in the fourth quarter based on the positive response from our global preview of LumiSpa at LIVE", "audio_length_s": 7.5, "path": "1353031386f884a821e7e9bab449727d_79.wav"}, {"text": "In addition to funding the growth I just mentioned and consistent with our stated cash flow deployment strategy,", "audio_length_s": 7.5, "path": "b126c31149f1cadf1d891082a187d6fc_12.wav"}, {"text": "The effect of the volume growth on revenue growth was partially offset by the anticipated pricing decline.", "audio_length_s": 7.5, "path": "b126c31149f1cadf1d891082a187d6fc_149.wav"}, {"text": "as well as interest from other more private lenders in a similar environment, where we could effectively term out on a nonrecourse basis", "audio_length_s": 7.5, "path": "5c601f5318d5dcbe20fdd78f19c2b277_182.wav"}, {"text": "I think we've done an excellent job as a company, taking a look at our cost controls over the last, and this is across all 3 segments.", "audio_length_s": 7.5, "path": "812d8f09b72b4d410d138d3b24caebbc_215.wav"}, {"text": "remains high, and we look forward to opportunities to bring new and existing Aptar innovations to the market.", "audio_length_s": 7.5, "path": "812d8f09b72b4d410d138d3b24caebbc_65.wav"}, {"text": "While new equipment sales picked up sequentially from the third quarter, the overall demand for equipment remains low in all sectors.", "audio_length_s": 7.5, "path": "383cf39e54475c8a25af2af7b35c6f2e_104.wav"}, {"text": "will result in us coming out of this downturn stronger than when it started, and we are on the path to driving longer term value for our shareholders.", "audio_length_s": 7.5, "path": "383cf39e54475c8a25af2af7b35c6f2e_100.wav"}, {"text": "No, I wouldn't do that. And the reason I wouldn't do that is because a couple of reasons, but one thing that you need to", "audio_length_s": 7.5, "path": "95303f68781d6fb58e19ec1dc7785a7c_205.wav"}, {"text": "for trust certificates, which will be supported by consideration, deposited into a trust comprised of the same plan consideration package", "audio_length_s": 7.5, "path": "0b21f953a7ae9970ef3a4c30b267927c_83.wav"}, {"text": "And ultimately, we look at that, we're going to start lapping those comps starting a little bit in the first quarter next year", "audio_length_s": 7.5, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_25.wav"}, {"text": "our overall global capital structure, we feel, is appropriate for our business, and therefore, we feel really comfortable with our current effective tax rate", "audio_length_s": 7.5, "path": "e0555e30370c43189a1136fb7ef17d20_173.wav"}, {"text": "The tax equity market is still available, although there's a lot of wait and see on tax reform, exactly how that's going to be impacted", "audio_length_s": 7.5, "path": "2cd5b184c2ef6624ce219830182927c9_354.wav"}, {"text": "on the price cost. And I think that's the primary driver as we start to get -- see our margins enhanced", "audio_length_s": 7.5, "path": "1d021dfadd51998ac079e1df49929c60_34.wav"}, {"text": "Price increases were implemented in June to reflect significant inflation in packaging and distribution cost.", "audio_length_s": 7.5, "path": "49dfadfb9a3d4d27ac250602928cf9ea_14.wav"}, {"text": "we took a view on in Russia, we act on it. And if we think it's a matter of just working through, then we stay around and we work with our customers.", "audio_length_s": 7.5, "path": "96488f25af54f91198b444e5eff8e878_103.wav"}, {"text": "We've continued to deliver organic capital generation while maintaining discipline on pricing and risk and investing in our businesses.", "audio_length_s": 7.5, "path": "bc1efb704df9c180935803c70a315597_74.wav"}, {"text": "We continue to distinguish ourselves in FX trading as well as how we've effectively driven NII growth as we've engaged with clients.", "audio_length_s": 7.5, "path": "09eebad8f3c529b4c7d916c5f7766f7f_25.wav"}, {"text": "one thing that could change would be some of these larger players that are trying to reactivate a lot of old equipment and", "audio_length_s": 7.5, "path": "3c17ad8c6709cbb1a8f7190f567a445f_134.wav"}, {"text": "your conversations for Genesis assets that have yet to close, that you're still negotiating relative to those that", "audio_length_s": 7.5, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_241.wav"}, {"text": "We have a really solid pipeline. We expect to finish the year very strongly", "audio_length_s": 7.5, "path": "16614fa848b6601733f9eb4b2ee4da71_148.wav"}, {"text": "This strategy was different from others in the marketplace, but we felt it is important to be mindful of our small and medium customers.", "audio_length_s": 7.5, "path": "f268a8174f58c93ad6b45b7f151fe896_153.wav"}, {"text": "including at the busiest times of the year, and we believe reliable service is a key factor in our continued growth.", "audio_length_s": 7.5, "path": "f268a8174f58c93ad6b45b7f151fe896_100.wav"}, {"text": "Turning to our balance sheet. We continue to maintain a strong position with significant financial flexibility.", "audio_length_s": 7.5, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_197.wav"}, {"text": "The other side presented their case. Most of that we already were aware of based on the paper submitted.", "audio_length_s": 7.5, "path": "a766b08317742c952705018a899f3998_84.wav"}, {"text": "to grow but perhaps look a little different than it has in the past, until you get to the conversation around what's 5G going to being", "audio_length_s": 7.5, "path": "a756bd9ba43faae4d9d0f059925e39e9_73.wav"}, {"text": "and that as volatility in equity markets increases, this group appears to respond by increasing their investments in Lending Club notes.", "audio_length_s": 7.5, "path": "bc5018861ccb5380fbe71ad789a6d4b0_53.wav"}, {"text": "As our year progressed, we added our own experience and dedicated operational, process improvement and supply chain experts.", "audio_length_s": 7.5, "path": "7a80c3e91e5a2693cdaef5f716808317_134.wav"}, {"text": "the active exchange is a smaller piece of the business. In the long run, that's what we expect to be by far the dominant part of the business.", "audio_length_s": 7.5, "path": "9cd9b67e289e807d677aabc5765fec6a_80.wav"}, {"text": "of the repricing. So we did roll those prices out, but we'll see some continued benefit coming into", "audio_length_s": 7.5, "path": "0b7afb66a39a4c81151309bacc830c60_84.wav"}, {"text": "I think we are -- as you mentioned we reiterated guidance this year. And we're off to start as we expected in the first quarter.", "audio_length_s": 7.5, "path": "9097dcbaf554d635920c6274b1de4997_145.wav"}, {"text": "And then also, putting that aside, could we see a contract extension for the current contract", "audio_length_s": 7.5, "path": "97b02b7a41ecb22cb04e7331052cefc8_140.wav"}, {"text": "in the first quarter of 2015. Sales to the aerospace market have increased as a percentage of our total sales,", "audio_length_s": 7.5, "path": "97ddc19ecb28bab2d19fd3b181182062_167.wav"}, {"text": "portfolio, to dedicate our resources to the acquisition process, evaluation of projects", "audio_length_s": 7.5, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_65.wav"}, {"text": "And if there was a clear and compelling path to drive additional value, we would certainly consider it as we've always done.", "audio_length_s": 7.5, "path": "190e0d8d92da94060523364716ce6e03_92.wav"}, {"text": "driven largely by positive volume drop down, some variable cost savings and savings from our productivity enhancement programs,", "audio_length_s": 7.47, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_206.wav"}, {"text": "These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially,", "audio_length_s": 7.47, "path": "5833763223d8d85b6fcb5fe90e821c77_40.wav"}, {"text": "Looking across the businesses more generally and recognizing the dilutive effect that the new acquisition would normally have,", "audio_length_s": 7.47, "path": "9d8c8f4a41008455665fd243ed99b642_148.wav"}, {"text": "Small companies will go cloud immediately, and then you're talking about companies will employ tens of thousand and", "audio_length_s": 7.47, "path": "10a419054cf3cc5d4ca00b7f338cc73b_152.wav"}, {"text": "Beyond the strong immediate demand for our digital services, we are also creating new platforms for continued growth.", "audio_length_s": 7.47, "path": "6e6da7f810609ce64857373f11984455_40.wav"}, {"text": "but the China demand has not yet materialized, certainly in our revenue and their revenue.", "audio_length_s": 7.47, "path": "ab5b4ea5cd86e4f7deafe9814024fada_51.wav"}, {"text": "But I will give you a little inkling into Q4. We are taking on shipments", "audio_length_s": 7.47, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_33.wav"}, {"text": "the great data there of the last trailing 12 months on a quarterly basis I think illustrates that we're now running at", "audio_length_s": 7.47, "path": "ab861b81968e1b5fcb606ed886919d68_108.wav"}, {"text": "One of the reasons is that in addition to existing indications, there are new indications.", "audio_length_s": 7.47, "path": "3cb802f8fba7d33603c29387ccdaf817_52.wav"}, {"text": "in the corridor we're targeting. So all other things being equal, we would expect reserve releases to continue in the future", "audio_length_s": 7.47, "path": "f0dd7e4dad969b480d0d2a70609aedba_111.wav"}, {"text": "Just following up on David's questions. Can you guys provide some detail on the expected time line for your cost-control efforts", "audio_length_s": 7.47, "path": "1f1b29266d2cede9b8f0f06ca57aae17_25.wav"}, {"text": "I am encouraged by an improvement in our working capital sales ratio, which is the lowest we've seen in the last 6 quarters.", "audio_length_s": 7.47, "path": "264e575b73bc2a485bee416c1ac10cee_91.wav"}, {"text": "The mental model that we use around valuation for not only mortgage REITs but most funds with a liquid portfolio of assets,", "audio_length_s": 7.47, "path": "223f05c0b9b116532e9af84afa76cac7_77.wav"}, {"text": "That is evident in the waterfall chart on Slide 8, which takes you through the key movements from the prior half year", "audio_length_s": 7.47, "path": "3bdb43dc1bcef6eff76f45efedb6a211_158.wav"}, {"text": "Second, we will be expanding our marketing and lead generation around solutions and services that result in recurring revenue.", "audio_length_s": 7.47, "path": "ed1006cd88de67e8fe53ea86ad6862d7_13.wav"}, {"text": "We are optimizing operations from macro processes like improved inventory assessment at our distribution centers", "audio_length_s": 7.47, "path": "d70a57dd52d0e4cf86a6225dca186bc2_68.wav"}, {"text": "it had a more material impact in that particular quarter. The amendment in and by itself for the full year doesn't. And that's why", "audio_length_s": 7.47, "path": "81430c39b7b202d05644e419e2a01a65_21.wav"}, {"text": "This first phase will also provide employment opportunities for NYCHA residents as well as local businesses,", "audio_length_s": 7.47, "path": "81430c39b7b202d05644e419e2a01a65_122.wav"}, {"text": "coming from the base renewal rate, i.e., the subscription dollar amount that is expiring with an existing customer", "audio_length_s": 7.47, "path": "e824f4380f8203a1e3ed60e7da1e39e5_170.wav"}, {"text": "the timing of Ramadan should reduce RevPAR in the second quarter, with offsetting stronger results expected in the third quarter.", "audio_length_s": 7.47, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_101.wav"}, {"text": "even though the returns may have -- maybe have gotten a little bit less, the returns are still fairly healthy compared to", "audio_length_s": 7.47, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_226.wav"}, {"text": "on each of our Marriott and Starwood websites and apps and enjoy our unified loyalty programs.", "audio_length_s": 7.47, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_88.wav"}, {"text": "Luxury hotels in Miami benefited from Florida and Caribbean hotels still out of service from the 2017 hurricanes,", "audio_length_s": 7.47, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_163.wav"}, {"text": "both necessary and we think both long-term positive have been disruptive in the short run.", "audio_length_s": 7.47, "path": "7974a5134807f46a1484a8adf81505be_38.wav"}, {"text": "If achieved, this performance would translate to a total revenue mix of 38% of revenue", "audio_length_s": 7.47, "path": "04f29bc02d1e2ef65077ca67bf41f475_143.wav"}, {"text": "I would say that we do receive a lot of inbound calls, and I'm not saying that that's related directly to supply issues. But", "audio_length_s": 7.47, "path": "044da592acc01ff7baacb3dbf2a302a9_50.wav"}, {"text": "And we have applied this across the enterprise, not just in Ohio. It's had the biggest impact in Ohio.", "audio_length_s": 7.47, "path": "3121e8f4a75758834d32a9e4e0555221_34.wav"}, {"text": "And I think finally, the Alliance Refinery was down for maintenance during part of the third quarter", "audio_length_s": 7.47, "path": "84d2b192c2dd9cdcf24bacf3788a5322_55.wav"}, {"text": "those acquisitions actually would have put us above the guidance that we had previously provided.", "audio_length_s": 7.47, "path": "de3b766a868da918e499f407dbf5d716_131.wav"}, {"text": "that went in place in March. We've also had a series of reductions as we've begun to really integrate our key support functions.", "audio_length_s": 7.47, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_62.wav"}, {"text": "a variety of new clients and new programs, and that's what's starting to drive up the top line and will continue to drive up the top line.", "audio_length_s": 7.47, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_57.wav"}, {"text": "generate a continuous growth through identifying potential markets and making sure to tap into the demand.", "audio_length_s": 7.47, "path": "1f43e30e245ed30be41602d8423db99e_47.wav"}, {"text": "In contrast, the forecast for Scandinavia and the Baltic region has been increased again.", "audio_length_s": 7.47, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_53.wav"}, {"text": "any sort of color around what you saw that do to your short-term rentals throughout the quarter? I'm just trying to figure out,", "audio_length_s": 7.47, "path": "66c9091ba849cdb6d64987642ced64d2_57.wav"}, {"text": "and continue on to the next year. As for the beverage market in Taiwan,", "audio_length_s": 7.47, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_25.wav"}, {"text": "The weight loss industry is pretty broad and it really depends on how you define it. The way that we like to look at it is", "audio_length_s": 7.47, "path": "957e0f876f9a4af9b498c19843675474_27.wav"}, {"text": "has slightly postponed the tender for the volumes in the second quarter -- second half of the year.", "audio_length_s": 7.47, "path": "cfbe91105113db7a5784f77e411b7a3f_130.wav"}, {"text": "But as I mentioned earlier, that whole development has less and less influence on our business,", "audio_length_s": 7.47, "path": "cfbe91105113db7a5784f77e411b7a3f_206.wav"}, {"text": "Are those dollars going more into conventional or more into discount? Or is that investment being made across the board?", "audio_length_s": 7.47, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_63.wav"}, {"text": "At Amicus, we have key organizational strength as well that provide us with a strategic advantage", "audio_length_s": 7.47, "path": "0dbbae27d7055ecc04cc25e14e4de12d_147.wav"}, {"text": "part of the capitation payment and that you will be forever getting a lower rate, whereas those operators who are", "audio_length_s": 7.47, "path": "d5c338a956681dbb2170472253a29b85_41.wav"}, {"text": "Fourth, market leadership provides us with cumulative experience within a particular product area that exceeds our competitors,", "audio_length_s": 7.47, "path": "8957425799e5ce0200bfacf204d0acde_119.wav"}, {"text": "completed our Whitford acquisition in the first quarter and just recently announced the completion of the Hemmelrath acquisition.", "audio_length_s": 7.47, "path": "73ba4ff250b62745e03880e75b9a1581_87.wav"}, {"text": "So let me now turn it over to Marcus to take you through the results of the quarter in detail, and then we'll be happy to answer your questions.", "audio_length_s": 7.47, "path": "bddc15938bdcc3085f19b0851e74c2c0_180.wav"}, {"text": "Yes. So I mean, that is more -- so what I just said is more really in relation to how we manage 2016 to make sure that", "audio_length_s": 7.47, "path": "bddc15938bdcc3085f19b0851e74c2c0_239.wav"}, {"text": "We are working to aggressively add smaller customers, which have similarly shorter", "audio_length_s": 7.47, "path": "a5aee620f2ef348884bdc8fa3e0cee19_61.wav"}, {"text": "We still anticipate marketing and promo costs to be right around 3% of sales for the full year, with elevated spending for the remainder of the year.", "audio_length_s": 7.47, "path": "47a303604df9f9fc9f2f89a9280c3a79_16.wav"}, {"text": "So I'm tremendously excited about the fundamentals that we are maniacally focused on, coupled with", "audio_length_s": 7.47, "path": "47a303604df9f9fc9f2f89a9280c3a79_102.wav"}, {"text": "and the expense related to the impact of the recently enacted tax reform in Puerto Rico on a deferred tax asset.", "audio_length_s": 7.47, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_55.wav"}, {"text": "Business promotion costs were higher in the fourth quarter and reflect the traditional seasonality of this expense line.", "audio_length_s": 7.47, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_124.wav"}, {"text": "complete our call yet. So please don't hang up. As all of you know, this is indeed a very special call today as,", "audio_length_s": 7.47, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_63.wav"}, {"text": "market conditions as well as our liquidity and expected returns, and compare that to", "audio_length_s": 7.47, "path": "bb9c0d60d15efa53cedac31e079e9ae6_40.wav"}, {"text": "During the quarter, we delivered growing enrollments in our Medical and Healthcare segment and strong results in our Professional Education segment,", "audio_length_s": 7.47, "path": "43942582edfb20599f3e7456137f8deb_44.wav"}, {"text": "All we're doing is telling you how we're going to be flexible in the future with respect to the dividend.", "audio_length_s": 7.47, "path": "2ad9555a64eaa3f45bef5581adeecb9c_231.wav"}, {"text": "in the following quarter or 2. We expect the same thing to happen as we progress through the fourth quarter and into next fiscal year.", "audio_length_s": 7.47, "path": "2b87d263eaf2464f275a48fa005b16c7_41.wav"}, {"text": "need that I continue to hear about. Clearly, if you go back to what we put forth as far as our", "audio_length_s": 7.47, "path": "9ab2e6eb9debfae2de541ba645bfd265_178.wav"}, {"text": "I'd like to begin my talk today with an overview of our first half results.", "audio_length_s": 7.47, "path": "f4d0f1362716be33f02690dd1a8df663_0.wav"}, {"text": "So the marketing spend there, we're still in the process of the rebrand, so you could still see", "audio_length_s": 7.47, "path": "a8034762296368c60571fcde382c3274_93.wav"}, {"text": "Over the past 4 years, we've invested in nearly every aspect of our business to position the firm for future growth.", "audio_length_s": 7.47, "path": "a8034762296368c60571fcde382c3274_39.wav"}, {"text": "And with that, I'm happy to hand it back to Arti to talk a little bit more about our ongoing initiatives and expectations for", "audio_length_s": 7.47, "path": "5a55e28476e46aabc8571a60134e8b4d_64.wav"}, {"text": "Finally, we are winning on the competitive front. We have efficient marketing that is resonating with our customers.", "audio_length_s": 7.47, "path": "ea97a179f1be386d6cd36637ae70a1fc_90.wav"}, {"text": "We know the type of capacity to do that is always subject to what's the right mix of short and long-term contracts and", "audio_length_s": 7.47, "path": "636d6909fbd8656f88f72f66a3a162ff_194.wav"}, {"text": "and possibly further balance sheet optimization, and we'll give you more details as these plans are finalized and put into action.", "audio_length_s": 7.47, "path": "2f52e3495f64a67b885c0d35be2e8dce_80.wav"}, {"text": "Okay, that's helpful. And then just last question would be on just the velocity of this conversation. Obviously, this wasn't a topic for us", "audio_length_s": 7.47, "path": "cdfa14ed43d00710c35d9d0bf8c31886_38.wav"}, {"text": "very healthy and very well positioned to take advantage of opportunistic buys in the back half of the year", "audio_length_s": 7.47, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_86.wav"}, {"text": "we can take some questions from those listening in. Going to try and keep this relatively brief as this is a very busy week of reporting.", "audio_length_s": 7.47, "path": "8fd0d858dd99b5b6291eafc83e9a604d_68.wav"}, {"text": "retail segment growth can at least pick up from kind of a 1% run rate improvement level?", "audio_length_s": 7.47, "path": "3cc0a4a6f1b08b522c732ad8944e8624_84.wav"}, {"text": "We have expanded our industry lead in both returns and growth, and we are excited about the future.", "audio_length_s": 7.47, "path": "a8b43081254547419da7462d9c957d61_8.wav"}, {"text": "under the Events and Presentations tab to find full explanations and reconciliations of these non-GAAP measures.", "audio_length_s": 7.47, "path": "3df0981a2d94ed56170b78330aa72ee9_1.wav"}, {"text": "Plant productivity, mix enrichment and cost savings drove the improvement in operating earnings.", "audio_length_s": 7.47, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_66.wav"}, {"text": "Okay. But would there be an impact in the first quarter from that perspective, I mean, based on where we are?", "audio_length_s": 7.47, "path": "dd28a387ccc9575df47840b850647c7f_42.wav"}, {"text": "Additionally, I am proud to report that last month Cornerstone was made the strategic leader", "audio_length_s": 7.47, "path": "6a372ea97b0b130a4d37f16b54d97909_77.wav"}, {"text": "But are we going to go through the same thing 3 years from now? I think that's not what we're talking about.", "audio_length_s": 7.47, "path": "b2c4be32355b99e1a66809bd36e83dd2_181.wav"}, {"text": "This was particularly helpful in Park City, as we build brand awareness and loyalty for a completely new experience at the resort.", "audio_length_s": 7.47, "path": "cd1773ea94a046c0a36b679e2efcee9f_3.wav"}, {"text": "So this is about stimulating usage in high consumer urban areas IP TV customers", "audio_length_s": 7.47, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_105.wav"}, {"text": "so what we are starting to see now is consolidation that's taking place at the wholesale distribution level. So,", "audio_length_s": 7.47, "path": "1968062b387ef01efed18108be2dc264_91.wav"}, {"text": "links future dividend increases to the growing dividend cash flows we received from our daughter entities.", "audio_length_s": 7.47, "path": "10dfe5270a7e4216d68614041d2a9bbe_124.wav"}, {"text": "through tramlines. Tramlining reduces cost in a way which does not diminish consumer value.", "audio_length_s": 7.47, "path": "c3567809c19ce6a800677544cd84f88b_54.wav"}, {"text": "I think as we talk more about that story and tell that story more appropriately, I think you'll", "audio_length_s": 7.47, "path": "6ad1d7c855ceb3eb830c365e357e4510_119.wav"}, {"text": "Although, it is fair to say that commodity deflation is expected to impact more on the wholesale trade channel,", "audio_length_s": 7.47, "path": "ea60900258f99d1003ab247c506e42d9_3.wav"}, {"text": "Today also marks the start of the New York Boat Show. The enthusiasm coming out of the early shows is growing.", "audio_length_s": 7.47, "path": "10728656364812338b7417b035dae4c4_78.wav"}, {"text": "a little bit. It's not business determining, but it will have an interesting impact on the EBIT. Interesting.", "audio_length_s": 7.47, "path": "ab4dae37361262d727d1d2f8f78765d5_261.wav"}, {"text": "Our strong brand enables automation customers to trust us and build their solutions with our products.", "audio_length_s": 7.47, "path": "051c23cc7bacc5c9df9312ac0fd431a9_61.wav"}, {"text": "with modest employment and wage growth. Locally, our state economy continues to perform well", "audio_length_s": 7.47, "path": "28404e399cb043d390aa70bceb339dd4_115.wav"}, {"text": "We are pleased to report these solid first quarter results, which were in line with our expectations.", "audio_length_s": 7.47, "path": "b43c001c5af465d220ab0b69a95202ae_2.wav"}, {"text": "you were able to do that a little bit. I mean, how far along are you in that? And do you expect to see more benefit in the next quarter from that?", "audio_length_s": 7.47, "path": "13141efea197b407280701081390f0ce_150.wav"}, {"text": "We are seeing a unique dynamic within our industry, particularly within our market area.", "audio_length_s": 7.47, "path": "75eb5b75bb8587b63c318714ea956b9e_23.wav"}, {"text": "not right to expect us to be vastly growing market share until we put into place", "audio_length_s": 7.47, "path": "5ea42ed8ea9a65bd01aaabb678685483_119.wav"}, {"text": "comment on that. I mean we do look at comparables and see what other people are doing in the industry, but we also look at", "audio_length_s": 7.47, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_125.wav"}, {"text": "I'm not sure I see any of the opportunities that you're talking about outside of that with other people. Because the", "audio_length_s": 7.47, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_167.wav"}, {"text": "So turning to comments about the new role. We've actually been talking about a business leadership role almost from the time", "audio_length_s": 7.47, "path": "948f025c16fce2bcb2909e610c9be557_129.wav"}, {"text": "every construction tire and every mining tire, you put them all together,", "audio_length_s": 7.47, "path": "948f025c16fce2bcb2909e610c9be557_70.wav"}, {"text": "individual pieces that are going through and their condition or their age. The overall used equipment markets have been generally favorable.", "audio_length_s": 7.47, "path": "e16c49bab0eeda53f9fd5b3d0f599149_33.wav"}, {"text": "On a consolidated basis, we continue to show higher sales and improved profitability.", "audio_length_s": 7.47, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_213.wav"}, {"text": "can you talk about your revenue outlook by region underlying your healthy 4Q outlook?", "audio_length_s": 7.47, "path": "1949bd0c9c4c23d495d880c4c552bfe1_47.wav"}, {"text": "all retailers are looking for all brands to really invest in driving social and digital awareness.", "audio_length_s": 7.47, "path": "741526dd2a3db996d2f22f4bcdae4be6_51.wav"}, {"text": "We believe some of this lift is sustainable, but we aren't expecting to maintain that full increase in ROA going forward.", "audio_length_s": 7.47, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_87.wav"}, {"text": "as we continue to focus on growing in underpenetrated markets in Latin America in both tissue and sanitary.", "audio_length_s": 7.47, "path": "9b1931e93dfb0391fb948924a93be5ff_98.wav"}, {"text": "but I can tell you that in preparation for Titan's potential direct participation and commercial activities,", "audio_length_s": 7.47, "path": "5330f07390a3c14fc49f24ac98bf1eab_44.wav"}, {"text": "I'd like to reiterate our confidence in both our freedom to operate and the strength of our overall position.", "audio_length_s": 7.47, "path": "c40b5d1a13169c5acf69590932a56f98_55.wav"}, {"text": "is when we gave you those targets for our improvement in earnings in our strategic plan last September.", "audio_length_s": 7.47, "path": "7ebbb41dcefeb482191f8bc22031b5d9_60.wav"}, {"text": "and offers superior power density, making it ideal for powering large equipment under continuous operation in remote field locations.", "audio_length_s": 7.47, "path": "82f5253b62614161333b038f5f9700f8_87.wav"}, {"text": "And in those instances where we're over 100%, we don't look at that as a cause for panic. We've got levers that we can pull. There are some", "audio_length_s": 7.47, "path": "735a523f1ef6500b7aa97a2536d9c4fd_41.wav"}, {"text": "On the export side, Southern log export volumes decreased slightly and average realizations were roughly flat.", "audio_length_s": 7.47, "path": "735a523f1ef6500b7aa97a2536d9c4fd_10.wav"}, {"text": "And it's not only going on now, but it's something that we plan to continue in the future. So", "audio_length_s": 7.47, "path": "af2718cdc0b3b856f9a0b3da3d527d18_216.wav"}, {"text": "We are moving forward with our integration planning process in order to be well prepared for an early second quarter close.", "audio_length_s": 7.47, "path": "da879f8ea1c23aa6565cccaacac271fc_94.wav"}, {"text": "and adding to which is a reflection on the part of provinces and the national government that mining should be promoted.", "audio_length_s": 7.47, "path": "369789f0d39dbf62298be2aa807ff8ee_144.wav"}, {"text": "its wherewithal. We certainly are getting the type of production from it that we anticipated to be able to get at high quality costs.", "audio_length_s": 7.47, "path": "369789f0d39dbf62298be2aa807ff8ee_104.wav"}, {"text": "something that you're hearing in marketplace. But we are getting an impressive amount of inbound calls coming from people", "audio_length_s": 7.47, "path": "369789f0d39dbf62298be2aa807ff8ee_34.wav"}, {"text": "We continue to optimize our branch network through the closure of a net 72 outlets in this period.", "audio_length_s": 7.47, "path": "dffe8257f781608bb17bb637249e4d2a_202.wav"}, {"text": "bringing a truly global platform experience to India's consumers and merchants.", "audio_length_s": 7.47, "path": "49e533a8449f6b9b6c806458e73338e1_193.wav"}, {"text": "each new cohort, we see stronger than the last in terms of how they engage and how they mature over time. So while we don't break out", "audio_length_s": 7.47, "path": "49e533a8449f6b9b6c806458e73338e1_231.wav"}, {"text": "So if you could walk us through how exactly was the movement on the capitalization, you said you paid dividends", "audio_length_s": 7.47, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_43.wav"}, {"text": "can only be met exclusively through profitable retail sales and sales to preferred customers, the same bucket of transactions we talked about", "audio_length_s": 7.47, "path": "94f913b974baab79fb636f6521170dd7_55.wav"}, {"text": "And as we have more students take advantage of that, as I mentioned, we scholarship the difference between", "audio_length_s": 7.47, "path": "1e32d5e01ff61f70b37850c473b9876a_82.wav"}, {"text": "Further, we have new sales leadership in place who is positioning us to ensure that we are coordinating even more closely", "audio_length_s": 7.47, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_31.wav"}, {"text": "Okay. And then, Yos, are you able to describe a little bit more in terms of some of the", "audio_length_s": 7.47, "path": "f74a9d06236a0e937a6e98bfacc85eb7_75.wav"}, {"text": "because you're not seeing these customers migrate away or merge away. And is there a way to look at maybe the revenue", "audio_length_s": 7.47, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_24.wav"}, {"text": "This impact is most pronounced in the first quarter, given the timing of equity grants and was contemplated in our guidance.", "audio_length_s": 7.47, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_239.wav"}, {"text": "Let me remind you first that our outlook is based on our current view of economic and interest rate conditions", "audio_length_s": 7.47, "path": "0dec9a606303da3039d11eec4ec9bd86_211.wav"}, {"text": "We see natural gas fueling as an economic and realistic solution that a company can utilize to achieve greater sustainability.", "audio_length_s": 7.47, "path": "c20824ea6f927fe380f48a904cf4821b_26.wav"}, {"text": "basically will probably be needed to be done in any country that would license this. So I don't", "audio_length_s": 7.47, "path": "77d2dd6d5e46cc8a8e80809305b60208_178.wav"}, {"text": "We have also during the quarter seen improvements in Western Europe, which is also very encouraging for the future.", "audio_length_s": 7.47, "path": "47b5defd6e2c5724f6dc3b80859c281c_29.wav"}, {"text": "As Bonnie mentioned, we are investing in our sales force and marketing campaigns to support the anticipated growth in our business.", "audio_length_s": 7.47, "path": "41e5f97c6d94e8f87bb5fb602fe25500_15.wav"}, {"text": "in my network, how can I optimize my network by using this very unique aircraft", "audio_length_s": 7.47, "path": "7e2ebcd981f5b5ecb18c04906f87d768_123.wav"}, {"text": "Are you -- did you just say that you guys closed some business that pushed out from September and you closed in October? Did I hear that right?", "audio_length_s": 7.47, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_29.wav"}, {"text": "This increase is largely related to incentive compensation, Board transition, legal and other external service costs.", "audio_length_s": 7.47, "path": "18e82b076319ac52f8a4b391ea345abd_48.wav"}, {"text": "Similarly, the volume and inefficiency issues with concrete tensioning did lessen but remain a drag on margins in the quarter.", "audio_length_s": 7.47, "path": "18e82b076319ac52f8a4b391ea345abd_50.wav"}, {"text": "and our presentation in gifts is really, really exciting. And we really feel that, that is going to carry us through", "audio_length_s": 7.47, "path": "9908957f60adff5efc1c8692a0f5ab38_30.wav"}, {"text": "Results may differ materially from those projected on today's call and we undertake no obligation to publicly update any forward-looking statements.", "audio_length_s": 7.47, "path": "c5120d9702331edaf23bb6e639df0a70_1.wav"}, {"text": "We are convinced that the combination of security and connectivity services will become more and more important in the coming years.", "audio_length_s": 7.47, "path": "ae5a41fe3b3d515713608c5ac878eed3_51.wav"}, {"text": "However, given the environment and our view that markets will remain depressed for a significant period of time, they are unavoidable.", "audio_length_s": 7.47, "path": "383cf39e54475c8a25af2af7b35c6f2e_68.wav"}, {"text": "to the regulations, the way they've been written is that the test is whether you're a net domestic gas contributor or not.", "audio_length_s": 7.47, "path": "95303f68781d6fb58e19ec1dc7785a7c_162.wav"}, {"text": "There is naturally competition for such sales but LNG sourced from PNG is well regarded by the market.", "audio_length_s": 7.47, "path": "ebd59e21db89edb92205e012427cd9db_18.wav"}, {"text": "the Commonwealth COFINA settlement would entitle COFINA to a portion of the pledged sales tax base amount on a first dollar basis.", "audio_length_s": 7.47, "path": "0b21f953a7ae9970ef3a4c30b267927c_9.wav"}, {"text": "so we sold a few more SPY systems. But in terms of the level of installations, actually PINPOINT is running ahead of SPY.", "audio_length_s": 7.47, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_173.wav"}, {"text": "Over time, I do expect that fluorescence imaging will be used in a large number of procedures from diagnosis", "audio_length_s": 7.47, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_13.wav"}, {"text": "The amount that you normally give -- or historically have given, has that gone up as the", "audio_length_s": 7.47, "path": "6aad408f4bb1930cf10f445115f6ed3d_195.wav"}, {"text": "The benefits of scale that allows that kind of focus on a Y2K account, which whether it's not yet a customer", "audio_length_s": 7.47, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_48.wav"}, {"text": "period over the last few months in Colombia where this large political change and so there's not a lot of", "audio_length_s": 7.47, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_99.wav"}, {"text": "Given the drought in California and the shift in the focus of production of fresh produce to the East,", "audio_length_s": 7.47, "path": "14fa9d7635caae6483af62a4bfe1b9d6_162.wav"}, {"text": "That being said, it's appropriate to remind everyone that this is a rare disease and there are models of experience from", "audio_length_s": 7.47, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_76.wav"}, {"text": "I'll now conclude by summarizing the key highlights of our financial performance in the last 6 months.", "audio_length_s": 7.47, "path": "bc1efb704df9c180935803c70a315597_170.wav"}, {"text": "Often such client cost management decisions are made in short cycles, with limited advanced warning to suppliers.", "audio_length_s": 7.47, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_49.wav"}, {"text": "We see the potential for that, but we need to see what our NGL solution is going to look like out of Oklahoma,", "audio_length_s": 7.47, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_226.wav"}, {"text": "We are striving to be the leading builder in each of our markets and to continue to expand our industry-leading market share.", "audio_length_s": 7.47, "path": "933faa5ac159ab158506e2bc0f714977_115.wav"}, {"text": "gives us some really exciting products and gives us the confidence to say that total patients", "audio_length_s": 7.47, "path": "8f92dfb06900be4f209f31f24cb885fb_84.wav"}, {"text": "while weighted average pricing was down slightly due to salvage volume from the West Mims fire and geographic mix.", "audio_length_s": 7.47, "path": "93e134910b4a7c587bc461da0c9a2083_2.wav"}, {"text": "So a lot of the NanoKnife procedure is used in conjunction with other procedures.", "audio_length_s": 7.47, "path": "62658bb0c3307b2b10e3668b8df73b0d_101.wav"}, {"text": "between our largest market, which under the current DMA is Knoxville and a lot of markets that are a lot larger than what we currently are.", "audio_length_s": 7.47, "path": "77423f08f0208d476dea73c639f6293a_192.wav"}, {"text": "We have benefited this from this geographic diversity by being able to capture opportunities as they arise wherever they arise.", "audio_length_s": 7.47, "path": "83c003be6ac012b814cfecef95459f02_51.wav"}, {"text": "Those who have participated in our quarterly calls over the last 18 months have heard me describe the Algeco Group as a good business with great people.", "audio_length_s": 7.47, "path": "83c003be6ac012b814cfecef95459f02_2.wav"}, {"text": "We have met with numerous potential buyers and have developed a shortlist of bidders for all or part of the business.", "audio_length_s": 7.47, "path": "ee824d23bd881a3dc5ee8be881b7d18b_31.wav"}, {"text": "handling area have actually remained solid and even on a good level.", "audio_length_s": 7.47, "path": "538323cb37246bc97d1253b369a7414a_8.wav"}, {"text": "So these have always been there, except in the last quarter, we've just trued this up to the actual extent of utilization.", "audio_length_s": 7.47, "path": "e45bd91347da3c6cbd1fca37e8c0215d_111.wav"}, {"text": "This has resulted in additional emissions testing and sophistication of the emissions system as well as additional compliance requirements.", "audio_length_s": 7.47, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_38.wav"}, {"text": "After prepared remarks, we will open up the call for your questions, which we ask that you limit to one per caller.", "audio_length_s": 7.47, "path": "7bac04f03928ee8894ab00007116400b_119.wav"}, {"text": "with the existing team. As I mentioned earlier, we brought in thousands of customers in the first year of the launch, and we recognize", "audio_length_s": 7.47, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_81.wav"}, {"text": "when we reflect on all these accomplishments, which are many in 2018, I just want to thank all of our associates for their dedication", "audio_length_s": 7.47, "path": "365c360aff42713cef71a7d026eeeb6d_153.wav"}, {"text": "as that product portfolio's expanded for the past couple of years, it takes some time to get that customer to", "audio_length_s": 7.47, "path": "ec81096e007f2e89de94b49db12d11bb_53.wav"}, {"text": "We continue to see pressure in Chicago, Miami and our Texas markets of Dallas, Houston and Austin.", "audio_length_s": 7.47, "path": "3043e7527da9e59e29b7412cafeb9d80_131.wav"}, {"text": "The combined company -- the sum of the 2 revolvers for the -- that we had before that were a little bit less than that.", "audio_length_s": 7.47, "path": "16c235a53fc719ec92ef3b3c3b371150_67.wav"}, {"text": "As we have often said, we believe we are only in the early innings of the health plan growth opportunity.", "audio_length_s": 7.47, "path": "97b02b7a41ecb22cb04e7331052cefc8_69.wav"}, {"text": "we believe these are necessary actions to enhance our overall operating efficiencies and long-term profitability.", "audio_length_s": 7.47, "path": "97ddc19ecb28bab2d19fd3b181182062_227.wav"}, {"text": "In June, we signed 13 new partners to participate in our token service provider program in all major regions.", "audio_length_s": 7.47, "path": "1bc08759c84df9d3f656cf53f5bb6d35_66.wav"}, {"text": "We continue to accelerate our share buyback activity to offset the equity dilution from the Visa Europe transaction.", "audio_length_s": 7.47, "path": "1bc08759c84df9d3f656cf53f5bb6d35_185.wav"}, {"text": "And those are progressing really well, and we have a number of circuits with a particular part.", "audio_length_s": 7.47, "path": "78cf0d3e40caba622d8914916f0f9146_208.wav"}, {"text": "growth and it needs to reach a level of revenue such that it is breakeven. We expect that level to be reached", "audio_length_s": 7.47, "path": "78cf0d3e40caba622d8914916f0f9146_215.wav"}, {"text": "Obviously, continued to take a look at that as we go forward, but right now, next couple of years, we don't have any plans.", "audio_length_s": 7.47, "path": "190e0d8d92da94060523364716ce6e03_50.wav"}, {"text": "do anything with that cash balance? Resume share repurchases or other activities?", "audio_length_s": 7.47, "path": "47546a57a865bca0f4e677dc3b485053_37.wav"}, {"text": "We have also taken due cognizance of the unfortunate events relating to food safety in the South African food value chain,", "audio_length_s": 7.4699375, "path": "ea60900258f99d1003ab247c506e42d9_71.wav"}, {"text": "manage actually cash management as well as other factors. It's still a little too early to say exactly", "audio_length_s": 7.4699375, "path": "da879f8ea1c23aa6565cccaacac271fc_297.wav"}, {"text": "The general economics of the agreement provide for National MI to retain a margin of up to 80% of the ceded premium.", "audio_length_s": 7.4400625, "path": "53889f50eda8b316a01a3df89d226e7f_48.wav"}, {"text": "The additional amounts that aren't necessary to reach that mark, are you looking at additional acquisitions as far as", "audio_length_s": 7.44, "path": "5833763223d8d85b6fcb5fe90e821c77_113.wav"}, {"text": "I'd now like to turn the call back over to Habib who will quickly cover our upcoming corporate priorities.", "audio_length_s": 7.44, "path": "070a939ddb72d87ed87e4b863da14a89_38.wav"}, {"text": "Our capital spending during the first 9 months of 2018 continued to be primarily focused on enhancing existing", "audio_length_s": 7.44, "path": "139f0a6300f504b3e8673e39b0429161_106.wav"}, {"text": "We will continue cost reduction initiatives around the world, including flattening of our organizational structure,", "audio_length_s": 7.44, "path": "569834a5cb8a33dfeac20dfa8e03afb3_15.wav"}, {"text": "We currently estimate that we do have investment capacity based upon the cash positions and the leverage targets that I just discussed, but we will", "audio_length_s": 7.44, "path": "7eebbbc069b4bf8367aa748751df9bc7_7.wav"}, {"text": "Again, our model is to be a broker. And as a broker, we have the advantage of being able to partner with lenders that we believe offer the best mortgage rates and features.", "audio_length_s": 7.44, "path": "f3ea353a6c918bc1fd311a9cad6b9777_45.wav"}, {"text": "because we have a granular portfolio, secured primarily by real estate collateral with readily ascertainable market values.", "audio_length_s": 7.44, "path": "b7050f62f52a3d2803beea21404f7af6_7.wav"}, {"text": "that this can change over the course of the year, but the guidance that we have put up builds what I provided", "audio_length_s": 7.44, "path": "5111fdad778749872c23e78c9b0d653b_171.wav"}, {"text": "As we discussed last quarter, the team has now closed out a vast majority of these previously awarded sites.", "audio_length_s": 7.44, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_132.wav"}, {"text": "What you're seeing from us is a little bit more of the mix of us doing deployment services versus working with third parties that are doing it.", "audio_length_s": 7.44, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_156.wav"}, {"text": "we also see this effect of negative business mix effect, especially in Performance Materials", "audio_length_s": 7.44, "path": "a95a220f118ae793c89d6d708e62cf8a_62.wav"}, {"text": "If you have any image, please. For example, if there are slight differences", "audio_length_s": 7.44, "path": "3cb802f8fba7d33603c29387ccdaf817_46.wav"}, {"text": "as a lowest estimated level of numbers with the system revision taking place in April.", "audio_length_s": 7.44, "path": "3cb802f8fba7d33603c29387ccdaf817_99.wav"}, {"text": "networking and wireless, the teams have already underway pivoted their businesses to", "audio_length_s": 7.44, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_46.wav"}, {"text": "even during the year after we lost the one major customer. So that's on a very bright note.", "audio_length_s": 7.44, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_95.wav"}, {"text": "Can you talk a little bit more about what's going to be different this time and how you will make sure that you get this bigger, better,", "audio_length_s": 7.44, "path": "9014ac9cbc2cff30468f1bcb659c0f66_76.wav"}, {"text": "The plus underlies our commitment that CARE will make Beiersdorf even stronger in the future.", "audio_length_s": 7.44, "path": "9014ac9cbc2cff30468f1bcb659c0f66_130.wav"}, {"text": "have a tremendous potential to further expand our business in regions and categories where we are underrepresented today.", "audio_length_s": 7.44, "path": "9014ac9cbc2cff30468f1bcb659c0f66_134.wav"}, {"text": "We stepped up our investments in manufacturing capacity, particularly in geographies where we have built scale", "audio_length_s": 7.44, "path": "9014ac9cbc2cff30468f1bcb659c0f66_156.wav"}, {"text": "some of these changes in the form of interest coming down. We, obviously, can't forecast what's going to happen over the next few years.", "audio_length_s": 7.44, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_141.wav"}, {"text": "The big reason there is we have -- it was more opportunistic in nature in that we have our kiosk partner", "audio_length_s": 7.44, "path": "c68c15299b67173c7ae163cc5938f3c1_76.wav"}, {"text": "Who doesn't want to give up their code for us to do it for them. So they don't want us to do it for them, but they don't have the resources to do it themselves.", "audio_length_s": 7.44, "path": "55d05334bdde612eb9dd102bb41d216e_26.wav"}, {"text": "the larger part of the holiday season. So we take that all into consideration as we put the guidance together.", "audio_length_s": 7.44, "path": "280baf1d10cd27b78eae4bf2574b9c98_127.wav"}, {"text": "First I would like to review the plan for completion of APeX-1. This trial in HAE patients", "audio_length_s": 7.44, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_73.wav"}, {"text": "As such, the net impact of the sale is expected to be immaterial to Torchmark's financial statements.", "audio_length_s": 7.44, "path": "6838b008f3efe8575b83cde089459d33_22.wav"}, {"text": "I call attention to our adjusted net income because so many of you are now gauging our performance by that metric.", "audio_length_s": 7.44, "path": "3121e8f4a75758834d32a9e4e0555221_91.wav"}, {"text": "So is it just a matter of timing? Or is there some change to the expectation around how much in dividends you can get up", "audio_length_s": 7.44, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_102.wav"}, {"text": "So I think you're going to see Layne, and we call it now Water and Mineral Services in Granite, that's going to be a very healthy environment on margins.", "audio_length_s": 7.44, "path": "b34f680a9162805e0188170d6272a356_199.wav"}, {"text": "as we've increased our margin expectation certainly on the work that we've procured over the last 12 months, that margin has increased.", "audio_length_s": 7.44, "path": "b34f680a9162805e0188170d6272a356_278.wav"}, {"text": "including the launch of our development program called My Road Trip, which we discussed on the most recent call.", "audio_length_s": 7.44, "path": "75fa1bebed0b858c76cc7058477e40e2_12.wav"}, {"text": "In addition, we will have certain options to develop and commercialize programs that may find application in other cancer indications.", "audio_length_s": 7.44, "path": "7503d7356c13f095c26bfad29c5390c6_27.wav"}, {"text": "Compared with 1 year ago, the level of market activity for projects and turnarounds that we are experiencing is healthier.", "audio_length_s": 7.44, "path": "145244b0378e6657d456cffca8bbc982_10.wav"}, {"text": "the biggest difference between Taiwan and China is that in Taiwan, the market is relatively mature.", "audio_length_s": 7.44, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_97.wav"}, {"text": "unless the local player isn't good at all. Otherwise,", "audio_length_s": 7.44, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_209.wav"}, {"text": "on the leading edge of changing customer needs, and through our research, we expect our new product combining 2 of the elements", "audio_length_s": 7.44, "path": "833f98dbc79997580b24335033aac5d2_252.wav"}, {"text": "capital investments and share repurchases. We plan to use the majority of proceeds from the expected Bayou transaction", "audio_length_s": 7.44, "path": "797946494c2985a20aa50823e8723c44_25.wav"}, {"text": "Click on Investors then on Earnings Webcast. This concludes today's conference call.", "audio_length_s": 7.44, "path": "392ca3d1e388c6d7a35f6d0db390c359_59.wav"}, {"text": "and these are still going to be successive enrollments just because of how the drug is essentially made or the product is made.", "audio_length_s": 7.44, "path": "dd5492732b46e270047f9b368d4fde11_137.wav"}, {"text": "These reductions were partially offset by lower rationalization charges and better manufacturing performance late in the year.", "audio_length_s": 7.44, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_112.wav"}, {"text": "So we feel like we're going to bring some things to the table in Augusta on the mortgage side, where they'll be able to do more business.", "audio_length_s": 7.44, "path": "8b2314627d54755a15c55244bb862225_50.wav"}, {"text": "With the benefit of a new venue next year, combined with improved industry sales, we expect the show to strengthen going forward.", "audio_length_s": 7.44, "path": "4032bfdd59881fc6506c082737cb5a99_109.wav"}, {"text": "I would say that the fourth quarter, we ought to expect to see the same or similar type of", "audio_length_s": 7.44, "path": "23eff4c724ee00f56319fcc47add3441_56.wav"}, {"text": "All our regions did well this quarter, exceeding our expectations. Asia Pacific was the top performer again.", "audio_length_s": 7.44, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_110.wav"}, {"text": "your thoughts on whether or not consumers are paying you for your portion sizes now, or if there's an opportunity to take that either up or down?", "audio_length_s": 7.44, "path": "47a303604df9f9fc9f2f89a9280c3a79_183.wav"}, {"text": "but this comes not completely unexpectedly. As you know from our previous calls, that was a development, which was foreseeable for me,", "audio_length_s": 7.44, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_188.wav"}, {"text": "We booked a negative provision number this quarter as we experienced a decline in our loan book on a period-end basis.", "audio_length_s": 7.44, "path": "257e4e92036da9582a8a288c88332ff3_112.wav"}, {"text": "Our targeted cash flow should allow us to continue to delever while providing sufficient cash flow for tuck-in acquisitions.", "audio_length_s": 7.44, "path": "e1da48985804bd3d99dffc5e33b6124b_111.wav"}, {"text": "those bids that went out in the third quarter and fourth quarter that are being implemented right now. And I'm just going to anticipate your next question to say,", "audio_length_s": 7.44, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_77.wav"}, {"text": "To this end, we are developing content and data for our brands for our distributors and online models in the same manner.", "audio_length_s": 7.44, "path": "a44c74bdc01aa7e317addc11f2274e11_10.wav"}, {"text": "Next, I would like to provide an update on the progress made around the potential sale of our American Roads assets.", "audio_length_s": 7.44, "path": "9da45cfd4472699ef05d887adce01223_36.wav"}, {"text": "and wholesale inventory changes did not have a significant impact on our operating companies in the quarter.", "audio_length_s": 7.44, "path": "655d592e9d1b1027f1824b1554d8b131_8.wav"}, {"text": "You can see the store network that we have, very, very solid. You know that we have a tiny handful", "audio_length_s": 7.44, "path": "9c1272d9d120c5bfafd6e6b566f89b62_233.wav"}, {"text": "that we're not comfortable talking about, frankly, in front of the rest of our industry. But what I would say is", "audio_length_s": 7.44, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_86.wav"}, {"text": "that they will follow with compute nodes and they will expand with them -- we will expand with them", "audio_length_s": 7.44, "path": "bbe852c8c3f7827e31f31a56bc72b7da_102.wav"}, {"text": "In closing, we at Marlin are looking forward to achieving the objectives that we have laid out for you on the past 2 earnings calls.", "audio_length_s": 7.44, "path": "bda4b365d7a8386d5d2e6b4575d08a57_19.wav"}, {"text": "But this is a position that's neutral from the point of view of the net result.", "audio_length_s": 7.44, "path": "38b2f94da12bbf2d32246763aab8265a_140.wav"}, {"text": "She's been in place for a long time. Whenever you have a senior leadership shift like that, there's always risk for some level of disruption.", "audio_length_s": 7.44, "path": "b96165244f010b3f1e61cbbc5e504d96_32.wav"}, {"text": "I just can't wait on the cementless side to get to full launch because the response associated with that product so far is extremely positive.", "audio_length_s": 7.44, "path": "b96165244f010b3f1e61cbbc5e504d96_102.wav"}, {"text": "that I think maybe some folks did not fully bake into their numbers out there on your side of the isle when they were looking forward from an expense run.", "audio_length_s": 7.44, "path": "b092d2be33ad52beefab208355b18235_29.wav"}, {"text": "They took big ideas and translated them into tangible products and services that have served clients and investors well over the decades.", "audio_length_s": 7.44, "path": "b8cbc11bbdc49ca206588e2a99b0f733_42.wav"}, {"text": "And while we expect the venture to contribute modestly to earnings, the tempered outlook now warrants the accounting impairment.", "audio_length_s": 7.44, "path": "c1d916407f390d20e9d8f9b453e22435_80.wav"}, {"text": "our active approach leaves us well positioned for the growing demand for new active solutions, which according", "audio_length_s": 7.44, "path": "be8b554309f7632bc9ebbd967764001e_22.wav"}, {"text": "The Delaware Basin is setting up to be our fastest growing asset for a second year in a row after almost doubling crude oil production last year.", "audio_length_s": 7.44, "path": "a8b43081254547419da7462d9c957d61_206.wav"}, {"text": "Sales commission growth was mostly driven by variable annuities, along with increases in mutual fund, equity and fixed income.", "audio_length_s": 7.44, "path": "8a77ceadd7e4729abc9102d38be3a227_115.wav"}, {"text": "And for the first time, we received the top ranking in every functional category, including", "audio_length_s": 7.44, "path": "3df0981a2d94ed56170b78330aa72ee9_185.wav"}, {"text": "We expect to close the merger in August of this year, with the FMC transaction closing in the fourth quarter.", "audio_length_s": 7.44, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_60.wav"}, {"text": "And in terms of the diagnosis of the problem, and the manifestation of the problem", "audio_length_s": 7.44, "path": "7bc22aba9bc29d69ee10cc60db7903d8_68.wav"}, {"text": "Pricing has definitely gotten very competitive. We're certainly seeing an enormous amount of opportunities,", "audio_length_s": 7.44, "path": "2a7d7f3eb6960e631743ca5a0d86461f_59.wav"}, {"text": "fitting what we believe should be the norm. So that still gives us a certain point of concern.", "audio_length_s": 7.44, "path": "e9fb03f263f117a9fe607d74602fa9b0_110.wav"}, {"text": "There has been some movement. What we're really trying to do is open a dialogue again with Shoppers", "audio_length_s": 7.44, "path": "b9b40b0c1e92fb226067bdceacbdab5c_45.wav"}, {"text": "I can tell you, I've probably spent more time working on this legislation than any banker in America.", "audio_length_s": 7.44, "path": "6ad1d7c855ceb3eb830c365e357e4510_107.wav"}, {"text": "We currently have more than 2 dozen similar distribution deals in the pipeline at various stages of negotiation.", "audio_length_s": 7.44, "path": "20097e37747ec7bc3734246e83798fb1_102.wav"}, {"text": "those of you who followed us will recognize this story. We'll get to more of this when we talk about the business", "audio_length_s": 7.44, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_19.wav"}, {"text": "All right, thank you very much everybody. And again, thank you for taking the time out to meet with us here on", "audio_length_s": 7.44, "path": "f7df5ecab61eca575f169a8298318eca_65.wav"}, {"text": "Please see Page 6. Next, I'll explain some themes related to our new corporate strategy.", "audio_length_s": 7.44, "path": "b0b83ac66a31c5096a75bb1927c557e2_36.wav"}, {"text": "when the ramp of these products, especially of new products and new customers, it's pretty difficult to time correctly.", "audio_length_s": 7.44, "path": "051c23cc7bacc5c9df9312ac0fd431a9_20.wav"}, {"text": "that we can now leverage that model as we expand geographically, as we expand with", "audio_length_s": 7.44, "path": "28404e399cb043d390aa70bceb339dd4_68.wav"}, {"text": "you didn't think you would have a meaningful impact on your companies. Can you give us some more background on that assessment?", "audio_length_s": 7.44, "path": "4479886907c2a9ec843d6ea1e5e0cacc_162.wav"}, {"text": "represents the future of our competitiveness, so we will be prepared to invest more.", "audio_length_s": 7.44, "path": "b126e11520fd54843c67f70f15cd30cc_188.wav"}, {"text": "Where do you think you are versus where you set out to be and what are the sort of pluses and minuses over those 3 years?", "audio_length_s": 7.44, "path": "246876171ef2f408df10ee0816f9db83_60.wav"}, {"text": "I hope this overview provides you with a sound idea as to why we view the outlook so favorably and exciting.", "audio_length_s": 7.44, "path": "75eb5b75bb8587b63c318714ea956b9e_64.wav"}, {"text": "This strong growth continues to be driven by equipment and installation project activity in Korea and China.", "audio_length_s": 7.44, "path": "0ec0a75c1800bac01520dcac5b8992fb_4.wav"}, {"text": "Average margins were lower than the prior-year quarter, primarily due to weaker wholesale propane supply market fundamentals.", "audio_length_s": 7.44, "path": "c92a9ecd2741326fd8625841a07f74f9_6.wav"}, {"text": "they have a list that is -- I never even thought of a lot of the people on that list.", "audio_length_s": 7.44, "path": "948f025c16fce2bcb2909e610c9be557_334.wav"}, {"text": "I think the bigger picture point on SKUs, SKU reduction, is really about allowing us to focus on the Power Brands", "audio_length_s": 7.44, "path": "9b697782ea80be97854f35d6fc62c93a_119.wav"}, {"text": "the margin expectations for the 12 basis points that we'll lose in the calculation based on a lower tax rate.", "audio_length_s": 7.44, "path": "532e653f6aa6c3bf43a5b256bb4c1254_132.wav"}, {"text": "bouncing back from a difficult summer of 2016. In addition, our baggage performance continues to be a focus for our team.", "audio_length_s": 7.44, "path": "1949bd0c9c4c23d495d880c4c552bfe1_83.wav"}, {"text": "We're not only equity. We're not only debt. We've got to train people to get a unique skill set. So the seasoning of that staff that we have today", "audio_length_s": 7.44, "path": "6318dda27b3e36d76533c048c64a3014_120.wav"}, {"text": "into the investment or redistribution of capital decision was the blackout period.", "audio_length_s": 7.44, "path": "1fd097fa0bd05da0e7af03521e23bc68_96.wav"}, {"text": "And third, continued business growth in our International Insurance business on a constant-currency basis.", "audio_length_s": 7.44, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_124.wav"}, {"text": "there's 2 major drivers that we are looking at for growth organically.", "audio_length_s": 7.44, "path": "b3d7bc295d09d9927e465213612c0192_39.wav"}, {"text": "Looking ahead, we continue to see opportunities to capitalize on the rising innovation in highly engineered, high-performance materials.", "audio_length_s": 7.44, "path": "1e756fc5d265eea3ff8e2e31c29826ae_143.wav"}, {"text": "We are optimistic that execution of our sales strategies for both the sterile and non-sterile markets", "audio_length_s": 7.44, "path": "da879f8ea1c23aa6565cccaacac271fc_11.wav"}, {"text": "taking the majority of net flows in its category over the last four years. Moving on to insurance,", "audio_length_s": 7.44, "path": "dffe8257f781608bb17bb637249e4d2a_212.wav"}, {"text": "First, given the transition the company is making, it is important that we maintain a low-risk approach to the balance sheet.", "audio_length_s": 7.44, "path": "9ba83ac067a98f8b12cc480ff0691e91_88.wav"}, {"text": "It's a huge opportunity. We suggest, in all seriousness, an addressable market of more than 1 billion people in modern medical systems worldwide.", "audio_length_s": 7.44, "path": "7551ffae17aa39dd4ea962a43f96bf04_94.wav"}, {"text": "what would be this May, we'll be having our annual meeting where we bring all of our stations together", "audio_length_s": 7.44, "path": "189b20e7b975130ca5abd0e419e54908_73.wav"}, {"text": "in recovery factors there. That's very encouraging for us, because we do have a facility that was", "audio_length_s": 7.44, "path": "b24e0b37987585f3c63f28df67e6a1f6_161.wav"}, {"text": "We're addressing this head-on by taking aggressive action to reduce complexity, risk and costs.", "audio_length_s": 7.44, "path": "757695924b5e43c7d44e29dc141cc035_9.wav"}, {"text": "As a terrific example of the new thinking about the business, this morning we're excited to announce a major new", "audio_length_s": 7.44, "path": "c47a92e006b54d014a79b447528c55a7_37.wav"}, {"text": "That was the investment we made in January and we have seen no significant reason to change our view.", "audio_length_s": 7.44, "path": "e33785a294553de2a12d4463bf786744_231.wav"}, {"text": "We are the leader in the luxury drinks category in Mexico with an almost 50% share.", "audio_length_s": 7.44, "path": "3877b1983229ec488c6349a188bccf92_37.wav"}, {"text": "The company will also discuss non-GAAP financial measures in an effort to provide additional information to investors.", "audio_length_s": 7.44, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_70.wav"}, {"text": "and in our employees to ensure that they have the right skills and talents to deliver for our customers whose business is changing radically.", "audio_length_s": 7.44, "path": "af00f4e7b63ee843a3d203f982fac701_31.wav"}, {"text": "You have a revenue requirement that you're recovering over the units. And what you see with our forecast for next year is volume is going up.", "audio_length_s": 7.44, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_33.wav"}, {"text": "These forward-looking statements involve certain risks that could cause actual results to differ materially from those expressed or implied by these statements.", "audio_length_s": 7.44, "path": "0fa398ef99a7a936fc1e509dacaaadde_194.wav"}, {"text": "Thank you. Good afternoon, and thank you all for joining us. On the call today from the Arbutus management team", "audio_length_s": 7.44, "path": "1270f7f67f406b52a2ee86584b452bff_0.wav"}, {"text": "You heard in our comments today that a separation of our efforts on the adult side", "audio_length_s": 7.44, "path": "299bad77345d2e44fa5768f4416f7b97_166.wav"}, {"text": "groups thinking that they work for a subsidiary of NeuLion, that they're not part of the core of our business.", "audio_length_s": 7.44, "path": "d62cc3a0dfe3492ed16dfc17c028071e_101.wav"}, {"text": "Importantly, these clinical guidelines have been endorsed by the American Academy of Physical Medicine and Rehabilitation,", "audio_length_s": 7.44, "path": "b126c31149f1cadf1d891082a187d6fc_67.wav"}, {"text": "up. So the answer is the latter. We're making strides with the plans in", "audio_length_s": 7.44, "path": "b126c31149f1cadf1d891082a187d6fc_33.wav"}, {"text": "deep integrations that we've undertaken that allow us to create very smart and sustainable", "audio_length_s": 7.44, "path": "75b064acca5b532722510ac0b9b0822e_81.wav"}, {"text": "as well as life sciences end markets to once again drive top line growth in our Diversified Products business.", "audio_length_s": 7.44, "path": "64364105b816dd0b6a029e9cd210e65b_229.wav"}, {"text": "committed productivity improvements that we provide to our clients. Obviously, the type of services and solutions that we provide", "audio_length_s": 7.44, "path": "6aad408f4bb1930cf10f445115f6ed3d_48.wav"}, {"text": "Fred will start with the highlights, Hudson will review more detail on operations, and Tom will go over the financials.", "audio_length_s": 7.44, "path": "e552924838fe493d3cc967dd0c5c4563_178.wav"}, {"text": "That demand is up significantly this year, and we expect it to continue to grow over the next 2 or 3 years.", "audio_length_s": 7.44, "path": "e552924838fe493d3cc967dd0c5c4563_84.wav"}, {"text": "Before I close, I know many of you would like an update on the potential transaction with Hershey.", "audio_length_s": 7.44, "path": "1f142ea668261ba963d47aac6bab69dd_10.wav"}, {"text": "So just a few more slides on the financial aspect and then as Jim mentioned, we'll get into the more details around the businesses themselves.", "audio_length_s": 7.44, "path": "2cd5b184c2ef6624ce219830182927c9_347.wav"}, {"text": "that ends up in the portfolio that tend to be more the exception than the rule, but an acceptable exception, if you will, based on", "audio_length_s": 7.44, "path": "02242ceddfeb4bcc65f04552b63fe80e_139.wav"}, {"text": "the past successful companies in our space who show that you can be very successful with those activities with a relatively modest", "audio_length_s": 7.44, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_117.wav"}, {"text": "And we are also implementing a customer excellence process. And we are working to change the manner of how we use the concept", "audio_length_s": 7.44, "path": "1758a982f596e3033f062a5b9f011361_150.wav"}, {"text": "So we think the mix impact on that book is improving the whole time. I do think there are some factors,", "audio_length_s": 7.44, "path": "bc1efb704df9c180935803c70a315597_185.wav"}, {"text": "we are not at a decision point right now for what the next tranche of processing capacity needs to look like in Oklahoma.", "audio_length_s": 7.44, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_107.wav"}, {"text": "leverage relationships across State Street and fill in offerings as we take advantage of the shift from products to solutions.", "audio_length_s": 7.44, "path": "09eebad8f3c529b4c7d916c5f7766f7f_5.wav"}, {"text": "accounted for 6 percentage points of the increase. Modestly higher selling prices contributed the remainder of the increase.", "audio_length_s": 7.44, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_16.wav"}, {"text": "but is now largely pushed out to the March quarter. Of course, that is not unique to us and this delay is impacting the whole supply chain.", "audio_length_s": 7.44, "path": "0668081864383eb57919b99c85649753_44.wav"}, {"text": "there's a lot more opportunity in the middle-market space and we just need to build in our staff levels to the", "audio_length_s": 7.44, "path": "f88c5f000050c9f72aa383f71d97ffe7_117.wav"}, {"text": "And then moving to Florida, you have a lower price point in terms of home sales and the profit margin is less.", "audio_length_s": 7.44, "path": "5be70acf701b7a6c9322f8feeaca63cd_139.wav"}, {"text": "no big shifts there. I mean I think it's really kind of the elements that Dave has articulated in terms of the types of investments we want to make", "audio_length_s": 7.44, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_148.wav"}, {"text": "So I think it's just something to keep in mind. Kind of going back to your previous question, each quarter may be a little bit unique.", "audio_length_s": 7.44, "path": "24c7526f6daca8e16ab91bea6124148a_39.wav"}, {"text": "We also structured the rate cases to reduce the bill impact, allowing us to make the necessary investments in the networks.", "audio_length_s": 7.44, "path": "6f1b092b312410065d308541be46da95_266.wav"}, {"text": "At its most basic, Algeco leases modular buildings and related products and services to customers around the world with a strong focus on Europe.", "audio_length_s": 7.44, "path": "83c003be6ac012b814cfecef95459f02_52.wav"}, {"text": "And I think the example that I used to reinforce that message was the Verizon win.", "audio_length_s": 7.44, "path": "a756bd9ba43faae4d9d0f059925e39e9_140.wav"}, {"text": "because of the currency development. But if we take a look at the situation with comparable currencies, our sales has declined", "audio_length_s": 7.44, "path": "538323cb37246bc97d1253b369a7414a_181.wav"}, {"text": "Good morning, and thank you for joining Ralph Lauren's Fourth Quarter and Full Year Fiscal 2016 Conference Call.", "audio_length_s": 7.44, "path": "7bac04f03928ee8894ab00007116400b_40.wav"}, {"text": "This is in contrast to this time last year, and as a result, we probably won't see the same level of catch-up for inventory", "audio_length_s": 7.44, "path": "c88e296697cd72c891ffb7bf5a1a60bb_131.wav"}, {"text": "increase resources applied to fewer and larger revenue opportunities in order to accelerate our development cycle times,", "audio_length_s": 7.44, "path": "7a80c3e91e5a2693cdaef5f716808317_77.wav"}, {"text": "Over the medium term, we believe that increasing our advertiser count will have a positive impact on our pricing.", "audio_length_s": 7.44, "path": "30a142fac5a62ab00227cb6a339a6226_83.wav"}, {"text": "Based on our review of the situation over the last few months, I believe many of our problems were self-inflicted", "audio_length_s": 7.44, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_56.wav"}, {"text": "Investment experienced growth as a result of increased performance fees in the delegated investment services business.", "audio_length_s": 7.44, "path": "9cd9b67e289e807d677aabc5765fec6a_10.wav"}, {"text": "conservative securities to earn a return on what we have in the reserve to go against that.", "audio_length_s": 7.44, "path": "16c235a53fc719ec92ef3b3c3b371150_41.wav"}, {"text": "sports scientists are developing real-time tracking technologies to optimize athletic performance.", "audio_length_s": 7.44, "path": "744f5859c7d9a0567b387ae84326d940_65.wav"}, {"text": "was to defend our intellectual property and to protect our trade secrets. And those objectives were accomplished.", "audio_length_s": 7.44, "path": "97b02b7a41ecb22cb04e7331052cefc8_80.wav"}, {"text": "which included less lower-margin third party hardware sales in the current quarter compared to the same quarter in the prior year.", "audio_length_s": 7.44, "path": "726bad4d5d1a6b2f62034eb8dc843450_62.wav"}, {"text": "approaches. There are big themes, as we've talked about, in terms of planning and engineering and procurement. But the contract terms,", "audio_length_s": 7.44, "path": "523cf294ec146d5411972168b1c10f09_64.wav"}, {"text": "So that and then also because customers are buying smaller quantities, they need it quicker.", "audio_length_s": 7.44, "path": "97ddc19ecb28bab2d19fd3b181182062_214.wav"}, {"text": "They also demonstrate the trust and confidence our customers have in our operational and financial capabilities.", "audio_length_s": 7.44, "path": "4b5d33b9c200403f2d4633e47f1d4110_6.wav"}, {"text": "And I think that will really be the framework which shapes our operating expenses going forward.", "audio_length_s": 7.4100625, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_35.wav"}, {"text": "We continue to add users to the Axon platform and ended the year with almost 95,000 active paid licenses", "audio_length_s": 7.4100625, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_191.wav"}, {"text": "make a judgment today whether this direction or that direction will prevail.", "audio_length_s": 7.41, "path": "d162113e3aface010baec17bd408736b_46.wav"}, {"text": "except for Peru, which was impacted by some disruption as a result of adverse weather conditions occurring this spring.", "audio_length_s": 7.41, "path": "4fdbfd9eec396928550d0c799e170d34_148.wav"}, {"text": "We have made important announcements about the leadership teams of Marsh, Mercer and Guy Carpenter after closing.", "audio_length_s": 7.41, "path": "62d981deed6d5128615c99d1597178b6_127.wav"}, {"text": "I'm happy to report on the continued growth of our business, the progress made during the quarter and our prospects moving forward.", "audio_length_s": 7.41, "path": "e23e3aabab4b12e359bc92a480c2d294_90.wav"}, {"text": "Some of the services in high demand are leadership development, team effectiveness and organizational transformation.", "audio_length_s": 7.41, "path": "0d631e444d1c22f0be99a69f5deaff94_117.wav"}, {"text": "We went from being a competitive point redemption price property to the most expensive in the market, which drove down our redemption stays.", "audio_length_s": 7.41, "path": "7eebbbc069b4bf8367aa748751df9bc7_118.wav"}, {"text": "There have also been a few online lenders that have tried to cater to prime consumers only, but massive scale is needed to get to a viable economic model.", "audio_length_s": 7.41, "path": "f3ea353a6c918bc1fd311a9cad6b9777_43.wav"}, {"text": "all while not losing a single lender and gaining increased commitments from 11 of our 13 lenders.", "audio_length_s": 7.41, "path": "ab861b81968e1b5fcb606ed886919d68_47.wav"}, {"text": "including those disclosed under the sections titled risk factors and forward-looking statements in our annual report on Form 10-K", "audio_length_s": 7.41, "path": "ab861b81968e1b5fcb606ed886919d68_46.wav"}, {"text": "It is this intelligence that will finally allow consumers to take ubiquitous connectivity for granted.", "audio_length_s": 7.41, "path": "55cbaf368288111ebc2ccadb61e3bd34_238.wav"}, {"text": "Strategic partner deals are typically larger and have more upside but take an extended period of time to ramp and begin recognizing revenue.", "audio_length_s": 7.41, "path": "55cbaf368288111ebc2ccadb61e3bd34_34.wav"}, {"text": "pretty much at one place at one time. There's only one of you, and so there needs to be more coverage of that kind of thing in the field", "audio_length_s": 7.41, "path": "55cbaf368288111ebc2ccadb61e3bd34_203.wav"}, {"text": "we would like to be even greater company in scale. Out of", "audio_length_s": 7.41, "path": "a93681c92a0b9c04743f541a54b180c7_127.wav"}, {"text": "seeing an impact from the strong dollar as well as some slowing domestic demand. So can you just compare and contrast your overarching", "audio_length_s": 7.41, "path": "3557b21a45c35e71e82cc43b19977855_235.wav"}, {"text": "Just briefly on our financial position. Our financial position remains solid", "audio_length_s": 7.41, "path": "2f888e63a31b86cc2f4f97710e8eed79_26.wav"}, {"text": "And the reason these fold increases are lower than what we previously reported for the Phase II is that", "audio_length_s": 7.41, "path": "14e9ab3b38cd3029b8aff693a105dbfb_50.wav"}, {"text": "like I said remains king, we continue to operate effectively. And as long as we", "audio_length_s": 7.41, "path": "d28b2b09c127b5be033738aa3cd380b3_101.wav"}, {"text": "all patients have completed the 24 weeks. And we've said that we expect that data in the first half of 2019. That hasn't changed.", "audio_length_s": 7.41, "path": "2602edddc3363eadcaafe1c33271f3e4_216.wav"}, {"text": "of our shareholders and the type of shareholders that we have and why they own us, especially in this world that's", "audio_length_s": 7.41, "path": "223f05c0b9b116532e9af84afa76cac7_79.wav"}, {"text": "Longer term, our ambitions remain unchanged, and we continue to work well to grow this company and create more value for our shareholders.", "audio_length_s": 7.41, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_29.wav"}, {"text": "assuming a 2% to 3% comparable store sales increase and the opening of approximately 2 net new stores.", "audio_length_s": 7.41, "path": "280baf1d10cd27b78eae4bf2574b9c98_107.wav"}, {"text": "we were -- that was a deal we signed a few months ago, but it was now fully completed hereby beginning of January, as", "audio_length_s": 7.41, "path": "75b0b010cea5a159f55403f51894b1ae_63.wav"}, {"text": "while achieving design proppant concentrations of up to 2,000 pounds per foot, which would be the highest in the company's history.", "audio_length_s": 7.41, "path": "918de179148bbfe18b95415ee0065a3d_75.wav"}, {"text": "As the majority of our revenue comes from management fees, we have already had the majority of our revenue taxed as if we are a corporation.", "audio_length_s": 7.41, "path": "1b91eb82f5211000e711424657cc2484_195.wav"}, {"text": "and what we've done is we've been able to identify who has to be called first and who we can call later", "audio_length_s": 7.41, "path": "d085781ecd776da8a9c4d31ad547606b_189.wav"}, {"text": "When you take those into account, combined to a positive view on how Colombia is expected to evolve,", "audio_length_s": 7.41, "path": "d085781ecd776da8a9c4d31ad547606b_255.wav"}, {"text": "These charges will not impact the company's cash balance or liquidity and will be excluded from adjusted EBITDA and from operating income.", "audio_length_s": 7.41, "path": "66c9091ba849cdb6d64987642ced64d2_96.wav"}, {"text": "the only time you really feel like you can do something is at the top of the cycle. But that's not the time to be doing it, which is why we were so focused", "audio_length_s": 7.41, "path": "833f98dbc79997580b24335033aac5d2_316.wav"}, {"text": "for you to consolidate some of the mines in that basin in the case that it may be oversupplied, to your earlier points?", "audio_length_s": 7.41, "path": "1942e14b1721d0de894f437d1b3e75c5_147.wav"}, {"text": "it's what we think it should be on growth? Or are we still going to be dealing with the occasional stumbling block here?", "audio_length_s": 7.41, "path": "c1f9276ae4068aca63163adff502b818_67.wav"}, {"text": "and executing select accretive transactions. We will continue to execute our business plan to drive our business forward.", "audio_length_s": 7.41, "path": "e081f678e77792e5c5762fa425c49e56_16.wav"}, {"text": "talking to the very biggest partners and signing the very biggest partners that they've got.", "audio_length_s": 7.41, "path": "839852ec8452dbd90e9341d15cbba7c5_101.wav"}, {"text": "continue to do so in the future in order to take advantage of the opportunities. So I would expect that, in the coming year, that we would", "audio_length_s": 7.41, "path": "b4874109876c9f165eef4be112d9f30d_144.wav"}, {"text": "to drive continuous improvement. With Brad on board since April, we have taken the first steps in implementing a multiyear program.", "audio_length_s": 7.41, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_7.wav"}, {"text": "that remains totally aligned with the growth seen at the beginning of the year and driven simultaneously by all business lines.", "audio_length_s": 7.41, "path": "11ca275b0bd65060f43ae2d28e1c489f_105.wav"}, {"text": "These are early indications of the work we are now doing to drive growth for our company and our customers.", "audio_length_s": 7.41, "path": "f46ae0a04d60dea8a759f07333ed37e2_18.wav"}, {"text": "Beginning in the third quarter, we anticipate beginning to disclose annualized recurring revenue as an additional, important software metric.", "audio_length_s": 7.41, "path": "0f4370b614f29bd596e4f6871cc77864_151.wav"}, {"text": "All divisions in profitable growth delivering a good organic growth. Acquired business in", "audio_length_s": 7.41, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_18.wav"}, {"text": "which allowed us to terminate resellers in the Nordics. And our U.K.-based team is continuing to deliver good results.", "audio_length_s": 7.41, "path": "d9a3d28bdd36864c63b02659cc8870a8_11.wav"}, {"text": "And while more work still lies ahead, we are seeing the progress begin to manifest itself in our financial performance.", "audio_length_s": 7.41, "path": "6864081f83959f4b49e25e597f28af66_119.wav"}, {"text": "to get to what might be left under the first lien notes for your ability to buy back kind of stuff that's junior to that?", "audio_length_s": 7.41, "path": "bb9c0d60d15efa53cedac31e079e9ae6_25.wav"}, {"text": "is shown in the segment, and this is consistent with our philosophy of trying to strip out of our segment's prior periods", "audio_length_s": 7.41, "path": "2ad9555a64eaa3f45bef5581adeecb9c_117.wav"}, {"text": "what is obviously a very substantial amount of cash. So if I have one concern, that's about it.", "audio_length_s": 7.41, "path": "a965bbd76f3d449c86e8c27d03ac192f_173.wav"}, {"text": "We look forward to providing updates on future quarterly calls. With that, let's open the call up to questions.", "audio_length_s": 7.41, "path": "01ebdadb81d0e5a57270957c0cbe83fc_26.wav"}, {"text": "is where we had to draw the line and say no. It doesn't make sense. So it depends very much on what the rules would be.", "audio_length_s": 7.41, "path": "ebecd7e874a9b3998b70ec3200f71e89_215.wav"}, {"text": "As you can see in the slide, there was no direct negative impact on profits.", "audio_length_s": 7.41, "path": "f4d0f1362716be33f02690dd1a8df663_102.wav"}, {"text": "The numbers that we came up with were fairly low, because the overall loan book is about 15 loans, as you know.", "audio_length_s": 7.41, "path": "a8034762296368c60571fcde382c3274_52.wav"}, {"text": "These expenses, prior to the third quarter, are reported net in other income, insurance premiums written and earned.", "audio_length_s": 7.41, "path": "bda4b365d7a8386d5d2e6b4575d08a57_156.wav"}, {"text": "but there will be repairs and maintenance that we will help with and in the long term hopefully will be a tailwind for us.", "audio_length_s": 7.41, "path": "bab12f620df0f367e74acdcc467686f1_19.wav"}, {"text": "We are able to carefully manage incremental land acquisition spend with a focus on improving return on equity and assets.", "audio_length_s": 7.41, "path": "ade68f8add7249890d086ecf4b5b8cab_139.wav"}, {"text": "Our recent stock prices with new repurchase program represents about 8% of the company's total market share", "audio_length_s": 7.41, "path": "a001f4c808bdc9a395ee7d3f9288fc50_93.wav"}, {"text": "we've historically done a lot of work for the energy sector in the reactive side and we expect to continue to do that as incidents happen.", "audio_length_s": 7.41, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_132.wav"}, {"text": "Furthermore, we expect to continue lowering costs through a recently implemented seasonal drilling and completion program.", "audio_length_s": 7.41, "path": "a8b43081254547419da7462d9c957d61_152.wav"}, {"text": "Our customer relationships are excellent, and our customers are very, very happy we're launching bubly. The product tastes fantastic.", "audio_length_s": 7.41, "path": "3df0981a2d94ed56170b78330aa72ee9_209.wav"}, {"text": "an annual number, and theoretically, that number gets spread out over the course of the year,", "audio_length_s": 7.41, "path": "6a372ea97b0b130a4d37f16b54d97909_227.wav"}, {"text": "And you can look at this for all these 6 geographies. The key is how can we grow with our customer base,", "audio_length_s": 7.41, "path": "98f10f0935e5b778e888a1b8130a3d31_235.wav"}, {"text": "this enables us today to really give the capital where we have sufficient returns", "audio_length_s": 7.41, "path": "98f10f0935e5b778e888a1b8130a3d31_344.wav"}, {"text": "from a macro market perspective, we are seeing, in general -- and this is in general,", "audio_length_s": 7.41, "path": "b94d748876ddf8e881d4191dec45baf3_231.wav"}, {"text": "Transitional Center to other CoreCivic residential reentry facilities in Texas that were outside the direct path of the storm.", "audio_length_s": 7.41, "path": "c5c7a9f409241412b160a93cde7ef630_102.wav"}, {"text": "due to the significant pace of store openings in that market and some other opportunities we're executing on.", "audio_length_s": 7.41, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_64.wav"}, {"text": "Okay. And if we were to get under a rate hike in March, what would you expect the benefit to the margin to be?", "audio_length_s": 7.41, "path": "6ad1d7c855ceb3eb830c365e357e4510_214.wav"}, {"text": "on margin. Volume does not chart the margin. And decreasingly as we pursue our platform", "audio_length_s": 7.41, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_76.wav"}, {"text": "And I feel very optimistic and very strong and confident about that. But at the same time,", "audio_length_s": 7.41, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_219.wav"}, {"text": "We believe these to be short term in nature and are convinced that our growth strategy will produce solid long-term results.", "audio_length_s": 7.41, "path": "bb2ca5b87982b2388d82cd64a73f08cf_10.wav"}, {"text": "On buying better. Buying better focuses on leveraging Orica's global network to lower unit costs.", "audio_length_s": 7.41, "path": "ab4dae37361262d727d1d2f8f78765d5_233.wav"}, {"text": "And so as long as we have those -- we satisfy that, we will go into", "audio_length_s": 7.41, "path": "ab4dae37361262d727d1d2f8f78765d5_40.wav"}, {"text": "Through the steady implementation of these themes, we will establish our position as a global leading airline group.", "audio_length_s": 7.41, "path": "b0b83ac66a31c5096a75bb1927c557e2_101.wav"}, {"text": "I think a year ago, many investors expected Maxim might have been a target", "audio_length_s": 7.41, "path": "051c23cc7bacc5c9df9312ac0fd431a9_211.wav"}, {"text": "in the first part of the 2015 numbers. We would expect to see that in the first part of the 2016 numbers. We then have a second effect,", "audio_length_s": 7.41, "path": "2a059b2b192b8e972ca7664ddfed8a20_30.wav"}, {"text": "and what was in our discussions with OFAC and hopefully have convinced you that we have anticipated", "audio_length_s": 7.41, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_135.wav"}, {"text": "look, we were a little bit busy last week so we didn't really spend much time trying to revise the guidance, but", "audio_length_s": 7.41, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_207.wav"}, {"text": "During the third quarter, we continued to benefit from improved market conditions and our ongoing focus on expense management.", "audio_length_s": 7.41, "path": "63d825666ef6527fd7e4f26e728a4e61_31.wav"}, {"text": "As we continue to morph our products division from a research-based focus to a molecular diagnostics one,", "audio_length_s": 7.41, "path": "75eb5b75bb8587b63c318714ea956b9e_130.wav"}, {"text": "it's not our intention to make any further announcements or commentary on Fortuna until it becomes a viable project.", "audio_length_s": 7.41, "path": "9abfcc6b57650e0b300aa243cb8336e8_75.wav"}, {"text": "a great addition to the Titan team, and really, will be able to jump in and make a difference and start running fast to help our overall sales organization.", "audio_length_s": 7.41, "path": "948f025c16fce2bcb2909e610c9be557_300.wav"}, {"text": "as it has a liquid aftermarket, drives our highest margins and fits well with the most active market segments we pursue.", "audio_length_s": 7.41, "path": "e16c49bab0eeda53f9fd5b3d0f599149_39.wav"}, {"text": "I don't think it's fair, however, to look at -- given the number of execution issues and incremental costs", "audio_length_s": 7.41, "path": "9e8690a521142359001a137074905535_160.wav"}, {"text": "Since our last call, our treasury team has been very busy. They completed another set of efficient financing transactions including", "audio_length_s": 7.41, "path": "1949bd0c9c4c23d495d880c4c552bfe1_8.wav"}, {"text": "and build those businesses online. Social and digital is an important new component that I think", "audio_length_s": 7.41, "path": "741526dd2a3db996d2f22f4bcdae4be6_25.wav"}, {"text": "we've got a pretty good pulse on how to react to that in terms of what do we need to sharpen our pencil and our promotional program.", "audio_length_s": 7.41, "path": "21f21433851eb7c7f7dbc710309341bb_150.wav"}, {"text": "such as those outlined in our schedule titled Quarterly Reconciliation of GAAP to Adjusted Non-GAAP Financials", "audio_length_s": 7.41, "path": "1e756fc5d265eea3ff8e2e31c29826ae_69.wav"}, {"text": "First, and probably most importantly, is the excessively aged nature of the van trailer population.", "audio_length_s": 7.41, "path": "8eaca8d8a419f74540f69ade8defabbd_90.wav"}, {"text": "We will discuss non-GAAP financial measures and a reconciliation of GAAP can be found in the earnings materials on our website.", "audio_length_s": 7.41, "path": "735a523f1ef6500b7aa97a2536d9c4fd_179.wav"}, {"text": "And they will normalize at lower levels in the second half of the year, mostly relating to timing of investments and development.", "audio_length_s": 7.41, "path": "369789f0d39dbf62298be2aa807ff8ee_129.wav"}, {"text": "and I think in particular we do remain concerned around the tail risk of a local currency downgrade,", "audio_length_s": 7.41, "path": "dffe8257f781608bb17bb637249e4d2a_75.wav"}, {"text": "we do to maintain the upward pressure -- everything we can do to maintain the upward pressure on margins. So", "audio_length_s": 7.41, "path": "92bf6fe090b6bc565cb500b688fd9173_208.wav"}, {"text": "And as we enjoy the ride up the cycle, we don't back off in terms of some of the things that", "audio_length_s": 7.41, "path": "92bf6fe090b6bc565cb500b688fd9173_150.wav"}, {"text": "Our acquisition pipeline is healthy, and our balance sheet gives us the flexibility to move quickly and be opportunistic.", "audio_length_s": 7.41, "path": "49e533a8449f6b9b6c806458e73338e1_91.wav"}, {"text": "This structure and the relative profitability is not unusual in many sectors, including decorative paint.", "audio_length_s": 7.41, "path": "33fd8a867dbd88a837e541b1d2b25ea5_89.wav"}, {"text": "We only have confirming borrowing base facilities both on the international and Canadian side of the business and", "audio_length_s": 7.41, "path": "b24e0b37987585f3c63f28df67e6a1f6_42.wav"}, {"text": "The other thing that's probably helping the industry sort of slog along before having changes is in fact the low cost of funds.", "audio_length_s": 7.41, "path": "3d3b327645f62f252bb876e5bb4a9259_58.wav"}, {"text": "we remain confident that our insurance coverage is sufficient to cover the vast majority of the total cost of damage and business interruption", "audio_length_s": 7.41, "path": "b4fc31ae6403a17b15c30d3ec3b82487_25.wav"}, {"text": "project and if you have any time frame, any estimate of when we could see the", "audio_length_s": 7.41, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_93.wav"}, {"text": "Great. Well, thank you very much for listening in, and we look forward to updating you at the end of the first quarter. Thank you.", "audio_length_s": 7.41, "path": "d74cec1fb73e1b1134bfa7152762ad80_65.wav"}, {"text": "or implied by such forward-looking statements, and the company can give no assurance that they will prove to be correct.", "audio_length_s": 7.41, "path": "41e5f97c6d94e8f87bb5fb602fe25500_26.wav"}, {"text": "with 2 major pork plants coming online. At the same time, we're going to have a lot more hogs. If you look at", "audio_length_s": 7.41, "path": "80a2ca14358172366acab4e80f3fa33b_33.wav"}, {"text": "Please turn to Slide 10. The defensiveness and sustainability of our cash flows is further highlighted by the remaining term", "audio_length_s": 7.41, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_162.wav"}, {"text": "I'll introduce them as they chime in during the call. Our agenda is going to be familiar to many of you, I hope.", "audio_length_s": 7.41, "path": "0fa398ef99a7a936fc1e509dacaaadde_131.wav"}, {"text": "and actually start a process over with a partner. We plan to use the materials they are producing", "audio_length_s": 7.41, "path": "e29584f9f829602cacebcce71c2a4fb9_126.wav"}, {"text": "but we're certainly fairly far along and laying out our plans and foundation to go after it.", "audio_length_s": 7.41, "path": "e522eff219f3eaa2c9b090dc12cad420_25.wav"}, {"text": "to the overall portfolio. And then the second thing that we also mentioned in the call today was it does limit", "audio_length_s": 7.41, "path": "a0d537badd260e2071136602e3b73b26_128.wav"}, {"text": "We enhanced our debt structure to provide significant capacity to move quickly on opportunities to expand our business.", "audio_length_s": 7.41, "path": "299bad77345d2e44fa5768f4416f7b97_124.wav"}, {"text": "you had a benefit last year because essentially", "audio_length_s": 7.41, "path": "2b1611c25a098f87dd7623d00d53eeea_52.wav"}, {"text": "getting them to understand and appreciate that value proposition on an episode basis.", "audio_length_s": 7.41, "path": "b126c31149f1cadf1d891082a187d6fc_95.wav"}, {"text": "it's what we watch internally, and I hope it's what you watch because I think that's the way to tell how we're progressing with this business.", "audio_length_s": 7.41, "path": "8518e7d2073cc2898bd145e2e84ea482_60.wav"}, {"text": "is really what tells the story here. And we're starting to get more and more case studies around the success of the technologies that we deploy.", "audio_length_s": 7.41, "path": "bfb0fac9575cd0820a660f2577199468_47.wav"}, {"text": "what has happened in the past in a number of small refinery exemptions, especially with the money that refiners are making, there is not a lot of hardship anymore,", "audio_length_s": 7.41, "path": "09b5b62d328d3d0719b6825357fdfb48_30.wav"}, {"text": "we don't think that the Zika virus per se has got a lot of negative. What I do think you're going to get", "audio_length_s": 7.41, "path": "812d8f09b72b4d410d138d3b24caebbc_210.wav"}, {"text": "by the end of 2019. We managed the simplification program on a project by project basis and expect", "audio_length_s": 7.41, "path": "ae5a41fe3b3d515713608c5ac878eed3_116.wav"}, {"text": "Our acquisitions in Personal Care contributed increasingly to USG through the year as we started to anniversary them.", "audio_length_s": 7.41, "path": "e35fae1d3df1f7aeda409f90f200ec7b_204.wav"}, {"text": "This is regarding Napabucasin. This change in fair value of contingent consideration", "audio_length_s": 7.41, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_82.wav"}, {"text": "this year. So they're trying to get those -- that word out to our folks early because they don't want to lose", "audio_length_s": 7.41, "path": "64364105b816dd0b6a029e9cd210e65b_349.wav"}, {"text": "it's kind of stalled. Yes, there's a number of factors of that. Some of it's got to do with the timing of when you've", "audio_length_s": 7.41, "path": "24a133abc343c813233d416b0cef96cd_292.wav"}, {"text": "were offset by lower margins from higher factory costs as a result of lower total volumes handled in Brazil.", "audio_length_s": 7.41, "path": "9dc19bfa451bc1278b7136420493f84d_3.wav"}, {"text": "We have a complete product range. We have one of the largest design portfolios in the industry, very deep technical know-how.", "audio_length_s": 7.41, "path": "52ea66e70853eaa0c1183ddfa31b760a_23.wav"}, {"text": "in order to focus resources on higher-margin segments and end-user customers, where we see fewer competitors who can match", "audio_length_s": 7.41, "path": "52ea66e70853eaa0c1183ddfa31b760a_58.wav"}, {"text": "We also saw inflation on packaging and certain ingredients with deflation in proteins, fats and oils.", "audio_length_s": 7.41, "path": "b0d88c0f1efca89ecb928172341dc75d_120.wav"}, {"text": "And then to try to jump-start volume, low ROI trade was infused behind price promotion.", "audio_length_s": 7.41, "path": "b0d88c0f1efca89ecb928172341dc75d_198.wav"}, {"text": "Capital deployment during the quarter included acquiring LinkTech to add our Advanced Technology segment's medical offering,", "audio_length_s": 7.41, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_8.wav"}, {"text": "preparing for the possible U.K. vote leaving the euro or have you just sort of maintained the old strategy?", "audio_length_s": 7.41, "path": "6aad408f4bb1930cf10f445115f6ed3d_55.wav"}, {"text": "And because of the way the platform was architected and because of the way Frank and team have really jumped on", "audio_length_s": 7.41, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_128.wav"}, {"text": "we have a number of ways we can do that. One is through reserves growth in our fields as we drill", "audio_length_s": 7.41, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_107.wav"}, {"text": "also I would like to thank you analysts for covering us. I would like to thank you all. And we are available", "audio_length_s": 7.41, "path": "ffe22f8bcf153b8b51f6e52039686c1e_143.wav"}, {"text": "be as transparent as possible as to the results and be responsive to the comments that we received from investors over the last year", "audio_length_s": 7.41, "path": "2cd5b184c2ef6624ce219830182927c9_321.wav"}, {"text": "almost evenly split between bridge loans and conduit loans. And we have a robust loan origination pipeline.", "audio_length_s": 7.41, "path": "c334e290beb657ee3efcb6b2f734c81e_45.wav"}, {"text": "All this demonstrates cost efficiency. And the development of our operating model means that it is also scalable upwards, allowing us", "audio_length_s": 7.41, "path": "6299a010c7bb84feaf14b263750dbd1a_26.wav"}, {"text": "If I step back from it, just to give you a few numbers or summarize a few numbers for the Aggregates segment for the quarter,", "audio_length_s": 7.41, "path": "902872913863de98d38e2936b846cf66_181.wav"}, {"text": "our unit margins in aggregates reached a second quarter record and the pricing climate remains positive.", "audio_length_s": 7.41, "path": "902872913863de98d38e2936b846cf66_158.wav"}, {"text": "I think, if you look at where we stand from a demand perspective and what's happening in the markets or not,", "audio_length_s": 7.41, "path": "902872913863de98d38e2936b846cf66_186.wav"}, {"text": "Importantly, we can launch this offering with minimal investment by using our existing product and manufacturing resources.", "audio_length_s": 7.41, "path": "0f8a61f667edd9a400d7abe2a7908a9e_53.wav"}, {"text": "the second quarter and the remainder of 2018. The first quarter was about as choppy as it gets for our business.", "audio_length_s": 7.41, "path": "3c17ad8c6709cbb1a8f7190f567a445f_1.wav"}, {"text": "for an online shop for electronics products. We already put together an assortment range of over 2,000 items", "audio_length_s": 7.41, "path": "411bdacf05f84134fc80b874a15cf3b7_183.wav"}, {"text": "and AppNexus brought part of the revenues, but also took part of the revenues as their share.", "audio_length_s": 7.41, "path": "411bdacf05f84134fc80b874a15cf3b7_71.wav"}, {"text": "what's available then to fund the divided, but leaving working capital so that we can address our needs as it relates to", "audio_length_s": 7.41, "path": "5be70acf701b7a6c9322f8feeaca63cd_142.wav"}, {"text": "The gain and loss on foreign exchange were mainly related to the change in the exchange rate used to translate", "audio_length_s": 7.41, "path": "099475edf8f9944537773b1d0a2aaea6_81.wav"}, {"text": "We also closed the previously announced acquisition of 3 stations in the Fairbanks, Alaska market,", "audio_length_s": 7.41, "path": "77423f08f0208d476dea73c639f6293a_6.wav"}, {"text": "is available on the Investor Information section of our website at sensient.com and in our press release.", "audio_length_s": 7.41, "path": "24c7526f6daca8e16ab91bea6124148a_65.wav"}, {"text": "And again, yes, I think the numbers that Brian quotes are numbers where we are going to split the box. We've had a few executions", "audio_length_s": 7.41, "path": "1cfd7da6c2da11f7e3f7102a6265146b_98.wav"}, {"text": "to prepare the future of, do you sell the platform", "audio_length_s": 7.41, "path": "4fd138e27f5f375945332eacefa15b62_52.wav"}, {"text": "I'm just kind of looking at everything and not necessarily any particular side that you want to drop first?", "audio_length_s": 7.41, "path": "0702a77635d50ec3b154df61456c1b63_74.wav"}, {"text": "due to negative foreign currency impacts, which was partially offset by a favorable sales mix shift to the retail segment.", "audio_length_s": 7.41, "path": "7bac04f03928ee8894ab00007116400b_12.wav"}, {"text": "It's nice if it's got some equity but has some room to grow. That's why we're more focused at the smaller end of the spectrum.", "audio_length_s": 7.41, "path": "c88e296697cd72c891ffb7bf5a1a60bb_85.wav"}, {"text": "However, we are seeing some unanticipated pressure on operating cash flows in this half of the year.", "audio_length_s": 7.41, "path": "3ae068efa03cd088f4d3edea682f199f_128.wav"}, {"text": "right on the back of October. So when you look at the oil price decline in October, that will have a direct translation into our October input,", "audio_length_s": 7.41, "path": "7a80c3e91e5a2693cdaef5f716808317_52.wav"}, {"text": "We are now driving both the assessments and program management of our targeted initiatives with only very limited support from third parties.", "audio_length_s": 7.41, "path": "7a80c3e91e5a2693cdaef5f716808317_190.wav"}, {"text": "Thus, in the third quarter, I expect management fees to remain roughly flat compared to the second quarter.", "audio_length_s": 7.41, "path": "76b892bf017891d7028256847747227c_63.wav"}, {"text": "the fourth quarter, sold some additional Agency assets to allow us to continue to increase our exposure", "audio_length_s": 7.41, "path": "3fb901e6b501ddced60226a13ebef4af_74.wav"}, {"text": "we feel we are at least on the right track and are going through tremendous amounts of validation to make sure we stay on track.", "audio_length_s": 7.41, "path": "f1b53f83640f7ea0160087ae63818af2_32.wav"}, {"text": "New and old, we're definitely are biased towards new. I mean I think in the world we are right now the threshold for innovation", "audio_length_s": 7.41, "path": "9097dcbaf554d635920c6274b1de4997_85.wav"}, {"text": "We are of the firm opinion that this is an absolute minimum requirement to achieve the rerating of our equity,", "audio_length_s": 7.41, "path": "9b84dc4409f4ecccd173c2f81a4460cc_12.wav"}, {"text": "and then I'll spend a fair bit of time on the Obuasi redevelopment project, which has been approved for implementation.", "audio_length_s": 7.41, "path": "9b84dc4409f4ecccd173c2f81a4460cc_188.wav"}, {"text": "and remain excited about the continued growth opportunities in our U.S. business. As we have discussed, our business is very diverse,", "audio_length_s": 7.4099375, "path": "19bfb8daeb6e43d59415df478017d5c3_116.wav"}, {"text": "At the same time, we continue our efforts in recruiting, retention and management development programs.", "audio_length_s": 7.3800625, "path": "2a7d7f3eb6960e631743ca5a0d86461f_117.wav"}, {"text": "you have a lot of wood that can flow, either to the China market or to the domestic market. We continue to believe that", "audio_length_s": 7.3800625, "path": "93e134910b4a7c587bc461da0c9a2083_135.wav"}, {"text": "When we reviewed the design, we felt that it was actually valuable to push the dose higher", "audio_length_s": 7.38, "path": "070a939ddb72d87ed87e4b863da14a89_72.wav"}, {"text": "In brief, we believe the increase of shared mobility in urban centers will lead to vehicles having much higher utilization,", "audio_length_s": 7.38, "path": "8ad0d5b5df75415c56ba590cad29489a_85.wav"}, {"text": "After carefully considering our current disclosures, we have decided that we will not change how we report adjusted earnings per share.", "audio_length_s": 7.38, "path": "62d981deed6d5128615c99d1597178b6_81.wav"}, {"text": "The use of special purpose entities by the bank in this business is usual and customary in the industry and represents prudent practice.", "audio_length_s": 7.38, "path": "b7050f62f52a3d2803beea21404f7af6_47.wav"}, {"text": "so that's won't be recurring. But we will have some other expenses. So some of it was due to Block.", "audio_length_s": 7.38, "path": "b7050f62f52a3d2803beea21404f7af6_111.wav"}, {"text": "Based on the progress made to date, we continue to see evidence that the new process improvements and delivery methodologies are working", "audio_length_s": 7.38, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_7.wav"}, {"text": "as deployment services makes up less of the mix and engineering and consulting services", "audio_length_s": 7.38, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_38.wav"}, {"text": "The driver shortage continues to be a headwind for the industry and will likely impact the ability to increase capacity in the space.", "audio_length_s": 7.38, "path": "94fdf7b24748a7706b1097482a0f363a_127.wav"}, {"text": "costs could be inflationary again here going forward. We know for a fact that our largest cost, the driver wages will be,", "audio_length_s": 7.38, "path": "94fdf7b24748a7706b1097482a0f363a_215.wav"}, {"text": "both in cost and revenue synergies. Our intention with providing synergy targets in April", "audio_length_s": 7.38, "path": "94fdf7b24748a7706b1097482a0f363a_13.wav"}, {"text": "We've made a lot of progress in a very short time, which has required placing a lot of bets", "audio_length_s": 7.38, "path": "55cbaf368288111ebc2ccadb61e3bd34_38.wav"}, {"text": "where you lose virulence. And why we keep saying we're looking at the feasibility to make a decision,", "audio_length_s": 7.38, "path": "14e9ab3b38cd3029b8aff693a105dbfb_69.wav"}, {"text": "Before I go into the segment details, let me quickly review 2 of the adjusting items for the fourth quarter.", "audio_length_s": 7.38, "path": "10ad172801ac8cd3a21e4355d7349eb5_56.wav"}, {"text": "dealerships that are under pressure, hence our desire to improve the strength of the balance sheet should we be able to take advantage of", "audio_length_s": 7.38, "path": "3bdb43dc1bcef6eff76f45efedb6a211_83.wav"}, {"text": "are examples of new recurring revenue opportunities that we have identified and pursued in the Content Services market segment.", "audio_length_s": 7.38, "path": "ed1006cd88de67e8fe53ea86ad6862d7_90.wav"}, {"text": "These results in retail pharmacy are offset by strong positive consecutive quarter growth in specialty pharmacy,", "audio_length_s": 7.38, "path": "d70a57dd52d0e4cf86a6225dca186bc2_98.wav"}, {"text": "I'm happy to report that in November, we signed a letter of intent with ShareCor, the Louisiana Hospital Association,", "audio_length_s": 7.38, "path": "d70a57dd52d0e4cf86a6225dca186bc2_139.wav"}, {"text": "our marketing message is compelling and our operating teams are ready for the peak shopping weeks of the year.", "audio_length_s": 7.38, "path": "280baf1d10cd27b78eae4bf2574b9c98_10.wav"}, {"text": "or measures calculated and presented in accordance with GAAP. With that, let me now turn the call over to David for his opening remarks.", "audio_length_s": 7.38, "path": "c96b5ae4ffe20d946daec67e2b0917b2_60.wav"}, {"text": "which was offset by our improved gross profit margin, effective expense management and lower tax rate.", "audio_length_s": 7.38, "path": "67716cee321d117b0318930dd142f06a_142.wav"}, {"text": "And you've got a fairly robust real estate business. And all of that is putting pressure on construction resources, which makes", "audio_length_s": 7.38, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_192.wav"}, {"text": "look at growth opportunities. And so I'm wondering if there's any thought about any change in the structure", "audio_length_s": 7.38, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_96.wav"}, {"text": "entering this year and over the course of the year than we were in 2017. We feel very confident in that.", "audio_length_s": 7.38, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_171.wav"}, {"text": "Our consistently strong revenue growth reflects the broad-based demand for our real estate capital solutions.", "audio_length_s": 7.38, "path": "1927f9c722093d1d64b610c4227ccf59_105.wav"}, {"text": "Average minute is, in fact, the way we report television right now. But it'll probably also need to include a reach", "audio_length_s": 7.38, "path": "8b71a232d7fe61e6232807b635977c31_240.wav"}, {"text": "a lot more pressure sort of across the board. So I'm just curious, are you seeing any of these issues that have been reported by others in terms of", "audio_length_s": 7.38, "path": "3121e8f4a75758834d32a9e4e0555221_63.wav"}, {"text": "Changes to the methodology included using a higher discount rate to determine the value of future cash flows.", "audio_length_s": 7.38, "path": "e1f462455d6c826d9c173c35d4844383_51.wav"}, {"text": "On January 25, the Partnership announced its fourth quarter cash distribution", "audio_length_s": 7.38, "path": "de3b766a868da918e499f407dbf5d716_123.wav"}, {"text": "and expand our margins by improving our execution, especially in the area of delivery.", "audio_length_s": 7.38, "path": "82218f543c9a546c4baa5323f250b39f_66.wav"}, {"text": "Given the recent news on the economic front, we expect to see profitable growth in this portfolio during this third quarter.", "audio_length_s": 7.38, "path": "d085781ecd776da8a9c4d31ad547606b_74.wav"}, {"text": "as well as its ability to act as a throughput equalizer for our guests relative to the competition.", "audio_length_s": 7.38, "path": "75fa1bebed0b858c76cc7058477e40e2_9.wav"}, {"text": "was that a step-up in capacity that came on and you're now constrained going into the following quarters so there's", "audio_length_s": 7.38, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_98.wav"}, {"text": "what you think the opportunities will be there, whether it's just kind of one product at a time and sort of modest incremental or if you think that there's", "audio_length_s": 7.38, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_40.wav"}, {"text": "In closing, we believe we are expanding the Mistras brand, and we are very optimistic about its future.", "audio_length_s": 7.38, "path": "145244b0378e6657d456cffca8bbc982_17.wav"}, {"text": "However, if you can make it more interesting, you can make it slightly more thrilling.", "audio_length_s": 7.38, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_120.wav"}, {"text": "kind of refresh our memory on some of the international segments in terms of a percentage of your international wholesale business?", "audio_length_s": 7.38, "path": "2fc915b996c687200d995736980aae9a_189.wav"}, {"text": "I recognize you're trying to wade through all that. My observations would be that", "audio_length_s": 7.38, "path": "2a5b0a6532fa2b71915a2930be02621a_205.wav"}, {"text": "And of course, when we take into account what we announced a possible consolidation. If consolidation will take place,", "audio_length_s": 7.38, "path": "fa45af64ef25007f998c655347bfbecb_212.wav"}, {"text": "which is our highest ever ending unit count and revenues from our installed base were at record levels.", "audio_length_s": 7.38, "path": "1b1699497be56330b3ed833f22bc63f6_5.wav"}, {"text": "Importantly, we've already begun to execute on a number of our plans, underlying initiatives and priorities.", "audio_length_s": 7.38, "path": "5f38ce681d4413a793d34a0650c59bf2_5.wav"}, {"text": "rationality, and we are now benefiting from this model. But I would also like to highlight that we have", "audio_length_s": 7.38, "path": "cc82e791c065bdc271addf355bac274f_73.wav"}, {"text": "as we've gone through this year, we've seen you revise your expectations related to", "audio_length_s": 7.38, "path": "b4874109876c9f165eef4be112d9f30d_134.wav"}, {"text": "until after they've occurred and only if they materially impact our assumptions from the base case.", "audio_length_s": 7.38, "path": "0dbbae27d7055ecc04cc25e14e4de12d_21.wav"}, {"text": "So if we look at net debt, the group continues to have a strong cash position", "audio_length_s": 7.38, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_100.wav"}, {"text": "Our expectation is prices could rise again in August before stabilizing and then declining somewhat in the fourth quarter.", "audio_length_s": 7.38, "path": "1133b8984db446b9c963a09eaf0785a4_23.wav"}, {"text": "No. I mean, I said last year, I thought we were experiencing an anomaly in Europe. We had", "audio_length_s": 7.38, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_278.wav"}, {"text": "market. And that'll give us a lot more information, but that is a huge opportunity for the future for which we will discuss tomorrow.", "audio_length_s": 7.38, "path": "276392c471c063580869aec014a1feda_38.wav"}, {"text": "giving them more product choices than ever before and leveraging trends in food and nutrition to help them attract new customers.", "audio_length_s": 7.38, "path": "276392c471c063580869aec014a1feda_99.wav"}, {"text": "transaction to go through their usual process -- processes, their own analyses", "audio_length_s": 7.38, "path": "9da45cfd4472699ef05d887adce01223_53.wav"}, {"text": "which is less than the run rate in the prior 2 quarters as a result of lower straight-line rent adjustments in the second quarter.", "audio_length_s": 7.38, "path": "171fd9df333ddd814c764843ed624121_76.wav"}, {"text": "So that's revenue that is available to them if we deliver. If you miss your deadline, those customers have just lost out", "audio_length_s": 7.38, "path": "171fd9df333ddd814c764843ed624121_163.wav"}, {"text": "I think it's a second quarter in a row where the recurring streams kind of performed a little better. So perhaps marc you want to expand on what your thoughts there?", "audio_length_s": 7.38, "path": "6864081f83959f4b49e25e597f28af66_85.wav"}, {"text": "more than 3x faster than the average semiconductor content in cars.", "audio_length_s": 7.38, "path": "863512efd537ffd31c094dd9bfd5ebd3_197.wav"}, {"text": "and that would be over 100 years of remaining resources relative to the current U.S. natural gas demand.", "audio_length_s": 7.38, "path": "2ad9555a64eaa3f45bef5581adeecb9c_98.wav"}, {"text": "This is exactly the kind of deal we want to do with companies that have midstream business assets embedded in a larger organization.", "audio_length_s": 7.38, "path": "2ad9555a64eaa3f45bef5581adeecb9c_111.wav"}, {"text": "The authorization allows, but does not require the company to repurchase its shares at its discretion.", "audio_length_s": 7.38, "path": "2905366dcf0eb60a22b63a1b3d9adf95_58.wav"}, {"text": "How should we think about, again, the different segments of -- that you have in terms of", "audio_length_s": 7.38, "path": "30710391b8ab4cb549180602d31d4f4a_28.wav"}, {"text": "On balance, we anticipate that U.S. reform could be favorable to our book tax rate by anywhere from 1 to 5 percentage points,", "audio_length_s": 7.38, "path": "30710391b8ab4cb549180602d31d4f4a_65.wav"}, {"text": "As noted in our earnings release, we have posted supplemental financial information on the IR portion of our website.", "audio_length_s": 7.38, "path": "ea97a179f1be386d6cd36637ae70a1fc_2.wav"}, {"text": "ZEE will continue to offer quality entertainment to audiences, both home and abroad, across various consumption platforms.", "audio_length_s": 7.38, "path": "fcabfedf41ab18064a96d393869e4d4e_7.wav"}, {"text": "Unless stated otherwise, financial and operational metric comparisons are to the prior year period and relate to continuing operations.", "audio_length_s": 7.38, "path": "c1d916407f390d20e9d8f9b453e22435_34.wav"}, {"text": "So we -- all these changes that we're making are giving us a leg up against a lot of people.", "audio_length_s": 7.38, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_199.wav"}, {"text": "We continue to evaluate the appropriate structure for the re-domestication and plan to have an update on next quarter's call.", "audio_length_s": 7.38, "path": "16e51362df94379ea33a24334015f385_95.wav"}, {"text": "We talked in previous quarters about being able to use the technology of BOSS on things like termite billing.", "audio_length_s": 7.38, "path": "0360a780927a31fb0bec9e79dac878a2_154.wav"}, {"text": "Have a great rest of the day. This concludes today's conference call. You may now disconnect.", "audio_length_s": 7.38, "path": "3cc0a4a6f1b08b522c732ad8944e8624_61.wav"}, {"text": "looked at how many wells per quarter. I just know that the well count in the first quarter is low relative to the rest of the", "audio_length_s": 7.38, "path": "a8b43081254547419da7462d9c957d61_61.wav"}, {"text": "The level of documentation we're getting now from the sellers is spectacular, and it's very different than we've gotten in the past", "audio_length_s": 7.38, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_76.wav"}, {"text": "As I noted on our last call, we have been analyzing our cost structure to help better align our resources with the growth areas of our business.", "audio_length_s": 7.38, "path": "f23036451aab1cb9d659c3ac9a23825c_7.wav"}, {"text": "We have a positive growth in residential consumer with a positive margin product group.", "audio_length_s": 7.38, "path": "cc5ce88cbccddf8e99408418e7749a7d_30.wav"}, {"text": "Is there going to be a quick -- if the second half develops the way you think, is it fair to think about that mix as", "audio_length_s": 7.38, "path": "df8a6d3f1b7e7aac2fd06afaf493a532_62.wav"}, {"text": "That is why it is important to focus on average balances and longer-term trends in both the loan portfolio", "audio_length_s": 7.38, "path": "2a7d7f3eb6960e631743ca5a0d86461f_108.wav"}, {"text": "The most significant advantage we clearly have is the lack of an extensive and expensive branch network.", "audio_length_s": 7.38, "path": "2a7d7f3eb6960e631743ca5a0d86461f_51.wav"}, {"text": "earnings, which is really a normal course kind of event. So you would tend to see this year being the year that you have", "audio_length_s": 7.38, "path": "b94d748876ddf8e881d4191dec45baf3_164.wav"}, {"text": "goes on the account of the elections which are coming up in India. You might be aware of the fact that there is -- the federal", "audio_length_s": 7.38, "path": "664ce6f8ad7864e2844f637e7a1b48d7_100.wav"}, {"text": "And so those data will come a bit later. We know from Phase I that there was always a good relationship or", "audio_length_s": 7.38, "path": "b281eff988085e0776dc8a10223f1048_91.wav"}, {"text": "and operations had to implement staffing plan alternatives in case the hurricane disrupted regular scheduled shift changes.", "audio_length_s": 7.38, "path": "c5c7a9f409241412b160a93cde7ef630_7.wav"}, {"text": "Good morning, and thank you for holding. Welcome to the Conn's Inc. conference call to discuss earnings for the fiscal quarter ended", "audio_length_s": 7.38, "path": "e6c0fa1068c28557c3e17e0d02b831b1_0.wav"}, {"text": "Okay. And how far do you think it is for you to send a movie over there", "audio_length_s": 7.38, "path": "20097e37747ec7bc3734246e83798fb1_37.wav"}, {"text": "Due to the strong momentum in our business, we elected to increase spend in areas where we expect to generate superior levels of return.", "audio_length_s": 7.38, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_140.wav"}, {"text": "This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast,", "audio_length_s": 7.38, "path": "1be44822d16f85bd501a5f19876895b1_86.wav"}, {"text": "try to get it down a few more days to get at 60 or a couple days below that. And we are", "audio_length_s": 7.38, "path": "051c23cc7bacc5c9df9312ac0fd431a9_205.wav"}, {"text": "the fact that Insulation prices are still so far below where nominal prices were a decade ago is a real problem for our business,", "audio_length_s": 7.38, "path": "2a059b2b192b8e972ca7664ddfed8a20_127.wav"}, {"text": "enterprises. So we will make sure that we will do the right thing, and we will also do difficult things if necessary.", "audio_length_s": 7.38, "path": "b126e11520fd54843c67f70f15cd30cc_124.wav"}, {"text": "That is one step in the change. We are out working and developing all the plans to implement", "audio_length_s": 7.38, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_88.wav"}, {"text": "Well, it's so asinine, because it not only will make their scraper perform better,", "audio_length_s": 7.38, "path": "948f025c16fce2bcb2909e610c9be557_235.wav"}, {"text": "and the situation is that you take that -- you take it by just", "audio_length_s": 7.38, "path": "948f025c16fce2bcb2909e610c9be557_179.wav"}, {"text": "We are working diligently with our tax advisers to refine this calculation in accordance with the regulations as they are released.", "audio_length_s": 7.38, "path": "333d478ab06fd400afafa68f4a952191_177.wav"}, {"text": "I would like to also note that all of our maintenance downtimes for the quarter were scheduled. As", "audio_length_s": 7.38, "path": "9b1931e93dfb0391fb948924a93be5ff_6.wav"}, {"text": "of retail that we operate in. And I guess my overall comment would be and I'll certainly look at these guys, but everything that I've seen, I", "audio_length_s": 7.38, "path": "21f21433851eb7c7f7dbc710309341bb_90.wav"}, {"text": "And importantly, we continue to invest in future capabilities like digital and own brands, et cetera.", "audio_length_s": 7.38, "path": "21f21433851eb7c7f7dbc710309341bb_13.wav"}, {"text": "and that is roughly a 1 to 2 percentage point growth over where it was on a full year basis last year.", "audio_length_s": 7.38, "path": "fb817a6cc685a3fd0f003456dd641c01_104.wav"}, {"text": "But what is your opinion in this case? I mean, do you think that this is a good move or should not be?", "audio_length_s": 7.38, "path": "da34a7b460e520db0401de3ce860187c_114.wav"}, {"text": "The Walmart Canada order is a good example of how long it can take for these purchase orders to materialize.", "audio_length_s": 7.38, "path": "e97d1655ebabb8403ac0449eadb48f9b_14.wav"}, {"text": "To give you a flavor of the kind of things that we have been doing, I will mention a couple that I feel very strongly about.", "audio_length_s": 7.38, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_47.wav"}, {"text": "by about 2%. Other key assumptions for Q1 include a moderate increase in expenses", "audio_length_s": 7.38, "path": "1e756fc5d265eea3ff8e2e31c29826ae_225.wav"}, {"text": "but we don't expect to do anything meekly here that is going to reflect", "audio_length_s": 7.38, "path": "c40b5d1a13169c5acf69590932a56f98_125.wav"}, {"text": "We fully expect our investments to drive future revenue growth and contribute to positive operating leverage over the medium term.", "audio_length_s": 7.38, "path": "87045996e7446329f1d98c909c6ca7fe_154.wav"}, {"text": "The Hawaii economy continues to perform well, providing a supportive backdrop for our operations.", "audio_length_s": 7.38, "path": "9ba83ac067a98f8b12cc480ff0691e91_77.wav"}, {"text": "rather than diminishing as you get to larger cohorts, is actually improving because we're getting those larger cohorts through", "audio_length_s": 7.38, "path": "49e533a8449f6b9b6c806458e73338e1_172.wav"}, {"text": "This decline was unrelated to the transition to managed payments, which had no material impact on our results.", "audio_length_s": 7.38, "path": "49e533a8449f6b9b6c806458e73338e1_84.wav"}, {"text": "use to rapidly pay down debt and help return the combined company to its current capital structure on a pro forma basis.", "audio_length_s": 7.38, "path": "f15966ae82e18b472ad78dd961f8e5e8_167.wav"}, {"text": "So this business, as long as they continue to drive corporate relationships, we'll absolutely invest in it. And then it's up to", "audio_length_s": 7.38, "path": "7cc11de7f206c637e6293da0d956405e_113.wav"}, {"text": "And finally, growing invested capital with disciplined investment, returning any surplus to our shareholders.", "audio_length_s": 7.38, "path": "01f88a67f39af3a74d5f23b095615d39_245.wav"}, {"text": "guess, the easy way to describe the quarter is sort of business as usual. As everyone knows, over the last couple of years, we decided to slow down", "audio_length_s": 7.38, "path": "3d3b327645f62f252bb876e5bb4a9259_1.wav"}, {"text": "This speaks to our ability to offer best-in-class products and to a sales team that's increasing its productivity.", "audio_length_s": 7.38, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_56.wav"}, {"text": "We believe that providing a great customer experience and great service all across the country will generate above-market performance,", "audio_length_s": 7.38, "path": "6760f7edfb883104c8c655c4671646e5_61.wav"}, {"text": "And at the appropriate time, we'll make the decision on whether or not we would like to partner them or continue operating them as fully owned assets within", "audio_length_s": 7.38, "path": "f542ab325f47ed150e28888da2f85871_61.wav"}, {"text": "We will continue to measure the results of these tests to ensure long-term benefits for customers and the company alike.", "audio_length_s": 7.38, "path": "1689b94530eca82b7758c86b4cf3125f_77.wav"}, {"text": "But we really think about our share repurchase program in terms of our total capital management strategy and address that on a quarterly basis.", "audio_length_s": 7.38, "path": "6709c061d39d0e433079f84160f11c80_120.wav"}, {"text": "primarily reflecting increases in information technology spending as well as higher facilities, professional services and travel expenses.", "audio_length_s": 7.38, "path": "6709c061d39d0e433079f84160f11c80_149.wav"}, {"text": "Finally, the biggest contributor to our margin improvement this half was from overheads, which I've already discussed a bit.", "audio_length_s": 7.38, "path": "3877b1983229ec488c6349a188bccf92_215.wav"}, {"text": "We're tapping into the interest in prestige scotch with our rare scotch malts and cask offerings.", "audio_length_s": 7.38, "path": "3877b1983229ec488c6349a188bccf92_180.wav"}, {"text": "Understanding the details of this process will allow the client companies to mitigate formation damage and permeability impairment.", "audio_length_s": 7.38, "path": "5633fe3600ee04237bbb918c56341864_109.wav"}, {"text": "I'm not an advocate of it in its current form because the process of removing, manipulating", "audio_length_s": 7.38, "path": "e29584f9f829602cacebcce71c2a4fb9_86.wav"}, {"text": "We expect to finalize our plans over the remainder of 2018. As always, investor feedback on these issues is welcome.", "audio_length_s": 7.38, "path": "a0d537badd260e2071136602e3b73b26_162.wav"}, {"text": "again, that would assume a static portfolio. So not continuing to launch products, which we, of course, hope to bring in and secure", "audio_length_s": 7.38, "path": "299bad77345d2e44fa5768f4416f7b97_96.wav"}, {"text": "as well as taking new accounts on the differences in the European market. But probably a little early for us to be trying to comment", "audio_length_s": 7.38, "path": "299bad77345d2e44fa5768f4416f7b97_164.wav"}, {"text": "I would say the enthusiasm, the energy, the excitement, the media coverage we certainly have had so far from the opening,", "audio_length_s": 7.38, "path": "078b27aa69b10aa01f2eab2aa681bdd8_82.wav"}, {"text": "This is consistent with management's view and our focus on the things that we've discussed in the past few quarters,", "audio_length_s": 7.38, "path": "d62cc3a0dfe3492ed16dfc17c028071e_92.wav"}, {"text": "Now for Q1 of '19, we expect to be in the low end of this range. Now we're going to have the normal impact of winter,", "audio_length_s": 7.38, "path": "bfb0fac9575cd0820a660f2577199468_139.wav"}, {"text": "has already added a leasing area of around 7,000 square meters and has already inaugurated some of their first stores.", "audio_length_s": 7.38, "path": "0f9d6e24171bc068e7ff7a11e7e44060_12.wav"}, {"text": "including our entirely new Church Management capabilities that we built natively using our SKY platform.", "audio_length_s": 7.38, "path": "a9ff9f85f03afdd2d13b76e14060b31d_72.wav"}, {"text": "We often speak of the value of keeping our whole loan sales channels open and active, even when securitization markets are particularly favorable.", "audio_length_s": 7.38, "path": "5c601f5318d5dcbe20fdd78f19c2b277_65.wav"}, {"text": "So we have -- we do have the ability to play capital when we find true value that are strategically right down our fairway", "audio_length_s": 7.38, "path": "a2ba164f019804628c07b36de47cd464_95.wav"}, {"text": "That's opportunity to get in front of key players from our customers that will see", "audio_length_s": 7.38, "path": "64364105b816dd0b6a029e9cd210e65b_185.wav"}, {"text": "The country has traditionally been the biggest market for Bladex. Although in terms of relative portfolio weight,", "audio_length_s": 7.38, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_3.wav"}, {"text": "Our legal team is actively preparing for trial, and we remain committed to vigorously pursuing our rights.", "audio_length_s": 7.38, "path": "0b21f953a7ae9970ef3a4c30b267927c_85.wav"}, {"text": "you can tell by our spreads that when it comes to renewals that our renewals are in line with where we expected them to be.", "audio_length_s": 7.38, "path": "92287986b332deec2c9712d7c89eef08_88.wav"}, {"text": "customers in the distribution channels that we have known and done business with for long periods of time, but now have", "audio_length_s": 7.38, "path": "7d74e5d733ec60a1be27a556e7689961_46.wav"}, {"text": "Despite the late spring and some dry conditions, most of our customers are experiencing favorable planting conditions in May. It", "audio_length_s": 7.38, "path": "ee17f090e669ff9029bd1dc57db6e43e_87.wav"}, {"text": "These are the types of investment decisions that are easy to make, with expected clear and strong payback.", "audio_length_s": 7.38, "path": "b08d602a938cc263402d9d2db56f2490_22.wav"}, {"text": "that we would take, for the classes that we want, we would take all the business if it fits our underwriting. So we feel good where the pricing is.", "audio_length_s": 7.38, "path": "648ddbbaa83d8a627c7ab752f63a80bd_147.wav"}, {"text": "due to solid operating performance, lower interest expense and strong performance in our coffee joint ventures.", "audio_length_s": 7.38, "path": "1f142ea668261ba963d47aac6bab69dd_75.wav"}, {"text": "Shifting to volume. We expect core volume to be relatively flat consistent with recent trends.", "audio_length_s": 7.38, "path": "1d021dfadd51998ac079e1df49929c60_59.wav"}, {"text": "to ensure that we live in a world where we don't just sell the science, but we ensure that patients actually get access to it.", "audio_length_s": 7.38, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_19.wav"}, {"text": "Third, our leadership spends a lot of time in the field with our sales team.", "audio_length_s": 7.38, "path": "ffa357a084f4deb64797a0a32b8c5e33_206.wav"}, {"text": "And I think the other part that's going on here is flows and client activity matter, right. I think in my", "audio_length_s": 7.38, "path": "09eebad8f3c529b4c7d916c5f7766f7f_81.wav"}, {"text": "Finally, we saw a significant step-up in processing fees with the addition of CRD for the first time in our fourth quarter financials.", "audio_length_s": 7.38, "path": "09eebad8f3c529b4c7d916c5f7766f7f_15.wav"}, {"text": "that could be an opportunity, but there's nothing that we've looked at so far that", "audio_length_s": 7.38, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_118.wav"}, {"text": "list that we have with our customers and also the investments we made in certain parts of our business,", "audio_length_s": 7.38, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_120.wav"}, {"text": "As a result, direct comparisons of per share amount between years may not be that useful to investors.", "audio_length_s": 7.38, "path": "6c929ddddb79b887458ae21f1a3aa09d_86.wav"}, {"text": "and a little bit of ripple effect from the government shutdown that occurred on some of our core customers who did government work.", "audio_length_s": 7.38, "path": "abd571ccf777ac4b0a43a7487031bc8a_242.wav"}, {"text": "I don't know if it's really directly impacting us per se with the constraints on the crude side.", "audio_length_s": 7.38, "path": "712bbcab5338e07dd63dad97bb652018_77.wav"}, {"text": "see a through the cycle return that reflects the regulatory environment and that type of risk.", "audio_length_s": 7.38, "path": "81c03e2c15e8fe8213fbd40368b49581_120.wav"}, {"text": "We have to have good cultural fits. But we have some discussions going on now that I think we feel", "audio_length_s": 7.38, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_119.wav"}, {"text": "Michel will review the items that drove the reduction in operating expenses for both the year and the quarter.", "audio_length_s": 7.38, "path": "099475edf8f9944537773b1d0a2aaea6_49.wav"}, {"text": "We are seeing strong tenant demand for our buildings, declining vacancy and rising rents across the majority of these markets.", "audio_length_s": 7.38, "path": "0536b57caa15ae9f7338c4e58f9f62b6_85.wav"}, {"text": "the folks that make the decisions to go with our service sometimes they're slowing in making the decisions,", "audio_length_s": 7.38, "path": "0807d606b6cf98da19b317b4928c3572_107.wav"}, {"text": "We obviously have operated in the past in most every major basin and so I don't think we're limited", "audio_length_s": 7.38, "path": "0702a77635d50ec3b154df61456c1b63_51.wav"}, {"text": "Thanks, Kathryn, and good morning everyone. We achieved our key operating objectives and had a great fourth quarter.", "audio_length_s": 7.38, "path": "7e198f4b8da8fc367e2bca0fd1595633_63.wav"}, {"text": "as I think everybody knows, we don't speculate on potential acquisitions or other activity of the kind,", "audio_length_s": 7.38, "path": "b49c3cda0bcd26bab06abdd492274a3e_25.wav"}, {"text": "This offering will be built by evolving our brand voice, our products, our marketing and our shopping experience.", "audio_length_s": 7.38, "path": "7bac04f03928ee8894ab00007116400b_124.wav"}, {"text": "And we provided additional incentives and resources to those regions, which could drive incremental growth well into our future.", "audio_length_s": 7.38, "path": "7a80c3e91e5a2693cdaef5f716808317_194.wav"}, {"text": "Our advertising business changed profoundly over the past year as we migrated the sale of our Snap Ads to an automated auction.", "audio_length_s": 7.38, "path": "30a142fac5a62ab00227cb6a339a6226_175.wav"}, {"text": "give us some color on what's driving that? And then you also said that engagement in the older cohorts and", "audio_length_s": 7.38, "path": "30a142fac5a62ab00227cb6a339a6226_32.wav"}, {"text": "as the full face amount in excess of the carrying amount of the surplus notes is already adjusted.", "audio_length_s": 7.38, "path": "a85c54c77dd2524eedab1287ea3ceff4_127.wav"}, {"text": "Last quarter, with the assistance of the transformation office, we finalized plans for a voluntary early retirement program.", "audio_length_s": 7.38, "path": "365c360aff42713cef71a7d026eeeb6d_240.wav"}, {"text": "and therefore, no assurance can be given that they will be purchased according to the currently contemplated terms.", "audio_length_s": 7.38, "path": "3043e7527da9e59e29b7412cafeb9d80_48.wav"}, {"text": "changing expectations and instilling rigor and discipline across every task and function in the organization.", "audio_length_s": 7.38, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_83.wav"}, {"text": "We are working hard in a number of areas to improve our performance. But given the current size and complexity of this program,", "audio_length_s": 7.38, "path": "523cf294ec146d5411972168b1c10f09_3.wav"}, {"text": "That concludes our prepared remarks. Thank you for your attention. And at this time, we would like to open the call up to questions.", "audio_length_s": 7.38, "path": "97ddc19ecb28bab2d19fd3b181182062_40.wav"}, {"text": "Arc signaled a few different scenarios for the future of the Portland Terminal lease, including continuing with the lease as is", "audio_length_s": 7.38, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_22.wav"}, {"text": "opened up a -- I think we talked about this at some point in the past, that in February, we opened up a new facility in Palo Alto", "audio_length_s": 7.38, "path": "1bc08759c84df9d3f656cf53f5bb6d35_228.wav"}, {"text": "where that is for contribution from EMS now and outlook from that if you expect from all the movement in products", "audio_length_s": 7.38, "path": "19e7822c0e829faf25355c16b830cf39_27.wav"}, {"text": "information about our mix or market share. Therefore, I'm not going to elaborate further", "audio_length_s": 7.3799375, "path": "cc82e791c065bdc271addf355bac274f_26.wav"}, {"text": "can we see the impact of those initiatives? Is that something that we'll begin to see in Q2 or is that going to take a little bit longer to play out?", "audio_length_s": 7.3500625, "path": "c272c3032aa56f99fd19c220786b0636_62.wav"}, {"text": "And to the extent that we are more optimistic about the economy collectively", "audio_length_s": 7.3500625, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_264.wav"}, {"text": "that, overview of our businesses let me turn the call over to Adam for a discussion of our recent financial performance. Adam?", "audio_length_s": 7.3500625, "path": "0f8a61f667edd9a400d7abe2a7908a9e_54.wav"}, {"text": "mobile devices than in the first half of the year but still highly attractive.", "audio_length_s": 7.35, "path": "d162113e3aface010baec17bd408736b_76.wav"}, {"text": "We expect to file a new application shortly and receive a decision from the court in the coming weeks.", "audio_length_s": 7.35, "path": "10a419054cf3cc5d4ca00b7f338cc73b_6.wav"}, {"text": "Our operations teams have done an excellent job executing on our customer base, growth and retention initiatives.", "audio_length_s": 7.35, "path": "7ad622c38e1f0e472ca166e2ad70844d_48.wav"}, {"text": "Based on our experience in primates and prior human clinical studies, we believe this represents near-complete suppression of the liver production", "audio_length_s": 7.35, "path": "e2b2a746a7a2cd752c92ccfab257cfca_82.wav"}, {"text": "until sometime in September anyway. So we're going to kind of be working between both offices for a little while.", "audio_length_s": 7.35, "path": "a20052a04bcb5b7b8d242a21c859550d_31.wav"}, {"text": "We are also sponsoring several educational courses and are looking forward to a busy and productive meeting.", "audio_length_s": 7.35, "path": "5111fdad778749872c23e78c9b0d653b_69.wav"}, {"text": "where we're going as a business and thinking through the deployment services and speaking to the CAF part first.", "audio_length_s": 7.35, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_113.wav"}, {"text": "We also believe our current balance sheet positions us to have the flexibility to continue to invest in future growth opportunities.", "audio_length_s": 7.35, "path": "94fdf7b24748a7706b1097482a0f363a_124.wav"}, {"text": "Before I move on, I'd like to thank the team for their hard work and dedication throughout this challenging process.", "audio_length_s": 7.35, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_90.wav"}, {"text": "So it's -- we have a number of prospects in the pipeline. Some have", "audio_length_s": 7.35, "path": "55cbaf368288111ebc2ccadb61e3bd34_259.wav"}, {"text": "Okay. And then my second question is with the change in the tax rate.", "audio_length_s": 7.35, "path": "718a89dc503706eae0091bcd9410d567_151.wav"}, {"text": "banks. I think, when we look forward, part of our strategy is to also opening other capital markets,", "audio_length_s": 7.35, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_100.wav"}, {"text": "Silver prices are also better. In this case it is 3% up", "audio_length_s": 7.35, "path": "17ee868a7ed8656d69e6888ee4a6d550_55.wav"}, {"text": "I'm going to turn the call over to Rick to take you through our third quarter's earnings results. And then you'll be hearing from myself,", "audio_length_s": 7.35, "path": "d70a57dd52d0e4cf86a6225dca186bc2_117.wav"}, {"text": "And what percentage of sales, maybe in the last 2 or 3 years, those channels might have represented?", "audio_length_s": 7.35, "path": "8cb24daf76784487ad63780546dc4ba4_135.wav"}, {"text": "Adjustments in the fourth quarter included noncash charges for the payout of pension benefits", "audio_length_s": 7.35, "path": "8cb24daf76784487ad63780546dc4ba4_188.wav"}, {"text": "Gaming service revenue was lower mainly due to our exit of certain interactive operation.", "audio_length_s": 7.35, "path": "123a9a590195f61aa739ee9b2dec4952_65.wav"}, {"text": "stressed sort of scenario or sort of an outlook. Is there anything you can provide or give us some sort of ideas as to what", "audio_length_s": 7.35, "path": "7974a5134807f46a1484a8adf81505be_188.wav"}, {"text": "We recognize that there is a tremendous amount of work to do, but we made great strides", "audio_length_s": 7.35, "path": "04f29bc02d1e2ef65077ca67bf41f475_18.wav"}, {"text": "we did not see any notable improvements, as the economic climate for small businesses remains sluggish.", "audio_length_s": 7.35, "path": "04f29bc02d1e2ef65077ca67bf41f475_203.wav"}, {"text": "and enable us to do something very novel within each stage by setting perforations across 2 different stress profiles,", "audio_length_s": 7.35, "path": "918de179148bbfe18b95415ee0065a3d_65.wav"}, {"text": "Yes. We believe that the inspection spend should be really where the damage is. And there's ways to use this new", "audio_length_s": 7.35, "path": "145244b0378e6657d456cffca8bbc982_97.wav"}, {"text": "Some of the factors that could cause actual results to differ are discussed in the company's most recent Annual Report on Form 10-K", "audio_length_s": 7.35, "path": "145244b0378e6657d456cffca8bbc982_102.wav"}, {"text": "in the vicinity or in the estate, if you will, of a public hospital by still", "audio_length_s": 7.35, "path": "39e5706898dcaf14a280b3a123877cd6_80.wav"}, {"text": "These commercials, as well as ones for women's sandals and our sport division, supported our many key lifestyle initiatives.", "audio_length_s": 7.35, "path": "2fc915b996c687200d995736980aae9a_60.wav"}, {"text": "but probably, they will take as long as they did last time, and that means that implementation needs to be done", "audio_length_s": 7.35, "path": "fa45af64ef25007f998c655347bfbecb_440.wav"}, {"text": "and some moderating of the other nonfuel categories as we lap higher growth from fourth quarter of last year.", "audio_length_s": 7.35, "path": "839852ec8452dbd90e9341d15cbba7c5_21.wav"}, {"text": "and it's been necessary to conduct one of the largest and fastest restructures of a continuing operation in the group's history.", "audio_length_s": 7.35, "path": "beb9b090a2850e9f9feb4f00ee472d07_96.wav"}, {"text": "This has not been an easy period for them and I am proud of how they've fully embraced the new Endo culture and priorities.", "audio_length_s": 7.35, "path": "5f38ce681d4413a793d34a0650c59bf2_204.wav"}, {"text": "As in previous years, the biggest contributor to this margin improvement continues to be category mix management,", "audio_length_s": 7.35, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_166.wav"}, {"text": "Our exposure to industry segments that have been a concern for many are comparatively low, and the asset quality is good.", "audio_length_s": 7.35, "path": "bddc15938bdcc3085f19b0851e74c2c0_11.wav"}, {"text": "as you -- as the market figures out how to get more OCC back from the homes,", "audio_length_s": 7.35, "path": "1133b8984db446b9c963a09eaf0785a4_110.wav"}, {"text": "Looking beyond the immediate stimulative effects of the recovery process, the island's long-term prospects", "audio_length_s": 7.35, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_167.wav"}, {"text": "would be to really focus a lot of our hiring efforts in the metro markets that I mentioned earlier,", "audio_length_s": 7.35, "path": "15ac383479a7c990aab7b155e4d42053_24.wav"}, {"text": "One of my measures of a great partner is doing business with a person who does what they said they would do, and William has done exactly that.", "audio_length_s": 7.35, "path": "171fd9df333ddd814c764843ed624121_193.wav"}, {"text": "Now there are a couple of certain items that I should mention, and then I'll give you some details on our full year outlook.", "audio_length_s": 7.35, "path": "2ad9555a64eaa3f45bef5581adeecb9c_116.wav"}, {"text": "And then -- so we can make adjustments as we understand what the market value. So if they -- if the dividends are", "audio_length_s": 7.35, "path": "2ad9555a64eaa3f45bef5581adeecb9c_316.wav"}, {"text": "So I just wonder if you have seen that large driver demand will rebound in the first quarter next year", "audio_length_s": 7.35, "path": "bc5fa7fe146f7b14353ebd573809b0a1_71.wav"}, {"text": "We are already actively committing investment in making related masterplan aligned leasing decisions to that effect.", "audio_length_s": 7.35, "path": "6e3037e770ba5e0dfc98e3223986aad2_72.wav"}, {"text": "So when we looked at client satisfaction, when we looked at our channel checks, when we looked at how people were actually using the application,", "audio_length_s": 7.35, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_160.wav"}, {"text": "And how that fair value compares to your cost basis? Is that representative of what's left in the portfolio?", "audio_length_s": 7.35, "path": "baf97ac5f6cc21f1387a53f2755e60d7_57.wav"}, {"text": "We, therefore, continue to target an increase in full year operating income.", "audio_length_s": 7.35, "path": "f4d0f1362716be33f02690dd1a8df663_31.wav"}, {"text": "I'm pleased that we are able to complete these reactivations while maintaining or improving our high level of execution.", "audio_length_s": 7.35, "path": "4e04d3229b988f1db5b842ac5b993894_63.wav"}, {"text": "The way it goes is, once we hit stabilization,", "audio_length_s": 7.35, "path": "02825b6f22019c60be741d7e45b63f9d_33.wav"}, {"text": "We're not immune to this. However, we do believe we see a much broader opportunity set than our competitors and as a result,", "audio_length_s": 7.35, "path": "8aa1aa8317783203344434f855535c25_5.wav"}, {"text": "supported by the fair value increase in our investment in Alcami, which was driven by the company's strong performance.", "audio_length_s": 7.35, "path": "8aa1aa8317783203344434f855535c25_8.wav"}, {"text": "With respect to seasonality -- but let me put it -- back on the cash piece, let me remind you that", "audio_length_s": 7.35, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_36.wav"}, {"text": "If you take out freight and you look at the commodity side, we've reached sort of place where we feel like", "audio_length_s": 7.35, "path": "3cc0a4a6f1b08b522c732ad8944e8624_48.wav"}, {"text": "things that all of our research has shown people like that. And they have a high use of that and a high redemption rate.", "audio_length_s": 7.35, "path": "e2c02e1788cb10703d7611ef157f8135_225.wav"}, {"text": "comes to mind, but what about -- or can you talk about the availability of slots? Was that", "audio_length_s": 7.35, "path": "815f65663b3982554e82806de0cbd918_150.wav"}, {"text": "So we developed stopping rules for our Phase II trial and further, we find them in the first part of the trial.", "audio_length_s": 7.35, "path": "b281eff988085e0776dc8a10223f1048_42.wav"}, {"text": "And so we feel very good about that. And then just one other point I would put on China is the work that we're doing on digital", "audio_length_s": 7.35, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_250.wav"}, {"text": "But I think the most encouraging thing is we are literally at the table with all 10 of the major payers right now,", "audio_length_s": 7.35, "path": "265e62fc569e790d8b3e58698aaab701_146.wav"}, {"text": "We expect other channels to launch on this platform in 2019. In the coming quarters,", "audio_length_s": 7.35, "path": "20097e37747ec7bc3734246e83798fb1_148.wav"}, {"text": "and we're in key discussions. Rick has actually spent a lot of time in Europe and might be able to add a little more color on that.", "audio_length_s": 7.35, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_94.wav"}, {"text": "However, given the continued change in the commercial real estate landscape as well as specific limitations on certain of our remaining properties,", "audio_length_s": 7.35, "path": "7a29e2dcd505f944b16d1e3173cb1c01_54.wav"}, {"text": "last year due to lower ZALVISO shipments to Grunenthal, as they continue to work down the inventories purchased", "audio_length_s": 7.35, "path": "bd40628b97efec198825ccf910c7e27e_68.wav"}, {"text": "I won't answer the question in the way you're asking it as in a specific breakout because that's a competitive issue.", "audio_length_s": 7.35, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_100.wav"}, {"text": "It's been proven time and again that new models are highly sought after with very strong demand.", "audio_length_s": 7.35, "path": "10728656364812338b7417b035dae4c4_6.wav"}, {"text": "A full listing of these risks is posted on our website. As a result of these risks, actual results may differ materially.", "audio_length_s": 7.35, "path": "bb2ca5b87982b2388d82cd64a73f08cf_99.wav"}, {"text": "It is a tough time to be in the power business, but our efforts have helped mitigate these downside risks", "audio_length_s": 7.35, "path": "151a08a0353f92bc3a78bbf8a17b52aa_105.wav"}, {"text": "probably a little bit too high because it was earning -- and I say Argentina, I should be saying Southern Cone because it's the group of countries there.", "audio_length_s": 7.35, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_184.wav"}, {"text": "have our efforts really focused on the discovery phase and have our partners do development.", "audio_length_s": 7.35, "path": "e78997e6a75a2243292b2b54750bb3cb_108.wav"}, {"text": "In addition, we were negatively impacted by outages at our site in Ohio, which negatively impacted the site for 7 days,", "audio_length_s": 7.35, "path": "809e26eaacb31ffdee78d3f41a6ce90a_11.wav"}, {"text": "and showing off what we can do and trying to secure additional clients.", "audio_length_s": 7.35, "path": "f77935c4693e4d33252c9c76993e9c8b_194.wav"}, {"text": "These contracts are the tangible sign of our capability to successfully operate in the region.", "audio_length_s": 7.35, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_151.wav"}, {"text": "Look, it's tough out there and there's definitely no easy path in these difficult markets to change things around easily.", "audio_length_s": 7.35, "path": "948f025c16fce2bcb2909e610c9be557_110.wav"}, {"text": "We continue to be aware of the concerns around liquidity and cash flow as we fight through these down markets and we're very mindful", "audio_length_s": 7.35, "path": "948f025c16fce2bcb2909e610c9be557_315.wav"}, {"text": "with very strong margin expansion in our developed markets and more growth coming from our emerging markets.", "audio_length_s": 7.35, "path": "9b697782ea80be97854f35d6fc62c93a_67.wav"}, {"text": "you will find videos that compare the performance of our QRT ultra products to comparable TAD ultra products.", "audio_length_s": 7.35, "path": "8b2f9d78b826db37ca84dae4d193d8a3_9.wav"}, {"text": "We are also currently evaluating several potential acquisitions that could be a good fit for our company.", "audio_length_s": 7.35, "path": "741526dd2a3db996d2f22f4bcdae4be6_69.wav"}, {"text": "into the first lien credit facility, thereby, meaningfully reducing our weighted average interest rate.", "audio_length_s": 7.35, "path": "741526dd2a3db996d2f22f4bcdae4be6_54.wav"}, {"text": "As we mentioned last quarter, we do expect our return on assets to moderate from the particularly strong levels currently,", "audio_length_s": 7.35, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_175.wav"}, {"text": "where you stand in that process, have those been moving forward? Are they kind of stuck in the slow testing and validation", "audio_length_s": 7.35, "path": "e97d1655ebabb8403ac0449eadb48f9b_27.wav"}, {"text": "Now let me move to the progress we are making to further diversify and strengthen our offering of aesthetics solutions.", "audio_length_s": 7.35, "path": "c40b5d1a13169c5acf69590932a56f98_139.wav"}, {"text": "Our goal is to position STRATA as a business partner, one that can help practices and physicians be successful.", "audio_length_s": 7.35, "path": "33ed8514914fae6825997843290fe049_67.wav"}, {"text": "We're very excited to continue our steady progress towards this goal. With that, I'll turn the call over to Carolyn.", "audio_length_s": 7.35, "path": "87045996e7446329f1d98c909c6ca7fe_210.wav"}, {"text": "The offer from MTY represents an opportunity for shareholders to accelerate that growth.", "audio_length_s": 7.35, "path": "416ebb7a4160f7cd2f98361cbd1cb769_129.wav"}, {"text": "and making sure we take the opportunity to maintain our margins because that's where the focus is and we think we have enough levers", "audio_length_s": 7.35, "path": "01f88a67f39af3a74d5f23b095615d39_44.wav"}, {"text": "As you've seen, the ratios are basically flat in Central America, and in Colombia, we still did have a bit more deterioration", "audio_length_s": 7.35, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_181.wav"}, {"text": "if I'm buying out the phone versus taking an installment plan, is the revenue any different to you?", "audio_length_s": 7.35, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_247.wav"}, {"text": "But there will be data available and of course, we would like to be able to talk about it.", "audio_length_s": 7.35, "path": "f542ab325f47ed150e28888da2f85871_27.wav"}, {"text": "that explored a wide range of doses across different patient populations because dose response is not necessarily the same", "audio_length_s": 7.35, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_106.wav"}, {"text": "And we said we would be reviewing our footprint, and we also said that we would not wait for the strategic plan", "audio_length_s": 7.35, "path": "a0f5944a79ea5150378d21e6a9ac05d8_88.wav"}, {"text": "These filings identify important risk factors that could cause actual results to differ materially", "audio_length_s": 7.35, "path": "c36ef43210d40b0d1ad8f2acc597c76b_109.wav"}, {"text": "And we're going to be watching them like hawks to make sure that they stay on there. And our marketing teams, the other part of our marketing teams", "audio_length_s": 7.35, "path": "50e17cbbbef8897681cc5f8ae110aae2_67.wav"}, {"text": "We have strengthened our partnership and processes with key vendors to provide consistent and reliable products", "audio_length_s": 7.35, "path": "7498a6630302a038bd537d192c3a44f4_231.wav"}, {"text": "All right. So you're saying that 50% of the rail rate increase you were able to cover with your own pricing initiatives.", "audio_length_s": 7.35, "path": "2a7af3c66762ce608379005a3d7bfa96_78.wav"}, {"text": "potentially it's a more complicated business plan that it is, but when we took a look at this and the way we assessed it,", "audio_length_s": 7.35, "path": "3c80de013154b028ecdc6354d16c6fbc_28.wav"}, {"text": "overall, I think that the team is working pretty hard, and we have a few opportunities that", "audio_length_s": 7.35, "path": "7e2ebcd981f5b5ecb18c04906f87d768_49.wav"}, {"text": "reducing the time and cost for well completion and stimulation programs, owing to a lesser and lower stage count.", "audio_length_s": 7.35, "path": "5633fe3600ee04237bbb918c56341864_90.wav"}, {"text": "Moving on to our outlook for the remainder of the year, given our year-to-date performance and forecast expectations,", "audio_length_s": 7.35, "path": "01b376669d5ea40acc7fb5a87503586e_149.wav"}, {"text": "For factors that could cause such differences, please refer to our regulatory filings with the Securities and Exchange Commission,", "audio_length_s": 7.35, "path": "e29584f9f829602cacebcce71c2a4fb9_1.wav"}, {"text": "and work very similarly. So all I can say is that we have a number of different series that we're working on.", "audio_length_s": 7.35, "path": "1270f7f67f406b52a2ee86584b452bff_37.wav"}, {"text": "We're going to meet or beat pro forma stabilization on that. So I think we've been well cadenced on how we've balanced", "audio_length_s": 7.35, "path": "97b9c8b95449565c1f280a2b61a65b31_28.wav"}, {"text": "our company will always be focused on improving the employee experience, which is a core part of how we drive our financial results.", "audio_length_s": 7.35, "path": "078b27aa69b10aa01f2eab2aa681bdd8_13.wav"}, {"text": "We have successfully executed the restructuring actions that we outlined last quarter, and we will see the benefit in our fourth quarter.", "audio_length_s": 7.35, "path": "18e82b076319ac52f8a4b391ea345abd_7.wav"}, {"text": "The new law is very complex and as the details are further clarified, we may see additional adjustments in future quarters.", "audio_length_s": 7.35, "path": "18e82b076319ac52f8a4b391ea345abd_89.wav"}, {"text": "And for anybody who would like to ask questions about how I got these numbers or whatever, well, please feel free to", "audio_length_s": 7.35, "path": "82ccbfb62e125b146fba0f8e4347cc62_8.wav"}, {"text": "it is sensible. It's not that easy to transport, and the unit value is", "audio_length_s": 7.35, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_232.wav"}, {"text": "The prior application proposed a transaction that would have involved the sale of the company's academic-related assets,", "audio_length_s": 7.35, "path": "4311782968e936c378fdee8946cd9cca_36.wav"}, {"text": "but is expected to be comparable to other shared service arrangements currently in place in the higher education marketplace,", "audio_length_s": 7.35, "path": "4311782968e936c378fdee8946cd9cca_102.wav"}, {"text": "Often those patients then are also discharged to home health. And let's just assume that at that point", "audio_length_s": 7.35, "path": "b126c31149f1cadf1d891082a187d6fc_114.wav"}, {"text": "So it's about making sure that we're comfortable that we're going to continue to generate,", "audio_length_s": 7.35, "path": "e0d1342ad3d27fd648b708837de08797_285.wav"}, {"text": "depending on what we see as -- on how we want to manage our cash, and we'll obviously do that as we go forward.", "audio_length_s": 7.35, "path": "66b25c60d952bd002c7ab20da9248086_72.wav"}, {"text": "This is primarily a result of additional anticipated pharmacy sales for our PBM and Part D products.", "audio_length_s": 7.35, "path": "a2ba164f019804628c07b36de47cd464_22.wav"}, {"text": "But we believe there are also great organic growth opportunities to create value, which we will pursue with vigor.", "audio_length_s": 7.35, "path": "b6688f44b91606fbd75a6d66e94d4e4b_233.wav"}, {"text": "These financial results directly contributed to further strengthening of an already strong balance sheet.", "audio_length_s": 7.35, "path": "64364105b816dd0b6a029e9cd210e65b_200.wav"}, {"text": "but to get on with demonstrating to investors that we're able to sustainably grow profits into the future.", "audio_length_s": 7.35, "path": "24a133abc343c813233d416b0cef96cd_213.wav"}, {"text": "These cash inflows were used to fund ongoing investments across all of our verticals and reduce our debt.", "audio_length_s": 7.35, "path": "692de133aab90ff6681b2c45b433b32b_55.wav"}, {"text": "continues to be challenging, and it's mixed but we believe manageable from an economic standpoint.", "audio_length_s": 7.35, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_174.wav"}, {"text": "it's more difficult to roll it out in smaller companies because it requires", "audio_length_s": 7.35, "path": "ffe22f8bcf153b8b51f6e52039686c1e_59.wav"}, {"text": "depend on our sub-acquiring business more than anything else. Therefore, we are very optimistic.", "audio_length_s": 7.35, "path": "ffe22f8bcf153b8b51f6e52039686c1e_121.wav"}, {"text": "a period that has allowed for the growth and development of the team and the positioning of the business.", "audio_length_s": 7.35, "path": "7d74e5d733ec60a1be27a556e7689961_32.wav"}, {"text": "Real happy with the performance of Travel Network in the first and second quarter to date. On the Solutions side, again,", "audio_length_s": 7.35, "path": "b08d602a938cc263402d9d2db56f2490_194.wav"}, {"text": "Please be advised that actual results could differ materially from those stated or implied by our forward-looking statements", "audio_length_s": 7.35, "path": "3e42c35588dc721e96280bc039e96c8d_92.wav"}, {"text": "As we've previously mentioned, although we do not plan on growing our consolidated truck count above the 2015 fourth quarter levels,", "audio_length_s": 7.35, "path": "14fa9d7635caae6483af62a4bfe1b9d6_95.wav"}, {"text": "How much margin expansion is contemplated at Intermodal? What are the biggest risks to expanding margins?", "audio_length_s": 7.35, "path": "14fa9d7635caae6483af62a4bfe1b9d6_216.wav"}, {"text": "Turning to Slide 15. Even though we don't believe this market will be a reality, we are acting as if it will.", "audio_length_s": 7.35, "path": "5b331cf4e6f62ec9a9c30a4728e36054_113.wav"}, {"text": "So to summarize. We ended the third quarter with a solid core performance. We have strong momentum heading towards the end of the year.", "audio_length_s": 7.35, "path": "96488f25af54f91198b444e5eff8e878_22.wav"}, {"text": "and Adam Logal, Chief Financial Officer, will provide an overview of the company's financial performance during the quarter.", "audio_length_s": 7.35, "path": "0f8a61f667edd9a400d7abe2a7908a9e_1.wav"}, {"text": "solve themselves for us. So other than that, we really didn't see a lot of impact in any other piece of the business.", "audio_length_s": 7.35, "path": "6cbf592846662213258684c3049e4592_140.wav"}, {"text": "I'd like to focus the balance of my remarks on our outlook for 2017 and capital deployment priorities.", "audio_length_s": 7.35, "path": "1378aabd380e63d3f89fe0e445fc8b06_53.wav"}, {"text": "when I look at the impact it can have on your returns, your ROEs, it can make a big difference. So just your thoughts there.", "audio_length_s": 7.35, "path": "933faa5ac159ab158506e2bc0f714977_122.wav"}, {"text": "actively pursuing at the level we are now. But we think it's a huge opportunity for the company. And", "audio_length_s": 7.35, "path": "933faa5ac159ab158506e2bc0f714977_69.wav"}, {"text": "here with Orenitram, which is the third reason we believe that there will be many thousands of additional treprostinil patients.", "audio_length_s": 7.35, "path": "8f92dfb06900be4f209f31f24cb885fb_98.wav"}, {"text": "As regards to the third brand, we continuously look at the market as well as opportunities", "audio_length_s": 7.35, "path": "00a36b039cb49e6b99bb6d17635a3c25_87.wav"}, {"text": "This year, we are focused on the integration of MPI and the continued execution of our strategy.", "audio_length_s": 7.35, "path": "50eb350badadec6e4272b90684741c25_168.wav"}, {"text": "And we will increase the development focus on extending the technology differentiation for private networks,", "audio_length_s": 7.35, "path": "dbf6a9009ea60e2e96772ee3ccea7226_66.wav"}, {"text": "and finally provide further support to several marketing initiatives for our Butler assets, including enhanced credit support.", "audio_length_s": 7.35, "path": "5f4034bd1c0669186fcee6909c5d59e7_51.wav"}, {"text": "We made substantial progress on our cost-saving activities during the quarter as we completed the consolidation of 41 banking centers", "audio_length_s": 7.35, "path": "f88c5f000050c9f72aa383f71d97ffe7_34.wav"}, {"text": "And they're -- and we've driven more than 1 million miles on these on the road. So we know that they're safer.", "audio_length_s": 7.35, "path": "f268a8174f58c93ad6b45b7f151fe896_64.wav"}, {"text": "Volume growth, lower dray costs and improved mix and lane balance partially offset the decline.", "audio_length_s": 7.35, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_54.wav"}, {"text": "or advancing new products and services through our integrated plan and care delivery operations in Brazil.", "audio_length_s": 7.35, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_176.wav"}, {"text": "a timing thing, probably a little bit. And then also this what we have been now discussing for a couple of months.", "audio_length_s": 7.35, "path": "538323cb37246bc97d1253b369a7414a_199.wav"}, {"text": "On the global client franchise, we've, over the last few years, invested in increased client proximity.", "audio_length_s": 7.35, "path": "bf99037f89cd485f95f097842619a0c7_16.wav"}, {"text": "Before I get into more detail, I will review revenue performance by product group.", "audio_length_s": 7.35, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_27.wav"}, {"text": "The answer is obviously, we'll look at all of those. But as I said earlier in my comments, as we continue to the delever, I think it opens up", "audio_length_s": 7.35, "path": "b49c3cda0bcd26bab06abdd492274a3e_50.wav"}, {"text": "It continued to be a positive contributor right up the end of the Iron Hill deposit mine life,", "audio_length_s": 7.35, "path": "a83cbbbd8810dc0b05f8746b36ff4c36_1.wav"}, {"text": "are intuitive, easy to use and that we build in solutions, so that people don't have to seek out", "audio_length_s": 7.35, "path": "365c360aff42713cef71a7d026eeeb6d_65.wav"}, {"text": "Therefore, it's critical as we move forward that we continue to be true to The Tile Shop way of doing business.", "audio_length_s": 7.35, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_142.wav"}, {"text": "But more -- I think more importantly, as the volumes through Singapore increase, which we expect them to,", "audio_length_s": 7.35, "path": "8dd740d83ff1c7319a82eeba6047633d_184.wav"}, {"text": "And we also will continue to renew the existing contracts and strengthen the relationship with our retailers.", "audio_length_s": 7.35, "path": "153ca64e1ddbb5b38a71827429635d48_48.wav"}, {"text": "and restructuring and spin expenses and charges related to the devaluation of our previously held Venezuela business from the prior year results.", "audio_length_s": 7.35, "path": "77f146e76d89a5be785a39ab23dfa763_53.wav"}, {"text": "of what you think the business climate might be in the next 4 years and if you think it'd be helpful for ECIG. On", "audio_length_s": 7.3499375, "path": "c68c15299b67173c7ae163cc5938f3c1_33.wav"}, {"text": "versus kind of some of the other options are really off-target effects of different drugs. This is a very", "audio_length_s": 7.3499375, "path": "49a78c1ec143d9ac46e893e77198c0e3_203.wav"}, {"text": "While overall market volumes are soft, there are plenty of opportunities for new sources of growth.", "audio_length_s": 7.3499375, "path": "e35fae1d3df1f7aeda409f90f200ec7b_132.wav"}, {"text": "We expect the acquisition of Orlaco to drive additional opportunities and growth for our Electronics segment.", "audio_length_s": 7.3499375, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_77.wav"}, {"text": "You should expect us to be focused on assets consistent with our strategic goals of balance sheet strength, improving operations", "audio_length_s": 7.3200625, "path": "93d3e5be9cf75e0921d47f10d4178939_68.wav"}, {"text": "Then, on top of this, in order to reach our guided range, you have to produce a certain number in cash flow.", "audio_length_s": 7.32, "path": "364a769967b9b1a7cd069e2ce95c6e25_45.wav"}, {"text": "we just really want to try to demonstrate what piece of our business is lending versus business services. So", "audio_length_s": 7.32, "path": "92b48b365197c65ebf545a4c9dd1200d_201.wav"}, {"text": "our earnings would improve, our leverage would trend back toward our more historical range and our coverage would improve.", "audio_length_s": 7.32, "path": "7ad622c38e1f0e472ca166e2ad70844d_4.wav"}, {"text": "These covenants are tested at the travel level first and then at group, only if they have reached at the travel level.", "audio_length_s": 7.32, "path": "214dcdc435ef3259490466447858fa56_100.wav"}, {"text": "Growth in the Middle East continues to be a key focus, as we seek to expand our presence in the region.", "audio_length_s": 7.32, "path": "569834a5cb8a33dfeac20dfa8e03afb3_82.wav"}, {"text": "our newly opened Mexico city office and Mexican trading entities.", "audio_length_s": 7.32, "path": "569834a5cb8a33dfeac20dfa8e03afb3_18.wav"}, {"text": "from their data centers to their subscribers across the entire access infrastructure.", "audio_length_s": 7.32, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_103.wav"}, {"text": "And I'm wondering what does this mean as we go forward. Is this, the Q4, kind of the right mix to think", "audio_length_s": 7.32, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_64.wav"}, {"text": "pursue growth. So in earnest in fiscal 2019, the future vision of Yahoo is something we would like to achieve and realized.", "audio_length_s": 7.32, "path": "a93681c92a0b9c04743f541a54b180c7_199.wav"}, {"text": "it's cyclical during the month. And so to the extent that the funds come in, it reduces our need", "audio_length_s": 7.32, "path": "54cde38ae040b5e2c4e1f3c85691f907_135.wav"}, {"text": "I know there's also a supply side issue as well, but I just wonder if you could talk more about the demand side because", "audio_length_s": 7.32, "path": "95962e0f754f9e2f786778c85d0913b8_78.wav"}, {"text": "give us confidence that a selected look at pricing can be successful is one,", "audio_length_s": 7.32, "path": "d28b2b09c127b5be033738aa3cd380b3_178.wav"}, {"text": "and the ambition of what the contribution of innovation is going to be is a key element.", "audio_length_s": 7.32, "path": "9014ac9cbc2cff30468f1bcb659c0f66_181.wav"}, {"text": "I'm still a little unclear on what the newly approved projects are. So can you give a little more detail on what that", "audio_length_s": 7.32, "path": "718a89dc503706eae0091bcd9410d567_200.wav"}, {"text": "picture question on the margin contraction that we've seen this year. It seems that seeing the branded business that you have,", "audio_length_s": 7.32, "path": "6c7cc87ae188a5ad707fc0e523dea753_149.wav"}, {"text": "the landing on a particular day and the day of the week and the timing around Christmas does", "audio_length_s": 7.32, "path": "3bdb43dc1bcef6eff76f45efedb6a211_99.wav"}, {"text": "is the right thing to do in the midterm as well as the fastest way to gain scale and to become profitable.", "audio_length_s": 7.32, "path": "54558afacef9ab3010d5a57ac4feb664_138.wav"}, {"text": "significant plans that are embedded in that expense guidance we've already given, and I don't think that", "audio_length_s": 7.32, "path": "13220986bf30f26076a674e2a9edc89c_189.wav"}, {"text": "We've assigned additional personnel to assist our customers in this process and expect to work through the backlog over the balance of the year.", "audio_length_s": 7.32, "path": "55d05334bdde612eb9dd102bb41d216e_107.wav"}, {"text": "And of course, this is then impacting us that we have an under-absorption. And on top of that, we also have some", "audio_length_s": 7.32, "path": "75b0b010cea5a159f55403f51894b1ae_107.wav"}, {"text": "playing its role. And when that happens you begin to see the pressure on margins actually", "audio_length_s": 7.32, "path": "4c0e38d8d88c73a7a01dc542a85b2604_17.wav"}, {"text": "and our experienced management team is well qualified to manage our businesses effectively.", "audio_length_s": 7.32, "path": "7974a5134807f46a1484a8adf81505be_74.wav"}, {"text": "They've been forcing people to come to the hospital or the clinic to get the experimental medicine. So I think it'll be a very interesting study,", "audio_length_s": 7.32, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_125.wav"}, {"text": "research centers and others. So that's one thing. The second thing is that we are highly focused on service.", "audio_length_s": 7.32, "path": "8bbc2f54137b794265dfb01f1559868d_120.wav"}, {"text": "laboratory information systems and the consolidation of our 2 Southern California facilities.", "audio_length_s": 7.32, "path": "8bbc2f54137b794265dfb01f1559868d_102.wav"}, {"text": "Before we get into those details, I want to give you a quick update on a few items that have transpired over the last month.", "audio_length_s": 7.32, "path": "9589f919b51ea96f732c4fe7fd180d7e_1.wav"}, {"text": "This also explains why, whenever we stood back and really looked critically at our otherwise very long life portfolio", "audio_length_s": 7.32, "path": "ada4e338c266148264077e06bac68005_59.wav"}, {"text": "if we have an open slot in Baudette, this gives us the opportunity to advance several at one time", "audio_length_s": 7.32, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_73.wav"}, {"text": "regarding the assistance to caregivers, for instance, short stays to", "audio_length_s": 7.32, "path": "39e5706898dcaf14a280b3a123877cd6_8.wav"}, {"text": "These very strong results are driven by a number of factors, including, one, our success in attracting new customers,", "audio_length_s": 7.32, "path": "957e0f876f9a4af9b498c19843675474_39.wav"}, {"text": "is not permitted without written authorization from the company. As a reminder, today's call is being recorded.", "audio_length_s": 7.32, "path": "ca2bc8d693d4751cc88444d2e715f645_0.wav"}, {"text": "a little bit of reduction on revenue, at least in the second half of the year.", "audio_length_s": 7.32, "path": "cfbe91105113db7a5784f77e411b7a3f_111.wav"}, {"text": "to sit down and discuss what are the other options, because a lot of the capital that was going to come in was going to be for us to", "audio_length_s": 7.32, "path": "392ca3d1e388c6d7a35f6d0db390c359_209.wav"}, {"text": "We also continued to return capital to shareholders, buying back approximately 2 million shares in the third quarter.", "audio_length_s": 7.32, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_136.wav"}, {"text": "to the best of our knowledge, we believe at this point in time that we have not been noticed from any Paragraph IV filers, so it think it's probably maybe the best way to", "audio_length_s": 7.32, "path": "5f38ce681d4413a793d34a0650c59bf2_224.wav"}, {"text": "The revised plan reflects a lower estimated fair value for certain reporting units and intangible assets.", "audio_length_s": 7.32, "path": "5f38ce681d4413a793d34a0650c59bf2_118.wav"}, {"text": "We'll focus our efforts and resources behind XIAFLEX and its approved indications and in pursuing an indication", "audio_length_s": 7.32, "path": "5f38ce681d4413a793d34a0650c59bf2_77.wav"}, {"text": "We had also positive performances in ICT revenues and particularly in wholesale this quarter.", "audio_length_s": 7.32, "path": "23181e15a64aff686a4bbef534a46cb3_84.wav"}, {"text": "This quarter, we saw robust instrument placements around the world with exceptional strength in our Hyperion Imaging System.", "audio_length_s": 7.32, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_39.wav"}, {"text": "Revenues held up reasonably well against the backdrop of negative interest rates, although results did benefit from some one-offs.", "audio_length_s": 7.32, "path": "bddc15938bdcc3085f19b0851e74c2c0_257.wav"}, {"text": "In NCOU, we continue to liquidate positions even though the environment was not always conducive to doing so.", "audio_length_s": 7.32, "path": "bddc15938bdcc3085f19b0851e74c2c0_175.wav"}, {"text": "we understand the unique training needs of different segments and intend to curate specific content offerings", "audio_length_s": 7.32, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_241.wav"}, {"text": "And with the current rates that will flip in the second half to approximately the same magnitude,", "audio_length_s": 7.32, "path": "e1da48985804bd3d99dffc5e33b6124b_51.wav"}, {"text": "what sort of offering from companies would I get at the moment? Because it seems that most listed players are pulling back, given the", "audio_length_s": 7.32, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_117.wav"}, {"text": "With the success of Summer Jam in New York last month, are there any plans to expand it to a series of concerts?", "audio_length_s": 7.32, "path": "6b5a6b4dce64e7db04bee7d7b7d37aba_27.wav"}, {"text": "Our strategies require investment of capital and personnel development, which is why we have been focused on our cash management.", "audio_length_s": 7.32, "path": "a44c74bdc01aa7e317addc11f2274e11_151.wav"}, {"text": "lower transactional volume in the International segment and lower compliance volume in U.S. Capital Markets.", "audio_length_s": 7.32, "path": "1244d2b5a259c3bc73742830d60d53fc_48.wav"}, {"text": "as well as cost reduction initiatives, partially offset by increased investments in our technology function.", "audio_length_s": 7.32, "path": "1244d2b5a259c3bc73742830d60d53fc_49.wav"}, {"text": "So we continue to see strong demand for existing and expansion capacity on our gas assets, and we believe we're well positioned", "audio_length_s": 7.32, "path": "2ad9555a64eaa3f45bef5581adeecb9c_279.wav"}, {"text": "We delivered excellent fourth quarter results highlighted by strong operating margins across all segments,", "audio_length_s": 7.32, "path": "a965bbd76f3d449c86e8c27d03ac192f_144.wav"}, {"text": "stepped out of the business. One of them, Winset, and immediately we saw an increase in broker activity.", "audio_length_s": 7.32, "path": "bda4b365d7a8386d5d2e6b4575d08a57_77.wav"}, {"text": "We continue to analyze on a constant basis what's going to happen with prices", "audio_length_s": 7.32, "path": "38b2f94da12bbf2d32246763aab8265a_9.wav"}, {"text": "the most recent wave of claims pertain to deaths", "audio_length_s": 7.32, "path": "38b2f94da12bbf2d32246763aab8265a_36.wav"}, {"text": "We continue to see a tremendous amount of opportunity for our technology and are pursuing all avenues of growth.", "audio_length_s": 7.32, "path": "1ddc944827b99caf8c7867ceeed0ec20_52.wav"}, {"text": "The number of certified CyberArk engineers is also growing and already helping with implementations and ongoing service delivery.", "audio_length_s": 7.32, "path": "b2d6357f46f3a82cff6625277f9a20f6_165.wav"}, {"text": "contractors or owners or developers may or may not have started and met the safe harbor under the tax rules.", "audio_length_s": 7.32, "path": "636d6909fbd8656f88f72f66a3a162ff_124.wav"}, {"text": "The gas utility subsector within midstream is a customer group that has recognized the benefits of integrated supply.", "audio_length_s": 7.32, "path": "40e11288ea7cb86fdf307dbe648142e3_155.wav"}, {"text": "With that, I'll turn it over to Richard. Thank you, Paul. Based upon the progress and momentum of our strategic initiatives", "audio_length_s": 7.32, "path": "65b48a7260ef038ff1bec3cc200331c3_19.wav"}, {"text": "this entire period and I would say for many, many years, as you know, we have been and continue to be very strong in Canada.", "audio_length_s": 7.32, "path": "65b48a7260ef038ff1bec3cc200331c3_197.wav"}, {"text": "Previously, these banners were a small part of a large company, which was focused on a completely different sector retail.", "audio_length_s": 7.32, "path": "65b48a7260ef038ff1bec3cc200331c3_4.wav"}, {"text": "we don't think it would be a problem to finance that or bring partners in to do a large acquisition.", "audio_length_s": 7.32, "path": "30e94343ee663488872ae176b419a163_58.wav"}, {"text": "Our plan kicked off in January but, it took months to get the right agents in place to ensure solid coverage in each region.", "audio_length_s": 7.32, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_58.wav"}, {"text": "wanting to return. The only thing preventing them from doing so is that rule. So I think it's quite interesting that it's actually", "audio_length_s": 7.32, "path": "5664a96b7f1182d037b901d84eeb4fd6_147.wav"}, {"text": "that said, I don't think there's anything else within the software space that we would want to or be likely to do.", "audio_length_s": 7.32, "path": "5664a96b7f1182d037b901d84eeb4fd6_194.wav"}, {"text": "We -- where we have good performance, track records and can deliver investment innovation to meet those demands,", "audio_length_s": 7.32, "path": "be8b554309f7632bc9ebbd967764001e_23.wav"}, {"text": "coupled with great targets and then the talents to run those businesses. And then I'll drop down to the last bullet point where I talk about", "audio_length_s": 7.32, "path": "1c89bbe35013b8f40511ac9ba8824242_40.wav"}, {"text": "a kind of a slow ramp up to that 1,500 tonnes a day as we get into those stopes. We kind of want to open up", "audio_length_s": 7.32, "path": "e5040d02fba73a359d3f7cb346517ce1_82.wav"}, {"text": "so we have to launch those brands, too. So we are just making sure that any guidance we provide to you", "audio_length_s": 7.32, "path": "3df0981a2d94ed56170b78330aa72ee9_162.wav"}, {"text": "that occurred in the quarter given the strong earnings performance that we're showing thus far in the year.", "audio_length_s": 7.32, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_47.wav"}, {"text": "We enter 2018 from a position of strength, with the opportunity to drive sustainable growth and value to our shareholders.", "audio_length_s": 7.32, "path": "dd28a387ccc9575df47840b850647c7f_136.wav"}, {"text": "investment activity in our business, visibility into our business model and results, the reduction of", "audio_length_s": 7.32, "path": "6a372ea97b0b130a4d37f16b54d97909_117.wav"}, {"text": "and cash included in the entities sold. We also had a reduction in cash required for settlement activities and clearing deposits.", "audio_length_s": 7.32, "path": "6d97c63e754383663561baada77c7354_89.wav"}, {"text": "to do some of that activity in other segments? Yes, Jim, so the bulk of it -- the bulk of it is from the acquisitions, but there are a few other areas", "audio_length_s": 7.32, "path": "02deeb29574f1571812a11f66bb8fda1_53.wav"}, {"text": "but B2B commerce as well. And I don't think anybody can really touch the tremendous success we've had since", "audio_length_s": 7.32, "path": "16ed973148ce103dc95fdcfaf35bbe7b_221.wav"}, {"text": "of what's the physical amount of oil in the ground. And we expect them to continue to", "audio_length_s": 7.32, "path": "10dfe5270a7e4216d68614041d2a9bbe_27.wav"}, {"text": "In parallel, we're growing and choosing what proteins to target, in what applications and markets,", "audio_length_s": 7.32, "path": "885b465648704d8a5d15bd00078e2160_107.wav"}, {"text": "But with the second half moving in, the application product sales are getting back.", "audio_length_s": 7.32, "path": "e271ed845347e9c930ab0a44eb7785da_93.wav"}, {"text": "Step one was the development of a company-wide emphasis on streamlining our business and organization.", "audio_length_s": 7.32, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_137.wav"}, {"text": "Back in 2015, we indicated that we were going to be targeting much more substantial returns on capital that could", "audio_length_s": 7.32, "path": "6ad1d7c855ceb3eb830c365e357e4510_206.wav"}, {"text": "on Slide 15. Our Pennsylvania Regulated segment earnings for the third quarter were flat compared with a year ago.", "audio_length_s": 7.32, "path": "526e0d5398a516831b49936c31a8ea1c_164.wav"}, {"text": "We're not prepared to talk about what the commercialization organization is going to look like and the timing of the build.", "audio_length_s": 7.32, "path": "e78997e6a75a2243292b2b54750bb3cb_158.wav"}, {"text": "So it means that it is my intention to move ahead with the real estate master plans of Madrid and Barcelona for many reasons.", "audio_length_s": 7.32, "path": "8cd753ed00aeee0ed32d03823eef3f7e_162.wav"}, {"text": "any sizable amount of that revenue recognized in the fourth quarter?", "audio_length_s": 7.32, "path": "9098e5640309f25da0d4dfa04789a36f_78.wav"}, {"text": "These increased discounts were partially offset by continued progress on our sourcing initiatives, which drove down product cost.", "audio_length_s": 7.32, "path": "63eaf9677d7577484a1557ae6bfbb585_90.wav"}, {"text": "but even more so for Vonage because our solutions are built from a common One Vonage platform,", "audio_length_s": 7.32, "path": "52a4e3ebf7e968a783401230c3f69a9d_179.wav"}, {"text": "during the fourth quarter, which positions us so that we'll not need to access the equity markets until well", "audio_length_s": 7.32, "path": "626da68f2b245869534a0316b8b6139a_38.wav"}, {"text": "Suite product, a refreshed casino and new dining and entertainment options are especially important to give these guests more opportunities", "audio_length_s": 7.32, "path": "a7228e39e0d5f04dfba28fe3477e034a_67.wav"}, {"text": "and provides additional time and flexibility to continue exploring and executing our strategic alternative process.", "audio_length_s": 7.32, "path": "8b2f9d78b826db37ca84dae4d193d8a3_12.wav"}, {"text": "The calculation of this tax is quite complex and the measurement dates and requirements subject to further IRS guidance.", "audio_length_s": 7.32, "path": "333d478ab06fd400afafa68f4a952191_125.wav"}, {"text": "what's the right strategic direction for the group to create value, but it's not", "audio_length_s": 7.32, "path": "e00fd35e201a8607d264b803a5130c59_155.wav"}, {"text": "but also some higher demand from our customers and, of course, integrating Bournemouth Water into it. So revenues have grown strongly.", "audio_length_s": 7.32, "path": "e00fd35e201a8607d264b803a5130c59_102.wav"}, {"text": "From a strategic standpoint, we did note the preference to build liquidity during Q1 given the uncertainty around the ultimate", "audio_length_s": 7.32, "path": "8d9efef3c305ec549fb15daa27107c83_25.wav"}, {"text": "Based on our analysis of our sales funnel activity and the number of institutions that are in the later stages of the sales cycle,", "audio_length_s": 7.32, "path": "1ad54837f74515ad7caa2a50d70459c9_156.wav"}, {"text": "And finally, our financial leverage and total leverage ratios were within our targets as of the end of the third quarter.", "audio_length_s": 7.32, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_86.wav"}, {"text": "We mentioned that we were a little late responding with rate, and that it would take a few quarters before rate actions would impact results.", "audio_length_s": 7.32, "path": "7ebbb41dcefeb482191f8bc22031b5d9_31.wav"}, {"text": "for the seller, because it is technical assets and resources that our customers can use,", "audio_length_s": 7.32, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_142.wav"}, {"text": "and may ultimately drive increased demand for new equipment, as stronger carriers attempt to recover lost productivity.", "audio_length_s": 7.32, "path": "8eaca8d8a419f74540f69ade8defabbd_23.wav"}, {"text": "The primary drivers of the increase of the full year impact of the 25 basis point spread increase with our term loan credit facility,", "audio_length_s": 7.32, "path": "82f5253b62614161333b038f5f9700f8_187.wav"}, {"text": "This record level of free cash flow was a direct result of our efforts to bring working capital levels down in line with demand.", "audio_length_s": 7.32, "path": "82f5253b62614161333b038f5f9700f8_178.wav"}, {"text": "it's interesting because we get a pretty good look at the book of business that is our national accounts. And", "audio_length_s": 7.32, "path": "82f5253b62614161333b038f5f9700f8_299.wav"}, {"text": "and we do see a little bit of increase in technology. We are moving things into the cloud, which we can no longer", "audio_length_s": 7.32, "path": "059024560d9d1039cf08746ee7393114_114.wav"}, {"text": "rapid growth marketplaces, we tend to be a preferred provider to connect those small businesses to those platforms.", "audio_length_s": 7.32, "path": "49e533a8449f6b9b6c806458e73338e1_176.wav"}, {"text": "is there anything you can say about the profitability of the business of the segment here? Is that in the black right now with this run rate?", "audio_length_s": 7.32, "path": "49e533a8449f6b9b6c806458e73338e1_178.wav"}, {"text": "With respect to our guidance for fiscal '16, we -- and assuming the economy continues to hold,", "audio_length_s": 7.32, "path": "189b20e7b975130ca5abd0e419e54908_101.wav"}, {"text": "and we promised that we would increase our focus on the business in order to deliver consistent quarterly results.", "audio_length_s": 7.32, "path": "28d675c77a4b2269c1c1460ad3e56250_71.wav"}, {"text": "We have a few communities now that we have one car garages available that keep the price point affordable.", "audio_length_s": 7.32, "path": "bc3fa49aaccfacb1392855627864851e_24.wav"}, {"text": "preliminary evidence also suggested a correlation between biomarker data and stable disease or better in 7 of these patients,", "audio_length_s": 7.32, "path": "f542ab325f47ed150e28888da2f85871_47.wav"}, {"text": "But there were probably a few that didn't have anything significant before, but most of them are either converting off of somebody else's", "audio_length_s": 7.32, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_124.wav"}, {"text": "There are currently limited treatment options for this disease, and if approved, IMBRUVICA would be the first and the only therapy", "audio_length_s": 7.32, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_10.wav"}, {"text": "forum. But I do think holding control of that study and sponsorship of the study should put us in a position to be", "audio_length_s": 7.32, "path": "c36ef43210d40b0d1ad8f2acc597c76b_92.wav"}, {"text": "and I think we spent a great part of this year building that compliance team and those capabilities.", "audio_length_s": 7.32, "path": "7498a6630302a038bd537d192c3a44f4_127.wav"}, {"text": "and with aiming to become a company that develops personnel with the highest level of management expertise.", "audio_length_s": 7.32, "path": "254f3c2175c8e11d6da7d44a221e1bff_14.wav"}, {"text": "increasing power generation demand and the expansion of the gas-driven industrial complex.", "audio_length_s": 7.32, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_73.wav"}, {"text": "And many of the ones that choose not to renew with us decide to consolidate their spending with others who are broader.", "audio_length_s": 7.32, "path": "fe3a8419e2f120643bff5e9e80190ed5_27.wav"}, {"text": "that we have the team in place. And I think given the performance of the business at the end of last year, we're having a senior team in place", "audio_length_s": 7.32, "path": "fe3a8419e2f120643bff5e9e80190ed5_92.wav"}, {"text": "in relation to international enterprises. Now we know a lot more.", "audio_length_s": 7.32, "path": "80a2ca14358172366acab4e80f3fa33b_263.wav"}, {"text": "more than we should. I mean, so it's a lot of moving parts in there, Tim. I don't want to get too specific for you. But I'll just simply say that you should expect that we", "audio_length_s": 7.32, "path": "0fa398ef99a7a936fc1e509dacaaadde_240.wav"}, {"text": "get the appropriate return we felt because there're a lot of established players in those areas, as everybody knows.", "audio_length_s": 7.32, "path": "f7c059b1312a5f1fc017ece069fddee2_61.wav"}, {"text": "Having said that, we covered it by giving as much clarity as we could", "audio_length_s": 7.32, "path": "01b376669d5ea40acc7fb5a87503586e_41.wav"}, {"text": "and of course, all of our sales presentations emphasize that. And it seems that customers increasingly realize that,", "audio_length_s": 7.32, "path": "799c15a4a6e9e3c86374761fec31c00a_21.wav"}, {"text": "simplification of the tax reporting process for our investors and we believe a significant expansion of our investor base.", "audio_length_s": 7.32, "path": "a0d537badd260e2071136602e3b73b26_116.wav"}, {"text": "Well first of all, we have units that we haven't been able to", "audio_length_s": 7.32, "path": "29f56972971325265e4a53485f49793e_108.wav"}, {"text": "the stage 3 pressure is going to diminish over the course of the next few quarters. And depending on asset growth,", "audio_length_s": 7.32, "path": "d5fb88dba0740bc906c5127e05592f95_74.wav"}, {"text": "And so we focused on grinding through the lengthy and protracted restructuring process of the existing problem exposures in large companies,", "audio_length_s": 7.32, "path": "d5fb88dba0740bc906c5127e05592f95_10.wav"}, {"text": "The midpoint of this range implies an organic revenue increase of 7% compared to the same quarter last fiscal year.", "audio_length_s": 7.32, "path": "94f601dc7b34ad38667e3b714aa89d35_116.wav"}, {"text": "As a reminder, our quarterly volumes always have some level of uncertainty, given the size of our shipments and our delivery schedule.", "audio_length_s": 7.32, "path": "00dcacc7fe3cab64b14aff04a9cd0284_43.wav"}, {"text": "In spite of the headwinds on volume, we carefully managed our costs and minimized the use of cash for operations in the quarter.", "audio_length_s": 7.32, "path": "00dcacc7fe3cab64b14aff04a9cd0284_18.wav"}, {"text": "The significantly low cost of ownership and ability to handle wide variations of materials", "audio_length_s": 7.32, "path": "83e0201c04003b4432d80eaea4a62259_112.wav"}, {"text": "We're also pleased to report the integration of our recent acquisitions continued essentially on track in the quarter.", "audio_length_s": 7.32, "path": "b126c31149f1cadf1d891082a187d6fc_8.wav"}, {"text": "as decorative and electronic content continue to grow and we continue to penetrate the Eastern European market.", "audio_length_s": 7.32, "path": "b6688f44b91606fbd75a6d66e94d4e4b_169.wav"}, {"text": "The year before was a very difficult period. So the factors pushing down", "audio_length_s": 7.32, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_53.wav"}, {"text": "However, before everyone throws in the towel, we firmly believe that our previously discussed growth initiatives,", "audio_length_s": 7.32, "path": "64364105b816dd0b6a029e9cd210e65b_322.wav"}, {"text": "Okay. The other part of your release that caught my attention is the decline in working capital needs and the", "audio_length_s": 7.32, "path": "9dc19bfa451bc1278b7136420493f84d_8.wav"}, {"text": "We do see continued good growth rates in medical and from an inorganic perspective we'd like to see that", "audio_length_s": 7.32, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_120.wav"}, {"text": "So with all the reforms and meetings and whatever have you", "audio_length_s": 7.32, "path": "4ee3c79ebc57c9870b221b9479d52436_113.wav"}, {"text": "Yes. This is yet to be determined, and it will depend on a variety of different factors. But based on the current trends, we think it builds", "audio_length_s": 7.32, "path": "14fa9d7635caae6483af62a4bfe1b9d6_201.wav"}, {"text": "We have some good wins in the quarter in the digital space. You can find all of those details in the press release.", "audio_length_s": 7.32, "path": "a4f81a27f0c6d07b56208e16121b9896_154.wav"}, {"text": "So let's get right to the key points. In spite of aggregates shipments in the quarter being hit hard by rough weather", "audio_length_s": 7.32, "path": "902872913863de98d38e2936b846cf66_2.wav"}, {"text": "Now I'll close with a few comments regarding our recent financing activity and our current financial position.", "audio_length_s": 7.32, "path": "902872913863de98d38e2936b846cf66_174.wav"}, {"text": "and we consistently recover these diamonds and they are often of high value and high quality.", "audio_length_s": 7.32, "path": "a2245a8522589003f9c235a48c0197f0_1.wav"}, {"text": "yes, plus also the remainder of the roaming effects that we see from our customers being abroad.", "audio_length_s": 7.32, "path": "b4072ee178832ecf3d2a0f25fd8b8387_126.wav"}, {"text": "since our last increase in January is more limited than the inflationary pressures might suggest.", "audio_length_s": 7.32, "path": "ffa357a084f4deb64797a0a32b8c5e33_197.wav"}, {"text": "which is both our direct foreign exchange trading", "audio_length_s": 7.32, "path": "09eebad8f3c529b4c7d916c5f7766f7f_319.wav"}, {"text": "understand what market levels you're kind of assuming? I see that in the footnote, you talked about 5% growth from December levels.", "audio_length_s": 7.32, "path": "09eebad8f3c529b4c7d916c5f7766f7f_80.wav"}, {"text": "These and other forward-looking statements involve assumptions, risks and uncertainties that could cause actual results to differ materially from those statements.", "audio_length_s": 7.32, "path": "dbf6a9009ea60e2e96772ee3ccea7226_48.wav"}, {"text": "new Menasha acquisition kind of up and running. I think that you shouldn't expect that same lift", "audio_length_s": 7.32, "path": "93e134910b4a7c587bc461da0c9a2083_33.wav"}, {"text": "And I would say that's indicative of people willing to make that investment. I haven't seen a lot of what I would call", "audio_length_s": 7.32, "path": "5be70acf701b7a6c9322f8feeaca63cd_99.wav"}, {"text": "Within Safety-Kleen, we remain optimistic about our ability to continue to effectively manage the spread", "audio_length_s": 7.32, "path": "712bbcab5338e07dd63dad97bb652018_56.wav"}, {"text": "and in the appendix of today's presentation. And now I'd like to turn the call over to our CEO, Alan McKim. Alan? Thanks, Michael.", "audio_length_s": 7.32, "path": "712bbcab5338e07dd63dad97bb652018_1.wav"}, {"text": "as to what might happen in the future. Statements that are forward-looking can be identified by the use of the words such as believe,", "audio_length_s": 7.32, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_44.wav"}, {"text": "for the first half of the year and same as for the consolidated guidance, the full year -- the", "audio_length_s": 7.32, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_173.wav"}, {"text": "all of that's part of our efforts that we've been undertaking for several years to drive towards a value-based health care system.", "audio_length_s": 7.32, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_162.wav"}, {"text": "drive that down as a percentage of total spend over the last several years, so making nice progress there. And the reality is", "audio_length_s": 7.32, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_77.wav"}, {"text": "I mean, in our conversations with the folks at YouTube, they could not be more clear that they want the affiliates.", "audio_length_s": 7.32, "path": "77423f08f0208d476dea73c639f6293a_45.wav"}, {"text": "So turning to our financial highlights for last year. I'm pleased to report strong performance.", "audio_length_s": 7.32, "path": "6f1b092b312410065d308541be46da95_80.wav"}, {"text": "right on the center of the target in terms of great functionality in that product as we've discussed on other calls earlier in the year.", "audio_length_s": 7.32, "path": "6fe1a71311b4937268b4c0332dc7c11f_143.wav"}, {"text": "a lot of attention from the user community. And there is less and less player in town", "audio_length_s": 7.32, "path": "4fd138e27f5f375945332eacefa15b62_73.wav"}, {"text": "This partnership is unprecedented in scope and scale for First Nations, Suncor and the industry.", "audio_length_s": 7.32, "path": "0e410ca71e50235e520d5af32ce0f54a_47.wav"}, {"text": "So how many people are -- have a business development role for this initiative?", "audio_length_s": 7.32, "path": "32283c24ad18239efb166db8422560b2_150.wav"}, {"text": "And we have a track record of innovation from this technology platform that is well established for -- over decades.", "audio_length_s": 7.32, "path": "b154f7c33e567e453cb765f4ac03dd2f_69.wav"}, {"text": "With respect to operating expenses, we are planning for continued gains in team productivity and modest hiring.", "audio_length_s": 7.32, "path": "30a142fac5a62ab00227cb6a339a6226_31.wav"}, {"text": "You will find an explanation of the changes in the Financial Outlook and Additional Material sections of our Investor Day presentation.", "audio_length_s": 7.32, "path": "365c360aff42713cef71a7d026eeeb6d_232.wav"}, {"text": "We can develop and begin preselling new products in a matter of hours and can ship from our factories in as little as 70 days.", "audio_length_s": 7.32, "path": "19bfb8daeb6e43d59415df478017d5c3_38.wav"}, {"text": "Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors,", "audio_length_s": 7.32, "path": "19bfb8daeb6e43d59415df478017d5c3_72.wav"}, {"text": "The building new is fine, the demolition is fine, but refurbishment, you know what that's like, it's like peeling an onion or renovating a house.", "audio_length_s": 7.32, "path": "9b84dc4409f4ecccd173c2f81a4460cc_227.wav"}, {"text": "The project capital extends over a 6-year period. This is intentional to optimize the cash flow.", "audio_length_s": 7.32, "path": "9b84dc4409f4ecccd173c2f81a4460cc_33.wav"}, {"text": "We are laser-focused on driving growth as our top priority and are improving our execution to do so.", "audio_length_s": 7.32, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_173.wav"}, {"text": "In addition, services revenue decreased due to the completion of a project with one of our largest customers.", "audio_length_s": 7.32, "path": "726bad4d5d1a6b2f62034eb8dc843450_57.wav"}, {"text": "We would get a shot of sales cycle. So that's a goal we certainly have, but we haven't seen evidence of that yet, but", "audio_length_s": 7.32, "path": "726bad4d5d1a6b2f62034eb8dc843450_39.wav"}, {"text": "what I think we can say is that with the demand levels that exist, which we still think are generally healthy,", "audio_length_s": 7.32, "path": "97ddc19ecb28bab2d19fd3b181182062_272.wav"}, {"text": "And so that's pushed out anticipated revenues from the first half of the year to the second half", "audio_length_s": 7.32, "path": "9b83a4dcac688347e3b13ca7c55660ed_44.wav"}, {"text": "I would like to remind everyone that forward-looking statements for the respected company's business, financial condition and results of its operations", "audio_length_s": 7.32, "path": "7f85288e472b08575b33943f4c718070_0.wav"}, {"text": "And when you consider the regulatory strategy, is that -- is", "audio_length_s": 7.32, "path": "6064088db0200b32f3f3e848047c5ab6_87.wav"}, {"text": "It feels like at some point on the gross yield side, it's going higher, but the rebate side is keeping up pace. To some extent", "audio_length_s": 7.32, "path": "1bc08759c84df9d3f656cf53f5bb6d35_93.wav"}, {"text": "is that nobody expected the Chinese government to come out and say that Chinese ladies could now have 2 babies.", "audio_length_s": 7.3199375, "path": "a44c74bdc01aa7e317addc11f2274e11_83.wav"}, {"text": "Now I'll turn the call over to Dave Russo to review our results, and then I'll provide some additional thoughts and concluding remarks.", "audio_length_s": 7.3199375, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_36.wav"}, {"text": "Unlike last year, we did not limit shipment to Trinidad to any great degree and had good sales results in December.", "audio_length_s": 7.3199375, "path": "333d478ab06fd400afafa68f4a952191_120.wav"}, {"text": "We remain confident that we can soon demonstrate the value and therapeutic potential of our platform technologies for the years to come.", "audio_length_s": 7.3199375, "path": "c5120d9702331edaf23bb6e639df0a70_9.wav"}, {"text": "We see opportunities for oxygen and hydrogen plants around the world in this category.", "audio_length_s": 7.2900625, "path": "e33785a294553de2a12d4463bf786744_75.wav"}, {"text": "I think we'll continue to see some of that as we go -- as Robert mentioned in his comments, as we go into second quarter. And so some of that is", "audio_length_s": 7.29, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_156.wav"}, {"text": "with a strong experienced and effective sales team, a robust and unique product portfolio and product pipeline.", "audio_length_s": 7.29, "path": "5833763223d8d85b6fcb5fe90e821c77_154.wav"}, {"text": "so we have to see what they think and whether they might engage into broader consultation on this matter. So", "audio_length_s": 7.29, "path": "c459f473b2c99662c3e29eeb2df74043_38.wav"}, {"text": "which positions us to maintain this long-term relationship through a resolution with mutually beneficial results.", "audio_length_s": 7.29, "path": "4fdbfd9eec396928550d0c799e170d34_54.wav"}, {"text": "These improvements reflect the power of our technology investment in the platform as well as the impact of our strategic marketing partnership.", "audio_length_s": 7.29, "path": "f3ea353a6c918bc1fd311a9cad6b9777_21.wav"}, {"text": "In other words, we will continue to export at a great price with Roche in the meanwhile.", "audio_length_s": 7.29, "path": "3cb802f8fba7d33603c29387ccdaf817_84.wav"}, {"text": "And in the Gulf Coast, earnings were slightly lower than the second quarter due to increased costs related to planned maintenance activity.", "audio_length_s": 7.29, "path": "8b6c481f7fe797353fefe886e205bbaa_12.wav"}, {"text": "those have been consistently kind of going down over the past several years. So that business always fights erosion domestically,", "audio_length_s": 7.29, "path": "3557b21a45c35e71e82cc43b19977855_170.wav"}, {"text": "And that's really what I was referencing is that inside the packaging industry there's a lot of change going on from consolidation,", "audio_length_s": 7.29, "path": "3557b21a45c35e71e82cc43b19977855_31.wav"}, {"text": "Once completed, this allows us to serve our customers in a more efficient and faster way.", "audio_length_s": 7.29, "path": "2f888e63a31b86cc2f4f97710e8eed79_244.wav"}, {"text": "I've said repeatedly that I expect that KEYTRUDA, by virtue of the spectrum of its activity, will prove to be foundational in future cancer care.", "audio_length_s": 7.29, "path": "f0ce0d97cf62c9076226e0aeeb550493_74.wav"}, {"text": "For a more complete discussion of the certain risks and uncertainties affecting Investors Bancorp, please see the sections entitled", "audio_length_s": 7.29, "path": "54cde38ae040b5e2c4e1f3c85691f907_1.wav"}, {"text": "for their claims. So that was the genesis behind the original claims amount per case.", "audio_length_s": 7.29, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_36.wav"}, {"text": "This was primarily due to increased volumes in the Permian from the ramp-ups of the Orla and Panther processing plants,", "audio_length_s": 7.29, "path": "718a89dc503706eae0091bcd9410d567_167.wav"}, {"text": "and we do not have any covenants on our note and our financing, which will", "audio_length_s": 7.29, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_25.wav"}, {"text": "These positive factors led to improved sales growth with both our commercial and retail customers.", "audio_length_s": 7.29, "path": "a069e0992c2083f0f53eaa4f7a02e47d_163.wav"}, {"text": "This focus and effort produced 6 consecutive quarters of FIFO gross profit margin improvement", "audio_length_s": 7.29, "path": "67716cee321d117b0318930dd142f06a_177.wav"}, {"text": "The remainder includes capital expenditures, loan advances, equity investments and contract investment.", "audio_length_s": 7.29, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_105.wav"}, {"text": "An important area of focus for us in the year ahead will be to successfully integrate our recent acquisitions.", "audio_length_s": 7.29, "path": "7974a5134807f46a1484a8adf81505be_100.wav"}, {"text": "were there any specific client types that were stronger? Any specific types that were weaker?", "audio_length_s": 7.29, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_93.wav"}, {"text": "We continue to see a weak demand in the March quarter, and we have", "audio_length_s": 7.29, "path": "a4e84e293bde7191186ae3a7a0b34024_71.wav"}, {"text": "Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC.", "audio_length_s": 7.29, "path": "044da592acc01ff7baacb3dbf2a302a9_112.wav"}, {"text": "A description of such risk factors can be found in our earnings release and in our reports filed with the Securities and Exchange Commission,", "audio_length_s": 7.29, "path": "3121e8f4a75758834d32a9e4e0555221_0.wav"}, {"text": "Therefore ITC is currently reviewing the order and considering its options including rehearing and appeal.", "audio_length_s": 7.29, "path": "9589f919b51ea96f732c4fe7fd180d7e_34.wav"}, {"text": "obviously, the third one and an important one that we are reporting to since a couple of months", "audio_length_s": 7.29, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_58.wav"}, {"text": "our customers will experience the -- we call it the portalization of our product line. And", "audio_length_s": 7.29, "path": "e26b501c6e000fdaa11edde97cc71436_134.wav"}, {"text": "very much in keeping with that new plan, with that expectation. And we will continue to work", "audio_length_s": 7.29, "path": "cc82e791c065bdc271addf355bac274f_47.wav"}, {"text": "We respect that, we respect totally. And I think with this new process that they have in place with the government,", "audio_length_s": 7.29, "path": "ab3ba3e2b11d2ba165b5f2533a55130f_283.wav"}, {"text": "The financial performance of our GlobalShop trade show in the design and construction sector was below expectations despite being well supported", "audio_length_s": 7.29, "path": "4032bfdd59881fc6506c082737cb5a99_98.wav"}, {"text": "and we have been successful defending our ratings by aggressively managing our cost structure and by generating solid free cash flow through the downturn.", "audio_length_s": 7.29, "path": "8957425799e5ce0200bfacf204d0acde_130.wav"}, {"text": "the cash flow expectations for the balance of the year. What you think your revenue number would be", "audio_length_s": 7.29, "path": "a5aee620f2ef348884bdc8fa3e0cee19_108.wav"}, {"text": "Such statements are based on management's assumptions and beliefs, taking into account information that is currently available.", "audio_length_s": 7.29, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_27.wav"}, {"text": "And because of the reduction in force, most of the reps actually now have a larger territory", "audio_length_s": 7.29, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_149.wav"}, {"text": "good. The growing lower than the inflation", "audio_length_s": 7.29, "path": "c6447babe88f061184d64309eebb8629_85.wav"}, {"text": "Given our portfolio continues to shift to growth around shipping, the seasonality of our business has shifted even more to the fourth quarter,", "audio_length_s": 7.29, "path": "6864081f83959f4b49e25e597f28af66_181.wav"}, {"text": "The increase was largely due to contributions from the Newark Airport Terminal 1 project and the technology project in California", "audio_length_s": 7.29, "path": "a965bbd76f3d449c86e8c27d03ac192f_20.wav"}, {"text": "Now, I'd like to address regional sand mine development as it relates to the demand for Northern White.", "audio_length_s": 7.29, "path": "2905366dcf0eb60a22b63a1b3d9adf95_136.wav"}, {"text": "scale and nature and deliverable in shorter time scales enabling us to operate in an agile manner", "audio_length_s": 7.29, "path": "6e3037e770ba5e0dfc98e3223986aad2_64.wav"}, {"text": "using divestment proceeds to reduce debt and position the organization to deliver sustainable and focused growth.", "audio_length_s": 7.29, "path": "c433164f6d189e18b1e4784e376b6ecb_16.wav"}, {"text": "We continue to promote sales through both channels as we expand our China business.", "audio_length_s": 7.29, "path": "f4d0f1362716be33f02690dd1a8df663_59.wav"}, {"text": "This slide summarizes our thinking on profit growth and capital allocation.", "audio_length_s": 7.29, "path": "f4d0f1362716be33f02690dd1a8df663_65.wav"}, {"text": "as I said in my remarks, they operate virtual bookstores and hybrid bookstores. This will give us", "audio_length_s": 7.29, "path": "da14df2e02d11f6f8599533d9d57faee_89.wav"}, {"text": "I would now like to turn the conference over to Rachel Reiff, Corporate Communications for Aratana. Please go ahead.", "audio_length_s": 7.29, "path": "49a78c1ec143d9ac46e893e77198c0e3_0.wav"}, {"text": "and we know what's going on with rate base and then where is demand going. And so we're right in the process now of looking", "audio_length_s": 7.29, "path": "636d6909fbd8656f88f72f66a3a162ff_131.wav"}, {"text": "leaving no stone unturned in our quest to reduce the cost and increase the efficiency of our entire operation.", "audio_length_s": 7.29, "path": "ade68f8add7249890d086ecf4b5b8cab_26.wav"}, {"text": "As such, this gives us an extra degree of confidence in our ability to show solid growth this year.", "audio_length_s": 7.29, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_159.wav"}, {"text": "Okay. I saw that working capital decreased quite a bit in this segment.", "audio_length_s": 7.29, "path": "08ed60a546bd48af9db028c4e3c8af26_35.wav"}, {"text": "It's not like CapEx. It's not like losses. That can be recovered and put back in the bank, and that obviously is our plan.", "audio_length_s": 7.29, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_181.wav"}, {"text": "per BOE, and the premium reserves we've been adding are beginning to make a significant difference in our bottom line results.", "audio_length_s": 7.29, "path": "a8b43081254547419da7462d9c957d61_192.wav"}, {"text": "And I just want to thank you for joining us this morning, and thank you for the confidence you have placed in us with your investment. Thank you.", "audio_length_s": 7.29, "path": "3df0981a2d94ed56170b78330aa72ee9_235.wav"}, {"text": "we are seeing promotional price points that are consistent between ourselves and our competitors", "audio_length_s": 7.29, "path": "3df0981a2d94ed56170b78330aa72ee9_38.wav"}, {"text": "Our consulting partners will be able to deliver these services on their paper, which is their preference.", "audio_length_s": 7.29, "path": "6a372ea97b0b130a4d37f16b54d97909_71.wav"}, {"text": "to provide our clients with a Netflix-like experience serving up some of the best content available.", "audio_length_s": 7.29, "path": "6a372ea97b0b130a4d37f16b54d97909_187.wav"}, {"text": "probably are not skills that you have today. And so training becomes incredibly important in that world.", "audio_length_s": 7.29, "path": "6a372ea97b0b130a4d37f16b54d97909_158.wav"}, {"text": "Specifically if you look at groups like our strategic sales team or the large enterprise sales group,", "audio_length_s": 7.29, "path": "6a372ea97b0b130a4d37f16b54d97909_168.wav"}, {"text": "we feel we get the network benefits to all of our other resorts and that's something that we look at it in every acquisition.", "audio_length_s": 7.29, "path": "cd1773ea94a046c0a36b679e2efcee9f_31.wav"}, {"text": "I have now 3 slides on Digital, just to unpack that in a little bit more detail than we did in the half year.", "audio_length_s": 7.29, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_117.wav"}, {"text": "and as we continue along here. What we do know is that, that this is a significant cost to the hospital.", "audio_length_s": 7.29, "path": "73f474b631c43567329cad1bb76ff4fe_32.wav"}, {"text": "and as we leverage our marketing messages through in-outlet activation using our activation army.", "audio_length_s": 7.29, "path": "c3567809c19ce6a800677544cd84f88b_42.wav"}, {"text": "We have put a link to the video at the end of this presentation. Take time to watch it. It's an awesome story.", "audio_length_s": 7.29, "path": "c3567809c19ce6a800677544cd84f88b_34.wav"}, {"text": "This, combined with broad access, has led to continued strong growth in the prescription volume and sales.", "audio_length_s": 7.29, "path": "265e62fc569e790d8b3e58698aaab701_8.wav"}, {"text": "So it's just a very, very different business today, Paul, and I know I'm not answering your direct question because I know you're not expecting me to.", "audio_length_s": 7.29, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_108.wav"}, {"text": "to do everything we can to prevent these sort of fatalities or, let's say, serious injuries.", "audio_length_s": 7.29, "path": "ab4dae37361262d727d1d2f8f78765d5_71.wav"}, {"text": "driven primarily by factory automation products in the areas of interface, signal chain and power management.", "audio_length_s": 7.29, "path": "051c23cc7bacc5c9df9312ac0fd431a9_5.wav"}, {"text": "Sustainable growth will not come just because we wish for it. We will need to reinvest in the business.", "audio_length_s": 7.29, "path": "2c3945f11b4d91727b1ce00d490e11b6_10.wav"}, {"text": "because of fluctuation in the secondary markets, but I need to say that for industrial and", "audio_length_s": 7.29, "path": "b126e11520fd54843c67f70f15cd30cc_116.wav"}, {"text": "and we're off to a good start this year with one significant order set for delivery in the first half already booked.", "audio_length_s": 7.29, "path": "9098e5640309f25da0d4dfa04789a36f_73.wav"}, {"text": "including taking on additional debt to repurchase specific shares, we hit the pause button.", "audio_length_s": 7.29, "path": "9e8690a521142359001a137074905535_274.wav"}, {"text": "broader weakness in our Avionics business and intensified level of pressure on our diversified industrial markets", "audio_length_s": 7.29, "path": "9e8690a521142359001a137074905535_87.wav"}, {"text": "we believe we can improve revenues from casino guests at the Strat and across our entire portfolio of gaming assets.", "audio_length_s": 7.29, "path": "a7228e39e0d5f04dfba28fe3477e034a_17.wav"}, {"text": "This is not in the books right now. This is not in the asset held for sale. This is something that will probably be there", "audio_length_s": 7.29, "path": "c8124cdb821d04f0e585420c128d76c7_144.wav"}, {"text": "designed to tap into Brisbane's enormous dog appreciation community and let our four-legged friends be the main attraction.", "audio_length_s": 7.29, "path": "e2225d612a954a24e7e91c08215d7b51_53.wav"}, {"text": "And of course, that's what we're trying to do this time as well. So I wouldn't expect you to just extrapolate forward. That is where we are now.", "audio_length_s": 7.29, "path": "e00fd35e201a8607d264b803a5130c59_296.wav"}, {"text": "as well as a particulate reduction strategy plan. And so between that information", "audio_length_s": 7.29, "path": "aed770c98113f594e36325a5822547e4_78.wav"}, {"text": "So it will be in areas that expand our reach and deepen our expertise", "audio_length_s": 7.29, "path": "fb817a6cc685a3fd0f003456dd641c01_190.wav"}, {"text": "so I guess the question is at what scale would an acquisition or does an acquisition become difficult to integrate with the current sales force?", "audio_length_s": 7.29, "path": "c40b5d1a13169c5acf69590932a56f98_42.wav"}, {"text": "As a reminder, our former contract manufacturer has failed to fulfill a supply obligations", "audio_length_s": 7.29, "path": "c40b5d1a13169c5acf69590932a56f98_100.wav"}, {"text": "The good news is that we have an improved infrastructure to leverage a higher demand environment without additional investment and", "audio_length_s": 7.29, "path": "8eaca8d8a419f74540f69ade8defabbd_83.wav"}, {"text": "fair assumption to assume we might see upticks the same in the first 2 pickups of the Bank of Canada.", "audio_length_s": 7.29, "path": "87045996e7446329f1d98c909c6ca7fe_188.wav"}, {"text": "Or is there just been a case where there hasn't been acquisition opportunities that have come up and you're happy to keep your powder dry?", "audio_length_s": 7.29, "path": "87045996e7446329f1d98c909c6ca7fe_250.wav"}, {"text": "We expect that the ratio of second half to first half copper production in particular", "audio_length_s": 7.29, "path": "369789f0d39dbf62298be2aa807ff8ee_113.wav"}, {"text": "is to high grade the opportunity set in terms of getting into the existing well stock and really trying to optimize", "audio_length_s": 7.29, "path": "b24e0b37987585f3c63f28df67e6a1f6_10.wav"}, {"text": "What do we expect to see in the second half? A continuation of unit revenue up in the second half for Qantas.", "audio_length_s": 7.29, "path": "01f88a67f39af3a74d5f23b095615d39_185.wav"}, {"text": "But remember, in the change the bank, it runs the whole gamut from platforms and controls", "audio_length_s": 7.29, "path": "41c28201e80491c91e34488556721756_170.wav"}, {"text": "the probable extension of the OPEC agreement until 2019 and a possible Iranian supply shock counteract those forces.", "audio_length_s": 7.29, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_101.wav"}, {"text": "We continue to expect mid-single-digit operational sales growth for the full year internationally", "audio_length_s": 7.29, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_145.wav"}, {"text": "whether it's marginally less attractive at higher interest rates, I think there's a case can be made for that.", "audio_length_s": 7.29, "path": "6709c061d39d0e433079f84160f11c80_64.wav"}, {"text": "This has been a continuing trend and is the result of the actions we've taken, given the low oil price environment.", "audio_length_s": 7.29, "path": "c20824ea6f927fe380f48a904cf4821b_54.wav"}, {"text": "by investing in our core Industrial Gases business. But as I have always said,", "audio_length_s": 7.29, "path": "e33785a294553de2a12d4463bf786744_12.wav"}, {"text": "Yes, Paul. It's a good question. And some of this has been a function of debt has gone up on a consolidated", "audio_length_s": 7.29, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_111.wav"}, {"text": "In the first quarter, strong operating fundamentals were the largest contributor to our revenue and adjusted EBITDA performance.", "audio_length_s": 7.29, "path": "50e17cbbbef8897681cc5f8ae110aae2_44.wav"}, {"text": "I think you'll always see that as a part of our lineup. A couple of things that I will mention is, as far as the time line, first,", "audio_length_s": 7.29, "path": "7498a6630302a038bd537d192c3a44f4_48.wav"}, {"text": "This reflects our intention to implement a plan that doesn't depend on resource prices increasing.", "audio_length_s": 7.29, "path": "254f3c2175c8e11d6da7d44a221e1bff_33.wav"}, {"text": "the full year? I mean, do you see anything in your markets currently that would support that lower end on the organic", "audio_length_s": 7.29, "path": "49d1f0821d7f9a848e9b07a239c47074_56.wav"}, {"text": "And I think that's the right answer. I think that changes the equation a whole lot more than anything we've heard. So", "audio_length_s": 7.29, "path": "8635f950dc44da3fcad542b2c066bedf_156.wav"}, {"text": "In order to get a complete picture of daily OpEx, we feel that it is most appropriate to add a daily dry docking reserve,", "audio_length_s": 7.29, "path": "e7d23208b973f7998b2fb21a00d87849_55.wav"}, {"text": "the sterling performance of our consumer credit businesses and from even stronger growth in our transactional and servicing business lines,", "audio_length_s": 7.29, "path": "ab29ac574f423764c40f2d2eec696623_54.wav"}, {"text": "we have -- we gain a better understanding of our value proposition,", "audio_length_s": 7.29, "path": "01b376669d5ea40acc7fb5a87503586e_77.wav"}, {"text": "During the past several years, demand for new space has remained strong despite higher rents.", "audio_length_s": 7.29, "path": "97b9c8b95449565c1f280a2b61a65b31_119.wav"}, {"text": "I continue to be impressed with the excitement of our associates in presentation of our stores", "audio_length_s": 7.29, "path": "9908957f60adff5efc1c8692a0f5ab38_78.wav"}, {"text": "get colder? What are your other merchandising opportunity and how does your inventory look in these categories?", "audio_length_s": 7.29, "path": "9908957f60adff5efc1c8692a0f5ab38_92.wav"}, {"text": "And if they're not happy, they tell people about it. So we're in a good place right now that we're increasing.", "audio_length_s": 7.29, "path": "82ccbfb62e125b146fba0f8e4347cc62_218.wav"}, {"text": "Our goal is to position our teammates as expert advisers, who can properly educate our customers about their vehicle needs", "audio_length_s": 7.29, "path": "884400c829f179d8cf68b767f45f03a4_194.wav"}, {"text": "Social selling is an accelerator for our business, and we continue to see encouraging progress in markets like", "audio_length_s": 7.29, "path": "1353031386f884a821e7e9bab449727d_3.wav"}, {"text": "So the whole trading up phenomena is still intact. It is not that we can say this is dead.", "audio_length_s": 7.29, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_198.wav"}, {"text": "This is larger than previously anticipated, owing to 2 provisions within the proposed rule.", "audio_length_s": 7.29, "path": "b126c31149f1cadf1d891082a187d6fc_91.wav"}, {"text": "And as noted, this does not assume any market share gains in markets where we have a cost advantage.", "audio_length_s": 7.29, "path": "b126c31149f1cadf1d891082a187d6fc_140.wav"}, {"text": "Please refer to our most recent Form 10-K and other SEC filings for more information on those risks.", "audio_length_s": 7.29, "path": "a9ff9f85f03afdd2d13b76e14060b31d_198.wav"}, {"text": "The joint venture is utilizing nonrecourse debt to help finance the acquisition of the associated servicing advances.", "audio_length_s": 7.29, "path": "5c601f5318d5dcbe20fdd78f19c2b277_109.wav"}, {"text": "We think if you're going to increase the value of the distillers proteins, you should increase it to the soybean -- high-protein soybean meal", "audio_length_s": 7.29, "path": "09b5b62d328d3d0719b6825357fdfb48_106.wav"}, {"text": "We've garnered the interest for multiple memory manufacturers and have started expanding our customer engagements.", "audio_length_s": 7.29, "path": "ecc871b8f89a858d952f554f1ca8f7da_125.wav"}, {"text": "This certainly supports our long-term position that this could turn out to be an extended cycle of strong demand for our industry,", "audio_length_s": 7.29, "path": "64364105b816dd0b6a029e9cd210e65b_11.wav"}, {"text": "that's about where it's at. We don't expect to see any impact from the additional capacity", "audio_length_s": 7.29, "path": "64364105b816dd0b6a029e9cd210e65b_57.wav"}, {"text": "So it's fairly an isolated exposure that we're really worried about. And we believe that to the extent we know and we can foresee over the", "audio_length_s": 7.29, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_52.wav"}, {"text": "Okay. So you're committed to the 20 even if Amazon may not want 17 more?", "audio_length_s": 7.29, "path": "89499eed4dff3bd184e91cd496111f22_44.wav"}, {"text": "Sure, Michael. The project I just talked about is a good example of that. And the way I would think about this is", "audio_length_s": 7.29, "path": "1215cf00a11992ec74743f92026af2e9_20.wav"}, {"text": "Total CSS international sales were flat in the second quarter compared to the prior year.", "audio_length_s": 7.29, "path": "72b117fb1330bda9f954a219bb5a675e_74.wav"}, {"text": "It is possible to run the FCC unit in a modified mode, while the other refinery units are repaired.", "audio_length_s": 7.29, "path": "e552924838fe493d3cc967dd0c5c4563_7.wav"}, {"text": "And we're pursuing the compensation for the 0-carbon attributes of our plants, as we've done in New York.", "audio_length_s": 7.29, "path": "5b331cf4e6f62ec9a9c30a4728e36054_69.wav"}, {"text": "These plants will need to close, and like we've done with certain of our fossil plants and our planned nuclear retirements.", "audio_length_s": 7.29, "path": "5b331cf4e6f62ec9a9c30a4728e36054_112.wav"}, {"text": "Ladder has been very measured in its dividend policy, with a focus on maintaining cash dividends at levels that will be funded by core earnings,", "audio_length_s": 7.29, "path": "c334e290beb657ee3efcb6b2f734c81e_115.wav"}, {"text": "And the third example that I want to use is for a major alternative equipment provider in Europe.", "audio_length_s": 7.29, "path": "9826162bc1bb67bf8d65e4cf50e656e9_79.wav"}, {"text": "In fact, looking behind the quarter's reported numbers, I'm very encouraged by what I see.", "audio_length_s": 7.29, "path": "902872913863de98d38e2936b846cf66_239.wav"}, {"text": "maturation of the stores that we built or acquired last year and the absence of the conversion costs we incurred last year.", "audio_length_s": 7.29, "path": "125388f1b45117acde70abc39e0f7d04_66.wav"}, {"text": "I just think that's a big driver in the market. And as far as the overall cost in the design and what", "audio_length_s": 7.29, "path": "933faa5ac159ab158506e2bc0f714977_202.wav"}, {"text": "The first quarter level is typically higher because of the normal quarterly gating of fringe-related costs,", "audio_length_s": 7.29, "path": "50eb350badadec6e4272b90684741c25_32.wav"}, {"text": "But we also push roadside digitization, especially since we have been able to beta test right locations,", "audio_length_s": 7.29, "path": "411bdacf05f84134fc80b874a15cf3b7_248.wav"}, {"text": "and Davenport had done extremely well during the entire cycle. So there was a little bit of uplift from that as well.", "audio_length_s": 7.29, "path": "77423f08f0208d476dea73c639f6293a_170.wav"}, {"text": "in a prudent manner that permits us to achieve greater economies of scale, higher returns for our shareholders and a more conservative balance sheet.", "audio_length_s": 7.29, "path": "77423f08f0208d476dea73c639f6293a_231.wav"}, {"text": "Our indirect labor expense ran high due to challenges involved with the off-spec steel we initially tried to process", "audio_length_s": 7.29, "path": "ee824d23bd881a3dc5ee8be881b7d18b_9.wav"}, {"text": "And we are looking at the possibility of a solution outside of the best interest contract exemption", "audio_length_s": 7.29, "path": "bcb3aac2c7cc035961d9ee8cfd330044_94.wav"}, {"text": "We stick to this promise and of course, as I said before, regenerating capital", "audio_length_s": 7.29, "path": "bf99037f89cd485f95f097842619a0c7_56.wav"}, {"text": "will be moderated from past practices, since the channel is being more highly served by core producers.", "audio_length_s": 7.29, "path": "eed99fefac02f862b3ee31c4748cb9b5_24.wav"}, {"text": "We continue to review our portfolio. This includes the process to divest our merchant ethylene capacity and some other product lines.", "audio_length_s": 7.29, "path": "b154f7c33e567e453cb765f4ac03dd2f_190.wav"}, {"text": "The survey revealed many strengths, and we earned our best scores in areas that require high employee participation.", "audio_length_s": 7.29, "path": "3ae068efa03cd088f4d3edea682f199f_197.wav"}, {"text": "whether those opportunities would require new builds and what your appetite is to build more rigs and put them in those markets at this point?", "audio_length_s": 7.29, "path": "629c0a83b1f68ad1a696546500a2f3ff_118.wav"}, {"text": "We will truly offer good, better and best products with an emphasis on the higher-end product offerings.", "audio_length_s": 7.29, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_5.wav"}, {"text": "especially when you think about near term and when we're in this mode of thinking meeting to meeting in terms of where interest rates might go,", "audio_length_s": 7.29, "path": "3fb901e6b501ddced60226a13ebef4af_105.wav"}, {"text": "was helpful. We had other extensions that we highlighted there of new business in different parts of the country for existing customers.", "audio_length_s": 7.29, "path": "523cf294ec146d5411972168b1c10f09_128.wav"}, {"text": "So early second quarter. I think Derek made that in the comments is when we expect to complete enrollment, and then we'll read out the trial", "audio_length_s": 7.29, "path": "6064088db0200b32f3f3e848047c5ab6_48.wav"}, {"text": "The strong organic growth reflects improved markets, the introduction of new products and the company's channel initiatives.", "audio_length_s": 7.29, "path": "77f146e76d89a5be785a39ab23dfa763_9.wav"}, {"text": "We are forecasting strong organic growth and margin expansion in all of our reporting regions.", "audio_length_s": 7.29, "path": "77f146e76d89a5be785a39ab23dfa763_78.wav"}, {"text": "that's actually caused problems because you try to drive to hire a specific number of people and that's not necessarily the quality people that you get and want.", "audio_length_s": 7.2899375, "path": "f2a2ba46b242698577188259de23de31_15.wav"}, {"text": "mostly related to the increase in dermatology product revenue and higher sales to our new animal healthcare partner.", "audio_length_s": 7.26, "path": "5833763223d8d85b6fcb5fe90e821c77_134.wav"}, {"text": "If we continue to do the development right, there could be a significant higher", "audio_length_s": 7.26, "path": "d162113e3aface010baec17bd408736b_132.wav"}, {"text": "large companies where there actually is a somewhat active secondary market and then you have everything else.", "audio_length_s": 7.26, "path": "db6c253ba433d9a247219bb3f15da199_28.wav"}, {"text": "This was the second time we assisted a company in helping to solve for a capital structure problem that existed on a balance sheet.", "audio_length_s": 7.26, "path": "db6c253ba433d9a247219bb3f15da199_39.wav"}, {"text": "and factored into the purchase price, and some of which was caused by adverse weather conditions in Peru during the spring.", "audio_length_s": 7.26, "path": "4fdbfd9eec396928550d0c799e170d34_106.wav"}, {"text": "The outcome is mathematical and objective and mirrors what is within the accounting standards.", "audio_length_s": 7.26, "path": "214dcdc435ef3259490466447858fa56_227.wav"}, {"text": "we're going to move with lightning speed on this. We expect to capture some significant revenue in EBITDA in Q4 from the vascular business.", "audio_length_s": 7.26, "path": "e23e3aabab4b12e359bc92a480c2d294_103.wav"}, {"text": "Please note that today's call contains forward-looking statements within the meaning of the applicable Canadian securities legislation.", "audio_length_s": 7.26, "path": "f3ea353a6c918bc1fd311a9cad6b9777_66.wav"}, {"text": "Quite frankly, thus far, we are not seeing really any large impacts on our ability to", "audio_length_s": 7.26, "path": "6388da88b00ebc88af59435bdac74132_30.wav"}, {"text": "If for a second we assume there is an instant collection,", "audio_length_s": 7.26, "path": "b28b60cd77c97aadb361896b0eb570a8_124.wav"}, {"text": "Before we begin, I want to direct your attention to Slide 3, which discusses our use of forward-looking statement", "audio_length_s": 7.26, "path": "2602edddc3363eadcaafe1c33271f3e4_1.wav"}, {"text": "and all the numbers I will be discussing excludes their contributions, both historically as well as the current quarter.", "audio_length_s": 7.26, "path": "c68c15299b67173c7ae163cc5938f3c1_5.wav"}, {"text": "obviously, generating a lot of capital internally, you're going to be generating a lot more with the latest tax cut.", "audio_length_s": 7.26, "path": "13220986bf30f26076a674e2a9edc89c_108.wav"}, {"text": "through. There's some upside with the licensing deals you've talked about but presumably, some additional investments on things like technology and other areas.", "audio_length_s": 7.26, "path": "7e14890193df4b10e1eeab6ab886529f_226.wav"}, {"text": "Finally, I want to thank all of our team members who deliver service excellence every day to our customers across the world.", "audio_length_s": 7.26, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_131.wav"}, {"text": "This forecast was also developed in the context of capital constraints and the uncertain macro environment we face.", "audio_length_s": 7.26, "path": "e1f462455d6c826d9c173c35d4844383_57.wav"}, {"text": "As we continue to acquire the assets outlined in our guidance, our coverage ratio will improve significantly.", "audio_length_s": 7.26, "path": "de3b766a868da918e499f407dbf5d716_17.wav"}, {"text": "We can't speak for all indices, because each of the indices have their own rules and will make their own determination of what's included.", "audio_length_s": 7.26, "path": "1b91eb82f5211000e711424657cc2484_215.wav"}, {"text": "Our deployment also reflects the growth and breadth of our global platform, particularly within direct lending.", "audio_length_s": 7.26, "path": "1b91eb82f5211000e711424657cc2484_93.wav"}, {"text": "presentation highlights consolidated and segmented results and I'll be referring to this presentation during my comments.", "audio_length_s": 7.26, "path": "088b4c55add5ff0e667bdbdd22187fc3_79.wav"}, {"text": "As we've mentioned in the past, our integration plan for Latchways includes continued expansion of their base business.", "audio_length_s": 7.26, "path": "01502edf6cda82061f1f45d6b0e8e189_5.wav"}, {"text": "When you have the right people, you can then do the right things with the right method", "audio_length_s": 7.26, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_130.wav"}, {"text": "at least in the food and beverage industry, it's very difficult to do this venture capital investment.", "audio_length_s": 7.26, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_112.wav"}, {"text": "providing us with a large and diverse group of lenders willing to work with us at rates below conventional financing.", "audio_length_s": 7.26, "path": "0ee490f8688669984ae17a737590f7b5_113.wav"}, {"text": "as well as skills and technical training according to benchmarks compiled by the Technology Services Industry Association.", "audio_length_s": 7.26, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_156.wav"}, {"text": "sitting here watching and listening to the good news and the potential and all rest of it. Can you give us some", "audio_length_s": 7.26, "path": "392ca3d1e388c6d7a35f6d0db390c359_145.wav"}, {"text": "Later on today's call, I will provide you with an overview of how we are benefiting from one of our more recent deals.", "audio_length_s": 7.26, "path": "5308c910fb34c8291b372e7a94521e9b_187.wav"}, {"text": "penetration within the hubs at varying levels, depending on how long we've had them online.", "audio_length_s": 7.26, "path": "e26b501c6e000fdaa11edde97cc71436_45.wav"}, {"text": "deregulation efforts underway across pretty much every province as it relates to", "audio_length_s": 7.26, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_131.wav"}, {"text": "I wanted to see if I have something right here. It seems like this quarter versus last quarter, it seems to me like", "audio_length_s": 7.26, "path": "224a41b247c04842c2998802d67c8123_40.wav"}, {"text": "Expense increases were primarily driven by higher programming fees and investments in Premion, including the new data management platform.", "audio_length_s": 7.26, "path": "403903eb119bfc1cec44d86ec907077a_63.wav"}, {"text": "in how people are thinking about cash flow and putting it to work? And do you think that's on the come? Just trying to think through", "audio_length_s": 7.26, "path": "dbafd430cf189ffeffd96a06da8ba37d_150.wav"}, {"text": "Our ability to deleverage at this pace is a key attribute of TriMas. Additionally,", "audio_length_s": 7.26, "path": "e743ddc0caabaebf5e9a6568eaef8334_6.wav"}, {"text": "Turning to Japan. We enjoyed our best inflows both before and after distributions", "audio_length_s": 7.26, "path": "8b6b51842af008f5f437f53cc2e71835_142.wav"}, {"text": "Here are some of our more important financial highlights for the second quarter as compared to the prior year same quarter.", "audio_length_s": 7.26, "path": "a44c74bdc01aa7e317addc11f2274e11_148.wav"}, {"text": "So can you help us just to understand? Because your margins tend to be quite hard to predict", "audio_length_s": 7.26, "path": "f314d55f20e7186f4cd0e41e32ec144b_53.wav"}, {"text": "as we continue to build our company's businesses and execute upon our successful strategies now in place.", "audio_length_s": 7.26, "path": "655d592e9d1b1027f1824b1554d8b131_7.wav"}, {"text": "We will be providing more detail in that regard at our upcoming Investor Day presentation in New York next month.", "audio_length_s": 7.26, "path": "655d592e9d1b1027f1824b1554d8b131_11.wav"}, {"text": "Within Capital Markets, we're assuming a flattish to modest increase in the second half of the year compared to last year.", "audio_length_s": 7.26, "path": "1244d2b5a259c3bc73742830d60d53fc_129.wav"}, {"text": "and remain investment-grade, watch our CapEx closely and continue within those parameters to grow our dividend.", "audio_length_s": 7.26, "path": "2ad9555a64eaa3f45bef5581adeecb9c_176.wav"}, {"text": "which is probably prudent in this current market environment, but you also mentioned no need for equity until the second half of next year.", "audio_length_s": 7.26, "path": "2ad9555a64eaa3f45bef5581adeecb9c_124.wav"}, {"text": "where we get near-term, if not immediate, benefits and returns that are exceptional. I'll show you a bit more in a moment.", "audio_length_s": 7.26, "path": "911d447bcdcedb4e0cf5230de225921c_164.wav"}, {"text": "because we may have to just borrow it all right back again in a very short time period if we do not get an extension.", "audio_length_s": 7.26, "path": "ebecd7e874a9b3998b70ec3200f71e89_11.wav"}, {"text": "Thanks, Jamie. We continue to make great progress into the future with our evolving organization and solutions.", "audio_length_s": 7.26, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_155.wav"}, {"text": "While empowering organizations with more efficiency and speed, the DevOps process is also dramatically expanding the attack surface.", "audio_length_s": 7.26, "path": "b2d6357f46f3a82cff6625277f9a20f6_62.wav"}, {"text": "Our net earnings for the quarter and for the full year were impacted by a few items that we don't see recurring in the future.", "audio_length_s": 7.26, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_112.wav"}, {"text": "Appetite is very important in terms of the variable by which a pet owner assesses the health status of their pet,", "audio_length_s": 7.26, "path": "49a78c1ec143d9ac46e893e77198c0e3_5.wav"}, {"text": "project might be something -- sometimes you might have to put a solar competent, sometimes it might be an increased R value,", "audio_length_s": 7.26, "path": "ade68f8add7249890d086ecf4b5b8cab_77.wav"}, {"text": "could there be some stress on some of those cash flow coverages, and we feel good about how our underwriting was done at the time, but", "audio_length_s": 7.26, "path": "b092d2be33ad52beefab208355b18235_118.wav"}, {"text": "review of your options is complete and the board is presented with a recommendation one way or the other?", "audio_length_s": 7.26, "path": "8aa1aa8317783203344434f855535c25_135.wav"}, {"text": "We could have not -- we could not have put up the first quarter results that we did without our team members staying focused on serving our customers.", "audio_length_s": 7.26, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_14.wav"}, {"text": "that we can continue to do. I'll answer the Japan question, and operator, this will be our last question after that answer.", "audio_length_s": 7.26, "path": "58ff8a727ec4f3859407b64f08246759_184.wav"}, {"text": "to continue to pursue good quality pest control and wildlife companies like Northwest as we move forward.", "audio_length_s": 7.26, "path": "0360a780927a31fb0bec9e79dac878a2_143.wav"}, {"text": "feel like I ask you this every quarter, but back on the balance sheet, as it relates to your cash pile,", "audio_length_s": 7.26, "path": "3cc0a4a6f1b08b522c732ad8944e8624_85.wav"}, {"text": "So that has the potential for us to keep us sort of where we are even if there's a decline.", "audio_length_s": 7.26, "path": "7215c9d7a1158d3a944b609dd4b653a9_81.wav"}, {"text": "and not growth for growth's sake. Our strong growth is an expression of generating strong returns first.", "audio_length_s": 7.26, "path": "a8b43081254547419da7462d9c957d61_5.wav"}, {"text": "that part of the world. And in spite of that, the fact that they put up those kinds of results I think is extraordinary.", "audio_length_s": 7.26, "path": "3df0981a2d94ed56170b78330aa72ee9_55.wav"}, {"text": "Regarding our renewed focus on recurring revenue, we are taking multiple actions to drive growth.", "audio_length_s": 7.26, "path": "6a372ea97b0b130a4d37f16b54d97909_8.wav"}, {"text": "We are focused on multiple fronts to secure additional liquidity options and improve the capital structure of the company.", "audio_length_s": 7.26, "path": "f23036451aab1cb9d659c3ac9a23825c_13.wav"}, {"text": "these things, we believe give us an advantage of helping to build better repeat visitation to our resorts", "audio_length_s": 7.26, "path": "cd1773ea94a046c0a36b679e2efcee9f_135.wav"}, {"text": "but also has a ripple effect on everyone around them, including their children, families and employers.", "audio_length_s": 7.26, "path": "73f474b631c43567329cad1bb76ff4fe_25.wav"}, {"text": "the BlueLinx team closely monitors inventory levels to minimize the impact of a rapid deflationary environment", "audio_length_s": 7.26, "path": "1968062b387ef01efed18108be2dc264_30.wav"}, {"text": "I mean, that is difficult to say what a normal trough would be and how long it would take. It depends on the", "audio_length_s": 7.26, "path": "664ce6f8ad7864e2844f637e7a1b48d7_106.wav"}, {"text": "So it just happened that a lot of them happened in the quarter. And in terms of new store openings.", "audio_length_s": 7.26, "path": "0794a2f02bbe89feb49651735bba77c5_112.wav"}, {"text": "So the oversupply may not occur next year. It may postpone to a later time.", "audio_length_s": 7.26, "path": "e271ed845347e9c930ab0a44eb7785da_47.wav"}, {"text": "which, in turn, should improve conversion and enable us to spend more on traffic to our sites.", "audio_length_s": 7.26, "path": "003356e698453d6b74f19a8e02587605_40.wav"}, {"text": "that the securities that we're buying today actually have a higher yield than the securities that are coming off. And so over time,", "audio_length_s": 7.26, "path": "6ad1d7c855ceb3eb830c365e357e4510_151.wav"}, {"text": "content you get from these new Chinese suppliers? Is it only going to be Chinese? Is it going to be", "audio_length_s": 7.26, "path": "20097e37747ec7bc3734246e83798fb1_130.wav"}, {"text": "The other part of this is making sure we have the right people in place to accomplish this and we do.", "audio_length_s": 7.26, "path": "28404e399cb043d390aa70bceb339dd4_8.wav"}, {"text": "some availability to some low-cost capacity that is now back inside our supply chain. So the next tranche of growth that we see", "audio_length_s": 7.26, "path": "2a059b2b192b8e972ca7664ddfed8a20_63.wav"}, {"text": "Thank you. Since there are no additional questions, this concludes our call. Again, thank you for taking time to participate.", "audio_length_s": 7.26, "path": "9184da1d688425307afed800044d28d6_31.wav"}, {"text": "a number of quarters before, along with the industry, in terms of being an area of recruiting pressure and just interested in an update there.", "audio_length_s": 7.26, "path": "b43c001c5af465d220ab0b69a95202ae_35.wav"}, {"text": "from reductions in readmissions and 40 basis points from certain lower acuity admissions such as births.", "audio_length_s": 7.26, "path": "b43c001c5af465d220ab0b69a95202ae_66.wav"}, {"text": "be comfortable that transferring shares does not expose them to sanctions. And this is what we have in the deal that we got", "audio_length_s": 7.26, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_227.wav"}, {"text": "to ensure that the actual average revenue per passenger you achieve one particular year", "audio_length_s": 7.26, "path": "8cd753ed00aeee0ed32d03823eef3f7e_148.wav"}, {"text": "And the last question on the K factor, if we could have an update on the size of the deviation of", "audio_length_s": 7.26, "path": "8cd753ed00aeee0ed32d03823eef3f7e_73.wav"}, {"text": "during the start of this conference call. So what has changed since then about the view on the company?", "audio_length_s": 7.26, "path": "8cd753ed00aeee0ed32d03823eef3f7e_11.wav"}, {"text": "And customers want to interact with businesses through the customers' preferred mode of communication,", "audio_length_s": 7.26, "path": "52a4e3ebf7e968a783401230c3f69a9d_168.wav"}, {"text": "as well as the acquisition by Tesoro Logistics of the Los Angeles Refinery storage and handling assets", "audio_length_s": 7.26, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_131.wav"}, {"text": "We have reduced spending in other areas in order to fund these investments and achieve a net overall reduction in our spending.", "audio_length_s": 7.26, "path": "948f025c16fce2bcb2909e610c9be557_312.wav"}, {"text": "On the top line, as we made these investments, we've seen improvement in our volume trends, revenue growth", "audio_length_s": 7.26, "path": "9b697782ea80be97854f35d6fc62c93a_70.wav"}, {"text": "We're constantly working to overcome technological barriers in order to create real breakthrough in the manufacturing.", "audio_length_s": 7.26, "path": "380ae96068b8dd8084d2d283421629c4_44.wav"}, {"text": "As we had hoped to show when we undertook Part C, we believe the durability of effect on dizziness and blood pressure", "audio_length_s": 7.26, "path": "571b0d30d88945a981006f24faa72cf7_11.wav"}, {"text": "just made recently to move into the next phase on shared service centers which is really around feasibility,", "audio_length_s": 7.26, "path": "262bc21196721c5ff9114acbd2ff03c3_37.wav"}, {"text": "This was primarily driven by additional revenue from Bhushan Steel, improved deliveries in India", "audio_length_s": 7.26, "path": "da34a7b460e520db0401de3ce860187c_62.wav"}, {"text": "Our revenue is not yet where we want it to be, and our liquidity has been tighter than we had anticipated.", "audio_length_s": 7.26, "path": "e97d1655ebabb8403ac0449eadb48f9b_60.wav"}, {"text": "pointed than maybe what you would have seen at comparable periods in the past. So we generally feel", "audio_length_s": 7.26, "path": "8eaca8d8a419f74540f69ade8defabbd_265.wav"}, {"text": "was less than the weighted average cost of maturing broker deposits despite the impact of the price disruption early in the quarter.", "audio_length_s": 7.26, "path": "87045996e7446329f1d98c909c6ca7fe_18.wav"}, {"text": "needle movers, but I think it's just the sense of attention to the -- to every expense that's going through the system.", "audio_length_s": 7.26, "path": "af2718cdc0b3b856f9a0b3da3d527d18_158.wav"}, {"text": "which we believe is highly differentiated and positioned to emerge as a leading bioscaffold solution to replace traditional surgical match.", "audio_length_s": 7.26, "path": "450a5dc6eb19b82da8dfc68127f6e79d_79.wav"}, {"text": "that are going on in that space. In terms of what we're aiming to do if you think about it,", "audio_length_s": 7.26, "path": "33fd8a867dbd88a837e541b1d2b25ea5_102.wav"}, {"text": "as we realized higher overall average sales prices and the benefit of managing our overall construction costs.", "audio_length_s": 7.26, "path": "bc3fa49aaccfacb1392855627864851e_7.wav"}, {"text": "and represent major progress to achieve our goal to significantly delever and strengthen our balance sheet,", "audio_length_s": 7.26, "path": "c47a92e006b54d014a79b447528c55a7_91.wav"}, {"text": "The sequential quarterly decrease primarily reflects reduced intermediary marketing support payments and lower distribution and service fees", "audio_length_s": 7.26, "path": "6709c061d39d0e433079f84160f11c80_213.wav"}, {"text": "then what does -- what will Advance include when it is closed? So that's when I said in the balance of the year,", "audio_length_s": 7.26, "path": "0dec9a606303da3039d11eec4ec9bd86_133.wav"}, {"text": "being impinged. In fact, the World Nuclear Association shows that over the coming decades,", "audio_length_s": 7.26, "path": "77d2dd6d5e46cc8a8e80809305b60208_56.wav"}, {"text": "Recent trends suggest that interest is increasing in the whiskey category, which is largely scotch right now.", "audio_length_s": 7.26, "path": "3877b1983229ec488c6349a188bccf92_115.wav"}, {"text": "This number of closures is a slight acceleration compared to the rate of 6 closures we've had in the previous years.", "audio_length_s": 7.26, "path": "642a235ab4ebc57d132a2e32c83c793c_105.wav"}, {"text": "The team has been extremely successful in driving down costs as previously mentioned, while improving performance of our asset.", "audio_length_s": 7.26, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_37.wav"}, {"text": "Prior to its sale, Health eCareers results for October and November were in line with the same period last year.", "audio_length_s": 7.26, "path": "fe3a8419e2f120643bff5e9e80190ed5_86.wav"}, {"text": "And on the software and services side, that's probably the primary reason why you see the bottom end come up as we see greater visibility into the projects,", "audio_length_s": 7.26, "path": "af00f4e7b63ee843a3d203f982fac701_66.wav"}, {"text": "on the credit card side. The front book, we've been taking on slightly more risk", "audio_length_s": 7.26, "path": "ab29ac574f423764c40f2d2eec696623_94.wav"}, {"text": "And we have high hopes for it in the future once commodity prices kind of return more towards historical norms.", "audio_length_s": 7.26, "path": "f7c059b1312a5f1fc017ece069fddee2_124.wav"}, {"text": "Although this approach has been very encouraging in the treatment of liquid tumors, such as leukemia,", "audio_length_s": 7.26, "path": "e29584f9f829602cacebcce71c2a4fb9_51.wav"}, {"text": "We began the further diversification of our revenue base with the Proterra supply agreement and the Navistar joint development agreement.", "audio_length_s": 7.26, "path": "ee00ebd8d782e8f124b3e142cbb74f37_30.wav"}, {"text": "The higher percentage of patients requiring therapy visits had a favorable impact on Q2 pricing.", "audio_length_s": 7.26, "path": "b126c31149f1cadf1d891082a187d6fc_27.wav"}, {"text": "And so we recognize that we've got to get those price gaps more in line with where they need to compete and the brands they compete with.", "audio_length_s": 7.26, "path": "34b4c03bbd8e9d5fceb8c8af89388197_47.wav"}, {"text": "First and foremost, we remain the premier power generation company in the country and have the operating results to prove it.", "audio_length_s": 7.26, "path": "3f6641f7d8f1ab845ad4f637cfb35109_27.wav"}, {"text": "because competitors who may be more dependent on oil and gas, will try and shift into other products", "audio_length_s": 7.26, "path": "64364105b816dd0b6a029e9cd210e65b_85.wav"}, {"text": "I know everybody gets hung up on mix, and thinking that if the mix is shifted more to an indirect channel where you're going to get a lot higher margins.", "audio_length_s": 7.26, "path": "64364105b816dd0b6a029e9cd210e65b_93.wav"}, {"text": "On the other hand, we did have some offsetting effects primarily coming from seasonality at the end of the year.", "audio_length_s": 7.26, "path": "6e741dde9f96f20227b467204b93b6b2_101.wav"}, {"text": "And there had been a range of hurdles to get through, some difficult but appropriate negotiations with government to", "audio_length_s": 7.26, "path": "ebd59e21db89edb92205e012427cd9db_38.wav"}, {"text": "Before we begin, I'd like to remind you that many of the statements made during this call may be considered forward-looking statements.", "audio_length_s": 7.26, "path": "72b117fb1330bda9f954a219bb5a675e_122.wav"}, {"text": "The projections and statements in this presentation speak only as of the date of this presentation.", "audio_length_s": 7.26, "path": "648ddbbaa83d8a627c7ab752f63a80bd_166.wav"}, {"text": "are just 2 examples of investments that are continuing to build and transform our advantage platform.", "audio_length_s": 7.26, "path": "1f142ea668261ba963d47aac6bab69dd_163.wav"}, {"text": "I would say that we're proceeding sort of to our expectations as far as the timing perspective.", "audio_length_s": 7.26, "path": "690a9eb04a9c850c77634cd88c8459da_4.wav"}, {"text": "underground study that was concluded in the fourth quarter of last year, which was the preliminary economic assessment", "audio_length_s": 7.26, "path": "a2245a8522589003f9c235a48c0197f0_12.wav"}, {"text": "The first is the change in mining contractor due to ongoing issues with equipment availability and waste mining production.", "audio_length_s": 7.26, "path": "a2245a8522589003f9c235a48c0197f0_45.wav"}, {"text": "Is there any real impact in the way you're thinking about your dividend policy that's being impacted by how volatile this pension", "audio_length_s": 7.26, "path": "bc1efb704df9c180935803c70a315597_256.wav"}, {"text": "Three, the board is very involved in this. We've worked with them on our new performance management and accountability system.", "audio_length_s": 7.26, "path": "09eebad8f3c529b4c7d916c5f7766f7f_301.wav"}, {"text": "I see. And was there a similar thing in the third and fourth quarter also when you had the store closures?", "audio_length_s": 7.26, "path": "00a36b039cb49e6b99bb6d17635a3c25_220.wav"}, {"text": "We believe International will turn positive in the third quarter and showed continued positive momentum in the fourth quarter.", "audio_length_s": 7.26, "path": "62658bb0c3307b2b10e3668b8df73b0d_190.wav"}, {"text": "it requires a close collaboration between FedEx and our customers", "audio_length_s": 7.26, "path": "f268a8174f58c93ad6b45b7f151fe896_106.wav"}, {"text": "We expect to close these loans during the third and fourth quarters of this year and we'll use the proceeds to repay maturing debt.", "audio_length_s": 7.26, "path": "5be70acf701b7a6c9322f8feeaca63cd_13.wav"}, {"text": "And the most positive response that we got of all them were people whose patients were on a once-a-day Exelon Patch.", "audio_length_s": 7.26, "path": "6c929ddddb79b887458ae21f1a3aa09d_97.wav"}, {"text": "One is that, look, we did see softer conditions in February that continued into March.", "audio_length_s": 7.26, "path": "abd571ccf777ac4b0a43a7487031bc8a_241.wav"}, {"text": "We are also tightening by raising the lower end of our adjusted operating income and adjusted EBITDA guidance.", "audio_length_s": 7.26, "path": "10ad32c5e0559c879e032faaf3148ab4_50.wav"}, {"text": "think that we struck the right balance doing so. Given that the middle market selling season is concentrated in the first half of the year,", "audio_length_s": 7.26, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_288.wav"}, {"text": "While we expect volume to improve sequentially, we are lowering our expectations for lubricant gallon and revenue growth.", "audio_length_s": 7.26, "path": "b478d2808e90233ed994884e644a3d34_63.wav"}, {"text": "that was around first quarter last year that just doesn't exist this year as they've completely changed their marketing strategy.", "audio_length_s": 7.26, "path": "77423f08f0208d476dea73c639f6293a_94.wav"}, {"text": "And separately, I should add that, given the different nature of the Property business, it will remain within Other activities.", "audio_length_s": 7.26, "path": "6f1b092b312410065d308541be46da95_195.wav"}, {"text": "And we -- what we're doing is trying to be diligent and making sure that when we need to have access to that capital", "audio_length_s": 7.26, "path": "a756bd9ba43faae4d9d0f059925e39e9_74.wav"}, {"text": "I will now turn it back over to Steve for any additional comments. Thanks, Doug.", "audio_length_s": 7.26, "path": "0807d606b6cf98da19b317b4928c3572_45.wav"}, {"text": "are -- like, are they -- and do they have the ability or the discretion to put through price increases", "audio_length_s": 7.26, "path": "c88e296697cd72c891ffb7bf5a1a60bb_153.wav"}, {"text": "which we feel better about now going into the new year. But all the other stuff is just noise. And I think the real important thing is", "audio_length_s": 7.26, "path": "365c360aff42713cef71a7d026eeeb6d_194.wav"}, {"text": "During the quarter, we continued to execute on our strategy and again delivered strong results.", "audio_length_s": 7.26, "path": "b35398859e534e471fb1cd60f5baac20_126.wav"}, {"text": "such that they will shut down their own airport handling facility and move their volume across to us.", "audio_length_s": 7.26, "path": "8dd740d83ff1c7319a82eeba6047633d_162.wav"}, {"text": "of our annual report on Form 10-K and as updated by our quarterly reports on Form 10-Q.", "audio_length_s": 7.26, "path": "f1b53f83640f7ea0160087ae63818af2_41.wav"}, {"text": "The second objective was to provide clinicians with data that may help them make treatment decisions for their patients.", "audio_length_s": 7.26, "path": "9097dcbaf554d635920c6274b1de4997_74.wav"}, {"text": "to come through in normal cash flows certainly during the year. I think the real issue that we spoke about is", "audio_length_s": 7.26, "path": "9b84dc4409f4ecccd173c2f81a4460cc_78.wav"}, {"text": "Certainly, we are cognizant of the macroeconomic data points that have created global economic growth concerns.", "audio_length_s": 7.2599375, "path": "b34f680a9162805e0188170d6272a356_166.wav"}, {"text": "Even more interesting it is that all geographies and both ES and CMS have contributed.", "audio_length_s": 7.2599375, "path": "e60f6485243932b9280d864cb17a6ba8_10.wav"}, {"text": "On the other side with the IL-12, the rates were in there is that we know for some cancers you don't know the targets.", "audio_length_s": 7.2599375, "path": "c5120d9702331edaf23bb6e639df0a70_145.wav"}, {"text": "Our general product assembly, rigid packaging and nonwoven product lines led the growth in the current quarter.", "audio_length_s": 7.2599375, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_3.wav"}, {"text": "Station swaps don't really seem to make any sense for us. We're very, very happy with the stations that we have and the portfolio that we've built.", "audio_length_s": 7.2599375, "path": "77423f08f0208d476dea73c639f6293a_249.wav"}, {"text": "due to a decline of settlement activity and the consequence of the equity market environment.", "audio_length_s": 7.23, "path": "c459f473b2c99662c3e29eeb2df74043_53.wav"}, {"text": "Now inevitably with that, there's a transformation of the business and you have to do things differently, and", "audio_length_s": 7.23, "path": "9d8c8f4a41008455665fd243ed99b642_115.wav"}, {"text": "of the company's financial results between periods and provides for greater transparency of key measures used to evaluate the company's performance.", "audio_length_s": 7.23, "path": "6e6da7f810609ce64857373f11984455_64.wav"}, {"text": "we didn't lead with as much credit as perhaps we wish we had now as an organization. And", "audio_length_s": 7.23, "path": "ab861b81968e1b5fcb606ed886919d68_72.wav"}, {"text": "I think, things will be largely prepared for in this first half of the year. Now", "audio_length_s": 7.23, "path": "94fdf7b24748a7706b1097482a0f363a_50.wav"}, {"text": "Signing supplier deals like United Airlines and extending exclusivity and capacity with other of our key providers", "audio_length_s": 7.23, "path": "55cbaf368288111ebc2ccadb61e3bd34_109.wav"}, {"text": "And we look forward to talking to you again at the end of the third quarter. And operator, that concludes my remarks.", "audio_length_s": 7.23, "path": "aaf7e3a1cc8cf65ccf788923cb583954_149.wav"}, {"text": "We have a lot of brands that resonate with consumers and e-commerce, and I feel good about how we're driving it across the entire portfolio.", "audio_length_s": 7.23, "path": "d28b2b09c127b5be033738aa3cd380b3_61.wav"}, {"text": "to respond to competitors and make sure that we send signals that", "audio_length_s": 7.23, "path": "d28b2b09c127b5be033738aa3cd380b3_261.wav"}, {"text": "as well as to how we will address the tax rate, which is still too high to further improve our earnings per share.", "audio_length_s": 7.23, "path": "9014ac9cbc2cff30468f1bcb659c0f66_145.wav"}, {"text": "make sure that we have adequate sample size for a study of this nature, we do very extensive powering modeling", "audio_length_s": 7.23, "path": "2602edddc3363eadcaafe1c33271f3e4_135.wav"}, {"text": "that would not be a good thing. But if you have good drugs that satisfy an unmet medical need,", "audio_length_s": 7.23, "path": "2602edddc3363eadcaafe1c33271f3e4_217.wav"}, {"text": "be eventually refinanced with a combination of takeouts, including syndicated loans and emission of bond.", "audio_length_s": 7.23, "path": "54558afacef9ab3010d5a57ac4feb664_103.wav"}, {"text": "selective rather than aggregate. And I think it's probably the way that we will continue to approach that.", "audio_length_s": 7.23, "path": "8cb24daf76784487ad63780546dc4ba4_224.wav"}, {"text": "to marry up as much burner tip access as possible with the production both on the east end and the west end.", "audio_length_s": 7.23, "path": "c96b5ae4ffe20d946daec67e2b0917b2_41.wav"}, {"text": "the right circumstance depending on what the market does or doesn't give us, it's not like the cash is going to disappear, it could be twice that", "audio_length_s": 7.23, "path": "c96b5ae4ffe20d946daec67e2b0917b2_112.wav"}, {"text": "of increased profits, we get a share because in Asia Pacific, there's no owner's priority. So from that perspective,", "audio_length_s": 7.23, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_306.wav"}, {"text": "you should expect us, I would say, to be a top 3 participant in this industry overall.", "audio_length_s": 7.23, "path": "7974a5134807f46a1484a8adf81505be_39.wav"}, {"text": "that security is essentially rooted in -- again, in the middle box, in a very robust product. And that product pivots around", "audio_length_s": 7.23, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_25.wav"}, {"text": "and so many different choices, and they're coming at you every day. With the potential for the new payment rail to be out there,", "audio_length_s": 7.23, "path": "04f29bc02d1e2ef65077ca67bf41f475_228.wav"}, {"text": "I think I agree with Mark. This feels a lot more like a normal result, because we don't have that segment in particular", "audio_length_s": 7.23, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_97.wav"}, {"text": "both relate to the structural changes in the supply chain in the Branded Consumer Goods operations.", "audio_length_s": 7.23, "path": "14f3d2486b21e639a953afb7ad03d90c_23.wav"}, {"text": "So we think that backdrop is probably is as favorable as it's ever been.", "audio_length_s": 7.23, "path": "918de179148bbfe18b95415ee0065a3d_97.wav"}, {"text": "that's where there's a lot more incremental business opportunity for us. And so it'll play out differently in those different parts of our business,", "audio_length_s": 7.23, "path": "8b71a232d7fe61e6232807b635977c31_123.wav"}, {"text": "before you can start to incorporate that into either the analytics or some sort of your measurement products?", "audio_length_s": 7.23, "path": "8b71a232d7fe61e6232807b635977c31_242.wav"}, {"text": "Thank you ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.", "audio_length_s": 7.23, "path": "044da592acc01ff7baacb3dbf2a302a9_167.wav"}, {"text": "In terms of macro trends, we believe the opportunity for the partnership is as great today as it's ever been.", "audio_length_s": 7.23, "path": "de3b766a868da918e499f407dbf5d716_77.wav"}, {"text": "there are 2 ways that you can get results from a digital strategy. On the one hand, you should generate more revenues", "audio_length_s": 7.23, "path": "d085781ecd776da8a9c4d31ad547606b_261.wav"}, {"text": "But I'll tell you, one of our focus is, as we alluded to in our comments, was -- is around how we", "audio_length_s": 7.23, "path": "bad55d25c1222682bd893d97dc5cbb27_60.wav"}, {"text": "This is a key metric that reflects the growth in our enterprise business, which is the majority of our overall revenue mix.", "audio_length_s": 7.23, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_3.wav"}, {"text": "we had a very good order book at the start of this year and order intake was also at the very high level in the first half year", "audio_length_s": 7.23, "path": "cfbe91105113db7a5784f77e411b7a3f_246.wav"}, {"text": "and addressing vulnerable customers, which are important areas for Ofgem, and they did this for the seventh straight year.", "audio_length_s": 7.23, "path": "a212b77ae2b2452093665a4e179ed3a3_55.wav"}, {"text": "it just underscored how bad both energy as well as mining got during the year.", "audio_length_s": 7.23, "path": "a827180c08c11f2e53c6966fceaabf5b_110.wav"}, {"text": "we believe will result in greater patron acceptance and deliver the greatest value to our casino customers.", "audio_length_s": 7.23, "path": "1b1699497be56330b3ed833f22bc63f6_151.wav"}, {"text": "Could you just remind us what kind of opportunities you got from the Augusta deal? I mean, there is a fair amount of wealth in Augusta,", "audio_length_s": 7.23, "path": "8b2314627d54755a15c55244bb862225_117.wav"}, {"text": "Now out of the total expenses, I think those that were further reduced,", "audio_length_s": 7.23, "path": "cc82e791c065bdc271addf355bac274f_199.wav"}, {"text": "Hopefully, throughout the course of this call today as you listen to our full year 2018 results and recent corporate updates,", "audio_length_s": 7.23, "path": "0dbbae27d7055ecc04cc25e14e4de12d_4.wav"}, {"text": "for the remainder of the year. And we stick to our guidance that we'll be, cost-wise, more or less flat for the", "audio_length_s": 7.23, "path": "bddc15938bdcc3085f19b0851e74c2c0_303.wav"}, {"text": "While our sales and marketing expenses have become an unfortunate anomaly over recent years,", "audio_length_s": 7.23, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_10.wav"}, {"text": "from a broad range of companies because it requires new types of computing at the edge and in the cloud,", "audio_length_s": 7.23, "path": "f46ae0a04d60dea8a759f07333ed37e2_5.wav"}, {"text": "Okay. And then for Transportation there, you folks have been looking for a real acceleration in terms of back-office investment", "audio_length_s": 7.23, "path": "0f4370b614f29bd596e4f6871cc77864_47.wav"}, {"text": "Of course, our ultimate goal is to achieve net inflows in all 4 of these segments simultaneously.", "audio_length_s": 7.23, "path": "8b6b51842af008f5f437f53cc2e71835_140.wav"}, {"text": "maybe even in the first or second quarter next year. We'll talk more about it tomorrow and give you a little bit more visibility, but clearly,", "audio_length_s": 7.23, "path": "276392c471c063580869aec014a1feda_190.wav"}, {"text": "The wind power industry set new records across the world last year according to the Global Wind Energy Council.", "audio_length_s": 7.23, "path": "bb9c0d60d15efa53cedac31e079e9ae6_85.wav"}, {"text": "We also had good progress on the NED market path. We went out with a customized offering for the electric load in New England.", "audio_length_s": 7.23, "path": "2ad9555a64eaa3f45bef5581adeecb9c_20.wav"}, {"text": "We remain excited about our future and look forward to communicating our continued progress in the quarters and years to come.", "audio_length_s": 7.23, "path": "93d3e5be9cf75e0921d47f10d4178939_77.wav"}, {"text": "be thinking a little bit differently about that asset at this point in time. It's something that we want to see proceed. But", "audio_length_s": 7.23, "path": "01ebdadb81d0e5a57270957c0cbe83fc_111.wav"}, {"text": "We also put in place a more experienced sales and service team for both our retail and institutional clients.", "audio_length_s": 7.23, "path": "a8034762296368c60571fcde382c3274_3.wav"}, {"text": "We are then able to build and collect revenue associated with this usage. As we continue to provision telephone numbers", "audio_length_s": 7.23, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_44.wav"}, {"text": "And I'm not talking about the existing ones. I'm talking about what visibility you might have with respect to new mines emerging this year?", "audio_length_s": 7.23, "path": "4e04d3229b988f1db5b842ac5b993894_143.wav"}, {"text": "the discontinued U.K. line of credit product, and the impact of the exchange rate for the British pound following the Brexit vote.", "audio_length_s": 7.23, "path": "ea97a179f1be386d6cd36637ae70a1fc_141.wav"}, {"text": "We believe that the long-term success of ENTYCE will be driven by veterinarians become increasingly comfortable with its use.", "audio_length_s": 7.23, "path": "49a78c1ec143d9ac46e893e77198c0e3_60.wav"}, {"text": "and we're working hard to make sure it does happen. And then maybe I'll use that opportunity to switch to talk about cats.", "audio_length_s": 7.23, "path": "49a78c1ec143d9ac46e893e77198c0e3_33.wav"}, {"text": "as our incumbency often enables us to support the additional capital needs of our best borrowers as they seek to grow.", "audio_length_s": 7.23, "path": "8aa1aa8317783203344434f855535c25_174.wav"}, {"text": "We investigated this and haven't seen any loss of clients as the majority of the decrease is due to normal client activity.", "audio_length_s": 7.23, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_179.wav"}, {"text": "including our people like me enhancement, which utilizes machine learning to provide occupation-specific advice", "audio_length_s": 7.23, "path": "87ba56e8ff82d5e181ee5d6d66543c51_108.wav"}, {"text": "We actually outperformed the data and we looked at the stat survey information about a half hour prior to the call.", "audio_length_s": 7.23, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_85.wav"}, {"text": "and really pleased with the progress we've made. And it's largely been due to a shift into more and more digital strategies.", "audio_length_s": 7.23, "path": "c67af59ea29f4e80b8eeede6e730658e_75.wav"}, {"text": "management time to look for those opportunity. We know where they are. But then they come up", "audio_length_s": 7.23, "path": "e5040d02fba73a359d3f7cb346517ce1_106.wav"}, {"text": "that have different rates of performance in any given period of time, whether we're looking at a particular year or a particular quarter.", "audio_length_s": 7.23, "path": "6a372ea97b0b130a4d37f16b54d97909_224.wav"}, {"text": "and later the recorded video will be posted on DOCOMO's website -- IR website.", "audio_length_s": 7.23, "path": "b2c4be32355b99e1a66809bd36e83dd2_65.wav"}, {"text": "at the close of business on March 8. I'll now turn it over to Kevin, who will provide some additional insights on our results.", "audio_length_s": 7.23, "path": "e2c02e1788cb10703d7611ef157f8135_125.wav"}, {"text": "We believe that these sales trends and activities, combined with continued cost reductions and strategic pricing actions,", "audio_length_s": 7.23, "path": "a02b735de681c682fbb8025edecca271_69.wav"}, {"text": "back on, we need to continue to work and it's going to be a process to get them where it could be fully back on to where they were before the settlement.", "audio_length_s": 7.23, "path": "6d97c63e754383663561baada77c7354_23.wav"}, {"text": "Many states are choosing to manage this important process, and MAXIMUS has played an integral role for supporting these efforts.", "audio_length_s": 7.23, "path": "b94d748876ddf8e881d4191dec45baf3_24.wav"}, {"text": "Moreover, the ongoing and increasing desire of automakers to elevate the driving experience", "audio_length_s": 7.23, "path": "974a2d744cd3d9acf42d74816de91f7f_6.wav"}, {"text": "that has been published, and we continue to be optimistic that the softness we're experiencing in the market today", "audio_length_s": 7.23, "path": "974a2d744cd3d9acf42d74816de91f7f_5.wav"}, {"text": "We experienced general stability in construction and land development and term commercial real estate loans.", "audio_length_s": 7.23, "path": "6ad1d7c855ceb3eb830c365e357e4510_195.wav"}, {"text": "France continues to look for opportunities to ramp higher margin peripherals, services and solutions around the sales of its core products", "audio_length_s": 7.23, "path": "7a29e2dcd505f944b16d1e3173cb1c01_52.wav"}, {"text": "The potential of deregulation is also encouraging and could provide a significant opportunity for our financial services business.", "audio_length_s": 7.23, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_134.wav"}, {"text": "Our business plan is low risk and we are confident in our ability to execute the plan and deliver on our commitments.", "audio_length_s": 7.23, "path": "526e0d5398a516831b49936c31a8ea1c_3.wav"}, {"text": "announced, but that is very well demonstrated by the number of FSRUs which have been decided since the beginning of", "audio_length_s": 7.23, "path": "ca67cef56548d21bf5c1669beebf3cb0_16.wav"}, {"text": "in higher utilization of contract labor, most predominantly on the nursing side in the nursing areas", "audio_length_s": 7.23, "path": "b43c001c5af465d220ab0b69a95202ae_91.wav"}, {"text": "think it has to do with the market waiting for us to put a number on the impact", "audio_length_s": 7.23, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_218.wav"}, {"text": "Also as I'm sure many of you are aware, the retail industry as a whole has been challenging so far this year.", "audio_length_s": 7.23, "path": "63eaf9677d7577484a1557ae6bfbb585_41.wav"}, {"text": "It has been the honor of a lifetime to serve as Chairman and CEO of this great company.", "audio_length_s": 7.23, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_175.wav"}, {"text": "Our Asia Pacific business delivered solid results while some of our markets in the Middle East continue to be challenged.", "audio_length_s": 7.23, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_18.wav"}, {"text": "if you go back and look at the guidance that we provided relative to the margins,", "audio_length_s": 7.23, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_18.wav"}, {"text": "and we like that area and you'll hear more about that in terms of acquisitive growth later.", "audio_length_s": 7.23, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_193.wav"}, {"text": "an important enabler, but it's the symptoms that are critically important. In fact, above a certain blood pressure improvement,", "audio_length_s": 7.23, "path": "571b0d30d88945a981006f24faa72cf7_201.wav"}, {"text": "an efficient cost base in both clean and waste. So we were efficient and at the frontier of efficiency for waste as well.", "audio_length_s": 7.23, "path": "e00fd35e201a8607d264b803a5130c59_292.wav"}, {"text": "and whether you expect the performance to be different in the downturn whether that be better, worse or the same?", "audio_length_s": 7.23, "path": "21f21433851eb7c7f7dbc710309341bb_215.wav"}, {"text": "and that's why I have to say we give exit to some of the deposits because of this aggressive", "audio_length_s": 7.23, "path": "d8db289a641593a1934fbb6407eede02_125.wav"}, {"text": "I'd also like to call your attention to the customary disclosures in our press release regarding forward-looking information.", "audio_length_s": 7.23, "path": "73c60e60043b8775dac929320839a8c6_72.wav"}, {"text": "to be cautious, I would say that for 2017, I don't think anybody expects any of these segments to", "audio_length_s": 7.23, "path": "939c2eaaa171907197a14e58cea3514d_108.wav"}, {"text": "In addition, the Insourcing Solutions business reported growth in the fourth quarter as a result of new contracts.", "audio_length_s": 7.23, "path": "da879f8ea1c23aa6565cccaacac271fc_8.wav"}, {"text": "Our USA TODAY NETWORK is an ideal partner to help expand this brand.", "audio_length_s": 7.23, "path": "059024560d9d1039cf08746ee7393114_55.wav"}, {"text": "over the next few years. So I don't expect to have to put capital into the TRS businesses.", "audio_length_s": 7.23, "path": "9ba83ac067a98f8b12cc480ff0691e91_142.wav"}, {"text": "which are not only supporting retail tenant performance, but also performance of our industrial tenants.", "audio_length_s": 7.23, "path": "9ba83ac067a98f8b12cc480ff0691e91_43.wav"}, {"text": "Put simply, this is growing and extending the base. Whilst our focus on marketing and innovation,", "audio_length_s": 7.23, "path": "33fd8a867dbd88a837e541b1d2b25ea5_19.wav"}, {"text": "Also under Marie-Line, Pizza Delight returned to have another positive Q4, with Same Restaurant Sales", "audio_length_s": 7.23, "path": "416ebb7a4160f7cd2f98361cbd1cb769_111.wav"}, {"text": "and that kind of set in motion some of the challenges at On Time. So", "audio_length_s": 7.23, "path": "189b20e7b975130ca5abd0e419e54908_63.wav"}, {"text": "so if we look at it, I think there's things that you're seeing, or Marianne, that you see, inside the company that probably dispel", "audio_length_s": 7.23, "path": "41c28201e80491c91e34488556721756_189.wav"}, {"text": "In the past, we have never been a reference in this area, and we are gaining important customer in the last", "audio_length_s": 7.23, "path": "a46647751ef690279d96126395de42d5_36.wav"}, {"text": "on operationally doing a great job or trying to do a great job of being responsive to customers and", "audio_length_s": 7.23, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_182.wav"}, {"text": "This is great for patients, but it also means that it has taken many of us in this space more time to enroll studies.", "audio_length_s": 7.23, "path": "f542ab325f47ed150e28888da2f85871_37.wav"}, {"text": "offering business customers to freedom and flexibility of the latest cloud-based virtual PBX technology.", "audio_length_s": 7.23, "path": "1689b94530eca82b7758c86b4cf3125f_55.wav"}, {"text": "disconnected perhaps from that rate. So who knows where this goes in the future? I think, for now, that's the way it is set up.", "audio_length_s": 7.23, "path": "130e8e56c1afa2419fd0c08708261824_41.wav"}, {"text": "It's really the strength of this brand and the clinical efficacy and safety of this brand that has driven its performance.", "audio_length_s": 7.23, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_281.wav"}, {"text": "and that largely was in bank loans and that was largely institutional. So I hope that gives you a little flavor.", "audio_length_s": 7.23, "path": "6709c061d39d0e433079f84160f11c80_154.wav"}, {"text": "should we think of the ACA compliance offering as having been a significant part of bookings and something that", "audio_length_s": 7.23, "path": "0dec9a606303da3039d11eec4ec9bd86_163.wav"}, {"text": "Brazil and Colombia, for the most part, different economies who have different issues in them. So in", "audio_length_s": 7.23, "path": "e33785a294553de2a12d4463bf786744_177.wav"}, {"text": "demonstrates that we are a stronger company as a result of the changes made over the past few years.", "audio_length_s": 7.23, "path": "3877b1983229ec488c6349a188bccf92_65.wav"}, {"text": "Information regarding these factors is contained in yesterday's press release and with the company's other filings with the SEC.", "audio_length_s": 7.23, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_47.wav"}, {"text": "The only other things that I'd point out, a large number of abstracts from our EP group looking at some of the newer", "audio_length_s": 7.23, "path": "8b3fb852b7afa89068326fa10e2e7563_84.wav"}, {"text": "So this concludes the third quarter presentation and we're now ready to take your questions. Thank", "audio_length_s": 7.23, "path": "47b5defd6e2c5724f6dc3b80859c281c_18.wav"}, {"text": "pockets of deflation, overall, things are stabilized and we don't expect much impact this year going into next year.", "audio_length_s": 7.23, "path": "4721d5a2e7061d90a4e4e4768adc2486_195.wav"}, {"text": "The only shift, I'd say, from the trends we've been seeing is really in Russia where it stabilized a bit.", "audio_length_s": 7.23, "path": "4721d5a2e7061d90a4e4e4768adc2486_93.wav"}, {"text": "where we might go from here. But could you envision a scenario that could actually benefit your covered lives coming out of the new administration?", "audio_length_s": 7.23, "path": "d74cec1fb73e1b1134bfa7152762ad80_52.wav"}, {"text": "on the top line. So I was wondering you've got some moving parts there in terms of Anthem", "audio_length_s": 7.23, "path": "41e5f97c6d94e8f87bb5fb602fe25500_22.wav"}, {"text": "are benefited by the fact that the primary basins we serve are short pipeline capacity that we've discussed.", "audio_length_s": 7.23, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_113.wav"}, {"text": "The team has been busy responding to those inquiries. That being said, you know, there is still some cloudiness in the market.", "audio_length_s": 7.23, "path": "e522eff219f3eaa2c9b090dc12cad420_76.wav"}, {"text": "and still qualify with some room for growth, not infinite growth, but some room for growth in those strategies relative", "audio_length_s": 7.23, "path": "a0d537badd260e2071136602e3b73b26_82.wav"}, {"text": "primarily driven by higher rebates on our Ellington sponsored CLOs. We ended the quarter with diluted book value per share", "audio_length_s": 7.23, "path": "a0d537badd260e2071136602e3b73b26_58.wav"}, {"text": "And what we're doing here is really no different than what I've done in some of my past experiences in former companies,", "audio_length_s": 7.23, "path": "11f02fb2db5d9fb5ff82f0374376f759_152.wav"}, {"text": "on the business model and the future ahead, but there is still a ghost looming around", "audio_length_s": 7.23, "path": "75b064acca5b532722510ac0b9b0822e_348.wav"}, {"text": "of 2017. Now unfortunately, we have not yet been able to obtain the needed regulatory approval from the Russian authorities. So", "audio_length_s": 7.23, "path": "bfb0fac9575cd0820a660f2577199468_88.wav"}, {"text": "our SKY business intelligence reporting capability, our payment services for credit card transaction processing", "audio_length_s": 7.23, "path": "a9ff9f85f03afdd2d13b76e14060b31d_206.wav"}, {"text": "with TGLT that they were supposed to build and give us some apartments at -- in the other cases", "audio_length_s": 7.23, "path": "8d71e62af8c57a752b0e04f6546bf622_38.wav"}, {"text": "But I don't know what the e-com for the total category is, if it's around 5%, but can you just", "audio_length_s": 7.23, "path": "34b4c03bbd8e9d5fceb8c8af89388197_257.wav"}, {"text": "The decrease is primarily due to lower discretionary benefits and the impact of higher revenue in the current quarter.", "audio_length_s": 7.23, "path": "a2ba164f019804628c07b36de47cd464_120.wav"}, {"text": "The main factor was the increase in the outflow due to the acquisition of PPE. As", "audio_length_s": 7.23, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_84.wav"}, {"text": "And then Trump, because of his unique ability to generate, not just free advertising,", "audio_length_s": 7.23, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_129.wav"}, {"text": "We think that's important because it broadens our customer base. It allows us to give to customers what it is they need.", "audio_length_s": 7.23, "path": "24a133abc343c813233d416b0cef96cd_112.wav"}, {"text": "And the other question on that was with 1 million tonnes of production, do you produce about 1 million tonnes of carbon or just over?", "audio_length_s": 7.23, "path": "71c8aba809b2c3334e487f92f9009647_164.wav"}, {"text": "Also Elementum continues to successfully expand its customer relationships and rapidly grow revenue.", "audio_length_s": 7.23, "path": "f5e9c69a92eb9179062673e044f8a53b_136.wav"}, {"text": "We continue to improve and expand our design capabilities and reference platforms, for new products and markets,", "audio_length_s": 7.23, "path": "f5e9c69a92eb9179062673e044f8a53b_134.wav"}, {"text": "Yes, Matt, this is Greg. That's going to largely be within that segment product line", "audio_length_s": 7.23, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_88.wav"}, {"text": "you mentioned mining you expect to rebound in fourth quarter on easier comps, but you also mentioned benefit from new sales", "audio_length_s": 7.23, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_104.wav"}, {"text": "to stabilize the production and keep it flat and continue to improve the efficiency by bringing on", "audio_length_s": 7.23, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_102.wav"}, {"text": "Certainly, it's been very fragmented. So for us to look at expanding our content", "audio_length_s": 7.23, "path": "3412b2f7aef0615537779e312cf984c3_59.wav"}, {"text": "At the current cheap stock price, additional share repurchase may be the most viable option on that front.", "audio_length_s": 7.23, "path": "14fa9d7635caae6483af62a4bfe1b9d6_178.wav"}, {"text": "due to the nature of the assets in the acquired portfolio, the returns on this segment can be lumpy and we certainly see that this quarter.", "audio_length_s": 7.23, "path": "3bc6d3e1c0a117340d288c289bf7f679_10.wav"}, {"text": "I would also like to relate today to some recent developments in the immuno-oncology landscape.", "audio_length_s": 7.23, "path": "6daa2d0829057899b014b06c36e1d54b_59.wav"}, {"text": "All of this, of course, based on the current visibility and the FX rates that we have at the moment.", "audio_length_s": 7.23, "path": "323193895e800e72960d98dd5fb64cf5_185.wav"}, {"text": "Key producers in the area are benefiting from successful delineation work resulting in an expanding resource base.", "audio_length_s": 7.23, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_127.wav"}, {"text": "These forward-looking statements are based on current expectations, and the company assumes no obligation to update these statements.", "audio_length_s": 7.23, "path": "ffa357a084f4deb64797a0a32b8c5e33_192.wav"}, {"text": "and second, costs related to our productivity initiatives focused on process improvements and data analytics.", "audio_length_s": 7.23, "path": "1378aabd380e63d3f89fe0e445fc8b06_7.wav"}, {"text": "And second, in most cases we've actually gathered more business as part of the pricing discussion.", "audio_length_s": 7.23, "path": "09eebad8f3c529b4c7d916c5f7766f7f_261.wav"}, {"text": "So right now, we're sticking to the time frame, but I would emphasize that we're highly confident in achieving", "audio_length_s": 7.23, "path": "09eebad8f3c529b4c7d916c5f7766f7f_173.wav"}, {"text": "The increase is mainly due to the additional debt incurred in the first quarter. We expect quarterly net interest expense", "audio_length_s": 7.23, "path": "3c17ad8c6709cbb1a8f7190f567a445f_13.wav"}, {"text": "But they are still going through transition, so we expect that to be another several quarters before their", "audio_length_s": 7.23, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_76.wav"}, {"text": "from NIC only because this was a really unusual year in terms of the flu season. Historically,", "audio_length_s": 7.23, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_179.wav"}, {"text": "We've improved our capabilities to service customers on a broader range of services.", "audio_length_s": 7.23, "path": "16614fa848b6601733f9eb4b2ee4da71_128.wav"}, {"text": "thus far, we haven't seen anything that has really negatively impacted us from a financial perspective", "audio_length_s": 7.23, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_160.wav"}, {"text": "And we expect to have the necessary technology and procedural fixes in place by the end of this year.", "audio_length_s": 7.23, "path": "910a1a60a0549a5973f42bb19b66a0ae_215.wav"}, {"text": "This morning, I will cover our operational highlights, including the progress of our active development projects.", "audio_length_s": 7.23, "path": "45c2e7788c29cc5f1c183ec742511c6f_40.wav"}, {"text": "the customer experience in the store in a way that is consistent with this message of building trust with our customers", "audio_length_s": 7.23, "path": "b478d2808e90233ed994884e644a3d34_47.wav"}, {"text": "I think the important point is, is that we are showing up and winning based on our value proposition.", "audio_length_s": 7.23, "path": "a756bd9ba43faae4d9d0f059925e39e9_72.wav"}, {"text": "intrinsic growth opportunity in addition to a lot of other opportunities throughout the portfolio.", "audio_length_s": 7.23, "path": "1cfd7da6c2da11f7e3f7102a6265146b_17.wav"}, {"text": "I cannot go into the exact details, but I don't object what you", "audio_length_s": 7.23, "path": "538323cb37246bc97d1253b369a7414a_52.wav"}, {"text": "Yes, it's a little bit like -- it's actually a little slower", "audio_length_s": 7.23, "path": "0807d606b6cf98da19b317b4928c3572_78.wav"}, {"text": "We'll go back to the phone. We have the next 3 questions from the phone.", "audio_length_s": 7.23, "path": "bf99037f89cd485f95f097842619a0c7_253.wav"}, {"text": "and that was also internally discovered and promptly remediated. The board hired a forensic auditor", "audio_length_s": 7.23, "path": "bc5018861ccb5380fbe71ad789a6d4b0_89.wav"}, {"text": "Additionally, we believe that the redesign has also made our application simpler and easier to use, especially for older users.", "audio_length_s": 7.23, "path": "30a142fac5a62ab00227cb6a339a6226_68.wav"}, {"text": "the new folks, to some of their new customers and so on, so we have an orderly hand-off and transition of some of those customer relationships.", "audio_length_s": 7.23, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_165.wav"}, {"text": "made after careful and thorough deliberation, and we will keep you informed over the course of this progress.", "audio_length_s": 7.23, "path": "a85c54c77dd2524eedab1287ea3ceff4_78.wav"}, {"text": "This is primarily due to higher sales volumes, which offset the currency and inflationary pressures.", "audio_length_s": 7.23, "path": "9b84dc4409f4ecccd173c2f81a4460cc_200.wav"}, {"text": "The financial information contained in the market update presentation has not been reviewed or reported on by the company's external auditors.", "audio_length_s": 7.23, "path": "9b84dc4409f4ecccd173c2f81a4460cc_3.wav"}, {"text": "because we're still using the old finishing line, which is sort of our restricting factor.", "audio_length_s": 7.23, "path": "976a5489fe4d30c2e1ebb237ec62398a_19.wav"}, {"text": "Adjusted for conversion and gas prices, underlying credit and debit growth rates have been stable all year.", "audio_length_s": 7.23, "path": "1bc08759c84df9d3f656cf53f5bb6d35_13.wav"}, {"text": "Once completed, a new facility will form the hub we need to continue to expand our U.S. business,", "audio_length_s": 7.23, "path": "ff59c33225941d4025bcecc8fe1a4b32_82.wav"}, {"text": "the right metrics were in place, the right incentives were in place so that we could make sure that we execute on the commitments we made for the year.", "audio_length_s": 7.23, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_171.wav"}, {"text": "I have worked with him as part of the CONSOL Energy team, and he brings a wealth of capital markets and coal industry experience.", "audio_length_s": 7.23, "path": "4b5d33b9c200403f2d4633e47f1d4110_19.wav"}, {"text": "pretty much what we gave you, Mark, in terms of how we look at the periods is about the extent of what we can say.", "audio_length_s": 7.2000625, "path": "e2c02e1788cb10703d7611ef157f8135_211.wav"}, {"text": "actuality is when you're going to see people get even more aggressive on what I'll call bigger, more complex projects.", "audio_length_s": 7.2000625, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_31.wav"}, {"text": "we are studying those. We'll circle back with our shareholders when the time is right on what we plan to do with the cash. But", "audio_length_s": 7.2, "path": "5833763223d8d85b6fcb5fe90e821c77_114.wav"}, {"text": "that. But I would say that we have done all the things we said we would do at the half year.", "audio_length_s": 7.2, "path": "44dadfbc792633938082a10f5c84f08a_44.wav"}, {"text": "of the settlement rate in the second half of the year, and that was very welcome to us.", "audio_length_s": 7.2, "path": "44dadfbc792633938082a10f5c84f08a_117.wav"}, {"text": "Got it. And so presumably then, that means that companies have to requalify lines in these new countries.", "audio_length_s": 7.2, "path": "d162113e3aface010baec17bd408736b_34.wav"}, {"text": "A recent report from the Hydrogen Council profiled the development stage of many of these FCEV applications.", "audio_length_s": 7.2, "path": "8ad0d5b5df75415c56ba590cad29489a_211.wav"}, {"text": "Yes. If we look at -- if we think about a module as a -- for an individual slot,", "audio_length_s": 7.2, "path": "8ad0d5b5df75415c56ba590cad29489a_111.wav"}, {"text": "while we simultaneously plan for commercialization of our first medication.", "audio_length_s": 7.2, "path": "485e97686e9a27d2df5b3fc02106e3d4_160.wav"}, {"text": "Today we're going to show you that we are starting to deliver the customer growth, which is so important to the long-term future", "audio_length_s": 7.2, "path": "214dcdc435ef3259490466447858fa56_72.wav"}, {"text": "I don't know that you're going to see any appreciable shift in mix for a period of time. It may be up a little bit or down a little bit in any given quarter,", "audio_length_s": 7.2, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_70.wav"}, {"text": "As we move through the balance of 2017, we are extremely pleased to have such a sound financial foundation,", "audio_length_s": 7.2, "path": "ab861b81968e1b5fcb606ed886919d68_140.wav"}, {"text": "The retooling of our management team has been the catalyst for many of the improvements that we are beginning to see.", "audio_length_s": 7.2, "path": "e274d02ea943c0a74779950fe28e839d_65.wav"}, {"text": "given the current cash position and operating cash flow, it seems you can afford to pay higher dividends.", "audio_length_s": 7.2, "path": "3cb802f8fba7d33603c29387ccdaf817_146.wav"}, {"text": "in France as well as restructuring charges associated with some plant consolidation opportunities.", "audio_length_s": 7.2, "path": "3557b21a45c35e71e82cc43b19977855_179.wav"}, {"text": "even where you don't necessarily have the indication. And the good news is at the time of the first-line launch,", "audio_length_s": 7.2, "path": "f0ce0d97cf62c9076226e0aeeb550493_191.wav"}, {"text": "And based on these findings, we now believe we're at the stage where we want to enter the clinic", "audio_length_s": 7.2, "path": "14e9ab3b38cd3029b8aff693a105dbfb_55.wav"}, {"text": "We are nearing capacity in the Midland Basin, and we'll need Rebel 2 as soon as possible to meet growing producer demand in the region.", "audio_length_s": 7.2, "path": "718a89dc503706eae0091bcd9410d567_110.wav"}, {"text": "in the growth in the rent. The one thing I would add about Brazil, we've been saying it for a long time,", "audio_length_s": 7.2, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_140.wav"}, {"text": "I'll now turn the call over to Michael Schrum, our Chief Financial Officer, to talk more about our financial results.", "audio_length_s": 7.2, "path": "249b7b83531140105343e2a0e89150fa_103.wav"}, {"text": "that involve risk and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.", "audio_length_s": 7.2, "path": "55d05334bdde612eb9dd102bb41d216e_99.wav"}, {"text": "as I tried to explain in that potential migration scenario, those will all be entering that program anew,", "audio_length_s": 7.2, "path": "8cb24daf76784487ad63780546dc4ba4_225.wav"}, {"text": "and be fully complete by the end of Q1 2019. In addition to this initial", "audio_length_s": 7.2, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_76.wav"}, {"text": "I think more interestingly is our revenue by type. One of the things that we talked about very early days", "audio_length_s": 7.2, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_130.wav"}, {"text": "history has been there are always some who benefit from the new definition of the currency and some who, at least in the short run,", "audio_length_s": 7.2, "path": "8b71a232d7fe61e6232807b635977c31_226.wav"}, {"text": "hanging out there for a material change in kind of the environment that they're in until we actually see it.", "audio_length_s": 7.2, "path": "a45510e526a5935c1f8d4f039149ff3b_88.wav"}, {"text": "pursuing expansion opportunities at existing ports and looking for additional acquisition opportunities.", "audio_length_s": 7.2, "path": "3d4b9cfcb489a54bda65e749b7b79b15_40.wav"}, {"text": "However, we were able to more than make up for this amount with growth from enterprise networking", "audio_length_s": 7.2, "path": "9e937c87ad87f354d42a688156853a30_156.wav"}, {"text": "In addition, we separated our underground gas storage activities into a", "audio_length_s": 7.2, "path": "f33d9363bbcea655df52468555d358d0_35.wav"}, {"text": "but please do not take what we did in this quarter and use it as a run rate moving forward because of that investment cycle.", "audio_length_s": 7.2, "path": "46906afb4e1ee1fef09b5908e76beefa_94.wav"}, {"text": "This is really a remarkable product. This is a cell line that actually allows a recapitulation of the patient's own skin,", "audio_length_s": 7.2, "path": "46906afb4e1ee1fef09b5908e76beefa_209.wav"}, {"text": "you would be account by account, and one of the things that we think is a strength of the INOMAX offering", "audio_length_s": 7.2, "path": "46906afb4e1ee1fef09b5908e76beefa_213.wav"}, {"text": "can be found in the tables contained in yesterday's press release and in our related current report on Form 8-K.", "audio_length_s": 7.2, "path": "145244b0378e6657d456cffca8bbc982_37.wav"}, {"text": "The same concept can apply to our group. If we interconnect within our group, great things can be expected.", "audio_length_s": 7.2, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_70.wav"}, {"text": "you may want to start a fire. Ultimately, it comes down to your pacing.", "audio_length_s": 7.2, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_104.wav"}, {"text": "What happens is as those prices stabilize, now we we've built all those increases into our bids without affecting our win rate,", "audio_length_s": 7.2, "path": "797946494c2985a20aa50823e8723c44_67.wav"}, {"text": "which is more efficient allocation of resources. And we expect a contribution", "audio_length_s": 7.2, "path": "fa45af64ef25007f998c655347bfbecb_340.wav"}, {"text": "despite a not very helpful environment, also continued steady fundamentals and trends.", "audio_length_s": 7.2, "path": "839852ec8452dbd90e9341d15cbba7c5_59.wav"}, {"text": "As we look forward to the year ahead, we are anticipating record volume and EBITDA in Aerospace.", "audio_length_s": 7.2, "path": "a827180c08c11f2e53c6966fceaabf5b_134.wav"}, {"text": "I'm pleased with the ability of our business leaders to react to the macro events that impacted our operations,", "audio_length_s": 7.2, "path": "a827180c08c11f2e53c6966fceaabf5b_45.wav"}, {"text": "These strong financial results were driven by areas of record-setting growth across our entire business.", "audio_length_s": 7.2, "path": "1b1699497be56330b3ed833f22bc63f6_3.wav"}, {"text": "were offset by improved drug retail pharmacy margins and better shrink compared to prior year.", "audio_length_s": 7.2, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_93.wav"}, {"text": "Our customers remain our priority during this time and our teams are working hard to ensure that we are meeting their needs.", "audio_length_s": 7.2, "path": "23eff4c724ee00f56319fcc47add3441_125.wav"}, {"text": "with updated financial information has also been posted to the Investors section of our company website.", "audio_length_s": 7.2, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_103.wav"}, {"text": "produce with the resources we have available. As you've probably also seen when you had a look at our", "audio_length_s": 7.2, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_200.wav"}, {"text": "In addition to managing the supply chain, we will also be able to adapt to shifts in international demand patterns.", "audio_length_s": 7.2, "path": "0f4370b614f29bd596e4f6871cc77864_134.wav"}, {"text": "Let me provide you an update on the milestones we achieved since we last spoke 90 days ago.", "audio_length_s": 7.2, "path": "6864081f83959f4b49e25e597f28af66_2.wav"}, {"text": "Our debt level did increase as we funded the higher levels of working capital, primarily the increase in receivables,", "audio_length_s": 7.2, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_37.wav"}, {"text": "or because you have a high depreciation of leases, it'll be a balance sheet item", "audio_length_s": 7.2, "path": "e52e6870e8a04339ef969543fc0f0329_6.wav"}, {"text": "However, the segment is well positioned for new student enrollment growth in its online platforms.", "audio_length_s": 7.2, "path": "43942582edfb20599f3e7456137f8deb_16.wav"}, {"text": "we can say with certainty is that we'll only ramp up spending when there's a firm commercial solution", "audio_length_s": 7.2, "path": "911d447bcdcedb4e0cf5230de225921c_168.wav"}, {"text": "from the store managers of those new stores in terms of their experiences and the strength of their trading in our communities.", "audio_length_s": 7.2, "path": "6e3037e770ba5e0dfc98e3223986aad2_99.wav"}, {"text": "for both phases of the recent DIF transaction, with the one back in November and the one we just did in the second quarter.", "audio_length_s": 7.2, "path": "ebecd7e874a9b3998b70ec3200f71e89_276.wav"}, {"text": "Finally, we expect our returns to trend upwards once the acquisitions make a full year contribution.", "audio_length_s": 7.2, "path": "3416f142ad06359966636184f66e87c5_3.wav"}, {"text": "Looking ahead for the remainder of the year, our pipelines are strong and our outlook remains positive.", "audio_length_s": 7.2, "path": "616e9ba16db091317ae4d96e877a9bbe_77.wav"}, {"text": "We are making some good inroads there, as I mentioned by our finished goods coming down. What you will also see just to make a note here,", "audio_length_s": 7.2, "path": "1ddc944827b99caf8c7867ceeed0ec20_143.wav"}, {"text": "there are 2. I think it becomes -- it's very different in terms of what we're willing to accept in terms of payback", "audio_length_s": 7.2, "path": "0899e07f70a6e5be842fb6e22a3fafe9_191.wav"}, {"text": "The decline in total orders was largely expected and should recover as the agency channel grows.", "audio_length_s": 7.2, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_64.wav"}, {"text": "As usual, these numbers do not reflect our plans to close or relocate about 10 older stores.", "audio_length_s": 7.2, "path": "a001f4c808bdc9a395ee7d3f9288fc50_69.wav"}, {"text": "mostly because of our merger with American Chartered in the middle of the third quarter.", "audio_length_s": 7.2, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_7.wav"}, {"text": "I looked at the operating earnings in the quarter as well, and here's what I see when I looked at the core performance for the bank.", "audio_length_s": 7.2, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_182.wav"}, {"text": "and that will be a great market to serve. The one caution you've heard us say several times is that, it's more than reimbursement.", "audio_length_s": 7.2, "path": "58ff8a727ec4f3859407b64f08246759_48.wav"}, {"text": "the number of tons also declined in the first quarter compared to", "audio_length_s": 7.2, "path": "08ed60a546bd48af9db028c4e3c8af26_106.wav"}, {"text": "It's also important to note that we're still in -- at the initial stages of this multiyear growth opportunity.", "audio_length_s": 7.2, "path": "16e51362df94379ea33a24334015f385_87.wav"}, {"text": "In general, and given our customer credit terms, the fluctuations in our accounts receivable balances", "audio_length_s": 7.2, "path": "3cc0a4a6f1b08b522c732ad8944e8624_67.wav"}, {"text": "with both of these acquisitions, we picked up nice liquidity and it allows us to continue to be disciplined pricers on the deposit side.", "audio_length_s": 7.2, "path": "1c89bbe35013b8f40511ac9ba8824242_82.wav"}, {"text": "But for the remaining quarters of '17, I would expect it to revert back", "audio_length_s": 7.2, "path": "1c89bbe35013b8f40511ac9ba8824242_28.wav"}, {"text": "We are gaining share in laundry, but ice cream suffered in the fourth quarter in Brazil from both the economy and the poor summer.", "audio_length_s": 7.2, "path": "47b1a118c53956b23f1d687a75f3e5ba_178.wav"}, {"text": "benefiting from the work we've done to strengthen our lower-tier brand propositions to capture some of the down-trading as it happens.", "audio_length_s": 7.2, "path": "47b1a118c53956b23f1d687a75f3e5ba_103.wav"}, {"text": "And we have continuously had more satisfied clients than the average of our peers in our home markets.", "audio_length_s": 7.2, "path": "6b3df032b804a1a371d25e1eef019c4a_51.wav"}, {"text": "Volumes in the mortgage origination market have increased in reaction to lower rates.", "audio_length_s": 7.2, "path": "567a41009710fa1568bb8125213bf9eb_42.wav"}, {"text": "This quarter, the question du jour appears to be about our fourth quarter production guidance coming in a little lower than our previous guidance.", "audio_length_s": 7.2, "path": "9952903822d3aabb9a8a8fdd41f23bc2_1.wav"}, {"text": "These declines were largely driven by the channel mix mentioned earlier and the expected decrease in branded product sales.", "audio_length_s": 7.2, "path": "003356e698453d6b74f19a8e02587605_36.wav"}, {"text": "as well as the addition of engineering talent we added earlier in the year, to support newly awarded programs", "audio_length_s": 7.2, "path": "974a2d744cd3d9acf42d74816de91f7f_8.wav"}, {"text": "So I think that's worthwhile noting. But let me see if I can address your question", "audio_length_s": 7.2, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_44.wav"}, {"text": "Overall, domestic weather was slightly favorable for the quarter and flat year-to-date compared to the same periods last year.", "audio_length_s": 7.2, "path": "526e0d5398a516831b49936c31a8ea1c_20.wav"}, {"text": "related to market diversification and target market expansion, which we embarked on a few years ago.", "audio_length_s": 7.2, "path": "26119288a71567b572f1d8b551e397cb_108.wav"}, {"text": "the number of electric vehicles on the roads. So that's really helped us a lot in terms of", "audio_length_s": 7.2, "path": "051c23cc7bacc5c9df9312ac0fd431a9_189.wav"}, {"text": "Our loan officers are doing a great job in a very competitive environment without sacrificing our credit discipline.", "audio_length_s": 7.2, "path": "28404e399cb043d390aa70bceb339dd4_109.wav"}, {"text": "Yes, we're going to keep pushing, and we're certainly available at the company should you have any additional questions following the earnings call.", "audio_length_s": 7.2, "path": "e78997e6a75a2243292b2b54750bb3cb_125.wav"}, {"text": "related both to, one, investment timing as the majority of our new investments took place late in the quarter in December,", "audio_length_s": 7.2, "path": "4479886907c2a9ec843d6ea1e5e0cacc_144.wav"}, {"text": "agencies and business lines into the partnership over the balance of the year. There's one and then there's 2 more that will occur.", "audio_length_s": 7.2, "path": "b43c001c5af465d220ab0b69a95202ae_100.wav"}, {"text": "many of them have been eliminated, because of the good regulatory environment. So we encourage regulation. We encourage", "audio_length_s": 7.2, "path": "968913c3f9111fc67f1d9956c56dec3b_97.wav"}, {"text": "I think that that's one situation. But given that you guys are doing transactions in the stock at this price,", "audio_length_s": 7.2, "path": "f77935c4693e4d33252c9c76993e9c8b_177.wav"}, {"text": "And this seems like there's some real innovation coming about here in how to move", "audio_length_s": 7.2, "path": "f77935c4693e4d33252c9c76993e9c8b_50.wav"}, {"text": "We set a goal to get a capitalization that would give us the capability to", "audio_length_s": 7.2, "path": "75eb5b75bb8587b63c318714ea956b9e_34.wav"}, {"text": "I have to say our teams on the vessel and onshore support have overcome with dedication and persistence.", "audio_length_s": 7.2, "path": "9abfcc6b57650e0b300aa243cb8336e8_5.wav"}, {"text": "our critical growth and transformation investments while also deploying more capital to shareholders.", "audio_length_s": 7.2, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_85.wav"}, {"text": "which uses and consumes the rubber. So once automotive moves down,", "audio_length_s": 7.2, "path": "948f025c16fce2bcb2909e610c9be557_258.wav"}, {"text": "best practices and key features for our customers to be able to launch a site very quickly or to extend their own site,", "audio_length_s": 7.2, "path": "7274a7a5fa848e641ba98fce556e26a1_81.wav"}, {"text": "on the overall consumer landscape. I'd also say that virtually all of the pricing actions we have taken", "audio_length_s": 7.2, "path": "9b697782ea80be97854f35d6fc62c93a_192.wav"}, {"text": "I think we've got a very clear strategic intent, which is really at a headline level,", "audio_length_s": 7.2, "path": "f1da65edd5f2026ffd647d496bb96ce7_132.wav"}, {"text": "growth in loans under long-term standby purchase commitments and the addition of a new floating rate AgVantage facility.", "audio_length_s": 7.2, "path": "40b1895fcd5116b51eb97573544b3afd_5.wav"}, {"text": "We also expect though to see the investment in some of those markets continue some of the packaging markets.", "audio_length_s": 7.2, "path": "262bc21196721c5ff9114acbd2ff03c3_284.wav"}, {"text": "we are seeing an impact of mobile demand weakness and have received more conservative forecasts from much of our customer base.", "audio_length_s": 7.2, "path": "b3d7bc295d09d9927e465213612c0192_187.wav"}, {"text": "So they are making a decision on where they want to be for the rest of their lives,", "audio_length_s": 7.2, "path": "d1ea27c78d9b77d1db1349ca8b4789d1_148.wav"}, {"text": "If you think about our value proposition, Mark, and it is to kind of take the complexity out of it, and you think about the market we focus on,", "audio_length_s": 7.2, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_149.wav"}, {"text": "And I'm speaking mostly in those comments in the van segment of our business.", "audio_length_s": 7.2, "path": "8eaca8d8a419f74540f69ade8defabbd_42.wav"}, {"text": "And we haven't really pressure-tested all these new initiatives in a return to the normal or even beyond normal", "audio_length_s": 7.2, "path": "82f5253b62614161333b038f5f9700f8_49.wav"}, {"text": "This was the fifth consecutive quarter of organic growth at or above 6% for the company on a combined basis,", "audio_length_s": 7.2, "path": "92bf6fe090b6bc565cb500b688fd9173_176.wav"}, {"text": "And as I've noted before, marketing is far more than advertising. And our brand must be infused with all that we say and do.", "audio_length_s": 7.2, "path": "7cc11de7f206c637e6293da0d956405e_7.wav"}, {"text": "The team is relentlessly driven to innovate and acutely focused on meeting the ever-evolving needs of our clients.", "audio_length_s": 7.2, "path": "7cc11de7f206c637e6293da0d956405e_128.wav"}, {"text": "we did much better on the profit side of that. So that equation, I think, it's better for us to be", "audio_length_s": 7.2, "path": "8cfc2a9aace5078f22a83c782b9d41f7_34.wav"}, {"text": "payments instruments is mainly attributable to the fluctuation of the corporation's common share market price.", "audio_length_s": 7.2, "path": "068bea67ac01942fafb955a1116b29dd_144.wav"}, {"text": "In addition, a little over half of the total impacted borrowers are constrained by their total debt service ratio alone.", "audio_length_s": 7.2, "path": "130e8e56c1afa2419fd0c08708261824_55.wav"}, {"text": "have a vested interest in broader acceptance of nuclear power and getting that kind of commitment from them", "audio_length_s": 7.2, "path": "77d2dd6d5e46cc8a8e80809305b60208_234.wav"}, {"text": "Johnnie Walker continued to tell in-culture stories of personal progress across the world.", "audio_length_s": 7.2, "path": "3877b1983229ec488c6349a188bccf92_48.wav"}, {"text": "going to have to tap the brakes or deal with the lower commodity prices that they are able to get given the takeaway challenges.", "audio_length_s": 7.2, "path": "5633fe3600ee04237bbb918c56341864_164.wav"}, {"text": "not in our backlog. It is in our pipeline of", "audio_length_s": 7.2, "path": "01b376669d5ea40acc7fb5a87503586e_175.wav"}, {"text": "However, as our results indicate, we also have serious issues that must get fixed.", "audio_length_s": 7.2, "path": "e522eff219f3eaa2c9b090dc12cad420_86.wav"}, {"text": "It is clear that we have tremendous enthusiasm and support, as we further validate and derisk our clinical platforms,", "audio_length_s": 7.2, "path": "c5120d9702331edaf23bb6e639df0a70_117.wav"}, {"text": "Nexus presents surgeons with a powerful tool to remove hard and soft tissue with greater control, accuracy and efficiency.", "audio_length_s": 7.2, "path": "cd331fa6dd24e811af3c0529212bfbb8_64.wav"}, {"text": "Let me now walk all of you through some of our third quarter highlights and provide my perspective on how we see the balance of the year.", "audio_length_s": 7.2, "path": "1353031386f884a821e7e9bab449727d_10.wav"}, {"text": "Now I would like to go into the presentation, and first,", "audio_length_s": 7.2, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_61.wav"}, {"text": "are big parts of the cost cars. So what are you seeing there? How do you protect margins in that? And then throw in the", "audio_length_s": 7.2, "path": "ff898f396d49760343d08575ea773b54_187.wav"}, {"text": "and also where the technology and the performance that we bring, bring value to our customers. So I think we need to have that as a basis for the discussions.", "audio_length_s": 7.2, "path": "bfb0fac9575cd0820a660f2577199468_79.wav"}, {"text": "the cattle feeding industry has consolidated. You saw the acquisition earlier in the year, the big one of the largest", "audio_length_s": 7.2, "path": "09b5b62d328d3d0719b6825357fdfb48_146.wav"}, {"text": "We are now seeing others in the market bring down inventory levels, and we are hopeful that more stable currencies", "audio_length_s": 7.2, "path": "b6688f44b91606fbd75a6d66e94d4e4b_176.wav"}, {"text": "We have been getting a lot of questions from investors on both our capital structure and covenants. The next 2 slides address these subjects.", "audio_length_s": 7.2, "path": "b6688f44b91606fbd75a6d66e94d4e4b_117.wav"}, {"text": "with a much higher leverage, not only from a covenant point of view but from an operating flexibility point of view.", "audio_length_s": 7.2, "path": "b6688f44b91606fbd75a6d66e94d4e4b_141.wav"}, {"text": "which was focused only on price and not on added value. For example, through integrated services or quality.", "audio_length_s": 7.2, "path": "ae5a41fe3b3d515713608c5ac878eed3_107.wav"}, {"text": "We continue to be very excited about our pipeline of productivity and growth projects that are contributing to our expanding margins.", "audio_length_s": 7.2, "path": "64364105b816dd0b6a029e9cd210e65b_341.wav"}, {"text": "But with -- even with all the best of planning and dialogue, there's going to be", "audio_length_s": 7.2, "path": "64364105b816dd0b6a029e9cd210e65b_61.wav"}, {"text": "I think the benefit we have here is the alignment with CAT and Finning, we are fighting tooth and nail to make sure we", "audio_length_s": 7.2, "path": "383cf39e54475c8a25af2af7b35c6f2e_118.wav"}, {"text": "Our team in South America has been managing through this downturn exceptionally well, and we expect they will continue to do so.", "audio_length_s": 7.2, "path": "383cf39e54475c8a25af2af7b35c6f2e_11.wav"}, {"text": "In order to deliver operational efficiencies, the network's business is also moving to a national functional structure", "audio_length_s": 7.2, "path": "4ee3c79ebc57c9870b221b9479d52436_220.wav"}, {"text": "but we've made changes to pricing and to the underwriting. We increased our analytics and have made progress in this product line.", "audio_length_s": 7.2, "path": "648ddbbaa83d8a627c7ab752f63a80bd_4.wav"}, {"text": "The progress of the OneStim business over the past year is married by the success of new contract awards. For example,", "audio_length_s": 7.2, "path": "20489859070c48218db6ab0f5b6d2b05_10.wav"}, {"text": "To the extent that LIBOR continues to increase, we anticipate benefiting from higher interest rates in future quarters", "audio_length_s": 7.2, "path": "02242ceddfeb4bcc65f04552b63fe80e_56.wav"}, {"text": "So that I view as kind of a natural. That's -- this is actually where we wanted to end up, to be candid.", "audio_length_s": 7.2, "path": "323193895e800e72960d98dd5fb64cf5_97.wav"}, {"text": "wanted to retain a large ownership stake on our own, and we were able to complete that during the quarter,", "audio_length_s": 7.2, "path": "323193895e800e72960d98dd5fb64cf5_173.wav"}, {"text": "systemic administration to transduce the tissues affected by the disease and express the proteins in those issues,", "audio_length_s": 7.2, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_97.wav"}, {"text": "impacted by negative sales development in China and by the pending divestment of the business in Brazil.", "audio_length_s": 7.2, "path": "49dfadfb9a3d4d27ac250602928cf9ea_140.wav"}, {"text": "Longer term, we will pursue strategic opportunities, expanding across commodities and across the value chain,", "audio_length_s": 7.2, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_192.wav"}, {"text": "And what we will see as well then is -- so I don't know. If I had a guess, I guess what we would spend", "audio_length_s": 7.2, "path": "4fafe8c628e676ca508b37756da75419_180.wav"}, {"text": "And we believe that going forward, the overall prominence of goods as they move around the world and", "audio_length_s": 7.2, "path": "f268a8174f58c93ad6b45b7f151fe896_54.wav"}, {"text": "maybe some of your target leverage levels that you think about, especially in the context of your macro outlook? And maybe", "audio_length_s": 7.2, "path": "81c03e2c15e8fe8213fbd40368b49581_116.wav"}, {"text": "it. It's more about the coaching for those big companies, which are already our clients, or many of them,", "audio_length_s": 7.2, "path": "4fd138e27f5f375945332eacefa15b62_38.wav"}, {"text": "of new wins and the growth of existing business in the segments of beverages and dairy.", "audio_length_s": 7.2, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_58.wav"}, {"text": "Moving to Slide 19. In closing, I want to reiterate that we are proud of our first quarter.", "audio_length_s": 7.2, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_49.wav"}, {"text": "And this is not something the board will compromise on in any way, so materiality is not an issue.", "audio_length_s": 7.2, "path": "bc5018861ccb5380fbe71ad789a6d4b0_90.wav"}, {"text": "that improvement was felt pretty much across all the provinces, so it's a fairly consistent improvement across all the provinces.", "audio_length_s": 7.2, "path": "c88e296697cd72c891ffb7bf5a1a60bb_206.wav"}, {"text": "third, we target upscale, fashion conscious consumers by providing outstanding service", "audio_length_s": 7.2, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_57.wav"}, {"text": "Beginning in December, we eliminated virtually all advertised promotional and pricing activity.", "audio_length_s": 7.2, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_27.wav"}, {"text": "at the top end and the low end and where we've had the engine challenges.", "audio_length_s": 7.2, "path": "9dcce10786aa9db4cdc6cc4649adacdd_22.wav"}, {"text": "or any change in events, conditions or circumstances based on which any such statements are made. I", "audio_length_s": 7.2, "path": "3fb901e6b501ddced60226a13ebef4af_5.wav"}, {"text": "These improvements to both the top and bottom line also reflected the achievement of certain synergies related to the successful integration", "audio_length_s": 7.2, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_45.wav"}, {"text": "Great. Thank you, Ware. I want to touch on just a couple of nonfinancial highlights for the quarter before we turn it over for questions.", "audio_length_s": 7.2, "path": "1bb9219ad31877175e18e8e48ff2f63c_69.wav"}, {"text": "tank manufacturers and wind and transmission towers, demand for this quarter remained fairly steady", "audio_length_s": 7.2, "path": "97ddc19ecb28bab2d19fd3b181182062_15.wav"}, {"text": "and there will be a little less amortization expense going forward. Pretax should pick up a bit because of these closures.", "audio_length_s": 7.2, "path": "97ddc19ecb28bab2d19fd3b181182062_273.wav"}, {"text": "and fire and security products, led by increased demand for special hazards and fire detection equipment.", "audio_length_s": 7.2, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_23.wav"}, {"text": "what we believe is needed to provide benefit in patients with Huntington's disease, based on our extensive preclinical data.", "audio_length_s": 7.2, "path": "3a1ba1b79a8a016390f98ab3ffe71340_117.wav"}, {"text": "which was evident by the improvement of our safety metrics that were already some of the best in industry.", "audio_length_s": 7.2, "path": "77f146e76d89a5be785a39ab23dfa763_161.wav"}, {"text": "Things will improve over time. Can you tell us more", "audio_length_s": 7.1999375, "path": "80a2ca14358172366acab4e80f3fa33b_167.wav"}, {"text": "Great work by the legal and deal teams on both sides and incredible professionalism and courtesy shown from both governments.", "audio_length_s": 7.1999375, "path": "0668081864383eb57919b99c85649753_5.wav"}, {"text": "We never closed below the price break, and we obviously have traded up very nicely", "audio_length_s": 7.17, "path": "92b48b365197c65ebf545a4c9dd1200d_67.wav"}, {"text": "We said our approach to integration would be from the perspective of best of both. And we have been true to this ideal.", "audio_length_s": 7.17, "path": "62d981deed6d5128615c99d1597178b6_69.wav"}, {"text": "The multiple-dose portion of the study is a little more complicated because we have cohorts that are open to all comers,", "audio_length_s": 7.17, "path": "e2b2a746a7a2cd752c92ccfab257cfca_129.wav"}, {"text": "For those members that already have an account, they already have shared with us all the information that we need and just like they have an account with their bank,", "audio_length_s": 7.17, "path": "f3ea353a6c918bc1fd311a9cad6b9777_14.wav"}, {"text": "So there's a natural way in which cross-selling into other products happens as users discover in a digital way new products and features.", "audio_length_s": 7.17, "path": "f3ea353a6c918bc1fd311a9cad6b9777_39.wav"}, {"text": "to maximize the value of each of their customers, to service these customers more broadly with a significant range of personalized products.", "audio_length_s": 7.17, "path": "b7050f62f52a3d2803beea21404f7af6_13.wav"}, {"text": "covering the procedure. But keep in mind that underneath the national payers, there are many subpayers that we need to work with.", "audio_length_s": 7.17, "path": "5111fdad778749872c23e78c9b0d653b_163.wav"}, {"text": "I believe we're the only company that has actually generated any clinical data supporting that concept.", "audio_length_s": 7.17, "path": "14e9ab3b38cd3029b8aff693a105dbfb_129.wav"}, {"text": "Notwithstanding the impressive success of our La Prairie products with the Chinese consumer", "audio_length_s": 7.17, "path": "9014ac9cbc2cff30468f1bcb659c0f66_237.wav"}, {"text": "The message here is that there will be a lot of financial discipline from this company, and we have a guidance here from the", "audio_length_s": 7.17, "path": "ac2317620b37fe65aac46aea3c31e67e_55.wav"}, {"text": "Starting with Slide 3, while many of you are familiar with Butterfield, I'd like to provide an overview of the bank", "audio_length_s": 7.17, "path": "249b7b83531140105343e2a0e89150fa_67.wav"}, {"text": "reassess some of the decisions that we've made along the way. So I think", "audio_length_s": 7.17, "path": "8cb24daf76784487ad63780546dc4ba4_106.wav"}, {"text": "for the LDR, but can you tell us about your target going forward with the change? Thank you very much", "audio_length_s": 7.17, "path": "1c60a3d37d43a43d5851722212ddcd71_28.wav"}, {"text": "And if you're in the data and information business, mobility and mobile responsiveness is key for your product format and product presentation.", "audio_length_s": 7.17, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_6.wav"}, {"text": "I also want to understand if you guys, with regard to your discussions with frac service providers,", "audio_length_s": 7.17, "path": "dd3166f311a5f12a25103a0295e8ac3e_98.wav"}, {"text": "we're running the company and with the board as prudently as possible. So it's not like we haven't been thinking about things, but", "audio_length_s": 7.17, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_108.wav"}, {"text": "is absolutely on fire. So that business has been growing strong double digits for a number of years, continues to outpace the market.", "audio_length_s": 7.17, "path": "044da592acc01ff7baacb3dbf2a302a9_75.wav"}, {"text": "We expect unbilled deferred revenue to increase meaningfully next quarter with seasonally strong enterprise transactions.", "audio_length_s": 7.17, "path": "78c85dc9a16f82b09d3a2363004e658d_107.wav"}, {"text": "We would hope that within the next 12 to 18 months or so, we will come to a conclusion, and", "audio_length_s": 7.17, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_9.wav"}, {"text": "improved international profitability and expense initiatives within Solutions will drive the increase.", "audio_length_s": 7.17, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_48.wav"}, {"text": "The challenge in the earnings is we also have in there the rotation that's going on with the legacy retailers that are in runoff,", "audio_length_s": 7.17, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_95.wav"}, {"text": "we expect revenue and earnings to be down at Specialty Property, as lender-placed continues to normalize.", "audio_length_s": 7.17, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_13.wav"}, {"text": "that a diversified end market focus is the most appropriate way to balance growth and risk opportunities for our business.", "audio_length_s": 7.17, "path": "b34f680a9162805e0188170d6272a356_251.wav"}, {"text": "With our emphasis on disciplined pricing and profitability, our win rates have declined modestly as anticipated.", "audio_length_s": 7.17, "path": "b34f680a9162805e0188170d6272a356_255.wav"}, {"text": "And so one of the things that I think is important that people appreciate is, as we're going into a new year,", "audio_length_s": 7.17, "path": "1b91eb82f5211000e711424657cc2484_160.wav"}, {"text": "Clearly, it would be more appealing when it's accretive, but at the same time, managing to more of a constant outstanding", "audio_length_s": 7.17, "path": "1b91eb82f5211000e711424657cc2484_305.wav"}, {"text": "for the second fiscal quarter, with solid contributions from a broad number of our franchises.", "audio_length_s": 7.17, "path": "9e937c87ad87f354d42a688156853a30_154.wav"}, {"text": "that's the quarter. Now I'll step back and talk about a few accomplishments during the year, which will deliver our long-term benefits.", "audio_length_s": 7.17, "path": "ada4e338c266148264077e06bac68005_3.wav"}, {"text": "You may now think someone is extremely qualified, but this person may have a big attitude problem.", "audio_length_s": 7.17, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_65.wav"}, {"text": "We are in final negotiations to complete the Bayou divestiture and expect to complete the transaction by mid- to late August.", "audio_length_s": 7.17, "path": "797946494c2985a20aa50823e8723c44_83.wav"}, {"text": "And I think also China Mobile is, of course, trying to take advantage of that situation to get", "audio_length_s": 7.17, "path": "cfbe91105113db7a5784f77e411b7a3f_56.wav"}, {"text": "We very much want to lever our platform more fully than we have in the past.", "audio_length_s": 7.17, "path": "8292bdb9af87f10627c044f3842b2c76_79.wav"}, {"text": "how do I say this, once somebody's in ReposiTrak, they can more easily adopt the pieces that we've created", "audio_length_s": 7.17, "path": "e26b501c6e000fdaa11edde97cc71436_23.wav"}, {"text": "I know that when we chat a year from now that we'll all be pleased looking back at how '17 turned out.", "audio_length_s": 7.17, "path": "e26b501c6e000fdaa11edde97cc71436_64.wav"}, {"text": "So could you elaborate more on that? And what could we expect in the future in terms of additional", "audio_length_s": 7.17, "path": "cc82e791c065bdc271addf355bac274f_45.wav"}, {"text": "We are honored to be a part of the exciting Philadelphia research community and we look forward to fostering collaboration", "audio_length_s": 7.17, "path": "0dbbae27d7055ecc04cc25e14e4de12d_207.wav"}, {"text": "And we further strengthened our partnership with the post office by agreeing a new supply agreement", "audio_length_s": 7.17, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_130.wav"}, {"text": "Third, our market leadership and global footprint affords us additional economies of scale in procurement, manufacturing and marketing.", "audio_length_s": 7.17, "path": "8957425799e5ce0200bfacf204d0acde_62.wav"}, {"text": "The collective efforts of this team have led us to being named as a finalist in the life science industry awards category", "audio_length_s": 7.17, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_95.wav"}, {"text": "by our consumers, and we decided to", "audio_length_s": 7.17, "path": "cfe2656d9b742e3743835cfde245c60a_143.wav"}, {"text": "E-com continued, and I'll get back to it in a second, but of course, it is vital that we maintain a very high growth rate", "audio_length_s": 7.17, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_198.wav"}, {"text": "This offering gives our distributors increased flexibility to sell the products individually to those consumers who are price sensitive", "audio_length_s": 7.17, "path": "276392c471c063580869aec014a1feda_5.wav"}, {"text": "and I think that's the way you should look at it. And it's going to take some investment actually for '18. But", "audio_length_s": 7.17, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_35.wav"}, {"text": "That can always change fairly quickly from environmental issues, planned turnarounds, things of that nature", "audio_length_s": 7.17, "path": "bb9c0d60d15efa53cedac31e079e9ae6_45.wav"}, {"text": "tailoring and finessing the product to its catchment audience and curating the overall proposition,", "audio_length_s": 7.17, "path": "6e3037e770ba5e0dfc98e3223986aad2_107.wav"}, {"text": "I think you highlighted that the drug monitoring testing and the vitamin D should come back once you work with the payers,", "audio_length_s": 7.17, "path": "e3d70ecdb6aaed843dd059c121962e45_265.wav"}, {"text": "As we have seen historically, the cumulative adjustment moves towards zero as the hedges are ultimately realized during the fiscal year.", "audio_length_s": 7.17, "path": "7394bde65e000fbb7b528c6c65bd099d_163.wav"}, {"text": "on the road. In the meantime, everybody's going to pay more for their auto coverage, and we will figure this out. It's a short tail line.", "audio_length_s": 7.17, "path": "aeb50c6146f90bd32d147c5d4775c21d_30.wav"}, {"text": "the regulatory regime that we're under would have actually created a safer, better credit profile for a lot of our lenders.", "audio_length_s": 7.17, "path": "8aa1aa8317783203344434f855535c25_30.wav"}, {"text": "and this should be particularly noticeable in the first quarter, as that 9 basis point recovery we had this quarter will be gone.", "audio_length_s": 7.17, "path": "2f52e3495f64a67b885c0d35be2e8dce_121.wav"}, {"text": "mix of business maybe should be shifting more to the international side. How should we think about that?", "audio_length_s": 7.17, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_170.wav"}, {"text": "but rather the result of increased investments to really expand fast. We're trying to dramatically increase our footprint.", "audio_length_s": 7.17, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_20.wav"}, {"text": "As shown on Slide 11, we are excited about our new seed and crop protection product pipeline,", "audio_length_s": 7.17, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_20.wav"}, {"text": "We've already entered into agreements with multiple content providers to create compelling subscription offerings.", "audio_length_s": 7.17, "path": "6a372ea97b0b130a4d37f16b54d97909_131.wav"}, {"text": "to their new and existing learning deals, which we believe will drive incremental annual recurring revenue.", "audio_length_s": 7.17, "path": "6a372ea97b0b130a4d37f16b54d97909_188.wav"}, {"text": "Those life limitations have not all been alleviated yet. And so I think there will be", "audio_length_s": 7.17, "path": "7bc22aba9bc29d69ee10cc60db7903d8_227.wav"}, {"text": "but we are not stressing out about it or we are not forcing it. If we don't find anything", "audio_length_s": 7.17, "path": "98f10f0935e5b778e888a1b8130a3d31_187.wav"}, {"text": "and this is also a very good basis for very strong cash generation in the group.", "audio_length_s": 7.17, "path": "98f10f0935e5b778e888a1b8130a3d31_99.wav"}, {"text": "think about years 2 and 3, I know you talked about a lower revenue trajectory. Can you be a little more specific perhaps about", "audio_length_s": 7.17, "path": "b94d748876ddf8e881d4191dec45baf3_91.wav"}, {"text": "who would make the decision to go forward with the TwinShape duct and when they would make the decision. And about all we know is", "audio_length_s": 7.17, "path": "974a2d744cd3d9acf42d74816de91f7f_182.wav"}, {"text": "when we have our fourth quarter earnings call in February. So we look forward to sharing some insights with you on that.", "audio_length_s": 7.17, "path": "265e62fc569e790d8b3e58698aaab701_52.wav"}, {"text": "we can go anywhere with the platforms provided a customer wants to go drive business success.", "audio_length_s": 7.17, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_77.wav"}, {"text": "S.J. will review business highlights and provide color on the operating environment. Silvia will then review the company's key financial results.", "audio_length_s": 7.17, "path": "6f6b3823ec396bec0ca694282a6c7452_42.wav"}, {"text": "And so we start with if we're going to do something in terms of inorganic growth, don't screw it up.", "audio_length_s": 7.17, "path": "08f219f6cb65bd0ed50cb8444a3884f8_37.wav"}, {"text": "in the first quarter of 2019. In addition, we are in various stages of negotiations", "audio_length_s": 7.17, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_109.wav"}, {"text": "for the quarter to show up and it has this quarter, where each of our hospitals are in the overall results.", "audio_length_s": 7.17, "path": "b43c001c5af465d220ab0b69a95202ae_19.wav"}, {"text": "Our Destination Network segment had a very good quarter. On a currency neutral basis and excluding acquisitions,", "audio_length_s": 7.17, "path": "968913c3f9111fc67f1d9956c56dec3b_173.wav"}, {"text": "So that should be kept in mind. But the fact that the second quarter growth", "audio_length_s": 7.17, "path": "8cd753ed00aeee0ed32d03823eef3f7e_68.wav"}, {"text": "Because of how we have built and shaped our business over the years, we are now able to provide these labs with the ability to provide", "audio_length_s": 7.17, "path": "75eb5b75bb8587b63c318714ea956b9e_141.wav"}, {"text": "The underlying thesis of a sustainable recovery in the shipping market from the third quarter of this year, however, remains intact.", "audio_length_s": 7.17, "path": "9abfcc6b57650e0b300aa243cb8336e8_48.wav"}, {"text": "As in the second quarter, divisional performances are reported in line with the new organizational structure.", "audio_length_s": 7.17, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_5.wav"}, {"text": "Mark will then review our first quarter financial results in more detail. After that, we'll be happy to take your questions.", "audio_length_s": 7.17, "path": "e16c49bab0eeda53f9fd5b3d0f599149_53.wav"}, {"text": "I'll share some examples of those -- of this progress in a few minutes. But starting with the results on the top line.", "audio_length_s": 7.17, "path": "9e8690a521142359001a137074905535_248.wav"}, {"text": "Also, we expect our quarterly sales to follow a similar trajectory as in prior years.", "audio_length_s": 7.17, "path": "9e8690a521142359001a137074905535_114.wav"}, {"text": "in areas that would be like military applications, aircraft applications, space applications.", "audio_length_s": 7.17, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_124.wav"}, {"text": "In closing, I'm very pleased with the financial results driven by our execution for the second quarter.", "audio_length_s": 7.17, "path": "f1da65edd5f2026ffd647d496bb96ce7_114.wav"}, {"text": "We used the amounts that we received from our cinema and real estate business,", "audio_length_s": 7.17, "path": "e2225d612a954a24e7e91c08215d7b51_146.wav"}, {"text": "the large part of this is about nurturing also our engineering and operational excellence.", "audio_length_s": 7.17, "path": "e00fd35e201a8607d264b803a5130c59_242.wav"}, {"text": "And we feel like we have the ear of the engineer and the heart of the engineers. So new people coming onboard", "audio_length_s": 7.17, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_64.wav"}, {"text": "As we indicated during our fourth quarter earnings call, although buyer traffic is typically slower during the winter months,", "audio_length_s": 7.17, "path": "735a523f1ef6500b7aa97a2536d9c4fd_131.wav"}, {"text": "With building activities slower to materialize, prices stabilized and then eroded slightly toward the end of the quarter.", "audio_length_s": 7.17, "path": "735a523f1ef6500b7aa97a2536d9c4fd_73.wav"}, {"text": "Based on fervent discussions by academic and government bodies on the need to define what constitutes an opioid-sparing claim,", "audio_length_s": 7.17, "path": "450a5dc6eb19b82da8dfc68127f6e79d_19.wav"}, {"text": "And I hope you all sign up for your Nedbank Private Wealth app when you go out, because, remember, we want to get those revenue levels up. Thank you.", "audio_length_s": 7.17, "path": "dffe8257f781608bb17bb637249e4d2a_81.wav"}, {"text": "focus on containing expense growth. Excluding the currency impact, expense growth was well maintained", "audio_length_s": 7.17, "path": "dffe8257f781608bb17bb637249e4d2a_45.wav"}, {"text": "call, was similar to what I think as well, that it pushes it up into a reasonable range but higher than", "audio_length_s": 7.17, "path": "9ba83ac067a98f8b12cc480ff0691e91_146.wav"}, {"text": "creating value for all of our partners and customers across the entire payments ecosystem.", "audio_length_s": 7.17, "path": "49e533a8449f6b9b6c806458e73338e1_125.wav"}, {"text": "has been disciplined and relentless on execution and the result has been an incredible success.", "audio_length_s": 7.17, "path": "416ebb7a4160f7cd2f98361cbd1cb769_164.wav"}, {"text": "increase is largely driven by a timing difference between our recent June debt issuance and the redemption of our TRUP securities.", "audio_length_s": 7.17, "path": "7cc11de7f206c637e6293da0d956405e_80.wav"}, {"text": "it means additional trucks, trailers will have to be moved on roads and across water.", "audio_length_s": 7.17, "path": "89a894c2c6440d41510f0b009c0cd03b_10.wav"}, {"text": "Looking ahead, our entire organization is motivated and focused on achieving our objectives on behalf of our customers and shareholders.", "audio_length_s": 7.17, "path": "d74cec1fb73e1b1134bfa7152762ad80_42.wav"}, {"text": "fast because it is more today about keeping the current structure, but putting more transparency on the government", "audio_length_s": 7.17, "path": "a76bedec950d8af557e451e58416d028_121.wav"}, {"text": "With that, I'm going to turn it over to Rusty to go through our financial highlights. Additionally,", "audio_length_s": 7.17, "path": "838af8ffae77ce8ff59c77b1985f8fc5_7.wav"}, {"text": "Keep in mind, we talked about before these restructuring activities. Part of that was ensuring that we had the right", "audio_length_s": 7.17, "path": "18e82b076319ac52f8a4b391ea345abd_23.wav"}, {"text": "Thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone, have a great day.", "audio_length_s": 7.17, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_59.wav"}, {"text": "as we get closer to finishing those -- some of those off, we'll -- we're going to try to be a little bit more", "audio_length_s": 7.17, "path": "d62cc3a0dfe3492ed16dfc17c028071e_148.wav"}, {"text": "That covers the highlights for the quarter, and I'll now turn the call over to Rui to talk about our financial results in a little more detail.", "audio_length_s": 7.17, "path": "382e3c8eda678694c6368e00f19c8881_60.wav"}, {"text": "With most distributors, we ship in bulk, and they distribute to the end users so we don't have complete visibility on their reach.", "audio_length_s": 7.17, "path": "5efe4589d80ac1232c2958182c188903_86.wav"}, {"text": "Over half of the fourth quarter's investments were sourced on a proprietary basis versus through traditional dealer channels.", "audio_length_s": 7.17, "path": "5c601f5318d5dcbe20fdd78f19c2b277_152.wav"}, {"text": "Growth was driven primarily by strong demand for our nasal spray systems for allergy treatments.", "audio_length_s": 7.17, "path": "812d8f09b72b4d410d138d3b24caebbc_68.wav"}, {"text": "particularly on a constant dollar basis, both relative to our competitors and the macro environment as a whole.", "audio_length_s": 7.17, "path": "b6688f44b91606fbd75a6d66e94d4e4b_81.wav"}, {"text": "while we normally would have shown a declining level of personnel expenses driven by simplification.", "audio_length_s": 7.17, "path": "ae5a41fe3b3d515713608c5ac878eed3_160.wav"}, {"text": "Now we're starting to see greater entrepreneurial activity in our businesses in all of our categories.", "audio_length_s": 7.17, "path": "e35fae1d3df1f7aeda409f90f200ec7b_138.wav"}, {"text": "We appreciate your faith, trust and patience as we continue to pursue these objectives.", "audio_length_s": 7.17, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_115.wav"}, {"text": "and with our peers. Reconciliations of non-GAAP measures to the nearest corresponding GAAP measure", "audio_length_s": 7.17, "path": "95303f68781d6fb58e19ec1dc7785a7c_1.wav"}, {"text": "and labor programs. All of the things that are important to the manufacturers will just continue to be important, and we just", "audio_length_s": 7.17, "path": "9dc19bfa451bc1278b7136420493f84d_38.wav"}, {"text": "Before we go into the details of the business units, let me give you an overview on the performance", "audio_length_s": 7.17, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_97.wav"}, {"text": "S.J. will review business highlights and provide color on the operating environment. Silvia will then review the company's key financial results.", "audio_length_s": 7.17, "path": "a7b69d0f77cd4d6a684399e12b066e39_68.wav"}, {"text": "As you can see on Slide 8, we continued to drive growth based on strong fundamentals tied to the strength of our brands.", "audio_length_s": 7.17, "path": "b0d88c0f1efca89ecb928172341dc75d_96.wav"}, {"text": "This consideration package consists of new COFINA bonds and cash paid by COFINA under the COFINA plan.", "audio_length_s": 7.17, "path": "0b21f953a7ae9970ef3a4c30b267927c_10.wav"}, {"text": "And that is because we added people earlier in the year and they became productive as the year went by.", "audio_length_s": 7.17, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_23.wav"}, {"text": "And then as we think about leverage, we really think about our current investment grade rating as incredibly important to us", "audio_length_s": 7.17, "path": "e0555e30370c43189a1136fb7ef17d20_133.wav"}, {"text": "And one of the bigger challenges that we have, as you can appreciate, is in our large project businesses. And so in businesses like", "audio_length_s": 7.17, "path": "9fb4423a70358ef22be9982299969f7a_167.wav"}, {"text": "Approval by the commission would resolve the rate case, including the revenue requirement issue for Four Corners and rate case expenses.", "audio_length_s": 7.17, "path": "f17bd619f65ff0b31c5103503bd56fdb_38.wav"}, {"text": "earlier in the year or next year, we may be in the same position where that doesn't come until much later in the year.", "audio_length_s": 7.17, "path": "f17bd619f65ff0b31c5103503bd56fdb_49.wav"}, {"text": "is primarily due to the recognition of a tax refund, partially offset by the expiration of certain tax holidays.", "audio_length_s": 7.17, "path": "711d9abe4399e7184d7dd8e3273f8a71_144.wav"}, {"text": "for determining where we are and what the right approach for your company should be from a cyclical perspective?", "audio_length_s": 7.17, "path": "933faa5ac159ab158506e2bc0f714977_186.wav"}, {"text": "rate hike has deteriorated. So can you walk us through maybe how we should think about", "audio_length_s": 7.17, "path": "09eebad8f3c529b4c7d916c5f7766f7f_257.wav"}, {"text": "So you're not able to see into the future of the correction which basically have to do with stabilizing the subscriber base", "audio_length_s": 7.17, "path": "429bcf63d57c11ea4d8864560f521dba_165.wav"}, {"text": "We don't have any clients complaining about inability to fund programs.", "audio_length_s": 7.17, "path": "50eb350badadec6e4272b90684741c25_144.wav"}, {"text": "also a function of getting the word out, probably a function of clients talking with one another about the quality of the work that we're doing.", "audio_length_s": 7.17, "path": "50eb350badadec6e4272b90684741c25_210.wav"}, {"text": "and we consider our internal controls over financial reporting to be effective as of our fiscal 2016 year-end.", "audio_length_s": 7.17, "path": "dbf6a9009ea60e2e96772ee3ccea7226_65.wav"}, {"text": "We met with the FDA in August to review the pilot study data and discuss our next steps.", "audio_length_s": 7.17, "path": "6c929ddddb79b887458ae21f1a3aa09d_27.wav"}, {"text": "of our guidance by about 40 basis points on the base business on the top line. That was", "audio_length_s": 7.17, "path": "abd571ccf777ac4b0a43a7487031bc8a_179.wav"}, {"text": "Additional allowances contributed 80 basis points of performance, in line with the prior year.", "audio_length_s": 7.17, "path": "6f1b092b312410065d308541be46da95_169.wav"}, {"text": "And on the margin profile, are they very comparable from when you look at Ventev on the retail commercial or there is a differentiation?", "audio_length_s": 7.17, "path": "a756bd9ba43faae4d9d0f059925e39e9_145.wav"}, {"text": "As our financial results and liquidity position improves as a result of anticipated increased onstream rates,", "audio_length_s": 7.17, "path": "eed99fefac02f862b3ee31c4748cb9b5_85.wav"}, {"text": "what we're interested in, either because of their geography or structure. And it wouldn't be a good cultural fit.", "audio_length_s": 7.17, "path": "32283c24ad18239efb166db8422560b2_160.wav"}, {"text": "January was the weakest month of the quarter. Political revenues were under 1% of our quarterly sales.", "audio_length_s": 7.17, "path": "b49c3cda0bcd26bab06abdd492274a3e_29.wav"}, {"text": "Last quarter, I shared our vision with you, which includes being our customers' most collaborative and innovative partner.", "audio_length_s": 7.17, "path": "3ae068efa03cd088f4d3edea682f199f_99.wav"}, {"text": "and they are experienced in helping our customers decide on the latest and best designs for their home improvement projects.", "audio_length_s": 7.17, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_116.wav"}, {"text": "We have provided additional disclosure related to broadcast expirations in our quarterly supplemental package.", "audio_length_s": 7.17, "path": "b35398859e534e471fb1cd60f5baac20_8.wav"}, {"text": "We will address the OTT substitution market in the coming weeks with a new innovative product for the marketplace which the Street will hear about", "audio_length_s": 7.17, "path": "6f73dbce90cb2d313480b437f0c51bbc_7.wav"}, {"text": "due to weakness in underlying premiums and profit-sharing programs on certain contracts as well as rate competition.", "audio_length_s": 7.17, "path": "9cd9b67e289e807d677aabc5765fec6a_153.wav"}, {"text": "revenue growth was driven by an average price increase of approximately 9% for the year on marginally lower volumes.", "audio_length_s": 7.17, "path": "1bee232b4d03ce3a6f424bb7891581a2_39.wav"}, {"text": "And also seeing whether we can get more suppliers credit that will obviously reduce the total working capital that we need to put in place.", "audio_length_s": 7.17, "path": "bece1ee458b65656b484de51021c5219_20.wav"}, {"text": "This primarily reflects quicker progress on achieving some of the benefits from the restructuring initiatives", "audio_length_s": 7.17, "path": "726bad4d5d1a6b2f62034eb8dc843450_44.wav"}, {"text": "We have identified gaps in operations of the business that we're starting to experience", "audio_length_s": 7.17, "path": "726bad4d5d1a6b2f62034eb8dc843450_29.wav"}, {"text": "the other assets are not operating at a level that's approximate, that's -- looks like it's going to exceed their threshold,", "audio_length_s": 7.17, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_27.wav"}, {"text": "to be a real focus of ours and something that, given the importance of the", "audio_length_s": 7.17, "path": "1bc08759c84df9d3f656cf53f5bb6d35_40.wav"}, {"text": "and so candidates have been identified and we're working through that process now. So", "audio_length_s": 7.17, "path": "ff59c33225941d4025bcecc8fe1a4b32_24.wav"}, {"text": "So let's move to Slide 11 and get into the details with the look at the performance of buildings on a consolidated basis.", "audio_length_s": 7.17, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_79.wav"}, {"text": "A failure to execute the 40-megawatt supply agreement in 4 years results in the warrants going away.", "audio_length_s": 7.1699375, "path": "1bba27cac9495fe57f623973383d6948_96.wav"}, {"text": "I'm also pleased to report that we are fully operational at our new regional distribution center in Houston.", "audio_length_s": 7.1400625, "path": "40e11288ea7cb86fdf307dbe648142e3_103.wav"}, {"text": "Obviously, we have relationships with other pretreaters, where we need to go in with someone to provide a total solution.", "audio_length_s": 7.14, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_59.wav"}, {"text": "The Industrial Wood Coatings transaction is a perfect example of when we would look to use leverage in a value-creating transaction,", "audio_length_s": 7.14, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_213.wav"}, {"text": "in the mid of the year and then we will make decisions how to use these proceeds.", "audio_length_s": 7.14, "path": "c459f473b2c99662c3e29eeb2df74043_76.wav"}, {"text": "That's because this is income that basically has been upstreamed from our portfolio companies where we are taxed.", "audio_length_s": 7.14, "path": "92b48b365197c65ebf545a4c9dd1200d_117.wav"}, {"text": "We believe this demonstrates the improved model we have been working on to expand margins", "audio_length_s": 7.14, "path": "a20052a04bcb5b7b8d242a21c859550d_115.wav"}, {"text": "with expectations in the first half of 2016, as confirmed by the group's back-testing activities.", "audio_length_s": 7.14, "path": "569834a5cb8a33dfeac20dfa8e03afb3_49.wav"}, {"text": "However, as we launch new products, we believe we'll be able to drive a higher average revenue per member in the long term.", "audio_length_s": 7.14, "path": "f3ea353a6c918bc1fd311a9cad6b9777_58.wav"}, {"text": "So going back to your question, because of the PayPay online implementation,", "audio_length_s": 7.14, "path": "a93681c92a0b9c04743f541a54b180c7_161.wav"}, {"text": "help us to understand how these reserves are going to work in a rising interest rate environment, how are you going to keep", "audio_length_s": 7.14, "path": "a683f40be39761f8e66786d7c0b64134_52.wav"}, {"text": "We expect to continue to roll that product out onto shelves sometime in the beginning of the second quarter, in that second quarter timeframe.", "audio_length_s": 7.14, "path": "3557b21a45c35e71e82cc43b19977855_116.wav"}, {"text": "you now have all these different substrates under one roof, it was a good transition kind of into this next topic. Have you seen", "audio_length_s": 7.14, "path": "3557b21a45c35e71e82cc43b19977855_34.wav"}, {"text": "we are ready to go for them as long as we know that we have prudent assumptions in our business plans.", "audio_length_s": 7.14, "path": "9014ac9cbc2cff30468f1bcb659c0f66_378.wav"}, {"text": "from Cadiz, Ohio to Defiance, Ohio, the majority of which we are receiving full negotiated rates on.", "audio_length_s": 7.14, "path": "718a89dc503706eae0091bcd9410d567_159.wav"}, {"text": "The first quarter of 2016 continued to be the type of challenging environment we've been preparing for", "audio_length_s": 7.14, "path": "223f05c0b9b116532e9af84afa76cac7_89.wav"}, {"text": "The pending acquisition of Hatteras is an extension of the capital allocation themes we have highlighted on our past earnings calls.", "audio_length_s": 7.14, "path": "223f05c0b9b116532e9af84afa76cac7_99.wav"}, {"text": "The yield that we're getting right now, it's not going to get much better. And generally the amount of molybdenum will fall.", "audio_length_s": 7.14, "path": "17ee868a7ed8656d69e6888ee4a6d550_25.wav"}, {"text": "reduce the revenue swings that have historically categorized our business as projects start and projects finish.", "audio_length_s": 7.14, "path": "ed1006cd88de67e8fe53ea86ad6862d7_53.wav"}, {"text": "There've been no changes to our forecast since our previous announcement. Our forecast for revenue", "audio_length_s": 7.14, "path": "2a59b9df2de5248e64727f10185a8423_42.wav"}, {"text": "are a large and important customer segment for us, and the positive sales trend with these accounts is significant.", "audio_length_s": 7.14, "path": "a069e0992c2083f0f53eaa4f7a02e47d_7.wav"}, {"text": "These are the types of things that the board reviews. It's just a little unfortunate that this one became a public matter.", "audio_length_s": 7.14, "path": "55d05334bdde612eb9dd102bb41d216e_60.wav"}, {"text": "But in terms of partners, there is not a single partner that is important for our sales development in", "audio_length_s": 7.14, "path": "65d5a09c659f6809931dc62aa7a9eaad_59.wav"}, {"text": "If we would have waited a couple of days more, we would have seen here a positive figure.", "audio_length_s": 7.14, "path": "65d5a09c659f6809931dc62aa7a9eaad_223.wav"}, {"text": "I would like to take this opportunity to thank all our employees for their efforts over the past year.", "audio_length_s": 7.14, "path": "7974a5134807f46a1484a8adf81505be_208.wav"}, {"text": "is your relationship with your authors. One of the great strengths of this business is cost of goods sold relative to the return.", "audio_length_s": 7.14, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_164.wav"}, {"text": "have more than a me-too offer out there and that we learn more deeply from our customers around the loyalty space.", "audio_length_s": 7.14, "path": "570faeed3dcfa26c6246dc42309025ad_246.wav"}, {"text": "Thanks, Doug. Before we open it up for questions, I would like to briefly touch on a few financial highlights from the quarter.", "audio_length_s": 7.14, "path": "8bbc2f54137b794265dfb01f1559868d_157.wav"}, {"text": "where we can both come out in a better position by negotiating the work upfront, being very open, transparent", "audio_length_s": 7.14, "path": "b34f680a9162805e0188170d6272a356_68.wav"}, {"text": "I do want to spend a moment reviewing the procedural steps and time line related to us making a corporate tax election.", "audio_length_s": 7.14, "path": "1b91eb82f5211000e711424657cc2484_116.wav"}, {"text": "So we're making this change, first and foremost, to simplify our tax structure to expand our eligible investor universe.", "audio_length_s": 7.14, "path": "1b91eb82f5211000e711424657cc2484_108.wav"}, {"text": "So an exciting deal and we think it's the right thing to do for this program to partner at this stage.", "audio_length_s": 7.14, "path": "0c18e4de44a4c891690654ba38479935_80.wav"}, {"text": "And I guess on Nexium, can you comment whether or not you have included an additional competitor in your guidance for this year for that product?", "audio_length_s": 7.14, "path": "95b678c2b11d1ded2d9e9ba839aaee06_107.wav"}, {"text": "The delays, which we believe have now been resolved, were associated with the customer's implementation of a new payment system.", "audio_length_s": 7.14, "path": "797946494c2985a20aa50823e8723c44_100.wav"}, {"text": "This is not meant to be a shelf program, but rather one we believe we can execute within a reasonable period of time.", "audio_length_s": 7.14, "path": "1942e14b1721d0de894f437d1b3e75c5_113.wav"}, {"text": "the strong unit economics of our enterprise business, which is a constantly increasing proportion of our total revenue,", "audio_length_s": 7.14, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_179.wav"}, {"text": "I would say internally, in terms of all our execution on our projects, we're on track. There's no issues.", "audio_length_s": 7.14, "path": "c1f9276ae4068aca63163adff502b818_108.wav"}, {"text": "They in turn allowed us to penetrate the Vancouver market at a time when we were almost", "audio_length_s": 7.14, "path": "8292bdb9af87f10627c044f3842b2c76_163.wav"}, {"text": "Important risk factors that could cause actual results to differ from those contained in the forward-looking statements", "audio_length_s": 7.14, "path": "392ca3d1e388c6d7a35f6d0db390c359_179.wav"}, {"text": "achieving the highest overall marks in their respective categories and regions based on customer surveys.", "audio_length_s": 7.14, "path": "a212b77ae2b2452093665a4e179ed3a3_102.wav"}, {"text": "While the Oklahoma and non-Oklahoma footprint both experienced meaningful growth in the period,", "audio_length_s": 7.14, "path": "1b1699497be56330b3ed833f22bc63f6_97.wav"}, {"text": "and the number of customers who are actually shopping at one of your stores increases in a meaningful way,", "audio_length_s": 7.14, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_158.wav"}, {"text": "finding concepts how to cycle that in a faster way because they come very fast, normally have a very good insight,", "audio_length_s": 7.14, "path": "8475d4f528174aebabcb109487bee3f3_23.wav"}, {"text": "whereas most markets have an equal number of diagnosed untreated patients as patients who are diagnosed and treated.", "audio_length_s": 7.14, "path": "0dbbae27d7055ecc04cc25e14e4de12d_45.wav"}, {"text": "to put them into products that provide a better return from them than just a passive deposit account.", "audio_length_s": 7.14, "path": "bddc15938bdcc3085f19b0851e74c2c0_148.wav"}, {"text": "increasingly want us to be facing them from locations within the Eurozone, if that proves to be the case,", "audio_length_s": 7.14, "path": "bddc15938bdcc3085f19b0851e74c2c0_80.wav"}, {"text": "We looked at selling that business, but quite frankly, we determined that we would get more by just", "audio_length_s": 7.14, "path": "a5aee620f2ef348884bdc8fa3e0cee19_105.wav"}, {"text": "With the acquisition offsetting the volume decline, I think the volume decline that we've experienced is one of timing,", "audio_length_s": 7.14, "path": "1133b8984db446b9c963a09eaf0785a4_203.wav"}, {"text": "this culture and training all the way through the restaurant while Scott partners with her to take from", "audio_length_s": 7.14, "path": "47a303604df9f9fc9f2f89a9280c3a79_119.wav"}, {"text": "Our focus on these products more than compensated for the decline in pure traditional business.", "audio_length_s": 7.14, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_36.wav"}, {"text": "And I think maybe the most significant change enabling the conversation has been", "audio_length_s": 7.14, "path": "0f4370b614f29bd596e4f6871cc77864_191.wav"}, {"text": "It's -- we suffer a little bit of not being as vocal about our successes as we should be.", "audio_length_s": 7.14, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_20.wav"}, {"text": "While our management team has been very mindful of its operating performance, we are also focused on improvements to the balance sheet.", "audio_length_s": 7.14, "path": "a44c74bdc01aa7e317addc11f2274e11_12.wav"}, {"text": "And that presumably, this will help with further payments on the surplus notes going forward.", "audio_length_s": 7.14, "path": "9da45cfd4472699ef05d887adce01223_78.wav"}, {"text": "and its ability to deliver sustainable, profitable growth over both the near and long term.", "audio_length_s": 7.14, "path": "655d592e9d1b1027f1824b1554d8b131_168.wav"}, {"text": "And that's also documented by the performance on ground. As I said before, we have tripled the", "audio_length_s": 7.14, "path": "e649ca4cf7eeb63f0bc30b231a94a014_11.wav"}, {"text": "So that is the part, the most important part of Argentina of the many different in Argentina compared with the previous", "audio_length_s": 7.14, "path": "eb4fd38da7ae1a347630ef447dfe9abe_83.wav"}, {"text": "amortization and was not in default in any movement. So we don't believe they don't have covenants, they don't have any argument", "audio_length_s": 7.14, "path": "eb4fd38da7ae1a347630ef447dfe9abe_189.wav"}, {"text": "So it is really quite an interesting time of enormous growth and opportunities", "audio_length_s": 7.14, "path": "a965bbd76f3d449c86e8c27d03ac192f_131.wav"}, {"text": "That's part of that we have recognized that the market is getting more towards", "audio_length_s": 7.14, "path": "61417f26a21d3becc82fbdc258dfa59c_38.wav"}, {"text": "And we've got a lot of that going on, and it's very simple to apply. You are all welcome to try. We're looking for people in the South", "audio_length_s": 7.14, "path": "9c1272d9d120c5bfafd6e6b566f89b62_89.wav"}, {"text": "I'm just wondering if you're just starting with the new partner, potential new partners, are we looking at another", "audio_length_s": 7.14, "path": "1ddc944827b99caf8c7867ceeed0ec20_30.wav"}, {"text": "not all of our brands are impacted equally relative to the speed at which we're recovering supply.", "audio_length_s": 7.14, "path": "b96165244f010b3f1e61cbbc5e504d96_30.wav"}, {"text": "To that end, we have a higher mix of our new community pipeline weighted towards these 2 buyers segments.", "audio_length_s": 7.14, "path": "ade68f8add7249890d086ecf4b5b8cab_129.wav"}, {"text": "Our clients are now more engaged in the process and our tax pros are providing more value-added expertise,", "audio_length_s": 7.14, "path": "87ba56e8ff82d5e181ee5d6d66543c51_74.wav"}, {"text": "from year to year and period to period. And so all of that has to be taken into account.", "audio_length_s": 7.14, "path": "08ed60a546bd48af9db028c4e3c8af26_76.wav"}, {"text": "staying disciplined on expenses to create operating leverage and deploying capital to drive growth and shareholder returns.", "audio_length_s": 7.14, "path": "8a77ceadd7e4729abc9102d38be3a227_176.wav"}, {"text": "In addition, we continue to believe that getting regulatory approval for grid modernization infrastructure in Texas", "audio_length_s": 7.14, "path": "3b0718945e9c427873c1f34fa49b15aa_8.wav"}, {"text": "you saw some increased promotional activity that is much more reflective of timing at a few of our bigger customers", "audio_length_s": 7.14, "path": "3df0981a2d94ed56170b78330aa72ee9_139.wav"}, {"text": "This is one thing. The other thing is probably more interesting or should be more interesting.", "audio_length_s": 7.14, "path": "d8eb5522db0e51d75ea6518462954c52_63.wav"}, {"text": "As a result and overall, the pipeline is stronger and better qualified than it ever has been before.", "audio_length_s": 7.14, "path": "9b93af1e7019959620214c387f283d8e_18.wav"}, {"text": "Importantly, percentage growth from the Chicago area was nearly double the growth from our other destination markets", "audio_length_s": 7.14, "path": "cd1773ea94a046c0a36b679e2efcee9f_87.wav"}, {"text": "This new integration is allowing customers to reduce costs in their manufacturing operations while increasing production rates.", "audio_length_s": 7.14, "path": "6c43a32379bfc34fc8cfe84ff94d6498_12.wav"}, {"text": "where it is for the type of product which are paid all by the reimbursement.", "audio_length_s": 7.14, "path": "b305bff75f28d238f0bd7da5bd4f13b8_138.wav"}, {"text": "the people who are fitting the hearing aids are mainly focused on the technology, don't have to worry about commercial terms.", "audio_length_s": 7.14, "path": "b305bff75f28d238f0bd7da5bd4f13b8_273.wav"}, {"text": "And I have to say I couldn't be happier with our leadership team and, indeed, the entire team we're assembling here.", "audio_length_s": 7.14, "path": "66f8c62a56dfd5c78625e220e4be83bc_17.wav"}, {"text": "as state tax revenues have fallen short, which is causing the legislature to make cuts to various parts of the state budget.", "audio_length_s": 7.14, "path": "c5c7a9f409241412b160a93cde7ef630_63.wav"}, {"text": "First of all, what we've talked about is 1 point of system sales. And just to roll forward system sales, the last time we talked about it was in our", "audio_length_s": 7.14, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_232.wav"}, {"text": "In Q3, we continued to show strong growth across the Nordic region both organic and acquired.", "audio_length_s": 7.14, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_1.wav"}, {"text": "With the new disclosures and now 6 months behind us in terms of how well we feel about", "audio_length_s": 7.14, "path": "526e0d5398a516831b49936c31a8ea1c_170.wav"}, {"text": "We will expect to maintain at least that level of growth through 2017, but we will assess that when we get there.", "audio_length_s": 7.14, "path": "526e0d5398a516831b49936c31a8ea1c_8.wav"}, {"text": "But we expect to overcome these headwinds with continued growth in specialty ingredients and good cost management.", "audio_length_s": 7.14, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_95.wav"}, {"text": "Litigation expenses consists solely of expenses associated with the Alnylam litigation.", "audio_length_s": 7.14, "path": "e78997e6a75a2243292b2b54750bb3cb_102.wav"}, {"text": "The ups and downs sometime relate to the temporary use of consulting resources and from some nonoperating costs.", "audio_length_s": 7.14, "path": "82131762fc1c2b2358ac3a167666ab87_195.wav"}, {"text": "In the first quarter of 2017 as compared to the same quarter of the prior year and as a percentage of total revenue,", "audio_length_s": 7.14, "path": "b43c001c5af465d220ab0b69a95202ae_69.wav"}, {"text": "We look forward to continuing to execute on our strategic initiatives and driving value for our shareholders.", "audio_length_s": 7.14, "path": "b43c001c5af465d220ab0b69a95202ae_198.wav"}, {"text": "grew very fast. And now we are investing in Lanvin because we think that Lanvin has", "audio_length_s": 7.14, "path": "b126e11520fd54843c67f70f15cd30cc_180.wav"}, {"text": "I don't know the number offhand. I can tell you that the demand is good, very good. So", "audio_length_s": 7.14, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_249.wav"}, {"text": "increased volume came from, the municipal lending side of that would be on the lower end of a normalized yield,", "audio_length_s": 7.14, "path": "532e653f6aa6c3bf43a5b256bb4c1254_92.wav"}, {"text": "I would like to remind the participants that the presentation does include forward-looking statements,", "audio_length_s": 7.14, "path": "9aeced6a84c2436e62dd21d1441d0bb4_150.wav"}, {"text": "that have happened. So there are many markets where we pay above minimum wage. There are some that we pay at minimum wage. These are generally the higher", "audio_length_s": 7.14, "path": "3898a5c021167b8169287fc8bb59f753_107.wav"}, {"text": "Most importantly, we delivered these results without incurring any severe injuries or accidents during the quarter.", "audio_length_s": 7.14, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_94.wav"}, {"text": "with the introduction of the new customer bag notification tool, which went live in July of this summer.", "audio_length_s": 7.14, "path": "1949bd0c9c4c23d495d880c4c552bfe1_219.wav"}, {"text": "Is there a concern at all that will change any of the demand trends as we go through the year?", "audio_length_s": 7.14, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_37.wav"}, {"text": "We have set up innovation centers across the world to serve as innovation showcases which will help us initiate conversations with customers", "audio_length_s": 7.14, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_147.wav"}, {"text": "In a moment, I'll dive into our business results. But first, let me set the stage with some brief comments on the housing market.", "audio_length_s": 7.14, "path": "735a523f1ef6500b7aa97a2536d9c4fd_62.wav"}, {"text": "We have noted additions to our management ranks to augment our scientific expertise and operational capabilities,", "audio_length_s": 7.14, "path": "da879f8ea1c23aa6565cccaacac271fc_21.wav"}, {"text": "and we have begun to shift workstreams to the facility. We continue to actively market the facility", "audio_length_s": 7.14, "path": "da879f8ea1c23aa6565cccaacac271fc_17.wav"}, {"text": "In addition, we continue to initiate new and expand existing strategic relationships with our clients.", "audio_length_s": 7.14, "path": "da879f8ea1c23aa6565cccaacac271fc_16.wav"}, {"text": "Some examples of these initiatives have been highlighted to the right -- sorry, to the left -- against each of these themes.", "audio_length_s": 7.14, "path": "dffe8257f781608bb17bb637249e4d2a_41.wav"}, {"text": "Can we go and see if there's anything on the Web or the phones? There aren't any questions on the Webcast or on the phones, Mike.", "audio_length_s": 7.14, "path": "dffe8257f781608bb17bb637249e4d2a_324.wav"}, {"text": "So what we did was extract the portions of those strategies that made sense, embedded them in the customer book,", "audio_length_s": 7.14, "path": "f15966ae82e18b472ad78dd961f8e5e8_32.wav"}, {"text": "company to allocate us at our normal market share. The calls they would get from our competitors would be", "audio_length_s": 7.14, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_49.wav"}, {"text": "marketing expenses and other things. And how you see that trending going forward?", "audio_length_s": 7.14, "path": "068bea67ac01942fafb955a1116b29dd_116.wav"}, {"text": "Social media buzz around this launch has been incredible and sales have been growing at a fast pace.", "audio_length_s": 7.14, "path": "068bea67ac01942fafb955a1116b29dd_52.wav"}, {"text": "and constantly review our cash requirements in areas to invest in, in order to improve our shareholder return.", "audio_length_s": 7.14, "path": "1e32d5e01ff61f70b37850c473b9876a_67.wav"}, {"text": "Notably, as we have discussed for some time, we have remained disciplined as we continue to see rich valuations in the marketplace", "audio_length_s": 7.14, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_53.wav"}, {"text": "Now turning to Slide 11, you can see an overview of this quarter's performance in terms of earnings per share.", "audio_length_s": 7.14, "path": "e33785a294553de2a12d4463bf786744_150.wav"}, {"text": "has created a vibrant business that is delivering consistent growth and share gains.", "audio_length_s": 7.14, "path": "3877b1983229ec488c6349a188bccf92_35.wav"}, {"text": "it could have been some smaller parts of some packages that we could have been interested in. But", "audio_length_s": 7.14, "path": "be1d9f57faececddb1cdbf5e831bcbf9_32.wav"}, {"text": "So we are making good progress on our key initiatives, but we still have opportunities to enhance what we're already doing.", "audio_length_s": 7.14, "path": "7498a6630302a038bd537d192c3a44f4_161.wav"}, {"text": "I believe this has to do with bad press and all the things that", "audio_length_s": 7.14, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_16.wav"}, {"text": "on the actions you're taking now in terms of benefit for '17 and later?", "audio_length_s": 7.14, "path": "4721d5a2e7061d90a4e4e4768adc2486_91.wav"}, {"text": "conversion of a significant new client, as well as the growth associated with our wealth management platform business.", "audio_length_s": 7.14, "path": "d74cec1fb73e1b1134bfa7152762ad80_39.wav"}, {"text": "I think we've been pretty consistent in admitting this and in saying that the situation is such", "audio_length_s": 7.14, "path": "ea45464984232d301c70cc7a9afdbc65_23.wav"}, {"text": "We believe this includes a good balance of returning cash to shareholders while still investing in the future growth of our company.", "audio_length_s": 7.14, "path": "af00f4e7b63ee843a3d203f982fac701_8.wav"}, {"text": "Our successful conversion record and domain expertise is unmatched in our industry, something we take great pride in.", "audio_length_s": 7.14, "path": "af00f4e7b63ee843a3d203f982fac701_3.wav"}, {"text": "Income continues to be supported by record levels of employment, whilst pressure on consumers", "audio_length_s": 7.14, "path": "fe80c1056f21701e41cf3489c450f5ae_79.wav"}, {"text": "Significant factors that could cause results to differ from those anticipated are described in our earnings release and our filings with the SEC.", "audio_length_s": 7.14, "path": "919fd6c04cca92ecdf503e32f884435d_51.wav"}, {"text": "and it is decidedly unglamorous. And I think the most important thing to do in order to drive that business is to", "audio_length_s": 7.14, "path": "11f02fb2db5d9fb5ff82f0374376f759_76.wav"}, {"text": "For Crisco, a decline was anticipated, reflecting loss distribution at a key retailer in the club channel.", "audio_length_s": 7.14, "path": "34b4c03bbd8e9d5fceb8c8af89388197_92.wav"}, {"text": "as the company hasn't done anything wrong and actually have been a victim of fraud.", "audio_length_s": 7.14, "path": "1862ee2f84dc77a40dde64b34f3ab94e_42.wav"}, {"text": "examples of things in our road map that are competing for resources and just kind of prioritization. So", "audio_length_s": 7.14, "path": "66b25c60d952bd002c7ab20da9248086_45.wav"}, {"text": "As noted, the normal seasonality of Part D will result in lower reported segment profit in the first half of the year", "audio_length_s": 7.14, "path": "a2ba164f019804628c07b36de47cd464_117.wav"}, {"text": "all of the customers in the market have seen what happened at San'an. So", "audio_length_s": 7.14, "path": "ecc871b8f89a858d952f554f1ca8f7da_148.wav"}, {"text": "if you allow me to use this well-used analogy. So I think it is a testament to the agility of our people", "audio_length_s": 7.14, "path": "e35fae1d3df1f7aeda409f90f200ec7b_128.wav"}, {"text": "but conversion has been lower. So our customers are taking more time to make their decision as their confidence levels remain a bit lower.", "audio_length_s": 7.14, "path": "24a133abc343c813233d416b0cef96cd_261.wav"}, {"text": "This was taken from a public information source. It's a summary of", "audio_length_s": 7.14, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_14.wav"}, {"text": "We continue to expect low- to mid-single-digit growth for this franchise in the second half of the year.", "audio_length_s": 7.14, "path": "72b117fb1330bda9f954a219bb5a675e_12.wav"}, {"text": "contracts on your existing book of business, which frees up more dollars for investments? I understand you expect", "audio_length_s": 7.14, "path": "6aad408f4bb1930cf10f445115f6ed3d_64.wav"}, {"text": "and -- of mining operators who I think can better predict going forward. We haven't seen any recovery", "audio_length_s": 7.14, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_49.wav"}, {"text": "I think one of the larger themes at the Paris Air Show was that defense spending actually looks better", "audio_length_s": 7.14, "path": "9fb4423a70358ef22be9982299969f7a_225.wav"}, {"text": "company like Compugen. Which I think, and I think that this is the reason that they are engaged with the company,", "audio_length_s": 7.14, "path": "6daa2d0829057899b014b06c36e1d54b_134.wav"}, {"text": "Brazil is also contracting economically. In particular, orders from our customers in white goods", "audio_length_s": 7.14, "path": "711d9abe4399e7184d7dd8e3273f8a71_72.wav"}, {"text": "key leading indicator for shipments for the balance of this year and beyond have strengthened in important ways.", "audio_length_s": 7.14, "path": "902872913863de98d38e2936b846cf66_90.wav"}, {"text": "Moreover, as part of its financial strategy, the company seeks to amplify the options available for funding sources.", "audio_length_s": 7.14, "path": "1758a982f596e3033f062a5b9f011361_125.wav"}, {"text": "We're pleased to also be able to provide an update on our proposed strategic partnership with Oaktree Capital Management.", "audio_length_s": 7.14, "path": "ddabb30d106a115232a49981d62da464_5.wav"}, {"text": "Our promotion strategy was effective through the holiday season, a period where most retailers were aggressively discounting.", "audio_length_s": 7.14, "path": "21abf3409d34eea6f33336ad93662cfd_61.wav"}, {"text": "I think we've been patient and thoughtful, and we will continue to be that. But if we find something that we feel is", "audio_length_s": 7.14, "path": "6cbf592846662213258684c3049e4592_209.wav"}, {"text": "ahead of a transition to a new distribution facility. As part of our ongoing efficiency initiatives,", "audio_length_s": 7.14, "path": "50eb350badadec6e4272b90684741c25_228.wav"}, {"text": "We shared with you that this was to be a long-term journey to field growth and profits for West.", "audio_length_s": 7.14, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_93.wav"}, {"text": "in the fourth quarter of '18. And this initiative of liability management continues underway.", "audio_length_s": 7.14, "path": "f15a674bdbbc461872000604216ae071_139.wav"}, {"text": "This shows me that we are on track to reach cash flow breakeven and GAAP income this year.", "audio_length_s": 7.14, "path": "0807d606b6cf98da19b317b4928c3572_3.wav"}, {"text": "And last but not least, as you know, we've invested also substantially in the last couple of years and will continue to do so", "audio_length_s": 7.14, "path": "bf99037f89cd485f95f097842619a0c7_201.wav"}, {"text": "Moving forward, there are 2 ways how we're going to be engaging with the client, either on an advisory basis.", "audio_length_s": 7.14, "path": "bf99037f89cd485f95f097842619a0c7_217.wav"}, {"text": "So is it that they're going somewhere else? Because they've got to supply product to", "audio_length_s": 7.14, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_68.wav"}, {"text": "We remain committed to using the proceeds to eliminate our total debt once the transaction is completed.", "audio_length_s": 7.14, "path": "3ae068efa03cd088f4d3edea682f199f_296.wav"}, {"text": "We are learning a lot while operating our automated advertising platform, and we are constantly improving the way we sell and serve advertising.", "audio_length_s": 7.14, "path": "30a142fac5a62ab00227cb6a339a6226_5.wav"}, {"text": "quarters that has a big impact on margin. There are impacts on -- from", "audio_length_s": 7.14, "path": "24a2aec67e247f9c4d4cc89d6dbab525_91.wav"}, {"text": "had a significantly greater likelihood of disability improvement than those who initiated treatment later in the course of their disease.", "audio_length_s": 7.14, "path": "b1a98885c1d81414cdc122e807760faf_63.wav"}, {"text": "some that will be more and more interesting. And we won't hesitate to continue to commit capital", "audio_length_s": 7.14, "path": "76b892bf017891d7028256847747227c_68.wav"}, {"text": "As Bob discussed, our sales associate turnover continued to improve for the third straight year.", "audio_length_s": 7.14, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_79.wav"}, {"text": "This may be a surprise to some of you because the pattern has been that the interim dividend has remained flat while the full year dividend has increased,", "audio_length_s": 7.14, "path": "8dd740d83ff1c7319a82eeba6047633d_64.wav"}, {"text": "Can you share or provide some more color about the success you're seeing here in the maturation of these dealerships,", "audio_length_s": 7.14, "path": "9dcce10786aa9db4cdc6cc4649adacdd_40.wav"}, {"text": "when I was younger, I used to think you could put these restructuring programs in place and not lose any revenue in the short run.", "audio_length_s": 7.14, "path": "9cd9b67e289e807d677aabc5765fec6a_122.wav"}, {"text": "and a little apology for a delay in the release of those results this morning which was due to", "audio_length_s": 7.14, "path": "9b84dc4409f4ecccd173c2f81a4460cc_82.wav"}, {"text": "I also want to point out that even though current forwards are below their year-to-date highs, Vistra was able to hedge", "audio_length_s": 7.14, "path": "16c235a53fc719ec92ef3b3c3b371150_160.wav"}, {"text": "We actually have an idea which I don't want to front run right now, because we're trying to work this with a group of people that we think", "audio_length_s": 7.14, "path": "16c235a53fc719ec92ef3b3c3b371150_280.wav"}, {"text": "I think if folks are holding out for that, I believe that has an extremely low chance of success", "audio_length_s": 7.14, "path": "16c235a53fc719ec92ef3b3c3b371150_206.wav"}, {"text": "Also available on our website are a copy of today's investor presentation, our 10-Q and the related earnings release.", "audio_length_s": 7.14, "path": "16c235a53fc719ec92ef3b3c3b371150_153.wav"}, {"text": "During Q1, we realized revenues from our previously announced win of a mobile carrier in the Middle East.", "audio_length_s": 7.14, "path": "726bad4d5d1a6b2f62034eb8dc843450_124.wav"}, {"text": "and then whatever we have left available into the export market. But like we've said over time,", "audio_length_s": 7.14, "path": "4b5d33b9c200403f2d4633e47f1d4110_136.wav"}, {"text": "Thank you, Denise, and thanks to all of you for joining us today to review the financial results of ImmuCell Corporation", "audio_length_s": 7.14, "path": "027d36b67ee5bba934695b2d0c47eb08_62.wav"}, {"text": "with expanding gross and operating margins, strong earnings growth and multiple drivers for incremental revenues", "audio_length_s": 7.1399375, "path": "c4dc8f962a85aa47af50f82845f550e2_17.wav"}, {"text": "organic business other than to continue to reflect the lower cooler sales to this customer.", "audio_length_s": 7.1100625, "path": "4fdbfd9eec396928550d0c799e170d34_79.wav"}, {"text": "of Australia and in New Zealand, but we do remain cautious about trying to predict the market in the short run.", "audio_length_s": 7.1100625, "path": "3bdb43dc1bcef6eff76f45efedb6a211_18.wav"}, {"text": "So overall, the hydration portfolio is strong. And our goal is to make sure as a repertoire category,", "audio_length_s": 7.1100625, "path": "3df0981a2d94ed56170b78330aa72ee9_151.wav"}, {"text": "to zero-equivalent emission with no commercial constraints on supply or technological readiness.", "audio_length_s": 7.1100625, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_147.wav"}, {"text": "And my last question is related to the strategic review which I understand can only take place after", "audio_length_s": 7.11, "path": "d22830e34d4f069487310864ec17789f_76.wav"}, {"text": "In addition to these various organizational changes that entered into effect this year,", "audio_length_s": 7.11, "path": "c459f473b2c99662c3e29eeb2df74043_22.wav"}, {"text": "Then at the end of May, we completed enrollment and dosing of the entire SAD portion of the study in healthy volunteers.", "audio_length_s": 7.11, "path": "e2b2a746a7a2cd752c92ccfab257cfca_5.wav"}, {"text": "Profits and underwriting were again significant, supported by ongoing reserve releases from our excellent claims management", "audio_length_s": 7.11, "path": "214dcdc435ef3259490466447858fa56_86.wav"}, {"text": "These statements involve a number of risks and uncertainties that could cause actual results to differ materially.", "audio_length_s": 7.11, "path": "e23e3aabab4b12e359bc92a480c2d294_1.wav"}, {"text": "For a description of the risks associated with Mogo's business, please refer to the company's filings for the third quarter,", "audio_length_s": 7.11, "path": "f3ea353a6c918bc1fd311a9cad6b9777_99.wav"}, {"text": "Similarly, in Europe, the dollar value of sales there have declined with the decline in the value of the euro.", "audio_length_s": 7.11, "path": "48954c357d5ad754c29ea1c28dbdad2a_38.wav"}, {"text": "I'll come back to this concept of higher usage in a minute when I talk about our network acquisition costs and our related buying strategy.", "audio_length_s": 7.11, "path": "55cbaf368288111ebc2ccadb61e3bd34_100.wav"}, {"text": "and that's why we're going to have a financial intermediate holding company as I mentioned earlier in my presentation.", "audio_length_s": 7.11, "path": "a93681c92a0b9c04743f541a54b180c7_94.wav"}, {"text": "We like managing to reach the number, so we will make adjustments so that we could reach our numbers.", "audio_length_s": 7.11, "path": "a93681c92a0b9c04743f541a54b180c7_209.wav"}, {"text": "Look for more about this in the future quarters as we experiment with new opportunities along with our distribution partners.", "audio_length_s": 7.11, "path": "aaf7e3a1cc8cf65ccf788923cb583954_11.wav"}, {"text": "really on track to deliver on the promises we made 2 years ago. We are doing", "audio_length_s": 7.11, "path": "2f888e63a31b86cc2f4f97710e8eed79_37.wav"}, {"text": "We continue to perform well in quarter 4, with growth above the selected segment.", "audio_length_s": 7.11, "path": "9014ac9cbc2cff30468f1bcb659c0f66_217.wav"}, {"text": "delivering higher revenues and functional currency and leveraging a reduced fixed cost base from their transformation initiatives.", "audio_length_s": 7.11, "path": "264e575b73bc2a485bee416c1ac10cee_143.wav"}, {"text": "We've been seeing improved quoting activity and order flows though order sizes have been much smaller.", "audio_length_s": 7.11, "path": "67716cee321d117b0318930dd142f06a_66.wav"}, {"text": "It is important to note that technology expenses have grown much faster than non-technology expenses", "audio_length_s": 7.11, "path": "7974a5134807f46a1484a8adf81505be_75.wav"}, {"text": "and when you just look at the overall math of the company, I think we've got very good line of sight to being able to", "audio_length_s": 7.11, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_207.wav"}, {"text": "We anticipate regional demand for composite solutions will continue, which is why we're building a fiberglass plant in Saudi Arabia,", "audio_length_s": 7.11, "path": "dd3166f311a5f12a25103a0295e8ac3e_94.wav"}, {"text": "What are the critical steps? And specifically with CST, how do you see the entire integration playing out?", "audio_length_s": 7.11, "path": "570faeed3dcfa26c6246dc42309025ad_208.wav"}, {"text": "This is just one of the many things we do today with Google, who has grown to be one of our largest Watch clients.", "audio_length_s": 7.11, "path": "8b71a232d7fe61e6232807b635977c31_139.wav"}, {"text": "our ability, one, for it to be attractive to certain sellers, especially by the tax nature of it.", "audio_length_s": 7.11, "path": "1b91eb82f5211000e711424657cc2484_61.wav"}, {"text": "A discussion of risks and uncertainties is included in our Form 10-Q and other SEC filings.", "audio_length_s": 7.11, "path": "82218f543c9a546c4baa5323f250b39f_1.wav"}, {"text": "so please refer to the press releases for the associated risk of such statements. I would now like to", "audio_length_s": 7.11, "path": "088b4c55add5ff0e667bdbdd22187fc3_75.wav"}, {"text": "clearly, I think all of us have been pleasantly surprised by just how stronger markets have been even in the last 6 months. And even as we look at,", "audio_length_s": 7.11, "path": "088b4c55add5ff0e667bdbdd22187fc3_39.wav"}, {"text": "incredibly well. So that's going to be our next step from an investment in our food quality. As we said on the call, we still expect", "audio_length_s": 7.11, "path": "75fa1bebed0b858c76cc7058477e40e2_188.wav"}, {"text": "So that your questions can be included, we request that you call in to the telephone number given in the press release from last night.", "audio_length_s": 7.11, "path": "0c18e4de44a4c891690654ba38479935_71.wav"}, {"text": "We will provide updates in the coming months as we work through these processes as well as our assessment for our remaining international footprint.", "audio_length_s": 7.11, "path": "797946494c2985a20aa50823e8723c44_17.wav"}, {"text": "industry trends, company initiatives and other future events. You are cautioned that such statements are simply predictions,", "audio_length_s": 7.11, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_150.wav"}, {"text": "We disagree with this draft decision for a few reasons. It creates new uncertainty in the market.", "audio_length_s": 7.11, "path": "fa45af64ef25007f998c655347bfbecb_473.wav"}, {"text": "I think there are 2 things. And we've experienced this before", "audio_length_s": 7.11, "path": "8292bdb9af87f10627c044f3842b2c76_162.wav"}, {"text": "but we're certainly going to share with you in the next few seconds some goals that we have for this year.", "audio_length_s": 7.11, "path": "e26b501c6e000fdaa11edde97cc71436_113.wav"}, {"text": "We are ready and we have already begun to meet these challenges and are very excited about our future.", "audio_length_s": 7.11, "path": "5f38ce681d4413a793d34a0650c59bf2_203.wav"}, {"text": "in our next slide, we talk about net income. We see here", "audio_length_s": 7.11, "path": "cc82e791c065bdc271addf355bac274f_115.wav"}, {"text": "Information on these risks and uncertainties and other information affecting our business and operating results", "audio_length_s": 7.11, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_71.wav"}, {"text": "And I think just with the most recent advertising, we made a little pivot towards reminding people", "audio_length_s": 7.11, "path": "47a303604df9f9fc9f2f89a9280c3a79_159.wav"}, {"text": "The second is content. We're seeing a really big content opportunity. We rolled out", "audio_length_s": 7.11, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_210.wav"}, {"text": "near-term items that were impacting that. Could you just go through what exactly that was and maybe how much of an impact that had?", "audio_length_s": 7.11, "path": "276392c471c063580869aec014a1feda_88.wav"}, {"text": "that's a second example. And then we'll see what happens on the negotiated discounts, that's still in front of us. But what I would say about", "audio_length_s": 7.11, "path": "6864081f83959f4b49e25e597f28af66_39.wav"}, {"text": "It is very good for the patients, it's very good for the society and it will be -- it's certainly part of the future.", "audio_length_s": 7.11, "path": "61417f26a21d3becc82fbdc258dfa59c_19.wav"}, {"text": "I think this is the point where I hand over to Kimmo to say a few words about", "audio_length_s": 7.11, "path": "61417f26a21d3becc82fbdc258dfa59c_37.wav"}, {"text": "We believe we're highly complementary not competitive and our research tells us this across all of our venues.", "audio_length_s": 7.11, "path": "6e3037e770ba5e0dfc98e3223986aad2_45.wav"}, {"text": "we want to be poised to take advantage of opportunities in the future. I assure you this decision was not made lightly", "audio_length_s": 7.11, "path": "93d3e5be9cf75e0921d47f10d4178939_37.wav"}, {"text": "So when we place the order with the supplier -- when we place an order with the customer and the supplier, we know what the margin is.", "audio_length_s": 7.11, "path": "9c1272d9d120c5bfafd6e6b566f89b62_229.wav"}, {"text": "how does an individual asset integrate into the platform but how does an individual asset,", "audio_length_s": 7.11, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_118.wav"}, {"text": "not only to an increase in NYMEX pricing but also the improvement in regional basis differentials during the quarter,", "audio_length_s": 7.11, "path": "c433164f6d189e18b1e4784e376b6ecb_103.wav"}, {"text": "These capacity issues have been subsequently resolved in -- during October production.", "audio_length_s": 7.11, "path": "c433164f6d189e18b1e4784e376b6ecb_40.wav"}, {"text": "equivalent per day quarter-over-quarter is primarily attributable to the decreased activity in the Pinedale field.", "audio_length_s": 7.11, "path": "c433164f6d189e18b1e4784e376b6ecb_93.wav"}, {"text": "or are you facing more pushback from customers at this stage of the cycle than you would typically see?", "audio_length_s": 7.11, "path": "37a4b48ae67b74a7533cc6f9a1a1c11d_17.wav"}, {"text": "primarily reflects the impact of changes in service mix between our transaction and annuity businesses.", "audio_length_s": 7.11, "path": "616e9ba16db091317ae4d96e877a9bbe_64.wav"}, {"text": "drives operational efficiency and provides a competitive advantage with virtual customers.", "audio_length_s": 7.11, "path": "da14df2e02d11f6f8599533d9d57faee_112.wav"}, {"text": "we could look at adding a little bit of leverage onto the balance sheet. We have none currently.", "audio_length_s": 7.11, "path": "3068d678d3331b8f0a10ea4fa92361f2_21.wav"}, {"text": "We're investing time and resources to control and acquire land positions that fit within our operating strategies.", "audio_length_s": 7.11, "path": "ade68f8add7249890d086ecf4b5b8cab_88.wav"}, {"text": "your balance of foreign cash as a percent of total cash, how does that come into the consideration?", "audio_length_s": 7.11, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_32.wav"}, {"text": "this stuff, I think we should get out sort of necessarily thinking about it in those terms. There are events", "audio_length_s": 7.11, "path": "5664a96b7f1182d037b901d84eeb4fd6_52.wav"}, {"text": "So -- and obviously, we experienced a very volatile interest rate market", "audio_length_s": 7.11, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_40.wav"}, {"text": "The systems that are not subject to the quota really are those in military hospitals in Hong Kong.", "audio_length_s": 7.11, "path": "58ff8a727ec4f3859407b64f08246759_122.wav"}, {"text": "And this concludes today's conference. And as a reminder, a replay for this conference will be available for 7 days", "audio_length_s": 7.11, "path": "08ed60a546bd48af9db028c4e3c8af26_77.wav"}, {"text": "about 70% of our outflows from SIPP on Wrap, for instance, goes back to the customer in terms of regular income", "audio_length_s": 7.11, "path": "be8b554309f7632bc9ebbd967764001e_159.wav"}, {"text": "our marketing group continues to do an outstanding job creating demand and is the key reason for our strong organic growth.", "audio_length_s": 7.11, "path": "0360a780927a31fb0bec9e79dac878a2_16.wav"}, {"text": "I don't think many analysts have allocated much value to our financial investments and ability to generate value out of that.", "audio_length_s": 7.11, "path": "39eee2eb09766cf1717c05e39c7db798_70.wav"}, {"text": "already work closely with LinkedIn in a number of different areas. We are looking at ways to deepen that relationship.", "audio_length_s": 7.11, "path": "6a372ea97b0b130a4d37f16b54d97909_111.wav"}, {"text": "And the plan is for that to resolve itself for the most part in the current quarter.", "audio_length_s": 7.11, "path": "9c3a67f574514131f1f506b2f9905bed_13.wav"}, {"text": "At the same time, our current trends confirm that we are on track to hit full productivity by the end of the summer.", "audio_length_s": 7.11, "path": "b94d748876ddf8e881d4191dec45baf3_198.wav"}, {"text": "so that was the first they could file. And we get notified a little bit after that, and they always file as soon as they can.", "audio_length_s": 7.11, "path": "265e62fc569e790d8b3e58698aaab701_40.wav"}, {"text": "the fact that people are remaining on therapy, and we're building up a very strong safety database as a consequence of that. So", "audio_length_s": 7.11, "path": "1be44822d16f85bd501a5f19876895b1_53.wav"}, {"text": "Interruption incentive schemes include customer interruptions and customer minutes lost.", "audio_length_s": 7.11, "path": "526e0d5398a516831b49936c31a8ea1c_159.wav"}, {"text": "As shown at the top of this slide, we have earned an A credit rating through our years of cumulative favorable performance.", "audio_length_s": 7.11, "path": "b0b83ac66a31c5096a75bb1927c557e2_81.wav"}, {"text": "We have been active in building that investment capacity through the recent expansion of line of credit,", "audio_length_s": 7.11, "path": "b1da16cba24af8e472573c4c9caf17c7_22.wav"}, {"text": "As with the Alexion collaboration, most of this will be recognized as revenue over the next 3 years.", "audio_length_s": 7.11, "path": "e78997e6a75a2243292b2b54750bb3cb_17.wav"}, {"text": "Another reason we're seeing these higher loan amounts is due to the direct mail for large loans,", "audio_length_s": 7.11, "path": "82131762fc1c2b2358ac3a167666ab87_9.wav"}, {"text": "and collected a significant portion of the anticipated surplus of outstanding accounts receivable", "audio_length_s": 7.11, "path": "b43c001c5af465d220ab0b69a95202ae_17.wav"}, {"text": "At the end of 2018, there was impact from volatility in the capital markets.", "audio_length_s": 7.11, "path": "b126e11520fd54843c67f70f15cd30cc_152.wav"}, {"text": "for additional information concerning factors that could cause actual results to differ from the information discussed this morning.", "audio_length_s": 7.11, "path": "f77935c4693e4d33252c9c76993e9c8b_107.wav"}, {"text": "delivering higher resolution at extremely fast acquisition speeds for demanding vision applications.", "audio_length_s": 7.11, "path": "9098e5640309f25da0d4dfa04789a36f_4.wav"}, {"text": "One would be what we define in emerging markets where there is government intervention or government construction", "audio_length_s": 7.11, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_100.wav"}, {"text": "with the exiting position of Europe. I think they are well positioned from a margin and a profitability perspective now", "audio_length_s": 7.11, "path": "9b697782ea80be97854f35d6fc62c93a_170.wav"}, {"text": "So it's not just one individual piece, but it's the collection of those pieces that make this very attractive.", "audio_length_s": 7.11, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_247.wav"}, {"text": "Both the pension supplement accounting charge and the bonuses are reflected in those results on", "audio_length_s": 7.11, "path": "532e653f6aa6c3bf43a5b256bb4c1254_81.wav"}, {"text": "This underscores the importance of the initiative we have underway to transform our front-end patient and physician experience.", "audio_length_s": 7.11, "path": "f1da65edd5f2026ffd647d496bb96ce7_6.wav"}, {"text": "a few things going on that are moving us in the right direction. And I think if you look at", "audio_length_s": 7.11, "path": "cac9bb252b7974b7044423e714c2f054_36.wav"}, {"text": "The ratio of our total operating expenses, excluding interest expense as a percentage of our average total assets,", "audio_length_s": 7.11, "path": "6318dda27b3e36d76533c048c64a3014_17.wav"}, {"text": "I'll now briefly touch on some fundamental trends in our businesses, starting with our domestic businesses.", "audio_length_s": 7.11, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_60.wav"}, {"text": "Thank you for taking the time to listen in on our fiscal 2017 results conference call.", "audio_length_s": 7.11, "path": "e97d1655ebabb8403ac0449eadb48f9b_46.wav"}, {"text": "realistically expect it to be as strong as it was the first quarter? I'd love that. I'm not sure the team would love me to say that. But", "audio_length_s": 7.11, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_210.wav"}, {"text": "would you be willing to increase the leverage on your balance sheet and to what levels?", "audio_length_s": 7.11, "path": "8eaca8d8a419f74540f69ade8defabbd_46.wav"}, {"text": "Looking forward, we continue to proactively monitor all accounts as well as developments within the residential housing sector.", "audio_length_s": 7.11, "path": "87045996e7446329f1d98c909c6ca7fe_25.wav"}, {"text": "partners to solve thousands of engineering challenges and yield many scientific discoveries.", "audio_length_s": 7.11, "path": "9e07401011239a074ff66741ee557224_49.wav"}, {"text": "very much beneficial coming in the first quarter. And we also had improved operating performance coming into the first quarter.", "audio_length_s": 7.11, "path": "735a523f1ef6500b7aa97a2536d9c4fd_86.wav"}, {"text": "so that we can lower our leverage to less than 3x EBITDA within 18 months of the close.", "audio_length_s": 7.11, "path": "da879f8ea1c23aa6565cccaacac271fc_171.wav"}, {"text": "And not to peek too far into the future, but one of our distinctive advantages is our personal relationships in this marketplace.", "audio_length_s": 7.11, "path": "9ba83ac067a98f8b12cc480ff0691e91_16.wav"}, {"text": "We are targeting more than 300 million active accounts on our platform", "audio_length_s": 7.11, "path": "49e533a8449f6b9b6c806458e73338e1_68.wav"}, {"text": "This concludes today's conference call. Thank you for your participation. You may now disconnect.", "audio_length_s": 7.11, "path": "0964318eac468a7034764a96efa8d788_15.wav"}, {"text": "the guidance that we gave in our Capital Markets Day forecast. And again, that's one of the reasons that", "audio_length_s": 7.11, "path": "b24e0b37987585f3c63f28df67e6a1f6_18.wav"}, {"text": "All of our businesses are going to have to add value for shareholders. Our focus is", "audio_length_s": 7.11, "path": "757695924b5e43c7d44e29dc141cc035_156.wav"}, {"text": "a market question in that is there something different about the structure, weather it's distribution", "audio_length_s": 7.11, "path": "f74a9d06236a0e937a6e98bfacc85eb7_82.wav"}, {"text": "Generally, these results reflect a trend of increasing premiums earned, which has largely offset higher losses in claims.", "audio_length_s": 7.11, "path": "130e8e56c1afa2419fd0c08708261824_112.wav"}, {"text": "Our Language Solutions business derived its revenue primarily from the financial, life sciences and legal industries.", "audio_length_s": 7.11, "path": "3b2908426357bb8269c3a01469865cd6_140.wav"}, {"text": "but around the world. And our results are very strong. And again, while it's difficult to speculate about a label this early", "audio_length_s": 7.11, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_264.wav"}, {"text": "Words of expression reflecting optimism, satisfaction with current prospects as well as words such as believe, intend,", "audio_length_s": 7.11, "path": "c20824ea6f927fe380f48a904cf4821b_44.wav"}, {"text": "We are not obliged to buy -- to make everything we sell, and we will find alternative solutions for our customers.", "audio_length_s": 7.11, "path": "a0f5944a79ea5150378d21e6a9ac05d8_46.wav"}, {"text": "good weather and additional local vacation days during the summer period.", "audio_length_s": 7.11, "path": "f6ce013decc49462849265711e8c93fc_29.wav"}, {"text": "which is more than offsetting the upside in the first quarter. Is that a fair way to think about the guidance? It looks pretty straightforward. I just wanted to confirm that.", "audio_length_s": 7.11, "path": "2a7af3c66762ce608379005a3d7bfa96_135.wav"}, {"text": "And I would add that we do have the ability to flex up our container order if market conditions improve.", "audio_length_s": 7.11, "path": "2a7af3c66762ce608379005a3d7bfa96_3.wav"}, {"text": "around our hotels in New York, we've actually continued to have growth, both in room nights as well as in rates.", "audio_length_s": 7.11, "path": "3c80de013154b028ecdc6354d16c6fbc_44.wav"}, {"text": "I think what I will say to you is that I -- my remarks that I made earlier that I do expect there to be", "audio_length_s": 7.11, "path": "f1e7e3b84b4a0a56a0915f7ecde083ce_151.wav"}, {"text": "which are expected to offset the margin dilution from the handful of recovery projects ramping up through the year-end.", "audio_length_s": 7.11, "path": "7e2ebcd981f5b5ecb18c04906f87d768_205.wav"}, {"text": "Finally, I think it's important to spend some time discussing the upcoming infrastructure opportunities at Construction Materials.", "audio_length_s": 7.11, "path": "3e29586725757a72d8c143f3da2658f5_65.wav"}, {"text": "so there certainly is that potential that we would move right into a registration trial. But let's wait and see the data.", "audio_length_s": 7.11, "path": "299bad77345d2e44fa5768f4416f7b97_240.wav"}, {"text": "The cash effect of this charge and the existing reserve will be incurred over the next 15-plus years.", "audio_length_s": 7.11, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_106.wav"}, {"text": "Our Phase I study for pediatrics is enrolling and the randomized controlled trial is planned for the second half of this year.", "audio_length_s": 7.11, "path": "c5120d9702331edaf23bb6e639df0a70_25.wav"}, {"text": "is that starting to swing your way to put up those types of sequential leverage numbers?", "audio_length_s": 7.11, "path": "ea80970d6b8e6fab10c4500aa7298914_36.wav"}, {"text": "overall earnings as a percent of sales will continue to be flat to slightly up even though it's on the lower sales.", "audio_length_s": 7.11, "path": "ea80970d6b8e6fab10c4500aa7298914_79.wav"}, {"text": "for the last several quarters due in part to very strong Rx sales that have been double digit for the last several quarters.", "audio_length_s": 7.11, "path": "812d8f09b72b4d410d138d3b24caebbc_201.wav"}, {"text": "margin growth through improved pricing, operational efficiency and supply chain optimization.", "audio_length_s": 7.11, "path": "64364105b816dd0b6a029e9cd210e65b_293.wav"}, {"text": "The other thing that's not really thrown here yet is a full impact of Green Hills, which will come through in the second half in the development line.", "audio_length_s": 7.11, "path": "24a133abc343c813233d416b0cef96cd_62.wav"}, {"text": "We are encouraged by these developments and applaud politicians moving in the right direction on this issue.", "audio_length_s": 7.11, "path": "fb03ff65af8e5f80abd090abeaf767cf_34.wav"}, {"text": "Second question would be whether you could comment on the impact of supply chain disruptions", "audio_length_s": 7.11, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_20.wav"}, {"text": "We just think that market is deep enough. It's deep enough for a project, particularly, one that delivers rich LNG, at a time where", "audio_length_s": 7.11, "path": "ebd59e21db89edb92205e012427cd9db_145.wav"}, {"text": "The first risk was the sales force in the CSS segment and the integration and our significant", "audio_length_s": 7.11, "path": "72b117fb1330bda9f954a219bb5a675e_22.wav"}, {"text": "And just overall equipment revenues as well came in a little bit lower. So I think some of those adjustments.", "audio_length_s": 7.11, "path": "ee17f090e669ff9029bd1dc57db6e43e_75.wav"}, {"text": "market, we really have not seen any material improvement when you think about the business around the world. A little bit of", "audio_length_s": 7.11, "path": "9fb4423a70358ef22be9982299969f7a_93.wav"}, {"text": "As I mentioned previously, we believe the current price of our stock is significantly undervalued.", "audio_length_s": 7.11, "path": "14fa9d7635caae6483af62a4bfe1b9d6_12.wav"}, {"text": "We are excited about E3 and expect to hear major news on virtual reality as well as potential new consoles.", "audio_length_s": 7.11, "path": "125388f1b45117acde70abc39e0f7d04_7.wav"}, {"text": "but are you seeing some of this weakness kind of translate into other freighter assets? I'm wondering if you could give us some color here, maybe", "audio_length_s": 7.11, "path": "96488f25af54f91198b444e5eff8e878_28.wav"}, {"text": "lease revenue and then you had asset sales. And we do expect a fair bit of selling also here in the fourth quarter.", "audio_length_s": 7.11, "path": "96488f25af54f91198b444e5eff8e878_188.wav"}, {"text": "I think it's a whole conversation of something that we've been at and working on for a number of years that built a relationship with the consumer,", "audio_length_s": 7.11, "path": "6cbf592846662213258684c3049e4592_185.wav"}, {"text": "the people that just don't want to live next door to a 2-story with a bunch of kids. And those buyers are out there.", "audio_length_s": 7.11, "path": "933faa5ac159ab158506e2bc0f714977_172.wav"}, {"text": "for our pricing, so to -- in other words, to make it a little less variable than it's been in the past.", "audio_length_s": 7.11, "path": "09eebad8f3c529b4c7d916c5f7766f7f_154.wav"}, {"text": "Because of the work that's been done, and frankly because of the way we're going to manage the business going forward, we will capture more scale benefits.", "audio_length_s": 7.11, "path": "09eebad8f3c529b4c7d916c5f7766f7f_194.wav"}, {"text": "So the way I look at this year, next year is we're going to basically use up about 40 DUCs in our inventory", "audio_length_s": 7.11, "path": "c71a6ab1a0697010811c89200ab21613_27.wav"}, {"text": "But not only cars -- as you can see in the slide, we also received orders for a new electric loader", "audio_length_s": 7.11, "path": "e21fc19597d349bcd86de1329167659b_46.wav"}, {"text": "China and that influences not only our log export demand, but also our demand from", "audio_length_s": 7.11, "path": "93e134910b4a7c587bc461da0c9a2083_120.wav"}, {"text": "I am proud to be part of the American Midstream team, and I commend everyone here for their outstanding operating performance and safety record.", "audio_length_s": 7.11, "path": "f388f8ab8a5751d4efc504090d00ca64_26.wav"}, {"text": "retail banners to make sure we have a strong assortment that's priced right, aggressive promo with an eye that's making sure that it's profitable.", "audio_length_s": 7.11, "path": "c88e296697cd72c891ffb7bf5a1a60bb_151.wav"}, {"text": "I also think we did a better job of managing our working capital within the balance sheet, and that's just a maturing business getting better at what it does. So", "audio_length_s": 7.11, "path": "30a142fac5a62ab00227cb6a339a6226_38.wav"}, {"text": "And this does conclude today's call. Thank you, everyone, for your participation. You may disconnect at any time and have a great day.", "audio_length_s": 7.11, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_85.wav"}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 7.11, "path": "a85c54c77dd2524eedab1287ea3ceff4_73.wav"}, {"text": "And more importantly, we continue to make important investments into our business to set us up for the future.", "audio_length_s": 7.11, "path": "365c360aff42713cef71a7d026eeeb6d_168.wav"}, {"text": "This was the result of weaker traffic during the quarter due in part to a shift in our promotional strategy.", "audio_length_s": 7.11, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_181.wav"}, {"text": "In addition to the press release distributed last evening, a quarterly supplemental package with further detail on our results", "audio_length_s": 7.11, "path": "b35398859e534e471fb1cd60f5baac20_62.wav"}, {"text": "from one of our minority interest investment and marked to market foreign exchange gains on currency hedges.", "audio_length_s": 7.11, "path": "6f73dbce90cb2d313480b437f0c51bbc_115.wav"}, {"text": "in terms of is it more balanced towards -- shifting towards oncology? Are you still thinking about expanding in the addiction space?", "audio_length_s": 7.11, "path": "9097dcbaf554d635920c6274b1de4997_26.wav"}, {"text": "they have a very high likelihood of doubling over the next 3 years or so. And so as we wrap up,", "audio_length_s": 7.11, "path": "a98061f951c1b2c7a915e296098bc4de_94.wav"}, {"text": "Thanks, Bill, and good morning, everyone. Let me begin by indicating that our strong first quarter numbers", "audio_length_s": 7.11, "path": "97b02b7a41ecb22cb04e7331052cefc8_70.wav"}, {"text": "we look forward to speaking to you again on our second quarter call in early August. Thank you, and have a great day.", "audio_length_s": 7.11, "path": "97b02b7a41ecb22cb04e7331052cefc8_113.wav"}, {"text": "both of which are a reflection of our continued commitment to our core value of supporting the communities in which we live and work.", "audio_length_s": 7.11, "path": "1bb9219ad31877175e18e8e48ff2f63c_97.wav"}, {"text": "Demand for semiconductor plate has been strong and is expected to remain steady for the balance of the year.", "audio_length_s": 7.11, "path": "97ddc19ecb28bab2d19fd3b181182062_242.wav"}, {"text": "rough feel for 2016 CapEx at this point, and any commentary you can make on working capital as well", "audio_length_s": 7.11, "path": "97ddc19ecb28bab2d19fd3b181182062_66.wav"}, {"text": "Similar to the third quarter, we completed several new investments in the fourth quarter that continued to change the complexion of our balance sheet.", "audio_length_s": 7.1099375, "path": "5c601f5318d5dcbe20fdd78f19c2b277_68.wav"}, {"text": "there may be untoward consequences biologically because as I alluded to in my remarks,", "audio_length_s": 7.08, "path": "485e97686e9a27d2df5b3fc02106e3d4_91.wav"}, {"text": "We've been diving into our focus on efficiency and expense control. That process is going to bear some great fruit as we look", "audio_length_s": 7.08, "path": "c272c3032aa56f99fd19c220786b0636_115.wav"}, {"text": "I think there were -- well, I don't think -- I know that there were operators in Europe -- smaller operators in Europe", "audio_length_s": 7.08, "path": "139f0a6300f504b3e8673e39b0429161_168.wav"}, {"text": "and we look forward to continuing to report on our progress on future calls. With that said, Dean and I will be happy to take your questions.", "audio_length_s": 7.08, "path": "139f0a6300f504b3e8673e39b0429161_152.wav"}, {"text": "we -- with the disclosure of the North and South meeting halls, we will undertake the renovation of our JW Marriott.", "audio_length_s": 7.08, "path": "7eebbbc069b4bf8367aa748751df9bc7_112.wav"}, {"text": "And in my view, our teams did extremely well to nevertheless return slightly positive", "audio_length_s": 7.08, "path": "f0dd7e4dad969b480d0d2a70609aedba_108.wav"}, {"text": "except for some extreme events which we would not expect to happen every year or even every other year.", "audio_length_s": 7.08, "path": "aaf7e3a1cc8cf65ccf788923cb583954_36.wav"}, {"text": "For us, this provides revenue opportunities by offering new services to customers.", "audio_length_s": 7.08, "path": "2f888e63a31b86cc2f4f97710e8eed79_21.wav"}, {"text": "With these significant improvements to our digital ordering experience, we are now in a position to promote digital ordering more aggressively.", "audio_length_s": 7.08, "path": "1f1b29266d2cede9b8f0f06ca57aae17_8.wav"}, {"text": "has a lot to do with the level of rates. What we saw in Q1 was a very sharp rally", "audio_length_s": 7.08, "path": "223f05c0b9b116532e9af84afa76cac7_125.wav"}, {"text": "The purpose of the loan was to assist in financing our capital expenditures requirements for our international operations.", "audio_length_s": 7.08, "path": "280817d93f79714585d82b9c2dbecab3_9.wav"}, {"text": "But now there are so many facilities. You can do so much more to them because you have new technologies.", "audio_length_s": 7.08, "path": "81430c39b7b202d05644e419e2a01a65_74.wav"}, {"text": "This request does not impact either the cash available to the company for use or our leverage levels.", "audio_length_s": 7.08, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_137.wav"}, {"text": "During the third quarter, we continued to actively manage our portfolio, taking advantage of opportunities to sell properties.", "audio_length_s": 7.08, "path": "1927f9c722093d1d64b610c4227ccf59_52.wav"}, {"text": "that included the addition of new dealers and the release of several product enhancements. Sales execution was solid", "audio_length_s": 7.08, "path": "e8a2a593282199ea052f788b8fead64b_7.wav"}, {"text": "Another impact of the Cures Act is not in the traditional home infusion marketplace,", "audio_length_s": 7.08, "path": "56e05107e391476d11fe1f637733f028_65.wav"}, {"text": "which is now live in more than 25 countries with more than 7 million downloads. So", "audio_length_s": 7.08, "path": "4b7945dd823dcbc0b2724efa66393673_15.wav"}, {"text": "But is the improvement at this point largely just going to come from medical management initiatives? And if that is the case,", "audio_length_s": 7.08, "path": "3121e8f4a75758834d32a9e4e0555221_24.wav"}, {"text": "and as Matt described in some detail, the fact that we're seeing customers and significant major customers", "audio_length_s": 7.08, "path": "46906afb4e1ee1fef09b5908e76beefa_22.wav"}, {"text": "but not very attractive given that it would only likely attract more of the types of issues we experienced in Alberta.", "audio_length_s": 7.08, "path": "ada4e338c266148264077e06bac68005_11.wav"}, {"text": "and focus on downside protection during the frothy credit markets of the recent few years.", "audio_length_s": 7.08, "path": "07f580f6f7be50000b90caa25fcd2661_10.wav"}, {"text": "the performance of beverage products. With better margin, better profitability, you have greater resources.", "audio_length_s": 7.08, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_50.wav"}, {"text": "as significant a discount on our product as it sells. So I think it's a matter of both", "audio_length_s": 7.08, "path": "2fc915b996c687200d995736980aae9a_186.wav"}, {"text": "We take great pride in being a leader in the weight loss industry and in our mission based focus to help people achieve healthy outcomes.", "audio_length_s": 7.08, "path": "957e0f876f9a4af9b498c19843675474_57.wav"}, {"text": "acquisitions and development programs, and that excludes the additional mortgage funding on these new properties.", "audio_length_s": 7.08, "path": "0ee490f8688669984ae17a737590f7b5_44.wav"}, {"text": "which included minimizing regulatory lag and achieving the allowed returns set by each regulatory jurisdiction,", "audio_length_s": 7.08, "path": "a212b77ae2b2452093665a4e179ed3a3_4.wav"}, {"text": "that are currently sort of scheduled. I think we've been telling investment community, guiding them", "audio_length_s": 7.08, "path": "dd5492732b46e270047f9b368d4fde11_24.wav"}, {"text": "other than for the increases to that estimate that will result from the acquisitions we complete during the remainder of the year.", "audio_length_s": 7.08, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_116.wav"}, {"text": "and place gun barrel straight wellbores more precisely and accurately sets the stage for compelling business opportunities within the segment.", "audio_length_s": 7.08, "path": "8957425799e5ce0200bfacf204d0acde_80.wav"}, {"text": "I think the style of the kinds of acquisitions that we've been making through the downturn has evolved a bit.", "audio_length_s": 7.08, "path": "8957425799e5ce0200bfacf204d0acde_216.wav"}, {"text": "and similar to the first quarter as decreases in industry production builds are expected to continue in the second quarter.", "audio_length_s": 7.08, "path": "73ba4ff250b62745e03880e75b9a1581_230.wav"}, {"text": "And these investments are started to show very positive trends. As we successfully continue to execute on our plans,", "audio_length_s": 7.08, "path": "a5aee620f2ef348884bdc8fa3e0cee19_44.wav"}, {"text": "So we are evaluating that option to finish up the transmission line, getting some additional power. And", "audio_length_s": 7.08, "path": "43028740644ea81c42c672416be4926e_174.wav"}, {"text": "partially offset by advisory fees and integration costs from earlier transactions and funding of the TEGNA Foundation.", "audio_length_s": 7.08, "path": "403903eb119bfc1cec44d86ec907077a_104.wav"}, {"text": "Now moving to Premion, a great TEGNA success story of innovation and organic growth.", "audio_length_s": 7.08, "path": "403903eb119bfc1cec44d86ec907077a_100.wav"}, {"text": "unfortunately, I can't really get into the details of our discussions and negotiations with", "audio_length_s": 7.08, "path": "9da45cfd4472699ef05d887adce01223_110.wav"}, {"text": "So some of those expenses really started with the deeming regs as we got clarity on some of that regulation.", "audio_length_s": 7.08, "path": "655d592e9d1b1027f1824b1554d8b131_27.wav"}, {"text": "I should find a percent, I don't know, but nearly all customers either agree to have a limited number of gig per month and then", "audio_length_s": 7.08, "path": "ebecd7e874a9b3998b70ec3200f71e89_36.wav"}, {"text": "is there any change in the competitive environment over the past 3 months, which I think we can safely assume means the mobile", "audio_length_s": 7.08, "path": "ebecd7e874a9b3998b70ec3200f71e89_138.wav"}, {"text": "to both sustain a long-term dividend while continuing to reinvest in the growth of the business to achieve our strategic goals.", "audio_length_s": 7.08, "path": "9ab2e6eb9debfae2de541ba645bfd265_19.wav"}, {"text": "that has 40 qualified bidders, which is a much broader investor base than either of the past 2 years.", "audio_length_s": 7.08, "path": "9ab2e6eb9debfae2de541ba645bfd265_149.wav"}, {"text": "We continue to anticipate bookings ramp in the second half of this fiscal year, and I look forward to updating you on our progress.", "audio_length_s": 7.08, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_52.wav"}, {"text": "Most of what we're talking about does not cost us any money. So it's not as though we're pressured to", "audio_length_s": 7.08, "path": "a8034762296368c60571fcde382c3274_104.wav"}, {"text": "The first one from the previous question. Do you have an idea of what the effective tax rate would be for this year?", "audio_length_s": 7.08, "path": "909945f04ac355656384777136995c9b_58.wav"}, {"text": "of our power purchase agreement model. We look forward to his strong contribution to the company as we move forward.", "audio_length_s": 7.08, "path": "1bba27cac9495fe57f623973383d6948_80.wav"}, {"text": "on this team. So I just don't want there to be a sense out there in the investment community or anywhere else", "audio_length_s": 7.08, "path": "b96165244f010b3f1e61cbbc5e504d96_201.wav"}, {"text": "including deliver operational excellence by meeting our 2016 operating and financial performance target.", "audio_length_s": 7.08, "path": "636d6909fbd8656f88f72f66a3a162ff_117.wav"}, {"text": "And as you can see from the chart on the right, North Carolina production has increased significantly due to the CommunityOne acquisition.", "audio_length_s": 7.08, "path": "2f52e3495f64a67b885c0d35be2e8dce_48.wav"}, {"text": "in terms of not just cost of operating the business but also maybe a more friendly", "audio_length_s": 7.08, "path": "2f52e3495f64a67b885c0d35be2e8dce_27.wav"}, {"text": "replacing a portion of those lower-margin products with more attractive papers, including tipping papers", "audio_length_s": 7.08, "path": "c1d916407f390d20e9d8f9b453e22435_6.wav"}, {"text": "I think the Enel GP definition of challenging was in front of an acceleration that we have", "audio_length_s": 7.08, "path": "23417803b1a8115806b8e604b8b2bb83_394.wav"}, {"text": "expense question, it seems like your cash efficiency really wasn't impaired much", "audio_length_s": 7.08, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_172.wav"}, {"text": "and we will not let you down. We're very bullish on the future, and we're glad you're a part of it. So thank you, and talk to you again soon.", "audio_length_s": 7.08, "path": "9b93af1e7019959620214c387f283d8e_81.wav"}, {"text": "this year to be from hybrids released in the past 3 years, enabling a favorable mix.", "audio_length_s": 7.08, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_75.wav"}, {"text": "Additionally, to help with the discussion, we have provided a presentation with supplemental information that should be reviewed in conjunction with the earnings release.", "audio_length_s": 7.08, "path": "dd28a387ccc9575df47840b850647c7f_123.wav"}, {"text": "In fact, it was our strongest year since 2005, a meaningful achievement when considering the fact that there were", "audio_length_s": 7.08, "path": "dd28a387ccc9575df47840b850647c7f_185.wav"}, {"text": "currency fluctuations and the previously disclosed customer acceleration of orders that occurred in the second quarter.", "audio_length_s": 7.08, "path": "a02b735de681c682fbb8025edecca271_32.wav"}, {"text": "And it's not uncommon to -- as these programs, especially those that are more novel in nature as Fit for Work is,", "audio_length_s": 7.08, "path": "b94d748876ddf8e881d4191dec45baf3_214.wav"}, {"text": "and we'll expand that market by capturing some of these patients that don't have an external ventricular drain already placed.", "audio_length_s": 7.08, "path": "73f474b631c43567329cad1bb76ff4fe_67.wav"}, {"text": "been slightly lower volumes versus last year at the Ericsson contract, which I also think is in effect from", "audio_length_s": 7.08, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_62.wav"}, {"text": "in the Data Center cooling market and the build and the construction of data centers around the world.", "audio_length_s": 7.08, "path": "f7df5ecab61eca575f169a8298318eca_111.wav"}, {"text": "comes from an overall project in manufacturing of increasing utilization of assets.", "audio_length_s": 7.08, "path": "ab4dae37361262d727d1d2f8f78765d5_190.wav"}, {"text": "if the trial would be able to recruit could not be recruited right now because they still haven't", "audio_length_s": 7.08, "path": "e78997e6a75a2243292b2b54750bb3cb_118.wav"}, {"text": "The strength in our balance sheet provides sufficient capital to support our clinical goals for our PH,", "audio_length_s": 7.08, "path": "e78997e6a75a2243292b2b54750bb3cb_4.wav"}, {"text": "Also, during the quarter, other operating expenses were impacted by an increase in professional fees.", "audio_length_s": 7.08, "path": "b43c001c5af465d220ab0b69a95202ae_12.wav"}, {"text": "Over the past few days, we have been able to restore power to a number of areas at our site, but portions still remain without power.", "audio_length_s": 7.08, "path": "809e26eaacb31ffdee78d3f41a6ce90a_4.wav"}, {"text": "No. I think that what was helpful was when you started to bracket the size of contracts that those customers could give.", "audio_length_s": 7.08, "path": "f77935c4693e4d33252c9c76993e9c8b_33.wav"}, {"text": "and we are addressing this worst performance with the launch of new catalogs for next year in Brazil.", "audio_length_s": 7.08, "path": "4eb41fa11a52a50234620475be1e41f2_49.wav"}, {"text": "And what we've done there is that we've been able to use our low-cost productions that of pricing,", "audio_length_s": 7.08, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_202.wav"}, {"text": "while also returning significant cash to our shareholders. Since we began this journey 3 years ago", "audio_length_s": 7.08, "path": "9b697782ea80be97854f35d6fc62c93a_195.wav"}, {"text": "Given the recent volatility in the stock, I would like to make some comments regarding the transaction process.", "audio_length_s": 7.08, "path": "8b2f9d78b826db37ca84dae4d193d8a3_25.wav"}, {"text": "the negative impacts that we've seen so far. And we're going to continue to manage that and keep a close eye on", "audio_length_s": 7.08, "path": "40b1895fcd5116b51eb97573544b3afd_20.wav"}, {"text": "The nice thing to say, the good thing to say is that there's plenty of opportunities out there. There is a", "audio_length_s": 7.08, "path": "262bc21196721c5ff9114acbd2ff03c3_292.wav"}, {"text": "and origination volumes were maintained at levels consistent with our strategic growth objectives and established risk appetite.", "audio_length_s": 7.08, "path": "87045996e7446329f1d98c909c6ca7fe_94.wav"}, {"text": "So I think where we've entered a new phase in the relationship is where we're able to marry", "audio_length_s": 7.08, "path": "450a5dc6eb19b82da8dfc68127f6e79d_154.wav"}, {"text": "you almost hope that when you have days that you don't have big orders because it's really in our benefit to have.", "audio_length_s": 7.08, "path": "450a5dc6eb19b82da8dfc68127f6e79d_57.wav"}, {"text": "As we said at the time, this quality property currently has tenants in 94% of the available space.", "audio_length_s": 7.08, "path": "9ba83ac067a98f8b12cc480ff0691e91_83.wav"}, {"text": "Before we begin, I'd like to remind you that various remarks that we make on this call that are not historical, including those about", "audio_length_s": 7.08, "path": "7551ffae17aa39dd4ea962a43f96bf04_92.wav"}, {"text": "In terms of the overall capital position, we provided a snapshot in the prepared materials which Joe will review.", "audio_length_s": 7.08, "path": "f15966ae82e18b472ad78dd961f8e5e8_168.wav"}, {"text": "or evaluating option strategies, using our technical analysis tools, all from the palm of their hand.", "audio_length_s": 7.08, "path": "7cc11de7f206c637e6293da0d956405e_126.wav"}, {"text": "In the third quarter, we completed our experience update as part of our comprehensive and consistent unlocking process.", "audio_length_s": 7.08, "path": "ab3354b86be920cde18291112bf8a70a_103.wav"}, {"text": "Comparing the operating cash flows for this half, versus the same period last year, the first thing to highlight", "audio_length_s": 7.08, "path": "01f88a67f39af3a74d5f23b095615d39_84.wav"}, {"text": "do banks have room to actually lower deposit cost if the rate curve stays this way for a prolonged period of time?", "audio_length_s": 7.08, "path": "41c28201e80491c91e34488556721756_110.wav"}, {"text": "because we're very early in determining what it is that we want to do here, and once we know that, I promise you we'll be quite clear on what we think the implications are.", "audio_length_s": 7.08, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_114.wav"}, {"text": "a significant part of the patient population, both within a category and across multiple categories.", "audio_length_s": 7.08, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_210.wav"}, {"text": "and positioned the company in several areas for the success we continue to have today.", "audio_length_s": 7.08, "path": "e33785a294553de2a12d4463bf786744_69.wav"}, {"text": "It is a great thing for the long-term, but short-term this has taken its toll on our ability to grow.", "audio_length_s": 7.08, "path": "47b5defd6e2c5724f6dc3b80859c281c_32.wav"}, {"text": "that have not been as successful as hoped. What gives you confidence in that channel?", "audio_length_s": 7.08, "path": "41e5f97c6d94e8f87bb5fb602fe25500_67.wav"}, {"text": "our best quarterly performance in over a year. Germany's top line result was primarily driven by growth in our subscriber base,", "audio_length_s": 7.08, "path": "0fa398ef99a7a936fc1e509dacaaadde_218.wav"}, {"text": "For more information on our forward-looking statements and the risks, uncertainties and other factors to which they are subject,", "audio_length_s": 7.08, "path": "f706bdb8b0a3f86e52419138fd2da20a_23.wav"}, {"text": "Sure. I gave you one little bit of an example just now when I talked about our prospect deck, and that was one of", "audio_length_s": 7.08, "path": "0cfaeed8cd93dc274845d450e921aeb6_37.wav"}, {"text": "impact now, but a much greater impact as we significantly take those down in the last half of the year. And then", "audio_length_s": 7.08, "path": "0cfaeed8cd93dc274845d450e921aeb6_121.wav"}, {"text": "My team and I are focused on accelerating our path to these opportunities and I look forward to sharing more about our strategy in the months ahead.", "audio_length_s": 7.08, "path": "94f601dc7b34ad38667e3b714aa89d35_36.wav"}, {"text": "how we're spending our money and where we are, those things are all contributing to a really, really nice run for this business.", "audio_length_s": 7.08, "path": "94f601dc7b34ad38667e3b714aa89d35_87.wav"}, {"text": "We expect this highly innovative facial cleansing and treatment device to be a key contributor to our business.", "audio_length_s": 7.08, "path": "1353031386f884a821e7e9bab449727d_4.wav"}, {"text": "Our investments in innovation are starting to pay off and are critical to future top line growth.", "audio_length_s": 7.08, "path": "34b4c03bbd8e9d5fceb8c8af89388197_221.wav"}, {"text": "The verdict will be given to all in this case in February of next year,", "audio_length_s": 7.08, "path": "1862ee2f84dc77a40dde64b34f3ab94e_69.wav"}, {"text": "be more integrated into our card product. As you can see here, card users will be able to more easily tap into this product,", "audio_length_s": 7.08, "path": "66b25c60d952bd002c7ab20da9248086_11.wav"}, {"text": "We've had a number of customers come back and indicate that they will be needing additional equipment", "audio_length_s": 7.08, "path": "64364105b816dd0b6a029e9cd210e65b_252.wav"}, {"text": "At this point, we would expect that there will continue to be attempts made to increase twin trailer length to 33 foot,", "audio_length_s": 7.08, "path": "64364105b816dd0b6a029e9cd210e65b_30.wav"}, {"text": "where we believe our customer shops. And so we're kind of evaluating that now", "audio_length_s": 7.08, "path": "1300495cfa53748f732f54277d5a8cea_129.wav"}, {"text": "sales. Our focus there outside of that summer jazz campaign is to roll out new contract choice", "audio_length_s": 7.08, "path": "24a133abc343c813233d416b0cef96cd_40.wav"}, {"text": "fiscal '19 and beyond has a chance to grow at a pretty accelerated rate based on the CAGRs that you've talked about in the past.", "audio_length_s": 7.08, "path": "f5e9c69a92eb9179062673e044f8a53b_91.wav"}, {"text": "need to maintain the metrics around, and we feel confident that we can continue to do that.", "audio_length_s": 7.08, "path": "4ee3c79ebc57c9870b221b9479d52436_43.wav"}, {"text": "Pest and Equipment Care were quite strong and expect to remain strong. Energy stabilized.", "audio_length_s": 7.08, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_6.wav"}, {"text": "And so if customers are going to push for shorter billing terms, they're going to end up paying for it with less discount.", "audio_length_s": 7.08, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_143.wav"}, {"text": "on the ground. Do I need to bring in a product specialist? Do I need to bring in a vertical specialist? Do I need to bring in the Inspire team?", "audio_length_s": 7.08, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_80.wav"}, {"text": "We have taken a number of steps to address these issues and expect to have them resolved before year-end.", "audio_length_s": 7.08, "path": "e552924838fe493d3cc967dd0c5c4563_132.wav"}, {"text": "But what we've said is that we really haven't seen it. It didn't show up certainly in our order book in the first half of the year.", "audio_length_s": 7.08, "path": "9fb4423a70358ef22be9982299969f7a_104.wav"}, {"text": "Thanks, Kelly. Today, I'll begin with a brief review of financial highlights from the fourth quarter,", "audio_length_s": 7.08, "path": "c334e290beb657ee3efcb6b2f734c81e_104.wav"}, {"text": "The surplus and its resilience will remain the focus of our group capital reporting.", "audio_length_s": 7.08, "path": "6299a010c7bb84feaf14b263750dbd1a_18.wav"}, {"text": "Now let's move to our performance for the 5 operating segments, starting with Zone Americas.", "audio_length_s": 7.08, "path": "49dfadfb9a3d4d27ac250602928cf9ea_6.wav"}, {"text": "relatively low awareness overall, and I think we should expect to see strong category growth and strong", "audio_length_s": 7.08, "path": "125388f1b45117acde70abc39e0f7d04_37.wav"}, {"text": "on our margin in the second half of the year. Moving now to customer lending.", "audio_length_s": 7.08, "path": "bc1efb704df9c180935803c70a315597_88.wav"}, {"text": "Turning to our performance in the quarter. Sales growth was slightly above the bottom end of our guidance range.", "audio_length_s": 7.08, "path": "ffa357a084f4deb64797a0a32b8c5e33_71.wav"}, {"text": "And therefore, the assets will be also transacted at fair value. So we do not expect any hit from this transaction.", "audio_length_s": 7.08, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_77.wav"}, {"text": "So we're not going to go into the minutia of each particular product and how many thousands of patients are in each particular product.", "audio_length_s": 7.08, "path": "8f92dfb06900be4f209f31f24cb885fb_144.wav"}, {"text": "We do anticipate pricing of our services to continue at current rates despite localized improvements to utilization,", "audio_length_s": 7.08, "path": "3d0f5785f81125b6efa2339a4aef56aa_19.wav"}, {"text": "for further analysis using our data with NPI-C and as well as some of the other tools that we use in our study.", "audio_length_s": 7.08, "path": "0411a1a45741648616bbfd7ca8dd3fd4_4.wav"}, {"text": "I'd like to provide you with details on the first quarter segment performance, beginning with the RMS segment.", "audio_length_s": 7.08, "path": "50eb350badadec6e4272b90684741c25_222.wav"}, {"text": "But it's worked flawlessly this year. And the operational excellence that we've experienced at the operating company level", "audio_length_s": 7.08, "path": "f268a8174f58c93ad6b45b7f151fe896_45.wav"}, {"text": "any of the 2 businesses to bear any extra losses. Give me another month or 2 and I will clarify everything for you, because", "audio_length_s": 7.08, "path": "d8652861ccebce254205bf463b404401_11.wav"}, {"text": "to evaluate the company's performance and improve the comparability of results between reporting periods.", "audio_length_s": 7.08, "path": "24c7526f6daca8e16ab91bea6124148a_127.wav"}, {"text": "to spend a little more money on the front end to do some test sampling I think is a prudent thing to do.", "audio_length_s": 7.08, "path": "ee824d23bd881a3dc5ee8be881b7d18b_44.wav"}, {"text": "among these activities are actually evaluation of business model in certain countries,", "audio_length_s": 7.08, "path": "538323cb37246bc97d1253b369a7414a_64.wav"}, {"text": "And the operating working capital was pretty good during the quarter.", "audio_length_s": 7.08, "path": "4fd138e27f5f375945332eacefa15b62_156.wav"}, {"text": "Longer term, I'm excited of our growth opportunities and expect new products, new applications", "audio_length_s": 7.08, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_42.wav"}, {"text": "So let me start with a few comments on credit. We do provide a comprehensive set of credit and performance data monthly on our website.", "audio_length_s": 7.08, "path": "bc5018861ccb5380fbe71ad789a6d4b0_92.wav"}, {"text": "and also to 10 subsidiary offices demonstrating lean expanding beyond operations.", "audio_length_s": 7.08, "path": "7a80c3e91e5a2693cdaef5f716808317_25.wav"}, {"text": "looks to be a bit of an understatement for Fluid Systems. The starting point looks a bit thin.", "audio_length_s": 7.08, "path": "7a80c3e91e5a2693cdaef5f716808317_145.wav"}, {"text": "However, a full recovery will take time, and we are not prepared to forecast our financial results at this time.", "audio_length_s": 7.08, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_63.wav"}, {"text": "we expect comparable store traffic and sales will likely continue to be somewhat volatile in the near term.", "audio_length_s": 7.08, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_139.wav"}, {"text": "Thanks, Kirk. Before we turn the call over for questions, I'd like to comment on my interim status.", "audio_length_s": 7.08, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_87.wav"}, {"text": "we'll give -- we won't give them out ourselves. It wouldn't be appropriate, but we -- as I said, we do sometimes,", "audio_length_s": 7.08, "path": "8dd740d83ff1c7319a82eeba6047633d_120.wav"}, {"text": "Still in the early stages, and we will continue to upgrade the platform as we progress and build it out.", "audio_length_s": 7.08, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_66.wav"}, {"text": "But the indexes are certainly looked at in terms of the value of the product.", "audio_length_s": 7.08, "path": "4b5d33b9c200403f2d4633e47f1d4110_202.wav"}, {"text": "E-Systems accounts for 40% of the backlog as we continue to increase market share", "audio_length_s": 7.0799375, "path": "ec0ecc8e73cce4598def6cfff6f7c598_105.wav"}, {"text": "In our diagnosis of the business, I've been deeply embedded with our global teams who create the customer offering.", "audio_length_s": 7.0500625, "path": "7bac04f03928ee8894ab00007116400b_84.wav"}, {"text": "that all of our noncore markets were to generate cash to support the growth of the derm market.", "audio_length_s": 7.05, "path": "5833763223d8d85b6fcb5fe90e821c77_121.wav"}, {"text": "These data points lead us to conclude that having committed liquidity is a competitive advantage in today's market.", "audio_length_s": 7.05, "path": "ab861b81968e1b5fcb606ed886919d68_15.wav"}, {"text": "issues at specific companies and their need to dispose of assets versus an overarching", "audio_length_s": 7.05, "path": "6388da88b00ebc88af59435bdac74132_175.wav"}, {"text": "and then obviously in terms of operations going forward as well. But we'll give much more guidance around that going forward once we", "audio_length_s": 7.05, "path": "309554ae886fe4911da6e3329b631fe6_70.wav"}, {"text": "The results today provide confidence in the potential to commercialize the material gas resource in the region.", "audio_length_s": 7.05, "path": "309554ae886fe4911da6e3329b631fe6_7.wav"}, {"text": "Our performance this quarter reflects our continuing progress in advancing our priority products and programs.", "audio_length_s": 7.05, "path": "f0ce0d97cf62c9076226e0aeeb550493_2.wav"}, {"text": "last year and this year we don't think that there's a difference in the overall situation because the regulations remain the same. And", "audio_length_s": 7.05, "path": "95962e0f754f9e2f786778c85d0913b8_76.wav"}, {"text": "for all amounts that you could be offered. But on the other hand, wouldn't it be a significant advantage for a company your size", "audio_length_s": 7.05, "path": "14e9ab3b38cd3029b8aff693a105dbfb_159.wav"}, {"text": "We asked this question to your other competitors as well. I would like to understand what KT's position is with respect", "audio_length_s": 7.05, "path": "19eed824fc629ea7d3f8ea7572c7abb7_13.wav"}, {"text": "Part of the decrease relates to additional technicians that we added for our expansion efforts.", "audio_length_s": 7.05, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_58.wav"}, {"text": "We are encouraged by our growing sale of UFS controller to Micron in the second quarter.", "audio_length_s": 7.05, "path": "80bbfd75ab074e9faf2d1b31118f1cfc_11.wav"}, {"text": "for the same period last year, primarily due to the placing of the Bakken Pipeline, Delaware Basin extension,", "audio_length_s": 7.05, "path": "718a89dc503706eae0091bcd9410d567_68.wav"}, {"text": "please look at the bottom table. These are the exchange rates on which our forecast is predicated.", "audio_length_s": 7.05, "path": "2a59b9df2de5248e64727f10185a8423_90.wav"}, {"text": "we can make a difference and there is economic sense in participating in that.", "audio_length_s": 7.05, "path": "4c0e38d8d88c73a7a01dc542a85b2604_158.wav"}, {"text": "It's hard for us to know exactly what percentage it's fueling.", "audio_length_s": 7.05, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_57.wav"}, {"text": "we certainly set targets for each of our sectors to improve retention rates.", "audio_length_s": 7.05, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_221.wav"}, {"text": "we also see a lot of very good sales initiatives throughout the company.", "audio_length_s": 7.05, "path": "14f3d2486b21e639a953afb7ad03d90c_48.wav"}, {"text": "This is partly the consequence of a material decrease in risk-weighted assets for the Colombian financial system.", "audio_length_s": 7.05, "path": "d085781ecd776da8a9c4d31ad547606b_12.wav"}, {"text": "is a broader volume with multiple customers as we go through the year and next year?", "audio_length_s": 7.05, "path": "9e937c87ad87f354d42a688156853a30_41.wav"}, {"text": "specific customers. We do that because we have all the IP and hardware needed.", "audio_length_s": 7.05, "path": "9e937c87ad87f354d42a688156853a30_87.wav"}, {"text": "Customers have been supportive by conserving gas consumption. We continue to closely monitor Enbridge's progress.", "audio_length_s": 7.05, "path": "9589f919b51ea96f732c4fe7fd180d7e_32.wav"}, {"text": "as a gift in this market, but we see very strongly that our efficiency focus", "audio_length_s": 7.05, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_40.wav"}, {"text": "Today, we'll cover some of the highlights from the period and some key milestones you can look forward to in coming months.", "audio_length_s": 7.05, "path": "46906afb4e1ee1fef09b5908e76beefa_2.wav"}, {"text": "The other piece of that purchase transportation line is really some additional solutions that we are providing to our customers.", "audio_length_s": 7.05, "path": "66c9091ba849cdb6d64987642ced64d2_101.wav"}, {"text": "Our assumption in terms when we made the guidance was for flat pricing over last year's level.", "audio_length_s": 7.05, "path": "ada4e338c266148264077e06bac68005_47.wav"}, {"text": "and continued focus on improving agricultural yields for growing population and shrinking arable land base,", "audio_length_s": 7.05, "path": "ada4e338c266148264077e06bac68005_8.wav"}, {"text": "So it becomes a hurdle for you when it comes to launching new businesses and new products.", "audio_length_s": 7.05, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_133.wav"}, {"text": "We're really focused on making sure that the innovation pipeline that came with Body Plus gets executed really well", "audio_length_s": 7.05, "path": "ca2bc8d693d4751cc88444d2e715f645_49.wav"}, {"text": "we had on hand. Focused also there to do the projects in the right way. That looks very promising and very good,", "audio_length_s": 7.05, "path": "cfbe91105113db7a5784f77e411b7a3f_88.wav"}, {"text": "We expect the rate of organic sales to improve as the year progresses and comps get a bit easier.", "audio_length_s": 7.05, "path": "a827180c08c11f2e53c6966fceaabf5b_99.wav"}, {"text": "we're reducing the prices to see if we can draw the customer back in and we're having a reasonable degree of success.", "audio_length_s": 7.05, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_17.wav"}, {"text": "In the margins -- in the marketing spending area, we are making good progress on generating efficiencies as well", "audio_length_s": 7.05, "path": "8475d4f528174aebabcb109487bee3f3_6.wav"}, {"text": "paint in Home Depot or specifically PPG brands versus Behr?", "audio_length_s": 7.05, "path": "73ba4ff250b62745e03880e75b9a1581_60.wav"}, {"text": "and that we will continue to invest in to make the customer experience as convenient as possible, allowing us to continue to grow digital sales.", "audio_length_s": 7.05, "path": "47a303604df9f9fc9f2f89a9280c3a79_142.wav"}, {"text": "proving our commitment with profitable growth and the strength of our unique business model.", "audio_length_s": 7.05, "path": "11ca275b0bd65060f43ae2d28e1c489f_82.wav"}, {"text": "which we now know didn't add incremental value to our business and negatively impacted our rate of growth.", "audio_length_s": 7.05, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_82.wav"}, {"text": "Because we already help employees in virtually every industry and geography to realize their potential,", "audio_length_s": 7.05, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_165.wav"}, {"text": "Finally, this presentation may contain information with respect to the investment performance of certain of our funds and strategies.", "audio_length_s": 7.05, "path": "8b6b51842af008f5f437f53cc2e71835_1.wav"}, {"text": "Regional growth in the quarter was also driven in part by certain factors not expected to continue in Vietnam and Malaysia.", "audio_length_s": 7.05, "path": "276392c471c063580869aec014a1feda_64.wav"}, {"text": "While also leveraging our strong maintenance expertise programs to extend the expected lives of our current fleet.", "audio_length_s": 7.05, "path": "f314d55f20e7186f4cd0e41e32ec144b_40.wav"}, {"text": "more than double last year's result mainly due to the overall improvement in the performance of various mechanical projects.", "audio_length_s": 7.05, "path": "a965bbd76f3d449c86e8c27d03ac192f_63.wav"}, {"text": "right. I think the biggest problem is whether or not you can tuck that efficiently and effectively long-term", "audio_length_s": 7.05, "path": "2905366dcf0eb60a22b63a1b3d9adf95_76.wav"}, {"text": "We will be thoughtful about these sales and expect to execute them as we find capital redeployment opportunities that meet our objectives.", "audio_length_s": 7.05, "path": "93d3e5be9cf75e0921d47f10d4178939_95.wav"}, {"text": "So my long answer is, I think some of the growth and some of the wins that we've had would be built into that normal rate", "audio_length_s": 7.05, "path": "2b87d263eaf2464f275a48fa005b16c7_29.wav"}, {"text": "It has been an exceptionally busy and exciting time for Dicerna with a number of extremely important milestone achievements.", "audio_length_s": 7.05, "path": "01ebdadb81d0e5a57270957c0cbe83fc_2.wav"}, {"text": "Good morning. My name is Josh, and I will be your conference operator today.", "audio_length_s": 7.05, "path": "bfd8a8fb608e88d8cb818b2325360215_0.wav"}, {"text": "Taken together, we expect the benefit of these items will build as we progress through the remainder of the year.", "audio_length_s": 7.05, "path": "e3d70ecdb6aaed843dd059c121962e45_154.wav"}, {"text": "And the APEX-XC from a technical standpoint is a very good solution for his particular needs.", "audio_length_s": 7.05, "path": "4e04d3229b988f1db5b842ac5b993894_177.wav"}, {"text": "am so bold to say that we're well prepared for that, and we have a profitability that would enable us", "audio_length_s": 7.05, "path": "38b2f94da12bbf2d32246763aab8265a_113.wav"}, {"text": "establish the milestones getting to that range? Or are we likely to see that", "audio_length_s": 7.05, "path": "265a38d0c390f3df900f7a658e257384_106.wav"}, {"text": "I -- look at us and think it's similar. I think a city of our size becomes attractive because suddenly you've got", "audio_length_s": 7.05, "path": "a7e7a1621af9b4e850260f9824ee8746_75.wav"}, {"text": "some of these projects go forward. When you talk to your clients, how are you helping them", "audio_length_s": 7.05, "path": "bab12f620df0f367e74acdcc467686f1_226.wav"}, {"text": "the market? Can you give us some color as to what we should expect that to be?", "audio_length_s": 7.05, "path": "49a78c1ec143d9ac46e893e77198c0e3_93.wav"}, {"text": "Thank you for joining us this morning. That concludes our conference call. A replay of the call will be available for a limited time on our website later today.", "audio_length_s": 7.05, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_179.wav"}, {"text": "interest rates move and, all of a sudden, volumes go back up. So what we do have is a refinement in our", "audio_length_s": 7.05, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_132.wav"}, {"text": "That's what really determines though the profitability in any given period", "audio_length_s": 7.05, "path": "08ed60a546bd48af9db028c4e3c8af26_58.wav"}, {"text": "We don't want to set that expectation, but we don't see any trend that anybody should be alarmed about", "audio_length_s": 7.05, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_123.wav"}, {"text": "Let me start by saying that this has been a strong area of focus for quite some time.", "audio_length_s": 7.05, "path": "16e51362df94379ea33a24334015f385_34.wav"}, {"text": "We are delighted to have them and all their employees as part of the Rollins group of leading pest control brands.", "audio_length_s": 7.05, "path": "0360a780927a31fb0bec9e79dac878a2_11.wav"}, {"text": "is resulting in expansion in our loan yields and net interest margins as prime and LIBOR increase.", "audio_length_s": 7.05, "path": "1c89bbe35013b8f40511ac9ba8824242_32.wav"}, {"text": "that we've been very proficient in using in Peru and it takes some time to really understand how to use this equipment", "audio_length_s": 7.05, "path": "e5040d02fba73a359d3f7cb346517ce1_141.wav"}, {"text": "We are excited about the opportunities we see to leverage our unique model and help support our advisers.", "audio_length_s": 7.05, "path": "8a77ceadd7e4729abc9102d38be3a227_107.wav"}, {"text": "In addition, we expect to benefit from some of our product enhancements, which are scheduled to hit the floors in our fall deliveries.", "audio_length_s": 7.05, "path": "f23036451aab1cb9d659c3ac9a23825c_70.wav"}, {"text": "National brands were up low single digits for the year, with particular strength in Nike,", "audio_length_s": 7.05, "path": "e2c02e1788cb10703d7611ef157f8135_185.wav"}, {"text": "which was driven by the consistent high quality of loan portfolio and by the moderate loan growth in the second quarter,", "audio_length_s": 7.05, "path": "2a7d7f3eb6960e631743ca5a0d86461f_115.wav"}, {"text": "And clearly, you have seen, we have a long track record of being very focused", "audio_length_s": 7.05, "path": "98f10f0935e5b778e888a1b8130a3d31_306.wav"}, {"text": "Within industrial and multimarket, we are witnessing general softness across a range of power management and interface solutions.", "audio_length_s": 7.05, "path": "26119288a71567b572f1d8b551e397cb_120.wav"}, {"text": "They may not be updated in the future. These statements are subject to risks and uncertainties as described in the company's SEC filings.", "audio_length_s": 7.05, "path": "b1da16cba24af8e472573c4c9caf17c7_56.wav"}, {"text": "for every single geography -- every single OEM in all the geographies that I mentioned in the prepared remarks.", "audio_length_s": 7.05, "path": "051c23cc7bacc5c9df9312ac0fd431a9_78.wav"}, {"text": "Our September quarter Automotive business was modestly down, but slightly better than our expectations.", "audio_length_s": 7.05, "path": "051c23cc7bacc5c9df9312ac0fd431a9_3.wav"}, {"text": "if it becomes a significant increase. But that'll be a function of how our competitors behave,", "audio_length_s": 7.05, "path": "08f219f6cb65bd0ed50cb8444a3884f8_90.wav"}, {"text": "The majority of patients achieved normalization or near normalization of urinary oxalate levels,", "audio_length_s": 7.05, "path": "e78997e6a75a2243292b2b54750bb3cb_92.wav"}, {"text": "As you can see, the actions we're taking to improve performance are delivering results.", "audio_length_s": 7.05, "path": "b43c001c5af465d220ab0b69a95202ae_183.wav"}, {"text": "we hope the industries and the cities can be better integrated.", "audio_length_s": 7.05, "path": "b126e11520fd54843c67f70f15cd30cc_92.wav"}, {"text": "Because we have internally developed capabilities ranging from innovation to platform development to manufacture,", "audio_length_s": 7.05, "path": "75eb5b75bb8587b63c318714ea956b9e_140.wav"}, {"text": "due to increases in the average balance of our customers as well as higher charge-off of finance charges and late fees.", "audio_length_s": 7.05, "path": "63eaf9677d7577484a1557ae6bfbb585_11.wav"}, {"text": "we're pretty far along in that. And especially as we continue to invest in the One V platform,", "audio_length_s": 7.05, "path": "52a4e3ebf7e968a783401230c3f69a9d_199.wav"}, {"text": "Sales were up across the board in all products and regions, with particular strength in China and Korea.", "audio_length_s": 7.05, "path": "0ec0a75c1800bac01520dcac5b8992fb_170.wav"}, {"text": "You got India demonetization. You've got some of the weakness we saw and trade stock dynamics playing out of the Middle East", "audio_length_s": 7.05, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_210.wav"}, {"text": "Our Gum business continue to grow and take share, and Milk and Chocolate performed in line with our expectations.", "audio_length_s": 7.05, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_191.wav"}, {"text": "we see that to be very, very achievable. The only sensitivity to that is", "audio_length_s": 7.05, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_155.wav"}, {"text": "implementing store improvements, adding new retail locations and increasing our focus on our branded retail network.", "audio_length_s": 7.05, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_75.wav"}, {"text": "We will present the details of this plan to the market later this year. In the same guidance,", "audio_length_s": 7.05, "path": "4cbd8989dd9406e1f08c19a5ce9f8014_3.wav"}, {"text": "now ranking ninth on the Future 40 Responsible Leaders in Canada list, the highest ranking for an oil and gas company,", "audio_length_s": 7.05, "path": "ea7f210b3c08271afbdb6d434b8394e9_8.wav"}, {"text": "and continuing to eliminate less profitable SKUs. As a result of these initiatives,", "audio_length_s": 7.05, "path": "9b697782ea80be97854f35d6fc62c93a_219.wav"}, {"text": "Is it fair to say that you had some that's opening later in the fourth quarter, that's kind of what it sounds", "audio_length_s": 7.05, "path": "3898a5c021167b8169287fc8bb59f753_140.wav"}, {"text": "There are a few key observations that influence our decision to pursue a broader modular strategy.", "audio_length_s": 7.05, "path": "f1da65edd5f2026ffd647d496bb96ce7_147.wav"}, {"text": "and their passengers and then we make some direct sales to tourists that are in Alaska during the summer season.", "audio_length_s": 7.05, "path": "8d9efef3c305ec549fb15daa27107c83_69.wav"}, {"text": "That contract is set to expire at the end of September this year. The bids have been submitted.", "audio_length_s": 7.05, "path": "8d9efef3c305ec549fb15daa27107c83_20.wav"}, {"text": "For example, to serve some portions of this market, we are developing technologies such as MEMS and other game-changer solutions", "audio_length_s": 7.05, "path": "b3d7bc295d09d9927e465213612c0192_8.wav"}, {"text": "beyond that, I don't want to get ahead of ourselves and call any such", "audio_length_s": 7.05, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_70.wav"}, {"text": "When including the expected impact from the WIL acquisition, the revenue growth rate on a constant currency basis", "audio_length_s": 7.05, "path": "da879f8ea1c23aa6565cccaacac271fc_233.wav"}, {"text": "In addition, management will make forward-looking statements that are based on our current expectations, forecasts and assumptions", "audio_length_s": 7.05, "path": "49e533a8449f6b9b6c806458e73338e1_62.wav"}, {"text": "We do have some noise in there from quarter-to-quarter. Always I think the fourth quarter is a little bit higher than the rest of the year.", "audio_length_s": 7.05, "path": "ec298d3b4d5979aa8c64bf222562e259_102.wav"}, {"text": "we've got 2 factories in China that have a capacity problem because of China Tower.", "audio_length_s": 7.05, "path": "433a6e203f9db93835c27ff83e86c801_242.wav"}, {"text": "to install the new equipment. So it is putting pressure on all of us. We're having to forestall some of the growth", "audio_length_s": 7.05, "path": "433a6e203f9db93835c27ff83e86c801_230.wav"}, {"text": "a bit more in our capabilities to digitally enable all that advice with online goal tracking", "audio_length_s": 7.05, "path": "ab3354b86be920cde18291112bf8a70a_23.wav"}, {"text": "with the bulk of this coming from retail channel and business line.", "audio_length_s": 7.05, "path": "28d675c77a4b2269c1c1460ad3e56250_41.wav"}, {"text": "and it's because there's a dependency upon the MYC for maintenance of the signaling pathways and viability.", "audio_length_s": 7.05, "path": "8c1b4f4af2af2847a240041390e31399_153.wav"}, {"text": "Participants in the Herbalife scheme, the distributors obtained their monetary benefits primarily from recruitment rather than the sale of goods and services", "audio_length_s": 7.05, "path": "94f913b974baab79fb636f6521170dd7_172.wav"}, {"text": "an insurance company through before they recognize okay, there's quite a bit of interest and we're getting patient demand.", "audio_length_s": 7.05, "path": "e42f90eacf0e766ff39973c6aca06c93_151.wav"}, {"text": "The first quarter tax rate benefited from the adoption of new accounting rules for the treatment of taxes on equity compensation.", "audio_length_s": 7.05, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_168.wav"}, {"text": "All told, it was a strong quarter. And I believe it is a testament to our diverse product offering and recurring revenue base.", "audio_length_s": 7.05, "path": "c20824ea6f927fe380f48a904cf4821b_29.wav"}, {"text": "in SYNERGY manufacturing equipment due to higher volumes as well as campus consolidation and plant network optimization activities.", "audio_length_s": 7.05, "path": "8b3fb852b7afa89068326fa10e2e7563_164.wav"}, {"text": "particularly through investments aimed at growth in businesses where we can proactively leverage our strengths.", "audio_length_s": 7.05, "path": "254f3c2175c8e11d6da7d44a221e1bff_10.wav"}, {"text": "After the great recession, Manhattan was one of the few markets to attract construction financing due to its demand fundamentals.", "audio_length_s": 7.05, "path": "3c80de013154b028ecdc6354d16c6fbc_133.wav"}, {"text": "Core is helping the client understand how the CO2 injection will affect the chemical and physical properties of the reservoir fluid", "audio_length_s": 7.05, "path": "5633fe3600ee04237bbb918c56341864_149.wav"}, {"text": "and the customers will have an option or are having an option", "audio_length_s": 7.05, "path": "a76bedec950d8af557e451e58416d028_92.wav"}, {"text": "our total equivalent volumes came in above the midpoint of our guidance range.", "audio_length_s": 7.05, "path": "838af8ffae77ce8ff59c77b1985f8fc5_36.wav"}, {"text": "We have some price increases already in effect and are in the midst of negotiations with additional customers.", "audio_length_s": 7.05, "path": "18e82b076319ac52f8a4b391ea345abd_9.wav"}, {"text": "and all the way processing through. So we are excited to see the improvements. I mean, it's fairly dramatic when you think about", "audio_length_s": 7.05, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_45.wav"}, {"text": "Gross margin was impacted by unfavorable cost variances associated with lower production.", "audio_length_s": 7.05, "path": "382e3c8eda678694c6368e00f19c8881_5.wav"}, {"text": "With the second element that's important, we continue with the recent growth of the real estate business for Ripley Corp.", "audio_length_s": 7.05, "path": "0f9d6e24171bc068e7ff7a11e7e44060_35.wav"}, {"text": "In the countries, we're pushing both growth on services and efficiency", "audio_length_s": 7.05, "path": "1862ee2f84dc77a40dde64b34f3ab94e_25.wav"}, {"text": "So in terms of profit, that was a big contributor.", "audio_length_s": 7.05, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_87.wav"}, {"text": "along with the strong potential presented by the new product offerings already developed or in development within the group.", "audio_length_s": 7.05, "path": "64364105b816dd0b6a029e9cd210e65b_212.wav"}, {"text": "We believe this business offers significant growth potential, and this consolidation will support these efforts.", "audio_length_s": 7.05, "path": "64364105b816dd0b6a029e9cd210e65b_16.wav"}, {"text": "Now that's appealing to customers who want absolute certainty. So they'll know the day they move in, what the dollar amount will be when they move out.", "audio_length_s": 7.05, "path": "24a133abc343c813233d416b0cef96cd_123.wav"}, {"text": "These highlights underscore the magnitude of the transformation we've made as a company in a short period of time.", "audio_length_s": 7.05, "path": "95303f68781d6fb58e19ec1dc7785a7c_113.wav"}, {"text": "you always think it can happen faster than it otherwise takes, but the reality is I think we're always thinking long term.", "audio_length_s": 7.05, "path": "1215cf00a11992ec74743f92026af2e9_85.wav"}, {"text": "from the company's French and Italian subsidiaries, resulting from the large project orders that were booked in the prior fiscal year.", "audio_length_s": 7.05, "path": "52ea66e70853eaa0c1183ddfa31b760a_33.wav"}, {"text": "Once again, thank you very much for taking your time to attend this conference call, and good afternoon to everyone. Bye", "audio_length_s": 7.05, "path": "5323c1cb78ad5a1cf9d35417ec5e22ca_22.wav"}, {"text": "How are you guys thinking about that potential threat to your business and your ability to extract pricing?", "audio_length_s": 7.05, "path": "9fb4423a70358ef22be9982299969f7a_229.wav"}, {"text": "For opening remarks and introductions, I will turn the conference over to Lisa Budtke. Lisa, please go ahead.", "audio_length_s": 7.05, "path": "f17bd619f65ff0b31c5103503bd56fdb_32.wav"}, {"text": "We fully expect to get this approved again sometime probably in the middle of this year. It is our hope", "audio_length_s": 7.05, "path": "2cd5b184c2ef6624ce219830182927c9_362.wav"}, {"text": "which was very exciting for us to be able to create that much innovation in a short period of time.", "audio_length_s": 7.05, "path": "9826162bc1bb67bf8d65e4cf50e656e9_127.wav"}, {"text": "is an exceptionally strong technical and capable sales force, but the driver has been about", "audio_length_s": 7.05, "path": "ffa357a084f4deb64797a0a32b8c5e33_111.wav"}, {"text": "where there was a competitive bidding situation and we lost typically for price that are all being looked at again.", "audio_length_s": 7.05, "path": "09eebad8f3c529b4c7d916c5f7766f7f_65.wav"}, {"text": "you see the results of our focus on postpaid mobile, something that I have been mentioning a few times already in the last few calls.", "audio_length_s": 7.05, "path": "429bcf63d57c11ea4d8864560f521dba_50.wav"}, {"text": "has been taken out so that the best practices can be shared and put into a separate company.", "audio_length_s": 7.05, "path": "d8652861ccebce254205bf463b404401_82.wav"}, {"text": "Forward-looking statements involve a number of risks and uncertainties and TESSCO's results may differ materially from those discussed today.", "audio_length_s": 7.05, "path": "a756bd9ba43faae4d9d0f059925e39e9_123.wav"}, {"text": "Now in the Middle East, we already have a business. And we expect", "audio_length_s": 7.05, "path": "0b2059114216fe9195b6a4256ed84843_36.wav"}, {"text": "we commissioned a qualitative and quantitative primary market research study with over 200 surgeons", "audio_length_s": 7.05, "path": "4d7256bec87696f6c5defa8f37db1b48_53.wav"}, {"text": "Through existing partners alone, CDTi's technology has the potential to be deployed in 2 million vehicles per year.", "audio_length_s": 7.05, "path": "85edb0a846d9e1cfa542b893eed4a0f3_66.wav"}, {"text": "some of the milestones that we have to achieve between now and FID are really starting to come into view.", "audio_length_s": 7.05, "path": "3ae068efa03cd088f4d3edea682f199f_66.wav"}, {"text": "Our third priority is driving enhanced competitiveness and growth through cost reduction and innovation.", "audio_length_s": 7.05, "path": "3ae068efa03cd088f4d3edea682f199f_3.wav"}, {"text": "I mentioned some of the early benefits already. The fact that in the first few weeks we migrated the entire subscriber base", "audio_length_s": 7.05, "path": "6f73dbce90cb2d313480b437f0c51bbc_88.wav"}, {"text": "So we're pleased with where we were in the quarter, thought we had the right balance, and obviously a tremendous leverage from a financial perspective,", "audio_length_s": 7.05, "path": "6f73dbce90cb2d313480b437f0c51bbc_32.wav"}, {"text": "and the momentum continues to be very strong as RV manufacturers and dealers add capacity where necessary to meet growing demand.", "audio_length_s": 7.05, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_50.wav"}, {"text": "Used vehicle results for the quarter were up modestly year-over-year. I'll discuss those results separately in a few minutes.", "audio_length_s": 7.05, "path": "eb93e70cdf7a839a69546250fb3646fb_181.wav"}, {"text": "Today's discussion will contain forward-looking statements, which are based on assumptions we believe to be reasonable only as of today's date.", "audio_length_s": 7.05, "path": "16c235a53fc719ec92ef3b3c3b371150_154.wav"}, {"text": "we were making some progress with respect to raws from a pricing standpoint.", "audio_length_s": 7.05, "path": "744f5859c7d9a0567b387ae84326d940_55.wav"}, {"text": "euro. Didn't see as much of that as we would have liked in the fourth quarter", "audio_length_s": 7.05, "path": "744f5859c7d9a0567b387ae84326d940_47.wav"}, {"text": "And then, that kind of segues into the second part of your question, which is the export part of the question.", "audio_length_s": 7.05, "path": "4b5d33b9c200403f2d4633e47f1d4110_44.wav"}, {"text": "It's also important to note that the company actually noted that the second trial has", "audio_length_s": 7.02, "path": "db6c253ba433d9a247219bb3f15da199_46.wav"}, {"text": "To our employees who work so hard to achieve our goals, I'd like to personally thank you, again, for your efforts and commitment.", "audio_length_s": 7.02, "path": "4fdbfd9eec396928550d0c799e170d34_26.wav"}, {"text": "And as a reminder, we also had the anticipated decline in Germany's revenues due to the difficult comp with the year ago.", "audio_length_s": 7.02, "path": "6e6da7f810609ce64857373f11984455_68.wav"}, {"text": "It's a real example of how we are driving customer engagement and ensuring that we remain clearly differentiated", "audio_length_s": 7.02, "path": "214dcdc435ef3259490466447858fa56_185.wav"}, {"text": "we'll do whatever it takes, whenever the right time is to create that value. We've always said we would be open", "audio_length_s": 7.02, "path": "7eebbbc069b4bf8367aa748751df9bc7_190.wav"}, {"text": "As we mentioned, we've seen a significant increase in new member sign-ups, and there's no question the big driver has been this new product and user experience.", "audio_length_s": 7.02, "path": "f3ea353a6c918bc1fd311a9cad6b9777_40.wav"}, {"text": "The strong freight market provided noncontract revenue opportunities throughout the quarter and into January.", "audio_length_s": 7.02, "path": "94fdf7b24748a7706b1097482a0f363a_7.wav"}, {"text": "the breadth of capabilities that we bring to bear when we're investing is the most important aspect of making a decision.", "audio_length_s": 7.02, "path": "6388da88b00ebc88af59435bdac74132_104.wav"}, {"text": "We are clearly in a scenario under which the interest rate we grew by", "audio_length_s": 7.02, "path": "a683f40be39761f8e66786d7c0b64134_116.wav"}, {"text": "and make the payment of the remaining 90% and the deal is closed out.", "audio_length_s": 7.02, "path": "3cb802f8fba7d33603c29387ccdaf817_124.wav"}, {"text": "that was really caused by lower sales of corrugating medium and lower volume in our reels business.", "audio_length_s": 7.02, "path": "3557b21a45c35e71e82cc43b19977855_4.wav"}, {"text": "and for the first time in 2 years, we are hopeful we won't see a significant winter weather impact to our operations.", "audio_length_s": 7.02, "path": "3557b21a45c35e71e82cc43b19977855_18.wav"}, {"text": "Bristol-Myers for Opdivo and our diagnostic tests are actually very similar in terms of their results and", "audio_length_s": 7.02, "path": "f0ce0d97cf62c9076226e0aeeb550493_148.wav"}, {"text": "it will come back and will pick up, but we see a couple movements with some major customers", "audio_length_s": 7.02, "path": "22ad97a95501a08f15c06605cd277fec_135.wav"}, {"text": "Consequently, the future of skincare is one of personalization of products and services.", "audio_length_s": 7.02, "path": "9014ac9cbc2cff30468f1bcb659c0f66_208.wav"}, {"text": "So is that the way you look forward? Or you do not exclude that it could be more sizable? So if you could kind of", "audio_length_s": 7.02, "path": "9014ac9cbc2cff30468f1bcb659c0f66_395.wav"}, {"text": "We encourage you to read the forward-looking statements disclaimer in our earnings release in addition to our quarterly and annual filings.", "audio_length_s": 7.02, "path": "223f05c0b9b116532e9af84afa76cac7_43.wav"}, {"text": "For each new BEACON application, it's necessary for us to map our database to the database in the customer system.", "audio_length_s": 7.02, "path": "55d05334bdde612eb9dd102bb41d216e_41.wav"}, {"text": "and on top benefited from the one-off gain from the sale of the mentioned building", "audio_length_s": 7.02, "path": "65d5a09c659f6809931dc62aa7a9eaad_73.wav"}, {"text": "Our focus will remain not just on what but on how. That's what scalable behavior change is.", "audio_length_s": 7.02, "path": "7e14890193df4b10e1eeab6ab886529f_209.wav"}, {"text": "Please refer to our earnings release issued earlier today for a reconciliation of our non-GAAP adjustments.", "audio_length_s": 7.02, "path": "67716cee321d117b0318930dd142f06a_200.wav"}, {"text": "We are moving slowly to becoming more of a digital and data business, and that capability is something we will build over time.", "audio_length_s": 7.02, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_71.wav"}, {"text": "This business is now firmly organized around market verticals, both in terms of sales and editorial.", "audio_length_s": 7.02, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_90.wav"}, {"text": "But again a lot of what we're doing now. And I just think the investors have been missing this a bit, and we haven't been as clear.", "audio_length_s": 7.02, "path": "04f29bc02d1e2ef65077ca67bf41f475_233.wav"}, {"text": "by the end of the year and you'll start to see that -- the benefits of that flow through. And one of the key reasons why we're doing that is not just", "audio_length_s": 7.02, "path": "8b71a232d7fe61e6232807b635977c31_37.wav"}, {"text": "what they're able to do to bring even more power to our mission to connect Watch data with Buy data.", "audio_length_s": 7.02, "path": "8b71a232d7fe61e6232807b635977c31_249.wav"}, {"text": "we can work on getting scalability and operating leverage that we already believe we will be able to get.", "audio_length_s": 7.02, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_41.wav"}, {"text": "which excludes any anticipated dilution related to the planned acquisition of NOVADAQ Technologies.", "audio_length_s": 7.02, "path": "044da592acc01ff7baacb3dbf2a302a9_182.wav"}, {"text": "As we also discussed on the last call and for the following reasons, we believe the shortfall may be temporary", "audio_length_s": 7.02, "path": "6838b008f3efe8575b83cde089459d33_122.wav"}, {"text": "In the wireless communication segment, for example, new rooftop and tower tenant sites continue to grow", "audio_length_s": 7.02, "path": "de3b766a868da918e499f407dbf5d716_116.wav"}, {"text": "So while there's a part of our income that was previously flow-through, and clearly, the", "audio_length_s": 7.02, "path": "1b91eb82f5211000e711424657cc2484_52.wav"}, {"text": "partially offset by more favorable margins, favorable foreign exchange movements and lower operating expenses.", "audio_length_s": 7.02, "path": "a45510e526a5935c1f8d4f039149ff3b_9.wav"}, {"text": "a pause in the sales activity as a result of the proposed mergers.", "audio_length_s": 7.02, "path": "82218f543c9a546c4baa5323f250b39f_226.wav"}, {"text": "It's not necessarily that we would do it, but we would -- we're considering it. And I think it's also important to say that", "audio_length_s": 7.02, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_86.wav"}, {"text": "Our easy to follow, convenient, proven program clearly resonate as an effective way to lose weight and improve your health.", "audio_length_s": 7.02, "path": "957e0f876f9a4af9b498c19843675474_121.wav"}, {"text": "from our existing hotel clients, in part because of the ease of use of our new digital booking tool.", "audio_length_s": 7.02, "path": "839852ec8452dbd90e9341d15cbba7c5_111.wav"}, {"text": "regularly is around the sustainability of your positioning within that market,", "audio_length_s": 7.02, "path": "1b1699497be56330b3ed833f22bc63f6_127.wav"}, {"text": "While our primary yardstick is financial performance, we are encouraged by the underlying trends reflected in unit growth.", "audio_length_s": 7.02, "path": "b4874109876c9f165eef4be112d9f30d_83.wav"}, {"text": "helped by the ongoing improvement in passenger numbers, but also by our initiatives to drive profitable sales.", "audio_length_s": 7.02, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_134.wav"}, {"text": "and that's true across lots of things that we sell in Wellbore Technologies. It was also true in Rig Technologies when", "audio_length_s": 7.02, "path": "8957425799e5ce0200bfacf204d0acde_220.wav"}, {"text": "As highlighted in the press release, momentum continues to build for our eVolve services with several new jobs secured during the quarter.", "audio_length_s": 7.02, "path": "8957425799e5ce0200bfacf204d0acde_22.wav"}, {"text": "which we need to think through while thinking about the future? And finally, just", "audio_length_s": 7.02, "path": "11ca275b0bd65060f43ae2d28e1c489f_116.wav"}, {"text": "product marketing and field marketing, having led teams at Stack Overflow, Microsoft", "audio_length_s": 7.02, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_245.wav"}, {"text": "The U.S. enterprise business has always been a rock for us. The exception was the first half", "audio_length_s": 7.02, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_213.wav"}, {"text": "Do I want to get ahead of something? And it's not technology -- what we would normally call a technology company.", "audio_length_s": 7.02, "path": "dbafd430cf189ffeffd96a06da8ba37d_99.wav"}, {"text": "in order to have the state power to be comfortable that we watch statistical significance when we take a look.", "audio_length_s": 7.02, "path": "a24a661c2eb55542903c72391ec09f9b_106.wav"}, {"text": "I think we have a very clinical type of analyzing things, and we have been able to anticipate to demand.", "audio_length_s": 7.02, "path": "be4840dddb9ee8ea5102590be83badbd_66.wav"}, {"text": "in the video on your website, you mention that you want to generate profits in every business line and market in which you operate.", "audio_length_s": 7.02, "path": "c6447babe88f061184d64309eebb8629_200.wav"}, {"text": "in the quarter. Were there a couple of larger leases that you could flag out of this big volume?", "audio_length_s": 7.02, "path": "171fd9df333ddd814c764843ed624121_239.wav"}, {"text": "All projections are subject to risks and uncertainties, and actual results may differ materially.", "audio_length_s": 7.02, "path": "eb4fd38da7ae1a347630ef447dfe9abe_1.wav"}, {"text": "as we build these new projects, they will lead to additional opportunities just as the Tennessee system", "audio_length_s": 7.02, "path": "2ad9555a64eaa3f45bef5581adeecb9c_50.wav"}, {"text": "to the wellhead. So we view right now is kind of a wait and see. We think that lot of people have rushed in there", "audio_length_s": 7.02, "path": "2905366dcf0eb60a22b63a1b3d9adf95_117.wav"}, {"text": "Of particular note regarding our internal pipeline, during the third quarter and subsequent period", "audio_length_s": 7.02, "path": "01ebdadb81d0e5a57270957c0cbe83fc_59.wav"}, {"text": "whether those are organically developed, whether they are partner solutions or whether we acquire them as we did in this case.", "audio_length_s": 7.02, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_26.wav"}, {"text": "Finally, I'll discuss the launch of our new commercial programs, which we are now introducing to our existing and prospective clients.", "audio_length_s": 7.02, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_94.wav"}, {"text": "slightly down compared to the first quarter of '15 on a constant currency basis, primarily due to the decline in AG sales.", "audio_length_s": 7.02, "path": "132abea68f255eb89160dde90b6d3b80_85.wav"}, {"text": "has a lot of complexities to it. And as you change over the pool -- pools of loans you've done the accounting for,", "audio_length_s": 7.02, "path": "baf97ac5f6cc21f1387a53f2755e60d7_26.wav"}, {"text": "for quality issues. So they wanted to get some assurance on that. They've also asked us to look at their entire supply chain risk management.", "audio_length_s": 7.02, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_150.wav"}, {"text": "Yes, that is the bottom line. But I'll also repeat what I said in the script. There's obviously something going on with distraction,", "audio_length_s": 7.02, "path": "aeb50c6146f90bd32d147c5d4775c21d_134.wav"}, {"text": "of securing additional acquisition, development and construction loans without increasing our overall leverage.", "audio_length_s": 7.02, "path": "ade68f8add7249890d086ecf4b5b8cab_142.wav"}, {"text": "Our team across our entire footprint continues to look for and challenge, but from a pricing", "audio_length_s": 7.02, "path": "b092d2be33ad52beefab208355b18235_104.wav"}, {"text": "To give you some perspective, our previous channel addressed about 13% of the industrial and commercial lighting market.", "audio_length_s": 7.02, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_106.wav"}, {"text": "We continue to pursue our strategy to diversify and grow the business through a disciplined acquisition program.", "audio_length_s": 7.02, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_102.wav"}, {"text": "factor in all the talk about what's going to happen from a tax perspective at this point in time. Obviously, you know that. But", "audio_length_s": 7.02, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_143.wav"}, {"text": "And so we did see a number of customers in Europe trade out their Sis for X product", "audio_length_s": 7.02, "path": "58ff8a727ec4f3859407b64f08246759_236.wav"}, {"text": "These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.", "audio_length_s": 7.02, "path": "16e51362df94379ea33a24334015f385_1.wav"}, {"text": "into cash. I think the area we probably will need to see some investment is probably in the platforms to", "audio_length_s": 7.02, "path": "be8b554309f7632bc9ebbd967764001e_242.wav"}, {"text": "The Community Solar facility at the Montana plant is the first large-scale solar facility to be owned and operated by the company.", "audio_length_s": 7.02, "path": "3b0718945e9c427873c1f34fa49b15aa_78.wav"}, {"text": "We have an obligation to serve. And therefore, it's imperative that we work together with our communities as they continue to expand.", "audio_length_s": 7.02, "path": "3b0718945e9c427873c1f34fa49b15aa_10.wav"}, {"text": "I make the extension here under current accounting because next year, we will have", "audio_length_s": 7.02, "path": "b305bff75f28d238f0bd7da5bd4f13b8_244.wav"}, {"text": "Thank you, JT, and thank all of you for joining the call this morning. It is great to be back on the ITG team.", "audio_length_s": 7.02, "path": "6d97c63e754383663561baada77c7354_54.wav"}, {"text": "but more importantly, the ability to better position that business with an asset that they own.", "audio_length_s": 7.02, "path": "02deeb29574f1571812a11f66bb8fda1_249.wav"}, {"text": "from every system and bring all of that data to wherever your customers are on every device. And so", "audio_length_s": 7.02, "path": "16ed973148ce103dc95fdcfaf35bbe7b_52.wav"}, {"text": "I also would like to extend a warm welcome to those of you who are following today's conference online.", "audio_length_s": 7.02, "path": "664ce6f8ad7864e2844f637e7a1b48d7_0.wav"}, {"text": "and are subject to a number of uncertainties, risks and other factors which may cause the actual results, performance or achievements", "audio_length_s": 7.02, "path": "0794a2f02bbe89feb49651735bba77c5_82.wav"}, {"text": "how that's unfolding? What the timing has been? And if you're seeing any response that you can discern?", "audio_length_s": 7.02, "path": "0794a2f02bbe89feb49651735bba77c5_141.wav"}, {"text": "To support this, in the last 3 years, we've put new leaders in over half of our top management positions.", "audio_length_s": 7.02, "path": "c3567809c19ce6a800677544cd84f88b_61.wav"}, {"text": "The majority of these patients are dissatisfied with currently available treatment options, primarily OTC laxatives, and", "audio_length_s": 7.02, "path": "265e62fc569e790d8b3e58698aaab701_119.wav"}, {"text": "is set to become a significant contributor to the business. So these things are now becoming", "audio_length_s": 7.02, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_14.wav"}, {"text": "over the last 5 consecutive December quarters. So it's not surprising that this quarter saw modest growth.", "audio_length_s": 7.02, "path": "10728656364812338b7417b035dae4c4_4.wav"}, {"text": "via expansion into other industries that also utilize the same class of employees.", "audio_length_s": 7.02, "path": "7cf9ea093ccaf8fe8af51c4e00832372_43.wav"}, {"text": "We will drive for a consistent manufacturing look and feel to quickly assimilate good ideas across the network.", "audio_length_s": 7.02, "path": "ab4dae37361262d727d1d2f8f78765d5_237.wav"}, {"text": "Needless to say, promoting the deployment of fuel-efficient aircraft will help control fuel cost increases.", "audio_length_s": 7.02, "path": "b0b83ac66a31c5096a75bb1927c557e2_48.wav"}, {"text": "While confidentiality agreements bar us from disclosing details of these transactions prior to closing,", "audio_length_s": 7.02, "path": "b1da16cba24af8e472573c4c9caf17c7_119.wav"}, {"text": "and we expect to continue to extract additional benefit from these investments as we further enhance our production processes.", "audio_length_s": 7.02, "path": "08f219f6cb65bd0ed50cb8444a3884f8_112.wav"}, {"text": "and possible opportunities with potential partners and collaborators, and guidance regarding cash usage.", "audio_length_s": 7.02, "path": "e78997e6a75a2243292b2b54750bb3cb_127.wav"}, {"text": "We remain, as always, focused on delivering transformative RNAi-based therapies to key patient populations", "audio_length_s": 7.02, "path": "e78997e6a75a2243292b2b54750bb3cb_145.wav"}, {"text": "In our Synodex business, we're focused on turning patient medical information into useful digital data.", "audio_length_s": 7.02, "path": "2c3945f11b4d91727b1ce00d490e11b6_70.wav"}, {"text": "And we started doing it, because we thought we could learn more by understanding how our consumer is", "audio_length_s": 7.02, "path": "968913c3f9111fc67f1d9956c56dec3b_98.wav"}, {"text": "which became effective October 3. At this stage, it's too early to evaluate the rule's ultimate impact.", "audio_length_s": 7.02, "path": "63d825666ef6527fd7e4f26e728a4e61_32.wav"}, {"text": "so -- I don't know if that answers your question, but we continue to feel good about the underlying consumption performance of the portfolio.", "audio_length_s": 7.02, "path": "915bdcf0edfec49b928ca4010cbb40ca_97.wav"}, {"text": "You obviously grown strongly in that market. How you think that market is developing? If there is any risk", "audio_length_s": 7.02, "path": "5e95976c2c94d24ba7df09eb05e3a3b0_42.wav"}, {"text": "A great combination and we would suggest compelling investment proposition by any measure.", "audio_length_s": 7.02, "path": "626da68f2b245869534a0316b8b6139a_89.wav"}, {"text": "to maximize their netbacks. In other words, our projects provide real value to producers.", "audio_length_s": 7.02, "path": "626da68f2b245869534a0316b8b6139a_87.wav"}, {"text": "how much of the general purpose 3D scanning market is going to be available to us. And it's really too early for us to", "audio_length_s": 7.02, "path": "785be95695b063f97a17e4dea4a0529a_82.wav"}, {"text": "customer cancellations and production bottlenecks leading to lower margins than expected.", "audio_length_s": 7.02, "path": "9e8690a521142359001a137074905535_272.wav"}, {"text": "value packaging or perhaps slowing the pace of new products or the pursuits of these white space opportunities you mentioned?", "audio_length_s": 7.02, "path": "9b697782ea80be97854f35d6fc62c93a_126.wav"}, {"text": "During that Investor Day, we laid out some themes that are important to us. We talked about how we are", "audio_length_s": 7.02, "path": "1949bd0c9c4c23d495d880c4c552bfe1_4.wav"}, {"text": "The Martha brand has incredible reach and engagement online and across its media platform.", "audio_length_s": 7.02, "path": "741526dd2a3db996d2f22f4bcdae4be6_16.wav"}, {"text": "as well as broader industry sales pressures, including the continued impact of the Department of Labor Fiduciary Rules.", "audio_length_s": 7.02, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_17.wav"}, {"text": "Walmart spent 5 months testing our batteries at room temperature and also in cold warehouses.", "audio_length_s": 7.02, "path": "e97d1655ebabb8403ac0449eadb48f9b_57.wav"}, {"text": "We define free cash flow as cash from operations less capital expenditures and excluding special items.", "audio_length_s": 7.02, "path": "1e756fc5d265eea3ff8e2e31c29826ae_154.wav"}, {"text": "Since the beginning of the second quarter and shortly after we expanded operations in the Americas region,", "audio_length_s": 7.02, "path": "d1ea27c78d9b77d1db1349ca8b4789d1_116.wav"}, {"text": "from the time we take an order until the time we build it by doing that. And that's a major benefit to us. It", "audio_length_s": 7.02, "path": "8eaca8d8a419f74540f69ade8defabbd_263.wav"}, {"text": "at the Chinese ports tick up a bit, and that certainly happened. But in terms of the China demand,", "audio_length_s": 7.02, "path": "735a523f1ef6500b7aa97a2536d9c4fd_171.wav"}, {"text": "Beginning with the period post spin from the company's former parent and in conjunction with the execution of new agreements,", "audio_length_s": 7.02, "path": "059024560d9d1039cf08746ee7393114_142.wav"}, {"text": "I mean, we are seeing increases in certain things related to corporate expenses as we continue to absorb the lease costs here,", "audio_length_s": 7.02, "path": "059024560d9d1039cf08746ee7393114_32.wav"}, {"text": "some of the movement here actually was never anticipated when we put this together and I think it speaks to", "audio_length_s": 7.02, "path": "450a5dc6eb19b82da8dfc68127f6e79d_155.wav"}, {"text": "So the denominator in fourth quarter growth percent is a little stronger than it had been in the other quarters. That's all.", "audio_length_s": 7.02, "path": "450a5dc6eb19b82da8dfc68127f6e79d_90.wav"}, {"text": "detailed engineering, with a plan to be at 90% level of detailed engineering or better before the end of the year", "audio_length_s": 7.02, "path": "369789f0d39dbf62298be2aa807ff8ee_119.wav"}, {"text": "A. I've more to speak about on the coming quarters, but at first glance, if you look at the REIT side of our business as the growth area,", "audio_length_s": 7.02, "path": "9ba83ac067a98f8b12cc480ff0691e91_15.wav"}, {"text": "with record revenue and net new actives, and we are well positioned to continue that growth.", "audio_length_s": 7.02, "path": "49e533a8449f6b9b6c806458e73338e1_140.wav"}, {"text": "There's an indie games opportunity that we see that Game Trust is just a part of it.", "audio_length_s": 7.02, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_170.wav"}, {"text": "This is all growth and opportunities that won't be lost to shareholders under the MTY combination.", "audio_length_s": 7.02, "path": "416ebb7a4160f7cd2f98361cbd1cb769_169.wav"}, {"text": "Is there any increased sense of urgency to pursue any of these kind of paths?", "audio_length_s": 7.02, "path": "ab3354b86be920cde18291112bf8a70a_76.wav"}, {"text": "we are raising our Q4 outlook versus what was implied in the annual expectations provided on our last earnings call.", "audio_length_s": 7.02, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_87.wav"}, {"text": "where the timing of order approvals, particularly by government entities, can be difficult to predict.", "audio_length_s": 7.02, "path": "757695924b5e43c7d44e29dc141cc035_179.wav"}, {"text": "That said, it has very restricted expression in healthy tissues making it a promising target for antibody-mediated therapy.", "audio_length_s": 7.02, "path": "f542ab325f47ed150e28888da2f85871_118.wav"}, {"text": "which have been shown to correlate with greater magnitude of treatment effect from checkpoint inhibitors in other clinical studies.", "audio_length_s": 7.02, "path": "f542ab325f47ed150e28888da2f85871_79.wav"}, {"text": "potentially as soon as the end of the year. In addition, given the scope of the combination approaches we want to explore,", "audio_length_s": 7.02, "path": "f542ab325f47ed150e28888da2f85871_121.wav"}, {"text": "because now that physician has seen the entire process all the way through. And as Tim mentioned in his prepared comments,", "audio_length_s": 7.02, "path": "e42f90eacf0e766ff39973c6aca06c93_61.wav"}, {"text": "in those markets. And they're using price in many cases to try to get early access into the marketplace", "audio_length_s": 7.02, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_115.wav"}, {"text": "and the need to make existing reactors significantly more competitive with other sources of energy.", "audio_length_s": 7.02, "path": "77d2dd6d5e46cc8a8e80809305b60208_138.wav"}, {"text": "And then we had to kind of start to rebuild the assortment and rebuild operations in the field.", "audio_length_s": 7.02, "path": "7498a6630302a038bd537d192c3a44f4_181.wav"}, {"text": "I don't think it changes much in the things that we do day in, day out, but I do think", "audio_length_s": 7.02, "path": "8635f950dc44da3fcad542b2c066bedf_26.wav"}, {"text": "We believe that there are potential commercial as well as capital market benefits from size.", "audio_length_s": 7.02, "path": "e7d23208b973f7998b2fb21a00d87849_4.wav"}, {"text": "serving the immediate needs of their customers while, at the same time, minimizing the risk associated with any change to these systems.", "audio_length_s": 7.02, "path": "af00f4e7b63ee843a3d203f982fac701_28.wav"}, {"text": "It's not just the management of formulary, it is also the management of individual patient choice as we see these new products come out.", "audio_length_s": 7.02, "path": "0cfaeed8cd93dc274845d450e921aeb6_228.wav"}, {"text": "Looking forward, based upon our existing production and delivery schedules, we expect to generate modest", "audio_length_s": 7.02, "path": "e522eff219f3eaa2c9b090dc12cad420_92.wav"}, {"text": "But we've also changed our strategy so much in the past few years and this is where we see ourselves going forward,", "audio_length_s": 7.02, "path": "a0d537badd260e2071136602e3b73b26_129.wav"}, {"text": "We do think that the new rules of ECB may represent an opportunity for Compass because", "audio_length_s": 7.02, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_65.wav"}, {"text": "We encourage you to review the company's annual and quarterly public filings on SEDAR or on the company's website.", "audio_length_s": 7.02, "path": "00dcacc7fe3cab64b14aff04a9cd0284_1.wav"}, {"text": "marking our best quarter ever for products revenue and our fifth consecutive quarter of record product revenue.", "audio_length_s": 7.02, "path": "cd331fa6dd24e811af3c0529212bfbb8_93.wav"}, {"text": "to be able to bring our platform and frameworks to the next level. So on an average, one can -- it's reasonable to assume", "audio_length_s": 7.02, "path": "75b064acca5b532722510ac0b9b0822e_160.wav"}, {"text": "in our launch plans, and we remain confident in our ability to grow Nature's Recipe in this space.", "audio_length_s": 7.02, "path": "34b4c03bbd8e9d5fceb8c8af89388197_82.wav"}, {"text": "Okay. And going back to the strengths that you guys are seeing in Brazil and Latin America,", "audio_length_s": 7.02, "path": "812d8f09b72b4d410d138d3b24caebbc_195.wav"}, {"text": "Our guidance numbers imply flat to slightly down ag sales for our products on a global basis", "audio_length_s": 7.02, "path": "b6688f44b91606fbd75a6d66e94d4e4b_30.wav"}, {"text": "This decrease was primarily driven by lower sales in the process systems business unit within Diversified Products.", "audio_length_s": 7.02, "path": "64364105b816dd0b6a029e9cd210e65b_41.wav"}, {"text": "Our progress towards operational excellence throughout the year was highlighted by the transformation of our Canadian business.", "audio_length_s": 7.02, "path": "383cf39e54475c8a25af2af7b35c6f2e_35.wav"}, {"text": "This was an opportunistic addition based on attractive contracting terms. We expect to average about 12 rigs", "audio_length_s": 7.02, "path": "95303f68781d6fb58e19ec1dc7785a7c_124.wav"}, {"text": "We launched comfort bowls. And we're also optimizing our trade promotion. So overall, what we are seeing is that the brand is healthier", "audio_length_s": 7.02, "path": "b0d88c0f1efca89ecb928172341dc75d_59.wav"}, {"text": "customers and I'd say some of the areas around deregulation will be helpful as well", "audio_length_s": 7.02, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_138.wav"}, {"text": "Yes, I'd say it's principally that there are some technologies they just turned off because of their cash", "audio_length_s": 7.02, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_36.wav"}, {"text": "but we're still in the early innings of enterprise transformation and a lot of opportunity remains.", "audio_length_s": 7.02, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_3.wav"}, {"text": "how should we think about the fees you're paying or the percentages for sales and commissions", "audio_length_s": 7.02, "path": "b08d602a938cc263402d9d2db56f2490_28.wav"}, {"text": "Please note that today's call is being recorded and is also being broadcast live over the Internet on the Sabre corporate website.", "audio_length_s": 7.02, "path": "b08d602a938cc263402d9d2db56f2490_53.wav"}, {"text": "obviously, we've been putting on those forward contracts into a falling oil price market. So that will be", "audio_length_s": 7.02, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_78.wav"}, {"text": "We are continuing to work on improving reliability, improving all of our performance levels", "audio_length_s": 7.02, "path": "5b331cf4e6f62ec9a9c30a4728e36054_140.wav"}, {"text": "As Chris mentioned, in August, the New Jersey Board of Public Utilities approved the settlement authorizing Atlantic City Electric", "audio_length_s": 7.02, "path": "5b331cf4e6f62ec9a9c30a4728e36054_108.wav"}, {"text": "And on top of that, I would like to remind you that this presentation contains forward-looking statements,", "audio_length_s": 7.02, "path": "9826162bc1bb67bf8d65e4cf50e656e9_113.wav"}, {"text": "And so we do feel like we were able to incorporate feedback and gain support from both regions as we design the program. So", "audio_length_s": 7.02, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_14.wav"}, {"text": "We undertook further work to enable customer accounts to capture customer usage data as part of our personalization work.", "audio_length_s": 7.02, "path": "21abf3409d34eea6f33336ad93662cfd_141.wav"}, {"text": "When we've had those kind of things, you do get more first quarter business on your open footwear than you would normally get.", "audio_length_s": 7.02, "path": "6cbf592846662213258684c3049e4592_144.wav"}, {"text": "The potential here extends beyond just Devon and also to the many other operators with assets in the region.", "audio_length_s": 7.02, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_130.wav"}, {"text": "I would say that each is a little different when you think about those MVCs on how to project those forward.", "audio_length_s": 7.02, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_212.wav"}, {"text": "to quarter. And that's why we guide around 20, and we can see some quarterly volatility due to some of those other factors that you mentioned.", "audio_length_s": 7.02, "path": "933faa5ac159ab158506e2bc0f714977_44.wav"}, {"text": "The comments around where gas prices are going if they go up, absent discipline by the industry", "audio_length_s": 7.02, "path": "c71a6ab1a0697010811c89200ab21613_70.wav"}, {"text": "This fragile economic environment increases the potential of the tightening-easing cycle by the Fed similar", "audio_length_s": 7.02, "path": "81c03e2c15e8fe8213fbd40368b49581_8.wav"}, {"text": "here in the fourth quarter to ground the Classics. And in order to", "audio_length_s": 7.02, "path": "910a1a60a0549a5973f42bb19b66a0ae_232.wav"}, {"text": "like wellness and fitness services, food and beverage and other entertainment options.", "audio_length_s": 7.02, "path": "45c2e7788c29cc5f1c183ec742511c6f_24.wav"}, {"text": "This success we are experiencing in our public carrier market is evidence that we are beginning to win more business.", "audio_length_s": 7.02, "path": "a756bd9ba43faae4d9d0f059925e39e9_3.wav"}, {"text": "with additional talent, new facilities to service the wide diversity of our clients.", "audio_length_s": 7.02, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_152.wav"}, {"text": "it's an efficient business. So it's one that has nice operating margins that's highly consistent with the rest of the business,", "audio_length_s": 7.02, "path": "32283c24ad18239efb166db8422560b2_65.wav"}, {"text": "We continue to focus on delivering top-tier performance and expect continued growth in Speedway earnings as we drive", "audio_length_s": 7.02, "path": "1096d26129c469524041c969a684f8ae_63.wav"}, {"text": "Attractive global feedstock availability and margins are driving resurgence in the Middle East and Europe.", "audio_length_s": 7.02, "path": "3ae068efa03cd088f4d3edea682f199f_18.wav"}, {"text": "we are confident our recent service initiatives will help drive continued improvements across our entire portfolio.", "audio_length_s": 7.02, "path": "365c360aff42713cef71a7d026eeeb6d_6.wav"}, {"text": "That can be taken into various categories that can remain very profitable.", "audio_length_s": 7.02, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_94.wav"}, {"text": "competitors who, I would say, are more focused on growing rental and more focused on rental as really being the core", "audio_length_s": 7.02, "path": "eb93e70cdf7a839a69546250fb3646fb_112.wav"}, {"text": "We are executing our strategic initiatives in line with our plans and delivering against our financial and operating targets.", "audio_length_s": 7.02, "path": "19bfb8daeb6e43d59415df478017d5c3_10.wav"}, {"text": "which Chris can allude to. If we can actually get that to work, absolutely right, you can convert Mponeng into a Sunrise", "audio_length_s": 7.02, "path": "9b84dc4409f4ecccd173c2f81a4460cc_73.wav"}, {"text": "Now in prior calls, we have defined what an unattractive price would be from a range,", "audio_length_s": 7.02, "path": "a98061f951c1b2c7a915e296098bc4de_133.wav"}, {"text": "having the right people onboard, who want to go a new way and want to succeed. And that takes time. And we are", "audio_length_s": 7.02, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_160.wav"}, {"text": "So overall from an equity standpoint, there'll be considerable difference in our equity base compared to the prior year.", "audio_length_s": 7.02, "path": "bece1ee458b65656b484de51021c5219_54.wav"}, {"text": "We really are just emphasizing looking for specialty deals that add technology or", "audio_length_s": 7.02, "path": "744f5859c7d9a0567b387ae84326d940_106.wav"}, {"text": "We've managed our debt structure efficiency -- efficiently and made incremental investments to drive performance.", "audio_length_s": 7.02, "path": "77f146e76d89a5be785a39ab23dfa763_6.wav"}, {"text": "and ocean freight arrivals were delayed into the Port of Houston for products enroute to our Oklahoma distribution facility.", "audio_length_s": 7.02, "path": "47546a57a865bca0f4e677dc3b485053_147.wav"}, {"text": "in difficult times, it's hard to adjust the level that we would like given that revenues could", "audio_length_s": 7.0199375, "path": "09eebad8f3c529b4c7d916c5f7766f7f_283.wav"}, {"text": "But what I will emphasize is that part of the synergy for cloud computing", "audio_length_s": 6.99, "path": "118b6e5a6077bedf5081ed70425b6866_22.wav"}, {"text": "And as mentioned already, we continue to see increases in the raw material prices,", "audio_length_s": 6.99, "path": "1ea5a01d14ee672e3e9cdbff8e56da74_3.wav"}, {"text": "blast cell count type increases and everything in the Phase 2 has already been reported", "audio_length_s": 6.99, "path": "070a939ddb72d87ed87e4b863da14a89_113.wav"}, {"text": "The cash flow will allow us to invest and pay dividends even though the markets are difficult.", "audio_length_s": 6.99, "path": "9d8c8f4a41008455665fd243ed99b642_183.wav"}, {"text": "in the Oil Liquids business in all regions and in the LNG business.", "audio_length_s": 6.99, "path": "569834a5cb8a33dfeac20dfa8e03afb3_144.wav"}, {"text": "But even more importantly, knowing what drives your score can help you make smarter financial decisions and not only improve your score but also your financial health.", "audio_length_s": 6.99, "path": "f3ea353a6c918bc1fd311a9cad6b9777_7.wav"}, {"text": "During your second question regarding other items, as a matter of fact,", "audio_length_s": 6.99, "path": "0db71632fa65f1d166f14cb8593c4690_57.wav"}, {"text": "mobile business as far as either a percentage or a revenue amount", "audio_length_s": 6.99, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_210.wav"}, {"text": "We are enhancing our enablement programs and growing technical sales teams to elevate our positioning among prospective customers.", "audio_length_s": 6.99, "path": "47d77b15189fadcc76113a2f7800ba28_126.wav"}, {"text": "As I mentioned a little bit earlier, we do expect to come off a little bit in the fourth quarter in that segment", "audio_length_s": 6.99, "path": "22ad97a95501a08f15c06605cd277fec_85.wav"}, {"text": "as we invested in growth through both competitive pricing and capabilities in digital and commercial teams.", "audio_length_s": 6.99, "path": "9014ac9cbc2cff30468f1bcb659c0f66_222.wav"}, {"text": "But it is quite regrettable that this measure is solely focusing or targeting against the telecom companies.", "audio_length_s": 6.99, "path": "19eed824fc629ea7d3f8ea7572c7abb7_31.wav"}, {"text": "and progress within our corporate alliance partnerships has led to an increase in student enrollments in these areas.", "audio_length_s": 6.99, "path": "10ad172801ac8cd3a21e4355d7349eb5_127.wav"}, {"text": "entry criteria, which opens up another sizable portion of the population of HAE patients.", "audio_length_s": 6.99, "path": "2602edddc3363eadcaafe1c33271f3e4_102.wav"}, {"text": "impact of slowing global growth and increasing leverage has also affected monetary policy.", "audio_length_s": 6.99, "path": "223f05c0b9b116532e9af84afa76cac7_95.wav"}, {"text": "related investments would decline somewhat and the tax rate would go up a little bit. Is that", "audio_length_s": 6.99, "path": "13220986bf30f26076a674e2a9edc89c_111.wav"}, {"text": "We continue to be encouraged by the progress we're making to execute against this clear and focused strategy.", "audio_length_s": 6.99, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_72.wav"}, {"text": "already looks pretty fast? Or is there an element of pricing consideration in there as well when you think about prevention versus treatment? All", "audio_length_s": 6.99, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_82.wav"}, {"text": "Taking all of this into account, what would you say the pro forma EBITDA is of the network now?", "audio_length_s": 6.99, "path": "570faeed3dcfa26c6246dc42309025ad_185.wav"}, {"text": "So I don't think we look at any one of those as significantly large but they typically screen pretty high", "audio_length_s": 6.99, "path": "84d2b192c2dd9cdcf24bacf3788a5322_32.wav"}, {"text": "At the same time, we believe ongoing cash flow generation from Solutions and Specialty Property", "audio_length_s": 6.99, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_55.wav"}, {"text": "Now I'll move over to a summary of the consolidated performance for the quarter. On a comparable basis,", "audio_length_s": 6.99, "path": "040371278859c056915af441d4a1fa8e_1.wav"}, {"text": "this deal we did with MetLife, and there's a significant pipeline behind that. These are really important", "audio_length_s": 6.99, "path": "82218f543c9a546c4baa5323f250b39f_56.wav"}, {"text": "the commodity environment was becoming more favorable. So we did end up on the lower end of the range that we discussed at the last call.", "audio_length_s": 6.99, "path": "75fa1bebed0b858c76cc7058477e40e2_196.wav"}, {"text": "Additional information will be available when we file our Form 10-Q with the Securities and Exchange Commission.", "audio_length_s": 6.99, "path": "01502edf6cda82061f1f45d6b0e8e189_10.wav"}, {"text": "between all of our sites and can see the flow of materials. As you know, we've got a highly integrated structure where", "audio_length_s": 6.99, "path": "bad55d25c1222682bd893d97dc5cbb27_64.wav"}, {"text": "We are working closely with Aquilo Partners to identify and evaluate potential product development candidates.", "audio_length_s": 6.99, "path": "18b396ddd443d84d12477c42e31cdf0e_2.wav"}, {"text": "So thank you very much indeed for listening to our presentation, and we look forward to taking your questions.", "audio_length_s": 6.99, "path": "2e3470778d787bc7db14a62eeaefd902_69.wav"}, {"text": "As you might expect, lower vendor incentives had a significant impact on our fourth quarter results.", "audio_length_s": 6.99, "path": "a827180c08c11f2e53c6966fceaabf5b_56.wav"}, {"text": "Right. And does that represent a certain share of what you see out there? Or is that just a", "audio_length_s": 6.99, "path": "1b1699497be56330b3ed833f22bc63f6_79.wav"}, {"text": "and I think that's the justification that our model at the moment is very robust. A lot of people said where are the high comps and this and that.", "audio_length_s": 6.99, "path": "8475d4f528174aebabcb109487bee3f3_93.wav"}, {"text": "for a number of reasons that we fully explained in our press release and in our Form 10-Q to be filed later today.", "audio_length_s": 6.99, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_111.wav"}, {"text": "any substantial costs in connection with the 3 organization. This is more", "audio_length_s": 6.99, "path": "d5c338a956681dbb2170472253a29b85_153.wav"}, {"text": "Market dynamics and our introduction of new Delta premium connections set this business up for a stronger second half of 2018 and", "audio_length_s": 6.99, "path": "8957425799e5ce0200bfacf204d0acde_21.wav"}, {"text": "but not trying to do all the same -- not trying to feed everyone from the same spoon, from the same facility, if you will.", "audio_length_s": 6.99, "path": "1133b8984db446b9c963a09eaf0785a4_172.wav"}, {"text": "Instead, as we move through this transition, we believe the best metrics to gauge the progress of our business", "audio_length_s": 6.99, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_179.wav"}, {"text": "and we are pleased with the rapid pace of execution against our strategic plan. As always,", "audio_length_s": 6.99, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_200.wav"}, {"text": "From a retail perspective, redemptions have been improving since the fourth quarter of last year on the back of improving performance.", "audio_length_s": 6.99, "path": "bc7dbd6e321b4df22db9270b69b89c11_19.wav"}, {"text": "and track records of consistent outperformance will be among the relatively small number of big winners.", "audio_length_s": 6.99, "path": "8b6b51842af008f5f437f53cc2e71835_103.wav"}, {"text": "of the good guy and, so to say, the addition of the costs. But it's actually quite a significant shift", "audio_length_s": 6.99, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_191.wav"}, {"text": "And we're not aware of what they do internally in every case, but we would expect them on the reinsurance", "audio_length_s": 6.99, "path": "9da45cfd4472699ef05d887adce01223_24.wav"}, {"text": "such as the complete overhaul of supply chain management systems", "audio_length_s": 6.99, "path": "76646f078ba47fcdb7edfaa25362f41b_33.wav"}, {"text": "and our state political process engagement were 2 incremental", "audio_length_s": 6.99, "path": "655d592e9d1b1027f1824b1554d8b131_144.wav"}, {"text": "Now let's take a look at our operating company's performance where I'll discuss adjusted results, where applicable.", "audio_length_s": 6.99, "path": "655d592e9d1b1027f1824b1554d8b131_18.wav"}, {"text": "power kind of power modules where we work with external partners.", "audio_length_s": 6.99, "path": "863512efd537ffd31c094dd9bfd5ebd3_159.wav"}, {"text": "We had strong financial results. We will give you specifics later in the call.", "audio_length_s": 6.99, "path": "2905366dcf0eb60a22b63a1b3d9adf95_84.wav"}, {"text": "Though with the exception of a minority of headline project, the majority of these initiatives are generally smaller in", "audio_length_s": 6.99, "path": "6e3037e770ba5e0dfc98e3223986aad2_26.wav"}, {"text": "the general outlook is very positive from an economic standpoint and from a commercial real estate", "audio_length_s": 6.99, "path": "9ab2e6eb9debfae2de541ba645bfd265_76.wav"}, {"text": "some capacity to look for opportunities in the market if they arise and obviously at the right value.", "audio_length_s": 6.99, "path": "9c1272d9d120c5bfafd6e6b566f89b62_84.wav"}, {"text": "We are steadily pursuing this core strategy for our existing product domains.", "audio_length_s": 6.99, "path": "f4d0f1362716be33f02690dd1a8df663_48.wav"}, {"text": "It will have the pixel density that's needed. It's designed for the optics that this company is", "audio_length_s": 6.99, "path": "1ddc944827b99caf8c7867ceeed0ec20_149.wav"}, {"text": "the things that are necessary, which include hiring back salespeople, building out the appropriate product structure", "audio_length_s": 6.99, "path": "0899e07f70a6e5be842fb6e22a3fafe9_56.wav"}, {"text": "Asset servicing results were helped by the strong markets and new business, particularly in collateral management.", "audio_length_s": 6.99, "path": "0899e07f70a6e5be842fb6e22a3fafe9_138.wav"}, {"text": "as our loans and securities reprice. Additionally, we expect to continue to harvest cost savings from our recent merger integrations.", "audio_length_s": 6.99, "path": "b092d2be33ad52beefab208355b18235_96.wav"}, {"text": "As far as additional clinical work, we actually don't have to perform additional clinical trials. So that's", "audio_length_s": 6.99, "path": "79afc92245f71d37a9adafb6f8d50e4f_65.wav"}, {"text": "we have plenty of liquidity to repay this maturity without needing to access the term debt market.", "audio_length_s": 6.99, "path": "8aa1aa8317783203344434f855535c25_64.wav"}, {"text": "and they all rank high in that strategy, you start to capture them through one of your webs.", "audio_length_s": 6.99, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_264.wav"}, {"text": "we've had nice pipeline contribution and then closings from those pipelines in every other market", "audio_length_s": 6.99, "path": "1c89bbe35013b8f40511ac9ba8824242_72.wav"}, {"text": "right away in the pulp agglomeration. It has about an 8-hour retention time, and we get those kind of extraction rates.", "audio_length_s": 6.99, "path": "e5040d02fba73a359d3f7cb346517ce1_178.wav"}, {"text": "While we have more work to do, we are very pleased with the progress we made on each of these fronts in the first quarter.", "audio_length_s": 6.99, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_56.wav"}, {"text": "Fourth, we believe we have further margin improvements available through our automation process", "audio_length_s": 6.99, "path": "6a372ea97b0b130a4d37f16b54d97909_129.wav"}, {"text": "requested by existing clients as compared to services related to new Q4 client wins.", "audio_length_s": 6.99, "path": "6a372ea97b0b130a4d37f16b54d97909_150.wav"}, {"text": "and agility across the company in the same way we've accomplished it in our product and inventory initiatives.", "audio_length_s": 6.99, "path": "e2c02e1788cb10703d7611ef157f8135_15.wav"}, {"text": "it's good to see growth in usage of the fleet, and you see a significant growth", "audio_length_s": 6.99, "path": "7bc22aba9bc29d69ee10cc60db7903d8_94.wav"}, {"text": "I think after 5 years of leadership for the cochlear implant business being -- sitting here in Switzerland,", "audio_length_s": 6.99, "path": "b305bff75f28d238f0bd7da5bd4f13b8_193.wav"}, {"text": "relatively old stock loans where, as I said, we have undertaken all necessary steps to recover.", "audio_length_s": 6.99, "path": "e9fb03f263f117a9fe607d74602fa9b0_14.wav"}, {"text": "We believe the results will be better economies of scale, greater consistency across brands", "audio_length_s": 6.99, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_94.wav"}, {"text": "to really take advantage of our very powerful retail model going forward.", "audio_length_s": 6.99, "path": "e6c0fa1068c28557c3e17e0d02b831b1_149.wav"}, {"text": "This is a delicate issue. I can say yes, we will or no, we won't", "audio_length_s": 6.99, "path": "58d5f604300a30c0c5bd9aa57d207478_28.wav"}, {"text": "To date, no child in the study who has had a finding of anything other than absent", "audio_length_s": 6.99, "path": "1be44822d16f85bd501a5f19876895b1_18.wav"}, {"text": "So we are the only ones in the industry to have this, and we're probably years away from anybody else in the industry.", "audio_length_s": 6.99, "path": "ab4dae37361262d727d1d2f8f78765d5_169.wav"}, {"text": "And so with that in mind, I think how I would see it is", "audio_length_s": 6.99, "path": "ab4dae37361262d727d1d2f8f78765d5_58.wav"}, {"text": "So can you just kind of update us on where you stand with your Boeing and Airbus contracts and how you're approaching that going forward?", "audio_length_s": 6.99, "path": "08f219f6cb65bd0ed50cb8444a3884f8_210.wav"}, {"text": "in '15, and got margins back to kind of that mid-teens level, which is where we've historically guided the business. As a matter of fact,", "audio_length_s": 6.99, "path": "2a059b2b192b8e972ca7664ddfed8a20_101.wav"}, {"text": "we're lining our pockets with inexpensive stock because we know that there's going to be something really, really positive.", "audio_length_s": 6.99, "path": "f77935c4693e4d33252c9c76993e9c8b_74.wav"}, {"text": "and used the proceeds to make a capital contribution to Essent Re to support the ongoing growth of our Bermuda business.", "audio_length_s": 6.99, "path": "246876171ef2f408df10ee0816f9db83_115.wav"}, {"text": "Thank you. Thanks to all of our investors for joining today. Thank you once again for your past and future support of the company.", "audio_length_s": 6.99, "path": "63eaf9677d7577484a1557ae6bfbb585_110.wav"}, {"text": "We're pleased to report another record quarter results, driven by strength in both our business segments.", "audio_length_s": 6.99, "path": "0ec0a75c1800bac01520dcac5b8992fb_150.wav"}, {"text": "that the company may not be able to fully offset the result -- the effect on earnings, considering the short transition period.", "audio_length_s": 6.99, "path": "5ea42ed8ea9a65bd01aaabb678685483_64.wav"}, {"text": "of trying to capture those opportunities, it's just going to take time. So I think the bottom line answer is that", "audio_length_s": 6.99, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_89.wav"}, {"text": "life is good. And if life was a little bit better, they would capture more sales and be able to go leverage the cost that we have there.", "audio_length_s": 6.99, "path": "9e8690a521142359001a137074905535_150.wav"}, {"text": "So a bit too early to really see whether it's all according to plan or whether it is 1 or 2 weeks longer, as it sometime", "audio_length_s": 6.99, "path": "9aeced6a84c2436e62dd21d1441d0bb4_22.wav"}, {"text": "So please be advised to review our reconciliation and related disclosures in our release at the end of our slides.", "audio_length_s": 6.99, "path": "d4b51176b605646e70b37d07a7c19599_10.wav"}, {"text": "and strength relative to comparable basis weight TAD kitchen towel products while maintaining standards for feel.", "audio_length_s": 6.99, "path": "8b2f9d78b826db37ca84dae4d193d8a3_39.wav"}, {"text": "moving along very nicely in the background as well. And then rest of the world, not a large part of the business", "audio_length_s": 6.99, "path": "262bc21196721c5ff9114acbd2ff03c3_199.wav"}, {"text": "In July, we signed a contract with the successor to Parkside to complete the remaining concrete superstructure work", "audio_length_s": 6.99, "path": "e2225d612a954a24e7e91c08215d7b51_61.wav"}, {"text": "That really reflects the fact that we've got a very efficient financing structure in place.", "audio_length_s": 6.99, "path": "e00fd35e201a8607d264b803a5130c59_98.wav"}, {"text": "either the second quarter revenue or the first half revenue, however you prefer to characterize it. And then", "audio_length_s": 6.99, "path": "741526dd2a3db996d2f22f4bcdae4be6_44.wav"}, {"text": "The only thing I would add is based on the commodity groupings that make up the bulk of the material cost for the products that we produce,", "audio_length_s": 6.99, "path": "8eaca8d8a419f74540f69ade8defabbd_59.wav"}, {"text": "I think one of the really interesting things here is that a lot of the things that we've been working on in the residential standby market", "audio_length_s": 6.99, "path": "82f5253b62614161333b038f5f9700f8_202.wav"}, {"text": "having a bigger impact on certain national accounts where they have bigger footprint in those areas of the country", "audio_length_s": 6.99, "path": "82f5253b62614161333b038f5f9700f8_146.wav"}, {"text": "Over the last several weeks, however, we have seen log takeaway increase and return to more normalized levels.", "audio_length_s": 6.99, "path": "735a523f1ef6500b7aa97a2536d9c4fd_128.wav"}, {"text": "This investment is particularly important now when the number of biologic drugs in development is increasing.", "audio_length_s": 6.99, "path": "da879f8ea1c23aa6565cccaacac271fc_12.wav"}, {"text": "Their tenacity revealed the existence of these high-contaminant labs in almost every state.", "audio_length_s": 6.99, "path": "059024560d9d1039cf08746ee7393114_8.wav"}, {"text": "My comparisons to fourth quarter 2017 amounts have been adjusted to exclude the impact of the settlement.", "audio_length_s": 6.99, "path": "61a1812ea55a4d676119b4f3d7cd6c10_78.wav"}, {"text": "And what essentially will happen is, the income tax expense will only relate to the TRS side of the business", "audio_length_s": 6.99, "path": "9ba83ac067a98f8b12cc480ff0691e91_63.wav"}, {"text": "From the operations and trading perspective, the legacy get go and night systems were essentially unaware of each other.", "audio_length_s": 6.99, "path": "f15966ae82e18b472ad78dd961f8e5e8_61.wav"}, {"text": "On a strategic note, we have long looked for ways to effectively enter the rapidly growing market of Latin America,", "audio_length_s": 6.99, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_33.wav"}, {"text": "And then there are a lesser percentage of that, that do that on an ongoing annual basis.", "audio_length_s": 6.99, "path": "ab3354b86be920cde18291112bf8a70a_159.wav"}, {"text": "So with that, I was going to switch back to Dave to talk about our outlook for the balance of the year.", "audio_length_s": 6.99, "path": "8cfc2a9aace5078f22a83c782b9d41f7_21.wav"}, {"text": "This is at the bottom of the target range, set to minimize the cost of capital for the group.", "audio_length_s": 6.99, "path": "01f88a67f39af3a74d5f23b095615d39_149.wav"}, {"text": "What they chose to do was negotiate a settlement with the harshest findings that the FTC has ever had against a pyramid scheme,", "audio_length_s": 6.99, "path": "94f913b974baab79fb636f6521170dd7_265.wav"}, {"text": "The key elements of that include a limitation on compensation paid to distributors. So", "audio_length_s": 6.99, "path": "94f913b974baab79fb636f6521170dd7_30.wav"}, {"text": "That reporting unit is impacted by lower print volumes. And we would expect to see that to continue,", "audio_length_s": 6.99, "path": "3b2908426357bb8269c3a01469865cd6_35.wav"}, {"text": "This concludes my review of the financial and operational results. Next, I'll cover a few outlook items.", "audio_length_s": 6.99, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_192.wav"}, {"text": "And we could see margins move around during the course of the year as we look at different types of mix.", "audio_length_s": 6.99, "path": "50e17cbbbef8897681cc5f8ae110aae2_68.wav"}, {"text": "those opportunities, as we begin to commit to those opportunities, you can bet we will help you understand them.", "audio_length_s": 6.99, "path": "0fa398ef99a7a936fc1e509dacaaadde_246.wav"}, {"text": "I think there is also a lot of other productivity-type initiatives that", "audio_length_s": 6.99, "path": "01b376669d5ea40acc7fb5a87503586e_184.wav"}, {"text": "I'm just curious, how does the Greenhill's mandate differ from that of your prior advisor?", "audio_length_s": 6.99, "path": "e29584f9f829602cacebcce71c2a4fb9_90.wav"}, {"text": "These patients have a very high mortality rate, and can have significant morbidity as a result of renal damage.", "audio_length_s": 6.99, "path": "299bad77345d2e44fa5768f4416f7b97_191.wav"}, {"text": "our initial wells down there. And once we see what the GOR trends are across our position, we'll be able to", "audio_length_s": 6.99, "path": "838af8ffae77ce8ff59c77b1985f8fc5_80.wav"}, {"text": "We continue to be pleased with the strength of our balance sheet and our ability to generate the cash we need to expand our global footprint.", "audio_length_s": 6.99, "path": "ee00ebd8d782e8f124b3e142cbb74f37_74.wav"}, {"text": "Gross margin realized in the period and over the remaining term of the contract will be impacted by the changes", "audio_length_s": 6.99, "path": "ee00ebd8d782e8f124b3e142cbb74f37_23.wav"}, {"text": "flipping over a plan, correct? So we are generally not being asked to build smaller blades or generally always larger blades.", "audio_length_s": 6.99, "path": "ee00ebd8d782e8f124b3e142cbb74f37_153.wav"}, {"text": "To see such a strong growth in this area on top of the strong growth we saw last year, is particularly heartening", "audio_length_s": 6.99, "path": "078b27aa69b10aa01f2eab2aa681bdd8_37.wav"}, {"text": "And I think it's going to be somewhat hit and miss across that territory. I think the upside", "audio_length_s": 6.99, "path": "71ea3ed1436c2759a95f8d629963db2e_22.wav"}, {"text": "More importantly, the term structure of the market is allowing those who have space to earn above-average returns on that space.", "audio_length_s": 6.99, "path": "09b5b62d328d3d0719b6825357fdfb48_123.wav"}, {"text": "is we'll have the debt cleared to have it not be interrupted as we go into summer driving", "audio_length_s": 6.99, "path": "09b5b62d328d3d0719b6825357fdfb48_168.wav"}, {"text": "Finally, we are building our capabilities to manage populations with intellectual and developmental disabilities.", "audio_length_s": 6.99, "path": "a2ba164f019804628c07b36de47cd464_8.wav"}, {"text": "On Page 5, we have laid out some of my initial observations, priorities and outlook for the", "audio_length_s": 6.99, "path": "b6688f44b91606fbd75a6d66e94d4e4b_230.wav"}, {"text": "that it can't last, obviously, too much longer, but I think we need to be prepared for a couple of quarters", "audio_length_s": 6.99, "path": "383cf39e54475c8a25af2af7b35c6f2e_61.wav"}, {"text": "going to these markets through disciplined restocking. They've been the 2 markets that have benefited the most", "audio_length_s": 6.99, "path": "24a133abc343c813233d416b0cef96cd_180.wav"}, {"text": "We're trying very hard to get adoption rate quicker. We're doing all kinds of training, seminars.", "audio_length_s": 6.99, "path": "fb03ff65af8e5f80abd090abeaf767cf_79.wav"}, {"text": "I would conclude our standard presentation with this", "audio_length_s": 6.99, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_18.wav"}, {"text": "can you imagine to transport a container for the cost of a taxi ride? It's absolutely unrealistic.", "audio_length_s": 6.99, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_92.wav"}, {"text": "Government policy in the key importing countries is prioritizing gas over coal and nuclear fuels.", "audio_length_s": 6.99, "path": "ebd59e21db89edb92205e012427cd9db_178.wav"}, {"text": "But at this point in time, I think this is the right way to think about the numbers. And again, our approach has been to be", "audio_length_s": 6.99, "path": "72b117fb1330bda9f954a219bb5a675e_50.wav"}, {"text": "have you seen increased volumes related to their large acquisition? And if not, do you still expect to in a meaningful way?", "audio_length_s": 6.99, "path": "6aad408f4bb1930cf10f445115f6ed3d_199.wav"}, {"text": "or for this year, we do not anticipate any significant change", "audio_length_s": 6.99, "path": "ffe22f8bcf153b8b51f6e52039686c1e_97.wav"}, {"text": "underlying resource that is a tailwind for our business that you have not seen", "audio_length_s": 6.99, "path": "c2bad61ce58687fad602549f6048004b_72.wav"}, {"text": "to provide larger and more comprehensive capital solutions to our borrowers than TCPC could pursue on its own.", "audio_length_s": 6.99, "path": "02242ceddfeb4bcc65f04552b63fe80e_117.wav"}, {"text": "that catalog will have my competitors' products in it. It will allow me to sit on top or around", "audio_length_s": 6.99, "path": "9826162bc1bb67bf8d65e4cf50e656e9_75.wav"}, {"text": "On a combined basis, our sales and margin development contributed to a constant currency increase", "audio_length_s": 6.99, "path": "49dfadfb9a3d4d27ac250602928cf9ea_2.wav"}, {"text": "In any case, as we look at the large leasing companies, there's a lot of change, and we intend to pursue opportunities that will enhance shareholder's value.", "audio_length_s": 6.99, "path": "96488f25af54f91198b444e5eff8e878_12.wav"}, {"text": "Across both civilian and defense agencies, we see significant opportunity for a wide spectrum of our service offerings,", "audio_length_s": 6.99, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_24.wav"}, {"text": "Second, our network of producers and customers is second to none, in each of these basins and markets.", "audio_length_s": 6.99, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_4.wav"}, {"text": "We view this as a very positive development and believe that it validates the financial strength we continue to prioritize mainly.", "audio_length_s": 6.99, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_15.wav"}, {"text": "I don't think we've been through all of it in the agency space, which is kind of just a little more than half of sec lending.", "audio_length_s": 6.99, "path": "09eebad8f3c529b4c7d916c5f7766f7f_160.wav"}, {"text": "So all of these products are not products that are swapping in and out of our existing patient base.", "audio_length_s": 6.99, "path": "8f92dfb06900be4f209f31f24cb885fb_147.wav"}, {"text": "We are confident that we have the processes, controls and key employees in place to remain in compliance as we move forward.", "audio_length_s": 6.99, "path": "dbf6a9009ea60e2e96772ee3ccea7226_88.wav"}, {"text": "lots of opportunities we have put a few of the foundation pieces in place with IT, but", "audio_length_s": 6.99, "path": "10ad32c5e0559c879e032faaf3148ab4_104.wav"}, {"text": "And then, we'll replace our tractors when they're 5 years old and purchase tractors to support our growth in key markets where it makes sense.", "audio_length_s": 6.99, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_164.wav"}, {"text": "But in addition to that, we're going to have a fuel price decline next year. So it's set up very well.", "audio_length_s": 6.99, "path": "910a1a60a0549a5973f42bb19b66a0ae_38.wav"}, {"text": "to affect the model change in Brazil from a distributor to a licensee. Excluding this change,", "audio_length_s": 6.99, "path": "b478d2808e90233ed994884e644a3d34_9.wav"}, {"text": "We are also expanding local production capabilities throughout the region to reduce cost and to shorten lead times.", "audio_length_s": 6.99, "path": "24c7526f6daca8e16ab91bea6124148a_75.wav"}, {"text": "So, principally the facility is ready to go and it's really just about adding direct labor at this point.", "audio_length_s": 6.99, "path": "6fe1a71311b4937268b4c0332dc7c11f_33.wav"}, {"text": "we would ask you to refrain from asking questions regarding these issues or regarding the company's restated carve-out financials", "audio_length_s": 6.99, "path": "4e5c4493f72e781905efa4dd73460ff6_93.wav"}, {"text": "We are driving strong organic revenue growth, growing brands and audiences, improving sales execution,", "audio_length_s": 6.99, "path": "b49c3cda0bcd26bab06abdd492274a3e_9.wav"}, {"text": "So really, we agreed to sell our share to that joint venture. I think it's a good outcome for both parties because", "audio_length_s": 6.99, "path": "b154f7c33e567e453cb765f4ac03dd2f_223.wav"}, {"text": "Adjusted income from continuing operations exclude several items from GAAP income from continuing operations.", "audio_length_s": 6.99, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_112.wav"}, {"text": "Forward-looking statements include statements that are not historical in nature and include information concerning our future results or plans.", "audio_length_s": 6.99, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_1.wav"}, {"text": "Part of that was incorporated within the restructuring charge activities, and some of it was just", "audio_length_s": 6.99, "path": "7bac04f03928ee8894ab00007116400b_108.wav"}, {"text": "part number mix that we're supplying and customer mix inside those major product lines. And I really didn't", "audio_length_s": 6.99, "path": "24a2aec67e247f9c4d4cc89d6dbab525_125.wav"}, {"text": "We've also recently focused a lot of time and energy on our installation and setting material product assortment.", "audio_length_s": 6.99, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_76.wav"}, {"text": "participated in the feasibility studies and was instrumental in the negotiations with the government.", "audio_length_s": 6.99, "path": "9b84dc4409f4ecccd173c2f81a4460cc_116.wav"}, {"text": "This is very important not only in the short run, but we are generally able to retain the customer for the long run.", "audio_length_s": 6.99, "path": "16c235a53fc719ec92ef3b3c3b371150_233.wav"}, {"text": "We have continued to extend our geographic reach and expand our program management and network planning services.", "audio_length_s": 6.99, "path": "523cf294ec146d5411972168b1c10f09_10.wav"}, {"text": "which continues to offset much of the impact on our profitability from the weak pricing environment.", "audio_length_s": 6.99, "path": "97ddc19ecb28bab2d19fd3b181182062_6.wav"}, {"text": "they're providing the best possible consumer value propositions and the best possible consumer experiences. So to the degree that", "audio_length_s": 6.99, "path": "1bc08759c84df9d3f656cf53f5bb6d35_219.wav"}, {"text": "The pace of the recovery in our industry accelerated in the fourth quarter and has remained strong through January.", "audio_length_s": 6.9899375, "path": "4e04d3229b988f1db5b842ac5b993894_17.wav"}, {"text": "Margins are product related. So you have to look at potential, improving", "audio_length_s": 6.96, "path": "d162113e3aface010baec17bd408736b_74.wav"}, {"text": "Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating, and you may now disconnect.", "audio_length_s": 6.96, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_104.wav"}, {"text": "Both rebounded a bit on in the fourth quarter, a bit stronger performance in the Middle East and in Africa", "audio_length_s": 6.96, "path": "62d981deed6d5128615c99d1597178b6_158.wav"}, {"text": "Continuing strong cash generation and the resulting deleveraging has given the board confidence", "audio_length_s": 6.96, "path": "214dcdc435ef3259490466447858fa56_208.wav"}, {"text": "We then leverage our Postmedia partnership to get our brand out in front of millions of Canadians at a scale that perhaps only the big banks can match.", "audio_length_s": 6.96, "path": "f3ea353a6c918bc1fd311a9cad6b9777_113.wav"}, {"text": "Let me see if I can help you understand some moving pieces under that. We are definitely improving", "audio_length_s": 6.96, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_67.wav"}, {"text": "By now, you're probably sick of hearing me say that the size of our network has more than tripled from just 1 year ago,", "audio_length_s": 6.96, "path": "55cbaf368288111ebc2ccadb61e3bd34_87.wav"}, {"text": "We achieved a number of important objectives over the last 12 months. I would like to highlight 2 in particular.", "audio_length_s": 6.96, "path": "e274d02ea943c0a74779950fe28e839d_89.wav"}, {"text": "drug treatment facilities as well as licensed law enforcement. Currently, about half of our MedSafes are deployed", "audio_length_s": 6.96, "path": "b40ab385cca0095fc17f5310045ca5d2_7.wav"}, {"text": "And whether it be media or for commerce, we will strive for further growth.", "audio_length_s": 6.96, "path": "a93681c92a0b9c04743f541a54b180c7_23.wav"}, {"text": "Your insights, advice and constructive criticism have always been a great help to me and the board.", "audio_length_s": 6.96, "path": "2f888e63a31b86cc2f4f97710e8eed79_1.wav"}, {"text": "maybe you could comment on how that experience so far shapes your view on the potential for biosimilars for Merck from an offensive standpoint.", "audio_length_s": 6.96, "path": "f0ce0d97cf62c9076226e0aeeb550493_212.wav"}, {"text": "Now for our company, in terms of the batteries, it belongs to LG Chem. We're not going to", "audio_length_s": 6.96, "path": "95962e0f754f9e2f786778c85d0913b8_47.wav"}, {"text": "I will refrain from any references to the past because I don't think that's, in this case,", "audio_length_s": 6.96, "path": "9014ac9cbc2cff30468f1bcb659c0f66_171.wav"}, {"text": "levels of activity, performance, goals or achievements or any other future events or development.", "audio_length_s": 6.96, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_0.wav"}, {"text": "for example, maybe some insurance companies are going to be difficult to deal with? They're", "audio_length_s": 6.96, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_26.wav"}, {"text": "that we have to adhere to and they have to here to. But I think our progress is good, and so I don't see a change in", "audio_length_s": 6.96, "path": "718a89dc503706eae0091bcd9410d567_145.wav"}, {"text": "are the net result of a mature Content Services business with approximately 30% project base revenues", "audio_length_s": 6.96, "path": "ed1006cd88de67e8fe53ea86ad6862d7_119.wav"}, {"text": "The focus is on continuing to improve flow of goods, delivery models, transportation, and handling cost.", "audio_length_s": 6.96, "path": "d70a57dd52d0e4cf86a6225dca186bc2_130.wav"}, {"text": "Similar to Lloyd's, our International Specialty segment continues to experience challenging market conditions.", "audio_length_s": 6.96, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_88.wav"}, {"text": "That speed, insight and level of transparency is unparalleled in our industry.", "audio_length_s": 6.96, "path": "7ec9d2889f6012c7058eb766f6de38e2_197.wav"}, {"text": "This excludes dilution from the NOVADAQ acquisition that Glenn will cover in his section.", "audio_length_s": 6.96, "path": "044da592acc01ff7baacb3dbf2a302a9_4.wav"}, {"text": "Exactly. But you're still going to keep the kind of leverage -- or what is the target leverage range that you want to kind of see flexing around?", "audio_length_s": 6.96, "path": "de3b766a868da918e499f407dbf5d716_25.wav"}, {"text": "And then in terms of the royalty rate, we've said previously that we expect", "audio_length_s": 6.96, "path": "7503d7356c13f095c26bfad29c5390c6_65.wav"}, {"text": "And we haven't given exact guidance on this, but you could imagine that this is at least an order of a log", "audio_length_s": 6.96, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_60.wav"}, {"text": "When it comes to stamp prices, we're more or less in the middle of what we see", "audio_length_s": 6.96, "path": "fa45af64ef25007f998c655347bfbecb_134.wav"}, {"text": "new business that we've won, things have even improved for us when we did this deal originally with Sinotruk. So there are", "audio_length_s": 6.96, "path": "392ca3d1e388c6d7a35f6d0db390c359_36.wav"}, {"text": "So far, the response that we're getting from people that we've shown this to has been very high.", "audio_length_s": 6.96, "path": "e26b501c6e000fdaa11edde97cc71436_117.wav"}, {"text": "And I'm proud to say in spite of the fact that we have added, as you know, last year, thousands more connections", "audio_length_s": 6.96, "path": "e26b501c6e000fdaa11edde97cc71436_153.wav"}, {"text": "I would not expect more than the 90 basis points in the second half. If you look back", "audio_length_s": 6.96, "path": "a0006b7891ead9bdb76273f555b6f1c8_126.wav"}, {"text": "and complexity rationalization program in the beginning of the year and this is a long-term program for us. So it was not a", "audio_length_s": 6.96, "path": "8475d4f528174aebabcb109487bee3f3_46.wav"}, {"text": "Just trying to get a sense of one-offs that we should anticipate in the first combined year of the show early next year.", "audio_length_s": 6.96, "path": "4032bfdd59881fc6506c082737cb5a99_25.wav"}, {"text": "First, by definition to receive a Breakthrough Therapy Designation, there must be preliminary clinical evidence", "audio_length_s": 6.96, "path": "0dbbae27d7055ecc04cc25e14e4de12d_138.wav"}, {"text": "and that we are cautiously optimistic about the future. Even if we were coming against a strong comparison base,", "audio_length_s": 6.96, "path": "23181e15a64aff686a4bbef534a46cb3_117.wav"}, {"text": "With that, I'm not at all trying to indicate that there no longer is an issue. We all know that we need to work through litigation.", "audio_length_s": 6.96, "path": "bddc15938bdcc3085f19b0851e74c2c0_163.wav"}, {"text": "I believe it is important to focus on results over activity, to hold people accountable and to be stewards of our business.", "audio_length_s": 6.96, "path": "47a303604df9f9fc9f2f89a9280c3a79_201.wav"}, {"text": "And I'm consistent in my belief of strong fundamentals for Zinc and expect Zinc prices will remain strong in the near future.", "audio_length_s": 6.96, "path": "43028740644ea81c42c672416be4926e_197.wav"}, {"text": "mainly due to the negative impact of a change in revenue associated with sales volume and model mix.", "audio_length_s": 6.96, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_44.wav"}, {"text": "with past practice. Having said that, as we do more of these strategic account deals,", "audio_length_s": 6.96, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_129.wav"}, {"text": "have you seen any surprises one way or the other? Do you think it's starting to get reflected", "audio_length_s": 6.96, "path": "dbafd430cf189ffeffd96a06da8ba37d_112.wav"}, {"text": "We estimate these sites represent more than 1,600 patients who would be potentially eligible", "audio_length_s": 6.96, "path": "a24a661c2eb55542903c72391ec09f9b_35.wav"}, {"text": "We look forward to continuing our discussions with the agency to finalize the protocol and initiating the trial later this year.", "audio_length_s": 6.96, "path": "a24a661c2eb55542903c72391ec09f9b_61.wav"}, {"text": "compared to the prior year period. The increase was primarily driven by the favorable impact of retail price increases", "audio_length_s": 6.96, "path": "276392c471c063580869aec014a1feda_108.wav"}, {"text": "The operations and manufacturing teams did a tremendous job completing the projects on time and on cost.", "audio_length_s": 6.96, "path": "bb9c0d60d15efa53cedac31e079e9ae6_57.wav"}, {"text": "schedule and the current schedule. So you can see in the upper part of the graph that we eliminated most", "audio_length_s": 6.96, "path": "eb4fd38da7ae1a347630ef447dfe9abe_186.wav"}, {"text": "Ladies and gentlemen, thank you for standing by,", "audio_length_s": 6.96, "path": "81bfbc1fbd3ce62adc594e6b57c6fb34_0.wav"}, {"text": "for us, is very, very crucial because it is a new wave", "audio_length_s": 6.96, "path": "863512efd537ffd31c094dd9bfd5ebd3_119.wav"}, {"text": "Both projects are a part of the major works that New York City Transit continues to undertake", "audio_length_s": 6.96, "path": "a965bbd76f3d449c86e8c27d03ac192f_101.wav"}, {"text": "As it is, there are 30 well locations that have been identified to form part of that asset development plan,", "audio_length_s": 6.96, "path": "911d447bcdcedb4e0cf5230de225921c_71.wav"}, {"text": "a challenge in terms of the commercial terms, but the development is ready to go, both from an oil and gas perspective.", "audio_length_s": 6.96, "path": "911d447bcdcedb4e0cf5230de225921c_76.wav"}, {"text": "Business is difficult to say because it all depends on the full relationship that you have. But on the consumer advertised price,", "audio_length_s": 6.96, "path": "b022fc1979ef416dd25317a4c062328e_56.wav"}, {"text": "increase, but we are capturing a significant portion of that increase every time it happens.", "audio_length_s": 6.96, "path": "9ab2e6eb9debfae2de541ba645bfd265_87.wav"}, {"text": "until that happens. And then to the extent that does happen and then there'll be a return of capital,", "audio_length_s": 6.96, "path": "132abea68f255eb89160dde90b6d3b80_21.wav"}, {"text": "and the generation of royalty income on energy assets held in our proprietary investments.", "audio_length_s": 6.96, "path": "a8034762296368c60571fcde382c3274_119.wav"}, {"text": "the resurgence of economic growth and some of the regulatory environment is driving logistics inflation specific to this market.", "audio_length_s": 6.96, "path": "30710391b8ab4cb549180602d31d4f4a_124.wav"}, {"text": "There's clearly much work to be done, but I like the progress that has been made and look forward to the team driving toward continued traction.", "audio_length_s": 6.96, "path": "b96165244f010b3f1e61cbbc5e504d96_3.wav"}, {"text": "key things that need to happen in the next 2 quarters of '16 to keep you on track for your '17 plan?", "audio_length_s": 6.96, "path": "bab12f620df0f367e74acdcc467686f1_209.wav"}, {"text": "Right. And I think I recall at some earlier time that the company had discussed owning,", "audio_length_s": 6.96, "path": "636d6909fbd8656f88f72f66a3a162ff_41.wav"}, {"text": "I could have added less the project. So as Jim mentioned in his remarks and my comment,", "audio_length_s": 6.96, "path": "40e11288ea7cb86fdf307dbe648142e3_89.wav"}, {"text": "and may not be based on historical information. The forward-looking statements are based on management's current expectations and beliefs.", "audio_length_s": 6.96, "path": "ade68f8add7249890d086ecf4b5b8cab_123.wav"}, {"text": "so the comparison is somewhat difficult. Nevertheless, Leasing was strong in both years. One other thing to consider,", "audio_length_s": 6.96, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_60.wav"}, {"text": "minimally invasive surgery department to kind of an essential part of the portfolio. And as that happens, I think more and more", "audio_length_s": 6.96, "path": "58ff8a727ec4f3859407b64f08246759_104.wav"}, {"text": "So we have goals that we're going to set in the next couple of months about what those costings can be but they're going to really be a byproduct of", "audio_length_s": 6.96, "path": "16e51362df94379ea33a24334015f385_145.wav"}, {"text": "even with the mortgage business being slightly down. But when you get to the absolute levels of pipeline,", "audio_length_s": 6.96, "path": "1c89bbe35013b8f40511ac9ba8824242_15.wav"}, {"text": "And again, we see the evidence that sustainability is increasingly a long-term driver of growth.", "audio_length_s": 6.96, "path": "47b1a118c53956b23f1d687a75f3e5ba_157.wav"}, {"text": "We're going to accelerate capital investments to add manufacturing capacity and make our operations more efficient.", "audio_length_s": 6.96, "path": "3df0981a2d94ed56170b78330aa72ee9_15.wav"}, {"text": "to have a lot of emails contacts these days, but this is almost like a bit of a surprise.", "audio_length_s": 6.96, "path": "9b93af1e7019959620214c387f283d8e_120.wav"}, {"text": "and together we are defining our new culture that will build upon and blend our strong heritages.", "audio_length_s": 6.96, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_24.wav"}, {"text": "the cadence of tailwinds that your business has from the ramp of recent product launches and", "audio_length_s": 6.96, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_147.wav"}, {"text": "Most of this increase is due to spending for our fifth e-commerce fulfillment center, which is scheduled to open next year.", "audio_length_s": 6.96, "path": "e2c02e1788cb10703d7611ef157f8135_6.wav"}, {"text": "On Power Systems, again, growth across both of its core revenue streams of OE and services", "audio_length_s": 6.96, "path": "7bc22aba9bc29d69ee10cc60db7903d8_44.wav"}, {"text": "Our capital ratios remain well in excess of both regulatory measures and internal policy levels,", "audio_length_s": 6.96, "path": "2a7d7f3eb6960e631743ca5a0d86461f_55.wav"}, {"text": "It was classified as a serious adverse event and was successfully treated. As a result and as expected", "audio_length_s": 6.96, "path": "b281eff988085e0776dc8a10223f1048_14.wav"}, {"text": "as our first product launch into that existing enzyme market is moving very nicely toward commercialization.", "audio_length_s": 6.96, "path": "885b465648704d8a5d15bd00078e2160_9.wav"}, {"text": "Activity in our industrial business is being driven by a number of new product developments we are working on.", "audio_length_s": 6.96, "path": "974a2d744cd3d9acf42d74816de91f7f_60.wav"}, {"text": "And diluted shares may fluctuate due to both share repurchases and the dilutive effect from the outstanding warrants.", "audio_length_s": 6.96, "path": "6ad1d7c855ceb3eb830c365e357e4510_27.wav"}, {"text": "In summary, we delivered strong earnings per share and maintained profitability in a volatile environment.", "audio_length_s": 6.96, "path": "191c819db03c2dfd0207cd1f42e278a4_128.wav"}, {"text": "I will tell you going -- thinking about last fourth quarter and go 2 years ago and 3 years ago,", "audio_length_s": 6.96, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_49.wav"}, {"text": "Any investment required to comply with the Clean Power Plan would be incremental to our current CapEx plan.", "audio_length_s": 6.96, "path": "526e0d5398a516831b49936c31a8ea1c_14.wav"}, {"text": "while maintaining the conservative character of our investment program to the fullest extent possible.", "audio_length_s": 6.96, "path": "7cf9ea093ccaf8fe8af51c4e00832372_64.wav"}, {"text": "These in silico tools amount largely to educated guesswork based on assumptions", "audio_length_s": 6.96, "path": "17f54a9938f35a4bde713fb3eb33a80e_24.wav"}, {"text": "but it intuitively makes sense that they should complement each other because it has been shown", "audio_length_s": 6.96, "path": "17f54a9938f35a4bde713fb3eb33a80e_18.wav"}, {"text": "tried to answer a similar question before by saying, with the improved identification", "audio_length_s": 6.96, "path": "82131762fc1c2b2358ac3a167666ab87_104.wav"}, {"text": "It is also estimated that over 70% of women will develop the Candida infection during their reproductive lifetimes.", "audio_length_s": 6.96, "path": "75eb5b75bb8587b63c318714ea956b9e_144.wav"}, {"text": "changing reporting relationships or not being able to rely as much on in-person conversations to execute responsibilities.", "audio_length_s": 6.96, "path": "63eaf9677d7577484a1557ae6bfbb585_131.wav"}, {"text": "I think one thing that really caught me is a big positive is that they're back to being able to export some equipment offshore.", "audio_length_s": 6.96, "path": "948f025c16fce2bcb2909e610c9be557_22.wav"}, {"text": "That's why the recovery is coming slowly and not immediately visible in the profitability.", "audio_length_s": 6.96, "path": "c4c82b9f0d0167137949864b86e2a812_105.wav"}, {"text": "Once that's established with the color solutions portfolio, not only will we be backward integrated", "audio_length_s": 6.96, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_111.wav"}, {"text": "We are pleased that Sinopharm remains strongly supportive of our relationship and our business.", "audio_length_s": 6.96, "path": "0e52a74a184c92ad0c336af764aa0796_97.wav"}, {"text": "Most of this interaction tends to be the source of confusion and dissatisfaction for the patient.", "audio_length_s": 6.96, "path": "f1da65edd5f2026ffd647d496bb96ce7_140.wav"}, {"text": "Here, you can see the results of our strong underwriting discipline as there are only 3 loans delinquent greater than 90 days", "audio_length_s": 6.96, "path": "cac9bb252b7974b7044423e714c2f054_17.wav"}, {"text": "But the real benefit of having a platform like hydrogel is that it has so many potential applications.", "audio_length_s": 6.96, "path": "aed770c98113f594e36325a5822547e4_109.wav"}, {"text": "you can adjust, if needed, if you're not going to see maybe some of the fee or the loan growth targets there that you've laid out?", "audio_length_s": 6.96, "path": "f13362f70e41d74f3fda8d7dfb19f09e_72.wav"}, {"text": "Link Square in Shanghai also managed to deliver extraordinary growth in a competitive market", "audio_length_s": 6.96, "path": "828ec1416eb7fa95846b5137752b3ff9_30.wav"}, {"text": "for decades and decades and decades. And I think, this is why", "audio_length_s": 6.96, "path": "e97d1655ebabb8403ac0449eadb48f9b_37.wav"}, {"text": "The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.96, "path": "1c7b9fe66120faecd8217e1df394005c_79.wav"}, {"text": "and a large part of that was just some promotional activity that didn't play out the way that we thought we would.", "audio_length_s": 6.96, "path": "af2718cdc0b3b856f9a0b3da3d527d18_110.wav"}, {"text": "so that the revenue that we have foregone in selective origination is more than compensated for in credit losses.", "audio_length_s": 6.96, "path": "dffe8257f781608bb17bb637249e4d2a_68.wav"}, {"text": "These record results are inclusive of some isolated challenges we encountered with On Time Express,", "audio_length_s": 6.96, "path": "189b20e7b975130ca5abd0e419e54908_144.wav"}, {"text": "Today's release and conference call both contain non-GAAP financial measures that exclude the impact of certain business events.", "audio_length_s": 6.96, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_63.wav"}, {"text": "Our billing system conversion in the Northeast Division is also well underway, with expected completion later this year.", "audio_length_s": 6.96, "path": "1689b94530eca82b7758c86b4cf3125f_4.wav"}, {"text": "and is poised to fuel growth over the long term. And we're off to an exceptional start this year", "audio_length_s": 6.96, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_9.wav"}, {"text": "that momentum. But is there anything else in there in terms of mix, whether it be", "audio_length_s": 6.96, "path": "0dec9a606303da3039d11eec4ec9bd86_62.wav"}, {"text": "in the second quarter and the third quarter and will into the fourth quarter of really balancing the health of our assortment.", "audio_length_s": 6.96, "path": "7498a6630302a038bd537d192c3a44f4_244.wav"}, {"text": "and that we did not believe that stock market trading liquidity would be enhanced by dual listing.", "audio_length_s": 6.96, "path": "e7d23208b973f7998b2fb21a00d87849_77.wav"}, {"text": "These increases were partially offset by a 4% decline in loads from durable goods customers.", "audio_length_s": 6.96, "path": "2a7af3c66762ce608379005a3d7bfa96_68.wav"}, {"text": "This comes from more and more people being exposed to the C Series' in-service performance,", "audio_length_s": 6.96, "path": "7e2ebcd981f5b5ecb18c04906f87d768_9.wav"}, {"text": "Our customers spend more and more time in our app to check balances, make transfers, pay bills, apply for products,", "audio_length_s": 6.96, "path": "ab29ac574f423764c40f2d2eec696623_162.wav"}, {"text": "Another requirement for the submission is to have safety and efficacy data", "audio_length_s": 6.96, "path": "e29584f9f829602cacebcce71c2a4fb9_8.wav"}, {"text": "In some respects, the hardest work is behind us, but now we've got to come in and make it all work.", "audio_length_s": 6.96, "path": "e522eff219f3eaa2c9b090dc12cad420_103.wav"}, {"text": "no occupancy headwind or tailwind, I think that's probably a good guide long term in terms of how to think about top line.", "audio_length_s": 6.96, "path": "97b9c8b95449565c1f280a2b61a65b31_63.wav"}, {"text": "And as we have always indicated, we'll have a substantial haulage cost to the fringe of our served market.", "audio_length_s": 6.96, "path": "00dcacc7fe3cab64b14aff04a9cd0284_55.wav"}, {"text": "While foreign exchange rates are less favorable than in 2015, they remain very advantageous.", "audio_length_s": 6.96, "path": "00dcacc7fe3cab64b14aff04a9cd0284_6.wav"}, {"text": "and be able to actually activate marketing decisions and marketing plans based upon", "audio_length_s": 6.96, "path": "d62cc3a0dfe3492ed16dfc17c028071e_78.wav"}, {"text": "If the market does not give you the appropriate value", "audio_length_s": 6.96, "path": "ff898f396d49760343d08575ea773b54_175.wav"}, {"text": "lines of our financial statement, starting with the operating income on the rental segment.", "audio_length_s": 6.96, "path": "8d71e62af8c57a752b0e04f6546bf622_13.wav"}, {"text": "The fact that green was declining was probably coffee was probably a good space to play in during that period of time.", "audio_length_s": 6.96, "path": "34b4c03bbd8e9d5fceb8c8af89388197_41.wav"}, {"text": "into our other New Orleans manufacturing plants by the end of the calendar year.", "audio_length_s": 6.96, "path": "34b4c03bbd8e9d5fceb8c8af89388197_85.wav"}, {"text": "For Pillsbury, persistent competitive activity and soft category performance continued to impact top line trends.", "audio_length_s": 6.96, "path": "34b4c03bbd8e9d5fceb8c8af89388197_163.wav"}, {"text": "what happened during the first day was that the name ban was lifted on the 7 individuals", "audio_length_s": 6.96, "path": "1862ee2f84dc77a40dde64b34f3ab94e_93.wav"}, {"text": "a -- entering these new markets has been part of that plan. The truth is, is we are very small in every market that we're in.", "audio_length_s": 6.96, "path": "66b25c60d952bd002c7ab20da9248086_169.wav"}, {"text": "For a no-fee card including a credit card, that is higher than any other card in Canada for no fees,", "audio_length_s": 6.96, "path": "66b25c60d952bd002c7ab20da9248086_68.wav"}, {"text": "Wafer thinning for fan out packaging requires both high selectivity and a fast etch rate.", "audio_length_s": 6.96, "path": "ecc871b8f89a858d952f554f1ca8f7da_131.wav"}, {"text": "and on the previous call, we are slightly more optimistic about these emerging markets moving forward in aggregate.", "audio_length_s": 6.96, "path": "e35fae1d3df1f7aeda409f90f200ec7b_104.wav"}, {"text": "and I think the industry is stretched to be able to do those, and an excessive amount of overtime", "audio_length_s": 6.96, "path": "64364105b816dd0b6a029e9cd210e65b_347.wav"}, {"text": "many years ago in the North Sea, for us, in Norway and then spread across the company and served as the foundation", "audio_length_s": 6.96, "path": "95303f68781d6fb58e19ec1dc7785a7c_111.wav"}, {"text": "And what we've done is because of the increasing volumes and interests in quality and additional", "audio_length_s": 6.96, "path": "1215cf00a11992ec74743f92026af2e9_103.wav"}, {"text": "Our expanded and comprehensive portfolios will provide us with additional opportunities for enterprise contracts.", "audio_length_s": 6.96, "path": "72b117fb1330bda9f954a219bb5a675e_186.wav"}, {"text": "Important to remember that our first quarter is historically a seasonally low quarter for absorption.", "audio_length_s": 6.96, "path": "ee17f090e669ff9029bd1dc57db6e43e_144.wav"}, {"text": "and we began the relaunch of Stride late in the quarter, which should improve shares in the months ahead.", "audio_length_s": 6.96, "path": "1f142ea668261ba963d47aac6bab69dd_65.wav"}, {"text": "So this is based on our analysis of what could occur from the potential legislation.", "audio_length_s": 6.96, "path": "2cd5b184c2ef6624ce219830182927c9_344.wav"}, {"text": "with the commercial activity of Bankinter continues growing. The negative impact", "audio_length_s": 6.96, "path": "3f42280b77b93c90b893930aeb7eac53_80.wav"}, {"text": "And before I go through those different offerings, I want to go back a step and remind you how we even get here.", "audio_length_s": 6.96, "path": "9826162bc1bb67bf8d65e4cf50e656e9_177.wav"}, {"text": "The operating expenses of the group have reduced through continued strong cost management.", "audio_length_s": 6.96, "path": "6299a010c7bb84feaf14b263750dbd1a_7.wav"}, {"text": "had any refinements in terms of your thinking on promotional programs. As I recall about a year ago, you had some very", "audio_length_s": 6.96, "path": "4fafe8c628e676ca508b37756da75419_130.wav"}, {"text": "and utilize that pad drilling. So areas where we have water infrastructure in place, areas where pads have maybe not been reclaimed,", "audio_length_s": 6.96, "path": "5f4034bd1c0669186fcee6909c5d59e7_29.wav"}, {"text": "We control at the end of the day, the agency and the client relationship directly, and we control the inventory.", "audio_length_s": 6.96, "path": "411bdacf05f84134fc80b874a15cf3b7_70.wav"}, {"text": "We have many opportunities to drive efficiencies in the business, and we have the right leadership team in place to leverage operating discipline built by Modine", "audio_length_s": 6.96, "path": "10ad32c5e0559c879e032faaf3148ab4_112.wav"}, {"text": "We continue to see a high level of global activity relating to electric vehicle in the automotive specialty truck and bus markets.", "audio_length_s": 6.96, "path": "10ad32c5e0559c879e032faaf3148ab4_40.wav"}, {"text": "Data from other countries and our own experience indicate social investments reduce health care costs,", "audio_length_s": 6.96, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_22.wav"}, {"text": "So it is -- it led to him not spending and it led to Clinton not thinking she needed to spend.", "audio_length_s": 6.96, "path": "77423f08f0208d476dea73c639f6293a_273.wav"}, {"text": "I know that customer relationships tend to be very sticky in the industry. And I was just wondering if", "audio_length_s": 6.96, "path": "24c7526f6daca8e16ab91bea6124148a_238.wav"}, {"text": "But again, when you dig into the leases that we're signing, the redevelopments that they're setting up,", "audio_length_s": 6.96, "path": "1cfd7da6c2da11f7e3f7102a6265146b_209.wav"}, {"text": "on the work that we're doing currently with the local communities and the authorities in Peru", "audio_length_s": 6.96, "path": "48bcc356a89059f921765f872bfe293c_180.wav"}, {"text": "challenge, and we have a number of great projects going forward here, developing new applications that'll help in the long term.", "audio_length_s": 6.96, "path": "b154f7c33e567e453cb765f4ac03dd2f_33.wav"}, {"text": "The nature of the relationship that could be maintained between the entities is certainly an important part that we want to understand what the bookends are. So we'll", "audio_length_s": 6.96, "path": "1096d26129c469524041c969a684f8ae_45.wav"}, {"text": "and we are hopeful that we will resolve a meaningful amount of these change orders and claims by the end of the year", "audio_length_s": 6.96, "path": "3ae068efa03cd088f4d3edea682f199f_39.wav"}, {"text": "You touched on this to some degree on the prepared remarks around the Pixel, but how are the conversations going now?", "audio_length_s": 6.96, "path": "30a142fac5a62ab00227cb6a339a6226_204.wav"}, {"text": "and were down slightly by approximately 1% for the same period, primarily as a result of continued weakness in the Canadian dollar.", "audio_length_s": 6.96, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_136.wav"}, {"text": "not that it's easy to price the risk, but I don't think the premium for a commercial loan or the risk that goes along with a commercial loan", "audio_length_s": 6.96, "path": "f1b53f83640f7ea0160087ae63818af2_39.wav"}, {"text": "This is in contrast to what we know about long-term olanzapine use where weight gain may continue for many months and years.", "audio_length_s": 6.96, "path": "9097dcbaf554d635920c6274b1de4997_127.wav"}, {"text": "In addition, base prices have dropped by a few discount points due to a heavy influx of import products.", "audio_length_s": 6.96, "path": "97ddc19ecb28bab2d19fd3b181182062_244.wav"}, {"text": "in the secular shift away from cash and checks to electronic payments?", "audio_length_s": 6.96, "path": "1bc08759c84df9d3f656cf53f5bb6d35_23.wav"}, {"text": "I encourage you to review these reports for the full details, but I will touch on 5 highlights here.", "audio_length_s": 6.96, "path": "027d36b67ee5bba934695b2d0c47eb08_4.wav"}, {"text": "And the best is to be prepared for that and especially situations in downturns,", "audio_length_s": 6.9300625, "path": "d162113e3aface010baec17bd408736b_177.wav"}, {"text": "will be positive but not material, mainly in our DECISION division.", "audio_length_s": 6.93, "path": "a7fbe5c630b4ff10d4755adc193425a9_91.wav"}, {"text": "These 2 trials are now proceeding in parallel and actively enrolling patients.", "audio_length_s": 6.93, "path": "485e97686e9a27d2df5b3fc02106e3d4_14.wav"}, {"text": "higher hedged fuel prices and marketing on both of the new ships will restrict the profit growth", "audio_length_s": 6.93, "path": "214dcdc435ef3259490466447858fa56_232.wav"}, {"text": "the message is just that we're looking to be maybe more flexible in terms of the way in which we construct the insurer arrangements. And", "audio_length_s": 6.93, "path": "214dcdc435ef3259490466447858fa56_59.wav"}, {"text": "general and administrative expenses, partially offset by an increase in salaries and benefits.", "audio_length_s": 6.93, "path": "e23e3aabab4b12e359bc92a480c2d294_10.wav"}, {"text": "pretty clearly, deployment services is not a big part of international, but the attached services are.", "audio_length_s": 6.93, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_29.wav"}, {"text": "meaningful improvement in the contractual market. And what I would remind you of is that we saw negative rates", "audio_length_s": 6.93, "path": "94fdf7b24748a7706b1097482a0f363a_133.wav"}, {"text": "Therefore, there may be a limited comparability of future CapEx to historical CapEx results as it relates to Swift.", "audio_length_s": 6.93, "path": "94fdf7b24748a7706b1097482a0f363a_6.wav"}, {"text": "I -- we didn't drop was much to the bottom line this fourth quarter as we normally would have liked to have.", "audio_length_s": 6.93, "path": "94fdf7b24748a7706b1097482a0f363a_216.wav"}, {"text": "So I shared this with you in the previous results meeting as well. But going forward,", "audio_length_s": 6.93, "path": "a93681c92a0b9c04743f541a54b180c7_68.wav"}, {"text": "that I'm fully reassured quite yet. And the reason I say that is I regard volatility adjuster,", "audio_length_s": 6.93, "path": "a683f40be39761f8e66786d7c0b64134_244.wav"}, {"text": "And as for your question on the duration, I do not think it would be that long.", "audio_length_s": 6.93, "path": "3cb802f8fba7d33603c29387ccdaf817_138.wav"}, {"text": "you can see that after nine months, we have basically doubled the customer base and we still have", "audio_length_s": 6.93, "path": "b28b60cd77c97aadb361896b0eb570a8_78.wav"}, {"text": "over the last 10 weeks is the quality of the design capability that we have within the company.", "audio_length_s": 6.93, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_200.wav"}, {"text": "with the balance of the decline being attributable to the higher pension cost and the impact of translation,", "audio_length_s": 6.93, "path": "3557b21a45c35e71e82cc43b19977855_186.wav"}, {"text": "Looking forward, we will remain focused on executing on our launches and driving the performance of our strongest brands", "audio_length_s": 6.93, "path": "f0ce0d97cf62c9076226e0aeeb550493_171.wav"}, {"text": "And so now we would like to take questions that we have received online.", "audio_length_s": 6.93, "path": "95962e0f754f9e2f786778c85d0913b8_100.wav"}, {"text": "to amalgamate that information. And you compare it against the original amount of revenue that was recorded.", "audio_length_s": 6.93, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_186.wav"}, {"text": "I think you will agree that represents a significant increase in value for our business and for shareholders.", "audio_length_s": 6.93, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_5.wav"}, {"text": "Our international contracts are relatively new and are mostly for specialized drilling,", "audio_length_s": 6.93, "path": "280817d93f79714585d82b9c2dbecab3_3.wav"}, {"text": "Half of the increase was really an adjustment that reduced fourth quarter costs.", "audio_length_s": 6.93, "path": "2d7efae3f89647d6468deed3b73bf98a_39.wav"}, {"text": "Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program, and you may now disconnect. Everyone", "audio_length_s": 6.93, "path": "81430c39b7b202d05644e419e2a01a65_38.wav"}, {"text": "These encouraging signs of new activity leads us to believe that the bottom of this down turn is behind us.", "audio_length_s": 6.93, "path": "67716cee321d117b0318930dd142f06a_132.wav"}, {"text": "This starts to demonstrate the progress on our objective to improve the group's revenue performance through the period of the Growth Acceleration Plan.", "audio_length_s": 6.93, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_72.wav"}, {"text": "new NOVOS control system across all these rigs. We have a fantastic capability in terms of being machine automation", "audio_length_s": 6.93, "path": "dd3166f311a5f12a25103a0295e8ac3e_118.wav"}, {"text": "Our teams are focused on delivering productivity, while we continue to invest in expanding coverage and launching new products.", "audio_length_s": 6.93, "path": "8b71a232d7fe61e6232807b635977c31_81.wav"}, {"text": "with the State of California that we've been selected to build and it will come out in task orders.", "audio_length_s": 6.93, "path": "b34f680a9162805e0188170d6272a356_129.wav"}, {"text": "With that, let's discuss our outlook and some additional assumptions that guide our view.", "audio_length_s": 6.93, "path": "b34f680a9162805e0188170d6272a356_105.wav"}, {"text": "As another example, we continue to see a compelling opportunity in the insurance sector for customized solutions.", "audio_length_s": 6.93, "path": "1b91eb82f5211000e711424657cc2484_266.wav"}, {"text": "Also thanks to the differentiation in the offer we are building and the coverage of the different needs,", "audio_length_s": 6.93, "path": "d630500fca6fe44aaeed52c32e00dbb4_17.wav"}, {"text": "For the first half of 2018, we have increased gross and operating margins by over 200 basis points", "audio_length_s": 6.93, "path": "c4dc8f962a85aa47af50f82845f550e2_2.wav"}, {"text": "acquisition or integration costs would be excluded from that number?", "audio_length_s": 6.93, "path": "82218f543c9a546c4baa5323f250b39f_221.wav"}, {"text": "as we believe that it is very important that the rating agencies, the investors and the community of research analysts", "audio_length_s": 6.93, "path": "d085781ecd776da8a9c4d31ad547606b_150.wav"}, {"text": "the Asian Exploration and also the renovated Pad Thai? It seems like particularly on the Asian Exploration, it's more", "audio_length_s": 6.93, "path": "75fa1bebed0b858c76cc7058477e40e2_138.wav"}, {"text": "You will notice that U.S. tax reform did not have a net impact on earnings per common share during the quarter.", "audio_length_s": 6.93, "path": "9589f919b51ea96f732c4fe7fd180d7e_100.wav"}, {"text": "of the drug benefit that it's on and the amount of money that's spent over the course of time", "audio_length_s": 6.93, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_158.wav"}, {"text": "However, time and again, we have reiterated that we are not dependent on any single market to drive our future growth.", "audio_length_s": 6.93, "path": "6f2c2a55736c5c47a19eca807ec60e33_8.wav"}, {"text": "When everybody spends all the effort on developing new products,", "audio_length_s": 6.93, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_89.wav"}, {"text": "And on a personal note, I couldn't be more excited about the opportunities that lie ahead for our company.", "audio_length_s": 6.93, "path": "5308c910fb34c8291b372e7a94521e9b_62.wav"}, {"text": "No. The lawyer's going to say did you supervise to see that the contract that you had in place", "audio_length_s": 6.93, "path": "e26b501c6e000fdaa11edde97cc71436_122.wav"}, {"text": "I want to make sure that I heard correctly. You're talking about some of the new product introductions that you have out there,", "audio_length_s": 6.93, "path": "1b1699497be56330b3ed833f22bc63f6_77.wav"}, {"text": "Was distribution up? I'd say probably the one that I'm a little bit more cautious on -- 2 of them would be", "audio_length_s": 6.93, "path": "a0006b7891ead9bdb76273f555b6f1c8_91.wav"}, {"text": "I think at the moment, we do not have any indication for further acceleration.", "audio_length_s": 6.93, "path": "cfe2656d9b742e3743835cfde245c60a_35.wav"}, {"text": "This was primarily due to the positive impact from the introduction of brand new and fully remodeled automobiles,", "audio_length_s": 6.93, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_30.wav"}, {"text": "In conjunction with these commission plan changes and in furtherance of our focus on recurring revenue,", "audio_length_s": 6.93, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_234.wav"}, {"text": "Because we had already established a ecosystem of partners over the last few years", "audio_length_s": 6.93, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_83.wav"}, {"text": "We provided you with a sensitivity analysis so you can see the magnitude of the benefit with stock price fluctuations.", "audio_length_s": 6.93, "path": "257e4e92036da9582a8a288c88332ff3_73.wav"}, {"text": "Our innovation efforts are targeted at the ongoing transformation of the construction, agriculture and transportation industries,", "audio_length_s": 6.93, "path": "0f4370b614f29bd596e4f6871cc77864_142.wav"}, {"text": "our team across the globe continues to identify new opportunities to add value to our existing customers", "audio_length_s": 6.93, "path": "e56726c7aedd69029957c84128050700_18.wav"}, {"text": "as well as the impact of stranded costs. We are tracking to our plan to reduce our home office expenses.", "audio_length_s": 6.93, "path": "43942582edfb20599f3e7456137f8deb_11.wav"}, {"text": "benefiting from expansions in Houston and Edmonton that we brought online and from additions to our Jones Act tanker fleet.", "audio_length_s": 6.93, "path": "2ad9555a64eaa3f45bef5581adeecb9c_196.wav"}, {"text": "was to be repaid from upfront and first year payments from new partnering agreements over the next 4 years.", "audio_length_s": 6.93, "path": "01ebdadb81d0e5a57270957c0cbe83fc_133.wav"}, {"text": "But together, that team are working on how we make sure we've got absolutely the right people. We", "audio_length_s": 6.93, "path": "9c1272d9d120c5bfafd6e6b566f89b62_155.wav"}, {"text": "Our conversations had historically been weighted down by a complex business model that read more like a Chinese menu.", "audio_length_s": 6.93, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_100.wav"}, {"text": "Capital investment is going to play an important role in Morinaga's future growth.", "audio_length_s": 6.93, "path": "f4d0f1362716be33f02690dd1a8df663_19.wav"}, {"text": "And as you can see, none of the major competing products has a particularly high market share.", "audio_length_s": 6.93, "path": "f4d0f1362716be33f02690dd1a8df663_112.wav"}, {"text": "the result of this quarter has been burdened with a provision, which in our opinion, should", "audio_length_s": 6.93, "path": "38b2f94da12bbf2d32246763aab8265a_131.wav"}, {"text": "we've been able to improve our results. Even though we have had", "audio_length_s": 6.93, "path": "38b2f94da12bbf2d32246763aab8265a_1.wav"}, {"text": "After factoring in the first 3 weeks of February that contributed to the Spring Rush,", "audio_length_s": 6.93, "path": "da14df2e02d11f6f8599533d9d57faee_120.wav"}, {"text": "Weather and the impact it has on heating demand will continue to be the biggest driver of our retail propane segment.", "audio_length_s": 6.93, "path": "7394bde65e000fbb7b528c6c65bd099d_161.wav"}, {"text": "and over half of our end market exposure is related to industrial applications.", "audio_length_s": 6.93, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_156.wav"}, {"text": "However, we expect oil and gas revenue will decline in the second half of the year, albeit at a slower rate than in the first half.", "audio_length_s": 6.93, "path": "bab12f620df0f367e74acdcc467686f1_14.wav"}, {"text": "to help drive growth momentum in areas with the strongest profitability, and we feel good about our new business mix.", "audio_length_s": 6.93, "path": "aeb50c6146f90bd32d147c5d4775c21d_75.wav"}, {"text": "We are typically able to bring real value to our clients in a matter of weeks and sometimes days", "audio_length_s": 6.93, "path": "bf07ba925d6e5f568f66bb89b00a9463_85.wav"}, {"text": "This impacted several key metrics very positively, including merchandise margin for the fourth quarter,", "audio_length_s": 6.93, "path": "e2c02e1788cb10703d7611ef157f8135_131.wav"}, {"text": "use, so that we can automate some of these inspections that are costing us a lot of time and effort", "audio_length_s": 6.93, "path": "7bc22aba9bc29d69ee10cc60db7903d8_296.wav"}, {"text": "if you take the organic and the bolt-on, which is normally the growth rate we would have reported historically", "audio_length_s": 6.93, "path": "b305bff75f28d238f0bd7da5bd4f13b8_87.wav"}, {"text": "Despite the revenue decline, we experienced sequential improvement in our trading activity relative to overall market-wide trading", "audio_length_s": 6.93, "path": "6d97c63e754383663561baada77c7354_61.wav"}, {"text": "This body of work will be critical to guiding our future investments, both organic and inorganic.", "audio_length_s": 6.93, "path": "6d97c63e754383663561baada77c7354_95.wav"}, {"text": "So we feel very good about this maturity curve and the fact that it hasn't really shifted", "audio_length_s": 6.93, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_185.wav"}, {"text": "As such, we expect manageable credit costs, while much of the provision for credit losses will cover the incremental loan growth.", "audio_length_s": 6.93, "path": "6ad1d7c855ceb3eb830c365e357e4510_82.wav"}, {"text": "we've got about -- if I remember right, 40% of our loans kind of in the near term are impacted by the change in rate.", "audio_length_s": 6.93, "path": "6ad1d7c855ceb3eb830c365e357e4510_31.wav"}, {"text": "Although, Gauteng bakeries recorded volume and profit growth, competition in the coastal regions intensified,", "audio_length_s": 6.93, "path": "ea60900258f99d1003ab247c506e42d9_130.wav"}, {"text": "That model has generated engagement 8x higher than average depending on the specific device used", "audio_length_s": 6.93, "path": "20097e37747ec7bc3734246e83798fb1_99.wav"}, {"text": "represent a continuation as we've messaged throughout this segment of customers, sort of in that middle", "audio_length_s": 6.93, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_96.wav"}, {"text": "We will also be building a sales function that has focused roles, including sales operation and inside sales functions.", "audio_length_s": 6.93, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_120.wav"}, {"text": "We sought to make decisions that would balance our existing revenue while also planning for the future state of our operating model.", "audio_length_s": 6.93, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_117.wav"}, {"text": "we see a similar development where Europe and Asia has been strong, America", "audio_length_s": 6.93, "path": "f7df5ecab61eca575f169a8298318eca_74.wav"}, {"text": "we have achieved the level of market penetration we need to build a profitable and self-sustaining business.", "audio_length_s": 6.93, "path": "53889f50eda8b316a01a3df89d226e7f_112.wav"}, {"text": "Our momentum continues on a positive trajectory, and we continue to prepare for the future.", "audio_length_s": 6.93, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_166.wav"}, {"text": "business that those products might generate as being something where you've identified a need", "audio_length_s": 6.93, "path": "f77935c4693e4d33252c9c76993e9c8b_46.wav"}, {"text": "N for nausea that we launched during the most recent quarter that continues to do well and is very successful", "audio_length_s": 6.93, "path": "915bdcf0edfec49b928ca4010cbb40ca_149.wav"}, {"text": "please review the reports and documents filed from time to time by Bridgeline Digital with the Securities and Exchange Commission.", "audio_length_s": 6.93, "path": "7274a7a5fa848e641ba98fce556e26a1_65.wav"}, {"text": "So that's where the optionality clearly exists when you get in the outer years of this plan, assuming we execute and deliver", "audio_length_s": 6.93, "path": "626da68f2b245869534a0316b8b6139a_65.wav"}, {"text": "a large asset retirement obligation associated with your Germany acquisition. So I was just wondering if you'd give me a sense of", "audio_length_s": 6.93, "path": "ea7f210b3c08271afbdb6d434b8394e9_26.wav"}, {"text": "And so now you've got the same amount of liquor stores competing for less business with less people,", "audio_length_s": 6.93, "path": "ceeedf178333db4c586311e4f43bdfd1_22.wav"}, {"text": "we have experienced increased end-market pressures in certain parts of our defense and adjacent markets.", "audio_length_s": 6.93, "path": "9e8690a521142359001a137074905535_194.wav"}, {"text": "as well as large-scale gathering systems previously located within our central operating area.", "audio_length_s": 6.93, "path": "74d0910b4af16f82a812bddbb151d966_101.wav"}, {"text": "for the parties which with -- with which we had discussions. We were attractive on many fronts.", "audio_length_s": 6.93, "path": "0e52a74a184c92ad0c336af764aa0796_34.wav"}, {"text": "and then equally at the midpoint of our prior communications. Again, I would stress on a contracted basis, not assuming", "audio_length_s": 6.93, "path": "f1da65edd5f2026ffd647d496bb96ce7_44.wav"}, {"text": "We also provide firefighting and other utility services in Alaska, which tend to be much more active in the warmer months.", "audio_length_s": 6.93, "path": "8d9efef3c305ec549fb15daa27107c83_105.wav"}, {"text": "At the present time, we are continuing to work with MSHA to develop a plan that will allow for extraction of the longwall equipment from the current panel,", "audio_length_s": 6.93, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_104.wav"}, {"text": "which we believe is the lowest underground cost per ton across any portfolio in the Eastern United States.", "audio_length_s": 6.93, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_5.wav"}, {"text": "Based on the feedback we receive at that FDA meeting as well as data from additional manufacturing runs,", "audio_length_s": 6.93, "path": "aed770c98113f594e36325a5822547e4_37.wav"}, {"text": "As we have expanded our commercial footprint in our expanding our penetration beyond the initial contract win,", "audio_length_s": 6.93, "path": "1ad54837f74515ad7caa2a50d70459c9_4.wav"}, {"text": "So the capacity of that factory probably is", "audio_length_s": 6.93, "path": "b3d7bc295d09d9927e465213612c0192_102.wav"}, {"text": "So we're quite confident that we made a very good decision in bringing that inside.", "audio_length_s": 6.93, "path": "c40b5d1a13169c5acf69590932a56f98_68.wav"}, {"text": "it is extremely broad-based because it is transformative at the industry level and practically, a", "audio_length_s": 6.93, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_81.wav"}, {"text": "Organic growth is expected to be driven by improving trends in our RMS and Discovery businesses,", "audio_length_s": 6.93, "path": "da879f8ea1c23aa6565cccaacac271fc_106.wav"}, {"text": "half of the space that we originally finished, so I suppose", "audio_length_s": 6.93, "path": "da879f8ea1c23aa6565cccaacac271fc_137.wav"}, {"text": "During this conference call, we may refer to adjusted EBITDA, adjusted earnings per share and free cash flow.", "audio_length_s": 6.93, "path": "059024560d9d1039cf08746ee7393114_124.wav"}, {"text": "when you have a firm that has its fixed cost base under control and I think we", "audio_length_s": 6.93, "path": "f15966ae82e18b472ad78dd961f8e5e8_202.wav"}, {"text": "Our results for Q3 are in the press release. And as you can see this quarter in particular was a bit messy", "audio_length_s": 6.93, "path": "f15966ae82e18b472ad78dd961f8e5e8_55.wav"}, {"text": "Yes, it's a great question, I think the thing that's most striking about the results which I was very excited about was", "audio_length_s": 6.93, "path": "f15966ae82e18b472ad78dd961f8e5e8_150.wav"}, {"text": "I also think that E3, for those of you that will go to E3, you'll see some excitement around some of the games that we have that will help to", "audio_length_s": 6.93, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_105.wav"}, {"text": "I want to thank everyone for taking your time to attend the call today. Have a great day.", "audio_length_s": 6.93, "path": "433a6e203f9db93835c27ff83e86c801_129.wav"}, {"text": "These MSOs have recently increased their spending on Alpha's power systems and services as part of their network upgrades", "audio_length_s": 6.93, "path": "433a6e203f9db93835c27ff83e86c801_140.wav"}, {"text": "Higher volume and pricing only partially offset the impact of higher lead costs on the margin percentage.", "audio_length_s": 6.93, "path": "433a6e203f9db93835c27ff83e86c801_86.wav"}, {"text": "not very good data in terms of market share outside of funds. But on an overall basis, we feel like", "audio_length_s": 6.93, "path": "6709c061d39d0e433079f84160f11c80_227.wav"}, {"text": "I will begin by providing a simple explanation of 3 external factors that we are facing.", "audio_length_s": 6.93, "path": "254f3c2175c8e11d6da7d44a221e1bff_12.wav"}, {"text": "the growth in our revenues. So again, we do see progression as we leverage on those revenues going forward.", "audio_length_s": 6.93, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_116.wav"}, {"text": "There is a competitive advantage, in our opinion. We do believe, and it's certainly not surprising that the entire world", "audio_length_s": 6.93, "path": "0fa398ef99a7a936fc1e509dacaaadde_167.wav"}, {"text": "was kind of -- from your changes in terms of your approach to kind of to loss given default there was a", "audio_length_s": 6.93, "path": "ab29ac574f423764c40f2d2eec696623_38.wav"}, {"text": "in past years. I've been heavily focused on it since I got here. So every day, we're looking at how we", "audio_length_s": 6.93, "path": "0cfaeed8cd93dc274845d450e921aeb6_257.wav"}, {"text": "obviously helping to understand sort of what's going to happen and how that range is going to be narrowed is something that we have signed on, and I'll let Eric take that.", "audio_length_s": 6.93, "path": "0cfaeed8cd93dc274845d450e921aeb6_157.wav"}, {"text": "That said, when taken together, assessing the likelihood that the customers will act on their needs remains in question.", "audio_length_s": 6.93, "path": "e522eff219f3eaa2c9b090dc12cad420_7.wav"}, {"text": "In 2018, we plan to invest aggressively in driving strong performance of our key products,", "audio_length_s": 6.93, "path": "299bad77345d2e44fa5768f4416f7b97_137.wav"}, {"text": "driving increases in all of our key lines of business, bolstered by the investments we have made in new summer activities.", "audio_length_s": 6.93, "path": "078b27aa69b10aa01f2eab2aa681bdd8_100.wav"}, {"text": "clearly that, that run up to the holiday and that softness right after the holiday correlate pretty closely to the weather we saw.", "audio_length_s": 6.93, "path": "884400c829f179d8cf68b767f45f03a4_227.wav"}, {"text": "and I would like to take a moment to thank our teammates across the organization for their hard work and dedication to our customers.", "audio_length_s": 6.93, "path": "884400c829f179d8cf68b767f45f03a4_207.wav"}, {"text": "in the first quarter, anything specific -- I know it's early in the year and it's a small quarter, but", "audio_length_s": 6.93, "path": "919fd6c04cca92ecdf503e32f884435d_88.wav"}, {"text": "This growth in market share is consistent with the trend we have witnessed for several years and is, in part,", "audio_length_s": 6.93, "path": "b126c31149f1cadf1d891082a187d6fc_4.wav"}, {"text": "And I think that relationship, that collaboration has been a key to the success that we've been able to achieve.", "audio_length_s": 6.93, "path": "e0d1342ad3d27fd648b708837de08797_68.wav"}, {"text": "our solutions takes into account the new rate levels in the market and the tight capacity", "audio_length_s": 6.93, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_167.wav"}, {"text": "and our local indigenous populations and corporations that are so critical for our success.", "audio_length_s": 6.93, "path": "ebd59e21db89edb92205e012427cd9db_75.wav"}, {"text": "In addition to driving results in our Legacy Conagra Brands business, we completed the acquisition of Pinnacle Foods.", "audio_length_s": 6.93, "path": "b0d88c0f1efca89ecb928172341dc75d_273.wav"}, {"text": "And there's absolutely no incentive, by the way, for our reps today to bring in multiple years in advance from a customer.", "audio_length_s": 6.93, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_197.wav"}, {"text": "How should we think about what are the things that you would be applying very uniquely based on your eBay and", "audio_length_s": 6.93, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_49.wav"}, {"text": "This is not to imply that they are not recurring, as the vast majority of these revenue streams are stable, recurring and growing.", "audio_length_s": 6.93, "path": "14fa9d7635caae6483af62a4bfe1b9d6_232.wav"}, {"text": "In the south of the country, we have made further market share gains with additional awards of IDS contracts.", "audio_length_s": 6.93, "path": "20489859070c48218db6ab0f5b6d2b05_67.wav"}, {"text": "And through that entire process, we got tremendous support not only from legislators, politicians", "audio_length_s": 6.93, "path": "2cd5b184c2ef6624ce219830182927c9_162.wav"}, {"text": "look at their outlooks and look at their leverage statistics and focus their efforts on generating cash.", "audio_length_s": 6.93, "path": "5b331cf4e6f62ec9a9c30a4728e36054_181.wav"}, {"text": "We've tried to design our comp plans to have our sales team meet the customer whatever they want to buy from us.", "audio_length_s": 6.93, "path": "9826162bc1bb67bf8d65e4cf50e656e9_218.wav"}, {"text": "where we were clear in saying that we thought it was good for the Danish society", "audio_length_s": 6.93, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_175.wav"}, {"text": "So I do believe, Liana, that the RemoPro product delivered through our Unity system", "audio_length_s": 6.93, "path": "8f92dfb06900be4f209f31f24cb885fb_157.wav"}, {"text": "The sale of this fleet equipment is part of our approach to managing and optimizing the size and mix of our rental fleet,", "audio_length_s": 6.93, "path": "3d0f5785f81125b6efa2339a4aef56aa_55.wav"}, {"text": "The meeting was very productive, and we were pleased with the high level of engagement and diligence of the FDA staff.", "audio_length_s": 6.93, "path": "6c929ddddb79b887458ae21f1a3aa09d_52.wav"}, {"text": "We see more opportunity and potential in the decade ahead than even the one we have just completed.", "audio_length_s": 6.93, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_285.wav"}, {"text": "And we will look different again 5 years from now as we continue to evolve at an accelerated pace.", "audio_length_s": 6.93, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_89.wav"}, {"text": "We operate in highly competitive markets, and we intend to differentiate our properties, primarily in the basis of community design,", "audio_length_s": 6.93, "path": "45c2e7788c29cc5f1c183ec742511c6f_15.wav"}, {"text": "We ran our first promotion at these more aggressive, promoted price points and saw a noticeable improvement in January.", "audio_length_s": 6.93, "path": "b478d2808e90233ed994884e644a3d34_8.wav"}, {"text": "Well, again as we said, we're generally optimistic for the whole year. I think national is", "audio_length_s": 6.93, "path": "77423f08f0208d476dea73c639f6293a_239.wav"}, {"text": "Some broadcasters are -- might start a little earlier than us, and so they can finish up", "audio_length_s": 6.93, "path": "77423f08f0208d476dea73c639f6293a_114.wav"}, {"text": "Well, I think that's what we're doing in this culling exercise, where it's not so much a segment", "audio_length_s": 6.93, "path": "24c7526f6daca8e16ab91bea6124148a_48.wav"}, {"text": "you could probably take that off the transmission system so that it would enable that sort of tension people have about long distances to be removed.", "audio_length_s": 6.93, "path": "6f1b092b312410065d308541be46da95_300.wav"}, {"text": "conference do you think? Or would you expect it to be sustained at a higher level in coming quarters?", "audio_length_s": 6.93, "path": "bcb3aac2c7cc035961d9ee8cfd330044_110.wav"}, {"text": "to basically say, yes, I can move to software, which affects the top line, but we think", "audio_length_s": 6.93, "path": "594b7b614804475e4ab8ab4c405ecf40_37.wav"}, {"text": "let's meet in February, when we do the full-year review of what we will have achieved", "audio_length_s": 6.93, "path": "4fd138e27f5f375945332eacefa15b62_196.wav"}, {"text": "It's not that we're not investing on the Swiss platform, but we started with the front application. You may have seen in '16 we rolled out", "audio_length_s": 6.93, "path": "bf99037f89cd485f95f097842619a0c7_156.wav"}, {"text": "All of those things are starting to deliver now. So in terms of what is sustainable, I would say", "audio_length_s": 6.93, "path": "0e410ca71e50235e520d5af32ce0f54a_109.wav"}, {"text": "We believe that capability-led deals and carve-outs are likely the most interesting acquisition opportunities for Mercury.", "audio_length_s": 6.93, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_11.wav"}, {"text": "I think the approach we took of creating the strategic data platform, which links the multiple disparate systems we have in the interim basis,", "audio_length_s": 6.93, "path": "7a80c3e91e5a2693cdaef5f716808317_148.wav"}, {"text": "So there's been a huge focused effort on integrating instruments, in particular, with the RFS business that utilizes a lot of them.", "audio_length_s": 6.93, "path": "7a80c3e91e5a2693cdaef5f716808317_166.wav"}, {"text": "Let's take a closer look at our execution in 2018 and our 2019 focus within each of these pillars.", "audio_length_s": 6.93, "path": "7a80c3e91e5a2693cdaef5f716808317_18.wav"}, {"text": "how much total acceptance we get in the marketplace because we've put some pretty aggressive price increases out there.", "audio_length_s": 6.93, "path": "24a2aec67e247f9c4d4cc89d6dbab525_128.wav"}, {"text": "And the retail benefits from those same locational and upgrading tenant", "audio_length_s": 6.93, "path": "b35398859e534e471fb1cd60f5baac20_228.wav"}, {"text": "on rate resets and floating-rate payments, as well as our higher other income that was driven by a pickup in equity income", "audio_length_s": 6.93, "path": "6f73dbce90cb2d313480b437f0c51bbc_81.wav"}, {"text": "we did see and continue to see our large claim activity continuing to come down.", "audio_length_s": 6.93, "path": "0b7afb66a39a4c81151309bacc830c60_112.wav"}, {"text": "and investing in systems and tools that we believe will help us to improve our inventory turns over time.", "audio_length_s": 6.93, "path": "19bfb8daeb6e43d59415df478017d5c3_122.wav"}, {"text": "we've looked at a lot of books, and we just haven't found something that we feel comfortable with. And", "audio_length_s": 6.93, "path": "16c235a53fc719ec92ef3b3c3b371150_303.wav"}, {"text": "We will begin the call with brief opening remarks from Dave, Garrett and Blake, and then, be ready to take your questions.", "audio_length_s": 6.93, "path": "9b83a4dcac688347e3b13ca7c55660ed_1.wav"}, {"text": "a stronger position in. We are working on interesting acquisition, including in countries where we have no operation", "audio_length_s": 6.93, "path": "7f85288e472b08575b33943f4c718070_130.wav"}, {"text": "period of time to get through over 100 client contracts has just taken longer than we", "audio_length_s": 6.93, "path": "1bc08759c84df9d3f656cf53f5bb6d35_149.wav"}, {"text": "we can -- and also we have products by the way, new products that are being launched outside our current", "audio_length_s": 6.93, "path": "78cf0d3e40caba622d8914916f0f9146_140.wav"}, {"text": "Both SimonsVoss and AXA performed well in the quarter and are delivering on the expected results.", "audio_length_s": 6.93, "path": "77f146e76d89a5be785a39ab23dfa763_173.wav"}, {"text": "We expect to start shipping for the first of the 1,100 homes in the fourth quarter", "audio_length_s": 6.93, "path": "47546a57a865bca0f4e677dc3b485053_12.wav"}, {"text": "It is important to note that the implementation of this change is not going to happen overnight.", "audio_length_s": 6.9000625, "path": "7e14890193df4b10e1eeab6ab886529f_192.wav"}, {"text": "You would also think that, given how this is all playing out and not really working out very well for anyone,", "audio_length_s": 6.9000625, "path": "b154f7c33e567e453cb765f4ac03dd2f_146.wav"}, {"text": "As a reminder, all accepted ASH abstracts will be announced and available online this coming Thursday.", "audio_length_s": 6.9, "path": "070a939ddb72d87ed87e4b863da14a89_97.wav"}, {"text": "So we would look at the current sort of comparative therapies and the other MDS drugs that are out there", "audio_length_s": 6.9, "path": "070a939ddb72d87ed87e4b863da14a89_29.wav"}, {"text": "The decrease in revenue in petroleum additives in the quarterly comparison was mainly driven by lower volumes and price", "audio_length_s": 6.9, "path": "bc6534f8d32e757d120eaa7fa1b3a952_11.wav"}, {"text": "and we are currently in discussions with Goldman to increase the size of that facility as well as to reduce our interest rates. I", "audio_length_s": 6.9, "path": "92b48b365197c65ebf545a4c9dd1200d_125.wav"}, {"text": "okay, what is the situation and how do I optimize my remaining dollars to get the best economic recovery", "audio_length_s": 6.9, "path": "7d2a9151826f1fbcf538ffbf85924ed2_182.wav"}, {"text": "some being written about them throttling back production in some regions for environmental and seasonal reasons,", "audio_length_s": 6.9, "path": "13aa6c0669adb5544a0d62beef677189_99.wav"}]