[{"path": "7cc11de7f206c637e6293da0d956405e_4.wav", "text": "a Risk Slide tool to help customers quantify and visualize the impact of market events, income tools, to seamlessly add options for stock positions in one click,", "duration": 11.1}, {"path": "9ec35a7809acb51486076e302028ba33_14.wav", "text": "As of today, we continue to focus on our strategies to serve our customers well with quality and reliable solutions which meet their business needs over the-long term.", "duration": 11.1}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_76.wav", "text": "First, we expect to deploy capital to support organic growth opportunities. This includes operational improvements, sales force investments and new product development.", "duration": 11.1}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_143.wav", "text": "We still want to see the local business accelerate to its true potential. We still have to fully stabilize our international business, and we still have to deliver big customer experience wins. However,", "duration": 11.1}, {"path": "2a7af3c66762ce608379005a3d7bfa96_82.wav", "text": "just to handle the business that we expect to come on board this year. So I -- in the aggregate, I think that, that's safe. We do not intend -- we don't have a plan to", "duration": 11.1}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_173.wav", "text": "on an already efficient platform in terms of how we operate. So it's a balanced approach. It's the right approach. And I think it's going to take a little time to implement. It's not going to happen overnight.", "duration": 11.1}, {"path": "9c67fafcb51925dcbaa570283fe01701_84.wav", "text": "It is pretty much in line with the approximately 50 basis point lower, which is a kind of a net effect of the price impact", "duration": 11.1}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_34.wav", "text": "it's not that we don't explain ourselves, it's not that we don't point folks to things that they can read and draw their own conclusions, but as we've done that, what I can tell you is the conversation very quickly turns back to", "duration": 11.1}, {"path": "e522eff219f3eaa2c9b090dc12cad420_60.wav", "text": "I have put these disciplines in place and watched it at work in other companies, and I'm confident about its ability to positively impact margins.", "duration": 11.1}, {"path": "299bad77345d2e44fa5768f4416f7b97_206.wav", "text": "We look forward to identifying additional attractive assets, executing on our commercial initiatives and delivering meaningful therapeutic options for patients and sustainable growth to shareholders.", "duration": 11.1}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_30.wav", "text": "Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes and circumstances, many of which are outside of our control.", "duration": 11.1}, {"path": "884400c829f179d8cf68b767f45f03a4_84.wav", "text": "We have developed a comprehensive cloud-based learning management system that will provide our teammates with both the technical skill set needed to effectively serve our customers today", "duration": 11.1}, {"path": "4311782968e936c378fdee8946cd9cca_106.wav", "text": "Margins will also be impacted by a significant increase in property taxes between years, the increase in the Arizona minimum wage and the revenue shifts that Dan will discuss.", "duration": 11.1}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_74.wav", "text": "treated the same way as physical threats. They're not. They're coming from anywhere in the world, and our systems are not designed", "duration": 11.1}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_238.wav", "text": "The newly acquired Alent and OM Group assets experienced modest headwinds, particularly from the electronics end markets but performed in line with our expectations.", "duration": 11.1}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_37.wav", "text": "that's targeted and intended and gets to its audiences. And so we see absolutely no sign of the secular shift away. We think this is an unusual time period", "duration": 11.1}, {"path": "ebd59e21db89edb92205e012427cd9db_80.wav", "text": "It really does come down to prioritizing where we drill, and that is driven by how can we commercialize and do that in a timely way.", "duration": 11.1}, {"path": "b0d88c0f1efca89ecb928172341dc75d_42.wav", "text": "and our synergy commitments. And now we are glad we did because while we are starting from a lower base, we anticipate delivering strong EPS growth off of that new base", "duration": 11.1}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_68.wav", "text": "Factors that would tend to reduce our gross profit percentage include a shift in mix towards PINPOINT and DermACELL, which are currently toward the lower end of our gross profit range.", "duration": 11.1}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_238.wav", "text": "while investing in our business and managing our capital allocation programs efficiently in order to drive long-term value for all of our key stakeholders.", "duration": 11.1}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_150.wav", "text": "in the second quarter. We typically don't talk about these things as we go through them because we typically don't have big issues as we turn them on. And so we're continuing to invest there", "duration": 11.1}, {"path": "6a45749d272884d2809fa70f7807250c_173.wav", "text": "over the last couple of years increased the capacity, and part of that has also been to prepare for the next move, so they could also relatively easy and fast", "duration": 11.1}, {"path": "6daa2d0829057899b014b06c36e1d54b_85.wav", "text": "to stay with Compugen? And then, the strategic advisors, how much time of their working day do they spend advancing the interests", "duration": 11.1}, {"path": "6daa2d0829057899b014b06c36e1d54b_106.wav", "text": "This event resulted in our need to reschedule the filing of our IND, which was originally planned for Q4 of this year.", "duration": 11.1}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_169.wav", "text": "what were old processes that were put in place that may be much more efficiently executed with the same results on a much lower cost basis,", "duration": 11.1}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_142.wav", "text": "But we've been able to, I think, really take advantage of the broad platform that we have that sources deals in many different industries and types", "duration": 11.1}, {"path": "690a9eb04a9c850c77634cd88c8459da_53.wav", "text": "up further as a result of the model being introduced not in all markets at the same time, but rather sort of successively in different markets, and they start picking up volume.", "duration": 11.1}, {"path": "c334e290beb657ee3efcb6b2f734c81e_94.wav", "text": "So if you have to pay more for it, it's just like steel going up in a construction project. On the other hand, because of inflation, which oftentimes accompanies rising interest rates, and that's the reason for the rate rise,", "duration": 11.1}, {"path": "96488f25af54f91198b444e5eff8e878_95.wav", "text": "And so then can you quantify, of the remaining freighter in your fleet, how much more is there a risk to a write-down? Or is this all that you've taken and there's nothing left to take?", "duration": 11.1}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_119.wav", "text": "Most importantly, we maintain our strong confidence in our ability to grow free cash flow and continue to support a high payout ratio over free cash flow for the dividend.", "duration": 11.1}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_142.wav", "text": "and they've been very helpful in the past on several things. And so there's probably a couple of other areas that can help us on liquidity in the meantime also.", "duration": 11.1}, {"path": "24c7526f6daca8e16ab91bea6124148a_85.wav", "text": "So we have a number of benchmarks and data points that suggest that we are doing this, that we've made a lot of progress here, and I think that piece will continue.", "duration": 11.1}, {"path": "6f1b092b312410065d308541be46da95_229.wav", "text": "And I just noticed that in today's discussion, we've hardly talked about there being an election or that one of the parties has a manifesto that seeks to return national infrastructure into public ownership over time.", "duration": 11.1}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_57.wav", "text": "and we are on track to accomplish both of these goals in fiscal 2018. We do anticipate some fluctuation in our financial results this year as we implement a number of strategic changes across the", "duration": 11.1}, {"path": "0807d606b6cf98da19b317b4928c3572_42.wav", "text": "We had great excitement in our partner channel program during the quarter, adding 16 new partners for the quarter and that momentum has continued into Q2 with very strong partner additions", "duration": 11.1}, {"path": "0b2059114216fe9195b6a4256ed84843_143.wav", "text": "as foreign exchange rates were not favorable for monetizing the funds. Going forward, we expect to see normalized fixed interest expenses based on current debt levels.", "duration": 11.1}, {"path": "a968612b5d51d3df12aad60dde8e1e41_41.wav", "text": "I will now turn the call over to Andy to provide more details on our second fiscal quarter 2017 results as well as our outlook for the remainder of the year. Andy?", "duration": 11.1}, {"path": "7a80c3e91e5a2693cdaef5f716808317_193.wav", "text": "taking our HR function from that of a purely transactional organization to one which recognizes the value in and power of our human capital and serves as a true partner to our business.", "duration": 11.1}, {"path": "7a80c3e91e5a2693cdaef5f716808317_128.wav", "text": "Within our downstream business, we see continued positive momentum in both refinery expansion and petro chem. This is driven largely by growing global population and increasing prosperity.", "duration": 11.1}, {"path": "30a142fac5a62ab00227cb6a339a6226_200.wav", "text": "In 2018, there is much to do, and we are focused to deliver on our key priorities. I want to share some financial thoughts with you for the early part of the year.", "duration": 11.1}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_11.wav", "text": "and we believe is one of the more attractive projects from a return and capital intensity perspective within the industry, and it comes with the support of the host government.", "duration": 11.1}, {"path": "7f85288e472b08575b33943f4c718070_86.wav", "text": "contributing to that, whether it's your food colors or your food preservation, some of the extracts that you've been getting into. Can you talk a little bit more to", "duration": 11.1}, {"path": "47546a57a865bca0f4e677dc3b485053_185.wav", "text": "is that a number you're comfortable with or do you still see room for real estate expansion? I mean how do we think about that in our model kind of on a couple year basis, long term basis?", "duration": 11.1}, {"path": "4ee3c79ebc57c9870b221b9479d52436_103.wav", "text": "The arbitrated access prices require to reflect cost, including our commercial rate of return, prevailing market conditions for funds and risk.", "duration": 11.0999375}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_63.wav", "text": "will be used to invest in upstream capital projects with the intention to deliver production and reserves growth and increased activity and employment in the areas where we operate.", "duration": 11.0700625}, {"path": "9d8c8f4a41008455665fd243ed99b642_61.wav", "text": "Good synergies, good assets, strong customer support, we think the returns are going to be very attractive.", "duration": 11.07}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_98.wav", "text": "Five, be the partner of choice for RNAi therapeutics. Everything we have discussed today from our development speed to our encouraging early clinical data and ability to target a variety of tissues", "duration": 11.07}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_7.wav", "text": "Given our broader customer footprint and market-leading position and focus areas of business, we believe we can remain relatively agnostic to any potential share shifts.", "duration": 11.07}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_133.wav", "text": "A lot of that stuff never really rebooked and you have had supply. But do you think -- I mean, is there -- do you study the trends? Do you think there's any -- it's international down too, is that", "duration": 11.07}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_30.wav", "text": "The capacity and the production coming out of the new investment in Shelby is critical to our long-term strategy to be able to meet our customer commitments.", "duration": 11.07}, {"path": "b40ab385cca0095fc17f5310045ca5d2_50.wav", "text": "we still think we're very low penetrated in a number of key markets, and we still have opportunity, we think, to grow significantly. If you look at unused medication and how well we've grown,", "duration": 11.07}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_2.wav", "text": "I think there are going to be more opportunities there were in 2015 with more stress in the insurance system than there has been historically, and we expect that to continue into 2016, as we expect to continue to attract talent.", "duration": 11.07}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_142.wav", "text": "our February earnings call, I talked about things generally, and you'll note that this quarter I've been a lot more specific about the numbers.", "duration": 11.07}, {"path": "47d77b15189fadcc76113a2f7800ba28_1.wav", "text": "In addition, during today's call, unless otherwise stated, references to our results are provided as non-GAAP financial measures and are reconciled to our GAAP results,", "duration": 11.07}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_166.wav", "text": "So from our perspective, it's pretty much a finalized issue. The performance shares have not been issued yet, but they will be issued at some point in the future", "duration": 11.07}, {"path": "0755f4b74dda585f3975c7d8208b1598_34.wav", "text": "getting to be about flat in 3Q and slightly positive in 4Q. The impact of the mortgage market on Equifax growth is significant in the first half of '19, impacting total revenue negatively", "duration": 11.07}, {"path": "81430c39b7b202d05644e419e2a01a65_138.wav", "text": "must have been a priority for the Department of Energy, to get it out so early in a Trump term. Can you comment about where you see this", "duration": 11.07}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_111.wav", "text": "Before I end, I want to thank all of our associates for the awesome job they do day in and day out. They truly are the heart and soul of Five Below,", "duration": 11.07}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_89.wav", "text": "The Business intelligence business is improving at a scale and rate, and we feel quietly confident that our ambition to deliver a full year of positive growth in '16, we can do.", "duration": 11.07}, {"path": "c4dc8f962a85aa47af50f82845f550e2_44.wav", "text": "Thank you. Good afternoon, and thank you for joining today's conference call, which will be available for replay telephonically and on Ichor's website shortly after we conclude this afternoon.", "duration": 11.07}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_136.wav", "text": "gather a group of people who really understand the market. It's not that we haven't been trying to do that. The keyword here is a group.", "duration": 11.07}, {"path": "5308c910fb34c8291b372e7a94521e9b_104.wav", "text": "to basically take labor that's adding nothing to the bottom line for the company and then redirecting it into projects, which actually recognize the value of the services we deliver.", "duration": 11.07}, {"path": "23eff4c724ee00f56319fcc47add3441_98.wav", "text": "we would be utilizing our Lincoln business system to be able to try to minimize, if not eliminate that through productivity actions that we'll be driving in various places around the world. And", "duration": 11.07}, {"path": "73ba4ff250b62745e03880e75b9a1581_64.wav", "text": "I feel like you've said in the past, you've said you have pretty good visibility on what's going on in the marine business. So is the strength there going to be sustainable?", "duration": 11.07}, {"path": "403903eb119bfc1cec44d86ec907077a_5.wav", "text": "Our strong local stations continue to provide one of the essential ways to broadly reach targeted constituents, especially voters. And that's clearly reflected again this year.", "duration": 11.07}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_162.wav", "text": "it will take longer. So we expect this year will be a year where we really start to narrow the areas where", "duration": 11.07}, {"path": "a24a661c2eb55542903c72391ec09f9b_2.wav", "text": "A meaningful component of that future value is tied to sparsentan. I know much of the focus recently has been on its regulatory pathway. So I'll walk through our update from earlier today.", "duration": 11.07}, {"path": "0f4370b614f29bd596e4f6871cc77864_22.wav", "text": "The e-Builder acquisition closed in February and we remain very bullish on the business and the market opportunity. Revenue and profitability have exceeded our plan thus far.", "duration": 11.07}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_114.wav", "text": "in revenue at the time. And that was basically to take an even stronger position in the floor grinding segment. HTC is the market leader in that segment.", "duration": 11.07}, {"path": "a44c74bdc01aa7e317addc11f2274e11_52.wav", "text": "To give these and all our other shareholders a more comprehensive view of our performance, while we are pleased with our results and the outlook for the company, there are some challenges we have been facing.", "duration": 11.07}, {"path": "9da45cfd4472699ef05d887adce01223_28.wav", "text": "A transcript and replay of this call will be available on our website later today. Thank you all for listening. This concludes today's conference call. You may now disconnect.", "duration": 11.07}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_2.wav", "text": "To me, it demonstrates what we've been saying, that is that we are insulated from the direct and indirect impacts of very low commodity environment, but we're not immune.", "duration": 11.07}, {"path": "07d30eec04a77191950ef0992d097daf_165.wav", "text": "the Class A sublet market could put pressure on some of the B lease rates in Houston before this is all said and done.", "duration": 11.07}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_126.wav", "text": "An RNAi-based approach to blocking the production of complement pathway factors offers the potential to inhibit the uncontrolled complement activation that drives many serious diseases.", "duration": 11.07}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_79.wav", "text": "those not only come with a much, much lower servicing fee, but they're also not prepayment protected to us. So as a result of that, if the loan pays off, the servicing goes away.", "duration": 11.07}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_171.wav", "text": "So we're much more nimble now with what we can do, how we can get the photography absolutely right. The photography you see in those commercials actually was done in our new studio,", "duration": 11.07}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_102.wav", "text": "I suppose it would depend what exactly you might mean by material, but we're very optimistic with what Omni can do. It's is a very exciting space,", "duration": 11.07}, {"path": "65b48a7260ef038ff1bec3cc200331c3_8.wav", "text": "As I have discussed on prior calls, we are simultaneously investing in the business, promoting efficiencies across our banners and executing on our plans for capturing synergies where available", "duration": 11.07}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_258.wav", "text": "about taking -- keeping the good pieces of CCAR and continuing to focus on how it can be made into a better tool", "duration": 11.07}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_78.wav", "text": "and specialized knowledge of state teacher retirement programs and benefits help position us to be successful in continuing to serve our educators in a holistic manner.", "duration": 11.07}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_91.wav", "text": "Now let's turn to today's results. As noted in today's press release, sales and earnings for both the fourth quarter and fiscal year outperformed our expectation.", "duration": 11.07}, {"path": "c1d916407f390d20e9d8f9b453e22435_56.wav", "text": "after a period of time, that just needs to come back to roost. And so we think that trend should continue relatively smoothly over the coming year and hopefully, for several years to come.", "duration": 11.07}, {"path": "a8b43081254547419da7462d9c957d61_70.wav", "text": "of realizing the full benefit of premium drilling. In 2018, we'll improve in every category we use to measure performance internally.", "duration": 11.07}, {"path": "3df0981a2d94ed56170b78330aa72ee9_48.wav", "text": "And specifically, where in the store should it go? Should it go and take space from our big brands? Or should it have new incremental space? The good news is our relationships with the retailers are so strong", "duration": 11.07}, {"path": "d8eb5522db0e51d75ea6518462954c52_218.wav", "text": "it seems to me like the government and the public authorities are a little bit worried that 5G deployment might not go as quickly as they would hope probably.", "duration": 11.07}, {"path": "d8eb5522db0e51d75ea6518462954c52_283.wav", "text": "mobile financial services in Orange, which is one of the key diversification roads we have decided to embark on.", "duration": 11.07}, {"path": "dd28a387ccc9575df47840b850647c7f_70.wav", "text": "In terms of capital allocation, we have one overarching goal and that is to strategically deploy capital where we believe we can drive the greatest value for our shareholders.", "duration": 11.07}, {"path": "98f10f0935e5b778e888a1b8130a3d31_8.wav", "text": "is extremely well positioned when it comes to product innovation, when it comes to distribution, and they can really reap the benefit of this great positioning.", "duration": 11.07}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_84.wav", "text": "One of the benefits we're finding to prerecording our quarterly commentary and releasing it early is that we tend to get a lot of feedback on questions people have about anything we've said that might be confusing", "duration": 11.07}, {"path": "c3567809c19ce6a800677544cd84f88b_137.wav", "text": "followed by a modest increase this year, as the natural impact of top line growth was partially offset by the continued gains we're making to improve working capital efficiency.", "duration": 11.07}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_66.wav", "text": "These 2 strategic investments will highly differentiate our offering in a way that no one else can deliver and can create a highly defensible platform that will continue to pull further ahead of our competition.", "duration": 11.07}, {"path": "191c819db03c2dfd0207cd1f42e278a4_90.wav", "text": "This growth was offset by volume fluctuations with several communications clients and certain program completions, including the impact of previously divested BPO businesses.", "duration": 11.07}, {"path": "526e0d5398a516831b49936c31a8ea1c_109.wav", "text": "We also continue to analyze the potential impact that the Clean Power Plan could have on our Kentucky operations. The precise impact is difficult to pin down at this point.", "duration": 11.07}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_44.wav", "text": "decent price performance in the first part of the year. But in the middle of the year, where in prior years we had, had some decent success on pricing, we did not have as much success in 2015. As a result,", "duration": 11.07}, {"path": "63eaf9677d7577484a1557ae6bfbb585_54.wav", "text": "Obviously, with the soft retail demand and, as Steve mentioned earlier, we are mindful of potential deleveraging in this line item and are being very strategic in our investments.", "duration": 11.07}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_98.wav", "text": "but also making sure we're getting our fair share in SMB because we are seeing attractive economics there.", "duration": 11.07}, {"path": "948f025c16fce2bcb2909e610c9be557_120.wav", "text": "Commodity prices have increased recently, but there's still an excess supply. Is this sustainable or will it have an impact on new equipment purchases. Nobody really knows this at this point.", "duration": 11.07}, {"path": "948f025c16fce2bcb2909e610c9be557_95.wav", "text": "the first quarter, I think the thing that everybody that were taken away from it, was the -- and Paul will get through it later, but", "duration": 11.07}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_133.wav", "text": "we don't necessarily want your day-to-day business. What we want you to do is look at Ferro for the future. We're going to service you with applications and please consider us", "duration": 11.07}, {"path": "3898a5c021167b8169287fc8bb59f753_109.wav", "text": "I believe as a brand, we continue to have a lot of pricing power. But there's a difference between what we could take and what we should take. I have said that for many years.", "duration": 11.07}, {"path": "262bc21196721c5ff9114acbd2ff03c3_108.wav", "text": "It's a very exciting time as I don't have to tell many of you in this room who know it as well as some of our businesses do. Huge transformation happening in terms of technology.", "duration": 11.07}, {"path": "262bc21196721c5ff9114acbd2ff03c3_224.wav", "text": "The second thing is that our customers are really struggling with a lot of the new technologies coming in and one of the things that we've heard time and again over the past couple of years is that customers don't just want to quit but they also want to help.", "duration": 11.07}, {"path": "e2225d612a954a24e7e91c08215d7b51_148.wav", "text": "under development or construction that is not generating any EBITDA, which continues to be strong at slightly over 2x coverage.", "duration": 11.07}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_223.wav", "text": "preparing for exams and those sorts of things as opposed to substantive consequences for the business. But again, not because it isn't on the radar screen, but because we think we're in good shape there.", "duration": 11.07}, {"path": "21f21433851eb7c7f7dbc710309341bb_78.wav", "text": "I'm not at all concerned about the brand. We're down to -- I think the brand's in really, really good shape and I think Susan and TJ would agree that it's less about how the brand is going to be positioned in Canada", "duration": 11.07}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_103.wav", "text": "We elected to raise money recently to improve our working capital during this period of low revenue. That increased the share count and impacted our stock price.", "duration": 11.07}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_151.wav", "text": "Part of it is the capacity and the ability that we have -- our own distribution capability enables us to, if you will, buy in advance where we can. So I think that certainly helps", "duration": 11.07}, {"path": "87045996e7446329f1d98c909c6ca7fe_232.wav", "text": "I would say that the first is that, for this quarter, it felt more like normal levels. But the other comment I would make is that", "duration": 11.07}, {"path": "87045996e7446329f1d98c909c6ca7fe_15.wav", "text": "primarily reflecting the impact of specific allowances recorded against energy loans in 2016. These factors were partially offset within common shareholders' net income", "duration": 11.07}, {"path": "49e533a8449f6b9b6c806458e73338e1_23.wav", "text": "On the same basis, this growth rate dropped to 0 in the fourth quarter. For the first time in 2 years, revenue declined versus the prior year's quarter.", "duration": 11.07}, {"path": "d223c88e8d5b658f28749ce0db145daf_46.wav", "text": "And at the same time, we negotiated amendments to our credit facility to accommodate for that. It's important to note that we are in compliance with all of our", "duration": 11.07}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_49.wav", "text": "Before Bill gets into the details on our results, I just wanted to spend a few minutes on what we see as some of the really key takeaways from the second quarter performance.", "duration": 11.07}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_59.wav", "text": "As an organization, we're proud of the accomplishments to reduce debt over the past 6 months. However, clearly, need -- more needs to be accomplished", "duration": 11.07}, {"path": "3c80de013154b028ecdc6354d16c6fbc_94.wav", "text": "the value of the debt and equity of the replacement property has to be higher than the value and debt or equity and debt of the relinquished property. So our acquisition", "duration": 11.07}, {"path": "382e3c8eda678694c6368e00f19c8881_18.wav", "text": "close to having something done, where are we on that scale? We -- Frank, we don't really comment on rumors or speculation regarding acquisitions. We do our best to try to", "duration": 11.07}, {"path": "b126c31149f1cadf1d891082a187d6fc_188.wav", "text": "This has been an important part of our effort to reduce the percentage of our patients with noncompliant orthopedic conditions in favor of stroke and neurological patients.", "duration": 11.07}, {"path": "bfb0fac9575cd0820a660f2577199468_198.wav", "text": "and, again, how we convert that technical performance into commercial results through the contractual arrangements as well. So I think we have a good view on, one, again, what needs to happen. We have a good dialogue", "duration": 11.07}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_65.wav", "text": "What are we going to do in this expansion? We are going to have new anchor stores, a new fast fashion store. We will have a financial", "duration": 11.07}, {"path": "09b5b62d328d3d0719b6825357fdfb48_42.wav", "text": "Yes. At this point, obviously, our strong sense of what we're looking for based on the things that we do is to look for terminals that we can enhance profitability", "duration": 11.07}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_139.wav", "text": "And I think that's what you'll see play out as we go through the rest of the year. You've got to bring these things to life in each individual retailer. And price is one key metric of that right now.", "duration": 11.07}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_49.wav", "text": "some of the declines in the larger brands. So that's why in our prepared comments, we wanted to call out the fact that there is a focus on these", "duration": 11.07}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_166.wav", "text": "And we also think once more that having 60% of our business there and obviously these very strong positions that we are very well placed to capitalize on that.", "duration": 11.07}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_79.wav", "text": "Your product support was down 7% as reported against this somewhat difficult prior year comparable. So I'm just curious how you interpret the performance of that business in the quarter.", "duration": 11.07}, {"path": "1300495cfa53748f732f54277d5a8cea_39.wav", "text": "While we expect these efforts to impact our sales in the short term, which is already reflected in our guidance, we believe this is the right course of action to protect the long-term health of the Vince brand.", "duration": 11.07}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_159.wav", "text": "Simply put, we anticipate that the total repurchases in any given year would range approximately between 10% and 20% of our free cash flow.", "duration": 11.07}, {"path": "ebd59e21db89edb92205e012427cd9db_45.wav", "text": "I can tell you it's very cold there now. Yesterday, it was minus 52. But at the end of the day, we still have got to be off the ice, I think, at the end of the third week in April generally.", "duration": 11.07}, {"path": "e0555e30370c43189a1136fb7ef17d20_58.wav", "text": "as clients manage risk against pension schemes that are frozen, largely underfunded and facing regulatory changes, solutions to derisk pension plans and support for delegated investment solutions,", "duration": 11.07}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_3.wav", "text": "I want to ask everyone maybe to indulge for a second while I step back and put a few things in perspective relative to this past year and the upcoming year.", "duration": 11.07}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_115.wav", "text": "Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for more detailed discussion of the risks that could impact our future operating results and financial condition.", "duration": 11.07}, {"path": "6a45749d272884d2809fa70f7807250c_109.wav", "text": "after the decline expected in second half '15 and beginning of '16. We have seen improvement the last couple of quarters as a result of good project execution.", "duration": 11.07}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_185.wav", "text": "And it's these 3 keys to success that, I believe, are important to take away from our discussion today, EnLink is in the right places with the right partners and is executing with excellence,", "duration": 11.07}, {"path": "b20564a6da1bcfc7b80552299d9e002a_26.wav", "text": "Secondly, on the respimetrix investment, could you tell us more about the development time lines, meaning when could the product be ready for market launch?", "duration": 11.07}, {"path": "b20564a6da1bcfc7b80552299d9e002a_10.wav", "text": "With the acquisition of Sensile, we started a new division, Advanced Technologies, and it was always planned to add more technology into this division step-by-step.", "duration": 11.07}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_20.wav", "text": "We also intend to streamline 3 operational hubs and 2 joint ventures as well as continue to drive towards common technology platforms and the retirement of legacy applications.", "duration": 11.07}, {"path": "50eb350badadec6e4272b90684741c25_227.wav", "text": "We believe that our focus on optimizing our infrastructure will help us improve the operating margin over the long term and maintain it in the high-20% range.", "duration": 11.07}, {"path": "bf8646ad61e3857d4cf46e592c18f685_54.wav", "text": "These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in the company's press release and public filings.", "duration": 11.07}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_183.wav", "text": "Simply put, the continued execution of our multiyear pipeline moves us relentlessly towards our purpose of owning centers that are the center of the communities we serve.", "duration": 11.07}, {"path": "bf99037f89cd485f95f097842619a0c7_21.wav", "text": "so not only recommendation of buying or selling, but also bridges of different clusters of recommendation of levels, and the relationship manager can then", "duration": 11.07}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_32.wav", "text": "We are also continuing to make progress in a number of other areas. Our focus on great local brands and content continues to pay off for us in the ratings as Entercom remains a leader in Nielsen ratings growth.", "duration": 11.07}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_66.wav", "text": "we discovered this problem, and I think that we have -- there's definitely things, as we went through our review, things that we can improve. And we have those", "duration": 11.07}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_74.wav", "text": "caused the business mix of the retail segment to shift towards CTR. And given its business model, it has, as you know, the lowest margin rate of our 3 retail businesses.", "duration": 11.07}, {"path": "19e7822c0e829faf25355c16b830cf39_26.wav", "text": "And then for that type of growth, what are you seeing in terms of the markets? You mentioned the tariffs, and it's not really impacting the demand. But if you could give kind of a flavor how you see demand", "duration": 11.07}, {"path": "918de179148bbfe18b95415ee0065a3d_17.wav", "text": "seem to be a more prudent source of growth, and we're optimistic that we'll be able to pull down more of these opportunities for reserve -- real reserve adds in the future.", "duration": 11.0699375}, {"path": "c3567809c19ce6a800677544cd84f88b_178.wav", "text": "fiscal '17. Our fiscal '16 performance came from strong execution. It is the result of the changes we made. The consumer is at the heart of our business.", "duration": 11.0699375}, {"path": "97ddc19ecb28bab2d19fd3b181182062_163.wav", "text": "for longer than we had previously expected, which resulted in our decision to close a few of our underperforming locations that are solely dependent on energy customers.", "duration": 11.0699375}, {"path": "c459f473b2c99662c3e29eeb2df74043_13.wav", "text": "As we go through the remainder of the year, lower than anticipated net revenue growth could be offset by a bundle of short-term cost measures.", "duration": 11.04}, {"path": "4fdbfd9eec396928550d0c799e170d34_168.wav", "text": "they have tightened up their procurement across their network and so it's taking longer and it's harder for these particular end users to acquire the equipment.", "duration": 11.04}, {"path": "214dcdc435ef3259490466447858fa56_184.wav", "text": "And there are early signs of success from our investment in motor and home broking. We are delivering new customers. Let's be clear, it's only 2 months in", "duration": 11.04}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_106.wav", "text": "we've passed all those gates. Now we have the production on those first 3 programs. So that's vitally important because performing operationally was the last thing that we had to do.", "duration": 11.04}, {"path": "0d631e444d1c22f0be99a69f5deaff94_84.wav", "text": "Since the beginning of the year, we've conducted 5 intensive training sessions on our Heidrick Consulting offerings for our Search consultants, we have 3 more coming up over the next month.", "duration": 11.04}, {"path": "ebb371780b97ae7f2172f242fbdc5c7c_19.wav", "text": "and a paint shop in Great Falls and more recently a new paint shop in Terrebonne. To benefit from these investment we need to make sure they perform to full capacity.", "duration": 11.04}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_159.wav", "text": "In addition to that, we are currently working on what we believe to be a disruptive new model where we would be able to provide services directly to entire hospitals and hospital systems.", "duration": 11.04}, {"path": "2602edddc3363eadcaafe1c33271f3e4_181.wav", "text": "from our cash and investment balance at the end of fiscal 2016. Our 2017 public offering resulted in the substantial strengthening of our financial position,", "duration": 11.04}, {"path": "c68c15299b67173c7ae163cc5938f3c1_125.wav", "text": "The reason I felt that it was important to mention is that we spent the first 7 months of the fiscal trying to make Global E-Commerce profitable and investing very heavily in the division.", "duration": 11.04}, {"path": "b39cea5bd7ec94a7f24e7481716ac2b7_108.wav", "text": "So the top line increased, as I just explained, and I want to note just a couple of other points. So the gold price average takes as usual into account the streaming financing for Karma.", "duration": 11.04}, {"path": "2d7efae3f89647d6468deed3b73bf98a_90.wav", "text": "of total assets would not be unusual. We're above that right now because of that Shared National Credit at 88 basis points, but that's still kind of in line with peer medians and means.", "duration": 11.04}, {"path": "13220986bf30f26076a674e2a9edc89c_142.wav", "text": "but on a full year basis, increased by 18%. As Dominic noted, we continue to make investments in our product capabilities and client-facing teams", "duration": 11.04}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_11.wav", "text": "Germany has been very strongly affected both on the Retail side as the Food Service side by adverse weather condition in the first 4 month of the year.", "duration": 11.04}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_263.wav", "text": "It's a place where branding can make a difference. It's a place where we can deliver an experience both in terms of service and quality that we want our customers to have.", "duration": 11.04}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_130.wav", "text": "if that makes sense at some point in the future, and that's what the owner wants to do, then we'll go down that path.", "duration": 11.04}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_15.wav", "text": "liquid formulations can have a faster onset than capsules or pills, and so that's what we would expect in this situation. And then I think the other thing is we really want to", "duration": 11.04}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_53.wav", "text": "We've always retained more of that net. So as we change our mix of business, that changes the difference between gross and net as well.", "duration": 11.04}, {"path": "918de179148bbfe18b95415ee0065a3d_176.wav", "text": "The goal here is to break more rock and improve perforation efficiencies in hydrocarbon recovery and equally do so with fewer stage, while maintaining high rates of proppant loading.", "duration": 11.04}, {"path": "a45510e526a5935c1f8d4f039149ff3b_176.wav", "text": "the way that we're thinking about it is that we're -- our indications are that we will see an up year over what was a strong year and that is driven by the", "duration": 11.04}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_19.wav", "text": "marketed that system at all? Or are any of the motors that you guys are making utilizing that technology? And is there any interest from companies in going that route with", "duration": 11.04}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_154.wav", "text": "Have you -- clearly you've probably looked a little bit at them. Can you talk at all in terms of what the opportunities are there? Because they didn't really seem to have much volume effect, at least that we could see.", "duration": 11.04}, {"path": "5f38ce681d4413a793d34a0650c59bf2_8.wav", "text": "We are not going to put a specific time frame on when we expect to achieve this goal due to the number of uncertainties in the near term that could impact the timing of achieving it.", "duration": 11.04}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_106.wav", "text": "Renewable energy sales were down as a result of timing issues. However, we expect sales for the full year into this market to be similar to last year.", "duration": 11.04}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_131.wav", "text": "through gene therapy that will make a meaningful difference in the lives of people living with these life-threatening condition and that have the potential to one day lead to cures.", "duration": 11.04}, {"path": "8957425799e5ce0200bfacf204d0acde_27.wav", "text": "The issue resulted in a shortfall in revenue and excess costs in the fourth quarter and will also impact Q1. However, we are confident we have a solution that will get us back on track later this month.", "duration": 11.04}, {"path": "73ba4ff250b62745e03880e75b9a1581_29.wav", "text": "We're the most aggressive in trying to hold our customers accountable for us to recover our margins. We provide a lot of value to our customers, a lot of new technology.", "duration": 11.04}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_286.wav", "text": "Revenues declined by 12% in a challenging market. This resulted from lower revenues in our Corporate Finance business, with revenues from transaction banking being almost flat.", "duration": 11.04}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_137.wav", "text": "because you run parallel with the people that you bring into the inside, and it takes 3 to 4 months until you actually release people on the outside. And if you add all that up", "duration": 11.04}, {"path": "1133b8984db446b9c963a09eaf0785a4_65.wav", "text": "the businesses that we acquired actually offset the volume decline that we experienced in the legacy business. So that is just ramping up.", "duration": 11.04}, {"path": "0f4370b614f29bd596e4f6871cc77864_72.wav", "text": "Our continuous evaluation of the sources of success has resulted in a nongrowing pruning of our underperformed product lines and initiatives that cannot be fixed in a reasonable time period.", "duration": 11.04}, {"path": "171fd9df333ddd814c764843ed624121_9.wav", "text": "Moving to Slide 9. As a direct result of our strategic partnership with GDS, during the second quarter, we signed leases totaling more than 10 megawatts with 2 Chinese hyperscale customers.", "duration": 11.04}, {"path": "6864081f83959f4b49e25e597f28af66_65.wav", "text": "That said, we're off to a good start this quarter, having already closed several deals that moved out of the third quarter, which gives us confidence for the fourth quarter.", "duration": 11.04}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_8.wav", "text": "business people coming to the country. And because of the devaluation, the country became a little bit more cheap. We see a new trend of people visiting Argentina, and we believe this", "duration": 11.04}, {"path": "da14df2e02d11f6f8599533d9d57faee_27.wav", "text": "We aggressively marketed to mobile, e-mails and social to our engaged digital community of over 7 million customers.", "duration": 11.04}, {"path": "b96165244f010b3f1e61cbbc5e504d96_119.wav", "text": "As CEO, I am energized by their personal commitment as we work together on the path to future success. With that, I'll turn it over to Dan to go through our financial results in more detail.", "duration": 11.04}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_10.wav", "text": "These new agents are off to a great start, but due to high standards of selection, we were slightly slower to sign on the agents compared to what we had originally expected.", "duration": 11.04}, {"path": "08ed60a546bd48af9db028c4e3c8af26_146.wav", "text": "year-on-year? What we have said and what we continue to believe is true is the decline in diesel prices over the last couple of years,", "duration": 11.04}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_100.wav", "text": "We spent significant amount of time and effort this year to expand both the operational scale and capital available to be ready to accommodate the steady building supply.", "duration": 11.04}, {"path": "dfa02d0f609487ada2cf3cea5f42b396_14.wav", "text": "construction of new kilometers, acquisition of subscriber equipment and special projects that we carry out during the year.", "duration": 11.04}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_18.wav", "text": "as well as what we call inhibitory neoantigens that appear to suppress immune responses broadly, and therefore, we wish to direct the immune system away from them.", "duration": 11.04}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_95.wav", "text": "These measures include a reduction of our global workforce of around 5%. I told you in January that we are now going through what we call in Rieter the cycle management.", "duration": 11.04}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_89.wav", "text": "That -- absolutely not. These deals are not impediments to doing deals. They're actually drivers for getting deals done. And we want to make sure that people can clearly see the value in those assets", "duration": 11.04}, {"path": "c5c7a9f409241412b160a93cde7ef630_100.wav", "text": "David will provide a more detailed summary of the drivers of our financial performance and key factors impacting our updated full year outlook at the conclusion of my remarks.", "duration": 11.04}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_109.wav", "text": "over the next 3 years is critical. And the reason we grew transactions in the mid-teens in China is because of new-store growth. And it is where", "duration": 11.04}, {"path": "20097e37747ec7bc3734246e83798fb1_12.wav", "text": "And we are pleased to announce we started production on another coproduction in the hot western genre called The Outsider, with very strong cast and multi-generational appeal", "duration": 11.04}, {"path": "9979d7fef684b8cac613c934b6229791_127.wav", "text": "Yes, I can. This is David. And I can tell you that the infrastructure margin would have been", "duration": 11.04}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_61.wav", "text": "long as we can continue to provide increasingly better levels of customer service, which we've been doing, we can then turn our attention to how we can manage inventory", "duration": 11.04}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_33.wav", "text": "They are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ from those expressed or implied by our forward-looking statements.", "duration": 11.04}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_140.wav", "text": "We're planning for continued category declines while working on initiatives to stabilize share and shift focus to our strong, growing and highly profitable candy and mint platforms.", "duration": 11.04}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_5.wav", "text": "Cash flow statements have been recast to show the impact of the new accounting standard with installer receivables, so year-over-year cash flow results are comparable.", "duration": 11.04}, {"path": "74d0910b4af16f82a812bddbb151d966_85.wav", "text": "And so I think that what we're seeing is a very consistent theme, which is people continuing to focus on the very low-cost resources", "duration": 11.04}, {"path": "74d0910b4af16f82a812bddbb151d966_139.wav", "text": "So we think the Marcellus and Utica certainly established itself as the supply basin for a lot of this incremental demand, and it's really the only one that can come on with that kind of scale.", "duration": 11.04}, {"path": "262bc21196721c5ff9114acbd2ff03c3_298.wav", "text": "And there we are at the whim of the larger engineering contractors and other delays that other suppliers might bring into those projects that we just get pushed out a little bit.", "duration": 11.04}, {"path": "e00fd35e201a8607d264b803a5130c59_259.wav", "text": "And we're very pleased to note that we managed to get unconditional approval to that merger, and now we're fully engaged in bringing the 2 companies together. I'll also say a few words about the future because there is", "duration": 11.04}, {"path": "fb817a6cc685a3fd0f003456dd641c01_99.wav", "text": "that's what we hope you took away that, yes, we think Q4 is an anomaly. But if you take a look at the overall core growth for the company, a negative 1, and moving to that general framework next year,", "duration": 11.04}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_157.wav", "text": "which we feel we can address very quickly and have a good sales network and also a good reputation in the market for", "duration": 11.04}, {"path": "b3d7bc295d09d9927e465213612c0192_229.wav", "text": "believe to see very, very long-term growth trajectories within that. So that would be focus on San Antonio and the reason for the cross qualification there presently.", "duration": 11.04}, {"path": "8eaca8d8a419f74540f69ade8defabbd_60.wav", "text": "I will say, at this time, we feel generally well positioned with where the customer base is at, at the moment with the deals that we've closed. We feel it's appropriate for where the market is at.", "duration": 11.04}, {"path": "87045996e7446329f1d98c909c6ca7fe_98.wav", "text": "I'd say it's the continued performance in the diversification of the loan portfolio across the country that is delivering the results. And it's benefiting", "duration": 11.04}, {"path": "da879f8ea1c23aa6565cccaacac271fc_97.wav", "text": "such as the dedicated integration team we established in 2015. Identifying and hiring the best scientific and operational personnel", "duration": 11.04}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_207.wav", "text": "that allows customers to ship the product to their home while still using trade currency to fund their purchase. This means that the product is selling out even before we receive it.", "duration": 11.04}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_48.wav", "text": "In addition, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, and are included in the press release and the earnings slide materials.", "duration": 11.04}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_206.wav", "text": "we do from time to time deploy that in the market and buy back shares, given that we've already incurred the tax inefficiency of bringing it back home. And we did do some of that last year. So", "duration": 11.04}, {"path": "3877b1983229ec488c6349a188bccf92_208.wav", "text": "We are pleased with how this improvement was delivered, with our productivity work supporting the increase in marketing with much of the reductions in overhead still flowing through to the bottom line.", "duration": 11.04}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_156.wav", "text": "they've just done nothing but execute within our expectations. And our expectation was for some inefficiency and our expectation is that they'll work that inefficiency down. So", "duration": 11.04}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_126.wav", "text": "Got you. Okay. And then you said in Financial Services that you might be able to overcome kind of the pricing impact but not to expect significant growth.", "duration": 11.04}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_40.wav", "text": "at that facility. We had always known that it would be a difficult market, in all likelihood, when those contracts rolled off. But it's proving to be even more difficult", "duration": 11.04}, {"path": "3e29586725757a72d8c143f3da2658f5_51.wav", "text": "Has there been any movement in terms of new construction in Las Vegas, except for some of these peripheral things like the convention center and stadium and whatnot?", "duration": 11.04}, {"path": "01b376669d5ea40acc7fb5a87503586e_66.wav", "text": "and you haven't seen it yet but you possibly do as you get into 2017? I'd say it's a wait-and-see. There may be some effect in the third quarter.", "duration": 11.04}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_91.wav", "text": "the sustainability of that gross to net and what it tells us about how well you're working and maybe what it tells us about the economics of your business.", "duration": 11.04}, {"path": "919fd6c04cca92ecdf503e32f884435d_10.wav", "text": "We continue to expect positive sales growth for the full year in all jurisdictions due to customer growth as well as planned expansion from some of our larger customers.", "duration": 11.04}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_98.wav", "text": "But in reality, all the major negotiations, all the key business points should be done by the time you signed that commitment. And I would say that was very much the case in this instance. So nothing really changed.", "duration": 11.04}, {"path": "b126c31149f1cadf1d891082a187d6fc_239.wav", "text": "We think there is going to be some time frame for both the MACs and the providers to transition to the pre-claims demonstration. But over time, as it relates to both bad debt", "duration": 11.04}, {"path": "09b5b62d328d3d0719b6825357fdfb48_162.wav", "text": "there are now technologies that exist that an ethanol plant can increase the value of their co-products of distillers range through multiple different opportunities. And so we chose the first one, which was", "duration": 11.04}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_102.wav", "text": "We also assessed the value of the former Bucyrus business in the Canadian mining unit and the future discounted cash flow well exceeds the value we have on our books.", "duration": 11.04}, {"path": "24a133abc343c813233d416b0cef96cd_122.wav", "text": "Where are the levels of incentives in retail at the moment and also your level of delinquencies in terms of tenants?", "duration": 11.04}, {"path": "24a133abc343c813233d416b0cef96cd_188.wav", "text": "And that's in the face of stronger competition from nonretirement office, such as apartments or townhomes. So we believe that really underpins the strong fundamentals of the business and gives us great confidence", "duration": 11.04}, {"path": "b0d88c0f1efca89ecb928172341dc75d_4.wav", "text": "The optics of the quarter were affected by the impact of last year's hurricanes. Also, some shipment slid from late Q2 into early Q3, which is not unusual around the holidays.", "duration": 11.04}, {"path": "92287986b332deec2c9712d7c89eef08_9.wav", "text": "Just to prove our dedication and how tough we really are, I'm actually offering Butch to take on the winner of the Mayweather fight with all the proceeds going towards the renovation of Westminster Mall.", "duration": 11.04}, {"path": "8611e088fa81dc9b999c382b62641dfc_5.wav", "text": "We also won an expand order from the Department of Homeland Security. This was a direct result of the previous investments we had made in government-specific certifications and capabilities.", "duration": 11.04}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_77.wav", "text": "So that, in terms of an underlying price, is constantly moving. In terms of the prices that we are actually paying at the moment, we've locked in", "duration": 11.04}, {"path": "1f142ea668261ba963d47aac6bab69dd_196.wav", "text": "the big margin changes that we've seen at the peers with some announcement for bigger margin expectations having just gotten rolled out. So it's incredibly topical.", "duration": 11.04}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_181.wav", "text": "at building out their platform, and we could go backwards or forwards with the different technology. So it's quite exciting in the investments we're making to see the market that we could address.", "duration": 11.04}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_31.wav", "text": "We will continue to look objectively and thoughtfully at how best to advance our plans to increase value for our shareholders and other stakeholders.", "duration": 11.04}, {"path": "96488f25af54f91198b444e5eff8e878_149.wav", "text": "We still have a book value of our freighter fleet. And you can assume the extreme and say that all of it is for -- at risk, but I think we have done what we believe is prudent and appropriate.", "duration": 11.04}, {"path": "6cbf592846662213258684c3049e4592_205.wav", "text": "So -- but I think we'll continue to be very smart about it until we kind of see the way everybody is going to play this over the next couple of months and then how fast we can really get into some goods as well. We've been", "duration": 11.04}, {"path": "b20564a6da1bcfc7b80552299d9e002a_4.wav", "text": "We see growth in syringes even better than expected, which confirms that it's right to further focus on this business and extend our capacities.", "duration": 11.04}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_149.wav", "text": "behind us. The vast majority of those costs are behind us. So there's really been an investment to build a much stronger business, which I think is indicative from", "duration": 11.04}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_252.wav", "text": "somewhat muted outlook. There's so much uncertainty out there in terms of the macro environment, what it means for markets and what it means for investor flows.", "duration": 11.04}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_112.wav", "text": "And then just the last one for me would be if I could get your thoughts and views on just the traditional oil well maintenance work that's out there for the workover rig business.", "duration": 11.04}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_90.wav", "text": "While a prolonged period of depressed oil prices will likely result in continued credit stress in the industry, we actively monitor our portfolio and believe our exposures to be manageable.", "duration": 11.04}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_136.wav", "text": "perhaps even into 2019 before we completely get our practices fine-tuned to take full benefit of the capacity and the cost efficiency that we should get from this.", "duration": 11.04}, {"path": "b1a98885c1d81414cdc122e807760faf_106.wav", "text": "I am extremely excited about how we're becoming more entrepreneurial. Our approach is to blend strong science with a medical mindset and an entrepreneurial emphasis on innovation.", "duration": 11.04}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_150.wav", "text": "Our capital allocation strategy in 2017 includes continued investment in aligning our facilities with core OEM expansion efforts and ensuring we are well positioned to support the growth in all of our markets.", "duration": 11.04}, {"path": "a98061f951c1b2c7a915e296098bc4de_53.wav", "text": "The market for retail deposits was not impacted whatsoever by the first Fed rate hike, so we saw no increase in our cost of funds there.", "duration": 11.04}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_104.wav", "text": "we can typically deliver value in a much faster time frame and at a lower cost than others in the recovery audit industry or in the Source-To-Pay technology space.", "duration": 11.04}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_3.wav", "text": "At our most recent board meeting in December, we formally welcomed our newest director, John Young, who currently serves as Group President of Pfizer Innovative Health.", "duration": 11.04}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_150.wav", "text": "So that is also an open-door opportunity for us to get in and bid on some of their transmission and distribution contracts.", "duration": 11.0399375}, {"path": "01b376669d5ea40acc7fb5a87503586e_173.wav", "text": "In terms of backlog or significant deposits, the answer is no to both questions.", "duration": 11.0399375}, {"path": "7e14890193df4b10e1eeab6ab886529f_68.wav", "text": "At Weight Watchers, we have always been social, harnessing the power of community to help individuals who have the same goals form deep, meaningful and real relationships.", "duration": 11.0100625}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_49.wav", "text": "it's a bit difficult to assess exactly how quick the demand will rise and what kind of alternative materials could come on the market. So we see this mostly as a short-term issue.", "duration": 11.01}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_84.wav", "text": "of circulating s-antigen. Even so, half of these patients experienced a sustained host response, where it appears that ARC-520 triggered something that enabled the body to fight the virus.", "duration": 11.01}, {"path": "6388da88b00ebc88af59435bdac74132_156.wav", "text": "Over the years, Carlyle's consistently strong investment results have generated a steady stream of performance revenues, and we expect that to continue.", "duration": 11.01}, {"path": "6388da88b00ebc88af59435bdac74132_228.wav", "text": "More than 100 Carlyle professionals across United States, Europe and Asia worked together for over a year on this transaction, which is expected to close in the second half of the year.", "duration": 11.01}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_75.wav", "text": "implementing a regional operating model in our Consumer Products business, which is beginning to produce results by taking millions and miles off the road and reducing external warehousing costs.", "duration": 11.01}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_179.wav", "text": "Final comment from me before I hand over to questions. You may have seen in the press release, after 7.5 years in this job, I am going to take a couple of months off in March and April.", "duration": 11.01}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_112.wav", "text": "We also have an opportunity to enhance our position due to preamps that we'll take advantage of. And so we believe those are the", "duration": 11.01}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_213.wav", "text": "But the bottom line is I cannot tell you how impressed I am with the talent that -- given the disruptions that we have,", "duration": 11.01}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_139.wav", "text": "And you will note that over the last decade we have repatriated a substantial amount of capital to our shareholders and continue to do so.", "duration": 11.01}, {"path": "3557b21a45c35e71e82cc43b19977855_36.wav", "text": "New York, trends are pretty much on what our expectations were. I think the 1 issue might be the corrugated medium machine and what's going on in that industry,", "duration": 11.01}, {"path": "87bce6c4c7d972f51540cb0b27af5905_19.wav", "text": "We also announced earlier in the year that we had doubled our measured and indicated resources at Cozamin. And so a lot of work has been completed throughout this quarter to advance that", "duration": 11.01}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_134.wav", "text": "Also, we expect to receive the adjudicated cardiovascular safety data from odanacatib from our external evaluators in the next few days, which will then be analyzed over the next several weeks.", "duration": 11.01}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_57.wav", "text": "We'll also continue to build greater loyalty with our existing customers through brand marketing centered around our commitment to serving delicious food made from ingredients raised responsibly.", "duration": 11.01}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_26.wav", "text": "as a consequence of the introduction of flex commission, which we haven't seen either, which has been good and positive. I think the trend is up, the opportunity is up.", "duration": 11.01}, {"path": "2a59b9df2de5248e64727f10185a8423_40.wav", "text": "over the previous year, due in part to the fact that outflows for the business model transformation expenses that were recorded last year, actually occurred in this fiscal year.", "duration": 11.01}, {"path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_10.wav", "text": "generating strong net cash flow, deleveraging the balance sheet and growing the dividend in line with higher normalized earnings.", "duration": 11.01}, {"path": "7e14890193df4b10e1eeab6ab886529f_86.wav", "text": "Later this year, we'll unveil a new articulation for our brand, and we expect to modernize our branding to be even more culturally relevant so we can reach more people in a powerful new way.", "duration": 11.01}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_135.wav", "text": "Historically, Reis played a minimal role in serving investment sales brokerage because sales brokers, first and foremost, rely on comparable sales transactions to market a property.", "duration": 11.01}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_4.wav", "text": "will follow suit, returning to double-digit levels in this year's second half. This resurgence of growth has and will continue to be in large measure due to our", "duration": 11.01}, {"path": "3180572bc2da758668c19200930e1bc4_118.wav", "text": "Except to the extent required by law, we expressly disclaim any obligation to update earlier statements as a result of new information. And now, I would like to hand the presentation over to Jeremy Ford.", "duration": 11.01}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_132.wav", "text": "And a robust and steady balance sheet, which gives us forward strength, but also the ability to weather changes in external markets is a kind of security feature of the business.", "duration": 11.01}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_108.wav", "text": "But again, I just want to come back to the point that from Steve's perspective, from my perspective, from the company's perspective,", "duration": 11.01}, {"path": "e8a2a593282199ea052f788b8fead64b_27.wav", "text": "As I had mentioned, with the production now fully integrated here in West Warwick, the final cleanup portion of the transition is related to transferring the many individual and customer contracts", "duration": 11.01}, {"path": "8b71a232d7fe61e6232807b635977c31_236.wav", "text": "In other words, if we're able to measure all the important sources of viewing in the market, do they want all of those important sources of viewing included in the currency or do they just want some, but not all.", "duration": 11.01}, {"path": "044da592acc01ff7baacb3dbf2a302a9_168.wav", "text": "Also, the discussions will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release", "duration": 11.01}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_4.wav", "text": "At Assurant, Ajay will drive business alignment and strategy for technology across the global enterprise, and support our broader commitment outlined at Investor Day.", "duration": 11.01}, {"path": "b34f680a9162805e0188170d6272a356_272.wav", "text": "At the federal level, programs such as America's Water Infrastructure Act and State Revolving Funds for clean water and drinking water are in place. But today, they only provide a framework.", "duration": 11.01}, {"path": "c4dc8f962a85aa47af50f82845f550e2_45.wav", "text": "Our second quarter results and certainly those of the first half of the year serve as strong evidence that our strategy and operational excellence efforts are right on target.", "duration": 11.01}, {"path": "6616e76da46baea11d6032fc063716c1_63.wav", "text": "In the first quarter, we successfully completed this acquisition in the upper Midwest region, providing us with good fuel volume and inside sales growth while leveraging our existing operational network in the region.", "duration": 11.01}, {"path": "ecd8e1f1c0fa27dfdd24b358cb65012f_4.wav", "text": "This slight increase was overcompensated by further declining road-bound transportation due to less transfers in the cargo volume of the greater Hamburg area.", "duration": 11.01}, {"path": "46906afb4e1ee1fef09b5908e76beefa_33.wav", "text": "We do know what was -- what they were trying to get approved. And based on what we've known in the past, if that's the device that was approved,", "duration": 11.01}, {"path": "ada4e338c266148264077e06bac68005_34.wav", "text": "It is worth noting as well that announcements of this type happen mainly during periods of cyclical resource company margin expansion, such as the one we're now seeing unfold.", "duration": 11.01}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_190.wav", "text": "for noodles, the difficulty is much greater than that of beverage. Selling beverages is about selling imaginations.", "duration": 11.01}, {"path": "833f98dbc79997580b24335033aac5d2_6.wav", "text": "many of which are looking for a -- to enter into a contract for solar products directly with someone who actually owns the project,", "duration": 11.01}, {"path": "cfbe91105113db7a5784f77e411b7a3f_131.wav", "text": "to tender lower prices, as they have been the ones with the volumes in the past who has been accepting also the high level of prices as a result of their volume increase.", "duration": 11.01}, {"path": "fa45af64ef25007f998c655347bfbecb_335.wav", "text": "Of course, we have ongoing focus on cost savings, and we have a potential new conclusion of the regulator on Significant Market Power.", "duration": 11.01}, {"path": "8292bdb9af87f10627c044f3842b2c76_106.wav", "text": "maybe this is something for Tom to jump in with but could you give some color on sort of the velocity of deal flow from the tech users? There's a lot of press on", "duration": 11.01}, {"path": "8292bdb9af87f10627c044f3842b2c76_180.wav", "text": "anticipated nonrecurring condo marketing expenses and condo profits in the year. And two, the financial impact of any acquisitions completed in the year.", "duration": 11.01}, {"path": "839852ec8452dbd90e9341d15cbba7c5_108.wav", "text": "They are not guarantees of future performance, and therefore, you should not put undue reliance upon them. These results are subject to numerous risks and uncertainties, which could cause actual results to differ materially from what we expect.", "duration": 11.01}, {"path": "1b1699497be56330b3ed833f22bc63f6_154.wav", "text": "That 2-segment definition is really too simplistic for how our business actually creates value for our customers and shareholders, specifically on the Payments side.", "duration": 11.01}, {"path": "5f38ce681d4413a793d34a0650c59bf2_192.wav", "text": "the impact of foreign exchange on Somar. With that, let me turn the call over to Blaise Coleman to further discuss the financial performance of the company in the quarter", "duration": 11.01}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_23.wav", "text": "which is not really agreeing with that type of number. So would you be able maybe, Carl, to call out the 3 -- the couple of end markets here that were the", "duration": 11.01}, {"path": "8475d4f528174aebabcb109487bee3f3_33.wav", "text": "Our company-wide programs that we started early in the year have landed very well through the entire organization. And the results, as you can see, are already very visible.", "duration": 11.01}, {"path": "73ba4ff250b62745e03880e75b9a1581_84.wav", "text": "We expect our sales volumes in the automotive OEM business to be stronger in the second half of the year based on recently implemented stimulus and easier comparisons to the prior year.", "duration": 11.01}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_161.wav", "text": "which will be a significant driver of margin improvement for 2018. We also have optimized our annual budget to drive significant margin improvement.", "duration": 11.01}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_115.wav", "text": "In general, the combination of high demand and lack of skilled labor has led to increase in cost in most of the markets also in this segment.", "duration": 11.01}, {"path": "fc066133a3e40a7d270f2dff3e44fd58_58.wav", "text": "Pat will follow with information related to investments and investment-related activity along with some additional commentary regarding the company's overall finances.", "duration": 11.01}, {"path": "a44c74bdc01aa7e317addc11f2274e11_100.wav", "text": "Moreover, in the more than 30 years that I have been involved with Lakeland, the company has never been better positioned and presented with more global opportunities than it is today.", "duration": 11.01}, {"path": "e56726c7aedd69029957c84128050700_12.wav", "text": "Second, broadening our product offering to automotive customers, this is intended to expand our addressable market and enable us to achieve double-digit revenue growth.", "duration": 11.01}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_132.wav", "text": "from one side the FX losses on our dollar-denominated debt that was compensated with some of our liquidity that was abroad in dollars and some", "duration": 11.01}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_242.wav", "text": "so far away? Or if I consider like your largest competitor Infineon in the power space going to 300- millimeter getting scale and scope.", "duration": 11.01}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_81.wav", "text": "And with the reduction in size of Skanska, our largest competitor in New York, and the failures of some of our New York peers,", "duration": 11.01}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_61.wav", "text": "As we have discussed in the past, we typically have lower cost during the non-winter months primarily during the second and third quarters of the calendar year as we ramp up our wet plant operations,", "duration": 11.01}, {"path": "c433164f6d189e18b1e4784e376b6ecb_77.wav", "text": "Another area that has seen recent weakness is our Elk Basin oil. Western Canadian Select prices have recently been impacted by the pressure on U.S. heavy sour prices", "duration": 11.01}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_71.wav", "text": "remaining decrease was due to expenses related to our operating real estate activities, which we consolidate for accounting purposes, but we do not incur these expenses directly.", "duration": 11.01}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_70.wav", "text": "The forward-looking statements are based on current expectations and are subject to substantial risks and uncertainties that may cause actual results to differ materially from the forward-looking statements.", "duration": 11.01}, {"path": "7394bde65e000fbb7b528c6c65bd099d_117.wav", "text": "The primary variables of our guidance will be rack margins for gasoline and diesel, crude prices remaining around current levels and drilling activity remaining stable in our core basins.", "duration": 11.01}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_40.wav", "text": "But we also have some things that are very unique to what we are and to the kind of conversation that we can have when we sit across the table from clients.", "duration": 11.01}, {"path": "b092d2be33ad52beefab208355b18235_129.wav", "text": "and development of core deposits. This is also reflected in the overall mix and the increase in noninterest demand balances. We will continue to compete in our markets with a disciplined approach to pricing.", "duration": 11.01}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_85.wav", "text": "do you have enough levers to pull to really offset what potentially could be seen in terms of a faster acceleration pace on the retirement?", "duration": 11.01}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_41.wav", "text": "with various effective dates that extend through December 2019. However, several states have moved or will be moving to the new standards before the required federal dates.", "duration": 11.01}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_98.wav", "text": "It's a difficult one to answer from the standpoint of it, it's sometimes project related or region related and depends on competitive environment at times.", "duration": 11.01}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_105.wav", "text": "We maintained our diligent cash management focus as well as stock repurchases and quarterly dividend payments and closed the year with a very strong balance sheet.", "duration": 11.01}, {"path": "a8b43081254547419da7462d9c957d61_153.wav", "text": "We'll also drill a number of step-out wells in the Bakken Lite and other areas to continue testing and refining our latest precision targeting and advance completions outside our core operating areas.", "duration": 11.01}, {"path": "dd28a387ccc9575df47840b850647c7f_243.wav", "text": "we would look -- we would look at be running that new system essentially for around 2021, okay? So now I'm not making a statement on the sequence of Val-d'Or versus Cook", "duration": 11.01}, {"path": "6a372ea97b0b130a4d37f16b54d97909_40.wav", "text": "Leaving it out there, you're creating this overhang that we have to lower our estimates when you give us until next quarter. So if you get maybe just tell us what the mix you expect or", "duration": 11.01}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_73.wav", "text": "With that on the highest level, when we look at the first half year of this year, we look at it as a solid first half year", "duration": 11.01}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_191.wav", "text": "some form of an OTC product. And if it is just to upsell people, so that's certainly close to home, and you would probably do with some form of brand from ourselves.", "duration": 11.01}, {"path": "02deeb29574f1571812a11f66bb8fda1_204.wav", "text": "really focuses on high pressure, high temperature and transportation to hydraulic markets, but it's very scalable. As I think about opportunities in their core business to take market share", "duration": 11.01}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_56.wav", "text": "the ability for customers to interact with great next-generation technologies in a safe way. I think that this is going to accelerate with artificial", "duration": 11.01}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_178.wav", "text": "on a new occasion in the afternoon with teas and refreshers. So we're going to maintain our plans to continue this work that we're doing because we're encouraged from what we're seeing right now.", "duration": 11.01}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_227.wav", "text": "We continue to expect consolidated revenue growth in the high single digits, excluding approximately 2 points of favorability from the East China acquisition and other streamline-driven activities.", "duration": 11.01}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_144.wav", "text": "As we look at the rest of the year, we don't see any major changes in the outlook, and despite the typical seasonal of the second half being weaker than the first half, with", "duration": 11.01}, {"path": "974a2d744cd3d9acf42d74816de91f7f_89.wav", "text": "there is no sound from the engine to mask other road noise, and so electric vehicles actually, typically use more of our acoustical products", "duration": 11.01}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_59.wav", "text": "References to balances and percentages of accounts receivable 60 days plus past due were re-aged on today's conference call, and going forward will be at carrying value.", "duration": 11.01}, {"path": "20097e37747ec7bc3734246e83798fb1_180.wav", "text": "And we're not as focused on South East Asia and Korea or Japan, but that could be sort of the next way for us. We think that the most important thing we can do is", "duration": 11.01}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_164.wav", "text": "how we are very committed to the knowledge transfer back into their environment, so clients are left better off than when started.", "duration": 11.01}, {"path": "ef44080b170ca6366a6d3132d0baf11a_110.wav", "text": "we're proud of our ability to keep loans from moving to charge-offs. As part of our credit culture, we know our customers well and have the ability to identify and solve problems early.", "duration": 11.01}, {"path": "ef44080b170ca6366a6d3132d0baf11a_43.wav", "text": "diversity of revenue streams. As you've heard me say before, we believe we have a significant runway ahead of us to expand in some of our underpenetrated markets and customer segments.", "duration": 11.01}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_23.wav", "text": "Well, we're confident because our products -- when we sell a piece of plate, it could go on to any platform in the entire spectrum.", "duration": 11.01}, {"path": "53889f50eda8b316a01a3df89d226e7f_69.wav", "text": "The underwriting environment continues to be very high quality. More than half of the business we are writing is at FICO scores of 760 plus", "duration": 11.01}, {"path": "50b20eb62889a9a6f09f354a21fe0ea7_10.wav", "text": "happy and eager to lend us more money if the business activity justifies it. So we're in discussions as far as that goes.", "duration": 11.01}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_50.wav", "text": "So we have been adding capacity, as we announced, for some of our specialty products in Indianapolis and in Thailand. We talked about it coming on stream.", "duration": 11.01}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_163.wav", "text": "and went through some of the relationships that we see between oil and asphalt cost, and then also how long it takes the oil cost to come through our economics, about 90 days to get through the refinery, about 90 days to get through our cost of goods.", "duration": 11.01}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_228.wav", "text": "so that we can provide our products in a variety of packaged formats at different price points. And so the key for us in competing in those, particularly in the emerging markets", "duration": 11.01}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_9.wav", "text": "First, we're now through the toughest year-over-year compare as we lap the introduction of unlimited plans that came out in the first quarter a year ago.", "duration": 11.01}, {"path": "e00fd35e201a8607d264b803a5130c59_189.wav", "text": "And I should also point out as an aside that the customer service center, the contact center which we'll need for the retail operations, that has been separated for over 10 years in our case.", "duration": 11.01}, {"path": "6318dda27b3e36d76533c048c64a3014_67.wav", "text": "you basically have until you file the tax return of the year subsequent to recognizing the real big gain. Or there's a mechanism where you can retain the gain, pay the tax", "duration": 11.01}, {"path": "939c2eaaa171907197a14e58cea3514d_111.wav", "text": "What we see when we -- at least when we discuss with shipyards and when we look at the order books that we have seen being -- or newbuilding orders that we've taken over the last few months,", "duration": 11.01}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_137.wav", "text": "Sherry will then review financial details for our reported results and provide our 2018 financial outlook. We will then open up the phone lines to take your questions.", "duration": 11.01}, {"path": "8eaca8d8a419f74540f69ade8defabbd_152.wav", "text": "The outstanding performance delivered in the third quarter was a result of the team's continued execution of a market strategy committed to optimizing both top and bottom line, a capable workforce", "duration": 11.01}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_14.wav", "text": "First, given the excellent safety profile and flexibility of our DepoFoam platform, we are advancing a development plan for intrathecal delivery of nonopioid analgesics for acute and chronic pain.", "duration": 11.01}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_149.wav", "text": "This reflects the front-loading of some investments into the early part of the year, especially in personnel, allowing us to scale the business to support our high-volume growth expectations for the year.", "duration": 11.01}, {"path": "7cc11de7f206c637e6293da0d956405e_50.wav", "text": "the things that we put on the wall here to make sure that our entire team from top to bottom is aligned to those growth goals, that's all of the view toward driving shareholder value.", "duration": 11.01}, {"path": "f542ab325f47ed150e28888da2f85871_73.wav", "text": "As always, we are mindful of our cash position. We did put an ATM in place back in May, a vehicle we have used in the past when the markets have not been very favorable.", "duration": 11.01}, {"path": "7498a6630302a038bd537d192c3a44f4_229.wav", "text": "As we continue to work together across functions, we are better able to ensure we have trend-right products where and when our customers want to buy them at a competitive price.", "duration": 11.01}, {"path": "8635f950dc44da3fcad542b2c066bedf_225.wav", "text": "and our retail bankers in the markets do an excellent job of preparing customers that are going to have to move", "duration": 11.01}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_19.wav", "text": "And you're right, there has been some other activity up there from some other operators. And the results we've seen thus far have been pretty encouraging for what we plan to do on our completions very near there.", "duration": 11.01}, {"path": "9908957f60adff5efc1c8692a0f5ab38_111.wav", "text": "As I mentioned, we continue to drive positive traffic and with the third quarter, we have now recorded positive traffic in 8 of the last 9 quarters.", "duration": 11.01}, {"path": "71ea3ed1436c2759a95f8d629963db2e_279.wav", "text": "But maybe you guys could talk about what your plan more specifically at Vancouver is, some of the natural network efficiencies that you have maybe versus your competitor.", "duration": 11.01}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_51.wav", "text": "Now the next one I would like to give that is the outlook and the environment we are in. Environment of chocolate markets we talked already a lot about.", "duration": 11.01}, {"path": "5efe4589d80ac1232c2958182c188903_11.wav", "text": "and the willingness of Casdin to enter into a 1-year lockup on these shares underscores their long-term fundamental investment strategy. Now I'd like to turn the call back over to Mike.", "duration": 11.01}, {"path": "5efe4589d80ac1232c2958182c188903_45.wav", "text": "or some other biologic material coming from the patient, whether it's allogeneic or autologous. All the way through to the transportation and administration of that dose or that therapy to the patient.", "duration": 11.01}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_235.wav", "text": "You've got to build some relationships on all the processing side of the donations, the integration with our other products. So there's quite a bit of heavy lifting to be done behind the scenes to get it ready", "duration": 11.01}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_26.wav", "text": "putting incremental capital to work and a lot of things that the 3 of us described a few moments ago, that's generally the strategy when we think about repositioning the portfolio.", "duration": 11.01}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_55.wav", "text": "teens. Is that still -- is that -- was that part of your expectation as you're getting ready to acquire this that it still makes sense financially with those types of declines?", "duration": 11.01}, {"path": "66b25c60d952bd002c7ab20da9248086_6.wav", "text": "Now why would anyone keep their money in a savings account that offers half the rate of another savings account? There's only 2 reasons. One, they don't know about the other offer, or two, the friction and hassle in moving their money.", "duration": 11.01}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_127.wav", "text": "We also did 5 new brand introductions, and we did the landmark disposal of our spreads business following the carve-out over the last few years.", "duration": 11.01}, {"path": "89499eed4dff3bd184e91cd496111f22_22.wav", "text": "will be our responsibility, along with our leadership teams, to turn the assets we are acquiring into strong cash generators that exceed our targeted investment returns.", "duration": 11.01}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_140.wav", "text": "There is Linx Pay appearing very visibly, and this gives more exposure to our brand.", "duration": 11.01}, {"path": "9fb4423a70358ef22be9982299969f7a_97.wav", "text": "where you actually know where these commodities are going to land. It's very difficult in an environment where commodities continue to bounce around, to go out and put a plan together to offset and have", "duration": 11.01}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_46.wav", "text": "First, even with at times uneven earnings performance, your free cash flow has remained consistently robust and your leverage has declined consistently for 7 straight years.", "duration": 11.01}, {"path": "2cd5b184c2ef6624ce219830182927c9_257.wav", "text": "And then lastly, and this is an area that we made good progress on in 2016 and much work to be done going forward, and that's our focus on continuous improvement,", "duration": 11.01}, {"path": "6299a010c7bb84feaf14b263750dbd1a_51.wav", "text": "the moment, clearly, a substantial proportion of our funding is in the form of bank debt, although that is reducing. We've made very good progress in terms of", "duration": 11.01}, {"path": "902872913863de98d38e2936b846cf66_272.wav", "text": "and it continues to build. So very exciting for Southern California on the private side. Northern California has been a little slower on the nonres. Res continues to be healthy,", "duration": 11.01}, {"path": "96488f25af54f91198b444e5eff8e878_78.wav", "text": "And the list is now mostly of freighters. All the freighters on the list are the ones we've written down and expect to scrap at the end of their current leases.", "duration": 11.01}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_125.wav", "text": "our proven track record of driving growth and delivering results across our asset platform is integral to our success. At EnLink, we execute with excellence.", "duration": 11.01}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_15.wav", "text": "We believe the key to capital sales becoming more predictable will be the positive guidance and coverage decisions for the product, leading to worldwide reimbursement.", "duration": 11.01}, {"path": "180077e2b9e63b7d2a27a3730349530d_61.wav", "text": "and ask you for advice on what would you tell them in order how to position themselves to maybe have a most outcome in these types of discussions?", "duration": 11.01}, {"path": "77423f08f0208d476dea73c639f6293a_27.wav", "text": "That leverage assumes that we take the vast majority of our free cash flow and pay down debt over this year and next year.", "duration": 11.01}, {"path": "24c7526f6daca8e16ab91bea6124148a_114.wav", "text": "that is very influential and could potentially even influence that large multinational to convert or to do something else in the form of a natural color conversion.", "duration": 11.01}, {"path": "0807d606b6cf98da19b317b4928c3572_113.wav", "text": "We engineered and designed that capability into our solution and we offer that as a very minor cost upgrade to a customer that has an existing call center.", "duration": 11.01}, {"path": "4e5c4493f72e781905efa4dd73460ff6_2.wav", "text": "Turning to Slide 3. Please refer to additional disclaimers related to the presentation of our financial information and our previously filed Form 8-K", "duration": 11.01}, {"path": "4d7256bec87696f6c5defa8f37db1b48_28.wav", "text": "Their efforts are reflected in the strong sales performance to date and by the fact that over 800 surgeons have trained on the MACI procedure since launch.", "duration": 11.01}, {"path": "7bac04f03928ee8894ab00007116400b_88.wav", "text": "continuously learn and improve, get closer to the consumer and get back to high performance. Now let me turn to a few key takeaways from our fourth quarter results.", "duration": 11.01}, {"path": "7a80c3e91e5a2693cdaef5f716808317_209.wav", "text": "We then have a room full of people running that modular toolkit, if you will, against every site we have. Then each one of those sites get on a conference call with our inventory expert", "duration": 11.01}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_76.wav", "text": "For all those reasons, we are taking a proactive approach to acquisitions by identifying and pursuing potential opportunity of all sizes and at various stages of maturity.", "duration": 11.01}, {"path": "190e0d8d92da94060523364716ce6e03_77.wav", "text": "we are custom to at PPL. These achievements across our utilities reflect our ongoing commitment to operational excellence and our strategy for growth and success.", "duration": 11.01}, {"path": "5833763223d8d85b6fcb5fe90e821c77_153.wav", "text": "most important from this cash that's in hand is we get to step on the gas just a bit in hiring these new salespeople earlier and faster than we expected,", "duration": 10.98}, {"path": "070a939ddb72d87ed87e4b863da14a89_9.wav", "text": "What we expect then is that we'll be able to move into the multiple ascending dose cohorts in a future study in patients with the disease. So that's our planned approach", "duration": 10.98}, {"path": "4fdbfd9eec396928550d0c799e170d34_98.wav", "text": "While we don't disclose individual contract details, we agreed to lower the water rate and amend the contractual formulas applied to future water rate increases", "duration": 10.98}, {"path": "9d8c8f4a41008455665fd243ed99b642_106.wav", "text": "to ensure we can support our customers consistently and drive those synergies, but it does require an alignment of the way we work,", "duration": 10.98}, {"path": "10a419054cf3cc5d4ca00b7f338cc73b_80.wav", "text": "These risks, uncertainties and factors include, but are not limited to, the effect of current global economic conditions and conditions in general and in AudioCodes industry and target markets,", "duration": 10.98}, {"path": "6e6da7f810609ce64857373f11984455_69.wav", "text": "and enhance the customer experience is a driving force behind client demand for more outsourcing innovation and a resulting increase in client spending.", "duration": 10.98}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_138.wav", "text": "as well as the positive benefits as we leverage our AXOS platform by accelerating product development at lower incremental costs and reduced time frames.", "duration": 10.98}, {"path": "6388da88b00ebc88af59435bdac74132_220.wav", "text": "And third, the level of first quarter actual compensation is reflective of our full year expected compensation and our full year revenue expectations,", "duration": 10.98}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_7.wav", "text": "Let's take a look at some of these new accounts, starting with Bezeq. Bezeq is the largest telecommunications group in Israel offering a wide range of telecom services.", "duration": 10.98}, {"path": "e274d02ea943c0a74779950fe28e839d_62.wav", "text": "We are in a good position as it relates to our achieving our cost savings targets and we will continue to look for additional opportunities for savings and report progress each quarter.", "duration": 10.98}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_242.wav", "text": "It addresses one of the most challenging skin concerns in the world, hyperpigmentation, as more than half of the global population is being affected.", "duration": 10.98}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_299.wav", "text": "we believe that the balancing out and the phasing as we go forward is the amount that we will have. However, I would like to emphasize as well that,", "duration": 10.98}, {"path": "223f05c0b9b116532e9af84afa76cac7_152.wav", "text": "and have been actively implementing a detailed integration project plan, which spans each of the various functional areas that will need to be addressed, and we're off to a very good start on that.", "duration": 10.98}, {"path": "2d7efae3f89647d6468deed3b73bf98a_69.wav", "text": "The other half was a combination of some seasonal items, such as snow removal and the opening of our King of Prussia branch.", "duration": 10.98}, {"path": "54558afacef9ab3010d5a57ac4feb664_56.wav", "text": "And we are happy to announce that as of September, we've started to supply the market with products made in our own new facility in the state of Hidalgo, Mexico.", "duration": 10.98}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_67.wav", "text": "to get it to -- from a return standpoint. But we're in a good position with structures. We have the capabilities and the competencies that we need to continue to grow", "duration": 10.98}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_120.wav", "text": "No one should assume that these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our business,", "duration": 10.98}, {"path": "8bbc2f54137b794265dfb01f1559868d_165.wav", "text": "that you're bringing online now, could you just take a step back for us and just kind of review your value proposition for clients. So obviously, you're becoming one of the lowest cost providers of FISH,", "duration": 10.98}, {"path": "3121e8f4a75758834d32a9e4e0555221_4.wav", "text": "Two improvements are worth specific mention. In the area of information technology, we have supplemented our systems with a hyper-converged infrastructure.", "duration": 10.98}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_11.wav", "text": "our third quarter is the first time that our quarterly results fully reflect combined legacy Cable ONE and legacy NewWave results for both '17 and '18. Now getting into the '18 third quarter results.", "duration": 10.98}, {"path": "75fa1bebed0b858c76cc7058477e40e2_13.wav", "text": "we are also finalizing the standardization of our recipes throughout the system, which has proven to improve consistency and throughput in our test locations.", "duration": 10.98}, {"path": "0ee490f8688669984ae17a737590f7b5_47.wav", "text": "We continue to maintain a strong financial position with the flexibility and resources to continue our growth and sustain our monthly distributions over the long term.", "duration": 10.98}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_204.wav", "text": "Is there anything in the works in that regard that you think might be helpful to the longer-term secular outlook for the food can down the road that's real and not pie in the sky at this juncture?", "duration": 10.98}, {"path": "a3c389b6f737603969fd26408544747f_1.wav", "text": "only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.", "duration": 10.98}, {"path": "a3c389b6f737603969fd26408544747f_53.wav", "text": "These successful openings give us great confidence in the brand as we enter many new and exciting markets, executing against our 2016 development plans.", "duration": 10.98}, {"path": "cc82e791c065bdc271addf355bac274f_144.wav", "text": "They could deliver the goods to our stores and the consumers will go and pick it up in our stores. So we want to be competitive with a lot of flexibility. This is the strategy of marketplace.", "duration": 10.98}, {"path": "1133b8984db446b9c963a09eaf0785a4_269.wav", "text": "large customers as well as e-commerce providers about what type of packaging do we need to solve our problems.", "duration": 10.98}, {"path": "1133b8984db446b9c963a09eaf0785a4_228.wav", "text": "One of the key attractions of Clear Lam is the ability to leverage their expertise in modified atmosphere packaging to drive additional growth to our existing flexible and thermoforming customers,", "duration": 10.98}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_7.wav", "text": "these parties at an early stage before the contract with the client is concluded and with risk premiums estimated for expected price increases during construction.", "duration": 10.98}, {"path": "2063e78dbcf34b0ffd9d058a3a4ef6f2_4.wav", "text": "The rates quoted are for days currently contracted. The actual rates to be earned in the first quarter 2019 will therefore depend on the number of additional days that we can contract", "duration": 10.98}, {"path": "276392c471c063580869aec014a1feda_10.wav", "text": "The net growth in volume points in Q3 was the largest in a single quarter since 2012 and the second highest volume point quarter in total in the company's history.", "duration": 10.98}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_3.wav", "text": "And we're just getting started. The quarter was not a spot market play, but rather an intentional and concerted acceptance of commitments with existing customers to meet their needs in the quarter.", "duration": 10.98}, {"path": "9da45cfd4472699ef05d887adce01223_61.wav", "text": "As in the past, we would like to provide updates on developments since our last earnings call in August, which will convey further progress as well as ongoing challenges.", "duration": 10.98}, {"path": "171fd9df333ddd814c764843ed624121_148.wav", "text": "maybe you get a couple of million bucks of revenue associated with things -- this thing. But the more important aspect of this is really just to highlight that this is just another example of", "duration": 10.98}, {"path": "171fd9df333ddd814c764843ed624121_197.wav", "text": "providing an attractive, comprehensive solution for our customers. And 70% of our revenue is from customers in multiple locations throughout our portfolio.", "duration": 10.98}, {"path": "655d592e9d1b1027f1824b1554d8b131_43.wav", "text": "But certainly, the deeming kind of news coming out in May and then really the 90 days to get anything into the market certainly drove a lot of investment in this quarter.", "duration": 10.98}, {"path": "7ec19aea307c76d4a57fa87368305630_207.wav", "text": "where do you deploy your talent? And so we're thinking carefully about how we develop our talent? How do we train them for the next generation and the next generation of work after that?", "duration": 10.98}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_111.wav", "text": "At the top of the list of things, we expect you want to hear more about is the update we've provided on our partnership with Air Canada, and linked to that are the new details we are able to share around cost savings", "duration": 10.98}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_130.wav", "text": "when in fact our Civil business were anticipating 10% to 12% and potentially increases in that because of the lack of competition.", "duration": 10.98}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_137.wav", "text": "because although they're a state agency, they continue to struggle to do their job. And their job, as defined by our contract, is to get their right-of-ways out of the way,", "duration": 10.98}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_35.wav", "text": "create a situation where patients can no longer have the need to actually manage their disease. There's a very onerous disease management process", "duration": 10.98}, {"path": "132abea68f255eb89160dde90b6d3b80_77.wav", "text": "We are encouraged by the improved operating profits and margins in our industrial segments compared to last year, which has allowed us to offset a significant portion of the profit margin impact from AG.", "duration": 10.98}, {"path": "f4d0f1362716be33f02690dd1a8df663_52.wav", "text": "Since last year, we have increased TV advertising, and we'll continue to step up our efforts to bolster the strength of our in brands.", "duration": 10.98}, {"path": "f4d0f1362716be33f02690dd1a8df663_33.wav", "text": "is to deliver the steadily rising dividends that are typically expected by shareholders investing in a food manufacturer.", "duration": 10.98}, {"path": "4e04d3229b988f1db5b842ac5b993894_24.wav", "text": "whatever the prior points were for you to activate equipment. So clearly, I think we can infer that that's what you're getting. Now in that context, is it also safe to assume that", "duration": 10.98}, {"path": "4e04d3229b988f1db5b842ac5b993894_54.wav", "text": "As a reminder, our reported rig count is based on the average number of rigs generating revenue, which includes rigs on standby that are receiving a standby rate, but not actively drilling.", "duration": 10.98}, {"path": "38b2f94da12bbf2d32246763aab8265a_4.wav", "text": "likely that based on the analysis that we are doing that something could materialize and having an awareness", "duration": 10.98}, {"path": "1bba27cac9495fe57f623973383d6948_44.wav", "text": "This preferred stock was to convert to common stock proportionally with the execution of each annual tranche being delivered under the supply agreement.", "duration": 10.98}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_37.wav", "text": "to increase EBITDA and manage their critical supplier relationships. A meaningful differentiator of our analytics and SIM tools over other alternatives", "duration": 10.98}, {"path": "b092d2be33ad52beefab208355b18235_138.wav", "text": "So we will not see a full quarter benefit from those savings in the third quarter, but we should have that in place by the end of the third quarter, so that we'll see a full benefit of that in the fourth quarter.", "duration": 10.98}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_13.wav", "text": "We continue to drive initiatives to strengthen our market position, expand our solutions offering, improve our global cost structure, and all of these will benefit the company now and long term.", "duration": 10.98}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_215.wav", "text": "is a slight dip in sales, transaction volumes. I don't think there's anything to be overly alarmed about by that. In terms of agency branches, I would say, I think about this sort of", "duration": 10.98}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_218.wav", "text": "in our Brazilian environment, we feel that this is actually to our advantage and we're strengthening our market positions, but the overall market dynamic itself need to be dealt with.", "duration": 10.98}, {"path": "3df0981a2d94ed56170b78330aa72ee9_188.wav", "text": "dynamic merchandising and tailored offers. And we're increasingly collaborating with retail customers to make e-commerce a point of differentiation for PepsiCo. As a result,", "duration": 10.98}, {"path": "e2c02e1788cb10703d7611ef157f8135_143.wav", "text": "about the need to improve speed in our sourcing in order to flow receipts more quickly when we see product cycles develop,", "duration": 10.98}, {"path": "98f10f0935e5b778e888a1b8130a3d31_98.wav", "text": "it is not from 1 geography or from 1 operation, it is across the board, from all geographies that have contributed to this excellent performance.", "duration": 10.98}, {"path": "0794a2f02bbe89feb49651735bba77c5_21.wav", "text": "And I would see it as continuing on in that direction of a greater portion of our funds over the next few years going into the digital direction.", "duration": 10.98}, {"path": "c5c7a9f409241412b160a93cde7ef630_14.wav", "text": "While the need for additional correctional facility capacity persists with the Department of Corrections, the state legislature has struggled to reach a revised budget agreement for the current fiscal year", "duration": 10.98}, {"path": "f7df5ecab61eca575f169a8298318eca_30.wav", "text": "pork prices have come down, but have churned up a little bit. But I mean that is something we're keeping our eye on in order to understand, and we're preparing ourselves", "duration": 10.98}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_113.wav", "text": "Our strategy to diversify and grow our company revenue is working. First, our Automotive business expands each year at a rate well above market.", "duration": 10.98}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_269.wav", "text": "is a challenging one to clear currently. So I think the -- it's a really long answer to a simple question, but I think one, I don't think Renova is trying to do that at this point is my understanding. Two,", "duration": 10.98}, {"path": "75eb5b75bb8587b63c318714ea956b9e_44.wav", "text": "that impact not only the fastest-growing segment in the clinical services field but the one with the highest marginal cost as well, which is the molecular diagnostic space.", "duration": 10.98}, {"path": "333d478ab06fd400afafa68f4a952191_6.wav", "text": "These strong results continue into the December as a result of PriceSmart taking a bigger share of the market, which we think will continue for the next several quarters.", "duration": 10.98}, {"path": "333d478ab06fd400afafa68f4a952191_124.wav", "text": "but not to the full extent of the rate reduction, as excess foreign tax credits will have to be expensed. We currently estimate that the net impact of the reduction in rates,", "duration": 10.98}, {"path": "939c2eaaa171907197a14e58cea3514d_45.wav", "text": "We believe it will be in all stakeholders' interest to have a financially stronger counterparty, and we intend to engage in constructive dialogue with Seadrill to find a sustainable path going forward.", "duration": 10.98}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_30.wav", "text": "tend not to want to push the back end of the cycle and get overexposed and so we made the decision not to go forward with any more condos in the cycle.", "duration": 10.98}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_72.wav", "text": "While these are still very early days a shared spirit of excellence has inspired our teams to bring forward the best of each culture to make our combined company the best it can be.", "duration": 10.98}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_119.wav", "text": "As most of you are aware, this decision was in line with our strategic focus on our core business, namely the success and profitability of our franchise restaurants.", "duration": 10.98}, {"path": "7cc11de7f206c637e6293da0d956405e_74.wav", "text": "and superior returns for our shareholders. I look forward to our third quarter call this fall when we'll share the board's assessment of our progress and discuss our go-forward objectives.", "duration": 10.98}, {"path": "7cc11de7f206c637e6293da0d956405e_92.wav", "text": "at levels that TCA historically wouldn't participate, right, so call it in the hundreds of millions of dollars rather than the tens to a hundred million in terms of players. A lot of that has to do with", "duration": 10.98}, {"path": "757695924b5e43c7d44e29dc141cc035_214.wav", "text": "And so it's kind of an action that we're doing now, that we're moving forward on, that we really don't expect to see much in the way of benefit in 2016. It'll be beyond that.", "duration": 10.98}, {"path": "89a894c2c6440d41510f0b009c0cd03b_28.wav", "text": "thereby keeping more volume i.e., is it a defensive move or do you think that this will actually produce tangible profits for you?", "duration": 10.98}, {"path": "130e8e56c1afa2419fd0c08708261824_104.wav", "text": "Generally speaking, portfolio quality today is significantly improved over the '07, '08 time period and should produce less performance volatility in a similar economic downturn.", "duration": 10.98}, {"path": "e42f90eacf0e766ff39973c6aca06c93_23.wav", "text": "So the information that we have is probably a little bit more anecdotal. But we know, for example, in Germany, the largest clinic that we have there, they have a number of,", "duration": 10.98}, {"path": "c20824ea6f927fe380f48a904cf4821b_13.wav", "text": "we have this renewable fuel. We have the network to be able to dispense it and the pathway to be able to get it into vehicles. That gives us a huge leg up compared to some of the others in this business.", "duration": 10.98}, {"path": "3877b1983229ec488c6349a188bccf92_241.wav", "text": "crafted using irreplaceable whiskeys from ghost distilleries that have long since closed, together with other rare malt and grain scotch.", "duration": 10.98}, {"path": "3877b1983229ec488c6349a188bccf92_58.wav", "text": "and continue to engage consumers at lifestyle events in key markets with the Ketel Market sampling mechanic, which has been very well-received by consumers.", "duration": 10.98}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_82.wav", "text": "both of those businesses -- and we talked about it -- we didn't talk about the billing system last quarter but we did talk about Prime Plans. Prime Plans was driven", "duration": 10.98}, {"path": "3c80de013154b028ecdc6354d16c6fbc_57.wav", "text": "the sort of inelastic demand fundamentals right now in New York is causing other operators to do. But I think we need to kind of -- we need to negotiate that mix a little better, and", "duration": 10.98}, {"path": "01b376669d5ea40acc7fb5a87503586e_60.wav", "text": "In my first 90 days, I've spent a lot of time getting to know the business and understanding our operations but also working on initiatives to streamline our operations and make them more efficient.", "duration": 10.98}, {"path": "799c15a4a6e9e3c86374761fec31c00a_111.wav", "text": "While this pushed our sales higher for the third quarter, we expect this pace will slow down somewhat in the fourth quarter, with the disruption of February production in China.", "duration": 10.98}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_72.wav", "text": "After the quarter and through August 9, we have added additional swaps for the remainder of '17 and for the full year of '18, and we will continue to opportunistically add hedges in future.", "duration": 10.98}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_13.wav", "text": "You can say that we're at a crossroads. We're building an organization that is more agile, delivering greater value to our customers through front-loaded solutions, fast lead times and disciplined market", "duration": 10.98}, {"path": "b0d88c0f1efca89ecb928172341dc75d_23.wav", "text": "So to sum up Pinnacle for now, the deterioration in the legacy Pinnacle business over the course of calendar year 2018 means we have some hard work to do.", "duration": 10.98}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_15.wav", "text": "were we have been increasing our investments in these last 2 years in spite of FX and energy headwinds. It's important to continue to do that in the business. We have a", "duration": 10.98}, {"path": "7d74e5d733ec60a1be27a556e7689961_1.wav", "text": "this being my last opportunity to speak to you, I would like to take some additional editorial latitude. Indeed, everything I have to say is personal.", "duration": 10.98}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_154.wav", "text": "we will work with customers to explore alternative operational solutions that will improve profitability. If that is not possible, we'll engage with them in pricing discussions.", "duration": 10.98}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_7.wav", "text": "represent a powerful combination, which will enable us to offer a unique set of exceptional capabilities and expand what's possible in injection molding.", "duration": 10.98}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_126.wav", "text": "to both open up and make these connect and come together. And then we're trying something new. So a lot of what we're doing inside the house is really trying to change the way we build", "duration": 10.98}, {"path": "902872913863de98d38e2936b846cf66_244.wav", "text": "In addition, I'm very pleased by our growing project backlogs, growing public and private starts and the growing preconstruction pipeline.", "duration": 10.98}, {"path": "125388f1b45117acde70abc39e0f7d04_178.wav", "text": "please go. It's in the first floor of our 2-storey store there. So there's a GameStop in the second store. Go downstairs. It's a stunning store and you should go check it out. I think it says a lot about", "duration": 10.98}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_56.wav", "text": "and I'll come back with the outlook for the rest of 2017. Scott? Thanks, Rob. I'll walk through our results for the second quarter in aggregate and then briefly comment on each of our major business lines.", "duration": 10.98}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_74.wav", "text": "Finally, Horizon North recently made the decision to move all of its manufacturing and production from the Okanagan Falls facility to our Mt. Paul, which is in Kamloops manufacturing facility.", "duration": 10.98}, {"path": "429bcf63d57c11ea4d8864560f521dba_59.wav", "text": "We have very large distribution capacities everywhere we operate and we already have top talent already in place there. And we also have one of the most recognized brands in all the countries we operate in.", "duration": 10.98}, {"path": "00a36b039cb49e6b99bb6d17635a3c25_160.wav", "text": "At the hindsight, we can say that some of the inflation -- because we have seen years of very high inflation in the food.", "duration": 10.98}, {"path": "50eb350badadec6e4272b90684741c25_74.wav", "text": "I'd like to remind you of our safe harbor. Any remarks that we may make about future expectations, plans and prospects for the company constitute forward-looking statements for purposes of the safe harbor provisions", "duration": 10.98}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_62.wav", "text": "is to select pads that will exceed the existing type curves and allow us to continue to grow at much more efficient uses of our capital.", "duration": 10.98}, {"path": "411bdacf05f84134fc80b874a15cf3b7_291.wav", "text": "But we see from a pure revenue perspective that we grow by more than 70% and we see for the first time in the last 2 quarters that eCPMs are improving.", "duration": 10.98}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_7.wav", "text": "We do expect the changes we have made and continue to make will result in some fluctuation in our results during the remainder of the 2018 fiscal year.", "duration": 10.98}, {"path": "f15a674bdbbc461872000604216ae071_145.wav", "text": "paying them in shares and not in cash? And what about the end of royalties and how this impacts the claim", "duration": 10.98}, {"path": "0b2059114216fe9195b6a4256ed84843_146.wav", "text": "we are closing a lot of businesses also in Colombia, but when you take the whole picture, it will keep the same proportion.", "duration": 10.98}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_111.wav", "text": "Okay. I guess competitively as you grow that secured mix like are you seeing any sort of different dynamics? Is it still sort of pretty stable from that perspective?", "duration": 10.98}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_166.wav", "text": "and the right level of support, so that we can help as many patients as possible with INGREZZA. So I think that, that kind of lays out what the plan is going to look like between now and the end of the year,", "duration": 10.98}, {"path": "eb93e70cdf7a839a69546250fb3646fb_94.wav", "text": "I think that's great. Because even if I get some additional inventory, I would say there seems to be demand out there able to absorb it. So it's still a little early to tell. I would say we've got an initial", "duration": 10.98}, {"path": "eb93e70cdf7a839a69546250fb3646fb_190.wav", "text": "the percentage of used vehicles sold through the retail channel of 62% remained below historical levels as we moved inventory within our target range.", "duration": 10.98}, {"path": "9097dcbaf554d635920c6274b1de4997_157.wav", "text": "use those as our current expectations and seek to drive change in various states. And if that change takes hold, we'll probably see accelerations in growth trends.", "duration": 10.98}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_223.wav", "text": "why Obuasi is such a good asset? I'd like Graham to unpack the details in terms of why Obuasi is regarded as a critical investment for us and a good asset, given the change that has happened", "duration": 10.98}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_93.wav", "text": "And as a footnote here, we once again distinguished ourselves by passing another year without diluting shareholders through equity issuance, and this often gets forgotten.", "duration": 10.98}, {"path": "027d36b67ee5bba934695b2d0c47eb08_76.wav", "text": "trying to continue the good momentum we have. It's teaching the benefits of our products so that we can steal and compete against the", "duration": 10.98}, {"path": "070a939ddb72d87ed87e4b863da14a89_109.wav", "text": "very closely to identify opportunities where we feel that we could work with the teams at Celgene and perhaps Sujay, you can give a little bit of an update in terms of those conversations and some of the next steps.", "duration": 10.95}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_81.wav", "text": "And so I have a high degree of confidence that, that philosophy in managing our business for the long term and the sustainability of our distribution", "duration": 10.95}, {"path": "b7d4858dcc1d9cf454416082b75a3429_191.wav", "text": "further work to be done and important further work, but it is pleasing to get to the end of those initial projects in this respect.", "duration": 10.95}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_107.wav", "text": "I can tell you from personal experience that this card has become my go-to card in my wallet, and not only has it helped me control my spending, but it's has helped me lower my utilization rate of my credit cards, which also helps improve my credit score.", "duration": 10.95}, {"path": "6388da88b00ebc88af59435bdac74132_193.wav", "text": "We've only touched this -- the surface of it. And we do have very large ambitions to grow. So if I can now break that down a little bit, clearly, we're already large in the CLO business, and we have no intention", "duration": 10.95}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_98.wav", "text": "While current market conditions in our consumer business continue to be challenging near term, we are encouraged that industry fundamentals in both the tissue and paperboard businesses bode well for the long term.", "duration": 10.95}, {"path": "a93681c92a0b9c04743f541a54b180c7_67.wav", "text": "offer? And what kind of company are we going to be? We actually put together a video for our employees as well as to our stakeholders. So please take a look at the video first.", "duration": 10.95}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_99.wav", "text": "particularly in our operations where we are getting to scale and our ability to be more responsive to our customers.", "duration": 10.95}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_150.wav", "text": "Before turning to the quarter presentation, I would like to draw your attention to the Safe Harbor statement on Page 2 of the slides, that also applies to any statements made during this presentation.", "duration": 10.95}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_59.wav", "text": "As previously discussed, we are experiencing an increasing mix of students through corporate partnerships that are awarded higher grants from the university to offset their tuition costs.", "duration": 10.95}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_118.wav", "text": "In summary, our global Automotive group posted solid overall results in the first quarter despite the slowing we experienced in our core Automotive business in Europe.", "duration": 10.95}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_108.wav", "text": "Thank you. I'd like to just thank everyone for their time today. I know today is a busy day for everyone. We're not the only that reported last night.", "duration": 10.95}, {"path": "14f3d2486b21e639a953afb7ad03d90c_83.wav", "text": "In my presentation, I will focus on the full year results, and Jens will come back to the details on the quarter as well as full year.", "duration": 10.95}, {"path": "044da592acc01ff7baacb3dbf2a302a9_176.wav", "text": "operating expense control and the previously discussed benefit from the change in accounting guidance for tax benefits from certain stock compensation expenses now included in our tax provision.", "duration": 10.95}, {"path": "1f43e30e245ed30be41602d8423db99e_2.wav", "text": "We are starting to see contributions coming from these products. We'll make further efforts to have even bigger growth mid- to long term based on the results so far.", "duration": 10.95}, {"path": "9e937c87ad87f354d42a688156853a30_47.wav", "text": "This is a very hard market to predict at this point because there are a lot of multiple dynamics going on in terms of -- it's not just about flash demand being", "duration": 10.95}, {"path": "145244b0378e6657d456cffca8bbc982_65.wav", "text": "our software to pinpoint where the highest expectation of damage is. So what we're trying to do is work with the customers to be a good value-added. We know there's always going to have to be inspection spend.", "duration": 10.95}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_48.wav", "text": "ad campaigns for noodles are more difficult. Eating noodles is something very common, very lackluster.", "duration": 10.95}, {"path": "a827180c08c11f2e53c6966fceaabf5b_98.wav", "text": "We always look at this area carefully. And with the sales volume trending lower, we opted to manage inventory levels versus gain incremental near-term margin.", "duration": 10.95}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_30.wav", "text": "You'll notice there that we've separated Manufactured Accommodation from Village Operations, and we've done this because those 2 income streams really have different attributes from an investment point of view.", "duration": 10.95}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_160.wav", "text": "And we are seeing consumers respond in those categories to the lower prices and that's driving units up. So it's really tough to isolate", "duration": 10.95}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_99.wav", "text": "has the potential to really change the trajectory of the disease. So I think, by the middle of the year we'd hope to see, certainly in the younger children a similarly profound response", "duration": 10.95}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_109.wav", "text": "So during the half, we launched a new larger store format in order to provide a compelling offer to landlords in order to give us additional space.", "duration": 10.95}, {"path": "1133b8984db446b9c963a09eaf0785a4_133.wav", "text": "Maybe you could talk a little bit about maybe what caused that. Is the business -- is that just sort of a hiccup? Or is the business maybe not expanding at the rate you thought it might be?", "duration": 10.95}, {"path": "1133b8984db446b9c963a09eaf0785a4_99.wav", "text": "And SPS is a key part of driving productivity for us. And those businesses that really embrace it and drive it, you can see the consistent results in that part of", "duration": 10.95}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_131.wav", "text": "recruiting system is much stronger than it's been in the past. Our performance system continues to be very strong. Our learning system, I would argue, is better than it's ever been.", "duration": 10.95}, {"path": "e1da48985804bd3d99dffc5e33b6124b_19.wav", "text": "because of it being a complete flow business is in the Fluids business. So as materials move up and down we have to chase it. And so in that business, we mitigate", "duration": 10.95}, {"path": "15ac383479a7c990aab7b155e4d42053_18.wav", "text": "We underwrote these clients and they're similar type banks to us. So there's no unique class of loans that are a line of business we're looking to exit. So I'd say steady state.", "duration": 10.95}, {"path": "8b6b51842af008f5f437f53cc2e71835_54.wav", "text": "continued dollar strength and fears that Deutsche Bank could actually omit dividends on certain corporate-preferred securities, resulted in a strong risk of market.", "duration": 10.95}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_12.wav", "text": "sawing and drilling and surfaces and floors because our current core is really in the concrete sawing and drilling business. And the floor grinding was", "duration": 10.95}, {"path": "1244d2b5a259c3bc73742830d60d53fc_126.wav", "text": "The increase from year-end was driven by normal seasonality of our cash flow, which is negative in the first half of the year and turns positive in the second half of the year.", "duration": 10.95}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_255.wav", "text": "so now we think that we probably can grow at 10% longer term but that the coverage would be very tight and could be negative in some years.", "duration": 10.95}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_62.wav", "text": "this quarter as we continue to manage our revenue and expenses to meet or modestly exceed our expectations while investing in making great strides in the core strategy we laid out last year.", "duration": 10.95}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_25.wav", "text": "It is important to note that increased levels of earning assets in the quarter from the growth in our Equipment Finance and Funding Stream portfolios more than offset higher quarter-over-quarter expenses.", "duration": 10.95}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_128.wav", "text": "And that growth is going to come from slower growth within our traditional core channels, probably 5% growth and substantial growth within the new channels and the expansion channels that Jeff mentioned.", "duration": 10.95}, {"path": "a7e7a1621af9b4e850260f9824ee8746_95.wav", "text": "There is still much to be done as we perform a cost of service study and work with the commission staff, customers and other stakeholders to find a fair, long-term solution.", "duration": 10.95}, {"path": "79afc92245f71d37a9adafb6f8d50e4f_69.wav", "text": "where we didn't produce any samples. And -- so that's worked itself through. And as we get into the second half of this year, we'll return to more consistent sample production.", "duration": 10.95}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_67.wav", "text": "In order to accomplish that, we will need to continue to see growth from high-margin LED products and maintain strong margins on our other product lines and service lines.", "duration": 10.95}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_189.wav", "text": "We're creating a genuine one-stop shop on both sides of the market, where our consumers need to look no further to find, move or manage their home,", "duration": 10.95}, {"path": "6a372ea97b0b130a4d37f16b54d97909_186.wav", "text": "improvement initiatives that are part of our operational excellence program, including those related to order to cash automation and the level 0 support.", "duration": 10.95}, {"path": "e2c02e1788cb10703d7611ef157f8135_2.wav", "text": "On a regional basis, the Southeast was the strongest for the quarter, and the West was the strongest for the year. The South Central region was the most challenging in both periods.", "duration": 10.95}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_13.wav", "text": "that can be developed into deeper solution practices and distributed to more clients through our existing geographic channels, especially in the middle market.", "duration": 10.95}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_120.wav", "text": "in smartphones outside of the 2 largest OEMs. We expect Consumer revenue will be down in the December quarter, with lower revenue at our leading customer", "duration": 10.95}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_200.wav", "text": "or we diversify into other applications? We would do any of those if it's clear to us that we can digest it and that it really creates long-term shareholder value.", "duration": 10.95}, {"path": "53889f50eda8b316a01a3df89d226e7f_104.wav", "text": "Before the impact of reinsurance, we expect premium yield on our primary book to continue to migrate upward to around 50 bps over the next several quarters.", "duration": 10.95}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_143.wav", "text": "With that, let me now turn to 2016. In Insulation, we expect revenue growth will be slightly weaker than the growth experienced in 2015. While we do expect margin expansion,", "duration": 10.95}, {"path": "968913c3f9111fc67f1d9956c56dec3b_168.wav", "text": "for owners that preserves the goodwill and strong brand loyalty we've generated over many years of providing these families with fantastic vacation experiences.", "duration": 10.95}, {"path": "948f025c16fce2bcb2909e610c9be557_337.wav", "text": "Our strategy thus far has been, in Europe, we've started seeding the market. We do have a sales group already set up over there, it works out of our wheel plant there in", "duration": 10.95}, {"path": "9e8690a521142359001a137074905535_201.wav", "text": "So I would say that it's a little bit of visibility on some of the book and ship. And as frustrating as that is for us, we had to go back and look at it", "duration": 10.95}, {"path": "9b697782ea80be97854f35d6fc62c93a_113.wav", "text": "whenever you -- first, whenever you trade-off pricing and volume, that's a lot easier on the margin structure than having to go the other way, and you do eventually need to go the other way on volume growth", "duration": 10.95}, {"path": "9b697782ea80be97854f35d6fc62c93a_10.wav", "text": "However, as in Brazil, volumes fell in the second half as categories slowed in response to weakening economic conditions and price elasticity.", "duration": 10.95}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_81.wav", "text": "We are looking forward to updating you on our progress at our next quarterly call somewhere in August. We'll advise you. Have a great day.", "duration": 10.95}, {"path": "262bc21196721c5ff9114acbd2ff03c3_264.wav", "text": "combined sales force and one combined marketing thrust and making sure that we are getting the most and delivering the most value that we possibly can", "duration": 10.95}, {"path": "e2225d612a954a24e7e91c08215d7b51_105.wav", "text": "increases in variable compensation costs. We believe that our defense costs with respect to the derivative litigation will be substantially lower,", "duration": 10.95}, {"path": "e2225d612a954a24e7e91c08215d7b51_102.wav", "text": "We continue to believe based on where we are today that this project will deliver significant value and achieve our expectations on which we greenlighted its development.", "duration": 10.95}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_43.wav", "text": "Assuming that timing is met, we would expect to resume longwall production in the new longwall district at the end of the first quarter of next year.", "duration": 10.95}, {"path": "6318dda27b3e36d76533c048c64a3014_150.wav", "text": "And on the middle market investment, you mentioned in the prepared remarks that there was one that had a loss in the quarter from a restructure. Which investment was that?", "duration": 10.95}, {"path": "21f21433851eb7c7f7dbc710309341bb_132.wav", "text": "And as well then, we've got to be focused on taking costs out of the existing infrastructure on a go-forward basis. And as we said before, that's what the next phase of productivity is about.", "duration": 10.95}, {"path": "fb817a6cc685a3fd0f003456dd641c01_105.wav", "text": "what should we expect to see first when you're starting to get traction there? Is it organic growth stabilizing? Is it margin improvement? Is it a little bit of everything?", "duration": 10.95}, {"path": "c40b5d1a13169c5acf69590932a56f98_107.wav", "text": "We remain confident in our ability to continue executing on these initiatives as we look forward to getting back to our previous market share position and beyond", "duration": 10.95}, {"path": "da879f8ea1c23aa6565cccaacac271fc_188.wav", "text": "we are confident in the long-term prospects for these investments and believe it is prudent to continue to forecast the return on our investments in certain life science venture capital funds.", "duration": 10.95}, {"path": "059024560d9d1039cf08746ee7393114_56.wav", "text": "and helping our sales force develop and distribute compelling solutions for our advertising partners and improving the experience for our consumers.", "duration": 10.95}, {"path": "433a6e203f9db93835c27ff83e86c801_252.wav", "text": "volume should increase with the typical seasonality, so earnings should step up pretty significantly I would think sequentially from third to fourth quarter. Can", "duration": 10.95}, {"path": "757695924b5e43c7d44e29dc141cc035_193.wav", "text": "We continue to introduce new products that are gaining customer acceptance in the end markets we serve from this segment, and we see a strong frontlog, which gives us confidence in the future growth potential.", "duration": 10.95}, {"path": "757695924b5e43c7d44e29dc141cc035_53.wav", "text": "So depending on paths that were being discussed, there was a lot of options or variability into where that was going to go. During the quarter it became clearer which", "duration": 10.95}, {"path": "e42f90eacf0e766ff39973c6aca06c93_58.wav", "text": "it's -- if they decided to do yoga and they didn't want it on at that time, but they wanted to put a transmitter back on after the workout or they want to wear a sleeveless dress.", "duration": 10.95}, {"path": "e33785a294553de2a12d4463bf786744_232.wav", "text": "Air Products is doing well and you see that in the numbers, and we continue to believe that Air Products by itself will continue to do well.", "duration": 10.95}, {"path": "e33785a294553de2a12d4463bf786744_151.wav", "text": "Net cost performance was unchanged as our productivity actions and the TSA income were roughly offset by higher maintenance costs, inflation", "duration": 10.95}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_3.wav", "text": "The cracker reached full design rates in April. CPChem also operated well during the quarter and has fully recovered from the hurricane downtime at Cedar Bayou.", "duration": 10.95}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_111.wav", "text": "These are some of the major factors of why we expect continued high utilization rates on our Lakehead and North Dakota systems which source their volumes from the Western Canada and Bakken areas, respectively.", "duration": 10.95}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_153.wav", "text": "On Slide 12, we break out our third quarter rebased revenue and OCF growth rates for our operations in Western Europe, which make up over 90% of our total European revenue.", "duration": 10.95}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_15.wav", "text": "And I think that will become clear as far as the revenue potential. But we are very bullish on this and I think there are immediate opportunities for revenue from this that", "duration": 10.95}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_24.wav", "text": "of the Russell Stover business in Canada to our Lindt Canada. I think that is important because if you now look at the", "duration": 10.95}, {"path": "b126c31149f1cadf1d891082a187d6fc_121.wav", "text": "We believe that ultimately the works that we do on that initiative will allow us to develop commercial bundled payment products that can be marketed to MA plans and other payers.", "duration": 10.95}, {"path": "b126c31149f1cadf1d891082a187d6fc_3.wav", "text": "We believe these solid results reflect the strength and sustainability of our business model, with growth from recent acquisitions complementing our organic growth.", "duration": 10.95}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_27.wav", "text": "Our redesign completion techniques have shown promising early results, and we are excited to see the results on a larger sample size in the third quarter.", "duration": 10.95}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_141.wav", "text": "as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to differ. After our remarks, we'll have a question-and-answer session.", "duration": 10.95}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_50.wav", "text": "retail numbers. I mean the retail numbers in December were not very good. Sales in December in the retail were lower than that of November.", "duration": 10.95}, {"path": "1f142ea668261ba963d47aac6bab69dd_121.wav", "text": "We're taking actions to close selected price gaps, but we expect the market to remain challenging in terms of both revenue and margins at least through the second half.", "duration": 10.95}, {"path": "1d021dfadd51998ac079e1df49929c60_139.wav", "text": "Looking ahead, we remain confident that we will see significant positive benefit from these pricing actions in 2018. We also expect our cost models to benefit", "duration": 10.95}, {"path": "125388f1b45117acde70abc39e0f7d04_77.wav", "text": "At the time, we noted that those numbers did not include any new console launches and did not include any sales for virtual reality, hardware or software.", "duration": 10.95}, {"path": "21abf3409d34eea6f33336ad93662cfd_127.wav", "text": "I do need to remind investors that whilst we do not expect there to be significant variances, all financial figures in the 4C and our presentation remain subject to half year audit review.", "duration": 10.95}, {"path": "6cbf592846662213258684c3049e4592_146.wav", "text": "and tried to really optimize the profitability and tried to take -- make sure that we were balancing sales and margin and profit all the way through that. So", "duration": 10.95}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_178.wav", "text": "And we're looking at what we can do to be competitive. So we're open to a broad range of opportunities in structuring our contracts. I think that's going to be key in the Delaware Basin going forward.", "duration": 10.95}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_186.wav", "text": "As a growing midstream service provider, it's critical to be where the activity is. And today, more than half of the total U.S. rigs are located in the STACK and Permian basins.", "duration": 10.95}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_46.wav", "text": "This is one of the reasons that we're able to grow at a pace greater than the market. Our customers are recognizing the value of Hub's service and taking that into account when making carrier selections.", "duration": 10.95}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_206.wav", "text": "so shifting it to the point of sale has a very minimal impact overall but has a very big impact to individuals taking those impacted drugs. And I would tell you this is just", "duration": 10.95}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_163.wav", "text": "Okay. I appreciate going a little bit more in depth there. And then, I wanted to talk to your comments as well as you're getting the aircraft in the fleet a little bit faster this year.", "duration": 10.95}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_137.wav", "text": "Since that time, we have and expect to continue to generate substantial free cash flow that we are committed to allocating toward the highest-return investments.", "duration": 10.95}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_231.wav", "text": "and the impact that could have to us was not fully contemplated in the range. And so I think what you really saw was a big impact in the fourth quarter like we talked about, 90 basis points", "duration": 10.95}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_126.wav", "text": "and creating powerful store merchandise and assortment displays This will be a journey over a number of years, and we're committed to building a world-class experience for our customers.", "duration": 10.95}, {"path": "3ae068efa03cd088f4d3edea682f199f_2.wav", "text": "Our first priority is safely executing our work. Earlier this year, we conducted a survey that benchmarked our safety results against more than 1,000 other organizations,", "duration": 10.95}, {"path": "30a142fac5a62ab00227cb6a339a6226_173.wav", "text": "We executed well on our 2017 plan to improve quality, performance and automation, which removed friction from our advertising business and improved our application for the Snapchat community.", "duration": 10.95}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_38.wav", "text": "During the quarter, we benefited from the additional capacity and improving cost efficiencies from our recent investments at Trentwood, which served to partially counteract headwinds experienced in the first quarter.", "duration": 10.95}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_144.wav", "text": "selections, especially in stone, and then the higher-end ceramic that can be accessorized with stone, that we can display in our stores", "duration": 10.95}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_75.wav", "text": "In Brazil, our business performed well despite the sluggish economic conditions due to the high mix of specialty personal care products in our portfolio.", "duration": 10.95}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_134.wav", "text": "and divesting businesses that are noncore. Lastly, I wanted to highlight a number of truly innovative new products recently launched.", "duration": 10.95}, {"path": "96488f25af54f91198b444e5eff8e878_119.wav", "text": "Aircraft prices continue to rise for most types as investor demand continues to surge. We're seeing many yield-driven players who are not traditional aircraft investors entering our market.", "duration": 10.9200625}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_151.wav", "text": "again, I don't have a deal that I can comment on just yet. We are very actively working on several different fronts on both sides of the equation there.", "duration": 10.92}, {"path": "92d6249907f14e4011cf1b08d2f298d9_60.wav", "text": "And I'd say that we'll probably -- we'll have a decision on that probably in the next several weeks. And what we're really thinking about now is as we've evolved, and particularly as we've", "duration": 10.92}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_100.wav", "text": "This new addition to our giga family of products is off to a rapid ramp, with nearly 200 customers placing orders prior to general availability.", "duration": 10.92}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_72.wav", "text": "These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Investors Bancorp's control,", "duration": 10.92}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_124.wav", "text": "when we execute well in the restaurant, everything else is going to work well also. We have a better shot at executing digital. And so I think the single biggest thing we can do and this thing that we've been focused on", "duration": 10.92}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_191.wav", "text": "We have new leadership in place. We've seen steady improvement over the past few quarters. The weather has certainly normalized with the exception of what we saw in early April.", "duration": 10.92}, {"path": "8cb24daf76784487ad63780546dc4ba4_52.wav", "text": "just based on the numbers we put forward, there will be more movement among our own fund family and between active and passive and with unaffiliated funds.", "duration": 10.92}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_254.wav", "text": "In the Asia Pacific region, we expect second quarter and full year RevPAR will increase at a high single-digit rate, reflecting continued strength in corporate and leisure demand.", "duration": 10.92}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_123.wav", "text": "Moving to a liquid formulation should accelerate absorption to the extent that you don't have to break down a capsule or dissolve the powder in the capsule. It's already presented as a liquid.", "duration": 10.92}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_86.wav", "text": "and what we were left with was a reversal, apparently, in that benefit in the small number of events that were abdominal only.", "duration": 10.92}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_210.wav", "text": "We believe there is no other marketing services provider bringing this deep and sole focus to the financial services market right now.", "duration": 10.92}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_6.wav", "text": "will bring additional consistency and rigor to the capital allocation decision making process. And he'll assist in evaluating growth opportunities capable of delivering long-term value.", "duration": 10.92}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_36.wav", "text": "I believe that you guys had mentioned a more modest rate reduction in the State of Florida. I don't remember exactly the number or the timing of that. Could you just remind us?", "duration": 10.92}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_84.wav", "text": "Overall, we're pleased with our progress during the first quarter. We believe our attractive business portfolio, combined with a more efficient operating structure,", "duration": 10.92}, {"path": "46906afb4e1ee1fef09b5908e76beefa_176.wav", "text": "As I mentioned last quarter, given the RMAT designation awarded to this program, we will continue to engage with the FDA to evaluate an earlier submission if the data are supportive.", "duration": 10.92}, {"path": "01502edf6cda82061f1f45d6b0e8e189_76.wav", "text": "Yes, I think it is. International was driven primarily by softness that we saw in Europe, quite frankly. And", "duration": 10.92}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_278.wav", "text": "you can continue. When the second batch of people come in, you may already lose your first batch. Especially right now, in Southeast Asia, marketers are", "duration": 10.92}, {"path": "2fc915b996c687200d995736980aae9a_185.wav", "text": "Additionally, we believe our first and third quarters have the potential to become larger relative to the balance of the quarters, as our international business becomes a greater percentage of our total net sales.", "duration": 10.92}, {"path": "cfbe91105113db7a5784f77e411b7a3f_19.wav", "text": "And you don't want to disrupt it with a cable system that you have to replace within a certain number of cycles. So we are continuously developing the number of cycles that you can", "duration": 10.92}, {"path": "1b1699497be56330b3ed833f22bc63f6_101.wav", "text": "We believe these new game themes and form factors will continue building upon the success we are achieving from our newer premium game installations.", "duration": 10.92}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_98.wav", "text": "So I'd just like to wrap all of this up now with the last slide. And while we're not out of the woods yet, there are a number of interesting themes I'd ask shareholders to consider.", "duration": 10.92}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_59.wav", "text": "for an average of five years prior to switching. So they -- and patients who've been on treatment that long, generally are declining in, in the various functions that you measure.", "duration": 10.92}, {"path": "23eff4c724ee00f56319fcc47add3441_80.wav", "text": "Yes. Do you think the organization is collecting data from customer response in an efficient way to really optimize that sales process across regions?", "duration": 10.92}, {"path": "8957425799e5ce0200bfacf204d0acde_13.wav", "text": "Finally, before I hand it over to Jose to take you through our financial results, I'd like to take a minute to thank our employees for your excellent performance in 2017. There is no better team in the industry.", "duration": 10.92}, {"path": "1133b8984db446b9c963a09eaf0785a4_16.wav", "text": "In the first half of 2017, the use of working capital has been slightly lower than last year, but there are many moving pieces within those numbers.", "duration": 10.92}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_25.wav", "text": "Transformation is never easy but the commitment of our global team to help people realize their potential through our state-of-the-art people management solutions", "duration": 10.92}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_236.wav", "text": "It's important to note that these changes to our delivery organization have not and will not impact our ability to support our clients", "duration": 10.92}, {"path": "403903eb119bfc1cec44d86ec907077a_56.wav", "text": "Now moving to the very important content side of our business. We continue to improve and grow our innovation efforts, shedding formats from the past on every platform.", "duration": 10.92}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_33.wav", "text": "even though most investors don't pay any sales charge in an A share class. This change will level out the playing field between share classes and better reflect current state of the industry.", "duration": 10.92}, {"path": "a24a661c2eb55542903c72391ec09f9b_94.wav", "text": "Based on our planned efforts, we expect the use of the panel to double in 2017. For Zellweger spectrum disorders, we will be pushing forward our patient identification efforts", "duration": 10.92}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_68.wav", "text": "the profitable growth investments and initiatives we are doing. Giving then in the end, a positive impact on operating income and margin", "duration": 10.92}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_133.wav", "text": "I mean, what we have said very consistently is, we think it takes our team 2 full bid cycles to make this our network. And so we are just now implementing", "duration": 10.92}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_10.wav", "text": "We expect our CapEx to be lower in 2016 and return to more historical levels now that our forest product expansion is complete.", "duration": 10.92}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_87.wav", "text": "We've also differentiated our service by continuing to provide customers with education, high-quality reviews and contracts that let them flex their demands.", "duration": 10.92}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_10.wav", "text": "the Rosewood Miramar beach hotel for Caruso Enterprises, the Newark Airport Terminal 1 in New Jersey for the Port Authority in New York", "duration": 10.92}, {"path": "07d30eec04a77191950ef0992d097daf_114.wav", "text": "that branch banking structures become more geared towards base pay and less towards incentives, which means the fixed cost, if you will, of running a branch", "duration": 10.92}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_241.wav", "text": "And we want to make sure that you actually can do a really, really brilliant job in the customers' home. So before you can now work for us, you have to pass the test.", "duration": 10.92}, {"path": "f4d0f1362716be33f02690dd1a8df663_95.wav", "text": "This time around, however, we have succeeded to get HI-CHEW into some test markets and in-store turnover thus far is comparable to that in America.", "duration": 10.92}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_61.wav", "text": "with the arrangement already well understood and Woodside already working with the support of the joint venture under a development delegation agreement.", "duration": 10.92}, {"path": "616e9ba16db091317ae4d96e877a9bbe_121.wav", "text": "Thank you, Colin, and welcome to everyone on our call. For the first quarter of this year, I'm pleased to report strong financial results for our company.", "duration": 10.92}, {"path": "4e04d3229b988f1db5b842ac5b993894_102.wav", "text": "subject to certain conditions, including the completion of the merger with Seventy Seven Energy and the repayment and termination of the Seventy Seven credit facility.", "duration": 10.92}, {"path": "f2a2ba46b242698577188259de23de31_5.wav", "text": "That said, because we report net interest margin on a tax-equivalent basis, our reported margin will decline 6 to 7 basis points", "duration": 10.92}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_109.wav", "text": "which remains strong at 84%. In addition to overall rate, we are enhancing claim practices with an eye towards improving efficiencies and our customers' experience", "duration": 10.92}, {"path": "ade68f8add7249890d086ecf4b5b8cab_24.wav", "text": "for the way new homebuyers want to live and creating entire neighborhood that reinforce the sense of community. And we instill a commitment to construction standards that are best-in-class.", "duration": 10.92}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_77.wav", "text": "So all else being equal, if we had 2 equal opportunities and one was a little bit more -- one was international and one was domestic,", "duration": 10.92}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_253.wav", "text": "Right now, we are laser-focused on every single one of our locations and hitting the metrics that we're talking about, which is getting this", "duration": 10.92}, {"path": "23417803b1a8115806b8e604b8b2bb83_277.wav", "text": "Most of the major overall of the company and the business plan is being taken care of during '15 and '16, and those are the years that we wanted to protect.", "duration": 10.92}, {"path": "be8b554309f7632bc9ebbd967764001e_82.wav", "text": "And alongside these improvements to our processes, we are confident that this will deliver improved performance across the house.", "duration": 10.92}, {"path": "1c89bbe35013b8f40511ac9ba8824242_79.wav", "text": "Well, we're just trying to -- the branding, the rebranding of what used to be Commerce National Bank in the First Merchants is 2 years old at this point. And so", "duration": 10.92}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_77.wav", "text": "In the first half, we forecast operating earnings to grow by high single digits percent, driven by increased volume and favorable pricing.", "duration": 10.92}, {"path": "9c3a67f574514131f1f506b2f9905bed_0.wav", "text": "Thank you. Good morning. I'd like to welcome you to the AVX conference call regarding the results for our second fiscal quarter that ended in September.", "duration": 10.92}, {"path": "98f10f0935e5b778e888a1b8130a3d31_329.wav", "text": "acquisition of Maestro, movement into telemedicine with great success, and also, a very clear and strong and decisive act", "duration": 10.92}, {"path": "1968062b387ef01efed18108be2dc264_28.wav", "text": "facilitated the extension of our ABL in the fourth quarter and also helped provide the economic stability we now enjoy so that we can focus on the day-to-day management of our business.", "duration": 10.92}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_16.wav", "text": "As we've always said, deferred revenue was an imperfect growth predictor as it was impacted by a number of factors, including invoicing timing and billing terms. To provide more transparency", "duration": 10.92}, {"path": "003356e698453d6b74f19a8e02587605_1.wav", "text": "expected growth and strategies, key operating metrics and current business indicators, capital needs and deployment, liquidity, product offerings,", "duration": 10.92}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_9.wav", "text": "We continue to have discussions with OEMs that come to us first because we are the global leader in natural gas technology development.", "duration": 10.92}, {"path": "c3567809c19ce6a800677544cd84f88b_195.wav", "text": "In China, we reduced spend on expensive promotion in the modern on-trade given the current low returns on these programs, mainly behind Johnnie Walker.", "duration": 10.92}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_198.wav", "text": "due to higher prepayments, which did occur during this past quarter. More broadly, we have been reinvesting cash flow from our investment portfolio into securities with a marginally higher yield", "duration": 10.92}, {"path": "ea60900258f99d1003ab247c506e42d9_80.wav", "text": "Thank you also to those -- those of you joining us on the webcast and specifically, so -- also all the Pioneer Foods colleagues joining us from the various operational units throughout the country.", "duration": 10.92}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_12.wav", "text": "The only information not captured are the perceptions of the individual officer, which frankly can be more easily dictated to the video after the incident than being painstakingly typed on a keyboard.", "duration": 10.92}, {"path": "10728656364812338b7417b035dae4c4_59.wav", "text": "We look at our inventory every single day and just monitor every granular detail of what's going on, get feedback from our team. We feel good about our inventory position right now.", "duration": 10.92}, {"path": "10728656364812338b7417b035dae4c4_43.wav", "text": "It's also worth noting that the industry is not in a discounting mode. Pricing activity that we have seen at the shows is consistent with normal boat show promotion.", "duration": 10.92}, {"path": "7cf9ea093ccaf8fe8af51c4e00832372_23.wav", "text": "which result in improved and highly accurate loss forecasting, pricing and account selection that ultimately produces consistent profitable results.", "duration": 10.92}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_26.wav", "text": "As we balance our priorities for the future deployment of our free cash flow, both dividends and stock repurchases will be important mechanisms to return capital to shareholders.", "duration": 10.92}, {"path": "75eb5b75bb8587b63c318714ea956b9e_160.wav", "text": "in terms of looking at utility for excess cash, whether that would be in the form of a share buyback, a dividend or an acquisition.", "duration": 10.92}, {"path": "7f0b365cacc47c00a8284b0070994e4a_13.wav", "text": "ours and Bayer's, serve as validation of our discovery capabilities and a clear indication of the potential value of each of these first-in-class drug programs.", "duration": 10.92}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_50.wav", "text": "We've been getting good pricing and what we consider to be good margins on our equipment sales. So there's no real read through on a sort of like that.", "duration": 10.92}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_171.wav", "text": "What is your expectation through the course of the year? As you mentioned, we are seeing some changes in the competitive landscape. Is the expectation that you're able to continue to drive churn lower through the course of the year?", "duration": 10.92}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_150.wav", "text": "in retail anyway. I think we should get faster to help our suppliers, particularly ASOS Design and own brand, but we just need to bed in what we've done and we'll get better from here.", "duration": 10.92}, {"path": "262bc21196721c5ff9114acbd2ff03c3_30.wav", "text": "And we are now with the combination of those businesses really playing into a number of the trends around electric drive, around autonomous vehicle, around hybrid", "duration": 10.92}, {"path": "e2225d612a954a24e7e91c08215d7b51_143.wav", "text": "reduced, that is, by the grant of summary judgment in favor of all of our defendant Directors by the Nevada District Court prior to trial.", "duration": 10.92}, {"path": "cac9bb252b7974b7044423e714c2f054_119.wav", "text": "Our sustainable competitive advantages include our ongoing focus on developing and maintaining a multilingual branch staff", "duration": 10.92}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_141.wav", "text": "We began an intensive product development period before launching our initial forklift batteries in fiscal 2017. We then had to be patient", "duration": 10.92}, {"path": "c40b5d1a13169c5acf69590932a56f98_90.wav", "text": "Forward-looking statements are based on management's current assumptions and expectations of future events and trends, which may affect the company's business, strategy, operations or financial performance.", "duration": 10.92}, {"path": "87045996e7446329f1d98c909c6ca7fe_107.wav", "text": "the opportunities for growth, we will continue to be aspirationally targeting double digit but prudently taking on the business that makes sense for us.", "duration": 10.92}, {"path": "87045996e7446329f1d98c909c6ca7fe_242.wav", "text": "conservative reaction has always been in the past in times of volatility to carry more liquidity. So we weren't sure how quickly it would dissipate. It actually dissipated", "duration": 10.92}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_30.wav", "text": "industry is that technology will constitute a larger percentage. The reason being that there is no other line of spend which can actually claim to have a higher priority over technology.", "duration": 10.92}, {"path": "da879f8ea1c23aa6565cccaacac271fc_239.wav", "text": "The Biologics business reported one of its strongest performances ever in the fourth quarter, delivering robust revenue growth and an improved operating margin.", "duration": 10.92}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_129.wav", "text": "We continue to hear EXPAREL success stories from physicians who are using an opioid-minimization strategy as a catalyst to shift both large and small procedures to the ambulatory setting.", "duration": 10.92}, {"path": "dffe8257f781608bb17bb637249e4d2a_171.wav", "text": "particularly in cash and in our offshore investment propositions, again exactly what one would expect from a more risk-averse customer base in the current environment.", "duration": 10.92}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_84.wav", "text": "I have to say I was at Kukui'la last week and saw the latest construction progress both in vertical construction on homes and the development of some new lots that we're", "duration": 10.92}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_150.wav", "text": "Our focus is on containing our OpEx growth throughout the remainder of the year, which is within our control and a key component of proving that the business model is working.", "duration": 10.92}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_146.wav", "text": "Second, higher oil prices will likely encourage greater oil investment and generate positive linkages with other activities in the economy down the supply chain. Third,", "duration": 10.92}, {"path": "757695924b5e43c7d44e29dc141cc035_93.wav", "text": "One, we want to improve our control over our direct scope of work. We want to improve our execution on these projects and ultimately mitigate our potential risk.", "duration": 10.92}, {"path": "94f913b974baab79fb636f6521170dd7_135.wav", "text": "what is among the worst things you can do if you're a public company, well, it's one thing to mislead your investment community about your business. I would say it's even worse to mislead", "duration": 10.92}, {"path": "f542ab325f47ed150e28888da2f85871_39.wav", "text": "The breadth and depth of the glemba and varli programs should provide us with a data rich 2017 and clearly define the potential of these product candidates.", "duration": 10.92}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_37.wav", "text": "These statements are estimates based on management's current expectations and involve risks and uncertainties that could cause them to differ materially from actual results.", "duration": 10.92}, {"path": "472c8876d3d729a35b2d00133efbb029_27.wav", "text": "what happened was that we were back on track. So for industrial, medical included, as well as automotive, in all these different applications,", "duration": 10.92}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_48.wav", "text": "We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and outlooks.", "duration": 10.92}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_238.wav", "text": "we're a lot smarter going into this budgeting process than we were perhaps going into the last budgeting process. And that's what you'd expect me to say, of course. But we're going to always be,", "duration": 10.92}, {"path": "01b376669d5ea40acc7fb5a87503586e_139.wav", "text": "Thank you. Through our regional and product diversification, we're able to minimize the current challenging market", "duration": 10.92}, {"path": "299bad77345d2e44fa5768f4416f7b97_11.wav", "text": "We believe that our unbranded narcolepsy disease awareness efforts are helping patients, as evidenced by the increase in newly diagnosed narcolepsy patients during the investment period.", "duration": 10.92}, {"path": "d5fb88dba0740bc906c5127e05592f95_84.wav", "text": "So move on -- moving on to credit quality. I'm glad to report that we have made important progress to resolve 2 of the problematic loans we had in our portfolio.", "duration": 10.92}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_111.wav", "text": "We're implementing the strategies that we feel are right for our business to improve our financial performance and grow over time. Part of that is improving our realization", "duration": 10.92}, {"path": "884400c829f179d8cf68b767f45f03a4_204.wav", "text": "and we want to make sure we offer the right tires at the right price points for our customers. Lastly, I would like to provide an update on our productivity and team engagement initiatives.", "duration": 10.92}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_82.wav", "text": "We expect this story to recur at new DDR again and again, where incremental closures represent net opportunity for stakeholders.", "duration": 10.92}, {"path": "4311782968e936c378fdee8946cd9cca_86.wav", "text": "everywhere in the industry. I mean, when you become familiar with what -- how this thing ends up, it's going to be so similar to what already exists that you'll be", "duration": 10.92}, {"path": "812d8f09b72b4d410d138d3b24caebbc_34.wav", "text": "So you're right. We've had one of these several ago, but we are again going back and reinforcing all of our fire safety protection systems on all our facilities worldwide.", "duration": 10.92}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_91.wav", "text": "These regions are both high-growth opportunities in the long term, and we value the diversification of our portfolio and the resilience and stability it provides.", "duration": 10.92}, {"path": "64364105b816dd0b6a029e9cd210e65b_25.wav", "text": "by leveraging the benefits of our strategy of focusing on higher-margin tank repair and service, expanding our mobile fleet, and growing the number of customer site service locations.", "duration": 10.92}, {"path": "b0d88c0f1efca89ecb928172341dc75d_229.wav", "text": "And accordingly, last year's innovation was named after a portion size. It was called Perfect Size for 1. And that cake frame of reference was highly limited.", "duration": 10.92}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_139.wav", "text": "You will note that there are no adjustments to our current quarter GAAP reported amounts as all activities associated with our fiscal 2018 restructuring plan", "duration": 10.92}, {"path": "1f142ea668261ba963d47aac6bab69dd_159.wav", "text": "where our near-term share positions were negatively impacted by aggressive competitive trade promotions. Brian will discuss market share in more detail in a moment.", "duration": 10.92}, {"path": "2cd5b184c2ef6624ce219830182927c9_137.wav", "text": "give you some ideas on that. Now this is probably one of the more important slides. Not that they all aren't important but this gives you an idea of why we're so confident in our forecast.", "duration": 10.92}, {"path": "902872913863de98d38e2936b846cf66_296.wav", "text": "So -- and the good news about that is that kind of construction is very aggregate intensive, both with new subdivisions and a lot of houses. So", "duration": 10.92}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_48.wav", "text": "I'm curious what your view is as to how much inflation we should start to expect to see over the next year. And", "duration": 10.92}, {"path": "c71a6ab1a0697010811c89200ab21613_11.wav", "text": "The new program will be funded through organically-generated free cash flow and the anticipated monetizations of certain noncore assets held in the portfolio today.", "duration": 10.92}, {"path": "f268a8174f58c93ad6b45b7f151fe896_192.wav", "text": "quite frankly, it's because people love working for FedEx. We actually started a program called Friends and Family. So our employees, when their sons and daughters come back from college, we hire them.", "duration": 10.92}, {"path": "f268a8174f58c93ad6b45b7f151fe896_203.wav", "text": "revenue and earnings growth in the second half of fiscal 2018. Our plans remain on target to improve operating income at the FedEx Express segment", "duration": 10.92}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_12.wav", "text": "We have sufficient cash to complete the pivotal trial for our Corplex Donepezil program, and we are planning to secure one or more partnerships that would provide additional funding.", "duration": 10.92}, {"path": "6f1b092b312410065d308541be46da95_226.wav", "text": "left that Public Service Commission. Is there any indication that we may see any delays in that rate case coming through because of the changes at the commission level?", "duration": 10.92}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_68.wav", "text": "to hit the plan that we are expecting ourselves to hit with regard to the regionalization of the sales organization, coverage, our e-commerce tools,", "duration": 10.92}, {"path": "538323cb37246bc97d1253b369a7414a_69.wav", "text": "The new cost-savings program that we have announced today is the first step in the right direction to correct the situation.", "duration": 10.92}, {"path": "f15a674bdbbc461872000604216ae071_89.wav", "text": "there was a very big stress in Brazil because of incoming elections. And at the end of the year, growth was", "duration": 10.92}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_31.wav", "text": "This was a reversal from the negative trends we had seen through the first 6 months of the year related to the lingering effects of inexpensive Chinese imports.", "duration": 10.92}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_32.wav", "text": "and then by leveraging that traction to drive a catalyst-designed paradigm shift among global OEMs. We carry important commercial momentum into several key underserved markets", "duration": 10.92}, {"path": "b1a98885c1d81414cdc122e807760faf_9.wav", "text": "We are preparing for potential EU markets approval in the coming months. We are also getting ready for potential approvals in Japan and Canada this year,", "duration": 10.92}, {"path": "9cd9b67e289e807d677aabc5765fec6a_83.wav", "text": "to really thinking about value -- thinking on a more focused basis about value creation through margin enhancement in these programs. And", "duration": 10.92}, {"path": "3043e7527da9e59e29b7412cafeb9d80_125.wav", "text": "Dave has been a value leader as CEO and as a pillar in the industry and we are lucky to have them remain on the board where we can continue to benefit from his perspective.", "duration": 10.92}, {"path": "3043e7527da9e59e29b7412cafeb9d80_1.wav", "text": "Before we delve into our results, I want to take a moment and recognize Dave Rogers as one of our fore founders and for his 35 years of service and commitment to Life Storage.", "duration": 10.92}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_52.wav", "text": "what is the level of optimism? And I will tell you that there is a higher level of optimism today than there certainly was a year ago or 2 years ago at this point.", "duration": 10.92}, {"path": "fa45af64ef25007f998c655347bfbecb_66.wav", "text": "Of course, it's the same we do see with our customer interaction. We do offer a wide range of delivery options and added services.", "duration": 10.9199375}, {"path": "b126c31149f1cadf1d891082a187d6fc_138.wav", "text": "While all of this suggests attractive long-term opportunities for HealthSouth in terms of gaining incremental market share, the downside risks are modest.", "duration": 10.9199375}, {"path": "ab861b81968e1b5fcb606ed886919d68_26.wav", "text": "And I think there was a period of time in the market that if we had to look back to in 2012, the end of '12, second half of '12 and", "duration": 10.89}, {"path": "8b6c481f7fe797353fefe886e205bbaa_77.wav", "text": "Each contractor has a different set of workforce. We've been -- I think the contrast is that polyethylene unit's pretty much complete on time, on budget, as we talked about in the second quarter of next year.", "duration": 10.89}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_29.wav", "text": "As we further build our cash balances, we will also evaluate inorganic strategies, including the acquisition of quality educational institutions and programs", "duration": 10.89}, {"path": "abd0f750609f1263b566f0c09b981a16_78.wav", "text": "accelerated. I think that the performance that we have lagged behind is now becoming a little bit more market specific", "duration": 10.89}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_56.wav", "text": "And in case of the Robinson mine, we have a fluctuation of the ore quality, which has immediate impact on our production", "duration": 10.89}, {"path": "54558afacef9ab3010d5a57ac4feb664_110.wav", "text": "We're happy with what we see as the profitability trend in LALA drinkables. And we have to make some strategic decisions regarding the Culture business", "duration": 10.89}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_146.wav", "text": "So this 1% comp decline and knowing that we really can't leverage on that. And look, our teams have got plans in place to address that over the balance of the year.", "duration": 10.89}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_147.wav", "text": "which remains untapped for Five Below. It is important to remember, that while our merchandise offering targets the preteen and teen demographics,", "duration": 10.89}, {"path": "56e05107e391476d11fe1f637733f028_51.wav", "text": "So you can capture those things and then it just drops right to the bottom line. So I'm looking forward to seeing the new year and what our investments will bring", "duration": 10.89}, {"path": "570faeed3dcfa26c6246dc42309025ad_67.wav", "text": "in the growth market of Texas. We also successfully did a simultaneous close on our remedy solution here in Canada with Parkland.", "duration": 10.89}, {"path": "82218f543c9a546c4baa5323f250b39f_183.wav", "text": "a large Business Process Services contract with MetLife that we expected to close during the first quarter but was signed this past week.", "duration": 10.89}, {"path": "82218f543c9a546c4baa5323f250b39f_204.wav", "text": "Now last year's first quarter operating margin included the benefit from a change in accounting methodology for employee equity plans.", "duration": 10.89}, {"path": "75fa1bebed0b858c76cc7058477e40e2_27.wav", "text": "And from a pricing perspective, somewhat similar in terms of the benefits. Where we are seeing some drop has been a little bit in the industry environment which as we look at our channel checks, as we look at Black Box,", "duration": 10.89}, {"path": "145244b0378e6657d456cffca8bbc982_46.wav", "text": "Speaking of innovation, we are in the process of implementing Mistras Digital, our tablet-based platform that enables our technicians to electronically receive their work assignments,", "duration": 10.89}, {"path": "39e5706898dcaf14a280b3a123877cd6_71.wav", "text": "have a respite from caring for their loved ones. And it is very important to organize a network of", "duration": 10.89}, {"path": "fa45af64ef25007f998c655347bfbecb_19.wav", "text": "first or next 4 calendar years after completion of the transaction. The implementation costs will be incurred in the first 2 years after closing.", "duration": 10.89}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_183.wav", "text": "These investments include bringing on new employees and building subcomponents, as David mentioned earlier. These investments have had an effect on our margins.", "duration": 10.89}, {"path": "5308c910fb34c8291b372e7a94521e9b_14.wav", "text": "Working relationships with general contractors continue to be critically important, and customers are looking for solutions not just a specific service from us.", "duration": 10.89}, {"path": "dd5492732b46e270047f9b368d4fde11_133.wav", "text": "What's interesting to actually note about it is that there's been an uptick in the number of diagnoses in the past 2 years, I think, because more clinicians are becoming more familiar with these diseases.", "duration": 10.89}, {"path": "224a41b247c04842c2998802d67c8123_74.wav", "text": "Would you expect improved pricing as a result of that limited supply of pineapples? And what would you say -- would something similar be true of bananas?", "duration": 10.89}, {"path": "1133b8984db446b9c963a09eaf0785a4_119.wav", "text": "maybe an example of where you've over-served a customer? Is that how we should think about it? Well, yes, first of all, we haven't taken the process to", "duration": 10.89}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_158.wav", "text": "continue to look very strong. And as mentioned in the script, we see no reason for us to change the pace that we are experiencing this year. And obviously, as we to get further into", "duration": 10.89}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_50.wav", "text": "We'd like also to restate our satisfaction with the excellent response our margins have given to all the profitability protection measures implemented within the group in the previous years.", "duration": 10.89}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_201.wav", "text": "feeling good about the business. We're feeling good about the market opportunity and what lies ahead. Having said that, we have also and are still in the process of making a lot of changes to our business. We have new leadership", "duration": 10.89}, {"path": "a44c74bdc01aa7e317addc11f2274e11_134.wav", "text": "If I can buy the textiles in India, I'll make them in India, and we have an Indian operation currently. And Indian textiles are beginning to come up to", "duration": 10.89}, {"path": "e56726c7aedd69029957c84128050700_28.wav", "text": "Yes, we think there is opportunity quite a bit within the auto industry to, kind of, increase their rate of adoption, just as you're saying.", "duration": 10.89}, {"path": "655d592e9d1b1027f1824b1554d8b131_61.wav", "text": "Newport's volume in the third quarter was up about 1% versus the prior year and was not significantly impacted by wholesale inventory changes.", "duration": 10.89}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_55.wav", "text": "But we will not chase deal flow for deal flow's sake. One of the benefits of the breadth and diversity of our lending platform is that we are not forced to deploy capital.", "duration": 10.89}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_58.wav", "text": "We have long been talking about our desire to grow our assets under management by acquiring a registered investment advisor, through strategy, growth outlook and culture aligned with ours.", "duration": 10.89}, {"path": "f4d0f1362716be33f02690dd1a8df663_29.wav", "text": "So as you can see, we are pouring our resources into wellness products and overseas business, which we regard as growth domains.", "duration": 10.89}, {"path": "e3d70ecdb6aaed843dd059c121962e45_212.wav", "text": "This was largely due to the rapid acceptance of AbbVie's hepatitis C therapy, which works across multiple genes and does not require the same level of testing as previous therapies.", "duration": 10.89}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_36.wav", "text": "portfolio looks like toward the end of the first quarter after we close the acquisition. But I think that's a good conservative baseline.", "duration": 10.89}, {"path": "a7e7a1621af9b4e850260f9824ee8746_153.wav", "text": "around the country, you'd find cities that eventually hit a spot where all those things added up to, it's not as quite as good as it used to be. I don't think we're there. So I think there is time left in our story.", "duration": 10.89}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_185.wav", "text": "it's immaterial to your business today, likely to become more important over time, so just wondering how and if you're positioning your business to prepare for electric vehicle growth.", "duration": 10.89}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_103.wav", "text": "And from here, we really do look forward to continuing to position Aratana as a collaborator of choice, as we continue to further define and execute on the exciting pet therapeutics model.", "duration": 10.89}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_4.wav", "text": "And the primary quantitative metric by which we're measuring interest is the number of clinics that have ordered ENTYCE, and we are pleased to be well ahead of our objective on that metric.", "duration": 10.89}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_1.wav", "text": "In our prepared remarks, we may use some non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measure are available in the supplemental section of our press release.", "duration": 10.89}, {"path": "a4983a3522c8b0584978fc298fefbe8e_134.wav", "text": "increasing the sharing of disciplines between the new curriculum matrix and compatibility with former curriculum matrix.", "duration": 10.89}, {"path": "ade68f8add7249890d086ecf4b5b8cab_149.wav", "text": "Secondly, we want to have the highest quality sales associates in the industry. As a result, we are investing in a comprehensive sales and sales management training program.", "duration": 10.89}, {"path": "58ff8a727ec4f3859407b64f08246759_217.wav", "text": "With respect to revenue, as we've mentioned previously, capital sales are ultimately driven by procedure growth, catalyzing hospitals to establish or expand robotic system capacity.", "duration": 10.89}, {"path": "0360a780927a31fb0bec9e79dac878a2_88.wav", "text": "As a people business, we believe the ability to advance employees from within our organization is important to the continued success of our company.", "duration": 10.89}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_109.wav", "text": "It also reflects reduced interest income on cash deposits, particularly in Argentina, following the relaxation of restrictions on remittances, and in India, where rates have come down.", "duration": 10.89}, {"path": "6b3df032b804a1a371d25e1eef019c4a_168.wav", "text": "difficult to say at this stage what the outcome will be because that is really unclear to us, both when it will happen, when we will have an outcome and also what the outcome will be.", "duration": 10.89}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_241.wav", "text": "that gives us encouragement that we're on the right track. Just the isolation of moving transactions is our focus, and we need to get those transactions to our beverage growth.", "duration": 10.89}, {"path": "265e62fc569e790d8b3e58698aaab701_219.wav", "text": "And while you're in the growth mode, you're going to continue to invest in the brand as long as it makes sense when you're on this kind of a growth curve. So I know that both organizations are committed,", "duration": 10.89}, {"path": "58d5f604300a30c0c5bd9aa57d207478_38.wav", "text": "Starting this fiscal year, we stopped using categories to classify products into strategic and others, instead the only category we have is promoted", "duration": 10.89}, {"path": "ab4dae37361262d727d1d2f8f78765d5_160.wav", "text": "Growth capital in this first half is low as a result of lower capital intensity of new contracts. This is expected to increase in the second half.", "duration": 10.89}, {"path": "ab4dae37361262d727d1d2f8f78765d5_119.wav", "text": "sold sometimes this year. And that is a prerequisite to then begin working with the federal government to get the permission to go from commission to operations.", "duration": 10.89}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_102.wav", "text": "We'll target strong Japanese leisure and inbound demand and contribute to regional vitalization. The image on the right reflects our domestic services.", "duration": 10.89}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_69.wav", "text": "which involve risks and uncertainties and other factors that could cause Dyadic's actual results, performance, scientific or otherwise,", "duration": 10.89}, {"path": "75eb5b75bb8587b63c318714ea956b9e_15.wav", "text": "For many clinical labs, the cost of offering some of these tests, whether run internally or referenced to other laboratories, often exceeds the reimbursement they receive", "duration": 10.89}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_153.wav", "text": "This improving trend in wireline is encouraging, and this comes before any expected bump from business activity that we might see with tax reform.", "duration": 10.89}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_59.wav", "text": "We've really modeled our margin a couple of different ways with the continued rate hikes. And if the December 1 was the last one, what did we expect?", "duration": 10.89}, {"path": "e2225d612a954a24e7e91c08215d7b51_56.wav", "text": "The remaining lot entitlements via its ownership of 1 lot were controlled by Charter Hall, who operates a pub on its lot in the Cannon Park City Centre.", "duration": 10.89}, {"path": "e00fd35e201a8607d264b803a5130c59_99.wav", "text": "I should note, with the Chancellor's announcement of reducing corporation tax rates in the future, that there will be a credit coming through in the second half of this year.", "duration": 10.89}, {"path": "cac9bb252b7974b7044423e714c2f054_76.wav", "text": "I'll begin by walking you through our third quarter highlights and then provide an overview of the strategies we are executing to create long-term shareholder value.", "duration": 10.89}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_158.wav", "text": "simply the cost over the life, but it's the savings in terms of efficiency. The other thing that we're finding they are very excited about", "duration": 10.89}, {"path": "c40b5d1a13169c5acf69590932a56f98_141.wav", "text": "and have worked closely with surgeons to articulate the clinical benefits of the product through peer to peer educational events and hands on case training.", "duration": 10.89}, {"path": "45ab782035fdb06f5ec710d0845bc18f_53.wav", "text": "me turn it back to Joe now for some final comments. Thanks, Jason. It is the execution of our strategy that will allow us to earn a valuation premium for our shareholders.", "duration": 10.89}, {"path": "130e8e56c1afa2419fd0c08708261824_54.wav", "text": "including the requirement to use the posted 5-year mortgage rate published by the Bank of Canada to determine borrower debt service ratios on all insured loans after October 17 this year.", "duration": 10.89}, {"path": "0dec9a606303da3039d11eec4ec9bd86_137.wav", "text": "to the temporary staffing industry, including payroll funding and outsourcing services that include payroll processing administration and invoicing. The staffing outsourcing business is a growing industry.", "duration": 10.89}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_51.wav", "text": "projects are generally geared towards that, although we've added quite a bit of NAO capacity over the past couple of years also. So we're thinking about how do we efficiently move these products into the market.", "duration": 10.89}, {"path": "3877b1983229ec488c6349a188bccf92_106.wav", "text": "In Africa, we're driving physical availability by getting great quality Guinness in the right outlets at the right price, served cold and visible.", "duration": 10.89}, {"path": "7498a6630302a038bd537d192c3a44f4_226.wav", "text": "But before I update you on our work, I want you to know that there is another priority that informs how we execute on our initiatives. That priority is returning to profitability.", "duration": 10.89}, {"path": "af00f4e7b63ee843a3d203f982fac701_7.wav", "text": "Now that our leadership team is in place, we started increasing our investments in our operational platforms, new solutions like our award-winning Ascendon digital services monetization platform", "duration": 10.89}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_31.wav", "text": "Additionally, the team is pursuing growth on its existing gas and water business as well as crude gathering opportunities and new business opportunities in the Northwest STACK.", "duration": 10.89}, {"path": "e522eff219f3eaa2c9b090dc12cad420_97.wav", "text": "Just turning to the suspension of the dividend. If it's such a -- I guess, a smaller payout and considering where you are in terms of your cash and equivalents balance", "duration": 10.89}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_100.wav", "text": "is he's just been to every office and visited nearly every major account that we have around the globe. So with that fresh perspective, I think is probably the best way to be able to phrase and answer that.", "duration": 10.89}, {"path": "884400c829f179d8cf68b767f45f03a4_79.wav", "text": "specific to geographic areas in the vicinity of our Monro locations to identify high value potential customers and focus our marketing efforts on targeting them directly.", "duration": 10.89}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_76.wav", "text": "And look at the figures yourself, I don't would like to name them all. So we had in all the big markets relatively good growth,", "duration": 10.89}, {"path": "4311782968e936c378fdee8946cd9cca_80.wav", "text": "This increase is related to the investments Brian mentioned earlier due to the impact of the higher number of dissertation students and the increased occupancy expenses, primarily higher property taxes.", "duration": 10.89}, {"path": "b126c31149f1cadf1d891082a187d6fc_177.wav", "text": "for next year? Is that the right way to think about it? And is there any way to quantify the administrative costs from the pre-claims review that you're factoring into the guidance for the back half?", "duration": 10.89}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_96.wav", "text": "and by proactive cost actions taken by MacDermid. As we look into 2016, we expect to see another strong year in industrial and automotive", "duration": 10.89}, {"path": "64364105b816dd0b6a029e9cd210e65b_15.wav", "text": "Growth in this product portfolio is also aided by some international expansion of these product offerings with orders in hand and a distribution plan now in place in Europe.", "duration": 10.89}, {"path": "1300495cfa53748f732f54277d5a8cea_88.wav", "text": "I think you mentioned you see that evolving in second half. Maybe you could just give us a little more detail there. Just wondering if second half order book for wholesale is expected to be down overall.", "duration": 10.89}, {"path": "24a133abc343c813233d416b0cef96cd_184.wav", "text": "and that had an effect on customer confidence. What we can say is that we've seen our lead levels stay very strong. So inquiry is as strong as it has been in previous years,", "duration": 10.89}, {"path": "692de133aab90ff6681b2c45b433b32b_107.wav", "text": "Using these internally generated cash flows, we believe we are well positioned to execute on our current growth initiatives, including the TAH joint venture that we recently announced.", "duration": 10.89}, {"path": "b0d88c0f1efca89ecb928172341dc75d_97.wav", "text": "Our results here tell a tale of 2 cities based on where we have applied our playbook and where we have not. The segment overall is up 50 basis points with frozen driving all of the growth.", "duration": 10.89}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_70.wav", "text": "As we conducted our planning for 2016 in the late summer, broadly speaking, our options were to either remain static in terms of the size of the sales team", "duration": 10.89}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_194.wav", "text": "in our core business and compete effectively and win in those areas that we choose to compete on a stronger basis like in analytics.", "duration": 10.89}, {"path": "92287986b332deec2c9712d7c89eef08_46.wav", "text": "So the perception is that WPG will bear the brunt of all of the store closures, when the reality is that the impact has been manageable, further evidencing the quality and stability of our portfolio.", "duration": 10.89}, {"path": "e552924838fe493d3cc967dd0c5c4563_18.wav", "text": "This mix effects were mostly driven by the rebalancing of our FCC sales in the wake of the continuing customer outage and the effect of the polyolefin catalyst acquisition.", "duration": 10.89}, {"path": "e552924838fe493d3cc967dd0c5c4563_92.wav", "text": "really crushing the first half numbers from last year. So should we expect a different cadence in the second half or a continuation of the real strong results we've seen in the first half?", "duration": 10.89}, {"path": "7d74e5d733ec60a1be27a556e7689961_47.wav", "text": "which we don't expect to occur again. It's by far the largest we've ever taken. And also in the quarter, we had some moving costs associated with our commercial divisions moving to their new plants.", "duration": 10.89}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_77.wav", "text": "Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.", "duration": 10.89}, {"path": "20489859070c48218db6ab0f5b6d2b05_207.wav", "text": "We are excited about the outlook, and we are ready to deliver the best products and services to our customers and superior returns to our shareholders. Thank you very much for participating in the call.", "duration": 10.89}, {"path": "2cd5b184c2ef6624ce219830182927c9_104.wav", "text": "or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, avangrid.com. We do not undertake any duty to update any forward-looking statements.", "duration": 10.89}, {"path": "6a45749d272884d2809fa70f7807250c_17.wav", "text": "after being negative in the first half of this year. I have to say that this is very much in line with expectations. This is a business where we have a", "duration": 10.89}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_31.wav", "text": "when there was little more questions around some of the regulatory risk to it, stayed through and saw an opportunity to continue our capital", "duration": 10.89}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_14.wav", "text": "we are pleased with our performance for the first half of 2017. And we are optimistic about our prospects for delivering continued growth and returns to our shareholders for the remainder of the year.", "duration": 10.89}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_157.wav", "text": "What we saw was a little bit of magnification as the result of the fact that they go to market through the distribution channel and that we believe some destocking took place there.", "duration": 10.89}, {"path": "411bdacf05f84134fc80b874a15cf3b7_255.wav", "text": "Finally, I want to dive a little deeper into the developments within our content group, but I would like to do that in combination with our newly formed transaction business.", "duration": 10.89}, {"path": "06dc7804f9beda6e9c0ab3bb47010ab1_25.wav", "text": "Going on to the next slide, I'd like to speak a little bit about the agreement that we made in July with Nakilat of Qatar.", "duration": 10.89}, {"path": "0807d606b6cf98da19b317b4928c3572_64.wav", "text": "to improve those metrics. We have added a new VP of Sales and a new Director of Sales to head up our dealer partners and direct sales groups.", "duration": 10.89}, {"path": "594b7b614804475e4ab8ab4c405ecf40_64.wav", "text": "And so that installed capacity requires upgrades, software upgrades and they have to buy renewal. So because of all those reasons, we think that we have reached a level this year", "duration": 10.89}, {"path": "48bcc356a89059f921765f872bfe293c_196.wav", "text": "just because of the advancements of our new investments. As I say, very profitable additional production is about to come on the second quarter of next year.", "duration": 10.89}, {"path": "7bac04f03928ee8894ab00007116400b_25.wav", "text": "earnings reports here this week. Are those guideposts still on the table? And if so, Stefan, now that you've had a look under the hood for a while, where do you see the most opportunity to manage costs to get to that reality?", "duration": 10.89}, {"path": "a968612b5d51d3df12aad60dde8e1e41_7.wav", "text": "We completed a major dosing study that has helped us to decide the optimal drug dose that can provide optimal biological effect with the maximum safety margin.", "duration": 10.89}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_121.wav", "text": "what that is at this stage because when you go through a big launch year, there are lots of variables that get involved. So as we get into February, we'll start to put some additional color", "duration": 10.89}, {"path": "365c360aff42713cef71a7d026eeeb6d_85.wav", "text": "such as Global Cash Card and WorkMarket. Our leading position in the global HCM market continues to represent a significant opportunity for us.", "duration": 10.89}, {"path": "365c360aff42713cef71a7d026eeeb6d_223.wav", "text": "a simplified environment and then next-generation solutions that are much more efficient to operate, efficient -- more efficient to develop on", "duration": 10.89}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_62.wav", "text": "as we invest more in training them about our products and our way of doing business. Our best sales associates are extremely knowledgeable about our very broad product offerings,", "duration": 10.89}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_23.wav", "text": "As we look toward the rest of the year, we expect to continue to make capital investments to support our existing and new business initiatives, provide capacity to support our customers as they continue to expand their operations", "duration": 10.89}, {"path": "0b7afb66a39a4c81151309bacc830c60_56.wav", "text": "and frankly, what problems they're solving in each of those verticals and how they can most easily create a frictionless service to build their business.", "duration": 10.89}, {"path": "bece1ee458b65656b484de51021c5219_90.wav", "text": "based on various things that have happened. One on the equity side because we have been profitable, and the retained earnings are growing the equity base.", "duration": 10.89}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_64.wav", "text": "to provide supplier communications and support services using PRGX's Lavante supplier information management technology platform.", "duration": 10.89}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_48.wav", "text": "we feel like we're better off walking away than trying to close something that we don't have great conviction around. So we have projects at each of those phases,", "duration": 10.89}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_12.wav", "text": "couple of quick ones. So just going back to the Portland Terminal. Do they have to give you an answer one way or another? Or does this option just stay with them, and they can exercise it whenever?", "duration": 10.89}, {"path": "78cf0d3e40caba622d8914916f0f9146_78.wav", "text": "I think even on a flat volume in '17, we would expect our mobile business revenue to grow. And the reason for that is essentially", "duration": 10.89}, {"path": "77f146e76d89a5be785a39ab23dfa763_181.wav", "text": "Our current portfolio reduces our risks to the slowing China economy and positions us well in Australia, New Zealand and Korea.", "duration": 10.89}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_18.wav", "text": "That concludes my remarks. And I will now turn the call back to Linda. Thank you, John. Let me now share more details regarding our strategic projects, discuss the market environment", "duration": 10.8899375}, {"path": "13aa6c0669adb5544a0d62beef677189_64.wav", "text": "And just a second question, if I may. In terms of what your sense is on the Chinese steel markets moving into the fourth quarter. I know that there's", "duration": 10.86}, {"path": "214dcdc435ef3259490466447858fa56_123.wav", "text": "about what Saga is doing well in the market at the moment. And in terms of the forward-looking projection, I think I can only say it's captured within the numbers that Jonathan has described for the year as a whole.", "duration": 10.86}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_62.wav", "text": "I also have to say that I can't remember the last time that I was this optimistic about the future prospects of our growing platform or the talent within the organization.", "duration": 10.86}, {"path": "3557b21a45c35e71e82cc43b19977855_63.wav", "text": "a greater benefit of the release of a few specific tax reserves due to the expiration of the statute of limitations, and a more positive state tax rate and other state adjustments.", "duration": 10.86}, {"path": "d28b2b09c127b5be033738aa3cd380b3_120.wav", "text": "or advertising. We've gone well beyond that, and we've done that because we've had the innovation programs to invest behind, and we've done it because it's worked. I would say today, we feel give very good about the level of investment", "duration": 10.86}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_389.wav", "text": "how deep the analysis can go and how passionate people feel about the financial results of the company and doing the right thing for the company as well.", "duration": 10.86}, {"path": "0755f4b74dda585f3975c7d8208b1598_19.wav", "text": "This includes our network and transportation. From a security perspective, we will implement generally in virtual private clouds or private instances on the public cloud infrastructure.", "duration": 10.86}, {"path": "0755f4b74dda585f3975c7d8208b1598_98.wav", "text": "Shifting to the technology transformation we started in 2018, it's critical to the delivery of all of our strategic imperatives and will provide us with substantial product delivery and cost advantages.", "duration": 10.86}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_111.wav", "text": "These outcomes simply reflects the current market conditions and some entrenched changes to the fortunes of a small number of our franchise brands.", "duration": 10.86}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_126.wav", "text": "O'Neil has just provided a detailed financial review of the quarter and the year as well as our revenue outlook for Q1. I will now provide some additional insight into the business of each of our reporting segments", "duration": 10.86}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_2.wav", "text": "Thank you, Pat. Good afternoon, everyone, and thank you for joining us to discuss our third quarter earnings results as well as several strategic initiatives we have underway.", "duration": 10.86}, {"path": "7e14890193df4b10e1eeab6ab886529f_126.wav", "text": "But this isn't about us building only our community but inspiring and enabling others to create their own community based on their personal needs and interests.", "duration": 10.86}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_193.wav", "text": "The good news in all of this is the projects are moving forward. And so while they get stretched out a little bit, we know they're coming and we know they'll open up into the system.", "duration": 10.86}, {"path": "07f580f6f7be50000b90caa25fcd2661_1.wav", "text": "Statements made in today's conference call and webcast may constitute forward-looking statements which relate to future events or our future performance or financial condition.", "duration": 10.86}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_103.wav", "text": "The improvements to adjusted EBITDA continue to be driven by our Enterprise business, which enjoys excellent unit economics and is consistently increasing as a proportion of total revenue.", "duration": 10.86}, {"path": "8292bdb9af87f10627c044f3842b2c76_221.wav", "text": "ready to give up the ghost and conclude that we could never achieve critical mass there. So I think it's activity driven more than anything else.", "duration": 10.86}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_101.wav", "text": "And we've got other solutions but it didn't fit into their vehicle classes. I know they're working that as really there are major issue that they've got to overcome before they can launch.", "duration": 10.86}, {"path": "4032bfdd59881fc6506c082737cb5a99_124.wav", "text": "kind of mid to late March. And as we got into it, we saw some of the categories that have been growing well are still growing well, just not increasing at the capacity we thought.", "duration": 10.86}, {"path": "73ba4ff250b62745e03880e75b9a1581_153.wav", "text": "The automotive OEM business made good progress in implementing selling price increases, realizing sequentially higher price in each major region of the world.", "duration": 10.86}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_153.wav", "text": "But these initiatives are intended to support and strengthen our economic model and set us up to execute our strategic plan and deliver long-term shareholder value. We'll share more details with you later this quarter.", "duration": 10.86}, {"path": "403903eb119bfc1cec44d86ec907077a_117.wav", "text": "stations that are strong, that have a cultural fit with us, i.e., the San Diego transaction that we did. But we are also in small markets now with the London transaction. We do know how to operate those businesses.", "duration": 10.86}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_203.wav", "text": "to the country teams, are in decline. And we have seen a negative development in the license business for football clubs, particularly driven by the exit of Chelsea,", "duration": 10.86}, {"path": "655d592e9d1b1027f1824b1554d8b131_116.wav", "text": "And looking forward, we expect continued growth from Natural American Spirit as the brand benefits from increased consumer engagement and growing awareness of the brand's unique values.", "duration": 10.86}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_68.wav", "text": "Well yes, I mean, certainly the cloud-based nature of it, the fact that we can deliver it at price point that absolutely generates value for both our clients and our investors, but also", "duration": 10.86}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_49.wav", "text": "and then focus on the drawns and the drawns depend upon country, segment, city. And it makes for an interesting", "duration": 10.86}, {"path": "4e04d3229b988f1db5b842ac5b993894_182.wav", "text": "Make sense. Okay. The other question was on the drilling side. I didn't hear if you mentioned on the contracts for the new rigs, if there was a duration amount and in general, if you could comment.", "duration": 10.86}, {"path": "38b2f94da12bbf2d32246763aab8265a_11.wav", "text": "the life insurance market. I'm going to focus on the periodic premium. This is what is of greatest interest to us and I think to you as well. For several years, we've seen", "duration": 10.86}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_111.wav", "text": "this work very well. So I think that's what is needed, and so now it's not going to take another year to get there because now we have some competition here.", "duration": 10.86}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_4.wav", "text": "The sophistication of our analytics and the extensive experience of our team, which spans over 12 years, has allowed us to effectively manage credit quality through product launches,", "duration": 10.86}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_67.wav", "text": "And so if we were to do an acquisition, I would be inclined to pursue the path where you're getting maximum shareholder appreciation.", "duration": 10.86}, {"path": "a7e7a1621af9b4e850260f9824ee8746_138.wav", "text": "there's a lot of factors, there's a lot of things that are happening in the region, and we have a lot of stakeholders that we will continue to discuss as part of this process.", "duration": 10.86}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_127.wav", "text": "and it's obviously just extraordinarily important relative to its outcomes for how we run the business and what we do with capital, which is, obviously, a hugely important", "duration": 10.86}, {"path": "58ff8a727ec4f3859407b64f08246759_70.wav", "text": "Our company has anticipated increased competition, and we are focused on understanding the market's needs and excelling in delivering products and services today and in the future that meet them.", "duration": 10.86}, {"path": "c67af59ea29f4e80b8eeede6e730658e_20.wav", "text": "of '19, that is going to be a purchase. That's the first one that we've had. As we move forward with these other distribution centers, we'll look at those on an individual basis", "duration": 10.86}, {"path": "6a372ea97b0b130a4d37f16b54d97909_5.wav", "text": "We believe this plan will allow us to achieve the rule of 40 by 2020. We have entered into an agreement with Silver Lake,", "duration": 10.86}, {"path": "e2c02e1788cb10703d7611ef157f8135_67.wav", "text": "I still believe that the strategic framework of the Greatness Agenda is the path to changing that top line trend over time, and our associates feel the same way.", "duration": 10.86}, {"path": "b94d748876ddf8e881d4191dec45baf3_139.wav", "text": "the day prior, we're unable to provide specific statistical updates on a regular basis. The release of this information is managed through a very formal process by our client,", "duration": 10.86}, {"path": "0794a2f02bbe89feb49651735bba77c5_91.wav", "text": "We also expanded our online aggregator relationships which includes UberEATS to over 100 restaurants to enable customers to place delivery and pickup orders through the channel and application of their choice.", "duration": 10.86}, {"path": "885b465648704d8a5d15bd00078e2160_21.wav", "text": "This all adds up to our dynamic, thriving company with leverage to help us achieve and sustain profitability. These are exciting times here at Codexis with more to come.", "duration": 10.86}, {"path": "c5c7a9f409241412b160a93cde7ef630_138.wav", "text": "So we actually have had a lot of inbound interest here in a short period of time. We've probably looked at probably 20 or 30 properties that have been on market or maybe off market for transactions.", "duration": 10.86}, {"path": "c5c7a9f409241412b160a93cde7ef630_124.wav", "text": "of our new nationwide initiative to begin advocating for a range of government policies aimed at helping former inmates successfully reenter society and stay out of prison.", "duration": 10.86}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_59.wav", "text": "few restaurant companies that hasn't mentioned the word at all about value. And it does seem like value is what is driving the customer, whatever that means for each individual brand, respectively.", "duration": 10.86}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_131.wav", "text": "As part of that, I set out some clear objectives including taking quick and decisive actions to unlock our value of our technology, assets and people.", "duration": 10.86}, {"path": "20097e37747ec7bc3734246e83798fb1_18.wav", "text": "which standardizes contracted revenue recognition across companies worldwide, we now provide revenue breakdowns of our OTT streaming and related digital revenues.", "duration": 10.86}, {"path": "20097e37747ec7bc3734246e83798fb1_186.wav", "text": "digital distribution business? And I think it's considerably smaller, but maybe what you're seeing there in terms of growth", "duration": 10.86}, {"path": "10728656364812338b7417b035dae4c4_115.wav", "text": "While the recent financial and global market volatility may have impacted December selling period, we have seen more consistency as we started this new calendar year.", "duration": 10.86}, {"path": "ab4dae37361262d727d1d2f8f78765d5_193.wav", "text": "Okay, I'll say something and then turn over to Tom. We had flagged that this was again temporary this year while a very sizable", "duration": 10.86}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_129.wav", "text": "global downturn. So we think the backlog is strong and the backlog supports the build rates. And our customers, we know, they've been very public about it, they believe that as well.", "duration": 10.86}, {"path": "82131762fc1c2b2358ac3a167666ab87_3.wav", "text": "Looking at the auto portfolio. We have previously announced that we were embarking on a path to restructure our auto business and that, that the process would take place", "duration": 10.86}, {"path": "63eaf9677d7577484a1557ae6bfbb585_68.wav", "text": "a disclosure of something called corporate as an offset within the sales category. Could you sort of just explain to those of us who don't know what that is?", "duration": 10.86}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_25.wav", "text": "as well as Milka in China, which continued to perform well. Approximately 60% of our year-to-date revenue grew or held share in this category.", "duration": 10.86}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_202.wav", "text": "are all in line with our expectations for 2016. Margins in marketing are at the high end as fuel volumes continue to grow. However,", "duration": 10.86}, {"path": "948f025c16fce2bcb2909e610c9be557_375.wav", "text": "And again, if you ever get a chance, come on out here and visit us. We're pretty proud of what we do. And we got a pretty unique team. So", "duration": 10.86}, {"path": "785be95695b063f97a17e4dea4a0529a_41.wav", "text": "Both have kicked in. KLA certainly is a bigger portion since we started that agreement middle of last year, and Nordson is a very recent agreement that just started.", "duration": 10.86}, {"path": "21f21433851eb7c7f7dbc710309341bb_165.wav", "text": "we're not using Paderno as a high velocity, low-margin traffic driving brand. This is a brand that we'd like to have as one of the best if not the best", "duration": 10.86}, {"path": "c40b5d1a13169c5acf69590932a56f98_110.wav", "text": "in terms of meeting our objectives as well as a number of other things. And I wasn't trying to be -- I wasn't trying to be", "duration": 10.86}, {"path": "c40b5d1a13169c5acf69590932a56f98_62.wav", "text": "strengthening our professional relationship advantages as well as having the strongest team of frontline sales representatives in this category.", "duration": 10.86}, {"path": "87045996e7446329f1d98c909c6ca7fe_78.wav", "text": "Our approach will increasingly leverage our recent technology investments and related initiatives to deliver exceptional client experiences and provide banking services anytime,", "duration": 10.86}, {"path": "dffe8257f781608bb17bb637249e4d2a_308.wav", "text": "On the credit loss ratio, we expect that our high quality advances book and excellent collections teams will continue to evidence themselves in a low credit loss ratio,", "duration": 10.86}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_85.wav", "text": "In Precision Devices, we continue to execute our playbook and drive strong revenue growth and operating margin improvement, both organically and through tuck-in acquisitions.", "duration": 10.86}, {"path": "92bf6fe090b6bc565cb500b688fd9173_26.wav", "text": "starting to struggle in terms of pushing through price. Like to get your views on that. And then in terms of the near term on Industrial, how do you feel about the landscape right now? There's some pressures in the environment.", "duration": 10.86}, {"path": "ec298d3b4d5979aa8c64bf222562e259_72.wav", "text": "During the fourth quarter alone, we rolled out a new digital banking platform and a number of enhancements to our accounting system with a new general ledger and accounts payable system,", "duration": 10.86}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_130.wav", "text": "The increasing buying power with landlords should enable our franchisees to secure more favorable terms, which will further improve their returns.", "duration": 10.86}, {"path": "7cc11de7f206c637e6293da0d956405e_83.wav", "text": "It's being able to use our retail brokerage to really go out and get into that market space, get in front of these stock plan participants, early and often.", "duration": 10.86}, {"path": "28d675c77a4b2269c1c1460ad3e56250_59.wav", "text": "that are helping to grow new consumer accounts and some of the other sort of digital and other things you guys have invested in that are actually starting to pay some dividend this year?", "duration": 10.86}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_75.wav", "text": "pricing, but still very strong for the majority of our international production. And on the gas side, things remain relatively stable. If you look at the chart on the right-hand side,", "duration": 10.86}, {"path": "3b2908426357bb8269c3a01469865cd6_137.wav", "text": "but aggressive approach in our actions. Though it's still early days, the steps we have taken, and those we will continue to take, will further strengthen our position in our core offerings", "duration": 10.86}, {"path": "0dec9a606303da3039d11eec4ec9bd86_55.wav", "text": "probably increase a little bit more. You may see a little bit more virtual because that's where we've seen more of the growth in the last few years. But they're still -- field resources would continue to go up as well.", "duration": 10.86}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_32.wav", "text": "With these categorizations, we aim to clearly distinguish between businesses suitable for rebuilding, businesses for divestment and so on.", "duration": 10.86}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_144.wav", "text": "I don't think investors should take the view that because we haven't changed it after a couple of quarters of overperformance, that we think there's a cap there. I think it's a matter of just", "duration": 10.86}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_174.wav", "text": "It will bring product expertise closer to the customer, and it will include a delivery model that supports industry-leading speed of service. In short,", "duration": 10.86}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_168.wav", "text": "Moving forward to our natural gas business. We expect a decline in overall system volumes through 2016 as our system outlook is affected by reduced drilling from producers in and around our assets.", "duration": 10.86}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_156.wav", "text": "in December quarter. The company is working on our tax structure to leverage our overseas expansion, which may reduce our tax rate in the coming year.", "duration": 10.86}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_70.wav", "text": "definitely a lot of energy coming from this business. HOVR also expanded into our sports style footwear category with the launch of SLK, which strikes the perfect balance between sport and street style,", "duration": 10.86}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_67.wav", "text": "From product, retail and sales to our regions, categories and the functions that support them globally, we are working single-mindedly and driving resolutely into our next chapter.", "duration": 10.86}, {"path": "1353031386f884a821e7e9bab449727d_89.wav", "text": "there's not necessarily any significant event that should really shift things from one quarter to another, as we see it today. So I'd anticipate a more", "duration": 10.86}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_42.wav", "text": "I'll then hand the call over to Mike for comments on Puerto Rico and an in-depth look at the operating environment, and we'll close with some comments from Matt on the balance sheet and guidance.", "duration": 10.86}, {"path": "ea80970d6b8e6fab10c4500aa7298914_77.wav", "text": "Our outlook for Woodward's overall operational performance is unchanged, improved Aerospace performance is being offset by weaker Industrial performance.", "duration": 10.86}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_42.wav", "text": "the overall net impact setting aside kind of the gross revenue and gross expenses that will bring on, just from the underlying business platform itself,", "duration": 10.86}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_35.wav", "text": "It -- you can't move to manufacturing mode until you have the infrastructure and the takeaway capacity to allow you to do it. And so we've already contracted", "duration": 10.86}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_60.wav", "text": "To be clear, when we talk about free cash flow, we're including only operational cash flows. We're not relying on an assist from asset sales.", "duration": 10.86}, {"path": "89499eed4dff3bd184e91cd496111f22_170.wav", "text": "We have used our financial capacity and management focus to acquire assets and extend relationships that answer most of the key questions you have been asking us for more than a year.", "duration": 10.86}, {"path": "92287986b332deec2c9712d7c89eef08_115.wav", "text": "In our portfolio, we've only 5 stores which were part of these announcements. Let me break that down a little bit. Two of those 5 were natural lease expirations that we anticipated getting back,", "duration": 10.86}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_11.wav", "text": "A number of development wells at Quifa Southwest, originally planned for the first half of 2018 have been deferred to the second half of the year", "duration": 10.86}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_85.wav", "text": "I would say that January has been a little softer as it relates to pricing than in years past. But this being said, we haven't taken any rate decreases. A few of our bids", "duration": 10.86}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_48.wav", "text": "We're continuing to deliver free cash flow and even though Q1 was expected to be the weakest quarter of the year, and will be the weakest quarter of the year,", "duration": 10.86}, {"path": "2cd5b184c2ef6624ce219830182927c9_151.wav", "text": "And I just wanted to touch a little bit on those before I go into the presentation. So Jim touched on safety. It's something we stress every day, and it's something we strive for zeros,", "duration": 10.86}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_98.wav", "text": "the benefits of our capital investment programs. ExGen had a great operational quarter, with the nuclear fleet producing more power ever in a quarter.", "duration": 10.86}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_169.wav", "text": "several transactions that are well within our historical yield range, including at least one that we expect to close in the very near future.", "duration": 10.86}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_197.wav", "text": "In late September, this same customer announced its decision to dissolve its 50-50 joint venture with American Airlines, which is a major engine overhaul shop.", "duration": 10.86}, {"path": "902872913863de98d38e2936b846cf66_10.wav", "text": "The fundamental demand outlook remains solid. It is supported by both private construction activity and a defined slate of public transportation projects.", "duration": 10.86}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_73.wav", "text": "Thanks, Barry, and good morning, everyone. As Barry highlighted, EnLink delivered solid results this quarter, and we are on track and in line with where we expected to be at this time of the year.", "duration": 10.86}, {"path": "b20564a6da1bcfc7b80552299d9e002a_107.wav", "text": "On this slide, we are providing you with an overview of main CapEx projects. And do not worry, I will not go into each and every detail of every sentence.", "duration": 10.86}, {"path": "b20564a6da1bcfc7b80552299d9e002a_29.wav", "text": "A lot of the CapEx you see is going into the glass facilities. It's not only all increase of capacities. It's very clearly also", "duration": 10.86}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_88.wav", "text": "Many of our key markets were under pressure when compared to the prior year, including paper manufacturing, mining, transportation equipment and chemical manufacturing.", "duration": 10.86}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_7.wav", "text": "One with the National Park Service, one with a large Western U.S. city and another from a major Texas electrical utility. This is just the tip of the iceberg.", "duration": 10.86}, {"path": "10ad32c5e0559c879e032faaf3148ab4_83.wav", "text": "After adjusting for the tax reform charges, we had a low effective tax rate, which was positively impacted by a credit in Hungary.", "duration": 10.86}, {"path": "77423f08f0208d476dea73c639f6293a_158.wav", "text": "As you know, we decided to acquire the Diversified stations using the auction proceeds, which makes the acquisition of these very strong stations and their cash flows essentially leverage neutral.", "duration": 10.86}, {"path": "24c7526f6daca8e16ab91bea6124148a_2.wav", "text": "financial information calculated in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures", "duration": 10.86}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_154.wav", "text": "we're looking at areas where our grocers are not investing and where they are and making sure that we're focused on -- that our anchors continue to invest in their locations.", "duration": 10.86}, {"path": "538323cb37246bc97d1253b369a7414a_201.wav", "text": "geographical areas where we expect that to be possible. We have also launched some new products, which we think and we see that they are interesting to customers.", "duration": 10.86}, {"path": "f15a674bdbbc461872000604216ae071_54.wav", "text": "regard, do you believe that in the next year or couple of years, you will see more of these actions regarding corporate governance in the", "duration": 10.86}, {"path": "0807d606b6cf98da19b317b4928c3572_65.wav", "text": "I believe is, also encouraging. Backlog is a metric that allows us to internally forecast future sales growth.", "duration": 10.86}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_47.wav", "text": "We expect to recognize cost efficiencies to the other supply chain, and we leverage best practices from both organizations to drive operational improvement across the business.", "duration": 10.86}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_118.wav", "text": "Data analytics and digital retailing, marketing and consumer brands are now operated under a single executive leadership focused on one customer.", "duration": 10.86}, {"path": "3ae068efa03cd088f4d3edea682f199f_6.wav", "text": "I'm also pleased to report that none of our employees suffered any injuries as a result of the storm, again, a testament to our safety culture at both work and home.", "duration": 10.86}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_38.wav", "text": "but more importantly, existing accounts more frequently. And so with a larger team in place, we can go deeper in psychiatry and neurology than we have been able to", "duration": 10.86}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_21.wav", "text": "But we now believe the increased promotions, instead of increasing traffic, were having the opposite effect on our business over the last 4 quarters.", "duration": 10.86}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_143.wav", "text": "I guess I would argue that the last couple of years have seen rapid evolution in retail where maybe your categories were moving online, but I think consumers are becoming increasingly price aware.", "duration": 10.86}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_117.wav", "text": "What I can assure you is that through our quarterly earnings calls, we will keep you abreast of both the successes and challenges that we experience as we go forward.", "duration": 10.86}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_77.wav", "text": "While our focus will be primarily on the best tier, as this is typically the most important for our core customer, our goal is to be able to serve all customers at the highest level.", "duration": 10.86}, {"path": "19e7822c0e829faf25355c16b830cf39_67.wav", "text": "For lack of comparability reasons, there's not a lot of productive commentary we can add to the legal entity results. Please feel free to go through them at your leisure.", "duration": 10.86}, {"path": "77f146e76d89a5be785a39ab23dfa763_24.wav", "text": "Single family home construction will continue its recovery, although we continue to expect variance in this segment, driven by labor and land availability.", "duration": 10.86}, {"path": "5111fdad778749872c23e78c9b0d653b_35.wav", "text": "resolve the reimbursement issues, they buy in low volume, so that they see how they get paid, how long it takes. So", "duration": 10.8599375}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_155.wav", "text": "we feel confident that we can continue to expand Dedicated EBIT by focusing on driving improvement to the operational fundamentals of the sub-performing accounts.", "duration": 10.8599375}, {"path": "a0e8f9500edc41a227b8d67235bf7753_64.wav", "text": "So very important for us to be a part of the community and do outreaches. We get involved in some of the charity fund raising events that are locally within our neighborhoods. A", "duration": 10.83}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_47.wav", "text": "In Logistics, we continue to focus on profitability over volumes with an active focus on credit risk as counter-party risk within the industry is at historical high levels.", "duration": 10.83}, {"path": "0db71632fa65f1d166f14cb8593c4690_38.wav", "text": "It will be the same amount as last year. We have not announced this limit. It is a limit that allows us to operate", "duration": 10.83}, {"path": "94fdf7b24748a7706b1097482a0f363a_152.wav", "text": "there's no question that we will provide a higher level of service if we are less committed.", "duration": 10.83}, {"path": "b28b60cd77c97aadb361896b0eb570a8_93.wav", "text": "What I can just state is that we are going to be extremely cautious with our commercial costs next year as well. We want this market to get into a kind of repair.", "duration": 10.83}, {"path": "47d77b15189fadcc76113a2f7800ba28_148.wav", "text": "application in production on the platform very quickly, then they tend to expand rapidly. And as that expansion takes place, we can hand off to our SI partners", "duration": 10.83}, {"path": "22ad97a95501a08f15c06605cd277fec_97.wav", "text": "From an operational perspective, I feel good about how the year is progressing. Our businesses are all performing very well and are navigating their respective market environments confidently.", "duration": 10.83}, {"path": "22ad97a95501a08f15c06605cd277fec_163.wav", "text": "But when you look at what we did in terms of the update at the end of the year last year, we feel pretty good about our position and our cash outflow associated with it", "duration": 10.83}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_400.wav", "text": "certainly, '19, '20, that productivity gains will be also reinvested in the company in the first place in order to get", "duration": 10.83}, {"path": "abd0f750609f1263b566f0c09b981a16_132.wav", "text": "We believe this excess cash balance provides a hedge in uncertain economic times as well as providing dry powder to capitalize on attractive investment opportunities as they arise.", "duration": 10.83}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_78.wav", "text": "the news about the results of the company for the first 6 months and second quarter of the year. We have a good performance and we're happy", "duration": 10.83}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_145.wav", "text": "A key step in building that team was our November launch of Category Management University, our core training program for buyers and assistant buyers to build strong foundational capabilities.", "duration": 10.83}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_38.wav", "text": "The first exploratory trial we plan to run in this setting is ZENITH-1, and it's planned to begin this summer. Bill will go into more detail on this and the rationale in a moment.", "duration": 10.83}, {"path": "3121e8f4a75758834d32a9e4e0555221_178.wav", "text": "is that what we should expect, to see a much faster growth rate for you guys in California? And is your pricing in California in the Marketplaces reflective of what you've done across the country?", "duration": 10.83}, {"path": "b34f680a9162805e0188170d6272a356_124.wav", "text": "And as we know, most of the design work done in the State of California is done by the professional engineers group of the State of California. They do their own in-house designs.", "duration": 10.83}, {"path": "c4dc8f962a85aa47af50f82845f550e2_93.wav", "text": "We also have the very -- highly variable manufacturing cost structure, which means we can quickly take actions to align our cost structure to the revenue outlook.", "duration": 10.83}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_3.wav", "text": "This team continues to amaze me, and I am so fortunate to have the opportunity to lead them as we strive to provide our customers with great products and experiences.", "duration": 10.83}, {"path": "66c9091ba849cdb6d64987642ced64d2_124.wav", "text": "So Brad, I'll tell you that the Quintiq solution is not an office shelf solution, and as I'm digging in and learning more about that in my new role,", "duration": 10.83}, {"path": "145244b0378e6657d456cffca8bbc982_107.wav", "text": "our results should reflect this dynamic despite our previously disclosed loss of a large contract within our Services segment commencing at the beginning of Q2, which we are working hard to offset with organic growth.", "duration": 10.83}, {"path": "39e5706898dcaf14a280b3a123877cd6_7.wav", "text": "When I say adjusting, it can be upwards or downwards. The point being to be fully attuned to the needs expressed by our clients, the local needs,", "duration": 10.83}, {"path": "fa45af64ef25007f998c655347bfbecb_279.wav", "text": "What you should understand is that if you add that volume, you cannot execute your cost-savings plans in the way we've planned for it without a consolidation.", "duration": 10.83}, {"path": "c1f9276ae4068aca63163adff502b818_47.wav", "text": "which provides significant capital flexibility, quick payouts and high returns on capital, particularly when we can leverage our infrastructure advantage to keep costs low.", "duration": 10.83}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_192.wav", "text": "As a result, we are glad to report that during the last few months, we have brought on several new fuel cell customers around the globe with the majority being in China.", "duration": 10.83}, {"path": "839852ec8452dbd90e9341d15cbba7c5_131.wav", "text": "We continue to believe that movements in foreign exchange rates will more than offset the continued impact of favorable fuel prices and be roughly in line with our guidance from the August earnings call. We", "duration": 10.83}, {"path": "4032bfdd59881fc6506c082737cb5a99_4.wav", "text": "and slightly higher than the first quarter of 2016. We believe this metric reflects the strength of our portfolio of events and the important role they play in the exhibitors' businesses.", "duration": 10.83}, {"path": "d5c338a956681dbb2170472253a29b85_95.wav", "text": "That is one comment. The other comment is that of course, you get -- you need to get this up to certain volume before you can start to rationalize", "duration": 10.83}, {"path": "73ba4ff250b62745e03880e75b9a1581_166.wav", "text": "in the first quarter. We anticipate that trend line continuing the second quarter as well as the back half of the year. Comex and", "duration": 10.83}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_37.wav", "text": "These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations.", "duration": 10.83}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_98.wav", "text": "We continue to see strong momentum from our European business, with Q4 closing the largest number of new client wins in the region's history.", "duration": 10.83}, {"path": "e56726c7aedd69029957c84128050700_99.wav", "text": "we are cognizant of a need to continue to expand our margins, so that we are able to fund our development efforts. This remains an important part of our strategic focus.", "duration": 10.83}, {"path": "655d592e9d1b1027f1824b1554d8b131_89.wav", "text": "there was in RJRT in 3Q relative to the margin that you achieved in 2Q. And I was wondering if you could just talk about", "duration": 10.83}, {"path": "1244d2b5a259c3bc73742830d60d53fc_8.wav", "text": "reporting our main focuses for our Investment Market mutual fund clients. As of June, our N-PORT, N-CEN solution within our ArcFiling product was made available", "duration": 10.83}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_90.wav", "text": "Turning to our third quarter results. There was a significant sequential improvement in our financial metrics in the quarter, driven by the transition to the new Ascension agreement", "duration": 10.83}, {"path": "43942582edfb20599f3e7456137f8deb_84.wav", "text": "During today's call, we will refer to non-GAAP financial measures, which are intended to supplement, though not substitute for our most directly comparable GAAP measures.", "duration": 10.83}, {"path": "7ec19aea307c76d4a57fa87368305630_9.wav", "text": "As the world's technology dependence increases and the definition of digital broadens to encompass new technologies, our market opportunity keeps expanding.", "duration": 10.83}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_0.wav", "text": "There is an inherent risk that our actual results could differ materially. You can find our disclosures about risk factors that can potentially contribute to such differences in our 10-K, which we are filing today.", "duration": 10.83}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_129.wav", "text": "we find ourselves increasing and increasing that New York backlog to a point I've had all of our subsidiaries have to get my approval before they bid any more work", "duration": 10.83}, {"path": "07d30eec04a77191950ef0992d097daf_172.wav", "text": "Final question is all the stuff happening at Wells, do you anticipate that it's going to have any sort of blowback on the industry in general? And could it reflect in higher", "duration": 10.83}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_174.wav", "text": "in this year. So this factor is going to be a major factor to boost up revenue for us in the second half of this year.", "duration": 10.83}, {"path": "4e04d3229b988f1db5b842ac5b993894_174.wav", "text": "the utilization. It's obviously saying something about preference for technology or at least so it would seem and maybe that's a little bit different than prior cycles or you would argue that's -- again, it's pretty much the same?", "duration": 10.83}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_164.wav", "text": "We are now the only vendor that provides enterprise class protection for secrets and privileged accounts across on-premise, cloud and the new attack vectors created by the DevOps pipeline.", "duration": 10.83}, {"path": "02825b6f22019c60be741d7e45b63f9d_57.wav", "text": "And finally, to our Land Development and Construction segment, as I previously stated, this segment is responsible for seeking opportunistic purchases of income-producing properties", "duration": 10.83}, {"path": "ade68f8add7249890d086ecf4b5b8cab_44.wav", "text": "We produced these results while maintaining a healthy balance sheet with solid leverage metrics, monetizing our deep land positions through homebuilding operations and repurchasing shares.", "duration": 10.83}, {"path": "30e94343ee663488872ae176b419a163_67.wav", "text": "Thank you very much everyone for joining our second quarter earnings conference call. We look forward to updating you again next quarter. You may now disconnect your line.", "duration": 10.83}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_146.wav", "text": "Essentially, we haven't changed our internal management targets for the year, but we have reevaluated our assumptions on how quickly this new channel will contribute to revenue.", "duration": 10.83}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_18.wav", "text": "more business in Ladies in the fourth quarter and maybe potentially in the first quarter if you had, for example, either more winter seasonal goods or just a better balance to the assortment?", "duration": 10.83}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_198.wav", "text": "so no change from our previous. And then, the only thing I would say is that we -- as we picked up American Chartered and the investments there, I think -- I believe we had a little bit more", "duration": 10.83}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_36.wav", "text": "now. I don't want to provide any specific guidance for what we think the third quarter or the fourth quarter will be up or down in units.", "duration": 10.83}, {"path": "8a77ceadd7e4729abc9102d38be3a227_131.wav", "text": "and that gives us a lot of flexibility to be patient and focused on the best place to deploy it. So I think we're focused on it, and hopefully, we gave you a fair bit of color on how we think about where it should go.", "duration": 10.83}, {"path": "8a77ceadd7e4729abc9102d38be3a227_185.wav", "text": "our advisory and brokerage platforms through new workflows, new investment content, lower prices that help our advisers position themselves to differentiate and win", "duration": 10.83}, {"path": "dd28a387ccc9575df47840b850647c7f_195.wav", "text": "And demographics are improving as millennials transition to their late 20s and enter the phase of life when many begin to think about purchasing a first home.", "duration": 10.83}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_289.wav", "text": "and I hope you enjoyed the little video that we opened with, which was just trying to give you a feel for what we've been up to the last 12 months. A lot of time on", "duration": 10.83}, {"path": "b94d748876ddf8e881d4191dec45baf3_140.wav", "text": "To this end, we've had personal assurances from DWP that the Secretary of State has not expressed concern over the continuity of the HAAS contract.", "duration": 10.83}, {"path": "7aeefd3f7f36ea98354844517c1f012d_91.wav", "text": "now to delivery. Have you seen anything from a competitive standpoint as far as that impacting markets where you compete with some of the bigger QSR burger guys?", "duration": 10.83}, {"path": "b281eff988085e0776dc8a10223f1048_66.wav", "text": "This issue is now well recognized by regulators, KOLs and industry expert. But its impact remains highly unpredictable for individual patients.", "duration": 10.83}, {"path": "c3567809c19ce6a800677544cd84f88b_194.wav", "text": "The cost of restructuring changes were offset by savings from our January 2014 global efficiency program and increased gains from land sales this year.", "duration": 10.83}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_128.wav", "text": "if you exclude the single commercial credit that was subject to a Department of Justice investigation in the first quarter or 9 basis points if you include that credit.", "duration": 10.83}, {"path": "ea60900258f99d1003ab247c506e42d9_74.wav", "text": "Our focus to a large extent is aligned to what we do in the local and traditional market. With that, the regression of share being a consequence of that.", "duration": 10.83}, {"path": "ab4dae37361262d727d1d2f8f78765d5_30.wav", "text": "while leveraging our global footprint. Our products will be the same everywhere. Importantly, all of this is complementary to the work we're doing on our safety agenda.", "duration": 10.83}, {"path": "ab4dae37361262d727d1d2f8f78765d5_53.wav", "text": "between what we are seeing of the East mining tonnes and then agriculture, we can have again Yarwun running at full capacity", "duration": 10.83}, {"path": "b1da16cba24af8e472573c4c9caf17c7_19.wav", "text": "I will now turn the call back over to Mark. Thanks, Sean. As we look forward to the remainder of the year, we expect the lodging industry results to modestly improve.", "duration": 10.83}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_119.wav", "text": "Thankfully, our plant in Pensacola, Florida was not significantly affected by the hurricane, and it resumed operations on October 11. Likewise, our warehouse in Marianna", "duration": 10.83}, {"path": "968913c3f9111fc67f1d9956c56dec3b_2.wav", "text": "Unfortunately, there was also an increase in the provision for loan loss, which was attributable to an increased effort by third parties to encourage customers to default on their timeshare loans.", "duration": 10.83}, {"path": "968913c3f9111fc67f1d9956c56dec3b_31.wav", "text": "that new owners don't necessarily default at any greater rate than existing owners. The reason being that existing owners typically have larger loan balances.", "duration": 10.83}, {"path": "75eb5b75bb8587b63c318714ea956b9e_21.wav", "text": "With them, one can draw all of these tests from just one specimen, avoiding discomfort to the patient and the need for multiple draws to extract them for analysis.", "duration": 10.83}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_154.wav", "text": "We believe these delays will be transitory, as bit growth remains very strong and device manufacturers will have to invest in additional capacity to keep up with demand.", "duration": 10.83}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_3.wav", "text": "from a change in tax accounting rules for stock-based compensation as well as the continued growth of TLLP's income in proportion to Tesoro's income.", "duration": 10.83}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_81.wav", "text": "We are confident that we are well positioned to continue to successfully executing our strategy and driving increased value for our shareholders.", "duration": 10.83}, {"path": "74d0910b4af16f82a812bddbb151d966_61.wav", "text": "will come online in the fourth quarter, also as planned. It's certainly been a successful quarter on the execution front, and we're really optimistic about what's coming in terms of growth projects.", "duration": 10.83}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_57.wav", "text": "Outside of Las Vegas, our Aquarius property has maintained EBITDA in Laughlin, where the market experienced some decline in visitation towards the end of the year as well as tight local employment.", "duration": 10.83}, {"path": "d4b51176b605646e70b37d07a7c19599_61.wav", "text": "Combining our capabilities creates good opportunities, as we further strengthen our position as a leader in steering solutions for a variety of Vehicle applications.", "duration": 10.83}, {"path": "e2225d612a954a24e7e91c08215d7b51_118.wav", "text": "Now let's turn to our second quarter results. First, we appreciate you sending in questions and have tried to address many of your questions in our prepared remarks.", "duration": 10.83}, {"path": "e00fd35e201a8607d264b803a5130c59_4.wav", "text": "We're changing the way we run our business as customers increasingly seek to place large, long-term, multiservice contracts,", "duration": 10.83}, {"path": "e00fd35e201a8607d264b803a5130c59_301.wav", "text": "get an offer or an incentive or reward for. These are based on what the customers' preferences and prejudices are. So they were based in that way. And I should point out that some of them", "duration": 10.83}, {"path": "48f4f350c0636fa0c7acf339cfccb869_78.wav", "text": "of course, something that has to be a real concern during the manufacturing, of course, and on the safety of the product. But the QC and all the details that we are dealing with", "duration": 10.83}, {"path": "8d9efef3c305ec549fb15daa27107c83_101.wav", "text": "As you know better than us, a lot of the value and option is tied to the time value. And so we're not going to take that hard one optionality away from ourselves.", "duration": 10.83}, {"path": "8d9efef3c305ec549fb15daa27107c83_6.wav", "text": "Given the uncertainty regarding the severity and duration of the market downturn, we will continue to prioritize the protection of our strong balance sheet and liquidity position.", "duration": 10.83}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_39.wav", "text": "Now good afternoon, everyone, and thank you for joining us today. Those of you familiar with Kura Oncology know we're committed to realizing the promise of precision medicines for the treatment of cancer.", "duration": 10.83}, {"path": "fb817a6cc685a3fd0f003456dd641c01_171.wav", "text": "Segment income and return on sales declined modestly as the impact of lower volumes were not fully offset by the continued strong productivity and pricing seen for the past several quarters.", "duration": 10.83}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_46.wav", "text": "in total, from what I had seen written, and this is over a year ago, so I don't know how the market may be progressing in Canada, but", "duration": 10.83}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_264.wav", "text": "where do you see the most likely sort of volatility or maybe variability in kind of the assumptions? And what markets maybe do you have", "duration": 10.83}, {"path": "d1ea27c78d9b77d1db1349ca8b4789d1_34.wav", "text": "And so it's a lot of dating. It's a lot of allowing them to understand what we have to offer versus where they are today.", "duration": 10.83}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_93.wav", "text": "Our guidance on future company performance assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements.", "duration": 10.83}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_102.wav", "text": "If our actual collections turn out to be higher or lower than our established rates in the quarter that we realize , we will book the increased or decreased amount to revenue.", "duration": 10.83}, {"path": "41c28201e80491c91e34488556721756_223.wav", "text": "Okay. And then a separate topic, but just a question I wanted to ask because I've got a couple of questions on it yesterday. The whole group of CEOs was asked", "duration": 10.83}, {"path": "757695924b5e43c7d44e29dc141cc035_168.wav", "text": "gave us a better understanding about what our expectations around recoverability would be. So again, that's around multiple scopes of work, multiple levels of negotiation", "duration": 10.83}, {"path": "757695924b5e43c7d44e29dc141cc035_139.wav", "text": "The commercial operation of the first unit in the Medupi site was part of that. Additionally, based on further experience around the erection scope of work for the cooling towers and filter products", "duration": 10.83}, {"path": "94f913b974baab79fb636f6521170dd7_179.wav", "text": "So in addition to specific representations of the amount of money someone is making in a given month or over a given period of time which now has to be substantiated and has to be accurate,", "duration": 10.83}, {"path": "1e32d5e01ff61f70b37850c473b9876a_35.wav", "text": "the new ones that came on board in first quarter this year and through the remainder of the year that we continue to see our graduate student population", "duration": 10.83}, {"path": "6709c061d39d0e433079f84160f11c80_216.wav", "text": "remove the effect of the net excess tax benefits recognized in the second and first quarters in connection with the new accounting guidance and the nonrecurring impact of the tax reform recognized in the first quarter.", "duration": 10.83}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_1.wav", "text": "So if you were to give some sort of a gut feel, because it's still a mixed bag in terms of weak sales in March but, on the other hand, you mentioned that you're overall", "duration": 10.83}, {"path": "a1e1e6f86dead4f43a363d0877cb4979_64.wav", "text": "but you say that you're still going to open lots of stores there. I was just wondering what drives you to continue with the current store opening rate in a market where, presumably, you're not getting the returns you were expecting.", "duration": 10.83}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_102.wav", "text": "During 2016, we've focused on the successful implementation of significant new clients and the renewals of other key clients within our Financial Services segment,", "duration": 10.83}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_126.wav", "text": "and credit to the employees who have worked on the businesses that we have been divesting to continue those business going and the employees in the tech-focused business,", "duration": 10.83}, {"path": "fe80c1056f21701e41cf3489c450f5ae_155.wav", "text": "is a key differentiator, which is only made possible by our culture of ongoing relentless focus on efficiency.", "duration": 10.83}, {"path": "ab29ac574f423764c40f2d2eec696623_146.wav", "text": "so you get basically a beneficial impact on the fourth quarter cost of risk, but that's kind of -- that would have been spread out through the whole of 2017, but you took it all in the fourth quarter?", "duration": 10.83}, {"path": "a0d537badd260e2071136602e3b73b26_67.wav", "text": "we would expect to take several steps to help qualify as a REIT, including selling certain non-real estate related assets and moving other non-real estate related assets into taxable REIT subsidiaries.", "duration": 10.83}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_91.wav", "text": "but not necessarily much different beyond that. So yes, it would pay probably take a little longer to ramp just because of the size, the physical tonnage and the size of what would be done there,", "duration": 10.83}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_123.wav", "text": "As we work to close out the second year of this transformative chapter, as we work to protect this house, we are steadfast in the challenge of becoming better at every turn.", "duration": 10.83}, {"path": "884400c829f179d8cf68b767f45f03a4_20.wav", "text": "As part of our efforts to optimize our tire assortment, we are also looking towards expanding our tire offering with the introduction of new high-margin branded tires in the fourth quarter", "duration": 10.83}, {"path": "b126c31149f1cadf1d891082a187d6fc_210.wav", "text": "Revenue per episode for the second quarter declined by 1.6%, largely owing to the Medicare rate cuts that became effective at the beginning of the year", "duration": 10.83}, {"path": "09b5b62d328d3d0719b6825357fdfb48_157.wav", "text": "Yes, this one is a little bit different. With the Cargill acquisition, we fed their cattle and got paid a fee to do that. With the Bartlett acquisition, as of right now we own all the cattle in the lots,", "duration": 10.83}, {"path": "09b5b62d328d3d0719b6825357fdfb48_219.wav", "text": "and down in Texas, is that we both believe in the JV we can enhance the profitability through pushing our own volumes through as well as keeping third-party volumes flowing as well.", "duration": 10.83}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_52.wav", "text": "My second question is for fourth quarter, if you're launching all these platforms, is there going to be an extra cost to getting the slotting and the promotion behind that?", "duration": 10.83}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_213.wav", "text": "During today's call, we will make forward-looking statements that reflect the company's current expectations about future plans and performance. These statements rely on assumptions and estimates,", "duration": 10.83}, {"path": "a2ba164f019804628c07b36de47cd464_108.wav", "text": "we expect significant opportunities over the next several years as many states will look to procure solutions to improve healthcare outcomes for those individuals while reducing costs.", "duration": 10.83}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_68.wav", "text": "We're not looking to grow at any cost, and we plan on being disciplined and methodical in our decision-making process. But make no mistake, we are a growth company.", "duration": 10.83}, {"path": "64364105b816dd0b6a029e9cd210e65b_169.wav", "text": "I commented in my formal comments that there remains more trailers in the system that are exceed 15 years old", "duration": 10.83}, {"path": "64364105b816dd0b6a029e9cd210e65b_18.wav", "text": "I compliment the team on these efforts. More recently, quote activity has picked up and we now need to see those quotes get converted to orders.", "duration": 10.83}, {"path": "407fee9910ab57874978cf85a89b1d9d_159.wav", "text": "The EBIT, which is relevant for the dividend payment, will come in several hundred million euros higher than the adjusted EBIT we use for our forecast.", "duration": 10.83}, {"path": "e552924838fe493d3cc967dd0c5c4563_71.wav", "text": "We are working closely with several customers on new catalysts for these units, and expect good growth over the next 2 to 3 years, as these plants reach full utilization.", "duration": 10.83}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_50.wav", "text": "With that fresh in your mind, today's call will focus on the third quarter results, some business updates, including actions we are taking with recent power weaknesses.", "duration": 10.83}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_194.wav", "text": "The remaining revenues relate to a combination of gas and diesel engine platforms with only a small portion of those sales applicable to diesel platforms.", "duration": 10.83}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_63.wav", "text": "The number of total subscriptions on the left grew fourfold in 3 years to 24 million since we signed a joint", "duration": 10.83}, {"path": "b20564a6da1bcfc7b80552299d9e002a_197.wav", "text": "let me say, a specific industry zone, very close to the airport that is offering us opportunities that are absolutely comparable to normal European", "duration": 10.83}, {"path": "e69e64683a56cdadf1c95192e753f27e_134.wav", "text": "versus on the arterial side where many of the other products work. We -- based on comments from the physicians we've spoken with, that's an important advance in treating", "duration": 10.83}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_24.wav", "text": "But as you look out into Q2, Q3, do you see an opportunity to take some net price here on top of whatever wage inflation you may experience?", "duration": 10.83}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_172.wav", "text": "then that will make it easier to manage labor expenses just because you'll have more of that revenue to work with. And in terms of rate,", "duration": 10.83}, {"path": "bf8646ad61e3857d4cf46e592c18f685_50.wav", "text": "In the industrial sector, we remain excited about our industrial ceramic opportunities. In order to continue this growth, we are pursuing product trials with potential clients around the world.", "duration": 10.83}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_19.wav", "text": "And with those words, thank you so much. We're hosting our Capital Markets Day later today, and I hope you'll join us either here in person or online.", "duration": 10.83}, {"path": "f268a8174f58c93ad6b45b7f151fe896_205.wav", "text": "Results for the quarter improved primarily due to higher base rates, volume growth and a favorable net impact from fuel at each of our transportation segments.", "duration": 10.83}, {"path": "77423f08f0208d476dea73c639f6293a_105.wav", "text": "We have been generally opportunistic and generally patient with growing the company although, I guess, in the last couple of years we moved pretty quickly in that regard.", "duration": 10.83}, {"path": "77423f08f0208d476dea73c639f6293a_255.wav", "text": "our per sub rate is at the high end of this industry, and I don't think we would be able to boast that if we did not have high-quality stations,", "duration": 10.83}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_22.wav", "text": "I think some of these lessons have been expensive. I fully understand that, but I believe the organization is a lot stronger than it was 18 months ago", "duration": 10.83}, {"path": "76c04b0646e881995fdd48aa58abee4c_91.wav", "text": "hour of content streamed, which is what's the positive impact on margin. That'll eventually flip at some point, but we expect to be able to still maintain that,", "duration": 10.83}, {"path": "32283c24ad18239efb166db8422560b2_118.wav", "text": "In fact, I rarely run into the Focus and HighTowers of the world, occasionally I do, but a lot of the firms they're looking at just have very different characteristics from", "duration": 10.83}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_94.wav", "text": "and second, temporary disruptions in the capital markets stopped some of our investors from refinancing their portfolios and temporarily made some high-yield bond investments more attractive.", "duration": 10.83}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_48.wav", "text": "I think you can use that same example going forward. So where we see opportunities, we'll expand either the banner or assortment or our company offerings to our customers to create a much bigger marketplace.", "duration": 10.83}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_47.wav", "text": "But -- especially with the ability through online, to be able to completely see our assortments is extremely important. As we get to know the customer better,", "duration": 10.83}, {"path": "3ae068efa03cd088f4d3edea682f199f_257.wav", "text": "Second, we are focused on improving our project execution and risk management. We're exploring and implementing a number of ways to generate greater efficiencies at the execution level,", "duration": 10.83}, {"path": "b1a98885c1d81414cdc122e807760faf_4.wav", "text": "We believe this transaction positions Biogen to be at the forefront of Alzheimer's research in terms of both, mechanisms of ACTION and time to market.", "duration": 10.83}, {"path": "76b892bf017891d7028256847747227c_152.wav", "text": "Our best guess is that we will begin earning management fees from Opps Xb based on its total committed capital as opposed to the amount that has been drawn", "duration": 10.83}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_288.wav", "text": "could not be taken into consideration in 2017. This deferred tax benefit will only be recognized on the completion of the transaction as part of the overall profit", "duration": 10.83}, {"path": "744f5859c7d9a0567b387ae84326d940_176.wav", "text": "That expertise is pivotal in earning the trust of larger multinationals, and our capacity to deliver is winning new business every quarter.", "duration": 10.83}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_157.wav", "text": "from an audit and security perspective on the security of their data. I think we've talked about -- I think at any given point, we have 5 to 6 clients", "duration": 10.83}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_38.wav", "text": "outside of the legal and consulting fees, that will come and go as we work on various projects, there's really nothing unusual in there. Just last year was abnormal though.", "duration": 10.83}, {"path": "f5875d033110e66b5aafc3c0003babdf_91.wav", "text": "In contrast, last year's second quarter had an unusually large proportion of architectural panel sales, which made for a difficult comparison at the margin line this quarter.", "duration": 10.8}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_143.wav", "text": "to be able to start entertaining the discussion with agents -- agencies or at least knowing what we need to do in the next step to bring home a definitive answer in the nephrotic FSGS. So", "duration": 10.8}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_15.wav", "text": "This obviously takes time and traditionally a lot of money because of our unique partnership we can afford a marketing campaign that otherwise would have cost tens of millions of dollars.", "duration": 10.8}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_92.wav", "text": "focus on the Reprographics, the plan printing work that we normally get, we also focus on other services that goes into a project. Whether it's on the project site or", "duration": 10.8}, {"path": "6388da88b00ebc88af59435bdac74132_227.wav", "text": "our deployment of capital, appreciation of our existing portfolio and realizations from exits. Let me talk about each in turn. With respect to deployment,", "duration": 10.8}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_140.wav", "text": "we still don't really understand that. How do you approach it and are you going to continue to focus on BBR or will you expand out your cyber coverage?", "duration": 10.8}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_150.wav", "text": "Such forward-looking statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and may materially differ from actual future", "duration": 10.8}, {"path": "3557b21a45c35e71e82cc43b19977855_68.wav", "text": "Results were negatively impacted by the lower volume and light manufacturing productivity which did not offset inflation and other cost changes as well as higher pension cost.", "duration": 10.8}, {"path": "d28b2b09c127b5be033738aa3cd380b3_288.wav", "text": "for innovation even for distribution is quite good. So you're just going to have to take it on faith that we've got good business plans and we're executing against it. It doesn't mean we can't be wrong on the 2% to 4% outlook.", "duration": 10.8}, {"path": "c68c15299b67173c7ae163cc5938f3c1_128.wav", "text": "will be down as well due to the refi, and Bill will talk about that in a second. I'll turn the call over to Bill to expand on these areas and to explain -- further explain the financial results.", "duration": 10.8}, {"path": "8cb24daf76784487ad63780546dc4ba4_118.wav", "text": "With respect to the DOL fiduciary rule, we have completed the evaluation of our business model and are implementing changes as needed in order to comply with the new regulations.", "duration": 10.8}, {"path": "8cb24daf76784487ad63780546dc4ba4_213.wav", "text": "and the second is just the technology resources attaching to these programs. But I think it's more the former in getting the program just right. I think it's a", "duration": 10.8}, {"path": "3180572bc2da758668c19200930e1bc4_203.wav", "text": "So I'm just wondering, it's nice growth, but does there come a point where you want to slow mortgage fees down just because they get to be too big of a percentage of", "duration": 10.8}, {"path": "7974a5134807f46a1484a8adf81505be_166.wav", "text": "We are well prepared for a variety of future economic scenarios. And we will continue to manage risk in a prudent and in a responsible manner.", "duration": 10.8}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_144.wav", "text": "there was a little bit more business that you were picking up in the shorter term that you hadn't picked up before that made the difference, and it sounds like", "duration": 10.8}, {"path": "8b71a232d7fe61e6232807b635977c31_126.wav", "text": "What does that look like and what do I get on a net total reach basis? And so the Total Audience Measurement system, like the one that we're building and delivering to the marketplace,", "duration": 10.8}, {"path": "8b71a232d7fe61e6232807b635977c31_227.wav", "text": "Now in the digital world, independence often comes up as captive metrics. If a publisher has this incredible level of detail about the activity happening on their particular site,", "duration": 10.8}, {"path": "1b91eb82f5211000e711424657cc2484_193.wav", "text": "including the requirement to send out Schedule K-1s. We expect that this alone will result in annual savings to our company and make owning our shares a little less burdensome.", "duration": 10.8}, {"path": "1b91eb82f5211000e711424657cc2484_274.wav", "text": "Secondly, with more liquid shares as currency, we believe that we can more efficiently pursue selective acquisitions and continue to broaden and deepen our platform.", "duration": 10.8}, {"path": "d085781ecd776da8a9c4d31ad547606b_148.wav", "text": "On the external accounts front, the level of current account deficit continues to be favored by both the higher price of oil and somewhat of a pickup in nontraditional exports.", "duration": 10.8}, {"path": "9e937c87ad87f354d42a688156853a30_95.wav", "text": "I just want to understand how much advantage you'll still have in BAW. Remember my definition of a sustainable franchise? We don't stop investing.", "duration": 10.8}, {"path": "75fa1bebed0b858c76cc7058477e40e2_189.wav", "text": "increase. Difficult to quantify the absolute overall impact on same-store sales, but we have seen of those guests that are ordering Kids Meals, that they are coming a little bit more frequently.", "duration": 10.8}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_234.wav", "text": "did go on SPINRAZA. Now given that this was after completion of our trial, I do not have any insights into any other safety or efficacy data that may have been observed", "duration": 10.8}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_233.wav", "text": "how we spend our resources, because right now we can see for the third quarter and the fourth quarter, difficult times are ahead.", "duration": 10.8}, {"path": "833f98dbc79997580b24335033aac5d2_153.wav", "text": "But I will go back to say this, I think we did this to ourselves and we created that situation. I still think you can be successful as a public market company,", "duration": 10.8}, {"path": "957e0f876f9a4af9b498c19843675474_33.wav", "text": "We tend to have more visibility in the back half of the year in terms of onboarding new customers. So if you look at the mix of revenue just because of the seasonal aspect of the business,", "duration": 10.8}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_30.wav", "text": "We will be presenting at the KeyBanc Global Technology Leadership Forum in Vail on August 8. The 20th Annual Oppenheimer Technology Internet", "duration": 10.8}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_163.wav", "text": "or Meritor will provide those services to companies like the Peterbilt or any other commercial vehicle manufacturer that needs support on integrating these systems.", "duration": 10.8}, {"path": "cc82e791c065bdc271addf355bac274f_25.wav", "text": "becoming more rational. Competitors will no longer apply the low-cost prices. They're not -- they can't afford to sell below cost, and I think this is", "duration": 10.8}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_212.wav", "text": "Looking forward, further losses are anticipated from the derisking activity, but we remain within the targeted cost we communicated to the market last October.", "duration": 10.8}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_14.wav", "text": "In motorcycle business operations, the positive impact of an increase in consolidated unit sales was more than offset by the negative impact of ForEx translation effects,", "duration": 10.8}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_118.wav", "text": "and I want to drive home the point that our total revenue guidance reflects our best estimate as of today as to the pace at which the services revenue will roll off to our partners.", "duration": 10.8}, {"path": "6b5a6b4dce64e7db04bee7d7b7d37aba_28.wav", "text": "streaming from a lot of places. So one of the things we want to do is figure out a way to leverage that brand. And it may be a series of concerts. It may be a whole host of other things.", "duration": 10.8}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_39.wav", "text": "While the company may elect to update these forward-looking statements at some point in the future, Accretive Health specifically disclaims any obligation to do so to reflect the actual results or changes in factors or assumptions", "duration": 10.8}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_71.wav", "text": "just looking at this with the kind of yield that we're trading at right now, it just didn't make any sense to us to continue to have that overhang out there on", "duration": 10.8}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_107.wav", "text": "We continue in negotiations on 3 major claims, have received significant offers on 2 of them, although not adequate.", "duration": 10.8}, {"path": "4e04d3229b988f1db5b842ac5b993894_23.wav", "text": "I guess, your -- does it imply to us that your equipment is in great shape and really doesn't take much to bring out of the yard? Or is there something else going on that enables you to have a lower cost?", "duration": 10.8}, {"path": "da14df2e02d11f6f8599533d9d57faee_147.wav", "text": "This complementary acquisition provides us with the opportunity to accelerate our strategy, and after much study of the opportunities available to us,", "duration": 10.8}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_3.wav", "text": "we were able to deliver record Q4 and full year adjusted EBITDA. We also demonstrated the ability to further expand margins,", "duration": 10.8}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_179.wav", "text": "operations and things like that, but also how we present ourselves to clients in the consulting community. So we do have a year of consolidation work to do, which is never easy in these businesses.", "duration": 10.8}, {"path": "8aa1aa8317783203344434f855535c25_207.wav", "text": "at 4%., you can do the math as to even if you max the leverage ratio out to some number that I don't think we're remotely close to talking about here,", "duration": 10.8}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_18.wav", "text": "we've built backlog, our sales efforts are strong and the drag from legacy products and services should moderate going forward as those products approach run rate levels.", "duration": 10.8}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_156.wav", "text": "The impact of redirecting a large number of small ESCO partners was felt on the revenue line but should be more than made up by new agency partners over time.", "duration": 10.8}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_5.wav", "text": "This wasn't the case in our fiscal 2016 as the back half slowed due to the industrial sector slowdown. But it's more along the lines of what we had expected on a normal year.", "duration": 10.8}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_104.wav", "text": "While we don't have specifics to share today, I can tell you that I've challenged the team to go deeper than we have in the past and to think differently about our business. And they're delivering.", "duration": 10.8}, {"path": "58ff8a727ec4f3859407b64f08246759_59.wav", "text": "Two questions on Asia, one on China. Just curious what you guys are doing to try and drive penetration while we wait for the quota. Are you better off waiting for the government", "duration": 10.8}, {"path": "16e51362df94379ea33a24334015f385_83.wav", "text": "In addition, we are using our switching platform to develop enhanced consumer features without paying licensing fees to third parties.", "duration": 10.8}, {"path": "23417803b1a8115806b8e604b8b2bb83_156.wav", "text": "just to mention one, we might have additional potential upside coming from the new regulation which is foreseen to be finalized by November this year.", "duration": 10.8}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_108.wav", "text": "you heard in the comments earlier. I think what we described is that our aggregate commodity inflation net of sourcing activities was about 1% of our consolidated", "duration": 10.8}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_226.wav", "text": "After the unpredictable events in 2016, this year promises to be more of the same. The upheaval and accelerated change I talked about before", "duration": 10.8}, {"path": "567a41009710fa1568bb8125213bf9eb_56.wav", "text": "Streamlined modification programs are beneficial, because they eliminate income documentation requirements and move borrowers directly into a trial modification after their first payment is made.", "duration": 10.8}, {"path": "e271ed845347e9c930ab0a44eb7785da_19.wav", "text": "Besides, there are some patent barriers and technology barriers. Our strategy is heading to automation and complete sets.", "duration": 10.8}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_135.wav", "text": "I hope our recent track record has given you confidence that the company is moving in the right direction and can meet and exceed our goals.", "duration": 10.8}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_58.wav", "text": "results of operations and financial condition to differ materially from results of operations and financial conditions expressed or implied by forward-looking statements made during the call.", "duration": 10.8}, {"path": "526e0d5398a516831b49936c31a8ea1c_96.wav", "text": "Any statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act", "duration": 10.8}, {"path": "b43c001c5af465d220ab0b69a95202ae_182.wav", "text": "We are developing best practices and have created methods to effectively spread measurable improvements across our national footprint.", "duration": 10.8}, {"path": "968913c3f9111fc67f1d9956c56dec3b_28.wav", "text": "and there may be some continuation in the third and fourth quarter. We expect that the revenue momentum of the business will serve to offset some of that as well as cost control across the board.", "duration": 10.8}, {"path": "9b697782ea80be97854f35d6fc62c93a_95.wav", "text": "As you know, JDE is a private company so we won't share significant detail on their results or projections. JDE management expects performance to be pressured this year", "duration": 10.8}, {"path": "0e52a74a184c92ad0c336af764aa0796_40.wav", "text": "which showed a survival advantage for sepsis patients treated with ZADAXIN. We expect that data should be available in about 3 years.", "duration": 10.8}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_48.wav", "text": "In conclusion, we are continuing to execute our strategic plan, and we are pleased with the sound progress accomplished to this day.", "duration": 10.8}, {"path": "262bc21196721c5ff9114acbd2ff03c3_270.wav", "text": "an ideal platform as those of you who visited will have seen to acquire in our smaller businesses in this area. We have good management team in Millbrook who are", "duration": 10.8}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_56.wav", "text": "It's worth noting that this is the last quarter in which results were impacted by expired Martha Stewart legacy licenses indicated in last year's results.", "duration": 10.8}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_131.wav", "text": "The decrease was driven by a lower contribution from net investment spread results, partially offset by more favorable case experience and higher full service fee income.", "duration": 10.8}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_54.wav", "text": "of your end markets. Can you just clarify where you continue to see strength versus where the slowdown has occurred in the server storage businesses?", "duration": 10.8}, {"path": "33ed8514914fae6825997843290fe049_39.wav", "text": "And then third, expand the market principally by commercializing the optimal dose therapy after the completion of clinical testing and regulatory approval", "duration": 10.8}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_27.wav", "text": "That is the primary driver of what would change the CapEx. As we get later in the year, we start to understand what projects are going to get completed in the year, what", "duration": 10.8}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_103.wav", "text": "this iconic geography of that area and how we tackle that. So there's sort of examples of good old innovation and supporting that through the brand activity.", "duration": 10.8}, {"path": "189b20e7b975130ca5abd0e419e54908_94.wav", "text": "These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that the company -- that may cause the company's actual results or achievements", "duration": 10.8}, {"path": "28d675c77a4b2269c1c1460ad3e56250_105.wav", "text": "We are very pleased that we have been able to deliver on that promise. From a financial point of view, key elements to making that happen were expanding net interest margin,", "duration": 10.8}, {"path": "9ec35a7809acb51486076e302028ba33_2.wav", "text": "During this quarter, we decided to delay the building of certain long lead time projects in order to take advantage of new product enhancements in our module design.", "duration": 10.8}, {"path": "e33785a294553de2a12d4463bf786744_197.wav", "text": "Thank you for taking time from your busy schedule to be on our call today. We do appreciate your interest in Air Products.", "duration": 10.8}, {"path": "f6ce013decc49462849265711e8c93fc_13.wav", "text": "We keep operational profitability margin expectations intact, and in addition, I'll remind you that we continue operating in a very dynamic and competitive environment.", "duration": 10.8}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_52.wav", "text": "We're looking forward to working with the Atairos team and finding ways to combine Groupon's local expertise with Comcast's vast subscriber and advertiser network. With that, I'll turn the call over to Brian.", "duration": 10.8}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_2.wav", "text": "and Retail Branding and Information Solutions is making good progress both financially and strategically, delivering solid top line growth and margin expansion,", "duration": 10.8}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_230.wav", "text": "that we see in almost all of our networks between the speed of the service we provide to a home and the amount of consumption that, that home has.", "duration": 10.8}, {"path": "799c15a4a6e9e3c86374761fec31c00a_22.wav", "text": "market profile. Hence, a lot of focus on that part. The other thing, I want to follow up on the earlier question. Another reason we really do like this", "duration": 10.8}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_95.wav", "text": "we really look forward to providing you with more color on that next quarter. We are getting down to kind of the blocking and tackling phase. There are some big deals that we're working on to", "duration": 10.8}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_136.wav", "text": "We continue to build out our senior management and technical talent on a global basis. We believe these accomplishments position us well for continued growth.", "duration": 10.8}, {"path": "1353031386f884a821e7e9bab449727d_77.wav", "text": "With that, let me turn the time over to Ryan, and then Mark will provide additional detail on our financial statements and projections. Ryan? Thanks, Ritch, and good afternoon, everybody.", "duration": 10.8}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_125.wav", "text": "I couldn't be happier with the progress to date and the current state of the assets, which, upon visit, are in excellent shape with full parking lot, heavy foot traffic and great sales volume.", "duration": 10.8}, {"path": "b126c31149f1cadf1d891082a187d6fc_103.wav", "text": "is going to have to make sure that the documentation interface with the MACs are perfect. The good news is", "duration": 10.8}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_73.wav", "text": "We'd like to remind you that today's presentation may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances.", "duration": 10.8}, {"path": "4ee3c79ebc57c9870b221b9479d52436_222.wav", "text": "In recent months, however, we have been able to facilitate agreements to reverse that flow south, delivering more gas for domestic users in the southeastern part of the country.", "duration": 10.8}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_130.wav", "text": "I know that there are some additions here and there, but the teams that had to be put together for the new projects, are they all already in place", "duration": 10.8}, {"path": "9fb4423a70358ef22be9982299969f7a_223.wav", "text": "I was just wondering, as you look at the portfolio and if you look at the organic growth, is there one particular market that you feel is holding you back? Or does it just come down to these large projects", "duration": 10.8}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_62.wav", "text": "These increases reflect recovery on multiple years of smart meter and other capital investments meant to improve the reliability of the grid across all the PHI jurisdictions.", "duration": 10.8}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_102.wav", "text": "And so I don't think there's any single thing that's going on in the business that you would identify in saying this is truly a", "duration": 10.8}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_107.wav", "text": "And so to speak to Engineered Components, we did see a slowdown in terms of organic sales in the quarter in the low single digits.", "duration": 10.8}, {"path": "6299a010c7bb84feaf14b263750dbd1a_160.wav", "text": "The group continues to demonstrate its capabilities in managing closed funds efficiently and effectively for the benefit of customers and shareholders.", "duration": 10.8}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_180.wav", "text": "Is there an expectation that you would see new operators come in and do refrac? Or would it just be simply taking over the properties and trying to optimize what's there today?", "duration": 10.8}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_114.wav", "text": "and who are now gearing up to the same thing again for the next chapter of our journey, our digital transformation, over the next 4 years.", "duration": 10.8}, {"path": "933faa5ac159ab158506e2bc0f714977_198.wav", "text": "is pretty flexible and it's highly dependent on the sales absorptions we're seeing in our currently open communities and then often just our ability to bring new communities online because there's a lot of moving parts.", "duration": 10.8}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_80.wav", "text": "the reduction in volume is making it increasingly difficult to maintain this investment while still driving to meet the objective of returning the company to profitability as soon as possible.", "duration": 10.8}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_188.wav", "text": "basis points. Is that something that you guys might to be prepared to talk about, what you would -- you sort of your wake up in the morning negative mix, whether it's", "duration": 10.8}, {"path": "0536b57caa15ae9f7338c4e58f9f62b6_62.wav", "text": "The annual same-store decline was driven by an average occupancy reduction of 50 basis points, the beat to our guidance related to signing leases earlier in the quarter than budgeted.", "duration": 10.8}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_145.wav", "text": "for the full year of fiscal 2018. We estimate our ongoing annual capital expenditure requirements to be approximately 2% of annual sales.", "duration": 10.8}, {"path": "af146425f68dd8e32f31878389746637_14.wav", "text": "Our employees are responding positively to this change, which offers greater opportunity for professional growth, including enhanced pay-for-performance.", "duration": 10.8}, {"path": "f15a674bdbbc461872000604216ae071_114.wav", "text": "in the trading companies and Chinese paper producers is coming down. And sometime, new purchases will have to be made.", "duration": 10.8}, {"path": "bf99037f89cd485f95f097842619a0c7_153.wav", "text": "We're in '17 focusing on the European booked clients, and then we will take care of the Asian clients. On the discretionary side, you've seen we've", "duration": 10.8}, {"path": "3ae068efa03cd088f4d3edea682f199f_320.wav", "text": "When you think -- you gave us a lot of prospects for next year, but do you think next year it sort of really ramps up versus this year given sort of some market improvement but also", "duration": 10.8}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_80.wav", "text": "A potentially positive consideration is that tariffs implemented on products imported from China and South Africa could serve to eventually moderate the price pressure", "duration": 10.8}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_78.wav", "text": "Confirming the strengthening demand, our lead times for plate products have expanded from approximately 10 weeks earlier in the year to approximately 20 weeks.", "duration": 10.8}, {"path": "16c235a53fc719ec92ef3b3c3b371150_109.wav", "text": "we'll talk to the board near the end of this year about what we want to do. This is why we also want to see how we come out of the summer and what our cash position looks like. And then, I think, by the end of this year,", "duration": 10.8}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_44.wav", "text": "As of February 29, 2016, we are in compliance with all of our financial covenants through that date and expect to remain in compliance for the foreseeable future.", "duration": 10.8}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_126.wav", "text": "Despite the slight decline in sales, our gross profit dollars were equal to the prior year as a result of improved product mix and margin management initiatives.", "duration": 10.8}, {"path": "744f5859c7d9a0567b387ae84326d940_75.wav", "text": "But it's not simply putting feet on the street. In addition to hiring these new personnel, we focused on equipping existing employees with the necessary tools and training", "duration": 10.8}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_1.wav", "text": "contained in the press release that we issued yesterday afternoon as well as in our filings with the SEC. In addition, some comparisons will refer to non-GAAP measures.", "duration": 10.77}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_52.wav", "text": "Our value creation journey from scientific discovery to setting new standards of care in modern medicine is taking a huge and next step forward.", "duration": 10.77}, {"path": "c272c3032aa56f99fd19c220786b0636_67.wav", "text": "Statements are valid only as of today's date and the company disclaims any obligation to update this information, except maybe required by applicable law.", "duration": 10.77}, {"path": "6388da88b00ebc88af59435bdac74132_137.wav", "text": "that more than 60% of our capital commitments come from investors that are in 6 or more of our funds. I think, second of all, we continue to see new investors come to the platform.", "duration": 10.77}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_101.wav", "text": "category and this is also where we are capacity-constrained. So Shelby will give us that extra capacity to be able to meet those customer commitments. And as we indicated,", "duration": 10.77}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_137.wav", "text": "I would tell you we take that very seriously at a management level and at a board level with regard to making large capital investments and how we look at the risks, how we'll manage through it.", "duration": 10.77}, {"path": "8b6c481f7fe797353fefe886e205bbaa_44.wav", "text": "But hopefully, we can accelerate that. But I think the volume piece of that comes -- depends on how quickly the operations stabilize and we can get that on and running.", "duration": 10.77}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_86.wav", "text": "that's -- that shows you that we're still learning a great deal about how to use this as monotherapy. Combinations -- a lot of combinations appear to be showing", "duration": 10.77}, {"path": "d28b2b09c127b5be033738aa3cd380b3_25.wav", "text": "we compete in 9 major categories. And in 3 of those 9, private label is a major competitor such as to put it in perspective.", "duration": 10.77}, {"path": "d28b2b09c127b5be033738aa3cd380b3_167.wav", "text": "and this is because we place such strong emphasis on innovation, staying tight on our price gaps and continuing to invest heavily in brands that consumers love.", "duration": 10.77}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_57.wav", "text": "we have 2 effects. We have the one effect that we have stockpiled a couple of anodes here and there because we had some smaller maintenance issues,", "duration": 10.77}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_118.wav", "text": "We're not planning any specific price increase right now but at some point over time, we'll need to pass on some of the higher cost. But we believe we'll be able to do that. And then that along with leverage from the higher sales, that along with", "duration": 10.77}, {"path": "232edaebd93a3d8673bce183d269ad6d_153.wav", "text": "And that is the last 20 years of record growth and profitability. We have now completed 20 years as a banking organization since we opened up here in Conway, Arkansas.", "duration": 10.77}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_108.wav", "text": "As part of the management process, the company has taken the decision to close a number of underperforming businesses, which is reflected in the unusual items for the period.", "duration": 10.77}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_177.wav", "text": "You did talk about your dealerships and how they are outperforming the market in terms of margin. Can you talk about how they're performing in terms of sales? For first half,", "duration": 10.77}, {"path": "6b45877b719000e47adfd1ec118c376a_58.wav", "text": "lowered a couple of times over the years with the addition of more freestanding stores and long-term leases, triple net leases and whatnot, so I was just wondering what drove the decision to increase that?", "duration": 10.77}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_1.wav", "text": "In addition, this call includes only information available to us at this time. To the extent you are listening to this call at a later date via replay, please note this information may be outdated or incomplete.", "duration": 10.77}, {"path": "9b42adffcf2518fd04e7d8df8f449e73_63.wav", "text": "and, frankly, acquiring a lot of digital capabilities. Who are you competing against when -- against your book of business on the digital front?", "duration": 10.77}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_206.wav", "text": "being able to do the Deeprock thing is when that got built as part of -- Deeprock really got built because of Pony Express. But when it got built,", "duration": 10.77}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_5.wav", "text": "We continue to successfully execute on our growth drivers and deliver the high level of profitability we've seen since completing our initial public offering last summer.", "duration": 10.77}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_82.wav", "text": "We saw a mid-teens RevPAR growth in Eastern Europe on strong corporate and leisure demand, while RevPAR in Turkey and France continued to rebound.", "duration": 10.77}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_80.wav", "text": "was driven by contributions from our Phase 1 Collins growth project coming fully on revenue during 2017. Fourth quarter revenue", "duration": 10.77}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_36.wav", "text": "to be materially different from any future results or performance expressed or implied in this presentation. You should not place undue reliance on these forward-looking statements.", "duration": 10.77}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_85.wav", "text": "In fact, this quarter's U.S. underwriting income was one of the best in the history of the company. Now let me briefly comment on each of our operating segments.", "duration": 10.77}, {"path": "14f3d2486b21e639a953afb7ad03d90c_133.wav", "text": "do more machining, more advanced surface treatment and working closer with the customers to make more specialized products where the value-add is higher.", "duration": 10.77}, {"path": "8b71a232d7fe61e6232807b635977c31_150.wav", "text": "including Reckitt Benckiser. Our relationship with RB has deepened beyond consumer insights and expanded into an engagement that is focused on measurement, strategy and technology.", "duration": 10.77}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_43.wav", "text": "with a strategic value that medical innovation offers to our core businesses in the 6 areas where we do have most of our cases.", "duration": 10.77}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_19.wav", "text": "Yes. So a couple of comments. First of all, we -- as we've talked about on previous calls, we feel very good about the momentum and progress in the mobile business. If you recall, last year, we announced", "duration": 10.77}, {"path": "75fa1bebed0b858c76cc7058477e40e2_206.wav", "text": "businesses. We've got our teams talking to those guests. We are pinging them where we can through social digital media. So it's really a much more aggressive outreach targeted", "duration": 10.77}, {"path": "91422f85dbf838639b3cb9dd9da364eb_2.wav", "text": "With respect to Xcede, our Board and management, along with our development partner, Cook Biotech, continued to believe in the value of this product and opportunity.", "duration": 10.77}, {"path": "7503d7356c13f095c26bfad29c5390c6_26.wav", "text": "Combined with the dosing schedule that is the most convenient of any biologic in this indication, the entire package makes guselkumab look like a very attractive drug in our opinion.", "duration": 10.77}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_19.wav", "text": "So that's a function of the capacity came in early in the quarter, you've utilized it, you stepped up, you're up at level most of the quarter and we're waiting for the next slug of", "duration": 10.77}, {"path": "07f580f6f7be50000b90caa25fcd2661_67.wav", "text": "which resulted in an IRR on our investment of over 11%. As we look forward, we are confident that through our multiple origination engines,", "duration": 10.77}, {"path": "2a5b0a6532fa2b71915a2930be02621a_33.wav", "text": "As far as things that are distinctive and different, I would point to a couple of aspects. One, obviously we are doing China", "duration": 10.77}, {"path": "e26b501c6e000fdaa11edde97cc71436_130.wav", "text": "In truth, right now, we don't have a lot of time to go market it to our customers, but it's available, and it's about to get some profile with yet another partner being brought in.", "duration": 10.77}, {"path": "e26b501c6e000fdaa11edde97cc71436_90.wav", "text": "understand that they are making a commitment publicly to the use of ReposiTrak to improve their compliance standing.", "duration": 10.77}, {"path": "1b1699497be56330b3ed833f22bc63f6_15.wav", "text": "We would expect a similar opportunity with other new products and product extensions, such as our compliance products and our Jackpot Xpress product.", "duration": 10.77}, {"path": "cc82e791c065bdc271addf355bac274f_30.wav", "text": "And once you lose that advantage, that may be -- that may have an impact on your numbers in the future. I'm just trying to understand", "duration": 10.77}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_50.wav", "text": "And we make good on that promise. So I think there's a real opportunity to be much more visible on why you want to be connected to this brand, why you believe in this brand.", "duration": 10.77}, {"path": "0f06227be4dd36d9329849eda96196aa_4.wav", "text": "We are assessing which areas will provide the quickest return on our investment and that result in additional long-term growth opportunities.", "duration": 10.77}, {"path": "f314d55f20e7186f4cd0e41e32ec144b_41.wav", "text": "primarily as a result of the effect of the previous year's most significant upward movement in share price, and its effect on the carrying value of the liability classified award plans.", "duration": 10.77}, {"path": "43942582edfb20599f3e7456137f8deb_14.wav", "text": "the decline in new students is due to a shift in starts of students in the prior year from the September to January session due to Hurricanes Irma and Maria.", "duration": 10.77}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_49.wav", "text": "I think there a lot of opportunities, and I think that, as we've said so many times, having the footprint and the diverse assets that we have is a big plus in", "duration": 10.77}, {"path": "bc5fa7fe146f7b14353ebd573809b0a1_30.wav", "text": "which is viewed as a new computing platform and that Himax remains a critical partner to the customer in its AR efforts.", "duration": 10.77}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_5.wav", "text": "coupled with spread tightening, is offsetting the increased cost of debt and supporting a robust acquisitions market, which should continue to drive financing volumes going forward.", "duration": 10.77}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_256.wav", "text": "And then the third one is probably really for Chris. Just to understand a little bit more about this initiative to get some of the performance up on the underperforming stores.", "duration": 10.77}, {"path": "550ef3fcaf67ca1df87136acfdfa9d19_170.wav", "text": "We saw relatively high spot prices at the back end of 2015. And I'm just trying to get a sense of whether we can still see some of the strength coming through in the current quarter.", "duration": 10.77}, {"path": "a7e7a1621af9b4e850260f9824ee8746_3.wav", "text": "Partly offsetting the higher irrigation sales was a 4% decrease in usage per residential customer, as cooling and heating degree days were lower in the second quarter this year.", "duration": 10.77}, {"path": "7394bde65e000fbb7b528c6c65bd099d_78.wav", "text": "does some kind of normalization. The last two winters have been much warmer than normal. So to keep going back to normal seems like you're banging your head against the wall.", "duration": 10.77}, {"path": "636d6909fbd8656f88f72f66a3a162ff_67.wav", "text": "Back to you, Jim. Thanks. In summary, we continue to focus on successful execution of our initiatives that drive value for our customers and our shareholders,", "duration": 10.77}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_31.wav", "text": "We're also looking into making things smoother and connecting our multiple -- our domestic and our global collaterals so clients can easily and seamlessly move collateral", "duration": 10.77}, {"path": "8aa1aa8317783203344434f855535c25_128.wav", "text": "I'd make an argument that we should have a lower cost of financing based on the amount of assets that we pledged against that. The only other data point that might be useful for you is", "duration": 10.77}, {"path": "58ff8a727ec4f3859407b64f08246759_79.wav", "text": "With nearly 300 systems installed in Japan, the level of system expansion over the year or so -- over the next year or so is difficult to predict.", "duration": 10.77}, {"path": "23417803b1a8115806b8e604b8b2bb83_56.wav", "text": "the difference could be in evaluation of the business results of our company could be added up to the ordinary results.", "duration": 10.77}, {"path": "0360a780927a31fb0bec9e79dac878a2_92.wav", "text": "As demonstrated in the past, Rollins has long distinguished itself, acquisition wise, by retaining key management, which helps us improve the overall business.", "duration": 10.77}, {"path": "9b93af1e7019959620214c387f283d8e_133.wav", "text": "a generally weak Canadian economy, a strong U.S. dollar and a very warm weather last winter that significantly impacted our ski resort operators who are key customers of ours in the wintertime.", "duration": 10.77}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_132.wav", "text": "And transforming our business in terms of production. A couple of weeks ago, those of you who look at these things very closely will have spotted us announcing", "duration": 10.77}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_240.wav", "text": "every device and every user that you want to reach, every customer, and that means you have to go wherever your systems are, on-prem, on mobile devices, everywhere. And so we are", "duration": 10.77}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_133.wav", "text": "and we are committed to increasing the velocity of innovation at Starbucks in each of these areas, as they are all key determinants of customer and brand relevance today.", "duration": 10.77}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_176.wav", "text": "We have engaged an independent consulting firm to assist us with the sales transformation effort. This firm has deep experience in working with companies to improve revenue drivers,", "duration": 10.77}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_40.wav", "text": "For pilot development, we are also evaluating a long-term framework beyond our group to address a pilot shortage facing the airline industry in Japan.", "duration": 10.77}, {"path": "ef44080b170ca6366a6d3132d0baf11a_65.wav", "text": "pretty dramatic increases in that, what has helped us and offset some of that decline on the BQ side has been the move into Corporates, which has been a successful launch for us.", "duration": 10.77}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_41.wav", "text": "Thank you for joining us today as we discuss our third quarter results and update you on our advancing immuno-oncology programs and other corporate matters.", "duration": 10.77}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_62.wav", "text": "reflecting salary and benefits inflation and increases to incentive and workers' compensation accruals. Of our benefits, employee medical cost trends are the most concerning,", "duration": 10.77}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_230.wav", "text": "Throughout the region, we continue to actively manage our costs to drive efficiencies and offset inflationary pressures. And we continue to look at optimization opportunities.", "duration": 10.77}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_201.wav", "text": "Refer to the Investors link under the Corporate section of our homepage. A transcript and recording of this call and the supporting slides will be available on our website for future reference.", "duration": 10.77}, {"path": "c92a9ecd2741326fd8625841a07f74f9_119.wav", "text": "which exceeded our expectations for the business, primarily due to colder weather in Western Canada and higher than anticipated activity in the oilfield and construction businesses.", "duration": 10.77}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_93.wav", "text": "and we continue to make progress on freight and warehousing costs experienced in fiscal '18. We divested our household business, which is positive to our financial profile", "duration": 10.77}, {"path": "948f025c16fce2bcb2909e610c9be557_106.wav", "text": "And once we have the permit, this is going to sound a little funny, once we have our permit for our safety deal for fire,", "duration": 10.77}, {"path": "948f025c16fce2bcb2909e610c9be557_369.wav", "text": "a strong visibility to it, but we're doing the other things to make it so that you can run this thing. And", "duration": 10.77}, {"path": "9e8690a521142359001a137074905535_42.wav", "text": "So that is real and tangible. The fact that I can go put my finger on our 4 problem sites that are not really hitting on all cylinders is encouraging to me.", "duration": 10.77}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_209.wav", "text": "We expect sales to normalize over the balance of the year, though we do not expect the sales -- lower sales achieved in Q1 will be made up over the course of the year.", "duration": 10.77}, {"path": "74d0910b4af16f82a812bddbb151d966_11.wav", "text": "I want to thank the team that's been working on the Geismar transaction and also the team that operates the plant for their persistence, diligence and their continued focus on safe operations.", "duration": 10.77}, {"path": "e00fd35e201a8607d264b803a5130c59_139.wav", "text": "the targets are very tough to begin with and then they get easier, so obviously implying that they'll do better on ODIs as they go through the period. You're obviously in a bit of a different position to the other companies on the ODIs because", "duration": 10.77}, {"path": "939c2eaaa171907197a14e58cea3514d_141.wav", "text": "a higher utilization of the fleet. But there are certain expectations that there will be more drilling on the back of an oil price -- of higher oil price and also", "duration": 10.77}, {"path": "8eaca8d8a419f74540f69ade8defabbd_187.wav", "text": "in the current environment, specifically, on the tank trailer and the platform side over time to turn around and start to come up at exactly the time when we need them.", "duration": 10.77}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_51.wav", "text": "As you might imagine, I've been drinking from a fire hose over the past 3 weeks. Nevertheless, I have been able to focus on a few strategically important things that I'd like to give you some thoughts on.", "duration": 10.77}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_8.wav", "text": "response from our customer base has been universally positive as they appreciate the value that a more efficient and scaled firm can add to the financial market.", "duration": 10.77}, {"path": "c47a92e006b54d014a79b447528c55a7_34.wav", "text": "As we have delevered balance sheet, we may look to repurchase our shares under the repurchase agreement in the open market or otherwise from time-to-time.", "duration": 10.77}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_33.wav", "text": "We also welcome the additional perspectives to our board as we continue to evaluate options to maximize shareholder value and manage our business for profitability and cash flow.", "duration": 10.77}, {"path": "7498a6630302a038bd537d192c3a44f4_1.wav", "text": "Although Lumber Liquidators believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.", "duration": 10.77}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_87.wav", "text": "related to that, are there any other above or below the line items next year that we ought to be mindful of that could lead to significant changes in profitability?", "duration": 10.77}, {"path": "e7d23208b973f7998b2fb21a00d87849_66.wav", "text": "And we plan to install those because these are the ready ones, and we feel that we can have a quicker turnaround on these vessels.", "duration": 10.77}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_64.wav", "text": "to the commencement of the Certificate of Need and Route Permit processes. We continue to review the impact of the orders on the project schedule and cost estimates.", "duration": 10.77}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_84.wav", "text": "The contribution from acquisitions was higher than guidance mainly as a result of the resumption of operations of Tropical Palms RV Resort during the quarter following termination of the ground lease.", "duration": 10.77}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_100.wav", "text": "I wouldn't say that -- thanks for the question, Garen. I would not say that I see anything dramatically different as it relates to this sort of the mix of what's out in the market for", "duration": 10.77}, {"path": "a0d537badd260e2071136602e3b73b26_96.wav", "text": "where thanks to our proprietary sourcing and origination channels, we have assembled a portfolio of assets with a blended, unlevered market yield of 8.8%. As we did in the prior quarter,", "duration": 10.77}, {"path": "299bad77345d2e44fa5768f4416f7b97_193.wav", "text": "and an operational issue with the central pharmacy in the second half of 2017, caused by implementation of a new automated phone system that delayed some prescription fulfillment.", "duration": 10.77}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_32.wav", "text": "And then, in order to help drive LCOE down, our model has been, per the agreements, to share a large portion typically of those savings with our customer.", "duration": 10.77}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_96.wav", "text": "through the year, right? So I would have more modest expectations, especially for the sake of conservatism, more modest expectations for that portfolio is in the first half of the year and higher expectations in the second half.", "duration": 10.77}, {"path": "b126c31149f1cadf1d891082a187d6fc_112.wav", "text": "Great. And just to ask the requisite stupid question on the call, could you just explain a little more what the significance of the 90-day", "duration": 10.77}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_205.wav", "text": "The margins are slightly lower on e-com. But we have -- we have pricing mechanisms in place just to make sure we have -- ultimately, we have price parity", "duration": 10.77}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_199.wav", "text": "generate a lot more revenue from other opportunities like Advanced Packaging, MEMS and RF as well as", "duration": 10.77}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_172.wav", "text": "largely as a result of the shift in our investment strategy in response to changes in the India dividend distribution tax for certain instruments.", "duration": 10.77}, {"path": "e552924838fe493d3cc967dd0c5c4563_85.wav", "text": "I don't mind saying, we've been a little surprised too at how fast licensing has come back. 6 or 9 months ago, we were prepared for a couple of years of", "duration": 10.77}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_11.wav", "text": "Slide 9 summarizes our residential mortgage business. Our strategy has been to retain the servicing rights on loans sold, which increase in value in a rising rate environment.", "duration": 10.77}, {"path": "a4f81a27f0c6d07b56208e16121b9896_96.wav", "text": "because most of the investment in retail is happening online and on digital. It's happening on omni-channel. It's happening on customer experience. It's happening on analytics.", "duration": 10.77}, {"path": "1f142ea668261ba963d47aac6bab69dd_106.wav", "text": "driving strong near-term margin performance, providing fuel for investment and positioning us to sustainably deliver top and bottom line growth.", "duration": 10.77}, {"path": "2cd5b184c2ef6624ce219830182927c9_308.wav", "text": "want to start with our year-end results, which we had very good results for the year, notwithstanding some of the challenges that we have with guidance during the year. But for our first year as a company,", "duration": 10.77}, {"path": "6daa2d0829057899b014b06c36e1d54b_153.wav", "text": "While we are confident that we can achieve multiple pipeline collaborations, and believe that a new industry partnership may occur before the end of the year,", "duration": 10.77}, {"path": "c334e290beb657ee3efcb6b2f734c81e_2.wav", "text": "And finally, I wanted to briefly address the unsolicited acquisition proposal received from related fund management and respectfully declined by the company earlier this year.", "duration": 10.77}, {"path": "c334e290beb657ee3efcb6b2f734c81e_65.wav", "text": "every day the stock market goes up 300 points, a certain money moves into the bond market and comes off the table. And I do sense that there's a fair amount of demand right now for spread product.", "duration": 10.77}, {"path": "21abf3409d34eea6f33336ad93662cfd_17.wav", "text": "It is still early days and a lot is changing in social media, but we are encouraged by the results so far and expect we will continue to optimize this channel for profitability going forward.", "duration": 10.77}, {"path": "d383beeae6efd0a411a453f90412d8d3_81.wav", "text": "the need of VTB to comply with the regulatory ratios and banks are different from all other state companies because they do need to comply with the regulatory capital ratios,", "duration": 10.77}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_203.wav", "text": "However, as the market changed and the sales process became more technical and complex, we recognize the need to evolve our sales model.", "duration": 10.77}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_325.wav", "text": "Regarding our overall bottom line performance, simply put, we need to and can do better. That means reigniting servicing fee growth in a sustainable way,", "duration": 10.77}, {"path": "429bcf63d57c11ea4d8864560f521dba_144.wav", "text": "are actually adding subscribers while we are also growing ARPUs. This is because we have and we use our pricing power but also because we're upgrading speeds and offering new services.", "duration": 10.77}, {"path": "e69e64683a56cdadf1c95192e753f27e_12.wav", "text": "In our Q3 2018 results versus Q3 of '17, you see this phenomenon with RELISTOR, and you're going to see it again when I talk about dermatology and our neurology businesses.", "duration": 10.77}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_55.wav", "text": "Even with this slight delay, the timing for compression will continue to allow the company to achieve our previously released 2018 financial and operational plans.", "duration": 10.77}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_46.wav", "text": "We look forward to spending the remaining of the year executing our strategic objectives with a disciplined approach and focusing on the financial needs of our business, consumer and wealth management clients.", "duration": 10.77}, {"path": "f268a8174f58c93ad6b45b7f151fe896_71.wav", "text": "who worked around the clock and tirelessly to mitigate this unprecedented event. Dave will update you in his discussion of overall global operations.", "duration": 10.77}, {"path": "712bbcab5338e07dd63dad97bb652018_142.wav", "text": "Growth in Environmental Services was driven by Veolia and improved mix of waste streams and increases in our Industrial Energy and Field Services businesses.", "duration": 10.77}, {"path": "77423f08f0208d476dea73c639f6293a_112.wav", "text": "for some other reasons, mainly that I was doing them, we got -- we just pushed a lot harder. So I think looking into '18, you should certainly assume that", "duration": 10.77}, {"path": "6f1b092b312410065d308541be46da95_135.wav", "text": "do we expect then revenues to adjust as we go forward is that trailing index catches up to the current bond environment and what's your expectations on that?", "duration": 10.77}, {"path": "6f1b092b312410065d308541be46da95_27.wav", "text": "Engaging our employees to focus on our key stakeholders, and instilling in them a greater sense of social responsibility, will enable us to be a more progressive and successful organization.", "duration": 10.77}, {"path": "83c003be6ac012b814cfecef95459f02_38.wav", "text": "particularly in Europe in a way that should provide investors with a similar level of clarity on both our performance and our prospects that investors might see in a publicly listed entity,", "duration": 10.77}, {"path": "0b2059114216fe9195b6a4256ed84843_30.wav", "text": "And people tend to prefer the track record business because they know they deliver and delivery is important in this business.", "duration": 10.77}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_36.wav", "text": "the overall costs of raw materials used in making specialty aluminas. This action will not affect our ability to resume growth,", "duration": 10.77}, {"path": "7bac04f03928ee8894ab00007116400b_77.wav", "text": "a methodology. It's about how we approach the business, how we evolve the consumer offering, how we get the business engines, the underlying engines, to go, how we get the cost structure", "duration": 10.77}, {"path": "30a142fac5a62ab00227cb6a339a6226_128.wav", "text": "More importantly, our community is embracing our new format. On average, users that chose to watch Promoted Stories viewed them for over 10 seconds.", "duration": 10.77}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_52.wav", "text": "The decrease was primarily due to the accounting effects of entering into the reinsurance agreement with Assured Guaranty Corp. and lower nonperformance risk spreads.", "duration": 10.77}, {"path": "365c360aff42713cef71a7d026eeeb6d_137.wav", "text": "now. And so the good news is we have things like our analytics products. We have the acquisitions we just talked about. So we do have a number of things that we've been working on over the prior", "duration": 10.77}, {"path": "7e018402f521eec8ce7a9df8cd61e144_60.wav", "text": "our funeral homes -- we've hired a couple of people that are really experts in merchandising through cremation and we're beginning to", "duration": 10.77}, {"path": "9097dcbaf554d635920c6274b1de4997_178.wav", "text": "we believe we have an important platform that drive long-term revenue growth, pipeline expansion and profitability. And I look forward to updating you as we deliver on our strategy throughout the rest of the year.", "duration": 10.77}, {"path": "16c235a53fc719ec92ef3b3c3b371150_197.wav", "text": "in ERCOT again. So I think it's going to be developers and then it's very, very difficult -- I know this when I was at ECP. It's extremely difficult to get financing", "duration": 10.77}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_179.wav", "text": "and mix improvement from focused initiatives to improve our sales force effectiveness, along with actions we took to address low-margin business.", "duration": 10.77}, {"path": "744f5859c7d9a0567b387ae84326d940_199.wav", "text": "as well as we try to get in a little bit more than that every year opportunistically and think we can do that inclusive of continuing bolt-ons", "duration": 10.77}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_167.wav", "text": "to enable merchants to sign up. And that is why we initially went with a QR code and now have worked closely with", "duration": 10.77}, {"path": "f4d0f1362716be33f02690dd1a8df663_21.wav", "text": "In addition, we are pouring our energy into strengthening the foundations that will enable us to better manage this profit-generating organization.", "duration": 10.7699375}, {"path": "4311782968e936c378fdee8946cd9cca_28.wav", "text": "the previous 3 or 4 years, and we are staying very consistent with what we're saying we're going to be able to do the next 3 or 4 years. And so", "duration": 10.7699375}, {"path": "5833763223d8d85b6fcb5fe90e821c77_12.wav", "text": "If you would like more detail on this transaction, you have access to the audio recording and the transcript of the business update call on our website.", "duration": 10.74}, {"path": "92b48b365197c65ebf545a4c9dd1200d_216.wav", "text": "There is positive carry while the loans are held in the warehouse and there is significant fee income that we receive on 504 lending. A lot of that is", "duration": 10.74}, {"path": "62d981deed6d5128615c99d1597178b6_79.wav", "text": "Because we do not view the volatility caused by these adjustments as reflective of our underlying performance, we have excluded them from our adjusted results and shown them as noteworthy items.", "duration": 10.74}, {"path": "214dcdc435ef3259490466447858fa56_268.wav", "text": "And so if I'm Robin and I'm looking at my marketing budget and trying to work out the best place to decide where to invest, it's done on an ongoing basis, looking at both of those as an opportunity area. It's", "duration": 10.74}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_40.wav", "text": "All of these measures are being undertaken to deliver additional liquidity, and continue deleveraging and to allow us to reallocate capital to our high returning businesses.", "duration": 10.74}, {"path": "ebb371780b97ae7f2172f242fbdc5c7c_17.wav", "text": "Exactly a year ago we said we will continue working very hard to lock in more contracts. And that's exactly what we achieved.", "duration": 10.74}, {"path": "0db71632fa65f1d166f14cb8593c4690_7.wav", "text": "As you have a concentration of price increase in the short term, I believe that the price of", "duration": 10.74}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_201.wav", "text": "And as a consequence, that may be slipped a little bit on really focusing at driving our supply chain costs down, and so we see a huge area", "duration": 10.74}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_198.wav", "text": "But after all, that's what keeps us in business. And so it's our challenge to make sure we keep up with those. And having said that, I don't think there is anything", "duration": 10.74}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_141.wav", "text": "at least in an absolute fashion, it may in a relative fashion as we continue growing the top line and the bottom line.", "duration": 10.74}, {"path": "95962e0f754f9e2f786778c85d0913b8_130.wav", "text": "we actually have a very strong demand, but at the same time, the market situation is quite favorable. So do you have any update or change you want to mention related to the demand side?", "duration": 10.74}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_92.wav", "text": "whereas those who had a strong starting immunity after 1 year, which is the red, those who were higher than the median value at the beginning, there really isn't a boost effect.", "duration": 10.74}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_77.wav", "text": "We maintained exposure to the securitization through an interest in the subordinated tranches as well as through our ownership of the vertical risk retention portion of the capital structure.", "duration": 10.74}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_201.wav", "text": "and specific opportunities that are captured. And that is obviously the one that we are specifically looking at and should be watchful for. And for us, the challenge is to", "duration": 10.74}, {"path": "abd0f750609f1263b566f0c09b981a16_157.wav", "text": "absent a change in the underwritten performance metrics going forward, we will continue to be disciplined and I think we should get credit for being disciplined. It's been", "duration": 10.74}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_12.wav", "text": "The MOU was signed in parallel with the approval of an exclusivity agreement with Brookfield Asset Management to negotiate a possible business transaction.", "duration": 10.74}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_110.wav", "text": "We have made progress against all of our strategic priorities this year, and that is reflected in the readiness of the organization for our most important season of the year.", "duration": 10.74}, {"path": "8cb24daf76784487ad63780546dc4ba4_9.wav", "text": "We've heard from some of our largest distributors and while we are not unaffected by this process, the majority of funds affected by this recent rationalization effort", "duration": 10.74}, {"path": "8cb24daf76784487ad63780546dc4ba4_191.wav", "text": "Our strong balance sheet and history of conservative capital management allows us some flexibility around our dividend during this transition period.", "duration": 10.74}, {"path": "123a9a590195f61aa739ee9b2dec4952_105.wav", "text": "But it won't happen overnight, and we don't expect to begin seeing the impacts of these strategies before the first quarter of next year.", "duration": 10.74}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_94.wav", "text": "Full-service hotels drive significant fees per room and enhance the value of our loyalty program, which is strengthened by the aspirational destinations it offers.", "duration": 10.74}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_219.wav", "text": "the search algorithms or approach that some of these platforms are taking. If the customers know that it is clearly in their interest to book direct, they're going to find a way to book direct.", "duration": 10.74}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_181.wav", "text": "In health and wellness, I'm proud to report that we are well ahead of our targeted goals in our Healthy For Life 20 by 20 campaign with the American Heart Association.", "duration": 10.74}, {"path": "1927f9c722093d1d64b610c4227ccf59_68.wav", "text": "But the compound annual growth rate of that number places us in a leadership position. And we have done this while not trading near the most highly valued companies in our sector, at least yet.", "duration": 10.74}, {"path": "14f3d2486b21e639a953afb7ad03d90c_65.wav", "text": "In the long run, we should be much more effective with our working capital with a more efficient supply chain structure.", "duration": 10.74}, {"path": "044da592acc01ff7baacb3dbf2a302a9_170.wav", "text": "We continue to deliver on our goal of achieving organic revenue growth at the high end of med tech as we are gaining market share across the majority of our division,", "duration": 10.74}, {"path": "4b7945dd823dcbc0b2724efa66393673_221.wav", "text": "We saw challenges in some of our lifestyle accounts, which also had a negative impact on our numbers and some of the key franchises were, particularly, in the beginning of the year", "duration": 10.74}, {"path": "3121e8f4a75758834d32a9e4e0555221_8.wav", "text": "In other words, however important these items might be to a particular geography or program, they were not significant to our consolidated quarterly results.", "duration": 10.74}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_98.wav", "text": "One of the positives in the quarter is the improvement in the margins in our fee-based businesses, which continue -- particularly mortgage solutions continue to strengthen as we grow that business.", "duration": 10.74}, {"path": "b34f680a9162805e0188170d6272a356_248.wav", "text": "The erratic wet weather for the last 6 weeks of the year slowed much of our business in the West. Similar to early 2017, Mother Nature's influence has carried forward into the first couple of months", "duration": 10.74}, {"path": "75fa1bebed0b858c76cc7058477e40e2_209.wav", "text": "groups out there, which is the family. So we feel good about what we've seen there. And the reality is and I know there's always a lot of talk between", "duration": 10.74}, {"path": "6d02f116f1ae8575d9b916f1429454eb_14.wav", "text": "That's why it's so important that we offer employees a competitive total rewards package with benefits to help them and their families enjoy healthier, more secured lives.", "duration": 10.74}, {"path": "e081f678e77792e5c5762fa425c49e56_6.wav", "text": "and we will continue to leverage Clinton's infrastructure as we build our business and evaluate these opportunities. We will continue to share updates on these initiatives as appropriate.", "duration": 10.74}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_155.wav", "text": "continue to execute on the plan. And one thing I can assure you is that we are going to do that what's in the best interest of all the stakeholders, because our shareholders and our customers and", "duration": 10.74}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_194.wav", "text": "We have been working with Ballard on this project for quite some time now, and this recent order is the first of what we hope will be many more orders where we can support each other", "duration": 10.74}, {"path": "a212b77ae2b2452093665a4e179ed3a3_189.wav", "text": "On the tax leakage, it's pretty much status quo. We have investigated many times different structures and alternatives that would significantly reduce", "duration": 10.74}, {"path": "a212b77ae2b2452093665a4e179ed3a3_99.wav", "text": "We closed the year with strong operational and financial results. As announced earlier today, we achieved the high end of our 2018 ongoing earnings forecast range", "duration": 10.74}, {"path": "a827180c08c11f2e53c6966fceaabf5b_41.wav", "text": "and then ramp up during the course of the year to get to that -- the outlook that Rob provided of low end 4.4%. So we'd be flat", "duration": 10.74}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_8.wav", "text": "I'd say that hopefully we're just in the first period. I think that should be the story for Loblaw for the next few years as we try to", "duration": 10.74}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_186.wav", "text": "attention from a capital standpoint, although, of course, there's always things that need to be done. They certainly don't need anywhere near what we typically put into a truck stop", "duration": 10.74}, {"path": "73ba4ff250b62745e03880e75b9a1581_175.wav", "text": "competitors are getting as aggressive as we are, if they do that, then we would expect to see some of that volume flow back. Right now, it's more important for us to get price,", "duration": 10.74}, {"path": "e1da48985804bd3d99dffc5e33b6124b_53.wav", "text": "through price movement. And then in the balance of the consumable business, we reprice as we bid projects. And honing in exactly", "duration": 10.74}, {"path": "8b6b51842af008f5f437f53cc2e71835_50.wav", "text": "beginning with this quarter, the assets under management tables in our earnings release now reflect distributions as a separate caption following market appreciation.", "duration": 10.74}, {"path": "171fd9df333ddd814c764843ed624121_132.wav", "text": "and work with an individual who we trusted and shared a similar vision for our industry and who had strong relationships with Chinese cloud companies that we can help grow outside of China.", "duration": 10.74}, {"path": "655d592e9d1b1027f1824b1554d8b131_21.wav", "text": "This compares to industry inventories of 7.6 billion units at the end of the third quarter last year, which remained stable over the course of that quarter.", "duration": 10.74}, {"path": "43942582edfb20599f3e7456137f8deb_117.wav", "text": "as we think about not only the ACAMS model, but what are the other places in terms of certifications, et cetera, that we'd be able to use that model because we are recognized in the market", "duration": 10.74}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_42.wav", "text": "but it's about the active remerchandising to increase our exposure to the growth in online resilient categories and to differentiate ourselves from the larger superregional shopping centers.", "duration": 10.74}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_162.wav", "text": "The asset management and servicing fees generated from the funds and separate account will be additive to our ongoing recurring revenue, similar to the servicing fees from our own portfolio.", "duration": 10.74}, {"path": "f4d0f1362716be33f02690dd1a8df663_74.wav", "text": "Sales of our Pringle potato chips and other snack foods, which spiked temporarily during last year's potato shock were less than a year ago,", "duration": 10.74}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_68.wav", "text": "this will be 11 wells in the next 16 months, so we're going to be busy. We'll be testing prospects in Mexico, as I said, including our first operated wells", "duration": 10.74}, {"path": "002d12258ff802d65f79ae2eef99e4ab_173.wav", "text": "in December, and in particular, in the last half of December. In regards to inventory, we don't really see the channel as having excess inventory now.", "duration": 10.74}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_107.wav", "text": "which can number hundreds of vendors and thousands of users. But small- and mid-sized organizations also want a partner to help them navigate this challenge. In the first quarter, we won deals with airports, law firms", "duration": 10.74}, {"path": "636d6909fbd8656f88f72f66a3a162ff_184.wav", "text": "The other thing, as you notice in the third quarter, when you don't have retail sales, that uncovers some generation that we can sell in the wholesale market and that helps to offset some of the cost also.", "duration": 10.74}, {"path": "30e94343ee663488872ae176b419a163_8.wav", "text": "And this strong traffic growth of airline profitability, which are based on strong global economic progress and continuing low fuel prices, looks likely to continue for the foreseeable future.", "duration": 10.74}, {"path": "08ed60a546bd48af9db028c4e3c8af26_115.wav", "text": "I think if you look at the comparison of our inventory management with our competitors, you'll find that it's very good.", "duration": 10.74}, {"path": "23417803b1a8115806b8e604b8b2bb83_365.wav", "text": "Considering also the opening position -- the open position, we can expect to fully hedge the position, achieving a positive effect", "duration": 10.74}, {"path": "be8b554309f7632bc9ebbd967764001e_182.wav", "text": "they recognize the scale, they recognize we are ahead of the game, and actually, they recognize the importance of what we're doing. So actually, we're getting really good traction", "duration": 10.74}, {"path": "3df0981a2d94ed56170b78330aa72ee9_221.wav", "text": "is sensible and something that we know for sure we can deliver. And that's why organic revenue growth at least in line with 2017 is a sensible guidance.", "duration": 10.74}, {"path": "dd28a387ccc9575df47840b850647c7f_76.wav", "text": "While there is more work to do ahead, we are successfully executing on our strategy to become a building solutions leader with a large and growing specialty products business.", "duration": 10.74}, {"path": "eb2d5f51a30310576bce5993533dab79_4.wav", "text": "Looking ahead, we continue to generate significant amounts of cash on the back of solid demand for coal and soda ash, a trend we have seen for some time now.", "duration": 10.74}, {"path": "e2c02e1788cb10703d7611ef157f8135_147.wav", "text": "We sort of suspected that, as we closed the stores that we closed last June, that it could have an impact on omnichannel and sales in those trade areas, and it did.", "duration": 10.74}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_4.wav", "text": "Our ability to continue to generate core deposits through our network of only 21 branches is a key factor in our efficiency ratio.", "duration": 10.74}, {"path": "b94d748876ddf8e881d4191dec45baf3_165.wav", "text": "feeling of confidence with respect to FY '16 guidance. And that's why we were able to really manage it, manage the bottom end of our guidance up and effectively raise the midpoint.", "duration": 10.74}, {"path": "974a2d744cd3d9acf42d74816de91f7f_98.wav", "text": "Before I turn the call over to management, I would like to remind everyone that matters discussed on this conference call include forward-looking statements as defined in the Private Securities Litigation Reform Act", "duration": 10.74}, {"path": "ea60900258f99d1003ab247c506e42d9_66.wav", "text": "we haven't gained much traction in this category because of the poor equipment quality that we've inherited, which is causing a bit of disruption from a supply perspective as well.", "duration": 10.74}, {"path": "20097e37747ec7bc3734246e83798fb1_150.wav", "text": "With each new launch or individual platform deal, we are potentially adding 5 or 6 figures per deal in monthly revenues steady state.", "duration": 10.74}, {"path": "1be44822d16f85bd501a5f19876895b1_71.wav", "text": "the overall population, but admittedly it's a little bit higher, maybe not statistically significance, but it is a little bit higher both on the reduction as well as on the response rate. So", "duration": 10.74}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_66.wav", "text": "or there will be a telephonic replay -- will be available until May 16. And the information on how to access these replay features is provided in yesterday's earnings release.", "duration": 10.74}, {"path": "b1da16cba24af8e472573c4c9caf17c7_114.wav", "text": "As a result, we are focused on setting up our hotels for success with stringent cost-containment strategies and defensive revenue management plans.", "duration": 10.74}, {"path": "c8124cdb821d04f0e585420c128d76c7_147.wav", "text": "Greg is transitioning out of the CFO role. And a few quarters ago, you made some general comments about overall succession planning in the organization.", "duration": 10.74}, {"path": "262bc21196721c5ff9114acbd2ff03c3_127.wav", "text": "And that will be also we believe a very important driver of growth for that particular side of the business which we're excited about.", "duration": 10.74}, {"path": "e2225d612a954a24e7e91c08215d7b51_24.wav", "text": "However, we've remained focused on the leasing of the upper floors as certain potential credit office tenants have expressed interest in also leasing the second floor of our project.", "duration": 10.74}, {"path": "8d9efef3c305ec549fb15daa27107c83_2.wav", "text": "I want to thank everyone at Era for their diligence and achieving our objective of zero Era accidents in Q1 2016, extending the clean sheet", "duration": 10.74}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_83.wav", "text": "driven by the increased attractiveness of U.S. dollar products in the current environment as well as the introduction of a U.S. dollar whole life product with nursing care benefits last quarter.", "duration": 10.74}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_138.wav", "text": "Remember, since we add back equity compensation expenses for non-GAAP net income, the tax benefits related to equity compensation will also be excluded from our non-GAAP net income.", "duration": 10.74}, {"path": "8eaca8d8a419f74540f69ade8defabbd_72.wav", "text": "this move now allows me more time and freedom to increase my focus on further growing the company and continuing the great success that we've experienced in recent years.", "duration": 10.74}, {"path": "33ed8514914fae6825997843290fe049_54.wav", "text": "Our third strategic goal is to expand the market for XTRAC, principally by adding proprietary treatment protocols, which require far fewer patient visits.", "duration": 10.74}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_155.wav", "text": "proactively managing our own business by taking further reductions in half 1. So we're doing the right things to set ourselves up for improvement.", "duration": 10.74}, {"path": "92bf6fe090b6bc565cb500b688fd9173_4.wav", "text": "as the strong operational performance more than offset tax and restructuring headwinds. Specifically, the third quarter tax rate that Don will talk about", "duration": 10.74}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_115.wav", "text": "He can best be described as an operator's operator. And in a very short time, he has established a very strong rapport with the franchisees.", "duration": 10.74}, {"path": "28d675c77a4b2269c1c1460ad3e56250_54.wav", "text": "momentum with PROMESA or the budget comes out and looks like things are going to be stable, would there be any possibility for some capital actions this year? How do you guys think about that?", "duration": 10.74}, {"path": "3d3b327645f62f252bb876e5bb4a9259_111.wav", "text": "So we've been pretty good at avoiding them. We think we've done a lot of things right, right now. As we mentioned in the call, it may take a few minutes or a little while to prove that out. But we have some time to do it.", "duration": 10.74}, {"path": "89a894c2c6440d41510f0b009c0cd03b_16.wav", "text": "And as they now begin to fill up that would also improve the situation. So we have seen a better balance", "duration": 10.74}, {"path": "130e8e56c1afa2419fd0c08708261824_135.wav", "text": "our specific markets above the OSFI prescribed threshold, so there is potential that you could see markets being added to the supplementary capital. You could see markets that no longer require it.", "duration": 10.74}, {"path": "3b2908426357bb8269c3a01469865cd6_17.wav", "text": "In addition, for both public and private transactions, many of our clients use our Venue Data Room offering to manage the transaction process and increase efficiency.", "duration": 10.74}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_172.wav", "text": "Onto our asset management initiatives. We continue to make significant progress on both the revenue enhancement and cost-containment initiatives.", "duration": 10.74}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_87.wav", "text": "is an ongoing one, as you indicated. It's very important to us. Because it gives us 2 things that we really need to have as we continue to develop the fuel. It gives us the", "duration": 10.74}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_21.wav", "text": "some of the operational things that are going on behind the scenes and what type of successes are you seeing or different types of the challenges that are presenting themselves either in this past quarter or", "duration": 10.74}, {"path": "47b5defd6e2c5724f6dc3b80859c281c_27.wav", "text": "And we do have both the negative timing of catalogues and we also are affected by the earthquakes and we do have weaker development in Colombia.", "duration": 10.74}, {"path": "642a235ab4ebc57d132a2e32c83c793c_149.wav", "text": "We do care to do it in an agile fashion, testing new formats and location types to make sure we develop a network that is fit for the future of retail.", "duration": 10.74}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_125.wav", "text": "We also saw a net benefit from price and raw material input costs as we continue to reinforce our pricing discipline, particularly in the less differentiated segments of the market.", "duration": 10.74}, {"path": "af00f4e7b63ee843a3d203f982fac701_79.wav", "text": "You can see this come through this quarter in our software and services areas in which we have targeted efficiencies and cost improvements to help improve the financial performance of our carrier business.", "duration": 10.74}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_83.wav", "text": "and that most of our pads are new horizontal production that can tolerate the higher line pressures. I'd also like to point out that when you look at our enhanced completion results,", "duration": 10.74}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_143.wav", "text": "The company expressly disclaims any obligation to update or revise publicly any forward-looking statements whether as a result of new information, future events or otherwise.", "duration": 10.74}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_1.wav", "text": "we're doing things a little different this quarter. And I will start by explaining a bit more about the changes to our reporting before we begin with our discussion of our results.", "duration": 10.74}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_104.wav", "text": "Australia is currently our best-performing international market and we are seeing a number of signs that our acquisition of Perisher will allow us to outperform broader industry trends.", "duration": 10.74}, {"path": "75b064acca5b532722510ac0b9b0822e_299.wav", "text": "that they can actually do that using either the bank remittance engine which is powered through the company or to go to RemitGuru and to send money.", "duration": 10.74}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_108.wav", "text": "As part of the excess servicing investment, we took a majority stake in a newly formed vehicle that owns or is committed to purchase excess servicing cash flows and servicing advances", "duration": 10.74}, {"path": "a2ba164f019804628c07b36de47cd464_118.wav", "text": "In our Florida SMI Specialty Plan, we've seen continued modest benefits from our operational and medical action plans and have recently added some new initiatives.", "duration": 10.74}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_22.wav", "text": "with many installations that we anticipate will continue to benefit us in 2016. Our offshore production fluids business also had a strong year,", "duration": 10.74}, {"path": "64364105b816dd0b6a029e9cd210e65b_319.wav", "text": "National Highway Traffic Safety Administration proposed new regulations last July in an effort to further reduce fuel consumption and carbon dioxide and other greenhouse gas emissions.", "duration": 10.74}, {"path": "64364105b816dd0b6a029e9cd210e65b_266.wav", "text": "than they were prior to the downturn. So we've not even caught back up to the level of age profile that existed prior to the downturn.", "duration": 10.74}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_36.wav", "text": "Part of our commitment to operational excellence is having the right cost structure across our company. In response to the downturn in activity, we accelerated these cost-reduction efforts.", "duration": 10.74}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_203.wav", "text": "Yes. I mean, I think in 2019, you'll see something that will probably look -- start to look to you like manufacturing mode as that infrastructure becomes available to us.", "duration": 10.74}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_111.wav", "text": "So thanks for trusting us. I look forward to talking to you for the first quarter of 2016 when we meet again in April. Have a good day.", "duration": 10.74}, {"path": "243e9a046160bfbf82be702927a4df22_90.wav", "text": "We don't expect a material change in our anticipated full year production as a result of the schedule change. We are still projecting 10,000 to 11,000 BOE per day of production", "duration": 10.74}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_25.wav", "text": "So in the first few years, it will account for a significant amount of our recurring revenue. But even though I may sell more", "duration": 10.74}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_47.wav", "text": "If the market won't give you proper credit at these multiples, why not use your free cash flow, along with another turn of leverage, and buy back 35% to 40% of your market cap", "duration": 10.74}, {"path": "6daa2d0829057899b014b06c36e1d54b_180.wav", "text": "Right, but is it -- these folks, is it just their reputational risk that they're putting on the line? Is it", "duration": 10.74}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_168.wav", "text": "Now I will briefly cover what we're currently seeing in the market. We continue to see strong demand for our lending solutions from middle market companies across a wide variety of industries.", "duration": 10.74}, {"path": "c334e290beb657ee3efcb6b2f734c81e_21.wav", "text": "I don't know the actual makeup of them. I do know there were a couple of reasonably large ones in there. Marc Fox is furiously thumbing through some things right now while I'm talking to you.", "duration": 10.74}, {"path": "a2245a8522589003f9c235a48c0197f0_7.wav", "text": "With respect to the exceptional diamonds, when comparing the current quarterly results to Q2 2017, we sold a smaller volume at a lower average price.", "duration": 10.74}, {"path": "a2245a8522589003f9c235a48c0197f0_81.wav", "text": "Despite the best efforts of both parties to resolve these issues, we have agreed that the best course of action is to terminate the existing mining contract as of December 31 this year.", "duration": 10.74}, {"path": "bc1efb704df9c180935803c70a315597_280.wav", "text": "your thoughts on whether the change in the external environment has any impact on that pace of run rate and when and how you expect that to slow.", "duration": 10.74}, {"path": "ddabb30d106a115232a49981d62da464_8.wav", "text": "However, we took decisive action to restructure our business for the future and restore market confidence. These changes to our business had a significant impact on our bottom line,", "duration": 10.74}, {"path": "50eb350badadec6e4272b90684741c25_88.wav", "text": "Revenue for the early Discovery business also increased in the first quarter. We are beginning to see the benefits of the actions that we have taken to improve the performance of this business.", "duration": 10.74}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_186.wav", "text": "we have seen and felt was worth the risk of turning into a RIDEA structure and", "duration": 10.74}, {"path": "93e134910b4a7c587bc461da0c9a2083_51.wav", "text": "And then you also have favorable shipping rates that are really a combination of oil prices and the availability of ships.", "duration": 10.74}, {"path": "712bbcab5338e07dd63dad97bb652018_103.wav", "text": "while growing our core lines of business and our branches and advancing our direct loop oil sales model. Overall, we look forward to a strong conclusion to this year.", "duration": 10.74}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_108.wav", "text": "Now this could be an aberration but that will certainly, if that continues, it will make it much more difficult for us to get to the high end of the range.", "duration": 10.74}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_13.wav", "text": "and by far the largest national distributor for specialty construction projects serving 14 trades, we have a unique understanding of our customers' needs,", "duration": 10.74}, {"path": "24c7526f6daca8e16ab91bea6124148a_234.wav", "text": "And just for everybody's benefit, if you think of it -- many of the aroma chemicals that are sold in the market are building blocks to what we would describe as a fragrance compound.", "duration": 10.74}, {"path": "0807d606b6cf98da19b317b4928c3572_67.wav", "text": "We are always reviewing appropriate accretive opportunities and believe if the right opportunity comes along, they will be a way to further accelerate growth.", "duration": 10.74}, {"path": "1096d26129c469524041c969a684f8ae_25.wav", "text": "But as we look forward toward the end of the year or perhaps early in '18, there is additional heavy production coming online, the Fort Hills project.", "duration": 10.74}, {"path": "7a80c3e91e5a2693cdaef5f716808317_83.wav", "text": "And further, we'll continue our commitment to bring additional diversity into our business. One example of this is our joining of the 30% Club, which entails a commitment between our Chairman,", "duration": 10.74}, {"path": "7a80c3e91e5a2693cdaef5f716808317_223.wav", "text": "that we pulled resources from other areas on to focus on that particular program, and that's a great example of those 2 working together to really drive an improvement in our business.", "duration": 10.74}, {"path": "7a80c3e91e5a2693cdaef5f716808317_141.wav", "text": "we've selected our go-forward enterprise technology platform as the Microsoft Dynamics 365 platform and Hitachi Solutions as our systems integrator and our implementation partner.", "duration": 10.74}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_36.wav", "text": "and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations.", "duration": 10.74}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_112.wav", "text": "the financial highlights deck 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.", "duration": 10.74}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_89.wav", "text": "I know these managers personally, and I believe they understand our company, what made it successful in the past and what will make it successful in the future.", "duration": 10.74}, {"path": "5478e14c30a7a53219de2176fdba0d4a_19.wav", "text": "and also in terms of the materials, there is an already existing value chain there, which we would be able to leverage. So as a result of that, we do think that there would be various benefits.", "duration": 10.74}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_87.wav", "text": "Before opening it up for your questions, I would like to call your attention to the announcement we made yesterday about the promotion of David Jukes, President", "duration": 10.74}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_191.wav", "text": "expenses grew 31%. As expected, expense growth ramped up from the first half levels as we stepped up technology as well as Europe integration spending.", "duration": 10.74}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_91.wav", "text": "that we could have there. But it's -- we would look at all of those things. And obviously, there could be some synergies. With the right one, you could actually get in different basins, if you wanted to do that from a market standpoint.", "duration": 10.74}, {"path": "47546a57a865bca0f4e677dc3b485053_32.wav", "text": "And which is now operating with still some bugs, but it's operating. So what we have learned is the fact that it does expose us to more customers.", "duration": 10.74}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_132.wav", "text": "But if it were to play out in a positive way, obviously, that would be a very big opportunity. So those, as we look forward, I think are the most significant opportunities to describe.", "duration": 10.7399375}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_16.wav", "text": "you would see a quarter where we can show growth and we actually see growth in almost all our markets, only exception if Nordic.", "duration": 10.71}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_39.wav", "text": "are very keen to see all of the analysis that were prespecified because all of those relate to the total burden of disease,", "duration": 10.71}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_69.wav", "text": "As we stated throughout the prior year, while our fiscal 2016 results were disappointing as a direct result of the record warm temperatures throughout the heating season,", "duration": 10.71}, {"path": "e23e3aabab4b12e359bc92a480c2d294_39.wav", "text": "This growth was driven primarily by the acquisition of 3 hospitals acquired in 2015 and includes the allocation of additional marketing expenses", "duration": 10.71}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_47.wav", "text": "they now have an account with Mogo. So if we offer them a competitive rate, typically lower, a better experience to get a mortgage and a significantly better experience once they have the mortgage, you can see the potential for this product.", "duration": 10.71}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_46.wav", "text": "that will significantly increase our capacity, but also, will assure that all of the latex products that we", "duration": 10.71}, {"path": "6388da88b00ebc88af59435bdac74132_162.wav", "text": "our portfolio companies continue exhibit a very strong underlying growth and results. In our private equity segment, our portfolio companies, taken as a whole,", "duration": 10.71}, {"path": "47d77b15189fadcc76113a2f7800ba28_146.wav", "text": "Technology is moving very quickly. And I think, for us, we want to stay best positions to help organizations sift through the noise and manage all of that complexity.", "duration": 10.71}, {"path": "223f05c0b9b116532e9af84afa76cac7_165.wav", "text": "I don't think I'm going out on a limb to say that valuations are typically tied to market performance and supply.", "duration": 10.71}, {"path": "0755f4b74dda585f3975c7d8208b1598_107.wav", "text": "We made strong steps forward in the fourth quarter, and we'll continue our efforts in 2019 and 2020 as we complete elements of our multiyear plan on a monthly basis going forward.", "duration": 10.71}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_23.wav", "text": "And at the same time, we have to sort of juggle with the contracts so that we have sufficient contracts, but we cannot overcome it. Because otherwise we won't be able to deliver.", "duration": 10.71}, {"path": "54558afacef9ab3010d5a57ac4feb664_109.wav", "text": "The -- I think we're going to go back and look at what our 3-year results look like with the team over the next couple of months.", "duration": 10.71}, {"path": "7e14890193df4b10e1eeab6ab886529f_56.wav", "text": "That is ours to own. As it relates to activity, we're not going to become a fitness company. So we believe the integration of", "duration": 10.71}, {"path": "7e14890193df4b10e1eeab6ab886529f_120.wav", "text": "Our strength is broad-based and driven by strong execution across all aspects of our global business from social engagement to member experience,", "duration": 10.71}, {"path": "1c60a3d37d43a43d5851722212ddcd71_30.wav", "text": "And regarding the answer to the second question, it was included in the answer to the first question, because you asked about the loan-to-deposit ratio. And as I mentioned in my presentation,", "duration": 10.71}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_93.wav", "text": "seem to continue to rally as the capital markets continue to rally pretty briskly. And it's back to the point that not only are", "duration": 10.71}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_4.wav", "text": "On our last call, we discussed the agreement we had entered into, but not yet closed, to acquire 2 terminals", "duration": 10.71}, {"path": "918de179148bbfe18b95415ee0065a3d_53.wav", "text": "I think they did a lot of different testing on a lot of different well spacing. And as is typical of our strategy,", "duration": 10.71}, {"path": "de3b766a868da918e499f407dbf5d716_70.wav", "text": "Sure. So those assets are what I would say are the traditional wireless and outdoor advertising assets. So", "duration": 10.71}, {"path": "1b91eb82f5211000e711424657cc2484_322.wav", "text": "I think the most noteworthy is being a public partnership and all these K-1s wasn't the most inexpensive exercise in the world.", "duration": 10.71}, {"path": "1d2f3c74735a986131e7b219d9eff713_51.wav", "text": "Before the call begins, I would like to remind everyone that certain statements made in the course of this call, which are not historical facts, including statements concerning future financial and operating performance,", "duration": 10.71}, {"path": "d085781ecd776da8a9c4d31ad547606b_216.wav", "text": "And from what we have already heard from President Duque and his newly appointed cabinet, we feel the government understands that the private sector has carried the heavier part", "duration": 10.71}, {"path": "91422f85dbf838639b3cb9dd9da364eb_150.wav", "text": "we've mapped out the time table and understand the cost and the impact on Dynasil, we have converted the Dynasil liabilities -- Xcede liabilities to equity", "duration": 10.71}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_174.wav", "text": "Going back to some of your earlier commentary and some of the specifics around price deflation, I guess those expectations aside, I mean clearly I think you probably experienced heightened", "duration": 10.71}, {"path": "bad55d25c1222682bd893d97dc5cbb27_63.wav", "text": "to make sure that we're looking at all the people, the processes, the tools that we need on each and every one of those programs, that we've got the leadership talent.", "duration": 10.71}, {"path": "145244b0378e6657d456cffca8bbc982_116.wav", "text": "I am confident in our new vision and strategy for improvement and have strong conviction in the path we are on and our ability to manage in both up and down economic cycles.", "duration": 10.71}, {"path": "833f98dbc79997580b24335033aac5d2_230.wav", "text": "It's just a smaller market. So any kind of addition to it can move that. But more importantly, I believe that what they did to the capacity market,", "duration": 10.71}, {"path": "5eb57224d167f55747e3ea5aab8a91cf_14.wav", "text": "on the quarterly earnings per share numbers, this profit before tax number is a good way to compare periods. The next set of numbers I'll mention does include the impact of the Tax Reform Act.", "duration": 10.71}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_74.wav", "text": "Yes, there's a lot to that question. You got a lot of moving parts going on there. So obviously, you're getting some improvement. If you look back over the last couple of years, you've had these costs that we're investing against. So", "duration": 10.71}, {"path": "1b1699497be56330b3ed833f22bc63f6_149.wav", "text": "I am also pleased to announce that the number of units on trial at the end of the first quarter is at record levels and has continued to grow through the early part of the second quarter.", "duration": 10.71}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_15.wav", "text": "and that then we had seen a little bit of fill-in from those orders that were held back in the first quarter. So we had very strong orders and particularly in the industrial distribution channel,", "duration": 10.71}, {"path": "4032bfdd59881fc6506c082737cb5a99_149.wav", "text": "A third organic growth component over the medium to longer term will be to explore international expansion opportunities where those make good sense for our portfolio.", "duration": 10.71}, {"path": "73ba4ff250b62745e03880e75b9a1581_163.wav", "text": "the wettest January and February around -- but as we always tell our operating teams, we have to be able to function because somewhere else in the world, you get good weather.", "duration": 10.71}, {"path": "403903eb119bfc1cec44d86ec907077a_31.wav", "text": "that a lot of companies, given that the first major act was initiated by the discount, so the conversation all become around the cap,", "duration": 10.71}, {"path": "257e4e92036da9582a8a288c88332ff3_101.wav", "text": "on some of that, which drives it. So it depends on the origination mix as well, but certainly that's probably on the upper end. So from a conservative standpoint, I'd back it down a little bit.", "duration": 10.71}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_98.wav", "text": "In today's call, I'll start by providing our perspective on the market environment and our business performance. Then, I'll lay out our views on the industry's future growth drivers", "duration": 10.71}, {"path": "0f4370b614f29bd596e4f6871cc77864_214.wav", "text": "These numbers are highlighted on Slide 4. From a software revenue mix perspective, we continue to see more of our software moving toward subscription business model offerings.", "duration": 10.71}, {"path": "8b6b51842af008f5f437f53cc2e71835_157.wav", "text": "is frankly more a product of a multi-year push on our part to convince institutions that preferreds really are a strategy they should consider.", "duration": 10.71}, {"path": "276392c471c063580869aec014a1feda_122.wav", "text": "for different reasons. At the end of the day, we use volume points for qualification levels. And in different markets for different products, we want to test the ability to change those qualification levels", "duration": 10.71}, {"path": "1244d2b5a259c3bc73742830d60d53fc_116.wav", "text": "and regulatory filing requirements. The legislation and market trends are shifting from documents to data, driving a significant increase in data handling and ingestion.", "duration": 10.71}, {"path": "07d30eec04a77191950ef0992d097daf_99.wav", "text": "which is where we've kind of been operating for a period of time. And there's always another rainy day out there. So I guess that's why I think", "duration": 10.71}, {"path": "93d3e5be9cf75e0921d47f10d4178939_42.wav", "text": "Occupancy in some markets is related to new product deliveries, which, of course, helps drive rents but contributes to vacancy in the near term.", "duration": 10.71}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_81.wav", "text": "Our new collaborations with Lilly and Alexion provide significant opportunities to expand our pipeline programs into new disease areas, organs and targets,", "duration": 10.71}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_68.wav", "text": "The power and performance of our GalXC platform and the strength of our team have enabled us to enter these collaborations with the field leaders in the respective therapeutic domains.", "duration": 10.71}, {"path": "f4d0f1362716be33f02690dd1a8df663_105.wav", "text": "These negatives were partially offset by our efforts to hold down raw material-related costs and streamlined production processes.", "duration": 10.71}, {"path": "f4d0f1362716be33f02690dd1a8df663_64.wav", "text": "We expect a positive effect from increased sales over the full year as our spending on advertising begins to yield results.", "duration": 10.71}, {"path": "002d12258ff802d65f79ae2eef99e4ab_56.wav", "text": "We can -- for a period of time, see higher margins as our hedging gains step in and boost that margin. We have lower sales dollars from the translation, but higher margins.", "duration": 10.71}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_47.wav", "text": "Importantly, we achieved the record origination volume while maintaining our strict underwriting standards as evidenced by the portfolio's credit performance, which remained excellent during the quarter.", "duration": 10.71}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_46.wav", "text": "Finally, we are continuing to develop new products for both consumer and military applications and are pushing our technology to the next level,", "duration": 10.71}, {"path": "e60f6485243932b9280d864cb17a6ba8_95.wav", "text": "As you perfectly know, H1 always sees an unfavorable trend in terms of working capital, which will revert back by the end of the year.", "duration": 10.71}, {"path": "fabca2790ac9e6a96be6e6b59a497436_38.wav", "text": "Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.", "duration": 10.71}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_155.wav", "text": "is the unique combination of privilege management, application control and credential theft blocking, which is strong protection against the potential crippling damage from ransomware attacks.", "duration": 10.71}, {"path": "b96165244f010b3f1e61cbbc5e504d96_107.wav", "text": "and to have a robotics platform that then complements what I truly believe is the best knee system in the marketplace allows us now some differentiation versus everybody else.", "duration": 10.71}, {"path": "b96165244f010b3f1e61cbbc5e504d96_88.wav", "text": "And so I don't want to say that there isn't that. I don't see it as being material. But the fact is, that when you have a leader leave, there's some level of disruption that you've got to assume is happening.", "duration": 10.71}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_54.wav", "text": "Our emerging markets also performed well, a reflection of our focused organic growth initiatives in these higher-growth countries.", "duration": 10.71}, {"path": "79afc92245f71d37a9adafb6f8d50e4f_54.wav", "text": "Except as required by law, Nuvo is under no obligation to update any forward-looking statements discussed today and investors are cautioned not to place undue reliance on these statements.", "duration": 10.71}, {"path": "8aa1aa8317783203344434f855535c25_24.wav", "text": "assess and do as we move forward. So I don't think it's a statement of saying we won't do something if we have the right market. It's really just a statement of saying we don't need to do anything.", "duration": 10.71}, {"path": "8aa1aa8317783203344434f855535c25_2.wav", "text": "was derived from third-party sources and has not been independently verified. And accordingly, the company makes no representations or warranty to -- with respect to this information.", "duration": 10.71}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_162.wav", "text": "is healthy and solid. We are now starting in the month of August to market the business as now open. We waited until we got all the kinks out of the way.", "duration": 10.71}, {"path": "23417803b1a8115806b8e604b8b2bb83_196.wav", "text": "an arbitration or anything like that. It's a good spirit and I think it will be a positive impact for us. I really hope to be able to tell you something by the end of this semester.", "duration": 10.71}, {"path": "8a77ceadd7e4729abc9102d38be3a227_24.wav", "text": "We estimate a net benefit of roughly 12 percentage points from tax reform as the 14 point reduction in corporate tax rates will be partially offset by some deductions that were eliminated.", "duration": 10.71}, {"path": "70c92ab88d38f489d5074f2859e0290e_73.wav", "text": "We opened one new store and relocated one store during the fourth quarter of fiscal 2018 compared to opening no new stores and one relocation in the fourth quarter", "duration": 10.71}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_89.wav", "text": "Besides delivery, we have broad reach and depth in the digital space. Starting in June, we have now extended our digital social gifting on the Alipay platform,", "duration": 10.71}, {"path": "ea60900258f99d1003ab247c506e42d9_52.wav", "text": "Whilst the last impact of the latter was recovered through insurance, promotional participation had to be curtailed with Spekko market share sacrificed during the period.", "duration": 10.71}, {"path": "9979d7fef684b8cac613c934b6229791_98.wav", "text": "and David Silvious, our Chief Financial Officer. In just a moment, I'll turn the call over to David to summarize our financial results and then to Ben to review our business activity during the second quarter.", "duration": 10.71}, {"path": "191c819db03c2dfd0207cd1f42e278a4_41.wav", "text": "Please refer to yesterday's earnings release and our most recent filings with the SEC for additional information regarding uncertainties that could affect our future financial results.", "duration": 10.71}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_37.wav", "text": "The second point is to select and concentrate on existing businesses and create new business domains. We will also pursue growth in non-air businesses.", "duration": 10.71}, {"path": "b1da16cba24af8e472573c4c9caf17c7_125.wav", "text": "It is important to understand that the first quarter group results were in line with our expectations and incorporated into prior earnings guidance.", "duration": 10.71}, {"path": "f77935c4693e4d33252c9c76993e9c8b_176.wav", "text": "because I would hate to -- I personally wouldn't do, if I was on the board of your company, do a financial transaction, knowing that 2017 could be really big", "duration": 10.71}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_157.wav", "text": "We expect to continue to grow our Materials business relatively insulated from semiconductor CapEx and pricing cycles.", "duration": 10.71}, {"path": "74d0910b4af16f82a812bddbb151d966_108.wav", "text": "Among those predictable sources will be the new long-term supply and transportation agreement with NOVA that was highlighted in our April announcement of the Geismar sale.", "duration": 10.71}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_219.wav", "text": "and then dial up the DM. That's normally the fastest way to destroy customer confidence and the fastest way to destroy value at the same time. So I think we've actually sequenced it in that way.", "duration": 10.71}, {"path": "d4b51176b605646e70b37d07a7c19599_72.wav", "text": "and as we have mentioned in the past, even though we are well positioned financially, we will not stray from our consistent and prudent approach to any future acquisition.", "duration": 10.71}, {"path": "48f4f350c0636fa0c7acf339cfccb869_54.wav", "text": "While we already have a series of patients waiting to be enrolled in these trials, there is one significant aspect to be considered for patient safety.", "duration": 10.71}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_90.wav", "text": "significant revenue growth across a number of our practices. And as you start seeing that revenue growth, the demand on having skilled project managers", "duration": 10.71}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_6.wav", "text": "Also in the region, India rebounded nicely in Q4 as we successfully worked through disruption caused in the third quarter due to the implementation of the new GST system.", "duration": 10.71}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_72.wav", "text": "where we believe we are very well positioned to expand our core technologies into a greater breadth of applications to meet the growing and increasingly complex requirements of our customers.", "duration": 10.71}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_1.wav", "text": "For a detailed discussion of some of the risks and contingencies that could cause our actual performance to differ significantly from our present expectations,", "duration": 10.71}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_121.wav", "text": "So the -- our approach is that whatever is the technology that is in vogue and whatever is the one that is emerging, we need to invest and create talent for it", "duration": 10.71}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_68.wav", "text": "We expect growth in the foodservice channel to remain strong, with growth coming from many of our brands, such as HORMEL BACON 1 and HORMEL FIRE BRAISED Meats.", "duration": 10.71}, {"path": "92bf6fe090b6bc565cb500b688fd9173_110.wav", "text": "We do have some additional costs that do creep into the system, for lack of a better word, in the fourth quarter related to some of the promotional activities we do and in-store activities around the holidays", "duration": 10.71}, {"path": "92bf6fe090b6bc565cb500b688fd9173_78.wav", "text": "In particular, we are starting to see stronger than initially expected benefits from steel, resin and other base metals manifest themselves in our income statement results.", "duration": 10.71}, {"path": "ec298d3b4d5979aa8c64bf222562e259_6.wav", "text": "We put people, processes and technology in place to enable us to expand from a local community bank into a larger regional community bank with a broad multistate footprint.", "duration": 10.71}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_14.wav", "text": "We have consolidated redundant office space. We will further reduce operating costs as we continue to consolidate back office functions, clearing operations and overhead departments,", "duration": 10.71}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_12.wav", "text": "We are notably using this approach to more effectively address customer needs in areas where we have significant growth potential, particularly appliances and mobile phones.", "duration": 10.71}, {"path": "0dec9a606303da3039d11eec4ec9bd86_201.wav", "text": "On today's call, I will review highlights for the second quarter related to sales, operations and product development, Efrain will review our second quarter financial results and discuss our full year guidance,", "duration": 10.71}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_170.wav", "text": "And while we had been improving the operating margin each year in the business, we fell behind in the trajectory needed to achieve our 2018 targets.", "duration": 10.71}, {"path": "8635f950dc44da3fcad542b2c066bedf_121.wav", "text": "We felt very, very good about the progress we saw in terms of revenue growth as well as continuing to control expenses and to create operating leverage.", "duration": 10.71}, {"path": "2a7af3c66762ce608379005a3d7bfa96_118.wav", "text": "improve cross-selling and refining our operational efficiencies to improve service levels. Now let's talk about the business units.", "duration": 10.71}, {"path": "af00f4e7b63ee843a3d203f982fac701_5.wav", "text": "In order to compete, operators are reallocating investments away from traditional IT and back-office solutions into new solutions that leverage and optimize new technologies", "duration": 10.71}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_22.wav", "text": "As we enter the second quarter, we continue our work to roll out SAP in Asia and Europe to go live during the early part of the next calendar year, and we look to leverage the investments we have already made", "duration": 10.71}, {"path": "e29584f9f829602cacebcce71c2a4fb9_25.wav", "text": "I think it's misleading to give percentages because when you have 30 to 40 patients, 3 or 4 patients can make a big difference in percentages. But I think if", "duration": 10.71}, {"path": "e522eff219f3eaa2c9b090dc12cad420_74.wav", "text": "And to then to do it, where you're also having to bring into the workforce over 1,000 workers and train them in railcar manufacturing,", "duration": 10.71}, {"path": "18e82b076319ac52f8a4b391ea345abd_168.wav", "text": "Okay. That's helpful. And then was there any additional restructuring that occurred in Energy in the third quarter", "duration": 10.71}, {"path": "884400c829f179d8cf68b767f45f03a4_78.wav", "text": "By leveraging predictive analytics, we identified and targeted customers with a higher propensity to purchase our brake and tire offerings, which led to a notable increase in conversion.", "duration": 10.71}, {"path": "884400c829f179d8cf68b767f45f03a4_43.wav", "text": "I think if you look at the way kind of the quarter set up, we were up about 7 in October, up about 7 in November, down 6 adjusted for days in December,", "duration": 10.71}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_193.wav", "text": "Consumer demand measured in volume grew by less than 1%, even allowing for growth in new channels, which are not picked up in most of the market data.", "duration": 10.71}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_99.wav", "text": "Furthermore, I assure you that our response is thoughtful and has been done in a manner that maintains our ability to capitalize on stronger demand when we come out of this cyclical trough.", "duration": 10.71}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_112.wav", "text": "Our cautionary statement is shown on Page 2 of today's presentation deck. We will make some forward-looking statements during today's call that refer to estimates and plans.", "duration": 10.71}, {"path": "e552924838fe493d3cc967dd0c5c4563_43.wav", "text": "What you're seeing is the effect of the headwind from our fine chemicals business and the pharma, which has been down significantly this year.", "duration": 10.71}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_18.wav", "text": "increase in our international revenue was primarily due to increased equipment revenue as a result of the build-out of the company's distribution footprint,", "duration": 10.71}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_213.wav", "text": "We look forward to building upon this momentum throughout 2016 as we feel there are several ongoing opportunities that will further improve this segment adjusted operating ratio in coming quarters.", "duration": 10.71}, {"path": "2cd5b184c2ef6624ce219830182927c9_146.wav", "text": "Last year, we did have the Iroquois sale that we were aware of at the beginning of the year. Obviously, that's behind us and we've not contemplated any other onetime items going forward.", "duration": 10.71}, {"path": "b20564a6da1bcfc7b80552299d9e002a_129.wav", "text": "Further projects within Sensile are in strong discussion at the moment. I think it's too early to disclose, to talk about", "duration": 10.71}, {"path": "b20564a6da1bcfc7b80552299d9e002a_116.wav", "text": "and then it will be of valuable input for the patient, the doctors, the insurance companies and so on to make something out of this data.", "duration": 10.71}, {"path": "c71a6ab1a0697010811c89200ab21613_146.wav", "text": "We are committed to disciplined capital allocation and focused on returns that will allow us to operate within our own cash flow, shifting the target from top line production growth", "duration": 10.71}, {"path": "1e82002540bb3371dcda874a3ce114b2_44.wav", "text": "and cash flow, as you all know for Keller, is always very second-half weighted. Having said that, the first half number is lower than we would normally expect and that reflects the very strong growth in the second quarter.", "duration": 10.71}, {"path": "50eb350badadec6e4272b90684741c25_12.wav", "text": "which continues to benefit from the strength of our unique portfolio of rapid endotoxin and bioburden testing systems and microbial identification services.", "duration": 10.71}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_132.wav", "text": "I think that private equity just has a ton of money that they have to put to work. So -- but I think it's more focus -- more a matter of discipline on the part of", "duration": 10.71}, {"path": "411bdacf05f84134fc80b874a15cf3b7_273.wav", "text": "is a similar rate to the entire group. So would that be a number that you would be, perhaps be a little bit disappointed at in terms of what it would imply for those", "duration": 10.71}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_12.wav", "text": "A fourth proof point, we continue generating considerable cost savings for our customers through our technical expertise on the plant floor.", "duration": 10.71}, {"path": "712bbcab5338e07dd63dad97bb652018_54.wav", "text": "Their operational footprint should afford us more opportunities for growth and drive more waste streams into our network, particularly in the Gulf and Midwest going forward.", "duration": 10.71}, {"path": "099475edf8f9944537773b1d0a2aaea6_25.wav", "text": "and the loss of revenue from certain customers, in connection with the replacement of our Telstar 12 satellite with our Telstar 12 VANTAGE satellite early last year.", "duration": 10.71}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_4.wav", "text": "Within our retail offerings broadly, we focused on leasing to businesses that offer immediate needed services that are less susceptible to Amazon-type competition,", "duration": 10.71}, {"path": "24c7526f6daca8e16ab91bea6124148a_209.wav", "text": "this is a -- really a combination of several key things going on in the group right now. Number one, it's a fundamental and continued strategic shift.", "duration": 10.71}, {"path": "6f1b092b312410065d308541be46da95_192.wav", "text": "Gas Transmission business is now expected to grow slightly faster, driven by projects like the Humber Estuary, with spend on compressors to comply with environmental legislation.", "duration": 10.71}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_101.wav", "text": "We expect continued growth in our business outpacing our underlying markets, which will be led by our focus on highly engineered innovative products that provide high-quality solutions to our customers.", "duration": 10.71}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_88.wav", "text": "look at is, we look at both sides and we have a pretty clear matrix of what any individual deal will do to strengthen", "duration": 10.71}, {"path": "7bac04f03928ee8894ab00007116400b_48.wav", "text": "One way Ralph made this company great was by being an entrepreneur, and that's what we're going back to. We're going to move fast to begin executing our growth strategy,", "duration": 10.71}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_70.wav", "text": "Our target customer, the upscale and fashion conscious homeowner, relies on these professionals for assistance, and we need to assure these professionals that we can serve them and their customers properly.", "duration": 10.71}, {"path": "3043e7527da9e59e29b7412cafeb9d80_14.wav", "text": "Our balance sheet remained very solid, and we continue to have significant flexibility to capitalize on attractive investment opportunities when they meet our return requirements.", "duration": 10.71}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_171.wav", "text": "I personally attended this event and came away highly impressed by the talent level, energy and commitment displayed by our EMEA sales leadership team.", "duration": 10.71}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_4.wav", "text": "In the first quarter, our volumes declined 3%. A portion of that decrease was expected as we executed our margin management and pruning actions.", "duration": 10.71}, {"path": "523cf294ec146d5411972168b1c10f09_15.wav", "text": "including accounts receivable net of allowance classified as noncurrent that are owed from a customer that recently filed a voluntary petition for reorganization.", "duration": 10.71}, {"path": "97ddc19ecb28bab2d19fd3b181182062_48.wav", "text": "with the current demand we have and the current demand we see going forward, not so much in the fourth quarter mostly because of the seasonality, we would be in better shape.", "duration": 10.71}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_129.wav", "text": "In discussing our results during the call, references to adjusted EBITA and adjusted EBIT margins exclude restructuring and integration costs as well as other special items.", "duration": 10.71}, {"path": "77f146e76d89a5be785a39ab23dfa763_125.wav", "text": "We remain focused on growing our portfolio through acquisitions. We have gained considerable experience successfully integrating a number of acquisitions over the past year", "duration": 10.71}, {"path": "47546a57a865bca0f4e677dc3b485053_123.wav", "text": "and we are also as I mentioned previously to John that we would expect with this backlog that half is to be covered in this quarter and about half in the next quarter.", "duration": 10.71}, {"path": "9cd9b67e289e807d677aabc5765fec6a_14.wav", "text": "While we still have a couple of years to complete our integration, the actions required in the first year of building a new organization and culture are the hardest and most sensitive.", "duration": 10.7099375}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_56.wav", "text": "As such, the company revised its estimate of revenue for each open and -- each open technical and professional case downward to the actual cash collection experience.", "duration": 10.6800625}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_9.wav", "text": "We have had success with the sale of a Puerto Rico GO claim, the sale of a portfolio of private equity holdings we had in our investment portfolio", "duration": 10.6800625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_43.wav", "text": "as well as some of the folks in other regions are getting pretty excited for us about being able to offer some of these products. Because we've got manufacturing in other parts of the world, that also", "duration": 10.68}, {"path": "214dcdc435ef3259490466447858fa56_191.wav", "text": "I want to focus your attention on the fact that the numbers you saw were new policy only for home and motor, so that doesn't take into account the churn rates and so on.", "duration": 10.68}, {"path": "6388da88b00ebc88af59435bdac74132_20.wav", "text": "these 3 transactions are just a few examples of the types of investments that Carlyle pursues, which quite frankly, few firms have the expertise or resources to complete.", "duration": 10.68}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_139.wav", "text": "As you certainly have read in the newspapers through the last weeks, OEMs are currently starting significant savings programs and also head count reduction.", "duration": 10.68}, {"path": "2d7efae3f89647d6468deed3b73bf98a_66.wav", "text": "However, as mortgage banking activity is rebounding, as we plan to pay off our old senior notes in September at substantial interest savings,", "duration": 10.68}, {"path": "54558afacef9ab3010d5a57ac4feb664_152.wav", "text": "and it's more kind of revamping manufacturing strategy in the Colorado facility, taking a hard look at our -- that Culture business and what to do with the Culture business", "duration": 10.68}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_150.wav", "text": "Thank you, Mary Lou. Let me provide a summary of our go-forward growth strategy. The 3 key components of our strategy revolve around optimizing our entire portfolio,", "duration": 10.68}, {"path": "81430c39b7b202d05644e419e2a01a65_114.wav", "text": "Thank you, Glenda. To conclude. We believe there are few companies in our sector that can match our combination of profitability, growth and visibility.", "duration": 10.68}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_90.wav", "text": "we had indicated that within a period of 18 months, which is by September 18th, we would be double the number which is at about 16 million-plus customers.", "duration": 10.68}, {"path": "67716cee321d117b0318930dd142f06a_190.wav", "text": "Because of the proactive measures we took to right size our energy businesses during the downturn, we feel positioned to support new activity as drilling and rig counts continue to improve.", "duration": 10.68}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_107.wav", "text": "We work towards allocating capital to where we think the best opportunities are. So I don't even want to speculate as to whether it'll go higher or lower. It's very dependent on the opportunity set.", "duration": 10.68}, {"path": "d085781ecd776da8a9c4d31ad547606b_154.wav", "text": "Now that the standardized model is applied, our banks will see a relief that offsets the impact of the net deductions to CET1, including the full deduction of previously grandfather goodwill.", "duration": 10.68}, {"path": "d085781ecd776da8a9c4d31ad547606b_129.wav", "text": "be able to compare first quarter with second quarter. But to compare to what happened in the past, there is some differences that do not change bottom line, but do change your ratios.", "duration": 10.68}, {"path": "75fa1bebed0b858c76cc7058477e40e2_90.wav", "text": "This was our most difficult comparison, was in April. I think the industry also probably had some more challenging comparisons. So I think from a cheer perspective, it might not be as off as it may first appear.", "duration": 10.68}, {"path": "75fa1bebed0b858c76cc7058477e40e2_14.wav", "text": "And we have had limited pricing in place and have been executing on a front-loaded development pipeline, all those have been factors that we expected and were know.", "duration": 10.68}, {"path": "6d02f116f1ae8575d9b916f1429454eb_57.wav", "text": "Before we wrap up this recording, I'd like to share some recent recognition Erie earned from 2 national organizations for our commitment to employee health and wellness.", "duration": 10.68}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_207.wav", "text": "it having to get at its cost situation and get its footprint the way it needed to be. So over time, I think you actually did see a shift. And so while you might not see a top line that's moved as much as you had expected,", "duration": 10.68}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_31.wav", "text": "and a challenging books market for us this Christmas with no big genre to match the humor book titles or adult coloring books of the previous 2 years.", "duration": 10.68}, {"path": "73ba4ff250b62745e03880e75b9a1581_69.wav", "text": "very high. So if you look at most of our suppliers, I won't name names, you can do it yourself, but they've had a very good run the last few years.", "duration": 10.68}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_173.wav", "text": "Our renewed emphasis on the consumer finance market in Germany to boost margins and reduce our concentration on mortgages led to a 5% growth in new customer volumes.", "duration": 10.68}, {"path": "599ab9a8d39052867bd99cb2fa4fd4f2_11.wav", "text": "This was of particular importance following the Rice acquisition as we have the opportunity to significantly lengthen many wells, even though those wells had already been spud by EQT or Rice.", "duration": 10.68}, {"path": "8b6b51842af008f5f437f53cc2e71835_37.wav", "text": "really want to be holding in cash abroad or some amount that's required by regulators. So essentially, how much of that cash is liquid? And then, how do you think about the use cases for that?", "duration": 10.68}, {"path": "43942582edfb20599f3e7456137f8deb_83.wav", "text": "I'd like to remind you that this conference call will contain forward-looking statements which are based on the expectations, estimates and projections of management as of today.", "duration": 10.68}, {"path": "7ec19aea307c76d4a57fa87368305630_131.wav", "text": "Before turning to guidance, I'd like to take a few minutes to provide some additional color on the change in the revenue recognition accounting standard we adopted in the first quarter.", "duration": 10.68}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_55.wav", "text": "With that in mind, we're about to kick off a 20-city road show to both existing and potential new clients so that our leadership team can meet with senior executives, including myself,", "duration": 10.68}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_229.wav", "text": "which is -- and in the southern portions of Europe and maybe elsewhere that we're going that may be beneficial to us. So I view it as an opportunity,", "duration": 10.68}, {"path": "a8034762296368c60571fcde382c3274_33.wav", "text": "So none of those products are benchmarked products that people can get elsewhere for lower fees. I've maintained from the start that based on", "duration": 10.68}, {"path": "38b2f94da12bbf2d32246763aab8265a_87.wav", "text": "record of last year. And so this is something that we consider to be quite positive, especially as the overall market was expanding.", "duration": 10.68}, {"path": "f2a2ba46b242698577188259de23de31_14.wav", "text": "because people are close to getting their bonus payments at most institutions and would stay for that period of time. But we're in deep discussions with several people and we continue to move forward.", "duration": 10.68}, {"path": "da14df2e02d11f6f8599533d9d57faee_146.wav", "text": "We have also thoroughly examined a variety of strategic acquisitions and other opportunities in order to expand our offering and enhance our platform to grow.", "duration": 10.68}, {"path": "a7e7a1621af9b4e850260f9824ee8746_57.wav", "text": "I will close with a look at weather on Slide 10. We saw cooler than normal conditions during the second quarter, but the weather turned hot in July.", "duration": 10.68}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_16.wav", "text": "and then pick right up back on our growth trajectory as we move into '17. So we still feel really good about the business. It's the right business for us to be in.", "duration": 10.68}, {"path": "08ed60a546bd48af9db028c4e3c8af26_129.wav", "text": "to be successful in that market, we will need to build both the online business and the physical store", "duration": 10.68}, {"path": "0360a780927a31fb0bec9e79dac878a2_10.wav", "text": "When you get the culture right, like Northwest obviously has, their team members drive customer loyalty and, subsequently, provides exceptional organic growth.", "duration": 10.68}, {"path": "e5040d02fba73a359d3f7cb346517ce1_66.wav", "text": "overs and unders. 1,800 tonnes a day is the design we feel pretty comfortable with that. We would have to do some other things to really think about trying to increase that underground.", "duration": 10.68}, {"path": "8a77ceadd7e4729abc9102d38be3a227_149.wav", "text": "We'll continue to use transition assistance, and I think we continue to explore how to use that in a really targeted, creative way to attract the type of advisers", "duration": 10.68}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_73.wav", "text": "So it is a new line of business of the group, and we assume -- and we understand it will be very promising. And we expect to grow", "duration": 10.68}, {"path": "98f10f0935e5b778e888a1b8130a3d31_302.wav", "text": "This obviously has a consequence on the growth, because if you focus yourself on one area and more or less exclude other growth areas, it does show in the growth.", "duration": 10.68}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_54.wav", "text": "It is a parallel process of improving our overall performance, which will ensure that nothing will weigh us down as we move forward.", "duration": 10.68}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_221.wav", "text": "trying to decide if we have other short-term investments that could add that or potentially even some reduction as we find more efficient ways to do it, because that's what we're trying to", "duration": 10.68}, {"path": "526e0d5398a516831b49936c31a8ea1c_73.wav", "text": "That concludes my prepared remarks, and I'll turn the call back over to Bill. Thank you, Vince. PPL continues to be a very compelling investment opportunity within our sector,", "duration": 10.68}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_197.wav", "text": "and will probably continue to dilute that by the acquisitions that we make. But the rebound of oil and gas will", "duration": 10.68}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_166.wav", "text": "Our portfolio diversity and financial strength provide us strong organic investment growth opportunities, which we believe can generate high returns.", "duration": 10.68}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_4.wav", "text": "At this point I am happy to report that we have completed the organizational restructuring. We have some merchants still transitioning, but for all intents and purposes, we are complete.", "duration": 10.68}, {"path": "baf4cec43f02cba3a0e2e83192f98380_200.wav", "text": "So we thought it is better. Our relationship will continue, and it's a very small investment, which we are selling to JMA so that they become 100% owners.", "duration": 10.68}, {"path": "6318dda27b3e36d76533c048c64a3014_167.wav", "text": "We charge 2% and 20% for owning Main Street, which is internally managed. Wouldn't it -- it would be reasonable for us to have to tell our new shareholders", "duration": 10.68}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_109.wav", "text": "changes with respect to the way in which we're managing capital as a result of the rescission of our designation, and we would also not expect any impact on the businesses.", "duration": 10.68}, {"path": "9e07401011239a074ff66741ee557224_73.wav", "text": "we believe we are in a unique position, driven by having the largest PXI product portfolio in the industry, a differentiated software position for creating modular systems,", "duration": 10.68}, {"path": "1c7b9fe66120faecd8217e1df394005c_151.wav", "text": "that we would love to be at. And just a word about the multifamilies and the payoffs and so forth -- the idea of having this line of business, these business development officers", "duration": 10.68}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_72.wav", "text": "Compared with the year ago quarter, average price per acre increased significantly due to a much smaller proportion of sales for Montana where Timberland prices are regionally lower.", "duration": 10.68}, {"path": "da879f8ea1c23aa6565cccaacac271fc_15.wav", "text": "We expect 2016 to be a more robust year for revenue growth because of the strength of demand combined with enhanced strategies for partnering with clients.", "duration": 10.68}, {"path": "dffe8257f781608bb17bb637249e4d2a_254.wav", "text": "working in excellent conditions and receiving fair remuneration. In addition, we continue to invest in staff and leadership development, notwithstanding the tough economic environment,", "duration": 10.68}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_12.wav", "text": "We anticipate returning to revenue and earnings growth in the second quarter as we benefit from increased microphone sales into Ear and IoT markets", "duration": 10.68}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_165.wav", "text": "As we have previously noted, many of the departed employees worked in redundant cost centers or offices that generated little to no revenue or even lost money trading.", "duration": 10.68}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_105.wav", "text": "in some ways, it might sound a bit simplistic, but it's a bit of the DuluxGroup playbook that we played out in other businesses, first and foremost, in our Paints business then we applied it to the Selleys business", "duration": 10.68}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_133.wav", "text": "Consumer demand has been very strong, and we've consistently and quickly sold out of our allocations. Our market share was very strong in all our markets around the world.", "duration": 10.68}, {"path": "757695924b5e43c7d44e29dc141cc035_181.wav", "text": "And we are increasing our full year targets for restructuring costs in order to further align our costs with challenging market conditions. In short,", "duration": 10.68}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_175.wav", "text": "Factors that could cause actual results to differ are included here as well as in our SEC filings. With that, I'll turn the call over to Greg Garland for our opening remarks.", "duration": 10.68}, {"path": "3877b1983229ec488c6349a188bccf92_62.wav", "text": "So good progress, and we remain committed to delivering our medium-term goal of improving organic operating margin to mid- to high teens.", "duration": 10.68}, {"path": "3877b1983229ec488c6349a188bccf92_157.wav", "text": "I would note that we are using current spot rates to forecast the translation impact on both revenue and operating profit as well as unhedged transaction exposure.", "duration": 10.68}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_107.wav", "text": "So firstly, your perception on that. And then secondly, can you talk about how you see your position in the market over the next 2 years considering new capacity coming online how you", "duration": 10.68}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_31.wav", "text": "Moving on to Page 3. Over the last several years, we've remained steadfast in our commitment to affordability, while working to stabilize enrollment and prepare our institution for the future,", "duration": 10.68}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_55.wav", "text": "accelerate. We've built out a very strong inventory of permits this year in multiple areas that could address any type of pipeline concerns or that. So", "duration": 10.68}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_128.wav", "text": "We pull together a number of different assumptions based off of our knowledge of what's happening in the market, what's happening with cost and number of claims that have come in.", "duration": 10.68}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_111.wav", "text": "Through the past year, we have made a number of significant announcements and changes to continue to provide an experience of a lifetime for our employees, which is how we provide an experience of a lifetime to our guests,", "duration": 10.68}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_65.wav", "text": "This momentum is the very fuel that drives our reason for being, to make you better by delivering performance solutions you never knew you needed and can't imagine living without.", "duration": 10.68}, {"path": "919fd6c04cca92ecdf503e32f884435d_82.wav", "text": "I commit to continuing Xcel's long tradition of delivering on our financial objectives and growing earnings in a low-risk, transparent and predictable manner.", "duration": 10.68}, {"path": "4311782968e936c378fdee8946cd9cca_15.wav", "text": "Our revenue guidance assumes no tuition price increase. We anticipate that revenue per student will continue to grow year-over-year as a result of the growth of our ground traditional student body.", "duration": 10.68}, {"path": "75b064acca5b532722510ac0b9b0822e_16.wav", "text": "In other words, whenever we have a per-unit economics which is negative and you scale it up that you would have a much larger loss,", "duration": 10.68}, {"path": "09b5b62d328d3d0719b6825357fdfb48_115.wav", "text": "So yes, I think you can anticipate that the last half of the year, probably not as strong as the first half because the first half was exceptionally strong but still within the range of what we had indicated to you earlier.", "duration": 10.68}, {"path": "a2ba164f019804628c07b36de47cd464_53.wav", "text": "The increase in the effective rate was mainly due to reversals of tax contingencies in the prior year quarter from the favorable settlement of state income tax examinations.", "duration": 10.68}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_50.wav", "text": "for a few more quarters. If the business remains low for an extended period of time, then we would have to go ahead and", "duration": 10.68}, {"path": "b0d88c0f1efca89ecb928172341dc75d_14.wav", "text": "I'm going to spend a few minutes sharing what we've learned. I'm also going to be transparent about where we see the Pinnacle business landing its legacy fiscal year versus its stand-alone targets.", "duration": 10.68}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_135.wav", "text": "that providing new anatomical and physiological information to the physician at the point of care will lead to significantly better decisions.", "duration": 10.68}, {"path": "e0555e30370c43189a1136fb7ef17d20_149.wav", "text": "I think the punchline, by the way, if you step back and think about sort of the trades because we've gotten a few questions here on the balance sheet with more interest than we've ever had before. If you step back and think about", "duration": 10.68}, {"path": "323193895e800e72960d98dd5fb64cf5_33.wav", "text": "a lot of focus on the operating capital of the business, and we've made a lot of structural improvements on inventory but also on collection.", "duration": 10.68}, {"path": "6299a010c7bb84feaf14b263750dbd1a_130.wav", "text": "Specific management actions achieved include the acquisition of a portfolio of equity lease mortgages and further benefits from the full implementation of the MG-ALFA system.", "duration": 10.68}, {"path": "6299a010c7bb84feaf14b263750dbd1a_200.wav", "text": "And therefore, the mix of equity, debt and cash resources and the debt structure of the acquired company would have to be taken into account", "duration": 10.68}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_86.wav", "text": "Based on these learnings, we have fine-tuned our construct approach and have already designed, manufactured and begun testing new candidate vectors in the Pompe mouse model.", "duration": 10.68}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_132.wav", "text": "resources that are expected to fund the company into 2021. We are excited about our multiple upcoming milestones and look forward to sharing additional updates with you as our work progresses.", "duration": 10.68}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_71.wav", "text": "The management team and I are moving fast, at a pace consistent with the significant shifts in our food and beverage market environment.", "duration": 10.68}, {"path": "21abf3409d34eea6f33336ad93662cfd_91.wav", "text": "As I mentioned, the strong underlying growth in unpaid GTV has enabled us to keep the average cost under control despite the natural transition to more paid links via mobile devices.", "duration": 10.68}, {"path": "6cbf592846662213258684c3049e4592_78.wav", "text": "amplified in the fourth quarter of this year. And everybody is trying to figure out how did they do that well and still satisfy the needs of the consumer. So the game is really inventory productivity.", "duration": 10.68}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_189.wav", "text": "In Oklahoma, we team with over 20 producer customers, and we are one of the only midstream companies that has commercial agreements in place with the vast majority of major producers.", "duration": 10.68}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_393.wav", "text": "make sure that when we're operating the custody, we also do accounting. When we do accounting, we also do administration, so on and so forth. And so that's maybe a little bit of flavor as to where you have strength.", "duration": 10.68}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_406.wav", "text": "there's been a lot of work done, and I keep coming back to Beacon, I keep coming back to what we're doing in terms of consolidating operations that we have not realized the full promise from.", "duration": 10.68}, {"path": "c71a6ab1a0697010811c89200ab21613_124.wav", "text": "I was hoping you can expand on what some of those other noncore assets could be? Or maybe to approach the question a little differently, what do you currently view as core?", "duration": 10.68}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_88.wav", "text": "that is included in our general and administrative expense. This presentation of adjusted EBITDA aligns us with many of our peers that add back", "duration": 10.68}, {"path": "411bdacf05f84134fc80b874a15cf3b7_24.wav", "text": "we have been working hard on click and bounce rates or also page views, and constantly analyze visit heat maps to improve website elements and shopping modules in real time.", "duration": 10.68}, {"path": "81c03e2c15e8fe8213fbd40368b49581_28.wav", "text": "And I emphasize, we are not an Agency REIT. We just find this sector to be the most attractive in the current tight rate global risk environment. And so we've have allocated our capital in this direction.", "duration": 10.68}, {"path": "10ad32c5e0559c879e032faaf3148ab4_88.wav", "text": "We are clearly benefiting from a strong automotive and off-highway market situation and are capitalizing on our leading position in engine cooling to win business in electric vehicle space.", "duration": 10.68}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_115.wav", "text": "You have heard elements of our progress in each of these areas throughout our remarks this morning. And you can be sure we are focused on fully executing on this agenda to our full potential", "duration": 10.68}, {"path": "bf99037f89cd485f95f097842619a0c7_72.wav", "text": "Latin America was impacted by regularization driven outflows in anticipation of the upcoming automatic information exchange.", "duration": 10.68}, {"path": "48bcc356a89059f921765f872bfe293c_95.wav", "text": "on time and under budget, which is one of the key characteristics of the company because by doing that we achieve a", "duration": 10.68}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_52.wav", "text": "like to welcome you to Entercom Communications earnings conference call. This call is being recorded. A replay will be available on our company website shortly after the conclusion of today's call", "duration": 10.68}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_52.wav", "text": "plus the improvement in the underlying business as well and it's meant to be inclusive. And, Brian, what we can say is, both sides, Orlaco and the base business are both", "duration": 10.68}, {"path": "7e018402f521eec8ce7a9df8cd61e144_5.wav", "text": "We are committed to this program and fully expect it to help us upgrade our overall sales team and help us minimize future issues dealing with the minimum wage and overtime.", "duration": 10.68}, {"path": "b35398859e534e471fb1cd60f5baac20_122.wav", "text": "the market is still welcoming our properties for what they are rather than what we were going to make them and we see better and better looks from better and better tenants.", "duration": 10.68}, {"path": "19bfb8daeb6e43d59415df478017d5c3_9.wav", "text": "in 2018. With the globalization of content and the worldwide recognition of our brand and products, we are seeing significant demand for our products around the world.", "duration": 10.68}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_105.wav", "text": "year's first quarter due to a decline in new maintenance and support revenue related to lower product sales in the current quarter compared to the first quarter of the prior year.", "duration": 10.68}, {"path": "97ddc19ecb28bab2d19fd3b181182062_42.wav", "text": "We're in a position where we're still able to execute on all four of those. Unfortunately, our stock price has been at a level where we felt it was an extremely good", "duration": 10.68}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_243.wav", "text": "for us in that. Once we get back to flight status and put a couple of good launches behind us, then I think we'll start to see some", "duration": 10.68}, {"path": "19e7822c0e829faf25355c16b830cf39_188.wav", "text": "We believe that the recording of PPA may give a fair assessment for the revaluation of assets post acquisition from a balance sheet perspective.", "duration": 10.68}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_128.wav", "text": "as well as Hydro One in Ontario, has put our subsidiaries in the forefront of business opportunities that may arise in these key markets.", "duration": 10.6500625}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_9.wav", "text": "The remaining changes in working capitals were due to fluctuations in commodity prices and the timing of settlement of physical commodity contracts.", "duration": 10.65}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_100.wav", "text": "So turning to Slide 3. Canadians have primarily relied on their banks and credit unions to help them manage their financial lives. Yet, while the banks enjoy record profits, many Canadians struggle financially.", "duration": 10.65}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_65.wav", "text": "off of services margins in Q4, and that's been a clear goal of ours since we figured out what we're doing here. As we look into next year,", "duration": 10.65}, {"path": "ab861b81968e1b5fcb606ed886919d68_104.wav", "text": "In another continuation of our comments from last quarter's earnings call, we are seeing a healthy focus from both existing portfolio companies and financial sponsors", "duration": 10.65}, {"path": "3557b21a45c35e71e82cc43b19977855_219.wav", "text": "if we get the right opportunity, that we'd consider selling those to help fund an acquisition into an area that we consider to be more core to us today. So we have a lot of different", "duration": 10.65}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_166.wav", "text": "there's risk levels of everything we need to do to get to that kind of a 20% run rate. Some of the things like avocados have already come down, so that's going to happen. You're already going to see", "duration": 10.65}, {"path": "223f05c0b9b116532e9af84afa76cac7_136.wav", "text": "To simplify, I'd suggest there are a few interrelated market themes which have impacted valuations, all of which have become more visible to the market recently", "duration": 10.65}, {"path": "223f05c0b9b116532e9af84afa76cac7_30.wav", "text": "I think we are set up to do a lot of different things, which has been our goal. We spent a lot of money to do this and haven't charged the shareholders to do it.", "duration": 10.65}, {"path": "c68c15299b67173c7ae163cc5938f3c1_2.wav", "text": "We spent the time trying to understand how to do it, what would move it, and we just came to the conclusion that despite the revenue growth, we couldn't make that profitable revenue growth.", "duration": 10.65}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_136.wav", "text": "consumers on the value of products that are available at a dealership. And by doing that, you actually say there is a sound logical compelling reason", "duration": 10.65}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_2.wav", "text": "the impact on consumer confidence of tightening lending conditions and the negative wealth effect of falling property prices, particularly in Sydney and Melbourne.", "duration": 10.65}, {"path": "2a59b9df2de5248e64727f10185a8423_49.wav", "text": "I will immediately update you if any further progress is made on our initiatives. This concludes my presentation on our financial results.", "duration": 10.65}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_159.wav", "text": "The company assumes no obligation to update any forward-looking statements made during this call. Now I will turn the call over to Paul for his remarks.", "duration": 10.65}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_36.wav", "text": "and having a positive impact on our customers. Now I'd be remiss to promise an overnight reversal of trend because quite candidly, there is no such thing to do the job right and make it stick.", "duration": 10.65}, {"path": "044da592acc01ff7baacb3dbf2a302a9_7.wav", "text": "Thanks, Katherine. My comments today will be focused on our second quarter financial results and the related performance drivers. The detailed financial data and results have been included in today's press release.", "duration": 10.65}, {"path": "1b91eb82f5211000e711424657cc2484_190.wav", "text": "And while we've been public for less than 4 years, we've witnessed the evolution of this model for public shareholders since the first firms in our industry began going public over 10 years ago.", "duration": 10.65}, {"path": "d085781ecd776da8a9c4d31ad547606b_155.wav", "text": "However, based on recent news, we're hopeful that this difficult situation will be resolved without further bloodshed and in a diplomatic way.", "duration": 10.65}, {"path": "46906afb4e1ee1fef09b5908e76beefa_18.wav", "text": "a portion of the trial and now 50%, 50% data confirming what we saw in the first quarter. That information is intriguing to payers and to prescribers as well", "duration": 10.65}, {"path": "66c9091ba849cdb6d64987642ced64d2_13.wav", "text": "These units are a meaningful investments in the heart of our operation and should drive the many benefits we have previously discussed, including a reduction in our short-term rental needs over time.", "duration": 10.65}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_246.wav", "text": "we have the fundamentals right. We can do this kind of management. What's more is that we need to pay more attention to the human factor.", "duration": 10.65}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_109.wav", "text": "It's just not happening. It is my estimate that raw material prices will only go up. If you see", "duration": 10.65}, {"path": "18b396ddd443d84d12477c42e31cdf0e_24.wav", "text": "high selectivity, resulting in lower side effects and ability to be taken with food and drink that uniquely addresses unmet needs among the patients being treated with competitive products.", "duration": 10.65}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_161.wav", "text": "as a fully integrated solution. Salesforce Lightning opens up a whole new set of integration possibilities, and Five9 is at the forefront of innovation on this new platform.", "duration": 10.65}, {"path": "1b1699497be56330b3ed833f22bc63f6_76.wav", "text": "I've discussed already many of the underlying metrics and other expectations in our 2018 outlook. However, here are a few other items that may assist you in your modeling.", "duration": 10.65}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_154.wav", "text": "So together, just to summarize, I'll turn it over to Daphne, just in a moment. I think that all of these efforts and initiatives, highlight our broad commercial organization and our capabilities", "duration": 10.65}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_148.wav", "text": "our global clinical development and regulatory affairs teams, and our science and research teams, and of course throughout our patient advocacy focus.", "duration": 10.65}, {"path": "23eff4c724ee00f56319fcc47add3441_27.wav", "text": "at a certain level and they don't change next year, then we have no charges. So it's fully dependent upon where we finish", "duration": 10.65}, {"path": "73ba4ff250b62745e03880e75b9a1581_54.wav", "text": "what is the right price to pay and how does that impact their shareholders. And so I would say different people have different answers", "duration": 10.65}, {"path": "1133b8984db446b9c963a09eaf0785a4_153.wav", "text": "due most notably to the pension settlement charge I mentioned earlier, which really has no impact on cash flow as you move through the balance of the cash flow statement.", "duration": 10.65}, {"path": "1133b8984db446b9c963a09eaf0785a4_141.wav", "text": "and you'll see the key drivers in the sales bridge in just a moment. But in summary, higher selling prices and the impact of acquisitions more than offset a slight decline in volume.", "duration": 10.65}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_117.wav", "text": "with regard to the acquisition of new complex. The entire Hungarian construction industry is currently in an unusually active phase.", "duration": 10.65}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_154.wav", "text": "One example of how we're doing this is integrated materials solutions, where we can combine multiple processes together, typically within a single system.", "duration": 10.65}, {"path": "8ce8f3144deb1adb52f969fb5a653beb_47.wav", "text": "mean, you're absolutely right, we so far have had no benefit from the contract. If I could write a contract that would allow me to define the attachment points at the end of the year, I would absolutely choose that one.", "duration": 10.65}, {"path": "171fd9df333ddd814c764843ed624121_18.wav", "text": "Upon completion of the projects in the pipeline and the closing of the Zenium transaction, the size of our portfolio will be more than 4 million colocation square feet.", "duration": 10.65}, {"path": "43942582edfb20599f3e7456137f8deb_140.wav", "text": "The Brazilian government recently changed regulations on opening and operating distance learning in the country. The approval process for launching online facilities was streamlined,", "duration": 10.65}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_188.wav", "text": "This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.", "duration": 10.65}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_4.wav", "text": "there are significantly more major civil works projects hitting the bid pipeline, than we have the physical ability to man.", "duration": 10.65}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_132.wav", "text": "So that's the strategy. We're really excited to have them. And specifically to what the market is looking for today, I would just say to you that people are looking for sort of every dollar they can get.", "duration": 10.65}, {"path": "38b2f94da12bbf2d32246763aab8265a_145.wav", "text": "things like court judgments. But the goal has been achieved and we count on upholding that level.", "duration": 10.65}, {"path": "e60f6485243932b9280d864cb17a6ba8_64.wav", "text": "integration between the teams on the field is performing very well. All this will contribute to the success of this acquisition.", "duration": 10.65}, {"path": "b96165244f010b3f1e61cbbc5e504d96_217.wav", "text": "Particularly when we're talking about a robotic system, we want to roll this out in a safe and effective manner. We want to make sure that we have the right training that goes along with it, and we want to learn as we go.", "duration": 10.65}, {"path": "b96165244f010b3f1e61cbbc5e504d96_182.wav", "text": "First of all, nothing that's happening right now would change our opinion or aggressiveness or stance on diversification.", "duration": 10.65}, {"path": "bab12f620df0f367e74acdcc467686f1_159.wav", "text": "almost entirely outside capital, a very small amount of our capital dedicated to it because to produce the size and scale of the projects we want to get involved in, we don't think that's", "duration": 10.65}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_74.wav", "text": "As I've said on the third quarter call, we've undertaken a review of the company timed around the annual planning process with the goal of prioritizing opportunities to strengthen the firm.", "duration": 10.65}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_13.wav", "text": "We now have a healthy and growing pipeline of OPTIX and Lavante opportunities as clients seek better tools and services to provide insights", "duration": 10.65}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_132.wav", "text": "those markets. And we know those markets. We can read the numbers like everybody else. We probably know the markets better than anybody else because of the time we spend with our customers.", "duration": 10.65}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_4.wav", "text": "In materials and polymer science, we experienced strong demand from the consumer electronics industry as they broadened their product offerings and need assistance with the use of new materials.", "duration": 10.65}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_29.wav", "text": "on. Are there any trends that you're seeing that you would be able to share or perhaps attach rates in regard to these new offerings?", "duration": 10.65}, {"path": "a8b43081254547419da7462d9c957d61_11.wav", "text": "Therefore, activity and inventory will build, particularly in the first quarter, and there will be fewer wells brought online in the first half of the year compared to the second half.", "duration": 10.65}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_252.wav", "text": "the resulting liquidity crunch put huge pressure on consumers and on wholesalers in the fourth quarter. The effects of this will continue to be felt for a while yet.", "duration": 10.65}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_102.wav", "text": "Before handing the call over to Antonio, let me remind you that this call is being webcast. A replay of the webcast will be made available shortly after the call for approximately 1 year.", "duration": 10.65}, {"path": "c5c7a9f409241412b160a93cde7ef630_61.wav", "text": "that a government entity will have entered into an agreement with a private company to finance and construct a correctional facility that is to be leased and operated by the government.", "duration": 10.65}, {"path": "c3567809c19ce6a800677544cd84f88b_125.wav", "text": "to work with our distributors in emerging markets like Colombia, where we have grown our distributor network to ensure we have the scale to deliver on our mainstream spirits agenda.", "duration": 10.65}, {"path": "ab4dae37361262d727d1d2f8f78765d5_101.wav", "text": "wires from the roof, et cetera. And then the second one is how it is right now, how -- the trials that we have done. We have done already 2 trials. We have", "duration": 10.65}, {"path": "28404e399cb043d390aa70bceb339dd4_70.wav", "text": "And then just a couple of other kind of nuance things, nothing really to read into that. But in the fourth quarter, we do expect to close another branch,", "duration": 10.65}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_195.wav", "text": "that we're in the process of working on the final steps of closing. But I would say that these families continue to be willing to engage in discussions,", "duration": 10.65}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_82.wav", "text": "We'll wrap up the discussion of the quarter with earnings per share. On the left side of the page, you can see the reconciliation from reported to adjusted.", "duration": 10.65}, {"path": "b43c001c5af465d220ab0b69a95202ae_234.wav", "text": "And so you can see there'll be a ramp on free cash flow over the balance of the year. We also have Q2 and Q4, are periods where we will see", "duration": 10.65}, {"path": "968913c3f9111fc67f1d9956c56dec3b_176.wav", "text": "Separately, we are enhancing communications to owners about options that we may have available to them, should they wish to exit their timeshare ownership.", "duration": 10.65}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_161.wav", "text": "The other question you may have is on , what are we going to do with the 5 million shares. We're not in the business of owning our own shares. This is not what we aim to do long-term.", "duration": 10.65}, {"path": "75eb5b75bb8587b63c318714ea956b9e_151.wav", "text": "plan is basically to continue to introduce unique tests that will generate additional revenue and opportunity for us.", "duration": 10.65}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_31.wav", "text": "have heard that from many of our competitors. We -- in response to that, we are progressing our revenue management activities to continue to find", "duration": 10.65}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_54.wav", "text": "Second, we remain on track with our Sunrise program. With a strong foundation laid in the first year, we are pleased to see benefits reflected this quarter that aligned with our expectations.", "duration": 10.65}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_124.wav", "text": "at the beginning of this year. We expect to drop that down in the second part of 2016. And an acquisition that we'll be making in Alaska with some additional", "duration": 10.65}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_22.wav", "text": "Our focus for this call is our first quarter performance and our outlook for the remainder of the year. Thank you in advance for cooperating in this regard.", "duration": 10.65}, {"path": "998be8edc26e9b2c4dc0a06a5b42a887_79.wav", "text": "Our business model also continues to improve, and we look forward to the next chapter of the company's evolution and to reporting on our progress on the next quarter. So thank you all for joining us today.", "duration": 10.65}, {"path": "571b0d30d88945a981006f24faa72cf7_67.wav", "text": "I'd like to provide a little bit more detail on these 2 cohorts to provide further context in support of our confidence to progress the programs in both ulcerative colitis and Crohn's disease.", "duration": 10.65}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_7.wav", "text": "However, the development of novel therapeutic approaches has been hampered by the many different genetic and clinical subgroups of the disease and the relatively short durations of response.", "duration": 10.65}, {"path": "6318dda27b3e36d76533c048c64a3014_97.wav", "text": "providing us significant comfort regarding our current expectations for origination in 2019. This expected continued growth in our lower middle market portfolio,", "duration": 10.65}, {"path": "21f21433851eb7c7f7dbc710309341bb_145.wav", "text": "I certainly don't get wound up about whether shipping is free or not. It really comes down to what's the end price of the product for your customer and are we delivering great value or not and", "duration": 10.65}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_106.wav", "text": "given this tough period and the various purchase accounting adjustments required by GAAP. In light of that complexity, we are providing an extensive earnings presentation", "duration": 10.65}, {"path": "433a6e203f9db93835c27ff83e86c801_13.wav", "text": "These gateways are a fast and easy way to power and connect 5G, security, or any number of other internet of things or IoT devices.", "duration": 10.65}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_38.wav", "text": "As a quick update to our hedging program, we have continued to use our hedging strategy as a way to consistently offset movements in interest rates and local currencies for our European portfolio.", "duration": 10.65}, {"path": "ab3354b86be920cde18291112bf8a70a_5.wav", "text": "As I previously indicated, long-term care will not impact our ability to deploy capital for business investments and return to shareholders.", "duration": 10.65}, {"path": "8c1b4f4af2af2847a240041390e31399_1.wav", "text": "One of the characteristics that distinguishes them from many other hematology drugs on the market. Preclinical findings for both have been compelling, and we now have reached important junctures in their development.", "duration": 10.65}, {"path": "bc3fa49aaccfacb1392855627864851e_63.wav", "text": "Our primary objective when we went public in 2013 was to access the capital markets to fuel our growth by replicating our business model across the country.", "duration": 10.65}, {"path": "1e32d5e01ff61f70b37850c473b9876a_34.wav", "text": "To support this, we will be increasing our marketing to bring awareness of the new degree programs and the overall value proposition of a degree from our institutions.", "duration": 10.65}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_54.wav", "text": "announced that it's going to be applying to the NRC to extend the life of its license on a reactor here in Virginia from 40 years to 60 years.", "duration": 10.65}, {"path": "3e29586725757a72d8c143f3da2658f5_86.wav", "text": "This plan includes the purchase of the Thunder Spirit Wind farm expansion project, along with development and design of a large combined cycle natural gas-fired facility.", "duration": 10.65}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_124.wav", "text": "for the patients who should be on them, and the pharma companies that want to work with us on that basis are coming to the table and making great choices and we hope that continues.", "duration": 10.65}, {"path": "a0d537badd260e2071136602e3b73b26_170.wav", "text": "obviously you expect more losses than you do on your typical vanilla deal. But here we believe as we look at the yield profiles on these investments", "duration": 10.65}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_142.wav", "text": "The company issued a press release yesterday after market closed, containing financial results for the third quarter of 2016. This release is available on the company's website.", "duration": 10.65}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_121.wav", "text": "If you go back over the last several years, I think we've ranged primarily between the low 40s, and I think it's high as may be 50%. Okay.", "duration": 10.65}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_11.wav", "text": "At the brand level, we just launched will makes you family, which speaks to the hard work, hustle and grind of everyday training, the relentless effort and commitment to improving one's performance.", "duration": 10.65}, {"path": "71ea3ed1436c2759a95f8d629963db2e_277.wav", "text": "But it's not necessarily going against -- or going for each other's market share. It's what naturally should be served well by your railroad. And if you do that well, you're going to earn the opportunity to move.", "duration": 10.65}, {"path": "1353031386f884a821e7e9bab449727d_86.wav", "text": "perhaps I was being too bullish about the fourth quarter, at least with regard to FX. I thought it would be probably more neutral, and it sounds like there will still be some", "duration": 10.65}, {"path": "ff898f396d49760343d08575ea773b54_159.wav", "text": "We have several tax planning initiatives underway to reduce the rate, but the timing and implementation of the initiatives must be sequenced appropriately in order to maximize the full benefit.", "duration": 10.65}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_102.wav", "text": "in a challenging environment, recognizing only negligible bad debt expense for the year and maintaining collection rates in line with our long-term averages.", "duration": 10.65}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_82.wav", "text": "Within the retail space, specific to the commercial and industrial segment, the combination of Noble and Champion places Calpine among the top 3 national providers by volume.", "duration": 10.65}, {"path": "f5e9c69a92eb9179062673e044f8a53b_210.wav", "text": "is really what we're trying to accomplish. So as we look at the restructuring, we're trying to make sure that we position our company that we can actually achieve cross-industry solutions", "duration": 10.65}, {"path": "f5e9c69a92eb9179062673e044f8a53b_209.wav", "text": "faster and more agile and take advantage of the marketplace opportunities. Because we actually look at the world and think about this whole connected world that's happening and this whole Age of Intelligence. And", "duration": 10.65}, {"path": "ebd59e21db89edb92205e012427cd9db_19.wav", "text": "Oil Search can offer a value package to buyers that is a differentiator. We are offering point to point sales rather than from a portfolio with a wide range of LNG spec.", "duration": 10.65}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_196.wav", "text": "open the calls up for your questions. Novadaq is a fully functional medical technology company now with an effective sales team", "duration": 10.65}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_66.wav", "text": "as well as those detailed in our annual report on Form 10-K for the year ended December 31, 2015, and from time to time in our other filings with the Securities and Exchange Commission.", "duration": 10.65}, {"path": "96488f25af54f91198b444e5eff8e878_54.wav", "text": "Ladies and gentlemen, that does conclude today's conference. Thank you all for joining.", "duration": 10.65}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_157.wav", "text": "The capital is really to the Delaware is the project that I just laid out in the incremental expansions that we have planned. When you look at the Midland Basin,", "duration": 10.65}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_8.wav", "text": "our full year forecast. We are promoting measures for growth for next year and beyond as well. The second point regards our business strategy.", "duration": 10.65}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_118.wav", "text": "On Page 6, we show our GAAP results in the top 2 panels as well as our results, ex the notable items I just described, for those of you who want to see some of our underlying trends.", "duration": 10.65}, {"path": "c71a6ab1a0697010811c89200ab21613_150.wav", "text": "Should commodity prices improve late this year or in 2020, we foresee this as temporary and would remain disciplined to our program.", "duration": 10.65}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_100.wav", "text": "Loan growth fell short of our expectations as a result of lower loan originations, net higher payoff activity. However, we anticipate our loan growth trends will gradually improve in the second half of the year.", "duration": 10.65}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_71.wav", "text": "and a lot of that has been sold off. And so as a result of that, we do believe that we're going to -- volumes and demand will pick up as the year goes on.", "duration": 10.65}, {"path": "77423f08f0208d476dea73c639f6293a_226.wav", "text": "Across it all, our bureau covers local angles requested by the news directors at our local stations rather than simply duplicating packages", "duration": 10.65}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_11.wav", "text": "Before I turn the call over to Aric, I wanted to give you a recap of our TESSCO ONE event, which was held in early April. TESSCO ONE is our annual conference", "duration": 10.65}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_86.wav", "text": "The new tessco.com has moved many of our key functions to the cloud, laying the foundation for more advanced functionality, which we plan to introduce later this summer.", "duration": 10.65}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_4.wav", "text": "Effective competitions like the 6-month contest with the Atlantis trip also helped drive momentum in the second half of the year. The result was distribution growth across the board.", "duration": 10.65}, {"path": "0807d606b6cf98da19b317b4928c3572_25.wav", "text": "is most of our improvements, and features, and functions and benefits, that sort of thing, are done to our system, our platform.", "duration": 10.65}, {"path": "0807d606b6cf98da19b317b4928c3572_83.wav", "text": "That's a great feature. It's a very expensive feature with our competitor platforms out there, if they have it at all. Many of our competitor platforms don't even offer that capability.", "duration": 10.65}, {"path": "76c04b0646e881995fdd48aa58abee4c_16.wav", "text": "a big piece of it. And then the second piece of it is as we locked in our streaming contract for the next 2 years, we were able to take advantage of our anticipated", "duration": 10.65}, {"path": "7a80c3e91e5a2693cdaef5f716808317_199.wav", "text": "I'll close out by making a few comments on the outlook for this year. 2018 began with very strong oil prices, which supported expansion and larger programs", "duration": 10.65}, {"path": "b35398859e534e471fb1cd60f5baac20_39.wav", "text": "we do monitor that. I don't think there's anything of note that has been added to our watch list as we look at where it is today.", "duration": 10.65}, {"path": "9cd9b67e289e807d677aabc5765fec6a_82.wav", "text": "we feel like that kind of a focus is paying off, and we're seeing some results there. We're still not exactly where we would like to be, but I think we have seen parts of the operation", "duration": 10.65}, {"path": "eb93e70cdf7a839a69546250fb3646fb_25.wav", "text": "Finally, I want to highlight one item as we look ahead into 2018. In used vehicles, there are several components that play into overall results in this area.", "duration": 10.65}, {"path": "16c235a53fc719ec92ef3b3c3b371150_111.wav", "text": "but we have not had a detailed discussion. I think what we will end up doing is going in to see them with a detailed presentation of what our financial plan looks like", "duration": 10.65}, {"path": "8ad0d5b5df75415c56ba590cad29489a_131.wav", "text": "We are now transitioning to supply relationship with the JV based on our take-or-pay agreement for the supply by Ballard of any age to the joint venture.", "duration": 10.62}, {"path": "6e6da7f810609ce64857373f11984455_103.wav", "text": "The Americas overall growth was held down by the previously mentioned delay in a few network services engagements and the softness in the public sector multiyear contract market.", "duration": 10.62}, {"path": "a95a220f118ae793c89d6d708e62cf8a_300.wav", "text": "Allow me to speak the closing words. I want to thank all of you for joining this call. And we are very much looking forward to meeting many of you during the upcoming road shows and", "duration": 10.62}, {"path": "47d77b15189fadcc76113a2f7800ba28_9.wav", "text": "Thanks, Rob, and good afternoon, everyone. Our fourth quarter capped a strong year as we continue to attract new customer and as many of our existing customers grow their investments with us.", "duration": 10.62}, {"path": "47d77b15189fadcc76113a2f7800ba28_70.wav", "text": "And then to the extent that customer, over time, is looking to migrate more workloads onto the platform and they've gotten spun up in our way of working,", "duration": 10.62}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_46.wav", "text": "Most of our loss of revenue came from reference pricing due to lower prices from the biosimilars. However, we're certainly starting to see", "duration": 10.62}, {"path": "22ad97a95501a08f15c06605cd277fec_81.wav", "text": "And then, just getting back to Fluid Handling for a second, if you look at the level of activity you're currently seeing in your end markets", "duration": 10.62}, {"path": "d28b2b09c127b5be033738aa3cd380b3_202.wav", "text": "with the category and the consumer? And then the second question is when you really get out of the here and now and think about the future, disruption obviously has been coming at an accelerated pace.", "duration": 10.62}, {"path": "80bbfd75ab074e9faf2d1b31118f1cfc_37.wav", "text": "to talk about potential seasonal patterns for next year, whether it will be like this year or like past years. But off of the back of the programs that we have", "duration": 10.62}, {"path": "13220986bf30f26076a674e2a9edc89c_225.wav", "text": "And so at this stage right now, we feel pretty confident about where we are. The other thing you have to keep in mind is that we have, by and large, always very strategic", "duration": 10.62}, {"path": "55d548325797d638567669cd75444301_90.wav", "text": "First of all, we have launched a second collection within workwear. The first one was very successful and delivered to our expectations.", "duration": 10.62}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_185.wav", "text": "even in some of your existing regions, but maybe can you talk about how you're prioritizing some of the major new market opportunities over the next 12 to 24 months?", "duration": 10.62}, {"path": "8cb24daf76784487ad63780546dc4ba4_167.wav", "text": "But remember that in the first instance, the screening will likely manifest itself most in what already is a new program. So", "duration": 10.62}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_159.wav", "text": "Before I open the call up for questions, I would like to take this opportunity to thank all Deluxe employees for their hard work,", "duration": 10.62}, {"path": "8bbc2f54137b794265dfb01f1559868d_76.wav", "text": "local oncologist as a result of using us as their reference lab. So I would say those are 3 important value proposition drivers", "duration": 10.62}, {"path": "78c85dc9a16f82b09d3a2363004e658d_69.wav", "text": "what we classically call our product data management applications and these construction life cycle applications. Now your last point on the construction collection, I wouldn't look for anything like that soon.", "duration": 10.62}, {"path": "3121e8f4a75758834d32a9e4e0555221_104.wav", "text": "As disclosed in our 10-Q for the first quarter, this matter arose as a result of enrollment discrepancies between our health plan in the Commonwealth in the early stages of our contract.", "duration": 10.62}, {"path": "e1f462455d6c826d9c173c35d4844383_65.wav", "text": "and closing our offices in the areas where we expect to have low level of activity in the near future, and we have restructured our contingent consideration obligations.", "duration": 10.62}, {"path": "de3b766a868da918e499f407dbf5d716_95.wav", "text": "we originally expecting to have these acquisitions close in the beginning of December time frame and now it looks like they're going to start closing in March. So", "duration": 10.62}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_6.wav", "text": "Executing our strategy will require us to invest prudently in our targeted growth areas to further diversify and strengthen our housing and lifestyle businesses.", "duration": 10.62}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_93.wav", "text": "actually, were down there a couple of weeks ago with couple of our board members to and we had chance to see some of it first hand, but there's clearly a lot of it down there. And that's why we put a lot of effort in there in the last 6 to 9 months.", "duration": 10.62}, {"path": "d085781ecd776da8a9c4d31ad547606b_4.wav", "text": "and boost foreign direct investment in our country. We are supporters of Mr. Duque, and believe he will help our country grow at a faster pace than in the last few years.", "duration": 10.62}, {"path": "75fa1bebed0b858c76cc7058477e40e2_11.wav", "text": "There remains significant long-term potential unit expansion for the brand given our national infrastructure, differentiated concept", "duration": 10.62}, {"path": "ecd8e1f1c0fa27dfdd24b358cb65012f_25.wav", "text": "would have been almost flat. The growth in container throughput was mainly driven by an ongoing positive development of Far East volumes.", "duration": 10.62}, {"path": "01502edf6cda82061f1f45d6b0e8e189_78.wav", "text": "to provide more commentary on international. But I think this was kind of a slow out of the gates for Europe in the first quarter. But we don't expect to see that continue for the balance of the year.", "duration": 10.62}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_129.wav", "text": "How we market that, I'm going to defer that until we get further down the road. It's premature for me to speak to that.", "duration": 10.62}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_71.wav", "text": "to add that piece to our puzzle. Now Dewey, that could be us hiring an individual and starting up something from scratch", "duration": 10.62}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_210.wav", "text": "what is your sense of what the willingness of parents will be to enroll Type 2 patients into your study given that there is now an improved product on the market to treat them?", "duration": 10.62}, {"path": "8292bdb9af87f10627c044f3842b2c76_174.wav", "text": "These statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially,", "duration": 10.62}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_99.wav", "text": "So -- but we do that because it helps our cash flow. It helps us to purchase the inventory that's required for", "duration": 10.62}, {"path": "a827180c08c11f2e53c6966fceaabf5b_96.wav", "text": "Finally, we are progressing with our integration of EXTEX, including a facility move, and remain focused on the synergy opportunities with our existing Engineered Products business.", "duration": 10.62}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_175.wav", "text": "beer and wine specifically and in some cases, alcohol. We believe that the grocery channel should be a robust and important part of", "duration": 10.62}, {"path": "23eff4c724ee00f56319fcc47add3441_25.wav", "text": "it's in line with what I would have thought the closure of 6 facilities and the integration of these businesses would result in", "duration": 10.62}, {"path": "1133b8984db446b9c963a09eaf0785a4_1.wav", "text": "Before we go further, let me remind you that today's call and presentation contains a number of forward-looking statements based on current expectations, estimates and projections.", "duration": 10.62}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_96.wav", "text": "an ongoing strong growth as we have seen it this year. That would not be a serious statement especially due to the fact that, as I've underpinned before,", "duration": 10.62}, {"path": "8b6b51842af008f5f437f53cc2e71835_104.wav", "text": "In contrast to our commitment to stay focused on real assets and alternative income strategies as the most effective way to consistently delivering -- deliver alpha,", "duration": 10.62}, {"path": "655d592e9d1b1027f1824b1554d8b131_10.wav", "text": "offset by the impact from the removal of Camel styles associated with the FDA's not substantially equivalent decision in the fourth quarter of last year.", "duration": 10.62}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_80.wav", "text": "Although we are certainly pleased that our daily sales trends are improving, they still remain somewhat choppy and indicates to us that a broad market recovery will likely be slow and inconsistent.", "duration": 10.62}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_171.wav", "text": "So for the first quarter of next year, we will have to report on that basis. And when that happens, the accumulated SAC will be", "duration": 10.62}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_102.wav", "text": "The softness in this revenue line was largely in line with our expectations, and we expect software license and hardware revenue will remain under pressure for the remainder of the fiscal year.", "duration": 10.62}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_45.wav", "text": "So tenders are in and being evaluated. We have submitted the evaluation report and the environmental impact assessment.", "duration": 10.62}, {"path": "4e04d3229b988f1db5b842ac5b993894_166.wav", "text": "incremental margins are probably not as useful these days just because of all the sand everybody is pumping. But if we think about what that implies here, it looks like sort of a 60% type incremental", "duration": 10.62}, {"path": "38b2f94da12bbf2d32246763aab8265a_147.wav", "text": "profit level. If we look at the overall profitability of the portfolio, I will have the same comment. This quarter, especially the first 3 months of the year,", "duration": 10.62}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_21.wav", "text": "to invest in growth engines that will help drive our results over the long term. Conjur strengthens our leadership position by extending our enterprise class solution deeper", "duration": 10.62}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_183.wav", "text": "continue to target -- the general guidance I would give you is we would continue to target a 100% conversion or better except for the higher amount of growth capital that we invest.", "duration": 10.62}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_224.wav", "text": "The focus that we have is on continuing to build the quality of the businesses that we have and build adjacencies where we have,", "duration": 10.62}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_137.wav", "text": "with these folks that are distracted at a much higher level. So my point is, I feel better about doing this in a homogeneous niche", "duration": 10.62}, {"path": "b092d2be33ad52beefab208355b18235_128.wav", "text": "We are also optimistic about the opportunity to continue the improvement during the second half of the year, as we realize more of the cost savings associated with the 2 mergers.", "duration": 10.62}, {"path": "16e51362df94379ea33a24334015f385_41.wav", "text": "our consumer business, highlighted by the record low churn rate and traction we are now starting to see with our organic growth initiatives that are leveraging our core assets.", "duration": 10.62}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_73.wav", "text": "I believe we still are doing the best job in the industry to hold cost down. But our industry just keeps getting hit with higher and higher cost to do business. So eventually something is going to have to give there.", "duration": 10.62}, {"path": "0360a780927a31fb0bec9e79dac878a2_89.wav", "text": "This alignment provides stronger coordination between risk, legal and audit, all with a focus of improving our fiduciary compliance.", "duration": 10.62}, {"path": "7215c9d7a1158d3a944b609dd4b653a9_14.wav", "text": "The late fourth quarter uptick in demand was especially pronounced in the pistol ammunition category. Winchester has continued to see growth in its core commercial ammunition business.", "duration": 10.62}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_27.wav", "text": "If you have a question, please raise your hand. The first row, please wait for the microphone, and let us know your name and affiliation before you begin your question.", "duration": 10.62}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_230.wav", "text": "operation between regular maintenances with no issues, then you can't guarantee that there won't be some other issue.", "duration": 10.62}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_113.wav", "text": "with the company almost from its very start where we were very early investors in the company and carried it all the way through to IPO. And", "duration": 10.62}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_50.wav", "text": "New store revenues and credit performance continue to be in line with our expectations, which provides us with increasing confidence in our retail expansion plan.", "duration": 10.62}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_160.wav", "text": "the first quarter. So there was some really fourth quarter production where the revenue got pushed and the shipments' recognition got pushed into the first quarter.", "duration": 10.62}, {"path": "28404e399cb043d390aa70bceb339dd4_2.wav", "text": "Credit quality remains solid with lower nonperformers and very modest losses in the third quarter. For the first 9 months, we were actually in a net recovery position.", "duration": 10.62}, {"path": "28404e399cb043d390aa70bceb339dd4_28.wav", "text": "in the current year that will determine how much of a benefit we get from that new market tax credit award. So that would go, if we do get an award, go towards offsetting", "duration": 10.62}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_131.wav", "text": "Shelby will go into more detail about our fourth quarter financial results and liquidity position. After that, we will open the call for questions.", "duration": 10.62}, {"path": "13141efea197b407280701081390f0ce_123.wav", "text": "This has been a strategic move on our on-premise teams as we see many new opportunities to infuse our current operations for clients with these special services.", "duration": 10.62}, {"path": "246876171ef2f408df10ee0816f9db83_104.wav", "text": "on singles and that's really the only execution they know, they may go to that. So again, I think that change in the cards kind of sparked a, I would say, a welcome surprise", "duration": 10.62}, {"path": "9098e5640309f25da0d4dfa04789a36f_115.wav", "text": "But I think my comment earlier really related to a declining rate of order growth that we saw through the back end of the year and into Q4. And I would say that", "duration": 10.62}, {"path": "75eb5b75bb8587b63c318714ea956b9e_100.wav", "text": "First, our history shows we have been an innovator in this industry for decades. Our IP estate is valuable since it provides us with technology that is royalty-free.", "duration": 10.62}, {"path": "3d278a2ed905799fa07e009f431603e1_36.wav", "text": "we have been ensured that we have a higher margin of those products. It's still a challenging business. We still have to adopt our cost. We still have to make", "duration": 10.62}, {"path": "7f0b365cacc47c00a8284b0070994e4a_41.wav", "text": "We've made tremendous progress over the last few years in generating our own pipeline targeting unique drug target, discovered internally", "duration": 10.62}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_14.wav", "text": "I'd like to thank our teams for their tireless efforts to put us back on track and ensure that we're focused most importantly on our customers and consumers.", "duration": 10.62}, {"path": "7274a7a5fa848e641ba98fce556e26a1_27.wav", "text": "We improved our sales processes to decrease our time to close new engagements. We also better segmented our software to address a larger prospective customer base with Express solutions.", "duration": 10.62}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_21.wav", "text": "We've taken the opportunity to improve our customer privacy program substantially on the back of this. We take the protection of customers data very seriously, and we know they do.", "duration": 10.62}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_97.wav", "text": "Our core target customers, which consist of complex multisystem health care providers, continue to acquire physician groups in order to better serve their patients.", "duration": 10.62}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_147.wav", "text": "We will continue to take a measured approach to matching our planned capacity levels with anticipated levels of demand. We are still in the process of developing our operating plan for 2018, so", "duration": 10.62}, {"path": "c40b5d1a13169c5acf69590932a56f98_156.wav", "text": "and I've seen hundreds of these kinds of situations and if we can demonstrate this kind of penetration and level of acceptance", "duration": 10.62}, {"path": "82f5253b62614161333b038f5f9700f8_140.wav", "text": "for countries across the world. And we think that having the distribution footprint through Pramac and allowing us to take those natural gas gen sets into that distribution footprint", "duration": 10.62}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_186.wav", "text": "I will note that the weather in Southern Oregon was particularly severe, and we lost several days of harvest activity and incurred some storm damage on our property in that area.", "duration": 10.62}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_53.wav", "text": "they have clearly been moved by all of the letters and all of the testimonies that were sent in during the", "duration": 10.62}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_161.wav", "text": "first, the legacy KCG wholesale market making and Virtu market making businesses are extremely complimentary and symbiotic, and we were mainly excited about the numerous", "duration": 10.62}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_250.wav", "text": "Obviously, based upon history, we're doing a lot more in terms of straight wireless transactions than we are in entertainment, and so we're working to,", "duration": 10.62}, {"path": "ab3354b86be920cde18291112bf8a70a_2.wav", "text": "In addition, we continue to invest in the Ameriprise brand. As you may have seen, we're back on the air with new advertising, and we remain at record levels of awareness.", "duration": 10.62}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_43.wav", "text": "that is continuing as we see them roll out into many of the international markets. And so there is pressure on price, and I'd say fairly significant pressure on price", "duration": 10.62}, {"path": "3877b1983229ec488c6349a188bccf92_104.wav", "text": "Before I move on to our 3 focus areas, let me share with you the progress we have made on our premium core beer brand, Guinness.", "duration": 10.62}, {"path": "3877b1983229ec488c6349a188bccf92_60.wav", "text": "We continued the renovation of the power prestige brands in the first half, expanding the rollout of Antiquity with new packaging nationally.", "duration": 10.62}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_70.wav", "text": "As a result of these factors, our actual results may differ materially from those indicated or implied by such forward-looking statements. I will now turn the call over to Hal to begin.", "duration": 10.62}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_1.wav", "text": "Since many of our remarks today will concern our expectations for the future, they are subject to numerous risk factors as elaborated upon in our 10-K, 10-Q and other filings.", "duration": 10.62}, {"path": "f1e7e3b84b4a0a56a0915f7ecde083ce_136.wav", "text": "And whilst in the short term, they will give rise to some increased costs and disruption, we are very clear that these are the right initiatives to pursue and that they should be implemented without delay.", "duration": 10.62}, {"path": "fe80c1056f21701e41cf3489c450f5ae_85.wav", "text": "Juan will now talk you through the progress against these priorities and some of the tangible benefits our increased investment is already producing for both customers", "duration": 10.62}, {"path": "5633fe3600ee04237bbb918c56341864_155.wav", "text": "The client recognized the advantage of having the diagnostic tracer deployed with the proppant during the frac operation as opposed to traveling in a liquid phase within the frac fluid.", "duration": 10.62}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_98.wav", "text": "Asset quality, only good news here in the sense that the overall cost of risk of the bank in this quarter was pretty low.", "duration": 10.62}, {"path": "18e82b076319ac52f8a4b391ea345abd_170.wav", "text": "resulted in some of the increase getting closer to the target. Yes, I mean, to put it plainly, I'm just trying to figure out is, as I'm thinking about next year, if I need to account for some kind of a catch-up", "duration": 10.62}, {"path": "b126c31149f1cadf1d891082a187d6fc_11.wav", "text": "As noted on Page 19 of the supplemental information, we currently have 11 new facilities under active construction and development. That, along with", "duration": 10.62}, {"path": "b126c31149f1cadf1d891082a187d6fc_99.wav", "text": "And sort of apropos of the first part of your question, Sheryl, that this initial wave is to go to the acute care hospitals in the bundled markets", "duration": 10.62}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_91.wav", "text": "which is a key differentiator for us. If you just look at the presence we have today in the market, it's predominantly financials and fundraising", "duration": 10.62}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_79.wav", "text": "selling price of polarizing film and touchscreen panels declined, and therefore revenue decreased year-on-year. Regarding core operating income.", "duration": 10.62}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_33.wav", "text": "Initial target to be achieved, we will continue to work very hard to achieve our initial targets. So I would hope that you'll continue to give us your support.", "duration": 10.62}, {"path": "72b117fb1330bda9f954a219bb5a675e_5.wav", "text": "Taken together, these products will give Integra a comprehensive set of solutions for ankle fixation and arthroplasty, further differentiating us from the competition.", "duration": 10.62}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_191.wav", "text": "that our business leaders and our sales teams did across the whole of last year meant that we kept growing the pipeline, building the pipeline", "duration": 10.62}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_40.wav", "text": "the first step is to rewrite it into the platform and so it's part of the platform. It's embedded in the platform, so that all customers can capitalize and take advantage of it,", "duration": 10.62}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_207.wav", "text": "financial automation and it's something that we have not done historically, but now this is a big year. We want to put that in, and all the know-how and power and the teams we have for technology,", "duration": 10.62}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_96.wav", "text": "If we feel the Intermodal division is not likely to attain this objective, we evaluate all options available to Swift. We have not made recent investments", "duration": 10.62}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_130.wav", "text": "While a material percentage of our revenue is informed by markets and not in our control, we can control expenses. We will intervene further, if necessary.", "duration": 10.62}, {"path": "e3d039c554f5cc556071f83c93609e76_12.wav", "text": "where you can find the respective presentation available. You can control also the slide show. The replay of this event will be available soon after its end.", "duration": 10.62}, {"path": "77423f08f0208d476dea73c639f6293a_257.wav", "text": "Prices are always going to be retroactive to January 1. Just out of the fact that there are so few people here at Gray", "duration": 10.62}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_109.wav", "text": "if there will be some type of event or if we will get any spaces back. What I would point to is the progress that we've made on the Payless spaces that we have taken back,", "duration": 10.62}, {"path": "e97326d6a8951550e363f2be6ec489ba_64.wav", "text": "And we believe we have the expertise and the will to continue applying them to the different businesses. We don't believe we have reached the end of this.", "duration": 10.62}, {"path": "3ae068efa03cd088f4d3edea682f199f_112.wav", "text": "We scored better than 84% of all participating companies. This is an excellent score when you take into account the quality of the other companies that we were benchmarked against.", "duration": 10.62}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_55.wav", "text": "we also continued to generate data to help increase the level of health professional awareness regarding TD in patients with neuropsychiatric disorders.", "duration": 10.62}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_37.wav", "text": "And we're relying on them to keep up the momentum and minimize any distractions for our customers. So that can be a big focus for us", "duration": 10.62}, {"path": "365c360aff42713cef71a7d026eeeb6d_96.wav", "text": "Our margin continues to benefit from a combination of operating leverage as well as some of the discrete initiatives that we spoke about at our Investor Day.", "duration": 10.62}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_121.wav", "text": "My point in reviewing this detailed information with you about our organization is so that you will understand that while we are changing our business strategy in a way that more closely resembles what we did years ago,", "duration": 10.62}, {"path": "b35398859e534e471fb1cd60f5baac20_227.wav", "text": "and based upon our reinvestment and the price point that we offer, we really offer a unique product, both on the office and on the retail side.", "duration": 10.62}, {"path": "eb93e70cdf7a839a69546250fb3646fb_195.wav", "text": "We are currently undertaking a new zero-based budgeting process, which we expect will result in both cost savings and allow us to fund some strategic investments.", "duration": 10.62}, {"path": "49256d3015fbd8542019b3fc989473f4_209.wav", "text": "And I understood you correctly to one of the previous questions, that the official goal for the guidance is to improve the adjusted EBIT margin because you can't control what's coming below.", "duration": 10.62}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_63.wav", "text": "Given that we are making significant progress in stabilizing the cost structure of the business, our plan is to continue to invest in the infrastructure to improve operations.", "duration": 10.62}, {"path": "523cf294ec146d5411972168b1c10f09_108.wav", "text": "Now I will turn the call over to Rick Vilsoet. Thank you, Steve. Except for historical information, the statements made by company management during this call may be forward-looking", "duration": 10.62}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_3.wav", "text": "Now turning to each of our practice groups. Our Financial Services group recorded another quarter of strong growth, both in revenue and in contributions to earnings.", "duration": 10.62}, {"path": "5f38ce681d4413a793d34a0650c59bf2_119.wav", "text": "The first is to reshape our organization for success. We've put in place a new executive leadership team that possesses a demonstrated track record of success.", "duration": 10.5900625}, {"path": "9098e5640309f25da0d4dfa04789a36f_72.wav", "text": "we go back to last year, it looked like you were anticipating some larger orders in that market. It sounded like multiple customers that didn't play out.", "duration": 10.5900625}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_27.wav", "text": "We don't really have a kind of total amount of acreage we'd like to have in that area. Frankly, I would take all the acres we can given the results that we've gotten there already.", "duration": 10.5900625}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_4.wav", "text": "With more than 300 patients enrolled, we believe that the ADVOCATE trial is the largest randomized controlled clinical trial of a novel drug candidate", "duration": 10.59}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_41.wav", "text": "We've been testing the card out internally now for several months and are on track to launch more broadly to our members beginning this quarter. This will be a phased rollout where we continue to increase how many members are invited to get the card.", "duration": 10.59}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_202.wav", "text": "not one at the expense of another. I feel confident, as we go into next year, that we will be able to continue to bring in enterprise deals.", "duration": 10.59}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_192.wav", "text": "So Keith now reports to Patricia, and he will be able to spend virtually all of his time or his day job with customers in the field", "duration": 10.59}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_40.wav", "text": "that's helpful. And then a follow-up if I may on that question. When you decided to exit the mobile business in September of '15, you talked about reducing", "duration": 10.59}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_44.wav", "text": "Margin compression was more than anticipated this quarter due to lower prepayment and trust preferred security payoff income which tend to be less predictable from quarter-to-quarter.", "duration": 10.59}, {"path": "232edaebd93a3d8673bce183d269ad6d_53.wav", "text": "Thank you all, our loyal supporters who have been with us for many years and to hell with the naysayers. This has been a wonderful 20 years, and many have been with us since we started.", "duration": 10.59}, {"path": "13220986bf30f26076a674e2a9edc89c_197.wav", "text": "We believe our consistent financial results year after year reflect the value of this customer focus and the strength of our business model.", "duration": 10.59}, {"path": "7974a5134807f46a1484a8adf81505be_5.wav", "text": "and Citibank Colombia. While there was some volatility in the region related to trade negotiations and elections, we delivered record earnings,", "duration": 10.59}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_174.wav", "text": "And then it's -- you may not see that for another quarter, another year, so there's a little bit more transactional nature to that.", "duration": 10.59}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_71.wav", "text": "Well, I think if you go back and read our transcripts for the last 10 quarters, we've been saying the same thing. Having said that,", "duration": 10.59}, {"path": "044da592acc01ff7baacb3dbf2a302a9_139.wav", "text": "as they work through some of those challenges associated with the -- those deals. But we're not going to break out with specificity as we did through the first 4 quarters, nor do we with other deals that -- after we announce them.", "duration": 10.59}, {"path": "82218f543c9a546c4baa5323f250b39f_154.wav", "text": "allows you to price and allows you to drive margins. So the margin profile on this business is good", "duration": 10.59}, {"path": "01502edf6cda82061f1f45d6b0e8e189_38.wav", "text": "Maybe not 20 plus percent like we were able to see last year, but we still have good, solid expectations for fall protection in this business.", "duration": 10.59}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_13.wav", "text": "Unfortunately, this could take well over a year to proceed. However, we're confident that we are well represented and we will update our shareholders when there is news to share.", "duration": 10.59}, {"path": "797946494c2985a20aa50823e8723c44_59.wav", "text": "Margins were also impacted by the lower industrial linings volume in the quarter. However, declines were partially offset by strong performance on the large international coating project", "duration": 10.59}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_64.wav", "text": "Our current customers' are growing in their respective markets, and we are gaining new customers. Our plant floor is busier than it has been in many years.", "duration": 10.59}, {"path": "cfe2656d9b742e3743835cfde245c60a_53.wav", "text": "And we are in advanced talks with a limited number of potential new national and international bank partners and are optimistic to", "duration": 10.59}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_12.wav", "text": "In the Czech Republic and Slovakia, the margins have been falling for several years now. The construction climate is getting tenser as has been expected by us.", "duration": 10.59}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_148.wav", "text": "As foundry customers optimize existing capacity, they have trimmed their capital spending plans for the year. They are still pushing forward with leading-edge development,", "duration": 10.59}, {"path": "07d30eec04a77191950ef0992d097daf_115.wav", "text": "But because of the broader industry feeling towards this, if we do migrate towards higher base salaries and less incentives for branch people,", "duration": 10.59}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_11.wav", "text": "It is increasingly hard to achieve that dream by purchasing a home due to stagnant wages, student debt and a lack of supply of entry-level, single-family housing.", "duration": 10.59}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_34.wav", "text": "They don't want to have to bring a solution in from over here, a solution in from over there and a solution -- and then assemble them together. By providing that consolidated solution and by finding some great", "duration": 10.59}, {"path": "f4d0f1362716be33f02690dd1a8df663_30.wav", "text": "The forecast for all income levels are unchanged. This slide shows the factors affecting full year operating income.", "duration": 10.59}, {"path": "f4d0f1362716be33f02690dd1a8df663_93.wav", "text": "Meanwhile, although we have yet to generate the expected results in the powdered juice business, which accounted for the lion's share of our Indonesian business,", "duration": 10.59}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_219.wav", "text": "on public companies to have better risk management. And companies are coming to the conclusion that they need to step up their activities and raise their game when it comes to risk management.", "duration": 10.59}, {"path": "4e04d3229b988f1db5b842ac5b993894_108.wav", "text": "The economics were favorable for these 2 rigs as a substantial amount of the spends related to the components for these rigs were committed to prior to the downturn.", "duration": 10.59}, {"path": "f2a2ba46b242698577188259de23de31_72.wav", "text": "what we needed to do was go out and recruit additional people to draw business in for us, and that's exactly what we did. We hired 2 additional producing sales managers in the fourth quarter.", "duration": 10.59}, {"path": "b96165244f010b3f1e61cbbc5e504d96_181.wav", "text": "Relative to divestitures, which I think is really the first part of your question there, it isn't just the margin profile that we would look at. It would be really mission alignment.", "duration": 10.59}, {"path": "b96165244f010b3f1e61cbbc5e504d96_97.wav", "text": "The second piece that we talked about, we've got to launch the products that we've been openly communicating are important to the portfolio to get our reps back on full offense.", "duration": 10.59}, {"path": "7394bde65e000fbb7b528c6c65bd099d_127.wav", "text": "a lot of those contracts are based on Belvieu index. So you are correct, we are -- we have a requirement in our contracts that", "duration": 10.59}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_22.wav", "text": "that they just take time to develop. We have good folks tracking multiple opportunities. We have a great technology and a great product to bring to the marketplace", "duration": 10.59}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_189.wav", "text": "organizational changes we've made in the company. And you see the effects coming through even earlier than we expected with the 50 basis points operating expense", "duration": 10.59}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_86.wav", "text": "Spreads continues to drag on the total growth of Food. You may remember that last year, we said that the performance of the BCS unit, the spreads unit,", "duration": 10.59}, {"path": "6b3df032b804a1a371d25e1eef019c4a_158.wav", "text": "We have opened up one new branch during the quarter and have appointed also 2 new branch managers for new openings,", "duration": 10.59}, {"path": "6a372ea97b0b130a4d37f16b54d97909_171.wav", "text": "So the primary focus we have now is on recurring revenue growth, and so the best way to drive better CAC ratios", "duration": 10.59}, {"path": "f23036451aab1cb9d659c3ac9a23825c_35.wav", "text": "As Brendan stated in his remarks, we are working on opportunities in our wholesale and retail segments to better capitalize on the brand equity, while taking actions to reduce our cost structure,", "duration": 10.59}, {"path": "29426a77336443eedde7eaa29e9c2852_148.wav", "text": "is one of the most, if not the most significant announcement that we've made, because it talks to the modern engineering capabilities of the company that is", "duration": 10.59}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_172.wav", "text": "to drive comp. But again, growing greater market share in this market. So I have no doubt that China will be back on track very soon in terms of our comp.", "duration": 10.59}, {"path": "191c819db03c2dfd0207cd1f42e278a4_4.wav", "text": "Revenue came in below our expectations in the quarter due to slower-than-anticipated seasonal ramps with a few clients in the technology and health care industries", "duration": 10.59}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_215.wav", "text": "We do have -- and in that market obviously, we do have our 48-volt initiatives, but we do have 12-volt products as well that can", "duration": 10.59}, {"path": "28404e399cb043d390aa70bceb339dd4_13.wav", "text": "Low rates, excellent service levels, a strong housing market and a full complement of loan officers have combined to provide momentum in that business line.", "duration": 10.59}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_271.wav", "text": "Certainly, Europe has quite a few businesses that we're looking at that are -- more of them are privately owned. Some of them are divisions of larger companies.", "duration": 10.59}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_148.wav", "text": "With that review of key financial highlights, I ask you to turn to Slide 8, where we provide a more detailed review of our business results, beginning with our Insulation business.", "duration": 10.59}, {"path": "968913c3f9111fc67f1d9956c56dec3b_89.wav", "text": "They are not completely ramped up yet. They will continue to ramp up over this year and actually into next year to a degree. Because not only do you have to open the sales centers, you then are", "duration": 10.59}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_157.wav", "text": "impact Sulzer's situation, does not impact the deal that we have in place, and does not impact the license to operate that we have from OFAC. So we've been cleared", "duration": 10.59}, {"path": "4cbd8989dd9406e1f08c19a5ce9f8014_73.wav", "text": "the -- you have to remember that into the business plan, most of the cash generation that were foreseen into the business plan was related to", "duration": 10.59}, {"path": "948f025c16fce2bcb2909e610c9be557_246.wav", "text": "you can get on the higher end, but it's still related to price, and it's how far they drop the price, and how far you're going to go down with it. Because", "duration": 10.59}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_80.wav", "text": "These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from our corporate working statements. And therefore, you should exercise caution in interpreting and relying on them.", "duration": 10.59}, {"path": "262bc21196721c5ff9114acbd2ff03c3_61.wav", "text": "I would say it's a normal characteristic of our business that customers will delay things based on larger programs. Given where we are at the moment in the cycle and suppose is the answer to the last question as well,", "duration": 10.59}, {"path": "e2225d612a954a24e7e91c08215d7b51_32.wav", "text": "except where it is organizationally and economically better for us to move funds between jurisdictions where we do business.", "duration": 10.59}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_2.wav", "text": "Over the past 6 months, the company has explored multiple refinancing alternatives to ensure we would achieve the best possible terms with the right long-term partners.", "duration": 10.59}, {"path": "21f21433851eb7c7f7dbc710309341bb_2.wav", "text": "Productivity will continue to play a significant role in 2019 and our stage 2 initiatives are just about planned out with execution commencing in the New Year", "duration": 10.59}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_19.wav", "text": "We have a very strong presence in China, and most of our business there is license compliance. So these are licenses that have been pirated. We're not really", "duration": 10.59}, {"path": "82f5253b62614161333b038f5f9700f8_185.wav", "text": "The increase is primarily attributed to a notable reduction in product costs, given the expected benefit from lower commodities, sourcing benefits from a strong U.S. dollar and other cost-reduction efforts.", "duration": 10.59}, {"path": "059024560d9d1039cf08746ee7393114_26.wav", "text": "Maybe give us some color on what your thoughts are on your production and distribution facilities going forward. And are there further opportunities to consolidate there?", "duration": 10.59}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_26.wav", "text": "And then from a conversion to REIT, we expect that we will reflect the financials of the company under a REIT structure in the fourth quarter.", "duration": 10.59}, {"path": "49e533a8449f6b9b6c806458e73338e1_160.wav", "text": "So you've got a good network effect both on core PayPal and on Venmo. And then I think what's really important, a lot of people think about the top of the funnel,", "duration": 10.59}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_124.wav", "text": "there could be a cost associated with it. But then there could be a competitive advantage because that would effectively -- if in fact, there is evidence of, as you refer to dumping,", "duration": 10.59}, {"path": "01f88a67f39af3a74d5f23b095615d39_258.wav", "text": "for that right now. So on broadly flat capacity, which we're going to put in, from where we stand today we're seeing strong demand out there in the remainder of the year.", "duration": 10.59}, {"path": "6709c061d39d0e433079f84160f11c80_63.wav", "text": "but also to change equity exposures up or down or from emerging markets to develop markets and vice versa and -- but also", "duration": 10.59}, {"path": "0dec9a606303da3039d11eec4ec9bd86_173.wav", "text": "It does include a few months of Advance. It does include the modest impact of higher interest rates. What you're really saying is that", "duration": 10.59}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_8.wav", "text": "Let me just adjust the slide because there seem to be a small issue in the presentation, I apologize for that. But", "duration": 10.59}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_36.wav", "text": "Human Resources are fundamental to developing the company. By creating business value through leveraging our ingenuity and pursuit of innovation,", "duration": 10.59}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_70.wav", "text": "including continued material reengineering and restructuring savings as well as fixed cost leverage from strong volume growth and the benefit of approved product mix.", "duration": 10.59}, {"path": "e7d23208b973f7998b2fb21a00d87849_25.wav", "text": "Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove to be incorrect, actual results may vary materially from those we express today.", "duration": 10.59}, {"path": "3c80de013154b028ecdc6354d16c6fbc_214.wav", "text": "it falls under. And then, just can you just quickly remind us, how many how much capital gains from the Cindat transaction you guys still have remaining to deploy in the back half of the year?", "duration": 10.59}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_92.wav", "text": "In addition, during today's call, the company will refer to a slide presentation that it has made available to participants, which can be accessed in a downloadable PDF format", "duration": 10.59}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_71.wav", "text": "I could theoretically end the call right there and go to questions, but I promised the team I'd walk through the rest of the slides. So bear with us. And I'm going to move to Slide 5 now, which summarizes", "duration": 10.59}, {"path": "01b376669d5ea40acc7fb5a87503586e_59.wav", "text": "we are seeing opportunities with quoting activity for a handful of new natural gas processing plants and feed studies for modular mid-scale LNG export facilities.", "duration": 10.59}, {"path": "799c15a4a6e9e3c86374761fec31c00a_40.wav", "text": "Importantly, as part of Tax Reform, we elected out of use in our NOLs to offset the mandatory repatriation tax in order to fully utilize our foreign tax credits.", "duration": 10.59}, {"path": "a0d537badd260e2071136602e3b73b26_126.wav", "text": "So that also was a huge factor. We did look at a C corp, because we knew that a C corp would give us the most flexibility frankly of any structure, even more", "duration": 10.59}, {"path": "71ea3ed1436c2759a95f8d629963db2e_37.wav", "text": "part of our capital outline. I'm looking into the terminals, what have we spent in the terminals? How can I be more efficient in the terminals? How can I help and give the tools to the operating guys to be able to get cars", "duration": 10.59}, {"path": "5efe4589d80ac1232c2958182c188903_13.wav", "text": "In closing, Q2 was an operational and financial success and continued evidence of our ability to efficiently manage the business in a period of sustained high growth.", "duration": 10.59}, {"path": "75b064acca5b532722510ac0b9b0822e_32.wav", "text": "Apart from having our own platform, which we've given to a large number of agents and billers, we will also work with banks to be able to provide", "duration": 10.59}, {"path": "a2ba164f019804628c07b36de47cd464_73.wav", "text": "Additionally, we continue to evaluate inorganic growth opportunities as well as strategic partnerships that would enhance our programs and offer incremental customer value.", "duration": 10.59}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_144.wav", "text": "and we've developed the deposition tools for that market and are generating very good film quality. So", "duration": 10.59}, {"path": "24a133abc343c813233d416b0cef96cd_230.wav", "text": "that is both sustainable and above the sector average and we certainly look forward to talking to all of you in coming weeks in more detail with the post results meetings.", "duration": 10.59}, {"path": "b0d88c0f1efca89ecb928172341dc75d_222.wav", "text": "is the Pinnacle asset just in a completely different place than maybe you thought it was when you agreed to the deal? Because I'm still -- I guess, I'm seeing some of the -- hearing some of the language", "duration": 10.59}, {"path": "92287986b332deec2c9712d7c89eef08_104.wav", "text": "Management may also discuss certain non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the comparable GAAP measure are included in our press release,", "duration": 10.59}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_61.wav", "text": "The third theme is that we have a real opportunity to raise our visibility and awareness with executive and decision makers across the enterprise.", "duration": 10.59}, {"path": "7d74e5d733ec60a1be27a556e7689961_60.wav", "text": "My parting words come from the music of the road during those early days of fighting our way into the market. Thank you, Mr. Springsteen, for the advice,", "duration": 10.59}, {"path": "7d74e5d733ec60a1be27a556e7689961_29.wav", "text": "I'm also full of pride. We have acquired and developed an extensive catalog, serving customers from family farms to port facilities and everything in between.", "duration": 10.59}, {"path": "20489859070c48218db6ab0f5b6d2b05_36.wav", "text": "the total reactivation cost of the fleet to be as well and whether you expect all 20 of these fleets to be working by the culmination of the end of this year.", "duration": 10.59}, {"path": "2cd5b184c2ef6624ce219830182927c9_159.wav", "text": "What we're really doing in Ithaca is we're creating essentially a microcosm of what we view the utility of the future to be.", "duration": 10.59}, {"path": "323193895e800e72960d98dd5fb64cf5_61.wav", "text": "Then, we're in Digital Services. We have the first year now focused on getting the right strategy in place, software-led strategy,", "duration": 10.59}, {"path": "21abf3409d34eea6f33336ad93662cfd_139.wav", "text": "This is a major release for a key technology priority area that provides users with a faster experience and provides us with a cutting-edge platform for future development.", "duration": 10.59}, {"path": "5e06fc5f2ce45feafe6706f5fa8f4413_46.wav", "text": "Summing up, transformation we're pursuing in our culture and in our operations should result in a meaningful and favorable transformation in outcomes for our company and shareholders.", "duration": 10.59}, {"path": "5e06fc5f2ce45feafe6706f5fa8f4413_58.wav", "text": "This is an area of continuous focus and improvement. However, we expect to see positive contribution from these and other activities to both our cost and quality of service this year.", "duration": 10.59}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_210.wav", "text": "And there's going to be opportunities that we see near term for bolt-ons and expansions that we're working on with our existing customers to add more capacity. So", "duration": 10.59}, {"path": "933faa5ac159ab158506e2bc0f714977_92.wav", "text": "some others across the industry. But just want to make sure we understand just mechanically the right way to think about it between how you contract out", "duration": 10.59}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_32.wav", "text": "That was for Baffinland, providing the opportunity for us to demonstrate our service abilities in complicated and tough environments. This highlights our skill set and our competitive advantage.", "duration": 10.59}, {"path": "e69e64683a56cdadf1c95192e753f27e_174.wav", "text": "In addition, this change will enable us to improve our supply chain logistics, thereby improving efficiency and will help us reduce our investment in working capital.", "duration": 10.59}, {"path": "712bbcab5338e07dd63dad97bb652018_178.wav", "text": "may just require our Industrial Services folks to provide maintenance and turnaround services for them. And they're not going to be heavy waste generators. But on the other hand, we've got some chemical", "duration": 10.59}, {"path": "594b7b614804475e4ab8ab4c405ecf40_3.wav", "text": "Rather than follow our conventional format of highlighting key accomplishments in the quarter, I would like to focus my commentary on answering the most common inquiries we have received.", "duration": 10.59}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_151.wav", "text": "This is the result of the acquisitions we made in mature markets, combined with the continued weakening currency situation in the high-growth markets.", "duration": 10.59}, {"path": "0e410ca71e50235e520d5af32ce0f54a_132.wav", "text": "That said, there seems to be some considerable concern in the investment community with regard to potential future transactions which Suncor might undertake.", "duration": 10.59}, {"path": "3ae068efa03cd088f4d3edea682f199f_20.wav", "text": "We also expect a steady stream of underpinning work, anchored in part by what we are seeing in Europe, where a number of refinery projects appear to be gaining momentum.", "duration": 10.59}, {"path": "7a80c3e91e5a2693cdaef5f716808317_87.wav", "text": "It's important to note that the vast majority of these revenues, meaning greater than 90%, will shift to newer generation products with improved margins and reduced manufacturing complexities.", "duration": 10.59}, {"path": "30a142fac5a62ab00227cb6a339a6226_36.wav", "text": "There is a smaller piece of our business on the creative tools side. We will be transitioning that in the first half of the year. As we transition that, we do expect to see gains in impressions offset by declines in price.", "duration": 10.59}, {"path": "30a142fac5a62ab00227cb6a339a6226_6.wav", "text": "We are determined to have a close-knit, hard-working team that is brimming with positive energy, and we will continue to make the necessary changes to ensure that everyone at our company is aligned with our values.", "duration": 10.59}, {"path": "b1a98885c1d81414cdc122e807760faf_125.wav", "text": "Michel, you talked about filling up the pipeline more and with the launch of anti-tau, are you comfortable with the number of assets or mechanisms that you have in the Alzheimer's portfolio?", "duration": 10.59}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_106.wav", "text": "was actually the highest absolute dollar growth in the history of Bell Mobility, and that was driven through the subscriber growth and the continued increase in strong average revenue per customer.", "duration": 10.59}, {"path": "eb93e70cdf7a839a69546250fb3646fb_203.wav", "text": "it sounds like we'll have more retail versus wholesale next year. I would have thought that would have been a benefit. So I guess, I'm just struggling a little bit with the idea of", "duration": 10.59}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_248.wav", "text": "We undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after this date or to reflect the occurrence", "duration": 10.59}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_120.wav", "text": "deferred tax rates in South Africa, together with the deferred tax assets not recognized, all resulted in the increase in the overall tax rate.", "duration": 10.59}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_89.wav", "text": "expenditure that we flagged well in advance as we put money to work internally, extending life at our best assets and improving margins wherever possible.", "duration": 10.59}, {"path": "744f5859c7d9a0567b387ae84326d940_120.wav", "text": "Customers continue to value PolyOne's unique ability to offer consistency in both solid and liquid colorants across the globe.", "duration": 10.59}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_4.wav", "text": "but I should note that China's cross-border volumes growth continued to be strong. This was reflective of the overall trend as cross-border growth was robust around the globe.", "duration": 10.59}, {"path": "77f146e76d89a5be785a39ab23dfa763_118.wav", "text": "And lastly, incremental investments related to ongoing growth opportunities for new product development and channel management as well as corporate initiatives tied to our strategy", "duration": 10.59}, {"path": "1f142ea668261ba963d47aac6bab69dd_164.wav", "text": "and continued expansion of our routes to market, including e-commerce, all while continuing to drive cost reduction across the enterprise.", "duration": 10.5899375}, {"path": "44e325093d15c18f3db1fd163cee40fa_7.wav", "text": "For each opportunity analyzed, the company identified those responsible in each operation and the actions required to transform them into reality.", "duration": 10.56}, {"path": "0d631e444d1c22f0be99a69f5deaff94_4.wav", "text": "For the full year, we're currently expecting the change in revenue recognition will not be material to our consolidated net revenue, but this is all subject to variability in the number,", "duration": 10.56}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_66.wav", "text": "The second element was we bought more protection in 2 areas of the account. Firstly, within the large lawyers and architects and engineers within specialty lines", "duration": 10.56}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_140.wav", "text": "healthy consternation around the rent guidelines, Board meeting coming up in June and some of the impacts there. So maybe one, if you could provide some thoughts on what you think the outcome could be there.", "duration": 10.56}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_143.wav", "text": "And I think -- all I can do -- I realize the frustration that's there, all I can do is say is be patient. Our first quarter numbers will be out in about a month,", "duration": 10.56}, {"path": "718a89dc503706eae0091bcd9410d567_56.wav", "text": "Now moving on to our growth projects, where several of our projects continue to ramp up in the fourth quarter while others are in the construction phase and moving toward completion.", "duration": 10.56}, {"path": "abd0f750609f1263b566f0c09b981a16_79.wav", "text": "really to those 2 things. We're at that part of the cycle where it's probably about peak supply. I think we've seen some indicators that would suggest that", "duration": 10.56}, {"path": "223f05c0b9b116532e9af84afa76cac7_122.wav", "text": "bouncing around, not just every day, but for the past, really, since last summer. So we want to make sure that we're protecting capital while producing these returns. I would say", "duration": 10.56}, {"path": "0755f4b74dda585f3975c7d8208b1598_178.wav", "text": "Leveraging our global data assets has always been a strength of Equifax. We are refocusing on our speed to market and leveraging products across our global footprint.", "duration": 10.56}, {"path": "ac2317620b37fe65aac46aea3c31e67e_32.wav", "text": "And it appears we have no questions at this time. So this concludes our question-and-answers section. I would now like to turn the conference back over to management for any closing remarks.", "duration": 10.56}, {"path": "2a59b9df2de5248e64727f10185a8423_80.wav", "text": "In addition to the impact of a large-scale project in the financial services field and the development of My Number projects in the public sector passing their peak,", "duration": 10.56}, {"path": "2a59b9df2de5248e64727f10185a8423_72.wav", "text": "so it will be necessary for us to carefully ascertain a realistic level for customer demand, both inside and outside Japan, for the next fiscal year and beyond.", "duration": 10.56}, {"path": "55d548325797d638567669cd75444301_98.wav", "text": "This is a key area for us to secure that we can invest also in the future commercially in a market while being profitable.", "duration": 10.56}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_116.wav", "text": "As I approach my first 100 days as the CEO of Fred's Pharmacy, it is important that I share with you the vision for the company that I have shared with the board.", "duration": 10.56}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_1.wav", "text": "We will also be referring to certain non-GAAP financial measures. Additional information regarding these measures can be found in the slides labeled Non-GAAP Financial Information at the end of the presentation.", "duration": 10.56}, {"path": "1927f9c722093d1d64b610c4227ccf59_58.wav", "text": "with conservative balance sheet leverage and access to a variety of attractive equity and debt options to fund the large pipeline of investment opportunities.", "duration": 10.56}, {"path": "a4e84e293bde7191186ae3a7a0b34024_32.wav", "text": "significantly less? And if so, what kind of a run rate of production across your different product lines you would expect to see in -- into the final quarter,", "duration": 10.56}, {"path": "8b71a232d7fe61e6232807b635977c31_34.wav", "text": "I think if things are going to change in the future with these subscription video-on-demand platforms, if they're going to ultimately embrace the kind of measurement we can provide,", "duration": 10.56}, {"path": "8bbc2f54137b794265dfb01f1559868d_149.wav", "text": "We are making system changes to accommodate best practices we identified in our planning and we are working to execute these changes as quickly as possible.", "duration": 10.56}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_77.wav", "text": "view as being good performance, is that a fair comment? Or... Absolutely, particularly when you think of the -- as you mentioned at the start of your question, with respect to", "duration": 10.56}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_78.wav", "text": "The result is that at peak utilization, we are only using 25% of our available capacity, which means that we are well positioned to not only add customers", "duration": 10.56}, {"path": "46906afb4e1ee1fef09b5908e76beefa_13.wav", "text": "Following robust discussions with key opinion leaders, we believe there may be an opportunity to advance the development program and specifically target a higher risk population of infants", "duration": 10.56}, {"path": "797946494c2985a20aa50823e8723c44_74.wav", "text": "further examine our international footprint, yes, we would expect both additional restructuring charges there as well as additional cost savings associated with those actions.", "duration": 10.56}, {"path": "fa45af64ef25007f998c655347bfbecb_509.wav", "text": "but also having special programs to make sure that the people who come in stay longer so that the attrition rate is lower than we had before.", "duration": 10.56}, {"path": "8292bdb9af87f10627c044f3842b2c76_71.wav", "text": "Construction continues on the addition component of the development with significant advancement on the infill work and the additional floors on top of the existing structure.", "duration": 10.56}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_124.wav", "text": "In order to facilitate our growth through 2018 and to support our growing demand for delivery later this year, we have made some investments during the quarter.", "duration": 10.56}, {"path": "a212b77ae2b2452093665a4e179ed3a3_152.wav", "text": "as one of America's best employers in 2018. Our Pennsylvania operations were also recognized as Best Places to Work for Disability Inclusion", "duration": 10.56}, {"path": "5eb57224d167f55747e3ea5aab8a91cf_10.wav", "text": "it's hard for us to get a real read on any destocking that's going on. But anecdotally, we do think that there was some of that in the fourth quarter", "duration": 10.56}, {"path": "a827180c08c11f2e53c6966fceaabf5b_150.wav", "text": "while benefiting from the strategic investments we've made to drive improved shareholder value. With that, I'll turn it back over to Eric for questions. Eric?", "duration": 10.56}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_7.wav", "text": "Within this environment, we will focus on investing intelligently to grow the top line and offset that investment through our mix advantage and our relentless focus on cost management", "duration": 10.56}, {"path": "5f38ce681d4413a793d34a0650c59bf2_134.wav", "text": "As part of the preparation, we intend to maintain what I refer to as our optionality with regard to the cellulite opportunity and its potential commercialization.", "duration": 10.56}, {"path": "cc82e791c065bdc271addf355bac274f_129.wav", "text": "applying these benefits to their operations. I'm not going to disclose the amount. I did not do that before and I'm not going to do it now. But", "duration": 10.56}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_42.wav", "text": "which more than offset the positive impact of a rise in operating lease revenues, an increase in revenue from the sale of returned leased vehicles as well as other factors.", "duration": 10.56}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_59.wav", "text": "We continue to see the wafer fab equipment market and Applied Materials being sustainably larger and less cyclical today than in the past.", "duration": 10.56}, {"path": "e56726c7aedd69029957c84128050700_21.wav", "text": "And I echo his sentiments as we absolutely believe these investments are creating exciting new products and will generate higher revenue and better margins in the future.", "duration": 10.56}, {"path": "81bfbc1fbd3ce62adc594e6b57c6fb34_63.wav", "text": "enhancement to our core system. We did shop this around. This system is used by many foreign exchange shops, large to smaller ones as well.", "duration": 10.56}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_273.wav", "text": "Second, we are continuing to fund our growth projects but at a lower long-term cost of equity capital than continuing to issue common equity in today's market.", "duration": 10.56}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_42.wav", "text": "They step up. So it's just a continuing travail that we think in the long run will turn out well. But in the short run,", "duration": 10.56}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_67.wav", "text": "And as discussed previously, we have been anticipating operating margins to gradually increase with the new work that we have been awarded over last year, and this is beginning to be reflected in our results.", "duration": 10.56}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_10.wav", "text": "and they run all the way through to delivery, where we need to balance the need for speed with the need to maintain our trading environments and, therefore, our retailers' performance and our income,", "duration": 10.56}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_237.wav", "text": "so it will bring costs down. That you won't necessarily see us saving, because what we will be doing is we'll be reinvesting that money into more digital advertising.", "duration": 10.56}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_126.wav", "text": "And they are looking at us as the natural provider of them. So all these things together really give me confidence. Now how are we grading ourselves?", "duration": 10.56}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_13.wav", "text": "In summary, Marlin's transition from primarily a micro-ticket lessor to a broader provider of credit products and services is a significant paradigm shift for the company.", "duration": 10.56}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_109.wav", "text": "While we had success across multiple verticals in the first quarter, we also demonstrated the power of our diversification strategy across geographies. We showed strong growth in the Americas", "duration": 10.56}, {"path": "bab12f620df0f367e74acdcc467686f1_118.wav", "text": "financing charges, the amortization of intangible assets and financial impacts associated with expected and actual dispositions of noncore businesses and assets, unless otherwise noted.", "duration": 10.56}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_138.wav", "text": "and in cats. And that frustration, from our perspective, includes being frustrated with mirtazapine, whether that's an oral tablet or the multiple-y available", "duration": 10.56}, {"path": "636d6909fbd8656f88f72f66a3a162ff_54.wav", "text": "as a large number of people entering the labor workforce outpaced the number of jobs added. Strong employment growth continues to fuel in-migration", "duration": 10.56}, {"path": "40e11288ea7cb86fdf307dbe648142e3_107.wav", "text": "As traditional power companies expand into the gas utility space, it provides us an opportunity to grow our business with new, larger combined power companies.", "duration": 10.56}, {"path": "ade68f8add7249890d086ecf4b5b8cab_111.wav", "text": "Additionally, in 2017, we are making a significant investment in our training and development, marketing and our sales management and sales training efforts as I previously discussed.", "duration": 10.56}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_30.wav", "text": "Our federal team performed admirably delivering good results in the first quarter, while the leadership team was pulling double duty to execute a purchase agreement in accordance with our bank covenant.", "duration": 10.56}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_116.wav", "text": "in the broader industrial sector. We just hadn't seen it in 2015. We built a little bit of that conservatism into 2016 and that was part of the reason for stepping down the growth", "duration": 10.56}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_22.wav", "text": "over a continuous period. So I would say the overwhelming majority of the upside is to come, and we haven't even scratched the surface of,", "duration": 10.56}, {"path": "dd28a387ccc9575df47840b850647c7f_223.wav", "text": "and we wanted to make sure we were capturing that expense in our Siding segment rather than OSB was one of the reasons we did it. Sallie may have other things she should mention. But", "duration": 10.56}, {"path": "70c92ab88d38f489d5074f2859e0290e_49.wav", "text": "Our store operations team made major strides over the past year in leadership development, training and executing operational excellence throughout all of our stores.", "duration": 10.56}, {"path": "c5c7a9f409241412b160a93cde7ef630_1.wav", "text": "You are also cautioned that any forward-looking statements reflect management's current views only and the company undertakes no obligation to revise or update such statements in the future.", "duration": 10.56}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_156.wav", "text": "or our direct connections with coffee farming communities around the world, including Yunnan in China. The proof and the quality are in the cup.", "duration": 10.56}, {"path": "003356e698453d6b74f19a8e02587605_2.wav", "text": "or to update or revise the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.", "duration": 10.56}, {"path": "9979d7fef684b8cac613c934b6229791_85.wav", "text": "But we've been very pleased with the new dealer network and Roadtec is really having a terrific year and really lining up for another great year next year, we think. So", "duration": 10.56}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_16.wav", "text": "In summary, as we celebrate our 20th anniversary, we are reigniting our fundamental vision as a company, helping the world work differently.", "duration": 10.56}, {"path": "b1da16cba24af8e472573c4c9caf17c7_46.wav", "text": "Would you consider putting a program in place, so if the stock did drop more precipitously and you were in a blackout period that you'd still be able to buy back stock?", "duration": 10.56}, {"path": "e78997e6a75a2243292b2b54750bb3cb_69.wav", "text": "So Mani, I think, we don't have anything quantitative, but there is an intuitive sense that if we allow patients", "duration": 10.56}, {"path": "b126e11520fd54843c67f70f15cd30cc_174.wav", "text": "So with a deep enterprise, we see a lot of opportunities for investment in the world and because we have the turnaround ability and we are working on 2 legs.", "duration": 10.56}, {"path": "b126e11520fd54843c67f70f15cd30cc_20.wav", "text": "Well, there are a lot of changes in global, political and economic scenes, so many challenges were brought to us. With our hard work, we have achieved very good results.", "duration": 10.56}, {"path": "63eaf9677d7577484a1557ae6bfbb585_82.wav", "text": "Let's turn to Page 11. Northstar Portfolio performance. I want to reiterate from previous calls that we evaluate each business at the contribution margin level,", "duration": 10.56}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_9.wav", "text": "To sum up, the semiconductor materials industry remains healthy. Semiconductor content is increasing everywhere, driven by new applications", "duration": 10.56}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_108.wav", "text": "as well as continued growth in smartphones and PCs. As long as our customers are producing wafers, we participate in a growth of semiconductor units.", "duration": 10.56}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_109.wav", "text": "Each of our operating platforms continues to manage against their own specific targets and drive programs to deliver their share of our future growth.", "duration": 10.56}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_27.wav", "text": "Our divisions are working on specific initiatives to further adapt to the external environment and position the company to take advantage of commercial opportunity.", "duration": 10.56}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_12.wav", "text": "We are excited about the growth prospects in this segment as we continue to focus on business improvement initiatives and organic growth opportunities that include investing in our brands,", "duration": 10.56}, {"path": "9e8690a521142359001a137074905535_197.wav", "text": "But while we're in early stages of assessing whether the timing has come under pressure due to the various market and environmental challenge that we just went through over the last half hour.", "duration": 10.56}, {"path": "9e8690a521142359001a137074905535_213.wav", "text": "add value? So either you've grown some share or you've done something so that these pressures are being blunted in some fashion.", "duration": 10.56}, {"path": "0e52a74a184c92ad0c336af764aa0796_93.wav", "text": "as we noted in our announcement of July 19, in the end, those discussions ended without an offer that our board was willing to pursue.", "duration": 10.56}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_23.wav", "text": "So I expect that, over the year, we should pick up more orders also and maybe certain projects that will come up.", "duration": 10.56}, {"path": "fb817a6cc685a3fd0f003456dd641c01_207.wav", "text": "what some of the levers are you have to pull to keep the conversion rate really strong, whether it's CapEx or working capital or any other items to be aware of on the cash side?", "duration": 10.56}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_72.wav", "text": "we have been conducting preliminary research in select market segments where Probuphine may be used for the treatment of opioid use disorder.", "duration": 10.56}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_209.wav", "text": "one of the major issues you have is your cost of raising turkeys is much higher and you have less pounds. But the price itself", "duration": 10.56}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_100.wav", "text": "have been held on conference calls instead of the big meetings. We've looked at how many people are going to conferences. We've reduced travel. Now those things aren't going to be", "duration": 10.56}, {"path": "433a6e203f9db93835c27ff83e86c801_51.wav", "text": "with Alpha included. I think that will happen in that late January, early February conversation. At that point we will own them we believe", "duration": 10.56}, {"path": "7cc11de7f206c637e6293da0d956405e_33.wav", "text": "this quarter, we were actually with the customer who we onboarded, one of the big corporates. We're able to break down the walls that used to be there around vested equity.", "duration": 10.56}, {"path": "8c1b4f4af2af2847a240041390e31399_118.wav", "text": "We continue to uncover characteristics for this drug candidate that make it even more compelling, and we are being very disciplined in its development to give the best possible chance for its success. We", "duration": 10.56}, {"path": "e33785a294553de2a12d4463bf786744_1.wav", "text": "After our comments, we'll be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com.", "duration": 10.56}, {"path": "e33785a294553de2a12d4463bf786744_134.wav", "text": "But for Ed, safety was the foundation. He emphasized that it required everyone's total commitment.", "duration": 10.56}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_227.wav", "text": "pay down some of that debt over the next couple of years. So I think you kind of got to that point that we have the ability to", "duration": 10.56}, {"path": "7498a6630302a038bd537d192c3a44f4_207.wav", "text": "Maybe give us a little bit more flavor on how that has and then maybe even if we could drill down a little bit now until where the margin characteristics of those now differ.", "duration": 10.56}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_85.wav", "text": "I think we're going to be disciplined and patient, is how I would characterize our approach to capital allocation. That would include", "duration": 10.56}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_121.wav", "text": "We continue to deliver strong free cash flow. Combined with a strong balance sheet, this gives us ample capacity to invest in our existing businesses", "duration": 10.56}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_5.wav", "text": "with 2 of these combined into one paper in the New England Journal of Medicine, along with one analytical verification and 2 clinical utility studies.", "duration": 10.56}, {"path": "2a7af3c66762ce608379005a3d7bfa96_57.wav", "text": "On our last call, we talked about the internal changes within Hub as we realigned intermodal operations to be managed by our account management team.", "duration": 10.56}, {"path": "2a7af3c66762ce608379005a3d7bfa96_64.wav", "text": "We remain quite focused on continuing to grow this business unit and expect that 2016 will continue to offer both challenges and opportunities.", "duration": 10.56}, {"path": "ea45464984232d301c70cc7a9afdbc65_38.wav", "text": "Moving to Slide 11, let me show you our historical economic performance from the first Q pro forma to present day.", "duration": 10.56}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_112.wav", "text": "we're pursuing aggressively. So I think that's kind of it for the Commercial Aircraft as we speak. Your question, when it relates to", "duration": 10.56}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_41.wav", "text": "It could very well be a solution over time. Right now, Europe is a quad-play market. It's a quad-play market, because every incumbent telco who has nationwide fixed coverage has a nationwide mobile coverage. And it", "duration": 10.56}, {"path": "9c67fafcb51925dcbaa570283fe01701_87.wav", "text": "As for admin cost, I would be disappointed if we could not continue to make a gradual steady improvement in our cost structure there,", "duration": 10.56}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_12.wav", "text": "They attend because we develop the industry's most effective solutions, deliver the best patient care and drive powerful advocacy to put medicine within reach of those who need it.", "duration": 10.56}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_19.wav", "text": "with all due respect to the desire to break those kind of things out, it is completely inconsistent from my view of how we run our business.", "duration": 10.56}, {"path": "83e0201c04003b4432d80eaea4a62259_110.wav", "text": "This concludes the financial review portion of our call. I will now turn the discussion back over to Fusen for the September quarter's business outlook.", "duration": 10.56}, {"path": "884400c829f179d8cf68b767f45f03a4_136.wav", "text": "of fiscal 2020. As previously discussed, we are determining the appropriate scope of refresh needed for each of our stores by examining their age, size", "duration": 10.56}, {"path": "09b5b62d328d3d0719b6825357fdfb48_160.wav", "text": "supply chain to see if we can enhance those volumes instead of paying others to go through their terminals. That's really been the goal of acquisitions. That was the goal of the American Midstream acquisition in Little Rock", "duration": 10.56}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_75.wav", "text": "In response, we adjusted every day and promoted price points on Folgers coffee to improve our competitive positioning.", "duration": 10.56}, {"path": "a2ba164f019804628c07b36de47cd464_9.wav", "text": "As a result, we're able to focus on the most vulnerable members, while ensuring the integration of all their health data, stabilizing costs and improving their quality of life.", "duration": 10.56}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_24.wav", "text": "We are taking a measured approach to down-spacing to be as capital efficient as possible and minimize any potential overdrilling of a particular zone.", "duration": 10.56}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_9.wav", "text": "We increasingly see the consumers, particularly millennials, are looking for brands that serve a positive social purpose beyond pure product functionality.", "duration": 10.56}, {"path": "9dc19bfa451bc1278b7136420493f84d_18.wav", "text": "At the same time, the lower current crop levels have reduced our working capital needs this year, decreasing our seasonal borrowing requirements and increasing our cash reserve.", "duration": 10.56}, {"path": "89499eed4dff3bd184e91cd496111f22_88.wav", "text": "Yes. We're just trying to figure out if 4Q was just seasonally strong or if there was an impact of Omni that's going to take the margins permanently higher in that segment.", "duration": 10.56}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_9.wav", "text": "Let me remind you what they are. As you may remember in July, we announced a global cost reduction and efficiency initiative with the goal of reducing annual supply chain production and overhead costs", "duration": 10.56}, {"path": "6d41a81b648d81660c0d65523086346b_77.wav", "text": "is because of the dilutive effect of cable customers coming out. Wondered if you could confirm, please, how many cable customers remain and for how much longer", "duration": 10.56}, {"path": "72b117fb1330bda9f954a219bb5a675e_129.wav", "text": "to transition these services into Integra, in line with our original time line -- timetable. This was all completed on the same weekend as the quarter closed.", "duration": 10.56}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_235.wav", "text": "SPY is actually, we are getting new -- we are doing some placements of SPY, because some customers still want to do it on that basis, which we're open to for a limited period of time.", "duration": 10.56}, {"path": "92287986b332deec2c9712d7c89eef08_47.wav", "text": "It's important to remember that we own approximately 200 anchor spaces in our portfolio and that over the last 2 years, we have started or completed redevelopment activity at 15 former department stores.", "duration": 10.56}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_79.wav", "text": "I guess the lesson I learned from the consumer Internet is 8 years ago, there was all this talk about the big platforms potentially competing with one another. And if you look at what happened, most of them", "duration": 10.56}, {"path": "e0555e30370c43189a1136fb7ef17d20_160.wav", "text": "As Greg noted, our first quarter results reflect a solid start to the year. We delivered organic revenue growth across both segments and delivered strong operating margin improvement in Risk Solutions.", "duration": 10.56}, {"path": "e0555e30370c43189a1136fb7ef17d20_104.wav", "text": "We've had terrific success and feedback from clients around the world and continue to attract new clients, with the client treaty being a major differentiator. Finally,", "duration": 10.56}, {"path": "2cd5b184c2ef6624ce219830182927c9_351.wav", "text": "and would not likely have much of an impact through 2020. And there's always other transmission projects that we're looking at but we've not included them in the plan.", "duration": 10.56}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_119.wav", "text": "yet you've got ConEd Solutions in there, I would guess. So is that some pressure in what you've seen around margins or more conservatism? Or how should we think about those numbers?", "duration": 10.56}, {"path": "1d021dfadd51998ac079e1df49929c60_99.wav", "text": "Carton Craft will allow us to integrate more of our CUK paperboard tons into a growing air filter frame market and will provide a runway for further margin improvement.", "duration": 10.56}, {"path": "c334e290beb657ee3efcb6b2f734c81e_91.wav", "text": "We're so convinced that the refinance probabilities are much higher now than they were last year, that we're probably getting into a little bit less liquid categories. But", "duration": 10.56}, {"path": "c334e290beb657ee3efcb6b2f734c81e_113.wav", "text": "Reflected in all of this lending and financing activity, including the efficient shifting of capital among securities, mortgage loans and real estate investments,", "duration": 10.56}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_91.wav", "text": "And we plan to do so in 2019. Additionally, 2019 is still a year of some investments we have to do. So I still have to do some work on the", "duration": 10.56}, {"path": "6cbf592846662213258684c3049e4592_41.wav", "text": "with us and making sure that we have the right product that speaks to the consumer. So far, our early reads on the selling of this, we first shipped our first shoes in, really, December", "duration": 10.56}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_54.wav", "text": "And so I do expect that later this year, we will need to have more clarity on where we see the next tranche of processing capacity", "duration": 10.56}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_89.wav", "text": "gross merchandise value of the au Economic Zone in the first quarter as shown on the left was 1.5x what it was a year ago", "duration": 10.56}, {"path": "f268a8174f58c93ad6b45b7f151fe896_244.wav", "text": "except for one thing. In the case of expensing, you increase the net present value of the returns if it is a replacement", "duration": 10.56}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_35.wav", "text": "We certainly are willing and have focused on adding on businesses onto some of our core businesses. That certainly isn't out of it, but", "duration": 10.56}, {"path": "099475edf8f9944537773b1d0a2aaea6_61.wav", "text": "The consuming entity is named Telesat Canada. That concludes our prepared remarks for this call, and now, we will be happy to answer any question you may have.", "duration": 10.56}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_142.wav", "text": "significant changes to the wireless industry. And we're working on some of those initiatives right now but they're not going to deliver any results for us in the short term.", "duration": 10.56}, {"path": "e97326d6a8951550e363f2be6ec489ba_96.wav", "text": "So where is our improvements going to come from? And the third question is related once again, with marketing", "duration": 10.56}, {"path": "4fd138e27f5f375945332eacefa15b62_211.wav", "text": "because being able to see from the city to the building to the infrastructure creates a completely different perspective to the architecture, engineering and construction and we want to play that. And overall,", "duration": 10.56}, {"path": "30a142fac5a62ab00227cb6a339a6226_155.wav", "text": "we think it's a real way that we can drive pricing over the medium term. We did double the number of advertisers on the platform. We're still a young business with a lot of room to grow, but we're excited by the progress in the quarter.", "duration": 10.56}, {"path": "76b892bf017891d7028256847747227c_77.wav", "text": "we have adjusted downward our client's expectations and our own expectations as to what our strategies can", "duration": 10.56}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_13.wav", "text": "Based on this forecast, current industry trends and our continuing market content improvement, we are excited to expand our pursuit to continue to bring high-quality, differentiated products and services", "duration": 10.56}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_33.wav", "text": "can we already see an improvement of prices in the fourth quarter? Because it's usually gradual and it only comes after", "duration": 10.56}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_130.wav", "text": "Even so, 2 of our 3 reporting segments generated substantial increases in operating margins in part due to cost synergies achieved", "duration": 10.56}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_40.wav", "text": "You could look at some of the labor, production numbers that we can have them producing. And obviously, from a market side, there could be some blending capabilities of some of those things", "duration": 10.56}, {"path": "f5875d033110e66b5aafc3c0003babdf_21.wav", "text": "And then as I have shared, we see that there's an 18-month horizon where we are very strongly focused on our internal initiatives and the impact those are going to have,", "duration": 10.53}, {"path": "f5875d033110e66b5aafc3c0003babdf_3.wav", "text": "and as anticipated, some of this strength will be due to portions of work advancing into Q3 from Q4 with customers trying to get ahead of inflationary prices.", "duration": 10.53}, {"path": "c459f473b2c99662c3e29eeb2df74043_60.wav", "text": "floor to that development. We are seeing also that, once you would expect those policies to go back to normal,", "duration": 10.53}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_103.wav", "text": "all of our leases that are not actually completely filled in. Where we have the most opportunity to drill 15,000 foot laterals for the most part, that acreage is actually out in space.", "duration": 10.53}, {"path": "139f0a6300f504b3e8673e39b0429161_115.wav", "text": "in literally all parts of the world with regard to how we address that capability and roll it out for their", "duration": 10.53}, {"path": "a20052a04bcb5b7b8d242a21c859550d_14.wav", "text": "We also have some real estate that is no longer needed and hope to complete those sales in fiscal 2017. Proceeds would be used to buy back stock, finance growth or pay down debt.", "duration": 10.53}, {"path": "0db71632fa65f1d166f14cb8593c4690_26.wav", "text": "at the end of January are being implemented. So I believe that the price scenario during the first quarter is positive and consolidated.", "duration": 10.53}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_119.wav", "text": "happens to be a very highly talented executive in terms of representing our product and our business", "duration": 10.53}, {"path": "d28b2b09c127b5be033738aa3cd380b3_275.wav", "text": "supporting through marketing next month and that we're excited about. And that's part of an ongoing program to keep our brands healthy and not just get into new spaces,", "duration": 10.53}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_323.wav", "text": "The impact of the acquisitions resulted in a negative 60 basis points, mainly due to the purchase price allocation effect.", "duration": 10.53}, {"path": "718a89dc503706eae0091bcd9410d567_60.wav", "text": "However, we are also aggressively pursuing a larger project to move barrels from the Permian Basin to Nederland, providing shipper capacity to our storage facilities", "duration": 10.53}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_12.wav", "text": "The likely implementation process would involve regulating thousands of finance and insurance consultants and new car dealerships across Australia", "duration": 10.53}, {"path": "b39cea5bd7ec94a7f24e7481716ac2b7_138.wav", "text": "I'll start by talking you through some of the highlights from the quarter before the team go into the financials and operations in greater detail. We will then open the call for questions.", "duration": 10.53}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_85.wav", "text": "was primarily due to fourth quarter seasonal factors associated with financial audit expenses, employee holiday expenses and marketing.", "duration": 10.53}, {"path": "1c60a3d37d43a43d5851722212ddcd71_52.wav", "text": "But it's another matter of whether all these positions will be filled with the right candidates. Even if we want to hire 500 new employees,", "duration": 10.53}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_20.wav", "text": "which is now in the hands of the regulator to moderate as we go into 2018 for the rest of the year. So I hope that answers broadly your question.", "duration": 10.53}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_142.wav", "text": "we should continue to see that those customers grow and those customers are much more inclined to book directly. And that's the case almost no matter what happens with", "duration": 10.53}, {"path": "044da592acc01ff7baacb3dbf2a302a9_208.wav", "text": "allow us to drive stronger knee market share as we exit 2017. So I think you should kind of think about a rolling 4-quarter knee growth, and that's kind of the base we assume we'll improve upon", "duration": 10.53}, {"path": "de3b766a868da918e499f407dbf5d716_67.wav", "text": "in the market. There are some unique opportunities potentially in the portfolio over time, where we could get a static converted to a digital", "duration": 10.53}, {"path": "de3b766a868da918e499f407dbf5d716_89.wav", "text": "The common offering in October positioned us well as we entered into 2017, but it will take a couple of quarters to fully deploy the capital.", "duration": 10.53}, {"path": "b34f680a9162805e0188170d6272a356_273.wav", "text": "Discussions and conjecture point to infrastructure as the most logical area of agreement in Washington in 2019. We anticipate that a deal will be struck.", "duration": 10.53}, {"path": "1b91eb82f5211000e711424657cc2484_64.wav", "text": "I think we'll continue to do it. Some of the things that we've talked about before that are driving this are this move to scale that I highlighted in the prepared remarks is very real.", "duration": 10.53}, {"path": "7503d7356c13f095c26bfad29c5390c6_74.wav", "text": "This deal is a more grown-up version of those earlier ones. There are a couple of important differences. First is that we will manage all the work up to the start of clinical trials.", "duration": 10.53}, {"path": "bad55d25c1222682bd893d97dc5cbb27_47.wav", "text": "We simply need to continue to manage costs, win new business and execute on what we've already won. And that's exactly what we plan to do.", "duration": 10.53}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_259.wav", "text": "and you see numbers in the range of 15% to 20%, then you need to monitor for something big to happen.", "duration": 10.53}, {"path": "ca2bc8d693d4751cc88444d2e715f645_47.wav", "text": "I think you could probably calculate it based on the information you have, but we're not going to release that on a public basis anymore going forward.", "duration": 10.53}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_164.wav", "text": "This customer is using Five9 for its e-commerce customer service organization. They were using a premise system that was expensive and required too many technical resources to maintain.", "duration": 10.53}, {"path": "fa45af64ef25007f998c655347bfbecb_436.wav", "text": "I was wondering, after all the discussion that has taken place within the Ministry of Economic Affairs and then in Dutch Parliament, why do you first have to", "duration": 10.53}, {"path": "8292bdb9af87f10627c044f3842b2c76_217.wav", "text": "in being at the forefront of the creation and provision of urban workspace and they perceive us to be there. So a", "duration": 10.53}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_125.wav", "text": "These certifications are a key milestone to reach before moving to any commercial production and for a successful launch of our joint venture.", "duration": 10.53}, {"path": "a212b77ae2b2452093665a4e179ed3a3_169.wav", "text": "Similar to prior years, we only include identified projects with a high probability of certainty in our capital plan. We will update our capital plan at the appropriate time per normal course,", "duration": 10.53}, {"path": "a212b77ae2b2452093665a4e179ed3a3_40.wav", "text": "arguably less quality earnings to more higher quality earnings through additional CapEx that we could spend and still not raise customer rates.", "duration": 10.53}, {"path": "e26b501c6e000fdaa11edde97cc71436_85.wav", "text": "So what you'll see going forward is 80-plus percent of revenue increases in dollars becomes something", "duration": 10.53}, {"path": "73ba4ff250b62745e03880e75b9a1581_89.wav", "text": "what I would say, I don't know if total stimulus is the right word, but there's a lot of influence in the marketplace that lead to better performance.", "duration": 10.53}, {"path": "1133b8984db446b9c963a09eaf0785a4_46.wav", "text": "are the premiums also -- do they fall underneath that and are pass-through-able, if that's a word, or are you kind of stuck with those? How does that work?", "duration": 10.53}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_99.wav", "text": "This remains unchanged from our previous forecast. Please turn to Slide 30. With respect to consolidated unit sales,", "duration": 10.53}, {"path": "403903eb119bfc1cec44d86ec907077a_51.wav", "text": "Gubernatorial elections will be the same, obviously, as 4 years ago in terms of the numbers. But it's a competitive footprint in some of our big markets. Currently, we have 7 competitive seats,", "duration": 10.53}, {"path": "403903eb119bfc1cec44d86ec907077a_64.wav", "text": "As a result, we're continuing to intentionally reinvest profits back into the business to drive revenue growth and to capitalize on our opportunities in the local and regional OTT ad space.", "duration": 10.53}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_92.wav", "text": "And finally, utilization. I don't mean to oversimplify the business, but to us, that's what we think about. I also should talk about safety, and I'm going to talk about that a little bit more.", "duration": 10.53}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_150.wav", "text": "and such statements are subject to the safe harbor created by those sections and are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995, as amended.", "duration": 10.53}, {"path": "1244d2b5a259c3bc73742830d60d53fc_31.wav", "text": "in that business because we also have had overall growth in the software and content management product. And so you will see a more pronounced mix shift", "duration": 10.53}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_45.wav", "text": "without any legal framework. So this is the first time in my life that I see an acceleration without default or without any covenant or without", "duration": 10.53}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_133.wav", "text": "The results we presented this morning are underpinned by a range of strong performance metrics at property levels. I'd like to spend a little bit of time just walking you through a few of those headlines,", "duration": 10.53}, {"path": "909945f04ac355656384777136995c9b_20.wav", "text": "These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.", "duration": 10.53}, {"path": "38b2f94da12bbf2d32246763aab8265a_41.wav", "text": "to our results conference at PZU. We'd like to thank you for turning up in so -- such strong numbers. We'd like to present to you today", "duration": 10.53}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_182.wav", "text": "sort of your targeted 5% to 6% organic growth, although it's early in the year, I get that. But any color there? And then my second question, any more color you can provide on", "duration": 10.53}, {"path": "b092d2be33ad52beefab208355b18235_82.wav", "text": "After we conclude our prepared comments, our executive management team will be happy to answer questions. Let's turn to the slide presentation and discuss our second quarter results.", "duration": 10.53}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_55.wav", "text": "Specifically, the growth in LED products is expected to overtake the decline in legacy products and services and drive the growth of our consolidated revenue for the remainder of this fiscal year.", "duration": 10.53}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_193.wav", "text": "It does sound like a big leap. But when you start integrating RV sales and RV service, and you start to get some tailwind behind", "duration": 10.53}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_103.wav", "text": "But what I can tell you is that as you can see the results for the second quarter in our primary RV units, we're positive both overall and on a same-store basis.", "duration": 10.53}, {"path": "3b0718945e9c427873c1f34fa49b15aa_4.wav", "text": "The need for the requested rate relief is due to the additions to plant that were required to meet the needs of our growing customer base and due to the continued load growth that we have experienced in our service territory.", "duration": 10.53}, {"path": "6a372ea97b0b130a4d37f16b54d97909_48.wav", "text": "We are introducing the subscription. So we're giving people the opportunity to buy content specialized for their industry, specialized for their geography", "duration": 10.53}, {"path": "6a372ea97b0b130a4d37f16b54d97909_97.wav", "text": "What we try to do or what I try to do on this call was just give you perspective specifically on subscription revenue, which as you know, we've been disclosing now for a while. We do not expect subscription revenue to be", "duration": 10.53}, {"path": "98f10f0935e5b778e888a1b8130a3d31_343.wav", "text": "how we allocate our capital and also how we manage the companies. And essentially, what we do is we look at every entity, how their return on equity is.", "duration": 10.53}, {"path": "bd40628b97efec198825ccf910c7e27e_7.wav", "text": "has many limitations as physicians must choose between invasive IV delivery or slower onset oral medications.", "duration": 10.53}, {"path": "1be44822d16f85bd501a5f19876895b1_30.wav", "text": "Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business.", "duration": 10.53}, {"path": "959dcc8fe47eb1aa44183740e1a46ad5_28.wav", "text": "These forward-looking statements are made as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements after the completion of this presentation,", "duration": 10.53}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_106.wav", "text": "For our Okinawa hub, we'll continue to evaluate the competitive environment and demand trends in Asia, and pursue further optimization of the business scope.", "duration": 10.53}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_2.wav", "text": "and established Japan's first LCC. Propelled by the expansion of the international business, we have continued to accelerate the speed of our growth.", "duration": 10.53}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_19.wav", "text": "first-in-human study having first established the safety and immunogenicity of the vaccine, we have built into the protocol", "duration": 10.53}, {"path": "53889f50eda8b316a01a3df89d226e7f_71.wav", "text": "Although deeper MI coverage would help to expand the market, National MI does not need a larger market to fulfill our primary financial objectives", "duration": 10.53}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_141.wav", "text": "Continuous improvement initiatives, network optimization and lower input costs continued to drive good operational efficiencies throughout the region.", "duration": 10.53}, {"path": "e78997e6a75a2243292b2b54750bb3cb_133.wav", "text": "Given that as well as the sheer size of the market, our plan is to partner this asset following proof-of-concept data from the Phase I trial,", "duration": 10.53}, {"path": "b126e11520fd54843c67f70f15cd30cc_157.wav", "text": "So we made big investments in these areas, and we saw very important progress. At the same time, we invested in a number of frontier areas.", "duration": 10.53}, {"path": "75eb5b75bb8587b63c318714ea956b9e_45.wav", "text": "The Clinical Lab results continue to illustrate our strength in the women's health segment and the growing market share of the New York region, where new account acquisition continues.", "duration": 10.53}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_101.wav", "text": "There really wasn't any tie-in between the sale of the household and the announcement of our planned repurchase back in May.", "duration": 10.53}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_144.wav", "text": "I'm indebted to my 90,000 colleagues around the world, who have worked tirelessly to deliver their commitments each and every day in the face of many challenges.", "duration": 10.53}, {"path": "9b697782ea80be97854f35d6fc62c93a_186.wav", "text": "I think we're going to continue to see the balance that we've laid out. Longer term, we would expect clearly to deliver revenue growth at or above the rate of our categories.", "duration": 10.53}, {"path": "262bc21196721c5ff9114acbd2ff03c3_296.wav", "text": "On Millbrook, the investments being made now, what's the sort of time lag to that kicking through to revenue and pulling the margin up?", "duration": 10.53}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_246.wav", "text": "look, we look at where we are. We know who we are. We know what we have, and we know there's enormous upside for our shareholders if we go execute against the plan we've laid out. And like I said, we're not going to define ourselves", "duration": 10.53}, {"path": "21f21433851eb7c7f7dbc710309341bb_98.wav", "text": "pretty much across all the provinces. So it wasn't localized, it wasn't in one geography or one area. It was pretty much widespread across", "duration": 10.53}, {"path": "fb817a6cc685a3fd0f003456dd641c01_26.wav", "text": "any kind of size range or just a little bit of sense for investors on what we might expect early next year?", "duration": 10.53}, {"path": "fb817a6cc685a3fd0f003456dd641c01_88.wav", "text": "it's incrementally better than what we had mentioned before. And we think we then have a capital and a debt structure that mirrors where we think we can be longer term as a growth-oriented company.", "duration": 10.53}, {"path": "b3d7bc295d09d9927e465213612c0192_49.wav", "text": "You have certain flows that are qualified in certain fabs, and Newport Beach was the initial flagship for all of the RF SOI products, also", "duration": 10.53}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_11.wav", "text": "Some of you may remember how we started our run in 2012 and how Altium managed to deliver what could not have been imagined possible at that time.", "duration": 10.53}, {"path": "87045996e7446329f1d98c909c6ca7fe_158.wav", "text": "The material decrease in the volume of home sales has become apparent within greater Toronto and the surrounding areas as buyers and sellers react to the Ontario Fair Housing Plan.", "duration": 10.53}, {"path": "82f5253b62614161333b038f5f9700f8_288.wav", "text": "important product level changes on the home standby product that make it easier to install. So a lot of the learnings that we took from 2015 are being applied to new product introduction.", "duration": 10.53}, {"path": "82f5253b62614161333b038f5f9700f8_259.wav", "text": "The strategic initiatives we are working on includes specific projects and activities targeted towards generating more sales leads, improving close rates and reducing the total overall cost of a home standby system.", "duration": 10.53}, {"path": "da879f8ea1c23aa6565cccaacac271fc_273.wav", "text": "a modest sequential revenue increase from the fourth quarter level, due primarily to higher sales of research models after a seasonally soft fourth quarter.", "duration": 10.53}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_136.wav", "text": "Sheila, this is Paul. So in terms of the quarter, the income tax rate was a little bit higher because some of the REIT conversion costs are not deductible", "duration": 10.53}, {"path": "433a6e203f9db93835c27ff83e86c801_88.wav", "text": "Please now turn to Slides 11 and 12. As usual, we have provided information on a year-to-date basis similar to that for our second quarter on prior pages.", "duration": 10.53}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_30.wav", "text": "in terms of the stuff that would be affected, my understanding is it would be the lower cost stuff, the stuff where the Chinese imports have really made some hay, residential,", "duration": 10.53}, {"path": "1689b94530eca82b7758c86b4cf3125f_91.wav", "text": "on any acquisition we make. So we're very bullish on acquisitions, and we look at all of them and any of them, but I can't really comment on any one in specific.", "duration": 10.53}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_36.wav", "text": "Cost savings from the previously announced voluntary reduction in force completed April 1 are tracking towards the top end of the 2018 savings range.", "duration": 10.53}, {"path": "8635f950dc44da3fcad542b2c066bedf_88.wav", "text": "our most recognizable customer-facing system. And so we are doing that at the same time that we're rationalizing our branch network to help", "duration": 10.53}, {"path": "2a7af3c66762ce608379005a3d7bfa96_9.wav", "text": "as we continue to provide creative logistic solutions that optimize transportation to produce significant customer savings, while also enhancing our margin.", "duration": 10.53}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_170.wav", "text": "we feel good about where we are. We have multiple options in front of us and we will do what is right to keep on growing the great franchise that we have.", "duration": 10.53}, {"path": "af00f4e7b63ee843a3d203f982fac701_76.wav", "text": "But now the game has changed. Instead of competing against the traditional known telco or cable or satellite provider, they are competing against brands that millennials have grown up with and love,", "duration": 10.53}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_25.wav", "text": "patient cost compared to what the ideal would be, and we hold ourselves to a very high standard on both of those. And we see that as a significant differentiator and a significant opportunity for the next 3 to 5 years.", "duration": 10.53}, {"path": "e522eff219f3eaa2c9b090dc12cad420_47.wav", "text": "What we're not doing yet is doing it well and doing it efficiently, and obviously, doing it to the point where it's generating profitability for us.", "duration": 10.53}, {"path": "a0d537badd260e2071136602e3b73b26_7.wav", "text": "we would need to make certain portfolio adjustments to comply with the REIT rules. As a result of these adjustments, we would expect the growth rate of our net investment income to slow temporarily.", "duration": 10.53}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_124.wav", "text": "This is Under Armour. And as I look to the future, I've never been more energized, confident and excited about what is ahead for us, both as a brand and as an operator.", "duration": 10.53}, {"path": "1353031386f884a821e7e9bab449727d_17.wav", "text": "First of all, from a comparison side, 2017 will have one big quarter and the rest mostly flat. I think 2018 will be much more calibrated throughout the year", "duration": 10.53}, {"path": "68862e23c71ce741719b7bd99a6c44d6_38.wav", "text": "So I don't know how much you can read from our results to the broader industry. I would just tell you that our folks have had some good opportunities that we've executed well against.", "duration": 10.53}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_78.wav", "text": "greatly increasing our exposure to an attractive health-care market tied to long-term secular growth drivers and adding another source of high recurring revenue and consistently robust free cash flow.", "duration": 10.53}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_123.wav", "text": "We will provide more information on these activities as we bring them to market. I can anticipate that they are in the early stages of the business analysis.", "duration": 10.53}, {"path": "1215cf00a11992ec74743f92026af2e9_125.wav", "text": "And the most important thing is my barrel moves when I produce it and I get it to a good market. It doesn't have to be the absolute cheapest price", "duration": 10.53}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_159.wav", "text": "typically have different purchasing behavior than the hospitals? Any differences there that you can kind of highlight to help us for modeling purposes?", "duration": 10.53}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_152.wav", "text": "to address industry challenges, including claims settlements, fraudulent claims and insurance policy life cycle management.", "duration": 10.53}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_220.wav", "text": "as well as just control reasons and utilization of sales time efficiency, so for all kinds of reasons. So there's been a lot of transitioning going on,", "duration": 10.53}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_10.wav", "text": "And one of them has fulfilled its goal in part, and the other one did not totally fulfilled the goals.", "duration": 10.53}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_62.wav", "text": "Similar to quarters past, we have categorized them, and we'll do our best to provide detailed responses to each this morning. To the extent you have additional follow-up questions, feel free to reach out to me after the call.", "duration": 10.53}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_76.wav", "text": "Year-over-year earnings will be positively impacted by the rate increases in Texas and New Mexico that we discussed on Slide 13 as well as continued customer growth. At", "duration": 10.53}, {"path": "c334e290beb657ee3efcb6b2f734c81e_134.wav", "text": "more of a bond deal. The second one was a private. And that has to do with the expenses. But what it really does -- all it really does is raise some additional capital for you by raising your financing rates.", "duration": 10.53}, {"path": "902872913863de98d38e2936b846cf66_70.wav", "text": "and we remain equally focused on making smart investments in our sales and customer service capabilities. So on the S component, if you will.", "duration": 10.53}, {"path": "bc1efb704df9c180935803c70a315597_224.wav", "text": "we made conscious decisions to retain and invest in businesses where we have sustainable competitive advantages. We are benefiting from Irish growth and international diversification.", "duration": 10.53}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_144.wav", "text": "We are proud to have finally completed our biggest outstanding integration project and are looking forward to capitalizing on this achievement in future", "duration": 10.53}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_194.wav", "text": "Given the current environment, as I have said last quarter, I believe that we should be growing well into the high single digits, and at present time, we are not.", "duration": 10.53}, {"path": "c71a6ab1a0697010811c89200ab21613_53.wav", "text": "Our focus on delivering more with every dollar invested by maximized lateral lengths in both core asset areas allows us to deliver more with less going forward.", "duration": 10.53}, {"path": "50eb350badadec6e4272b90684741c25_81.wav", "text": "GEMS continues to benefit from our clients use of CRISPR and other technologies to create genetically modified models faster and more cost-effectively.", "duration": 10.53}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_276.wav", "text": "was a little bit lower this quarter versus the prior couple of quarters despite the fact that the stock and the valuation was lower than in prior quarters.", "duration": 10.53}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_75.wav", "text": "With regard to the pricing environment, things have remained stable, providing a solid backdrop as we implemented our midyear price increase.", "duration": 10.53}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_199.wav", "text": "Also during the fourth quarter of fiscal 2018, we experienced a holiday calendar shift, whereby Christmas Eve and New Year's Eve fell on a Monday.", "duration": 10.53}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_80.wav", "text": "Late last year, we increased our sales effort in geographies where we had not been profitable to sell for the last several years.", "duration": 10.53}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_70.wav", "text": "These examples are only a portion of the exciting products being developed by Stoneridge. We will continue to drive our growth through our existing portfolio, including the addition of Orlaco's technologies", "duration": 10.53}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_118.wav", "text": "We will continue to look for opportunities to derisk SGI's insured portfolio through commutations, reinsurance and other hedging strategies.", "duration": 10.53}, {"path": "9cd9b67e289e807d677aabc5765fec6a_44.wav", "text": "When we deal with it in our consulting, some of our clients that have lower-paid folks that they don't want to provide health care coverage for or have a lot of", "duration": 10.53}, {"path": "19bfb8daeb6e43d59415df478017d5c3_39.wav", "text": "This has given us the opportunity to grow the business with consumers, licensors and retailers, and we are leveraging our success into an expanding assortment of products and distribution.", "duration": 10.53}, {"path": "97ddc19ecb28bab2d19fd3b181182062_232.wav", "text": "Even though we're just ramping up for this new business, we have already processed double the amount of aluminum we processed last year at our toll processing operations.", "duration": 10.53}, {"path": "070a939ddb72d87ed87e4b863da14a89_23.wav", "text": "it's appropriate to identify a population of patients who is reflective of that with the underlying disease, and not kind of cherry pick or", "duration": 10.5}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_98.wav", "text": "which, along with a number of other areas throughout California, recently endured a series of devastating fires. Although the fires did not disrupt our operations,", "duration": 10.5}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_102.wav", "text": "to the subscriber edge. EXOS is built for a future where boundless complexity of the subscriber edge can be managed and monetized by the service provider,", "duration": 10.5}, {"path": "ab861b81968e1b5fcb606ed886919d68_79.wav", "text": "we will get what we would historically view as kind of our full allocation of equity co-invest strategy, which I think we've always been very consistent in saying that", "duration": 10.5}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_22.wav", "text": "In Mexico, for example, many of our sales are denominated in Mexican pesos, which has declined in value against the dollar, so the dollar value of those sales have declined.", "duration": 10.5}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_103.wav", "text": "But I will tell you, like any major project, we will go back, we will look at what could we have done better, what could we have done differently, and that will absolutely be taken into consideration to make us", "duration": 10.5}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_175.wav", "text": "what we really need to underline here is that we are going to invest in acquisitions when they make financial sense for us,", "duration": 10.5}, {"path": "2a59b9df2de5248e64727f10185a8423_19.wav", "text": "This represents an amount that takes into consideration factors relating to the sale of our mobile phone business announced today, including profits and risks.", "duration": 10.5}, {"path": "2a59b9df2de5248e64727f10185a8423_37.wav", "text": "Outside Japan, despite an environment of fierce competition with other vendors, revenue rose, in part due to the impact of the weaker yen.", "duration": 10.5}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_10.wav", "text": "We're also in the fortunate position of having considerable financial resources to support these initiatives, thanks to our strong balance sheet and available debt capacity,", "duration": 10.5}, {"path": "8cb24daf76784487ad63780546dc4ba4_129.wav", "text": "For those that do migrate to the other MAP programs, we would expect that the adoption of MAP Navigator with its expanded choices would be higher than that for MAP Direct,", "duration": 10.5}, {"path": "7e14890193df4b10e1eeab6ab886529f_158.wav", "text": "We've changed over the last couple of years our content to be that much more engaging, our technology tools to be integrated into the experience,", "duration": 10.5}, {"path": "67716cee321d117b0318930dd142f06a_76.wav", "text": "I will now review pricing and demand for our aluminum and stainless steel products. I'll also discuss some of the key industry trends in the markets for these products.", "duration": 10.5}, {"path": "67716cee321d117b0318930dd142f06a_8.wav", "text": "In regard to energy, the general consensus from our customer base throughout the country is more positive today than it was 90 days ago.", "duration": 10.5}, {"path": "7974a5134807f46a1484a8adf81505be_249.wav", "text": "I think the exact number is over the course of last 5 years, we've exited 22 geographies or businesses that we viewed as non-core", "duration": 10.5}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_97.wav", "text": "Most of the big brands in the core are in the second half. We've got pretty good forward visibility into pacing a booking on this, so I think we feel good about the core", "duration": 10.5}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_12.wav", "text": "by ensuring we have a diverse and inclusive workplace, and so we were very pleased to once again be recognized by the Human Rights Campaign as a Best Place to Work", "duration": 10.5}, {"path": "570faeed3dcfa26c6246dc42309025ad_107.wav", "text": "makes us a player that procures as well as anyone in the industry, so we didn't think it's a cost factor. And when we look at our retail strategies, we strive to be very consistent", "duration": 10.5}, {"path": "14f3d2486b21e639a953afb7ad03d90c_80.wav", "text": "try to predict these effects, as you know, and I don't guide on that. But it's a fact of the matter that, in theory, there are more selling days in Q1 this year", "duration": 10.5}, {"path": "918de179148bbfe18b95415ee0065a3d_205.wav", "text": "it would be on a projected basis. We brought 3 wells on in the first quarter and 2 wells on in the second, and that probably totals just under 4 net wells.", "duration": 10.5}, {"path": "8b71a232d7fe61e6232807b635977c31_9.wav", "text": "Next, Digital Content Ratings. Our beta was a success. Our software has been fully tested by our partners, and it's now available to all clients.", "duration": 10.5}, {"path": "8b71a232d7fe61e6232807b635977c31_252.wav", "text": "should -- the reason why we expect our business to continue to grow at attractive mid-single-digit rates with the big media companies is because we are, in fact, doing this work", "duration": 10.5}, {"path": "8bbc2f54137b794265dfb01f1559868d_121.wav", "text": "So I think those are 2 key drivers of our value proposition. Now pathologists use us as their laboratory", "duration": 10.5}, {"path": "044da592acc01ff7baacb3dbf2a302a9_138.wav", "text": "pretty excited based on our history of launching next-generation power tools and understanding that upgrade cycle to see an acceleration in that business in the second half as we move away from the sampling stage.", "duration": 10.5}, {"path": "1b91eb82f5211000e711424657cc2484_232.wav", "text": "reporting is as transparent as possible, we're going to do what we've done and keep challenging ourselves to make sure you and all of our investors see the business through the same lens we do.", "duration": 10.5}, {"path": "d085781ecd776da8a9c4d31ad547606b_224.wav", "text": "It is not my intention to boggle you down with details, so therefore, we have included a slide as an appendix in which we show the levels of minimum capital required for the banks based on the new decree.", "duration": 10.5}, {"path": "01502edf6cda82061f1f45d6b0e8e189_40.wav", "text": "and firefighter location capabilities that can come in the future. And I think it becomes a challenging target", "duration": 10.5}, {"path": "39e5706898dcaf14a280b3a123877cd6_176.wav", "text": "we will have to obviously finance it. And yet, the type of financing that we can choose it can be very specific or it can be a mix of both.", "duration": 10.5}, {"path": "797946494c2985a20aa50823e8723c44_68.wav", "text": "until very recently, because we had some legacy issues that we needed to resolve in terms of work that we had previously done. And we completed -- we've completed", "duration": 10.5}, {"path": "5308c910fb34c8291b372e7a94521e9b_220.wav", "text": "arrive at sites and then actually shut down at the end of the day. And what this does is, it allows us to be able to service more properties more efficiently, just making sure we're being efficient in", "duration": 10.5}, {"path": "e26b501c6e000fdaa11edde97cc71436_177.wav", "text": "There really is still seasonality. I'd love it to be sequential. It just won't be until -- and I've always thought this. My numbers never changed.", "duration": 10.5}, {"path": "a827180c08c11f2e53c6966fceaabf5b_87.wav", "text": "and I'm confident we are taking the right steps to work through this challenging market environment. Now let me turn to an overview of our results.", "duration": 10.5}, {"path": "5f38ce681d4413a793d34a0650c59bf2_43.wav", "text": "from pure generic play, and obviously, we're preparing for success in XIAFLEX. But we also have to keep our optionality open if we can place Endo in a better position", "duration": 10.5}, {"path": "8b2314627d54755a15c55244bb862225_71.wav", "text": "We've been bringing that number down over the last few years. And now, it's really getting to be close, more closely in line with traditionally where we've kind of kept our 1 to 4 family book.", "duration": 10.5}, {"path": "23eff4c724ee00f56319fcc47add3441_121.wav", "text": "Before we start our discussion, please note that certain statements made during this call may be forward looking, and actual results may differ materially from our expectations due to a number of risk factors.", "duration": 10.5}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_104.wav", "text": "We anticipate capital expenditures to be in the 3% to 3.5% range, as we complete some of the more significant investments from the past years.", "duration": 10.5}, {"path": "8ce8f3144deb1adb52f969fb5a653beb_31.wav", "text": "I mean, I think still the best you can say is that the -- I mean, maybe we're approaching a bottom if you look at the trends, but the incremental is still slightly negative,", "duration": 10.5}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_135.wav", "text": "This is a clear growth driver for our industry in the next few years with car electrification semiconductors growing", "duration": 10.5}, {"path": "07d30eec04a77191950ef0992d097daf_119.wav", "text": "Thanks, Scott, and thank you all for joining us on the call this morning. As we usually do, I'll make some brief comments on the quarter and cover the first few pages of the slide deck", "duration": 10.5}, {"path": "93d3e5be9cf75e0921d47f10d4178939_26.wav", "text": "And we will look to get out of that for certain, but we'll look to get out of it once we have good reinvestment candidates.", "duration": 10.5}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_29.wav", "text": "segregate one group of patients out from another does provide I think an inherent advantage in the perception of the product in the field and in the community.", "duration": 10.5}, {"path": "616e9ba16db091317ae4d96e877a9bbe_135.wav", "text": "Before turning the call back over to Colin, I would like to welcome our new colleagues and express my sincere appreciation to our people around the world for their ethics,", "duration": 10.5}, {"path": "38b2f94da12bbf2d32246763aab8265a_49.wav", "text": "the return to a controlled level of profitability in the mass segment is proper and equitable,", "duration": 10.5}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_155.wav", "text": "that impact different industrial segments and different countries around the world, it's hard for us to put our arms around specific time lines.", "duration": 10.5}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_42.wav", "text": "As long as we remain focused on the careful execution of our proven off-price strategies, we believe we can continue to deliver solid growth in both sales and earnings.", "duration": 10.5}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_72.wav", "text": "Before we begin the question-and-answer session, I'd like to thank John Call for his leadership and the numerous contributions he has made over more than 2 decades at Ross,", "duration": 10.5}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_15.wav", "text": "but will be partially offset by the completion of a major project during the third quarter of 2015, which we have previously discussed.", "duration": 10.5}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_131.wav", "text": "and delivering efficiency to our partners. And we now have most of the essential pieces of the puzzle in place to deliver on the unique product opportunity.", "duration": 10.5}, {"path": "08ed60a546bd48af9db028c4e3c8af26_60.wav", "text": "the index structure works in relation to our costs is that the index structure has caused our revenues to decline", "duration": 10.5}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_250.wav", "text": "that we do not have at Camping World that we probably won't, that are unique to that business, and that are unique to those specific markets. Well, we need that traffic.", "duration": 10.5}, {"path": "3df0981a2d94ed56170b78330aa72ee9_182.wav", "text": "from macroeconomic and political volatility, the continued rebalancing of the economic world, to shifting consumer preferences and increasing demand for healthier products,", "duration": 10.5}, {"path": "dd28a387ccc9575df47840b850647c7f_102.wav", "text": "Will you be providing us with some sense as to the magnitude of contribution from Dawson as a lot of us kind of look at the segments", "duration": 10.5}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_114.wav", "text": "Financial Services remains a consistent and predictable business for us as customers continue to look for flexible alternative ways to consume and finance their technology needs.", "duration": 10.5}, {"path": "b94d748876ddf8e881d4191dec45baf3_74.wav", "text": "The nature of the business is that we will always have puts and takes in the overall model and some programs will overdeliver compared to initial plan,", "duration": 10.5}, {"path": "b94d748876ddf8e881d4191dec45baf3_81.wav", "text": "this is a voluntary program that's free to businesses and their employees. The program provides access to occupational health services for those employees who are out sick", "duration": 10.5}, {"path": "885b465648704d8a5d15bd00078e2160_35.wav", "text": "Our model continues to yield a broadening customer base across the world's leading pharmaceutical companies, and that bodes well for the future growth of our pipeline.", "duration": 10.5}, {"path": "974a2d744cd3d9acf42d74816de91f7f_117.wav", "text": "some of the labor issues that we've had. It will be higher than it was in the third quarter we believe, but not back to historical norms. But going forward, we do believe that", "duration": 10.5}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_119.wav", "text": "Yes. We saw a little bit of an impact, more driven because our execution is getting better on the collection side of the house. What I would say is,", "duration": 10.5}, {"path": "20097e37747ec7bc3734246e83798fb1_120.wav", "text": "We are also beginning to monetize many of our other new partner agreements and that should provide growing revenues over the next few quarters.", "duration": 10.5}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_124.wav", "text": "This will represent a huge savings in time and resources. And within the next 5 years, we believe that number could drop to 0 as AI does all of the work without requiring any human interaction.", "duration": 10.5}, {"path": "58d5f604300a30c0c5bd9aa57d207478_106.wav", "text": "we are working diligently to develop napabucasin and LATUDA in Japan. But anything outside of these, we don't have very many.", "duration": 10.5}, {"path": "191c819db03c2dfd0207cd1f42e278a4_49.wav", "text": "The strong cash-generating characteristics of our business provides flexibility to invest in our platform while remaining committed to returning capital to our investors.", "duration": 10.5}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_131.wav", "text": "I think, for all time. And we're very excited to participate in that segment and we do believe we've got the brands, we've got the people, we've got the resources, we've got the focus and the strategy", "duration": 10.5}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_168.wav", "text": "Investors are cautioned that all forward-looking statements in this call involve risks and uncertainty and that future events may differ materially from the statements made.", "duration": 10.5}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_249.wav", "text": "So if we had to look sequentially December to September, should we think of it up, down? Kind of help on the EBIT line for South America would be appreciated.", "duration": 10.5}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_232.wav", "text": "is largely a function of the pricing dynamic that you have very high confidence in giving what you've already sort of contracted for?", "duration": 10.5}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_47.wav", "text": "manufacturing strategy. So we never believed when we saw the huge buildup of capacity in China during the 2000s that there was enough factor cost advantage or", "duration": 10.5}, {"path": "e78997e6a75a2243292b2b54750bb3cb_149.wav", "text": "we had a very modest clinical capability and a pretty small organization. We are in a rapid growth phase.", "duration": 10.5}, {"path": "b43c001c5af465d220ab0b69a95202ae_120.wav", "text": "I'll begin by taking you through a discussion of the first quarter. I'll then hand the call over to Mike Coggin, our Chief Financial Officer, for a closer look at our financial performance.", "duration": 10.5}, {"path": "7f0b365cacc47c00a8284b0070994e4a_12.wav", "text": "Before I turn the call over to Ari for a financial overview, I would like to say, that advancing a program from computer prediction", "duration": 10.5}, {"path": "9e8690a521142359001a137074905535_1.wav", "text": "You can also refer to our supplemental financial information provided in PowerPoint presentation format that further supports our earnings release.", "duration": 10.5}, {"path": "9b697782ea80be97854f35d6fc62c93a_131.wav", "text": "Our advantaged platform provides us with the potential to be among the fastest-growing consumer companies, with substantial margin upside and strong EPS growth,", "duration": 10.5}, {"path": "e2225d612a954a24e7e91c08215d7b51_117.wav", "text": "So with that behind us, Dev will be talking to us about the financial results for the second quarter a little later. But first, I'll turn the call over to Ellen", "duration": 10.5}, {"path": "6318dda27b3e36d76533c048c64a3014_3.wav", "text": "I will comment on the performance of our investment portfolio, discuss our recent dividend announcements and a few other recent developments and conclude by commenting on our investment pipeline.", "duration": 10.5}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_26.wav", "text": "This may cause the actual results, performance or achievements of the company to materially differ from the results, performance or achievements expressed or implied by such forward-looking statements.", "duration": 10.5}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_71.wav", "text": "To that end, we are excited to move forward in a strategic partnership with Molteni whose strong track record of success", "duration": 10.5}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_77.wav", "text": "with a strong focus on new logo sales. This did however have a negative impact on our standard renewal campaign rhythm, which is being addressed in the second half.", "duration": 10.5}, {"path": "c40b5d1a13169c5acf69590932a56f98_108.wav", "text": "as we continue the unique and exclusive partnership with only board-certified plastic surgeons. With that, I'd like to turn the call over to questions and answers.", "duration": 10.5}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_2.wav", "text": "And finally, all comparative references will be to the first quarter of 2016 unless we state otherwise. Now I will turn the call over to Joe. Thanks, Diana.", "duration": 10.5}, {"path": "8eaca8d8a419f74540f69ade8defabbd_22.wav", "text": "is influencing both driver and carrier behaviors, leading to the continued need to refresh equipment or to add equipment to increase drop and hook opportunities.", "duration": 10.5}, {"path": "059024560d9d1039cf08746ee7393114_101.wav", "text": "Let me now turn this over to Ali. Thank you, Bob, and good afternoon, everyone. Let me begin by reminding you of an accounting item that came up in the period post spin.", "duration": 10.5}, {"path": "dffe8257f781608bb17bb637249e4d2a_229.wav", "text": "At the same time as we are managing these short-term economic headwinds, we are continuing with the exciting work of building a more agile, competitive, and digital Nedbank for the long-term.", "duration": 10.5}, {"path": "dffe8257f781608bb17bb637249e4d2a_44.wav", "text": "Steady growth in the first half of the year in wealth and asset management was offset by weaker insurance earnings, as well as the impact of a stronger rand.", "duration": 10.5}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_24.wav", "text": "If you haven't received to save-the-date, please contact Suzy, and she can give you the details. That concludes our formal remarks, and now I'll open it up for your questions.", "duration": 10.5}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_3.wav", "text": "coupled with our demonstrated ability to manage the expense in capital base, we are off to a great start in this game changing combination of these 2 firms.", "duration": 10.5}, {"path": "7cc11de7f206c637e6293da0d956405e_132.wav", "text": "One key area of our focus has been the transfer of vested shares attached to existing equity plans, like employee stock purchase plans and restricted stock grants", "duration": 10.5}, {"path": "757695924b5e43c7d44e29dc141cc035_197.wav", "text": "We will continue to have an overhead support structure in South Africa that will naturally decline as we complete phases of the project but will represent an ongoing headwind to earnings until then.", "duration": 10.5}, {"path": "757695924b5e43c7d44e29dc141cc035_124.wav", "text": "We have also consolidated operations in Europe in the third quarter to reduce our future cost structure there, for which you saw a charge this quarter.", "duration": 10.5}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_185.wav", "text": "that we have with the mobile functionality that we have with the treasury solution. And that's getting a lot of attention because it's a very robust platform to begin with, but then it has all the functionality on the", "duration": 10.5}, {"path": "80a2ca14358172366acab4e80f3fa33b_261.wav", "text": "And of course, health is a big trend. We need to combine healthy elements with our products as well.", "duration": 10.5}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_76.wav", "text": "In addition, our digital and productivity initiatives are expected to drive lower field costs and call volumes in the second half of the year.", "duration": 10.5}, {"path": "299bad77345d2e44fa5768f4416f7b97_47.wav", "text": "Right now that doesn't help us because we're looking back at periods when there was no Vyxeos available. A couple of years from now, they'll be looking back at periods where Vyxeos was available,", "duration": 10.5}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_225.wav", "text": "We learned a lot last year. We had a bit of a rough time last year as we were working through both our operating model and, in general, our entire supply chain transformation.", "duration": 10.5}, {"path": "c5120d9702331edaf23bb6e639df0a70_119.wav", "text": "particularly in the second half of 2017, which furthered our understanding as to why patients could benefit from the control of this master immune regulator.", "duration": 10.5}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_100.wav", "text": "are 10 brand-new modules from scratch using the SKY platform that are the modules that run the operations of the church.", "duration": 10.5}, {"path": "09b5b62d328d3d0719b6825357fdfb48_13.wav", "text": "we will -- the more we believe in the -- excuse me, as we make progress in deploying this process technology, the more we believe in the revaluation of this industry through a technology revolution.", "duration": 10.5}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_153.wav", "text": "We are also pleased with the performance of Natural Balance, our super premium pet food brand that remains exclusive to the pet specialty and e-commerce channels.", "duration": 10.5}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_71.wav", "text": "current market conditions and our expectations going forward. The impairment test we conducted in the fourth quarter did not support the carrying value of this distribution network from Chile.", "duration": 10.5}, {"path": "1300495cfa53748f732f54277d5a8cea_8.wav", "text": "In some instances, as I mentioned earlier, this means taking a step back or foregoing some short-term top line gains in order to build the brand back in the way that is sustainable.", "duration": 10.5}, {"path": "24a133abc343c813233d416b0cef96cd_241.wav", "text": "have been met. And in accordance with accounting standards, we have booked an asset in inventory and an offsetting liability in development provisions in order to recognize the likely", "duration": 10.5}, {"path": "3412b2f7aef0615537779e312cf984c3_4.wav", "text": "We also saw a continued success in the Eastern Canada fishing markets, where the higher commodity prices and lower fuel costs drove more demand for our marine transmissions.", "duration": 10.5}, {"path": "8611e088fa81dc9b999c382b62641dfc_102.wav", "text": "During the second quarter, we had a large MRC customer convert to a term subscription in order to achieve cost savings by moving to a fixed term contract.", "duration": 10.5}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_84.wav", "text": "as the only non-bank lender offering both investor- and owner-occupied small balance commercial loan products, we can build market share without the need to compete by loosening credit criteria.", "duration": 10.5}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_1.wav", "text": "These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure", "duration": 10.5}, {"path": "c334e290beb657ee3efcb6b2f734c81e_106.wav", "text": "Because none of these obligations come due for several years, we are able to safely leverage this capital into investments that are higher yielding, like balance sheet loans and real estate.", "duration": 10.5}, {"path": "6299a010c7bb84feaf14b263750dbd1a_199.wav", "text": "What it does have is lighter restrictions in relation to the approvals we would need from the banks to engage in acquisitions.", "duration": 10.5}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_156.wav", "text": "for Cohort 2, I mean, obviously patients all had to fit the inclusion and exclusion criteria of the study, but is there anything you are prepared to tell us at this time in terms of", "duration": 10.5}, {"path": "96488f25af54f91198b444e5eff8e878_174.wav", "text": "As we take a step back and look at our industry, there appears to be increasing momentum for change and for consolidation. Some of this may be driven by the desire by some for sheer size,", "duration": 10.5}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_196.wav", "text": "You've seen us participate in the market, but we will continue to approach opportunities with an unwavering commitment to financial prudence as we manage our opportunities set between potential acquisitions", "duration": 10.5}, {"path": "8f92dfb06900be4f209f31f24cb885fb_7.wav", "text": "and is now going through a number of advancements to expand its reach beyond the initial patient population being helped out", "duration": 10.5}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_57.wav", "text": "Our customers recognize this value as they assess their TCO. Although we have improved our processes and become more efficient in supporting this market,", "duration": 10.5}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_12.wav", "text": "Because our products are used in various medical applications, we conduct extensive and time-consuming testing and validation before any product is launched.", "duration": 10.5}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_9.wav", "text": "The statistically significant benefit and improved patient outcomes when using endovenous laser for the treatment of venous disease are undeniable and have been confirmed repeatedly", "duration": 10.5}, {"path": "f268a8174f58c93ad6b45b7f151fe896_41.wav", "text": "And some of the questions seem to miss those 2 points, and I want to reemphasize that our great service is because of the", "duration": 10.5}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_21.wav", "text": "If that was really just being used as a starting dose, you would expect that to be a lot lower. So we're seeing it both in terms of feedback specifically from physicians", "duration": 10.5}, {"path": "77423f08f0208d476dea73c639f6293a_243.wav", "text": "how many of these new services at this point are you negotiating carriers with directly versus the affiliate group or your network partner acting as a proxy?", "duration": 10.5}, {"path": "24c7526f6daca8e16ab91bea6124148a_190.wav", "text": "These non-GAAP financial measures remove the impact of restructuring costs, currency movements and other costs, as noted in the company's filings.", "duration": 10.5}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_27.wav", "text": "We've learned that in order to run at full production capacity, everything has to go right, leaving little to no room for production or supply chain hiccups.", "duration": 10.5}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_136.wav", "text": "So I believe that means that it does give us some sustainability in both our ability to grow distribution as well as key productivity", "duration": 10.5}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_17.wav", "text": "remain committed to our aggressive cost-reduction targets and are on track with them. And after reducing debt, we also expect to accelerate share repurchases in the back half of the year.", "duration": 10.5}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_33.wav", "text": "So we saw those sort of small factors combine to just give us a little bit better margin than what we had originally thought as we were entering the quarter.", "duration": 10.5}, {"path": "7bac04f03928ee8894ab00007116400b_127.wav", "text": "As you saw in the press release, net revenues were in line with our expectations for the fourth quarter, down 1% on a reported basis and flat in constant currency.", "duration": 10.5}, {"path": "f1b53f83640f7ea0160087ae63818af2_28.wav", "text": "More detailed information about these and other risk factors can be found in our press release that preceded this call and in the risk factors and forward-looking statements sections", "duration": 10.5}, {"path": "744f5859c7d9a0567b387ae84326d940_111.wav", "text": "But with the recent increases that we now know about in the fourth quarter are coming at us in really the first and second quarter of next year, that may", "duration": 10.5}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_109.wav", "text": "if you could parse, how much of that is OpEx might not fall as fast as you thought earlier because you said some of these savings are delayed", "duration": 10.5}, {"path": "523cf294ec146d5411972168b1c10f09_93.wav", "text": "Yes. So as always, Alex, our capital allocation always runs to taking care of the organic growth that's in the business. I mean, we're going to be making some investments", "duration": 10.5}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_91.wav", "text": "Financial results were in line with our plan for the year, with profit margins benefiting from cost efficiencies achieved following last year's merger.", "duration": 10.5}, {"path": "77f146e76d89a5be785a39ab23dfa763_186.wav", "text": "And I just remind you, that was kind of weighted down a little bit because of the Venezuela divestiture. Extracting that, we had pretty good margin growth.", "duration": 10.5}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_99.wav", "text": "to get it onstream. So we should expect fairly flattish for 6 months and maybe addition, maybe not, depending on what you decide to do, is that the right way to think about it?", "duration": 10.4999375}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_203.wav", "text": "And this is Mike. So with respect to the framework that Rick laid out, we have a number of opportunities to move forward in lines of therapy. And", "duration": 10.4700625}, {"path": "1758a982f596e3033f062a5b9f011361_35.wav", "text": "of the company and this new process that we have begun last year in his new responsibility.", "duration": 10.4700625}, {"path": "f5875d033110e66b5aafc3c0003babdf_84.wav", "text": "In the second quarter, the NCI team maintained a strong focus on managing costs, driving operating efficiency and ensuring commercial discipline.", "duration": 10.47}, {"path": "5833763223d8d85b6fcb5fe90e821c77_136.wav", "text": "Due to this transition, we will not give specific guidance but we'll make the following comments about the financial impact on Oculus of the sale of our Latin America assets.", "duration": 10.47}, {"path": "070a939ddb72d87ed87e4b863da14a89_53.wav", "text": "That said, we are doing everything possible to be well prepared that in the event if there was a priority review that would take us into the tail end of next year.", "duration": 10.47}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_5.wav", "text": "The ADVOCATE trial will assess the durability of avacopan's impact on safety and efficacy over a sustained 1 year of treatment.", "duration": 10.47}, {"path": "214dcdc435ef3259490466447858fa56_207.wav", "text": "and a solid financial performance from broking. The Saga model has again done what it does so well and demonstrated that it generates lots of cash.", "duration": 10.47}, {"path": "b7050f62f52a3d2803beea21404f7af6_97.wav", "text": "utilizing an App Store type concept that will allow us to customize the products and services displayed for different user segments and differentiate our user experience in a meaningful way.", "duration": 10.47}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_80.wav", "text": "Project activity remains robust in many parts of the country, and we will continue to sharpen our competitive advantage to win more market share in our print services.", "duration": 10.47}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_1.wav", "text": "Stefan will present Beiersdorf's newest strategy program, which you probably have already seen from the release that we made last night.", "duration": 10.47}, {"path": "2602edddc3363eadcaafe1c33271f3e4_159.wav", "text": "And so what KOLs tell us and the investigators tell us is that there's a window here that we have at the beginning of this coming year, in the first half of this year or next year, excuse me,", "duration": 10.47}, {"path": "2602edddc3363eadcaafe1c33271f3e4_89.wav", "text": "Yes, I would add, Liisa, that at the Boston College Allergy College Meeting, there was a poster from the COMPACT study that", "duration": 10.47}, {"path": "2602edddc3363eadcaafe1c33271f3e4_18.wav", "text": "As a reminder, equity-based compensation expense is excluded from our operating expense guidance. That completes my review, and I'll turn the call back over to Jon.", "duration": 10.47}, {"path": "c68c15299b67173c7ae163cc5938f3c1_32.wav", "text": "However, there's been a lot more surprises than I've ever experienced previously or could have ever imagined, and basically driven by poor records and poor attention to detail.", "duration": 10.47}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_80.wav", "text": "We remain confident in the underlying fundamentals of our broad and growing business platform, which provides us with the same long-term growth opportunities.", "duration": 10.47}, {"path": "55d05334bdde612eb9dd102bb41d216e_89.wav", "text": "Secondly, cellular is much easier to do in aboveground applications. So you see a lot of cellular in electric and gas because they're on the side of the house.", "duration": 10.47}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_78.wav", "text": "Will those happen near term? I don't know. But I will tell you that there is interest in staying on Pony due to its rate structure,", "duration": 10.47}, {"path": "3180572bc2da758668c19200930e1bc4_195.wav", "text": "And it not only is profitable, it brings a lot of deposits to us that we can use in the bank for core deposits. So I think the platform's there. I think", "duration": 10.47}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_28.wav", "text": "That gives you not just road accuracy, but within lane accuracy, which is very unique and it's something our customers are looking for. And then it's everywhere in that", "duration": 10.47}, {"path": "6838b008f3efe8575b83cde089459d33_93.wav", "text": "So we don't see that continuing on to the second half of the year. And then just with the additional claims experience that we are seeing here now in the first half of the year,", "duration": 10.47}, {"path": "3121e8f4a75758834d32a9e4e0555221_107.wav", "text": "in order to have a more meaningful discussion that includes our third quarter results. We have moved that to another date. We will communicate that new date once it has been selected. It", "duration": 10.47}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_10.wav", "text": "For the full year, we continue to expect growth in net operating income weighted towards the second half of 2016. New mobile programs,", "duration": 10.47}, {"path": "a4a85b87c36f3a8c723d6d0e87cba645_73.wav", "text": "with improvements in the top line, you'd expect that you'd be able to offer a slightly higher marketing budget to help continue to grow", "duration": 10.47}, {"path": "01502edf6cda82061f1f45d6b0e8e189_87.wav", "text": "So we're seeing a lot of that cross-pollination that we had hoped to see, and gaining strides there and seeing a nice uptake in our market share performance in the Americas.", "duration": 10.47}, {"path": "2fc915b996c687200d995736980aae9a_193.wav", "text": "month of the quarter for us, both in wholesale shipments and at retail, was June, which is when new product starts to hit. So we felt very good in the fact that", "duration": 10.47}, {"path": "cfbe91105113db7a5784f77e411b7a3f_3.wav", "text": "We continue our investment. And I would say that our very strong investment discipline that we had in the few -- the last few years", "duration": 10.47}, {"path": "1b1699497be56330b3ed833f22bc63f6_92.wav", "text": "These risks and uncertainties could cause actual results to differ materially from those described in our forward-looking statements, and they should not be considered an indication or guarantee of future performance.", "duration": 10.47}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_116.wav", "text": "And then as I said before, we are making some targeted investments in areas where we think that the actual unit price on items is too high and we are lowering prices.", "duration": 10.47}, {"path": "cc82e791c065bdc271addf355bac274f_196.wav", "text": "continue to expect expenses to reach nominal levels close to what you posted in previous quarters", "duration": 10.47}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_57.wav", "text": "Looking ahead. First, with respect to the acquisition market, there hasn't been much change from our perspective since our last call for last quarter.", "duration": 10.47}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_87.wav", "text": "Not to do so would simply perpetuate our structural inefficiency and delay the achievement of our fundamental goal, that of returning to sustainable profitability.", "duration": 10.47}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_72.wav", "text": "For your reference, increases and decreases in capital expenditures by business segment, excluding the impact of currency translation effects, are as shown.", "duration": 10.47}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_195.wav", "text": "The pace of the roll-off could be materially faster or slower than today's prediction, which would impact our total revenue but not our subscription revenue.", "duration": 10.47}, {"path": "a44c74bdc01aa7e317addc11f2274e11_170.wav", "text": "we're looking at everything to be a 30% return on investment on the cash that we have, and the heavy equipment does not provide that, so that will come last.", "duration": 10.47}, {"path": "6864081f83959f4b49e25e597f28af66_12.wav", "text": "So to summarize, we have moved the portfolio to growth. We have reduced our cost structure significantly while making necessary organic and inorganic investments.", "duration": 10.47}, {"path": "6864081f83959f4b49e25e597f28af66_67.wav", "text": "As our portfolio shifts with the growth of our Global Ecommerce business, inclusive of Newgistics, our seasonality will also shift even more towards the fourth quarter.", "duration": 10.47}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_34.wav", "text": "of the transaction that we have been discussing with some -- not we, because it was a process that was not managed by us, but by the regulator and", "duration": 10.47}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_53.wav", "text": "The first measure we use is gross cash generated from customer contracting activities, which is our reported GAAP revenue plus the change in deferred customer billing.", "duration": 10.47}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_86.wav", "text": "We were prepared for that and we're taking action now to protect shareholders. We've been working on alternatives for some time, and we look forward to providing further updates in due course.", "duration": 10.47}, {"path": "93d3e5be9cf75e0921d47f10d4178939_53.wav", "text": "Okay, that's very helpful. And one last one. Can you just talk about any -- or tell us what the appetite might be right now for any additional development projects? Give", "duration": 10.47}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_214.wav", "text": "Consequently, cloud providers tend to go for large deployments that will enable them to meet sizable chunks of the anticipated demand from a single location.", "duration": 10.47}, {"path": "38b2f94da12bbf2d32246763aab8265a_59.wav", "text": "covered over by having to set up a provision for the general damages as a result of the Supreme Court decision. But this is a single", "duration": 10.47}, {"path": "b96165244f010b3f1e61cbbc5e504d96_165.wav", "text": "As far as Revision goes, again, as we've referenced, we're looking at a limited launch at the end of the year. I would give that same time line when we build up our capabilities to go on full launch,", "duration": 10.47}, {"path": "636d6909fbd8656f88f72f66a3a162ff_66.wav", "text": "We are still seeing continued population growth, low unemployment rate and a robust industrial sector, all of which support future growth.", "duration": 10.47}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_58.wav", "text": "Many of you have asked about the continuing difficulties the traditional retail sector is facing and how it might impact our business. It is certainly a challenge,", "duration": 10.47}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_74.wav", "text": "On Zoopla, we launched our innovative Move Planner recently, which helps consumers managing -- manage everything related to their move in one place", "duration": 10.47}, {"path": "58ff8a727ec4f3859407b64f08246759_32.wav", "text": "product cycles and competitive factors. Within this framework, we'd expect 2018 capital placement seasonality to generally follow historical patterns by quarter.", "duration": 10.47}, {"path": "16e51362df94379ea33a24334015f385_93.wav", "text": "our various pending organic initiatives and other potential growth opportunities we may explore, we do not plan to repurchase any additional stock for the time being.", "duration": 10.47}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_256.wav", "text": "and were again largely reinvested in offsetting cost inflation to maintain competitiveness and affordability in markets where real consumer incomes are under pressure.", "duration": 10.47}, {"path": "d8eb5522db0e51d75ea6518462954c52_198.wav", "text": "I still think that it will not be as sustainable for -- in the long term for 4 players to be in the French market.", "duration": 10.47}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_61.wav", "text": "we had an increase in our EBITDA in this first quarter of '17. And in the bottom left chart, we also have a significant increase", "duration": 10.47}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_7.wav", "text": "Our spring pass sales included strong resorts -- strong results from Northern California, likely due to the terrific conditions there this season, especially as compared to last year.", "duration": 10.47}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_15.wav", "text": "getting going in terms of educating people about the Park City experience. We have a lot of room to continue to dial in the experience there and improve", "duration": 10.47}, {"path": "9c3a67f574514131f1f506b2f9905bed_78.wav", "text": "Although, as expected, we have seen some slowdown in bookings toward the end of the quarter as our customers realign their product needs to meet market conditions.", "duration": 10.47}, {"path": "2b626b620ef42f716c6028c74ee4187b_102.wav", "text": "We did both these investments smoothly and successfully, probably slower than what we all expected. We had to wait for all the regulatory approvals. And finally, the capital increase went", "duration": 10.47}, {"path": "1968062b387ef01efed18108be2dc264_31.wav", "text": "We've also worked hard and executed on our initiatives to improve the balance sheet. And we've made difficult decisions relating to products, customers, associates and locations", "duration": 10.47}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_36.wav", "text": "Any plans on sort of expense reductions or any expense synergies you plan to get out of the MuleSoft platform as you do the integration with salesforce.com?", "duration": 10.47}, {"path": "b281eff988085e0776dc8a10223f1048_104.wav", "text": "And indeed, as we expected, the application of the stopping rules has been applied much more frequently in the control cohorts dosed with pegsiticase only", "duration": 10.47}, {"path": "c3567809c19ce6a800677544cd84f88b_90.wav", "text": "And as a global manufacturer, we are committed to protecting the environment. Earlier this month, we announced a 5-year international partnership with Water Aid.", "duration": 10.47}, {"path": "20097e37747ec7bc3734246e83798fb1_106.wav", "text": "This focus on AVOD will continue to enhance our unique ability to generate 4 separate revenue streams off of the huge OTT streaming ecosystem", "duration": 10.47}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_142.wav", "text": "Please note that the anticipated sequential increase in Q1 operating expenses is in addition to the expenses relating to our 2 recent artificial intelligence acquisitions.", "duration": 10.47}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_145.wav", "text": "So let's talk about data solutions for a minute. The reason we're so deep in data solutions is because everything tells you that companies are obsessed with moving into the digital world.", "duration": 10.47}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_174.wav", "text": "We will take a restructuring charge tied to this cost reduction plan in our fourth quarter results. We will also see the headcount reductions fully complete in the fourth quarter numbers.", "duration": 10.47}, {"path": "ab4dae37361262d727d1d2f8f78765d5_168.wav", "text": "We will define what good looks like, what excellent looks like, and then we have a gap unidentified and then we will seek to close it.", "duration": 10.47}, {"path": "ef44080b170ca6366a6d3132d0baf11a_128.wav", "text": "powered by Microsoft Azure, are examples of our continued investment in growth businesses, and specifically, in our digital strategy that Mariner mentioned.", "duration": 10.47}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_115.wav", "text": "Automotive was strongly up from the same quarter of last year, reflecting our continued content growth and strong adoption of new products by our customers.", "duration": 10.47}, {"path": "53889f50eda8b316a01a3df89d226e7f_1.wav", "text": "During the course of this call, we may make comments about our expectations for the future. Actual results could differ materially from those contained in these forward-looking statements.", "duration": 10.47}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_118.wav", "text": "Can you talk about, in the next 2 to 3 years, how much do you think that -- it seems like now you're really kind of getting to the point of critical mass in this specialty business.", "duration": 10.47}, {"path": "e78997e6a75a2243292b2b54750bb3cb_164.wav", "text": "they have suggested that they may be open to a full approval instead of an accelerated approval. A full approval being, obviously, a better outcome", "duration": 10.47}, {"path": "b126e11520fd54843c67f70f15cd30cc_125.wav", "text": "So for industrial operation, in the world we will identify more investment opportunities, so we have more confidence in our management.", "duration": 10.47}, {"path": "63eaf9677d7577484a1557ae6bfbb585_99.wav", "text": "a reduction in our bonus accrual in the fourth quarter. We came into this year with a plan and a bonus accrual set to the target of that plan and that's what we had accrued to", "duration": 10.47}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_151.wav", "text": "the things that we described in December of last year, and we see the same opportunities there. Those opportunities are unchanged. And", "duration": 10.47}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_22.wav", "text": "and we believe that we have the most upside potential for further penetration of our earthmoving fleet going forward. Earthmoving provides significant strategic value to our business,", "duration": 10.47}, {"path": "333d478ab06fd400afafa68f4a952191_130.wav", "text": "As far as we know or we have heard, we haven't had that kind of signal from the government. I think they will -- they are still concerned on the amount of", "duration": 10.47}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_33.wav", "text": "In addition, Chris Cline decided to forgo the distribution on his common units for the third quarter, reflecting his continued commitment to our business.", "duration": 10.47}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_100.wav", "text": "So all parts of our Active business is strong, Joe's in fashion. And with Martha, when you exclude the Legacy business, the Martha business would actually be up.", "duration": 10.47}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_2.wav", "text": "And with that, let me turn the call back to Tom. Thanks, Sari. We had a strong start to the year as we successfully addressed customer priorities across our diverse portfolio of end markets", "duration": 10.47}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_173.wav", "text": "Yes. I really can't comment on what other folks in the industry are doing in terms of production. The way we look at it really is just we produce what we can", "duration": 10.47}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_37.wav", "text": "So there certainly is market pressure that comes into play. But through it all, I mean, we remain the price leader in the categories where we compete.", "duration": 10.47}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_123.wav", "text": "to come back for you and start growing in 2Q? Or would it be just that the -- you expect the IoT business to start ramping and maybe there are parts and pieces of the mobile business that come up?", "duration": 10.47}, {"path": "49e533a8449f6b9b6c806458e73338e1_196.wav", "text": "for merchants and helps marketplaces connect with sellers that have a proven history with PayPal. One of the most pronounced trends in e-commerce over the past several years", "duration": 10.47}, {"path": "ec298d3b4d5979aa8c64bf222562e259_44.wav", "text": "We made significant progress adding some exceptional banking talent, streamlining key processes and enhancing our use of technology in many areas of the company.", "duration": 10.47}, {"path": "433a6e203f9db93835c27ff83e86c801_256.wav", "text": "but we want to get those products out sooner and have a full line card come this spring for the launch. And the feedback, I just got a text", "duration": 10.47}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_31.wav", "text": "and had a very strong year in 2015, primarily due to continued growth in database and targeted marketing, which drove healthy increases in both slot and table games revenue.", "duration": 10.47}, {"path": "6760f7edfb883104c8c655c4671646e5_9.wav", "text": "of the dividend on our preferred stock. We remain confident that our business model will continue to generate strong cash flow and support our growth strategy.", "duration": 10.47}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_85.wav", "text": "We continue to focus on controlling our costs, delivering lease operating expenses below the low end of guidance and general and administrative costs at the low end of guidance.", "duration": 10.47}, {"path": "3e29586725757a72d8c143f3da2658f5_90.wav", "text": "This quarter's increase in earnings reflects higher earnings in all service lines, particularly in inside work where the company saw higher workloads, along with margins.", "duration": 10.47}, {"path": "a76bedec950d8af557e451e58416d028_11.wav", "text": "we will try to maintain it. What can we do to prevent competitive environment changing? I think not a lot. I think we have to continue to run our business well, to", "duration": 10.47}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_13.wav", "text": "The trends of longer blades, taller towers, technology advancements and maturing of the industrial supply chains to drive down LCOE continues.", "duration": 10.47}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_115.wav", "text": "and we continue to evaluate opportunities to leverage the strength of the Trex brand by adding complementary products to our portfolio.", "duration": 10.47}, {"path": "97b9c8b95449565c1f280a2b61a65b31_86.wav", "text": "The decline in the midpoint is almost solely attributable to the unforeseen bankruptcy of a 62,000 square foot industrial user in Greensboro.", "duration": 10.47}, {"path": "9908957f60adff5efc1c8692a0f5ab38_122.wav", "text": "Accordingly, we are maintaining a full court press with our shortage initiatives and we'll provide another update after we take our January inventories.", "duration": 10.47}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_63.wav", "text": "Now going into the financial year, so I have just singled out 3 areas that were of concern or were happening last year.", "duration": 10.47}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_108.wav", "text": "We just have to keep our brands above that slightly. And we have to fight with the branded competitors in the same space. Steve, this is Mark Smucker. I would just add 1 or 2 things, and that is that", "duration": 10.47}, {"path": "812d8f09b72b4d410d138d3b24caebbc_96.wav", "text": "mixing machine is in, and we're going through the qualifications. We actually are expecting to ship commercial product out of that starting in the third quarter and ramping up to the fourth.", "duration": 10.47}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_66.wav", "text": "Now when making such fundamental changes, the challenge is always to keep the car going at full speed, whilst you're also tuning the engine,", "duration": 10.47}, {"path": "64364105b816dd0b6a029e9cd210e65b_301.wav", "text": "of billed volume on average. However, some areas of business can report backlogs in excess of 10 months with other areas of our business at much lighter backlog levels.", "duration": 10.47}, {"path": "24a133abc343c813233d416b0cef96cd_237.wav", "text": "of those -- that amenity provision. And importantly, that community, like many of the communities that we've commenced in the last 5 years, is very close to new heavy rail.", "duration": 10.47}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_2.wav", "text": "and the reality of a continued reduction in commodity prices, and it's impacting the ability of companies to generate cash flows on a sustainable way. On the other hand,", "duration": 10.47}, {"path": "692de133aab90ff6681b2c45b433b32b_32.wav", "text": "but we don't -- we certainly don't think we can do it forever. And we do have internal guidelines about how much we can raise rent. We would never raise rent, for example, on the renewal", "duration": 10.47}, {"path": "1f142ea668261ba963d47aac6bab69dd_111.wav", "text": "Although online snacks are relatively underdeveloped, we believe e-commerce will be increasingly important as consumer purchasing behavior changes.", "duration": 10.47}, {"path": "6a45749d272884d2809fa70f7807250c_164.wav", "text": "within our part of the value chain if we have closer cooperation altogether. So I think it is really about cooperating across", "duration": 10.47}, {"path": "6299a010c7bb84feaf14b263750dbd1a_73.wav", "text": "However, it is important to remember that the amount shown here after 2020 do not include any benefit from management actions.", "duration": 10.47}, {"path": "6cbf592846662213258684c3049e4592_197.wav", "text": "Okay, okay. And then if you could talk about maybe some of your brands that are more exposed to the off-price channel given there's been some changes in that as well will be helpful.", "duration": 10.47}, {"path": "00a36b039cb49e6b99bb6d17635a3c25_101.wav", "text": "It has given us a good platform to now sell pizzas across a large number of cities compared to any other food business in India.", "duration": 10.47}, {"path": "18312cfa47f1a58a275a66ed44a87d3f_96.wav", "text": "in the IB. The capital markets environment was pretty robust in the third quarter, so we feel good about where we've got to. It is part of our key strategy to", "duration": 10.47}, {"path": "f268a8174f58c93ad6b45b7f151fe896_36.wav", "text": "Now as I mentioned already, we have more than 10,000 FedEx Onsite locations, and we are very, very pleased with the usage trends that we have seen so far. Thank you.", "duration": 10.47}, {"path": "f268a8174f58c93ad6b45b7f151fe896_186.wav", "text": "So there's another question here about our view on electric and autonomous trucks. And specifically about", "duration": 10.47}, {"path": "712bbcab5338e07dd63dad97bb652018_52.wav", "text": "and we are focusing on margins versus volumes at this time. With the upcoming changes expected as a result of the IMO 2020 regulations,", "duration": 10.47}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_31.wav", "text": "We've staffed up significantly in our call centers to handle the cutover and we have committed plans for that, through attrition,", "duration": 10.47}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_262.wav", "text": "that they may not have all the votes that they feel like they need. The Senate, of course, is far behind where the House is, and there's a lot of work left to be done there. But", "duration": 10.47}, {"path": "a766b08317742c952705018a899f3998_4.wav", "text": "I will provide a more detailed update on our business in a few minutes. But at this time, I will turn the call over to Nancy to review our financial results and outlook. Nancy?", "duration": 10.47}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_24.wav", "text": "And all of that hard work, it was what I was trying to allude to in my prepared remarks, had set us up in '19 and '20 and beyond to be more balanced.", "duration": 10.47}, {"path": "7bac04f03928ee8894ab00007116400b_27.wav", "text": "Who do you think your -- who do you see as your primary competition today? And then as it relates to e-commerce, what's the best way to think about Amazon as a potential channel of distribution?", "duration": 10.47}, {"path": "7e018402f521eec8ce7a9df8cd61e144_91.wav", "text": "and with this minimum -- I mean, having to pay minimum wage and overtime to 100% commissioned salespeople, it's just an odd thing for me. And we decided we just had to come up with", "duration": 10.47}, {"path": "0b7afb66a39a4c81151309bacc830c60_64.wav", "text": "reconciliation of our non-GAAP forward outlook to the most directly comparable GAAP measures is not included because material items that affect these measures such as", "duration": 10.47}, {"path": "f1b53f83640f7ea0160087ae63818af2_14.wav", "text": "of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors.", "duration": 10.47}, {"path": "16c235a53fc719ec92ef3b3c3b371150_7.wav", "text": "which are set forth on Slide 6. It is worth mentioning again that we increased our guidance for both companies in May when we initiated guidance for the combined company.", "duration": 10.47}, {"path": "49256d3015fbd8542019b3fc989473f4_192.wav", "text": "basically the benefit, if you could quantify or at least qualify that on margins historically from that strategy that we need to take into account, if you focus more on cash", "duration": 10.47}, {"path": "744f5859c7d9a0567b387ae84326d940_4.wav", "text": "The expansion in sales allowed us to overcome significant raw material inflation this year as well as supply chain disruptions related to Hurricane Harvey.", "duration": 10.47}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_42.wav", "text": "So with these comments, I'll conclude, and I'll turn it back over to Jerry for further comments, and then open it up for questions and answers in discussions.", "duration": 10.47}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_218.wav", "text": "If things proceed as planned, the first of an eventual fleet of up to 5 of these geosynchronous orbit servicing vehicles will commence operations", "duration": 10.47}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_177.wav", "text": "It's a real testament to our talented and dedicated employees around the world who are creating a strong culture focused on leadership development, operational excellence and driving results.", "duration": 10.47}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_98.wav", "text": "secondly, was there any benefit in service fees from the restructuring of contracts around the breakup of scheme and processing in Europe?", "duration": 10.47}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_21.wav", "text": "volume leverage. One item that I'd like to point out is that pricing does remain very competitive in China and did negatively impact margins in the quarter.", "duration": 10.47}, {"path": "77f146e76d89a5be785a39ab23dfa763_201.wav", "text": "I mean, is that deflationary piece relative to price kind of a significant component? Because I'd think just looking at the headlines on the commodities, there's been", "duration": 10.47}, {"path": "c3567809c19ce6a800677544cd84f88b_213.wav", "text": "And as consumers in emerging markets trade up, primary scotch price points can sit between local mainstream spirits and premium core.", "duration": 10.4699375}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_34.wav", "text": "we are not playing with the credit model to drive retail sales. Now we're not going to do it if we're not seeing the return on investment", "duration": 10.4699375}, {"path": "30e94343ee663488872ae176b419a163_103.wav", "text": "Actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and described more fully in the company's filings with the SEC.", "duration": 10.4400625}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_2.wav", "text": "and announced the sales of our San Juan Basin and Barnett shale assets. We're on track to close these transactions in the third quarter.", "duration": 10.4400625}, {"path": "a7fbe5c630b4ff10d4755adc193425a9_90.wav", "text": "We are fully committed to all of our customers for maintenance of their existing project, to advising them on new product and to service and support their business goals.", "duration": 10.44}, {"path": "5833763223d8d85b6fcb5fe90e821c77_89.wav", "text": "And finally, a few thoughts on what's next in our corporate strategy. So for more details on the quarter and for our financial results, I'll pass the baton to Bob.", "duration": 10.44}, {"path": "070a939ddb72d87ed87e4b863da14a89_1.wav", "text": "At the same time, we are evaluating further indication expansion as we believe luspatercept is a potential platform treatment for anemia. I will jump into this in more detail in just a minute.", "duration": 10.44}, {"path": "db6c253ba433d9a247219bb3f15da199_118.wav", "text": "We want 180 to be known as a prominent and dominant leader in our world of public company constructive activism. We will continue to strive for excellence and investment performance.", "duration": 10.44}, {"path": "4fdbfd9eec396928550d0c799e170d34_115.wav", "text": "The transactions we're working on very significantly in size and complexity and attempting to forecast which deals will be completed and when is difficult.", "duration": 10.44}, {"path": "4fdbfd9eec396928550d0c799e170d34_103.wav", "text": "While it's impossible to predict the timing on any single deal, the fact that several discussions are progressing gives us confidence in our ability to complete at least one deal this year.", "duration": 10.44}, {"path": "5111fdad778749872c23e78c9b0d653b_173.wav", "text": "like the idea of the procedure under the cash-pay model, but have really sort of lost touch with you since you went to the reimbursement model?", "duration": 10.44}, {"path": "94fdf7b24748a7706b1097482a0f363a_217.wav", "text": "where that rate pressure is and really that's the group that saw the deep plunge in terms of pricing. And so it's more than come back now. And", "duration": 10.44}, {"path": "e274d02ea943c0a74779950fe28e839d_55.wav", "text": "These were partially offset by contractual price increases, higher order levels and an early time charter termination payout,", "duration": 10.44}, {"path": "22ad97a95501a08f15c06605cd277fec_59.wav", "text": "We did take that down to the high single-digit range at the end of the first quarter and then slightly lower than that in the second quarter earnings conference call.", "duration": 10.44}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_268.wav", "text": "I've come to realize, and we've come to realize as Beiersdorf as a group, that our potential to capture opportunities and growth outside of our core territory", "duration": 10.44}, {"path": "13220986bf30f26076a674e2a9edc89c_253.wav", "text": "exceedingly mindful of the risk management side of that equation. And so part of that is hiring the right people and making sure that they", "duration": 10.44}, {"path": "55d548325797d638567669cd75444301_146.wav", "text": "and also began the implementation. And we aim to use the fantastic starting point that we have in our current business,", "duration": 10.44}, {"path": "55d05334bdde612eb9dd102bb41d216e_5.wav", "text": "Given the softness in our flow instrumentation business, the decision was made to offer the early retirement program to certain individuals as well as not filling open positions.", "duration": 10.44}, {"path": "81430c39b7b202d05644e419e2a01a65_6.wav", "text": "Because the Chicago project is so large and visible, our successful execution could drive similar opportunities in many communities nationwide.", "duration": 10.44}, {"path": "8cb24daf76784487ad63780546dc4ba4_208.wav", "text": "and goes into this amalgam of MAP and Direct and most of it goes into MAP under that aggressive case. And then you say", "duration": 10.44}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_165.wav", "text": "how that could impact your business on the demand side? Well, couple of things. I think we're still talking about an interest rate environment from the perspective of real estate developers and lenders that are", "duration": 10.44}, {"path": "c4dc8f962a85aa47af50f82845f550e2_110.wav", "text": "We will continue to review our capital allocation options, balancing the investments needed to ensure that we develop the products and put the capacity in place to support our growth objectives", "duration": 10.44}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_37.wav", "text": "Our strong growth profile coupled with our highly regulated transmission and distribution businesses gave us the confidence to extend our dividend guidance.", "duration": 10.44}, {"path": "66c9091ba849cdb6d64987642ced64d2_126.wav", "text": "Or these tractors that may come on the market here over the next 6 to 9 months? Is that even being contemplated? Or is it sort of new? And I guess why?", "duration": 10.44}, {"path": "957e0f876f9a4af9b498c19843675474_112.wav", "text": "This validates our assumption that our business model flexes nicely across multiple brand offerings as we seek to capture more of the growing audience of weight loss contenders moving forward.", "duration": 10.44}, {"path": "797946494c2985a20aa50823e8723c44_5.wav", "text": "We feel good about the market potential improvements made in the business and believe that business would be better suited for a local player that should realize greater operating leverage as part of a larger portfolio.", "duration": 10.44}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_61.wav", "text": "Both companies have a keen appreciation that superior customer care comes from having deep analytical insight and understanding of the entire customer journey across all points of engagement.", "duration": 10.44}, {"path": "5f38ce681d4413a793d34a0650c59bf2_190.wav", "text": "We will examine and consider all options in our efforts to maximize the value of this opportunity and increase long-term shareholder value.", "duration": 10.44}, {"path": "8957425799e5ce0200bfacf204d0acde_206.wav", "text": "What's most encouraging to me about those international markets is that I think there is sort of growing recognition amongst NOCs and overseas oilfield service companies of the importance of technology,", "duration": 10.44}, {"path": "73ba4ff250b62745e03880e75b9a1581_214.wav", "text": "several parts of the channels, suppliers appear to be talking a lot more than they used to about higher hurdle rates for reinvestment. And so are you worried about -- or", "duration": 10.44}, {"path": "e1da48985804bd3d99dffc5e33b6124b_46.wav", "text": "One external factor that has changed since our last call is foreign exchange, which we now expect to be near 0 for the full year based on current FX rates.", "duration": 10.44}, {"path": "a24a661c2eb55542903c72391ec09f9b_8.wav", "text": "of FSGS stakeholders to efficiently enroll this trial far more . We have identified more than 100 sites globally with interest in participating in the trial.", "duration": 10.44}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_114.wav", "text": "which means that there is a negative development in the single premium business because single premium, you will usually get, when you write new accounts.", "duration": 10.44}, {"path": "c6447babe88f061184d64309eebb8629_126.wav", "text": "Profit was supported by a strong result in the Life business in Brazil as well as the resilient result in Iberia despite a low interest rate environment.", "duration": 10.44}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_138.wav", "text": "I think we're probably balancing better this year and I'll come -- I'll be glad to come back to be more specific responding to your question in a year.", "duration": 10.44}, {"path": "1244d2b5a259c3bc73742830d60d53fc_42.wav", "text": "In September, we will issue our annual proxy guide that offers clients a comprehensive roadmap for building innovative and shareholder-friendly proxy statements,", "duration": 10.44}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_221.wav", "text": "a little hard for us to say where that's going to go. This is not going to be something that we commercialize on our own. That's just impractical.", "duration": 10.44}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_174.wav", "text": "If we want to grow and if we want to really be serious and become a real serious player in this area, we believe we needed to relook at the processes, because", "duration": 10.44}, {"path": "f4d0f1362716be33f02690dd1a8df663_128.wav", "text": "We, therefore, have high hopes for this new market. If we can enter the European market from a base in England, we see potential to build business", "duration": 10.44}, {"path": "f4d0f1362716be33f02690dd1a8df663_16.wav", "text": "we think our products emphasizing health benefits, such as Ramune, I just mentioned, will continue to become more popular with consumers.", "duration": 10.44}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_34.wav", "text": "Well, again, we want to thank everyone for joining us on the call today. We look forward to speaking with you next quarter. Thank you.", "duration": 10.44}, {"path": "4e04d3229b988f1db5b842ac5b993894_6.wav", "text": "This decrease is a function of rigs that were reactivated as well as the recontracting of rigs that rolled off higher dayrate-term contracts.", "duration": 10.44}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_102.wav", "text": "is obviously something that we're good at and we'll continue to push. However, our educators are not immune to these trends. They're driving on the same roads", "duration": 10.44}, {"path": "8aa1aa8317783203344434f855535c25_179.wav", "text": "Very simply, if no other action is taken by a BDC other than adopting the change in the asset coverage ratio, the probability of default for all of our lenders decreases.", "duration": 10.44}, {"path": "8aa1aa8317783203344434f855535c25_66.wav", "text": "Approximately 60% of these new investments were to incumbent borrowers, and more than half of these investments were in first lien secured positions.", "duration": 10.44}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_9.wav", "text": "As part of our plan to drive greater efficiency and expanded -- expand our reach, we committed new resources to a select group of new sales agency partners.", "duration": 10.44}, {"path": "58ff8a727ec4f3859407b64f08246759_228.wav", "text": "Intuitive is investing for the long term. And I think you all will hold us to the quality of those investments. Mostly, the challenge here has not been", "duration": 10.44}, {"path": "0360a780927a31fb0bec9e79dac878a2_142.wav", "text": "The decrease in the percent of revenue is due to lower administrative salaries as a percent of revenues, which continues to see incremental gains from the BOSS project.", "duration": 10.44}, {"path": "e5040d02fba73a359d3f7cb346517ce1_144.wav", "text": "over the year that I think was the positive result that maybe we were being a bit too conservative on, was the cost at Dolores.", "duration": 10.44}, {"path": "e2c02e1788cb10703d7611ef157f8135_192.wav", "text": "Moving on to our focus on store optimization. As you know, we made a decision to close 18 stores last year, with most closing in June.", "duration": 10.44}, {"path": "9c3a67f574514131f1f506b2f9905bed_88.wav", "text": "Our design win pipeline continues to expand, driven by the introduction of innovative products designed to address stringent product application requirements.", "duration": 10.44}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_199.wav", "text": "So we have a great company. We have a company that we are taking to the next level. But for sure, there are areas where an infusion of experience will make a big difference.", "duration": 10.44}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_212.wav", "text": "So we are going to have a dual strategy of building and owning our own services, more for the middle to lower part of the base, and partnering for the top part of the base.", "duration": 10.44}, {"path": "29426a77336443eedde7eaa29e9c2852_213.wav", "text": "when a customer goes from maintenance to subscription. I wonder if you could provide just any color kind of what that uplift looks like across the installed base, and just", "duration": 10.44}, {"path": "b94d748876ddf8e881d4191dec45baf3_84.wav", "text": "As Medicaid programs continue to modernize, states are taking greater leadership in managing provider networks, including quality and access to providers.", "duration": 10.44}, {"path": "10728656364812338b7417b035dae4c4_113.wav", "text": "the opening of a new store on Miami Beach and the ramp-up of our charter business, which was virtually closed in December last year due to Hurricane Irma.", "duration": 10.44}, {"path": "b1da16cba24af8e472573c4c9caf17c7_172.wav", "text": "The reaction from meeting planners to the new product has been terrific and is showing up in our group pace, which is now up mid-single digits for the balance of the year.", "duration": 10.44}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_54.wav", "text": "And, of course, we continue to look as we said at GEN-003 partnership opportunities. We see a couple of different ways that we can be bringing in nondilutive capital", "duration": 10.44}, {"path": "53889f50eda8b316a01a3df89d226e7f_7.wav", "text": "Returns ultimately are built from quality customer relationships, disciplined pricing, prudent risk management and controlling expenses.", "duration": 10.44}, {"path": "e78997e6a75a2243292b2b54750bb3cb_77.wav", "text": "will opt to go into the long-term extension and this was actually part already of the informed consent", "duration": 10.44}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_159.wav", "text": "major projects that we have talked about to allow them to move at the pace that they will. And we'll lay those plans out when we get closer there. But", "duration": 10.44}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_17.wav", "text": "Reported service revenues were down slightly due to our first quarter decision to shut down a wholesale business that we inherited from Nextel.", "duration": 10.44}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_100.wav", "text": "We expect to be very active externally going forward since we see a tremendous market opportunity for our offering. We have a couple of important updates on the commercial front.", "duration": 10.44}, {"path": "cac9bb252b7974b7044423e714c2f054_48.wav", "text": "and 6% from the third quarter of 2017 as we continue to focus on the origination of multifamily, commercial real estate and commercial business loans with full banking relationship.", "duration": 10.44}, {"path": "cac9bb252b7974b7044423e714c2f054_97.wav", "text": "We anticipate opportunistically purchasing in the market as the market presents itself to allow us to do that. We do anticipate using up our full", "duration": 10.44}, {"path": "8d9efef3c305ec549fb15daa27107c83_60.wav", "text": "The open trading window for us was during the month of March. If you can recall back a couple of months to March, this was a period of time when the oil price was actually rallying quite a bit.", "duration": 10.44}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_79.wav", "text": "Lower Guaranteed Universal Life sales were offset by higher sales across the other products, reflecting specific distribution and product actions we have taken.", "duration": 10.44}, {"path": "21f21433851eb7c7f7dbc710309341bb_63.wav", "text": "Another brand success story in the quarter has been WOODS. Last year we did a 19 store test of WOODS outerwear at Sport Chek. This year we came back aggressively", "duration": 10.44}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_70.wav", "text": "During today's call, I will provide an overview of our Q4 and full year 2017 operating results as well as some broader commentary on our current business environment.", "duration": 10.44}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_194.wav", "text": "I was excited about China for my whole career in medical devices and now here at Waters. And I think there's just a lot of interesting things going on in that economy", "duration": 10.44}, {"path": "82f5253b62614161333b038f5f9700f8_70.wav", "text": "So we like where that is. It's just a question of how much impact does the spillover from oil and gas have on the general rents business in terms of utilization rates,", "duration": 10.44}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_11.wav", "text": "And we also expect relief for China pork prices in the second half of the fiscal year, which will improve the operating environment for our China retail meat business.", "duration": 10.44}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_149.wav", "text": "Perfect. And so as it relates to that expansion, we understand the difficulty of modeling any of that, but", "duration": 10.44}, {"path": "dffe8257f781608bb17bb637249e4d2a_3.wav", "text": "And then, in my closing slides, I will talk to how we are responding to this environment both in the short-term and over the longer-term from a strategic point of view.", "duration": 10.44}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_86.wav", "text": "So to wrap up before I hand it off to Jim, we've had generally good performance so far in 2017 and I feel very positive about our continued strategic momentum.", "duration": 10.44}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_92.wav", "text": "The reasons for the variances are included in our earnings release and will be detailed in management's discussion and analysis which is included in the second quarter 10-Q that we'll file tomorrow.", "duration": 10.44}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_26.wav", "text": "We are able to target these enhanced synergies, because our initial assumptions regarding headcount, technology spending, occupancy costs and other expenses were conservative.", "duration": 10.44}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_232.wav", "text": "There was a competitor, then our activity going on at the cheap end of the market with what we talked about at the half year. The wash up sort of average position with input costs, so", "duration": 10.44}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_76.wav", "text": "We do, however, acknowledge that there is more to be done. We have appointed a new executive general manager to this business, following the external search, and he will start shortly.", "duration": 10.44}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_168.wav", "text": "and they believe -- we believe that those commitments will represent a differentiated earnings growth for our investors. And I'm confident, we're doing the right thing", "duration": 10.44}, {"path": "9ec35a7809acb51486076e302028ba33_5.wav", "text": "We have successfully delivered multiple projects in sports, out-of-home and spectaculars. We continued to see growth in our Transportation segment in our International business.", "duration": 10.44}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_107.wav", "text": "What I would say to you is if you look at our level of confidence in what we've described to the market about our ability to", "duration": 10.44}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_75.wav", "text": "In fact, the most recent market share data indicates that we now hold the leading position in new patient starts in the frontline segment,", "duration": 10.44}, {"path": "6709c061d39d0e433079f84160f11c80_204.wav", "text": "As I mentioned earlier, we view our broad line of high-performing funds and separate accounts and our leadership and investment strategies that are well positioned for an environment of rising interest rates", "duration": 10.44}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_36.wav", "text": "and that really kind of encouraged us to move on with the extension of the open season. So I think we're really optimistic on the line and where the ultimate capacity lands on that line.", "duration": 10.44}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_11.wav", "text": "And iron ore, partly or maybe even mainly because of the Vale accident during Q1. Iron ore prices have really spiked during this quarter.", "duration": 10.44}, {"path": "f1e7e3b84b4a0a56a0915f7ecde083ce_11.wav", "text": "And we welcome the recent inclusion of glass containers on the proposed list of Chinese-manufactured products to be subject to new importation tariffs.", "duration": 10.44}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_136.wav", "text": "We had a very strong first half of the year and our turnaround plan is in full motion and we are confident that we will be able to deliver on all of our commitments.", "duration": 10.44}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_30.wav", "text": "is you have like dozens of them always on the go. So we have hundreds of projects that we work on at any one point in time,", "duration": 10.44}, {"path": "af00f4e7b63ee843a3d203f982fac701_54.wav", "text": "It's an exciting time and, at the same time, a challenging time. Earlier this year, I laid out 3 key objectives aimed at helping our company realize its full potential over the long term.", "duration": 10.44}, {"path": "799c15a4a6e9e3c86374761fec31c00a_99.wav", "text": "A slide presentation with supporting summary financial information and additional performance charts are also available on the company's website as part of the webcast of today's call.", "duration": 10.44}, {"path": "e29584f9f829602cacebcce71c2a4fb9_113.wav", "text": "I'm pleased to report that our target of enrolling the additional 40-or-so patients this fall continues and we should complete this process shortly.", "duration": 10.44}, {"path": "e29584f9f829602cacebcce71c2a4fb9_102.wav", "text": "the sooner we do a partnering deal, the better it is for the entire company and its plans. 132 is moving forward and we will not delay", "duration": 10.44}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_24.wav", "text": "and how we've worked with them. And I've got to tell you, it's still early. So I'm not going to prognosticate as it relates to pharma inflation for the full year. I don't expect it to be low, let's put it that way.", "duration": 10.44}, {"path": "e522eff219f3eaa2c9b090dc12cad420_110.wav", "text": "make you think that the gross profit percentage shouldn't be more in line with the mid-single digits you saw in the second quarter? Or will some of these", "duration": 10.44}, {"path": "299bad77345d2e44fa5768f4416f7b97_51.wav", "text": "for the product where they're sitting on the sidelines waiting for a future launch date. And there's a mechanism that if sales fall precipitously that", "duration": 10.44}, {"path": "299bad77345d2e44fa5768f4416f7b97_168.wav", "text": "and expect to experience continued intra-quarter variability of Defitelio sales. And I would say don't get too excited when they pop way up,", "duration": 10.44}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_8.wav", "text": "By the end of 2016, we expect our annual research and development spending on new products and cost reduction initiatives", "duration": 10.44}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_96.wav", "text": "and the fact that we're going to ramp headcount in the back half of this year as well. So nothing unusual. It's just a build of the productivity program that we've been working on for a couple of years.", "duration": 10.44}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_127.wav", "text": "one requirement is to have such tests conducted, tests of the operation. But there are other conditions attached.", "duration": 10.44}, {"path": "64364105b816dd0b6a029e9cd210e65b_228.wav", "text": "and continue the string of strong quarterly results in CTP. While new records were established, opportunity remains and we strive to break those records", "duration": 10.44}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_97.wav", "text": "and we began reshaping our facility network, which will effectively translate to a 20% reduction of our footprint while leveraging field service delivery to get closer to our customers.", "duration": 10.44}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_32.wav", "text": "I would talk about progress with these wells in a minute. And we are also evaluating new projects in our portfolio, such as the next phase of development", "duration": 10.44}, {"path": "902872913863de98d38e2936b846cf66_19.wav", "text": "We remain committed to maintaining an investment-grade position throughout the cycle, and we should be in a position to pursue other smart growth opportunities as the recovery continues.", "duration": 10.44}, {"path": "6cbf592846662213258684c3049e4592_220.wav", "text": "We have a weather benefit that we don't know if that's going to be -- move some business from second quarter to first quarter on some of our open footwear business.", "duration": 10.44}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_234.wav", "text": "Even though this charge has good payback, we know we need to reduce the size of these charges going forward, which is why we've rolled out a new performance management system and headcount control.", "duration": 10.44}, {"path": "429bcf63d57c11ea4d8864560f521dba_131.wav", "text": "But I'm very comfortable with the reverse situation which is sitting on a nationwide cable plan that gives you optionality on mobile.", "duration": 10.44}, {"path": "e69e64683a56cdadf1c95192e753f27e_73.wav", "text": "Let's move over to Slide 19 and talk about Salix product portfolio. We have a number of programs in the works for rifaximin. First, we're continuing to enroll patients in a study that we initiated earlier this year", "duration": 10.44}, {"path": "50eb350badadec6e4272b90684741c25_54.wav", "text": "As we indicated, we have opened our new facility, which is outside of Shanghai but with the express purpose of servicing the Shanghai market. It's", "duration": 10.44}, {"path": "f268a8174f58c93ad6b45b7f151fe896_243.wav", "text": "did a survey prior to this tax bill passing and 82% of the BRT membership anticipated that if it did pass", "duration": 10.44}, {"path": "712bbcab5338e07dd63dad97bb652018_100.wav", "text": "We continue to see a considerable pipeline of medium and large direct loop opportunities, and our ramp-up in the closed loop continues, and interest remains high.", "duration": 10.44}, {"path": "77423f08f0208d476dea73c639f6293a_268.wav", "text": "Trump and Clinton and what that did to some of the national election, was he unique due to his public profile? Or given that Clinton also spent less,", "duration": 10.44}, {"path": "f15a674bdbbc461872000604216ae071_69.wav", "text": "the market went through this big dispute between mainly Chinese buyers and Brazilian suppliers.", "duration": 10.44}, {"path": "0807d606b6cf98da19b317b4928c3572_111.wav", "text": "But those phones only do what the applications and software of the platform tell it to do. And we continue to enhance those capabilities by adding new features and new capabilities.", "duration": 10.44}, {"path": "594b7b614804475e4ab8ab4c405ecf40_77.wav", "text": "that we have bottomed out and given that we will see a better margin expansion as a result of any sales to this. So it will take a couple of years to get back to", "duration": 10.44}, {"path": "76c04b0646e881995fdd48aa58abee4c_146.wav", "text": "count, we feel like as we grow subscribers, we kind of provide more variety in different", "duration": 10.44}, {"path": "bf99037f89cd485f95f097842619a0c7_134.wav", "text": "for what is a totally new environment from a macroeconomic point of view, but also from a geopolitical point of view. We will talk about it later on.", "duration": 10.44}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_72.wav", "text": "Can you talk -- and I think you addressed some of this in your script. Can you talk about investments you've made in the quarter and local content and talent? I mentioned", "duration": 10.44}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_33.wav", "text": "As we've discussed previously, our PST segment continues to contribute positive operating profit, resulting in the third consecutive quarter of breakeven or better operating performance.", "duration": 10.44}, {"path": "30a142fac5a62ab00227cb6a339a6226_93.wav", "text": "But, really, sort of as you're thinking about big-picture ideas and where our business is going, what the business drivers are, it really is going to be Snap Ads and the auction for the foreseeable future.", "duration": 10.44}, {"path": "365c360aff42713cef71a7d026eeeb6d_306.wav", "text": "this year, with the ability of the organization overall to overcome the pressures that we had from bookings and retention, call it, a couple of years ago", "duration": 10.44}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_195.wav", "text": "While it's not my intent to remain as CEO, I can also say that my personal commitment to this company is strong and I intend to leave the company in good hands.", "duration": 10.44}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_97.wav", "text": "we had a more significant increase in average revenue per customer than our largest competitor. And we think that's driven by the superior network offering that we have in the marketplace.", "duration": 10.44}, {"path": "0b7afb66a39a4c81151309bacc830c60_19.wav", "text": "So I'm pretty optimistic. This was an incredibly busy year up till this point, and I think we're in a good position moving forward.", "duration": 10.44}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_40.wav", "text": "This morning, I'll take a moment to highlight our Q3 results, review our key markets and share our outlook before we take your questions.", "duration": 10.44}, {"path": "744f5859c7d9a0567b387ae84326d940_16.wav", "text": "Moving to our cash flow. In 2017, we generated strong free cash flow, which enabled us to repurchase 2 million shares of common stock,", "duration": 10.44}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_72.wav", "text": "So growth is a requirement that we've imposed on our acquisition strategy. And you would expect to see", "duration": 10.44}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_183.wav", "text": "Our commitment to this market is long term. We look forward to bringing our capabilities to the industry by stepping up our engagement with all the ecosystem partners", "duration": 10.44}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_156.wav", "text": "which reflects our initial estimate of the impact of tax reform in fiscal '18. This includes a onetime noncash tax benefit", "duration": 10.44}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_169.wav", "text": "Not in recent history have so many people been unemployed, yet the continent remains a major destination for economic migrants. Policy reform has come to a standstill.", "duration": 10.4100625}, {"path": "01f88a67f39af3a74d5f23b095615d39_250.wav", "text": "Given the status of airport negotiations, this guidance excludes the anticipated proceeds from the sale of the Perth domestic terminal.", "duration": 10.4100625}, {"path": "d5fb88dba0740bc906c5127e05592f95_9.wav", "text": "while taking a hard look at country, sector and client concentrations. The combined effects of these elements made it very difficult to produce asset growth during this quarter,", "duration": 10.4100625}, {"path": "97ddc19ecb28bab2d19fd3b181182062_236.wav", "text": "Turning now to carbon and steel. Prices continued to be under a great deal of pressure in the third quarter, mainly due to continued record high import levels in the marketplace", "duration": 10.4100625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_11.wav", "text": "We want our new name to better reflect who we become as a company and we can't wait to share the new look and message with our shareholders, so stay tuned.", "duration": 10.41}, {"path": "db6c253ba433d9a247219bb3f15da199_55.wav", "text": "Are you encouraged by the ability to bring in some outside capital? Are you pretty optimistic on that?", "duration": 10.41}, {"path": "6e6da7f810609ce64857373f11984455_114.wav", "text": "in the current environment would cause you to maybe take that guidance up, given the growth you're seeing in both the recurring engagements as well as some of the other digital initiatives?", "duration": 10.41}, {"path": "13aa6c0669adb5544a0d62beef677189_12.wav", "text": "Daniel, how do we think about the importance of those assets in the total remedy package? I mean, if you look at the last book value of those -- of the remedy assets and then in payments you've taken,", "duration": 10.41}, {"path": "62d981deed6d5128615c99d1597178b6_113.wav", "text": "How sustainable is that performance particularly in light of your earlier comments about how important it is to drive the top line more than margin expansion because", "duration": 10.41}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_149.wav", "text": "During half 2 of last year, we also did a lot of work on our menus, ensuring, for example, that we don't carry too many orphan products. Those are products that only appear in 1 or 2 dishes", "duration": 10.41}, {"path": "92d6249907f14e4011cf1b08d2f298d9_63.wav", "text": "These prevailing factors have slowed economic growth in the country, and the expectation is that Canada can expect to feel the effects of the downturn continued at least in the near term.", "duration": 10.41}, {"path": "94fdf7b24748a7706b1097482a0f363a_166.wav", "text": "we'll continue to work, but in a slightly different way, more so through the bid process here in the next couple of quarters, and keep plugging away.", "duration": 10.41}, {"path": "3557b21a45c35e71e82cc43b19977855_40.wav", "text": "when I say a new product, I'm really talking about a customer engagement, where they come to us with an opportunity and we're able to create a solution that meets their needs.", "duration": 10.41}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_107.wav", "text": "really find the right way to ensure the patients that need our monotherapy or our combination therapies in the future have access to it. So we're going to continue to", "duration": 10.41}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_43.wav", "text": "It is a very competitive market for deposits in the Northeast, and we need to continue to change, improve and grow our people, products and processes.", "duration": 10.41}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_88.wav", "text": "Finally, we were excited to launch our student engagement and retention analytics tool in the fourth quarter and hope to share any relevant updates over the next few quarters.", "duration": 10.41}, {"path": "2602edddc3363eadcaafe1c33271f3e4_2.wav", "text": "Thanks, Tom. Good morning, and thanks for joining us today. The opportunity in front of us at BioCryst is significant, and we're determined to take full advantage of this opportunity", "duration": 10.41}, {"path": "264e575b73bc2a485bee416c1ac10cee_4.wav", "text": "and making sustainable improvements that will support an improvement in return on invested capital as demand recovers. Another area of focus is our rental business,", "duration": 10.41}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_14.wav", "text": "We also experienced the underperformance of some of our brands in our franchise portfolio, which tends to be part of the cyclical nature of the sector.", "duration": 10.41}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_49.wav", "text": "There is a huge advantage to all of the customers in that now with one loyalty program, it will be much easier to earn elite status", "duration": 10.41}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_203.wav", "text": "Second, faster drill times result in much more aggressive consumption of the equipment we provide and product demand increases with each additional foot drilled per day.", "duration": 10.41}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_4.wav", "text": "Growth is primarily being driven by our Casualty and Environmental units, which had benefited in part by new technologies that help us better analyze and select risk,", "duration": 10.41}, {"path": "8b71a232d7fe61e6232807b635977c31_47.wav", "text": "we've also done a lot of work to prepare ourselves for that. So it wouldn't take us too long for us to at least bring the capability, to offer it, to execute on it, to offer it for our clients.", "duration": 10.41}, {"path": "84d2b192c2dd9cdcf24bacf3788a5322_88.wav", "text": "to optimize how we're moving barrels around our network to capture opportunities as they're available, which in that kind of market environment we saw", "duration": 10.41}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_149.wav", "text": "rate actions at this point are more the normal course of working with the regulators, just reflecting experience in markets. So we're already seeing some of that normalization pretty far along.", "duration": 10.41}, {"path": "d630500fca6fe44aaeed52c32e00dbb4_18.wav", "text": "period to hoping that we can see together in Milan for our new Investor Day. So I hand over -- and I just would like to", "duration": 10.41}, {"path": "75fa1bebed0b858c76cc7058477e40e2_164.wav", "text": "This media campaign is particularly important in building awareness for our menu items, where we have made great progress in the last few months.", "duration": 10.41}, {"path": "91422f85dbf838639b3cb9dd9da364eb_9.wav", "text": "We expect to offer at least one exclusive filter product, with extensive variance on the e-commerce site unavailable through other outlets.", "duration": 10.41}, {"path": "66c9091ba849cdb6d64987642ced64d2_169.wav", "text": "Thank you, operator. I'm excited about the opportunity that we have at YRC Worldwide, and I certainly have a great deal of confidence in our leadership team.", "duration": 10.41}, {"path": "01502edf6cda82061f1f45d6b0e8e189_155.wav", "text": "But perhaps most importantly, this revolutionary product gives fire departments the opportunity to cost effectively equip every firefighter with thermal imaging technology.", "duration": 10.41}, {"path": "145244b0378e6657d456cffca8bbc982_62.wav", "text": "the new age enhancing what we're doing. There's really no issue with any wholesale replacements or changes to the way we do work, but we do believe the way we process data,", "duration": 10.41}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_234.wav", "text": "So in terms of introducing new products and how many will survive, can you give us a percentage?", "duration": 10.41}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_16.wav", "text": "So when you see a good new product, people will pursue that, and you will see some inflated numbers around that new product.", "duration": 10.41}, {"path": "ca2bc8d693d4751cc88444d2e715f645_25.wav", "text": "the underlying business has some really good momentum. You can't really see it in the numbers because there's such a lag between our shipment numbers and our consumption numbers just based on", "duration": 10.41}, {"path": "797946494c2985a20aa50823e8723c44_136.wav", "text": "Improvements were driven by lower working capital usage, which was significantly higher in the prior year due to the timing of collections related to the large deepwater projects.", "duration": 10.41}, {"path": "8292bdb9af87f10627c044f3842b2c76_81.wav", "text": "We firmly believe that our strategy continues to be underpinned by the most important secular trends in Canadian and global real estate.", "duration": 10.41}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_83.wav", "text": "So as people are going in and moving and trying to take advantage of this market, we're very, very well-positioned and have made it a key part of our strategy.", "duration": 10.41}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_82.wav", "text": "that, that dissipated through the first quarter. And then also in Europe, we had a very strong first quarter. So I think it's more that the first quarter had some unique things going on", "duration": 10.41}, {"path": "4032bfdd59881fc6506c082737cb5a99_79.wav", "text": "more broadly then, what about a sales cycle can be impacted? I mean, are these things that you can't start marketing until the previous show has occurred?", "duration": 10.41}, {"path": "4032bfdd59881fc6506c082737cb5a99_78.wav", "text": "audience growth that we'd had based on our marketing investments would have a larger impact faster on the retention, although retention is up slightly. It just taken us a bit longer", "duration": 10.41}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_56.wav", "text": "Already since that closing about 2 weeks ago, we've acquired 1 former franchise location and we expect a new franchise location to open later this week.", "duration": 10.41}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_126.wav", "text": "In addition, we continue to trial improvements to our customer offer to help drive sales. So moving on to Stationery.", "duration": 10.41}, {"path": "73ba4ff250b62745e03880e75b9a1581_270.wav", "text": "And that doesn't work in an environment where raw materials are going up, you need to be focused on getting prices up. So the competitive environment", "duration": 10.41}, {"path": "1133b8984db446b9c963a09eaf0785a4_181.wav", "text": "The -- Jack talked about the multilayer, so it is barrier constructs that they're making. And today, they do participate in meat, cheese and dairy", "duration": 10.41}, {"path": "e1da48985804bd3d99dffc5e33b6124b_61.wav", "text": "Okay, thanks very much. And then could you make any comments on what you've seen in terms of order trends in July so far? Bruce?", "duration": 10.41}, {"path": "7ec19aea307c76d4a57fa87368305630_106.wav", "text": "Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements.", "duration": 10.41}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_8.wav", "text": "And it's worth remembering that the vast majority of our 5 million members are not frequent flyers. Aeroplan currently helps them to choose Air Canada for their travel goals.", "duration": 10.41}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_167.wav", "text": "of general and maintenance capital expenditures for 2019. In addition, keep in mind that for certain of our large civil projects, we purchase equipment that is entirely owner funded.", "duration": 10.41}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_180.wav", "text": "the fiber, I think the fiber is there. Our biggest issue is finding the appropriate land at the appropriate value early enough to make sure that the power is there.", "duration": 10.41}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_20.wav", "text": "considering that we have so much more long-distance traffic now with some of the ramping of the business that we've had over the last year. As for the network expenses,", "duration": 10.41}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_54.wav", "text": "During the quarter, we engaged a consultant with significant experience in leading process renewal initiatives and appointed a design team to lead the redesign of our core business processes", "duration": 10.41}, {"path": "87753115961242d7035b7938c7e4dea1_79.wav", "text": "bigger percentage of our production stream. Right. And this may be old news, but we have not seen any increase in GORs on our Wolfcamp production.", "duration": 10.41}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_110.wav", "text": "And we sell to large corporate accounts, who are covered by our national account managers. These corporate customers can own and operate hundreds of clinics across the country.", "duration": 10.41}, {"path": "8aa1aa8317783203344434f855535c25_6.wav", "text": "Michael will provide more color on our recent investment activity later in the call, but we remain vigilant in an admittedly tough market, with a focus on companies with the strongest fundamentals,", "duration": 10.41}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_151.wav", "text": "in our channel pivot in early 2016. And for this reason, we've taken a more conservative stance with regards to how quickly our new agent partners will ramp up,", "duration": 10.41}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_132.wav", "text": "And so there is the possibility that, that would cost us a significant amount of revenue but -- and we'd like to make it up with a bigger deal, if possible.", "duration": 10.41}, {"path": "a8b43081254547419da7462d9c957d61_91.wav", "text": "of gas per day more than initially forecasted in 2017. We also finalized a new gas contract with the National Gas Company of Trinidad and Tobago,", "duration": 10.41}, {"path": "a8b43081254547419da7462d9c957d61_23.wav", "text": "Plays like the Woodford enhance the diversity of our portfolio and provide the flexibility to consistently grow production, while maintaining capital efficiency for years to come.", "duration": 10.41}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_38.wav", "text": "We view dividends in the context of our overall capital allocation going back to the Capital Markets Day and the source of cash return on invested capital that we're looking for across Rolls-Royce.", "duration": 10.41}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_214.wav", "text": "a little robot developed in conjunction with Nottingham University, been doing that for a little while, but now we're actually bringing that into", "duration": 10.41}, {"path": "98f10f0935e5b778e888a1b8130a3d31_297.wav", "text": "And maybe you notice here that we have for the first time now changed our reporting from a line of business reporting to a geography reporting.", "duration": 10.41}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_15.wav", "text": "this is a big part of our goal to optimize the CapEx so over time is we need to drop the unit-free cost, and we need to be more efficient. We need to really manage the vendors very tightly,", "duration": 10.41}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_171.wav", "text": "But we've got multiple brands that we can bring out into these different countries. So I think we're well positioned on all these, and these are all good opportunities for us.", "duration": 10.41}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_186.wav", "text": "and financial efficiency in quarters and years to come while investing in areas that we expect should result in a healthy rate of revenue and earnings growth.", "duration": 10.41}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_27.wav", "text": "Historically, we had recorded the costs associated with operating our distribution centers as well as the costs of our purchasing and product development teams as a component of cost of goods sold.", "duration": 10.41}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_73.wav", "text": "This acquisition strategically expands our portfolio into the ethical beauty category, which we believe is a natural extension of our overall brand and business.", "duration": 10.41}, {"path": "ab4dae37361262d727d1d2f8f78765d5_145.wav", "text": "in line with previous year's EBIT, highlighting a stabilization of earnings after the volatility that had been apparent over recent years.", "duration": 10.41}, {"path": "ab4dae37361262d727d1d2f8f78765d5_198.wav", "text": "the potential for full half run rate of that normalization in the second half? And then the second part of that question would be given the commodity exposures", "duration": 10.41}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_60.wav", "text": "In the LCC business, which is recorded under other revenues, Vanilla Air and Peach Aviation also contributed to revenue increases.", "duration": 10.41}, {"path": "28404e399cb043d390aa70bceb339dd4_124.wav", "text": "don't bite off more than you can chew and maintain and capitalize on a strong currency and execute well so that sellers view you us as an attractive partner.", "duration": 10.41}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_113.wav", "text": "with pricing and volume being very good, your margins indicate that's very good. It seems like we're approaching a point where, if there's some new capacity, is there going to be something irrational?", "duration": 10.41}, {"path": "b43c001c5af465d220ab0b69a95202ae_38.wav", "text": "overall, everything that we have reported today and the trends in that payer mix were things that were expected as we put our plan together.", "duration": 10.41}, {"path": "f77935c4693e4d33252c9c76993e9c8b_152.wav", "text": "but that you will then use your expertise to design the product for it to fit their needs at what I would probably guess would be a lower price than the competitor? The latter.", "duration": 10.41}, {"path": "246876171ef2f408df10ee0816f9db83_75.wav", "text": "On the pricing front, the industry is now evaluating in the context of the PMIERs, which shine a light on pricing and increased transparency around returns and capital management.", "duration": 10.41}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_81.wav", "text": "Work on the draft commercial and construction agreements has also commenced, and preliminary financing discussions indicate a good appetite from a wide variety of lenders.", "duration": 10.41}, {"path": "9e8690a521142359001a137074905535_147.wav", "text": "which is going to drive some of that increased performance in the fourth quarter. But it's going to be a fairly steady", "duration": 10.41}, {"path": "40b1895fcd5116b51eb97573544b3afd_83.wav", "text": "no more questions, I'd like to thank you for listening and participating this morning. I look forward to our next call to report our first quarter 2016 results in May. Thank you.", "duration": 10.41}, {"path": "6318dda27b3e36d76533c048c64a3014_160.wav", "text": "Not all those companies will be a fit for us because there's something about their operations that wouldn't be attractive or they're not in the market, but we do think it's a very, very large robust market. So as we look at", "duration": 10.41}, {"path": "c40b5d1a13169c5acf69590932a56f98_5.wav", "text": "to scale manufacturing of our highest demand SKUs ahead of FDA approval so that we can continue offer this broad portfolio", "duration": 10.41}, {"path": "8eaca8d8a419f74540f69ade8defabbd_167.wav", "text": "There is a high level of execution in our operations and business functions across the company, which is reflected in our results. But it is more than just solid execution and operational improvement.", "duration": 10.41}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_108.wav", "text": "and the demand for our high-quality Japan logs remains solid now. I think what you're alluding to really is maybe a little bit more about realizations. And so", "duration": 10.41}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_65.wav", "text": "and overall economic fundamentals remain positive with increasing real wages, unemployment at 50-year lows and strong job growth in key housing markets.", "duration": 10.41}, {"path": "369789f0d39dbf62298be2aa807ff8ee_51.wav", "text": "pounds of copper. We had lower silver and copper sales, but they were in line with our expectations for the quarter. I'm going to paint a picture for you. Because we have comparable gold sales,", "duration": 10.41}, {"path": "dffe8257f781608bb17bb637249e4d2a_314.wav", "text": "While the pace of change in Nedbank over the next few years will remain frenetic, all of these taken together should result in a significantly improved client experience", "duration": 10.41}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_113.wav", "text": "We will provide data to demonstrate this fact in a few slides, but legacy KCG operated certain prop quant-driven strategies that took relatively more risk", "duration": 10.41}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_107.wav", "text": "but we will continue to work with new building partners that can bring a branded proposition to their end customers, the consumers,", "duration": 10.41}, {"path": "189b20e7b975130ca5abd0e419e54908_46.wav", "text": "At the right place, at the right time, with the right value proposition, we look forward to reporting further progress in both organic and acquisition initiatives", "duration": 10.41}, {"path": "ab3354b86be920cde18291112bf8a70a_102.wav", "text": "We continue to reduce home exposures in severe convective storm states from the termination of our affinity partnerships, I just mentioned,", "duration": 10.41}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_115.wav", "text": "And it was the indirect impact that really, we think, is one of the drivers of the red material cost inflation that you see on Page 14 and that,", "duration": 10.41}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_90.wav", "text": "On top of that, you asked a little bit about labor expenses. One of the investments we have actually called out over almost the last 2 years is continued investments in specialty labor.", "duration": 10.41}, {"path": "48506cde3e4f077b7fb4c226d0cd0c7e_1.wav", "text": "Certain statements made during this call, which are not statements of historical fact, are forward-looking statements under the safe harbor provisions of Private Securities Litigation Reform Act.", "duration": 10.41}, {"path": "3b2908426357bb8269c3a01469865cd6_81.wav", "text": "So one of the things about the visibility there is you have the work inside the shop, but the length of time that it takes for it to come out the other end is sometimes past a year.", "duration": 10.41}, {"path": "e33785a294553de2a12d4463bf786744_191.wav", "text": "We are on schedule. We are on plan. So I don't see any reason why the number -- why we would have any kind of a significant change there. But", "duration": 10.41}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_173.wav", "text": "For us to thrive, we must transform ourselves to be more competitive, faster and simpler so that we win with all customers and across all segments.", "duration": 10.41}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_75.wav", "text": "On the Aerospace side, volumes were consistent with market demand on all programs, while C Series started contributing modestly to top line with 6 deliveries.", "duration": 10.41}, {"path": "fe80c1056f21701e41cf3489c450f5ae_75.wav", "text": "In February, we announced an ambitious strategy for the next 3 years, which we have significantly increased the level of investments in the business,", "duration": 10.41}, {"path": "a0d537badd260e2071136602e3b73b26_114.wav", "text": "As to the assets that EFC would sell in preparation for a conversion, we expect that they will predominantly consist of lower yielding non-core assets. We would expect to sell certain", "duration": 10.41}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_43.wav", "text": "When the prices started going down, they were supposed to agree to a reduction, but a number of them failed to remember that portion of the equation.", "duration": 10.41}, {"path": "f3ef7b587ef19092f28a7c1ece1d46fe_76.wav", "text": "this is also coming to your point, that on one hand, we are not out of the market, is in the market, but is in the market", "duration": 10.41}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_69.wav", "text": "We are seeing very solid growth in our Colorado and Utah markets, which benefit from the value of the pass and the strong underlying economies in both areas.", "duration": 10.41}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_97.wav", "text": "Yes. I would -- again, back to Australia in terms of -- what I would say is we feel like Australia is now, the indicators, are positioning it as the strongest international market", "duration": 10.41}, {"path": "884400c829f179d8cf68b767f45f03a4_201.wav", "text": "Moving on to our omni-channel strategy and the development of our online presence, we are very pleased with the success of our modernized retail website launched last quarter.", "duration": 10.41}, {"path": "1353031386f884a821e7e9bab449727d_59.wav", "text": "we'll continue to drive that going in, but I think the major success, as we look at this quarter, will really be based on how we're able to move the underlying metrics of the business.", "duration": 10.41}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_26.wav", "text": "I really would encourage you to look at the video. I think -- we've had a variety of people go to Puerto Rico and take a look at the assets. And whether they're self-taught analysts or buy siders or", "duration": 10.41}, {"path": "812d8f09b72b4d410d138d3b24caebbc_4.wav", "text": "This growth was primarily driven by increased sales to the beauty and home care markets that more than offset some continued softness in the personal care market.", "duration": 10.41}, {"path": "1300495cfa53748f732f54277d5a8cea_7.wav", "text": "Internationally, we are also seeing great response to our new product. We're confident that the assortments the design team is creating will work equally well, both internationally and domestically.", "duration": 10.41}, {"path": "24a133abc343c813233d416b0cef96cd_79.wav", "text": "in terms of the results that we've delivered this period, I recognize the strong foundation that I've just talked about.", "duration": 10.41}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_11.wav", "text": "Once you adjust for the impact of closed and signed asset sales, we had underlying production growth of 3% compared to our second quarter production last year.", "duration": 10.41}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_210.wav", "text": "In our side of business, we're benefiting in a sense because our clients are benefiting except for the upstream that we'll continue to monitor. I'm sorry to", "duration": 10.41}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_19.wav", "text": "And as I said in seafreight, we are moving away from business that is not showing a positive or sustainable gross profit margin. And therefore, you see our margin development.", "duration": 10.41}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_68.wav", "text": "So could you help us conceptualize how to think about the comparisons as the year goes on in terms of modeling?", "duration": 10.41}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_133.wav", "text": "focused on innovation, focused on delivering on their -- for their customers and there was ample room for growth for both. And I think we've got that kind of white space. What we do, others are not doing.", "duration": 10.41}, {"path": "e552924838fe493d3cc967dd0c5c4563_8.wav", "text": "We expect ART revenue to be up double digits this year with improved product margins, reflecting the strong demand for our hydroprocessing technologies.", "duration": 10.41}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_42.wav", "text": "a better solution with a better fit depending on the scale of the project or maybe eventually, your OMS business today could probably", "duration": 10.41}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_99.wav", "text": "Results were also affected by a prolonged winter season in much of our markets that contributed to decreased demand for parts and service.", "duration": 10.41}, {"path": "1d021dfadd51998ac079e1df49929c60_97.wav", "text": "The business operated well in the quarter with a continued emphasis on improvement initiatives. Variable costs and operating efficiencies contributed to the majority of the cost savings in the quarter.", "duration": 10.41}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_43.wav", "text": "the industrial technologies now that we're bringing to this space, will allow us to push the envelope in terms of the intelligence that we're adding to the overall process to drive", "duration": 10.41}, {"path": "c334e290beb657ee3efcb6b2f734c81e_95.wav", "text": "for other reasons. We've seen some cap tightening in the hotel business because the hotel business has the most elastic pricing. And in a reasonably", "duration": 10.41}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_89.wav", "text": "We are making good progress with this effort and are starting to see some encouraging early data, and so I look forward to providing more substantive updates on this program in the coming months.", "duration": 10.41}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_99.wav", "text": "Understood. Yes. Understood. On the pricing question, look, it's difficult to speak to the specifics of other products and other companies and how they think about these things. But", "duration": 10.41}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_62.wav", "text": "I will remind you that any statements made about the future, including our expectations or predictions, should be considered forward-looking statements within the meaning of the federal securities laws.", "duration": 10.41}, {"path": "00a36b039cb49e6b99bb6d17635a3c25_65.wav", "text": "We are continuing our work on increasing operating leverage by rationalizing costs in all", "duration": 10.41}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_84.wav", "text": "I think it's important to keep this in mind and in context when looking at Basic Energy Services as a whole. The demands on our frac spreads have grown over the years as well.", "duration": 10.41}, {"path": "4fafe8c628e676ca508b37756da75419_138.wav", "text": "renovation program this year. But then there's also many other things that go on that we do from service level to food offering to marketing that we work on.", "duration": 10.41}, {"path": "4fafe8c628e676ca508b37756da75419_5.wav", "text": "the additions of the Landing Group and New York Fries increased net franchise royalties and improved central contribution from decreases in central costs.", "duration": 10.41}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_121.wav", "text": "We've updated our websites and our reservation app to meet the demands of our customers. Our updated websites are fully responsive, providing optimal experience on any size mobile device.", "duration": 10.41}, {"path": "712bbcab5338e07dd63dad97bb652018_161.wav", "text": "They produce what, I guess, could be viewed as a higher-value waste stream, but is there any reason to believe that we couldn't get this kind of maybe mid-single digit core pricing plus a few points", "duration": 10.41}, {"path": "6f1b092b312410065d308541be46da95_35.wav", "text": "More than half of this investment has been made in our Gas Distribution businesses and is driven by a combination of the need to replace aging infrastructure, such as leak-prone pipe, and by customer growth.", "duration": 10.41}, {"path": "0b2059114216fe9195b6a4256ed84843_123.wav", "text": "the bank wouldn't give them the financing because of the tight conditions now implied by the banks in Miami.", "duration": 10.41}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_75.wav", "text": "These risks and other risk factors pertaining to our business that could cause actual results to differ materially from those suggested in the forward-looking statements are available in our filings with the Securities and Exchange Commission,", "duration": 10.41}, {"path": "7bac04f03928ee8894ab00007116400b_50.wav", "text": "We have significant opportunity to further reduce cost and reinvest some of those savings in engines that will drive brand strength and profitable sales growth.", "duration": 10.41}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_46.wav", "text": "the board with the assistance of an independent outside law firm and other advisers, and we reviewed, among other things, certain nonconforming loans that were made to a single", "duration": 10.41}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_119.wav", "text": "didn't want, we turned around and were able to sell those loans to another credit investor in April and did so at par.", "duration": 10.41}, {"path": "3ae068efa03cd088f4d3edea682f199f_116.wav", "text": "specifically, the portion of costs that we were responsible for under the force majeure provisions of the various contracts of our Gulf Coast projects.", "duration": 10.41}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_16.wav", "text": "Yes, just on the T-Force PLATINUM, just want to get a sense from you guys, is there something that you feel like you're going to learn from a longer", "duration": 10.41}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_116.wav", "text": "and I'm very pleased to report that the New York Department of Financial Services has just approved payment in full of all remaining amounts on the surplus notes", "duration": 10.41}, {"path": "eb93e70cdf7a839a69546250fb3646fb_151.wav", "text": "positive sign, which is great since we're in our third year of this used vehicle downturn. But hopefully, this is the beginning of what would later lead to some firming up on pricing,", "duration": 10.41}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_211.wav", "text": "working on at the moment because we're bringing our teams together globally to share knowledge, share experience, share expertise", "duration": 10.41}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_214.wav", "text": "and have them go through the sales cycle and grab the business. So that work is ongoing, but we see time on our side to make it better, faster, stronger.", "duration": 10.41}, {"path": "97ddc19ecb28bab2d19fd3b181182062_261.wav", "text": "Would your typical acquisition target, though, be a company that probably wouldn't want to sell at the bottom, because", "duration": 10.41}, {"path": "b3d7bc295d09d9927e465213612c0192_19.wav", "text": "To summarize, we continue to strongly advance our mission statement to provide unique value to our customers by long-term road map alignment.", "duration": 10.4099375}, {"path": "5833763223d8d85b6fcb5fe90e821c77_97.wav", "text": "We will continue to manufacture at cost for Invekra until they can establish their own manufacturing facility, which we estimate to take about 3 to 6 months.", "duration": 10.38}, {"path": "d162113e3aface010baec17bd408736b_115.wav", "text": "as the next step beyond variable. Testing that flip chip will maybe lead in a generation from now", "duration": 10.38}, {"path": "db6c253ba433d9a247219bb3f15da199_21.wav", "text": "It also includes the concept of a deferral of meaningful portion of the bonus to future years to encourage and reward persistent performance.", "duration": 10.38}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_52.wav", "text": "I would expect that as those tenders -- the second half of the year would probably be back in a healthy state. I think, June is probably a transitional quarter for that.", "duration": 10.38}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_134.wav", "text": "which are subject to certain risks and uncertainties. Because actual results may differ materially from those discussed today, MACOM claims the protection of the safe harbor for forward-looking statements", "duration": 10.38}, {"path": "0db71632fa65f1d166f14cb8593c4690_10.wav", "text": "a payment of lower value throughout the quarters. But this is pure speculation. There is nothing scheduled regarding this.", "duration": 10.38}, {"path": "5111fdad778749872c23e78c9b0d653b_158.wav", "text": "including increasing headcount in our sales and reimbursement personnel and to fund the ongoing development, regulatory and international commercialization activities", "duration": 10.38}, {"path": "5111fdad778749872c23e78c9b0d653b_119.wav", "text": "So as we came off the end of last year, in the first half of the year, we're not accelerating growth because we expect some disruption in the system", "duration": 10.38}, {"path": "a93681c92a0b9c04743f541a54b180c7_97.wav", "text": "to the extent that you can. So Sakaue-san will take your question. So for the overall company as well as for the media outlook,", "duration": 10.38}, {"path": "0755f4b74dda585f3975c7d8208b1598_262.wav", "text": "Number three, a relentless focus on rationalization. As we build out our company for the future, it's critical that we remain focused on decommissioning our legacy data centers,", "duration": 10.38}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_87.wav", "text": "We have a plan and we are ready. Now we'd like to spend more time sharing with you some details around the key pillars of our new strategic platform.", "duration": 10.38}, {"path": "8cb24daf76784487ad63780546dc4ba4_104.wav", "text": "period of no growth or a very level adviser count for some time, and we don't expect a material change to that in the near term.", "duration": 10.38}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_86.wav", "text": "and its potential treatment. 54,000 patients with the data to review in a few hours is substantial and I think will give us some clues about the future", "duration": 10.38}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_32.wav", "text": "We understand it is important for us to maintain low decline rates, but given the size of the FS checks business now", "duration": 10.38}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_208.wav", "text": "a question, I guess, from the last quarter where we discussed a little bit about the breakdown in the sustaining capital", "duration": 10.38}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_14.wav", "text": "we just think that the opportunity set isn't great right now. And typically, when that happens, we hedge up our portfolios, we raise a little bit more cash, we try and tuck in", "duration": 10.38}, {"path": "78c85dc9a16f82b09d3a2363004e658d_44.wav", "text": "is that it leaves behind a 3D model that is a huge asset to the owner in terms of managing, maintaining and using their asset as time progresses.", "duration": 10.38}, {"path": "b34f680a9162805e0188170d6272a356_226.wav", "text": "So we were certainly on a good roll, which means that we will be -- continue to be on a good roll as soon as Mother Nature allows us to be as we", "duration": 10.38}, {"path": "b34f680a9162805e0188170d6272a356_165.wav", "text": "Granite teams proved that they were up for the challenge and successfully integrated our new acquisitions and proudly shared our core values, as we united these new businesses into our portfolio.", "duration": 10.38}, {"path": "b34f680a9162805e0188170d6272a356_132.wav", "text": "And even as we hand the keys and physically move away from the job, it will take some time to settle the outstanding disputes. And that will be the lingering event", "duration": 10.38}, {"path": "b34f680a9162805e0188170d6272a356_217.wav", "text": "half of -- or the second half of 2018, and we anticipate that to really ramp up nicely as we gain traction. With Granite being able to help,", "duration": 10.38}, {"path": "1b91eb82f5211000e711424657cc2484_105.wav", "text": "These acquisitions have provided complementary add-on strategies, and we believe that there are significant additional opportunities to acquire proven managers at attractive levels.", "duration": 10.38}, {"path": "46906afb4e1ee1fef09b5908e76beefa_174.wav", "text": "We expect a better understanding of the potential benefit of VTS-270 to emerge as we carefully consider the totality of data available to us. This is an important step.", "duration": 10.38}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_31.wav", "text": "We exclude from our non-GAAP results a number of charges or benefits that are either noncash or that we consider outside our core ongoing operating results.", "duration": 10.38}, {"path": "ada4e338c266148264077e06bac68005_9.wav", "text": "As royalty holders, with no cost share, but full benefits, there's not much better that can happen in terms of bolstering long-term returns and having an operator announce an expansion.", "duration": 10.38}, {"path": "145244b0378e6657d456cffca8bbc982_41.wav", "text": "We expect that the present range for petroleum prices will persist for the foreseeable future, causing oil and gas customer spend for inspection services to be relatively stable.", "duration": 10.38}, {"path": "18b396ddd443d84d12477c42e31cdf0e_35.wav", "text": "versus the others, but it doesn't seem like it's getting much uptake, and I'm trying to understand why and what we could do about it, and I think that is a very large market for it.", "duration": 10.38}, {"path": "8292bdb9af87f10627c044f3842b2c76_149.wav", "text": "there will be, I think a contribution coming from 468 in 2020 but it will simply be a bit of a drag on us", "duration": 10.38}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_84.wav", "text": "people are aware we've got some open capacity in our plant so we're able to fill a lot of that capacity by supporting Ballard, and it's just a nice supplemental business for us.", "duration": 10.38}, {"path": "a827180c08c11f2e53c6966fceaabf5b_1.wav", "text": "statements on the plans and objectives of the company or its management, statements of future economic performance and assumptions underlying these statements regarding the company and its business.", "duration": 10.38}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_104.wav", "text": "Our first Fuddruckers opened at our Commerce, Georgia travel center during the first quarter and our second location opened just last week in Ashland, Virginia.", "duration": 10.38}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_115.wav", "text": "Sure. So -- the one part of Amicus that we -- that has maintained a pretty steady state over the last 4 years of our growth has been our science organization.", "duration": 10.38}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_104.wav", "text": "Examples of these forward-looking statements include statements regarding market expansion and funding trends, expected growth in sales and product applications,", "duration": 10.38}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_72.wav", "text": "Marissa's leadership will be essential as we look to strengthen our organization and ensure we have the right structure and capabilities to achieve our strategy and build a culture of innovation and recognition.", "duration": 10.38}, {"path": "403903eb119bfc1cec44d86ec907077a_148.wav", "text": "An Imperfect Union travels across the country and offers a very unique storytelling perspective through the eyes of citizens on issues", "duration": 10.38}, {"path": "e1da48985804bd3d99dffc5e33b6124b_101.wav", "text": "As Mac mentioned, we have a slide presentation on our website to accompany our earnings call and it includes additional details to the commentary presented this morning.", "duration": 10.38}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_3.wav", "text": "beating their benchmarks and delivering top quartile relative performance. Another positive development on the performance front is the enhancements that Morningstar is making in its rating methodology.", "duration": 10.38}, {"path": "0f4370b614f29bd596e4f6871cc77864_135.wav", "text": "The Geospatial segment, when compared to 2015, has a lower relative exposure to oil and gas and a generally more diverse book of business.", "duration": 10.38}, {"path": "276392c471c063580869aec014a1feda_152.wav", "text": "Tomorrow, you'll have the opportunity to hear more about our plans to grow the company, including management presentations, panel discussions featuring some of our distributors and executives", "duration": 10.38}, {"path": "9da45cfd4472699ef05d887adce01223_11.wav", "text": "I would like to direct you to Slide 26 and the financial highlights deck for a description of the pro forma statutory basis financial effect of the merger.", "duration": 10.38}, {"path": "6864081f83959f4b49e25e597f28af66_62.wav", "text": "Today, our debt is actually lower than where we were 2 years ago and yet our portfolio has changed significantly and it's a portfolio that has shifted to growth.", "duration": 10.38}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_163.wav", "text": "On an annual basis, we now expect Civil operating margins to be at the upper end of the 10% to 12% margin range that we have historically seen in Civil group, if not slightly higher.", "duration": 10.38}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_150.wav", "text": "We continue to focus on income, as we've mentioned today, and we believe active asset management remains critical and that we have the team and the skill set to deliver.", "duration": 10.38}, {"path": "93d3e5be9cf75e0921d47f10d4178939_86.wav", "text": "Before we begin our remarks this morning, I want to remind you that during the call, we will be making forward-looking statements about future events based on current expectations and assumptions.", "duration": 10.38}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_192.wav", "text": "Thank you, Jack. In closing, as you can see it has been an exceptionally busy and exciting time for Dicerna with a number of extremely important milestone achievements.", "duration": 10.38}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_25.wav", "text": "Okay. And my last question is just on kind of time line of the various pieces of your platform all converging into what you feel like is a really", "duration": 10.38}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_142.wav", "text": "There were a number of favorable trends in the quarter that put our results slightly ahead of where you expected and Jamie will get into those in more detail when he reviews the financial results later on in this call.", "duration": 10.38}, {"path": "002d12258ff802d65f79ae2eef99e4ab_261.wav", "text": "we're anticipating that and taking that into account. Most of our raw material or commodity benefits we're seeing are going to be the result of 3M efforts we're doing to take", "duration": 10.38}, {"path": "38b2f94da12bbf2d32246763aab8265a_75.wav", "text": "And this was said about the overall insurance market. Here, in Poland, today, we don't see any target that would be of interest to us.", "duration": 10.38}, {"path": "fabca2790ac9e6a96be6e6b59a497436_128.wav", "text": "Increases in finance costs in quarter 4 and in the year were mainly due to increases in loans and in LIBOR, partly offset by bunker hedge cash receipts", "duration": 10.38}, {"path": "b96165244f010b3f1e61cbbc5e504d96_191.wav", "text": "as overall getting back to market or above-market growth in a sustained way. That will require us in our major categories to be able to get to market growth and sustain it.", "duration": 10.38}, {"path": "a7e7a1621af9b4e850260f9824ee8746_41.wav", "text": "Strong customer growth and constructive and balanced resolution of a number of regulatory proceedings added to an otherwise solid operational foundation this quarter.", "duration": 10.38}, {"path": "bab12f620df0f367e74acdcc467686f1_7.wav", "text": "Beginning in EMEA, we had strong wins across the region. And while the Middle East is experiencing a slowdown, we delivered profitability in line with our expectations.", "duration": 10.38}, {"path": "ade68f8add7249890d086ecf4b5b8cab_64.wav", "text": "in 2016. We are proud of this accomplishment, which is in part due to the exceptional positioning of our communities in some of the best markets in the nation.", "duration": 10.38}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_143.wav", "text": "Those risks include, among others, matters that the company has described in its press release issued this afternoon and in its filings with the Securities and Exchange Commission.", "duration": 10.38}, {"path": "3df0981a2d94ed56170b78330aa72ee9_106.wav", "text": "And that's what we're working through. It's not that we are backing off the innovation. It's how we get that innovation to the market, especially if it's on -- not on our big brands.", "duration": 10.38}, {"path": "e2c02e1788cb10703d7611ef157f8135_220.wav", "text": "and that loyalty is the key avenue for us to use personalization in. I don't think there's any question about that. Nothing is changing about that at all.", "duration": 10.38}, {"path": "98f10f0935e5b778e888a1b8130a3d31_139.wav", "text": "If you are in Nigeria or you are in Indonesia or you are in Thailand or you are in China or you are in Mexico,", "duration": 10.38}, {"path": "98f10f0935e5b778e888a1b8130a3d31_186.wav", "text": "in case we do the IPO, we will have some funds to reallocate into the lines of business that we want to grow.", "duration": 10.38}, {"path": "567a41009710fa1568bb8125213bf9eb_75.wav", "text": "resulting from interest rate declines at the end of the quarter and expectations for future mortgage rates lower than previously forecast.", "duration": 10.38}, {"path": "6d97c63e754383663561baada77c7354_30.wav", "text": "Our total revenues declined slightly as compared with the third quarter 2015, but that was largely due to the impact of the strong month of July on our third quarter results", "duration": 10.38}, {"path": "29426a77336443eedde7eaa29e9c2852_78.wav", "text": "Tom. So on the revenue front, from a seasonality perspective, we'll have to keep an eye on that. We obviously haven't guided to any quarterly numbers or", "duration": 10.38}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_132.wav", "text": "for our project in Ingolstadt included, and we didn't have that in '18. So that is the major change here. The dividend proposal, I already", "duration": 10.38}, {"path": "2b0b79fa03313a4e9261734dd728b622_14.wav", "text": "The capital management policy also requires our Board to evaluate the appropriate deployment of excess capital and to consider a variety of ways to improve shareholder return.", "duration": 10.38}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_5.wav", "text": "Beverage innovation is fueling growth in our core platforms of coffee, tea and refreshers and offsetting some of the softness we've seen in blended.", "duration": 10.38}, {"path": "ea60900258f99d1003ab247c506e42d9_88.wav", "text": "Rice imports have remained stable with Thai offerings benefiting from competitive raw material pricing relative to that of India.", "duration": 10.38}, {"path": "20097e37747ec7bc3734246e83798fb1_66.wav", "text": "In making these changes, we believe investors will have a clearer view of the primary focus of our strategy, which is to build our streaming OTT network business.", "duration": 10.38}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_153.wav", "text": "That is where the game changes. When you're buying it off of a -- some arcane bureaucratic purchasing process, that's where you get things", "duration": 10.38}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_123.wav", "text": "but a very exciting and growing business that is also online. In terms of actually breaking out that, we don't provide that information in terms of what brick-and-mortar and what online is,", "duration": 10.38}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_66.wav", "text": "Next, I'll discuss the full year earnings forecast. We are considering participating in a new maintenance outsourcing program to stabilize future expenses.", "duration": 10.38}, {"path": "b1da16cba24af8e472573c4c9caf17c7_211.wav", "text": "are you guys considering at all sitting on the cash with the thought that there could be better opportunities down the road to either buy back stock or redeploying the new investments?", "duration": 10.38}, {"path": "28404e399cb043d390aa70bceb339dd4_23.wav", "text": "build out the DFAST model without acquiring any sort of expensive softwares or without having significant consulting expense.", "duration": 10.38}, {"path": "f77935c4693e4d33252c9c76993e9c8b_70.wav", "text": "And I've seen that you guys are doing your best to try to refinance the debt yourself, and directors are putting in money and capital.", "duration": 10.38}, {"path": "75eb5b75bb8587b63c318714ea956b9e_14.wav", "text": "These are costs that are associated with the assays, the reagents, the platforms. And these costs are imposed overall on labs with the products that they acquire.", "duration": 10.38}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_42.wav", "text": "Well, first, Paul, let me state we will receive the permit in LA. There's nothing out there that tells us -- I mean it provides tremendous benefits", "duration": 10.38}, {"path": "0e52a74a184c92ad0c336af764aa0796_78.wav", "text": "I'd like to provide a brief update on Meda. The second arbitration with Meda has commenced, and we expect this process to continue for the next few months.", "duration": 10.38}, {"path": "9aeced6a84c2436e62dd21d1441d0bb4_136.wav", "text": "But the actual pressure of our customers was more at that time than it is now. We have had time to reformulate to offer", "duration": 10.38}, {"path": "3898a5c021167b8169287fc8bb59f753_69.wav", "text": "In addition, our new Shacks that typically open with a higher percentage of app sales, giving us further confidence that early adoption can lead to a higher use of digital ordering.", "duration": 10.38}, {"path": "cac9bb252b7974b7044423e714c2f054_39.wav", "text": "Today, we hope to provide additional insight into our business strategy, sustainable competitive advantages and consistent positive earnings power.", "duration": 10.38}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_8.wav", "text": "While this was not a material transaction, it is consistent with our strategy to focus management's efforts on key brands and priorities.", "duration": 10.38}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_225.wav", "text": "And so we think we'll hit the bottom of the J-curve sometime next year. The life consultant count has been decreasing and will probably decrease for a little while longer.", "duration": 10.38}, {"path": "21f21433851eb7c7f7dbc710309341bb_224.wav", "text": "setting the stage and setting the bar I think when it comes to kitchen in particular. So for us to have a brand that we own that's a complement to our great partnerships with national brands", "duration": 10.38}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_36.wav", "text": "I would say that isn't our current thinking. I believe we would continue to buy back stock. The reason I'm a little bit hesitant on that is because", "duration": 10.38}, {"path": "87045996e7446329f1d98c909c6ca7fe_225.wav", "text": "However, the changes may also result in incremental lending opportunities within the alternative mortgage space as large lenders are also affected by revisions to the guideline.", "duration": 10.38}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_43.wav", "text": "And I guess just with respect to your question around philosophy, a big part of how we look at our strategy is making sure that we have a really low cost structure so that we can", "duration": 10.38}, {"path": "059024560d9d1039cf08746ee7393114_54.wav", "text": "One of the things you've heard me say before is that we are leading with digital. As the consumption of news and information continues its migration towards digital,", "duration": 10.38}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_5.wav", "text": "and third, partnering with those who share our commitment to reducing or eliminating opioids in the postsurgical setting. I'll start by sharing an update on the nerve block launch, where we continue to gain traction.", "duration": 10.38}, {"path": "dffe8257f781608bb17bb637249e4d2a_253.wav", "text": "My final introductory slide is an important one, particularly in the context of the vital role that Nedbank plays across all sectors of our society.", "duration": 10.38}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_132.wav", "text": "but we also have these extremely small balanced armature receivers that we sell in the hearing aid market that are becoming more interesting to people who make wireless headsets.", "duration": 10.38}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_57.wav", "text": "It goes without saying, driving up this collection rate continues to be a primary focus, and we are beginning to see signs of success 9 months after bringing our billing in-house.", "duration": 10.38}, {"path": "49e533a8449f6b9b6c806458e73338e1_13.wav", "text": "that encouraged their customers to pay with PayPal. One of the most exciting features to come out of our financial institution relationships", "duration": 10.38}, {"path": "7cc11de7f206c637e6293da0d956405e_73.wav", "text": "An admittedly conservative approach but similar to all inflows, these added assets and relationships have a positive impact on our franchise and our earnings power.", "duration": 10.38}, {"path": "28d675c77a4b2269c1c1460ad3e56250_127.wav", "text": "a particularly larger loan, a commercial loan in the hospitality business that we originated in the quarter and that's kind of what brought it", "duration": 10.38}, {"path": "01f88a67f39af3a74d5f23b095615d39_178.wav", "text": "to offset inflation and any other headwinds. And the pipeline of initiatives for financial year '20 is also progressing well.", "duration": 10.38}, {"path": "757695924b5e43c7d44e29dc141cc035_14.wav", "text": "Late in the third quarter the discussions we have been having with our customers to understand the impact of the delays on all parties progressed significantly.", "duration": 10.38}, {"path": "9ec35a7809acb51486076e302028ba33_42.wav", "text": "We plan to continue to invest in our suite of multiple resolution products for our different applications for both indoor and outdoor use.", "duration": 10.38}, {"path": "6760f7edfb883104c8c655c4671646e5_13.wav", "text": "we're going to -- we're not going to overpay for anything. We're going to be very disciplined and very selective in terms of the quality dealership we buy and how much we pay for the dealership.", "duration": 10.38}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_106.wav", "text": "However, our competitors have not had that approach. We've been open for years and have provided the tools for years to help enable third-party products with Jack Henry cores.", "duration": 10.38}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_40.wav", "text": "In addition to our network of related companies, there are many business partners who ask for our management infrastructure through business partnerships with us.", "duration": 10.38}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_3.wav", "text": "Organic growth was positive in all major geographies, with mid-single-digit growth in both developed economies as well as in emerging markets taken as a whole.", "duration": 10.38}, {"path": "fe80c1056f21701e41cf3489c450f5ae_5.wav", "text": "U.K. growth has recovered from the impact of the adverse weather in the first quarter, with higher expected growth in the rest of the year.", "duration": 10.38}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_117.wav", "text": "they don't always look the same. It's not always a simple network extension meters. Sometimes it's an infill. Sometimes it's an upgrade. Sometimes it's", "duration": 10.38}, {"path": "e522eff219f3eaa2c9b090dc12cad420_94.wav", "text": "We're confident we know what to do. We're confident that we've now started the right process to effectively address these issues once and for all.", "duration": 10.38}, {"path": "a0d537badd260e2071136602e3b73b26_39.wav", "text": "outright sales and should we expect to see any uptick in agency investments during the process of redeploying that capital into target assets?", "duration": 10.38}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_57.wav", "text": "We opened an advanced engineering center in Kolding, Denmark, to attract additional technical talent and enhance our capabilities to serve our European customer base.", "duration": 10.38}, {"path": "97b9c8b95449565c1f280a2b61a65b31_1.wav", "text": "While interest rates have increased and REIT stock prices have contracted, economic indicators remain sound, and fundamentals in our business remain healthy", "duration": 10.38}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_102.wav", "text": "Results in Northern California are in line with unit sales last year, a result that continues to validate the customer loyalty and value proposition of our pass products offer.", "duration": 10.38}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_12.wav", "text": "I have spoken previously about my view that there is a small shop leasing opportunity at DDR, and we now have 2 quarters of improving results to back up these leases.", "duration": 10.38}, {"path": "5efe4589d80ac1232c2958182c188903_68.wav", "text": "We're excited and optimistic about the potential to drive additional growth and shareholder value. I'd like to thank our long-term and new shareholders for your interest and support of BioLife Solutions.", "duration": 10.38}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_220.wav", "text": "more about that at our upcoming Investor Day about our longer-term plans on investments in sales and marketing, and what we think that does for the future. But we feel comfortable that we're on the right track from a", "duration": 10.38}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_69.wav", "text": "Quality and film properties of the epitaxial layers in the device structure play a key role in determining system-level device reliability.", "duration": 10.38}, {"path": "4ee3c79ebc57c9870b221b9479d52436_170.wav", "text": "during the year, but we feel comfortable with this range and that new revenues will begin to flow off this year's capital projects in 2019 and beyond.", "duration": 10.38}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_175.wav", "text": "where they have used our technology to show that they can actually see the sentinel lymph nodes. And they have actually done outcomes analysis", "duration": 10.38}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_30.wav", "text": "and I would still say the environment is if we do our job and continue to drive new business and keep our existing customers, drive mix and the other", "duration": 10.38}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_205.wav", "text": "with the cloud so that we can better utilize it to inform our sales team in advance of what's going on, better direct them to sales opportunities, how to help the customer", "duration": 10.38}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_98.wav", "text": "much more rapidly than they did before. I think that's something we're just going to have to manage and be nimble. And then finally, oil, which I would say is probably", "duration": 10.38}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_4.wav", "text": "Our investments in existing portfolio of companies continue to be an important source of new investment opportunities and reflect our strong borrower relationships and the value we deliver to them.", "duration": 10.38}, {"path": "1d021dfadd51998ac079e1df49929c60_71.wav", "text": "all pricing discussions with customers are difficult. So it really hasn't changed in that regard. I think the real piece of it that we continue to work on with", "duration": 10.38}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_113.wav", "text": "This has been a really busy quarter and there's a lot to talk about. So I'm going to immediately turn this over to Steve Rubin to begin the session.", "duration": 10.38}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_43.wav", "text": "Our results reflect strong performance in Aerospace and a difficult backdrop in Distribution combined with effective cost controls across the company.", "duration": 10.38}, {"path": "c71a6ab1a0697010811c89200ab21613_39.wav", "text": "stuff that we were going to get to. And so the question for us was why are we spending money there. So really it was just making sure we had the land that we needed for our long-term program", "duration": 10.38}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_71.wav", "text": "These have been unfortunate delays, but we look at these as modest deferral in terms of timing for many of these projects out of our Q2 and to the back half of this year.", "duration": 10.38}, {"path": "4fafe8c628e676ca508b37756da75419_144.wav", "text": "And you also, as a franchise store, you need to find a franchisee or you need to get an existing franchisee to decide that they want to take that store.", "duration": 10.38}, {"path": "0668081864383eb57919b99c85649753_99.wav", "text": "that was in our number. And as we were kind of finalizing our results we made a decision to kind of highlight that to investors and split that out into a non-GAAP number. And that kind of explains a", "duration": 10.38}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_184.wav", "text": "okay? So part of the changes -- part of the benefits are being seen in the performance of the core. The core is outperforming the company average right now.", "duration": 10.38}, {"path": "81c03e2c15e8fe8213fbd40368b49581_75.wav", "text": "But when we say better, it's still extremely fragile. So we continue to try to monitor the potential for shocks, surprising events", "duration": 10.38}, {"path": "10ad32c5e0559c879e032faaf3148ab4_20.wav", "text": "You know the names that we're dealing with there. But what's most exciting is that besides taking those tailwinds is that we are winning a lot of business and new programs that we're launching", "duration": 10.38}, {"path": "77423f08f0208d476dea73c639f6293a_57.wav", "text": "something that generated a lot of media coverage. So we could take the most famous person in the world, whoever it is right now, and I don't think they would get as much press as Donald Trump did because they won't say the kinds of things", "duration": 10.38}, {"path": "24c7526f6daca8e16ab91bea6124148a_193.wav", "text": "which normalized in 2016. Adjusted operating income come excluding these corporate costs increased by 7% in local currency for the year.", "duration": 10.38}, {"path": "24c7526f6daca8e16ab91bea6124148a_217.wav", "text": "That is -- that was the outcome there, and so a lot of that conversion had already taken place, such that probably about 80% of that market has converted.", "duration": 10.38}, {"path": "06dc7804f9beda6e9c0ab3bb47010ab1_5.wav", "text": "A recent development is that the has taken measures to import LNG by signing an agreement with Equatorial Guinea", "duration": 10.38}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_136.wav", "text": "The increase in revenues resulted largely from a significant increase in sales to the public carrier ecosystem but we are also encouraged by the growth in most of the other markets as well.", "duration": 10.38}, {"path": "0807d606b6cf98da19b317b4928c3572_93.wav", "text": "in the future quarters. As I discussed before, I have spent considerable time working with Doug Gaylor to see where we can improve", "duration": 10.38}, {"path": "4fd138e27f5f375945332eacefa15b62_20.wav", "text": "And by the way, the question is what is the effect on the arm, but will also the watch work if it is not on your arm.", "duration": 10.38}, {"path": "3ae068efa03cd088f4d3edea682f199f_134.wav", "text": "And we're happy to do that with our existing and prospective clients. And I think once we go in there and explain our plan, it becomes very clear to those clients.", "duration": 10.38}, {"path": "76b892bf017891d7028256847747227c_37.wav", "text": "Well, you know that very little of our capital is in the hedge fund form. And we certainly are not considered", "duration": 10.38}, {"path": "5478e14c30a7a53219de2176fdba0d4a_9.wav", "text": "We are entering into the high season as of the third quarter, and we do think that some of the issues that we had faced in the second quarter with regards to the new products", "duration": 10.38}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_4.wav", "text": "It's suffice to say that our strategy is steady as she goes with our focus on safety, active portfolio management and tight managing -- tightly managing costs and capital", "duration": 10.38}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_184.wav", "text": "Moving then to Slide 8 and our Rest of the World segment. Sales were essentially flat with the prior year, as higher average selling prices", "duration": 10.38}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_13.wav", "text": "by an increase in noncash interest expense due to purchase accounting. The net effect of the lower tax rate was substantially offset", "duration": 10.38}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_42.wav", "text": "Of course, all our expectations are governed by several factors not in our control such as potentially the price of precious metals, the overall state of the economy,", "duration": 10.38}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_29.wav", "text": "Keep in mind also that the cost savings that we're announcing today are intended to help mitigate any impact or major contract changes and protect returns to shareholders.", "duration": 10.3799375}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_35.wav", "text": "just in the reality of accounting for the franchise, you get a little bit of a delay in terms of that feedback because it's really", "duration": 10.3500625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_14.wav", "text": "While we recognize our derm revenue when we ship product to our wholesalers, a second method to objectively gauge the Oculus dermatology performance", "duration": 10.35}, {"path": "d162113e3aface010baec17bd408736b_160.wav", "text": "we have 18 different platforms. There are numerous opportunities to further reduce the cost by changing certain designs.", "duration": 10.35}, {"path": "db6c253ba433d9a247219bb3f15da199_116.wav", "text": "Given our performance this quarter, our compensation committee determined that it was appropriate for us to improve for the probable payment of a bonus to management at the year-end.", "duration": 10.35}, {"path": "4fdbfd9eec396928550d0c799e170d34_47.wav", "text": "the impacts of operating results of the timing, size and accounting treatment of acquisition, our ability to achieve and the timing of achieving synergies from our acquisitions.", "duration": 10.35}, {"path": "214dcdc435ef3259490466447858fa56_145.wav", "text": "We also gave ourselves headroom to invest in volume growth for the first time in many years. Thirdly, technology and marketing.", "duration": 10.35}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_122.wav", "text": "There have been no material misstatements identified in previously filed financial statements as a result of the material weaknesses,", "duration": 10.35}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_54.wav", "text": "We have redesigned and simplified our online ordering site, enabled online payment for catering and integrated with several well-known third-party providers for delivery.", "duration": 10.35}, {"path": "abd0f750609f1263b566f0c09b981a16_35.wav", "text": "and the top 10 markets have generally lagged the broader economy in terms of RevPAR growth whereas the rest of the portfolio has", "duration": 10.35}, {"path": "8efbf78365acddb6289e9e48925c09eb_64.wav", "text": "of the equity. We are quite satisfied with the performance of our stock. We believe that we are benefiting for a little bit of", "duration": 10.35}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_99.wav", "text": "it will be depleted. So as soon as -- I mean as long as we have it, we should focus on molybdenum recovery because it gives us more money than copper recovery.", "duration": 10.35}, {"path": "6b45877b719000e47adfd1ec118c376a_140.wav", "text": "maybe weren't quite close to being in need of an expansion and so I was just wondering if there was a change with respect to their -- the way that they look at the store base there?", "duration": 10.35}, {"path": "54558afacef9ab3010d5a57ac4feb664_107.wav", "text": "and it's where we produce all of our sour cream, cottage cheese and dips. That facility is losing money", "duration": 10.35}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_82.wav", "text": "Less pronounced in Switzerland, but especially in Northern Germany, the first couple of months have been very severe and impacted our sale.", "duration": 10.35}, {"path": "81430c39b7b202d05644e419e2a01a65_20.wav", "text": "on the West Coast as well and, in particular, in California. We've talked about a large installation there. And so we see -- we continue to see opportunities in that market as well.", "duration": 10.35}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_32.wav", "text": "Any traffic is good traffic for us. So we concentrate more on the health of the center we go into rather than", "duration": 10.35}, {"path": "7e14890193df4b10e1eeab6ab886529f_11.wav", "text": "To achieve that ambition, we'll be making a number of bold moves which I'll walk through shortly. But first, I'll hand the call over to Nick to discuss our performance and outlook.", "duration": 10.35}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_26.wav", "text": "we have the best service, we're connected now to, or will be connected now to, 3 refineries which give direct take away off of the pipe, improved markets,", "duration": 10.35}, {"path": "67716cee321d117b0318930dd142f06a_35.wav", "text": "obviously, the market wants to get ahead of itself and what this all could mean, but I think we're just trying to understand what are the real conversations taking place out there?", "duration": 10.35}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_228.wav", "text": "Okay, fair enough. Shifting gears a little bit. I was wondering if you can give us an update on your technology initiatives, particularly as it relates to the", "duration": 10.35}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_194.wav", "text": "Both provide mission-critical equipment and services to our customers' global operations. Both benefit from sustainable competitive advantage through scale and scope and technology and installed base.", "duration": 10.35}, {"path": "e8a2a593282199ea052f788b8fead64b_49.wav", "text": "Before concluding, I would like to take this opportunity to publicly welcome Jean Bua, Executive Vice President and Chief Financial Officer of Nasdaq-listed NETSCOUT SYSTEMS", "duration": 10.35}, {"path": "b34f680a9162805e0188170d6272a356_214.wav", "text": "major discussion at the end and come up with what we call a global settlement or we'll pick and choose certain issues and try to settle them outside of the global issue. So", "duration": 10.35}, {"path": "82218f543c9a546c4baa5323f250b39f_97.wav", "text": "broader base at the bottom of the pyramid. When we talked about a pyramid before, it really wasn't a pyramid. It was really pear-shaped with a very large", "duration": 10.35}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_50.wav", "text": "the complainants to respond to that filing. And then FERC has to really take that material and then make a final order on those complaints.", "duration": 10.35}, {"path": "46906afb4e1ee1fef09b5908e76beefa_6.wav", "text": "We once again are making strong advances on that front, and Matt will go into the details in a moment. We also remain opportunistic regarding other uses of capital.", "duration": 10.35}, {"path": "66c9091ba849cdb6d64987642ced64d2_62.wav", "text": "I guess, what needs to change, whether it's culturally or cost structure wise, what needs to be accelerated to maybe get that OR down and how quickly can you get there.", "duration": 10.35}, {"path": "66c9091ba849cdb6d64987642ced64d2_84.wav", "text": "or coming off lease, we are purchasing those as we are able. So you'll see more purchases in 2018 than we've done in the recent past,", "duration": 10.35}, {"path": "01502edf6cda82061f1f45d6b0e8e189_103.wav", "text": "The strengthening industrial landscape is supporting the higher level of base business in these areas and this is providing a nice mix tailwind to our product margins.", "duration": 10.35}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_13.wav", "text": "as compared to 32.1% in the prior year period, primarily due to the favorable impact of the new federal corporate statutory income tax rate", "duration": 10.35}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_27.wav", "text": "we have many, many patients have been reaching out to sites, to Suku and the clinical team. And we know that there is a significant demand", "duration": 10.35}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_182.wav", "text": "When it comes to acquired taste, there is no right or wrong. You were exposed to many things when you were still in the womb of your mother.", "duration": 10.35}, {"path": "957e0f876f9a4af9b498c19843675474_94.wav", "text": "We're well positioned with multiple brands and levers and have confidence that we will be able to continue to drive results in 2018 and beyond as Nutrisystem continues to grow", "duration": 10.35}, {"path": "2e3470778d787bc7db14a62eeaefd902_30.wav", "text": "allow us to reveal some information to our investors. When we have that permission, we will be able to give you a light on the product.", "duration": 10.35}, {"path": "8292bdb9af87f10627c044f3842b2c76_146.wav", "text": "take advantage of them when they arise or when we can initiate them. But again I don't see it taking on any", "duration": 10.35}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_144.wav", "text": "How do you assess our position in light of our work with some big names over there in the work -- in the form of the work we are already", "duration": 10.35}, {"path": "dd5492732b46e270047f9b368d4fde11_90.wav", "text": "with whom we're working on, on some of the CRISPR activities that we're doing. So we look forward to a very full day and an informative day tomorrow here in New York.", "duration": 10.35}, {"path": "1b1699497be56330b3ed833f22bc63f6_60.wav", "text": "With this information, a casino can create an enhanced experience for their patron and maximize the return they're able to realize from their best customers.", "duration": 10.35}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_99.wav", "text": "And in this case, that's definitely a part of our target strategy is to ensure that we have good penetration in that key consortia to map those consortia relationships and to ensure that we're getting good.", "duration": 10.35}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_292.wav", "text": "Net outflows in Asia Pacific, the Americas and Europe reflecting continued deleveraging activities of our clients as well as efforts to optimize risk management.", "duration": 10.35}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_177.wav", "text": "And then secondly, on innovation, not only supply chain, but just the physical plant and now the need for second make-lines.", "duration": 10.35}, {"path": "9da45cfd4472699ef05d887adce01223_98.wav", "text": "Looking at our earnings year-to-date, our overall performance continues to be driven by loss development activity and by the steady runoff of our book of business.", "duration": 10.35}, {"path": "81bfbc1fbd3ce62adc594e6b57c6fb34_59.wav", "text": "We have also some other costs that have been gone into not only opening those 3. We do have 3 more openings, 1 is only for this fiscal year. We will be opening this month", "duration": 10.35}, {"path": "132abea68f255eb89160dde90b6d3b80_23.wav", "text": "As soon as we know, I'm sure that we're going to -- we'll tell everybody. But that is still ongoing, so I'm unable to comment on that.", "duration": 10.35}, {"path": "3416f142ad06359966636184f66e87c5_14.wav", "text": "describe that to shareholders because there are a number of really good opportunities, but unless and until one of them comes off", "duration": 10.35}, {"path": "f4d0f1362716be33f02690dd1a8df663_63.wav", "text": "To support that effort, we are investing in our production network, including the earlier mentioned realignment of our production bases in Japan.", "duration": 10.35}, {"path": "e3d70ecdb6aaed843dd059c121962e45_49.wav", "text": "of any of the options within the network. So that's about what we can share right now. And we're very excited about it because that is different from, historically, where we would get a network and", "duration": 10.35}, {"path": "4e04d3229b988f1db5b842ac5b993894_105.wav", "text": "While we expect some early termination revenues in 2017, the impact to average rig revenue and margin per day is not expected to be significant.", "duration": 10.35}, {"path": "4e04d3229b988f1db5b842ac5b993894_20.wav", "text": "by the agreements that we worked out with customers, who needed additional spreads where we were able to get within that target range of 20% to 30% for that incremental spread,", "duration": 10.35}, {"path": "bab12f620df0f367e74acdcc467686f1_67.wav", "text": "While we have continued to deliver strong growth in the New York area, nearly half of this year's Building Construction profits are expected to come from outside of New York.", "duration": 10.35}, {"path": "bab12f620df0f367e74acdcc467686f1_20.wav", "text": "fairly confident that organic growth would come back to the business in the latter half of the year based on what we were seeing in the market, based on wins, based on backlog. And", "duration": 10.35}, {"path": "65b48a7260ef038ff1bec3cc200331c3_65.wav", "text": "Thank you, Richard. We are proud of the progress we've made in the third quarter in a difficult operating environment and are focused on the opportunities that lie ahead.", "duration": 10.35}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_116.wav", "text": "First, we built significant backlog in the first quarter, but the timing of product shipments may result in revenue being pushed out as we experienced in the first quarter.", "duration": 10.35}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_68.wav", "text": "a small increase in other income and a tax benefit, were enough to reduce our net loss in the first quarter of fiscal 2017 versus a comparable year-ago period.", "duration": 10.35}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_47.wav", "text": "which we were pleased to deliver in today's challenging markets. Higher revenues in Global Power and Global Services helped to cover a shortfall in Industrial Environmental.", "duration": 10.35}, {"path": "c1d916407f390d20e9d8f9b453e22435_31.wav", "text": "as trucking is becoming cost. So I think the inflationary cost question is always going to be important. I think we have a good outlook on it, but those things can move at any time. So I think", "duration": 10.35}, {"path": "9b93af1e7019959620214c387f283d8e_100.wav", "text": "the other half on longer sales cycles based on indications from the prospects. The former represent about 2.4 million invoices per month in new volume.", "duration": 10.35}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_154.wav", "text": "in Ag that we've spoken about, which is very positive from an overall earnings and strategic direction but did add some additional fixed cost to us", "duration": 10.35}, {"path": "e2c02e1788cb10703d7611ef157f8135_104.wav", "text": "It just becomes a lot of noise. You have to know your customer a little bit better, know what they're buying and target the offers to particular categories that they're interested, or target, if", "duration": 10.35}, {"path": "e2c02e1788cb10703d7611ef157f8135_186.wav", "text": "Our key private brands, which were involved in our speed initiative last year, achieved a low single digit positive comp in total for the fourth quarter.", "duration": 10.35}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_47.wav", "text": "Additionally, we saw a very good momentum in Colorado and continued high growth in our destination markets, which combined represented over 70% of our total unit growth.", "duration": 10.35}, {"path": "70c92ab88d38f489d5074f2859e0290e_6.wav", "text": "As we look forward to the opportunity fiscal 2019 presents, we will continue to execute the formula that delivered the improvements we realized over the past year.", "duration": 10.35}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_250.wav", "text": "Looking at cash flow. The chart shows the reported EBITDA evolution into operating free cash flow, and then the utilization of that cash generated.", "duration": 10.35}, {"path": "2b626b620ef42f716c6028c74ee4187b_62.wav", "text": "opportunities now put on the side? And I really don't want to steal your thunder regarding the Investor Day, but are you still open to opportunities", "duration": 10.35}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_104.wav", "text": "And we haven't really set up Teekay Parent so that it can act really as a warehouser going forward. So that is certainly not our preference", "duration": 10.35}, {"path": "c5c7a9f409241412b160a93cde7ef630_170.wav", "text": "On a year-over-year basis, we experienced revenue growth in Tennessee and Arizona due to a full quarter impact of the new and expanded contract with those states,", "duration": 10.35}, {"path": "c3567809c19ce6a800677544cd84f88b_160.wav", "text": "We will use time-limited innovations to meet specific consumer opportunities. And we will focus on productivity to continue to expand margin.", "duration": 10.35}, {"path": "c3567809c19ce6a800677544cd84f88b_35.wav", "text": "But mentoring doesn't need to be in a physical space. This month, we launched digital Johnnie Walker mentoring to engage consumers in a totally new way,", "duration": 10.35}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_21.wav", "text": "and you'd actually end up probably falling short of revenue and falling way short on earnings. That should sound familiar to you because it's a picture we've all seen many times in our career.", "duration": 10.35}, {"path": "26119288a71567b572f1d8b551e397cb_26.wav", "text": "So if you really look at these 3 products, while I cannot talk to you about the immediate relative contribution, but I can speak to you in the -- when the product cycles are fully set in,", "duration": 10.35}, {"path": "ef44080b170ca6366a6d3132d0baf11a_59.wav", "text": "Okay. So we should see, like when we look at sort of going out in 2Q versus 1Q, outside of any investments, we should expect that number to further drop down into the second quarter", "duration": 10.35}, {"path": "ef44080b170ca6366a6d3132d0baf11a_17.wav", "text": "and the favorable variance related to the mix of total liabilities more than offset the increased cost of interest-bearing deposits, serving to hold the total cost steady.", "duration": 10.35}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_74.wav", "text": "I think, at the end of the day, I would say it's more in terms of alternative logistics to get us through until the Rhine can get back to an acceptable level to manage the typical traffic.", "duration": 10.35}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_25.wav", "text": "on the development of a new collaborative design methodology such as the EXTREMO platform, which will materially change the way we manage our projects,", "duration": 10.35}, {"path": "626da68f2b245869534a0316b8b6139a_32.wav", "text": "lies beyond sort of the known capital investments that you have outlined to us to date. And there's clearly, given the region and the hydrocarbon resource there,", "duration": 10.35}, {"path": "9e8690a521142359001a137074905535_49.wav", "text": "factor in how they've improved their costs. And then Esterline is an important source to a lot of people, so you've clearly had some pricing pressure along the way.", "duration": 10.35}, {"path": "9b697782ea80be97854f35d6fc62c93a_198.wav", "text": "We also reduced overheads by leveraging 0-based budgeting and other tools, and we're beginning to institutionalize our approach to cost management.", "duration": 10.35}, {"path": "9b697782ea80be97854f35d6fc62c93a_153.wav", "text": "Our supply chain reinvention initiatives remain on track. And we'll increasingly benefit from the upgraded infrastructure and capabilities that we're putting in place around the world.", "duration": 10.35}, {"path": "b3d7bc295d09d9927e465213612c0192_171.wav", "text": "Now the customers for the most part have pulled back their forecasts from how we started the year, and with the pulled back forecasts and what we know of our business and our own judgment on the customers' forecast,", "duration": 10.35}, {"path": "b3d7bc295d09d9927e465213612c0192_107.wav", "text": "However, in addition to that, there is strong drive in the company to increase our served market. And in doing that, it's looking at", "duration": 10.35}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_205.wav", "text": "those technical resources that I referred to in I think the first question are part of the big differentiator and why we're able to help grow the cloud the way we have", "duration": 10.35}, {"path": "a1329d5014382fed182ec42276821868_175.wav", "text": "And based on that and the growing resource base we have across the country, generally -- company generally, I would say that we were very optimistic in terms of", "duration": 10.35}, {"path": "82f5253b62614161333b038f5f9700f8_137.wav", "text": "I expect to start to see some of that as we get into 2017, but really accelerating probably realistically towards the back half of '17 and into '18. So I think it's just", "duration": 10.35}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_197.wav", "text": "We expect our Western export log sales volumes, both Japan and China, will be lower in the second quarter due to the timing of shipments at the end of the first quarter.", "duration": 10.35}, {"path": "da879f8ea1c23aa6565cccaacac271fc_289.wav", "text": "that line double in size against a revenue base that's only gone up maybe 50%. And I'm wondering -- and I know you're in an investment phase here, but", "duration": 10.35}, {"path": "da879f8ea1c23aa6565cccaacac271fc_274.wav", "text": "The combination of these factors is expected to result in first quarter non-GAAP EPS approximately 10% below the fourth quarter", "duration": 10.35}, {"path": "059024560d9d1039cf08746ee7393114_109.wav", "text": "I see. And then we saw, obviously, some improvement in the revenue trends in the first quarter, but there are other publishers that have indicated a little caution", "duration": 10.35}, {"path": "369789f0d39dbf62298be2aa807ff8ee_107.wav", "text": "wanted to say is that we are in a very unique position at Yamana because we have in our portfolio have perhaps different from a lot of our peers,", "duration": 10.35}, {"path": "dffe8257f781608bb17bb637249e4d2a_299.wav", "text": "Zimbabwe is scheduled for October 2017. These investments have positioned us favorably to support the growth in clients,", "duration": 10.35}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_144.wav", "text": "that they were interested in taking on and renovating. So that's part of why the numbers are not aligning as well as for the reasons Frank mentioned.", "duration": 10.35}, {"path": "433a6e203f9db93835c27ff83e86c801_213.wav", "text": "On a product line basis, motive power was even, while reserve power was down 3%. Now a few comments about our adjusted consolidated earnings performance.", "duration": 10.35}, {"path": "7cc11de7f206c637e6293da0d956405e_175.wav", "text": "and we can put that out there and satisfy a need that they may go elsewhere to satisfy, we're absolutely going to do that, right? So this one is about just being unbiased, independent", "duration": 10.35}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_158.wav", "text": "Obviously, it's been trending much better than that. So just wondering, is that math right? Is there reason for that other than just conservatism and that a lot of the holiday is still ahead of us?", "duration": 10.35}, {"path": "94f913b974baab79fb636f6521170dd7_71.wav", "text": "for a private litigant. Think about the thousands of nutrition club owners that opened and failed or were misled about that opportunity. That's another opportunity for private plaintiffs.", "duration": 10.35}, {"path": "1e32d5e01ff61f70b37850c473b9876a_76.wav", "text": "Andrew, you highlighted the Leadership Grant Program and Forbes as drivers of enrollment. Any other examples you could call out in terms of the newer programs that are moving the needle for you", "duration": 10.35}, {"path": "1689b94530eca82b7758c86b4cf3125f_29.wav", "text": "The migration of Northeast Division customers to legacy Cable ONE's more robust billing system will provide a more consistent customer-centric experience", "duration": 10.35}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_14.wav", "text": "In addition to Rova-T, we have 4 Stemcentrx assets in the clinic, and we are on track to transition several additional programs into human trials this year,", "duration": 10.35}, {"path": "7498a6630302a038bd537d192c3a44f4_196.wav", "text": "change in your sourcing costs as a result of the improved liquidity? And then also, along with that, are the compliance costs", "duration": 10.35}, {"path": "af00f4e7b63ee843a3d203f982fac701_11.wav", "text": "We're in the early stages and making solid progress in transforming a traditionally transactional and unpredictable software business model into a recurring revenue business", "duration": 10.35}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_18.wav", "text": "not because of all the acquisitions that have taken place over the last 5 years, it really is just as simple as rethinking how we do things and how we operate our business. And when you combine the high single-digit rebased growth", "duration": 10.35}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_235.wav", "text": "could you maybe speak to the quality of the new client opportunities for this year? Because the past, say, 12 to 18 months or so has had a fair share of unique circumstances, that", "duration": 10.35}, {"path": "b126c31149f1cadf1d891082a187d6fc_152.wav", "text": "In addition to the expected reductions related to rebasing, coding intensity and the outlier fixed dollar loss adjustment,", "duration": 10.35}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_128.wav", "text": "and maybe even across the market would be helpful too. And then how should we think about the earning sensitivity of that jumbo portfolio given a pickup in refi activity?", "duration": 10.35}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_139.wav", "text": "overhead. And we weren't planning on providing any additional numbers on the call today, but we will be providing numbers, as I mentioned,", "duration": 10.35}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_149.wav", "text": "Finally, today's call is being recorded and will be available on the company's website later today. I will now turn the call over to Chris for opening remarks.", "duration": 10.35}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_42.wav", "text": "but they can also change from a handset subscription towards a SIM-only subscription, especially also because besides the effect of the", "duration": 10.35}, {"path": "64364105b816dd0b6a029e9cd210e65b_328.wav", "text": "We feel these decisions will reward our shareholders and derisk our business, all while maintaining flexibility and sufficient resources to proactively grow our business", "duration": 10.35}, {"path": "1300495cfa53748f732f54277d5a8cea_106.wav", "text": "Moreover, we're very excited about what you'll see in the floors in the back half of the year and believe that we will start to see an inflection point in our performance during the holiday season.", "duration": 10.35}, {"path": "407fee9910ab57874978cf85a89b1d9d_203.wav", "text": "where would you be -- where do you think this is going to go in terms of 2016? Are you more confident that's something that they can see reality and", "duration": 10.35}, {"path": "f5e9c69a92eb9179062673e044f8a53b_53.wav", "text": "And then as it relates to our tracking solution, the tracking solution actually has an opportunity here as the total cost of the project goes higher with these modules,", "duration": 10.35}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_184.wav", "text": "The flip side to that is when you're adding heads and you're not actually billing the client for those heads, it has a negative impact on productivity or revenue per employee.", "duration": 10.35}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_151.wav", "text": "we can check the box, and if we feel like we're in good shape there moving into next year, so strategic priorities around driving the business or just making sure we continue to stick to the fundamentals.", "duration": 10.35}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_64.wav", "text": "as of April 30, 2018. We continue to have ample capacity in our credit lines to handle our equipment finance needs.", "duration": 10.35}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_60.wav", "text": "So thank you again, and have a great day. And thank you, sir. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.", "duration": 10.35}, {"path": "b20564a6da1bcfc7b80552299d9e002a_164.wav", "text": "that we so urgently need in our culture in order to win in the field of smart devices, but honestly spoken, also in all other segments of our business.", "duration": 10.35}, {"path": "429bcf63d57c11ea4d8864560f521dba_153.wav", "text": "I came away convinced that our regulatory view is well on track. We expect to close still before yearend. And this is key because this short timeframe between signing and closing", "duration": 10.35}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_35.wav", "text": "some business, just because the stuff is new and it'll have -- associated downtime on that equipment should be less because it is brand new. So the customers tend to pay a premium.", "duration": 10.35}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_171.wav", "text": "that the additional bandwidth it's going to receive in the second half of this year will pay dividends, but it's -- we didn't get to this and our forecast and our belief for this is not a 10% business, but", "duration": 10.35}, {"path": "e3d039c554f5cc556071f83c93609e76_24.wav", "text": "We would like to remind you that webcast participants can beforehand pose their questions that are to be answered in the QA session.", "duration": 10.35}, {"path": "6f1b092b312410065d308541be46da95_301.wav", "text": "as they were doing construction and all that. So I think it's part of the customer focus we have. I think with Massachusetts, both in terms of existing charging stations, but also as we look at", "duration": 10.35}, {"path": "76b892bf017891d7028256847747227c_10.wav", "text": "We believe patience will generally be rewarded in this environment and that our approach is splitting distressed debt funds between an A and B structure is the right one.", "duration": 10.35}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_33.wav", "text": "We believe our recent track record of steady improvement in our financial performance will enable us to address our capital structure and provide us with additional financial flexibility.", "duration": 10.35}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_43.wav", "text": "to invest the time in promoting someone's molecule only to have it undercut by someone else or it's difficult to have the degree of", "duration": 10.35}, {"path": "bece1ee458b65656b484de51021c5219_42.wav", "text": "some low prices across several commodities that we operate on and also due to the seasonality where September is our leanest quarter for us in our business.", "duration": 10.35}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_122.wav", "text": "As I mentioned at the outset, 3 aspects of our quarterly health plan performance give us confidence that we can achieve our full year revenue goal.", "duration": 10.35}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_191.wav", "text": "We have an internal innovation team, which is looking at a variety of new product opportunities, 1 or 2 of which could be ready to go to market by the end of this year.", "duration": 10.35}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_199.wav", "text": "The YZ represents a significant milestone in our product development journey and will become the new flagship in our chiller portfolio.", "duration": 10.35}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_19.wav", "text": "Our solutions business, which as you know is primarily performance contracting, also had strong order growth, but this was against an easy prior year compare.", "duration": 10.35}, {"path": "77f146e76d89a5be785a39ab23dfa763_74.wav", "text": "In summary, due to the consistent high cash flow generation, we have many options to deploy capital to yield high returns for our shareholders.", "duration": 10.35}, {"path": "8ad0d5b5df75415c56ba590cad29489a_13.wav", "text": "Let's now turn to Europe. Importantly, given our expectation for growing demand, we shored up our platform in Europe through the acquisition of the remaining interest", "duration": 10.32}, {"path": "db6c253ba433d9a247219bb3f15da199_61.wav", "text": "that's -- those are the types of opportunities that we're going to be looking for in our privately held companies if the valuation from the value are appropriately leased at fair value.", "duration": 10.32}, {"path": "d819fc602f924dd226fb27a9d26007d2_26.wav", "text": "And so in those key markets where availability is becoming more and more difficult, then we begin to focus our efforts on redevelopment. And in most of those markets, we've got", "duration": 10.32}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_26.wav", "text": "And we also continue with our own innovation team in the background, looking at developing our own new concepts and new products that could be dripped into the mainstream business.", "duration": 10.32}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_144.wav", "text": "As respects our use of insurance to put out -- reinsurance to put out limits beyond what we want to take net,", "duration": 10.32}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_6.wav", "text": "These properties have been written down to net realizable value based on recent appraisals and will be resolved over the coming months with minimum exposure going forward.", "duration": 10.32}, {"path": "55d05334bdde612eb9dd102bb41d216e_76.wav", "text": "These strong results validate our strategic approach to value creation, and we believe that we will be able to continue to generate solid, long-term shareholder returns.", "duration": 10.32}, {"path": "8cb24daf76784487ad63780546dc4ba4_24.wav", "text": "brought together a lot of resources where we've had to analyze everything in that light. And I think we've moved down the road pretty well. But again, I think those are the key points.", "duration": 10.32}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_12.wav", "text": "This is primarily attributed to an unfavorable short-term shift in our mix of earning assets as we had higher balances of deposits held at other financial institutions this quarter.", "duration": 10.32}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_160.wav", "text": "What we expect is -- the worst thing that you can do, Jamie, when you buy somebody and bring them in is to kind of throw them into the middle of the bigger company", "duration": 10.32}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_2.wav", "text": "Now before getting into the specific third quarter highlights, I want to start by reiterating the strategic goals that we outlined earlier in the year and how they reflected in our results.", "duration": 10.32}, {"path": "1b91eb82f5211000e711424657cc2484_124.wav", "text": "Thanks, Mike. I know that's a lot to digest, but we really are just so excited about what this all means for our opportunity to continue to drive value for our shareholders going forward.", "duration": 10.32}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_52.wav", "text": "Once again, our results demonstrate the successful execution of our long-term strategy, which we believe serves both Cable ONE customers and our shareholders well.", "duration": 10.32}, {"path": "d085781ecd776da8a9c4d31ad547606b_122.wav", "text": "the one very good news there is that we have been able to sort of make an inventory of all the technology, all the technological projects", "duration": 10.32}, {"path": "145244b0378e6657d456cffca8bbc982_76.wav", "text": "and what we experienced in the spring of 2018 represents a catch-up on some of those deferrals. Customer indications suggest that we should see a relatively normal remainder", "duration": 10.32}, {"path": "39e5706898dcaf14a280b3a123877cd6_4.wav", "text": "This mixed growth model is already very efficient in Belgium, thanks to the far-reaching efforts led by", "duration": 10.32}, {"path": "fa45af64ef25007f998c655347bfbecb_347.wav", "text": "of utmost importance when it comes to future cost savings and potentially, a new conclusion of ACM on Significant Market Power,", "duration": 10.32}, {"path": "1b1699497be56330b3ed833f22bc63f6_124.wav", "text": "when I came into the company, January of prior year, we set targets where we want to get to and began building a business in order to get there. And Mike's been messaging that", "duration": 10.32}, {"path": "5f38ce681d4413a793d34a0650c59bf2_55.wav", "text": "In terms of the intellectual property surrounding XIAFLEX, there are a number of -- there's a number of patents that are -- that have been granted.", "duration": 10.32}, {"path": "cc82e791c065bdc271addf355bac274f_70.wav", "text": "this half year. So I would just like to hear from you about what has been your approach considering all of these facts,", "duration": 10.32}, {"path": "1133b8984db446b9c963a09eaf0785a4_64.wav", "text": "That's not the format that we would use. We would only buy something because we think it adds capability to our mix and it improves our ability to serve the customer.", "duration": 10.32}, {"path": "a24a661c2eb55542903c72391ec09f9b_58.wav", "text": "we built a strong body of evidence supporting the potential benefits of sparsentan. I'm pleased to share that we had a very constructive and insightful interaction with the agency.", "duration": 10.32}, {"path": "0f4370b614f29bd596e4f6871cc77864_141.wav", "text": "The early signs are that the combined elements of e-Builder, Viewpoint and existing Trimble construction software are performing on or above target.", "duration": 10.32}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_154.wav", "text": "We continue to see opportunity for growth, gaps to close with our peer group and a business that is poised to continue on a path and plan just as we've laid out in the past.", "duration": 10.32}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_242.wav", "text": "desperate for business. Same thing with equipment providers, materials providers and the rest of it, and it's a mix. Things are still pretty active in Houston and so we're not seeing much in the way of breaks there.", "duration": 10.32}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_100.wav", "text": "which is a good thing, we have issued into this challenged equity market for the last 2 quarters, creating at least a perceived overhang in the market for our equity.", "duration": 10.32}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_101.wav", "text": "a modeling and simulation perspective if you have a clear understanding what the drug in the single dose does", "duration": 10.32}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_66.wav", "text": "I mean, I honestly feel like this quarter was another extension of prior quarters. Now what we have seen is we've certainly seen, as we continue to move more towards recurring", "duration": 10.32}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_32.wav", "text": "We continue to benefit from credit spread tightening in our multifamily portfolio during the quarter as well as solid execution in our distressed residential portfolio.", "duration": 10.32}, {"path": "f4d0f1362716be33f02690dd1a8df663_82.wav", "text": "thereby increasing sales and profit from each core brand and strengthening each brand's foundation while expanding its reach.", "duration": 10.32}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_1.wav", "text": "provide additional analytic tools to understand our operations. Tables that reconcile non-GAAP financial measures to GAAP results are also included in our earnings release issued today.", "duration": 10.32}, {"path": "e3d70ecdb6aaed843dd059c121962e45_101.wav", "text": "We talk a lot about United, Optum is in the process of buying DaVita's Medical Group. I know lots of that medical group practice", "duration": 10.32}, {"path": "bab12f620df0f367e74acdcc467686f1_157.wav", "text": "we've got execution to do on the real estate, and we have a track record of executing quite well. We've taken out 205 locations and consolidated them", "duration": 10.32}, {"path": "40e11288ea7cb86fdf307dbe648142e3_172.wav", "text": "All the progress we made maintaining and acquiring new customers is paying off, and we expect this to continue in 2018 as the market continues to improve.", "duration": 10.32}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_86.wav", "text": "we are anticipating that the impact of the lower tax rate would be almost entirely offset by the actions we will take to reinvest this benefit in our employees and our businesses.", "duration": 10.32}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_1.wav", "text": "Revenues in both U.S. and international irrigation were modestly improved in the quarter, while infrastructure revenues were substantially higher than the same quarter of last year.", "duration": 10.32}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_52.wav", "text": "We believe that we are well-positioned, both from a human capital standpoint, a balance sheet standpoint, and a real estate standpoint", "duration": 10.32}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_13.wav", "text": "and quickly catch up on that backlog both in terms of frozen access conditions that we're seeing right now and more importantly access to our services.", "duration": 10.32}, {"path": "7215c9d7a1158d3a944b609dd4b653a9_26.wav", "text": "Okay. Do you have a view on what Chlor Alkali operating rates were for -- were in China last quarter and maybe where they are today?", "duration": 10.32}, {"path": "a8b43081254547419da7462d9c957d61_247.wav", "text": "Yes, this is Billy Helms. I think what you're seeing is a result of the increased activity there in the Delaware Basin relative to the overall program. We're drilling", "duration": 10.32}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_118.wav", "text": "not only have we integrated these crucial acquisitions at the right time for us, but we believe that we also have the skills to actually drive them higher.", "duration": 10.32}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_191.wav", "text": "I personally don't think they're related to our move to Connected 4 Growth, which is absolutely needed and certainly will put the company in a better position as we move forward.", "duration": 10.32}, {"path": "6b3df032b804a1a371d25e1eef019c4a_75.wav", "text": "So now we do not set prices centrally in the bank, meaning that that is left to the branch offices to do", "duration": 10.32}, {"path": "6a372ea97b0b130a4d37f16b54d97909_170.wav", "text": "Yes. With regards Strategic Accounts, and I've said this many times in the past, these are binary, and they typically happen at the end of the year. So while the team does have", "duration": 10.32}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_127.wav", "text": "as guests in the area are looking forward to next season at the newly improved Wilmot Mountain, as well as the opportunity to ski at our western resorts, all on the same pass.", "duration": 10.32}, {"path": "e271ed845347e9c930ab0a44eb7785da_13.wav", "text": "Okay, that's my report. Thanks, Jeffery. Next, I would like to respond to some of the questions raised by", "duration": 10.32}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_222.wav", "text": "CAP reported 11% revenue growth after adjusting for 35 points of streamline activities and FX, with China revenue growth once again in the high teens on the same basis.", "duration": 10.32}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_19.wav", "text": "Improving our recovery process has been a strategic focus throughout this fiscal year, as high recoveries benefit cash collections and reduce loss rates on our allowance for bad debt.", "duration": 10.32}, {"path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_15.wav", "text": "So what we look at from an acquisition point of view that is the add-on, bolt-on character that will happen from time to time, so sort of when", "duration": 10.32}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_46.wav", "text": "The next major investment, the first tranche of that really starts to impact our results in 2018. And certainly, the driver", "duration": 10.32}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_188.wav", "text": "So it depends on the nature of the fixed cost. So you're right. You do not -- you don't need the second analytical lab. But as you grow with the different consumer trends,", "duration": 10.32}, {"path": "82131762fc1c2b2358ac3a167666ab87_79.wav", "text": "What we're trying to do is -- which is obvious, is we're trying to marry the best response rates and the best credit quality customers.", "duration": 10.32}, {"path": "b43c001c5af465d220ab0b69a95202ae_179.wav", "text": "Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines. Have a good day, everyone.", "duration": 10.32}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_108.wav", "text": "We will invest in Salt Lake City to be able to get to Tier 3 gasoline, and then we'll balance out the rest of our system to be able to be in compliance with it.", "duration": 10.32}, {"path": "9e8690a521142359001a137074905535_172.wav", "text": "I'll call out a couple of factors affecting the comparison. Incremental revenue from the DAT acquisition was partially offset by a negative impact from foreign currency.", "duration": 10.32}, {"path": "0e52a74a184c92ad0c336af764aa0796_99.wav", "text": "We continue to believe that DC Bead has very positive revenue potential for SciClone. Our development portfolio continues to progress", "duration": 10.32}, {"path": "21f21433851eb7c7f7dbc710309341bb_9.wav", "text": "Much of this merchandising also includes some subtle, but meaningful changes to our assortments. More focus on accessories and new categories like kids", "duration": 10.32}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_75.wav", "text": "The development of our tandem quadrupole Xevo platform has enabled us to meet the evolving demands for reproducible quantification capabilities for both small and large molecules.", "duration": 10.32}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_125.wav", "text": "We can go into a sister hospital and in many cases, it's across the street and wonder if they want to do the same thing in response to the bupivacaine shortage and they look at us like we just dropped out of a spaceship.", "duration": 10.32}, {"path": "0964318eac468a7034764a96efa8d788_46.wav", "text": "In cases where it is understood that forward-looking statements are no longer achievable, such matter will be announced to the public and the statements will be revised.", "duration": 10.32}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_33.wav", "text": "would be a higher priority for us going forward. And so as I said, I think there'll be significant excess cash that will build up over time. And", "duration": 10.32}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_61.wav", "text": "And while we saw a slight decline in lease-related demand, decline was partially due to the Easter shift, and we expect leisure to improve in the second half of the year.", "duration": 10.32}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_173.wav", "text": "Now I'd like to provide an update on our capital recycling efforts. As announced on our last call, we closed on the sale of the Hilton Berlin during the second quarter,", "duration": 10.32}, {"path": "3877b1983229ec488c6349a188bccf92_175.wav", "text": "as Old Parr declined due to recent tax increases in Colombia and continued declines on Windsor due to scotch category contraction in Korea", "duration": 10.32}, {"path": "8635f950dc44da3fcad542b2c066bedf_169.wav", "text": "is very, very, very competitive. And so our bankers have been very disciplined about keeping as much price and getting paid for risk as we could.", "duration": 10.32}, {"path": "80a2ca14358172366acab4e80f3fa33b_14.wav", "text": "On the offset of that, we actually made an acquisition earlier in the year. So you asked a question about inventory. I don't know if it was for China,", "duration": 10.32}, {"path": "01b376669d5ea40acc7fb5a87503586e_99.wav", "text": "compared with the third quarter of 2015. The decline was due to continued weakness in upstream natural gas processing, petrochemical and LNG markets.", "duration": 10.32}, {"path": "97b9c8b95449565c1f280a2b61a65b31_76.wav", "text": "Forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed at length in our press releases as well as our SEC filings.", "duration": 10.32}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_50.wav", "text": "We believe that our ability to attract and retain customers comes in from our ongoing commitment to understanding our customers' business performance requirements, and further,", "duration": 10.32}, {"path": "884400c829f179d8cf68b767f45f03a4_145.wav", "text": "and ongoing high-quality training to handle future technician requirements as vehicles become more complex with the increased adoption of technology.", "duration": 10.32}, {"path": "1353031386f884a821e7e9bab449727d_101.wav", "text": "emerging markets, like Latin America and Southeast Asia. Those markets tend to be a little bit more expensive for us as we continue to invest to see the growth.", "duration": 10.32}, {"path": "b126c31149f1cadf1d891082a187d6fc_164.wav", "text": "if there are any deficiencies, if there's any area where the physician may have missed a signature or there may be some missing", "duration": 10.32}, {"path": "ff898f396d49760343d08575ea773b54_241.wav", "text": "for your Chinese JVs, and I think you're -- you and your team have expressed a bit of frustration of that apparent lack of value implied", "duration": 10.32}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_99.wav", "text": "in mass, specifically in club, and then in selected grocery customers across the country. That affected our volume significantly in both May and June.", "duration": 10.32}, {"path": "812d8f09b72b4d410d138d3b24caebbc_75.wav", "text": "So again, strategically, when we acquired Stelmi several years ago, we intended to build capacity first and then try to expand that capacity to other regions.", "duration": 10.32}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_112.wav", "text": "Got it. Great. And then looking to Texas, just wanted to get your outlook on when you see that market bottoming out", "duration": 10.32}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_129.wav", "text": "larger projects. As you said, the revenue share is larger that's why there should be some room to grow further in the next 2 years.", "duration": 10.32}, {"path": "9fb4423a70358ef22be9982299969f7a_233.wav", "text": "to maintain competitiveness. One of the big advantages we think we have and one of the reasons we don't believe necessary that the Amazon threat becomes a", "duration": 10.32}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_81.wav", "text": "We have had a variety of customers discuss this very issue with us. And I expect, with each passing month, as we draw nearer to the deadline, that concern will more fully manifest itself.", "duration": 10.32}, {"path": "323193895e800e72960d98dd5fb64cf5_67.wav", "text": "Well, what's happening here is we need to spend more resources in delivering some of the large digital transformation projects,", "duration": 10.32}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_68.wav", "text": "So we're very excited about the ongoing portfolio transformation and continue to look for other opportunities to advance our profitable growth strategy.", "duration": 10.32}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_127.wav", "text": "We expect a continued acceleration of the underlying trading operating profit margin in the second half, supported by further progress with our efficiency programs,", "duration": 10.32}, {"path": "96488f25af54f91198b444e5eff8e878_77.wav", "text": "We remain focused on increasing earnings, producing strong cash ROE and delivering sustainable operating cash flows. We continue to successfully execute our disciplined growth strategy,", "duration": 10.32}, {"path": "6cbf592846662213258684c3049e4592_47.wav", "text": "the -- even some of our sell-throughs right now are strong. And our positioning with some of our customers for anniversary events and you name it also looks pretty good. So", "duration": 10.32}, {"path": "b20564a6da1bcfc7b80552299d9e002a_62.wav", "text": "But we should not forget that these acquisitions are bringing -- what these acquisitions are bringing beside the pure business opportunity, and this is an immediate effect.", "duration": 10.32}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_36.wav", "text": "are compensated and care about that see it. So we're going to get our momentum back, but it's not going to happen as quick as we had hoped. The realities on the ground are what they are.", "duration": 10.32}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_4.wav", "text": "We look very different today than 5 years ago. For example, clinical and technology professionals are the first and third largest job categories across UnitedHealth Group.", "duration": 10.32}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_221.wav", "text": "So we're fully staffed, we're ready to serve the customer. And when the job sites aren't open because they're flooded or because of significant rain, we incur that incremental cost without the sales.", "duration": 10.32}, {"path": "77423f08f0208d476dea73c639f6293a_178.wav", "text": "creates opportunities for us in a lot of ways, but there's not -- we're not looking to start swapping with folks to create a different kind of portfolio.", "duration": 10.32}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_8.wav", "text": "evaluated to be approximately 3.3 turns per year. Higher levels of inventory were primarily related to an increase in raw material inventory,", "duration": 10.32}, {"path": "7bac04f03928ee8894ab00007116400b_33.wav", "text": "of who we are and where we come from and involve that and make it current for today and have better authentic style, better quality and be more relevant,", "duration": 10.32}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_135.wav", "text": "As we've highlighted in the past, the ability to adjust platform interest rates based on economic conditions, credit performance or investor appetite is a key benefit of the marketplace model,", "duration": 10.32}, {"path": "3ae068efa03cd088f4d3edea682f199f_173.wav", "text": "Fourth, we are resetting our culture to one based on accountability, more engaged in empowered employees, in close collaboration with our customers.", "duration": 10.32}, {"path": "76b892bf017891d7028256847747227c_99.wav", "text": "and remain a rare occurrence, not least because QE is supporting credit fundamentals and providing cheap funding to the region's banks.", "duration": 10.32}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_209.wav", "text": "Right now, we've lost a lot of that market. We intend to get it back. So I -- it's hard for me to answer you in percentages.", "duration": 10.32}, {"path": "b35398859e534e471fb1cd60f5baac20_142.wav", "text": "is redeveloped space that includes pre-builts and white boxed full and partial floors ready for lease-up.", "duration": 10.32}, {"path": "9cd9b67e289e807d677aabc5765fec6a_170.wav", "text": "But I've learned from experience that that's not the case. So the fact that we had retirement slow down a little bit was not a particular surprise here.", "duration": 10.32}, {"path": "0b7afb66a39a4c81151309bacc830c60_45.wav", "text": "increase in net insurance service revenues was the result of our repricing efforts and claims activity tracking to our trend forecast.", "duration": 10.32}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_129.wav", "text": "and utilize our cash flows and available facilities to fund our ongoing capital and ongoing operational requirements.", "duration": 10.32}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_21.wav", "text": "Equally important, we made strides in how we manage the business. Our management team is now established and organized to effectively implement best practices.", "duration": 10.32}, {"path": "97ddc19ecb28bab2d19fd3b181182062_106.wav", "text": "As always, we will continue to monitor our performance at all of our businesses, not just those servicing the energy market and take appropriate actions as warranted.", "duration": 10.32}, {"path": "96488f25af54f91198b444e5eff8e878_88.wav", "text": "Okay, great. And then just a question on acquisitions. I feel like this question gets asked to every lessor on every conference call, but given that there have been fleets more recently that have been put up for sale", "duration": 10.3199375}, {"path": "a20052a04bcb5b7b8d242a21c859550d_135.wav", "text": "basically, all the manual entries that we do now that are subject to any kind of human error and require massive amounts of review time will all become automated.", "duration": 10.29}, {"path": "0d631e444d1c22f0be99a69f5deaff94_33.wav", "text": "The launch of that and also the opportunity to make your relationships perhaps more sticky through that portal?", "duration": 10.29}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_57.wav", "text": "While we do not provide earnings guidance, our fourth quarter is generally our strongest quarter, and we believe that it is likely to be the case this year as well.", "duration": 10.29}, {"path": "3557b21a45c35e71e82cc43b19977855_147.wav", "text": "So can you help just me understand what that comment meant and help me square that with your comment earlier that business activity has started the year pretty well for you?", "duration": 10.29}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_210.wav", "text": "segment where Tele2 and T-Mobile are very aggressive leveraging the low utilization in their network. And that's also the reason why we have taken the decision", "duration": 10.29}, {"path": "95962e0f754f9e2f786778c85d0913b8_138.wav", "text": "increase our cost basis as a result. And so whether or not we could actually have the metal prices pegged to the ASPs of batteries,", "duration": 10.29}, {"path": "2602edddc3363eadcaafe1c33271f3e4_170.wav", "text": "These changes conform to recent regulatory precedent and optimize our opportunity to have both doses labeled with very competitive efficacy and safety results.", "duration": 10.29}, {"path": "232edaebd93a3d8673bce183d269ad6d_46.wav", "text": "As far as the approval process goes for the repurchase, the regulators asked us to submit a plan at", "duration": 10.29}, {"path": "7e14890193df4b10e1eeab6ab886529f_208.wav", "text": "We're focusing on developing even more ways to share and celebrate and learn from each other and to energize each other. Possibilities there are endless.", "duration": 10.29}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_246.wav", "text": "The change in commission rates triggered a considerable number of new group bookings in the first quarter, largely for meetings taking place in 2020 and beyond.", "duration": 10.29}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_104.wav", "text": "Importantly, the capacity at these terminals has been contracted the same way we contract capacity at our other terminals.", "duration": 10.29}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_49.wav", "text": "I'd like to briefly remind everyone about our firmly committed terminaling services contracts, which underpin the stability of our cash flows.", "duration": 10.29}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_74.wav", "text": "Of course, the corresponding loss ratio is in the 20s or 30s. The same is true of some of our risk-managed business within Commercial Specialty.", "duration": 10.29}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_89.wav", "text": "This growth was somewhat offset by lower premium in Argo REIT due to increased competition. Having said that, we do see some signs that the market is bottoming.", "duration": 10.29}, {"path": "3121e8f4a75758834d32a9e4e0555221_120.wav", "text": "is this the margin you thought you were going to have when you came into the year? Or are you -- is the margin a little compressed versus what you thought when you came into the year?", "duration": 10.29}, {"path": "3121e8f4a75758834d32a9e4e0555221_137.wav", "text": "but we have reasons to be optimistic. While bad news in the Commonwealth continues to capture headlines, many of the underlying developments tell a more positive story.", "duration": 10.29}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_19.wav", "text": "It'll keep looking good if we keep up with this hot weather. But Robert, you know that this weather normalization is a little bit more of a art than a science.", "duration": 10.29}, {"path": "6d02f116f1ae8575d9b916f1429454eb_4.wav", "text": "While increased storm activity continued during the third quarter, including impact from Hurricane Florence, the effect on our territories was modest compared to expectations.", "duration": 10.29}, {"path": "145244b0378e6657d456cffca8bbc982_69.wav", "text": "I'll remind everyone that remarks made during this conference call will include some forward-looking statements. The company's actual results could differ materially from those projected.", "duration": 10.29}, {"path": "145244b0378e6657d456cffca8bbc982_39.wav", "text": "The double-digit organic revenue gain was the primary driver to improved results, as significant improvements were noted in each of our 3 largest European operations.", "duration": 10.29}, {"path": "4032bfdd59881fc6506c082737cb5a99_108.wav", "text": "That said, there should be no further adverse capacity impact over the remainder of the construction cycle, and we expect the renovation of the Javits Center will deliver benefits to us longer term.", "duration": 10.29}, {"path": "4032bfdd59881fc6506c082737cb5a99_89.wav", "text": "winter sports industry, and we'll find some customers that will be in the November show and some customers that will be in the January show. I don't think the market in the future will see them as separate", "duration": 10.29}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_153.wav", "text": "We remain cautious in our review of opportunities, but -- and currently expect our pace of convenience store acquisitions will moderate from last year.", "duration": 10.29}, {"path": "d5c338a956681dbb2170472253a29b85_109.wav", "text": "from various items mainly from a slight increase in the DSOs in some countries and we are working with that. And also from some", "duration": 10.29}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_5.wav", "text": "Our third quarter results included considerable strength in mass cytometry in both instruments and consumables, but with a decline in our microfluidic genomics business.", "duration": 10.29}, {"path": "1133b8984db446b9c963a09eaf0785a4_187.wav", "text": "and those types of things that are molded from this polypropylene for cars. So we're -- what we're experiencing really is across-the-board decreases in the customers where", "duration": 10.29}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_73.wav", "text": "Even though we are in the season of the year prior to summer when alarm sales tend to naturally increase, this growth is far ahead of the average growth of the industry in this region.", "duration": 10.29}, {"path": "403903eb119bfc1cec44d86ec907077a_74.wav", "text": "like your ability -- you still have an ability to grow your net retrans between now and 2020? We do. We do.", "duration": 10.29}, {"path": "403903eb119bfc1cec44d86ec907077a_3.wav", "text": "Our local network broadcast content is an integral component at even the most basic tiers of service as well as all the virtual MVPD packages. As a result,", "duration": 10.29}, {"path": "a44c74bdc01aa7e317addc11f2274e11_14.wav", "text": "Currency headwinds in several of the foreign countries in which the company has operations, which had negatively impacted prior quarters, abated in the second quarter.", "duration": 10.29}, {"path": "f314d55f20e7186f4cd0e41e32ec144b_49.wav", "text": "Our plan is to be fully up and running in these premises by very early 2019, and we expect cash payback on the investment in about 5 years from then.", "duration": 10.29}, {"path": "e649ca4cf7eeb63f0bc30b231a94a014_106.wav", "text": "would allow us to test the market and see its adoption and hopefully, will lead to higher and better yields for us. If it works and the adoption for data set improves,", "duration": 10.29}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_89.wav", "text": "excuse me, as mentioned previously, we project a decrease in our inventory investment over the balance of the year. Hence reducing our working capital investment and freeing up funds for alternate uses.", "duration": 10.29}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_3.wav", "text": "Our team has made excellent progress on the strategic priority of building a world-class deployment capability. These efforts have directly resulted in our successes to date,", "duration": 10.29}, {"path": "07d30eec04a77191950ef0992d097daf_35.wav", "text": "And as we just think about the energy portfolio and reserves around the energy portfolio, and I know there's some questions about whether we released reserves or", "duration": 10.29}, {"path": "07d30eec04a77191950ef0992d097daf_151.wav", "text": "Any more color on this? And I think you mentioned a few minutes ago that there could be some higher syndication fees in 4Q. I'm curious if this is energy related.", "duration": 10.29}, {"path": "f4d0f1362716be33f02690dd1a8df663_121.wav", "text": "Overseas business is another growth domain, but as you can see, the road hasn't been entirely smooth lately.", "duration": 10.29}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_126.wav", "text": "we did have elevated NRCs. They were higher than we expected, but really the point I want to make here, they should be transitional in nature.", "duration": 10.29}, {"path": "002d12258ff802d65f79ae2eef99e4ab_81.wav", "text": "Incremental strategic investments lowered margins by 70 basis points in the quarter. As we indicated during our December outlook meeting,", "duration": 10.29}, {"path": "b96165244f010b3f1e61cbbc5e504d96_76.wav", "text": "First one is, did we make progress from the previous quarter? The second one is, do you feel confident now with the supply you have to service your current customers? And the third one is,", "duration": 10.29}, {"path": "02825b6f22019c60be741d7e45b63f9d_55.wav", "text": "If you look through these 2 major items, our earnings and net operating income are basically flat with last year's June quarter,", "duration": 10.29}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_46.wav", "text": "So the end game would be that we would keep the best of breed in equity fixed income and passive and develop the multi-asset capabilities along with that.", "duration": 10.29}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_122.wav", "text": "and ensuring that we do everything we can through our -- with our Corporate Trust business to leverage all the relationships that we have for those people that make the decisions on who the trustee is going to be.", "duration": 10.29}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_133.wav", "text": "are not going to -- they're going to obviously proactively invest to grow their business. They won't proactively invest in environmental equipment unless they see a regulation that forces them to do so.", "duration": 10.29}, {"path": "58ff8a727ec4f3859407b64f08246759_171.wav", "text": "Japan is a great example of thinking through how do you do these TAM calculations because we'll see what the mix is with regard to laparoscopy versus", "duration": 10.29}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_164.wav", "text": "which we have never included in our dealership business. We expect that to be hundreds of thousands of members a year, obviously, giving us new customers", "duration": 10.29}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_29.wav", "text": "But so I would say, the heavy lifting to get open is over, and now we are excited about the heavy lifting to crank this up into the type of revenue that we're used to.", "duration": 10.29}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_26.wav", "text": "What are the annualized benefits of those, the reduction in amortization and your change in pension accounting?", "duration": 10.29}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_285.wav", "text": "to look at things like what are the operational assumptions for our fleets, what's our assumptions around retirements, what are we seeing about what visibility are we getting on the cost of shop visits", "duration": 10.29}, {"path": "98f10f0935e5b778e888a1b8130a3d31_173.wav", "text": "we are operating in environments where cost savings require a certain prework, which is called a social dialogue.", "duration": 10.29}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_333.wav", "text": "The strong rand against the dollar in the same period resulted in lower rand reported finance costs on the year denominated debt at the holding company level.", "duration": 10.29}, {"path": "1968062b387ef01efed18108be2dc264_54.wav", "text": "We are committed to growing the business of our key suppliers and partnering with them to ensure that they achieve their volume and profitability objectives.", "duration": 10.29}, {"path": "7aeefd3f7f36ea98354844517c1f012d_5.wav", "text": "will begin to ease somewhat in the coming year. We also expect that reductions in our nondiscretionary capital expenditures should generate increased free cash flow", "duration": 10.29}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_33.wav", "text": "And we think that's the more sustainable way, which is what our investors are looking for, that we have sustainable cash flows going up.", "duration": 10.29}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_240.wav", "text": "but we have a lot of other areas, and there's a lot of energy around this subject, has been. And I think we're getting more effective at executing more quickly", "duration": 10.29}, {"path": "bd40628b97efec198825ccf910c7e27e_9.wav", "text": "will provide us a better platform on which ZALVISO can more easily follow after health care professionals are educated on and experienced with", "duration": 10.29}, {"path": "bd40628b97efec198825ccf910c7e27e_92.wav", "text": "we would expect a final decision as to approval for our DZUVEO marketing authorization by early third quarter of this year.", "duration": 10.29}, {"path": "526e0d5398a516831b49936c31a8ea1c_19.wav", "text": "We will continue to provide updates to these slides each quarter. And now Vince will walk you through a more detailed look at segments' earnings.", "duration": 10.29}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_79.wav", "text": "We will continue to drive growth in the Consumer Products Group by accelerating growth of our branded portfolio with innovation and targeted marketing.", "duration": 10.29}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_34.wav", "text": "The cancer field is big enough that we could make access to the platform available to others to optimize their vaccine platforms as well.", "duration": 10.29}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_243.wav", "text": "And we are increasingly willing to let things go and to lose an order, because we believe that the market is supported going forward.", "duration": 10.29}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_40.wav", "text": "I don't mean to give the impression that this challenge is behind us, because we're at the beginning of the upstream recovery, the downstream recovery is about a year old.", "duration": 10.29}, {"path": "9098e5640309f25da0d4dfa04789a36f_36.wav", "text": "It's important to note that our investments to bring new technology to market and to help large customers implement sizeable vision projects remain intact.", "duration": 10.29}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_71.wav", "text": "And then just in terms of long term, I guess you've never really stated a target leverage ratio, but", "duration": 10.29}, {"path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_119.wav", "text": "As we have explained in previous conference calls, the company is focusing on certain strategic avenues in order to achieve this transformation,", "duration": 10.29}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_25.wav", "text": "taking our plans and putting them into implementation. So we have a new leader that has taken over responsibility for our marketing business that joined just 2 weeks ago.", "duration": 10.29}, {"path": "948f025c16fce2bcb2909e610c9be557_140.wav", "text": "is the fruits of our labor for the last 3 years, just like you talked about with that farmer, the situation is,", "duration": 10.29}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_140.wav", "text": "and other regulatory fees on a net basis, consistent with how we have traditionally reported other pass-through items like sales taxes.", "duration": 10.29}, {"path": "571b0d30d88945a981006f24faa72cf7_41.wav", "text": "really very much in line with what we would like to see. We don't need these patients to have high blood pressures when they're lying down at night. In fact midodrine and droxidopa carry box warnings", "duration": 10.29}, {"path": "e2225d612a954a24e7e91c08215d7b51_114.wav", "text": "We remain committed to the buyback program, which we believe demonstrates our confidence in the business and commitment to returning capital to stockholders.", "duration": 10.29}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_104.wav", "text": "and this will create opportunities for Electrovaya. We are also pleased that our technology continues to gain recognition from key stakeholders.", "duration": 10.29}, {"path": "b3d7bc295d09d9927e465213612c0192_57.wav", "text": "the transfers, the value of the transfers against having capacity at some cost-plus model. And the capacity that", "duration": 10.29}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_143.wav", "text": "So I'm just curious, what do you think it'll take to actually get those new expansion projects going again? I'm just curious about the visibility you have around that ramp going throughout the year.", "duration": 10.29}, {"path": "059024560d9d1039cf08746ee7393114_98.wav", "text": "Placing the video in a fixed bar at the top of the page allows the user to continuously view a video embedded on an article page,", "duration": 10.29}, {"path": "dffe8257f781608bb17bb637249e4d2a_323.wav", "text": "I think that banks are a function, in many ways from a revenue point of view, of the underlying levels of activity in an economy that flows through our systems.", "duration": 10.29}, {"path": "dffe8257f781608bb17bb637249e4d2a_272.wav", "text": "We believe we are adequately provisioned on our defaulted book due to the restructures we have implemented, as well as the security we hold in the form of guarantees and other assets.", "duration": 10.29}, {"path": "92bf6fe090b6bc565cb500b688fd9173_115.wav", "text": "Stephanie, thank you. We'd like to thank everyone again for calling in this morning and for your participation on the call. And obviously, please contact me if you have any further questions. Thank you.", "duration": 10.29}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_24.wav", "text": "This is a robust growing category that has been around for years and is being accelerated by a deep launch schedule of new and evergreen intellectual property.", "duration": 10.29}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_95.wav", "text": "Okay, great. And in the past you've been able to quantify the approximate percentage of your operating EBITDA that comes from these retail royalties. Is that a number you can break out for us now?", "duration": 10.29}, {"path": "41c28201e80491c91e34488556721756_228.wav", "text": "Yes. So the color is there is really no color, which is to say if you were to go back over the course of the last 8 quarters and take", "duration": 10.29}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_250.wav", "text": "More times than not, they're not upheld at an individual level. So -- and I'm not going to speculate on what we think is going to happen in this one, we're going to get that answer fairly soon.", "duration": 10.29}, {"path": "0dec9a606303da3039d11eec4ec9bd86_247.wav", "text": "I just want to ask about retention going into the big selling season. How do you guys feel about retention going forward coming into the selling season here?", "duration": 10.29}, {"path": "e33785a294553de2a12d4463bf786744_242.wav", "text": "the Chilean economy, very much related to mining, and I would say there had been strengthening earlier but the Chilean economy still remains somewhat weak. I think the political situation there", "duration": 10.29}, {"path": "7498a6630302a038bd537d192c3a44f4_13.wav", "text": "For example, we have continued our efforts to improve in-stock positions on key categories like vinyl, engineered hardwood and engineered bamboo.", "duration": 10.29}, {"path": "2a7af3c66762ce608379005a3d7bfa96_17.wav", "text": "We've already received 1,500 containers that will be financed with debt. We're also investing in technology projects, including transportation management system", "duration": 10.29}, {"path": "5633fe3600ee04237bbb918c56341864_124.wav", "text": "because they don't want to be in a position to miss the opportunity to increase their recovery from these reservoirs by", "duration": 10.29}, {"path": "01b376669d5ea40acc7fb5a87503586e_114.wav", "text": "any pick up in that activity now that you've seen a little bit better conditions in energy markets?", "duration": 10.29}, {"path": "e522eff219f3eaa2c9b090dc12cad420_88.wav", "text": "With respect to our decision to suspend the dividend, we are mindful of our current performance, the current state of the marketplace", "duration": 10.29}, {"path": "b126c31149f1cadf1d891082a187d6fc_240.wav", "text": "if this program continues, it should ultimately supplant the work that is being done by ZPICs and also on ADRs and so forth.", "duration": 10.29}, {"path": "812d8f09b72b4d410d138d3b24caebbc_78.wav", "text": "But secondly, the beverage -- several of our beverage customers are seeing some softness in their demand. So as a result, they're actually pulling back a bit on inventory.", "duration": 10.29}, {"path": "243e9a046160bfbf82be702927a4df22_13.wav", "text": "which is currently scheduled as our second slickwater appraisal test in Area 2. We could also make this a 2-well pad instead of a single well as it's currently scheduled.", "duration": 10.29}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_221.wav", "text": "I'd say what's going on. I would -- mostly-- Downstream's a little softer than we had forecasted at that time. There's been some new business that we've had that's been delayed,", "duration": 10.29}, {"path": "e552924838fe493d3cc967dd0c5c4563_10.wav", "text": "We are also well-positioned to capture new polypropylene process licenses and continue to see high levels of activity in our licensing business.", "duration": 10.29}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_55.wav", "text": "the margins to create new offerings that will allow us to grow further in the future. So in fact,", "duration": 10.29}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_31.wav", "text": "Based on what we know today, we expect fuel and gain on sale to be headwinds in 2016, hopefully, offset by improvements in our utilization, especially in the second half of the year.", "duration": 10.29}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_158.wav", "text": "or reduce our chassis costs and improve container turns. This focus will ultimately help improve our overall Intermodal cost and improve our operating ratio.", "duration": 10.29}, {"path": "20489859070c48218db6ab0f5b6d2b05_15.wav", "text": "In Iraq, signs of increased activity are emerging in the north, with at least one major IOC expected to resume activity during the first quarter.", "duration": 10.29}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_43.wav", "text": "Okay, got it. And I don't know if you could mention the actual -- is it enough to be a couple of pennies or anything directionally? Or not yet, too early?", "duration": 10.29}, {"path": "323193895e800e72960d98dd5fb64cf5_93.wav", "text": "We actually think it's very attractive asset. So we wanted to maximize our ownership stake, but at the same time, not provide any capital.", "duration": 10.29}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_189.wav", "text": "As a result of this decision, a contract termination dispute has arisen, and we have recorded a pretax charge of 2.8 million during the quarter.", "duration": 10.29}, {"path": "c334e290beb657ee3efcb6b2f734c81e_12.wav", "text": "Ladder expresses its view of the commercial real estate market and of specific opportunities within it by making loans, investing in debt securities and acquiring real estate,", "duration": 10.29}, {"path": "902872913863de98d38e2936b846cf66_247.wav", "text": "The turn we are now seeing is due to a higher proportion of larger, more complex projects. And as such, can drive a longer lag", "duration": 10.29}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_27.wav", "text": "and solutions revenue and handset sales revenue is increasing and they are contributing a lot. Could you explain the reason why they are growing?", "duration": 10.29}, {"path": "933faa5ac159ab158506e2bc0f714977_129.wav", "text": "And I just want to understand kind of what the offset was, because it sounds like cost pressures are actually rather benign. Could you help us think through that a little bit?", "duration": 10.29}, {"path": "50eb350badadec6e4272b90684741c25_92.wav", "text": "expands our medical device capabilities and adds needed capacity to accommodate the significant demand from biotech and pharma clients.", "duration": 10.29}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_35.wav", "text": "We announced strategic partnerships with software vendors and a research institution to leverage SDN for the automation and advanced control of microwave networks.", "duration": 10.29}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_65.wav", "text": "historically and continue to believe that a target is not as relevant as making sure that we're maintaining flexibility. And so to the extent that", "duration": 10.29}, {"path": "10ad32c5e0559c879e032faaf3148ab4_108.wav", "text": "In addition, many of our plants are launching multiple off-highway programs. We have indications from our customers to expect this growth to continue, which will certainly benefit the segment.", "duration": 10.29}, {"path": "24c7526f6daca8e16ab91bea6124148a_21.wav", "text": "with that concept in the Flavors group, and I think, a lot of the execution of that, we're going to continue to see improvements on that in 2017. That is going to be key", "duration": 10.29}, {"path": "6f1b092b312410065d308541be46da95_51.wav", "text": "So we are expecting a letter -- an open letter from Ofgem this summer. What we expect that letter to include is basically a set of questions that they think should be asked", "duration": 10.29}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_174.wav", "text": "to create our ongoing foundation for growth. Finance drove our focus on operational efficiencies. Supply chain brought our new distribution network online.", "duration": 10.29}, {"path": "3ae068efa03cd088f4d3edea682f199f_254.wav", "text": "all of these provide us with a solid foundation for the rest of this year and 2018. Thank you for your time. Thank you for participating", "duration": 10.29}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_90.wav", "text": "But as we saw the complete magnitude of the freight and everything else and the really strengthening demand, we made some pretty significant moves here in May.", "duration": 10.29}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_58.wav", "text": "now course-correcting quickly and decisively. Together with the rest of the organization, we have set out to restore the Tile Shop way of doing business.", "duration": 10.29}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_73.wav", "text": "in terms of preserving our profitability. So this is a little bit what we are doing and we're thinking -- we think we are doing it well.", "duration": 10.29}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_305.wav", "text": "and the entire remodeling that has been done. Graham can unpack it further in addition to adding color to what he put in the presentation. Importantly, we are not throwing all of our eggs in one basket.", "duration": 10.29}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_128.wav", "text": "And you will recall that we typically schedule most of our annual maintenance shuts during the fourth and first quarter of the year when demand is seasonally slower.", "duration": 10.29}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_46.wav", "text": "using our data and received a very positive reaction. As a result of our improved audit performance and extended capabilities in analytics services,", "duration": 10.29}, {"path": "78cf0d3e40caba622d8914916f0f9146_177.wav", "text": "This expected decline was driven by lower volumes in the quarter and the subsequent higher allocation per unit of the fixed component of cost of goods sold.", "duration": 10.29}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_18.wav", "text": "show some priority customer segments and we have now aligned resources and organization to be able to serve this customer in a more efficient way.", "duration": 10.26}, {"path": "a0e8f9500edc41a227b8d67235bf7753_72.wav", "text": "Turning specifically to the fourth quarter performance. In Washington, we had a reasonably solid quarter despite the early harsh February weather", "duration": 10.26}, {"path": "92b48b365197c65ebf545a4c9dd1200d_156.wav", "text": "fully funded, season it for a quarter or 2 and then you're selling the conventional fees out for the gain on sale.", "duration": 10.26}, {"path": "b7d4858dcc1d9cf454416082b75a3429_86.wav", "text": "is to cut costs as far as we possibly can. Every penny is turned over before being spent here,", "duration": 10.26}, {"path": "ab861b81968e1b5fcb606ed886919d68_174.wav", "text": "Quite frankly, it's a question of cost. And if you run the historical analysis within our balance sheet besides that it has been historically,", "duration": 10.26}, {"path": "a95a220f118ae793c89d6d708e62cf8a_170.wav", "text": "we have, for sure, an upside here from the dollar in H1. So I hope this clarifies what guided us when we were adjusting the currency assumptions.", "duration": 10.26}, {"path": "94fdf7b24748a7706b1097482a0f363a_47.wav", "text": "until you get into the heat of battle. And so you have hopes and expectations perhaps through the bid season. And so as it played out in the first of the year, I think we found ourselves", "duration": 10.26}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_55.wav", "text": "Our decision to take a more conservative approach and commission the paper machine in stages to ensure a smooth ramp-up of production is what led to a slightly later startup.", "duration": 10.26}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_99.wav", "text": "This will be essential in the further development of 5G and decisions on when, how and where to deploy.", "duration": 10.26}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_58.wav", "text": "Our restaurant teams and field leaders are quickly responding to our recent pivot to simplify restaurant operations, and they are keenly focused on delivering an excellent customer experience.", "duration": 10.26}, {"path": "264e575b73bc2a485bee416c1ac10cee_97.wav", "text": "the overall market environment in Western Canada remains uncertain. We do not expect the elevated product support revenues of the first quarter to continue in the coming quarters.", "duration": 10.26}, {"path": "54558afacef9ab3010d5a57ac4feb664_105.wav", "text": "That, combined with a decrease in sales in the Culture business, which is a noncore business but it's a significant piece of the business today,", "duration": 10.26}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_115.wav", "text": "In Europe, the first quarter presented a challenging sales environment due to the combined impact of a mild winter across most of the regions which we operate,", "duration": 10.26}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_85.wav", "text": "In 2017, we expect to incur additional expense related to consulting, employee insurance and software licenses and advertising.", "duration": 10.26}, {"path": "123a9a590195f61aa739ee9b2dec4952_89.wav", "text": "that we were looking basically at different licensing agreement that were mostly related to 2 areas. One is the game features", "duration": 10.26}, {"path": "3180572bc2da758668c19200930e1bc4_228.wav", "text": "in the near term to have more of an asset generator would definitely be attractive and probably have", "duration": 10.26}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_135.wav", "text": "there were parts of the structures business that could be more capably managed outside of their company. Would you be open to picking up some of those factories or businesses?", "duration": 10.26}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_157.wav", "text": "putting that business on the path to the record performance it's achieving today and accelerating sales growth for the future. I can think of no one more qualified to lead Lear going forward.", "duration": 10.26}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_3.wav", "text": "And lastly, the current therapies are injectable, and patients and physicians tell us, an oral acute therapy will make a big difference in patients' lives.", "duration": 10.26}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_83.wav", "text": "As you can see from our financial results I just discussed, the company's performance continues to improve and we're all positioned to continue the momentum.", "duration": 10.26}, {"path": "8bbc2f54137b794265dfb01f1559868d_90.wav", "text": "How do you think about the opportunities there to kind of integrate practices and maybe drive similar types of test reduction pricing for their test", "duration": 10.26}, {"path": "c4dc8f962a85aa47af50f82845f550e2_62.wav", "text": "I'd also like to note that we have added a schedule, which summarizes GAAP and non-GAAP financial results discussed on this conference call, as well as key balance sheet and cash flow metrics", "duration": 10.26}, {"path": "0c18e4de44a4c891690654ba38479935_16.wav", "text": "contemplated beyond atopic derm and also if you could give us any sense as to how the overall milestones may be allocated? Should we think of those as", "duration": 10.26}, {"path": "7503d7356c13f095c26bfad29c5390c6_75.wav", "text": "Elsewhere in our Partnered Discovery segment, we've seen very encouraging progress. Novartis recently took another antibody from our collaboration into clinical development.", "duration": 10.26}, {"path": "6d02f116f1ae8575d9b916f1429454eb_12.wav", "text": "We're getting ready to expand this program. To date, more than 5,000 drivers have registered for the smart phone app in our pilot states of Ohio and West Virginia.", "duration": 10.26}, {"path": "2ab48b66e1cc1f2acc7d7a666a1d8541_135.wav", "text": "We believe that demand for IndiHome is huge, given the fact that Indonesia has more than 60 million household", "duration": 10.26}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_261.wav", "text": "All I have to do is satisfy your emotional needs. As for your physical needs, I can address them differently. However, noodles", "duration": 10.26}, {"path": "fa45af64ef25007f998c655347bfbecb_342.wav", "text": "these numbers will change slightly because of the fact that we have a different phasing of some of the reorganization plan, which will lead to", "duration": 10.26}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_228.wav", "text": "With the kind of expansion that we're seeing with the applications of electric motors in a lot of different sectors within automotive and industrial,", "duration": 10.26}, {"path": "e26b501c6e000fdaa11edde97cc71436_76.wav", "text": "is that the food industry, which has been regulated, is about to become really regulated. And it will look like the Wild, Wild West was", "duration": 10.26}, {"path": "e26b501c6e000fdaa11edde97cc71436_7.wav", "text": "This decline was due to substantial savings which we achieved in the category from consolidating ReposiTrak as well as ongoing efforts to run our business more efficiently.", "duration": 10.26}, {"path": "a827180c08c11f2e53c6966fceaabf5b_124.wav", "text": "how big of a swing do you expect as you go from Q1 to Q4? Shannon, we expect that we should have a sequential improvement from the", "duration": 10.26}, {"path": "5f38ce681d4413a793d34a0650c59bf2_150.wav", "text": "So it's a little bit difficult for us to opine in terms of what the endgame is with the FDA. I think at this point in time, we can say that our studies to date support the safety and efficacy", "duration": 10.26}, {"path": "b4874109876c9f165eef4be112d9f30d_63.wav", "text": "how fitness grew on a constant-currency basis in the quarter, and then sort of that exit rate for the year would be helpful. And then secondly, on fitness,", "duration": 10.26}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_11.wav", "text": "in 2019. Again based on what we are seeing thus far into the first quarter of this year, we are highly confident in achieving our full year guidance.", "duration": 10.26}, {"path": "8957425799e5ce0200bfacf204d0acde_77.wav", "text": "After a 17% sequential improvement from the second to the third quarter, a less favorable mix and lower volumes of drill pipe contributed to the decline in the fourth quarter.", "duration": 10.26}, {"path": "73ba4ff250b62745e03880e75b9a1581_56.wav", "text": "we had a little bit of growth in working capital, a couple of the causation factors there. We along with most other companies built a lot of inventory around Brexit. And", "duration": 10.26}, {"path": "1133b8984db446b9c963a09eaf0785a4_70.wav", "text": "These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.", "duration": 10.26}, {"path": "0f4370b614f29bd596e4f6871cc77864_8.wav", "text": "The other benefit is the creation of unique market opportunities. Let me provide 2 practical examples, one opportunistic, the other more strategic.", "duration": 10.26}, {"path": "276392c471c063580869aec014a1feda_104.wav", "text": "And while these events are incredibly motivating as a whole, it's the individual stories we hear that inspire us and confirm we're living our purpose to make this world healthier and happier.", "duration": 10.26}, {"path": "171fd9df333ddd814c764843ed624121_19.wav", "text": "We will continue to maintain an active dialogue with the rating agencies to help them gain a better understanding of the data center industry and our conservative financial policy.", "duration": 10.26}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_197.wav", "text": "because they're driving people to the web. And actually, this is again, in my view, an opportunity for us to show even more product,", "duration": 10.26}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_161.wav", "text": "Our core range really is all about driving promotions, driving reasons to shop now and bringing that value again at every price point.", "duration": 10.26}, {"path": "da14df2e02d11f6f8599533d9d57faee_118.wav", "text": "diversification and operational efficiencies, all of which will help deliver significant value to shareholders for many years to come.", "duration": 10.26}, {"path": "bab12f620df0f367e74acdcc467686f1_99.wav", "text": "which we're basically done, like we'll always be tweaking our teams and our leadership teams. But the actual integration is over from that perspective. So", "duration": 10.26}, {"path": "65b48a7260ef038ff1bec3cc200331c3_44.wav", "text": "Okay, and then my second question relates to Kaufhof. Can you speak to a little bit about what you expect constant currency growth to be for them next year if you have growth at all.", "duration": 10.26}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_88.wav", "text": "No, I think they tend to make decisions in some ways that are similar to Power Gen and some ways different. They clearly", "duration": 10.26}, {"path": "cdfa14ed43d00710c35d9d0bf8c31886_52.wav", "text": "This agreement is part of Varian's commitment to partner with the Brazil Ministry of Health to increase access to and quality of radiotherapy treatment in Brazil and Latin America.", "duration": 10.26}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_98.wav", "text": "and more about the user experience, just trying to keep it as easy as possible for people who engage with us on whatever terms they choose to engage. So", "duration": 10.26}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_255.wav", "text": "I don't think it's anything to be alarmed about. We are happy that we were able to lower our inventory even more than we thought we were going to.", "duration": 10.26}, {"path": "be8b554309f7632bc9ebbd967764001e_5.wav", "text": "the earnings from Phoenix, the capital return on the ongoing delivery of efficiencies from the merger. This gives us confidence in our progressive dividend policy.", "duration": 10.26}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_9.wav", "text": "Finally, on the sales volume front, we're excited to announce we began shipping the new parmesan ranch flavor as an addition to our retail segments line of Olive Garden dressings.", "duration": 10.26}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_124.wav", "text": "These increases were driven by strong visitation and robust guest spending on lift products as well as in our ancillary businesses across all of our western resorts.", "duration": 10.26}, {"path": "29426a77336443eedde7eaa29e9c2852_171.wav", "text": "I'm pleased to say that our first quarter financial performance was a solid start to the year and positions us well to achieve our full year 2016 guidance", "duration": 10.26}, {"path": "c3567809c19ce6a800677544cd84f88b_135.wav", "text": "In addition, efficiency gains in marketing offset increased marketing activity. Overheads increased as a result of the higher bonus and inflation.", "duration": 10.26}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_224.wav", "text": "And I would say that compared to 5 or 6 years ago, the investments we're making on the technology side are much more offensive and forward-leaning,", "duration": 10.26}, {"path": "ea60900258f99d1003ab247c506e42d9_50.wav", "text": "The consumer value proposition of maize meal is therefore, expected to remain and will support our future performance.", "duration": 10.26}, {"path": "ea60900258f99d1003ab247c506e42d9_28.wav", "text": "We want to continue the good traction we've experienced in our beverage exports, in particular around Southern Africa and East Africa leveraging our base and our hubs in East Africa", "duration": 10.26}, {"path": "10728656364812338b7417b035dae4c4_81.wav", "text": "As Brett explained, the primary reasons for the increases were related to a new store, an acquisition in 2018 and the ramp-up of our charter business.", "duration": 10.26}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_70.wav", "text": "This direct consumer communication has improved messaging that resonates with our target consumer and is designed to grow volume and share in the joint care category.", "duration": 10.26}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_51.wav", "text": "we -- first quarter had unusually high plate in the mix. And that was an anomaly based on", "duration": 10.26}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_40.wav", "text": "So we see that the consumer is interested and therefore, work with our customers on ways to get these healthy ingredients into our different products.", "duration": 10.26}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_118.wav", "text": "Okay. And then my second question, I know you're not going to be able to say too much on kind of the next steps in Fortuna, but I think there's the fear out there that", "duration": 10.26}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_128.wav", "text": "And on the SIP side, what that basically is profits we recognize in the Delivery Systems business, particularly on percent complete accounting projects", "duration": 10.26}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_148.wav", "text": "we may operate at peak levels closer to 5. And I'm not sure, if 4 would be the right floor as well.", "duration": 10.26}, {"path": "5e95976c2c94d24ba7df09eb05e3a3b0_85.wav", "text": "do you have any plans to take advantage of the depreciation in the currency, given that you have a manufacturing base there, i.e. do you have plans to use it", "duration": 10.26}, {"path": "948f025c16fce2bcb2909e610c9be557_161.wav", "text": "It's real material, it's a commodity. So if we have to pay it, my friendly Japanese have to pay it, my friendly", "duration": 10.26}, {"path": "785be95695b063f97a17e4dea4a0529a_113.wav", "text": "right now for our deferred tax assets, we have a full valuation allowance booked against those. So what that means is that", "duration": 10.26}, {"path": "9e8690a521142359001a137074905535_171.wav", "text": "Those facilities are showing marked progress and clearly identifying the issues that need attention and implementing detailed recovery plans, which will result in sustained performance.", "duration": 10.26}, {"path": "0e52a74a184c92ad0c336af764aa0796_67.wav", "text": "We anticipate continued growth of this portfolio in the coming years, as we introduce additional oncology products into the market.", "duration": 10.26}, {"path": "6318dda27b3e36d76533c048c64a3014_139.wav", "text": "I'm going to discuss how our efforts over the last few years to organically grow our internal investment resources, along with an increased focus on our marketing activities in the lower middle market,", "duration": 10.26}, {"path": "939c2eaaa171907197a14e58cea3514d_77.wav", "text": "Thank you. Then I would like to thank everyone for participating in our fourth quarter conference call. If you have any follow-up questions, there are contact details in the press release", "duration": 10.26}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_56.wav", "text": "Turning to investments on Page 9. This function continues to be an area of strength for Kemper. We manage a diversified and highly rated portfolio that has performed well over time.", "duration": 10.26}, {"path": "9e07401011239a074ff66741ee557224_116.wav", "text": "Throughout our history, our company and platform has weathered many economic and currency cycles, while remaining committed to our 100-year plan.", "duration": 10.26}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_111.wav", "text": "Strong demand for our differentiated products across multiple end markets drove higher sales and a tuck-in acquisition, supported both top and bottom line results.", "duration": 10.26}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_170.wav", "text": "This includes looking south of the border to promote our top-selling items. The core retail business still remains strong with excellent market share for our key products.", "duration": 10.26}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_86.wav", "text": "oil with diluent and that is the cost of blending that appears here. So we are actually selling more volumes in Canada that what we are producing", "duration": 10.26}, {"path": "757695924b5e43c7d44e29dc141cc035_129.wav", "text": "as well as decisions on how to move forward in the best interest of meeting contractual obligations while also mitigating longer-term risk.", "duration": 10.26}, {"path": "bc3fa49aaccfacb1392855627864851e_113.wav", "text": "And we believe we have the processes and systems in place to mitigate those risks, and we have a very consistent structure in place when we open up a new community.", "duration": 10.26}, {"path": "45ab782035fdb06f5ec710d0845bc18f_35.wav", "text": "Though we are in the early stages of executing these multiyear plans, I am energized by the engagement of our associates and the alignment we have on executing the strategy.", "duration": 10.26}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_234.wav", "text": "Treatment with Elagolix was well tolerated with a hormonal add-back therapy substantially attenuating the side effects of Elagolix on bone mineral density and hot flashes.", "duration": 10.26}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_216.wav", "text": "despite the impact from new competitive entrants and indirect biosimilar competition which have been in the European markets now for several years.", "duration": 10.26}, {"path": "e33785a294553de2a12d4463bf786744_117.wav", "text": "That's why we are not running after buying another big company because we do have the capability and a clear vision of what we are going to do.", "duration": 10.26}, {"path": "3877b1983229ec488c6349a188bccf92_84.wav", "text": "for the 3 years ended June 2019, with more of the remaining margin expansion coming through in fiscal '19 as we expect to have less costs to absorb", "duration": 10.26}, {"path": "7498a6630302a038bd537d192c3a44f4_10.wav", "text": "As we mentioned in Q2, we reviewed each store to ensure we had quality team members who are knowledgeable about flooring and available to serve our customers.", "duration": 10.26}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_58.wav", "text": "Our customers and end users look to us to bring innovation to this industry and our leadership in doing so continues to drive top line performance.", "duration": 10.26}, {"path": "fe80c1056f21701e41cf3489c450f5ae_31.wav", "text": "and the expectation of increased volumes as we approach the time bar and any potential additional remediation arising from continuous improvement of the group's operational practices.", "duration": 10.26}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_198.wav", "text": "And I'll talk about our advanced video platforms in a second. But when you consider that our next-gen video services and TV Everywhere products consist of very fat content offers", "duration": 10.26}, {"path": "3e29586725757a72d8c143f3da2658f5_56.wav", "text": "Our second quarter results show the strength of our 2-platform business model as higher earnings at the utility and construction services businesses", "duration": 10.26}, {"path": "3e29586725757a72d8c143f3da2658f5_30.wav", "text": "and higher natural gas retail sales margins in those jurisdictions that we do not have weather normalization or decoupling mechanisms in place.", "duration": 10.26}, {"path": "3e29586725757a72d8c143f3da2658f5_39.wav", "text": "There has been a continued focus on infrastructure spending at the federal level over last year. We are encouraged by the talks in Washington about the need for investment in our nation's infrastructure.", "duration": 10.26}, {"path": "94f601dc7b34ad38667e3b714aa89d35_6.wav", "text": "Its sophisticated ergonomic design that brings instant comfort is generating critical acclaim as Cosm has won a number of awards, including the Fast Company Innovation by Design Award", "duration": 10.26}, {"path": "97b9c8b95449565c1f280a2b61a65b31_107.wav", "text": "And given how much we've funded thus far, how much we have committed on our current development pipeline that we would be able to do that. In addition, we could take on", "duration": 10.26}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_110.wav", "text": "but I do have a significant level of confidence that as we move into 2018, given our pipeline and given where I know those deals are in the pipeline and the magnitude of them,", "duration": 10.26}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_121.wav", "text": "make you aware that the conference we will have it on audio. So that means the formal part of our presentation", "duration": 10.26}, {"path": "ea80970d6b8e6fab10c4500aa7298914_112.wav", "text": "relation in there, it just still seems to imply a very strong second half Aerospace margin to get up to those numbers.", "duration": 10.26}, {"path": "b126c31149f1cadf1d891082a187d6fc_64.wav", "text": "The company does not undertake a duty to update these forward-looking statements. Our supplemental information and discussion on this call will include certain non-GAAP financial measures.", "duration": 10.26}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_105.wav", "text": "overall performance in mortgage banking in 2018 reflects the diversity of our sourcing and syndication channels and our continued efforts to use our capital more efficiently.", "duration": 10.26}, {"path": "8d71e62af8c57a752b0e04f6546bf622_74.wav", "text": "Then regarding our debt, we commented in the last quarter that we issued debt at the IRSA level.", "duration": 10.26}, {"path": "812d8f09b72b4d410d138d3b24caebbc_7.wav", "text": "and the second for the treatment of rosacea. Aptar's Ophthalmic Squeeze Dispenser is also found on 2 new eye care products in Latin America.", "duration": 10.26}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_21.wav", "text": "which are metal-based products. As part of its total offering, Alpha buys a lot of metal and basically passes through the price of that metal to its customers.", "duration": 10.26}, {"path": "24a133abc343c813233d416b0cef96cd_106.wav", "text": "that the Sydney housing market is moderating, we are well positioned for further growth on the back of improving margins in our Victorian and Queensland portfolio", "duration": 10.26}, {"path": "24a133abc343c813233d416b0cef96cd_26.wav", "text": "to reshape our portfolio to drive improved profitability from the Residential business. I'm really pleased with the progress that we've made in this respect.", "duration": 10.26}, {"path": "89499eed4dff3bd184e91cd496111f22_112.wav", "text": "Any such future warrants after March would be priced at a 30-trading-day average price based on the date of contractual commitment for leases.", "duration": 10.26}, {"path": "ebd59e21db89edb92205e012427cd9db_91.wav", "text": "puts us in good stead in the marketplace. It is a premium product. We have a strong team out there. And as Peter said, we certainly have supportive partners.", "duration": 10.26}, {"path": "4ee3c79ebc57c9870b221b9479d52436_278.wav", "text": "the answer to your second question is that no one can sit here today and determine how much of our flexible revenues are subject to", "duration": 10.26}, {"path": "6daa2d0829057899b014b06c36e1d54b_150.wav", "text": "Ari will conclude the company's prepared comments by reviewing key aspects of our financial results that were published earlier today.", "duration": 10.26}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_7.wav", "text": "We are encouraged by the progress that we are making so far, but we're also aware that improving operations and returns at PHI will take time.", "duration": 10.26}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_2.wav", "text": "Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the Securities and Exchange Commission.", "duration": 10.26}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_24.wav", "text": "In order to help you understand the company and its results, we may make certain forward-looking statements. It is possible the company's actual results might differ from any predictions we make today.", "duration": 10.26}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_70.wav", "text": "Our progress is the result of a plan developed with the complete alignment of our board, its leadership and our management team.", "duration": 10.26}, {"path": "6cbf592846662213258684c3049e4592_39.wav", "text": "assessing what they're going to do and how they're going to handle that going forward. So they have a couple of alternatives but trying to figure out what's the right approach there.", "duration": 10.26}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_97.wav", "text": "going forward into not only bolt-on opportunities now that we've got a good footprint in the Delaware, but also some step out in expansion opportunities that we're working on.", "duration": 10.26}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_190.wav", "text": "Devon recently announced the potential divestiture of certain properties in Johnson County, an area that was not competing well for ongoing capital investments in their portfolio.", "duration": 10.26}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_10.wav", "text": "In fact, many of our existing manufacturing customers have a need for these production fasteners, which creates an exciting cross-sell opportunity.", "duration": 10.26}, {"path": "50eb350badadec6e4272b90684741c25_174.wav", "text": "The tax reform impact is more favorable than the neutral effect we initially expected as a result of further guidance that has been issued by tax authorities.", "duration": 10.26}, {"path": "e3d039c554f5cc556071f83c93609e76_14.wav", "text": "I would like to talk about the changes that we had in our center. As you saw in our Material Fact, I continue as the Director of the company and both", "duration": 10.26}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_185.wav", "text": "and a workplace where clinicians are able to operate to their fullest professional potential in an environment deeply respectful of their profession and their practice.", "duration": 10.26}, {"path": "0702a77635d50ec3b154df61456c1b63_28.wav", "text": "We believe a distribution of this level provides an attractive yield at the current market price of our common units and enhances our ability to pursue our growth strategy.", "duration": 10.26}, {"path": "7a80c3e91e5a2693cdaef5f716808317_51.wav", "text": "No, I don't think there's a rule of thumb. I think if you look at what happened in October and November in a 5- to 6-week period, it was the most volatile period", "duration": 10.26}, {"path": "7a80c3e91e5a2693cdaef5f716808317_169.wav", "text": "I'll also remind you we're on a multiyear journey, and that this journey is one of transition building upon the best elements of Rotork. Let's take a look at our full year highlights.", "duration": 10.26}, {"path": "365c360aff42713cef71a7d026eeeb6d_126.wav", "text": "in all segments, which was a particular focus, as we talked about that in the Investor Day. And those should playing off and that should give us a good run rate going forward.", "duration": 10.26}, {"path": "0b7afb66a39a4c81151309bacc830c60_32.wav", "text": "These forward-looking statements are subject to risks, uncertainties and assumptions that may cause actual results to differ materially from statements being made today.", "duration": 10.26}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_49.wav", "text": "on how to apply that technology in their specific environment. The deduction management application came from that, and we expect to", "duration": 10.26}, {"path": "24c7526f6daca8e16ab91bea6124148a_224.wav", "text": "and what sounds like an attractive category dynamics in specialty inks. What do you think is the right growth rate to think about, given these factors in place?", "duration": 10.2599375}, {"path": "a7fbe5c630b4ff10d4755adc193425a9_104.wav", "text": "On profitability, the currency didn't help us. I would say, the main reason is the integration plan that we started last year", "duration": 10.23}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_48.wav", "text": "The event will be open to analysts and institutional investors by invitation, and there will also be a live webcast, so those unable to attend in person can view the presentations.", "duration": 10.23}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_118.wav", "text": "That said, we were told to expect after Chinese New Year that the China -- the carriers would begin issuing tenders and awarding business.", "duration": 10.23}, {"path": "0d631e444d1c22f0be99a69f5deaff94_49.wav", "text": "As I mentioned earlier, we rolled out our digital portal, which embeds our new proprietary assessment framework based on our Accelerating Performance methodology.", "duration": 10.23}, {"path": "94fdf7b24748a7706b1097482a0f363a_40.wav", "text": "So as we look out, our goal is going to be to get as much of that to drop to the bottom line as we can.", "duration": 10.23}, {"path": "6388da88b00ebc88af59435bdac74132_230.wav", "text": "Now with respect our portfolio appreciation, I remarked last quarter that our recent investment returns will be hard to replicate and I stick to that cautionary comment.", "duration": 10.23}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_132.wav", "text": "And that's because these subjects already have a strong immune response and you can't boost it further, whereas those who had a waning immunity after a year,", "duration": 10.23}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_74.wav", "text": "We do not believe that higher interest rates will materially hamper housing affordability. We remain constructive on housing and believe home price stability is durable at this time.", "duration": 10.23}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_12.wav", "text": "There remains a lot of hard work ahead of us, but we believe in our vision, we believe in our strategy, and we believe in our team's ability to continue to drive operational improvement.", "duration": 10.23}, {"path": "223f05c0b9b116532e9af84afa76cac7_20.wav", "text": "Preservation of capital is our priority while we provide our shareholders with longer-term, primarily floating rate cash flows, as a strategic complement to our Agency portfolio.", "duration": 10.23}, {"path": "0755f4b74dda585f3975c7d8208b1598_119.wav", "text": "This does not include the cost of any potential judgments or other outcomes, should they occur. For the status of the legal and regulatory matters, I would refer you to our 10-K.", "duration": 10.23}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_74.wav", "text": "in Q3 you believe that sales should be more or less in line with the production or perhaps your sales will be higher than the actual production volume because you have", "duration": 10.23}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_49.wav", "text": "to any development on the cash flow that only can have a positive effect. On top we have as well, compensating for that", "duration": 10.23}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_74.wav", "text": "is the ability to make quotations on loans very, very quickly. And if you can't come up with a reasonable quotation that you're not going to vary from tremendously,", "duration": 10.23}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_56.wav", "text": "in the organization about enforcing minimums. We've added some significant new services over the last 3 months that are going to drive higher margins", "duration": 10.23}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_172.wav", "text": "Same thing in the case of payroll services. There's an initial setup fee when you're bringing a new small business on, but then there is a recurring monthly fee for that.", "duration": 10.23}, {"path": "6838b008f3efe8575b83cde089459d33_126.wav", "text": "and will transition all administration to SilverScript early in 2017. The net proceeds from the sale are expected to be offset", "duration": 10.23}, {"path": "e1f462455d6c826d9c173c35d4844383_13.wav", "text": "Importantly, this facility will be connected to the Khurmala field production facilities where associated natural gas production can be processed and distributed to end users.", "duration": 10.23}, {"path": "de3b766a868da918e499f407dbf5d716_12.wav", "text": "The financials of the Partnership are adjusted retroactively as if the transactions occurred on the earliest date during which the assets were under common control.", "duration": 10.23}, {"path": "1d2f3c74735a986131e7b219d9eff713_146.wav", "text": "and those assets are turning relatively well. So we just kind of -- it's just a long continuation of projects. So I don't see a lot of movement on the balance sheet from that perspective.", "duration": 10.23}, {"path": "66c9091ba849cdb6d64987642ced64d2_141.wav", "text": "We also plan to continue leveraging the favorable industry dynamics to ensure that we are compensated appropriately for the capacity and services we provide to the marketplace.", "duration": 10.23}, {"path": "18b396ddd443d84d12477c42e31cdf0e_49.wav", "text": "Beginning in the first quarter of 2017, due to the change in our revenue recognition methodology for Qsymia, revenue recognized is based", "duration": 10.23}, {"path": "2a5b0a6532fa2b71915a2930be02621a_20.wav", "text": "We are now completing a comparison of pamrevlumab to pirfenidone and nintedanib as single agents and in combination in the same mouse fibrosis model.", "duration": 10.23}, {"path": "e081f678e77792e5c5762fa425c49e56_5.wav", "text": "We will continue to grow the asset management business in a measured way moving forward. Our board continues to be open to all strategic alternatives to maximize shareholder value.", "duration": 10.23}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_105.wav", "text": "by using Transpower over against developing their own internal manufacturing apparatus and testing facilities, all the rest of", "duration": 10.23}, {"path": "e26b501c6e000fdaa11edde97cc71436_115.wav", "text": "Lots of hard work, blood, sweat and tears because we knew it was important to our customer base that we demonstrate the ability to be GAAP profitable. We certainly did that.", "duration": 10.23}, {"path": "1b1699497be56330b3ed833f22bc63f6_102.wav", "text": "and we continue to grow our installed base of other premium units, we expect to see consistent improvement in our overall daily win per unit.", "duration": 10.23}, {"path": "23eff4c724ee00f56319fcc47add3441_38.wav", "text": "So look, we believe the maturity of the automation industry as it relates to welding and welding process improvement, they are going to be those customers that seek", "duration": 10.23}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_206.wav", "text": "investment and insurance revenues as well as deposit income were down. Credit products showed a solid growth of 6%, driven by higher volumes.", "duration": 10.23}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_56.wav", "text": "look, there's limited innovation happening in small scale, and the opportunity for us is how do we take some of that innovation to pilot it and get it to a place where we can now do it at scale.", "duration": 10.23}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_225.wav", "text": "and we now have more products for them to sell, including content. So the reps are feeling very good about their opportunity this year.", "duration": 10.23}, {"path": "403903eb119bfc1cec44d86ec907077a_12.wav", "text": "You can find all of our reported data and prior period comparatives in the new key metrics section of our press release and detailed in the rest of the text and tables contained there.", "duration": 10.23}, {"path": "257e4e92036da9582a8a288c88332ff3_75.wav", "text": "We believe that these attributes will be additive to our stated goal of increasing market share of our franchise through organic growth.", "duration": 10.23}, {"path": "655d592e9d1b1027f1824b1554d8b131_2.wav", "text": "Well, we do have plenty of news today, don't we? But before I speak to the upcoming changes in leadership here, let me touch on a few of the quarter's business highlights.", "duration": 10.23}, {"path": "1244d2b5a259c3bc73742830d60d53fc_17.wav", "text": "On an organic basis, excluding the favorable impact of changes in foreign exchange rates and the negative impact of the new revenue recognition standard,", "duration": 10.23}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_43.wav", "text": "there's never been an instance in my 50 years of consequence that the federal government ever clawed back or was able to claw back committed funds.", "duration": 10.23}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_77.wav", "text": "and we feel the potential to be concluded in 2019. And the real issue will be, very candidly, whether I'm willing", "duration": 10.23}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_122.wav", "text": "we can see that many of our retailers, importantly, and retailers in our categories or target categories continue to perform well and importantly are expanding.", "duration": 10.23}, {"path": "a8034762296368c60571fcde382c3274_97.wav", "text": "generals aren't encouraged by auditors. They -- we tried to press them hard to go as high as we could. And", "duration": 10.23}, {"path": "92ac600c52fc9590be50475bd4065ae8_46.wav", "text": "Earlier this month, we took advantage of what we felt were favorable market conditions and added another long-term fixed rate piece of debt into our capital structure.", "duration": 10.23}, {"path": "1bba27cac9495fe57f623973383d6948_67.wav", "text": "as an industry-leading platform for linking the grid network and the distributed energy resources and an enabler of the Internet of Energy.", "duration": 10.23}, {"path": "b092d2be33ad52beefab208355b18235_112.wav", "text": "core customer base and we like that. I think many folks like you have said that's a core strength of our company, but you can clearly see that the folks that are out there, that are chasing", "duration": 10.23}, {"path": "0360a780927a31fb0bec9e79dac878a2_46.wav", "text": "During the quarter, we were also pleased to have expanded Orkin's presence internationally by adding 6 franchises in Central America, South America", "duration": 10.23}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_100.wav", "text": "and growers were very excited about that. But we're typically contracting and buying our soybeans at about the same time. So as we talked about in the script, you could hear it in our", "duration": 10.23}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_310.wav", "text": "And we're not anticipating those issues to occur on the TEN because they're already a different design of turbine blade and they already have different coating.", "duration": 10.23}, {"path": "0794a2f02bbe89feb49651735bba77c5_103.wav", "text": "Correct. So there's a corresponding decrease in traditional media. I'm just wondering what's the reaction of your franchise been to this", "duration": 10.23}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_12.wav", "text": "Shown at the bottom right is our expectation for loan growth by product type. We are comfortable with our commercial real estate concentrations and plan to grow commercial real estate loans", "duration": 10.23}, {"path": "ea60900258f99d1003ab247c506e42d9_53.wav", "text": "These volume gains partly offset input inflation, most acutely felt in beverages and fruits that were not fully recovered from consumers.", "duration": 10.23}, {"path": "9979d7fef684b8cac613c934b6229791_65.wav", "text": "Regarding our increased international backlog, we continue to experience slight improvement in international quoting. And our sales groups have done a great job of getting orders on much of what we're quoting.", "duration": 10.23}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_7.wav", "text": "Barry brings extensive e-commerce and distribution knowledge to our board and will be a valuable addition to the company as we continue to execute on our strategic plan.", "duration": 10.23}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_6.wav", "text": "Our second priority initiative focuses on sales transformation. We are in the process of improving our sales culture and business development skills.", "duration": 10.23}, {"path": "ab4dae37361262d727d1d2f8f78765d5_212.wav", "text": "where we are coaching all levels of leadership to get their boots on and engage with their employees with humility, inquiry and empathy.", "duration": 10.23}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_67.wav", "text": "we'll identify the unique mutations in each patient's tumor and will then feed all of those potential candidate neoantigens into ATLAS", "duration": 10.23}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_40.wav", "text": "We and others in the industry believe that we will be successful in developing our C1 cell line into a next-generation protein expression and production system,", "duration": 10.23}, {"path": "53889f50eda8b316a01a3df89d226e7f_63.wav", "text": "If and to the extent the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments.", "duration": 10.23}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_259.wav", "text": "What we're really seeing is, I had commented earlier about some of our logistics, costs where we've taken out some of the costs associated with even supplying to our customer base", "duration": 10.23}, {"path": "968913c3f9111fc67f1d9956c56dec3b_27.wav", "text": "we believe that these organized efforts, we're not quite sure the longevity of those or the duration of those", "duration": 10.23}, {"path": "f77935c4693e4d33252c9c76993e9c8b_32.wav", "text": "And we don't see us getting real sales from that effort until 2017. And talking about the specifics of what those products are,", "duration": 10.23}, {"path": "63eaf9677d7577484a1557ae6bfbb585_32.wav", "text": "And so that's the sales activity that you see going on in corporate, and that's just purely timing from the point of shipment to the point of in-home.", "duration": 10.23}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_120.wav", "text": "That's inevitable. I just do not -- and I've been clear since I started, I do not want to get this out of order, because it will not help us to do so.", "duration": 10.23}, {"path": "948f025c16fce2bcb2909e610c9be557_146.wav", "text": "from the banker and the management team over there. And then I expect that within,", "duration": 10.23}, {"path": "ceeedf178333db4c586311e4f43bdfd1_77.wav", "text": "and our investments in training to improve customer service within our private label program to differentiate ourselves from our competition and increase operating margins.", "duration": 10.23}, {"path": "9b697782ea80be97854f35d6fc62c93a_197.wav", "text": "These results reflect the solid execution of our transformation agenda. First, we further focused our portfolio in our advantaged snacks categories.", "duration": 10.23}, {"path": "74d0910b4af16f82a812bddbb151d966_47.wav", "text": "labor set there because you're right in very heavily congested area and you're in some of -- quite a bit of that work is actually in Raritan Bay", "duration": 10.23}, {"path": "c8124cdb821d04f0e585420c128d76c7_123.wav", "text": "if we don't get more money from the customer, the only place where we can get it is from being more efficient, having more density. And this is what we're working at all the time.", "duration": 10.23}, {"path": "0e52a74a184c92ad0c336af764aa0796_38.wav", "text": "Its extraordinary growth underlines the strength and capabilities of our commercial teams to sell pharma products to medium and large hospitals.", "duration": 10.23}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_56.wav", "text": "Natural gas prices are low, which -- and are expected to remain low, so the stability of the pricing is extremely important", "duration": 10.23}, {"path": "e00fd35e201a8607d264b803a5130c59_291.wav", "text": "so we will see some of them come down over the next couple of years. But we are in that phase of putting the enterprise platform in place, and we are not going to skimp on that. We're going to do the right things", "duration": 10.23}, {"path": "cac9bb252b7974b7044423e714c2f054_4.wav", "text": "of participations with another financial institution to prepay as the rates offered through the refinancing process did not meet our criteria.", "duration": 10.23}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_56.wav", "text": "Thank you, Austin, and thank you all for joining us. Welcome to the Titan Pharmaceuticals call to review financial and operational results", "duration": 10.23}, {"path": "c40b5d1a13169c5acf69590932a56f98_134.wav", "text": "Actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection", "duration": 10.23}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_68.wav", "text": "Our preferred auto continues to be a place where we're playing a little catch up with rate. We're working diligently to convert some claims operational challenges into operational strengths.", "duration": 10.23}, {"path": "8eaca8d8a419f74540f69ade8defabbd_183.wav", "text": "just started to undergo a process to clearly identify what those targets may look like. I will say that we want to leverage the", "duration": 10.23}, {"path": "87045996e7446329f1d98c909c6ca7fe_252.wav", "text": "loans, that includes earnings, that includes the dividends. So thinking about going forward, that is one of the considerations that we take into account.", "duration": 10.23}, {"path": "ec298d3b4d5979aa8c64bf222562e259_87.wav", "text": "we have a senior management team that is well positioned to lead a larger, high-growth version of First Interstate without negatively impacting our cost structure.", "duration": 10.23}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_234.wav", "text": "the business had some pretty good momentum in the second half or some improvement in the second half. Can you just maybe talk about your expectations around the top", "duration": 10.23}, {"path": "433a6e203f9db93835c27ff83e86c801_81.wav", "text": "providing EnerSys with the perfect platform to offer a full turnkey solution to so many current and potential customers in markets poised for growth.", "duration": 10.23}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_31.wav", "text": "while still exhibiting a great amount of discipline with respect to credit risk. Being able to source these types of opportunities while still maintaining GNL's high", "duration": 10.23}, {"path": "189b20e7b975130ca5abd0e419e54908_80.wav", "text": "but we also have a similar opportunity at the node level of the network in locations where we already have company-owned stores.", "duration": 10.23}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_108.wav", "text": "in the next couple of slides. And as I mentioned in the first quarter that we did approve the drilling of an additional exploration well in Malaysia.", "duration": 10.23}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_89.wav", "text": "not only in the fourth quarter but as we look out to next year. We're getting a lot of noise from people that it's becoming a pretty big problem, wanted to get your take on that. So those 2 things.", "duration": 10.23}, {"path": "1e32d5e01ff61f70b37850c473b9876a_46.wav", "text": "Third, we remain focused on increasing shareholder value by aligning our cost structure with our total enrollment, continuing to generate positive free cash flow", "duration": 10.23}, {"path": "f74a9d06236a0e937a6e98bfacc85eb7_16.wav", "text": "growth-related spending that you were doing looking out to the future? And then have you seen any effect at all from Brexit in terms of", "duration": 10.23}, {"path": "3b2908426357bb8269c3a01469865cd6_22.wav", "text": "started being allocated to the international segment in the fourth quarter of 2016, as well as wage and other inflationary increases and higher bad debt.", "duration": 10.23}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_92.wav", "text": "Earlier this month, we presented detailed results from the Phase II study in uterine fibroids at the meeting of the Society of Endometriosis and Uterine Disorders.", "duration": 10.23}, {"path": "0dec9a606303da3039d11eec4ec9bd86_251.wav", "text": "And so if we anticipate that sales is going to have a good selling season, which is what we believe will happen. And we rarely, rarely talk about it that way.", "duration": 10.23}, {"path": "0dec9a606303da3039d11eec4ec9bd86_225.wav", "text": "And I think we've got a lot of product that we could offer to their clients. I think this is a good fit. We're going to see how this goes and -- but we're always looking to say, hey, if it makes sense", "duration": 10.23}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_124.wav", "text": "We expect our burn to increase in future quarters as we continue to advance our proprietary programs and build our commercial capability. Now I'd like to turn the call back to Ron.", "duration": 10.23}, {"path": "7498a6630302a038bd537d192c3a44f4_214.wav", "text": "how we talk to the customers about it. I think probably over the course of the next quarter or 2, we'll really start to understand where we think that's going to land as a percent of penetration of our total business.", "duration": 10.23}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_55.wav", "text": "an indicator of potential changes coming to how drug manufacturers are thinking of pricing drugs and negotiating rebates?", "duration": 10.23}, {"path": "29f56972971325265e4a53485f49793e_44.wav", "text": "In the quarter, as I said, really strong sales and again to be able to succeed with this we need to shift the sales between different business units,", "duration": 10.23}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_203.wav", "text": "again, the building won't be full, but with what we've got planned for now we'll be at normal ramp speed on the lines that we will have operating in that facility by the end of the year.", "duration": 10.23}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_46.wav", "text": "During the course of this conference call, there will be forward-looking statements, which involve risks and uncertainties that may cause the actual results of the company or of the industry", "duration": 10.23}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_138.wav", "text": "And Ralph, to be fair, we're also going to continue looking at the cost side to see whether there are areas where we could be a little bit more efficient as we move forward.", "duration": 10.23}, {"path": "83e0201c04003b4432d80eaea4a62259_66.wav", "text": "So we are looking at this a little bit more strategically in terms of how we actually play in that space, working with key customers that are emerging in terms of that space.", "duration": 10.23}, {"path": "382e3c8eda678694c6368e00f19c8881_28.wav", "text": "And going forward, one of the RFPs that we had mentioned last quarter with a larger financial institution has been deferred from February-March time frame until later this year,", "duration": 10.23}, {"path": "75b064acca5b532722510ac0b9b0822e_145.wav", "text": "what I can tell you -- we don't segment it out. But what I can tell you is the majority of the merchants on our platform use more than one service of ours.", "duration": 10.23}, {"path": "1300495cfa53748f732f54277d5a8cea_50.wav", "text": "were moved forward into the fourth quarter of fiscal 2014 from the first quarter of fiscal 2015. The cadence of spring shipments this year", "duration": 10.23}, {"path": "24a133abc343c813233d416b0cef96cd_14.wav", "text": "These projects typically start small, but over time grow and get larger as it is geared towards above-average market growth from a planning perspective.", "duration": 10.23}, {"path": "f5e9c69a92eb9179062673e044f8a53b_115.wav", "text": "thinking about? Bose obviously is one where you're several quarters into that, and I know you should see some margin improvement. But what are the other drivers there, Mike, we should be thinking about?", "duration": 10.23}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_69.wav", "text": "are less volatile as they have been last year. And that was always our argument that volatility is the problem, not the rate level as such to a certain extent.", "duration": 10.23}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_218.wav", "text": "not only are we doing whatever is traditional, we're also actually feeding the pipeline with a new model which has not been seen at the industry before.", "duration": 10.23}, {"path": "e0555e30370c43189a1136fb7ef17d20_7.wav", "text": "reflecting our previous guidance of an expected return to modest growth in 2016. Results in the quarter were primarily driven by growth in global facultative placements,", "duration": 10.23}, {"path": "125388f1b45117acde70abc39e0f7d04_129.wav", "text": "complex device, it really becomes real to them. And so, we plan on literally having hundreds of stores that will have VR capability. In fact, that's what we've seen with the", "duration": 10.23}, {"path": "a2245a8522589003f9c235a48c0197f0_29.wav", "text": "how the scope of that might change like sort of a concept versus what you had in the preliminary economic assessment? Even if you haven't", "duration": 10.23}, {"path": "bc1efb704df9c180935803c70a315597_239.wav", "text": "reflecting the relative quality of our book and the bank's consistent approach. Our arrears experience is consistently better than the rest of the industry.", "duration": 10.23}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_75.wav", "text": "to more of that legacy, conventional production that they're trying to put back online, seeking cash flow from those cheaper alternatives rather than the drill bit.", "duration": 10.23}, {"path": "4fafe8c628e676ca508b37756da75419_106.wav", "text": "increase was driven by the increase in number of Corporate restaurants coupled with improved food cost and labor savings from new food management and scheduling controls at the restaurant level.", "duration": 10.23}, {"path": "81c03e2c15e8fe8213fbd40368b49581_40.wav", "text": "We will also dynamically manage leverage and liquidity to opportunistically increase the size of our portfolio, which we expect to ultimately drive earnings.", "duration": 10.23}, {"path": "24c7526f6daca8e16ab91bea6124148a_9.wav", "text": "and this is the third consecutive quarter in which the group's operating profit margin increased at least 100 basis points over the previous year's result.", "duration": 10.23}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_64.wav", "text": "is, what's beyond now for the balance of the year? What other releases will occur with Samsung, and Apple for that matter?", "duration": 10.23}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_175.wav", "text": "inside of the assets that we might be selling. Again, our focus on the acquisition side is to make sure that we buy assets that have growth", "duration": 10.23}, {"path": "76c04b0646e881995fdd48aa58abee4c_131.wav", "text": "Got it. And then do you have a target for how many titles you guys plan on offering? Is that something that you guys look at? You mean in terms of the total library?", "duration": 10.23}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_23.wav", "text": "It's also worth noting that it is only 17% of our free cash flow, and that percentage will likely decline here as we go into successive quarters. So", "duration": 10.23}, {"path": "7bac04f03928ee8894ab00007116400b_102.wav", "text": "we have made progress in assessing and knowing exactly where we stand as a business, and we feel really confident in that we have the strategy to", "duration": 10.23}, {"path": "19bfb8daeb6e43d59415df478017d5c3_120.wav", "text": "as well as incremental investments associated with strategic initiatives, including our direct distribution model in Europe and other international markets,", "duration": 10.23}, {"path": "744f5859c7d9a0567b387ae84326d940_180.wav", "text": "negatively impacted Q4. But all things considered, we delivered another strong performance and one that we expect to build upon.", "duration": 10.23}, {"path": "78cf0d3e40caba622d8914916f0f9146_115.wav", "text": "their new platforms using their own processor chips yet. And so I can't give you any update beyond that just because they haven't provided us", "duration": 10.23}, {"path": "c8236c1645c0d49837800e24a77e14a8_29.wav", "text": "We satisfied a significant trade payable with the issuance of common shares, and we expect to execute an agreement to restructure the contingent consideration obligation", "duration": 10.2299375}, {"path": "a27b6a158b524914d94b0a407a41ef82_35.wav", "text": "in particular, in terms of the Chinese competition, that's not obviously a new trend and would you say that trend has", "duration": 10.2000625}, {"path": "e2c02e1788cb10703d7611ef157f8135_118.wav", "text": "Such statements are subject to certain risks and uncertainties which could cause Kohl's actual results to differ materially from those projected in such forward-looking statements.", "duration": 10.2000625}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_99.wav", "text": "Therefore, we made a significant investment to convert everything to the cloud. In this particular case, we will still have some investments in this first", "duration": 10.2000625}, {"path": "070a939ddb72d87ed87e4b863da14a89_68.wav", "text": "For those of you who are unable to attend the event, a live and on-demand webcast will be available in the investors and media section of our website.", "duration": 10.2}, {"path": "364a769967b9b1a7cd069e2ce95c6e25_177.wav", "text": "strange that it's unchanged, but there is a few things you have to take into consideration. One of them is that we do expect a little bit higher interest cost on our pensions,", "duration": 10.2}, {"path": "e23e3aabab4b12e359bc92a480c2d294_34.wav", "text": "We're confident these new surgical facilities will result in an increased conversion of our current marketing efforts as well as provide additional marketing opportunities.", "duration": 10.2}, {"path": "94fdf7b24748a7706b1097482a0f363a_58.wav", "text": "Hey, we really appreciate the many of you that have joined, those that have asked questions. And for those who we did not have time to get your question, we would welcome you to", "duration": 10.2}, {"path": "d28b2b09c127b5be033738aa3cd380b3_175.wav", "text": "continue to focus on value, which is the core pillar of our strategy and perhaps the most important nonfinancial metric that this management team is focused on,", "duration": 10.2}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_387.wav", "text": "whenever companies label a region as they will generate profits, and they will generate growth or a category, they will generate", "duration": 10.2}, {"path": "abd0f750609f1263b566f0c09b981a16_6.wav", "text": "A lot of this increase is driven by the seasonality of our portfolio as we strive to minimize business disruption from our renovations by doing the work during the slower periods.", "duration": 10.2}, {"path": "c68c15299b67173c7ae163cc5938f3c1_132.wav", "text": "designed to make up for lost time and implement activity that was recognized as critical but previously we had no cash available or the breadth of talent pool to be able to execute.", "duration": 10.2}, {"path": "13220986bf30f26076a674e2a9edc89c_109.wav", "text": "organic growth and to fund that organic growth. And so sitting here today, we think we continue to have very significant opportunities. And so", "duration": 10.2}, {"path": "55d05334bdde612eb9dd102bb41d216e_34.wav", "text": "More importantly, we continue our practice of not providing specific guidance on future earnings. We believe specific guidance does not serve the long-term interest of our shareholders.", "duration": 10.2}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_108.wav", "text": "at much lower margins. And I think the analyst community and investors need to keep this in mind as it is beginning to have an impact across the banking industry.", "duration": 10.2}, {"path": "7974a5134807f46a1484a8adf81505be_211.wav", "text": "International Banking delivered very strong earnings growth of 16%, with particularly strong results in our Pacific Alliance countries.", "duration": 10.2}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_115.wav", "text": "Both of these agreements contain requirements for our customers to making minimum monthly payments to TransMontaigne, usually at the beginning of the month,", "duration": 10.2}, {"path": "1927f9c722093d1d64b610c4227ccf59_60.wav", "text": "Approximately half of the remaining increase is attributable to higher depreciation and amortization expense, simply reflecting the growth of the portfolio.", "duration": 10.2}, {"path": "a4e84e293bde7191186ae3a7a0b34024_180.wav", "text": "So our product, we're going to sell under this traction motor or motor system may be different by customer by customer. That's something we just try to make clear.", "duration": 10.2}, {"path": "570faeed3dcfa26c6246dc42309025ad_239.wav", "text": "If it's about selling assets, certainly other than the remedy packages, we are committed to deleveraging. And a piece of that is really evaluating our lower", "duration": 10.2}, {"path": "1b91eb82f5211000e711424657cc2484_42.wav", "text": "As I highlighted earlier, our significant growth has been against the backdrop of an increasing global appetite for alternative investments from both institutional and retail investors.", "duration": 10.2}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_195.wav", "text": "this gives us, obviously, the runway to potentially add a generic portfolio of products to ClarusONE, compete effectively for that business", "duration": 10.2}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_14.wav", "text": "In addition, in the beginning of April, we initiated an interest rate swap for the total amount due for the remaining tenor of our term loan.", "duration": 10.2}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_23.wav", "text": "measuring dose levels with a different method, so part of it is just -- if you want to say making sure that you've got a dose-for-dose equivalent. We did the same thing", "duration": 10.2}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_262.wav", "text": "I'm not saying there is no -- there isn't any chance here, but the difficulty is much greater.", "duration": 10.2}, {"path": "39e5706898dcaf14a280b3a123877cd6_119.wav", "text": "It's never ended, it's an ongoing process. We have had a good performance in this first half.", "duration": 10.2}, {"path": "957e0f876f9a4af9b498c19843675474_69.wav", "text": "the mix of revenue in the back half of the year weights a little bit more heavily towards customers who we just acquired, so who are on program, and reactivation revenue.", "duration": 10.2}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_46.wav", "text": "meant to help them, but also as we go into local markets doing business with local enterprises in those markets, it will also help that. So yes, it expands our addressable market.", "duration": 10.2}, {"path": "cfbe91105113db7a5784f77e411b7a3f_57.wav", "text": "So this timing event of tenders of the larger operators in China does not affect us so much in terms of volume developments in China itself.", "duration": 10.2}, {"path": "e26b501c6e000fdaa11edde97cc71436_28.wav", "text": "And it's kept refrigerated for the whole... And that all sounds great doesn't it? And all you really have to have legally is a contract. Well, now ask yourselves the question.", "duration": 10.2}, {"path": "8b2314627d54755a15c55244bb862225_83.wav", "text": "So I think where you'll see us be able to grow on the fee side is going to be on the commercial side, mostly. I think on the retail side,", "duration": 10.2}, {"path": "cc82e791c065bdc271addf355bac274f_128.wav", "text": "is that Brazil is a country that has one of the largest tax burdens in the world. We had last year and there were still more increases from last year to this year.", "duration": 10.2}, {"path": "4032bfdd59881fc6506c082737cb5a99_165.wav", "text": "Our thesis for acquiring shows from associations as well as from independent owners continues to be realized, and we expect to add more great brands to the Emerald portfolio over time.", "duration": 10.2}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_47.wav", "text": "High Street profits for the half reflect a tough Christmas in books where we had nothing like the humor book craze that we had last year.", "duration": 10.2}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_4.wav", "text": "powered by mass cytometry. Over the last few quarters, revenue has accelerated as customers adopt our premier tools to provide deeper insights into immune function.", "duration": 10.2}, {"path": "224a41b247c04842c2998802d67c8123_49.wav", "text": "We continue to gain on the top line and continue to take market share and increase the consumer pool as well,", "duration": 10.2}, {"path": "403903eb119bfc1cec44d86ec907077a_157.wav", "text": "The fact that we have a broad set of capital deployment opportunities further enhances our ability to continuously adjust to market conditions as we seek to create shareholder value.", "duration": 10.2}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_124.wav", "text": "The first order of business was to swiftly address matters impacting throughput at a few plants that were otherwise causing disruption and uncertainty in our planning.", "duration": 10.2}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_174.wav", "text": "if you could just help us understand the rationale for your views on what you think in terms of why the push-outs of investment here in the second half of this year.", "duration": 10.2}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_48.wav", "text": "This overhaul improves productivity by automating a number of manual tasks, and at the same time, accelerates resolution rates on accounts worked.", "duration": 10.2}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_103.wav", "text": "it's not about finding a way to continue investing in attractive opportunities. It's a question about finding the right combination of dividend growth and coverage and the appropriate alternative financing,", "duration": 10.2}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_149.wav", "text": "And so that's really the criteria that we used to evaluate among the alternatives that were available to us.", "duration": 10.2}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_28.wav", "text": "We have not accepted those because it does not meet our expectations. And one of the concerns and probably the only real concern I have", "duration": 10.2}, {"path": "07d30eec04a77191950ef0992d097daf_45.wav", "text": "piece, dragged out for a while with operators not -- with certain vendors not getting paid and mechanic's liens being filed and a lot of legal fees and a bunch of other stuff. So", "duration": 10.2}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_213.wav", "text": "And of course that allows us to look at the effect of the RNAi therapeutic without any other therapeutic", "duration": 10.2}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_126.wav", "text": "more comparable to next quarter, which is why we tried to give you enough information. You can make whatever adjustments you deem fit depending on what you're doing with the adjusted numbers.", "duration": 10.2}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_3.wav", "text": "is extremely rewarding to see such robust financial results due to the growth of our platform, diversification in our service offerings and strength of our business model.", "duration": 10.2}, {"path": "c433164f6d189e18b1e4784e376b6ecb_56.wav", "text": "Although we are operating at higher leverage today, with divestments driving lower debt balances and increasing cash flow profile due to negative hedges rolling off", "duration": 10.2}, {"path": "4e04d3229b988f1db5b842ac5b993894_87.wav", "text": "on the Seventy Seven assets, I know you can't say much, but could you at least remind us how much of their equipment both land and frac is in the field today?", "duration": 10.2}, {"path": "e60f6485243932b9280d864cb17a6ba8_208.wav", "text": "of low quality recyclates. This impact was partially compensated at revenue level by the increase in ferrous and nonferrous metals.", "duration": 10.2}, {"path": "bab12f620df0f367e74acdcc467686f1_70.wav", "text": "Many of our investments are maturing, and as we go forward, earnings and cash flow from our portfolio of projects will be a more significant contributor to our financial results.", "duration": 10.2}, {"path": "b092d2be33ad52beefab208355b18235_71.wav", "text": "think when you look back, you would have seen that we had a pickup in portfolio of product in second quarter of last year also. So I don't think there's any really shift in process. Chris, you've got your", "duration": 10.2}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_91.wav", "text": "We don't. We have not heard that right now, and I think just looking at the last couple of weeks, I don't see anything that has really changed. What we were seeing previously with the", "duration": 10.2}, {"path": "c1d916407f390d20e9d8f9b453e22435_118.wav", "text": "We plan to reinvest in the business as well, deploying some of those savings into additional marketing, commercial development and product innovation initiatives.", "duration": 10.2}, {"path": "58ff8a727ec4f3859407b64f08246759_6.wav", "text": "European placement performance in the fourth quarter was strong. Placements in the fourth quarter in Japan were also healthy, perhaps a onetime uptick in anticipation of broader reimbursement.", "duration": 10.2}, {"path": "3df0981a2d94ed56170b78330aa72ee9_93.wav", "text": "a fairly significant change because we are overbuilt in grocery in the country, and all of these alternate channels are now beginning to challenge all the square footage in the marketplace.", "duration": 10.2}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_185.wav", "text": "and once these definition becomes clear we would like to communicate the details to you. So in that regard we cannot", "duration": 10.2}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_16.wav", "text": "We continually monitor the supply and demand for commercial real estate by submarket and loan type to manage our exposure and direct new loan production.", "duration": 10.2}, {"path": "98f10f0935e5b778e888a1b8130a3d31_110.wav", "text": "At the same time, the underlying earnings have grown by 11%. And we have continued to invest and to realize", "duration": 10.2}, {"path": "b281eff988085e0776dc8a10223f1048_99.wav", "text": "So if uric acid rises above this level, crystal begin to deposits and build up in joints and tissue causing those debilitating symptoms.", "duration": 10.2}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_10.wav", "text": "with the objective of putting them behind us by the end of 2017. This will allow us to concentrate on growing in 2018 and beyond.", "duration": 10.2}, {"path": "3278114d0e939eef0c3ec96dbed0f49b_7.wav", "text": "our top sales people continue to perform in line with our expectations and are successfully transitioning to selling our company Technology as a Subscription suite.", "duration": 10.2}, {"path": "c3567809c19ce6a800677544cd84f88b_192.wav", "text": "Turning to category performance. Scotch improved significantly, moving from a 5% decline last year to a bit better than flat this year.", "duration": 10.2}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_42.wav", "text": "However, the damage to many employees' homes range from minor to total losses. We're working to support and provide assistance to our employees that have been impacted.", "duration": 10.2}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_204.wav", "text": "We've got some good Q1 results to discuss with you and we will explain to you the transaction that we went through last week, the consequences", "duration": 10.2}, {"path": "63eaf9677d7577484a1557ae6bfbb585_72.wav", "text": "now that we have some sort of economic proposals in front of us, is there kind of an internal time frame or a time frame by which", "duration": 10.2}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_45.wav", "text": "In total, company resources can now be fully dedicated towards the growing consumer health care platform and it's superior financial profile.", "duration": 10.2}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_162.wav", "text": "This quarter, we had our first month that was impacted by the new minimum wage increases, most of which, I'm pleased to say, we were able to mitigate through Sunrise and other initiatives.", "duration": 10.2}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_48.wav", "text": "We don't -- we typically don't talk about what the opportunity cost is. We had -- I can tell you that in the first quarter, we had", "duration": 10.2}, {"path": "626da68f2b245869534a0316b8b6139a_135.wav", "text": "the PATH Act back in December, what that would mean for you. I just want to clarify, I think, when you had put out the original presentation in May, you had assumed no expansions", "duration": 10.2}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_102.wav", "text": "they are heavier at the beginning and start to tail off where you have a little bit more just amortization running through and fewer surprises.", "duration": 10.2}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_13.wav", "text": "I cannot discuss how people are valuing the company in terms of this process. All I can do is point you to information that's publicly available.", "duration": 10.2}, {"path": "3898a5c021167b8169287fc8bb59f753_212.wav", "text": "So we do think as we think about the potential, we're not giving a time frame for that because we still want to be patient about it in discussing this with potential partners.", "duration": 10.2}, {"path": "571b0d30d88945a981006f24faa72cf7_162.wav", "text": "Information concerning factors that could cause results to differ materially from our forward-looking statements is described further in the company's filings made with the Securities and Exchange Commission.", "duration": 10.2}, {"path": "8d9efef3c305ec549fb15daa27107c83_26.wav", "text": "We are not going to speak to a magic number, but we do feel comfortable with liquidity that we have today, with the cash in the bank and think that we're in a position now where we can", "duration": 10.2}, {"path": "c40b5d1a13169c5acf69590932a56f98_18.wav", "text": "the Sientra team has passionately proven its ability to perform at an exceptionally high level while continue to scale up with new hires.", "duration": 10.2}, {"path": "8eaca8d8a419f74540f69ade8defabbd_163.wav", "text": "So in terms of earnings for full year 2016, recognizing the productivity and cost optimization momentum that was displayed in the first 3 quarters", "duration": 10.2}, {"path": "8eaca8d8a419f74540f69ade8defabbd_223.wav", "text": "First announced to the market in October of 2015, we have successfully commercialized the molded structural composite refrigerated truck body and have been successful meeting early stage growth targets.", "duration": 10.2}, {"path": "dffe8257f781608bb17bb637249e4d2a_297.wav", "text": "reflecting the combined effects of slower revenue growth and the first-time consolidation of Banco Unico, which previously was reported in the associate income line.", "duration": 10.2}, {"path": "92bf6fe090b6bc565cb500b688fd9173_158.wav", "text": "Sure. Fair question. Don will give you a little detail, but I guess from the top of the house, I can say we feel it's good or better about these businesses as we have in the past.", "duration": 10.2}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_129.wav", "text": "As a result, I'll focus my remarks on some of the key commercial real estate performance metrics for the quarter. I'll then update you on our capital structure and our capital plans.", "duration": 10.2}, {"path": "49e533a8449f6b9b6c806458e73338e1_89.wav", "text": "In 2019, we plan to deliver operating margin expansion with continued operating leverage and efficiencies more than offsetting this dilutive effect.", "duration": 10.2}, {"path": "ab3354b86be920cde18291112bf8a70a_68.wav", "text": "a consistent level of advice to even all of our clients as we go forward. What adviser does today is they'll do an annual plan at some time", "duration": 10.2}, {"path": "3d3b327645f62f252bb876e5bb4a9259_12.wav", "text": "Again, this has mostly been influenced in the last year, so by generally higher interest cost and higher provisions for credit losses during that time period.", "duration": 10.2}, {"path": "5633fe3600ee04237bbb918c56341864_144.wav", "text": "will create an increase in drills with uncompleted wells over the next several quarters. We are also encouraged by the increased focus of our major clients", "duration": 10.2}, {"path": "5633fe3600ee04237bbb918c56341864_31.wav", "text": "last year and this year? Are they on the schedule that you expect, at a little bit above, a little bit below? Can you give us some color on how the execution of the recent FIDs are going?", "duration": 10.2}, {"path": "01b376669d5ea40acc7fb5a87503586e_92.wav", "text": "So that we believe we are becoming more astute at understanding our value proposition,", "duration": 10.2}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_50.wav", "text": "and deeply looking at any number of opportunities that are in the marketplace. We are big enough and hopefully disciplined enough -- I believe disciplined enough, we certainly have had a history of it and I intend to carry that forward", "duration": 10.2}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_3.wav", "text": "We look forward to spending today focusing on the results of our strong financial quarter and sharing our excitement about our future. I'll now turn it over to Eric.", "duration": 10.2}, {"path": "e522eff219f3eaa2c9b090dc12cad420_35.wav", "text": "The sales team remains highly focused on marketing our newer products, sustaining our deeper relationships with our customers and turning the aforementioned inquiries into orders.", "duration": 10.2}, {"path": "299bad77345d2e44fa5768f4416f7b97_121.wav", "text": "in the upcoming Cowen conference as well as Barclays health care conferences and hope to see many of you at those conferences. This will now end our call.", "duration": 10.2}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_188.wav", "text": "I want to thank the TPI associates for their dedicated effort, our customers for placing their trust in us, and our shareholders for your continued support.", "duration": 10.2}, {"path": "18e82b076319ac52f8a4b391ea345abd_59.wav", "text": "This is essentially many diversified Industrial component business with broad exposure to on and off-highway vehicles, medical, aerospace and civil construction.", "duration": 10.2}, {"path": "9908957f60adff5efc1c8692a0f5ab38_9.wav", "text": "We have made great progress in delivering assortments to stores to reflect their individual customer base as well as the climate and environment where they are positioned.", "duration": 10.2}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_80.wav", "text": "And that word gets spread around that you can make significant income with this company selling a valuable product at a reasonable price and still make -- we had", "duration": 10.2}, {"path": "382e3c8eda678694c6368e00f19c8881_9.wav", "text": "With respect to our Payment Processing pipeline, we have many opportunities in front of us. And as mentioned, we won 2 new nonfinancial institution opportunities in the quarter.", "duration": 10.2}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_89.wav", "text": "with most of that being ratable at this point, with 90% of our business being recurring, that's going to take a bit of time for that to turn into revenue. And again, it was Q2 bookings,", "duration": 10.2}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_62.wav", "text": "This represented the culmination of over 12 months of working with the 5 Arches team, allowing us to validate our market thesis and confirm cultural and operational fit.", "duration": 10.2}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_232.wav", "text": "This reflects improved economics related to K-Cups, which will begin in the third quarter, and lower green coffee costs, which will mostly benefit the fourth quarter.", "duration": 10.2}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_166.wav", "text": "Sales growth reflected gains across nearly all Away From Home categories, contributions from the launch of the Jif brand in Canada and higher export sales.", "duration": 10.2}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_152.wav", "text": "The quality of execution, speed to market and scope of the expanded distribution is a reflection of our improved agility,", "duration": 10.2}, {"path": "812d8f09b72b4d410d138d3b24caebbc_127.wav", "text": "and that our capital expenditures will be approximately equal to that amount. Lastly, we expect our effective tax rate for the remainder of the year", "duration": 10.2}, {"path": "64364105b816dd0b6a029e9cd210e65b_221.wav", "text": "As a result, fewer trailers on the road are less than 15 years old than there were back in 2007 before the last recession.", "duration": 10.2}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_142.wav", "text": "It is always difficult to preserve core revenue levels during the third and fourth quarters of a presidential year due to displacement by the Olympic Games", "duration": 10.2}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_1.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 statements as a result of various important factors.", "duration": 10.2}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_7.wav", "text": "to companies who face challenges in serving their customers with inventories in multiple locations.", "duration": 10.2}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_228.wav", "text": "Can you provide more specifics around planned CapEx in 2016, specifically how many trucks and trailers you intend to purchase? And what is the planned net fleet growth?", "duration": 10.2}, {"path": "1d021dfadd51998ac079e1df49929c60_88.wav", "text": "Yes, sure. I mean our strength platform is one that I'd point to that we continue to win volume at and that's really around disappearing pallets at the end of", "duration": 10.2}, {"path": "c334e290beb657ee3efcb6b2f734c81e_58.wav", "text": "Can you also comment on your net lease portfolio in this broader environment of strong economic growth, higher inflation along with the higher rates?", "duration": 10.2}, {"path": "c334e290beb657ee3efcb6b2f734c81e_10.wav", "text": "This feature causes the CLO trust to delever more slowly so that the timing of capital returns to Ladder is more closely matched to the timing of loan payoffs.", "duration": 10.2}, {"path": "6299a010c7bb84feaf14b263750dbd1a_126.wav", "text": "As Andy will demonstrate shortly, the key strength of the group is to continuously find ways to add value to shareholders and policyholders, and", "duration": 10.2}, {"path": "6299a010c7bb84feaf14b263750dbd1a_122.wav", "text": "they are still available to absorb economic shocks. This means that the headline surplus is extremely resilient to economic stress.", "duration": 10.2}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_136.wav", "text": "reassuring to get that approved and see their vote of support that this is an important program to move quickly with. As far as the Europeans, we've had opportunities to meet", "duration": 10.2}, {"path": "902872913863de98d38e2936b846cf66_235.wav", "text": "You can find a reconciliation of these non-GAAP financial measures and other related information in both our earnings release and at the end of our supplemental presentation.", "duration": 10.2}, {"path": "902872913863de98d38e2936b846cf66_254.wav", "text": "The pricing climate remains very positive. Our customers are confident, and our recent acquisitions have performed well so far.", "duration": 10.2}, {"path": "125388f1b45117acde70abc39e0f7d04_46.wav", "text": "And with respect to inventory at the end of the quarter, there were probably 3 things that happened. We did see a healthy increase in our pre-owned inventory,", "duration": 10.2}, {"path": "9a33a60ff30e5b8a3e106c2204e3300a_47.wav", "text": "We've successfully navigated similarly aggressive markets in the past by remaining highly disciplined in our credit selection and industry composition.", "duration": 10.2}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_173.wav", "text": "Anything is outside of that, certainly is possible. Not unlike what we did last year. We'll continue to evaluate anything that's outside of that. We don't have much outside of that,", "duration": 10.2}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_7.wav", "text": "Each line of business continues to grow by executing on the strategy to introduce and cross-sell all of our service offerings to our customers.", "duration": 10.2}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_96.wav", "text": "that we're only published through April and we are still working on what we want to do for the balance of 2018, but I think, conceptually, all we're doing with the", "duration": 10.2}, {"path": "a766b08317742c952705018a899f3998_46.wav", "text": "The solution enables developers to differentiate themselves among their competitors by delivering engaging and impactful mobile experiences for their users.", "duration": 10.2}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_20.wav", "text": "And I think our sales team is very energized right now. And Q1 is just an example of some things that I think we can see in the future.", "duration": 10.2}, {"path": "f15a674bdbbc461872000604216ae071_51.wav", "text": "schedule. In the fourth quarter, we started a strong work of liability management. In December, we had -- we raised in dollars", "duration": 10.2}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_84.wav", "text": "We have focused the sales force on accelerating success by growing a number of licensed productive representatives on their teams in order to build a new generation of sales force leaders.", "duration": 10.2}, {"path": "bf99037f89cd485f95f097842619a0c7_55.wav", "text": "you've seen that we have a doubling of our population. But at the same time, not at the expenses of the assets under management per relationship manager", "duration": 10.2}, {"path": "4e5c4493f72e781905efa4dd73460ff6_75.wav", "text": "become aware of the risks and uncertainties in this business and understand that forward-looking statements are only estimates of future performance and should be taken as such.", "duration": 10.2}, {"path": "7bac04f03928ee8894ab00007116400b_26.wav", "text": "on over the last few months, and we see big opportunities there. So we're looking at every component of the cost structure. We'll go through it and share with you", "duration": 10.2}, {"path": "a968612b5d51d3df12aad60dde8e1e41_71.wav", "text": "is to accelerate investments in the core research and development programs that enable us to capitalize on our strategic assets to develop unique product solutions.", "duration": 10.2}, {"path": "629c0a83b1f68ad1a696546500a2f3ff_107.wav", "text": "Pricing has also stabilized and is beginning to improve, particularly for equipment and personnel with demonstrated performance capability. While pricing is expected to improve,", "duration": 10.2}, {"path": "a98061f951c1b2c7a915e296098bc4de_63.wav", "text": "But number one, I was just wondering, I assume you guys have gauged the market and, at this point in time, the market just isn't robust enough to meet your hurdles. Could you just talk about", "duration": 10.2}, {"path": "744f5859c7d9a0567b387ae84326d940_139.wav", "text": "that's probably the best thing that I can say or the most accurate thing I can say about the competitive environment. As I said, the most challenging being in EM still.", "duration": 10.2}, {"path": "0db71632fa65f1d166f14cb8593c4690_52.wav", "text": "are currently at high levels. And if you could also talk about breakeven costs in the mining sector, if this could", "duration": 10.1700625}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_139.wav", "text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "duration": 10.1700625}, {"path": "4fdbfd9eec396928550d0c799e170d34_60.wav", "text": "In addition, our Peru operation is also impacted by elevated repairs and maintenance expense this year, most of which was planned as part of our post-acquisition integration", "duration": 10.17}, {"path": "10a419054cf3cc5d4ca00b7f338cc73b_41.wav", "text": "Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements.", "duration": 10.17}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_166.wav", "text": "However, Seabed makes investment decisions independent of Apollo and does not have board appointment rights or otherwise receive nonpublic information about the company.", "duration": 10.17}, {"path": "ab861b81968e1b5fcb606ed886919d68_41.wav", "text": "time. But I wouldn't necessarily hold your breath that it's going to be this quarter or perhaps even next quarter given the way the balance sheet is constructed today. We're", "duration": 10.17}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_23.wav", "text": "while the grocery channel has stabilized and showed modest growth in 2018. By comparison, the dollar and drug channels have experienced a decline over the same period.", "duration": 10.17}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_232.wav", "text": "In short, we continue to extend iPass EVERYWHERE, with focus on making sure everyone is able to connect in the places they need to be,", "duration": 10.17}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_84.wav", "text": "Three, I mentioned that in some cases we've seen an unacceptable gap in the time between bookings and billings, but", "duration": 10.17}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_103.wav", "text": "grow profitably well, continuing to invest in their business going forward and have strong risk and capital management capabilities.", "duration": 10.17}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_170.wav", "text": "we also are engaging in scientific and commercial partnerships to pair our best internal innovations with the best external innovation available.", "duration": 10.17}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_48.wav", "text": "It has and continues to be a great journey. We continue to be a positive force in our communities by being that regional bank that keeps community in banking.", "duration": 10.17}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_127.wav", "text": "And in parallel, we continue to look at the feasibility of developing a more efficacious human challenge model, where we could evaluate the efficacy", "duration": 10.17}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_58.wav", "text": "as we initiate all of the Phase II studies that are listed on this slide. So the first study in red, the colorectal cancer indication, has already been initiated,", "duration": 10.17}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_366.wav", "text": "Or is it much more about the opportunity there is bigger than we realize and therefore, rather than just waste it, let's go and get it? So that would be my first question.", "duration": 10.17}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_131.wav", "text": "the amount of revenue that was going to be generated per claim was -- and collected was not known. It was not a known commodity.", "duration": 10.17}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_85.wav", "text": "And I believe that we are well positioned, both from a competitive and operating standpoint, to serve and educate current and prospective students who are primarily adult learners.", "duration": 10.17}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_72.wav", "text": "Additional information about the risks and uncertainties that could cause actual results to differ may be found in our latest financial statement and our filings with the Israel Securities Authority,", "duration": 10.17}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_166.wav", "text": "We were especially encouraged by the step-up in comp sales relative to last year. And importantly, this converted to improved operating profits.", "duration": 10.17}, {"path": "13220986bf30f26076a674e2a9edc89c_58.wav", "text": "to work at the organization to ensure their operational excellence, to ensure that we have a scalable infrastructure", "duration": 10.17}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_153.wav", "text": "On top, the decline of press came in very strongly as was the case in Switzerland a couple of years ago.", "duration": 10.17}, {"path": "81430c39b7b202d05644e419e2a01a65_140.wav", "text": "on the energy savings performance contracts, where in this case right now they do not have any capital appropriations for energy efficiency projects. And the only way to do it will be", "duration": 10.17}, {"path": "123a9a590195f61aa739ee9b2dec4952_146.wav", "text": "But we are rather satisfied also on the core part of the business because our test bank process started", "duration": 10.17}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_274.wav", "text": "there is a -- almost a paralyzing array of choices and the lack of branding and the lack of", "duration": 10.17}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_12.wav", "text": "The interim dividend has increased by 4%, which delivers the increased minimum commitment that we made in February for dividend growth through the period of the Growth Acceleration Plan.", "duration": 10.17}, {"path": "570faeed3dcfa26c6246dc42309025ad_184.wav", "text": "to create a more personalized and emotional experience for our customers. So a lot of resources and planning going around that to make sure that we", "duration": 10.17}, {"path": "8bbc2f54137b794265dfb01f1559868d_31.wav", "text": "what we have is difficult to replicate in many ways. One is that it's not easy to develop", "duration": 10.17}, {"path": "4b7945dd823dcbc0b2724efa66393673_33.wav", "text": "both retro running stars from the 90s that we refreshed and brought back with significant commercial attraction. The Tresc Run and the LXCON are also great examples for new silhouettes", "duration": 10.17}, {"path": "78c85dc9a16f82b09d3a2363004e658d_68.wav", "text": "is as manufacturing industrializes more and more, what we classically call building product manufacturers are going to show up more and more", "duration": 10.17}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_8.wav", "text": "Now, you know we have been in ongoing negotiations with the government and with the university about that for a number of years.", "duration": 10.17}, {"path": "c4dc8f962a85aa47af50f82845f550e2_164.wav", "text": "reduction. We're really, really working hard to keep those very tightly controlled. So what I would say is we will not expect anything beyond maybe the normal", "duration": 10.17}, {"path": "1d2f3c74735a986131e7b219d9eff713_134.wav", "text": "source new land opportunities that consistently perform in our general underwriting guidelines. And so we're really pleased with the", "duration": 10.17}, {"path": "3d4b9cfcb489a54bda65e749b7b79b15_33.wav", "text": "Dennis will begin today with some opening comments on our financial results and recent company developments. Following his prepared remarks, we will take questions from the investment community.", "duration": 10.17}, {"path": "6d02f116f1ae8575d9b916f1429454eb_25.wav", "text": "Agents also began offering an enhanced coverage option for business auto policies and a new endorsement geared towards smaller corporations with a name business owner.", "duration": 10.17}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_252.wav", "text": "However, we have to recognize that people are more picky. They have higher and higher standards. And that is why new products", "duration": 10.17}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_103.wav", "text": "Eat how many dishes you have in front of you. Don't eat too much. Don't overeat. Eat more than your share. If you figure this out,", "duration": 10.17}, {"path": "833f98dbc79997580b24335033aac5d2_206.wav", "text": "the needs of customers. And we do believe, over time as we fill that out, we will ultimately grow customer base on that overall basis.", "duration": 10.17}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_12.wav", "text": "The next key integration is with Microsoft Skype for Business, UC. Our latest integration with Skype allows agents to seamlessly connect to knowledge workers,", "duration": 10.17}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_120.wav", "text": "sales of products from inventory, future financial results, liquidity and the continued growth of the electric-powered vehicle industry.", "duration": 10.17}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_160.wav", "text": "and hopefully some measure of durability. We're also working with some of the key investigators in the world to assemble the natural history", "duration": 10.17}, {"path": "403903eb119bfc1cec44d86ec907077a_105.wav", "text": "Excluding the impact of terminated Digital Marketing Services and incremental political advertising, total revenue was up 5% over the second quarter of last year.", "duration": 10.17}, {"path": "257e4e92036da9582a8a288c88332ff3_177.wav", "text": "Data processing and software expense increased during the periods presented due to an increase in the volume of transactions and implementation of new software in our Mortgage business.", "duration": 10.17}, {"path": "276392c471c063580869aec014a1feda_76.wav", "text": "Well, I mean, the future star promotion is intended to give some economics to newer distributors in China.", "duration": 10.17}, {"path": "276392c471c063580869aec014a1feda_179.wav", "text": "Also, by way of history, we don't price based off currency. We price based off inflation and what the consumer is seeing locally on similar products. I think pricing off of currency is a", "duration": 10.17}, {"path": "a44c74bdc01aa7e317addc11f2274e11_105.wav", "text": "are significant competitive advantages over other sometimes larger and more established players as we have better control of the design through finished product phases,", "duration": 10.17}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_123.wav", "text": "So there's no reason for members to do anything other than continue to engage in the program over the next 3 years. And as we've said,", "duration": 10.17}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_192.wav", "text": "A couple of project updates here. We made great progress during the quarter signing up long-term commitments for capacity on the supply portion of Northeast Energy Direct.", "duration": 10.17}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_21.wav", "text": "We may seek modifications to that order to try to improve on that schedule, and we're certainly going to look for ways to claw back some of that on the project execution phase.", "duration": 10.17}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_128.wav", "text": "And so I would say we feel like it's really the combination. It's the combination and it's not really at a subsegment level on each product.", "duration": 10.17}, {"path": "132abea68f255eb89160dde90b6d3b80_31.wav", "text": "pleased with what's going on in Argentina in terms of some of the laws that President Macri has put in, in terms of taxation in the farming sector.", "duration": 10.17}, {"path": "38b2f94da12bbf2d32246763aab8265a_91.wav", "text": "ruling made by the Supreme Court of March of this year about the general damages for pain and suffering. And so", "duration": 10.17}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_155.wav", "text": "the things may change between now and then. And then just a little bit of -- more color on the small business opportunity. It seems like you guys are finding a bit more constructive on that.", "duration": 10.17}, {"path": "c1d916407f390d20e9d8f9b453e22435_59.wav", "text": "in the release, you touched on some trade uncertainty and the potential risk of slowing growth in Asia, yet it seems like transportation films was again a big", "duration": 10.17}, {"path": "58ff8a727ec4f3859407b64f08246759_4.wav", "text": "Procedure growth in several countries, including Germany, Korea and China, was healthy through the year, and adoption in Japan was solid for those procedures that have been reimbursed.", "duration": 10.17}, {"path": "58ff8a727ec4f3859407b64f08246759_185.wav", "text": "I think we have a senior leader in our General Manager in Japan. I think this is a team that's capable. So we will give them time to make progress here.", "duration": 10.17}, {"path": "08ed60a546bd48af9db028c4e3c8af26_140.wav", "text": "that was a successful process for us. We look for other opportunities, but they have to present themselves. We can't really make those happen.", "duration": 10.17}, {"path": "1c89bbe35013b8f40511ac9ba8824242_103.wav", "text": "which is a really small impact. But we still feel like with each of the fed funds moves and the improvement in prime rate", "duration": 10.17}, {"path": "8a77ceadd7e4729abc9102d38be3a227_35.wav", "text": "our technology platform or our advisory and brokerage platforms, creating differentiators that help us use those differentiators to attract more advisers.", "duration": 10.17}, {"path": "dd28a387ccc9575df47840b850647c7f_117.wav", "text": "So acquisitions that would complement businesses that we know and customers that we know and markets that we understand in either structural panels,", "duration": 10.17}, {"path": "6a372ea97b0b130a4d37f16b54d97909_27.wav", "text": "to be more services heavy in Q4 as we have historically experienced that many of our large Enterprise clients finalize projects before year-end.", "duration": 10.17}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_28.wav", "text": "I think, again, it comes down to the fact that we're able to see the loans that we want to be able to get and go after them. And it's not just about the pricing side", "duration": 10.17}, {"path": "c5c7a9f409241412b160a93cde7ef630_3.wav", "text": "For all of his contributions to the company, previous service to his country and to me personally, I'd like to extend my sincere thanks to Harley.", "duration": 10.17}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_123.wav", "text": "And then you add delivery on top of that, we see a very long runway for growth for us in China for many years to come. And that's why we're still very optimistic", "duration": 10.17}, {"path": "974a2d744cd3d9acf42d74816de91f7f_55.wav", "text": "with quieter, more comfortable vehicles while reducing vehicle weight, is further bolstering our business, creating robust demand for our product solutions.", "duration": 10.17}, {"path": "26119288a71567b572f1d8b551e397cb_11.wav", "text": "We continue to believe that Exar provides a large and exciting opportunity to expand our analog content across a range of communications in industrial and multimarket platforms.", "duration": 10.17}, {"path": "f7df5ecab61eca575f169a8298318eca_90.wav", "text": "as we said, order intake is down mainly in the commercial, but also in the Industrial side for Air Treatment.", "duration": 10.17}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_130.wav", "text": "is low-cost assets that we were using to service the contract market, which will now be available to us to support growth over the next couple of years. So we backed down there a little bit to make sure that we could", "duration": 10.17}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_147.wav", "text": "global uncertainty commentary? So if you just break it down, it's rough round, it's more of it in the third quarter that we've already seen than we believe in the fourth quarter.", "duration": 10.17}, {"path": "968913c3f9111fc67f1d9956c56dec3b_132.wav", "text": "it's a very creative innovative group down in Orlando that take on these challenges. And when they come up, we always find a way around them.", "duration": 10.17}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_132.wav", "text": "unless they had the approval from OFAC to do so. So just getting the shares transferred from that international bank into another account even within that same international bank", "duration": 10.17}, {"path": "75eb5b75bb8587b63c318714ea956b9e_143.wav", "text": "We have the ability to process our own test results for our constituent physicians and clinics at a highly attractive cost relative to reimbursement.", "duration": 10.17}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_15.wav", "text": "We're delivering solid results in countries such as India, Vietnam and Mexico, where market fundamentals are improving and our momentum is strong.", "duration": 10.17}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_140.wav", "text": "construct and operate a safe, environmentally responsible facility that offers benefits to the State of Washington and the entire West Coast.", "duration": 10.17}, {"path": "9b697782ea80be97854f35d6fc62c93a_73.wav", "text": "Emerging markets grew double digits as we took a more balanced approach by reducing costs and stepping up investment in our brands and capabilities.", "duration": 10.17}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_103.wav", "text": "And so, when we can do that, we do have some optimism about the ability to not only maintain these great churn levels but even see some further improvement, likely in this quarter,", "duration": 10.17}, {"path": "c8124cdb821d04f0e585420c128d76c7_62.wav", "text": "is very demanding from a Last Mile standpoint, and this works to TFI's advantage, which we think you'll see more clearly with our new segmentation.", "duration": 10.17}, {"path": "40b1895fcd5116b51eb97573544b3afd_45.wav", "text": "A solid level of primary demand for mortgage credit, continued strong participation from our bank customers and a modest expansion of our loan products contributed to this increase.", "duration": 10.17}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_70.wav", "text": "as you think about the growth drivers of the second half, is it mainly overages kicking in on the existing business? Or is it mainly from some of these", "duration": 10.17}, {"path": "8eaca8d8a419f74540f69ade8defabbd_24.wav", "text": "While modest, this improvement would allow us to leverage the progress that we have realized from our continued operational excellence initiatives this past year.", "duration": 10.17}, {"path": "8eaca8d8a419f74540f69ade8defabbd_217.wav", "text": "This technology offers significant material property advantages compared to existing materials, including weight savings, sheer strength and energy absorption.", "duration": 10.17}, {"path": "87045996e7446329f1d98c909c6ca7fe_26.wav", "text": "potential revisions to OSFI's underwriting guideline B20 could serve to further curtail market activity and reduce the pace of home price increases across the country.", "duration": 10.17}, {"path": "059024560d9d1039cf08746ee7393114_97.wav", "text": "Last summer, we launched Gravity for Mobile. Already, the product is generating 7 -- several million dollars of revenue and growing very rapidly.", "duration": 10.17}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_183.wav", "text": "And so they're all slightly different in terms of how they got to where they are with EXPAREL. And so we're learning how to address these folks individually as customers", "duration": 10.17}, {"path": "433a6e203f9db93835c27ff83e86c801_70.wav", "text": "Customers' acceptance of NexSys Pure is as strong in EMEA as the Americas and we believe sales will make up over 10% of their revenue in the near future.", "duration": 10.17}, {"path": "01f88a67f39af3a74d5f23b095615d39_183.wav", "text": "These factors point to a strong second half and we expect to completely recover our increased fuel costs by the end of this financial year.", "duration": 10.17}, {"path": "f542ab325f47ed150e28888da2f85871_1.wav", "text": "All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should carefully review all of these factors and be aware that there may be other factors that could cause these differences.", "duration": 10.17}, {"path": "e42f90eacf0e766ff39973c6aca06c93_160.wav", "text": "She's already challenging us in the clinical domain, what additional testing do we need to get going. And obviously, the pediatric indication is one that she's a champion of and we've got to get", "duration": 10.17}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_156.wav", "text": "and so there's a lot of interest. But as far as live volume going through us as a processor, meaning we're aggregating transactions for a bunch of banks", "duration": 10.17}, {"path": "3b2908426357bb8269c3a01469865cd6_48.wav", "text": "From our deep domain expertise and relationships to our proprietary technologies and strong service focus, our clients appreciate the value that Donnelley Financial Solutions", "duration": 10.17}, {"path": "3b2908426357bb8269c3a01469865cd6_152.wav", "text": "In Investment Markets, we provide products and services to mutual funds, hedge and alternative investment funds and insurance companies", "duration": 10.17}, {"path": "0dec9a606303da3039d11eec4ec9bd86_135.wav", "text": "Our execution in service operations also continues to be excellent, as demonstrated by client satisfaction results and retention levels that remain consistent with recent highs.", "duration": 10.17}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_83.wav", "text": "And now I will turn the call over to Rich. Thanks, Tom. The first quarter was a strong one for Groupon as we continued to make progress in becoming a daily habit in local commerce.", "duration": 10.17}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_131.wav", "text": "and continue to serve out of Hong Kong because they have services that they can provide outside Mainland China. So it was a couple of hundred thousand dollars of annual loss.", "duration": 10.17}, {"path": "80a2ca14358172366acab4e80f3fa33b_110.wav", "text": "So we have to look for other markets, and that's what we do. We have sales offices in many different countries. We have people assigned to different countries. And so", "duration": 10.17}, {"path": "80a2ca14358172366acab4e80f3fa33b_15.wav", "text": "So when our federal government seeks payment or decides to acknowledge a refund, those can trip over a quarter. But generally speaking, for the year, we expect", "duration": 10.17}, {"path": "299bad77345d2e44fa5768f4416f7b97_161.wav", "text": "make the most of the -- our existing molecules as well as bring other molecules into the company as we have with our ImmunoGen collaboration.", "duration": 10.17}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_108.wav", "text": "We expect to tell you more about the area sometime towards the end of this year once we have successfully solidified our acreage position.", "duration": 10.17}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_71.wav", "text": "But these trends are more than offset by strength in domestic bookings and we don't expect currency challenges to have a material impact on our results relative to our guidance.", "duration": 10.17}, {"path": "9908957f60adff5efc1c8692a0f5ab38_8.wav", "text": "We are also continuing to see success from our expanded assortments in intimate apparel, which also outperformed the company average.", "duration": 10.17}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_55.wav", "text": "market importance towards the suppliers can be used. All of that should create additional funds.", "duration": 10.17}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_160.wav", "text": "when the auction results become known to the board, it will consider whether further changes to our capital allocation priorities are warranted.", "duration": 10.17}, {"path": "b0d88c0f1efca89ecb928172341dc75d_55.wav", "text": "most importantly, our consumption patterns have continued to build, which is the real story we want to stress, and that will translate to a very strong second half.", "duration": 10.17}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_180.wav", "text": "and just overall healthy demand in the space. So there are certainly a number of factors that could help us get towards the higher end or potentially beyond the higher end of guidance.", "duration": 10.17}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_56.wav", "text": "is that we feel very strongly that our approach remains the best one to pursue for the treatment of Pompe with gene therapy, meaning", "duration": 10.17}, {"path": "b20564a6da1bcfc7b80552299d9e002a_136.wav", "text": "when does it return to growth. I think it's ongoing as we talk. We have to see that one of the big inhalers", "duration": 10.17}, {"path": "50eb350badadec6e4272b90684741c25_260.wav", "text": "do you think about -- I guess, what is the level of utilization roughly, if you're willing to share? And then, two, as you think about long-term growth", "duration": 10.17}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_40.wav", "text": "Since the end of the fourth quarter, we have received several of these late payments and continue to focus our efforts on collecting the remaining outstanding receivables.", "duration": 10.17}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_122.wav", "text": "made an investment during the first half of the year to add dedicated Fluid Management representatives to the business in an effort to drive focus and specialization.", "duration": 10.17}, {"path": "81c03e2c15e8fe8213fbd40368b49581_99.wav", "text": "We expect assets spreads to be vulnerable to widening due to changes in central bank involvement in these markets, which would present a great opportunity to add assets.", "duration": 10.17}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_239.wav", "text": "I think that the third quarter outlook is more of the same. It is very competitive. It's competitive now. It's been competitive for years, as we all know.", "duration": 10.17}, {"path": "77423f08f0208d476dea73c639f6293a_157.wav", "text": "Those of you who have been asking us over the past couple of years what the auction could mean for us have heard repeatedly that we do not expect to receive any meaningful proceeds.", "duration": 10.17}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_107.wav", "text": "We currently do not believe that any of these circumstances individually or in the aggregate have any impact on our reported financial results.", "duration": 10.17}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_88.wav", "text": "We are not a typical retailer. We do not sell products that are purchased without a human connection or products that lend themselves easily to e-commerce.", "duration": 10.17}, {"path": "0b7afb66a39a4c81151309bacc830c60_52.wav", "text": "And I would continue to expect as we roll out those new vertical products, we're continuing to add value and see some additional strength coming from those contributions.", "duration": 10.17}, {"path": "744f5859c7d9a0567b387ae84326d940_126.wav", "text": "due to the underperformance of DSS. Before I hand the call back to Bob, I'd like to briefly discuss our thoughts on tax reform", "duration": 10.17}, {"path": "ae1cd74ed2a761166dab979bbe499da0_64.wav", "text": "take everything -- I didn't hear anything quite clear? And can you also elaborate how that will move into the", "duration": 10.17}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_51.wav", "text": "Currently, we are planning to consolidate facilities around Haneda airport to achieve efficient training, while increasing safety, the foundation of our management.", "duration": 10.1400625}, {"path": "902872913863de98d38e2936b846cf66_161.wav", "text": "is important to note that the factors negatively impacting second quarter shipments are contradicted by strong underlying demand trends.", "duration": 10.1400625}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_103.wav", "text": "Meanwhile, we are working in parallel to fundamentally understand the market opportunities and dynamics and to formulate our commercial strategy.", "duration": 10.14}, {"path": "139f0a6300f504b3e8673e39b0429161_5.wav", "text": "This enables service providers and businesses to focus on becoming more efficient and more profitable in this age of digital transformation.", "duration": 10.14}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_5.wav", "text": "and then resume more normalized growth through coming quarters in 2018. A couple of other things I'd like to note before moving on to data centers.", "duration": 10.14}, {"path": "ab861b81968e1b5fcb606ed886919d68_16.wav", "text": "And indeed on this point it is important for all you to know that my primary focus as Chairman and CEO is for Triangle Capital to continue to grow", "duration": 10.14}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_172.wav", "text": "ignoring your demands for payment and things of that nature, paying the patient in some cases and doing other", "duration": 10.14}, {"path": "718a89dc503706eae0091bcd9410d567_40.wav", "text": "that there's really not a lot of outlet. Because of the lack of timing or infrastructure in Mexico, those pipes really can't ramp up as quickly as everybody had hoped.", "duration": 10.14}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_111.wav", "text": "To sum it up, we believe the aftermarket has benefited from a second consecutive normalized winter and ongoing sound fundamentals.", "duration": 10.14}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_76.wav", "text": "what the term of their contracts would be, their answer would be, we don't have any term contracts, we just have shippers that have shipping history and show up day to day. And so", "duration": 10.14}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_286.wav", "text": "something like 40 hotels open. Shanghai is the most international city in China. Our hotels are skewed dramatically towards the high-end.", "duration": 10.14}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_149.wav", "text": "subject areas that we feel comfortable in. And we have already got scale benefits that we feel very confident about how we integrate for further scale.", "duration": 10.14}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_1.wav", "text": "Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.", "duration": 10.14}, {"path": "b34f680a9162805e0188170d6272a356_49.wav", "text": "If you can just share any specific states you're seeing increased work there and specifically the type of projects in those states that are kind of driving the strength?", "duration": 10.14}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_6.wav", "text": "We are now in the process of implementing changes that we think will drive higher connect, continue to improve ARPU and give our customers even greater choice and control.", "duration": 10.14}, {"path": "d085781ecd776da8a9c4d31ad547606b_220.wav", "text": "Finally, this decree included very positive news related to new more expansive investment criteria by pension funded administrators.", "duration": 10.14}, {"path": "66c9091ba849cdb6d64987642ced64d2_14.wav", "text": "on the quarter, could you talk about the cadence of when you took delivery of these tractors? And to the extent you can provide us,", "duration": 10.14}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_157.wav", "text": "in the first half of 2019. We remain on track to file our prior approval supplement for Vancocin oral solution", "duration": 10.14}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_275.wav", "text": "However, there is one condition that has to be met. I'm waiting for a right management team. I'm not saying our current team isn't good,", "duration": 10.14}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_201.wav", "text": "so that we can do things very effectively and achieve our goals very precisely on our time line and schedule.", "duration": 10.14}, {"path": "ca2bc8d693d4751cc88444d2e715f645_70.wav", "text": "This increase was due to the acquisition of Body Plus and Sonoma and partially offset by the timing of certain marketing expenses related to our innovation calendar.", "duration": 10.14}, {"path": "8292bdb9af87f10627c044f3842b2c76_150.wav", "text": "given my, I don't know, unrestrained optimism. But I would say our view of the lease-ability is better today than it was a year ago", "duration": 10.14}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_6.wav", "text": "and we are pleased that everything is moving along according to plan. Sinotruk is working on integrating our motors to local Chinese transmission solutions", "duration": 10.14}, {"path": "a212b77ae2b2452093665a4e179ed3a3_154.wav", "text": "We expect this trend to continue as we make these additional investments. Finally, we will remain focused on achieving balanced regulatory outcomes that will benefit our customers", "duration": 10.14}, {"path": "1b1699497be56330b3ed833f22bc63f6_167.wav", "text": "We expect these new investments to further establish our solutions as the clear industry leader and further establish the pathway for continued success.", "duration": 10.14}, {"path": "1b1699497be56330b3ed833f22bc63f6_13.wav", "text": "Developing and introducing product solutions, like our e-wallet, designed to assist casino patrons with the ability to seamlessly move financial value", "duration": 10.14}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_106.wav", "text": "of inflation that the market experienced last year. And then also it is being contributed to, in some way, by the investments that we are making", "duration": 10.14}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_39.wav", "text": "The second thing that we are doing in conjunction with the pharmacy industry as a whole is we are engaging with the federal government", "duration": 10.14}, {"path": "5f38ce681d4413a793d34a0650c59bf2_98.wav", "text": "once we get rid of the international business, okay, we understand that's happening, and then should we assume that you're done taking a look at the", "duration": 10.14}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_149.wav", "text": "We believe we're on track to deliver ramped-up contributions from these acquired locations that meet the expected purchase multiples we've outlined for you in previous calls.", "duration": 10.14}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_187.wav", "text": "As we shift into our financial results and outlook, I'd like to draw your attention to Slide 4 to note the highlights that I first outlined in early January.", "duration": 10.14}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_170.wav", "text": "Monetary theorists persist with their negative interest rate policies, relying ever more on hope for rather than expectation of success.", "duration": 10.14}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_167.wav", "text": "on running great restaurants and having great people that lead those restaurants and supporting them with a wonderful culture and tremendous opportunities.", "duration": 10.14}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_130.wav", "text": "And hence, there, we largely depend on the fact whether or not we were in a position to rightly estimate the costs", "duration": 10.14}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_98.wav", "text": "related to a reduction in the level of past due shipments from earlier in 2016 as we ramped production levels and improved manufacturing efficiencies in the second half.", "duration": 10.14}, {"path": "655d592e9d1b1027f1824b1554d8b131_4.wav", "text": "and I've assured my husband there will be no round 3. But I'm fully committed to making a seamless and successful transition with Debra over the next few months.", "duration": 10.14}, {"path": "1244d2b5a259c3bc73742830d60d53fc_94.wav", "text": "Our focus is on our clients and leading them through a digital transformation while also remaining purposeful in how we execute on our strategy.", "duration": 10.14}, {"path": "81bfbc1fbd3ce62adc594e6b57c6fb34_20.wav", "text": "trade between currencies and then, of course, from those positions they have, they can make outbound payments. It does also accommodate incoming payments as well. So it's just a really good", "duration": 10.14}, {"path": "43942582edfb20599f3e7456137f8deb_126.wav", "text": "Further, we achieved several major milestones in the quarter, including the successful completion of the DeVry University and Carrington College transfers of ownership", "duration": 10.14}, {"path": "43942582edfb20599f3e7456137f8deb_130.wav", "text": "In addition to growth in accounting products and services, including exam preparation where we're expanding our professional development content to support key changes in the accounting profession,", "duration": 10.14}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_112.wav", "text": "in the sensors. There are 3 blocks of technologies where we have, I believe, a unique technology leadership", "duration": 10.14}, {"path": "002d12258ff802d65f79ae2eef99e4ab_42.wav", "text": "Okay. And was the trigger for that kind of thing competitive actions? Was it particular projects? I'm just trying to get a sense for kind of", "duration": 10.14}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_68.wav", "text": "the full quarter impact of the new CEO as well as prospective changes to where the company reports expenses relating to its insurance program.", "duration": 10.14}, {"path": "4e04d3229b988f1db5b842ac5b993894_130.wav", "text": "we think that the pricing that we're getting on the completion of these newbuilds lifts the pricing of these rigs as well as the market continues to tighten.", "duration": 10.14}, {"path": "1bba27cac9495fe57f623973383d6948_68.wav", "text": "for our existing business with any increases being limited to products and services that open up revenue streams we cannot access today.", "duration": 10.14}, {"path": "b96165244f010b3f1e61cbbc5e504d96_63.wav", "text": "What encouraged me most about our results is that our team members are overwhelmingly ready and willing to go above and beyond in their roles to build a stronger, more innovative company.", "duration": 10.14}, {"path": "b96165244f010b3f1e61cbbc5e504d96_125.wav", "text": "Some of that would be in the S.E.T. businesses obviously. So our first area of focus will be to add scale in areas where we already play", "duration": 10.14}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_171.wav", "text": "That's not our business model. We want to maintain our margins to maximize profitability, and we want to make sure that we're not beat by our competition.", "duration": 10.14}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_52.wav", "text": "how we generate profits, I think the structure of how we generate profit, I think we need to communicate this much clearly to the marketplace.", "duration": 10.14}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_174.wav", "text": "So price reduction could simply translate into a mere reduction in operating profit. On the other hand it could be that the customer base expansion can be achieved.", "duration": 10.14}, {"path": "e2c02e1788cb10703d7611ef157f8135_78.wav", "text": "This was the case with the stores we closed last year. And future decisions will now be informed more directly from that experience.", "duration": 10.14}, {"path": "e2c02e1788cb10703d7611ef157f8135_121.wav", "text": "Lower interest on capital leases as the portfolio matures and the store closures that we had earlier in the year contributed to the decreases for both the quarter and the year.", "duration": 10.14}, {"path": "c5c7a9f409241412b160a93cde7ef630_59.wav", "text": "The original RFP was also seeking a potential county jail addition to the existing facility in order to replace the county's existing jail in downtown Chattanooga.", "duration": 10.14}, {"path": "974a2d744cd3d9acf42d74816de91f7f_9.wav", "text": "And labor allocation requirements imposed by our collective bargaining agreement at one of our facilities have resulted in an increased benefit related cost during the quarter.", "duration": 10.14}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_64.wav", "text": "We are increasing revenue across multiple product categories at a major U.S. mobility OEM. And we have grown content in audio and standard products", "duration": 10.14}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_96.wav", "text": "providing us with high levels of current and recurring income from our debt investments and the continued opportunity to realize capital gains from our equity-related investments.", "duration": 10.14}, {"path": "b126e11520fd54843c67f70f15cd30cc_193.wav", "text": "And we hope to deliver more happy experience to you. Thank you. Thank you very much for the answer. The sixth question is,", "duration": 10.14}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_209.wav", "text": "gives a point of differentiation and reassurance more to lower enterprise and enterprise level. This is where organizations are effectively looking to future proof", "duration": 10.14}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_89.wav", "text": "those places that we're getting the best return to work with our customers to understand the ROI of some of the various promotional practices that are going on.", "duration": 10.14}, {"path": "948f025c16fce2bcb2909e610c9be557_273.wav", "text": "dropping it basically down, which is, human people, and you condense at a certain point, and you're better off to run it", "duration": 10.14}, {"path": "9e8690a521142359001a137074905535_168.wav", "text": "It's important to emphasize that while we were making significant progress, there is some opportunity cost because of the breadth of the work that our team is focused on.", "duration": 10.14}, {"path": "9e8690a521142359001a137074905535_34.wav", "text": "you can be assured that we are still driving improvements with our eye on the same goals and the same intention of creating a more valuable organization for all our stakeholders.", "duration": 10.14}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_61.wav", "text": "Response rates for the 3 agents approved in the second line are in the range of 13% to 16%, and median overall survival is 6 to 8 months.", "duration": 10.14}, {"path": "73c60e60043b8775dac929320839a8c6_12.wav", "text": "The senior secured and floating-rate loan composition of our portfolio is defensibly positioned to protect our capital in a rising rate environment.", "duration": 10.14}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_59.wav", "text": "If Electrovaya batteries makes these logistics and Material Handling companies more efficient, that is the driver and the benchmark.", "duration": 10.14}, {"path": "1c7b9fe66120faecd8217e1df394005c_101.wav", "text": "Is your modeling suggesting to you that the margin will turn in the third quarter and start to move in the other direction? Or you just haven't -- your crystal ball is fuzzy out beyond", "duration": 10.14}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_157.wav", "text": "The problem is that because we don't have a J code and the SOP for how the providers are billing the payers", "duration": 10.14}, {"path": "dffe8257f781608bb17bb637249e4d2a_123.wav", "text": "The optimization of our back office resulting from investment in digitization is also evidenced by the continuing slowdown in net new rollout of branches", "duration": 10.14}, {"path": "7cc11de7f206c637e6293da0d956405e_119.wav", "text": "they've announced some large customer levels from what I can see. We have a lot of customers, too, right? And our customers are loyal to us. We continue to deliver quality products to them.", "duration": 10.14}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_58.wav", "text": "Those are some of the most important things. And then obviously, over time, as you continue to beef up that stability in your business, that is absolutely what gives me more confidence to go ahead and work that cash balance down.", "duration": 10.14}, {"path": "3d3b327645f62f252bb876e5bb4a9259_57.wav", "text": "but that still does not appear to be the case. Whoever has left, for whatever reason, whether they should be going fast or not going fast, there are enough folks out there still pushing for business", "duration": 10.14}, {"path": "f542ab325f47ed150e28888da2f85871_95.wav", "text": "What was interesting about -014 is that in the animals, we saw a really quite limited toxicity less than we expected, and that will allow us to dose escalate", "duration": 10.14}, {"path": "1689b94530eca82b7758c86b4cf3125f_56.wav", "text": "that will give both customer segments an engaging and seamless self-service experience, allowing them to interact with us online for a variety of services.", "duration": 10.14}, {"path": "1689b94530eca82b7758c86b4cf3125f_9.wav", "text": "Spending for capital expenditures was higher during the second quarter due to timing as we had relatively light capital spending during the first quarter.", "duration": 10.14}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_51.wav", "text": "The process is actively moving forward and we will evaluate all options thoughtfully and carefully with the support of our financial and legal advisers.", "duration": 10.14}, {"path": "e42f90eacf0e766ff39973c6aca06c93_147.wav", "text": "but that's due to this access program. So is it fair to say that the numbers are coming down, but the number of patients you expect to be on Eversense actually increased compared to your prior guidance?", "duration": 10.14}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_61.wav", "text": "I would hazard to guess that most of them had something. They probably had a cash management solution, which is a more rudimentary version of full treasury management.", "duration": 10.14}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_188.wav", "text": "up to this point, we've only competed basically in genotype-1. And so there's a big opportunity for us to be able to compete in the other genotypes going forward.", "duration": 10.14}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_29.wav", "text": "as well as the opportunity for nursing and healthcare education more broadly and we are pleased by the progress the team at HCN is making to further strengthen the institution for bright future.", "duration": 10.14}, {"path": "2a7af3c66762ce608379005a3d7bfa96_213.wav", "text": "as it is a very important part of our business from a strategic perspective. But we have had outsourcing events that will occur all the way through July.", "duration": 10.14}, {"path": "2a7af3c66762ce608379005a3d7bfa96_5.wav", "text": "With these improvements combined with a better aligned sales structure, we are now better positioned to grow share across all of our business lines.", "duration": 10.14}, {"path": "ab29ac574f423764c40f2d2eec696623_178.wav", "text": "that is not affected by the change in standards. We continue polishing the IFRS 9 accounting model for our loan portfolios. I can share though that", "duration": 10.14}, {"path": "01b376669d5ea40acc7fb5a87503586e_57.wav", "text": "This excludes the impact from any restructuring costs and assumes an annual effective tax rate of 31%. I'll now turn the call over to Sam Thomas.", "duration": 10.14}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_46.wav", "text": "There'll have to be some build-outs if we're going to -- or once we move into full development, but there's enough adequate infrastructure space right now for us to continue drilling", "duration": 10.14}, {"path": "97b9c8b95449565c1f280a2b61a65b31_121.wav", "text": "disciplined capital recycling combined with carefully managed operating expenses, a strong balance sheet and a very highly preleased development pipeline", "duration": 10.14}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_144.wav", "text": "that we think really will allow us to grow and get the best out of what we're doing. And a lot of what we're seeing with inventory and what's coming through right now, I think, speaks to and comes from", "duration": 10.14}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_141.wav", "text": "we are increasingly more confident in our ability to deliver greater consistency, holistic growth and a more predictable profitability over the long term.", "duration": 10.14}, {"path": "884400c829f179d8cf68b767f45f03a4_134.wav", "text": "that currently include a wide range of stores and formats. Overall, we want our stores to make positive lasting impressions on guests and the neighborhoods we serve.", "duration": 10.14}, {"path": "4311782968e936c378fdee8946cd9cca_121.wav", "text": "sort of constant word is, is that the appropriate target to think about? Or do you think there is still some basis for it to move gradually modestly higher?", "duration": 10.14}, {"path": "b126c31149f1cadf1d891082a187d6fc_101.wav", "text": "So as we think about the future -- and this is our view, but as we think about the future, the disintermediation is going to occur primarily in the skilled nursing", "duration": 10.14}, {"path": "68862e23c71ce741719b7bd99a6c44d6_158.wav", "text": "Within this context, we believe we are uniquely positioned, managed and capitalized to meaningfully experience an improving industry environment to the benefit of our shareholders.", "duration": 10.14}, {"path": "5efe4589d80ac1232c2958182c188903_82.wav", "text": "Before we get started, I would like to remind everyone that during this call, we will make projections and other forward-looking statements regarding future events or the future financial performance of the company.", "duration": 10.14}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_136.wav", "text": "to the millions of institutions around the world, helping them to drive digital transformation to increase effectiveness and have impact on their missions to drive outcomes.", "duration": 10.14}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_79.wav", "text": "but also quantify the value of improving their performance and refer them to specific tools inside of the Raiser's Edge NXT to drive growth.", "duration": 10.14}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_229.wav", "text": "We expect over the medium term that these investments will result in savings within the business units. And over time, we will reduce this to more normal levels.", "duration": 10.14}, {"path": "64364105b816dd0b6a029e9cd210e65b_72.wav", "text": "they clearly have intentions to continue to address the aging fleets -- trailer fleets that they have, they have excessively aged equipment.", "duration": 10.14}, {"path": "1300495cfa53748f732f54277d5a8cea_16.wav", "text": "Now turning to a review of our outlook for fiscal year 2016, which we introduced in our press release on March 7. Other than the impact", "duration": 10.14}, {"path": "24a133abc343c813233d416b0cef96cd_197.wav", "text": "we expect in the second half that conditions will probably be similar to the first half although, as Stephen noted, we are seeing green shoots emerge in that segment.", "duration": 10.14}, {"path": "407fee9910ab57874978cf85a89b1d9d_82.wav", "text": "But what we can see today, we hence expect to be able to pay a dividend in line with the existing dividend policy for this financial year.", "duration": 10.14}, {"path": "692de133aab90ff6681b2c45b433b32b_195.wav", "text": "Sure and maybe just one final question, I can squeeze in, on Tricon Housing Partners, I mean the pressure is mostly on the cost side, what we understand and timing related,", "duration": 10.14}, {"path": "4ee3c79ebc57c9870b221b9479d52436_235.wav", "text": "we anticipate corporate costs can be kept at or around these FY '17 levels going forward with the current business mix.", "duration": 10.14}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_166.wav", "text": "I've been onboard for a little over 3 weeks and have had the good fortune of spending that time listening and learning from our customers, partners and employees.", "duration": 10.14}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_112.wav", "text": "I believe ServiceNow has the potential to become one of the great enterprise software companies of this era and I'm committed to building an enduring company.", "duration": 10.14}, {"path": "e552924838fe493d3cc967dd0c5c4563_41.wav", "text": "Okay. And then indulging me with just one more because you talked about a couple of new units coming on in, I believe the Middle East and Africa and", "duration": 10.14}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_29.wav", "text": "oftentimes or sometimes, these customers do not allow us to work at a profit. But", "duration": 10.14}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_122.wav", "text": "Our risk-averse approach compares favorably to the highly competitive market for middle market leverage loans where business development companies face loosening covenants and compressed lending spreads. And", "duration": 10.14}, {"path": "690a9eb04a9c850c77634cd88c8459da_94.wav", "text": "take, that was probably not sufficient in order to hold revenues, so that would basically lead to the sales decline.", "duration": 10.14}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_52.wav", "text": "So I'm just trying to think about -- I understand the potential of the cross-selling with the platform, but you will be", "duration": 10.14}, {"path": "902872913863de98d38e2936b846cf66_227.wav", "text": "I think under very difficult circumstances, our teams in Illinois have done a very good job maximizing profitability and being efficient servicing customers. So", "duration": 10.14}, {"path": "96488f25af54f91198b444e5eff8e878_120.wav", "text": "As other large leasing companies begin to look and act more alike, our strategic positioning is improving, as I believe we occupy an essential, growing and profitable role in the market.", "duration": 10.14}, {"path": "bc1efb704df9c180935803c70a315597_154.wav", "text": "We're going to continue to invest in our people and businesses to enhance our customer propositions to improve our customer's experiences and to deliver efficiencies for the group.", "duration": 10.14}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_134.wav", "text": "Commodities, freight and wages are all rising. To date, however, the number of our suppliers who have raised their list prices", "duration": 10.14}, {"path": "6f1b092b312410065d308541be46da95_26.wav", "text": "It also means engaging and supporting communities where we live and work to find new solutions and contribute to the long-term sustainability of our environment.", "duration": 10.14}, {"path": "6f1b092b312410065d308541be46da95_72.wav", "text": "and I'm sure you're monitoring cyberattacks or attempts to breach your systems. Can you comment if you've seen any increase in that over the last year and how you think about that one going forward?", "duration": 10.14}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_56.wav", "text": "in our centers. And there are a handful of locations where we're talking to them about proactively taking space back because we know the tenant demand and we can execute on it ourselves. But", "duration": 10.14}, {"path": "f15a674bdbbc461872000604216ae071_131.wav", "text": "acknowledging also minority shareholders, and especially in the ability to grow and to create value to all shareholders.", "duration": 10.14}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_43.wav", "text": "Our larger life insurance licensed sales force as well as productivity that was at the high end of our historical range drove the strong growth in issued policies in the fourth quarter.", "duration": 10.14}, {"path": "bf99037f89cd485f95f097842619a0c7_212.wav", "text": "And then we'll see whether the GDP trend the first few decimals that we've seen moving in the right direction, be it in Europe or in other parts of the world,", "duration": 10.14}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_21.wav", "text": "Flavors and fragrances are consumed every day around the world, and they are an essential part of successful consumer products for our clients. I", "duration": 10.14}, {"path": "a968612b5d51d3df12aad60dde8e1e41_10.wav", "text": "Rest assured that our allocation of capital will be accomplished in a characteristically disciplined fashion that our track record demonstrates and that you have come to expect from us.", "duration": 10.14}, {"path": "3ae068efa03cd088f4d3edea682f199f_94.wav", "text": "With important recent changes, we believe we can quickly get back to performance levels that we've already demonstrated we can achieve over several previous quarters.", "duration": 10.14}, {"path": "30a142fac5a62ab00227cb6a339a6226_78.wav", "text": "We also rolled out Pixel Custom Audiences in December, which allows advertisers to reach audiences based on actions such as visiting their site.", "duration": 10.14}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_4.wav", "text": "A number of parties have already been contacted and others who saw the announcement have contacted us, and we are pleased by the level of interest, thus far.", "duration": 10.14}, {"path": "0b7afb66a39a4c81151309bacc830c60_87.wav", "text": "So they have come in with their own vision and they are in the process of executing on that. But it is absolutely fair to say, for the most part,", "duration": 10.14}, {"path": "16c235a53fc719ec92ef3b3c3b371150_76.wav", "text": "and we saw a value proposition, we would do that. We would step in and do it. We've looked at one and maybe others, I don't know, but I do know that we would be open to that.", "duration": 10.14}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_33.wav", "text": "We have a tremendous opportunity to create value for all of our stakeholders, and we intend with full force to make the most of it.", "duration": 10.14}, {"path": "744f5859c7d9a0567b387ae84326d940_191.wav", "text": "Composites is a newer technology we're investing in, but it's not, of course, at the expense of other proven areas where we've excelled for years like the inks market.", "duration": 10.14}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_131.wav", "text": "Remember also that PI revenue can fluctuate from quarter-to-quarter, which can impact either to the upside or downside what we would normally view as a quarterly run rate.", "duration": 10.14}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_34.wav", "text": "to some of those European affiliates in the second half of this year and that would be a significant driver of our second half revenue uptick.", "duration": 10.14}, {"path": "97ddc19ecb28bab2d19fd3b181182062_206.wav", "text": "different products. Now there's preferences, okay. Obviously, we'd like to be a little bit more heavy in the like the aluminum plate business in the Southeastern market.", "duration": 10.14}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_226.wav", "text": "network as well as our digital tools to make sure that we're winning at least our fair share, if not more of the business in India as it grows,", "duration": 10.14}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_122.wav", "text": "We expect that client migrations to the new systems will begin by the end of full year '18. In moving our European clients to VisaNet, we can provide enhanced network", "duration": 10.14}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_57.wav", "text": "mixed bag of activity around the industry and I think not necessarily the most user-friendly thing for consumers because there are so many options.", "duration": 10.14}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_109.wav", "text": "bonuses out in the first quarter of each year as well. So those are probably some of the items that really drive some of the timing, Steve. But", "duration": 10.14}, {"path": "027d36b67ee5bba934695b2d0c47eb08_118.wav", "text": "you're able to double capacity. What time frame will you be able to double sales with the double of equipment?", "duration": 10.14}, {"path": "77f146e76d89a5be785a39ab23dfa763_84.wav", "text": "continued really excellent execution relative to our march towards the 10% target, I'd say we ended the year pretty much in line", "duration": 10.14}, {"path": "47546a57a865bca0f4e677dc3b485053_19.wav", "text": "We continue to review the best opportunities to utilize our cash. While also keeping in mind that we are in a cyclical industry.", "duration": 10.14}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_35.wav", "text": "and balancing delivery of community strategy with delivering attractive returns on investment. So in conclusion,", "duration": 10.1399375}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_231.wav", "text": "on the Refinish and Industrial side of the business. But we expect that path upward not to be a sharp bounce back but rather a gradual improvement in the best case.", "duration": 10.11}, {"path": "a0e8f9500edc41a227b8d67235bf7753_75.wav", "text": "before the heat of the day sets in, in hopes of generating some additional extra visits early in the morning rather than losing the businesses completely.", "duration": 10.11}, {"path": "92b48b365197c65ebf545a4c9dd1200d_35.wav", "text": "Prospectively, our lending business had a lot of other intrinsic things that prospectively can bring value down the road to public shareholders.", "duration": 10.11}, {"path": "6e6da7f810609ce64857373f11984455_100.wav", "text": "Two. Enterprises increasingly see outsourcing as a means of increasing their pace of innovation and supporting their strategic initiatives.", "duration": 10.11}, {"path": "13aa6c0669adb5544a0d62beef677189_22.wav", "text": "it should be clear that the intention is that the investments in Uttam Galva will be a part of the joint venture and funded by the joint venture.", "duration": 10.11}, {"path": "62d981deed6d5128615c99d1597178b6_13.wav", "text": "Our purpose is to make a difference in the moments that matter and create value for our clients, our colleagues, our shareholders and the broader community.", "duration": 10.11}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_25.wav", "text": "So in summary, standing in stark contrast for the cyclical challenges that we have to navigate during the past year, the tide seems to have turned.", "duration": 10.11}, {"path": "94fdf7b24748a7706b1097482a0f363a_60.wav", "text": "We are excited for this opportunity to report the financial results for the fourth quarter of 2017, which represents the first full quarter of the combined Knight and Swift entity.", "duration": 10.11}, {"path": "6388da88b00ebc88af59435bdac74132_174.wav", "text": "How do we get a conviction to, in fact, feel very confident about making an investment in today's world? Prices are high, and therefore, we bring to bear", "duration": 10.11}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_110.wav", "text": "catastrophe claims environment, and that does boost reserve releases in the classes of business, such as property reinsurance. And Marine", "duration": 10.11}, {"path": "22ad97a95501a08f15c06605cd277fec_37.wav", "text": "offsetting quite a bit of material cost increase. I would say probably net-net, probably a little bit less than we would have liked, but the net impact after", "duration": 10.11}, {"path": "95962e0f754f9e2f786778c85d0913b8_77.wav", "text": "work on and off for our competitors. But if you look at the finished good producers for our customers who actually use our products, the regulations there are also on and off.", "duration": 10.11}, {"path": "abd0f750609f1263b566f0c09b981a16_155.wav", "text": "has been uninspiring for us in terms of deploying our capital. And so as a result of that, we want to make sure that if we're trading out that we don't have much of a bid-ask", "duration": 10.11}, {"path": "abd0f750609f1263b566f0c09b981a16_110.wav", "text": "just didn't seem to pencil at that time. That doesn't mean we haven't closed the door to ideas. It's just that based on the options that we had at the time didn't seem to make much sense.", "duration": 10.11}, {"path": "223f05c0b9b116532e9af84afa76cac7_55.wav", "text": "Now I'll turn the call over to David Finkelstein. Thank you, Kevin. As all are aware, the first quarter proved once again to be a challenging environment for investors", "duration": 10.11}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_59.wav", "text": "We have already learned through our acquisition of Entrust and we've seen that expanding our reach and our portfolio of goods and services is a main driver of growth.", "duration": 10.11}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_40.wav", "text": "is quite comparable to what we have seen in Switzerland a couple of years ago. And we have a very solid blueprint", "duration": 10.11}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_124.wav", "text": "So let's say ordinarily if you had grown at 15% if you start growing only at about that rate that is the time when you cut down and you come back to the normal rate.", "duration": 10.11}, {"path": "123a9a590195f61aa739ee9b2dec4952_80.wav", "text": "Obviously, you're having a terrific year, and I ask the question obviously in the context that the stock has performed extremely well.", "duration": 10.11}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_29.wav", "text": "Got it. And one other question about the liquid formulation. I was just wondering if you could mention some of the other ingredients that are included", "duration": 10.11}, {"path": "570faeed3dcfa26c6246dc42309025ad_160.wav", "text": "for a certain occasion or an electronic cigarette or vaping unit as another occasion. So we want to be a one-stop shop for all the occasions that they have.", "duration": 10.11}, {"path": "8b71a232d7fe61e6232807b635977c31_163.wav", "text": "It has been almost assumed and taken for granted in recent times, but I think people are, again, realizing and remembering all the reasons why it's true. And", "duration": 10.11}, {"path": "8bbc2f54137b794265dfb01f1559868d_103.wav", "text": "Laboratory information systems are extremely important to smooth operations and efficiency and we are integrating 2 similar but different lab systems.", "duration": 10.11}, {"path": "e1f462455d6c826d9c173c35d4844383_10.wav", "text": "We expect all of our production will be exported via pipeline in the future and look forward to increase net revenue and the further reduction in operating expenses.", "duration": 10.11}, {"path": "de3b766a868da918e499f407dbf5d716_47.wav", "text": "Our core businesses are performing well. We're excited about where the new international opportunities will take us. But ultimately, our commitment remains the same,", "duration": 10.11}, {"path": "de3b766a868da918e499f407dbf5d716_117.wav", "text": "In December, we formed a joint venture with a partner, who will selectively source and manage outdoor advertising assets for us in certain European markets.", "duration": 10.11}, {"path": "a45510e526a5935c1f8d4f039149ff3b_61.wav", "text": "and the fluctuation in currency exchange rates in international markets we sell into may cause material differences between our expectations and actual results.", "duration": 10.11}, {"path": "75fa1bebed0b858c76cc7058477e40e2_66.wav", "text": "I firmly believe that our operations teams are better focused in executing at a consistently higher level than in the recent past.", "duration": 10.11}, {"path": "91422f85dbf838639b3cb9dd9da364eb_27.wav", "text": "results in a follow-on product development, and then generally results in the sale of those products. And this HiRIS project is", "duration": 10.11}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_82.wav", "text": "whether this is a new base level that we should kind of think about numbers moving up off of. Just not sure I really have a good handle on the progression of the business there.", "duration": 10.11}, {"path": "145244b0378e6657d456cffca8bbc982_57.wav", "text": "I wouldn't say I have an exact idea what the percentage would be, but we really want to emphasize aerospace because we believe it's got a longer run. It's got a little bit more", "duration": 10.11}, {"path": "957e0f876f9a4af9b498c19843675474_81.wav", "text": "We remain excited about having this additional brand as part of our platform and our overall multibrand approach to meet customer demand and capture a larger portion of the weight-loss market.", "duration": 10.11}, {"path": "cfbe91105113db7a5784f77e411b7a3f_67.wav", "text": "turn out right in terms of your financial outlook, it would mean that your financial ratios are that strong that you have more firepower to make bigger acquisitions.", "duration": 10.11}, {"path": "e26b501c6e000fdaa11edde97cc71436_165.wav", "text": "hopefully, expose people to not only ReposiTrak but the Park City legacy side. But can you give us some metrics on what type of traffic patterns you're seeing?", "duration": 10.11}, {"path": "1b1699497be56330b3ed833f22bc63f6_24.wav", "text": "and other products and services that improve credit decision-making, automate cashier operations and enhance patron marketing activities for gaming establishments.", "duration": 10.11}, {"path": "cc82e791c065bdc271addf355bac274f_140.wav", "text": "even operate under the simplest regime or the simpler regime that may also have competitive prices. As we see", "duration": 10.11}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_223.wav", "text": "Sure. I'm going to turn most of that over to Brad. Only to say that what we've seen in the international markets as part of what gives us confidence in putting that financial goal out there.", "duration": 10.11}, {"path": "1133b8984db446b9c963a09eaf0785a4_148.wav", "text": "Before getting into the specifics, it is fair to say that notable productivity is much harder to drive in a no-growth environment, but it should have been better than it was.", "duration": 10.11}, {"path": "1133b8984db446b9c963a09eaf0785a4_271.wav", "text": "First half of this year, there were 24. And Jack mentioned earlier that we have been awarded a number of these projects, so we're going to see that start to roll", "duration": 10.11}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_205.wav", "text": "we're seeing opportunities to do even more. So success begets success in this market, and we're seeing a lot of opportunity both", "duration": 10.11}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_35.wav", "text": "from our variable insurance product and sub-advised funds. Those flows have impacted nearly all investment objectives and are illustrated in the flow graphs by investment objective.", "duration": 10.11}, {"path": "8b6b51842af008f5f437f53cc2e71835_19.wav", "text": "As an integral part of this effort, we're devoting time and resources towards deepening our bench of talent with clear succession planning throughout the organization.", "duration": 10.11}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_138.wav", "text": "at a market leader and we won an award for an intelligent power module from a leading Chinese air conditioner supplier.", "duration": 10.11}, {"path": "911d447bcdcedb4e0cf5230de225921c_41.wav", "text": "So I can't really comment on what the levers are, other than by referring to what we've seen other companies doing in similar situations. So", "duration": 10.11}, {"path": "07d30eec04a77191950ef0992d097daf_103.wav", "text": "And we treated it as one relationship with the same guy running both companies and the same executive team and operators and everything else throughout the company.", "duration": 10.11}, {"path": "f4d0f1362716be33f02690dd1a8df663_94.wav", "text": "we remain committed to expanding business throughout Southeast Asia, with products supplied mostly from our Indonesian plant.", "duration": 10.11}, {"path": "da14df2e02d11f6f8599533d9d57faee_131.wav", "text": "We will be the leader in the delivery of affordable books and course materials and driving students' academic success. Looking ahead,", "duration": 10.11}, {"path": "da14df2e02d11f6f8599533d9d57faee_7.wav", "text": "With that, I will turn the call over to Max Roberts to discuss the compelling strategic value of this transaction in more detail as well as our results for the quarter. Max?", "duration": 10.11}, {"path": "7394bde65e000fbb7b528c6c65bd099d_178.wav", "text": "to New York Harbor less than a bit as well. Can you talk about those dynamics a little bit and whether they're having any impact, at least in the near-term, on online space,", "duration": 10.11}, {"path": "8aa1aa8317783203344434f855535c25_155.wav", "text": "And when you buy a very large portfolio at a discount to NAV, and you hold it through a rising multiple environment, you find yourself in a good position to exit and generate gains, which is what we've done. But", "duration": 10.11}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_48.wav", "text": "And then separately, you mentioned the Midwest and Southeast as the best-performing regions. I was wondering, if you're seeing any sort of benefit", "duration": 10.11}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_103.wav", "text": "As a reminder, we increased our national minimum wage in the second quarter of last year. So we have to round that in the first and a little bit of the second quarter.", "duration": 10.11}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_123.wav", "text": "which is in line with our model and our expectations and, quite frankly, our experience in the first quarter, the first full quarter following an integration.", "duration": 10.11}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_176.wav", "text": "Look, I think Roger and I have come to the conclusion that we want to grow, and we want to grow both organically and through acquisitions and new store openings.", "duration": 10.11}, {"path": "0360a780927a31fb0bec9e79dac878a2_9.wav", "text": "Their people, their culture and their commitment to quality service are all attributes that we value when we look for the right company to add to our team.", "duration": 10.11}, {"path": "c67af59ea29f4e80b8eeede6e730658e_59.wav", "text": "This class is entirely built of the refreshed concept. So we saw an immediate tick up in '17 with the refreshed concept.", "duration": 10.11}, {"path": "e5040d02fba73a359d3f7cb346517ce1_206.wav", "text": "and some of the higher grade stopes. And there was some tricky geometry there on the dip of the vein and trying to capture all the recovery", "duration": 10.11}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_74.wav", "text": "last year and for the quarter. Should we expect that to be somewhat flattish this year? Does it get depressed as you have to still", "duration": 10.11}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_129.wav", "text": "We want to have fewer people in the company that support and we want to have more people directly linked to the output and being closer to the market.", "duration": 10.11}, {"path": "6b3df032b804a1a371d25e1eef019c4a_118.wav", "text": "in a way, we try to achieve a business model, and run a business model that is macro independent in a way, meaning that changes in interest rates", "duration": 10.11}, {"path": "6a372ea97b0b130a4d37f16b54d97909_10.wav", "text": "we will be able to shift the sales mix towards more recurring revenue, which in turn will drive improved growth rates and higher margins.", "duration": 10.11}, {"path": "e2c02e1788cb10703d7611ef157f8135_205.wav", "text": "while we will continue to work hard to improve the percentage of that, that we can fulfill from our stores, whether Ship from Store or Buy Online, Pick Up In Store,", "duration": 10.11}, {"path": "70c92ab88d38f489d5074f2859e0290e_3.wav", "text": "Our promotions emphasized our industry-leading standards and affordable pricing. Our marketing efforts supported the standards and pricing aspect of our promotional offers", "duration": 10.11}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_192.wav", "text": "given how well you've done -- repositioning the business mix, et cetera, Gen10 in '18, it would seem that there would even be a little bit more lift behind that. So", "duration": 10.11}, {"path": "98f10f0935e5b778e888a1b8130a3d31_380.wav", "text": "As we've always been developing business, and as I have learned from my predecessors that, as long as you have good ideas,", "duration": 10.11}, {"path": "29426a77336443eedde7eaa29e9c2852_199.wav", "text": "I think the opportunity is big. And as we continue to drive integration and continue to move customers to our cloud", "duration": 10.11}, {"path": "29426a77336443eedde7eaa29e9c2852_1.wav", "text": "Please note that our comments today contain forward-looking statements subject to the risks and uncertainties that could cause actual results to differ materially from those projected.", "duration": 10.11}, {"path": "b94d748876ddf8e881d4191dec45baf3_83.wav", "text": "Our read of the rules is that there will be a continued effort on enhancing support for consumers, including improving health care delivery and quality of care,", "duration": 10.11}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_164.wav", "text": "Within the CAP segment, we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year due to the consolidation of East China.", "duration": 10.11}, {"path": "3278114d0e939eef0c3ec96dbed0f49b_68.wav", "text": "We believe this is a unique and highly compelling value proposition to our large existing and new SME customers in Australia and New Zealand.", "duration": 10.11}, {"path": "c3567809c19ce6a800677544cd84f88b_210.wav", "text": "First, telling inspiring stories. The Keep Walking campaign evolves around a constant truth that progress can be a force for good.", "duration": 10.11}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_78.wav", "text": "guiding towards a provision being down a little bit year-over-year. Is that just ongoing lingering strength from the end of the year and would you anticipate it sort of stabilizing", "duration": 10.11}, {"path": "1be44822d16f85bd501a5f19876895b1_75.wav", "text": "within the study as a whole, there has never been a cardiac result that has resulted in the data and safety monitoring board instructing that anyone change a dose", "duration": 10.11}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_29.wav", "text": "As we look at the Vitamin World, the number one thing we'll look at in terms of cost is making sure that there's no stranded cost as we exit the business following the transition services agreement.", "duration": 10.11}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_100.wav", "text": "our plan is to first solidify our business platform, then use the international business to accelerate growth, and then pursue sustainable income growth.", "duration": 10.11}, {"path": "4567936d89925d1a3b983274b11ecae5_14.wav", "text": "and all of this growth is now coming from the mobile business. In this quarter, we have moved financial services down to other units as of this quarter.", "duration": 10.11}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_161.wav", "text": "relatively low the second quarter. We think it's going to be strong in the second half of the year. It's back more to -- you need to look at it in 6-month buckets. There are just too many things that", "duration": 10.11}, {"path": "dc61068601388a9e02fd3155c1eab59a_50.wav", "text": "I understand win rate was lower, but was that out of the normal range? Or is that something that you typically would point out if it were?", "duration": 10.11}, {"path": "2c3945f11b4d91727b1ce00d490e11b6_84.wav", "text": "And we're seeing some good success there. So I'm hoping, over the next couple of quarters, there's some real solid bookings that we're able to bring in from this new market.", "duration": 10.11}, {"path": "968913c3f9111fc67f1d9956c56dec3b_10.wav", "text": "In addition, we'll be transforming our website, mobile offering and digital marketing capabilities. We look forward to updating you about our progress in the future.", "duration": 10.11}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_169.wav", "text": "And we are still working with them on the diagnosis and analysis of what's going to be the final action plan. Hopefully, we'll have something", "duration": 10.11}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_20.wav", "text": "the trends -- well, clearly the second quarter growth is also affected by the different timing of the Easter.", "duration": 10.11}, {"path": "75eb5b75bb8587b63c318714ea956b9e_145.wav", "text": "We hope it will be a harbinger of relatively fast regulatory approval of future assays now in our pipeline since we believe", "duration": 10.11}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_7.wav", "text": "Now we are in the hardest point in negotiations with our Manitoba Union. We hope to reach a mutually beneficial agreement, but we need to be competitive in the market.", "duration": 10.11}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_103.wav", "text": "better service levels from our warehouses to our stores, improved store execution, creative merchandising and our ad campaign are worth calling out here.", "duration": 10.11}, {"path": "7274a7a5fa848e641ba98fce556e26a1_53.wav", "text": "We will also continue to look for opportunities to reduce our operating expenses while not impacting the investments to our sales team and our marketing spend.", "duration": 10.11}, {"path": "9e8690a521142359001a137074905535_185.wav", "text": "The income tax rate in the quarter was a net benefit of 0.3%. This benefit was the result of the lower net income and discrete benefits,", "duration": 10.11}, {"path": "74d0910b4af16f82a812bddbb151d966_97.wav", "text": "Thanks, Amy. Good morning, and thank you for your interest in Williams and Williams Partners. Yesterday afternoon, we released our financial results and posted several important items on our website.", "duration": 10.11}, {"path": "333d478ab06fd400afafa68f4a952191_169.wav", "text": "And I wish to recognize not only the club personnel who make good things happen on a daily basis, but also the efforts of our merchandising and distribution teams who skillfully work", "duration": 10.11}, {"path": "40b1895fcd5116b51eb97573544b3afd_77.wav", "text": "In the absence of those 2 items, net effective spread would have shown sort of that steady Eddie performance that you've seen trend over the last 3 quarters.", "duration": 10.11}, {"path": "571b0d30d88945a981006f24faa72cf7_71.wav", "text": "We and our partner Janssen are very excited about the progress in the 1473 program and its potential to transform the treatment of gastrointestinal diseases.", "duration": 10.11}, {"path": "e2225d612a954a24e7e91c08215d7b51_109.wav", "text": "We maintain our cash investments and capital structure so that we are able to meet short and long-term obligations for our business", "duration": 10.11}, {"path": "6318dda27b3e36d76533c048c64a3014_156.wav", "text": "meeting with intermediaries and referral sources, and that just really increased the deal volume that's coming in. So we expect that to continue to translate to new originations over time.", "duration": 10.11}, {"path": "21f21433851eb7c7f7dbc710309341bb_180.wav", "text": "On that note, let me give you a quick update on Triangle Rewards. Our early success demonstrates that our customers are engaging with us across all banners.", "duration": 10.11}, {"path": "da34a7b460e520db0401de3ce860187c_113.wav", "text": "mostly in the EU that you're trying to divest and there hasn't been any more talk about that since then. So what's the status on that?", "duration": 10.11}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_12.wav", "text": "This liquidity provides us flexibility in terms of the timing for when we issue new debt, we expect to complete the debt refinancing prior to the end of the second quarter. However,", "duration": 10.11}, {"path": "8eaca8d8a419f74540f69ade8defabbd_109.wav", "text": "trailer needs next year. Can you give us a little bit more context there, just in light of a lot of these truckload reports where CapEx has been cut", "duration": 10.11}, {"path": "9e07401011239a074ff66741ee557224_97.wav", "text": "The depth of our software position and the strength of our ecosystem that allowed us to continue to grow market share in the test and measurement market.", "duration": 10.11}, {"path": "1c7b9fe66120faecd8217e1df394005c_94.wav", "text": "I would say in the first and second quarter, probably a little bit more contraction there. A lot of that contraction will come from the liquidity, the additional liquidity that's been put on the books.", "duration": 10.11}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_97.wav", "text": "but also remember that many of the initiatives we have with the commercial payers are encouraging total joint procedures to be done in an ambulatory setting now.", "duration": 10.11}, {"path": "dffe8257f781608bb17bb637249e4d2a_107.wav", "text": "Our strong capital position and ability to generate organic capital has supported our ability to increase dividend growth ahead of HEPS growth.", "duration": 10.11}, {"path": "92bf6fe090b6bc565cb500b688fd9173_44.wav", "text": "that completed itself. It didn't repeat as you can see in the third quarter because the third quarter bounced back to our expectations. They're actually slightly better than our expectations around profitability.", "duration": 10.11}, {"path": "d223c88e8d5b658f28749ce0db145daf_1.wav", "text": "I'd like to move to Slide 3. And I'd like to ask Patrick Moriarty to take us through the financial highlights of the quarter. Pat, maybe you could take us through that?", "duration": 10.11}, {"path": "433a6e203f9db93835c27ff83e86c801_228.wav", "text": "And the frustration with that for all of us is that the time it takes to", "duration": 10.11}, {"path": "757695924b5e43c7d44e29dc141cc035_150.wav", "text": "We are committed to our obligations on these projects and supporting our customers, the owners and getting this very important power to the country of South Africa.", "duration": 10.11}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_40.wav", "text": "and we feel like the alignment of interest there between employees and the shareholders is a meaningful driver of our continued success.", "duration": 10.11}, {"path": "6760f7edfb883104c8c655c4671646e5_10.wav", "text": "This dealership is now branded as Lazydays of Minneapolis. Our Minnesota team is talented, and we are excited to welcome them into the Lazydays family.", "duration": 10.11}, {"path": "1689b94530eca82b7758c86b4cf3125f_74.wav", "text": "Thank you. Ladies and gentlemen, the conference has concluded. Thank you for attending today's presentation. At this time, you may disconnect your lines.", "duration": 10.11}, {"path": "0dec9a606303da3039d11eec4ec9bd86_239.wav", "text": "You mentioned, I think, you were going to relook at the strategy in the spring. Is that because you're just doing planning for next year or you're anticipating interest rate increases coming in the spring?", "duration": 10.11}, {"path": "3877b1983229ec488c6349a188bccf92_101.wav", "text": "We have grown the business double digit over the past few years and increased our already high share by more than 250 basis points.", "duration": 10.11}, {"path": "7498a6630302a038bd537d192c3a44f4_28.wav", "text": "And we learned a lot from that. As we rebound over the -- from the high turnover of last year and get our store associates trained,", "duration": 10.11}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_31.wav", "text": "This kind of perseverance is not a bad characteristic, but we have to be aware that there is a life cycle to each product, business and business model.", "duration": 10.11}, {"path": "aa14e40ba684ff629fa9635314cea11e_6.wav", "text": "and that the results of our integration process provides meaningful and positive results that benefit our shareholders, customers, employees and communities alike.", "duration": 10.11}, {"path": "3e29586725757a72d8c143f3da2658f5_11.wav", "text": "We continue to be optimistic about the opportunities in front of us and believe that our 1 billion tons of aggregate reserves located in strong markets across the company", "duration": 10.11}, {"path": "1270f7f67f406b52a2ee86584b452bff_58.wav", "text": "We believe we have a very strong team with the skills, experience and commitment to developing a curative combination regimen for HBV patients.", "duration": 10.11}, {"path": "d5fb88dba0740bc906c5127e05592f95_8.wav", "text": "In discussing our first quarter 2017, I will focus on the main aspects that have impacted our results, and I will make reference to the earnings call presentation", "duration": 10.11}, {"path": "71ea3ed1436c2759a95f8d629963db2e_56.wav", "text": "We've got a great opportunity to continue to work with our customers to drive more product in through Vancouver", "duration": 10.11}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_60.wav", "text": "frankly, from an internal company perspective, that's the last way I want to look at the business and it's the last way I want our employees to look at the business. I don't want", "duration": 10.11}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_86.wav", "text": "similar to the way we run the jumbo business, it's constantly looking at the market and trying to identify efficiencies and where other buyers are bidding this paper versus where we can create", "duration": 10.11}, {"path": "09b5b62d328d3d0719b6825357fdfb48_102.wav", "text": "is what it was meant for and what we will still use it for in the future. And so that hasn't changed much. Obviously, not getting this deal through is a bit of a setback,", "duration": 10.11}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_187.wav", "text": "Now Connected 4 Growth brings, on the one hand, more resilience to continue to perform competitively despite the challenges, and you've seen us do that again once more", "duration": 10.11}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_38.wav", "text": "Sure. So let me take the first one. I mean, if you were to say that our options were broadly to go really deep in accounts or to go and get a lot of accounts,", "duration": 10.11}, {"path": "1f142ea668261ba963d47aac6bab69dd_114.wav", "text": "With that, I'll turn the call over to Brian. Thanks, Irene. We had solid financial results for the second quarter and the first half of the year.", "duration": 10.11}, {"path": "6a45749d272884d2809fa70f7807250c_70.wav", "text": "In the Material Processing side, which is one of our growth areas that we're concentrating on, there was slight negative growth in the quarter,", "duration": 10.11}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_178.wav", "text": "or firms that have raised a lot of money, particularly on the private side, some of which are putting it out at a very rapid clip, and this makes us more cautious.", "duration": 10.11}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_50.wav", "text": "there are always some borrowers who prefer to have a lender who gives them certainty, who understands their business, who understands that", "duration": 10.11}, {"path": "3f42280b77b93c90b893930aeb7eac53_88.wav", "text": "perhaps we will see the fully loaded to go down by 40, 50 basis points in the following quarters because of this reason.", "duration": 10.11}, {"path": "125388f1b45117acde70abc39e0f7d04_134.wav", "text": "the official launch partner of Funco's new League of Legend licensed products. So this is the first time that League of Legends by Riot Games is going to put physical products into retail. So I think we're finding", "duration": 10.11}, {"path": "05dd495370eec8168a564fd9eac0ea5d_27.wav", "text": "I'm very happy with the achievements on our growth strategy. We signed a license agreement with Star Trek at Movie Park in Germany.", "duration": 10.11}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_53.wav", "text": "couple of things. First, as you look forward, you're certainly not anticipating that the market is changing, getting weaker or anything like that, would be my first question.", "duration": 10.11}, {"path": "b20564a6da1bcfc7b80552299d9e002a_180.wav", "text": "them, especially the ones that were not in the pipeline when we acquired Sensile. But there are a couple of very interesting projects we are actually discussing at the moment.", "duration": 10.11}, {"path": "4fafe8c628e676ca508b37756da75419_118.wav", "text": "And sales are down there absolutely. They were at a pretty high level in terms of the absolute dollars. So they're coming off a pretty high level, which is the good news in the bad news", "duration": 10.11}, {"path": "f268a8174f58c93ad6b45b7f151fe896_237.wav", "text": "because of the investments we've made, these automated facilities that Henry talked about. We have 2 major hubs coming online next year and a couple more", "duration": 10.11}, {"path": "10ad32c5e0559c879e032faaf3148ab4_117.wav", "text": "The remaining balance relates to restructuring expenses in Europe and Americas and environmental expenses for a plant that was previously owned.", "duration": 10.11}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_110.wav", "text": "Yes, I just felt -- I thought in the prepared remarks, there were some comments about additional bonus or expense here in the fourth quarter and I just wasn't sure if that was -- if you had a number for that.", "duration": 10.11}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_81.wav", "text": "our new TMS. So the endgame of this is to provide our operating systems where we have visibility across the network,", "duration": 10.11}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_102.wav", "text": "We're evaluating whether it's best to finance our equipment purchases with leases or debt. We will also be investing in technology projects.", "duration": 10.11}, {"path": "77423f08f0208d476dea73c639f6293a_190.wav", "text": "But we're working on it. Is there a mechanism that you can see where YouTube or any other of the OTT players can apply pressure to the networks to make them do", "duration": 10.11}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_102.wav", "text": "From what I've been told by our team and our customers and our vendors is, really we're probably not going to see any uptick until sometime late next year.", "duration": 10.11}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_229.wav", "text": "of that range. And the range of uses is what I alluded to earlier in the call. We still are seeing demand from best-in-class fitness,", "duration": 10.11}, {"path": "538323cb37246bc97d1253b369a7414a_142.wav", "text": "Well, I think the markets are already now supporting our transaction because they have clearly undervalued the other proposal, the interloper proposal", "duration": 10.11}, {"path": "f388f8ab8a5751d4efc504090d00ca64_1.wav", "text": "Please note the cautionary language regarding forward-looking statements contained in the press release. This same language applies to statements made in today's conference call.", "duration": 10.11}, {"path": "4fd138e27f5f375945332eacefa15b62_256.wav", "text": "What is happening in that case? The decision process is more complex, because it's related to transformation agent for that company. And the second reason", "duration": 10.11}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_14.wav", "text": "We began selling this in limited quantities during April time frame and have had tremendous interest from customers worldwide.", "duration": 10.11}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_7.wav", "text": "Finally, I want to take a moment to wish our athletes best of luck at the Olympics. As you know, we are proud supporters of our Canadian Olympic and Paralympic teams,", "duration": 10.11}, {"path": "3ae068efa03cd088f4d3edea682f199f_281.wav", "text": "More than 3,000 employees took part in the survey, with the goal of benchmarking ourselves objectively against more than 1,000 other companies and organizations", "duration": 10.11}, {"path": "3ae068efa03cd088f4d3edea682f199f_309.wav", "text": "the different buyers could bring there. And I think as I've mentioned before, we're encouraging each of the buyers to be as creative as they can in that area to", "duration": 10.11}, {"path": "3ae068efa03cd088f4d3edea682f199f_272.wav", "text": "We expect to sign additional contracts in the fourth quarter for fabrication work that includes detailed engineering and materials supply of our proprietary heaters.", "duration": 10.11}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_10.wav", "text": "results from a lag in passing through higher costs on certain noncontract, high value-added products. We've experienced this in the past when market conditions were similar.", "duration": 10.11}, {"path": "365c360aff42713cef71a7d026eeeb6d_70.wav", "text": "relative to national? Or would you expect international to be one of the strongest growth areas? Or how would you characterize the strongest growth?", "duration": 10.11}, {"path": "365c360aff42713cef71a7d026eeeb6d_66.wav", "text": "voluntary retirement is wrapped up into that because it has to be factored into the overall amount of labor you have is to increase productivity, so increase really revenue", "duration": 10.11}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_7.wav", "text": "A by-product of our promotional activities was that we alienated some of our key professional channel partners that had been so critical to our business for years.", "duration": 10.11}, {"path": "9cd9b67e289e807d677aabc5765fec6a_123.wav", "text": "likely -- it's never -- you can never tell at this stage in the year. But this is probably likely to be a slower growth for", "duration": 10.11}, {"path": "3043e7527da9e59e29b7412cafeb9d80_92.wav", "text": "Our customers now have the option to self-serve from the comfort of their homes or anywhere for that matter. We believe this to be a game changer in our industry.", "duration": 10.11}, {"path": "49256d3015fbd8542019b3fc989473f4_65.wav", "text": "Just as a quick explanation why have we not done it before. In large projects, we had the choice", "duration": 10.11}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_11.wav", "text": "Program integrity revenue can vary significantly from quarter-to-quarter, as our work identifies payment issues, which our clients are then able to fix.", "duration": 10.11}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_51.wav", "text": "we're getting a good number of looks. So I think we've improved our acquisition process over the past year. We're focused on continuing to improve that process.", "duration": 10.11}, {"path": "97ddc19ecb28bab2d19fd3b181182062_160.wav", "text": "As we process the metal for a fee without taking ownership of the metal. This provides consistent returns, and although toll processing represents a small portion", "duration": 10.11}, {"path": "97ddc19ecb28bab2d19fd3b181182062_1.wav", "text": "Once again, our operational performance was outstanding despite significant industry-wide challenges that continue to put pressure on metal pricing.", "duration": 10.11}, {"path": "77f146e76d89a5be785a39ab23dfa763_165.wav", "text": "It is important to note that the residential volumes were up low double digits in the quarter. Pricing for the commercial segment continues to get good traction.", "duration": 10.11}, {"path": "ea60900258f99d1003ab247c506e42d9_151.wav", "text": "More robust demand in these categories in addition to continued brand investment and commercial participation will support such expectation.", "duration": 10.1099375}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_77.wav", "text": "Also of note, in -- the fourth quarter of fiscal year '16 was the first time cross-border growth rates globally hit double digits in almost 3 years.", "duration": 10.1099375}, {"path": "5833763223d8d85b6fcb5fe90e821c77_125.wav", "text": "which we do not control, in order to more than fully fund without dilution our faster growing, high-margin, large and concentrated core market", "duration": 10.08}, {"path": "92b48b365197c65ebf545a4c9dd1200d_209.wav", "text": "We're not just trying to put numbers on the books because in the lending market, the problems always show up 2, 3, 4 years down the road. So I think that", "duration": 10.08}, {"path": "7ad622c38e1f0e472ca166e2ad70844d_34.wav", "text": "It is safe to say that our people and our platform are very well-positioned to meet that demand and to deliver the highest level of service in each of the markets we serve.", "duration": 10.08}, {"path": "139f0a6300f504b3e8673e39b0429161_65.wav", "text": "favorable results in terms of the MTS growth portfolio, and that's an example of a new product introduction and new innovation on data analytics", "duration": 10.08}, {"path": "5111fdad778749872c23e78c9b0d653b_7.wav", "text": "To support this positive trend, we plan to expand our reimbursement headcount and efforts to provide additional claims processing education and support.", "duration": 10.08}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_83.wav", "text": "As we discussed on our last call, we did not anticipate a catch-up effect to emerge in those areas affected by weather events in the third quarter,", "duration": 10.08}, {"path": "94fdf7b24748a7706b1097482a0f363a_72.wav", "text": "at the time of the merger announcement was to provide an estimate of the improvements we believe we could achieve with the combined efforts of both companies.", "duration": 10.08}, {"path": "3cb802f8fba7d33603c29387ccdaf817_38.wav", "text": "it is possible that we may reconsider it, that we will maintain the current level based on the current forecast for now.", "duration": 10.08}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_118.wav", "text": "The first thing I had observed about this chart is that the dotted red line which shows the composite, the overall rate change on the portfolio, is relatively consistent", "duration": 10.08}, {"path": "22ad97a95501a08f15c06605cd277fec_4.wav", "text": "As we have discussed previously, this business can be spiky and project timing can be difficult to predict and mix helped the margin in the quarter more than we expected.", "duration": 10.08}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_70.wav", "text": "And so to recap, we remain the largest new vehicle retailer in Australasia with a network of strong brands in strategic locations.", "duration": 10.08}, {"path": "b39cea5bd7ec94a7f24e7481716ac2b7_9.wav", "text": "Finally, before Vincent goes through the finances and we look at each individual mine, a quick word about our exploration activities.", "duration": 10.08}, {"path": "2a59b9df2de5248e64727f10185a8423_12.wav", "text": "For PCs, revenue increased over the previous year. Revenue in Japan rose due to growth in enterprise sales.", "duration": 10.08}, {"path": "2a59b9df2de5248e64727f10185a8423_81.wav", "text": "Orders for our systems engineering business for this fiscal year have exceeded the revenue, so we see this fall in revenue is a temporary phenomenon.", "duration": 10.08}, {"path": "55d05334bdde612eb9dd102bb41d216e_49.wav", "text": "each of those subsidiaries is using a particular billing system that is provided by a relatively small provider.", "duration": 10.08}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_50.wav", "text": "We used a new data-driven and sophisticated process to assess store performance and more accurately forecast how this will change in the future.", "duration": 10.08}, {"path": "75b0b010cea5a159f55403f51894b1ae_187.wav", "text": "we don't want to give you exactly the figures on that one, but you need to trust us that the order intake in this area has been very solid in Q4 and continue to look very promising also for the running quarter.", "duration": 10.08}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_47.wav", "text": "rising trailing 12-month renewal rate and based upon the strength of our Every Comp, Everywhere campaign that we launched last fall.", "duration": 10.08}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_215.wav", "text": "I think the top 2 businesses which are the main engines of the performance of the group at the moment, which were the things we've put under the spotlight externally at last year's Investor Day,", "duration": 10.08}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_13.wav", "text": "and many more injector heads as well. Coiled tubing is the only industrial application of steel that pushes steel past its plastic deformation limits while demanding it continue to hold pressure and weight.", "duration": 10.08}, {"path": "570faeed3dcfa26c6246dc42309025ad_229.wav", "text": "we think that's the bigger impact, but we're also very glad they continue to take liquid fuels and will be very relevant to us for a long period of time.", "duration": 10.08}, {"path": "8b71a232d7fe61e6232807b635977c31_160.wav", "text": "But too often I think people think of this choice between high-quality panels and big datasets as you have to choose one or the other, and we just think that's the wrong way to think about", "duration": 10.08}, {"path": "4b7945dd823dcbc0b2724efa66393673_263.wav", "text": "Gross margin performance was very strong. Inventory levels have seemingly been managed well. Can you talk about how much more margin profile there is to gain", "duration": 10.08}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_90.wav", "text": "through maybe some softness here in the back half of the year then that's something that may come into play. The other thing is relevant to, of course, is the energy side of things. We've done well there", "duration": 10.08}, {"path": "d085781ecd776da8a9c4d31ad547606b_16.wav", "text": "These savings have concretely manifested themselves this year in the form of being able to optimize 71 branches and reduce the corresponding headcount.", "duration": 10.08}, {"path": "01502edf6cda82061f1f45d6b0e8e189_130.wav", "text": "when can you guys start shipping those? Is that what was driving the big backlog increase in the Middle East? Just curious to what you guys could say about that.", "duration": 10.08}, {"path": "2a5b0a6532fa2b71915a2930be02621a_217.wav", "text": "by way of HRCT. And -- so we are very excited to see what that looks like compared to placebo. That's", "duration": 10.08}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_147.wav", "text": "that we see at a couple of the competitors that have been acquired is there are resumes on The Street that continue to be a good flow of resumes from those companies.", "duration": 10.08}, {"path": "8292bdb9af87f10627c044f3842b2c76_152.wav", "text": "I think the biggest catalyst would be transactions for other network", "duration": 10.08}, {"path": "a212b77ae2b2452093665a4e179ed3a3_5.wav", "text": "We ramped up the investment in Smart Grid technology on our distribution and transmission systems to more quickly detect outages and restore power.", "duration": 10.08}, {"path": "a827180c08c11f2e53c6966fceaabf5b_14.wav", "text": "We believe we have appropriately adjusted our cost structure, given the expected sales levels going forward, but we may not see the full benefit until the second quarter.", "duration": 10.08}, {"path": "a827180c08c11f2e53c6966fceaabf5b_28.wav", "text": "is because we have a slightly lower exposure to that sector. We're not happy with the results, but certainly, we think we managed it about as well as you could.", "duration": 10.08}, {"path": "a827180c08c11f2e53c6966fceaabf5b_49.wav", "text": "I'd like to briefly discuss the key drivers by segment in the fourth quarter and provide some insights into our plans for 2016. Beginning with Aerospace.", "duration": 10.08}, {"path": "1b1699497be56330b3ed833f22bc63f6_148.wav", "text": "On the Games sales side, our E43 cabinet is gaining solid traction with our customers and helping to drive unit sales growth.", "duration": 10.08}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_22.wav", "text": "such a compelling threat that we need to race to full deployment of click-and-collect across our entire network at the expense of", "duration": 10.08}, {"path": "cc82e791c065bdc271addf355bac274f_27.wav", "text": "top legal offices and we also go to class entities. We have to fight absurd increases. And so we have to demand more", "duration": 10.08}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_196.wav", "text": "and we remain very confident that this strength will continue in 2019 during our first full year of launch in these major markets and also as we enter new markets around the world.", "duration": 10.08}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_313.wav", "text": "and as we have also mentioned the past quarters, this is what they should focus on. We're also seeing good possibilities", "duration": 10.08}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_45.wav", "text": "We did see a modest improvement in international retail flows, but that was offset by some institutional redemptions as well as improved U.S. fixed income flows.", "duration": 10.08}, {"path": "0f4370b614f29bd596e4f6871cc77864_20.wav", "text": "We've identified a number of areas where we will intensify the pivot toward subscription. As we assess the pace and impact of the conversion, we will refine and communicate", "duration": 10.08}, {"path": "655d592e9d1b1027f1824b1554d8b131_46.wav", "text": "mean, it's been more than 18 months that we've seen very, very favorable and even improving trends, I would say. And now what I think you have is a little more stagnating trends.", "duration": 10.08}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_182.wav", "text": "and most of those are in Southeast Texas, which is the sweet spot or the heartland of our natural gas facilities, including Houston, Corpus Christi and Beaumont.", "duration": 10.08}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_95.wav", "text": "These agreements are fully enforceable and they provide us with positive downside protection through a downturn in the operating cycle.", "duration": 10.08}, {"path": "f4d0f1362716be33f02690dd1a8df663_53.wav", "text": "Our capital investment plan is focused on strengthening our earnings base, and we will proceed steadily in small increments.", "duration": 10.08}, {"path": "a8034762296368c60571fcde382c3274_27.wav", "text": "at any time that I've seen in the last 5 years. So on the ground money that you can get very attractive rates of return on", "duration": 10.08}, {"path": "4e04d3229b988f1db5b842ac5b993894_85.wav", "text": "So you are reactivating the ones that are in the highest quality, the best ready to go and as you reactivate further fleet -- further parts of the fleet, it will be the ones that are need a little bit more work, is that what you are saying?", "duration": 10.08}, {"path": "b96165244f010b3f1e61cbbc5e504d96_180.wav", "text": "in faster-growth submarkets, where we have an opportunity to take advantage of the brand that we have and the commercial organization to be able to drive traction in those spaces.", "duration": 10.08}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_241.wav", "text": "Mike, in terms of the name, we'll make that decision toward the end of the year after the consolidation is completed.", "duration": 10.08}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_7.wav", "text": "Because our products are designed to meet the unique retirement savings needs of educators, we are somewhat insulated from broader sales trends in the annuity marketplace.", "duration": 10.08}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_84.wav", "text": "The underlying auto combined ratio for the quarter included about 1 point of current accident year reserve strengthening related to the elevated loss trends we've been discussing.", "duration": 10.08}, {"path": "8aa1aa8317783203344434f855535c25_157.wav", "text": "future problems as a result of the liquid market and the amount of competitions out there. I think that's an important point that people don't pick up on, and I appreciate that question.", "duration": 10.08}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_130.wav", "text": "We expect operating margins to expand in the first half, driven by pricing and volume gains, but the growth will be partially offset by higher soybean product costs", "duration": 10.08}, {"path": "f23036451aab1cb9d659c3ac9a23825c_34.wav", "text": "which has adopted a comprehensive information technology governance policies and procedures. Additional details regarding our remediation plan can be found in our 10-Q.", "duration": 10.08}, {"path": "e2c02e1788cb10703d7611ef157f8135_106.wav", "text": "so that they activate and engage more often. Because that's fundamentally our problem, is that people aren't responding to the more traditional media that we have at the same rate they used to.", "duration": 10.08}, {"path": "e2c02e1788cb10703d7611ef157f8135_200.wav", "text": "and so we want to be poised if something appears to us to be an opportunity. Yes. I think it's also, as Kevin mentioned in his comment, the uncertainty of the environment", "duration": 10.08}, {"path": "a02b735de681c682fbb8025edecca271_27.wav", "text": "So you've been fairly acquisitive in the past. Could you just speak to what you're seeing in your acquisition pipeline and how you view the acquisition landscape as a whole?", "duration": 10.08}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_199.wav", "text": "after rounds 1 and 2, we have been able to make some changes in our supply chain motion and think there is minimal risk from a financial perspective.", "duration": 10.08}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_188.wav", "text": "And just as a quick follow-up, wonder if we could get maybe a little bit of color commentary on your progress around hyperconverged infrastructure. Sure.", "duration": 10.08}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_176.wav", "text": "dollar to euro against the local currencies is a big factor because all of the active equipment is being imported. So strong rand, weak rand, makes a big difference.", "duration": 10.08}, {"path": "73f474b631c43567329cad1bb76ff4fe_50.wav", "text": "Based on our current plans, we expect our cash and cash equivalents to be sufficient to fund our operations at least through the full data read out from our NEWTON-2 study.", "duration": 10.08}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_125.wav", "text": "the number of stores per capita that we have in areas. We look at the demographics in those areas, and we're using technology to help us inform us where to go build these stores.", "duration": 10.08}, {"path": "974a2d744cd3d9acf42d74816de91f7f_20.wav", "text": "accommodate some of the new business that we have coming, but those jobs are typically at a little bit higher margin than our other books of business. So", "duration": 10.08}, {"path": "20097e37747ec7bc3734246e83798fb1_168.wav", "text": "In China, where our investment from Bison and business partnerships are allowing us to operate in an advantage business situation versus our competitors,", "duration": 10.08}, {"path": "20097e37747ec7bc3734246e83798fb1_57.wav", "text": "requires less upfront and ongoing investment in content than the subscription VOD business and continues to utilize our existing library of content.", "duration": 10.08}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_25.wav", "text": "In terms of project size, we are now starting to see planning for projects of increased scope and scale that we have not seen since the decline of our market several years ago.", "duration": 10.08}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_89.wav", "text": "that business has gotten smaller because the parameters by which we evaluate it have led to some private label business that didn't meet that criteria.", "duration": 10.08}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_75.wav", "text": "and interest from investors and also more importantly from the industry, both biotech and biopharma, from our progress to date.", "duration": 10.08}, {"path": "53889f50eda8b316a01a3df89d226e7f_12.wav", "text": "For the risks we are taking, and the capital we are required to hold, these premiums will drive our targeted midteens returns over time.", "duration": 10.08}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_7.wav", "text": "In the longer-term, we believe the underlying business demographics are positive for the future, and believe we are well-positioned to take advantage of an economic recovery", "duration": 10.08}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_233.wav", "text": "Importantly, we have a proven track record of both reinvesting and returning capital to shareholders. And we expect to continue this", "duration": 10.08}, {"path": "e78997e6a75a2243292b2b54750bb3cb_52.wav", "text": "We still anticipate submitting regulatory filings in the second quarter of 2019, at which point we will be able to fully discuss the program and strategy.", "duration": 10.08}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_107.wav", "text": "in line with our long-term planning rates in the third quarter for our specialty polymer business. We view that as a very positive outlook for the business. Particularly, when we also generated volume growth in the quarter.", "duration": 10.08}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_69.wav", "text": "From our standpoint, our business remains very much intact, and we continue to drive our growth through the innovation and differentiating that has got us to this point already.", "duration": 10.08}, {"path": "b126e11520fd54843c67f70f15cd30cc_194.wav", "text": "so there will be products and services around these 3 areas and they will be driven by technology and innovation.", "duration": 10.08}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_214.wav", "text": "like Jeff's question just about the opportunities to acquire any assets for our business, we kind of scour the market for", "duration": 10.08}, {"path": "948f025c16fce2bcb2909e610c9be557_90.wav", "text": "right at this moment, you're talking to the guy who has to go to those places and my feelings is, I rather", "duration": 10.08}, {"path": "948f025c16fce2bcb2909e610c9be557_207.wav", "text": "He already knows all our customers very well, so we really just need to change the logo on his shirt and he'll be out there, strengthening our relationships with our OEM customers.", "duration": 10.08}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_9.wav", "text": "Second, with the requisite technology in place, we can drive smart process integration in areas such as the front-end patient and physician experience I discussed earlier.", "duration": 10.08}, {"path": "da879f8ea1c23aa6565cccaacac271fc_53.wav", "text": "We are living the fact that we are continuing to play an increasingly more important role for all these clients, both large and small, and", "duration": 10.08}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_198.wav", "text": "Ultimately, when you use it as an enabler, then you got to focus on stepping up the value from it. And hopefully, that gives the context. So it's a pretty broad-based answer. But I think it's", "duration": 10.08}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_90.wav", "text": "It had nothing to do with this transaction at all because this had started -- discussions that had started earlier -- in the earlier part of the year.", "duration": 10.08}, {"path": "757695924b5e43c7d44e29dc141cc035_185.wav", "text": "When there are delays like this, costs continue to escalate while pressure to recover the schedule increases and typical work processes get modified.", "duration": 10.08}, {"path": "bc3fa49aaccfacb1392855627864851e_13.wav", "text": "Based on our strong sales performance to date and assuming a continuation of today's housing market conditions for the remainder of the year, we offer the following guidance.", "duration": 10.08}, {"path": "130e8e56c1afa2419fd0c08708261824_78.wav", "text": "an interesting comment and I don't think something we've seen in the past in the Canada marketplace. So maybe can you elaborate just a little bit on how", "duration": 10.08}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_131.wav", "text": "our ability to deliver outstanding service to our customers, our ability to expand our customer relationships, the spending environment and our long-term prospects for success.", "duration": 10.08}, {"path": "642a235ab4ebc57d132a2e32c83c793c_94.wav", "text": "In addition, I want to highlight the fact that our promotional weight was broadly stable even in a more difficult market environment, notably in France.", "duration": 10.08}, {"path": "8635f950dc44da3fcad542b2c066bedf_64.wav", "text": "You'll hear more from BJ as we talk about expenses, but expense control and creating operating leverage is still going to be a primary focus of what we're doing", "duration": 10.08}, {"path": "af00f4e7b63ee843a3d203f982fac701_91.wav", "text": "But that dynamic market is leading to a lot of activity, and we like how we're positioned, both with the domain knowledge of running the managed services and then when you put the", "duration": 10.08}, {"path": "aa14e40ba684ff629fa9635314cea11e_36.wav", "text": "The couple of accounts that we decided to write down at this point were in the specific reserve for the most part. And I just don't see an increased trend there.", "duration": 10.08}, {"path": "5633fe3600ee04237bbb918c56341864_16.wav", "text": "On June 19, we amended and extended our revolving credit facility for an additional 5 years under substantially the same terms as our previous agreement.", "duration": 10.08}, {"path": "01b376669d5ea40acc7fb5a87503586e_47.wav", "text": "A telephone replay of today's broadcast will be available following the conclusion of the call until Thursday, November 3. The replay information is contained in the company's earnings release.", "duration": 10.08}, {"path": "799c15a4a6e9e3c86374761fec31c00a_79.wav", "text": "Ken will now review the outlook for the fourth quarter, and then we'll take your questions. We expect overall sales to be comparable with the fourth quarter of last fiscal year.", "duration": 10.08}, {"path": "29f56972971325265e4a53485f49793e_58.wav", "text": "worth pointing out for the last quarter was that we had a little less prepayments from customers, that's why we have here other changes in working capital,", "duration": 10.08}, {"path": "ea80970d6b8e6fab10c4500aa7298914_135.wav", "text": "We now believe Aerospace sales will be up approximately 12% and Industrial sales will be down approximately 7%, both as compared to the prior year.", "duration": 10.08}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_19.wav", "text": "We look forward to bring our positive growth story to a broader audience, and we'll be active in the second half of the year attending and presenting at multiple conferences.", "duration": 10.08}, {"path": "794528c461ef7009b1741ac67c17aba4_102.wav", "text": "is that what we focus on is the value and the net price and volume growth over time. And as we've said before, the price can fluctuate year to year, quarter to quarter.", "duration": 10.08}, {"path": "89499eed4dff3bd184e91cd496111f22_21.wav", "text": "Many of the customers requiring material handling services from our logistics group are the same customers who utilize our aircraft leasing and air operating capabilities.", "duration": 10.08}, {"path": "1215cf00a11992ec74743f92026af2e9_19.wav", "text": "do you see the current slate of announced projects currently as adequate to address sort of the growth you guys expect longer term?", "duration": 10.08}, {"path": "72b117fb1330bda9f954a219bb5a675e_172.wav", "text": "and an area of opportunity for us. But all in all, between the existing customers growing nicely, as well as the new partners we're signing up, and we expect to have a couple more signed up", "duration": 10.08}, {"path": "6a45749d272884d2809fa70f7807250c_107.wav", "text": "So we will continue to have a high focus on a stable pricing environment in this segment in the quarters to come.", "duration": 10.08}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_100.wav", "text": "and limited storm activity, we still have a long way to go to meet the reliability commitments we've made, but we are working hard to provide the service our customers deserve.", "duration": 10.08}, {"path": "902872913863de98d38e2936b846cf66_281.wav", "text": "So we probably are seeing to bring it down to this year. We've seen kind of the turn and starts and turn in large public transportation demand", "duration": 10.08}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_71.wav", "text": "we're seeing a little bit of a decline not market related but more project related. And we have a few customers that are growing at a great rate.", "duration": 10.08}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_72.wav", "text": "loan balances declined modestly compared to the first quarter as originations were lower than expected and prepayments accelerated.", "duration": 10.08}, {"path": "81c03e2c15e8fe8213fbd40368b49581_81.wav", "text": "And so the way we're thinking about is, who's going to be the marginal investor away from the Fed. And where do those spreads eventually settle out", "duration": 10.08}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_176.wav", "text": "you kind of talked about loyalty program disclosures and how you guys wanted to communicate the value that you get from selling miles with Chase. Could you just provide us with an update as to", "duration": 10.08}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_197.wav", "text": "As we intended, we have offset much of this cost through negotiation and productivity and have raised prices to recover the unavoidable increases in cost.", "duration": 10.08}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_167.wav", "text": "organic growth for the quarter. And I guess I'm just wondering what kind of visibility you have to have or what gives you confidence that you can pick back up to kind of get there", "duration": 10.08}, {"path": "77423f08f0208d476dea73c639f6293a_101.wav", "text": "We -- I would say our conversations have become more encouraging the last couple of weeks at least with some providers and some networks.", "duration": 10.08}, {"path": "24c7526f6daca8e16ab91bea6124148a_50.wav", "text": "of provide a little bit more stability to the top line in case you would lose a customer here or a customer there. It's just more smaller customers as compared to larger multinational customers", "duration": 10.08}, {"path": "bf99037f89cd485f95f097842619a0c7_223.wav", "text": "We have measures increasing the productivity of our front office and also increasing the synergies and investment into scale in other parts of the group,", "duration": 10.08}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_66.wav", "text": "Now that we are operating as one cohesive company, we are ready to invest in our brand, elevating the awareness of who we are and how we help our customers every day.", "duration": 10.08}, {"path": "7bac04f03928ee8894ab00007116400b_111.wav", "text": "strengthen our underlying business engines, they get really excited and they want to be a part of that journey. And I see them as an", "duration": 10.08}, {"path": "7a80c3e91e5a2693cdaef5f716808317_132.wav", "text": "Now turning to new product development. To be absolutely clear, we are increasing our emphasis on new product development efforts to drive organic growth.", "duration": 10.08}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_105.wav", "text": "Growing aluminum -- growing automotive and industrial demand and continued improvement in manufacturing cost efficiency provided some benefit, cushioning the margin squeeze.", "duration": 10.08}, {"path": "3fb901e6b501ddced60226a13ebef4af_7.wav", "text": "The comprehensive loss and decline in book value on the quarter were primarily attributable to the underperformance of our interest rate swaps relative to assets", "duration": 10.08}, {"path": "ec81096e007f2e89de94b49db12d11bb_44.wav", "text": "due to new product introductions and anticipated upgrades and enhancements in our other product lines, as well as increased placements and promotions in our core small kitchen appliance business", "duration": 10.08}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_93.wav", "text": "fairly soft revenue, either flat or down, as well as for the manufacturers that produce the satellites for the operators who,", "duration": 10.08}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_115.wav", "text": "our company as well as a lot of the services that -- and processes that we've developed, they lend themselves very well to other educational institutions. And so", "duration": 10.0799375}, {"path": "b43c001c5af465d220ab0b69a95202ae_16.wav", "text": "These improvements were partially offset by increases in the amount and timing of payments of our accounts payable, accrued salaries, self-insurance claims and income taxes.", "duration": 10.0799375}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_3.wav", "text": "Our health care growth was largely driven by a paraprofessional's contract with both the New York City Board of Education and the Hawaii Department of Education.", "duration": 10.0500625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_2.wav", "text": "and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission, including the quarterly report on Form 10-Q and the annual report on Form 10-K.", "duration": 10.05}, {"path": "db6c253ba433d9a247219bb3f15da199_53.wav", "text": "We note that the final bonus amounts will be determined at the end of the year and could change materially from what was accrued this quarter.", "duration": 10.05}, {"path": "4fdbfd9eec396928550d0c799e170d34_69.wav", "text": "With a robust pipeline and increased capacity in which to fund the acquisitions, we anticipate our transaction activity will provide upside to our guidance.", "duration": 10.05}, {"path": "364a769967b9b1a7cd069e2ce95c6e25_192.wav", "text": "it's simply not been possible for us to say what the organic developments have been. What we can say though is that we have a very, very clear", "duration": 10.05}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_97.wav", "text": "that are subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.", "duration": 10.05}, {"path": "92b48b365197c65ebf545a4c9dd1200d_171.wav", "text": "the valuation of any investments in portfolio companies, particularly those having no liquid trading market and our ability to recover unrealized losses.", "duration": 10.05}, {"path": "b7050f62f52a3d2803beea21404f7af6_14.wav", "text": "We are excited about how our vision of where we see the future banking model evolving, and how we are planning to transition toward that universal digital banking model over the next several years.", "duration": 10.05}, {"path": "e274d02ea943c0a74779950fe28e839d_124.wav", "text": "I didn't see anything mentioned on that in the 10-K that you filed this morning. So could you just update me on what happened with that?", "duration": 10.05}, {"path": "3cb802f8fba7d33603c29387ccdaf817_91.wav", "text": "In addition, the contributions of new products are also difficult to estimate, and we don't expect much since it is their first year.", "duration": 10.05}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_119.wav", "text": "were solid performance from our alternatives, the hedge fund investments as well as PE structured funds and our internal special situations portfolio.", "duration": 10.05}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_118.wav", "text": "While our revenue hedging program continues to contribute to the top line, it's expected to have a negative impact in each quarter this year on a year-over-year basis.", "duration": 10.05}, {"path": "22ad97a95501a08f15c06605cd277fec_71.wav", "text": "So I would say that you're right in terms of the reason why it might have been a little bit higher in the quarter. Not concerning to us overall. I would say that", "duration": 10.05}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_19.wav", "text": "The good thing about this is it's a multi-company collaboration that's sponsored by the NCI, where a number of different companies have agreed", "duration": 10.05}, {"path": "d28b2b09c127b5be033738aa3cd380b3_246.wav", "text": "with the increase in commodities at the same time? So would just love to get sort of your overall view on where you think things are going to go from here on that front.", "duration": 10.05}, {"path": "d28b2b09c127b5be033738aa3cd380b3_262.wav", "text": "you will find more opportunities in buckets where you have increased spending over time, and trade spend certainly falls into that category. So I would expect", "duration": 10.05}, {"path": "d28b2b09c127b5be033738aa3cd380b3_102.wav", "text": "And equally importantly, I think we're feeling very good about the innovation we launched in '17. That should carry over to fiscal '18. So that's one piece of the assumption. The second assumption is around pricing.", "duration": 10.05}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_309.wav", "text": "This trend is already very visible in the success of small disruptive brands that address specific target groups, specific demand", "duration": 10.05}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_67.wav", "text": "and now you're going to -- and you collected a certain portion of that. You'll be now -- fixed rate per procedure will be a smaller amount. Can you give an indication on", "duration": 10.05}, {"path": "264e575b73bc2a485bee416c1ac10cee_51.wav", "text": "We do not anticipate an improvement in end markets until there is clarity on the outcome of the November election. However, we are encouraged by increased quoting from mining equipment.", "duration": 10.05}, {"path": "b39cea5bd7ec94a7f24e7481716ac2b7_167.wav", "text": "Are you now in position to update the market on what your thoughts are for a sustainable throughput rate there? And what are you expecting next year in that regard?", "duration": 10.05}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_37.wav", "text": "We have several of the largest life insurers using it and getting the results that they came for and they're telling us exactly how to enhance the product, so they increased their usage.", "duration": 10.05}, {"path": "81430c39b7b202d05644e419e2a01a65_12.wav", "text": "Revenue was essentially flat, which was better than our internal expectations. Project revenue was up slightly due to the accelerated timing of certain projects.", "duration": 10.05}, {"path": "8cb24daf76784487ad63780546dc4ba4_84.wav", "text": "are really owned essentially by a few providers at very, very low fee rates. Instead, we tried to add products to our platforms", "duration": 10.05}, {"path": "7e14890193df4b10e1eeab6ab886529f_148.wav", "text": "can make a social impact and create a social movement to help communities become healthier. Our first campaign will coincide with our summer of impact launch.", "duration": 10.05}, {"path": "7e14890193df4b10e1eeab6ab886529f_229.wav", "text": "of content we develop and integrate as well as partnerships. So that's how we're approaching it, and that's what we're in development on right now.", "duration": 10.05}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_90.wav", "text": "To give you some perspective on how our expanded sales transaction database is being leveraged into additional revenue, let me give you some concrete examples.", "duration": 10.05}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_14.wav", "text": "Is that the right way to think about it and this is more of a kind of a flowback disposal system or how are you guys looking at this system over time? I'll let Bill kind of field that one.", "duration": 10.05}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_95.wav", "text": "In between the 2 is what looked a little odd, and -- hey, all the more power to you. It looks great that you're picking up that additional business. I was just curious if", "duration": 10.05}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_1.wav", "text": "These subjects -- these statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance or achievements", "duration": 10.05}, {"path": "3121e8f4a75758834d32a9e4e0555221_119.wav", "text": "for 2016 as to where we are in our guidance range. But we're less focused on where we are in the guidance range this year and more what are we putting in place", "duration": 10.05}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_68.wav", "text": "take rate as well? I think you've given some color about that in the past. And then related to that, the acceleration in broadband net add sounds as though it was related to", "duration": 10.05}, {"path": "9e937c87ad87f354d42a688156853a30_89.wav", "text": "of a business that meets that definition? And frankly, would it be possible for a NAND flash business to qualify as a franchise under your definition?", "duration": 10.05}, {"path": "91422f85dbf838639b3cb9dd9da364eb_185.wav", "text": "additional expenses were incurred prior to the gross profit line based exclusively on the kinds of projects that they were working on.", "duration": 10.05}, {"path": "46906afb4e1ee1fef09b5908e76beefa_145.wav", "text": "didn't progress as anticipated. So we'll look at things like severity of disease, age of the patients at the time of onset of their disease, the extent of their neurological", "duration": 10.05}, {"path": "7503d7356c13f095c26bfad29c5390c6_38.wav", "text": "And what we're also seeing is that we are maintaining the advantage that we seem to have in terms of safety and convenience.", "duration": 10.05}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_12.wav", "text": "end of the year for that. And at some point, we're going to have customers come in and start their qualification process in parallel with us.", "duration": 10.05}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_134.wav", "text": "What kind of activity levels are you seeing through those partners at this point? Are they sourcing the leads and getting deals closed? Or is it still on the -- in the onboarding process?", "duration": 10.05}, {"path": "cc82e791c065bdc271addf355bac274f_118.wav", "text": "And I would also like to mention that there was an increase in the tax burden from 40% to 45% on this operating profit. And", "duration": 10.05}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_48.wav", "text": "And as you've come to expect from us, we will continue to manage the business tightly. So I'll now hand you over to Robert to do the numbers.", "duration": 10.05}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_37.wav", "text": "And don't just think of Stationery in terms of our stores, as investment in our post-office partnership and our digital channels,", "duration": 10.05}, {"path": "23eff4c724ee00f56319fcc47add3441_101.wav", "text": "Maybe following on to that. You've seen accelerating volume declines in International, and I think that you've done a good job of explaining that", "duration": 10.05}, {"path": "8957425799e5ce0200bfacf204d0acde_188.wav", "text": "which will always provide us with the greatest risk-weighted returns if we can appropriately leverage our installed base of equipment, existing manufacturing capacity, global distribution infrastructure,", "duration": 10.05}, {"path": "73ba4ff250b62745e03880e75b9a1581_279.wav", "text": "has a very solid approach where everybody is focused on the customer and driving conversions in the store.", "duration": 10.05}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_56.wav", "text": "Conversely, they can help us on the recruiting front. They have the largest pool of candidates in the world, particularly white collar workers.", "duration": 10.05}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_108.wav", "text": "not always in an easy environment. And you will also remember some of my comments earlier throughout last year relating to a very promotional season", "duration": 10.05}, {"path": "7ec19aea307c76d4a57fa87368305630_167.wav", "text": "And some of our centers are designed to create dedicated educational and community partnerships to speed the development of talent that's specific to our client needs.", "duration": 10.05}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_56.wav", "text": "Next, I will provide some details on the more significant projects that contributed to our fourth quarter results, beginning with the Civil segment.", "duration": 10.05}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_170.wav", "text": "And we expect that margin to increase as, frankly, we raise our margins given the lack of competition.", "duration": 10.05}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_153.wav", "text": "We made significant progress towards achieving these 2 goals with the recent acquisition of JCR Capital and the hiring of a fantastic team of investment sales professionals", "duration": 10.05}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_116.wav", "text": "on supplemental retirement savings and have seen significant interest from school districts to address one of their largest recruitment issues that they are facing.", "duration": 10.05}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_111.wav", "text": "This level of development and testing is expected to continue through the next fiscal year as we complete the transition of the core product lines to the new standards.", "duration": 10.05}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_78.wav", "text": "We're already starting to see the evidence of how this next stage in our change journey will ensure we stay ahead in this fast-moving world,", "duration": 10.05}, {"path": "3df0981a2d94ed56170b78330aa72ee9_149.wav", "text": "it's a joint venture, but we capture the bottling revenue. So we capture a large portion of the revenue of both coffee and tea,", "duration": 10.05}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_48.wav", "text": "and prior-period ratios are very favorable as compared to industry averages and improved as compared to our NPA levels over the last several years.", "duration": 10.05}, {"path": "29426a77336443eedde7eaa29e9c2852_210.wav", "text": "So I do expect we'll see some rather stable or higher cap software amounts this year and going into next, I do think that will flatten out", "duration": 10.05}, {"path": "b94d748876ddf8e881d4191dec45baf3_144.wav", "text": "providing greater access to health care, and ensuring a modern set of rules that better align with the Marketplace and Medicare Advantage plans.", "duration": 10.05}, {"path": "815f65663b3982554e82806de0cbd918_202.wav", "text": "and so made the first move as it were to increase the prices. But it was not matched by the competition.", "duration": 10.05}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_32.wav", "text": "for adidas on our Commerce Cloud. But of course, that's not the only cloud that adidas is using with us because they need to be able to provide many different types of services", "duration": 10.05}, {"path": "885b465648704d8a5d15bd00078e2160_3.wav", "text": "In addition to accelerating growth at higher margins, our product sales continued to diversify across a growing set of customers in the second quarter.", "duration": 10.05}, {"path": "c5c7a9f409241412b160a93cde7ef630_73.wav", "text": "I'll now provide some additional details on our out-of-state contract with California as our expectations from this contract have changed from last quarter's update.", "duration": 10.05}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_64.wav", "text": "Thank you, Larry. I will address our segment financial performance in more detail. As mentioned previously, my comments will be primarily directed to non-GAAP results.", "duration": 10.05}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_111.wav", "text": "but -- and we're real excited about that. We're working through the final phase, so I don't have the exact definition of that, but this is going to impact all levels of the organization.", "duration": 10.05}, {"path": "ab4dae37361262d727d1d2f8f78765d5_5.wav", "text": "So I know that we're focused on the right areas. We just need to embed them swiftly and effectively through every part of our organization. This is the most challenging part", "duration": 10.05}, {"path": "b1da16cba24af8e472573c4c9caf17c7_4.wav", "text": "and challenging group business patterns, including reduced convention activity in several of our major markets like Chicago.", "duration": 10.05}, {"path": "53889f50eda8b316a01a3df89d226e7f_35.wav", "text": "As we continue to prudently manage both risk and expenses, we expect to deliver solid earnings growth for many years to come.", "duration": 10.05}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_88.wav", "text": "followed by comments about our fourth quarter investment activity and the performance of our investment portfolio, and then offer views about 2018. And then", "duration": 10.05}, {"path": "968913c3f9111fc67f1d9956c56dec3b_8.wav", "text": "What makes this even more noteworthy is that it has happened during -- despite the economic turmoil in Europe, along with recent terrorism and the refugee crisis.", "duration": 10.05}, {"path": "b126e11520fd54843c67f70f15cd30cc_12.wav", "text": "short-term fluctuations are very difficult to anticipate in the capital markets. Well -- so we are going to dig deeper into the operations and our assets.", "duration": 10.05}, {"path": "246876171ef2f408df10ee0816f9db83_42.wav", "text": "As a result of the amendments, these contracts as well as all other current GSE risk share transactions are now accounted for as insurance contracts.", "duration": 10.05}, {"path": "246876171ef2f408df10ee0816f9db83_57.wav", "text": "So I think individual claim payments can have more of an impact, but -- so I think it's difficult to draw a conclusion. We would expect severity on average to be higher", "duration": 10.05}, {"path": "75eb5b75bb8587b63c318714ea956b9e_56.wav", "text": "This especially affects the many smaller and independent labs as well as medical center units, especially at a time when reimbursements are steadily declining.", "duration": 10.05}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_125.wav", "text": "Regarding warehousing cost, we are experiencing gradual efficiency improvements and the warehouse is largely stabilized as an expanded local workforce is hired.", "duration": 10.05}, {"path": "9e8690a521142359001a137074905535_118.wav", "text": "And we were -- we got the Presidents, the financial people and the sales and marketing folks together and really did a pressure test of", "duration": 10.05}, {"path": "9e8690a521142359001a137074905535_260.wav", "text": "Our teams have created several enterprise-wide resources to share sourcing data, analyze our spend levels and track our achievements and our progress going forward.", "duration": 10.05}, {"path": "9b697782ea80be97854f35d6fc62c93a_209.wav", "text": "In sum, we're pleased with our overall financial performance in 2015 as well as with the excellent progress we made in the transformation.", "duration": 10.05}, {"path": "74d0910b4af16f82a812bddbb151d966_78.wav", "text": "And we want to be there and be a good, reliable provider to them and grow with them. So I would say it's really nothing more than", "duration": 10.05}, {"path": "571b0d30d88945a981006f24faa72cf7_207.wav", "text": "So again, we'll be sharing more detail around the studies at future business updates. I think it's fair to say though that we've got real clarity from the agency.", "duration": 10.05}, {"path": "e00fd35e201a8607d264b803a5130c59_127.wav", "text": "So that's part of the plan as well, and that's been very, very well received. And the cryogenic plant at Pilsworth should be coming online towards the end of this year.", "duration": 10.05}, {"path": "e00fd35e201a8607d264b803a5130c59_84.wav", "text": "At the same time, we will continue to invest in growth across the group in a manner that's consistent with our risk appetite.", "duration": 10.05}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_58.wav", "text": "That commitment is evident in our pipeline of small molecule product candidates that target oncogenes and cancer signaling pathways. In addition, we seek to identify", "duration": 10.05}, {"path": "21f21433851eb7c7f7dbc710309341bb_76.wav", "text": "the growth on an international basis, the product design capabilities and brandings that the Helly team has done now has been adjusted by market.", "duration": 10.05}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_67.wav", "text": "Thank you, operator. Good morning, everyone, and welcome to the Waters Corporation Fourth Quarter Earnings Conference Call. Before we begin, I will cover the cautionary language.", "duration": 10.05}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_106.wav", "text": "I think it was generally consistent. We were very pleased to get some of those leases done and cross the finish line. But I would say, it was generally consistent with our expectations. So I think we're", "duration": 10.05}, {"path": "433a6e203f9db93835c27ff83e86c801_66.wav", "text": "Our forward-looking statements are applicable only as of the date of this presentation. For a list of factors which could affect our future results, including our earnings estimates,", "duration": 10.05}, {"path": "189b20e7b975130ca5abd0e419e54908_86.wav", "text": "and we got everybody under one facility in Toronto now and they're realigning the organization. And so there's some -- there's definitely some", "duration": 10.05}, {"path": "28d675c77a4b2269c1c1460ad3e56250_43.wav", "text": "Interest expense declined from a full quarter benefit of the third quarter reductions in Federal Home Loan Bank advances and the subordinated capital notes.", "duration": 10.05}, {"path": "9ec35a7809acb51486076e302028ba33_91.wav", "text": "We believe that we are taking appropriate preventative measures to deliver to our customers the quality experience we promised by deploying various directive action.", "duration": 10.05}, {"path": "3877b1983229ec488c6349a188bccf92_26.wav", "text": "as continued strong free cash flow was partially offset by the execution of the share buyback program and the closing of the Casamigos acquisition.", "duration": 10.05}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_90.wav", "text": "Finally, let me touch on our efforts to improve the Groupon customer experience. We added this as one of our strategic priorities in 2016 because it is a massive opportunity area,", "duration": 10.05}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_7.wav", "text": "One important thing, which I've talked about before to bear in mind is that even though we have higher fixed costs we have not increased our manning. We keep our fixed manning on a", "duration": 10.05}, {"path": "7498a6630302a038bd537d192c3a44f4_91.wav", "text": "Just as a reminder, installation sales are slightly dilutive to the margin percentage but bring incremental dollars to revenue and cash flow while expanding our potential customer market.", "duration": 10.05}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_35.wav", "text": "during the last week of June where we experienced large mismatch between payments and collections. This temporary imbalance largely corrected itself in the first week of July.", "duration": 10.05}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_57.wav", "text": "while charting a new path forward to drive long-term sustainable growth and improve its competitive position in the less differentiated segments of the market.", "duration": 10.05}, {"path": "8635f950dc44da3fcad542b2c066bedf_178.wav", "text": "best we can in terms of picking the timing and the opportunity. But we see a fair amount of capital or excess capital generation,", "duration": 10.05}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_20.wav", "text": "is going to come from organic growth with existing clients that we have, not necessarily changes or tweaks to the Affordable Care Act. And so", "duration": 10.05}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_129.wav", "text": "Sure. So we hear a variety of reasons. The most common when we actually survey customers leaving us is no need, but we certainly know that no need is a", "duration": 10.05}, {"path": "a0d537badd260e2071136602e3b73b26_73.wav", "text": "Okay, and it sounds like most of what you're doing is with LendSure. Are you working to develop additional sourcing as well?", "duration": 10.05}, {"path": "a0d537badd260e2071136602e3b73b26_164.wav", "text": "So it's been a variety of niches like that, where we've been able to get our volume, but get it at sort of the lower LTVs, the better credit qualities that we like.", "duration": 10.05}, {"path": "94f601dc7b34ad38667e3b714aa89d35_17.wav", "text": "Given our current cash balance, ongoing cash flow from operations and total borrowing capacity, we remain well positioned to meet the financing needs of the business moving forward.", "duration": 10.05}, {"path": "9908957f60adff5efc1c8692a0f5ab38_149.wav", "text": "with landlords taking back space with some of your larger store? And how many of those you did last year? And what's the hope is for next year? And then my second question is, you guys mentioned", "duration": 10.05}, {"path": "9908957f60adff5efc1c8692a0f5ab38_100.wav", "text": "We also worked for the buyers early on to ensure that we had the right level of products so we could be, obviously, have the right presentations in stores. So we're", "duration": 10.05}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_204.wav", "text": "any time you do that, it's very disruptive in your supply chain. You're basically swapping out all of your SKUs. We thought that was important to do before the key fall season. We got that done in the quarter.", "duration": 10.05}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_48.wav", "text": "and capital efficiencies. And we are confident in the resiliency of our business model, which will support our EBITDA and strong free cash flow conversion going forward.", "duration": 10.05}, {"path": "1300495cfa53748f732f54277d5a8cea_1.wav", "text": "Investors should not assume that statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.", "duration": 10.05}, {"path": "24a133abc343c813233d416b0cef96cd_105.wav", "text": "We would expect more moderate price growth this year after a very strong price growth in 2017. And in Queensland, we're seeing continual improvement", "duration": 10.05}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_4.wav", "text": "One area of innovation that we continue to experience increasing market demand is for our school and college safety systems.", "duration": 10.05}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_90.wav", "text": "to have it compete in our portfolio to move into manufacturing mode is definitely there. And so really, what we're doing right now is just", "duration": 10.05}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_116.wav", "text": "The majority of the impact of such transactions is already recognized in our provisions. Let's move on to the other Latin American economies.", "duration": 10.05}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_208.wav", "text": "In our case, we're very fortunate because we focus our attention on the downstream and the integrated side of the business", "duration": 10.05}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_52.wav", "text": "Demand for evaluation services before deliveries is also growing, and it will be growing in future as well.", "duration": 10.05}, {"path": "407fee9910ab57874978cf85a89b1d9d_85.wav", "text": "Lower fuel cost and the absence of last year's negative nonrecurring expenses were among the main reasons for the positive development.", "duration": 10.05}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_11.wav", "text": "Cold material dispensing equipment for automotive and industrial applications and powder coating equipment for consumer durable end markets drove this growth.", "duration": 10.05}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_45.wav", "text": "we also have new hirings because of all the new initiatives. Therefore, our team increased.", "duration": 10.05}, {"path": "7d74e5d733ec60a1be27a556e7689961_68.wav", "text": "investors are looking for other ways of positioning themselves along the Black Sea in order to have these export facilities. So", "duration": 10.05}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_177.wav", "text": "which is what drive our business model. Based on conversations with our customers, we believe that rates and volumes will be there in 2016. Third,", "duration": 10.05}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_75.wav", "text": "And my last one is on your energy cost. I was just wondering how and when you usually negotiate the", "duration": 10.05}, {"path": "c334e290beb657ee3efcb6b2f734c81e_71.wav", "text": "This is our highest reported earnings quarter since the beginning of 2014. We benefited from our rapidly growing inventory of balance sheet loans,", "duration": 10.05}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_150.wav", "text": "just having to do more with age or is there something a lot more -- takes a lot more investigation to try to find the ideal patients here?", "duration": 10.05}, {"path": "bc1efb704df9c180935803c70a315597_80.wav", "text": "We focus on developing valuable customer relationships, supporting our customers in their communities and through their enterprises and delivering our services and products through a range of channels.", "duration": 10.05}, {"path": "933faa5ac159ab158506e2bc0f714977_84.wav", "text": "within markets, different customer segments have been coming into the housing equation at different times. I think coming out of the last downturn, we saw more of the move up buyers", "duration": 10.05}, {"path": "e69e64683a56cdadf1c95192e753f27e_198.wav", "text": "is very much to continue to develop products both internally or organically, but also through inorganic. What we've had a chance to talk about", "duration": 10.05}, {"path": "50eb350badadec6e4272b90684741c25_264.wav", "text": "a significant amount of available space which will have to be renovated in Massachusetts and Reno, and some ability to build small pockets", "duration": 10.05}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_63.wav", "text": "Looking into Q1, even though our international cash conversion cycle is stretched out, we expect to be cash neutral or positive on an operating basis.", "duration": 10.05}, {"path": "f268a8174f58c93ad6b45b7f151fe896_171.wav", "text": "that we can handle vastly larger amounts of e-commerce packages in the future at profitable rates", "duration": 10.05}, {"path": "10ad32c5e0559c879e032faaf3148ab4_89.wav", "text": "break that out a little bit of how much of it is the market, how much of it is new launches, how much of it is share gains? And I know it's going to be tough to do, but any thoughts you have there?", "duration": 10.05}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_106.wav", "text": "So we'll see the benefits of those more from a year-over-year basis in the second half of the year. So I think we'll see some of the variable expenses higher in the second half of the year", "duration": 10.05}, {"path": "af146425f68dd8e32f31878389746637_46.wav", "text": "Another attractive area for growth is to increase our global market share, including developing a greater business presence in China, India,", "duration": 10.05}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_116.wav", "text": "Again, we spend a lot of time talking about PST over the different calls and it's nice not to have to talk about performance misses and really to be able to talk about the performance", "duration": 10.05}, {"path": "1096d26129c469524041c969a684f8ae_181.wav", "text": "We believe the global and U.S. macro picture remains solid and expect that good underlying economic growth will continue to support strong demand for our products", "duration": 10.05}, {"path": "1096d26129c469524041c969a684f8ae_17.wav", "text": "On a comparable basis, excluding the contribution of these travel centers, improvement in both light product margin and merchandise margin were higher than what is shown in the table.", "duration": 10.05}, {"path": "3ae068efa03cd088f4d3edea682f199f_188.wav", "text": "Technology operations remains steady and growing, and we're collaborating closely with our customers to continue delivering the technology solutions that they need.", "duration": 10.05}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_119.wav", "text": "with our continued transition of administrative certain responsibilities to our reinsurer and the resulting ability to reduce the size of our staff.", "duration": 10.05}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_159.wav", "text": "it's going into an area that our competitors have -- don't have the same amount of ability to go into. We can carry a larger selection", "duration": 10.05}, {"path": "b35398859e534e471fb1cd60f5baac20_74.wav", "text": "These changes are consistent with our announced plans and strategy to vacate and redevelop spaces,", "duration": 10.05}, {"path": "b35398859e534e471fb1cd60f5baac20_45.wav", "text": "Bear in mind that some of the leasing that we did with early in the cycle -- early in the cycle of the market as well as early in the cycle of our property redevelopment", "duration": 10.05}, {"path": "153ca64e1ddbb5b38a71827429635d48_49.wav", "text": "The outlook for lubricants in the domestic market is not really encouraging. We believe to be well positions in -- well positioned in terms of clients and products portfolio,", "duration": 10.05}, {"path": "744f5859c7d9a0567b387ae84326d940_181.wav", "text": "Our customer made the switch to PolyOne due to our existing relationships and their collaboration with other PolyOne business segments.", "duration": 10.05}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_74.wav", "text": "Okay. Thank you. We appreciate you joining us this afternoon. It's really nice to be able to talk about these results and we look forward to sharing", "duration": 10.05}, {"path": "47546a57a865bca0f4e677dc3b485053_157.wav", "text": "while maintaining the characteristics of livability. As with Passport, the new products were extremely well received by our associates.", "duration": 10.05}, {"path": "a93681c92a0b9c04743f541a54b180c7_51.wav", "text": "more than the growth rates we are expecting, we are hoping that the costs will be lower in growth. We will be creative and with our sales promotion initiatives", "duration": 10.0499375}, {"path": "5f38ce681d4413a793d34a0650c59bf2_10.wav", "text": "This performance was driven by our generics business, which benefited from important product launches as well as the continued growth of our XIAFLEX franchise.", "duration": 10.0200625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_77.wav", "text": "which enables us to step on the gas pedal and growing our dermatology business with no dilution to shareholders, and with the use of only part of these proceeds.", "duration": 10.02}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_138.wav", "text": "the plan would be to go right into long-term combination trials with the goal of trying to find recipes that could", "duration": 10.02}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_125.wav", "text": "Yes, I noticed the contribution margin has stayed pretty consistent, so I guess that's the better metric to look at when we're looking at just overall credit risk of the book, right?", "duration": 10.02}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_111.wav", "text": "We like this line of business from an underwriting perspective and believe Corvus' approach could help us improve the loss ratio on the business we underwrite here for ourselves.", "duration": 10.02}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_177.wav", "text": "which were partially offset by declines in REMICADE and NASONEX. I'll now highlight a few of our key franchises and product launches, and I'm going to begin with oncology.", "duration": 10.02}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_119.wav", "text": "We have improved our management team and built a regional bank with a franchise that goes from the suburbs of Philadelphia to North Jersey and the New York metropolitan area.", "duration": 10.02}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_126.wav", "text": "From our work, it's clear that you need a much broader immune response kind of mimicking what a natural RSV infection induces.", "duration": 10.02}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_398.wav", "text": "I think the 11 years is maybe an exceptional long period to drive something which is very impactful, but that is certainly one that we will have to continue to do,", "duration": 10.02}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_135.wav", "text": "the numbers that Assure was booking were consistent with other companies were realizing, and actually the cash that was being collected was consistent with the numbers being accrued.", "duration": 10.02}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_9.wav", "text": "to regular customers. We're also excited about the potential to make these customers even more loyal and more frequent. After all, frequent customers start as infrequent ones.", "duration": 10.02}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_60.wav", "text": "So this is what it is in terms of cash flow. Nothing much is happening and nothing special is happening. So", "duration": 10.02}, {"path": "249b7b83531140105343e2a0e89150fa_119.wav", "text": "compliance cost go up, we're able to pass that on to clients. Because it's more and more expensive to take on clients, so we're continuing to", "duration": 10.02}, {"path": "75b0b010cea5a159f55403f51894b1ae_104.wav", "text": "for some time. We have been struggling with one of our factories in Czech Republic to get workers, and to keep the workers, and this bottleneck has been", "duration": 10.02}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_124.wav", "text": "I don't know whether people would rather us sand bag and beat the heck out of stuff all the time or not but I think we've been very transparent and we'll continue to do so. If that means that", "duration": 10.02}, {"path": "67716cee321d117b0318930dd142f06a_135.wav", "text": "where we experienced healthy volume growth in 2016. Based on these trends, our outlook for the aerospace market remains positive.", "duration": 10.02}, {"path": "67716cee321d117b0318930dd142f06a_176.wav", "text": "We believe our ability to increase our gross profit margin was made possible by significant investments we have made in our value-added processing equipment", "duration": 10.02}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_109.wav", "text": "learn as we go here a little bit. But we want to make sure we are delivering a high-quality service experience. And we want to make sure we're delivering", "duration": 10.02}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_147.wav", "text": "Before we begin, I'd like to remind you that during the call, we will be making forward-looking statements that are subject to risks and uncertainties. Some of the factors that could impact the future results", "duration": 10.02}, {"path": "8bbc2f54137b794265dfb01f1559868d_87.wav", "text": "relatively sustainable. If anything, we should realize more cost synergy as we go through the integration. Now", "duration": 10.02}, {"path": "1b91eb82f5211000e711424657cc2484_247.wav", "text": "So I don't know what -- we don't have or can't give an estimate of what we think the eligible universe could expand to, but we are optimistic that it is a", "duration": 10.02}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_87.wav", "text": "Part of that is also an unlimited option where we're monetizing. People can choose to get that rather than stay within our typical plan.", "duration": 10.02}, {"path": "d085781ecd776da8a9c4d31ad547606b_130.wav", "text": "I would say, a percentage of provision that you need to apply to the loan, you start doing exactly the same with what is happening with the interest and you start nuts", "duration": 10.02}, {"path": "75fa1bebed0b858c76cc7058477e40e2_76.wav", "text": "to build real enduring growth, which is generating the positive momentum and green shoots already evident in this extremely competitive environment.", "duration": 10.02}, {"path": "75fa1bebed0b858c76cc7058477e40e2_78.wav", "text": "From the challenge perspective, I would love Kevin to weigh in as well. I mean, the most important thing is absolutely making sure that the guest experience is right and that the food gets delivered correctly on time", "duration": 10.02}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_64.wav", "text": "This recent order provides guidance on FERC's new methodology for establishing ROEs, which is expected to be used in addressing outstanding complaints.", "duration": 10.02}, {"path": "145244b0378e6657d456cffca8bbc982_20.wav", "text": "I think that we certainly are going to grow organically excluding that contract. Really, the big question is where does it all net out? I think that's what you're getting at with your question, Ed.", "duration": 10.02}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_242.wav", "text": "A brand represents an organic life. It has a life of its own.", "duration": 10.02}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_206.wav", "text": "the farmers. They can take care of their own fish and cows. Consumer goods are different. You need to interact with consumers.", "duration": 10.02}, {"path": "833f98dbc79997580b24335033aac5d2_123.wav", "text": "That's really the most frequent move activity. So when you think about churn, it isn't about people sitting at home deciding today is a good day to switch my provider. There's usually a life event", "duration": 10.02}, {"path": "8292bdb9af87f10627c044f3842b2c76_20.wav", "text": "This will enable us to expand our portfolio at a time when urban Vancouver is transforming from a secondary to a primary Canadian office market.", "duration": 10.02}, {"path": "a212b77ae2b2452093665a4e179ed3a3_135.wav", "text": "how do they incentivize the electric distribution companies to meet some of the clean energy", "duration": 10.02}, {"path": "cc82e791c065bdc271addf355bac274f_200.wav", "text": "We changed our marketing strategy. Our marketing is now more regionally focused. We are also tackling social media.", "duration": 10.02}, {"path": "8957425799e5ce0200bfacf204d0acde_58.wav", "text": "Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.", "duration": 10.02}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_90.wav", "text": "But are there opportunities for further growing and even for duplicating the state of the market in the developed Europe? Of course, we have because we can offer to date", "duration": 10.02}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_37.wav", "text": "Okay, great. That's helpful. And then maybe just a question on the dividend policy. I think cash levels are pretty similar to where they were last year. Is that", "duration": 10.02}, {"path": "257e4e92036da9582a8a288c88332ff3_13.wav", "text": "as a means of managing concentration by sharing credit exposure with other banks that you are familiar with that operate in our primary markets.", "duration": 10.02}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_112.wav", "text": "you will end up close to the number that I have mentioned. Of course, we also have retained earnings that have a positive impact", "duration": 10.02}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_95.wav", "text": "do you guys see acquisitions taking more prominence in your capital deployment strategy now? And are you seeing any acquisition opportunities?", "duration": 10.02}, {"path": "276392c471c063580869aec014a1feda_138.wav", "text": "what kind of level of growth are you looking for? Are you concerned about that country kind of like Mexico a year ago when it sustained earthquakes?", "duration": 10.02}, {"path": "43942582edfb20599f3e7456137f8deb_138.wav", "text": "The 14% decrease was due to cost increases to support future growth and return to a normal level of expense at the medical schools.", "duration": 10.02}, {"path": "b022fc1979ef416dd25317a4c062328e_201.wav", "text": "a bit under challenge due to the changes in tax rate structures and the competitive market that we see in that. That's been sort of a continuation of their", "duration": 10.02}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_130.wav", "text": "The increase in direct research and development expense in the 3 months ended September 30, 2018 was primarily due to an increase in clinical study costs", "duration": 10.02}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_232.wav", "text": "We're constantly in discussions with them about them telling us where they want to go and how they want to go and looking -- one of the concerns people have is that they're going to", "duration": 10.02}, {"path": "002d12258ff802d65f79ae2eef99e4ab_108.wav", "text": "And everything we're seeing now, we see that on track. Much of that is being driven, not by just pure market prices, but it's now being driven by our own efforts", "duration": 10.02}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_146.wav", "text": "As Jeff mentioned earlier, we achieved this record origination volume while maintaining our strong credit underwriting standards and without increasing approval rates.", "duration": 10.02}, {"path": "b96165244f010b3f1e61cbbc5e504d96_19.wav", "text": "Again, all of these individuals are doing significant work to make sure that the product that we do have gets to surgeons, fulfills the cases and takes care of the patients.", "duration": 10.02}, {"path": "636d6909fbd8656f88f72f66a3a162ff_142.wav", "text": "in your area relative to other generation sources, in particular, that'd be gas. And then related to that, how regulators might view", "duration": 10.02}, {"path": "40e11288ea7cb86fdf307dbe648142e3_24.wav", "text": "Some modest inflation in line pipe is also expected to be a benefit, offset by a negative product mix dynamic from the project work.", "duration": 10.02}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_51.wav", "text": "returning to shareholders is part of the criteria that we will continue to use to evaluate that option versus doing other things with the capital.", "duration": 10.02}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_8.wav", "text": "When we examine the pace of bookings in the first quarter, we are currently running well ahead of where the company was this time last year. This is due in part to the recent large account wins.", "duration": 10.02}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_185.wav", "text": "and this obviously starts with serving our commercial customers locally and nationally with a strong array of loan, deposit and treasury management products and services.", "duration": 10.02}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_170.wav", "text": "It is true that April, when we saw you and we saw other analysts, that April was a rough month. We got beat up in the Northeast and in the Midwest because of weather,", "duration": 10.02}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_43.wav", "text": "Now granted, if we have a particular floor plant or unit that maybe isn't moving the way we want it to, or we feel like we have one too many of something,", "duration": 10.02}, {"path": "16e51362df94379ea33a24334015f385_80.wav", "text": "customer care efficiencies and more favorable termination rates and the renegotiation of lower rates for numbering blocks in Canada.", "duration": 10.02}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_47.wav", "text": "there's some spare capacity in the pressure pumping market and we're receiving a little bit of incremental pricing discount to accommodate this Q4 activity.", "duration": 10.02}, {"path": "8a77ceadd7e4729abc9102d38be3a227_199.wav", "text": "Yes. Thanks, operator. And again, I just wanted to take a moment and thank everyone for taking the time to join us this afternoon. And we look forward to speaking with you again next quarter. Thanks a lot.", "duration": 10.02}, {"path": "9b93af1e7019959620214c387f283d8e_158.wav", "text": "what we'll be doing is putting -- in a run of invoices, putting an insert in the envelope, kind of a marketing slick that tells them about ARC,", "duration": 10.02}, {"path": "6a372ea97b0b130a4d37f16b54d97909_74.wav", "text": "with a holistic solution to meet their learning and development needs, which further differentiates Cornerstone as a leader in corporate learning.", "duration": 10.02}, {"path": "29426a77336443eedde7eaa29e9c2852_140.wav", "text": "helping our cloud customers become successful with our solutions. And in the long run, it's about sort of expanding our presence with the base and", "duration": 10.02}, {"path": "29426a77336443eedde7eaa29e9c2852_40.wav", "text": "We brought on a whole new quality team and initiative, and so we're improving the quality of our code, which means we can spend less time on bugs and more times on innovation.", "duration": 10.02}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_162.wav", "text": "bringing MuleSoft into the company and making sure that we're consulting with every single one of our customers in every single one of our engagements about their integration strategy, just helping them,", "duration": 10.02}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_6.wav", "text": "And the weakening of the demand towards the end of the year was another hit -- we took another hit from that on our EBIT in After Sales.", "duration": 10.02}, {"path": "b281eff988085e0776dc8a10223f1048_75.wav", "text": "All but one of the remaining patients in this cohort had received a third dose as of March 23, and there have been no SAEs reported in this cohort.", "duration": 10.02}, {"path": "c3567809c19ce6a800677544cd84f88b_98.wav", "text": "and the most impactful sales activations. And we have a transformed marketing organization focused on the growth engines of Release,", "duration": 10.02}, {"path": "c3567809c19ce6a800677544cd84f88b_207.wav", "text": "The consumer needs information to make responsible drinking choices, and we are providing more information on our key brands, starting with Johnnie Walker.", "duration": 10.02}, {"path": "c3567809c19ce6a800677544cd84f88b_225.wav", "text": "This allows us to influence what they're drinking in the on trade. It gives us access to valuable data about consumers and outlets.", "duration": 10.02}, {"path": "ea60900258f99d1003ab247c506e42d9_150.wav", "text": "The Western Cape water supply risk remains with us with reasonable and practical measures to mitigate such risk deployed and ready.", "duration": 10.02}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_163.wav", "text": "we're going to be very careful about spend. I believe we need to invest in certain activities, which we've laid out, to make the company stronger in the future.", "duration": 10.02}, {"path": "b1da16cba24af8e472573c4c9caf17c7_12.wav", "text": "Despite the revenue decline, business transient was strong at our Boston hotels and the Hilton Garden Inn Times Square Central.", "duration": 10.02}, {"path": "4567936d89925d1a3b983274b11ecae5_204.wav", "text": "And if so, does it improve your organic case in the country? Or do you still feel the Danish market needs some kind of structured solutions towards consolidation?", "duration": 10.02}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_35.wav", "text": "And the second part is what is competitor behavior because we know what Kaiser's behavior will be, and that is we'll go through to pass that cost through when it goes up", "duration": 10.02}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_50.wav", "text": "something somewhere else in the country, using our expertise and working with a partner, and we've explored those kinds of things in the past as well.", "duration": 10.02}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_214.wav", "text": "This difference is predominantly related to employee-related severances and other costs associated with the execution of information technology outsourcing.", "duration": 10.02}, {"path": "b43c001c5af465d220ab0b69a95202ae_138.wav", "text": "I want to take this opportunity to thank all of LifePoint's talented employees and physicians who work hard every day to help us achieve our mission and vision.", "duration": 10.02}, {"path": "b126e11520fd54843c67f70f15cd30cc_191.wav", "text": "with strong brand capability. Each has its own clear brand strategy. We have also brought in from the world", "duration": 10.02}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_23.wav", "text": "As a reflection of the flexibility in our project portfolio, we have responded to permitting delays on a couple of Netherlands projects by reallocating a modest amount of capital in Canada", "duration": 10.02}, {"path": "9e8690a521142359001a137074905535_180.wav", "text": "The progress we're making on all these initiatives will create efficiency across the business and support our achievement of sustainably stronger operating profitability.", "duration": 10.02}, {"path": "9b697782ea80be97854f35d6fc62c93a_182.wav", "text": "And the reality is that we still have investments to make as part of executing and building the supply chain capabilities to deliver on the 2018 targets we just talked about. So", "duration": 10.02}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_165.wav", "text": "the holistic nature of that. We tend to pride ourselves in bringing technology, human capital and infrastructure, and we can do that in a modular way.", "duration": 10.02}, {"path": "262bc21196721c5ff9114acbd2ff03c3_122.wav", "text": "The order side of things and the prospects side of things not quite so bad, so we would expect to see that recover a little bit as we go through the year. But clearly,", "duration": 10.02}, {"path": "262bc21196721c5ff9114acbd2ff03c3_184.wav", "text": "and we are continually on the lookout for those acquisitions, which will grow the top line and add value to the combination with our business.", "duration": 10.02}, {"path": "e2225d612a954a24e7e91c08215d7b51_115.wav", "text": "that mature in November and December 2019. We are working towards having replacement credit facilities in place", "duration": 10.02}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_65.wav", "text": "We continue to believe that we've the right cost structure to withstand the challenges of the coal market that we believe we will be operating in for the foreseeable future.", "duration": 10.02}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_175.wav", "text": "where the contract we had put in place with that same sort of mindset and those same sort of objectives, because of just some", "duration": 10.02}, {"path": "6318dda27b3e36d76533c048c64a3014_29.wav", "text": "and you paid that out, you would be criticized potentially for not earning your dividend with operating income, right. You put yourself in an impossible situation.", "duration": 10.02}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_159.wav", "text": "well, not lose market share in the different segments? Or is that something you would try to maintain in terms of spending what we had 2Q throughout the rest of the year?", "duration": 10.02}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_251.wav", "text": "and whether it's -- it doesn't seem to be administered across the country in the same way. I'll tell you what we are fairly comfortable with", "duration": 10.02}, {"path": "dffe8257f781608bb17bb637249e4d2a_77.wav", "text": "Our view is that, for the strategic investment case to hold, it's not enough to just maintain it as a financial investment.", "duration": 10.02}, {"path": "dffe8257f781608bb17bb637249e4d2a_295.wav", "text": "We anticipate an improved second half of the year, notwithstanding uncontrollable factors that include market uncertainty and weather-related claims.", "duration": 10.02}, {"path": "49e533a8449f6b9b6c806458e73338e1_229.wav", "text": "a seller, say an eBay seller, to sign up for a marketplace, literally take all of their information, sign up and start making transactions", "duration": 10.02}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_81.wav", "text": "We've purchased a 17-hectare site, and as you can see from the map, we expect to use just under half of this area for the new factory.", "duration": 10.02}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_248.wav", "text": "If they get through this, when they get through this, they will have a ton of properties. I think they have a serious appetite for divesting some of their own stores", "duration": 10.02}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_78.wav", "text": "We expect that to continue until new high-profile and innovative devices from Samsung and Apple come to market later this year.", "duration": 10.02}, {"path": "433a6e203f9db93835c27ff83e86c801_176.wav", "text": "with a tremendous amount of opportunity and it's not always easy for salespeople especially to get their heads around doing something different.", "duration": 10.02}, {"path": "757695924b5e43c7d44e29dc141cc035_207.wav", "text": "There's been a lot of changes in the third quarter and a lot of these are the results of our direct actions that have significantly reduced", "duration": 10.02}, {"path": "94f913b974baab79fb636f6521170dd7_54.wav", "text": "Ultimately, they had a lot of different reasons why they didn't do it or excuses why they didn't do it. Now of course that it's mandated under the terms of the settlement, they", "duration": 10.02}, {"path": "6709c061d39d0e433079f84160f11c80_14.wav", "text": "and a major distribution partner committed to working with us to bring these funds to market. Now is the time to begin translating that potential into sales success.", "duration": 10.02}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_102.wav", "text": "Brian's contributions are both significant and deeply appreciated, and I'm happy to say that we're exploring new opportunities for Brian at Groupon. Are we happy with everything? No.", "duration": 10.02}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_78.wav", "text": "Furthermore, we believe, the initiatives that we have launched over the last several years aimed at improving student success and the overall quality of our offerings also contributed to our success.", "duration": 10.02}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_86.wav", "text": "these are strategies we're putting in place to be able to compete and win in all market segments. This business has relatively high variable margins, so our focus here has to be both around", "duration": 10.02}, {"path": "8635f950dc44da3fcad542b2c066bedf_132.wav", "text": "We continue to focus on investing in distribution platform in the fixed income space through strategic hires and expanding our product capabilities.", "duration": 10.02}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_90.wav", "text": "Very hard for us to predict what may play out there. What I would tell you is that we're confident, regardless of what decision gets made", "duration": 10.02}, {"path": "5633fe3600ee04237bbb918c56341864_116.wav", "text": "We have to drill several wells down to the reservoir level. Cores and fluids have to be taken and then put into our laboratories. So", "duration": 10.02}, {"path": "799c15a4a6e9e3c86374761fec31c00a_108.wav", "text": "We're also pleased with the performance of CLASS, our mattress cover operation, with a solid sales and profit contribution for the third quarter.", "duration": 10.02}, {"path": "94f601dc7b34ad38667e3b714aa89d35_18.wav", "text": "This forecast reflects the latest view for sequentially lower steel costs next quarter and a full quarter impact of tariffs on Chinese imports at the 10% level.", "duration": 10.02}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_96.wav", "text": "Our largest market in Latin America, Brazil, continues to generate high volume growth and to trend positively despite tough competition.", "duration": 10.02}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_125.wav", "text": "with the, yes, no commitment on any given quarter what we will do. But I'd say a broad commitment that we're constantly looking at, return of capital is being an important part of", "duration": 10.02}, {"path": "9908957f60adff5efc1c8692a0f5ab38_204.wav", "text": "The end of October -- or the end of the third quarter is always our lowest level because we released a lot of our pack and hold into the stores", "duration": 10.02}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_24.wav", "text": "Other properties in secondary markets that have some shop occupancy or a junior anchor vacancy, there are buyers that would like to have that leasing risk.", "duration": 10.02}, {"path": "ff898f396d49760343d08575ea773b54_108.wav", "text": "Even if you can't be specific because we don't want to talk about 2018 yet, but just in general, is there some fall through to make that also lift that bias a bit?", "duration": 10.02}, {"path": "09b5b62d328d3d0719b6825357fdfb48_173.wav", "text": "have you seen any slowdown or do you anticipate any slowdown in farmer marketing while they await those payments?", "duration": 10.02}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_63.wav", "text": "Based on this seasonal pattern, Atea's aim throughout the year is to continuously improve its working capital balance from the same seasonal period last year.", "duration": 10.02}, {"path": "66b25c60d952bd002c7ab20da9248086_67.wav", "text": "we continue to have a whole bunch of partnership discussions with a bunch of different firms. I can't really name any new companies, but what I can say is very, very positive response,", "duration": 10.02}, {"path": "812d8f09b72b4d410d138d3b24caebbc_136.wav", "text": "that garden variety of blip, to use the term you used, why wouldn't it be something larger? And if you could provide a bit more color around that, that would be helpful to me anyway.", "duration": 10.02}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_65.wav", "text": "In addition to the AMPS transaction, our third quarter results reflect, relative to the second quarter, lower investment income and lower realized investment gains", "duration": 10.02}, {"path": "72b117fb1330bda9f954a219bb5a675e_34.wav", "text": "given the disruption we're seeing with some of the competitors in the wound care space, just maybe talk a little bit more about some of those opportunities to win business in large health systems and wound care clinics and", "duration": 10.02}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_202.wav", "text": "we simply had distributors taking down inventory in the quarter. I mean, it could be as simple as we're watching these things run through here. These things happen", "duration": 10.02}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_199.wav", "text": "the goal of every company is to minimize the resources consumed in the running of the company and maximize the resources devoted to innovation and your end customers.", "duration": 10.02}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_11.wav", "text": "In our specialty program segment, as Barry mentioned earlier, we have intentionally reduced our exposure to certain commercial auto and general liability programs where we have determined the rate was not adequate.", "duration": 10.02}, {"path": "2cd5b184c2ef6624ce219830182927c9_198.wav", "text": "do you think the greatest opportunity is owning the wind plant or moving the transmission wire that connects the wind plant? And is there", "duration": 10.02}, {"path": "323193895e800e72960d98dd5fb64cf5_145.wav", "text": "If you start at the end of the consumer, the data growth in a way continues at almost an accelerating pace.", "duration": 10.02}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_50.wav", "text": "In closing, I'll highlight that our recent follow-on offering creates a strong foundation that allows the company to focus on execution and drive value across our pipeline.", "duration": 10.02}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_27.wav", "text": "So we're managing the capital very efficiently by adding the capacity and putting in facilities that are easy to expand as the volume starts to materialize.", "duration": 10.02}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_198.wav", "text": "the way our STACK system is configured, our high pressure gathering frontline generally gathers from the west towards the Chisholm plant in the east.", "duration": 10.02}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_168.wav", "text": "Revenue trends are solid as we are looking to grow in line with the German market. Commercial momentum and successful synergy delivery drove significant OIBDA growth.", "duration": 10.02}, {"path": "933faa5ac159ab158506e2bc0f714977_40.wav", "text": "actually I think the first question around lumber. And I appreciate that you guys have the purchasing power to negotiate much better deals than", "duration": 10.02}, {"path": "c71a6ab1a0697010811c89200ab21613_8.wav", "text": "cash flow generation and a commitment to executing a thoughtful, clearly communicated business plan that enhances value for all of our shareholders.", "duration": 10.02}, {"path": "4fafe8c628e676ca508b37756da75419_100.wav", "text": "For the first part of the financial highlights, I will focus on Cara's consolidated results and will finish with a summary of the company's segmented business performance.", "duration": 10.02}, {"path": "e21fc19597d349bcd86de1329167659b_132.wav", "text": "The difference between orders and sales has to do with production lead times as a lot of orders were booked in the last 3 months.", "duration": 10.02}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_38.wav", "text": "this growth is coming from industry customers with some very large projects, where timing on the investment in that infrastructure", "duration": 10.02}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_62.wav", "text": "They go through what we refer to as a direct marketing channel. And what we've done, interestingly, as part of the sales transformation effort, is we've taken pieces of it.", "duration": 10.02}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_202.wav", "text": "So I expect that combined spread for next year to be pretty consistent with what it's been over the last couple of years,", "duration": 10.02}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_214.wav", "text": "But obviously, we've embedded within the range the ability to do something should it be opportunistic to do so and continue to advance our goals of extending term and weighted average duration across the balance sheet.", "duration": 10.02}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_22.wav", "text": "Many of the discussions that I've heard of around increased cost or the cost of compliance with BICE the need to provide additional information prior to sale", "duration": 10.02}, {"path": "76c04b0646e881995fdd48aa58abee4c_18.wav", "text": "I wouldn't really kind of go Transformation because it's so new and it's still kind of defining which kind of", "duration": 10.02}, {"path": "3ae068efa03cd088f4d3edea682f199f_252.wav", "text": "over the next year, we are really peaking out here at the end of 2017, and we'll be in a steady decline throughout '18. So just in terms of the whole", "duration": 10.02}, {"path": "30a142fac5a62ab00227cb6a339a6226_116.wav", "text": "Hello, everyone, and welcome to the call. Our business really came together towards the end of last year, and I'm very proud of our team for working hard to deliver these results.", "duration": 10.02}, {"path": "30a142fac5a62ab00227cb6a339a6226_1.wav", "text": "and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from forward-looking statements,", "duration": 10.02}, {"path": "b35398859e534e471fb1cd60f5baac20_66.wav", "text": "Tom Durels, our Executive Vice President and Director of Leasing and Operations, will then provide an update on our portfolio. And", "duration": 10.02}, {"path": "9cd9b67e289e807d677aabc5765fec6a_169.wav", "text": "actuarial work lump sum, but it sounded like it was maybe being replaced with pension administration. How should we think about that if interest rates are sort of", "duration": 10.02}, {"path": "9097dcbaf554d635920c6274b1de4997_1.wav", "text": "We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments.", "duration": 10.02}, {"path": "a98061f951c1b2c7a915e296098bc4de_117.wav", "text": "come in a little bit. If that does not happen, we can certainly access both the brokered and the retail deposit base to fund our growth going forward.", "duration": 10.02}, {"path": "16c235a53fc719ec92ef3b3c3b371150_43.wav", "text": "What is, I guess, uncomfortable is that when investors look at it and you guys look at it, you don't see a higher forward curve. And so it's hard for you to ascribe", "duration": 10.02}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_9.wav", "text": "I would note that the consultant cost savings were concentrated primarily in the second half, so fiscal 2017 will reflect those relative savings early in the year.", "duration": 10.02}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_135.wav", "text": "and accelerating in the second half of the year to near double-digit growth by year-end, as our initiatives continue to take hold.", "duration": 10.02}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_96.wav", "text": "Ultimately, we are committed to delivering on profitability as we continue to manage our way through the integration and focus on reinvesting for growth.", "duration": 10.02}, {"path": "190e0d8d92da94060523364716ce6e03_42.wav", "text": "while RAV growth and recovery would be lower over the longer term. Another important point Ofgem confirmed last week was the use of economic asset life", "duration": 10.02}, {"path": "16c235a53fc719ec92ef3b3c3b371150_218.wav", "text": "from EBITDA, is that a kind of -- do you look at that as a fixed number going forward? Or is that something that trends in an upward direction over time? I'm just curious.", "duration": 10.0199375}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_124.wav", "text": "On Jamalco, we have successfully reduced production cost with the plants operating profitably and further improvements are expected.", "duration": 9.99}, {"path": "0db71632fa65f1d166f14cb8593c4690_18.wav", "text": "And if you could comment a little bit about your average cost of debt, and if there's any room for refinancing or liability management to improve that.", "duration": 9.99}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_59.wav", "text": "Our next generation of service offerings grew as well, and most importantly, we believe we have turned the corner on our deployment services cost structure.", "duration": 9.99}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_33.wav", "text": "We are seeing more traction in the use of our smart color services and more project color printing in the form of red lines and change tracking.", "duration": 9.99}, {"path": "6388da88b00ebc88af59435bdac74132_155.wav", "text": "Last quarter, we highlighted our expectation that on average the next generation of funds will be approximately 30% larger than the previous generation.", "duration": 9.99}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_220.wav", "text": "And so they'll be a vital part of our portfolio, but they and of themselves are not products that will be introduced to the marketplace, at least not", "duration": 9.99}, {"path": "22ad97a95501a08f15c06605cd277fec_103.wav", "text": "Looking ahead and as we mentioned on the second quarter conference call, we expect a substantial sequential increase in sales and margins in the fourth quarter.", "duration": 9.99}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_136.wav", "text": "And brachyury vaccine will be going into a Phase I study beginning of next year, looking at the intravenous administration.", "duration": 9.99}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_216.wav", "text": "that has been increasingly competitive with new segments and small brands. In Western Europe, the pricing environment remained challenging.", "duration": 9.99}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_61.wav", "text": "most of it came from a big contract in Mexico. This product -- project is now finished and fully included in the '18 figures. As", "duration": 9.99}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_73.wav", "text": "which will significantly enhance the pharmacy experience for patients with the ability to refill, synchronize medications, and get access to prescription history.", "duration": 9.99}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_5.wav", "text": "the background the financial sector at least at this point of time looks like in a sweet spot, but as we always know that we need to keep our alert on", "duration": 9.99}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_40.wav", "text": "We're also pursuing other high-return investment opportunities similar to this at both Richmond and Martinez.", "duration": 9.99}, {"path": "8b71a232d7fe61e6232807b635977c31_191.wav", "text": "it does exactly that. And so whether I'm an advertiser or an agency, I'm incredibly interested in seeing that clarity in the marketplace. Ultimately,", "duration": 9.99}, {"path": "044da592acc01ff7baacb3dbf2a302a9_29.wav", "text": "We also have seen real uptake over the last X number of quarters from our new product portfolio and the investments we made over the years in 3D printing", "duration": 9.99}, {"path": "b34f680a9162805e0188170d6272a356_142.wav", "text": "They aren't the drivers of the high earnings and the high revenue growth. What they are typically is the stability of creating a longer-term stable foundation", "duration": 9.99}, {"path": "75fa1bebed0b858c76cc7058477e40e2_20.wav", "text": "While we are very pleased with the performance of our initial 2 locations in Toronto, particularly with guest acceptance, satisfaction scores and team engagement, which are some of the highest in the system,", "duration": 9.99}, {"path": "46906afb4e1ee1fef09b5908e76beefa_206.wav", "text": "at this point, it's way too early to call whether or not our pipeline is going to be successful, but we think it's quite important that we have multiple shots on goal,", "duration": 9.99}, {"path": "bad55d25c1222682bd893d97dc5cbb27_130.wav", "text": "the bid opportunities are coming out kind of aligned with their lead time on the aircraft design itself.", "duration": 9.99}, {"path": "145244b0378e6657d456cffca8bbc982_128.wav", "text": "valuable to the customers we serve and make them want to be able to use our services in a faster way. The CUI crawlers, those were, again, just another way of", "duration": 9.99}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_95.wav", "text": "and so that information, I think, is something that people are closely evaluating. And the other element is the pragmatic aspect of the single administration", "duration": 9.99}, {"path": "0ee490f8688669984ae17a737590f7b5_5.wav", "text": "We are confident these positive trends will continue going forward. For the last 20 years, we have demonstrated a consistent ability", "duration": 9.99}, {"path": "797946494c2985a20aa50823e8723c44_52.wav", "text": "Excluding the project, revenues are projected to increase approximately 15%, slightly down from our previous projections due to some project slippage in the linings business.", "duration": 9.99}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_51.wav", "text": "and cause these forward-looking statements to be inaccurate. A more detailed discussion of certain of the risk factors that could cause these future-looking statements to be inaccurate", "duration": 9.99}, {"path": "8292bdb9af87f10627c044f3842b2c76_130.wav", "text": "We have advanced work on the remaining buildings with the goal of coming to grade through Q2 2019. We have tendered the majority of the work for the project", "duration": 9.99}, {"path": "0b0a24d47ae2ed9e019d874793c8684b_58.wav", "text": "The company's monitored home and personal security offerings have historically included a manufacturing installation and servicing of its own proprietary wireless 2-way voice controller panels,", "duration": 9.99}, {"path": "5f38ce681d4413a793d34a0650c59bf2_52.wav", "text": "to give specifics. As I mentioned earlier, we've made tremendous progress in a short period of time, but there still is a degree of uncertainties that we need to get our hands wrapped around.", "duration": 9.99}, {"path": "5f38ce681d4413a793d34a0650c59bf2_173.wav", "text": "As many of you know, over the past few months, Endo has undertaken an overall assessment of our company's strategy in its asset and product portfolios.", "duration": 9.99}, {"path": "d5c338a956681dbb2170472253a29b85_187.wav", "text": "over some years. And if I go back to previous question relating to the actual payment mechanism for this, I suppose my", "duration": 9.99}, {"path": "1133b8984db446b9c963a09eaf0785a4_229.wav", "text": "Because we collect approximately twice the amount of recovered paper we consume through our recycling operations, we have a partial hedge against rising OCC prices.", "duration": 9.99}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_36.wav", "text": "it's a recipe for a lot of opportunity that can play well in the way the customers want to eat food today and I believe how they want to eat food in the future.", "duration": 9.99}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_177.wav", "text": "we talked about EPS in my prepared comments, a single quarter is now larger than what this company used to do in a full year", "duration": 9.99}, {"path": "6864081f83959f4b49e25e597f28af66_114.wav", "text": "That being said, we must continue to move forward. While the toughest parts of our transformation is behind us, we still certainly have more work in front of us.", "duration": 9.99}, {"path": "93d3e5be9cf75e0921d47f10d4178939_38.wav", "text": "Following the completion of the senior housing disposition, our remaining nonmultifamily assets are primarily medical office buildings, which we intend to opportunistically sell in the future.", "duration": 9.99}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_79.wav", "text": "and report on this statistic, it will provide meaningful insight into the overall growth of the product and provide a indicator of expected future revenue growth.", "duration": 9.99}, {"path": "002d12258ff802d65f79ae2eef99e4ab_75.wav", "text": "one of our Heartland businesses as well as from roofing granules. As we expected, organic growth in Health Care was similar to the third quarter", "duration": 9.99}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_2.wav", "text": "and a favorable end to 2016. We continue to be pleased with the market share of our product -- of all of our product categories.", "duration": 9.99}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_103.wav", "text": "including increased application levels and dealer contribution, higher average ticket and increasing momentum in our Franchise and Transportation channels.", "duration": 9.99}, {"path": "da14df2e02d11f6f8599533d9d57faee_129.wav", "text": "We continue to be awarded new contracts, which will result in opening 2 additional stores expected to open before the end of the fiscal year.", "duration": 9.99}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_115.wav", "text": "As we sit and look at the business levels this quarter, it doesn't look like we've lost anything significant. It looks like we", "duration": 9.99}, {"path": "8a77ceadd7e4729abc9102d38be3a227_6.wav", "text": "Starting with growth, we want to help our advisers operate thriving practices with differentiated services that win in the marketplace. To help achieve this goal,", "duration": 9.99}, {"path": "d8eb5522db0e51d75ea6518462954c52_230.wav", "text": "As mentioned in the previous slides, in order to keep our competitive advantage in connectivity, we continued our investment efforts,", "duration": 9.99}, {"path": "6a372ea97b0b130a4d37f16b54d97909_43.wav", "text": "all point to this idea that this is a global phenomenon. This is not one group or one industry or one region. This is the whole world, every industry.", "duration": 9.99}, {"path": "eb2d5f51a30310576bce5993533dab79_40.wav", "text": "And we are evaluating whether the opportunity exists to refinance early and extend the maturity date and reduce the interest cost of that security.", "duration": 9.99}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_180.wav", "text": "Just one tiny bit to finish on the overall shape of the portfolio, so we've talked about cleaning up the portfolio", "duration": 9.99}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_145.wav", "text": "The other growth drivers for digital was the extra time offering that we launched both in South Africa as well as in Nigeria.", "duration": 9.99}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_86.wav", "text": "On the contrary, I assure you that the enormity of the opportunity that we shared with you at our China Investor Day remains fully intact.", "duration": 9.99}, {"path": "c3567809c19ce6a800677544cd84f88b_0.wav", "text": "Our strategy is simple. We will increase spirits participation in emerging markets and support premiumization in developed markets.", "duration": 9.99}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_36.wav", "text": "certainly looking at what's happening in terms of the economic environment and what's happening to capital levels in the industry generally", "duration": 9.99}, {"path": "ea60900258f99d1003ab247c506e42d9_26.wav", "text": "putting the right systems, policies and management team and we believe this business is now well-positioned for the next phase of investment. In particular with regards to bread,", "duration": 9.99}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_98.wav", "text": "Expenses will increase temporarily during the fourth quarter, so we will maintain the revised full year earnings forecast for the first half financial announcement.", "duration": 9.99}, {"path": "b1da16cba24af8e472573c4c9caf17c7_118.wav", "text": "let me recap our latest strategic moves. DiamondRock is focused on creating long-term shareholder value throughout all phases of the lodging cycle.", "duration": 9.99}, {"path": "4567936d89925d1a3b983274b11ecae5_194.wav", "text": "But as I said, we still believe there are rooms to improve efficiency and adjust how we work and how we prioritize in some areas,", "duration": 9.99}, {"path": "13141efea197b407280701081390f0ce_6.wav", "text": "The current environment, which combines slightly slowing demand with rising labor costs, has created some sensitivity in pricing compared to a year ago.", "duration": 9.99}, {"path": "968913c3f9111fc67f1d9956c56dec3b_146.wav", "text": "can you just talk about what your plans are for that over the next 12 months in terms of, say, exiting rooms from the system? And what we can reasonably expect", "duration": 9.99}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_141.wav", "text": "fully signed by Sunday night, fully binding, we applied for a sanction, a relief for license to operate essentially from OFAC on Sunday night.", "duration": 9.99}, {"path": "75eb5b75bb8587b63c318714ea956b9e_0.wav", "text": "Such statements include declarations regarding the intent, belief or current expectations of the company and its management, including those related to cash flow,", "duration": 9.99}, {"path": "75eb5b75bb8587b63c318714ea956b9e_12.wav", "text": "It's not unusual for labs, especially the smaller- to medium-sized independent labs to send these specimens to those specialized labs on a reference basis.", "duration": 9.99}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_224.wav", "text": "As we are actively marketing this property, we will not discuss the specifics of a potential transaction or speculate on potential proceeds", "duration": 9.99}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_34.wav", "text": "That's why we bought Al Salomi. And now I think you're starting to see the dynamic coming to fruition. Now what's interesting is Southern Spain and Italy -- or", "duration": 9.99}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_97.wav", "text": "for the natural gas users. In our case, we do much of the work mostly on gas distribution.", "duration": 9.99}, {"path": "571b0d30d88945a981006f24faa72cf7_163.wav", "text": "With both programs, we've also completed exhaustive and extensive regulatory discussions to inform the progression of these programs in the pivotal registrational studies.", "duration": 9.99}, {"path": "e2225d612a954a24e7e91c08215d7b51_66.wav", "text": "and higher compensation costs due to headcount and the timing of annual raises as well as the timing of recording", "duration": 9.99}, {"path": "8eaca8d8a419f74540f69ade8defabbd_218.wav", "text": "Obviously, we need to see growth return at the top line to help drive further improvement in operating income, but do recognize the market dynamics being faced by the segment.", "duration": 9.99}, {"path": "87045996e7446329f1d98c909c6ca7fe_118.wav", "text": "given some of the, let's call them, macro uncertainties that we've seen? Is there any early preparation for IFRS 9? I know you have", "duration": 9.99}, {"path": "059024560d9d1039cf08746ee7393114_87.wav", "text": "To achieve this, Gannett must remain strong and have the financial flexibility to support investment in critical resources.", "duration": 9.99}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_172.wav", "text": "As we have indicated, we see this as an investment, since we consider an important part of franchisee engagement, success and growth.", "duration": 9.99}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_118.wav", "text": "is to focus more on aggressively broadening our distribution points, both within Quebec, but also beyond its borders.", "duration": 9.99}, {"path": "433a6e203f9db93835c27ff83e86c801_201.wav", "text": "We expect the vast majority of this reduced volume to be offset once we have additional TPPL manufacturing capacity allowing EnerSys to expand sales", "duration": 9.99}, {"path": "ab3354b86be920cde18291112bf8a70a_83.wav", "text": "So I think we have a few levers. As again, if the market slows down on a more consistent that we believe is going to go into a slower environment,", "duration": 9.99}, {"path": "ab3354b86be920cde18291112bf8a70a_106.wav", "text": "In addition, based on recent industry trends, we believe there is an opportunity for additional premium increases as well as benefit changes,", "duration": 9.99}, {"path": "ab3354b86be920cde18291112bf8a70a_8.wav", "text": "While we have retained a high percentage of the rise in short rates to date, we are closely monitoring crediting rates to remain competitive with peers.", "duration": 9.99}, {"path": "01f88a67f39af3a74d5f23b095615d39_249.wav", "text": "The group is at its optimal capital structure and continues to generate returns on invested capital much greater than 10%. As a result,", "duration": 9.99}, {"path": "757695924b5e43c7d44e29dc141cc035_177.wav", "text": "We plan to accomplish this through operational efficiencies by expanding our growth platforms and reducing our exposure to lower-return markets.", "duration": 9.99}, {"path": "e42f90eacf0e766ff39973c6aca06c93_69.wav", "text": "direct experience with it. And as a result, we do think that it's prudent for us to be frankly pretty conservative in the revenue that we're going to recognize.", "duration": 9.99}, {"path": "e33785a294553de2a12d4463bf786744_178.wav", "text": "Very simply, a very concrete economic policy that has passed Congress and it is enacted into law", "duration": 9.99}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_115.wav", "text": "but I wonder if you could maybe touch on that a little bit. And then one question for Brian on free cash flow, if you could maybe touch on what you're expecting for the full year.", "duration": 9.99}, {"path": "642a235ab4ebc57d132a2e32c83c793c_12.wav", "text": "First of all, we offer the possibility to any customer to submit their refurbishment project to a professional interior design architect", "duration": 9.99}, {"path": "642a235ab4ebc57d132a2e32c83c793c_103.wav", "text": "We are also launching our first of first specifically designed for small spaces and this is to address customer needs around city centers", "duration": 9.99}, {"path": "8635f950dc44da3fcad542b2c066bedf_200.wav", "text": "And so as we've looked at where we wanted to invest in the business, we've allowed that investment to continue, which has driven most of our expenses.", "duration": 9.99}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_3.wav", "text": "Significantly, we finally had the functional team in place for a full 3 months and the early signs of operating results from the organization working towards common goals and initiatives are very encouraging.", "duration": 9.99}, {"path": "01b376669d5ea40acc7fb5a87503586e_30.wav", "text": "owner of the facility, do you feel that having a broader service offering is going to help you price in the future", "duration": 9.99}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_265.wav", "text": "millions of changes that come into that all get initiated on January 1. Our call center people have to be prepared for that. Our account management teams have to work with our clients on it.", "duration": 9.99}, {"path": "299bad77345d2e44fa5768f4416f7b97_223.wav", "text": "I would say it's almost certainly true that we will enter a third therapeutic area. Will that be in 2018? Hard to say.", "duration": 9.99}, {"path": "94f601dc7b34ad38667e3b714aa89d35_13.wav", "text": "As we noted last quarter, under the new guidance, we are now recording certain dealer payments as expenses within cost of goods sold that were previously classified as a reduction in net sales.", "duration": 9.99}, {"path": "b01b8f0fa0baf54952151c2e767b6f77_3.wav", "text": "One relationship was previously identified as a special mention loan several quarters ago, and the other was already classified as a problem.", "duration": 9.99}, {"path": "919fd6c04cca92ecdf503e32f884435d_86.wav", "text": "Finally, we recently filed a settlement in our New Mexico rate case, which was reached between SPS, the staff and other parties.", "duration": 9.99}, {"path": "b126c31149f1cadf1d891082a187d6fc_136.wav", "text": "The second is to reduce Medicare spending for beneficiary. Importantly, this second objective is measured over a 90-day episode,", "duration": 9.99}, {"path": "812d8f09b72b4d410d138d3b24caebbc_26.wav", "text": "So right now our customers are saying they think it's more of an inventory issue, but we'll get more color to that as we go through the third quarter. But that's all we have right now.", "duration": 9.99}, {"path": "812d8f09b72b4d410d138d3b24caebbc_190.wav", "text": "So I think it's been difference where the business was. And again, I want to be -- it's important here that the board is really coming back in terms of overall governance,", "duration": 9.99}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_38.wav", "text": "We expect to move into GaN power electronics. We've got the early start there and we're delivering some great results with our Propel product.", "duration": 9.99}, {"path": "24a133abc343c813233d416b0cef96cd_132.wav", "text": "you don't recover about half of that. So that goes straight to the NOI. So that's part of it. Part of it is a marginal read-through of the rental deals that we've done", "duration": 9.99}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_71.wav", "text": "In the entire energy supply chain, including natural gas, which covers a large area from upstream to downstream.", "duration": 9.99}, {"path": "1215cf00a11992ec74743f92026af2e9_63.wav", "text": "long-haul debottlenecking is very difficult. And as I said in the prepared remarks, you really have to wait for the significant additional capacity to come on with projects.", "duration": 9.99}, {"path": "1215cf00a11992ec74743f92026af2e9_44.wav", "text": "As highlighted on Slide 3, these results were slightly ahead of our expectations for the first quarter and we're pleased to make progress towards the continued execution of our strategic plans.", "duration": 9.99}, {"path": "72b117fb1330bda9f954a219bb5a675e_209.wav", "text": "in particular DuraSeal, has gotten to a really good place overall versus where we were last year, given the contracting efforts that we put in place. And so", "duration": 9.99}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_3.wav", "text": "we are not changing our production guidance range for 2018. We have made significant steps to reduce our transportation costs in Colombia.", "duration": 9.99}, {"path": "e0555e30370c43189a1136fb7ef17d20_99.wav", "text": "So we have normal trade receivables and payables as you would expect in any global company. And so the majority of that is not intercompany debt.", "duration": 9.99}, {"path": "2cd5b184c2ef6624ce219830182927c9_121.wav", "text": "A little bit of cash left over and with some debt that we picked up during the year. We fully funded all of our CapEx, all of our dividend requirements.", "duration": 9.99}, {"path": "902872913863de98d38e2936b846cf66_14.wav", "text": "That said, we are pleased to see the turn in this indicator for our markets as well as the solid growth in our internal backlogs.", "duration": 9.99}, {"path": "902872913863de98d38e2936b846cf66_293.wav", "text": "I mean, increasingly, the funding is there to grow at faster rates. That said, I think when you have a portfolio as broad as ours across as many markets as we're in, and", "duration": 9.99}, {"path": "96488f25af54f91198b444e5eff8e878_148.wav", "text": "And Bank of China announced that it's going to take its aviation group and put it on the Hong Kong Stock Exchange. These are all pretty big deals. It's all happened in a fairly short time frame.", "duration": 9.99}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_203.wav", "text": "we don't have perfect clarity on that where we are today. One thing we need to resolve is our NGL solution in Oklahoma so that we understand", "duration": 9.99}, {"path": "c71a6ab1a0697010811c89200ab21613_26.wav", "text": "And so that capital is available to redirect into drilling. So I feel good about this year. I feel good about where we're going in 2020, and we'll stay that program.", "duration": 9.99}, {"path": "429bcf63d57c11ea4d8864560f521dba_148.wav", "text": "And revenue growth itself in dollars has been accelerating as well. And much more so over the last year when all the momentum we are building has started to translate into revenue.", "duration": 9.99}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_132.wav", "text": "While pricing pressures will continue, a raft of new international clearances bodes well for a more positive second half of the year internationally.", "duration": 9.99}, {"path": "f268a8174f58c93ad6b45b7f151fe896_120.wav", "text": "the enhancement that blockchain offers to global settlement systems and payment systems offer a significant opportunity for us. So I think the answer is yes.", "duration": 9.99}, {"path": "f268a8174f58c93ad6b45b7f151fe896_82.wav", "text": "Thank you, Alan, and good afternoon, everyone. I will open with our economic update and outlook and discuss our revenue performance and business conditions in each segment", "duration": 9.99}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_105.wav", "text": "And most of that progress is being driven by the core team of hunters that have been in place for a while. Nearly half the team is new,", "duration": 9.99}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_112.wav", "text": "Well, we've got operational challenges that would certainly be unique for us with Hawaii, and I think that's the bigger issue for us.", "duration": 9.99}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_102.wav", "text": "is recruiting strong, sending a large number of people through the training process and we are having people engaged. Too early to tell you at this point what the results might be.", "duration": 9.99}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_19.wav", "text": "Now we are not where we need to be yet, but we hope to show some progress in the second quarter this year and especially in the second half of the year when we should have fully implemented the new plan.", "duration": 9.99}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_196.wav", "text": "So as we develop the future leadership team for The Tile Shop, you should not be surprised that we will focus our efforts first on our in-house leaders.", "duration": 9.99}, {"path": "b35398859e534e471fb1cd60f5baac20_70.wav", "text": "In order to reduce uncertainty around this small aspect of our business, when there are significant developments with regard to broadcasting, we will provide updates.", "duration": 9.99}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_52.wav", "text": "We will, to be clear, be looking for a pathway that ensures the long-term viability of an asset that is important not only for us but also to Tanzania as a whole.", "duration": 9.99}, {"path": "744f5859c7d9a0567b387ae84326d940_64.wav", "text": "This was driven by organic sales growth of 5% and the benefit of acquisitions, which were partially offset by higher raw material cost.", "duration": 9.99}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_22.wav", "text": "Though we expect only limited revenue impact in 2016, as implementations of new sales will not be completed until the second half of this year,", "duration": 9.99}, {"path": "19e7822c0e829faf25355c16b830cf39_3.wav", "text": "increases the book value of assets acquired to an appraised fair market value level. It is this write-up of assets that generates", "duration": 9.99}, {"path": "77f146e76d89a5be785a39ab23dfa763_94.wav", "text": "And then also could you -- can you maintain this level of growth going forward in the Americas? Or do you think you'll need to maybe lean more on Europe for growth going forward?", "duration": 9.99}, {"path": "1b91eb82f5211000e711424657cc2484_4.wav", "text": "Mike McFerran and I will then walk you through the separate presentation that Carl mentioned on our election before we take your questions. So with that, I'll hand the call over to Mike McFerran. Thanks, Mike.", "duration": 9.9899375}, {"path": "523cf294ec146d5411972168b1c10f09_80.wav", "text": "Going to Slide 7. We continued to experience the effects of a strong overall industry environment during the quarter with increases in demand from our top 5 customers.", "duration": 9.9899375}, {"path": "262bc21196721c5ff9114acbd2ff03c3_36.wav", "text": "And that is addressing both direct as well as the indirect. And again, we've made a lot of progress there, not just in terms of", "duration": 9.9600625}, {"path": "8d71e62af8c57a752b0e04f6546bf622_99.wav", "text": "In Page 15, we have the rest of the lines of our financial statements, so we finished up the operating income", "duration": 9.9600625}, {"path": "118b6e5a6077bedf5081ed70425b6866_9.wav", "text": "This product continues to be very well received by users. Daily active user is approaching 10 million", "duration": 9.96}, {"path": "d162113e3aface010baec17bd408736b_79.wav", "text": "consumer end products, which are mostly launched in the second half of the year. So production is built up in the first half", "duration": 9.96}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_122.wav", "text": "and look at some of the things that we want to do to ensure that its a success, not just in terms of the cost savings, but in terms of", "duration": 9.96}, {"path": "62d981deed6d5128615c99d1597178b6_70.wav", "text": "The real upside for value creation is combining 2 successful organizations into an even more innovative and talented professional services firm.", "duration": 9.96}, {"path": "139f0a6300f504b3e8673e39b0429161_96.wav", "text": "on a mobile device without requiring the brand to develop or the customer to download a standalone app.", "duration": 9.96}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_81.wav", "text": "we're about to have 4 different products. Customers can come in directly to any one of these products. Obviously, for those customers that come in just for their credit score, there's no revenue directly associated with it.", "duration": 9.96}, {"path": "ebb371780b97ae7f2172f242fbdc5c7c_25.wav", "text": "This sale followed the purchase of a separate site, still in Florida, which is better suited for our construction and installation team based in Pompano Beach.", "duration": 9.96}, {"path": "ab861b81968e1b5fcb606ed886919d68_61.wav", "text": "and to participate richly as the BDC industry continues to evolve and develop into a major component of our country's capital market system.", "duration": 9.96}, {"path": "94fdf7b24748a7706b1097482a0f363a_99.wav", "text": "We're not -- we're probably not going to ever forecast right now how many points of OR we might get if we got that kind of improvement. I think you can look at our", "duration": 9.96}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_67.wav", "text": "That's a strategic partner deal who is ramping at this point in time and doubled their usage throughput in October over September, and September had doubled it over", "duration": 9.96}, {"path": "3cb802f8fba7d33603c29387ccdaf817_141.wav", "text": "Is this permit still unchanged? And the reason for this accounting procedure is because you are not sure how the price will turn out?", "duration": 9.96}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_60.wav", "text": "Understood. Okay. And then maybe just one last one on the tax rate. Any update on your expectations there just given some of the changes that are going on in New Jersey?", "duration": 9.96}, {"path": "95962e0f754f9e2f786778c85d0913b8_25.wav", "text": "So in this area also for our customers, if you look at the carbide-based PVC, some regulations are on", "duration": 9.96}, {"path": "d28b2b09c127b5be033738aa3cd380b3_37.wav", "text": "this is not unlike how we're operating in other fields. And what this does is provide a good balance between having strong focus on the channel and building", "duration": 9.96}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_160.wav", "text": "We have the capabilities and the means to deliver sustainable value for all stakeholders.", "duration": 9.96}, {"path": "19eed824fc629ea7d3f8ea7572c7abb7_16.wav", "text": "I asked this question because if I look at your recent business approaches, I do not think that you place high -- the foremost priority on the shareholders.", "duration": 9.96}, {"path": "718a89dc503706eae0091bcd9410d567_121.wav", "text": "Transported intrastate volumes increased due to higher demand for exports to Mexico as well as the addition of new pipes to our intrastate system.", "duration": 9.96}, {"path": "223f05c0b9b116532e9af84afa76cac7_101.wav", "text": "We spent much of the first quarter evaluating the potential fit of the Hatteras portfolio with our own assets, and we continue to feel positive about the combination of the 2 portfolios.", "duration": 9.96}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_94.wav", "text": "We are now better able to understand shifts in demographics, socioeconomic trends in specific towns and other reasons behind customers coming to and leaving", "duration": 9.96}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_25.wav", "text": "Okay. And that's helpful, and then on a new store productivity in the third quarter, you mentioned Jackson was really strong. So did you see that type of", "duration": 9.96}, {"path": "7e14890193df4b10e1eeab6ab886529f_77.wav", "text": "In line with our company's new vision, we recently announced our plan to remove all artificial ingredients from products that carry our brand.", "duration": 9.96}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_38.wav", "text": "that a lot of the loans that have been originated for purposes of quick transaction are not just sitting on the balance sheet of our financial institution clients,", "duration": 9.96}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_44.wav", "text": "Ladies and gentlemen, on behalf of Kotak Mahindra Bank that concludes this conference call for today. Thank you for joining us and you may now disconnect your lines.", "duration": 9.96}, {"path": "67716cee321d117b0318930dd142f06a_199.wav", "text": "solely due to lower metal prices, and this also reduces our gross profit dollars, most of which would also reduce our operating and pretax profits.", "duration": 9.96}, {"path": "8b71a232d7fe61e6232807b635977c31_145.wav", "text": "Our growth initiatives in both Watch and Buy are strengthening our competitive advantages as evidenced by new client wins in both segments and the launch of new products into the marketplace.", "duration": 9.96}, {"path": "8b71a232d7fe61e6232807b635977c31_78.wav", "text": "Over the past several months, we've had many one-on-one discussions with senior leaders of our clients regarding the need to redefine the currency, and this those discussions have been productive.", "duration": 9.96}, {"path": "ada4e338c266148264077e06bac68005_28.wav", "text": "Earlier in the year, we increased our Potash Royalty exposure with the addition of additional partnership units from Liberty, which proved to be very well timed.", "duration": 9.96}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_169.wav", "text": "Maybe one day consumers will come back for your existing product. The sad thing is, when they come back, maybe your existing product is already gone.", "duration": 9.96}, {"path": "833f98dbc79997580b24335033aac5d2_269.wav", "text": "Many other providers will change prices on customers retroactively, without notice, after the electricity has been consumed, and they learn about it when they receive their bill.", "duration": 9.96}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_193.wav", "text": "The vast majority of our externally funded engineering resources have been focused on supporting Meritor and the E-axle program.", "duration": 9.96}, {"path": "5308c910fb34c8291b372e7a94521e9b_71.wav", "text": "Looking at our market opportunity on Slide 9, we are uniquely positioned to be the consolidator of choice in a fragmented U.S. landscaping industry.", "duration": 9.96}, {"path": "1b1699497be56330b3ed833f22bc63f6_110.wav", "text": "We believe in the value proposition of our combined entity, and view our growth story as only being in its early stages. However,", "duration": 9.96}, {"path": "a3c389b6f737603969fd26408544747f_57.wav", "text": "However, with our management deals, we look for projects in which we can manage the full food and beverage services for our hotels at their multiple venues.", "duration": 9.96}, {"path": "8b2314627d54755a15c55244bb862225_47.wav", "text": "firepower in terms of increased rates. So we feel really good about what we're doing on the core deposit side. You see a few outliers that have", "duration": 9.96}, {"path": "4032bfdd59881fc6506c082737cb5a99_100.wav", "text": "For attendees, trade shows allow them to meet existing new suppliers, to buy products and services, to learn more about current trends and generally network within their industry.", "duration": 9.96}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_173.wav", "text": "on a more serious note, what we need to do is execute and that", "duration": 9.96}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_74.wav", "text": "So finally, on international, looking ahead. And as we've said many, many times before, the international travel market is very large", "duration": 9.96}, {"path": "403903eb119bfc1cec44d86ec907077a_108.wav", "text": "We expect total company revenue to increase in the mid-teens year-over-year, driven by both subscription and Premion revenue growth as well as substantially higher political revenue.", "duration": 9.96}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_71.wav", "text": "The still stands. We are very happy with the progress, and we are very unhappy with the state where we are, but we are making progress in trying to change the latter.", "duration": 9.96}, {"path": "e56726c7aedd69029957c84128050700_1.wav", "text": "Please see the release and our SEC filings for information on the risks and uncertainties that may cause actual results to differ materially", "duration": 9.96}, {"path": "81bfbc1fbd3ce62adc594e6b57c6fb34_123.wav", "text": "And so we -- when we look at international expansion, we're not looking at Europe or Asia or anything like that, but we are looking around the borders of CXI, and", "duration": 9.96}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_176.wav", "text": "and we know also that on smart power technologies with time it is important to go to 12-inch,", "duration": 9.96}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_113.wav", "text": "is either reduced or 0. So it cannot be better than today. If you look at it today, dtac has a whole range of frequencies.", "duration": 9.96}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_163.wav", "text": "could have come on slightly later, but there was a customer that wanted it like a week or so earlier and it just slipped into the earlier quarter. So", "duration": 9.96}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_112.wav", "text": "Super users have privileged access that if compromised can devastate an organization, and the complexity of protecting assets and applications in an elastic environment is daunting.", "duration": 9.96}, {"path": "bab12f620df0f367e74acdcc467686f1_75.wav", "text": "Thanks, Troy. Please turn to Slide 13. We are pleased with the progress of our business, particularly the swing to organic growth in the Americas DCS business,", "duration": 9.96}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_18.wav", "text": "how do you expect the services footprint to expand with clients in terms of, perhaps, average client revenue potential?", "duration": 9.96}, {"path": "b092d2be33ad52beefab208355b18235_137.wav", "text": "that will benefit us long term. We continued to harvest some of that cost saving over there, some of it is already in place. In fact, I'd say a big slug of it is in place,", "duration": 9.96}, {"path": "fcabfedf41ab18064a96d393869e4d4e_33.wav", "text": "Yes. So I was just wondering if you can just talk about the number of other programming that you would have increased on a Y-o-Y basis across your driver channels.", "duration": 9.96}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_66.wav", "text": "when they went live, but there's probably less impact on that in the quarter because there was some training involved and then merchant services", "duration": 9.96}, {"path": "c1d916407f390d20e9d8f9b453e22435_84.wav", "text": "adjusted operating profit and EBITDA to all increase slightly higher than adjusted EPS due to higher projected interest rate expense from our bond financing", "duration": 9.96}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_66.wav", "text": "We feel the medical device and consumer electronics world is -- continues to be extremely strong and we think we -- we're growing in that area.", "duration": 9.96}, {"path": "9b93af1e7019959620214c387f283d8e_112.wav", "text": "you're working on, but are you -- can you give us an idea of what kind of level of serious negotiation of that 75 that are quite advanced?", "duration": 9.96}, {"path": "dd28a387ccc9575df47840b850647c7f_93.wav", "text": "Now our plan is to load that plant as much as possible early. We like the fact that it's on the West Coast so there'll be some immediate logistics", "duration": 9.96}, {"path": "6a372ea97b0b130a4d37f16b54d97909_130.wav", "text": "We intend to leverage our position as the largest distributor of global online training with hundreds of millions of course registrations each year", "duration": 9.96}, {"path": "b2c4be32355b99e1a66809bd36e83dd2_29.wav", "text": "we have to continue working on cost reductions despite this environment. So that is going to be another factor that we have to take into consideration. So as I said at the outset though,", "duration": 9.96}, {"path": "e2c02e1788cb10703d7611ef157f8135_160.wav", "text": "to point to marketing as either our issue or our opportunity would be not very thoughtful. I mean, we have", "duration": 9.96}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_9.wav", "text": "this is a great -- high volatility actually that is a reflection of the hydrological profile we have had in Brazil.", "duration": 9.96}, {"path": "70c92ab88d38f489d5074f2859e0290e_8.wav", "text": "we experienced in the first quarter of fiscal 2018. Store expenses as a percentage of sales decreased approximately 60 basis points", "duration": 9.96}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_86.wav", "text": "The FHA Multifamily division has had minimal production during the second quarter, but has a solid pipeline of transactions we have been", "duration": 9.96}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_79.wav", "text": "to the board for all of their insights during this transformation and most importantly, to all of my HPE colleagues for their support and dedication to make all of this happen.", "duration": 9.96}, {"path": "73f474b631c43567329cad1bb76ff4fe_6.wav", "text": "So what we're doing now is we're working on, first, to better understand and quantify the significant financial and social impact", "duration": 9.96}, {"path": "2b626b620ef42f716c6028c74ee4187b_93.wav", "text": "has been a driving -- a driver of compensation of other things and what we are telling you is that next year, this is not going to be so much true. So we are", "duration": 9.96}, {"path": "02deeb29574f1571812a11f66bb8fda1_94.wav", "text": "around anything with a larger ticket item associated with it. That's the biggest change. But if you look at kind of general day rates, that looks like it's looked like for a long time.", "duration": 9.96}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_146.wav", "text": "they are working to understand and have a 360-degree view of their customer, and the power of that is really", "duration": 9.96}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_151.wav", "text": "Starbucks' success, growth and sustainable long-term business approach has incented upstarts and other players to enter the coffee business from time to time.", "duration": 9.96}, {"path": "ea60900258f99d1003ab247c506e42d9_121.wav", "text": "Bread and wheat flour performed below expectation in the face of carbohydrate substitution and increased competitive activity.", "duration": 9.96}, {"path": "28404e399cb043d390aa70bceb339dd4_16.wav", "text": "And although we don't intend to close any Edgartown National branches, we believe we can achieve these financial results primarily through efficiency gains.", "duration": 9.96}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_210.wav", "text": "Brazil's economy continued to feel the effects of negative growth. Given the macro economic environment, our local leadership team continued their ongoing focus", "duration": 9.96}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_131.wav", "text": "The higher inventory includes an assumed increase in Polymer raw material costs and an increase in Polymer finished goods, the latter resulting from a decision", "duration": 9.96}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_58.wav", "text": "And aside from this, there was -- we have booked in full in July the cost unwinding the interest rate hedge associated with this loan.", "duration": 9.96}, {"path": "9e8690a521142359001a137074905535_264.wav", "text": "The primary adjustment is to add the month of October 2014 into the first quarter and shift the other months appropriately.", "duration": 9.96}, {"path": "9e8690a521142359001a137074905535_281.wav", "text": "We really started over the holidays saying, let's go through and do a robust analysis of what the risks are and are we just seeing some of the risk items that", "duration": 9.96}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_19.wav", "text": "Both sides are wrapping up their cases and are now preparing for closing arguments on April 30. After that, we'll wait for the court's ruling.", "duration": 9.96}, {"path": "74d0910b4af16f82a812bddbb151d966_121.wav", "text": "trying to pull out the Geismar revenue. I will say, though, that we do expect a pretty modest uplift", "duration": 9.96}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_159.wav", "text": "But it did, in the case of some of the solar activities, where again this is work that should have started", "duration": 9.96}, {"path": "571b0d30d88945a981006f24faa72cf7_49.wav", "text": "Tyler asked earlier about thresholds for norepinephrine, and again, that's a -- the plan in the program is to use thresholds to ensure that the patients who are coming in could respond", "duration": 9.96}, {"path": "b3d7bc295d09d9927e465213612c0192_228.wav", "text": "event to talk about. But our focus is still within China and not just within the Tacoma to be able to do very cost", "duration": 9.96}, {"path": "c40b5d1a13169c5acf69590932a56f98_135.wav", "text": "We also outlined our planned priorities for 2017 and our longer term goal of becoming a leading diversified global aesthetics company.", "duration": 9.96}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_193.wav", "text": "we're running today smarter FX strategies, thanks to, I'll say the quant genius of some of the KCG guys. We got some really talented", "duration": 9.96}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_80.wav", "text": "The provision was recognized at the first half. Additional detail explaining the nature of the provision is provided in the review of operations, so I won't repeat that here.", "duration": 9.96}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_44.wav", "text": "Perhaps just two relatively related. Could you comment on Sherwin-Williams? How you've seen their initial impact on the market and how you read that going forward?", "duration": 9.96}, {"path": "433a6e203f9db93835c27ff83e86c801_78.wav", "text": "I would also like to address Alpha's developments in renewable energy and their energy storage systems for residential and consumer customers.", "duration": 9.96}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_12.wav", "text": "Finally, an adequate level of international reserves offsets the risks arising from the external account, with solvency indicators approximating their best results in years.", "duration": 9.96}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_187.wav", "text": "of the peso. And when you have an appreciation of the peso, the conversion adjustment line decreases more so than the relief that we get from", "duration": 9.96}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_10.wav", "text": "In architecturally specified building products, the commercial construction backdrop continues to remain strong. However, project delays across the industry have tempered our growth rates.", "duration": 9.96}, {"path": "e33785a294553de2a12d4463bf786744_158.wav", "text": "We do expect to see additional outages impacting costs during Q3. It was good to see the 1% price impact on sales,", "duration": 9.96}, {"path": "472c8876d3d729a35b2d00133efbb029_51.wav", "text": "So you're talking about maybe for next fiscal year the adjusted operate -- adjusted income and the operating income will come closer?", "duration": 9.96}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_54.wav", "text": "With our board, we have support and guidance from world-class institutional sponsors. These owners represent roughly half of our outstanding shares,", "duration": 9.96}, {"path": "8635f950dc44da3fcad542b2c066bedf_238.wav", "text": "that we have the ability to continue to put capital back in our shareholders' hands and invest it in the business and create continued growth opportunities.", "duration": 9.96}, {"path": "8635f950dc44da3fcad542b2c066bedf_184.wav", "text": "Hitting our bonefish targets, driving return on equity is still one of our primary objectives that we focus on day in, day out in our management strategies. So", "duration": 9.96}, {"path": "3c80de013154b028ecdc6354d16c6fbc_82.wav", "text": "The elimination of this debt provides further flexibility to sell assets without any debt encumbrances and allows us to sustain our capital recycling efforts.", "duration": 9.96}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_226.wav", "text": "separately, at the beginning of the year, you laid out your Project Lightning plans and talked about sort of fine-tuning your CapEx expectations. I don't know if you're far enough through the budgeting process. But do you have a sense,", "duration": 9.96}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_7.wav", "text": "Though we are proud of what we've achieved during the fourth quarter, we are even more encouraged about our prospects moving forward, given the strength of our unique asset base.", "duration": 9.96}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_98.wav", "text": "We have responded with targeted promotions and the launch of new formats, in part, using these as an opportunity to reposition our products.", "duration": 9.96}, {"path": "884400c829f179d8cf68b767f45f03a4_16.wav", "text": "While still in the early innings of our initiatives to optimize our marketing efforts, we are very encouraged by the strong results of the pilot campaigns we launched in the third quarter.", "duration": 9.96}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_134.wav", "text": "Well, probably the most important and exciting part of that question is that we're actually able to discuss it. And I feel great about what's ahead of us in the next 12 months.", "duration": 9.96}, {"path": "b126c31149f1cadf1d891082a187d6fc_70.wav", "text": "Our inpatient clinical information system has been installed at 6 former Reliant hospitals and will be installed in all former Reliant hospitals by year-end.", "duration": 9.96}, {"path": "bfb0fac9575cd0820a660f2577199468_117.wav", "text": "On the positive side, we won additional integrated awards in Mexico, including Integrated Drilling Services and Integrated Services Management contracts", "duration": 9.96}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_48.wav", "text": "And that brings me into the cloud discussion. We also discussed that before, and I've said many times that the public cloud is not the destination.", "duration": 9.96}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_210.wav", "text": "we expect margin performance in spite of all the investments that we will make, and some of these investments will continue to be at an accelerated pace.", "duration": 9.96}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_9.wav", "text": "Now what we think is going to happen next year is there'll be very modest improvement throughout the year, particularly in the second half of '17, but I caution we think it's modest.", "duration": 9.96}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_97.wav", "text": "and we want to continue to increase our capabilities in all those areas because we think that's going to increasingly become a very important source of long-term competitiveness.", "duration": 9.96}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_106.wav", "text": "but the workflow redesign that has to go with it is an important piece. And this is, again, a source of differentiation versus some of the other technology platforms.", "duration": 9.96}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_101.wav", "text": "think about approval of new -- tying in new wells on Guatiquia and what our plans going forward are and he can also update you on the", "duration": 9.96}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_125.wav", "text": "gives them support whenever they have any technical question related to the product. Even though the product is relatively simple,", "duration": 9.96}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_4.wav", "text": "I will now provide additional detail for our 3 operating segments, including our domestic Agriculture and Construction segments and our International segment.", "duration": 9.96}, {"path": "b08d602a938cc263402d9d2db56f2490_36.wav", "text": "we're actually doing a little bit better this year than what we expected, so we're in between that 40% and 42%. But again, we expect it to be closer in the medium term", "duration": 9.96}, {"path": "1f142ea668261ba963d47aac6bab69dd_148.wav", "text": "profile, the growing middle class, the urbanization of the population and the opportunity for continued distribution gains. China will continue to be an important part of our growth story.", "duration": 9.96}, {"path": "1f142ea668261ba963d47aac6bab69dd_30.wav", "text": "our portfolio as well as in our channels. And obviously, e-commerce is an important channel for us in China, and our partnership with Alibaba is a critical piece", "duration": 9.96}, {"path": "2cd5b184c2ef6624ce219830182927c9_186.wav", "text": "I'm wondering if you could maybe just give us some of your thoughts around storage and what that might look like in terms of the connective tissue between wind and solar.", "duration": 9.96}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_152.wav", "text": "are you finding that you are doing more and more kind of co-investments taking on larger bite sizes and that's kind of what's helping you maintain some of your pricing power?", "duration": 9.96}, {"path": "323193895e800e72960d98dd5fb64cf5_46.wav", "text": "So that has created a foundation for the next step. And I think that was the expectation we would anyway be at right now.", "duration": 9.96}, {"path": "c334e290beb657ee3efcb6b2f734c81e_102.wav", "text": "Before the call begins, I'd like to remind everyone that certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements.", "duration": 9.96}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_44.wav", "text": "open it up to the -- our APIs and then we could connect through our catalog, take the data you're running there and really expose it so you could use it in the rest of your systems.", "duration": 9.96}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_66.wav", "text": "And so why did we do this? Why is this important we do this? Well, our customers are moving there and they need help getting there.", "duration": 9.96}, {"path": "902872913863de98d38e2936b846cf66_297.wav", "text": "So I think if you did second half, it's probably equivalent to something like 4% to 8%. Just keeping in mind that July was", "duration": 9.96}, {"path": "902872913863de98d38e2936b846cf66_113.wav", "text": "In many cases, we simply need to have a reasonable or as expected pace of shipment to jobs that have already started.", "duration": 9.96}, {"path": "933faa5ac159ab158506e2bc0f714977_134.wav", "text": "where do you think we are in the housing cycle? And which of these various metrics or things to look at do you think are the best gauge", "duration": 9.96}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_373.wav", "text": "and the number of counterparties out there are quite significant. And the teams really turned on a dime to kind of adjust their processes.", "duration": 9.96}, {"path": "e69e64683a56cdadf1c95192e753f27e_1.wav", "text": "Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance", "duration": 9.96}, {"path": "50eb350badadec6e4272b90684741c25_140.wav", "text": "important the margins of that business should continue to remain strong going forward and we should be able to capture", "duration": 9.96}, {"path": "50eb350badadec6e4272b90684741c25_161.wav", "text": "into a seamless operating unit, we will be able to better leverage the synergies between these businesses and enhance the service we provide to clients.", "duration": 9.96}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_67.wav", "text": "We're extremely pleased with our solid performance and anticipate continued growth and success in the quarters to come as the benefits from the merger are fully realized.", "duration": 9.96}, {"path": "10ad32c5e0559c879e032faaf3148ab4_5.wav", "text": "The combined plant has both aluminum and stainless steel production capabilities, allowing us to quote competitively in providing additional capacity for our most rapidly growing engine product lines.", "duration": 9.96}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_265.wav", "text": "it just is another opportunity to thank you on representing Las Vegas for all the support we get from your communities. We have a great relationship", "duration": 9.96}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_29.wav", "text": "restore some of those more painful cuts. And as I mentioned before, these are kind of no-brainer opportunities for us where we're very confident that there'll be profit", "duration": 9.96}, {"path": "77423f08f0208d476dea73c639f6293a_194.wav", "text": "introduced in the very smaller, smallest markets. So maybe some that might give more relevance to that companion piece of business.", "duration": 9.96}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_115.wav", "text": "to buy inventory that we're able to do that. So we're just trying to be very diligent on the front end and not get caught in a situation where we don't have enough", "duration": 9.96}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_28.wav", "text": "oftentimes, shopping within the store that occurs with the pickup of groceries. And I do also think that the interaction between", "duration": 9.96}, {"path": "0807d606b6cf98da19b317b4928c3572_11.wav", "text": "We also have hired 5 new industry experienced sales reps and had a very strong first quarter of sales bookings that will lay the groundwork of strong future growth.", "duration": 9.96}, {"path": "4fd138e27f5f375945332eacefa15b62_207.wav", "text": "was also a very -- in July was a very successful event. We demonstrated to many countries and cities that the platform could be used", "duration": 9.96}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_21.wav", "text": "And then we got hammered by freight costs, and we had an unfavorable environment to really get pricing because of the aerospace destocking. So", "duration": 9.96}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_7.wav", "text": "Suffice it to say, interest in learning about TD is strong and we expect this momentum to continue to the American Psychiatric Association Annual Meeting next week in New York,", "duration": 9.96}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_90.wav", "text": "This is what has always worked for us in the past. We stay away from the commodity product that the boxes carry en masse. And we go to", "duration": 9.96}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_17.wav", "text": "The purpose of our corporate team is to support those store managers. Our new regional sales management structure will allow our most experienced and successful retail managers", "duration": 9.96}, {"path": "8dd740d83ff1c7319a82eeba6047633d_86.wav", "text": "the margin will necessarily go up a lot more in the short term because the -- and I don't think the revenue top line", "duration": 9.96}, {"path": "f1b53f83640f7ea0160087ae63818af2_52.wav", "text": "is baked into the rates that are being offered. You're also seeing -- I don't know if credit standards slide or just go to a point we're not comfortable with, especially", "duration": 9.96}, {"path": "ec81096e007f2e89de94b49db12d11bb_4.wav", "text": "A strong increase in international sales and a modest increase in commercial sales during the quarter were more than offset by lower than anticipated U.S. consumer sales,", "duration": 9.96}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_92.wav", "text": "which we expect to accelerate even more throughout the balance of 2016. With that recap, we're now ready to open the call", "duration": 9.96}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_25.wav", "text": "It seems that Visa Europe has been exceeding at least our expectations almost every quarter since the transaction kind of took place.", "duration": 9.96}, {"path": "19e7822c0e829faf25355c16b830cf39_112.wav", "text": "from your China operations now. And memory, you had a few years ago with the power ASE, but just how you see about how aggressive you want to be getting back", "duration": 9.96}, {"path": "47546a57a865bca0f4e677dc3b485053_107.wav", "text": "after a hectic last quarter of the government's fiscal year ending September 30th. We expect the process to start again in November.", "duration": 9.96}, {"path": "a0e8f9500edc41a227b8d67235bf7753_19.wav", "text": "We always have our name front and center and being a good citizen in the community and have the type of involvement that you would expect from a good local business partner.", "duration": 9.9300625}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_48.wav", "text": "Our goal is to make Westport Fuel Systems a sustainable, profitable company that delivers value to customers, employees and shareholders.", "duration": 9.9300625}, {"path": "82131762fc1c2b2358ac3a167666ab87_184.wav", "text": "The company has undergone many changes in the business model over this time period, and we continue to be gratified that we can produce these kinds of results during this period of great change.", "duration": 9.9300625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_187.wav", "text": "how we thought about what those thresholds would have to be in the plan that we put in place for the first quarter certainly had an impact on the price levels that we set that plan to", "duration": 9.93}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_39.wav", "text": "If we have a closer look at the growth, we see a total growth of more than 7%. But if we then deduct the", "duration": 9.93}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_2.wav", "text": "we are moving inexorably forward to our goal of advancing our clinical programs toward regulatory submissions for marketing approval.", "duration": 9.93}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_3.wav", "text": "Finally, I'll refer to the strength of our financial position before turning the call over to Susan for financial highlights of last quarter.", "duration": 9.93}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_2.wav", "text": "History shows that secular changes of this nature can often cripple companies who don't undertake bold measures to condemn with them.", "duration": 9.93}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_19.wav", "text": "but we do use it internally to measure our core operating results, so I've included it in the earnings release with a reconciliation to our GAAP numbers.", "duration": 9.93}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_4.wav", "text": "That said, attributed to the nature of some of this new business, we've been experiencing a lag between the booking and the revenue realization.", "duration": 9.93}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_100.wav", "text": "in a orphan drug indication called chordoma, which is a rare cancer of the bones at the base of the skull and spine.", "duration": 9.93}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_128.wav", "text": "Driven by the success of the various initiatives and investments, I just discussed, and supported by consistent levels of prospective student interest for our programs,", "duration": 9.93}, {"path": "6c7cc87ae188a5ad707fc0e523dea753_45.wav", "text": "going into next year. And I'm curious to get your perspective on the consumer in Brazil. We're hearing about maybe a gradual recovery or at least a more stable environment,", "duration": 9.93}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_112.wav", "text": "However, RL has not met our budget expectations for the reporting period and this triggered a review of the carrying value of the intangible balances.", "duration": 9.93}, {"path": "13220986bf30f26076a674e2a9edc89c_195.wav", "text": "With the rising rate environment, we're now benefiting from these actions and investments in the form of a stable commercial deposit base.", "duration": 9.93}, {"path": "55d548325797d638567669cd75444301_65.wav", "text": "a year ago, we had a conflict in the harbor of Gothenburg. And as an effect of that, we are now taking a large extent of our incoming goods through", "duration": 9.93}, {"path": "8cb24daf76784487ad63780546dc4ba4_26.wav", "text": "directed toward our having our own products. And so we set out to find a partner with whom we might create those. And the second part of this", "duration": 9.93}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_62.wav", "text": "start reducing and we therefore see this change in situation where in on the asset as a bank", "duration": 9.93}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_29.wav", "text": "internal, I can't say whether we are at the interval, after the interval but it doesn't feel like we are before the", "duration": 9.93}, {"path": "67716cee321d117b0318930dd142f06a_195.wav", "text": "Pricing has continued to improve, as a result of that solid demand, with both the base price and surcharge increasing in January.", "duration": 9.93}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_191.wav", "text": "inventory spoilage and asset impairments. I would note that our uniforms business absorbed approximately half of this impact", "duration": 9.93}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_8.wav", "text": "We're improving our product offerings, service and technology across all 4 of these dimensions to consistently elevate the customer experience.", "duration": 9.93}, {"path": "56e05107e391476d11fe1f637733f028_66.wav", "text": "where InfuSystem does not handle drugs and we focus on only providing a service that includes software pumps, supplies and nursing support.", "duration": 9.93}, {"path": "82218f543c9a546c4baa5323f250b39f_68.wav", "text": "But we really think this is a growing area of market leadership for CSC, and we are planning to continue to invest in this business as we go forward.", "duration": 9.93}, {"path": "6d02f116f1ae8575d9b916f1429454eb_41.wav", "text": "We are currently piloting this with a group of agents in Tennessee and Pennsylvania with the expectation of a complete rollout by the third quarter of next year.", "duration": 9.93}, {"path": "6fa080ad3d32111b4490d1c7e30874f3_114.wav", "text": "I will now take you through second quarter specifics by market. Starting with Washington Metro, we are dealing with the same dynamics we have had over the last several years.", "duration": 9.93}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_165.wav", "text": "driven by accelerating investment behind our Cortrophin recommercialization program and work related to our underlying generic pipeline.", "duration": 9.93}, {"path": "2a5b0a6532fa2b71915a2930be02621a_123.wav", "text": "a group that we estimate to be approximately half of the treated population, we expect roxadustat to offer an alternative therapy capable of achieving the desired hemoglobin target", "duration": 9.93}, {"path": "c1f9276ae4068aca63163adff502b818_155.wav", "text": "And we have to just do our due diligence to make sure that every product split, we have the capacity to handle those incremental volumes.", "duration": 9.93}, {"path": "8292bdb9af87f10627c044f3842b2c76_72.wav", "text": "Construction on The Well continues to progress according to our schedule. For the office tower at the corner of Front and Spadina, we have started work above grade.", "duration": 9.93}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_44.wav", "text": "So they bring the engineering expertise to integrate these systems, being the battery system, the battery management and the vehicle control unit.", "duration": 9.93}, {"path": "dd5492732b46e270047f9b368d4fde11_33.wav", "text": "when we first started these programs, we started with the minimum efficacious dose to be able to be treated in older animals that showed complete correction of disease,", "duration": 9.93}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_2.wav", "text": "So we're expecting this new segment structure to make it easier not only to understand historical performance, but also for you to track the group's performance moving forward.", "duration": 9.93}, {"path": "cc82e791c065bdc271addf355bac274f_81.wav", "text": "the situation as it is today. There is a difference when you compare your company to other players in the market, and this may not be sustainable.", "duration": 9.93}, {"path": "4032bfdd59881fc6506c082737cb5a99_180.wav", "text": "confidence factor in terms of improving performance in some of the ones where you cited them just being sale in the market or an opportunity to upgrade the location?", "duration": 9.93}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_123.wav", "text": "Wealth Management revenues were down 12% versus an exceptionally strong second quarter '15, driven by a bit difficult market environment with lower client activity.", "duration": 9.93}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_80.wav", "text": "The hybrid motor, which is unique to the Freed, adopts the world's first hybrid vehicle motor magnet free of heavy rare earth elements.", "duration": 9.93}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_224.wav", "text": "it's been a very positive reaction. And the reason is the overall quota goes down. Again, in the past, you were quota-ed for both", "duration": 9.93}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_59.wav", "text": "of an existential philosophy that in order to compete for the next 5 years, we need to have this. Or should we -- or let's discuss what we need to have,", "duration": 9.93}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_109.wav", "text": "I'll let Henric talk maybe more to some comments to the market and I think I'll leave it there. And Henric, please why don't you", "duration": 9.93}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_63.wav", "text": "we have managed to improve processes that are involved with the license compliance and that has resulted in a significant increase", "duration": 9.93}, {"path": "6864081f83959f4b49e25e597f28af66_117.wav", "text": "In addition, we now have closed 3 platform deals with our Global Systems Integrators. These deals are a managed service and have the opportunity", "duration": 9.93}, {"path": "7ec19aea307c76d4a57fa87368305630_26.wav", "text": "While immaterial to our overall results for the year, we do expect to see some benefit from the adoption of the new standard on full year revenue and operating margins.", "duration": 9.93}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_152.wav", "text": "After it's completed, we will begin the tunnel boring machine, assemblies, followed by the start of tunneling in January.", "duration": 9.93}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_208.wav", "text": "hypothesis that we have confidence is the correct hypothesis for why this is the case, whether it has to do with the biology of the target", "duration": 9.93}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_90.wav", "text": "At this time, management would like me to inform you that certain statements made during the conference call, which are not historical, may be deemed forward-looking statements within the meaning", "duration": 9.93}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_8.wav", "text": "An example of this new vision is the early success we are seeing with our Funding Stream working capital loan business, which is our initial offering beyond our Equipment Finance business.", "duration": 9.93}, {"path": "38b2f94da12bbf2d32246763aab8265a_144.wav", "text": "before we let you post your questions. Let's take a quick look at strategy. Where we are in terms of its execution. If we look at ROE,", "duration": 9.93}, {"path": "f2a2ba46b242698577188259de23de31_2.wav", "text": "This capital is used to bring our capital levels more in line with peers and will be used for general corporate purposes and take advantage of strategic opportunities in the future.", "duration": 9.93}, {"path": "1bba27cac9495fe57f623973383d6948_11.wav", "text": "were also numerous nonrecurring charges as part of entering the market with this business model that had to be incurred as part of this initial sale.", "duration": 9.93}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_29.wav", "text": "specifically negative. I think it's just the project mix at times. So from time to time, I think we'll see it have more of an impact than others and nothing real specific in there.", "duration": 9.93}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_102.wav", "text": "The forward-looking statements and risks in this conference call are based on current expectations as of today and Exponent assumes no obligation to update or revise them,", "duration": 9.93}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_60.wav", "text": "I think, it's fair to say, as always, it's been an awful lot going on since we last saw you, and I'm delighted to better share some of that with you today and also to take you through some of the numbers in a bit more detail.", "duration": 9.93}, {"path": "16e51362df94379ea33a24334015f385_8.wav", "text": "to work in concert with their office devices. We believe we are well positioned to strongly compete for market share in the SMB VoIP category.", "duration": 9.93}, {"path": "3b0718945e9c427873c1f34fa49b15aa_55.wav", "text": "There are about 1,500 customers subscribed to the solar output and almost 400 customers on the waiting list, which demonstrates our community's commitment to solar power.", "duration": 9.93}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_174.wav", "text": "Primary uses of cash in the quarter related to the funding of our seasonal Agriculture working capital requirements, growth investments and dividends.", "duration": 9.93}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_79.wav", "text": "improve -- could improve slightly with time, as risks are retired or will the margin remained depressed through the life of the engines, which are affected by the current issues?", "duration": 9.93}, {"path": "a02b735de681c682fbb8025edecca271_68.wav", "text": "you will likely recall as new vehicle platforms are launched, we typically see increased container orders as producers tool up for the new launches.", "duration": 9.93}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_78.wav", "text": "While we know that lending is the primary engine that drives EagleBank, we shouldn't ignore the securities portfolio, which has grown significantly over the past year", "duration": 9.93}, {"path": "b281eff988085e0776dc8a10223f1048_89.wav", "text": "we are actually indeed on the slope of the dose-response curve and not on one of the plateaus, which is an additional validation of trying to look for the best dose.", "duration": 9.93}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_39.wav", "text": "as well as excluding certain recurring and nonrecurring adjustments for comparable GAAP measures, investors have an additional meaningful measurement of the company's performance.", "duration": 9.93}, {"path": "526e0d5398a516831b49936c31a8ea1c_36.wav", "text": "albeit the targets get slightly more difficult as time goes on. But one would hope that also a investment in tree cutting, an investment in lines and all the rest of it.", "duration": 9.93}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_79.wav", "text": "and it's that platform plus Gen-009 and the products that we generate from it that create nondilutive financing opportunities with which we can advance the company.", "duration": 9.93}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_38.wav", "text": "that the clinical response patients mount to disease while being treated with checkpoint inhibitors is", "duration": 9.93}, {"path": "4567936d89925d1a3b983274b11ecae5_133.wav", "text": "that we are taking India out of our financial core communication around our development of the business.", "duration": 9.93}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_22.wav", "text": "So we think we've got a business model to manage that about as well or better than anyone in our industry. We don't expect it to happen, but we're ready for it.", "duration": 9.93}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_43.wav", "text": "your business did so well in '16, it provides a tough comp. Can you give us just kind of like the building blocks, like bigger building blocks of puts and takes?", "duration": 9.93}, {"path": "e78997e6a75a2243292b2b54750bb3cb_11.wav", "text": "We believe that silencing of the disease gene will prevent production of the abnormal protein, and thereby, slow or stop progression of the liver fibrosis.", "duration": 9.93}, {"path": "13141efea197b407280701081390f0ce_122.wav", "text": "We were slightly ahead of our expectations with our adjusted level of service with Amazon, which is a result of our continued good service and partnership that exists.", "duration": 9.93}, {"path": "b126e11520fd54843c67f70f15cd30cc_96.wav", "text": "Then more products and services can be offered to achieve happy life. Thank you, Mr. Wang. Because of time, we will take the last question here,", "duration": 9.93}, {"path": "75eb5b75bb8587b63c318714ea956b9e_49.wav", "text": "This segment is gearing up its production capabilities as product approvals are granted so that we can readily provide new and additional products.", "duration": 9.93}, {"path": "4eb41fa11a52a50234620475be1e41f2_5.wav", "text": "On the graph, we have -- in the slide, we can see the evolution of expenses in the period, where you can see that during the first half of the year, savings coming from the beginning", "duration": 9.93}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_136.wav", "text": "full price for it. We would expect to pay one assuming that their synergies that correlate to those as well. So our perspective on it really hasn't changed.", "duration": 9.93}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_222.wav", "text": "constrained in a major way by the designation. But would losing the SIFI label affect your approach to capital or just your overall business strategy?", "duration": 9.93}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_145.wav", "text": "software and professional service. Lastly, I would like to make some comments on tax reform generally and the impact on Waters specifically.", "duration": 9.93}, {"path": "87045996e7446329f1d98c909c6ca7fe_136.wav", "text": "For over 10 years, geographic diversification opportunities outside of Western Canada have been sought to significantly enhance our future growth opportunities", "duration": 9.93}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_56.wav", "text": "as well as the doubling up of certain costs that will continue while we transition property management and leasing in-house and exit existing third-party management contracts.", "duration": 9.93}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_44.wav", "text": "This is not to say that we'll never be impacted by these factors, but this chart suggests there may be some structural barriers to Internet sales penetration in Hawaii.", "duration": 9.93}, {"path": "49e533a8449f6b9b6c806458e73338e1_175.wav", "text": "now have many, many place to sell. And PayPal is connecting those small businesses to the many places they sell. Some of those might be e-commerce enablement platforms like some of the ones you mentioned.", "duration": 9.93}, {"path": "7cc11de7f206c637e6293da0d956405e_63.wav", "text": "And we opportunistically tapped the capital markets to issue new senior notes to redeem our legacy trust preferred securities at a lower all-in cost.", "duration": 9.93}, {"path": "ab3354b86be920cde18291112bf8a70a_119.wav", "text": "And so we don't think that is in a major exposure. I mean, Walter, my one reaction to that is, the company is selling themselves", "duration": 9.93}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_148.wav", "text": "This increase was primarily due to expected increases in growth investments, higher advertising expenses and higher variable cost due to the increased revenue.", "duration": 9.93}, {"path": "757695924b5e43c7d44e29dc141cc035_12.wav", "text": "This is a very important milestone for the owner, Eskom, our customers and SPX as well, signifying another step forward in the process.", "duration": 9.93}, {"path": "bc3fa49aaccfacb1392855627864851e_68.wav", "text": "Selling expenses as a percentage of home sales revenue improved primarily as a result of operating leverage realized related to advertising costs and increased revenue.", "duration": 9.93}, {"path": "94f913b974baab79fb636f6521170dd7_250.wav", "text": "in the compensation the company is permitted to pay. So present comp levels remain only if they hit an 80% figure, which is very significant.", "duration": 9.93}, {"path": "45ab782035fdb06f5ec710d0845bc18f_95.wav", "text": "This lower leverage allowed us to reduce interest expense and provides increased financial flexibility to invest more aggressively to drive accelerated growth.", "duration": 9.93}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_191.wav", "text": "whereas to develop from scratch, completely new infrastructure requires a tremendous amount of investment, probably tens of billions of dollars", "duration": 9.93}, {"path": "3877b1983229ec488c6349a188bccf92_212.wav", "text": "Our margin performance and increased investment in marketing has been made possible by embedding a culture of productivity improvement throughout the business.", "duration": 9.93}, {"path": "642a235ab4ebc57d132a2e32c83c793c_196.wav", "text": "Are you seeing any change in the competitive landscape at all? I mean, is there anything that you are reacting to with regards to that? Thank you,", "duration": 9.93}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_161.wav", "text": "It does enable those economics because we work with clients to ensure that the formularies that are in place are things they believe in. And for those clients -- it particularly helps our economics with those clients who work with us", "duration": 9.93}, {"path": "299bad77345d2e44fa5768f4416f7b97_101.wav", "text": "And then on the second part of your question in terms of interest in entering a new therapeutic area. I think if you think", "duration": 9.93}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_58.wav", "text": "We continue to develop our robust wind pipeline with global opportunities with current and new customers, both onshore and offshore blades.", "duration": 9.93}, {"path": "97b9c8b95449565c1f280a2b61a65b31_113.wav", "text": "Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.", "duration": 9.93}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_28.wav", "text": "been a bit better than probably what we would have expected in terms of the weather, but again, still very early. Colorado and Utah, I would say are very much in line.", "duration": 9.93}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_43.wav", "text": "Health care practitioners continue to invest in deploying technologies to improve efficiencies and efficacies in order to minimize cost,", "duration": 9.93}, {"path": "382e3c8eda678694c6368e00f19c8881_16.wav", "text": "they just can't around to. I think that probably would be true at the Royal Bank as well. Even though we can't get into the Canadian business,", "duration": 9.93}, {"path": "4311782968e936c378fdee8946cd9cca_75.wav", "text": "Revenue per student also increased between years due to an increase in ancillary revenues, resulting from the increase in the percentage of traditional students living on campus.", "duration": 9.93}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_160.wav", "text": "closed a bit earlier than expected? It's a good thing to have the deals coming. I just -- with the seasonality and having this such a strong quarter in the second quarter, I didn't know if any deals came", "duration": 9.93}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_52.wav", "text": "The secular shifts we have observed in housing continued to influence consumer behavior, and we believe we are well positioned for the associated opportunities that lie ahead.", "duration": 9.93}, {"path": "812d8f09b72b4d410d138d3b24caebbc_144.wav", "text": "We've done an outstanding job, and I really congratulate the people that have been involved in this on our side, in making sure we have supply, because these are subcomponents that go into our products", "duration": 9.93}, {"path": "b0d88c0f1efca89ecb928172341dc75d_323.wav", "text": "a lot of what we're talking about here has really accelerated very dramatically in the second half of this calendar year. So that's pretty late in the equation.", "duration": 9.93}, {"path": "92287986b332deec2c9712d7c89eef08_135.wav", "text": "they tend to be volatile just by virtue, again, of their smaller size and when something", "duration": 9.93}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_132.wav", "text": "But I don't -- again, I think that's going to be well managed, as that business expands, so will the gross profit. It will more than cover the investments we need to make", "duration": 9.93}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_147.wav", "text": "you go from being reactive and responsive to being more predictive and addressing the root cause and remediating it. And", "duration": 9.93}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_68.wav", "text": "yes, I realize you've been there a very short time, but what needs to happen in terms of -- is the product portfolio ready to go in that regard? Is the sales organization set up to be able to do that?", "duration": 9.93}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_23.wav", "text": "comments on that and then I'll hand over to David to talk about EBITDAR and the cash balance. I think the simple answer on", "duration": 9.93}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_42.wav", "text": "Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. John Mills with ICR. Please go ahead.", "duration": 9.93}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_136.wav", "text": "which benefited from product mix in ag, improved segment mix as a larger percentage of our revenue was coming from our International segment", "duration": 9.93}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_170.wav", "text": "we have been and will continue to monitor the forward curve to determine whether or not to swap a portion of our floating debt to fixed in the future.", "duration": 9.93}, {"path": "6299a010c7bb84feaf14b263750dbd1a_5.wav", "text": "Cash generation remains the key focus for the group, and we will therefore continue to seek ways to maximize the cash generation from the group.", "duration": 9.93}, {"path": "902872913863de98d38e2936b846cf66_107.wav", "text": "I think our ops team continue to work hard to really work on their operating efficiencies and it's obvious that they're protecting each other, which is incredibly important.", "duration": 9.93}, {"path": "125388f1b45117acde70abc39e0f7d04_9.wav", "text": "We will update on this new metric from quarter-to-quarter. However, it will be volatile during the year as the video game business has more seasonality than tech brands.", "duration": 9.93}, {"path": "a2245a8522589003f9c235a48c0197f0_54.wav", "text": "ensuring diamond provenance from mine through to finger and driving huge efficiencies and unlocking value for all stakeholders.", "duration": 9.93}, {"path": "d383beeae6efd0a411a453f90412d8d3_106.wav", "text": "And we believe that the current profitability combined with dividend levels will be sufficient", "duration": 9.93}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_169.wav", "text": "should the market come back, we're going to be better positioned to outperform. And if the market continues to be strong, we should be better", "duration": 9.93}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_198.wav", "text": "Through most of April, we were on track to achieve the midpoint of our sales guidance range. However, we then saw some softening in May.", "duration": 9.93}, {"path": "b20564a6da1bcfc7b80552299d9e002a_183.wav", "text": "I think Dietmar, you just touched upon it there, but this wasn't something I had in my memory for a reason for poor margins in the past. So can you just talk about some of these quality issues and", "duration": 9.93}, {"path": "933faa5ac159ab158506e2bc0f714977_93.wav", "text": "in other material costs that we are seeing, as well as continued greater labor efficiencies that we're getting with our production processes in our neighborhoods", "duration": 9.93}, {"path": "c71a6ab1a0697010811c89200ab21613_54.wav", "text": "to hold total production relatively constant, highlighting the quality of our assets by delivering sustainable production with low maintenance requirements.", "duration": 9.93}, {"path": "4fafe8c628e676ca508b37756da75419_168.wav", "text": "the cost side, opportunities at the store level. But the biggest opportunity to continue to increase is the mix of the corporate stores we have,", "duration": 9.93}, {"path": "18312cfa47f1a58a275a66ed44a87d3f_27.wav", "text": "spoiler statement, but you say there can be no assurance on the intended benefits being achieved on any proposed timetable or at all with regards Africa. So on the separation, I mean,", "duration": 9.93}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_123.wav", "text": "Growth in annual revenues was mainly the result of rate increases in our Florida and Arizona Encore resorts, combined with occupancy increases in the Thousand Trails portfolio.", "duration": 9.93}, {"path": "81c03e2c15e8fe8213fbd40368b49581_77.wav", "text": "you saw the personnel change in Washington, D.C. in the executive branch. And you saw what happened over the first month that they were in office. And how many", "duration": 9.93}, {"path": "24c7526f6daca8e16ab91bea6124148a_47.wav", "text": "work that we've been doing in that business. There's certainly some overlap with our cosmetic business that could potentially afford us some new growth opportunities.", "duration": 9.93}, {"path": "538323cb37246bc97d1253b369a7414a_54.wav", "text": "The second one is the new program that we have launched today. I want to tell you a little bit more about the details of that one.", "duration": 9.93}, {"path": "538323cb37246bc97d1253b369a7414a_113.wav", "text": "though our results improvement in India last year was based on the restructuring activities, not on the top line growth.", "duration": 9.93}, {"path": "bf99037f89cd485f95f097842619a0c7_258.wav", "text": "relationship manager that have now converted their client book into the advisory models have a portal in the morning that they access to,", "duration": 9.93}, {"path": "7e018402f521eec8ce7a9df8cd61e144_106.wav", "text": "really conservatively managing the distribution. Obviously, we increased at a very high pace this year. I think this year we just want to be a little more contemplative in terms of the future increases.", "duration": 9.93}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_65.wav", "text": "we developed various programs focused on training, product assortment, merchandising and marketing to increase the level of service to the Pro customer.", "duration": 9.93}, {"path": "8dd740d83ff1c7319a82eeba6047633d_18.wav", "text": "The loads have improved, the volumes have improved, as I've mentioned to you earlier. But the yields that the airlines are able to generate", "duration": 9.93}, {"path": "0b7afb66a39a4c81151309bacc830c60_23.wav", "text": "on revenue growth, we think our long-term model in the midteens really is just based on our ability to execute on this large market opportunity we have.", "duration": 9.93}, {"path": "16c235a53fc719ec92ef3b3c3b371150_157.wav", "text": "Notably, during volatile wholesale price environments, our retail business has historically experienced growth as customers switch providers due to higher bills.", "duration": 9.93}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_87.wav", "text": "Our results are also supported by our steadily improving European business, which had another excellent quarter.", "duration": 9.93}, {"path": "744f5859c7d9a0567b387ae84326d940_127.wav", "text": "as a portion of our foreign earnings will be subject to U.S. taxes on an ongoing basis and certain deductions will be reduced or eliminated.", "duration": 9.93}, {"path": "47546a57a865bca0f4e677dc3b485053_48.wav", "text": "where you will also find our press release which contains supporting details including reconciliations of non-GAAP information referred to in the release and on this call.", "duration": 9.93}, {"path": "3b2908426357bb8269c3a01469865cd6_18.wav", "text": "which enables clients to store and manage information in a self-service central repository, so that compliance and regulatory documents can easily", "duration": 9.9299375}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_83.wav", "text": "And in the syndicated, as an example, one of them was syndicated -- it syndicated eventually, but it really started as a private intro", "duration": 9.9000625}, {"path": "db6c253ba433d9a247219bb3f15da199_79.wav", "text": "Talking on that sale for a minute, we told you historically that we've been looking for opportunities to monetize our private portfolio if and only if", "duration": 9.9}, {"path": "4fdbfd9eec396928550d0c799e170d34_85.wav", "text": "Right. So we just want to maybe get a little bit color on like what are you seeing on the acquisition", "duration": 9.9}, {"path": "0d631e444d1c22f0be99a69f5deaff94_87.wav", "text": "we really began to focus on performance management as a firm. And if you look at the slides that you're referring to as well, I think, in the first quarter deck, you see a gradual", "duration": 9.9}, {"path": "0d631e444d1c22f0be99a69f5deaff94_5.wav", "text": "Irrespective of the revenue decline, we are quite encouraged with what we are seeing in Heidrick Consulting. They are showing steady improvements in the business, including an increase in their pipeline.", "duration": 9.9}, {"path": "ab861b81968e1b5fcb606ed886919d68_73.wav", "text": "And so I want to be sure that we are precise on that. It does not mean that every transaction was like that during that time period.", "duration": 9.9}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_77.wav", "text": "However, we remain optimistic about the longer-term fundamentals for the tissue business and the growing trend of consumer preference for private label brands.", "duration": 9.9}, {"path": "e274d02ea943c0a74779950fe28e839d_100.wav", "text": "decline was primarily a result of the aforementioned bankruptcy filing and a change in the supply chain of a significant customer,", "duration": 9.9}, {"path": "a93681c92a0b9c04743f541a54b180c7_141.wav", "text": "So thinking about the policies and based on our policies, we need to create an environment -- we created an environment back in 2018 so that we could", "duration": 9.9}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_67.wav", "text": "always within the perspective that we want to create value and continue to focus also on the service market revenue share of the total.", "duration": 9.9}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_102.wav", "text": "that we're not only losing new patients, but there are some countries in Scandinavia and even some other larger countries that are beginning to think about", "duration": 9.9}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_37.wav", "text": "Risk Factors, Management Discussion and Analysis of Financial Conditions and Results of Operations set forth in Investors Bancorp's filings with the SEC.", "duration": 9.9}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_151.wav", "text": "Also, please note that on April 11, our management team will be hosting an Investor Day in New York City. Institutional investors and analysts are encouraged to attend,", "duration": 9.9}, {"path": "718a89dc503706eae0091bcd9410d567_18.wav", "text": "partially offset by an impact from the contract restructuring on Tiger as well as lower rates on some of our pipelines due to weaker basis spreads and mild weather.", "duration": 9.9}, {"path": "2602edddc3363eadcaafe1c33271f3e4_144.wav", "text": "presented. And I think they're honing in on this target range, a bit more based on the efficacy that they saw and the trough levels", "duration": 9.9}, {"path": "13220986bf30f26076a674e2a9edc89c_36.wav", "text": "the exposure that we have are very small. In addition to that, and the type of lending that we do in the clean energy area is dramatically different than", "duration": 9.9}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_25.wav", "text": "Key focus areas in this category, in addition to our standard fraud and security offerings, include scaling profitability,", "duration": 9.9}, {"path": "918de179148bbfe18b95415ee0065a3d_109.wav", "text": "we'll be the beneficiary of being able to stand back and analyze that before we set up our stage spacing. I think,", "duration": 9.9}, {"path": "b34f680a9162805e0188170d6272a356_70.wav", "text": "realizes that they have the ability to go change their margin structure and potentially get the work as well. So we started that a year ago.", "duration": 9.9}, {"path": "b34f680a9162805e0188170d6272a356_114.wav", "text": "And lastly, in your third initiative, could you expand upon the opportunities and what you're looking at in the private sector?", "duration": 9.9}, {"path": "a45510e526a5935c1f8d4f039149ff3b_25.wav", "text": "But it was literally the quarterly flow for this year with international revenues was exactly what we expected.", "duration": 9.9}, {"path": "1d2f3c74735a986131e7b219d9eff713_19.wav", "text": "Generally speaking, we've been able to pass along pricing increases due to the strong demand, which has been offsetting", "duration": 9.9}, {"path": "75fa1bebed0b858c76cc7058477e40e2_59.wav", "text": "And excluding the industry headwinds we are encountering in Denver, we are pleased with the results to-date and remain optimistic about the potential of our media efforts.", "duration": 9.9}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_170.wav", "text": "In the food and beverage industry, you will see that many people actually thought of the great products already.", "duration": 9.9}, {"path": "39e5706898dcaf14a280b3a123877cd6_151.wav", "text": "which has increased considerably the management of heavily dependent residents on an", "duration": 9.9}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_169.wav", "text": "Okay. All right. And well, I'm glad to know that we have those options and that the government can't control the fact if they wanted to do it", "duration": 9.9}, {"path": "e26b501c6e000fdaa11edde97cc71436_36.wav", "text": "And again, as a reward for our customers -- not an incentive, as a reward for being a good citizen,", "duration": 9.9}, {"path": "a827180c08c11f2e53c6966fceaabf5b_70.wav", "text": "And I wanted to touch on the BLACK HAWK program for a second. I'm looking at the fiscal '17 budget and a shift down in production. I know it's just a proposal at this point, but", "duration": 9.9}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_25.wav", "text": "one of the things that we've talked about over the course of time is that we really did kind of slow our selling efforts in the business as we were focused on getting", "duration": 9.9}, {"path": "a3c389b6f737603969fd26408544747f_55.wav", "text": "Our management deals highlight the strong value of our brand and provide our partners with a unique opportunity to leverage our restaurant and hospitality experience.", "duration": 9.9}, {"path": "8b2314627d54755a15c55244bb862225_87.wav", "text": "but I feel good about really how we're executing it today. I feel good about the growth pace and are continuing to attract talent mostly from the larger companies.", "duration": 9.9}, {"path": "8475d4f528174aebabcb109487bee3f3_87.wav", "text": "of the business in the coming months. We are monitoring developments very closely and we'll continue to respond quickly and flexible to any changes.", "duration": 9.9}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_70.wav", "text": "the best way to think about those is we're in the first or second inning of what we can do there.", "duration": 9.9}, {"path": "ddf51a035f75b2e145a283edfd51fffc_36.wav", "text": "the lower end of the market or the smaller players out there eventually get consolidated? And are you coming across them in the field competitively?", "duration": 9.9}, {"path": "171fd9df333ddd814c764843ed624121_12.wav", "text": "In closing, we are off to the strongest start of the year since going public. We had record bookings this quarter and sold more in the first half of this year than we did all of last year.", "duration": 9.9}, {"path": "171fd9df333ddd814c764843ed624121_201.wav", "text": "for 2018. With the exception of the increase in our metered power reimbursements range, the changes to our ranges are attributable to a change in our assumption", "duration": 9.9}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_94.wav", "text": "more rapid decline in industry conditions. So you're comping against still a fairly favorable quarter last year.", "duration": 9.9}, {"path": "3416f142ad06359966636184f66e87c5_26.wav", "text": "We've mentioned a couple of times now that we are expecting to see some additional supply come to the Karratha market, ahead of upcoming construction-related demand,", "duration": 9.9}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_62.wav", "text": "that just by the nature of it that the margin availability is so much lower than other kinds of minutes of use that it just dilutes the margins overall.", "duration": 9.9}, {"path": "38b2f94da12bbf2d32246763aab8265a_19.wav", "text": "where they make the investment decisions our insureds. So if you look at the investments, we can say that the situation is quite different from what happened last year", "duration": 9.9}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_41.wav", "text": "for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's discussion.", "duration": 9.9}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_4.wav", "text": "We are now nearing the completion of 2 new Fluid Power manufacturing plants constructed at existing Gates locations,", "duration": 9.9}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_15.wav", "text": "as well as in emerging markets, particularly China where the growth in the age portion of the fleet is very favorable.", "duration": 9.9}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_8.wav", "text": "At any rate, we believe that veterinarians are very excited to have ENTYCE in their toolbox, and we are very pleased to see veterinarians using the therapeutic tool.", "duration": 9.9}, {"path": "40e11288ea7cb86fdf307dbe648142e3_42.wav", "text": "I give you an example for what we thought was going to occur in fourth quarter from customers. They actually only spent about 58% of the total.", "duration": 9.9}, {"path": "ade68f8add7249890d086ecf4b5b8cab_130.wav", "text": "Our extensive land portfolio allows us to be patient and opportunistic to target the right lots in the right locations at the right price.", "duration": 9.9}, {"path": "b8cbc11bbdc49ca206588e2a99b0f733_47.wav", "text": "We trust that the regulators will continue to consider access to products and the importance of advice, particularly for small investors as they consult on these important issues.", "duration": 9.9}, {"path": "58ff8a727ec4f3859407b64f08246759_110.wav", "text": "We have to have the technology training pathways and resources in place. The proctoring networks will be built over time. Our sales team has to get deep with our customer.", "duration": 9.9}, {"path": "23417803b1a8115806b8e604b8b2bb83_65.wav", "text": "I would say that keeping into account the new rules and the new investments that we are going to start", "duration": 9.9}, {"path": "c67af59ea29f4e80b8eeede6e730658e_21.wav", "text": "can you give us a sense for the timing of when we might see 10, 20 basis point impact on any of the margin line items?", "duration": 9.9}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_105.wav", "text": "we will see the investment in legal as an expense recognized in our income statement first and then in subsequent quarters see the corresponding cash collections.", "duration": 9.9}, {"path": "6b3df032b804a1a371d25e1eef019c4a_109.wav", "text": "So all in all, in this period of dramatic interest rate decline, the bank has been able to grow net interest income by", "duration": 9.9}, {"path": "6a372ea97b0b130a4d37f16b54d97909_229.wav", "text": "It helps shift to more recurring revenue and helps improve the CAC ratios. At the same time, we're looking at a number of different approaches to cost containment,", "duration": 9.9}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_232.wav", "text": "it's pretty stable. So you can never say never. But as far as these issues are concerned, that we're dealing with at the moment, we think we have them", "duration": 9.9}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_22.wav", "text": "as people comes to resorts to buy lift tickets, we pick up their data and then are able to create a relationship with them. So then we start to communicate to people who are in that market", "duration": 9.9}, {"path": "b94d748876ddf8e881d4191dec45baf3_199.wav", "text": "the Department for Work and Pensions. Qualitatively, what I can say is that we're making meaningful progress on the contract on all key factors.", "duration": 9.9}, {"path": "b94d748876ddf8e881d4191dec45baf3_138.wav", "text": "also known as HAAS. As Rick mentioned, certain features of the HAAS contract have been modified to better align with the client's programmatic objectives.", "duration": 9.9}, {"path": "885b465648704d8a5d15bd00078e2160_86.wav", "text": "more Phase I expense next year. And now we're bringing some of that forward to enable us to see and get the results from early human trials sooner, which we think it's definitely", "duration": 9.9}, {"path": "c5c7a9f409241412b160a93cde7ef630_184.wav", "text": "Further, we continue very active discussions with potential customers at both the federal and state level to utilize our idle facilities and available capacity.", "duration": 9.9}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_130.wav", "text": "and reinforce our strategic priorities going forward. Then I'll turn the call over to Roz and Belinda to report on our Q3 operating performance in each of our 2 key markets,", "duration": 9.9}, {"path": "c3567809c19ce6a800677544cd84f88b_218.wav", "text": "So in fiscal '17, we will invest more behind these growth drivers with a digitally led plan to drive even more brand awareness.", "duration": 9.9}, {"path": "974a2d744cd3d9acf42d74816de91f7f_59.wav", "text": "The transition is progressing on schedule and on budget, and based on our current visibility, we expect to begin capitalizing on efficiencies from this deployment,", "duration": 9.9}, {"path": "20097e37747ec7bc3734246e83798fb1_160.wav", "text": "In addition to the consolidation of segments referred to above and the renaming, we also provide OTT streaming and related digital revenues.", "duration": 9.9}, {"path": "526e0d5398a516831b49936c31a8ea1c_127.wav", "text": "So I don't see it as a real big impact on TotEx. I think if there was a change in government policy as to how this stuff was funded", "duration": 9.9}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_68.wav", "text": "We remain confident in our belief that the balance of the year will show year-on-year growth and demonstrate the benefits of the strategic decisions I just referenced.", "duration": 9.9}, {"path": "ab4dae37361262d727d1d2f8f78765d5_175.wav", "text": "well as some of the pricing pressure in the market. Just what was the rough split there? And why are you so confident about recovering most of it in the second half? So we have some", "duration": 9.9}, {"path": "f77935c4693e4d33252c9c76993e9c8b_124.wav", "text": "the outlook of the business is adequate relative to what the insiders know when they're doing a transaction. If you guys weren't doing these transactions,", "duration": 9.9}, {"path": "f77935c4693e4d33252c9c76993e9c8b_111.wav", "text": "including certain operational and financial processes. In addition to a number of cost reduction programs to reposition the company to become profitable at a lower level of net sales,", "duration": 9.9}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_8.wav", "text": "and we were allowed to receive payments again, we just had to essentially do the housekeeping associated with unblocking everything and putting all of that behind us.", "duration": 9.9}, {"path": "0d4d72439cb1522ed5ee19fca1eb4de0_76.wav", "text": "Today, My MTS is not just an instrument for the customers to cover basic operations like checking their balance or topping up mobile accounts, it is a comprehensive offering.", "duration": 9.9}, {"path": "63eaf9677d7577484a1557ae6bfbb585_26.wav", "text": "the folks that we hired last year being on the books in January -- in February, March and April of this year but not last year, so the annualization of new hires, et cetera.", "duration": 9.9}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_188.wav", "text": "Third is China because if you get the PORs with the 2 big Korean players, half the market in China is really memory from", "duration": 9.9}, {"path": "c4c82b9f0d0167137949864b86e2a812_59.wav", "text": "go into production of drill holes, go immediately into production. And if they don't go into production, there is no fracking. So that's why we say it's indirect.", "duration": 9.9}, {"path": "0e52a74a184c92ad0c336af764aa0796_91.wav", "text": "In connection with such review, together with our financial adviser, Lazard, we approached a significant number of potential acquirers of the company.", "duration": 9.9}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_7.wav", "text": "something which is increasingly sought by our customers. Physician RCM is, therefore, strategically very important to us as we think about tying together", "duration": 9.9}, {"path": "aed770c98113f594e36325a5822547e4_91.wav", "text": "we specifically disclaim any obligation to do so even if our views change. I will now turn the call over to Antony. Thank you, Donald.", "duration": 9.9}, {"path": "da34a7b460e520db0401de3ce860187c_13.wav", "text": "So the EU has also -- the European Commission has also taken some steps. So there is a window in which you can send steel into Europe as long as it is", "duration": 9.9}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_17.wav", "text": "The prelaunch development time sales cycle and validation period for our Materials Handling battery line has taken us some time.", "duration": 9.9}, {"path": "33ed8514914fae6825997843290fe049_49.wav", "text": "STRATA salespeople currently are undergoing training so they can effectively sell the Nordlys. In addition, we will be adding highly qualified personnel to support the marketing effort.", "duration": 9.9}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_92.wav", "text": "we did defer a little bit of silviculture in Q1 that's going to get pushed to Q2. So that's about half of it. The other half is really just around timing of vessel shipments. And so", "duration": 9.9}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_181.wav", "text": "input by putting them in places where there was a very strong focus on ambulatory care that already existed. And so -- I mean, I would just tell you -- I don't want to", "duration": 9.9}, {"path": "369789f0d39dbf62298be2aa807ff8ee_86.wav", "text": "So a very low acquisition cost per ounce that we anticipate as a result of recategorization of mineral resources and as a result of drilling", "duration": 9.9}, {"path": "dffe8257f781608bb17bb637249e4d2a_138.wav", "text": "and to improve risk management with a focus on financial crime, market conduct, and mitigating other regulatory risks.", "duration": 9.9}, {"path": "dffe8257f781608bb17bb637249e4d2a_158.wav", "text": "With respect to West Africa, it's our view that the conception of entering that market through a partnership arrangement is valid.", "duration": 9.9}, {"path": "92bf6fe090b6bc565cb500b688fd9173_143.wav", "text": "given the different dynamics in those markets. So we do think there will be ability to gain some price in emerging markets as a result of that pressure from foreign currency.", "duration": 9.9}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_105.wav", "text": "As Sean noted, our integration and operating costs are expected to continue through the second and into the third quarter, as we fully integrate last year's acquisitions.", "duration": 9.9}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_91.wav", "text": "this number is going to move around a little bit because it will depend on the mix of the brands and the locations that are being renovated. So obviously,", "duration": 9.9}, {"path": "7cc11de7f206c637e6293da0d956405e_124.wav", "text": "and last but not least, a live-action scanning tool on mobile so traders can identify unusual options activity and volatility while on the go.", "duration": 9.9}, {"path": "068bea67ac01942fafb955a1116b29dd_185.wav", "text": "to make sure that they are now approved in this country. This has really slowed down the production of some of these items that we're producing.", "duration": 9.9}, {"path": "bc3fa49aaccfacb1392855627864851e_4.wav", "text": "We are incredibly proud of this honor and believe it is a true testament to our systems and processes, which have allowed us to grow in scale over the years.", "duration": 9.9}, {"path": "f74a9d06236a0e937a6e98bfacc85eb7_94.wav", "text": "Our people have all worked together to create a solid globally recognized leadership position and significant opportunities for the future.", "duration": 9.9}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_47.wav", "text": "real benefit to doing that because there are no significant therapies. Many of these women suffer from significant pain. In fact, I", "duration": 9.9}, {"path": "7498a6630302a038bd537d192c3a44f4_198.wav", "text": "I don't think we've seen the full effect on cost of goods sold yet. I think that we've got some maturity to do there -- to go there.", "duration": 9.9}, {"path": "1438feb8661785c9d0182f4adfc439f0_3.wav", "text": "He shares many of our same values, including a focus on creating shareholder value and maintaining a strong balance sheet. I will now turn the call over to Pam to walk through the financials.", "duration": 9.9}, {"path": "8635f950dc44da3fcad542b2c066bedf_183.wav", "text": "We do continue to see good growth opportunities across our franchise, both in our core banking markets and specialized businesses.", "duration": 9.9}, {"path": "8635f950dc44da3fcad542b2c066bedf_123.wav", "text": "view of the world if you like. But essentially, we don't think there's very much in terms of rate increases in the future, but we do expect one in the fourth quarter.", "duration": 9.9}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_61.wav", "text": "you're facing the impact of your second-largest client having repriced, plus you're looking at the impact of the normal trends that occur and you build up a lot of costs.", "duration": 9.9}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_159.wav", "text": "Such risks and other factors are described in our Form 10-K and other periodic reports as filed with the Securities and Exchange Commission.", "duration": 9.9}, {"path": "97b9c8b95449565c1f280a2b61a65b31_48.wav", "text": "The decline in occupancy was more than offset by contribution from annual rent escalators and leases commencing with higher cash rents.", "duration": 9.9}, {"path": "c5120d9702331edaf23bb6e639df0a70_116.wav", "text": "We have shown already in 3 types of cancer that the controlled IL-12 is a powerful platform that can turn cold tumors hot. In other words,", "duration": 9.9}, {"path": "884400c829f179d8cf68b767f45f03a4_22.wav", "text": "We have also launched our Monro University training program pilot, an important initiative in our strategy to attract and retain the right talent.", "duration": 9.9}, {"path": "4311782968e936c378fdee8946cd9cca_29.wav", "text": "And then the third bucket would be the bonuses and any other expenses that you would expect to not recur beyond 2018. Yes,", "duration": 9.9}, {"path": "b126c31149f1cadf1d891082a187d6fc_96.wav", "text": "And that has subsequently led to an increase in this -- what we refer to as the conversion of referrals to admissions in many of our markets.", "duration": 9.9}, {"path": "e0d1342ad3d27fd648b708837de08797_28.wav", "text": "generally consistent in terms of our production activities. I mean, the key the react for Iraq will be ongoing investment to build up", "duration": 9.9}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_4.wav", "text": "the process of driving organic growth through customer-focused innovation is something I'm very familiar with and will continue to emphasize here at Platform.", "duration": 9.9}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_165.wav", "text": "but we've clearly made these adjustments. So I'm relatively bullish on some of these markets. There are some other markets we have to be careful about. South Africa, obviously,", "duration": 9.9}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_24.wav", "text": "Okay. And then as you speak with your local advertisers about their hesitation to be back in the market now,", "duration": 9.9}, {"path": "794528c461ef7009b1741ac67c17aba4_155.wav", "text": "Part of that's going to be the expansion of the DTC effort this year. I think the other piece, as I look forward, is being able to activate more patients", "duration": 9.9}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_163.wav", "text": "And finally, we do also see that not all the declines in that segment are in the same difficult position. Others have been able to diversify their", "duration": 9.9}, {"path": "7847510c8c1280e54583ff033a9decb2_11.wav", "text": "to add new restaurants to the Royalty Pool. So this year, on January 1, Pizza Pizza Limited added restaurants that had", "duration": 9.9}, {"path": "b0d88c0f1efca89ecb928172341dc75d_352.wav", "text": "But there's a significant amount of spend above the line. A lot of that is different from the way we spend at Conagra trade above the line, which is really in high-quality", "duration": 9.9}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_20.wav", "text": "Yes, I mean, there's no real significant investments going in the energy business at the moment. What I was alluding to was we will", "duration": 9.9}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_31.wav", "text": "Because I believe that in the future, these hardwares will no longer exist, like the plastic will cease to exist in the future. But", "duration": 9.9}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_121.wav", "text": "The company makes no commitment and disclaims any duty to update or revise any forward-looking statements to reflect future events, new information or changes in these expectations.", "duration": 9.9}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_18.wav", "text": "I know, the SBA product is also protected as you guys just mentioned and that's very unique to your platform. But it seems like Fannie would be a very natural fit and extension for you guys.", "duration": 9.9}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_32.wav", "text": "This concludes today's call. Thank you for your participation. You may now disconnect your lines, and have a wonderful day.", "duration": 9.9}, {"path": "902872913863de98d38e2936b846cf66_311.wav", "text": "both on the private and the public side. And I think our people are working really hard every day to improve our business. So these are exciting times.", "duration": 9.9}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_132.wav", "text": "So that's why you -- I have to tell you that I cannot give you concrete guidance on the development that you'll see here further.", "duration": 9.9}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_6.wav", "text": "The pricing environment remained solid. We implemented a moderate price increase in late January and saw nice realization.", "duration": 9.9}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_321.wav", "text": "such as those factors referenced in our discussion today. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change.", "duration": 9.9}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_223.wav", "text": "Executing against the strategic vision will require concerted action and select investments, which I am driving forward across the business.", "duration": 9.9}, {"path": "8f92dfb06900be4f209f31f24cb885fb_139.wav", "text": "than we were able to announce immediately upon unblinding. I can't say anything more about the numbers because these things have to be peer-reviewed and presented in the proper", "duration": 9.9}, {"path": "0668081864383eb57919b99c85649753_73.wav", "text": "larger competitors continue to consolidate, all it does is really just emphasize our strategy and make our strategy a little easier and a little clearer", "duration": 9.9}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_100.wav", "text": "given where we are right now, even if, for some reason, they make an interim decision, we don't want any of that in our numbers going -- for the balance of the year. We kind of feel bad that we had that in there.", "duration": 9.9}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_58.wav", "text": "And during the course of the year, we were pleased to have PERCEPTIVE ADVISORS and BROADFIN CAPITAL join Essex Woodlands as major investors in the company.", "duration": 9.9}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_129.wav", "text": "and I'm guessing that your realized intermodal pricing in the first half might be worse than that range, just given the competitive environment we saw", "duration": 9.9}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_51.wav", "text": "and our underlying mix, so we really haven't seen a big shift there, really strong growth. And retention obviously playing a real big role in that growth has really enabled that stability of our book.", "duration": 9.9}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_76.wav", "text": "We have implemented a remediation plan that includes performing sample testing of the quality of incoming steel plate at both production sites,", "duration": 9.9}, {"path": "af146425f68dd8e32f31878389746637_69.wav", "text": "Currently, we are in the early stages of a comprehensive company transformation to increase growth and profitability.", "duration": 9.9}, {"path": "594b7b614804475e4ab8ab4c405ecf40_129.wav", "text": "primarily through adjusting variable incentive compensation, and we expect there to be some modest benefit from this in the fourth quarter.", "duration": 9.9}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_161.wav", "text": "what do you see as the lag effect for your business to recover? And is your operating leverage in any way diminished by the cost-out actions you've taken?", "duration": 9.9}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_2.wav", "text": "Yesterday evening, we released results for the first quarter. Our company continues to drive financial performance through top line growth and operational execution,", "duration": 9.9}, {"path": "365c360aff42713cef71a7d026eeeb6d_82.wav", "text": "remain excited about the future of the PEO. Now I'd like to focus on the strong progress of our investments to improve the client experience.", "duration": 9.9}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_8.wav", "text": "which ramps up in the late first quarter and second quarter, and statistics in 2017 are very consistent with those levels in 2016 with the expected retail demand levels.", "duration": 9.9}, {"path": "eb93e70cdf7a839a69546250fb3646fb_136.wav", "text": "In used vehicle sales, the pricing environment appears to be stabilizing, although some risk remains due to the elevated level of Class 8 inventory in the market and other factors.", "duration": 9.9}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_124.wav", "text": "the process is not without ongoing challenges, including the following. Our customers are generally large and very complex organizations.", "duration": 9.9}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_83.wav", "text": "As we have discussed in prior calls, the seasonal nature of our tax and accounting work results in proportionately more revenue in the first half of the year compared with the second half.", "duration": 9.9}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_11.wav", "text": "Our sales volume during the quarter benefited from comparatively strong domestic and international demand, as well as strong production.", "duration": 9.9}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_27.wav", "text": "And I will say, we've talked on this call many times about the fact that we think we have the most efficient load-out east of the Mississippi.", "duration": 9.9}, {"path": "027d36b67ee5bba934695b2d0c47eb08_32.wav", "text": "Statements made by management of ImmuCell during the course of this conference call that are not historical facts are considered to be forward-looking statements.", "duration": 9.9}, {"path": "f5875d033110e66b5aafc3c0003babdf_36.wav", "text": "was attributable to the successful management of higher raw material costs, which positively impacted both our revenues and gross profits.", "duration": 9.8999375}, {"path": "77423f08f0208d476dea73c639f6293a_34.wav", "text": "we may well be there to pick up some good assets or great assets out of that just as we did when Nexstar and Media General got together, and we were able to pick up", "duration": 9.8700625}, {"path": "1ea5a01d14ee672e3e9cdbff8e56da74_31.wav", "text": "And again, also the consumer business area is impacted by the increase in pulp prices.", "duration": 9.87}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_155.wav", "text": "and we were impressed by the widespread desire in both the patient and clinical communities for new approaches to this disease,", "duration": 9.87}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_4.wav", "text": "and was up over 200% from the year ago period as we accelerated the completion of a large number of previously awarded CAF II sites.", "duration": 9.87}, {"path": "ab861b81968e1b5fcb606ed886919d68_49.wav", "text": "As we translate our recent investing experience into a view for the balance of 2017, we are encouraged by our ability to screen for", "duration": 9.87}, {"path": "6388da88b00ebc88af59435bdac74132_115.wav", "text": "Could you share a little bit where your -- where it's being sold and what type of fee structure we're looking at? Because I do think there's a big opportunity there.", "duration": 9.87}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_105.wav", "text": "And once that happened from a cash flow standpoint, we had enough to support the remaining assets within the CPD division.", "duration": 9.87}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_224.wav", "text": "trend in the storage business that's been going on for a while. We've got to make sure we can get into", "duration": 9.87}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_129.wav", "text": "I assume part of that is reflection of the increase and just what's going on with the estimates from last year, or maybe some current issues as well. But", "duration": 9.87}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_110.wav", "text": "to be able to compete better within that marketplace as it exists, but I wouldn't look for very strong growth moving forward based upon that product for the franchise.", "duration": 9.87}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_183.wav", "text": "Subsequently, the FDA has requested additional information to enable their review of the ZINPLAVA file with the result that a new action date of October 23 has been set.", "duration": 9.87}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_152.wav", "text": "the workload for regulatory agencies, given the very large number of studies that we and our competitors are doing in this field, is quite substantial.", "duration": 9.87}, {"path": "abd0f750609f1263b566f0c09b981a16_20.wav", "text": "and that's fairly typical in markets that you see following a hurricane. There is some potential benefit from those remaining of hotels", "duration": 9.87}, {"path": "2602edddc3363eadcaafe1c33271f3e4_43.wav", "text": "one pivotal study. So you have to be more confident in the outcome of one pivotal study in order to use that as your criterion to approve a drug.", "duration": 9.87}, {"path": "6b45877b719000e47adfd1ec118c376a_97.wav", "text": "location. So we are going to probably transition through a little bit of vacancy there over the next year or 2, where we end up having to move people around, but I think at the end of the day, it will be a much stronger", "duration": 9.87}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_137.wav", "text": "Before that, I'd like to give you an overview on the economic environment and the current developments within our industry.", "duration": 9.87}, {"path": "2d7efae3f89647d6468deed3b73bf98a_30.wav", "text": "and we expect once the Shared National Credit gets taken care of, we're in a range where we will be managing inflows and outflows on a normal", "duration": 9.87}, {"path": "55d05334bdde612eb9dd102bb41d216e_92.wav", "text": "that means all alternatives. And it's unfortunate that everybody really jumped right away to the idea of a sale, but that's what the market tends to do.", "duration": 9.87}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_124.wav", "text": "first question was I'm wondering if your Q3 products successes give us a read on the fourth quarter. Did you see better growth", "duration": 9.87}, {"path": "cb054f97c9550389265154e2994a520a_49.wav", "text": "the geopolitical tensions and this increasing U.S. dollar are all bad macro forces for us in that sense in terms of what we're facing", "duration": 9.87}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_90.wav", "text": "So if that's the case, then that particular event wouldn't be eligible for an experimental therapy in a study like this. There's one other element I didn't have in the", "duration": 9.87}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_29.wav", "text": "The thread design requires significantly fewer turns from stab to makeup than comparable connections and requires no stabbing guides, making it significantly easier to handle on a rig.", "duration": 9.87}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_86.wav", "text": "On average, rates were up modestly across the segment, other than Property, which is down a fair bit due to continued competition in this area.", "duration": 9.87}, {"path": "570faeed3dcfa26c6246dc42309025ad_66.wav", "text": "We continue to work on improving our supply terms and conditions and our merchandising strategies in order to bring them in line with the market competitiveness and the economic conditions", "duration": 9.87}, {"path": "044da592acc01ff7baacb3dbf2a302a9_119.wav", "text": "which has the impact of reducing growth by roughly 1%. As previously stated, selling days generally do not have an impact on the performance of our capital businesses.", "duration": 9.87}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_53.wav", "text": "As a reminder, first quarter 2015 benefited from a tax consolidating adjustment that reversed itself during the course of last year.", "duration": 9.87}, {"path": "75fa1bebed0b858c76cc7058477e40e2_120.wav", "text": "We continue to believe that we are well positioned to resume earning expansion later this year. And to give more detail on these items, I'd now like to turn it back to Dave.", "duration": 9.87}, {"path": "01502edf6cda82061f1f45d6b0e8e189_135.wav", "text": "Multiples are higher, I think, in this space than generally seen in the industrial space, and so that becomes a factor.", "duration": 9.87}, {"path": "01502edf6cda82061f1f45d6b0e8e189_143.wav", "text": "the order performance in all 3 of those categories, as well as I think you suggested the backlog, was up at the end of the first quarter.", "duration": 9.87}, {"path": "2ab48b66e1cc1f2acc7d7a666a1d8541_3.wav", "text": "I would like also to update you on the progress of our cellular and fixed line businesses development as well as other business portfolio.", "duration": 9.87}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_165.wav", "text": "There is a very realistic problem. Say, today, there is a way of gambling where you can take all the winnings", "duration": 9.87}, {"path": "2a5b0a6532fa2b71915a2930be02621a_117.wav", "text": "For risks and uncertainties regarding our business and statements made on the call today as well as factors that may cause differences between current expectations and actual results,", "duration": 9.87}, {"path": "797946494c2985a20aa50823e8723c44_1.wav", "text": "which are inherently subject to risks and uncertainty. The company does not assume the duty to update forward-looking statements. With that, I'll now turn the call over to Chuck Gordon.", "duration": 9.87}, {"path": "a212b77ae2b2452093665a4e179ed3a3_60.wav", "text": "It is important to note that this is a consultation, and Ofgem is seeking comment from a wide variety of stakeholders to ensure the best outcome.", "duration": 9.87}, {"path": "e26b501c6e000fdaa11edde97cc71436_19.wav", "text": "And what we believe the net result is that both our total addressable market, the market opportunity and our own higher level of growth and rising profitability", "duration": 9.87}, {"path": "1b1699497be56330b3ed833f22bc63f6_95.wav", "text": "We had record growth in our Games installed base, and the number of units sold was the highest since our acquisition of Multimedia Games.", "duration": 9.87}, {"path": "8475d4f528174aebabcb109487bee3f3_16.wav", "text": "while we're seeing the continued weakness in the electronic industry in particular in Asia. And that composition of the business segment", "duration": 9.87}, {"path": "4032bfdd59881fc6506c082737cb5a99_157.wav", "text": "versus 2016. We plan to reallocate and shift some of the internal resources towards faster, new exhibitor acquisition and new category expansion", "duration": 9.87}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_22.wav", "text": "we can reflect on all of the diseases for which there are no available treatments and think about the new programs in our pipeline and the potential to offer hope", "duration": 9.87}, {"path": "8957425799e5ce0200bfacf204d0acde_175.wav", "text": "Our role is the leading worldwide designer and manufacturer of oilfield equipment with several important attributes with respect to long-term returns on capital for our shareholders.", "duration": 9.87}, {"path": "1133b8984db446b9c963a09eaf0785a4_34.wav", "text": "and what are the customers where we can create the most value? And then focusing on those customers and then working with the other customers to make sure that they're serviced properly,", "duration": 9.87}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_79.wav", "text": "as a result of numerous factors, including general economic conditions in Honda's principal markets and foreign exchange rates between the Japanese yen and U.S. dollar,", "duration": 9.87}, {"path": "0f4370b614f29bd596e4f6871cc77864_193.wav", "text": "point solutions in the operations. So I think that we're now having these conversations and I think they've been enabled by the kind of access", "duration": 9.87}, {"path": "6b5a6b4dce64e7db04bee7d7b7d37aba_3.wav", "text": "Also continuing to make progress on our whole data evaluation agreement with Nielsen as well as some other pretty interesting things that we're doing in the data space.", "duration": 9.87}, {"path": "e56726c7aedd69029957c84128050700_47.wav", "text": "We are committed to driving toward those targets. Now I have a few comments on our team, which is very talented and committed to this company.", "duration": 9.87}, {"path": "9da45cfd4472699ef05d887adce01223_41.wav", "text": "As we approach year-end, we have significant momentum with respect to our key strategic initiatives, and we believe that the progress on reinsurance", "duration": 9.87}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_265.wav", "text": "But what this really means is that reliable, flexible natural gas facilities are absolutely necessary to back up wind and solar.", "duration": 9.87}, {"path": "38b2f94da12bbf2d32246763aab8265a_14.wav", "text": "responsible for the volatility was our exposure to Azoty last year. It", "duration": 9.87}, {"path": "e60f6485243932b9280d864cb17a6ba8_157.wav", "text": "That was my presentation regarding a solid H1 performance. I now give the floor back to Jean-Louis for some concluding remarks.", "duration": 9.87}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_144.wav", "text": "As we entered Q4, we had to then get the growth engine back going, and it's not a switch you can just", "duration": 9.87}, {"path": "02825b6f22019c60be741d7e45b63f9d_62.wav", "text": "It also has a lot of burdens. One, is that we must dividend out all of the earnings the company has made over its entire history,", "duration": 9.87}, {"path": "40e11288ea7cb86fdf307dbe648142e3_72.wav", "text": "Downstream benefits from new project spend, market share gains with several new customers as well as a steady base of ongoing maintenance,", "duration": 9.87}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_21.wav", "text": "As we typically do at the end of the third quarter, we are updating our guidance estimates to reflect these results as well as to include our expectations for the final quarter of the year.", "duration": 9.87}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_44.wav", "text": "On a year-to-date basis, life earnings are tracking better than both expectations and prior year, largely due to lower mortality costs and favorable investment income.", "duration": 9.87}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_11.wav", "text": "as well as the ability to refinance their loans at a lower interest rate, creating meaningful savings in their monthly loan payments.", "duration": 9.87}, {"path": "8a77ceadd7e4729abc9102d38be3a227_123.wav", "text": "First, we generated a benefit of 11 percentage points from tax reform, as we are in a net deferred tax liability position and we wrote down those liabilities to the lower rates.", "duration": 9.87}, {"path": "9b93af1e7019959620214c387f283d8e_106.wav", "text": "So we think we're really well placed to work with some of these banks. Now each of them, as you can imagine, caution us that they don't move quickly when it comes to doing deals like this. So we are not", "duration": 9.87}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_62.wav", "text": "Increased demand for polymers in automotive and growth in consumer electronics and semiconductors drove the improvement in Asia Pacific,", "duration": 9.87}, {"path": "6a372ea97b0b130a4d37f16b54d97909_46.wav", "text": "players in that space, you notice that they start with the platform, they develop their distribution capability and then they support that effort with more and more content.", "duration": 9.87}, {"path": "f23036451aab1cb9d659c3ac9a23825c_1.wav", "text": "Investors should not assume that the statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.", "duration": 9.87}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_193.wav", "text": "Well, integration has never been more strategic. So many of the CEOs I spoke with told me that data remains unlocked -- remains locked in their legacy systems", "duration": 9.87}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_11.wav", "text": "And as we initially put on wells that are more remote, we're trucking a lot of water. As we build out, have larger pads, we get more and more that's put on pipe.", "duration": 9.87}, {"path": "e271ed845347e9c930ab0a44eb7785da_41.wav", "text": "investors have concern on and I'd like to take this opportunities to report to you all. And now, we'd like to open the floor and time to our", "duration": 9.87}, {"path": "c5c7a9f409241412b160a93cde7ef630_153.wav", "text": "Given the path and expected strength of the hurricane winds, there was no need to relocate any of the inmates and detainees across the 7 affected facilities.", "duration": 9.87}, {"path": "c3567809c19ce6a800677544cd84f88b_20.wav", "text": "and the new St James's Gate Brewery and benefited from disposals. The weaker pound and continued growth of our business will lead to an increase in CapEx, so", "duration": 9.87}, {"path": "20097e37747ec7bc3734246e83798fb1_9.wav", "text": "but also from a business model perspective, the financial profile of AVOD revenues is extremely appealing because it is less capital intensive,", "duration": 9.87}, {"path": "58d5f604300a30c0c5bd9aa57d207478_11.wav", "text": "This is because, as you know, the bidding process has been adapted and is now penetrating in the market. The second reason is that", "duration": 9.87}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_4.wav", "text": "We have and continue to leverage investments we have made in process and systems to increase the utilization of our resources and also maximize production capacities.", "duration": 9.87}, {"path": "526e0d5398a516831b49936c31a8ea1c_184.wav", "text": "it's probably worth mentioning that we're not really changing the domestic utility growth rate from the utilities. What we've really changed and up the overall is", "duration": 9.87}, {"path": "f7df5ecab61eca575f169a8298318eca_59.wav", "text": "and in which factory we can keep our production lines busy becomes defining points for our profitability,", "duration": 9.87}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_74.wav", "text": "Many of these strategic initiatives are already evident in the marketplace. Our design-to-value initiative is the latest that will soon be visible in stores.", "duration": 9.87}, {"path": "968913c3f9111fc67f1d9956c56dec3b_113.wav", "text": "The program will leverage the ways we use our customer data, automation and content to create exceptional engaging interactions with our customers.", "duration": 9.87}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_118.wav", "text": "but our business in Russia was never operationally involved with Renova, it was never run by Renova, it's run by us", "duration": 9.87}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_197.wav", "text": "And looking out beyond that based on our forecast and what visibility we have in certain regions, we feel pretty good about the balance", "duration": 9.87}, {"path": "262bc21196721c5ff9114acbd2ff03c3_172.wav", "text": "And we've also made some strategic investments, targeted strategic investments in things like the consolidation merger of PANalytical and Malvern,", "duration": 9.87}, {"path": "e00fd35e201a8607d264b803a5130c59_160.wav", "text": "It's not just the way the business is run, but also how risk is managed and mitigated across the group.", "duration": 9.87}, {"path": "e00fd35e201a8607d264b803a5130c59_287.wav", "text": "for your questions. Microphones are available. And it would be very helpful if you gave your name and the name of the organization you're representing.", "duration": 9.87}, {"path": "6318dda27b3e36d76533c048c64a3014_26.wav", "text": "might be inclined to take an exit of a nice company where you otherwise wouldn't want to when we really want to remove any incentive from having to", "duration": 9.87}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_17.wav", "text": "We've completed multiple new business deals, renewed several partnerships, and we have a robust pipeline of activity that we're focused on executing.", "duration": 9.87}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_152.wav", "text": "they might not have a dramatic impact. But if they think they're going to last for a long time and you see a scarcity of a resource, I mean, you know how that one will play out.", "duration": 9.87}, {"path": "87045996e7446329f1d98c909c6ca7fe_72.wav", "text": "have both delivered strong performance since we acquired them last year, and both have made significant contributions to the execution of our balanced growth strategy.", "duration": 9.87}, {"path": "87045996e7446329f1d98c909c6ca7fe_163.wav", "text": "So if we look back a year or 2, we had a much larger portfolio of preferred shares and common shares, which don't qualify as high-quality liquid assets, so there is", "duration": 9.87}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_54.wav", "text": "So you have states where you have huge opportunity in ambulatory care. And you have states and, in some cases, whole regions, where you have almost none.", "duration": 9.87}, {"path": "01f88a67f39af3a74d5f23b095615d39_186.wav", "text": "we are responding to those changes in demand, but overall, we expect our unit revenue to continue to grow in the second half.", "duration": 9.87}, {"path": "a46647751ef690279d96126395de42d5_42.wav", "text": "We keep our focus in managing our customer base using more and more analytic tools toward profiling our clients even better.", "duration": 9.87}, {"path": "068bea67ac01942fafb955a1116b29dd_4.wav", "text": "During the second quarter, we introduced a new brand of cosmetics, NYX, exclusive to our network and very popular with the younger clientele.", "duration": 9.87}, {"path": "130e8e56c1afa2419fd0c08708261824_47.wav", "text": "A replay of this call will be available via the other number noted in the press release and will also be available on our website following today's presentation.", "duration": 9.87}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_5.wav", "text": "Group strength primarily came from corporate group, which was up 35%. This is particularly encouraging as we think about group business going forward", "duration": 9.87}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_39.wav", "text": "With regard to investments, we will not follow a fixed plan, but we'll execute investments and shareholder returns within the scope of the cash we create,", "duration": 9.87}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_44.wav", "text": "They've obviously improved quite a bit this quarter and which is very encouraging. And I guess, I was wondering what are your views are on driving margin leverage going forward?", "duration": 9.87}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_60.wav", "text": "As we transform the capital structure, we will have the opportunity to utilize our liquidity on projects with highly accretive returns within our portfolio.", "duration": 9.87}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_123.wav", "text": "We've been a little bit concerned about some weakness on that side of things coming into the end of 2015, but the strength of", "duration": 9.87}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_268.wav", "text": "and that could have been worth billions of dollars. And so when you put those 2 together, we think we've been more than fair in offering a very good", "duration": 9.87}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_3.wav", "text": "Although second quarter production numbers were strong, we believe our third quarter production growth to be even better.", "duration": 9.87}, {"path": "d5fb88dba0740bc906c5127e05592f95_23.wav", "text": "And you said earlier that you're slowing down the transition to that category. Is there a target you want to", "duration": 9.87}, {"path": "97b9c8b95449565c1f280a2b61a65b31_16.wav", "text": "We saw the normal seasonal increase in utility costs in the third quarter, but this was partially offset by lower repair and maintenance expense.", "duration": 9.87}, {"path": "c5120d9702331edaf23bb6e639df0a70_84.wav", "text": "with the prepayments that we will draw down over time. In fact, this covers us for all of the cost of work planned at MD Anderson for the next 2 years", "duration": 9.87}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_112.wav", "text": "We are actually looking at a global strategy review on how we best set up ourselves.", "duration": 9.87}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_214.wav", "text": "chocolate center, one look at that one. That's what you have seen when coming up the stairs, that is what we are doing at the back here.", "duration": 9.87}, {"path": "b126c31149f1cadf1d891082a187d6fc_139.wav", "text": "As a reminder, this proposal is 900-plus pages and was published just this week, so our analysis is preliminary at this point.", "duration": 9.87}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_67.wav", "text": "which contributed to a 13% increase in economic net interest income in 2018, along with meaningful gains as we continue to optimize our portfolio.", "duration": 9.87}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_8.wav", "text": "While the pace of change remains uncertain, since the new year, we have seen renewed focus from both the administration and Congress and how the mortgage markets should be structured going forward.", "duration": 9.87}, {"path": "64364105b816dd0b6a029e9cd210e65b_245.wav", "text": "Our strong free cash flow allowed us to maintain adequate liquidity, our top priority for capital allocation in addition to funding our organic growth initiatives", "duration": 9.87}, {"path": "89499eed4dff3bd184e91cd496111f22_111.wav", "text": "As Joe mentioned earlier, we deepened our partnership with Amazon through extending and expanding our aircraft lease and operating agreements in December.", "duration": 9.87}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_7.wav", "text": "and enables the company to deliver innovative and differentiated solutions. WNS will continue to align our talent initiatives", "duration": 9.87}, {"path": "e552924838fe493d3cc967dd0c5c4563_103.wav", "text": "Okay. Can you break that out so we can actually see what the silica's growth is? Or when does fine chem sort of wash out of the numbers here?", "duration": 9.87}, {"path": "9fb4423a70358ef22be9982299969f7a_76.wav", "text": "bit of a positive in terms of FX. We're also adjusting our corporate expense forecast, largely as a result of", "duration": 9.87}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_125.wav", "text": "I want to set the backdrop as I prepare to talk about 2016. Because even if you assumed an extreme case of 0% increase", "duration": 9.87}, {"path": "1f142ea668261ba963d47aac6bab69dd_183.wav", "text": "Just some context or color in terms of how you kind of got to the point where you're ready to at least contemplate potentially making a large transaction.", "duration": 9.87}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_216.wav", "text": "in the Industrial side or... That's a good question. I think we saw softening over the course of the quarter", "duration": 9.87}, {"path": "bc1efb704df9c180935803c70a315597_81.wav", "text": "The strength of our franchises, the performance of the economies in which we operate and the positive impacts on the investments we have been making are reflected in our financial results.", "duration": 9.87}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_26.wav", "text": "it's all about the people, and I think we are very well-positioned for success in just about every area in which we're dealing. So I want to thank you for joining us,", "duration": 9.87}, {"path": "21abf3409d34eea6f33336ad93662cfd_100.wav", "text": "A highlight of the holiday season was the strong performance of our whole fulfiller network in delivering to customers on time for Christmas.", "duration": 9.87}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_2.wav", "text": "Please refer to the GAAP versus non-GAAP reconciliations in our presentation, which contain the reconciliation of the adjusted financial measures to the most directly comparable GAAP measures.", "duration": 9.87}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_60.wav", "text": "in accordance with the amount of data actually used flat rate out of five tiers offered is automatically applied.", "duration": 9.87}, {"path": "b20564a6da1bcfc7b80552299d9e002a_156.wav", "text": "We have to switch the charts, no? Let's have a look into the operations. We had a very good start", "duration": 9.87}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_13.wav", "text": "And we also had one previously disclosed client transition, which was worth about 2 percentage points year-on-year, which was offset by net new business and client activity.", "duration": 9.87}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_104.wav", "text": "More broadly, UnitedHealthcare continues to deliver distinctive performance for customers and to drive consistent growth and share gains over time.", "duration": 9.87}, {"path": "a766b08317742c952705018a899f3998_75.wav", "text": "We have already begun to see the benefits of this model, which is evident in the growth in deferred revenue from new customer agreements entered into during the quarter.", "duration": 9.87}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_184.wav", "text": "We achieved that on assets that are in the bottom quartile of our portfolio with population densities and incomes that are significantly below our portfolio average.", "duration": 9.87}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_14.wav", "text": "increasing. It just won't increase at the same rate that it has over the last year or so, John. And so we do expect the percentage of direct auto to continue and increase.", "duration": 9.87}, {"path": "32283c24ad18239efb166db8422560b2_57.wav", "text": "we thought there would be an opportunity to further extend institutional relationships that, that group had already developed, they came to the firm with revenue paying for themselves,", "duration": 9.87}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_63.wav", "text": "I'll start with our corporate results on Slide 5. Overall, sales revenue decreased primarily due to lower selling prices, particularly in Chemical Intermediates.", "duration": 9.87}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_98.wav", "text": "We've been able to offer a soot sensor product to our diesel passenger car customers to help their vehicles comply with increasingly stringent regulatory requirements over the life of the vehicle.", "duration": 9.87}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_42.wav", "text": "Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.", "duration": 9.87}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_5.wav", "text": "On our last call, I highlighted our focus on talent and our investment in providing our people with training and experiences to thrive in today's retail environment.", "duration": 9.87}, {"path": "7a80c3e91e5a2693cdaef5f716808317_183.wav", "text": "Having said this, it's important to remember, this growth rate varies dramatically between subsegments of the market between geographic regions and between the specific application sets.", "duration": 9.87}, {"path": "30a142fac5a62ab00227cb6a339a6226_2.wav", "text": "At times in our prepared comments or in response to questions, we may offer additional metrics to provide greater insight to our business or our quarterly and annual results.", "duration": 9.87}, {"path": "8dd740d83ff1c7319a82eeba6047633d_45.wav", "text": "brings with it quite good operating leverage, as I mentioned in the past. So in terms of the -- although the cargo business is a difficult business for", "duration": 9.87}, {"path": "a98061f951c1b2c7a915e296098bc4de_142.wav", "text": "the parent company has excess capital available to the bank as an additional source of strength that is not reflected in this number.", "duration": 9.87}, {"path": "a98061f951c1b2c7a915e296098bc4de_111.wav", "text": "We track consolidations every month and we track who we are writing checks to as well, right? So we have a pretty good idea of what's going on", "duration": 9.87}, {"path": "16c235a53fc719ec92ef3b3c3b371150_34.wav", "text": "so I think we have to execute and to demonstrate to them. So we have not yet engaged. We've had some cursory discussions with the agencies,", "duration": 9.87}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_170.wav", "text": "Ladies and gentlemen, this concludes today's conference. Thank you for your participation, and have a wonderful day. You may now disconnect.", "duration": 9.87}, {"path": "e2c02e1788cb10703d7611ef157f8135_60.wav", "text": "I'll start today's call by walking through our financial results, and then Kevin will provide an operational update and our thoughts on 2017. We'll then open up the call to your questions.", "duration": 9.8699375}, {"path": "75eb5b75bb8587b63c318714ea956b9e_77.wav", "text": "good work on that front. Hey, Barry, I was wondering if you might be able to chat a little bit more about some of the trends you are seeing with payers and how that might impact", "duration": 9.8400625}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_91.wav", "text": "maybe not to the magnitude that we saw during the third quarter, but is it reasonable to say that we should see an increase during the fourth quarter as well on the senior side?", "duration": 9.8400625}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_144.wav", "text": "Average prices in this segment were consistent with the prior year. Net sales growth as reported was offset by a 3% currency translation impact.", "duration": 9.84}, {"path": "44dadfbc792633938082a10f5c84f08a_68.wav", "text": "they think is value for money rather than us telling them that this policy is great value for money, and you should really have it this way. And that's what we would like to", "duration": 9.84}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_88.wav", "text": "So hard to comment, because we're actually in the middle of discussions around a number of things. So -- but yes,", "duration": 9.84}, {"path": "214dcdc435ef3259490466447858fa56_211.wav", "text": "However, and here is the big point, with hindsight, there is no doubt that the balance between investing in growing our customer numbers", "duration": 9.84}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_93.wav", "text": "as we all know on the call, we had some issues last year with our guidance, I don't want to put our investors or our company in that situation again. So I think we're", "duration": 9.84}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_10.wav", "text": "We remain disciplined in our approach to expense management, recognizing the need to balance delivering in the short term while making the appropriate investments to drive long-term growth.", "duration": 9.84}, {"path": "22ad97a95501a08f15c06605cd277fec_48.wav", "text": "we believe end markets bottomed in 2016 and we saw solid sequential improvement through the first quarter, which we attributed half to market and half to share gains.", "duration": 9.84}, {"path": "22ad97a95501a08f15c06605cd277fec_49.wav", "text": "The project activity we are seeing is primarily related to capacity upgrades, productivity and de-bottlenecking with very little greenfield activity.", "duration": 9.84}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_42.wav", "text": "With an allowance coverage of almost 200%, a strong credit history and excess capital, we believe we are well positioned should the economy decline", "duration": 9.84}, {"path": "718a89dc503706eae0091bcd9410d567_141.wav", "text": "about half of that increase -- and remember, this is just spend for the year. But about half of that increase is associated with those. The other half is really associated with", "duration": 9.84}, {"path": "c68c15299b67173c7ae163cc5938f3c1_69.wav", "text": "that this whole much more aggressive growth plan will turn us a much better position in the cash area. So we're hoping", "duration": 9.84}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_74.wav", "text": "as needed to ensure we can attract and retain the best talent for our brand. I think you asked a little bit about a go forward, too.", "duration": 9.84}, {"path": "7e14890193df4b10e1eeab6ab886529f_137.wav", "text": "And Mindy will speak about our global summer of impact campaign showing how we can be a powerful partner for health in people's lives all year long", "duration": 9.84}, {"path": "75b0b010cea5a159f55403f51894b1ae_125.wav", "text": "Looking at outlook for the coming quarter. I have to say that we debated a little bit internally on what to say. Ended up with this conclusion and saying that we are", "duration": 9.84}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_49.wav", "text": "if you think about the growth algorithm, you'll see about half the growth coming from new business and about half the growth coming from base business. That's been the history.", "duration": 9.84}, {"path": "a4e84e293bde7191186ae3a7a0b34024_82.wav", "text": "Our forecast is based on the number we are given by our customers. So at this point, we do not know what is the reason, but", "duration": 9.84}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_211.wav", "text": "Rising well counts, longer laterals, growing number of frac stages and enhanced completion technologies meaningfully increase service intensity and the strain placed on completion equipment.", "duration": 9.84}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_146.wav", "text": "growing optimism for small business owners, it is important we see more sustainable trends and then the results manifest", "duration": 9.84}, {"path": "14f3d2486b21e639a953afb7ad03d90c_110.wav", "text": "Popcorn in 3 different tastes, and popcorn are naturally high on fiber and is probably the most healthy snack you can eat.", "duration": 9.84}, {"path": "8b71a232d7fe61e6232807b635977c31_172.wav", "text": "in their view about the currency, the more inclusive that they're going to want to make it, the more comprehensive it's going be, the closer it'll be to truly a total audience representation", "duration": 9.84}, {"path": "8b71a232d7fe61e6232807b635977c31_1.wav", "text": "Our strong third quarter results are a testament to our ability to execute and gain client adoption in this rapidly changing and increasingly complex marketplace. Let's take a look.", "duration": 9.84}, {"path": "6616e76da46baea11d6032fc063716c1_30.wav", "text": "We also experienced a lot of site change in the period as we completely dealerized the One Stop locations, while adding the SSG sites late in the quarter.", "duration": 9.84}, {"path": "1f686a09cf3566a34f04f39fde02460e_164.wav", "text": "If we take you to just as the run rate for the following quarters, we already arrive above year-over-year guidance. So could you give any comments on that because", "duration": 9.84}, {"path": "ada4e338c266148264077e06bac68005_67.wav", "text": "which was not unexpected. And if I take a positive away from it, we can see absolutely no argument with any of the facts that we provided,", "duration": 9.84}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_105.wav", "text": "We have changed. The environment has also changed. The difference between our products and competitor products", "duration": 9.84}, {"path": "18b396ddd443d84d12477c42e31cdf0e_12.wav", "text": "The change to the sell-in revenue recognition model could result in higher volatility of Qsymia sales compared to those historically reported.", "duration": 9.84}, {"path": "ca2bc8d693d4751cc88444d2e715f645_94.wav", "text": "Please note that the prepared remarks which will follow contain forward-looking statements and management may make additional forward-looking statements in response to your questions.", "duration": 9.84}, {"path": "0b0a24d47ae2ed9e019d874793c8684b_8.wav", "text": "As you know, a good portion of what we've been working on over the last several months has been a review of a number of things related to both our cancellation practices and the classification of our installer base.", "duration": 9.84}, {"path": "e26b501c6e000fdaa11edde97cc71436_78.wav", "text": "and the more attractive we are to people for adoption. So honestly, our customers love what we're doing for them, and", "duration": 9.84}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_85.wav", "text": "Now only a very small number of manufacturers in the industry are manufacturing with laminated panels. That's because the machinery to make them is very expensive.", "duration": 9.84}, {"path": "a3c389b6f737603969fd26408544747f_8.wav", "text": "We have learned that with a right partner, a license agreement can be extremely beneficial to the company, and we're going to be more proactive in seeking these types of deals moving forward.", "duration": 9.84}, {"path": "cc82e791c065bdc271addf355bac274f_14.wav", "text": "But at least we see a positive trend when compared to the numbers of the year before. And we also anticipate drops in interest rates", "duration": 9.84}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_88.wav", "text": "Then we took the decision to commercialize Galafold on our own and have now built an organization of more than 600 total global employees,", "duration": 9.84}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_125.wav", "text": "Indeed, Amicus strive every day to bridge these gaps through the commercialization and development of our portfolio of medicines for rare metabolic disorders", "duration": 9.84}, {"path": "23181e15a64aff686a4bbef534a46cb3_28.wav", "text": "in Greece, I think you said you were cautiously optimistic on the revenue outlook. Is there any reason why the OpEx can't keep falling", "duration": 9.84}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_85.wav", "text": "please provide the safe harbor statement? Yes, sir. I want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning", "duration": 9.84}, {"path": "43028740644ea81c42c672416be4926e_124.wav", "text": "I'd say, for the most part, we're looking at these auctions not just on the basis of what has been found so far and published but what our geologists think may also be there. So", "duration": 9.84}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_164.wav", "text": "We believe organizations spend anywhere from 2 to 5x more on learning content than they spend on their learning management system.", "duration": 9.84}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_154.wav", "text": "is there anything going on secularly that you're seeing as far as electronic payments versus cash payments?", "duration": 9.84}, {"path": "d5bf790f69586c23fa90f48cee1d6554_16.wav", "text": "you were talking about something volatile or we can see some forecast the benefits because of the solar projects.", "duration": 9.84}, {"path": "655d592e9d1b1027f1824b1554d8b131_170.wav", "text": "in about 19,000 outlets. So that's a quick look at our operating company's achievements in the latest quarter and over the first 9 months of the year.", "duration": 9.84}, {"path": "1244d2b5a259c3bc73742830d60d53fc_86.wav", "text": "Excluding the negative impact from the change in revenue recognition standard, second quarter EBITDA margin improvement of 90 basis points", "duration": 9.84}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_121.wav", "text": "continues to grow with owners and locations where we have great strength with very little competition, to put it bluntly.", "duration": 9.84}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_99.wav", "text": "In addition, we see a sustained high level of demand in the pipeline of large civil works projects.", "duration": 9.84}, {"path": "c433164f6d189e18b1e4784e376b6ecb_67.wav", "text": "and we are comfortable that these vertical wells represent a high-graded group of wells that should deliver solid economic returns in today's gas price environment.", "duration": 9.84}, {"path": "c433164f6d189e18b1e4784e376b6ecb_14.wav", "text": "Finally, a brief comment on our evolving organization. First, we now have a full management team in place and we can feel the positive impact of this.", "duration": 9.84}, {"path": "c4138e2179e3fba907f3ea7c12cf2b8a_123.wav", "text": "is that something that shows operational gearing when you're growing at the levels that you're growing at now, and maybe you could allude to how big that is within the Products business, please?", "duration": 9.84}, {"path": "a8034762296368c60571fcde382c3274_0.wav", "text": "listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the safe harbor provision of the Canadian", "duration": 9.84}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_110.wav", "text": "end of this year -- and that's the thing or the beginning of next, and that's the thing that we've got a target. That new display will be something that no one else is built.", "duration": 9.84}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_32.wav", "text": "reconcile those 2 different data points and where you're seeing leverage relative to maybe a quarter ago when you gave the initial guide?", "duration": 9.84}, {"path": "b96165244f010b3f1e61cbbc5e504d96_77.wav", "text": "And that's where we've got to get. So when I say, we've still got to make progress here, it's just not getting to steady state. It's maintaining it and getting the sentiment of the sales organization to shift", "duration": 9.84}, {"path": "a7e7a1621af9b4e850260f9824ee8746_56.wav", "text": "and acknowledged there may be inequity in the way customers with on-site generation contribute to their share of fixed costs under the current system.", "duration": 9.84}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_141.wav", "text": "I do want to remind you there are no silver bullets here when it comes to revenue growth, meaning any improvement in increasing the growth rate will take place over multiple years.", "duration": 9.84}, {"path": "ade68f8add7249890d086ecf4b5b8cab_84.wav", "text": "These objectives include momentum in our revenue growth, discipline to drive margin improvement, minimize operating expenses and tightly manage our balance sheet.", "duration": 9.84}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_24.wav", "text": "expanding our margins and the -- I guess, the support of our margins long term. And I would expect that we'll be able to continue to improve", "duration": 9.84}, {"path": "58ff8a727ec4f3859407b64f08246759_131.wav", "text": "A careful read of the clinical literature makes clear the need for more effective, less invasive and lower total cost to treat solutions to many disease states.", "duration": 9.84}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_8.wav", "text": "as compared to the cost of building new stores with high land and building cost or the payment of goodwill premiums to acquire new RV dealerships", "duration": 9.84}, {"path": "23417803b1a8115806b8e604b8b2bb83_114.wav", "text": "In the retail segment, we have significantly increased the number of the customers. In particular, we have reached 10 million free market power and gas customers in Italy.", "duration": 9.84}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_80.wav", "text": "in most major geographies. A number of markets where we have some of the largest businesses saw the effect of unique country-related shocks,", "duration": 9.84}, {"path": "6a372ea97b0b130a4d37f16b54d97909_159.wav", "text": "an important part of whatever it is they do. Benioff obviously talking about it with regard to sales enablement and how you train salespeople.", "duration": 9.84}, {"path": "e2c02e1788cb10703d7611ef157f8135_221.wav", "text": "for a year. And some of the customers actually were with us for 2 years as they were part of our pilot group. So I think Michelle and the rest of the marketing team have done a good job", "duration": 9.84}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_14.wav", "text": "Expectation is positive in terms of leverage. So we already see some kind of stability in our leverage at lower levels.", "duration": 9.84}, {"path": "98f10f0935e5b778e888a1b8130a3d31_333.wav", "text": "always with a question, how can we grow in the base coverage, but also how can we grow in the services around it? And the services question", "duration": 9.84}, {"path": "c3567809c19ce6a800677544cd84f88b_88.wav", "text": "It's also one of the fastest-growing markets in the world and one in which we have made changes, both in people and ways of working, to accelerate our performance.", "duration": 9.84}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_129.wav", "text": "As we mentioned in our third quarter conference call, strong November sales benefited from higher promotional activity in the large-screen TV category.", "duration": 9.84}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_5.wav", "text": "we have won major body camera contracts with our first 3 state patrols, which we believe was enabled knowing that we have a compatible in-car solution coming to market.", "duration": 9.84}, {"path": "191c819db03c2dfd0207cd1f42e278a4_136.wav", "text": "Okay, great. And in your prepared remarks, you mentioned signs of stabilization in terms of volumes at the largest client. Can you give us any", "duration": 9.84}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_54.wav", "text": "So again, paying down debt is the primary use of cash, but we would be open to other opportunities should they present themselves. But nothing imminent in the pipeline?", "duration": 9.84}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_180.wav", "text": "which we had anticipated. However, one of those programs terminated rather abruptly when our customer discovered a lot more inventory in the pipeline", "duration": 9.84}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_28.wav", "text": "So we're pretty active in this situation. And what I would say is the decline in the value reflects the increase in the overall risk profile of our investments.", "duration": 9.84}, {"path": "2c3945f11b4d91727b1ce00d490e11b6_49.wav", "text": "drive profits and cash flow in that regard. At the same time we were doing that, we made some changes in terms of our", "duration": 9.84}, {"path": "f77935c4693e4d33252c9c76993e9c8b_22.wav", "text": "So that's the reason for us saying what we're saying. We want to talk in general terms because any more details just", "duration": 9.84}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_27.wav", "text": "improve margins and generate strong free cash flow. I want to thank our global employees for their tireless work to make all this happen.", "duration": 9.84}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_9.wav", "text": "It's a subtle shift, but an important one to remind ourselves, investors and customers what our business strategy focuses on.", "duration": 9.84}, {"path": "9e8690a521142359001a137074905535_327.wav", "text": "in New York on June 7. And we'll be sending out the invitation for that soon. So if you would like to make sure you're on that invitation list, please e-mail", "duration": 9.84}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_51.wav", "text": "with our strategy moving ourselves more in the technology range in the lower cost range and you'll be hearing more about the low cost range moving forward.", "duration": 9.84}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_64.wav", "text": "Starting with the Strat, we continue to believe that a thoughtful focus and disciplined reinvestment approach is necessary to realize the full value of its strong worldwide visitation,", "duration": 9.84}, {"path": "c8124cdb821d04f0e585420c128d76c7_87.wav", "text": "Right now, the problem is not the rates. The rates are getting to the level they have to be one step at a time according to the contract and all that.", "duration": 9.84}, {"path": "3898a5c021167b8169287fc8bb59f753_39.wav", "text": "We believe we have a lot of work to do to make it an excellent hospitality experience for our guests who choose to order that way and for our guests who are in the Shack.", "duration": 9.84}, {"path": "e00fd35e201a8607d264b803a5130c59_5.wav", "text": "And we're making the most of the trend towards more commercial and industrial customers wanting to contract for the medium and, indeed, the longer term.", "duration": 9.84}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_73.wav", "text": "playing for the long game. How we are running our own show focused on American and not defining ourselves on others,", "duration": 9.84}, {"path": "21f21433851eb7c7f7dbc710309341bb_91.wav", "text": "and again we're just -- we're just not seeing any indicators that there's any softening based on kind of those 3 big looks into the business.", "duration": 9.84}, {"path": "21f21433851eb7c7f7dbc710309341bb_66.wav", "text": "and better depth in categories we're trying to be famous for in both national and own brands. And we'll be launching our new brand positioning in mid-November,", "duration": 9.84}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_26.wav", "text": "This reflects both our payment of estimated cash taxes for the first and second quarter and increased working capital needs to support what is typically our highest quarterly sequential sales increase.", "duration": 9.84}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_163.wav", "text": "meaningful vertical go-to-market sales organizations. That enables us to have people who do nothing but think about those segments", "duration": 9.84}, {"path": "8eaca8d8a419f74540f69ade8defabbd_234.wav", "text": "from DPG. However, not wanting to rest on any of these accomplishments, we will continue our focused efforts to drive ongoing improvements throughout the business,", "duration": 9.84}, {"path": "da879f8ea1c23aa6565cccaacac271fc_93.wav", "text": "and client response has been very positive. Site visits are accelerating and clients are beginning to place their first studies in the facility. As a result,", "duration": 9.84}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_33.wav", "text": "And when you manage capital with that level of efficiency, you run a more efficient firm and that's the standard that we've applied here. And it turns out as we got into the weeds", "duration": 9.84}, {"path": "189b20e7b975130ca5abd0e419e54908_1.wav", "text": "such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements,", "duration": 9.84}, {"path": "28d675c77a4b2269c1c1460ad3e56250_102.wav", "text": "which are subject to various risks and uncertainties outlined in the risk factors section of OFG's Securities and Exchange Commission filings.", "duration": 9.84}, {"path": "01f88a67f39af3a74d5f23b095615d39_261.wav", "text": "just gives us more time to respond. Ultimately, we're not going to beat the forward curve and we're all going to deal with it. And when I say, we all, the whole industry is going to deal with the new realities.", "duration": 9.84}, {"path": "01f88a67f39af3a74d5f23b095615d39_153.wav", "text": "Unit revenue for the group was up 5.7% for the half, as the aviation industry took action to address rising fuel prices.", "duration": 9.84}, {"path": "757695924b5e43c7d44e29dc141cc035_95.wav", "text": "But at this point in time I don't think -- I think that's what we can say at this point in time unless, Scott, you have any additional commentary here.", "duration": 9.84}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_46.wav", "text": "Freight continues to go up with driver shortages, truck shortages, regulations that have been put in place on drivers as to how much they can drive", "duration": 9.84}, {"path": "3877b1983229ec488c6349a188bccf92_252.wav", "text": "We also made progress towards our goal to improve operating margins while navigating the impact of the implementation of the Goods and Services Tax,", "duration": 9.84}, {"path": "8635f950dc44da3fcad542b2c066bedf_226.wav", "text": "a small deal you guys did there. But just efforts that are going on there in terms of hiring and what you think the next step is to expand in that market area.", "duration": 9.84}, {"path": "799c15a4a6e9e3c86374761fec31c00a_33.wav", "text": "Forward-looking statements are statements that include projections, expectations or beliefs about future events or results or otherwise, are not statements of historical fact.", "duration": 9.84}, {"path": "e29584f9f829602cacebcce71c2a4fb9_75.wav", "text": "has been contracted to pursue licensing and other strategic activities with regard to our preclinical and our clinical pipeline products", "duration": 9.84}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_110.wav", "text": "We will also run our plants at a higher capacity utilization to achieve the appropriate level of inventory to support 2017 growth objectives.", "duration": 9.84}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_109.wav", "text": "And the one thing we're doing is that we are certainly playing the long game. And we have learned some massive lessons. And a lot of those lessons have been what Patrik spoke about with some of the vendor consolidation,", "duration": 9.84}, {"path": "919fd6c04cca92ecdf503e32f884435d_60.wav", "text": "We implemented plans early in the year to offset the impact of the rate reduction in Texas as well as unfavorable weather and lower sales growth.", "duration": 9.84}, {"path": "11f02fb2db5d9fb5ff82f0374376f759_139.wav", "text": "I think the message has been pretty consistent on this, which is that we think the RVI assets are actually a good notch higher in quality than what we've been selling.", "duration": 9.84}, {"path": "a2ba164f019804628c07b36de47cd464_77.wav", "text": "And lastly, we are building our capabilities to support expansion of our business with various veteran, active military and other federal organizations.", "duration": 9.84}, {"path": "24a133abc343c813233d416b0cef96cd_296.wav", "text": "And in terms of the range, that really hasn't changed from where we were before. I mean, it will come down ultimately to", "duration": 9.84}, {"path": "407fee9910ab57874978cf85a89b1d9d_196.wav", "text": "in the Eurowings system. So that is something which is out of the question. And as you probably expect, I can't provide any more details on any other rumors.", "duration": 9.84}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_40.wav", "text": "with a goal of outperforming industry from a growth point of view. That's our aim. Now we're obviously challenged by a short-term situation", "duration": 9.84}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_42.wav", "text": "These sales were executed in connection with our efforts to rebalance the investment portfolio subsequent to the impact of the segregated account's exit from rehabilitation", "duration": 9.84}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_116.wav", "text": "In my discussions with customers, they increasingly view our platform as a way to manage work across and outside of the enterprise.", "duration": 9.84}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_93.wav", "text": "I mean this would be 8% growth if you consider the number of stores you mentioned. And these are all", "duration": 9.84}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_132.wav", "text": "We are developing key accounts, investing in targeted inventories and building out our parts and service capacity and capabilities to meet these growing needs.", "duration": 9.84}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_1.wav", "text": "and current market conditions, which are subject to significant risks and uncertainties as set forth in the Risk Factor section of our most recently filed annual report Form 10-K.", "duration": 9.84}, {"path": "6a45749d272884d2809fa70f7807250c_46.wav", "text": "and we have seen a very good order intake and thereby also good visibility into a very strong fourth quarter that we currently are executing on.", "duration": 9.84}, {"path": "323193895e800e72960d98dd5fb64cf5_71.wav", "text": "Here, our ambition has been to get capital from the outside because we think the Media Solutions is strategic for our customers.", "duration": 9.84}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_157.wav", "text": "I look forward to hearing your questions about the results reported today. As this is an earnings call, we would like to focus on our first half performance", "duration": 9.84}, {"path": "125388f1b45117acde70abc39e0f7d04_55.wav", "text": "These events have traditionally been a catalyst for GME shares, and Mike Hogan has done some modeling of potential impact that he will share with you in his remarks.", "duration": 9.84}, {"path": "429bcf63d57c11ea4d8864560f521dba_102.wav", "text": "So now let me come back to cable for a minute. Big picture and strategically. Beginning on Slide 11. There is a lot on this page, but the message should be pretty clear.", "duration": 9.84}, {"path": "50eb350badadec6e4272b90684741c25_85.wav", "text": "Our advantage as the only provider who can offer a comprehensive solution for rapid quality control testing continues to resonate with our clients.", "duration": 9.84}, {"path": "d5f5f4efd41927526b14fc2c353cb4e3_35.wav", "text": "Most of our industry customers have a shorter horizon of the future. And they can have that because", "duration": 9.84}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_174.wav", "text": "A replay of this call will be archived on the company's website. Before we get started, during the course of this conference call, the company will make projections, or forward-looking statements, regarding future events,", "duration": 9.84}, {"path": "712bbcab5338e07dd63dad97bb652018_8.wav", "text": "We're examining new and different ways to apply artificial intelligence and data analytics to streamline many of our internal functions and to improve on safety.", "duration": 9.84}, {"path": "099475edf8f9944537773b1d0a2aaea6_21.wav", "text": "a lot of the things that we've been working on and a lot of the things that we've been saying to our shareholders and discussing with our customers and the like.", "duration": 9.84}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_6.wav", "text": "We expect these and other actions to increase our operating leverage and to improve profitability as our sales trajectory increases.", "duration": 9.84}, {"path": "f15a674bdbbc461872000604216ae071_148.wav", "text": "point between companies and the tax authorities in Brazil. We have internal reports", "duration": 9.84}, {"path": "48bcc356a89059f921765f872bfe293c_23.wav", "text": "Is it mostly economics? Or do you think it's more relating to regulatory risks such as getting the licenses and so on and so forth. Okay.", "duration": 9.84}, {"path": "0e410ca71e50235e520d5af32ce0f54a_166.wav", "text": "We are not, repeat, not marketing our retail assets, and we are not currently involved in any sales process in any refinery.", "duration": 9.84}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_152.wav", "text": "have you started to see a stabilization on that yet? And do you anticipate needing to retain the loans on the balance sheet if markets remain soft?", "duration": 9.84}, {"path": "30a142fac5a62ab00227cb6a339a6226_73.wav", "text": "compared to users from other platforms. And overall, Snapchat users played the game for twice as long as users acquired anywhere else.", "duration": 9.84}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_85.wav", "text": "Given the company's return to its historical focus on product, service and presentation rather than price,", "duration": 9.84}, {"path": "9cd9b67e289e807d677aabc5765fec6a_69.wav", "text": "I think we've succeeded in building this foundation, and I expect to see our financial performance momentum grow in 2017. Now I'll hand it back to John.", "duration": 9.84}, {"path": "eb93e70cdf7a839a69546250fb3646fb_154.wav", "text": "kind of a money-losing contract for a few years because they weren't coming up with the volumes or if there's something you're able to change, so that you could protect the profitability of the contract even if there are lower volumes.", "duration": 9.84}, {"path": "eb93e70cdf7a839a69546250fb3646fb_40.wav", "text": "It's really all of the above, right? It's we're working with the customers to understand the volume changes and then adjust our operations to meet those volume changes.", "duration": 9.84}, {"path": "1bb9219ad31877175e18e8e48ff2f63c_31.wav", "text": "With peak client demand occurring in the first half of the year, our objective is to keep the staff utilized during the second half of the year when client demand is seasonally weaker.", "duration": 9.84}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_142.wav", "text": "on top of that, I think you've indicated that the yield from renewing some of that book of business has been better than expected. Maybe some more color on that as well.", "duration": 9.84}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_59.wav", "text": "the increase in this expense resulted from the company achieving the maximum financial performance under the company's Long-Term Incentive Plan.", "duration": 9.84}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_9.wav", "text": "When we meet in March, we intend to review how the parts of our company work together to provide a unique value to our clients, how we will use technology to drive our business forward,", "duration": 9.8100625}, {"path": "3877b1983229ec488c6349a188bccf92_138.wav", "text": "Africa performance was mixed with double-digit growth in Nigeria being partially offset by weakness in Africa Regional Markets and South Africa.", "duration": 9.8100625}, {"path": "f5875d033110e66b5aafc3c0003babdf_47.wav", "text": "Okay. And based on some of your conversations with some of this pull-forward in demand trying to get in front of the steel costs, at this point, is there any potential", "duration": 9.81}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_138.wav", "text": "as well as a focus on improving manufacturing quality and right-first-time metrics to ensure we don't leak incremental profit dollars from poor operating execution.", "duration": 9.81}, {"path": "d22830e34d4f069487310864ec17789f_176.wav", "text": "our -- targeted because we clearly look on customers, which are not looking for the initial investment cost, but really rather on", "duration": 9.81}, {"path": "4fdbfd9eec396928550d0c799e170d34_170.wav", "text": "So then the rest of the adjustment -- if you look at the rest of the adjustment for the second half of '17 in our forecast,", "duration": 9.81}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_32.wav", "text": "There does seem to be some overall firmness in the numbers. I mean, I don't think -- we're not seeing the wide gyrations that we saw in some of our internal forecasts", "duration": 9.81}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_121.wav", "text": "Our supply chain financing programs will allow vendors to be paid by financial intermediaries on trade payables earlier than the due date of the applicable invoice.", "duration": 9.81}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_53.wav", "text": "In my opinion, the winners in the current environment are companies that focus on clients and make it easier for them to transact business,", "duration": 9.81}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_27.wav", "text": "recognition of revenues related to handsets transactions via direct channels such as our own shops and online.", "duration": 9.81}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_136.wav", "text": "This covers a population of an extra 800 million that we will have to build up step-by-step following the key success factors of India.", "duration": 9.81}, {"path": "abd0f750609f1263b566f0c09b981a16_101.wav", "text": "to remain open as a place of refuge for affected citizens as well as those who must remain in the area, such as first responders.", "duration": 9.81}, {"path": "264e575b73bc2a485bee416c1ac10cee_34.wav", "text": "for our rental business in terms of CAT equipment but in general, your comments around may be coming to the end of the cycle on used versus new was probably pretty fair.", "duration": 9.81}, {"path": "232edaebd93a3d8673bce183d269ad6d_155.wav", "text": "We bought the Liberty Banking Corporation in Arkansas, expanding our footprint throughout the state of Arkansas, doubled their profits in less than a year, in the best deal we have ever completed.", "duration": 9.81}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_1.wav", "text": "A reconciliation of these measures is provided in the earnings press release issued this morning, which is also posted in the Investors section of our website.", "duration": 9.81}, {"path": "13220986bf30f26076a674e2a9edc89c_157.wav", "text": "in a couple of areas, right? One is, to figure out how much of the benefit for banks of the Tax Reform Act", "duration": 9.81}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_11.wav", "text": "This means an emphasis on our healthcare customers and patients, the establishment of strategic healthcare relationships and partnerships with hospitals and payers", "duration": 9.81}, {"path": "81430c39b7b202d05644e419e2a01a65_106.wav", "text": "but can you update us on your momentum of new awards, how you expect this to take shape given the refocusing around", "duration": 9.81}, {"path": "7e14890193df4b10e1eeab6ab886529f_6.wav", "text": "Our winter marketing campaign was our most globally coordinated and integrated to date and highlighted the freedom and flexibility of the Weight Watchers program", "duration": 9.81}, {"path": "7e14890193df4b10e1eeab6ab886529f_98.wav", "text": "who stay within because they want to continue the support of the community as well as being able to continue on their health journey.", "duration": 9.81}, {"path": "7e14890193df4b10e1eeab6ab886529f_217.wav", "text": "We do feel and we do know that when families look to get healthier together, it works because they have support.", "duration": 9.81}, {"path": "67716cee321d117b0318930dd142f06a_95.wav", "text": "Our people that are in -- companies that are actually in the non-residential infrastructure business are doing extremely well, much better than our company average.", "duration": 9.81}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_208.wav", "text": "And we see that in the terms of the deals we've negotiated with them, but we also see that in the way we talk with them about the", "duration": 9.81}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_2.wav", "text": "We are prudently reducing the risk profile of a number of our portfolios in response and waiting for more attractive opportunities to redeploy capital.", "duration": 9.81}, {"path": "78c85dc9a16f82b09d3a2363004e658d_115.wav", "text": "in the construction world. They're going to be delivering products into the construction space. They're probably going to be one of the larger pre-fabricators out there", "duration": 9.81}, {"path": "1d2f3c74735a986131e7b219d9eff713_180.wav", "text": "Absolutely. And just to kind of play off of that, can you talk about what drove the additional strength in March? And then", "duration": 9.81}, {"path": "46906afb4e1ee1fef09b5908e76beefa_141.wav", "text": "certainly, we could sell the business in parts. As I said, we are exploring and have a whole range of strategic options in front of us and we'll continue to pursue all of those", "duration": 9.81}, {"path": "01502edf6cda82061f1f45d6b0e8e189_15.wav", "text": "We continue to take cost out of our products and find new ways to add value through technology, with the integrated TIC being a prime example.", "duration": 9.81}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_85.wav", "text": "And we'll keep you posted. And like I said, I'm optimistic that we'll be able to get this initiated by the end of the year, and we're doing everything we can to make that happen.", "duration": 9.81}, {"path": "839852ec8452dbd90e9341d15cbba7c5_7.wav", "text": "but we do want to confirm an outlook of 8% to 10% organic revenue growth again next year, with an expectation", "duration": 9.81}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_60.wav", "text": "lower unit volumes, the favorable impact in the prior year from the lagged pass-through of decreases in resin costs and foreign currency transaction gains in the prior year.", "duration": 9.81}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_12.wav", "text": "Affordable housing represents a significant opportunity for Fleetwood, and the exclusive supply agreements with the 2 major operators are expected to contribute strong forward volume.", "duration": 9.81}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_59.wav", "text": "Along with the discontinued operation that I'll speak about in a moment, the 3 business streams were previously grouped as one segment called Manufactured Accommodation.", "duration": 9.81}, {"path": "5f38ce681d4413a793d34a0650c59bf2_103.wav", "text": "in order to avoid dismissal. There's also the additional advertising by plaintiff attorneys as well as other factors. So all of those things are contributing to us receiving new information", "duration": 9.81}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_115.wav", "text": "because we expect that we'll complete fewer acquisitions in the second quarter relative to the first quarter based on the acquisitions completed or agreed-upon to date.", "duration": 9.81}, {"path": "23eff4c724ee00f56319fcc47add3441_160.wav", "text": "But I fully have confidence that our employees around the world are in the manufacturing facilities of our customers, talking to them about those challenges.", "duration": 9.81}, {"path": "23eff4c724ee00f56319fcc47add3441_16.wav", "text": "We won't see significant pricing actions in the fourth quarter from what's been taken in the first 3 quarters of the year. There will be", "duration": 9.81}, {"path": "8957425799e5ce0200bfacf204d0acde_6.wav", "text": "In particular, we believe the drive toward local content by many national oil companies will prompt more local startups thereby expanding the market for equipment that NOV provides.", "duration": 9.81}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_118.wav", "text": "As a result, they made the decision to market imaging mass cytometry services using the Hyperion, and they launched with a number of new pharma contracts already in hand.", "duration": 9.81}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_96.wav", "text": "Despite the considerable political, regulatory, economic and social uncertainty we face over the coming quarters, we will not deviate from our strategy.", "duration": 9.81}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_103.wav", "text": "total billings is no longer relevant in the assessment of our performance, and we will therefore no longer report or guide to total billings.", "duration": 9.81}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_119.wav", "text": "This decline in services revenue should accelerate as we go through the year, with the third and fourth quarters seeing the steepest year-over-year decline.", "duration": 9.81}, {"path": "257e4e92036da9582a8a288c88332ff3_74.wav", "text": "With a focus on all of our shareholders, we are committed to consistently delivering strong financial results throughout the company.", "duration": 9.81}, {"path": "0f06227be4dd36d9329849eda96196aa_33.wav", "text": "and an accompanying corporate name change. We believe the decision to improve our company in this way was beneficial for many reasons, including lowering certain administrative expenses", "duration": 9.81}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_47.wav", "text": "What we continue to see going forward, our business is going to be sustainably larger. It's more diverse, less volatile, less cyclical than it's been in the past.", "duration": 9.81}, {"path": "15ac383479a7c990aab7b155e4d42053_17.wav", "text": "look at these loans that we've acquired and that we've marked, we're trying to do a scrub right now and just see what the long-term fit is of some of these clients, because if we're going to exit,", "duration": 9.81}, {"path": "e56726c7aedd69029957c84128050700_74.wav", "text": "in their launch process and as a result more valuable for rapidly improving quality and containment from the first part produced.", "duration": 9.81}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_60.wav", "text": "In closing, I'd like to reiterate the high degree of confidence and visibility we have in the business as we look out over the next 4 to 5 years.", "duration": 9.81}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_246.wav", "text": "does the delay in ongoing investment impact the ability to get value for the same dollar out of the field?", "duration": 9.81}, {"path": "911d447bcdcedb4e0cf5230de225921c_47.wav", "text": "you got hydrocarbons in every zone that you go through. So can you just talk a bit more about what's driving these bits that you've colored in? Is this areas that have had", "duration": 9.81}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_76.wav", "text": "up from about 50 when we acquired it less than 2 years ago. Marseille is an excellent example of how our communities of interest develop.", "duration": 9.81}, {"path": "e3d70ecdb6aaed843dd059c121962e45_14.wav", "text": "As a reminder, revenue per req is not a proxy for price. It includes a number of variables such as unit price variation, business mix,", "duration": 9.81}, {"path": "38b2f94da12bbf2d32246763aab8265a_66.wav", "text": "there's a lot of growth going on. If we look at life business, the number of customers will fall a bit before it begins to grow again.", "duration": 9.81}, {"path": "e60f6485243932b9280d864cb17a6ba8_193.wav", "text": "It is a good sign of improvement of the world economy, but it is also linked to the impact of the ongoing transformation plan of the group.", "duration": 9.81}, {"path": "bab12f620df0f367e74acdcc467686f1_4.wav", "text": "As we look across our markets, several positive trends are becoming apparent. First, public sector funding in our Americas design markets is improving.", "duration": 9.81}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_15.wav", "text": "Our consumers are doing more than ever before on our platforms, and our partners are using more products and buying more services from us than ever before.", "duration": 9.81}, {"path": "16e51362df94379ea33a24334015f385_10.wav", "text": "As a reminder, we do not expect to have any material marketing spend associated with customers added through this service for time being", "duration": 9.81}, {"path": "cc5ce88cbccddf8e99408418e7749a7d_23.wav", "text": "For renewable generation, also a relevant increase because of new capacities that came into operation as well as", "duration": 9.81}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_176.wav", "text": "it has an architecture where it runs partly on-premise, and that's one of the reasons it's able to do everything that it can do from an integration layer.", "duration": 9.81}, {"path": "b9b40b0c1e92fb226067bdceacbdab5c_23.wav", "text": "that you reached last night to other -- to the rest of the shareholders? We have material change reports, I think, Michael, that need to be filed. And so as we make sure we're", "duration": 9.81}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_164.wav", "text": "Is it the goal and expectation that share count can start now to go down as the impact from higher stock prices becomes a little less?", "duration": 9.81}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_226.wav", "text": "budget money there to outfit the car with an in-car camera and to allocate money towards the back end. And so", "duration": 9.81}, {"path": "526e0d5398a516831b49936c31a8ea1c_87.wav", "text": "Got it. Okay. And can you just give us the puts and takes? I mean, I know the Pennsylvania rate increase, I know the environmental cost recovery rider in", "duration": 9.81}, {"path": "b1da16cba24af8e472573c4c9caf17c7_132.wav", "text": "The fourth quarter RevPAR growth is expected to moderate somewhat from the third quarter as group booking patterns are less robust towards the end of the year.", "duration": 9.81}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_67.wav", "text": "And then we also keep an eye on our liquidity and overall capitalization of bank agreements, our leverage ratio to make sure that we're being prudent", "duration": 9.81}, {"path": "968913c3f9111fc67f1d9956c56dec3b_12.wav", "text": "As always, our closings are led by a designated quality assurance associate to independently explain the contractual terms of each transaction.", "duration": 9.81}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_179.wav", "text": "But we will have to add capacity in Asia to continue to grow. Our outlook right now for both of those products is that they are getting tight.", "duration": 9.81}, {"path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_87.wav", "text": "Last, we must have the capacity to analyze and transform the data that our business generates into information", "duration": 9.81}, {"path": "3898a5c021167b8169287fc8bb59f753_95.wav", "text": "It's a growing and an exciting opportunity for us but one that we are being patient with. We want to make sure we have the right partner or partners depending on how we do it,", "duration": 9.81}, {"path": "3898a5c021167b8169287fc8bb59f753_45.wav", "text": "the good side of our testing is we're learning a lot. The challenge to it is it's a little bit of up and down for our guests who have seen us come in and out of the various platforms.", "duration": 9.81}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_56.wav", "text": "His experience in driving enterprise-type sales with long sales cycles over the finish line while closely partnering with all key stakeholders will serve us well.", "duration": 9.81}, {"path": "262bc21196721c5ff9114acbd2ff03c3_277.wav", "text": "Asia has been very strong, was up already last year as you see up again this year. And really the 2 engines for us in Asia are China and Japan,", "duration": 9.81}, {"path": "aed770c98113f594e36325a5822547e4_96.wav", "text": "of 2018. We're working with a strong sense of urgency and the need for speed, but we also recognize how critical it is", "duration": 9.81}, {"path": "52976c4bc9a150b3c85d5d6f1b3febb1_21.wav", "text": "We work very well with growth, profitability and investing back in the business. And I think that we are demonstrating that we are doing it in a very responsible way.", "duration": 9.81}, {"path": "f13362f70e41d74f3fda8d7dfb19f09e_59.wav", "text": "and we also have some new initiatives to drive relationship in core checking. And I would say, this quarter was one of the first quarters where we had loan growth", "duration": 9.81}, {"path": "da34a7b460e520db0401de3ce860187c_74.wav", "text": "what their concerns are because I think we have -- the most important issue is the industrial logic and the industrial rationale remains very strong", "duration": 9.81}, {"path": "da879f8ea1c23aa6565cccaacac271fc_41.wav", "text": "Due to the planned acquisition of WIL Research and our goal to quickly repay debt, cash flow generation has become an ever-greater focus for us.", "duration": 9.81}, {"path": "dffe8257f781608bb17bb637249e4d2a_95.wav", "text": "as is evidenced by the recent parliamentary hearings and in us maintaining our level 2BE status under the FSE codes for eight consecutive years,", "duration": 9.81}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_172.wav", "text": "And then, of course, how many come in with digitized family history, how much phenotypic information have we collected, either directly from their medical record or as a part of the ordering process,", "duration": 9.81}, {"path": "7cc11de7f206c637e6293da0d956405e_16.wav", "text": "The changes we made to our deposit rates late in the quarter were geared at bringing our prices closer to the competitive set and included an element of catchup.", "duration": 9.81}, {"path": "a46647751ef690279d96126395de42d5_1.wav", "text": "Now let's move on to results, and I will make some additional remarks on this topic at the end of my presentation.", "duration": 9.81}, {"path": "bc3fa49aaccfacb1392855627864851e_102.wav", "text": "Our expectation is that each of these markets will perform at a high level, produce results consistent with our existing communities and will be accretive to our operations.", "duration": 9.81}, {"path": "3d3b327645f62f252bb876e5bb4a9259_96.wav", "text": "they understand the priority -- the interesting thing is, our customers have now sort of probably gotten even better at having a priority of payments in terms of how they spend their money.", "duration": 9.81}, {"path": "e42f90eacf0e766ff39973c6aca06c93_85.wav", "text": "Anticipating a traditional review time, we expect the update of the Eversense system with the calibration reduction in the first quarter.", "duration": 9.81}, {"path": "49d1f0821d7f9a848e9b07a239c47074_162.wav", "text": "even though you have said that at the end of the quarter, you had a high demand from the distributor. And to that as well on France, it seems that the margin has been,", "duration": 9.81}, {"path": "a80e75fbf2fe24eaca12461f2d88d5c6_17.wav", "text": "Gathering and transportation was above the high end of our guidance, however, this was offset by natural gas price differentials, which were better than the low end of our guidance", "duration": 9.81}, {"path": "2a7af3c66762ce608379005a3d7bfa96_196.wav", "text": "bring the margin down a bit in the second quarter from the first quarter. And that it just goes on down the line as we lap the price increase that we got", "duration": 9.81}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_78.wav", "text": "As tech professionals and employers continue to engage with our properties, we'll gain better insight into customer behavior and use this information to better advise our clients.", "duration": 9.81}, {"path": "af00f4e7b63ee843a3d203f982fac701_58.wav", "text": "Finally, before I turn it over to Randy to review our financial performance in more detail, I want to reinforce why I like our business and why we believe our fundamentals are strong.", "duration": 9.81}, {"path": "80a2ca14358172366acab4e80f3fa33b_124.wav", "text": "products, you can pick them up and eat them any time around the clock basically. Any time you feel like it, you can pick it up and eat it.", "duration": 9.81}, {"path": "a0d537badd260e2071136602e3b73b26_113.wav", "text": "A REIT conversion would also be facilitated by exchanging a portion of our public senior unsecured notes for private notes issued by one or more of our taxable REIT subsidiaries.", "duration": 9.81}, {"path": "299bad77345d2e44fa5768f4416f7b97_179.wav", "text": "and we think it's an interesting place to study. Solriamfetol, given some of the things we know about PD patients and we know about the mechanism of action of this drug,", "duration": 9.81}, {"path": "838af8ffae77ce8ff59c77b1985f8fc5_8.wav", "text": "as part of our ongoing safety protocols, and as such, we do not expect any impact to our annual budget. It's just a function of us shifting this timing into the second quarter.", "duration": 9.81}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_192.wav", "text": "and then the tooling and the fabrication of prototypes will go through some iterations with our customer on trying to optimize strength and weight and cost", "duration": 9.81}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_102.wav", "text": "In terms of the 8-K announcement and some of the leadership change, we had a structure which was maybe a little top heavy in that we had a senior VP of Sales", "duration": 9.81}, {"path": "ea80970d6b8e6fab10c4500aa7298914_155.wav", "text": "we highlighted many times that we were going to hold margins and improve as we go forward and get to full earnings utilization of these factories that we put together. So", "duration": 9.81}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_87.wav", "text": "Our payments business, which is less predictable than our contractual recurring revenue, is still exhibiting healthy growth but coming in lighter than we originally expected,", "duration": 9.81}, {"path": "8d71e62af8c57a752b0e04f6546bf622_15.wav", "text": "that IDB is valuing at fair value, and we are recognizing that historical value at the moment of our acquisitions. So when you compare", "duration": 9.81}, {"path": "66b25c60d952bd002c7ab20da9248086_20.wav", "text": "where if you listen to, for example, BlackRock and a lot of these firms, that absolutely is one of their core parts of their kind of strategy and goal going forward. So", "duration": 9.81}, {"path": "a2ba164f019804628c07b36de47cd464_25.wav", "text": "step therapy process of making sure that the statins are fully utilized, but also negotiating on behalf of our clients on -- in rebates as well for that class.", "duration": 9.81}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_169.wav", "text": "Starting on the left side of the chart. The key catalyst that has accelerated our transformation is the success of our asset sales program this year.", "duration": 9.81}, {"path": "71c8aba809b2c3334e487f92f9009647_78.wav", "text": "did you move pricing up during last year? We normally think of April, but actually because of the hydrocarbon effect, were you putting through price increases as the year evolved?", "duration": 9.81}, {"path": "243e9a046160bfbf82be702927a4df22_121.wav", "text": "This was mostly related to a noncash change in the fair market values of the derivatives portfolio, which was driven by a decline in the WTI oil pricing during the quarter.", "duration": 9.81}, {"path": "89499eed4dff3bd184e91cd496111f22_113.wav", "text": "That share impact will depend significantly on the movement in our traded share price throughout the year as we apply the treasury stock method to those additional warrants.", "duration": 9.81}, {"path": "1215cf00a11992ec74743f92026af2e9_138.wav", "text": "We continue to advance efforts with respect to a number of additional transactions, and believe we'll be successful in achieving and potentially exceeding", "duration": 9.81}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_186.wav", "text": "a plus. And we're really everywhere, with all the critical customers to take advantage of that, but it's pretty early yet in the process. Thank you.", "duration": 9.81}, {"path": "72b117fb1330bda9f954a219bb5a675e_69.wav", "text": "credit management and cash collections. Members of the integration teams created detailed plans and worked diligently, adding up to thousands of employee hours", "duration": 9.81}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_206.wav", "text": "as we move forward, and so those areas are also getting what I would call historically outsized investments as we upgrade those capabilities, which we think are", "duration": 9.81}, {"path": "e552924838fe493d3cc967dd0c5c4563_163.wav", "text": "But generally, that gasoline demand is being made up in the Middle East and Europe. And we've got good market positions in both of those regions.", "duration": 9.81}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_21.wav", "text": "look at every opportunity. I think we have to look at everything, at least a bit. We are not going to get", "duration": 9.81}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_35.wav", "text": "as is the case of our Vice Presidents that run the Core, Digital and Denis that runs Linx Pay,", "duration": 9.81}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_77.wav", "text": "we use margins generated by current products to invest in the following steps and future growth.", "duration": 9.81}, {"path": "8611e088fa81dc9b999c382b62641dfc_39.wav", "text": "Moving onto IoT. The group is on track. We are looking to ship our first prototype in the third quarter and have revenue-ready product by the end of this year.", "duration": 9.81}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_238.wav", "text": "Finally, I want to reiterate to all of our investors or potential investors on this call that if you are an investor who is generally", "duration": 9.81}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_141.wav", "text": "for engaging in that at this time, at this relatively early stage perhaps for a pricing discussion for them, because the conversation is critical to getting where we need to go,", "duration": 9.81}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_115.wav", "text": "We appreciate your constructive input, your support and your investment. I know we are all learning a lot from our conversations with so many of you.", "duration": 9.81}, {"path": "125388f1b45117acde70abc39e0f7d04_63.wav", "text": "We will clarify the projected impact on our next call once we've closed both deals. I'll now turn it over to Tony for his comments. Thanks, Rob.", "duration": 9.81}, {"path": "21abf3409d34eea6f33336ad93662cfd_16.wav", "text": "We continue to improve the experience for users in our French, German and Spanish language sites through new payment options and increased trust signals.", "duration": 9.81}, {"path": "d383beeae6efd0a411a453f90412d8d3_12.wav", "text": "maintaining significant buffer over minimum levels in the course of 2018, but we expect that this comfort level for us", "duration": 9.81}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_56.wav", "text": "some issues they had around tenant coverages and things back in November that really forced us to put that on the back burner. So it wasn't specific to being split rate that we pulled back.", "duration": 9.81}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_11.wav", "text": "I attended the opening in Dublin and was pleased to hear directly from customers how important the facility will be in helping them prepare for their product launches.", "duration": 9.81}, {"path": "411bdacf05f84134fc80b874a15cf3b7_97.wav", "text": "We clearly see that public video is understood more and more as another screen in the digital and online universe and thus we get access to new advertising pots", "duration": 9.81}, {"path": "411bdacf05f84134fc80b874a15cf3b7_17.wav", "text": "to support the growing number of tandem teams. We have integrated the digital directory products of Omnea, as Udo already mentioned before.", "duration": 9.81}, {"path": "712bbcab5338e07dd63dad97bb652018_140.wav", "text": "Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.", "duration": 9.81}, {"path": "81c03e2c15e8fe8213fbd40368b49581_92.wav", "text": "The slide presentation may be referenced by clicking on the Dynex Capital First Quarter 2017 Earnings Conference Call link on the Presentation page of the website.", "duration": 9.81}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_129.wav", "text": "into group Medicare Advantage offerings. So we'll look to give you updates on the selling season as we progress through the year. I think you also", "duration": 9.81}, {"path": "b478d2808e90233ed994884e644a3d34_30.wav", "text": "value customer with a strong market basket. We bring innovation to the category. And our retailers understand this. We have good working relationships with them. And", "duration": 9.81}, {"path": "24c7526f6daca8e16ab91bea6124148a_70.wav", "text": "Many of the world's largest food companies, including some of the largest food retailers, have announced their intentions to use natural colors in their products.", "duration": 9.81}, {"path": "24c7526f6daca8e16ab91bea6124148a_212.wav", "text": "the natural follow-up to a restructuring. The restructuring is great and you take out those costs, but really, the costs should continue to come out of these businesses", "duration": 9.81}, {"path": "24c7526f6daca8e16ab91bea6124148a_161.wav", "text": "But I don't think at this point, as I sit here, you would anticipate us buying something on the basis of market share. I believe that, that can be a very inefficient way", "duration": 9.81}, {"path": "6f1b092b312410065d308541be46da95_15.wav", "text": "As expected, this was principally due to lower revenues from the French Interconnector and last year's gain on the Iroquois gas pipeline transaction.", "duration": 9.81}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_63.wav", "text": "at average spreads north of 50%. As some of you have also noted in your research, our track record of capitalizing on bankruptcies compares very favorably.", "duration": 9.81}, {"path": "538323cb37246bc97d1253b369a7414a_107.wav", "text": "And then the third topic is naturally now some update on the merger-related issues that I am sure everybody is hungry for information.", "duration": 9.81}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_12.wav", "text": "In addition to all the uncertainty surrounding metal costs, new federal regulations have caused a truck driver shortage, resulting in much higher freight costs across the nation.", "duration": 9.81}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_86.wav", "text": "freight cost expansion that we saw in the first quarter as a consequence of federal regulations further exacerbated that situation and really hammered us in the first quarter.", "duration": 9.81}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_109.wav", "text": "Additionally, our geographic expansion initiatives and those of our customers will allow us to continue to fully support our customers with additional value-added products and services", "duration": 9.81}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_103.wav", "text": "the people we put in place. So there was some degree of churn there when we looked at people with the right skills to go into the right slots.", "duration": 9.81}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_67.wav", "text": "Additionally, we announced the retirement of 2 longstanding board members effective as of the upcoming Annual Shareholders Meeting in early March.", "duration": 9.81}, {"path": "027d36b67ee5bba934695b2d0c47eb08_44.wav", "text": "now that it's 6 people when it used to be just 1 person, of just telling that story of what First Defense does, how you can avoid another vaccine to your cow", "duration": 9.81}, {"path": "dd28a387ccc9575df47840b850647c7f_30.wav", "text": "Our plan is to run it as full as possible on Siding, but we are retaining the capability to make commodity OSB in that plant.", "duration": 9.7800625}, {"path": "e33785a294553de2a12d4463bf786744_5.wav", "text": "and our safety results demonstrate this commitment, and I'm very pleased with the progress that the company has made in the last 3 years.", "duration": 9.7800625}, {"path": "2cd5b184c2ef6624ce219830182927c9_169.wav", "text": "And we build these projects primarily from our pipeline. We build this pipeline over years, and we harvest it and with the intention of owning and operating these.", "duration": 9.7800625}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_97.wav", "text": "to presentation of meaningful clinical data in just 2 years for 2 different programs. We believe this is virtually unheard of, and we have several additional candidates to follow.", "duration": 9.78}, {"path": "e23e3aabab4b12e359bc92a480c2d294_12.wav", "text": "it will be under a different brand, as we have done in the past with our other branded procedures that are agnostic of provider and our facility.", "duration": 9.78}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_116.wav", "text": "While the hotel is in great shape the real issues continues to be the impact of Zika and the absorption of the new beach supply that has entered the market over the last 24 months.", "duration": 9.78}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_6.wav", "text": "Compared to the year ago quarter, the decrease was primarily driven by the deployment of additional resources and the incurrence of additional costs", "duration": 9.78}, {"path": "94fdf7b24748a7706b1097482a0f363a_159.wav", "text": "just because of the volatility and the purchase trends cost. I mean, that's -- those are where we're seeing the highest rates. And you can look at these third-party indices to get a sense for", "duration": 9.78}, {"path": "6388da88b00ebc88af59435bdac74132_18.wav", "text": "Our long-term orientation enables us to look beyond short-term market gyrations and our focus on creating growth and fundamental value in our portfolio companies", "duration": 9.78}, {"path": "3cb802f8fba7d33603c29387ccdaf817_162.wav", "text": "And on Monday, we issued a news release announcing approval recommendation granted by CHMP in Europe.", "duration": 9.78}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_208.wav", "text": "in the storage business, I have looked at it quite extensively, is a combination of things that occurred,", "duration": 9.78}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_37.wav", "text": "that probably equates to 5 or 6 points on the combined ratio this year as compared to 8 or 10 a year ago.", "duration": 9.78}, {"path": "d28b2b09c127b5be033738aa3cd380b3_100.wav", "text": "at the same time in an environment where value remains king for the consumer, and that's perhaps the reason why we've done so well.", "duration": 9.78}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_17.wav", "text": "and a strong foundation to build off of, we are well positioned to increase our platform's reach as we continue to execute on our expansion initiatives into new states,", "duration": 9.78}, {"path": "6b45877b719000e47adfd1ec118c376a_12.wav", "text": "As far as impacts, we do not have any knowledge today of any closures and as we've said before, if we did see any closures, it's our view that we would have plenty of opportunities to work our way through them.", "duration": 9.78}, {"path": "280817d93f79714585d82b9c2dbecab3_30.wav", "text": "Now a large factor in attaining this level of revenue contribution from our international operations this early reflects industry pricing.", "duration": 9.78}, {"path": "13220986bf30f26076a674e2a9edc89c_178.wav", "text": "that investments that we're -- we make the investments that we need to ensure future growth, right? So the mix of that is something that we look at, but not necessarily", "duration": 9.78}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_197.wav", "text": "make that work. I think the other thing that we've observed is that as some of these platforms have grown into millions and millions of units,", "duration": 9.78}, {"path": "1927f9c722093d1d64b610c4227ccf59_114.wav", "text": "Driving our ability to not just deliver returns but to create meaningful added wealth has been our leadership in delivering equity returns on the investments we've made every quarter.", "duration": 9.78}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_205.wav", "text": "We are focused on core check retention and acquisition and developing incremental retail customer acquisition channels.", "duration": 9.78}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_100.wav", "text": "so I do expect that I will complete the search and, hopefully, be able to announce a new CFO by the next earnings call.", "duration": 9.78}, {"path": "14f3d2486b21e639a953afb7ad03d90c_24.wav", "text": "Regarding working capital, inventory levels will most probably continue to be at a high level during this transformation.", "duration": 9.78}, {"path": "918de179148bbfe18b95415ee0065a3d_122.wav", "text": "The graph on the bottom left quadrant shows the daily production performance and time cum plots from the older generation wells and then that of our new wells, which are depicted in red.", "duration": 9.78}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_99.wav", "text": "Okay. And I mean, as you pointed out, that hasn't been a focus of your business model in the past? Is there a potential for that to become", "duration": 9.78}, {"path": "b34f680a9162805e0188170d6272a356_188.wav", "text": "and bottom line performance for 2019. Growth opportunities that for years were on the horizon are now at our doorsteps across the end markets and geographies that we serve.", "duration": 9.78}, {"path": "1b91eb82f5211000e711424657cc2484_63.wav", "text": "the transaction stands on its own, and again, that we can grow it, but the math has to make sense. And probably most importantly in our business, it has to be a great cultural fit,", "duration": 9.78}, {"path": "75fa1bebed0b858c76cc7058477e40e2_25.wav", "text": "We're working very closely with them to be one of their initial if not their absolute initial first client to be able to utilize their platform from a delivery perspective.", "duration": 9.78}, {"path": "75fa1bebed0b858c76cc7058477e40e2_51.wav", "text": "That's something we think would be absolutely a very important vehicle in really driving home the value proposition, building guest engagement with our customers.", "duration": 9.78}, {"path": "75fa1bebed0b858c76cc7058477e40e2_118.wav", "text": "We've also begun testing a greater use of technology to educate and develop our team members and meet the needs of today's millennial employee,", "duration": 9.78}, {"path": "172cea7765ae61b8423572c894b3a5b8_33.wav", "text": "Don't you think that you should benefit in the last part of the year from sort of easy comparison", "duration": 9.78}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_26.wav", "text": "Yes. I would say this, first of all, we want to do everything we can to start the trial this year for a couple of reasons. The first is for patients,", "duration": 9.78}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_98.wav", "text": "And consumers really like new products. This does not mean that they don't like existing products. It's just that they have too many choices.", "duration": 9.78}, {"path": "2fc915b996c687200d995736980aae9a_202.wav", "text": "I think you got 2 of them mixed. I think our inventories are pretty much in line now. The growth is where you'd expect them to be. New distributors that turned into subsidiaries", "duration": 9.78}, {"path": "797946494c2985a20aa50823e8723c44_27.wav", "text": "Additionally, we're continuing to review options to simplify our operating and tax organizational structure, which we believe will result in a simplified", "duration": 9.78}, {"path": "fa45af64ef25007f998c655347bfbecb_202.wav", "text": "What we did do in '18 is adjusting the organization, and that's how we did it, is what you see on this slide as well as a gateway to Europe,", "duration": 9.78}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_129.wav", "text": "kind of process back on, and we're back out actively selling in the marketplace. And we're seeing our pipeline start to rebuild. But as you would expect, that pipeline doesn't just", "duration": 9.78}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_181.wav", "text": "simply appear overnight. So it does take a little bit of time for those to come through and commercialize. But we're feeling good that we've kind of hit the objectives that we've", "duration": 9.78}, {"path": "4032bfdd59881fc6506c082737cb5a99_22.wav", "text": "slightly behind our recent history, but in line with history when the known Outdoor Retailer and Interbike issues were taken into account based on our expectations at that time.", "duration": 9.78}, {"path": "23181e15a64aff686a4bbef534a46cb3_108.wav", "text": "The situation was more difficult in Romania where the performance was poor, and we're making changes and taking initiatives to stabilize our operations in the coming year.", "duration": 9.78}, {"path": "0f06227be4dd36d9329849eda96196aa_19.wav", "text": "We have dedicated great effort in the past year to strengthening our team's ability in this area and believe our approach will become even more meaningful as time progresses.", "duration": 9.78}, {"path": "be4840dddb9ee8ea5102590be83badbd_184.wav", "text": "the message that I want to give you is, we will always grow on a very disciplined fashion. If there's an opportunity, we have to see that it makes sense,", "duration": 9.78}, {"path": "276392c471c063580869aec014a1feda_101.wav", "text": "Globally, we continue to offer our most popular products in more flavors that appeal to customers in local markets, a strategy that has proven to be successful.", "duration": 9.78}, {"path": "ebc4bc2cb3902901aff809c685db42ae_44.wav", "text": "In terms of Gestamp, the good news is that there's actually no change in our supply agreement, supply relationships, so there's no other value transfer which is occurring.", "duration": 9.78}, {"path": "e56726c7aedd69029957c84128050700_72.wav", "text": "And fourth, prudent management of working capital such that we can maximize free cash flows and reinvest in the growth of the business.", "duration": 9.78}, {"path": "1244d2b5a259c3bc73742830d60d53fc_40.wav", "text": "In Capital Markets, our opportunity lies within evolving regulatory and financial reporting requirements, along with a healthier capital markets environment.", "duration": 9.78}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_74.wav", "text": "the ROAM will be available for the second half of the year. We do have opportunities for it. Again, we've just been conservative and not added that to our guidance.", "duration": 9.78}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_207.wav", "text": "We expect products to end the year slightly below its budget, and that -- there, the positive impact of Double Eagle pipeline, which was acquired in the Hiland acquisition,", "duration": 9.78}, {"path": "f4d0f1362716be33f02690dd1a8df663_49.wav", "text": "which is, as I just noted, our basic strategy is to put our strong brands on the shelves of as many kinds of sales outlets as possible,", "duration": 9.78}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_17.wav", "text": "While our confidence in our growth opportunities remains unchanged, revenue estimates for 2016 have been adjusted primarily due to 2 factors.", "duration": 9.78}, {"path": "30710391b8ab4cb549180602d31d4f4a_183.wav", "text": "conversations on inflation throughout the call, and it sounds like there's an expectation that you can offset that with pricing actions. So wondering if the actions you took in the fourth quarter", "duration": 9.78}, {"path": "30710391b8ab4cb549180602d31d4f4a_166.wav", "text": "we believe we grow faster than the nominal growth in the marketplace because we're unleashing latent demand and taking share because of our unique way that we address those markets.", "duration": 9.78}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_5.wav", "text": "If you look at the additions to the portfolio, Eric will summarize those, but I think the important point I'd like to say is they've been a long time in the planning.", "duration": 9.78}, {"path": "7394bde65e000fbb7b528c6c65bd099d_59.wav", "text": "So I'm going to go through our quarterly results as well as our current expectations for the rest of this year with my additional thoughts on each business segment.", "duration": 9.78}, {"path": "636d6909fbd8656f88f72f66a3a162ff_136.wav", "text": "kind of uncovered cost that we had even this year around costs that are not allowed in rate banking. So we have a little bit of headwind next year. We're trying to look at that.", "duration": 9.78}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_79.wav", "text": "We go after very select opportunities where we think we can add specific value, and it's maybe a bit of a unique situation for our customer.", "duration": 9.78}, {"path": "be8b554309f7632bc9ebbd967764001e_1.wav", "text": "releases, need no reminding that the industry is in a pretty tough place at the moment, and we're no different from the industry.", "duration": 9.78}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_225.wav", "text": "We're going through the next 6 months still with an enormous effort from everybody in the organization. To implement that, I'm very confident that we will do that very well.", "duration": 9.78}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_146.wav", "text": "So that's the reason why we have the big focus around CBN across our key markets. Now turning over to expenses.", "duration": 9.78}, {"path": "29426a77336443eedde7eaa29e9c2852_27.wav", "text": "and let me explain why we're doing that. And so given the fact that most of our revenue now is cloud,", "duration": 9.78}, {"path": "b281eff988085e0776dc8a10223f1048_34.wav", "text": "While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change. Therefore,", "duration": 9.78}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_49.wav", "text": "Combining our improved financial performance in our key sectors of our business, we are excited and energized about the future of Westport Fuel Systems", "duration": 9.78}, {"path": "974a2d744cd3d9acf42d74816de91f7f_140.wav", "text": "can, and typically, does create a bit of volatility. And so the dividend is a way of trying to stabilize the stock,", "duration": 9.78}, {"path": "ea60900258f99d1003ab247c506e42d9_73.wav", "text": "Anthony from Investec. Could you, please, tell us a little bit more about your exposure to the rising fuel price? And how concerned we should be about", "duration": 9.78}, {"path": "58d5f604300a30c0c5bd9aa57d207478_115.wav", "text": "I personally haven't seen press releases from other companies to inform that the study continues when an interim analysis is not positive.", "duration": 9.78}, {"path": "bd40628b97efec198825ccf910c7e27e_62.wav", "text": "The outcome of the study leads us to believe that we have also satisfied the second point in the CRL. So with the CRL points addressed,", "duration": 9.78}, {"path": "526e0d5398a516831b49936c31a8ea1c_11.wav", "text": "It's designed to provide significant benefits for electricity consumers in the Northeast. PPL Electric Utilities has filed an interconnection request", "duration": 9.78}, {"path": "ab4dae37361262d727d1d2f8f78765d5_2.wav", "text": "You can't be in safety good or very good. You have to be -- for the things that matter, for those critical risks, you have to be perfect. You have to have", "duration": 9.78}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_174.wav", "text": "Customer demand for both our plate products and our long products is solid, and our value-added revenue is also benefiting from low contained metal costs.", "duration": 9.78}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_186.wav", "text": "but those exceptions are relatively rare. In extrusions, it's pretty much the same case, although some extrusions -- in extrusion, we have a higher percentage", "duration": 9.78}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_38.wav", "text": "feel like people who want to exit this business, we are the logical home for these assets. So it was a wonderful opportunity for us to extend our European business to the east and to the north.", "duration": 9.78}, {"path": "13141efea197b407280701081390f0ce_133.wav", "text": "Sure. It was -- in our Staffing Services group, if we just take a look through the quarter, there wasn't much inflection point in those organic revenue trends that we just shared.", "duration": 9.78}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_60.wav", "text": "So our strategy is based on a simple premise. Businesses will win or businesses will lose based on customer experience,", "duration": 9.78}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_113.wav", "text": "of just basically not being able to run the Martinez Refinery when it was in the final stages of turnaround and the work stoppage occurred.", "duration": 9.78}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_100.wav", "text": "rate in the West Coast across the states continues to be very favorable to having a lot of people working. It has", "duration": 9.78}, {"path": "571b0d30d88945a981006f24faa72cf7_176.wav", "text": "The most notable findings were that endoscopic improvements and even mucosal healing were reported in each of the 3 active treatment arms.", "duration": 9.78}, {"path": "571b0d30d88945a981006f24faa72cf7_17.wav", "text": "in a study design intended to improve efficiency and accelerate the clinical program. FDA and EMA have agreed to the design features", "duration": 9.78}, {"path": "21f21433851eb7c7f7dbc710309341bb_134.wav", "text": "their net promoter scores across all their markets are extremely high so they're doing very well in that regard. We got a game plan by market", "duration": 9.78}, {"path": "da879f8ea1c23aa6565cccaacac271fc_39.wav", "text": "contributed a net 230 basis points to the DSA operating margin in the fourth quarter, but because the credits are now subject to tax,", "duration": 9.78}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_133.wav", "text": "We also continue to expand diversified agriculture on our former plantation lands and have issued several press releases detailing progress that we're making on that front.", "duration": 9.78}, {"path": "41c28201e80491c91e34488556721756_219.wav", "text": "one of risks that I think the group talked about was, in the private credit markets and nonbank lending, and I just wanted to get a little qualifier of", "duration": 9.78}, {"path": "94f913b974baab79fb636f6521170dd7_49.wav", "text": "of their downline distributors, and profitable here is defined as you would expect. It has to be that they're selling the product at a price point", "duration": 9.78}, {"path": "9ec35a7809acb51486076e302028ba33_34.wav", "text": "For example, the deployment of our solution at Swiss railway continued in the second quarter. And we have received great recognition from the industry for this project.", "duration": 9.78}, {"path": "e33785a294553de2a12d4463bf786744_93.wav", "text": "This was primarily driven by higher maintenance costs due to customer planned maintenance outages more than offsetting our Take the Lead cost reduction programs.", "duration": 9.78}, {"path": "7498a6630302a038bd537d192c3a44f4_219.wav", "text": "Investors should not assume that the statements will remain operative at a later time. Lastly, Lumber Liquidators undertakes no obligation to update any information discussed in this call.", "duration": 9.78}, {"path": "9b64cf7bd80b5f16bf1c68440d023e8a_10.wav", "text": "but hopefully will later this year. I will now turn the rest of the time over to David for a few other points on our financials. Thanks, Jim.", "duration": 9.78}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_61.wav", "text": "But we really haven't pushed from a marketing standpoint the usage as we develop more and more tools and we gather more and more data.", "duration": 9.78}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_15.wav", "text": "We've already launched 4G in Switzerland and the Netherlands, and we've seen a rapid increase in sales and revenue activity in both those markets. Maybe just a quick comment on mobile consolidation,", "duration": 9.78}, {"path": "01b376669d5ea40acc7fb5a87503586e_138.wav", "text": "We certainly -- we noted in the comments that we're going to be initiating some restructuring in the fourth quarter,", "duration": 9.78}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_194.wav", "text": "Tim? I completely agree. I mean, the thing I'd love about this business and why I'm so excited about it when I go forward is, one, we've got really robust competitors. It forces us to stay innovative and smart.", "duration": 9.78}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_7.wav", "text": "In summary, we are right where we thought we would be, stabilizing, fortifying and operating with increased excellence across our business.", "duration": 9.78}, {"path": "b126c31149f1cadf1d891082a187d6fc_224.wav", "text": "waiting in line for the Medicare contractor to give them permission to treat the patient. So it's the lesser of 2 evils.", "duration": 9.78}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_222.wav", "text": "And that overall market seems to be a little bit softer year-over-year than what we anticipated. I think the last piece on the second half that probably dragged a bit on revenue", "duration": 9.78}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_1.wav", "text": "I think the word proud will be said many times from people in Atea today, at least from me. We came in at a revenue", "duration": 9.78}, {"path": "812d8f09b72b4d410d138d3b24caebbc_33.wav", "text": "The facility is in France. There are 3 -- in the site there are 3 production units, one of which is the one where the fire significantly destroyed.", "duration": 9.78}, {"path": "794528c461ef7009b1741ac67c17aba4_141.wav", "text": "I also want to remind you, we're also waiting for final decision in China that will also be coming soon with regard to us launching in China,", "duration": 9.78}, {"path": "ebd59e21db89edb92205e012427cd9db_23.wav", "text": "a certification of that resource sometime during this year when the results of these wells have been fully assimilated into our development plan.", "duration": 9.78}, {"path": "72b117fb1330bda9f954a219bb5a675e_68.wav", "text": "During the second quarter, we advanced our commercialization plans for a number of products. And just last week, we launched the CUSA Clarity platform in Japan.", "duration": 9.78}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_23.wav", "text": "and we're clearly making progress to getting this business in that range. And I think, so one, that's the standard we hold ourselves to. So I'm", "duration": 9.78}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_68.wav", "text": "They take a number of years to fully realize the benefits. And so a number of steps, but we're continuing to roll out new technology in the Institutional field force.", "duration": 9.78}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_76.wav", "text": "We have a very good new and emerging reputation, and I think we have an opportunity to elevate and expand our customer relationships,", "duration": 9.78}, {"path": "c2bad61ce58687fad602549f6048004b_16.wav", "text": "The fourth quarter in those 2 markets will definitely be softer than they otherwise would be, and that will start to dissipate. Well, probably the first quarter will be a little softer,", "duration": 9.78}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_126.wav", "text": "Over the past several months, there has been a lot of negative comments from the experts about the overall macro environment and the truckload industry specifically.", "duration": 9.78}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_42.wav", "text": "whether you apply a venture debt or newer stage business label to it, for very long time here, and there are a number of people that do that.", "duration": 9.78}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_105.wav", "text": "With our large installed base of handset customers, we see an opportunity to acquire additional pervasive technologies that we can offer to our licensee base at economical prices.", "duration": 9.78}, {"path": "902872913863de98d38e2936b846cf66_294.wav", "text": "and we still find very encouraging, particularly once we see the construction start activity on the public side continue to pick up.", "duration": 9.78}, {"path": "bc1efb704df9c180935803c70a315597_233.wav", "text": "The loan asset spreads are a function of our strong commercial discipline in competitive markets on both the lending and deposit margins.", "duration": 9.78}, {"path": "9a33a60ff30e5b8a3e106c2204e3300a_12.wav", "text": "Was it the environment that kept you or pricing discipline that kept you or were you close to using some of the repo program in the fourth quarter?", "duration": 9.78}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_57.wav", "text": "commodity risk with them. In the Delaware Basin, we're probably seeing them lean more to fee-based. We keep ourselves open to", "duration": 9.78}, {"path": "00a36b039cb49e6b99bb6d17635a3c25_173.wav", "text": "So could you help me understand why there is such a small difference with no offer and a full offer running in the same period? Is it largely from mix or any other element of input cost reduction?", "duration": 9.78}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_16.wav", "text": "as certain customers have had difficulty obtaining U.S. dollars to pay our invoices. These late payments are timing issues and are not bad debt problems.", "duration": 9.78}, {"path": "0668081864383eb57919b99c85649753_127.wav", "text": "What I have said repeatedly as well is that when we have the cash in the bank, as a whole, the board, we believe, we're not going to do anything rash", "duration": 9.78}, {"path": "24c7526f6daca8e16ab91bea6124148a_52.wav", "text": "When I think about just where the FDA rules have been for like color additives, it can be interpreted by some as being very vague, very loose.", "duration": 9.78}, {"path": "6f4386a0ec3f1f34eebaf9bc231a5895_79.wav", "text": "They involve risks and uncertainties, because they relate to future events and therefore depend on circumstances that may or may not occur.", "duration": 9.78}, {"path": "6f4386a0ec3f1f34eebaf9bc231a5895_117.wav", "text": "Investors and analysts should understand that events related to macroeconomic conditions, industry and other factors could cause", "duration": 9.78}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_150.wav", "text": "in the past, Murray, you have talked about an increase in the level of expenses that you will incur as you", "duration": 9.78}, {"path": "bf99037f89cd485f95f097842619a0c7_95.wav", "text": "and we should basically observe now what the trends are, where the whole story is developing, bearing in mind all the risks and all the", "duration": 9.78}, {"path": "30a142fac5a62ab00227cb6a339a6226_57.wav", "text": "Today's call is to provide you with information regarding our fourth quarter and full year 2017 performance in addition to our financial outlook.", "duration": 9.78}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_54.wav", "text": "With this recent approval, we will record another loss on debt prepayment in the second quarter of 2019 when this payment is made.", "duration": 9.78}, {"path": "8dd740d83ff1c7319a82eeba6047633d_35.wav", "text": "term strong customer relationships where we do a good job of -- I believe we do a good job of knowing the customer well and matching up against their requirements well.", "duration": 9.78}, {"path": "9cd9b67e289e807d677aabc5765fec6a_185.wav", "text": "the run rate that we were expecting to get from selling these things, it's not the revenue synergies that necessarily occurred in the year. So for example,", "duration": 9.78}, {"path": "eb93e70cdf7a839a69546250fb3646fb_121.wav", "text": "Adjusting for a reduction this quarter in -- an elevated number of vehicles being prepared for sale, which provides a more relevant comparison to our forecast,", "duration": 9.78}, {"path": "16c235a53fc719ec92ef3b3c3b371150_282.wav", "text": "because I do believe FERC believes that part of their role is to try to work with states and some of the things that states are trying to accomplish.", "duration": 9.78}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_169.wav", "text": "We're in the early innings of our transformation, and there's still much work ahead of us before we see consistent double-digit profitability growth.", "duration": 9.78}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_94.wav", "text": "This solution is called deduction management and will give Kroger the ability to provide its suppliers with easy access to billing details,", "duration": 9.78}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_127.wav", "text": "reinforce our overall view of the company's expected full-year financial performance, which we articulated on our fourth quarter earnings call in late February.", "duration": 9.78}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_41.wav", "text": "During the quarter, we experienced good revenue growth in new lines of products, particularly our household container product line, which enjoys high margins.", "duration": 9.7799375}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_29.wav", "text": "Sure. And when you look back at the digital growth, there might be a little bit of the substitutive or the enhancement effect where", "duration": 9.7799375}, {"path": "118b6e5a6077bedf5081ed70425b6866_52.wav", "text": "Our earnings release was distributed yesterday and it is now available on our IR website as well as Newswire service.", "duration": 9.75}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_1.wav", "text": "We also continue to focus on recycling capital from our low return or loss-making businesses and rationalizing the group's cost structure.", "duration": 9.75}, {"path": "f262bb6a5f222326e1fd4cf3c5adee66_171.wav", "text": "What I will be looking at is in terms of a product strategy, a network strategy, I will have to look at my technology strategy. Have I -- am I -- is my offerings correct? What is my", "duration": 9.75}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_224.wav", "text": "Lifeline subsidizes mobile phone plans to millions of low-income consumers, who will now enjoy access to WiFi in their mobile plans.", "duration": 9.75}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_229.wav", "text": "We take care of people's skin. This is why we exist, and this single-mindedness is a real competitive advantage.", "duration": 9.75}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_86.wav", "text": "Because we have had a number of years of deterioration, and this really is the best indicator of quality of growth.", "duration": 9.75}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_32.wav", "text": "was really bringing the right people in. And that was probably the biggest challenge we had was getting the right people around the table last fall over the course of summer and the winter", "duration": 9.75}, {"path": "223f05c0b9b116532e9af84afa76cac7_98.wav", "text": "During the first quarter, the market volatility provided a window for us to capitalize on opportunities both traditional to Annaly as well as external opportunities.", "duration": 9.75}, {"path": "c68c15299b67173c7ae163cc5938f3c1_155.wav", "text": "A new ERP system is being installed to record the success and provide data to develop and to react. A new compensation plan is built", "duration": 9.75}, {"path": "55d548325797d638567669cd75444301_92.wav", "text": "So we will continue to build further on this as a step towards offering a more complete solution in one of our product area.", "duration": 9.75}, {"path": "7e14890193df4b10e1eeab6ab886529f_125.wav", "text": "We provide a unique program rooted in and informed by science that is not only about educating people on how to eat healthy and make the right choices", "duration": 9.75}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_18.wav", "text": "the business plan really is an emerging animal, and we want to make sure it's very attractive to whoever invests in it, and that would include", "duration": 9.75}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_23.wav", "text": "And can you talk a little bit about, which expense lines you expect to get the most leverage on to get up to the levels that you're talking about here over the next few quarters?", "duration": 9.75}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_23.wav", "text": "Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect all lines. Thank you, and have a good day.", "duration": 9.75}, {"path": "3180572bc2da758668c19200930e1bc4_47.wav", "text": "it's not going to be whipsawed. I think we're going to come close because I think, we can pick up our market share gain on that purchase side if it continues and we'll be able to", "duration": 9.75}, {"path": "7974a5134807f46a1484a8adf81505be_109.wav", "text": "And last quarter, we saw this on a spot basis, this quarter you see it in the averages. So look competitive dynamics are going to be a factor for sure.", "duration": 9.75}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_119.wav", "text": "In fact, our results in the fourth quarter reflect the resiliency of our portfolio as we delivered a 10% increase in adjusted earnings per share", "duration": 9.75}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_135.wav", "text": "in order to do that, you have to have all of the previous doses taken in the morning so that you can administer a morning dose on the day that the subject attends the clinic for the serial PK draws.", "duration": 9.75}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_64.wav", "text": "in it and how it will be administered. Will it be a once use container? Or will it be drawn from a bulk container?", "duration": 9.75}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_94.wav", "text": "And that usually means bringing down as much of the volatility as possible. And I would say that while we're not chasing volatility in this new portfolio, we are more willing to accept it", "duration": 9.75}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_49.wav", "text": "This improvement was the result of a decline in the frequency and severity of non-catastrophe claims and lower general expenses.", "duration": 9.75}, {"path": "c4dc8f962a85aa47af50f82845f550e2_107.wav", "text": "driven mainly by the accretive contribution of our acquisitions of Cal-Weld and Talon Innovations as well as improvements in our other products.", "duration": 9.75}, {"path": "01502edf6cda82061f1f45d6b0e8e189_150.wav", "text": "Operating margins continued to show good improvements as we continued our focus on improving the efficiency in our business and realigning our cost structure.", "duration": 9.75}, {"path": "18b396ddd443d84d12477c42e31cdf0e_3.wav", "text": "These high pressures make it difficult for the heart to pump blood through the lungs to be oxygenated, ultimately leading to heart failure.", "duration": 9.75}, {"path": "2a5b0a6532fa2b71915a2930be02621a_106.wav", "text": "In China, you're still less than half of the patients each year that need dialysis being able to get dialysis, because the system still is being built out.", "duration": 9.75}, {"path": "2a5b0a6532fa2b71915a2930be02621a_6.wav", "text": "in trends in overall survival. In ongoing discussions with members of our advisory board, we have been encouraged to press forward aggressively for this indication.", "duration": 9.75}, {"path": "e081f678e77792e5c5762fa425c49e56_54.wav", "text": "We continue to move forward with our Asia-focused joint venture announced earlier this year to offer dedicated quantitative products tailored for the Asian financial markets.", "duration": 9.75}, {"path": "839852ec8452dbd90e9341d15cbba7c5_28.wav", "text": "So the other couple pieces in there is healthcare again, which goes the other way, which will tick us back a bit next year and probably a little bit less price.", "duration": 9.75}, {"path": "5f38ce681d4413a793d34a0650c59bf2_208.wav", "text": "fairly high degree of confidence that those are all products that we will be able to deliver on. Now there's always some degrees of uncertainty.", "duration": 9.75}, {"path": "4032bfdd59881fc6506c082737cb5a99_129.wav", "text": "and there is a section of the show that's going to be unusable space. And so we're going to sell out the entire Javits Center that has the available space, but we've reassessed", "duration": 9.75}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_136.wav", "text": "Before I share my view on what changes we need to make, I thought I would start by telling you what is not going to change. We will continue to serve high-quality great-tasting food that consumers crave.", "duration": 9.75}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_247.wav", "text": "and be more top of mind with people to remind them why they love Chipotle. When you remind people about the fact that", "duration": 9.75}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_55.wav", "text": "Another influential sector were higher trade receivables, which increased especially as a result of the reclassification of real estate project development", "duration": 9.75}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_180.wav", "text": "Can it get worse in terms of a margin squeeze or do you think the worst is currently about to be digested?", "duration": 9.75}, {"path": "257e4e92036da9582a8a288c88332ff3_96.wav", "text": "as we fast-forward the year out? And I realize there's moving parts with Washington and everything else, but in other words, you've jumped around a lot and,", "duration": 9.75}, {"path": "e1da48985804bd3d99dffc5e33b6124b_107.wav", "text": "Thank you, Tom, and good morning, everyone. I will walk you through our financial performance for the second quarter before turning the call back over to Tom for his closing remarks.", "duration": 9.75}, {"path": "e1da48985804bd3d99dffc5e33b6124b_118.wav", "text": "in procurement and through productivity as really what we do internally to offset inflation whether it be raw materials or labor.", "duration": 9.75}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_7.wav", "text": "to improve power, performance and cost, means that integration challenges in a chip manufacturing process are increasingly complex.", "duration": 9.75}, {"path": "0f4370b614f29bd596e4f6871cc77864_6.wav", "text": "We believe we have the elements in place to execute our strategy. Our priority is, therefore, on execution and our objective is to perform to our potential.", "duration": 9.75}, {"path": "1244d2b5a259c3bc73742830d60d53fc_142.wav", "text": "the company is towards our digital strategy so -- as we can help our clients along that journey as they transition from", "duration": 9.75}, {"path": "7ec19aea307c76d4a57fa87368305630_112.wav", "text": "our Collaboratories. A key measure of our progress is how well we're able to think globally, think locally and act on both levels simultaneously,", "duration": 9.75}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_23.wav", "text": "However, we believe that our operating cash generation in 2019 will be substantially improved, and we are again targeting operating cash for the year to be in excess of net income", "duration": 9.75}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_89.wav", "text": "Our patented technology is the only one of its kind that has the certainty of gravity-fed operations, that means fewer moving parts and less dust.", "duration": 9.75}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_136.wav", "text": "from third quarter '18? The asset impairments for the depreciable assets were actually taken on the beginning of the second quarter.", "duration": 9.75}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_110.wav", "text": "because we're dealing with all of the key suppliers. But what we don't do is we don't have the overhead that goes with it around cutting, holding stock,", "duration": 9.75}, {"path": "132abea68f255eb89160dde90b6d3b80_30.wav", "text": "which clearly, under current conditions, I don't think we can expect anything. So we would expect some amount of pull, and we're seeing it at least in harvesting now.", "duration": 9.75}, {"path": "baf97ac5f6cc21f1387a53f2755e60d7_20.wav", "text": "we're comfortable with that. And if you look at the overall leverage of the company, we're still less than 2x the leverage towards our capital. So while it will have an impact, we don't think it will be a significant impact.", "duration": 9.75}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_172.wav", "text": "I'm curious what you're doing to help build out the ecosystem so that, that next derivative, effectively the customers who are going to consume off of those clouds,", "duration": 9.75}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_49.wav", "text": "In addition, as we built up our network for the significant amount of traffic we have ramped over the year, we have incurred a number of nonrecurring charges to establish circuits.", "duration": 9.75}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_110.wav", "text": "with higher average transaction sizes and a decline in late fees. The company experienced a slight increase of 7 basis points in cost of funds", "duration": 9.75}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_151.wav", "text": "Marlin delivered another solid quarterly performance led by record growth in originations and record portfolio levels while maintaining excellent credit quality.", "duration": 9.75}, {"path": "da14df2e02d11f6f8599533d9d57faee_106.wav", "text": "This flexibility has been requested by both students and educators. We will continue to leverage our existing campus relationships to expand this program.", "duration": 9.75}, {"path": "e60f6485243932b9280d864cb17a6ba8_9.wav", "text": "I will give you now some quick comments about the 3 divisions and WTS, and Jean-Marc Boursier will come back later on them with more details.", "duration": 9.75}, {"path": "b092d2be33ad52beefab208355b18235_140.wav", "text": "I don't think anything's changed from my comments or philosophy on that for some time. We continue to have active communications with lots of potential", "duration": 9.75}, {"path": "8aa1aa8317783203344434f855535c25_124.wav", "text": "As always, these potential investment opportunities are subject to approvals and documentations, and we may actively sell or syndicate post closing.", "duration": 9.75}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_33.wav", "text": "And if you could -- if you would call them out as one of the most interesting customer groups, or if there are others that you see as more interesting for Orion, like right now?", "duration": 9.75}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_15.wav", "text": "then, also maybe comment on some of the contracts that are coming this year? Are you seeing some relief in the rates versus this time last year?", "duration": 9.75}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_56.wav", "text": "if you look at the second half of our performance last year, even though it improved from the first half, we were still down slightly in clients and we also lost a little bit of share.", "duration": 9.75}, {"path": "1c89bbe35013b8f40511ac9ba8824242_71.wav", "text": "other companies that have gone through that threshold and with the relative success has been deemed to be both in terms of cost absorption, revenue give up", "duration": 9.75}, {"path": "a8b43081254547419da7462d9c957d61_136.wav", "text": "Determining the most efficient number of wells to drill and complete together is essential to maximizing the recovery and net present value of the whole asset.", "duration": 9.75}, {"path": "a8b43081254547419da7462d9c957d61_32.wav", "text": "This financial strength enables us to maintain a low cost structure and strategic relationship with our service providers by funding a steady CapEx program.", "duration": 9.75}, {"path": "3df0981a2d94ed56170b78330aa72ee9_98.wav", "text": "I think the full revenue velocity piece is something that probably warrants a little bit further analysis, but I think it captures some of the effect that you're seeing in the numbers.", "duration": 9.75}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_108.wav", "text": "and explained in detail the restructuring program, the implications of it, but also what we're looking to try and achieve out of it from a cultural and a process change across the business.", "duration": 9.75}, {"path": "a02b735de681c682fbb8025edecca271_15.wav", "text": "Their dedication on a daily basis, and that includes Saturdays and Sundays, is just unparalleled in my experiences over the years. They're a great bunch of people.", "duration": 9.75}, {"path": "98f10f0935e5b778e888a1b8130a3d31_365.wav", "text": "use fair value for your hedges and liabilities in advance of a change in regulation on VAs. I don't know if that's true. But have higher interest rates therefore helped", "duration": 9.75}, {"path": "98f10f0935e5b778e888a1b8130a3d31_204.wav", "text": "we have also realized a significant improvement in the underlying earnings growth of 20%. Those are the markets", "duration": 9.75}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_42.wav", "text": "Our commission expenses were up in the year, driven by a new commission model for our branded retail channel as well as the higher gross connections.", "duration": 9.75}, {"path": "02deeb29574f1571812a11f66bb8fda1_191.wav", "text": "But if I think 5 years from now or 10 years from now compared to where we are today and the unit volume that you would expect, it's going to be much, much, much higher, and that's the bet we're making.", "duration": 9.75}, {"path": "7aeefd3f7f36ea98354844517c1f012d_4.wav", "text": "As I said earlier, however, the growth in EBITDA was modest due to continued margin pressures, primarily from cost of sales and restaurant labor expense.", "duration": 9.75}, {"path": "b281eff988085e0776dc8a10223f1048_84.wav", "text": "Werner. During the first part of the trial, we refined the stopping rules. And while we were doing that, some of the patients missed the dozing window around the 28 days.", "duration": 9.75}, {"path": "885b465648704d8a5d15bd00078e2160_85.wav", "text": "I think it could be the latter. As we also said in the call, we are in discussions with multiple potential commercial partners,", "duration": 9.75}, {"path": "e271ed845347e9c930ab0a44eb7785da_95.wav", "text": "I'm Patrick from Nomura. I have some questions regarding the smart manufacturing and smart management. You mentioned that", "duration": 9.75}, {"path": "974a2d744cd3d9acf42d74816de91f7f_147.wav", "text": "performances or achievements, including statements related to the company's 2017 outlook, to be materially different from any future results,", "duration": 9.75}, {"path": "974a2d744cd3d9acf42d74816de91f7f_97.wav", "text": "We really have no additional comments at this time and if they are additional questions we'd be happy to take them, but", "duration": 9.75}, {"path": "20097e37747ec7bc3734246e83798fb1_89.wav", "text": "that is probably viewing ads or commercials at some point. So the growth from here, I mean, like -- what is the bottleneck to showing", "duration": 9.75}, {"path": "191c819db03c2dfd0207cd1f42e278a4_118.wav", "text": "So it is really that type of movement and volatility. As I think the industry just goes through volatility, it flows down", "duration": 9.75}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_8.wav", "text": "With this first in human study, we end to initially demonstrate superior immunogenicity of our vaccine across a variety of cancer types", "duration": 9.75}, {"path": "b43c001c5af465d220ab0b69a95202ae_207.wav", "text": "I think what you're seeing is an exercise of great discipline, but we look forward to continuing to grow the company", "duration": 9.75}, {"path": "13141efea197b407280701081390f0ce_25.wav", "text": "consolidated. Really, going forward, the way we're looking at it is if we have other methods to find", "duration": 9.75}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_102.wav", "text": "We announced the decision to expand discount to the West. We invested in a partnership with Ocado to build the best e-commerce solution in Canada.", "duration": 9.75}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_40.wav", "text": "as well as opportunities in the municipal bond portfolio related to refunding opportunities late in the fourth quarter.", "duration": 9.75}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_119.wav", "text": "is our ability to bring a holistic solution to that problem and to cut across settings of care. So I think we're in a really, really good position.", "duration": 9.75}, {"path": "e00fd35e201a8607d264b803a5130c59_68.wav", "text": "we will not be signing it and we will not be continuing going to future because we're not going to operate at a loss for austerity purposes. What has to change is the model.", "duration": 9.75}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_33.wav", "text": "And today, largely as a result of Federico's strong leadership, Molteni operates both directly and through its network of specialized partners", "duration": 9.75}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_104.wav", "text": "in an environment where pricing for most of the other commodities were low. Or any more color on how that tends to play out would be much appreciated.", "duration": 9.75}, {"path": "059024560d9d1039cf08746ee7393114_140.wav", "text": "overall ad views and ad viewability percentages have had dramatic increases since the launch of the player.", "duration": 9.75}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_16.wav", "text": "and where we believe our DepoFoam technology would be the most physiologically appropriate drug delivery technology, given its safe profile and flexibility.", "duration": 9.75}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_2.wav", "text": "Our PowerUp Rewards loyalty program is at an all-time high of membership around the world, and we continue to add incremental paid members.", "duration": 9.75}, {"path": "ab3354b86be920cde18291112bf8a70a_111.wav", "text": "engagements that we have of the advisers with the clients, and we give them a lot of support to work with their clients more thinking about it over a longer term.", "duration": 9.75}, {"path": "28d675c77a4b2269c1c1460ad3e56250_133.wav", "text": "I think it all comes in a whole package. It's not just one single specific strategy that we have on the deposit side, Brett, it's more of a", "duration": 9.75}, {"path": "01f88a67f39af3a74d5f23b095615d39_156.wav", "text": "is the stability of EBITDA. The key differences in the cash flow performance relate to the reversal of temporary working capital benefits,", "duration": 9.75}, {"path": "41c28201e80491c91e34488556721756_87.wav", "text": "about the business exit? I wasn't aware of that and how big that it is. And then flip to the better side, you also did mention about organic growth. We haven't heard too much", "duration": 9.75}, {"path": "1e850c2f72078279ebafea4edcbb3aa4_30.wav", "text": "These projects will not only create construction jobs for area residents, but will also provide a significant number of full-time employment opportunities upon opening.", "duration": 9.75}, {"path": "1e32d5e01ff61f70b37850c473b9876a_55.wav", "text": "Over the next quarter, we will continue to pursue these initiatives and implement others as necessary. I look forward to sharing the results with you in the future.", "duration": 9.75}, {"path": "6760f7edfb883104c8c655c4671646e5_37.wav", "text": "specific performance. Recreational vehicle demand remained reasonably strong in most of our markets. We did experience some softness at our Florida dealership.", "duration": 9.75}, {"path": "130e8e56c1afa2419fd0c08708261824_99.wav", "text": "That said, the focus is now largely on the Greater Toronto market versus the rest of the country, given the early signs of a slowdown in the Vancouver market.", "duration": 9.75}, {"path": "0dec9a606303da3039d11eec4ec9bd86_17.wav", "text": "understanding it hasn't closed yet. But when we're looking out to fiscal '17 and beyond, can you just give us a sense for what the sort of margin profile looks like, whether", "duration": 9.75}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_51.wav", "text": "as a result of various factors, including the Risk Factors described in the risk factor section and elsewhere in the company's most recent annual report on Form 10-K", "duration": 9.75}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_110.wav", "text": "the first -- I think the first inning still of the game, where we believe we can be transformative in helping members or their caregivers make the best decisions.", "duration": 9.75}, {"path": "e522eff219f3eaa2c9b090dc12cad420_84.wav", "text": "some of which may be outside the control of the company that may cause actual results to materially differ from those expressed in the forward-looking statements.", "duration": 9.75}, {"path": "a0d537badd260e2071136602e3b73b26_41.wav", "text": "of what we've been doing anyway. So that's your second question. And you first question is -- I think it was sort of selling versus runoff. So most of the assets", "duration": 9.75}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_101.wav", "text": "In particular, our properties at Grand Teton Lodge Company experienced strong visitation and spending as the park reached near record visitation levels this summer.", "duration": 9.75}, {"path": "9908957f60adff5efc1c8692a0f5ab38_58.wav", "text": "We continue to see significant opportunities in the marketplace and we've been able to utilize our open-to-buy dollars to take advantage of these great deals.", "duration": 9.75}, {"path": "884400c829f179d8cf68b767f45f03a4_107.wav", "text": "But certainly, I wouldn't characterize those price increases as industry-wide. We have some suppliers of ours that chose not to take price, others that have.", "duration": 9.75}, {"path": "bfb0fac9575cd0820a660f2577199468_199.wav", "text": "higher efficiency and doing things faster and using more of things to get higher production. I think there's a lot of other things that can be done,", "duration": 9.75}, {"path": "09b5b62d328d3d0719b6825357fdfb48_227.wav", "text": "next June 1. Our -- I believe what we also have to put out there is the amount of gallons going into '19 with the waiver", "duration": 9.75}, {"path": "09b5b62d328d3d0719b6825357fdfb48_49.wav", "text": "if there's no opportunity to do that, we can keep -- we can pay off our debt at the MLP. And thirdly, the other thing we can do then is tender for shares", "duration": 9.75}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_233.wav", "text": "Also contributing to lower consumer food sales in the quarter were declines across several Natural Foods brands and a 4% decrease for the Jif brand,", "duration": 9.75}, {"path": "812d8f09b72b4d410d138d3b24caebbc_166.wav", "text": "Information that will be discussed on today's call includes some forward-looking comments. Actual results or outcomes could differ from those projected or contained in the forward-looking statements.", "duration": 9.75}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_113.wav", "text": "As stated in the release, we will judiciously exercise our new authority to repurchase stock with a close eye on our total leverage.", "duration": 9.75}, {"path": "24a133abc343c813233d416b0cef96cd_131.wav", "text": "and there's no doubt that several of the buildings have got potential into the future from a development perspective and", "duration": 9.75}, {"path": "89499eed4dff3bd184e91cd496111f22_192.wav", "text": "a lot of runway there for them to be able to exercise calling the options on the 17 to get the additional warrants, so there's really no definitive time frame on that.", "duration": 9.75}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_244.wav", "text": "I would now like to provide you with a brief financial summary for fiscal 2016 before we turn our attention to the coming year.", "duration": 9.75}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_1.wav", "text": "for information on risks and uncertainties that may cause actual results to differ materially from those set forth in such forward-looking statements. I would now like to turn the call over to John.", "duration": 9.75}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_8.wav", "text": "It is quite common for a company to have a filing extension following an auditor transition, though we expect to remain a timely filer by filing within the 15-day extension period.", "duration": 9.75}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_60.wav", "text": "Why not use the forward-looking test year there? I mean, this case looks like it's a little easier than your last case. You didn't get a great", "duration": 9.75}, {"path": "2cd5b184c2ef6624ce219830182927c9_391.wav", "text": "bulk and to have enough capacity to be able to actually store it for and utilize it when, let's say the wind doesn't blow, the sun's not shining or whatever,", "duration": 9.75}, {"path": "6daa2d0829057899b014b06c36e1d54b_65.wav", "text": "John will provide more details on our clinical development strategy intended to extract the full clinical and business potential of our lead program.", "duration": 9.75}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_197.wav", "text": "earn and outearn our dividend every quarter since we've been public. And our focus really is on making sure that people are comfortable with that.", "duration": 9.75}, {"path": "690a9eb04a9c850c77634cd88c8459da_14.wav", "text": "operational improvement. In order to do that, we need to basically do things at a lower cost. If you look at how we are organized today,", "duration": 9.75}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_15.wav", "text": "And so all of these had some level of investment throughout the second half, and they're all coming together in the platform. But the real, real", "duration": 9.75}, {"path": "902872913863de98d38e2936b846cf66_32.wav", "text": "we have secured the total of 8 million tons of shipments, it's just a matter of when they ship. Florida continues to be good both on the public side", "duration": 9.75}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_174.wav", "text": "something that you anticipate next year? Or because of the time it takes to really develop this especially if you're going to have a pipeline connection?", "duration": 9.75}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_47.wav", "text": "Before proceeding with the presentation, we would like to inform you that the financial information contained in this document has been prepared under International Financial Reporting Standards.", "duration": 9.75}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_189.wav", "text": "we're generally pretty successful at it. So that's what gives me the confidence. The issue is not that we can't win new business, it's that we don't have enough people doing it is the answer.", "duration": 9.75}, {"path": "b20564a6da1bcfc7b80552299d9e002a_152.wav", "text": "that he will make a bigger announcement later during this year, and then you also will know the name. But as you can imagine,", "duration": 9.75}, {"path": "429bcf63d57c11ea4d8864560f521dba_146.wav", "text": "that we previously could not sell. You know that we have been optimistic and bullish and focused on Colombia for a long time. And it should be clear by now that our strategy is working.", "duration": 9.75}, {"path": "e21fc19597d349bcd86de1329167659b_138.wav", "text": "The expected seasonal effect has been amplified this year by the high growth, especially in China, and the even stronger second quarter.", "duration": 9.75}, {"path": "c7db537e18a230ce670f678992dce9c2_43.wav", "text": "Fair enough. Then the second question is regarding this overhead recovery on Borough Green. Can you just help us quantify how much that additional cost has been in the first half?", "duration": 9.75}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_88.wav", "text": "Health care financing and savings, health information and technology, pharmacy and medical care delivery, population and consumer digital health", "duration": 9.75}, {"path": "a766b08317742c952705018a899f3998_71.wav", "text": "that includes certain noncash benefits and expenses associated with our international tax structure. In addition to normal GAAP metrics,", "duration": 9.75}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_42.wav", "text": "Thank you, David, and good morning, everyone. This was a solid quarter for TESSCO as the sales momentum that began in the second half of last year continued.", "duration": 9.75}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_83.wav", "text": "We began fiscal 2018 focused on growing our top line and improving profitability and we made good progress toward both of these goals this quarter.", "duration": 9.75}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_10.wav", "text": "stronger relationships with the large national resellers. In the private system operator market, revenues and gross profit grew slightly from a year ago.", "duration": 9.75}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_91.wav", "text": "dealing with the timing issue of that bankruptcy being sooner than we expected, which certainly helped contribute to that gap between build and lease. And as Angela said,", "duration": 9.75}, {"path": "e97326d6a8951550e363f2be6ec489ba_80.wav", "text": "with occasional supply at a higher cost coming from export spots markets. The Cheniere contract has been received", "duration": 9.75}, {"path": "e97326d6a8951550e363f2be6ec489ba_188.wav", "text": "we don't need to go to the tender anymore. I can anticipate that we expect a very strong", "duration": 9.75}, {"path": "f15a674bdbbc461872000604216ae071_81.wav", "text": "for kraft in the domestic market in terms of volume and price. That does not change our historic and strategic trajectory", "duration": 9.75}, {"path": "0807d606b6cf98da19b317b4928c3572_71.wav", "text": "Since we manufacture our own phones, system software and platform, we are able to effectively manage our expenses as we continue to grow our Telecom revenues.", "duration": 9.75}, {"path": "f388f8ab8a5751d4efc504090d00ca64_14.wav", "text": "a partnership makes a distribution call each quarter and evaluates that. So we're going to do the same thing that everybody else is doing.", "duration": 9.75}, {"path": "85edb0a846d9e1cfa542b893eed4a0f3_35.wav", "text": "set of Chinese OEMs. And then, of course, you have increasingly stringent emission standards and their elevation to a matter of public policy in China as important drivers.", "duration": 9.75}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_48.wav", "text": "a violation of the company's business practices, along with a lack of full disclosure during this review, was unacceptable to the board.", "duration": 9.75}, {"path": "1096d26129c469524041c969a684f8ae_87.wav", "text": "to the extent that it's helpful for people to understand how we thought about it, we will share any and all thoughts about what things could look like. But I don't think there's anything at this point that", "duration": 9.75}, {"path": "3ae068efa03cd088f4d3edea682f199f_290.wav", "text": "excluding the revenue associated with the group's Engineered Products operations, which has been moved into discontinuing operations as part of Technology.", "duration": 9.75}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_146.wav", "text": "will invest into it and feel very good about a unique bathroom or kitchen or installation in their home.", "duration": 9.75}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_68.wav", "text": "And there, we thought in terms of putting the money and getting the payback, it's a much longer payback period. And the nature of the ore body has to be factored there into account as well.", "duration": 9.75}, {"path": "16c235a53fc719ec92ef3b3c3b371150_293.wav", "text": "this is kind of a show-me market. We've historically seen either strategics, like other companies come in like Exelon, previously building combined cycles", "duration": 9.75}, {"path": "47546a57a865bca0f4e677dc3b485053_103.wav", "text": "We discussed our key focus for growth which includes increasing sales and profitability of the company-operated retail division.", "duration": 9.75}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_72.wav", "text": "At the same time, we began to change our website and our marketing. For those of you that have visited our website recently, you will see a marked change. There is much more to come.", "duration": 9.7499375}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_188.wav", "text": "we mentioned the fact that we are making an early payment of part of our debt with a particular institution.", "duration": 9.7200625}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_390.wav", "text": "Mike, I want to add to Eric's last point there because I think a part of the challenge that we're facing now is that", "duration": 9.7200625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_109.wav", "text": "And we would -- it's a lot of it is the -- depends upon a key part of the analysis is what location we put them in.", "duration": 9.72}, {"path": "070a939ddb72d87ed87e4b863da14a89_59.wav", "text": "negative to limited efficacy results in DMD. And so that might be a case where you want to do something with a gene therapy first", "duration": 9.72}, {"path": "92b48b365197c65ebf545a4c9dd1200d_161.wav", "text": "these banks will do income-producing loans but they typically do them on investor properties not owner occupied properties. So", "duration": 9.72}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_57.wav", "text": "and there were many additional examples of our continued transformation to a cloud software platform systems and services company.", "duration": 9.72}, {"path": "ab861b81968e1b5fcb606ed886919d68_68.wav", "text": "So it doesn't mean that that wouldn't change in the future, but certainly right now the new hires would be coming right into our office here in Raleigh.", "duration": 9.72}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_87.wav", "text": "Our transformation has challenged us to drive new growth while maintaining a healthy and financially sound operating environment.", "duration": 9.72}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_81.wav", "text": "This was largely due to higher prices for both paperboard and tissue, offset by lower tissue shipments from the sale of the Ladysmith mill and lower seasonal demand.", "duration": 9.72}, {"path": "e274d02ea943c0a74779950fe28e839d_64.wav", "text": "Both the Chief Commercial Officer and Chief Human Resources Officer positions are new to our company and reaffirm our commitment to our customers and our employees.", "duration": 9.72}, {"path": "95962e0f754f9e2f786778c85d0913b8_133.wav", "text": "in the overall global demand, it's not going to have a huge -- now, of course, there will be some adjustments, but we will not see a major surge", "duration": 9.72}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_32.wav", "text": "The bridge securitization was used to help fund a speciality finance company acquiring a large U.S. credit card portfolio that was being sold by European bank.", "duration": 9.72}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_241.wav", "text": "And we want, need and will participate here as we are convinced also to be able to contribute to the consumer interested in these elements.", "duration": 9.72}, {"path": "718a89dc503706eae0091bcd9410d567_90.wav", "text": "or is there a change in how you think about capitalizing on that volume growth? Because it seems to me the amount of hydrocarbons hitting Waha and Oasis is going to be", "duration": 9.72}, {"path": "abd0f750609f1263b566f0c09b981a16_111.wav", "text": "what is a very clear strategy for trusts to focus predominantly on upper upscale full-service hotels and we look at the depth of the transaction market,", "duration": 9.72}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_36.wav", "text": "no longer even work for a company is particularly unfriendly to business. The legislation is presently being challenged in the courts and we hope that challenge is successful.", "duration": 9.72}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_70.wav", "text": "Two key tools worth noting are a joint business planning tool, which is an externally facing tool for managing relationships with our key supplier partners", "duration": 9.72}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_53.wav", "text": "putting aside the time frame within which you might be able to generate outcomes data, is it your working expectation that you'll need outcomes data for inclisiran prior to approval?", "duration": 9.72}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_50.wav", "text": "some of the areas particularly in the capital markets where money flows are just driving behavior, particularly as I've mentioned in my", "duration": 9.72}, {"path": "3180572bc2da758668c19200930e1bc4_132.wav", "text": "And we moved our premiere service operation in there with the Hilltop Securities office. So when you look at our markets,", "duration": 9.72}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_44.wav", "text": "an area where we think we can bring our brands, we can bring our service and product focus and deliver something which is", "duration": 9.72}, {"path": "570faeed3dcfa26c6246dc42309025ad_130.wav", "text": "and preparing for full rebranding of Circle K and Couche-Tard. In the CST network, the rebranding this year will focus on markets where both brands are present today.", "duration": 9.72}, {"path": "14f3d2486b21e639a953afb7ad03d90c_102.wav", "text": "And this increase was driven by a higher share of value-added business as well as internal continuous improvements.", "duration": 9.72}, {"path": "8bbc2f54137b794265dfb01f1559868d_3.wav", "text": "Perhaps just as important, we were able to stabilize the Clarient volume, which had been on a steady decline over the last 3 years.", "duration": 9.72}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_12.wav", "text": "No questions, some of that has been the move of money out of some of our alternative equity strategies. I'll pass it over to David Morris to handle the second part of your question. So", "duration": 9.72}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_31.wav", "text": "First of all, I want to send my thanks to our team in British Columbia as they manage through a tough situation caused by the rupture of Enbridge's gas transmission line.", "duration": 9.72}, {"path": "39e5706898dcaf14a280b3a123877cd6_79.wav", "text": "stays in order to talk to patients who do not necessarily go through the hospital to reach us,", "duration": 9.72}, {"path": "833f98dbc79997580b24335033aac5d2_250.wav", "text": "as you know, there are a number of opportunities that may be out there, given the low pricing in ERCOT, we see them to be plentiful, with potential for strong economics.", "duration": 9.72}, {"path": "797946494c2985a20aa50823e8723c44_126.wav", "text": "We currently expect the majority of this work to be completed in the second half with the potential for some work into early 2019. This project is a", "duration": 9.72}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_207.wav", "text": "And a lot of it's going to be based on the success of these trials. So that is the very good question. But we are seeing the momentum, again, us booking more business", "duration": 9.72}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_261.wav", "text": "On the litigation front, we've made good progress in our efforts to resolve legacy matters. We settled several cases in the quarter, largely within our provisions.", "duration": 9.72}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_162.wav", "text": "It is worth noting that even with all of these margin improvement initiatives, we are continuing to invest in technology and client success.", "duration": 9.72}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_240.wav", "text": "What makes us even more compelling is the fact that the learning management system budget and the content budget generally come from 2 different sources,", "duration": 9.72}, {"path": "0f06227be4dd36d9329849eda96196aa_43.wav", "text": "One of these was a second acquisition in the state of Michigan, which is very exciting as we continue to expand our footprint further westward.", "duration": 9.72}, {"path": "171fd9df333ddd814c764843ed624121_217.wav", "text": "And given the strong and long lengths of these deals, how should we think about financing the deals?", "duration": 9.72}, {"path": "93d3e5be9cf75e0921d47f10d4178939_104.wav", "text": "development, disposition or capital markets activity, including potential transactions discussed as part of the company's strategic initiatives", "duration": 9.72}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_72.wav", "text": "liver infectious diseases, cardiovascular diseases, and chronic liver diseases while also providing a path to an even wider array of indications.", "duration": 9.72}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_86.wav", "text": "We've created exceptionally easy ways for them to pay. And what that enables them to do through the long interest-free, it makes the whole store available to the majority of customers,", "duration": 9.72}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_58.wav", "text": "but the movement is there both on the enterprise side and on the platform side. And as that happens, the enterprises move a little faster and the enterprises moves a little faster.", "duration": 9.72}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_26.wav", "text": "as we sit right now. It wouldn't be impacted by these nonrecurring costs. We would have more than 60 billion minutes of use on our network", "duration": 9.72}, {"path": "1bba27cac9495fe57f623973383d6948_48.wav", "text": "We'll be looking at that more in the next couple of days as we go through some discussions.", "duration": 9.72}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_261.wav", "text": "not worse, not substantially better from today, but looking very much like where we are. That's the way we're just internally thinking about it.", "duration": 9.72}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_99.wav", "text": "Okay. So you think you're in good shape to be on top of the trends with what you're doing today? Is that the bottom line?", "duration": 9.72}, {"path": "ade68f8add7249890d086ecf4b5b8cab_125.wav", "text": "And our ongoing transformation of UCP into a consistently profitable company delivering improving returns on equity for our shareholders.", "duration": 9.72}, {"path": "16e51362df94379ea33a24334015f385_86.wav", "text": "Finally, I wanted to provide an update on HOTELiJack. During the second quarter, we successfully completed the transition of installations,", "duration": 9.72}, {"path": "be8b554309f7632bc9ebbd967764001e_172.wav", "text": "we've reshaped our balance sheet, and as part of that, we have returned capital to shareholders. And as I said in the presentation,", "duration": 9.72}, {"path": "3df0981a2d94ed56170b78330aa72ee9_156.wav", "text": "But our velocities on full revenue have been slower than some competitive velocities. The reason for that, we believe, is because", "duration": 9.72}, {"path": "dd28a387ccc9575df47840b850647c7f_12.wav", "text": "On the multifamily front, we currently expect the market to remain relatively flat in the first quarter due to oversaturation in the market and pricing pressure.", "duration": 9.72}, {"path": "6a372ea97b0b130a4d37f16b54d97909_120.wav", "text": "the board determined that the optimal way to maximize shareholder value is to execute a plan to transform our operations", "duration": 9.72}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_24.wav", "text": "Aligned to our strategy of pivoting to the intelligent edge, we have been making significant investments that have given us a leadership position in this high-growth market opportunity.", "duration": 9.72}, {"path": "567a41009710fa1568bb8125213bf9eb_43.wav", "text": "mortgage spreads have widened, suggesting that when interest rates eventually do rise, consumer mortgage rates should not rise as much.", "duration": 9.72}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_44.wav", "text": "So with a great team in place, significant progress in our cancer immunotherapy programs and our recently completed financing,", "duration": 9.72}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_77.wav", "text": "But we're going to do it once we understand it and once we know that we can demonstrate what that value is, so we can get a decent -- the right value for it when we sell", "duration": 9.72}, {"path": "0794a2f02bbe89feb49651735bba77c5_43.wav", "text": "Operating EBITDA margin on System Sales typically lower in the first quarter due to System Sales at the lumpy and the lowest level following the busy Christmas holidays", "duration": 9.72}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_152.wav", "text": "I think they are, Andrew. I think that's fair. I think they -- their brands are much older and much more powerful, and they have a much", "duration": 9.72}, {"path": "82131762fc1c2b2358ac3a167666ab87_56.wav", "text": "So we should think of this, I think you maybe even alluded to this on the last call, as really focusing on the direct side of the business as opposed to the indirect lending?", "duration": 9.72}, {"path": "75eb5b75bb8587b63c318714ea956b9e_71.wav", "text": "to the New York Department of Health, and then maybe when we could start to see some of these tests move the needle from a revenue standpoint?", "duration": 9.72}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_31.wav", "text": "So it seems like it's a pretty aggressive acceleration of growth through the year. So we just love to get more color on sort of what underpins that, and if you could break that down", "duration": 9.72}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_112.wav", "text": "And this also translates into reduced ballast and positioning payment, so that when we combine this with the lower utilization, you do get a drop-off in TCE for the period.", "duration": 9.72}, {"path": "ceeedf178333db4c586311e4f43bdfd1_120.wav", "text": "And they're very excited to get back in the stores to start welcoming our customers back. And all the workers will be coming into the city to restore", "duration": 9.72}, {"path": "9e8690a521142359001a137074905535_187.wav", "text": "Our first Kaikaku event was exciting and successful. It freed up enough space to easily integrate new business being relocated from other sites", "duration": 9.72}, {"path": "9e8690a521142359001a137074905535_205.wav", "text": "We got a little surprised on not getting through that, I think anticipating the lag in getting some of the customer approvals.", "duration": 9.72}, {"path": "9e8690a521142359001a137074905535_10.wav", "text": "We're closely working with our customers to bid new programs with Rolls-Royce, Safran, GE and UTC that will generate aftermarket revenues going forward.", "duration": 9.72}, {"path": "d4b51176b605646e70b37d07a7c19599_57.wav", "text": "These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call.", "duration": 9.72}, {"path": "cbdc44c5f09baa21b5979beaf7f1e1e4_17.wav", "text": "the way we've always looked at leverage, again, it's not really by the ratio itself as much as it is by the runway before maturities come due and then by our ability to service the interest expense.", "duration": 9.72}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_41.wav", "text": "as really a charge to be very aggressive in both the college recruiting for senior staff and also on the secondary market.", "duration": 9.72}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_94.wav", "text": "distribution strategy in the IA channel, which will become even more important and a more important distinguishing factor as we go forward. So", "duration": 9.72}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_21.wav", "text": "Accounts receivable days sales outstanding stood at 71 days this quarter, which is even with the third quarter and flat from the fourth quarter of last year.", "duration": 9.72}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_57.wav", "text": "there's nothing that I could specifically point you to that's of the magnitude of Millport or a Dierks or Grayling. It's really a lot of projects across the system", "duration": 9.72}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_194.wav", "text": "Compared with the year ago quarter, higher average realizations and lower cost for logs and oriented strand board were largely offset by lower sales volumes.", "duration": 9.72}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_117.wav", "text": "Among the factors that may affect the operating results of the company are fluctuations in the cost and availability of raw materials and market conditions for finished products.", "duration": 9.72}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_243.wav", "text": "And how have they been laying the groundwork for when you get the J code? Just give us a better sense of expectations on that uptake next year. Yes. Thanks, Gary.", "duration": 9.72}, {"path": "dffe8257f781608bb17bb637249e4d2a_185.wav", "text": "All our front line clusters reduced expense growth, with the exception of rest of Africa, where we have invested significantly to build scale in our subsidiaries,", "duration": 9.72}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_191.wav", "text": "You will hear how we are in a transition in that business, moving from a purely wireless business to an integrated communications and media retailer.", "duration": 9.72}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_16.wav", "text": "with the proceeds being used to further pay down unsecured facility in order to create additional capacity to fund future purchases as well as for general corporate purposes.", "duration": 9.72}, {"path": "189b20e7b975130ca5abd0e419e54908_140.wav", "text": "Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.", "duration": 9.72}, {"path": "a46647751ef690279d96126395de42d5_120.wav", "text": "But we now see it as an opportunity looking forward. TIM was and still is the champion of the second voice SIM card.", "duration": 9.72}, {"path": "757695924b5e43c7d44e29dc141cc035_186.wav", "text": "All of this is a material -- although this is a material adjustment to the projects, it is our opinion that the outcome of the discussions we are having", "duration": 9.72}, {"path": "f542ab325f47ed150e28888da2f85871_122.wav", "text": "It is an active program at this point. But as I alluded to, we're still looking at the data to fully understand the meaning of the results and have not made any decisions about moving forward.", "duration": 9.72}, {"path": "130e8e56c1afa2419fd0c08708261824_11.wav", "text": "In addition, these changes may drive some price softening as housing activity slows, gradually helping to ease some of the affordability pressure evident today.", "duration": 9.72}, {"path": "6709c061d39d0e433079f84160f11c80_138.wav", "text": "Having a strong exposure management franchise also helps us establish and maintain closer relationships with a client roster that would be the envy of any asset manager.", "duration": 9.72}, {"path": "e33785a294553de2a12d4463bf786744_165.wav", "text": "We remain committed and confident in our ability to deliver on our cost savings and our EPS commitments.", "duration": 9.72}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_202.wav", "text": "These agreements are an integral part of the upcoming joint venture and document the final agreement on intellectual property rights,", "duration": 9.72}, {"path": "3877b1983229ec488c6349a188bccf92_98.wav", "text": "Crown Royal has created the Water B.O.Y.S., who have engaged tens of thousands of fans at football stadiums and sports bars across America", "duration": 9.72}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_79.wav", "text": "These results will provide important information to further guide physicians on the extent of surgery and treatment decisions for these patients.", "duration": 9.72}, {"path": "f1e7e3b84b4a0a56a0915f7ecde083ce_98.wav", "text": "this program is an ongoing program and we continue to evaluate such further opportunities across our network of over 100 production facilities.", "duration": 9.72}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_13.wav", "text": "Now that we've refined our business to its tech-focused core and have the organization in place, we believe the execution of our strategy will continue to improve.", "duration": 9.72}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_227.wav", "text": "in participating in whatever consolidation might happen in that market? And while I know you can't comment today on some of the deal speculation that's been out there in the news,", "duration": 9.72}, {"path": "29f56972971325265e4a53485f49793e_21.wav", "text": "we think it's the best way to both do it internally and also externally when we present", "duration": 9.72}, {"path": "94f601dc7b34ad38667e3b714aa89d35_62.wav", "text": "No question though that we would love to see some resolution to some of the kind of macro factors that are out there in the economy that are creating,", "duration": 9.72}, {"path": "97b9c8b95449565c1f280a2b61a65b31_38.wav", "text": "If any of you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com.", "duration": 9.72}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_110.wav", "text": "improvement we're seeing is sustainable, and I expect us to build off it. The fourth quarter is seasonally lower, but I also expect it to be better than", "duration": 9.72}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_13.wav", "text": "Last month, we held our Global Energy race, and perhaps some of you were able to join in among the more than 70,000 people", "duration": 9.72}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_73.wav", "text": "While we continue to navigate near-term challenges in certain areas of our business, the incremental progress we continue to make is laying the necessary foundation to deliver sustainable", "duration": 9.72}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_5.wav", "text": "I think in that environment, clearly, our trade partners are very strict and very tough in negotiations.", "duration": 9.72}, {"path": "b126c31149f1cadf1d891082a187d6fc_30.wav", "text": "but we believe they would have a disproportionate impact on agencies treating higher acuity patients, which has been the focus of Encompass. The", "duration": 9.72}, {"path": "e0d1342ad3d27fd648b708837de08797_322.wav", "text": "is very focused on making sure that we drive those costs down. And I'll refer you to a couple of presentations that we've shown on that,", "duration": 9.72}, {"path": "e0d1342ad3d27fd648b708837de08797_263.wav", "text": "The corporation has remained disciplined in its investment program, selectively advancing strategic opportunities across the value chain,", "duration": 9.72}, {"path": "812d8f09b72b4d410d138d3b24caebbc_154.wav", "text": "What I think Brexit is doing in the short term is probably not causing much disruption, or what it is doing is putting a certain amount of uncertainty in the marketplace. So", "duration": 9.72}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_42.wav", "text": "The market activity dropped faster than the full realization of benefits from the very responsive actions, which were taken to transform our business and reduce costs.", "duration": 9.72}, {"path": "1300495cfa53748f732f54277d5a8cea_2.wav", "text": "Everything we have done since that point has been moving us toward that goal. I am pleased with the progress we have made and proud of the work that we have done thus far.", "duration": 9.72}, {"path": "89499eed4dff3bd184e91cd496111f22_17.wav", "text": "We look forward to improved operating and financial performance for all of our businesses in 2019 as they deliver even better service to their customers.", "duration": 9.72}, {"path": "b0d88c0f1efca89ecb928172341dc75d_239.wav", "text": "Another point I want to make on TPDs that you need to keep in mind as you look at TPDs, because I think it can be a helpful metric, but it also can be misleading,", "duration": 9.72}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_54.wav", "text": "could we probably think that there is still any impact on the cost side? And could you please elaborate a bit on the service revenue? Because", "duration": 9.72}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_61.wav", "text": "As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements, and the prices of the company's securities may fluctuate dramatically.", "duration": 9.72}, {"path": "2cd5b184c2ef6624ce219830182927c9_54.wav", "text": "You're probably aware that in New York is a part of REV, the commission is giving utilities and opportunity to earn up to 100 basis points of incentives", "duration": 9.72}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_5.wav", "text": "from the fact that the Thursday and Friday of our sister company's NASCAR weekend fell in the third quarter this year, and also from lower convention rooms compared to last year.", "duration": 9.72}, {"path": "6299a010c7bb84feaf14b263750dbd1a_74.wav", "text": "And continuing to the right, we can show the various uses of that cash over the period through 2020. As can be seen,", "duration": 9.72}, {"path": "0f8a61f667edd9a400d7abe2a7908a9e_3.wav", "text": "who will support medical education efforts related solely to Rayaldee. Our marketing and market access teams are fully staffed and are working on pricing strategy,", "duration": 9.72}, {"path": "6cbf592846662213258684c3049e4592_44.wav", "text": "the -- I would think some time in the middle of this year, most of that work will be really well underway. And our expectations are", "duration": 9.72}, {"path": "b20564a6da1bcfc7b80552299d9e002a_54.wav", "text": "We bring our attention to the external environment of our business. There's not much change. It remains pretty stable at the beginning of the year.", "duration": 9.72}, {"path": "bf8646ad61e3857d4cf46e592c18f685_57.wav", "text": "due largely to a combination of growing more profitable businesses, commercializing new products and continually finding ways to cut costs.", "duration": 9.72}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_16.wav", "text": "Thanks. Appreciate everyone for participating in Rex Energy Second Quarter Conference Call, and we'll look forward to speaking with you on the third quarter. Thank you, all. Have a good day.", "duration": 9.72}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_49.wav", "text": "It's a specific case that we go for. But now every single call that we make, we're pulling out Uni-Fuse like we've never done before. And we're pretty surprised actually that", "duration": 9.72}, {"path": "f268a8174f58c93ad6b45b7f151fe896_79.wav", "text": "So turning to tax reform. I know there are a lot of questions about possible changes for us as a result of that. So let me cover as much as I can.", "duration": 9.72}, {"path": "6c929ddddb79b887458ae21f1a3aa09d_80.wav", "text": "We're in talks with several parties who are interested in rights to specific geographic territories as well as some who desire a more global relationship.", "duration": 9.72}, {"path": "10ad32c5e0559c879e032faaf3148ab4_32.wav", "text": "for the next strategic move or acquisition we want to make. But we do feel comfortable with the path we're on and where we're going.", "duration": 9.72}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_135.wav", "text": "That strategy is yielding results with the growth in our intermodal product and also with the growth of our truck brokerage and logistics business.", "duration": 9.72}, {"path": "6f1b092b312410065d308541be46da95_212.wav", "text": "what is the way you think about that? When could you market that potentially and where would you look to put the proceeds to work? Would it be in new ventures?", "duration": 9.72}, {"path": "e97326d6a8951550e363f2be6ec489ba_70.wav", "text": "It has been systematic and has affected us, too. We need to look at nonrecurring effects, too, such as the fact that last year,", "duration": 9.72}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_123.wav", "text": "The lower Canadian dollar value relative to the prior year period negatively impacted the year-over-year comparison of revenue and pretax operating income", "duration": 9.72}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_126.wav", "text": "As Mark said, our highest priority for the near term is closing the acquisition, which we currently expect to take place very early in May, and beginning the integration.", "duration": 9.72}, {"path": "7a80c3e91e5a2693cdaef5f716808317_16.wav", "text": "While much has been said of the upstream U.S. shale expansion, I'll remind you that this has not been an area of historical focus for Rotork. I will note, however,", "duration": 9.72}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_23.wav", "text": "what I'll call, part number mix. Even on some of our contracts, the mix that came through the orders were leaner than we typically experienced. So we kind of had", "duration": 9.72}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_55.wav", "text": "We're excited about the structure, team and strategy that we've put in place and look to continue to opportunistically leverage our resources to grow the business and drive overall shareholder value.", "duration": 9.72}, {"path": "f1b53f83640f7ea0160087ae63818af2_13.wav", "text": "Thank you for joining us, everyone, this morning. And if you're in Washington in New York or Philadelphia, good luck with the storm this weekend. Have a great day.", "duration": 9.72}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_185.wav", "text": "honor its undertaking to pay accrued severance packages to all affected employees at Kopanang immediately following the conclusion of the sale transaction.", "duration": 9.72}, {"path": "744f5859c7d9a0567b387ae84326d940_112.wav", "text": "Thank you, Liz. Good morning, and welcome to everyone joining us on the call today. Before beginning, we would like to remind you that statements made during this conference call", "duration": 9.72}, {"path": "744f5859c7d9a0567b387ae84326d940_177.wav", "text": "This market has a promising future, and I'm excited PolyOne is one of the key collaborators for material and design.", "duration": 9.72}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_28.wav", "text": "and we helped them through the capital phase of acquiring the asset and putting CapEx in. The commercial relationships up there", "duration": 9.72}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_10.wav", "text": "possible acquisitions, can you give us a little more color on maybe how far down the road you are with maybe a couple of people", "duration": 9.72}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_216.wav", "text": "For instance, in our Defense Systems Group, early this year, we initiated a 3-year research and development program to develop and field advanced", "duration": 9.72}, {"path": "db6c253ba433d9a247219bb3f15da199_98.wav", "text": "from the value that we had it on our balance sheet at March 31. We told you we would work towards monetizing our private portfolio if the prices were right", "duration": 9.69}, {"path": "4fdbfd9eec396928550d0c799e170d34_49.wav", "text": "is excluded from revenue and adjusted EBITDA, if the contract was structured similar to our other water purchase agreements, the cash collected would accrue revenue", "duration": 9.69}, {"path": "92b48b365197c65ebf545a4c9dd1200d_105.wav", "text": "all they know is they have a piece of commercial real estate. And frankly, as you may be aware, a small business owner walking into a local community bank,", "duration": 9.69}, {"path": "214dcdc435ef3259490466447858fa56_40.wav", "text": "It's the combination of these strengths that is reflected in the fact that the vast majority of our customer acquisition is sourced through direct channels.", "duration": 9.69}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_133.wav", "text": "a leading global independent shipper of seaborne thermal coal, as well as our market leading share in the global seaboard met coal and coke franchises.", "duration": 9.69}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_37.wav", "text": "and the presentation of supplemental information, including outlook slides, providing the company's current expectations and estimates.", "duration": 9.69}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_90.wav", "text": "We can now process an incredible 1 billion records per hour, literally orders of magnitude faster than where we were in September.", "duration": 9.69}, {"path": "a93681c92a0b9c04743f541a54b180c7_9.wav", "text": "More people will be using Yahoo, and if they spend more time with Yahoo, obviously we'll be able to increase our revenue and that's what we need to do.", "duration": 9.69}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_23.wav", "text": "is that it does enable us to focus on underwriting discipline in the areas of our portfolio where prices and margins are most under pressure.", "duration": 9.69}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_31.wav", "text": "And if you see certain metrics, what metrics will you look at this year to contemplate a potential price increase? You've talked about", "duration": 9.69}, {"path": "abd0f750609f1263b566f0c09b981a16_164.wav", "text": "supply coming into some of those secondary markets, but also slightly -- while we try to be not as disruptive", "duration": 9.69}, {"path": "264e575b73bc2a485bee416c1ac10cee_45.wav", "text": "Our forward-looking disclaimer statement is part of our quarterly releases and filings. Finning does not accept any obligation to update this information. Scott, over to you.", "duration": 9.69}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_185.wav", "text": "Paul, I'll turn it back over to you. Thanks, Carol. We entered 2019 excited for the opportunity to build on the positive momentum generated last year.", "duration": 9.69}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_108.wav", "text": "and a vendor funding performing -- management portal, which is a robust online tool to track, manage and optimize vendor performance and funding.", "duration": 9.69}, {"path": "8cb24daf76784487ad63780546dc4ba4_146.wav", "text": "Well, if you're talking specifically about the index products, that's correct. The index products would be obviously be part of the blended rate", "duration": 9.69}, {"path": "1c60a3d37d43a43d5851722212ddcd71_16.wav", "text": "the sale of the KEB building is being delayed. So will you be able to sell the building within the year? What's the plan with this?", "duration": 9.69}, {"path": "3c211ab9236e508ad4a5ee63e29324e3_1.wav", "text": "As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement", "duration": 9.69}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_61.wav", "text": "As we enter a time of unprecedented change and opportunity with the trends that we see in our industry, it truly is exciting with how we positioned ourselves in both business segments.", "duration": 9.69}, {"path": "8b71a232d7fe61e6232807b635977c31_189.wav", "text": "I wanted to see if you could provide some more clarity on the Marketing Effectiveness business. I know you mentioned some of the business moved to the fourth quarter.", "duration": 9.69}, {"path": "e1f462455d6c826d9c173c35d4844383_15.wav", "text": "which facilitated the identification of a new prospect and remapping of previously identified prospects, leading to an overall increase in estimated prospective resources.", "duration": 9.69}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_122.wav", "text": "will produce more predictable diversified earnings, stronger cash flow generation and continued capital management flexibility.", "duration": 9.69}, {"path": "1b91eb82f5211000e711424657cc2484_72.wav", "text": "we felt, if we were able to accomplish that clarity in reporting without actually having to make the accounting convention change.", "duration": 9.69}, {"path": "6616e76da46baea11d6032fc063716c1_45.wav", "text": "Our focus on the process and systems integration post a transaction is allowing us to significantly reduce general and administrative expenses more quickly in the acquired business.", "duration": 9.69}, {"path": "1f43e30e245ed30be41602d8423db99e_22.wav", "text": "And all I can say is that we have our own effort in this area.", "duration": 9.69}, {"path": "66c9091ba849cdb6d64987642ced64d2_25.wav", "text": "is very much engaged to the customers, looking at new solutions for new and existing customers. The yield environment is very favorable, so that makes", "duration": 9.69}, {"path": "01502edf6cda82061f1f45d6b0e8e189_14.wav", "text": "As we've mentioned in the past, these products have shorter lead times and have historically been a solid indicator of trends to come in the industrial sector.", "duration": 9.69}, {"path": "2a5b0a6532fa2b71915a2930be02621a_66.wav", "text": "we expect to offer rapid correction in a population severity where anemia is typically the most difficult problem that they face.", "duration": 9.69}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_165.wav", "text": "is your manufacturing facility in Colorado still up for sale? Are you still looking to sell the building? Or", "duration": 9.69}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_217.wav", "text": "Dave, I think you explained that very well. So it is not revenue that we have taken in as revenue and booked as revenue", "duration": 9.69}, {"path": "dd5492732b46e270047f9b368d4fde11_145.wav", "text": "data package. No other program in the world has been able to show any form of combination of reductions of GAGs in the CSF, reductions of", "duration": 9.69}, {"path": "b4874109876c9f165eef4be112d9f30d_101.wav", "text": "technical running side of things so heart rate accuracy is very important to us. And one of the things that we did with our new technology is ensure that it works very well", "duration": 9.69}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_28.wav", "text": "a global rare disease portfolio that will create even more value with each additional product we can deliver globally for people living with rare diseases.", "duration": 9.69}, {"path": "73ba4ff250b62745e03880e75b9a1581_151.wav", "text": "this business and this region deliver high incremental margins on increased volumes as we do not need to add any additional cost to support the growth.", "duration": 9.69}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_83.wav", "text": "completely shy away from speculating on the size. I think I would almost refer people than really just to go through the", "duration": 9.69}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_168.wav", "text": "identifying how we make this brand much more visible and get a narrative back out there in explaining what makes our brand different, what makes our brand", "duration": 9.69}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_71.wav", "text": "an increase of 16.6% compared to the same period a year earlier. This increase was primarily due to an increase in unit sales in China.", "duration": 9.69}, {"path": "6a927d8b7734e7ddd8ffd264fa1020a6_17.wav", "text": "Geographical regions. Next, we would like to review Honda's business results by geographical region for the quarter.", "duration": 9.69}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_284.wav", "text": "and provide more market opportunity. And as you wrote about and saw recently, we didn't just have the investment from LinkedIn but now", "duration": 9.69}, {"path": "403903eb119bfc1cec44d86ec907077a_101.wav", "text": "Note, this projection excludes political revenue, which is -- from Premion, which is reported with our traditional political advertising revenue.", "duration": 9.69}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_107.wav", "text": "as required by the first time adoption of IFRS 15. We have commented on this effect already in the previous calls of this year.", "duration": 9.69}, {"path": "0f4370b614f29bd596e4f6871cc77864_67.wav", "text": "Good afternoon. I will start by commenting on the quarter's results, and then report on progress on some of the themes we laid out at the Investor Day", "duration": 9.69}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_20.wav", "text": "that it's not here, but the case of why the company's -- under lot of construction. And we went to the market and we raised a bond", "duration": 9.69}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_74.wav", "text": "we're still maintaining where we were in terms of demand for CO2, but we did not need to ramp up as quickly and that's mostly", "duration": 9.69}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_5.wav", "text": "But I thought it would be interesting to give you some actual factual detail on what's really happening on both the demand and supply side of the natural gas story", "duration": 9.69}, {"path": "911d447bcdcedb4e0cf5230de225921c_16.wav", "text": "There's still -- in addition, there's still potential to explore further at Peshkabir. Again, the diversity of reserves movement supports the diversity of production", "duration": 9.69}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_71.wav", "text": "So what does successful delivery of the optimal community center for Hemel look like in CapEx terms? The table here gives some clarity of the scale and range of", "duration": 9.69}, {"path": "07d30eec04a77191950ef0992d097daf_231.wav", "text": "And while we don't pay by unit, and we, like every other bank in the country, should have and probably has, we've reviewed all of our pay plans. We've had them", "duration": 9.69}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_128.wav", "text": "These partner programs fall outside of what we would have advanced on our own and serve to broaden and add value to our pipeline.", "duration": 9.69}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_97.wav", "text": "that we were able to keep all those price points. So we didn't -- we were much less affected than many businesses, I'm sure, around exchange rates,", "duration": 9.69}, {"path": "3416f142ad06359966636184f66e87c5_41.wav", "text": "So if I could ask you to just turn ahead one slide now to Village Operations and while as you probably know that 2018 financial year was the best", "duration": 9.69}, {"path": "e3d70ecdb6aaed843dd059c121962e45_183.wav", "text": "we don't all conduct ourselves in the same way. So price is one thing but the level of activity for a patient with a given condition is also a driver.", "duration": 9.69}, {"path": "e3d70ecdb6aaed843dd059c121962e45_120.wav", "text": "Consumers, patients are asking questions of what they can do to lower their out-of-pocket cost and also serve themselves in a better way.", "duration": 9.69}, {"path": "4e04d3229b988f1db5b842ac5b993894_106.wav", "text": "This expected decrease is a continuation of rigs being reactivated and the recontracting of rigs rolling off higher-rate term contracts.", "duration": 9.69}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_154.wav", "text": "another new one come to us that is also interested in number of displays, and we're putting together scenarios for them. And I think that", "duration": 9.69}, {"path": "7394bde65e000fbb7b528c6c65bd099d_36.wav", "text": "That means there's less making it to the harbor because all the customers along the line are still taking what they did last year or more.", "duration": 9.69}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_204.wav", "text": "We're continuing to invest in the business to regain our share and are seeing some green shoots of progress. Lastly, in treasury services, the fees are just part of the story.", "duration": 9.69}, {"path": "79afc92245f71d37a9adafb6f8d50e4f_38.wav", "text": "While there's no guarantee that an approval will be granted, we're encouraged by the discussions we've had with the regulators to date and feel this is an important step in the right direction", "duration": 9.69}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_43.wav", "text": "Okay. First of all, the Ladies apparel business got off course, because we didn't have the right balance of our assortments in certain categories", "duration": 9.69}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_128.wav", "text": "I guess, from my knowledge, push it to a multiyear agreement? Or is that something that comes up for rebid or proposal each tax season?", "duration": 9.69}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_5.wav", "text": "In addition, we view ourselves as a buyer that's focused on compliance and the customer journey, which we believe our sellers value significantly in the current environment.", "duration": 9.69}, {"path": "a02b735de681c682fbb8025edecca271_51.wav", "text": "our big ag customers are doing. And one of the things that's kind of striking is, is that there's never been a time where there's been 3 bad years in agriculture.", "duration": 9.69}, {"path": "b94d748876ddf8e881d4191dec45baf3_76.wav", "text": "We still expect our tax rate to run between 37% and 39% but more towards the lower end of that range.", "duration": 9.69}, {"path": "b94d748876ddf8e881d4191dec45baf3_82.wav", "text": "Our discussions with the client are ongoing, and we are optimistic that we will achieve a solution that is beneficial to both parties.", "duration": 9.69}, {"path": "73f474b631c43567329cad1bb76ff4fe_26.wav", "text": "on these seriously ill patients have and how they -- their impact that they have on the health care system and society as a whole with the current standard of care.", "duration": 9.69}, {"path": "1be44822d16f85bd501a5f19876895b1_24.wav", "text": "That's a very good question. We haven't yet discussed any factors that are driving", "duration": 9.69}, {"path": "191c819db03c2dfd0207cd1f42e278a4_47.wav", "text": "and we see additional opportunities to continue to grow our other verticals. The third growth driver is accelerating momentum in winning new logos.", "duration": 9.69}, {"path": "ab4dae37361262d727d1d2f8f78765d5_62.wav", "text": "Okay. And just so I'm clear, Alberto, just going back to the first part of the question, was that experience of the normalization, was that", "duration": 9.69}, {"path": "b1da16cba24af8e472573c4c9caf17c7_133.wav", "text": "Second, we expect the challenges in New York City to continue and the results for the 2016 market RevPAR in New York City", "duration": 9.69}, {"path": "b1da16cba24af8e472573c4c9caf17c7_77.wav", "text": "we expect a material improvement in the performance of our Chicago hotels as group business improves and the current year renovations are complete.", "duration": 9.69}, {"path": "13141efea197b407280701081390f0ce_94.wav", "text": "Profitable organic growth is our top priority, and we're taking the right steps to manage through a choppy demand environment.", "duration": 9.69}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_19.wav", "text": "plans will improve the services for passengers and will contribute to boost the economy for -- of all the areas of influence.", "duration": 9.69}, {"path": "948f025c16fce2bcb2909e610c9be557_24.wav", "text": "On the aftermarket side, they're only buying on need and at the lowest price. So product availability is critical to realizing these sales, and we're very focused on that.", "duration": 9.69}, {"path": "9e8690a521142359001a137074905535_11.wav", "text": "However, for us, a potential offset to that could be additional demand for C-130s. In addition to these military", "duration": 9.69}, {"path": "262bc21196721c5ff9114acbd2ff03c3_43.wav", "text": "And everything else you see in pretty good health until you get down to academic research which has been a bit of a disappointment certainly in terms of sales.", "duration": 9.69}, {"path": "21f21433851eb7c7f7dbc710309341bb_31.wav", "text": "And something like the toy category, I know that you appear to have a much expanded toy offering this year from what I've seen before", "duration": 9.69}, {"path": "21f21433851eb7c7f7dbc710309341bb_3.wav", "text": "and plans to break ground in new markets in 2019. And Jumpstart is undoubtedly a key contributor as our brand strength continues to grow", "duration": 9.69}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_31.wav", "text": "purchases of our technology to that type of an event, it's probably too early to make that direct of a connection. But certainly, there's a tone", "duration": 9.69}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_42.wav", "text": "but how we might service it differently, how we might provide technical support differently, that we would be able to", "duration": 9.69}, {"path": "8eaca8d8a419f74540f69ade8defabbd_93.wav", "text": "At the macro level, in terms of total equipment purchases for 2016, we've seen overall industry projections revised downward in recent updates", "duration": 9.69}, {"path": "82f5253b62614161333b038f5f9700f8_224.wav", "text": "Those things are getting impacted in a very negative way right now. And so there's going to have to be some stabilization of those things before we probably see growth.", "duration": 9.69}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_124.wav", "text": "Our customers also tell us that builders continue to adjust product offerings to increase the proportion of affordable product in response to market demand.", "duration": 9.69}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_122.wav", "text": "The new plant will increase operational efficiency through an improved layout and will also automate some of the most difficult production jobs.", "duration": 9.69}, {"path": "da879f8ea1c23aa6565cccaacac271fc_87.wav", "text": "will be a key component of revenue growth in 2016, and that our ability to provide a total microbial testing solution to our clients", "duration": 9.69}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_27.wav", "text": "who have regular discussions with their customers about the need for opioid-sparing solutions. The best example would be the bariatrics pilot in that regard, where", "duration": 9.69}, {"path": "369789f0d39dbf62298be2aa807ff8ee_67.wav", "text": "And in part, the reason for that was because of the very significant improvements to operations and the improvements to costs that had occurred and the new discoveries that would further improve that,", "duration": 9.69}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_25.wav", "text": "majority of the revenue guide is largely due to the volume. Is it safe to assume that you have good clarity on the ASP as well for the rest of the year?", "duration": 9.69}, {"path": "ec298d3b4d5979aa8c64bf222562e259_77.wav", "text": "been announced and then subsequently canceled in recent weeks and months. Just looking at the progress that you guys are making with Cascade, and", "duration": 9.69}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_80.wav", "text": "and that new innovation will drive demand to the retail stores. Until that happens, we will remain focused on improving our sales in the entertainment and business categories.", "duration": 9.69}, {"path": "433a6e203f9db93835c27ff83e86c801_5.wav", "text": "We believe maintenance free batteries are the preferred choice of motive power customers. EMEA continues to experience healthy motive power sales growth.", "duration": 9.69}, {"path": "757695924b5e43c7d44e29dc141cc035_187.wav", "text": "I also believe that the actions we have taken have materially reduced our risk profile going forward. Now I'll turn the call over to Scott.", "duration": 9.69}, {"path": "3b2908426357bb8269c3a01469865cd6_144.wav", "text": "While still early in the process, I'm encouraged by our initial evaluation and the opportunity we have to build new offerings upon the foundation of our core compliance capabilities.", "duration": 9.69}, {"path": "6709c061d39d0e433079f84160f11c80_164.wav", "text": "so that create a little bit of a headwind that we're coming out of now. But if we get some really nice market, that's going to be helpful. We could see a little bit more leverage.", "duration": 9.69}, {"path": "642a235ab4ebc57d132a2e32c83c793c_253.wav", "text": "and this is to increase the visibility of the brand on the social networks. These are users of ours that communicate on brand use over the social networks,", "duration": 9.69}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_162.wav", "text": "what the primary markets for those materials are? And whether it's the end markets that are growing substantially. Or whether you're gaining share or both?", "duration": 9.69}, {"path": "3c80de013154b028ecdc6354d16c6fbc_5.wav", "text": "Both properties continue to benefit from the on rev -- from new revenue management and operational strategies that we put in place when we took over across the last 6 to 9 months.", "duration": 9.69}, {"path": "80a2ca14358172366acab4e80f3fa33b_77.wav", "text": "For the China Business, operating performance continues to improve and maintain steady growth.", "duration": 9.69}, {"path": "9c67fafcb51925dcbaa570283fe01701_183.wav", "text": "That is not really a increased rebate for an individual product but just a gradual evolution that happens over time. Also, for that matter, we have decided", "duration": 9.69}, {"path": "e29584f9f829602cacebcce71c2a4fb9_110.wav", "text": "as well as our platform technologies. Our overriding goal right now is to submit an accelerated approval application", "duration": 9.69}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_172.wav", "text": "literally almost 0 folks go the other way and step out of it. And we continue to have plans come into it. We increasingly also are seeing health plans looking to potentially clone it.", "duration": 9.69}, {"path": "71ea3ed1436c2759a95f8d629963db2e_283.wav", "text": "Allison, I wouldn't say that the growth is more expensive. I would say that we have a number", "duration": 9.69}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_63.wav", "text": "from the bank restricting our borrowing ability, which really caused us a problem -- we got to go to our vendors and tell them that we had", "duration": 9.69}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_28.wav", "text": "the best bookings quarter in company history, what -- the question I had was around durations. Was there any meaningful change in duration, customers", "duration": 9.69}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_230.wav", "text": "roughly what you think you'll see on the recurring side. And I think you've got fairly good estimates on the acquisitions and their impact on the full year, so you should be able to get back to that.", "duration": 9.69}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_170.wav", "text": "We responded in July by adjusting our prices, and it takes a while to get that to happen. We were able to get that to happen on Folgers first.", "duration": 9.69}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_80.wav", "text": "but it's just start -- a start to the journey. We also work to be brutally transparent, and we never shy away from a discussion", "duration": 9.69}, {"path": "812d8f09b72b4d410d138d3b24caebbc_115.wav", "text": "color cosmetics and facial skin care, while sales of our insect repellent dispensers helped drive some of the growth in the home care market.", "duration": 9.69}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_114.wav", "text": "and payment of the coupon on our Euro hybrids, were largely offset by free cash flow generated during the third quarter.", "duration": 9.69}, {"path": "89499eed4dff3bd184e91cd496111f22_65.wav", "text": "plus higher interest and depreciation expense and lower maintenance revenues offset earnings gains from the 10 freighters added to the fleet during the year.", "duration": 9.69}, {"path": "ebd59e21db89edb92205e012427cd9db_70.wav", "text": "Since signing the MoU at the end of last year, the parties have been working hard on a detailed mechanics and documentation to support the agreed MoU principles.", "duration": 9.69}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_77.wav", "text": "we are accelerating our efforts to reduce and sculpt our insured risk exposures, improve the quality of our book value and increase the optionality of our platform.", "duration": 9.69}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_116.wav", "text": "our markets and our people as well as our capacities to meet our aggressive growth objectives over the coming years. And now here's Doug Baker with some comments.", "duration": 9.69}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_43.wav", "text": "are things other people have done before and we can draw from best practice. The things that are hard to do when you don't have them are the innovation and the culture, and", "duration": 9.69}, {"path": "e0555e30370c43189a1136fb7ef17d20_126.wav", "text": "that was a little bit more of a stand out being particularly soft, and it was sort of similar to prior year. But can you tell us more about the puts and takes there, the retention, the business activity? And then,", "duration": 9.69}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_19.wav", "text": "In addition to reviewing our team and adding resources where needed, we have also taken steps to ensure that the sophistication of our systems is matching the growth of our company.", "duration": 9.69}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_156.wav", "text": "in their business and like to have somebody that has the that we do being both for lender and on the equity side of some other businesses,", "duration": 9.69}, {"path": "1d021dfadd51998ac079e1df49929c60_98.wav", "text": "Our first strategic priority is to reinvest in our business where we can generate compelling rates of return on capital projects across our mill and converting systems.", "duration": 9.69}, {"path": "125388f1b45117acde70abc39e0f7d04_151.wav", "text": "As you can see in schedule 1 to the release, we're now disclosing collectibles as its own sales and margin category. It was previously included in other.", "duration": 9.69}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_77.wav", "text": "but we will continue to be active and pursue those that we think can make sense and where we can deliver value as we have with the last few.", "duration": 9.69}, {"path": "933faa5ac159ab158506e2bc0f714977_142.wav", "text": "I would say the enthusiasm was the alignment of our people out there with the opportunities in the market.", "duration": 9.69}, {"path": "429bcf63d57c11ea4d8864560f521dba_143.wav", "text": "When done correctly, migration from prepaid to postpaid is an important strategic opportunity. One that it is in the early days for us in many of our markets.", "duration": 9.69}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_181.wav", "text": "We expended a significant effort in the first and second quarters, which we believe will pay dividends to our focused PV growth products in the second half of the year.", "duration": 9.69}, {"path": "f268a8174f58c93ad6b45b7f151fe896_109.wav", "text": "the business of returns continues to grow in scale and complexity especially for retailers as they are directly impacted by the amount of online consumer spending.", "duration": 9.69}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_196.wav", "text": "As with any increase to our costs, we work hard to offset as much of the costs as possible through supplier negotiations and productivity.", "duration": 9.69}, {"path": "a766b08317742c952705018a899f3998_79.wav", "text": "We remain encouraged by the demonstrated value haptics provides to mobile advertising and content and believe we are uniquely positioned to succeed in this new market.", "duration": 9.69}, {"path": "4750e4b9b0cd39e9b8774537c7fb0dba_4.wav", "text": "that we spend on outsourcing. And we created a lot of optionality in terms of levers that we can pull and things that we could do to make the business more money.", "duration": 9.69}, {"path": "0807d606b6cf98da19b317b4928c3572_59.wav", "text": "really excited about where we're going and I'm excited about our people and I want to thank all of our long-term investors for hanging in there with us.", "duration": 9.69}, {"path": "0807d606b6cf98da19b317b4928c3572_90.wav", "text": "a business and sales update, and then we will open the call up to questions. Jeff, would you please provide the Safe Harbor statement? Thank you, Steve.", "duration": 9.69}, {"path": "0b2059114216fe9195b6a4256ed84843_140.wav", "text": "Overall, builder sentiment remains strong, and we expect economic activity in the future to rebound nicely as we move through the balance of the year.", "duration": 9.69}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_80.wav", "text": "product lines. So it would be good both from a overall credit performance as well as overall profitability to continue to grow that secured mix.", "duration": 9.69}, {"path": "4d7256bec87696f6c5defa8f37db1b48_38.wav", "text": "Does the fact that this TAM is now so much larger change that strategy? Or are you still planning to or intend to", "duration": 9.69}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_31.wav", "text": "Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties and actual results may differ materially.", "duration": 9.69}, {"path": "30a142fac5a62ab00227cb6a339a6226_99.wav", "text": "And what we're trying to do is playing to all of those buckets and trying to capture dollar. So with regards to always on budget, that's the money we are getting on", "duration": 9.69}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_102.wav", "text": "revise our manufacturing practices, the rolling practices to manufacture the products, and that will be over the course of several months or", "duration": 9.69}, {"path": "b1a98885c1d81414cdc122e807760faf_175.wav", "text": "the experience with SPINRAZA highlights to us the real potential advantage of intrathecal ASOs as a modality. We've got an early", "duration": 9.69}, {"path": "eb93e70cdf7a839a69546250fb3646fb_77.wav", "text": "Used vehicle pricing showed signs of stabilization and volumes were good, while rental demand was better than expected and improved as the quarter progressed.", "duration": 9.69}, {"path": "97ddc19ecb28bab2d19fd3b181182062_154.wav", "text": "This charge includes closing a few of our locations. While we regret any hardships this may cause on our employees,", "duration": 9.69}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_209.wav", "text": "has reached a level where pricing is at a point where we don't need to keep providing higher and higher incentives and rebates, this is about the right point? Just a little more color on that would be great. And then just a quick", "duration": 9.69}, {"path": "47546a57a865bca0f4e677dc3b485053_116.wav", "text": "We do not completely know all the numbers, but I believe that we did get a substantial portion of the contract.", "duration": 9.69}, {"path": "8ad0d5b5df75415c56ba590cad29489a_222.wav", "text": "There's a lot of learning there. What we're seeing is that the procurement will be a little bit different, where there'll be a bundling typically of larger orders together.", "duration": 9.66}, {"path": "6e6da7f810609ce64857373f11984455_81.wav", "text": "Thank you, David. Overall, we are pleased with our operating momentum as we move through the first half, and we remain optimistic on the full year.", "duration": 9.66}, {"path": "44e325093d15c18f3db1fd163cee40fa_112.wav", "text": "In the near term, we have the payment of the bridge loan used for the acquisition of a controlling interest in National Beef", "duration": 9.66}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_164.wav", "text": "So providing that you are giving a quality offer, people are trading up. So we are able to take price across all our brands, but we're very keen that we protect entry points.", "duration": 9.66}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_41.wav", "text": "That said, our high return and growth franchises continue to generate good returns despite these constraints.", "duration": 9.66}, {"path": "ab861b81968e1b5fcb606ed886919d68_39.wav", "text": "I prefer not to give you a precise ratio because we don't really think of the business that way. We just want to be sure, as you know from knowing us a long time, that we have", "duration": 9.66}, {"path": "a95a220f118ae793c89d6d708e62cf8a_140.wav", "text": "And have you actually got the numerical data for just the intermediate and poor risk groups in JAVELIN for a similar cutoff and maybe", "duration": 9.66}, {"path": "6388da88b00ebc88af59435bdac74132_226.wav", "text": "Importantly, as we execute against our goals for the year, we have an increasing conviction in our ability to drive growth in both performance revenues", "duration": 9.66}, {"path": "3557b21a45c35e71e82cc43b19977855_156.wav", "text": "Well, again we continue to expand composite can internationally. And you're seeing benefit now from -- as these facilities begin to", "duration": 9.66}, {"path": "22ad97a95501a08f15c06605cd277fec_182.wav", "text": "That is one of our key differentiators as a company. Our consistency of execution frees up our teams to accelerate and drive innovation and engineering excellence.", "duration": 9.66}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_50.wav", "text": "Do you think that we're -- with the Fed pausing now, is the pain from deposit repricing pretty much behind us? Or is that going to stick with us", "duration": 9.66}, {"path": "6d943ecc16a745032247da12a1062b88_94.wav", "text": "not as big as a mix, but a major contribution to this growth in margin. And the second part of your question,", "duration": 9.66}, {"path": "718a89dc503706eae0091bcd9410d567_178.wav", "text": "and the contribution from major projects coming online, we felt with ETP's current cost of equity, it was prudent to temporarily suspend the distribution growth", "duration": 9.66}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_97.wav", "text": "At the next step, OEMs try to reduce complexity wherever possible in their products and in their organization. As an example,", "duration": 9.66}, {"path": "54558afacef9ab3010d5a57ac4feb664_5.wav", "text": "third quarter results are disappointing and still reflect the lack of scale in our business. We will talk about that in our next slide.", "duration": 9.66}, {"path": "55d548325797d638567669cd75444301_141.wav", "text": "The e-com part has been moved to the development of the new digital platform and is part of the future strategy.", "duration": 9.66}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_122.wav", "text": "Over the next few quarters, we will take additional charges related to store closures and corresponding closing expenses associated with the operating lease liabilities", "duration": 9.66}, {"path": "7e14890193df4b10e1eeab6ab886529f_26.wav", "text": "not another company. Our competition is the 90%-plus of people believing they can become healthy or lose weight on their own.", "duration": 9.66}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_80.wav", "text": "only when the differential between the normal growth rate and the growth rate at which you are running at is small.", "duration": 9.66}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_120.wav", "text": "It will very much include complying with local regulatory requirements on number of nights homes can be let in this way and", "duration": 9.66}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_154.wav", "text": "where we expect to be up and running by mid-2018. Our Completion Tools business unit also experienced significant wins in the Middle East during the third quarter.", "duration": 9.66}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_25.wav", "text": "We see compelling evidenced in virtually all of our business units within our Wellbore Technologies segment that supports our belief. And I want to give a few examples this morning.", "duration": 9.66}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_158.wav", "text": "from primarily a check printer, thereby changing our product mix and resulting stock price multiple.", "duration": 9.66}, {"path": "56e05107e391476d11fe1f637733f028_8.wav", "text": "We are well positioned in the marketplace, aided by a suite of electronic connectivity solutions that make life easier", "duration": 9.66}, {"path": "6838b008f3efe8575b83cde089459d33_60.wav", "text": "But the decreases that we're expecting in Direct Response are really being offset by really some improved outlook in several other areas of the company with respect to", "duration": 9.66}, {"path": "3121e8f4a75758834d32a9e4e0555221_7.wav", "text": "These results were driven by lower medical costs, as reflected by a 60 basis point improvement in our medical care ratio compared to the first quarter.", "duration": 9.66}, {"path": "3121e8f4a75758834d32a9e4e0555221_111.wav", "text": "revenue that we had not recognized, we were able to recognize. They're going to institute a new program. We're not sure exactly what that will look like yet.", "duration": 9.66}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_76.wav", "text": "we fulfilled our 2015 financial outlook for all categories reaching the upper end of the guided range.", "duration": 9.66}, {"path": "39e5706898dcaf14a280b3a123877cd6_118.wav", "text": "this lag here that we have noted in the revenues. We are conservative because we don't have anything that makes us think", "duration": 9.66}, {"path": "2a5b0a6532fa2b71915a2930be02621a_59.wav", "text": "Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes that are difficult to predict, many of which are outside of our control.", "duration": 9.66}, {"path": "e26b501c6e000fdaa11edde97cc71436_110.wav", "text": "significant to note that the rest of our business, the supply chain businesses we've called it, our core business historically, is also going to grow faster this year than last.", "duration": 9.66}, {"path": "e26b501c6e000fdaa11edde97cc71436_37.wav", "text": "So as excited as I think Todd and I are over last year being sequential, I wouldn't hold out hope that it'll always be that way.", "duration": 9.66}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_91.wav", "text": "whether as a result of new information, future events or otherwise, other than what is required by law. Certain non-GAAP financial measures may be discussed or referred to today.", "duration": 9.66}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_177.wav", "text": "We also expect to have some members of our technical operations team in Philadelphia working primarily on the early stage process development,", "duration": 9.66}, {"path": "8957425799e5ce0200bfacf204d0acde_182.wav", "text": "The technology opens up the profitable development of deepwater fields because they can be tied back to regional hub facilities, leveraging an oil company's existing investment.", "duration": 9.66}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_60.wav", "text": "at the same time, given our business mix is -- relative to many of our competitors in that segment,", "duration": 9.66}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_4.wav", "text": "And I believe in the power of people so it's important to me that we create a culture that is focused on running and supporting great restaurants, putting the customer first,", "duration": 9.66}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_190.wav", "text": "We are energized and determined to make good use of this positive momentum to continue delivering solid results and to drive shareholder value.", "duration": 9.66}, {"path": "fc066133a3e40a7d270f2dff3e44fd58_3.wav", "text": "As I said, Pat will provide more granular investment and detailed financial information during his segment of our presentation.", "duration": 9.66}, {"path": "8b6b51842af008f5f437f53cc2e71835_28.wav", "text": "and I think we're viewed at least in the listed real asset space as the thought and investment leader", "duration": 9.66}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_111.wav", "text": "We noted this concern in our third quarter earnings discussion. And at that time, we had identified new industry partners who, we believe, are even better than the prior options.", "duration": 9.66}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_68.wav", "text": "You still had a decent environment on a comparative basis in the first quarter of last year. It was really after that you started to see a fair, much", "duration": 9.66}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_122.wav", "text": "in the backlog on average are considerably higher than the existing margins that we have earned over the past years.", "duration": 9.66}, {"path": "bc5fa7fe146f7b14353ebd573809b0a1_262.wav", "text": "With little competition in sight, we are currently working with over 30 customers of various current and future generation AR devices", "duration": 9.66}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_98.wav", "text": "initiatives, that both broadened our income base away from fashion and retail and delivered meaningful enhancements to our guest proposition.", "duration": 9.66}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_172.wav", "text": "I guess when I sat down with you for the first time, I said I am going to focus on clients sat, and I'm going to focus on being a transparent organization. I think we achieved -- we are achieving that very well. A", "duration": 9.66}, {"path": "a8034762296368c60571fcde382c3274_70.wav", "text": "how volatile our performance was on those products, it's kind of like talking about a brush fire after you just went through a forest fire to", "duration": 9.66}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_50.wav", "text": "This margin expansion was achieved while we continued to invest in the business to position ourselves for further growth.", "duration": 9.66}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_101.wav", "text": "When you look at a year where accident fatalities are higher than they've ever been, there's certainly some pressure on the severity side as well for bodily injury,", "duration": 9.66}, {"path": "b092d2be33ad52beefab208355b18235_42.wav", "text": "I will begin by making a few brief comments regarding the highlights of the second quarter. John will discuss the financial results and Chris will provide more color on our business development activities.", "duration": 9.66}, {"path": "8aa1aa8317783203344434f855535c25_52.wav", "text": "And we've had some more productive dialogue that I'm hopeful will lead us to, again, what I think would be the next most important", "duration": 9.66}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_59.wav", "text": "our new agency partners have the potential to deliver revenue that is an order of magnitude bigger than what we were doing with just our ESCO customers.", "duration": 9.66}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_112.wav", "text": "Our backlog reflects strong bookings that we expect to ship in the next several quarters, which should lead to a corresponding increase in revenue.", "duration": 9.66}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_17.wav", "text": "As John mentioned, a good way to measure our progress is by comparing revenue plus backlog in the current quarter to the same metric in prior quarters.", "duration": 9.66}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_48.wav", "text": "And we have seen, in a very short period of time, we look at like the quarter, for example, we saw a modest double-digit increase", "duration": 9.66}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_257.wav", "text": "We would have to really change our pricing model to claw that back, and we don't want to change our philosophy and how we're operating the business.", "duration": 9.66}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_70.wav", "text": "We have some issues in these big geographies that we talked about that we have to work our way out, Brazil and India being key ones.", "duration": 9.66}, {"path": "6a372ea97b0b130a4d37f16b54d97909_102.wav", "text": "the holistic solution, which means not just the learning platform but also the learning experience and the learning content.", "duration": 9.66}, {"path": "f23036451aab1cb9d659c3ac9a23825c_57.wav", "text": "While this will represent a small part of the assortment, we believe this will add more variety and excitement within our stores to further engage existing customers and drawing new ones.", "duration": 9.66}, {"path": "e2c02e1788cb10703d7611ef157f8135_113.wav", "text": "It's a pretty complicated algorithm, but it basically prioritizes above all keeping the shipment together, because", "duration": 9.66}, {"path": "7b6bf2135b78d5ce7bdc683d0fe83630_88.wav", "text": "using Whisper and I think this by themselves will be a huge demo and promoters for our new technology.", "duration": 9.66}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_88.wav", "text": "However, we believe that our success in moving our guest's purchase decision earlier in the year creates more opportunity for stable and consistent growth and overall results.", "duration": 9.66}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_14.wav", "text": "I am excited about the company position, and against our strong market backdrop, we are well on track to meet or exceed our full year financial commitments", "duration": 9.66}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_200.wav", "text": "you must be under earning in that segment. Can you give us some sense of how much you are under earning by, whether it's in terms of margins or dollars?", "duration": 9.66}, {"path": "29426a77336443eedde7eaa29e9c2852_153.wav", "text": "much more money per product on innovation today than what we were historically, which we believe is helping to drive these integrated suites, and therefore drive", "duration": 9.66}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_116.wav", "text": "we think we can find a better time that will make the deal more accretive rather than just market down in order to make it accretive. And that's our philosophy,", "duration": 9.66}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_13.wav", "text": "typically occur in the fourth quarter, which happened this year and drove a 10 basis point reduction in our net yield compared to the third quarter rate.", "duration": 9.66}, {"path": "ab4dae37361262d727d1d2f8f78765d5_3.wav", "text": "to ensure that any risks identified and controls put in place in the program of work would have been effective in preventing these terrible accidents.", "duration": 9.66}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_2.wav", "text": "This diversification is helping to offset the revenue impact of a product cancellation by our leading Mobility customer.", "duration": 9.66}, {"path": "e78997e6a75a2243292b2b54750bb3cb_146.wav", "text": "That is really a best guess and it's based on what we've observed, and I think other companies have observed as well,", "duration": 9.66}, {"path": "968913c3f9111fc67f1d9956c56dec3b_122.wav", "text": "And that number also includes a 20% increase in domestic new construction activity with the concentration in our higher end brands.", "duration": 9.66}, {"path": "b126e11520fd54843c67f70f15cd30cc_97.wav", "text": "there are enough opportunities. Concerning the Chinese economy, we are relatively optimistic. Of course, there are a lot of potential problems,", "duration": 9.66}, {"path": "c92a9ecd2741326fd8625841a07f74f9_139.wav", "text": "very aggressive when we go out and we want to be realistic. So 2 to 4 looks extremely good and kind of", "duration": 9.66}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_256.wav", "text": "right? And Indonesia is the classic model for what this model can do in a downturn, where you can control working capital, still get a return, still creates value,", "duration": 9.66}, {"path": "3898a5c021167b8169287fc8bb59f753_99.wav", "text": "we have a lot to learn before we do any further rollouts. So we have no plans for any further rollout the rest of this year. What you will see is some of our newer Shacks open with them,", "duration": 9.66}, {"path": "571b0d30d88945a981006f24faa72cf7_160.wav", "text": "with all localized therapies is that you can deliver the medicine directly into the lung without an overlapping toxicity of a systemic therapy", "duration": 9.66}, {"path": "571b0d30d88945a981006f24faa72cf7_40.wav", "text": "the brain is adequately perfused to prevent or to ablate dizziness. So you don't see a perfect correlation between blood pressure and symptoms.", "duration": 9.66}, {"path": "262bc21196721c5ff9114acbd2ff03c3_106.wav", "text": "transfer contacts in customers from one side of the business to the other. And we've done already quite a bit of analysis around understanding", "duration": 9.66}, {"path": "e2225d612a954a24e7e91c08215d7b51_54.wav", "text": "In late June 2018, we closed on a strategic acquisition related to our Redyard center in Auburn, a suburb of Sydney.", "duration": 9.66}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_30.wav", "text": "and that is to associate the clinical activity of tipifarnib with the biomarker or some other criteria. And that allows us to enrich the patient population.", "duration": 9.66}, {"path": "6318dda27b3e36d76533c048c64a3014_34.wav", "text": "And we're able to generate new hires off campus in the low double digits, and we've had really good retention.", "duration": 9.66}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_55.wav", "text": "Within the Finance practice, consultants continued to support universities and related parties involved in litigation over their employee retirement plans.", "duration": 9.66}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_39.wav", "text": "What I can say definitively, outside of our observations, is that the lead flow in new project originations coming into the firm", "duration": 9.66}, {"path": "21f21433851eb7c7f7dbc710309341bb_185.wav", "text": "We also adjusted the IFRS 9 model allowance compared to our original assumptions given the portfolio's good performance in terms of risk.", "duration": 9.66}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_100.wav", "text": "Then the company had the Materials Handling vehicle makers test the batteries for a few more months. Then we finally got the initial purchase order.", "duration": 9.66}, {"path": "87045996e7446329f1d98c909c6ca7fe_80.wav", "text": "Earnings growth also benefited from a decrease in the provision for credit losses to 20 basis points of average loans compared to 32 basis points last year", "duration": 9.66}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_18.wav", "text": "We continue to see strong demand for our Japanese export logs and expect average log sales realizations in the second quarter to be similar to the first quarter.", "duration": 9.66}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_137.wav", "text": "Domestic log inventories are at normal levels, with supply and demand largely balanced as supply returned to the market following first quarter's severe storms.", "duration": 9.66}, {"path": "49e533a8449f6b9b6c806458e73338e1_24.wav", "text": "Growth in our P2P business, continued deceleration of eBay and lower cross-border volumes contributed to the reduction in transaction take rate.", "duration": 9.66}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_169.wav", "text": "We will continue to return capital to shareholders through our quarterly dividend from a combination of excess cash on hand and earnings for the foreseeable future.", "duration": 9.66}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_215.wav", "text": "In addition, we are leveraging our strong relationships with the publishers to reach their entertainment counterparts and develop additional unique products.", "duration": 9.66}, {"path": "189b20e7b975130ca5abd0e419e54908_146.wav", "text": "We also remained committed to our long-standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives.", "duration": 9.66}, {"path": "a46647751ef690279d96126395de42d5_12.wav", "text": "Being my last call, I would like to emphasize that it has been a great pleasure to interact with everyone in the last few years.", "duration": 9.66}, {"path": "757695924b5e43c7d44e29dc141cc035_203.wav", "text": "many of which are more dependent on driving efficiencies and expanding into new products and new markets than they are on underlying market growth.", "duration": 9.66}, {"path": "1689b94530eca82b7758c86b4cf3125f_76.wav", "text": "Also related to capital allocation, you may have noticed that we made significant share repurchases during the quarter, which Kevin will address later in the call.", "duration": 9.66}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_131.wav", "text": "one that is solely in our control, where we can fundamentally change how customers experience Groupon and how merchants can effectively use our marketplace to grow their businesses.", "duration": 9.66}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_34.wav", "text": "Imagine being able to detect your risk of developing lung cancer with a simple nasal swab collected at the doctor's office or at your local pharmacy.", "duration": 9.66}, {"path": "2a7af3c66762ce608379005a3d7bfa96_154.wav", "text": "Can you review the timing of the rail rate increases? Did you start paying higher rates on January 1 or is all of the rate increase", "duration": 9.66}, {"path": "799c15a4a6e9e3c86374761fec31c00a_16.wav", "text": "And when you think of a hotel, we are currently only participating in the chairs -- the upholstery fabric for chairs", "duration": 9.66}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_219.wav", "text": "You can measure our success in many ways, but the most important measure is that we have helped millions of people live better lives.", "duration": 9.66}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_69.wav", "text": "to predict not only the exact go-live dates for some of these deals, but then how that revenue is going to flow, what uptake is going to be from a variable nature,", "duration": 9.66}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_100.wav", "text": "and when we adjusted it, the volume came back. Now we did plan that pricing, but we'd planned it much later in the year when green would support it.", "duration": 9.66}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_5.wav", "text": "These pricing actions are in advance of the lower green coffee costs we expect to realize later in the fiscal year.", "duration": 9.66}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_8.wav", "text": "By disproportionately investing in these key growth brands and platforms, we will better align our portfolio with changing consumer eating patterns,", "duration": 9.66}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_57.wav", "text": "Obviously, there has been a lot of concerns around Germany given what we've seen from some of the macro data there. Your sales were actually down very modestly.", "duration": 9.66}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_182.wav", "text": "the men and women that are out in each of our markets that go to work every day. We think this is one of the best businesses in the country and one of the best", "duration": 9.66}, {"path": "ebd59e21db89edb92205e012427cd9db_198.wav", "text": "many of the sanctioned projects that are actually coming on are not provided in the quality that gas utilities in particular would look to prioritize.", "duration": 9.66}, {"path": "4ee3c79ebc57c9870b221b9479d52436_258.wav", "text": "Simon, I honestly don't think that these things are any different in the context of the way we've thought about", "duration": 9.66}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_136.wav", "text": "That is why I call our technology transformative. Our imaging technology has created a whole new way of thinking.", "duration": 9.66}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_237.wav", "text": "on that data, and it's really promising information. So we think that if we can get this on label just as visualization,", "duration": 9.66}, {"path": "1f142ea668261ba963d47aac6bab69dd_72.wav", "text": "taxes and interest expense. Note that this will be the last quarter of coffee dilution as we lap the close of last year's coffee transactions.", "duration": 9.66}, {"path": "6a45749d272884d2809fa70f7807250c_118.wav", "text": "I hope and believe that this will create a change in the Americas, but it's too early to say and it's too early to say hurray for the 1 quarter.", "duration": 9.66}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_183.wav", "text": "You will find a reconciliation table on our website as part of our press release and in the Form 8-K submitted to the SEC.", "duration": 9.66}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_29.wav", "text": "and so that translates to having some screen failures that we originally didn't expect. But it's the right thing for a clinical study and having those", "duration": 9.66}, {"path": "902872913863de98d38e2936b846cf66_291.wav", "text": "as we sit here now given the backlogs we see and discussions we have with customers and public funding developments and all the things we've talked about, I think we would be", "duration": 9.66}, {"path": "902872913863de98d38e2936b846cf66_18.wav", "text": "In addition, certain transitory cost issues, such as our transition to new more efficient ships, will be behind us by the end of the year.", "duration": 9.66}, {"path": "96488f25af54f91198b444e5eff8e878_166.wav", "text": "I'm glad to report we have no other aircraft with MAS. The 777 we repossessed is the only one of its kind in our fleet and is 17 years old.", "duration": 9.66}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_190.wav", "text": "we have really seen shifts in pricing and pricing structures at this point. I mean, at this point, we still have pricing, which has", "duration": 9.66}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_76.wav", "text": "and dependable mission-critical networks with the lowest total cost of ownership. This has been the foundation for an increase in our win rate.", "duration": 9.66}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_139.wav", "text": "and increased our focus on operational efficiencies, which has allowed us to better address the demand of our worldwide customer base.", "duration": 9.66}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_31.wav", "text": "And in doing so, that, of course, created a great opportunity for our competitors now to go in. Because while they were using one of our products, they chose that product.", "duration": 9.66}, {"path": "712bbcab5338e07dd63dad97bb652018_148.wav", "text": "On the acquisition front, we're targeting companies that allow us to leverage our network and benefit from our investments in technology.", "duration": 9.66}, {"path": "81c03e2c15e8fe8213fbd40368b49581_118.wav", "text": "A wider spread and a global risk environment that doesn't give the impression that there could be a credit", "duration": 9.66}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_116.wav", "text": "it's noticeable relative to the strong trend that you've had over the last 3 years of market share gains in that segment. Can you talk maybe about", "duration": 9.66}, {"path": "b478d2808e90233ed994884e644a3d34_52.wav", "text": "Adjusted results exclude key items which are unusual, nonoperational or restructuring in nature. We believe this approach enhances the understanding of our ongoing business.", "duration": 9.66}, {"path": "32283c24ad18239efb166db8422560b2_43.wav", "text": "Among these factors are fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy,", "duration": 9.66}, {"path": "3ae068efa03cd088f4d3edea682f199f_260.wav", "text": "I'd like to point out that many of our employees responded with urgency when a family member, friend, coworker or even a complete stranger needed help.", "duration": 9.66}, {"path": "30a142fac5a62ab00227cb6a339a6226_46.wav", "text": "reinforce the great things about our communications products, bring friends closer to together and, at the same time, provide more distribution to really high-quality content. So I think we're trying to stay", "duration": 9.66}, {"path": "30a142fac5a62ab00227cb6a339a6226_11.wav", "text": "We also saw gains in ad performance, both in terms of view time and engagement, as well as an overall increase in our average revenue per user when compared to the prior design.", "duration": 9.66}, {"path": "30a142fac5a62ab00227cb6a339a6226_114.wav", "text": "This conference call includes forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events,", "duration": 9.66}, {"path": "365c360aff42713cef71a7d026eeeb6d_272.wav", "text": "And we feel '19 is exactly in -- is in line and contributing to our overall goals. So we're not really changing our expectations for the", "duration": 9.66}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_125.wav", "text": "Their objective is to support and develop our store managers and our more junior store-level employees so that they will be able to step in the store management positions in the future.", "duration": 9.66}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_60.wav", "text": "which began in the second half of 2016, designed to continue to open up capacity in our growing markets and help combat a tight labor market, in particular, the Midwest.", "duration": 9.66}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_252.wav", "text": "based largely on a very good cash cost performance at some of our key assets. This came despite stronger currency and higher fuel prices.", "duration": 9.66}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_31.wav", "text": "We have the right plan in place, and we're successfully executing against our plan with the utmost urgency.", "duration": 9.66}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_125.wav", "text": "the process can be delayed when data requirements for customers adding new HMS products is greater than they initially anticipated.", "duration": 9.66}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_60.wav", "text": "As our product revenue increases and we close more end-to-end solutions sales, we expect to see our recurring revenue base stabilize.", "duration": 9.66}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_7.wav", "text": "but I do want to call your attention to the breadth of product categories across Building Technologies launched within the quarter and over the last few weeks.", "duration": 9.66}, {"path": "407fee9910ab57874978cf85a89b1d9d_172.wav", "text": "But to be put in context, this adjustment is, obviously, due to the uncertainties in the market and despite this extremely difficult market environment,", "duration": 9.6599375}, {"path": "5833763223d8d85b6fcb5fe90e821c77_80.wav", "text": "The company does not provide any assurances that such applications will receive regulatory approvals. Oculus disclaims any obligation to update these", "duration": 9.63}, {"path": "364a769967b9b1a7cd069e2ce95c6e25_128.wav", "text": "It seems like it has stabilized now. And of course, we carefully talked about, if we could say that this was temporary. We did see it as temporary.", "duration": 9.63}, {"path": "a0e8f9500edc41a227b8d67235bf7753_37.wav", "text": "Anything specific you guys can attribute that to specifically here for Q4? One of it is simply the mathematical outcome", "duration": 9.63}, {"path": "a0e8f9500edc41a227b8d67235bf7753_86.wav", "text": "And most of it is pretty normal routine, a couple of projects on the drawing board that hopefully will give us some incremental revenue and", "duration": 9.63}, {"path": "62d981deed6d5128615c99d1597178b6_38.wav", "text": "companies start reducing discretionary expenses or projects related for the future because they hunker down to deal with the present. And", "duration": 9.63}, {"path": "139f0a6300f504b3e8673e39b0429161_150.wav", "text": "Moving to Slide 12, let's take a look at our free cash flow calculation for the 9 months ended September 30, and I'll close with some balance sheet comments.", "duration": 9.63}, {"path": "214dcdc435ef3259490466447858fa56_16.wav", "text": "This demonstrates the highly cash generative nature of the group and the fact that we turn profit after tax into cash after tax.", "duration": 9.63}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_55.wav", "text": "Let me move forward and spend a couple of minutes talking about capital markets and our balance sheet. We were quiet with regard to the general capital markets activities during the quarter.", "duration": 9.63}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_61.wav", "text": "as well as soft corporate profit growth or in some cases declines over last few years have created a macro environment that has not generated a robust corporate lodging demand.", "duration": 9.63}, {"path": "ab861b81968e1b5fcb606ed886919d68_12.wav", "text": "And with that, I will turn the call back to Ashton for a few comments regarding our investment portfolio as well as the investing environment before we open the call to questions.", "duration": 9.63}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_58.wav", "text": "And I do want to say that while we are always working to increase our revenues, we are as much focused on maintaining and increasing profitability as well.", "duration": 9.63}, {"path": "94fdf7b24748a7706b1097482a0f363a_52.wav", "text": "at very good contract pricing to folks such as ourselves that have significant capabilities", "duration": 9.63}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_106.wav", "text": "And as a result, MoChi is a very interesting design alternative in order to address a broader set of the market", "duration": 9.63}, {"path": "6f3e90ad68b9b074ad827efdcaf6630d_47.wav", "text": "This was slightly offset by a decline in the value of our Agency RMBS and associated hedges as spreads on shorter duration hybrid ARMs", "duration": 9.63}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_152.wav", "text": "With these initiatives, we will be able to strengthen our position in delivering above-market growth while enhancing the quality of this growth.", "duration": 9.63}, {"path": "80bbfd75ab074e9faf2d1b31118f1cfc_111.wav", "text": "kind of raising all boats? And what is your view of market penetration at this point? And then secondly, have you begun to see any meaningful pickup in higher density", "duration": 9.63}, {"path": "abd0f750609f1263b566f0c09b981a16_70.wav", "text": "that's appetizing in the more full service upscale segment that you want to be in? Or are those prices just too aspirational also on the part of the seller?", "duration": 9.63}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_11.wav", "text": "our overseas projects. So we hope that our capital expenditures on overseas projects are going to be lower.", "duration": 9.63}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_24.wav", "text": "Our South Africa plants continue to generate cash at the project level, and we are actively working to clear the defaults and remove the restrictions on the cash distributions.", "duration": 9.63}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_107.wav", "text": "Our first priority has been to evolve from being a buying organization to a streamlined category management team, which is more in line with industry protocol.", "duration": 9.63}, {"path": "7e14890193df4b10e1eeab6ab886529f_88.wav", "text": "Therefore, we have decided to remove all artificial sweeteners, flavors, colors and preservatives from any product that carries our brand.", "duration": 9.63}, {"path": "67716cee321d117b0318930dd142f06a_74.wav", "text": "As Gregg mentioned, quoting and overall activity has been on the rise, which has created a much more positive environment for our customers and our energy businesses.", "duration": 9.63}, {"path": "67716cee321d117b0318930dd142f06a_23.wav", "text": "We were very pleased with our ability to sustain our strong gross profit margin throughout 2016. Our FIFO gross profit margin", "duration": 9.63}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_162.wav", "text": "in places such as Oklahoma, North Dakota and Louisiana, to name a few. Excluding Houston, we note that RevPAR for our hotels in these U.S. markets", "duration": 9.63}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_125.wav", "text": "This makes the oil and gas industry an enormous consumer of steel. There are literally hundreds of steel mills around the world that manufacture OCTG pipe of all sizes, weights and grades", "duration": 9.63}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_73.wav", "text": "in particular the process optimization projects, which has seen us improve gold recoveries and achieve improvements in the availability of the autoclave circuit.", "duration": 9.63}, {"path": "8bbc2f54137b794265dfb01f1559868d_153.wav", "text": "We're currently offering this test commercially and have just hired 2 sales representatives and a product manager to more aggressively market the test.", "duration": 9.63}, {"path": "78c85dc9a16f82b09d3a2363004e658d_30.wav", "text": "you help us by comparing and contrasting what you think PlanGrid's particular strengths were versus the other competitors in that space?", "duration": 9.63}, {"path": "1b91eb82f5211000e711424657cc2484_191.wav", "text": "And we believe that the ability to attract a broader and more diverse investor base should benefit all equity-holders and enable us to be valued accordingly.", "duration": 9.63}, {"path": "9e937c87ad87f354d42a688156853a30_158.wav", "text": "On top of this, we are also expecting a substantial increase in our total dollar content", "duration": 9.63}, {"path": "75fa1bebed0b858c76cc7058477e40e2_69.wav", "text": "As Kevin mentioned, our real estate strategy calls for the infill of existing markets as we look to optimize the profitability and the efficiencies in our current footprint.", "duration": 9.63}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_205.wav", "text": "Overall, the CHC International segment realized strong performance in the quarter as the team continued to actively integrate sales strategies with promotional programs", "duration": 9.63}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_27.wav", "text": "The ideal patient would be both one that's potentially in an institution, in a hospital environment as well as an outpatient", "duration": 9.63}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_145.wav", "text": "we're very aligned on the dosing for this, so it's really just trying to reconcile things that were done previously with a different method to things that have been", "duration": 9.63}, {"path": "39e5706898dcaf14a280b3a123877cd6_129.wav", "text": "internal growth model. Now looking back to what we've done over the first half of this year, this is exactly it. We have", "duration": 9.63}, {"path": "39e5706898dcaf14a280b3a123877cd6_224.wav", "text": "reported on June 30 and accounted for as equity. And the net debt impact of change in parameter and others,", "duration": 9.63}, {"path": "a212b77ae2b2452093665a4e179ed3a3_109.wav", "text": "We recognize that this will be an area of key debate as it represents a significant opportunity in driving operational efficiency and returns.", "duration": 9.63}, {"path": "4032bfdd59881fc6506c082737cb5a99_152.wav", "text": "some relative flatness in some other brands and several very specific issues related to a few of our shows that are constraining this year's overall organic growth.", "duration": 9.63}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_143.wav", "text": "This strongly positions Amicus to become the consolidator of some of the greatest gene therapy technologies, products and minds in the field,", "duration": 9.63}, {"path": "8957425799e5ce0200bfacf204d0acde_29.wav", "text": "Therefore, for the first quarter, we anticipate modest improvements in most businesses, offset by challenges that will persist through mid-Q1 in our subsea business unit,", "duration": 9.63}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_34.wav", "text": "We are working with an outside agency to improve our marketing and outreach. I expect these actions to start to show results by", "duration": 9.63}, {"path": "1133b8984db446b9c963a09eaf0785a4_60.wav", "text": "So is it fair to say that the earnings contribution is also 75%? Because it sounds from Barry's comments like it might be a little more profitable.", "duration": 9.63}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_112.wav", "text": "is a huge opportunity for us to both innovate as well as drive throughput even further on our consumer-facing line as well as our second make-line.", "duration": 9.63}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_206.wav", "text": "What we need to do is we need to make certain that the quality of the top line is found on the bottom line, rather than having a larger top line. So", "duration": 9.63}, {"path": "15ac383479a7c990aab7b155e4d42053_28.wav", "text": "Yes. I wouldn't want to comment on any particular deal. But as I think about our strategy, it's really the same strategy. I mean, if you look back over,", "duration": 9.63}, {"path": "655d592e9d1b1027f1824b1554d8b131_154.wav", "text": "I think it would be relevant to bring to your attention that the midpoint of our guidance range has not changed since February when we gave guidance", "duration": 9.63}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_90.wav", "text": "But we can also work with customers, say in the Permian that may be sourcing regional sand while preferring our wellsite solution.", "duration": 9.63}, {"path": "911d447bcdcedb4e0cf5230de225921c_162.wav", "text": "There are a few areas in the world that can match the low-cost environment of the KRI and provide such a material return on investments.", "duration": 9.63}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_200.wav", "text": "And obviously, we're still improving our network, particularly in the northeast, but that's nothing like building out as we did in 2016, vastly cheaper.", "duration": 9.63}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_162.wav", "text": "We're focused on transparency with the investment community and so as these things come in, we want to make sure that we're keeping you updated and then just given the", "duration": 9.63}, {"path": "a8034762296368c60571fcde382c3274_85.wav", "text": "and commission income, coupled with the specific loan-loss provisions taken during the year. With that said, I'll now pass it back to Peter for some closing remarks.", "duration": 9.63}, {"path": "a8034762296368c60571fcde382c3274_88.wav", "text": "We see excellent opportunities to seed new alternative funds along with new clients, which can be run from our existing platform.", "duration": 9.63}, {"path": "002d12258ff802d65f79ae2eef99e4ab_133.wav", "text": "advantage of whatever kind of legislation occurs. But I think it's too early for me to comment on how that would change our capital allocation right now.", "duration": 9.63}, {"path": "e3d70ecdb6aaed843dd059c121962e45_169.wav", "text": "that volume tends to go to you. Have you looked at the opportunity that might present for you and given any sizing of that? And then is there any update", "duration": 9.63}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_202.wav", "text": "appetite is very hard to monitor in cats. We showed that in a pilot study, so that's why looking at weight gain, I think, is the appropriate place to go.", "duration": 9.63}, {"path": "40e11288ea7cb86fdf307dbe648142e3_86.wav", "text": "We have heard from companies talking about weather impact and all. I was wondering if there's any weather impact in your first quarter guidance or is it just seasonal", "duration": 9.63}, {"path": "8aa1aa8317783203344434f855535c25_138.wav", "text": "in the process of taking in all of these variables today to think about where we'd go from here, and we've got a lot of options. And we don't take the", "duration": 9.63}, {"path": "c1d916407f390d20e9d8f9b453e22435_42.wav", "text": "Our diversified revenue base in AMS continued to provide strong organic growth. Filtration and transportation were the key drivers,", "duration": 9.63}, {"path": "c1d916407f390d20e9d8f9b453e22435_75.wav", "text": "with our medical business also delivering solid full year results. Infrastructure, construction and industrial sales were generally flat for the year.", "duration": 9.63}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_68.wav", "text": "We generated nearly 16 million leads to our comparison partners, as consumers shopped around for the best deals on everything from the utility bills to their mortgage providers.", "duration": 9.63}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_2.wav", "text": "And as usual, our team did a great job. So on behalf of all Peyto shareholders, I just like to say thank you for the big team effort out there in the field and here in the office.", "duration": 9.63}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_80.wav", "text": "That's our expectation sitting here today. And on the commodities side, Mike, what I would say is I would expect to see those start to moderate a little bit, notwithstanding", "duration": 9.63}, {"path": "f23036451aab1cb9d659c3ac9a23825c_25.wav", "text": "We recently engaged consultants to help with this process and are in the early stages of identifying and quantifying cost-saving opportunities within the business.", "duration": 9.63}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_171.wav", "text": "Looking at the full year, we'll continue to take advantage of healthy demand and grow our volume business much better than expected, which optimizes our operating profit.", "duration": 9.63}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_27.wav", "text": "and financial architecture laid out for you at the Securities Analyst Meeting in 2017. I'm looking forward to closing out the fiscal year with another strong quarter.", "duration": 9.63}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_198.wav", "text": "some thoughts on what might happen in the tariff landscape and how you might be preparing for various eventualities and how we might", "duration": 9.63}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_329.wav", "text": "We continue to look at ways we can optimize our voice pricing while taking advantage of the very attractive demographics that we see in these markets.", "duration": 9.63}, {"path": "b94d748876ddf8e881d4191dec45baf3_158.wav", "text": "I view it as a better risk profile. We really do have a more stable footing for both the client and MAXIMUS with these revisions.", "duration": 9.63}, {"path": "7aeefd3f7f36ea98354844517c1f012d_3.wav", "text": "along with the Chicken Parmesan Sandwich and our Crispy Buffalo Chicken Melt. These also had a favorable impact on increasing our average check.", "duration": 9.63}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_96.wav", "text": "And what is also important is this is not supposed to jeopardize the implementation of our strategy. It is to -- this year", "duration": 9.63}, {"path": "e271ed845347e9c930ab0a44eb7785da_80.wav", "text": "There is no more questions coming in. We are going to conclude today's conference call. Thank you for your participation. Thank you.", "duration": 9.63}, {"path": "c5c7a9f409241412b160a93cde7ef630_55.wav", "text": "A few weeks later, Hurricane Irma displaced many people and left large portions of Florida and Georgia with extensive property damage and without power.", "duration": 9.63}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_134.wav", "text": "and the addition of 6 million digitally registered customers who are not yet rewards members but who have established a digital connection with Starbucks.", "duration": 9.63}, {"path": "c3567809c19ce6a800677544cd84f88b_163.wav", "text": "The biggest change is in how we scale up distribution and physical availability of our mass luxury brands by using our broader sales force.", "duration": 9.63}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_12.wav", "text": "In fact, this was the best annual adjusted credit segment operating income Conn's has produced in 5 years.", "duration": 9.63}, {"path": "191c819db03c2dfd0207cd1f42e278a4_111.wav", "text": "adjustments annually in our contracts around wages is fairly common in the industry, and it's certainly reflected on a portion of our agreement.", "duration": 9.63}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_14.wav", "text": "A human capital business must care about people, how to attract the best people, how to retain them and how best to match them to great client work.", "duration": 9.63}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_15.wav", "text": "This approach will strengthen our ability to deliver on the circle of quality philosophy. Great talent is attracted by great clients and great projects.", "duration": 9.63}, {"path": "e78997e6a75a2243292b2b54750bb3cb_122.wav", "text": "you don't really need to assess whether you've had enough reduction to mitigate the disease, you just don't have the disease anymore. So", "duration": 9.63}, {"path": "b126e11520fd54843c67f70f15cd30cc_134.wav", "text": "we do not only trust Chinese people. We trust value and nurture", "duration": 9.63}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_111.wav", "text": "So I can't pinpoint to any particular area that is driving the growth. I think it's quite spread out, which", "duration": 9.63}, {"path": "aefbce6ef3fec2bcc7535dc0272aac8c_171.wav", "text": "I would not take into consideration this as an indication for the future. As we said in the past that we expect the floaters margin to be", "duration": 9.63}, {"path": "948f025c16fce2bcb2909e610c9be557_50.wav", "text": "I never thought I'd run into pickles, peanuts, and I looked at this pickle harvesting machine and I just kind of smiled.", "duration": 9.63}, {"path": "7274a7a5fa848e641ba98fce556e26a1_66.wav", "text": "This focus drove an overall increase in gross profit. Growing revenue primarily through sales of subscription and perpetual licenses will continue to be our focus.", "duration": 9.63}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_161.wav", "text": "in the second quarter, based on our demand profile. And we feel pretty optimistic that, that trend will continue on an upward tick through the balance of the year.", "duration": 9.63}, {"path": "9b697782ea80be97854f35d6fc62c93a_224.wav", "text": "As an investor in JDE, we remain very confident in the long-term potential of the business and believe it will create significant value for its shareholders.", "duration": 9.63}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_59.wav", "text": "but we're also making the investments and the data capabilities in our big data engines inside our company today. So we feel really good about that opportunity.", "duration": 9.63}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_167.wav", "text": "against the historical margin structure. And just trying to think about the prospects for improving that going forward or how we should think about the puts and takes there.", "duration": 9.63}, {"path": "8d9efef3c305ec549fb15daa27107c83_77.wav", "text": "Turning briefly to the highlights of Era's Q1 results, I am pleased to report that despite the challenging conditions in the oil and gas industry,", "duration": 9.63}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_30.wav", "text": "was a coauthor of a paper that won the best theoretical paper award for 2018 from the International Journal of Industrial Organizations.", "duration": 9.63}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_138.wav", "text": "The current quarter net investment spread results included returns on noncoupon investments and prepayment fees slightly above our average expectations.", "duration": 9.63}, {"path": "9e07401011239a074ff66741ee557224_16.wav", "text": "Finally, I would like to mention that I will be at the Oppenheimer Industrial Conference in New York on May 11, The Stephens Roadshow on May 12 in Boston", "duration": 9.63}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_108.wav", "text": "and it takes time to determine what you need to do to improve the turkey performance. There's a bit of a learning curve here, and I think that we're", "duration": 9.63}, {"path": "059024560d9d1039cf08746ee7393114_134.wav", "text": "These programs have been focused on maximizing viewability and duration of ad play for advertisers and improving circulation retention", "duration": 9.63}, {"path": "dffe8257f781608bb17bb637249e4d2a_132.wav", "text": "positively impacting the results during the first half of the year, but insufficient to compensate for the impact of the higher weather-related claims.", "duration": 9.63}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_159.wav", "text": "we're conservative in setting those prices. We don't have a lot of history across all of the various tests and across all of the various payers. And so", "duration": 9.63}, {"path": "49e533a8449f6b9b6c806458e73338e1_200.wav", "text": "The network effects of our scale continue to accelerate. Our breadth of services and products go well beyond checkout,", "duration": 9.63}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_126.wav", "text": "Yes, there's a little bit there. It's actually more up in China actually where we saw some of that. And if you have a look at the provision, you'll actually see they've gone up as well. So we took", "duration": 9.63}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_26.wav", "text": "and those that do buy spend more money on collectibles than they do on video game, an encouraging dynamic given the growth projections we noted earlier.", "duration": 9.63}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_86.wav", "text": "And while there are clear principles that will be implemented likely the same here in Colombia as they are in other places, it'll depend upon", "duration": 9.63}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_2.wav", "text": "I'm starting on Slide 3. We're very pleased that encorafenib and binimetinib New Drug Applications and Marketing Authorization Applications", "duration": 9.63}, {"path": "7498a6630302a038bd537d192c3a44f4_77.wav", "text": "And while I still see a lot of opportunity for improvement, we are pleased with the direction we were headed in relation to sales.", "duration": 9.63}, {"path": "80a2ca14358172366acab4e80f3fa33b_190.wav", "text": "I believe in the second half, things will improve for sure over the first half.", "duration": 9.63}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_181.wav", "text": "more detailed question just on if you could explain the impact of -- revenue impact of moving to split contracts on the mobile side in Belgium and", "duration": 9.63}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_54.wav", "text": "And finally, our RV revenue grew by nearly 6%. We have been focused on converting existing renters to owners and are pleased with the trend we are seeing.", "duration": 9.63}, {"path": "3e29586725757a72d8c143f3da2658f5_45.wav", "text": "maybe not exactly adjacent to the pipeline that are actually not served with natural gas. So I think there's some longer-term benefits there, in addition to more security and", "duration": 9.63}, {"path": "01b376669d5ea40acc7fb5a87503586e_75.wav", "text": "In terms of why we are more positive, I think we have seen -- we are seeing a lowering of expectations", "duration": 9.63}, {"path": "e522eff219f3eaa2c9b090dc12cad420_31.wav", "text": "While we continue to deliver cars out of that facility that meet our customer's expectations, the cost of doing so is far too high.", "duration": 9.63}, {"path": "c5120d9702331edaf23bb6e639df0a70_87.wav", "text": "And we've developed a new business model for hospitals. ZIOPHARM will provide patients and caregivers with a solution that addresses the cost and complexity", "duration": 9.63}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_4.wav", "text": "to avoid the threat of ad blockers and provide their digital viewers with a better live-viewing experiences as ads are stitched into the live streams.", "duration": 9.63}, {"path": "ea80970d6b8e6fab10c4500aa7298914_93.wav", "text": "and so we're seeing a little better on the aftermarket. But it's definitely -- primarily what we're getting is the new aircraft with higher content coming through.", "duration": 9.63}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_11.wav", "text": "In Chile, we have the recent openings of the office towers in our mall in Concepcion with a leasing area around 11,000 square meters", "duration": 9.63}, {"path": "a2ba164f019804628c07b36de47cd464_115.wav", "text": "current quarter net income was favorably impacted by a decrease in contingent consideration expense and stock compensation expense related to acquisitions.", "duration": 9.63}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_41.wav", "text": "but if you look like guys like San'an, their income statement is very good and it looks like they don't have many access to capital issues. They have a pretty healthy utilization rate.", "duration": 9.63}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_212.wav", "text": "We also ask our operating companies to do that as well. And I think the Tektronix team really came back with this understanding that, hey, by combining with the Telestream business,", "duration": 9.63}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_6.wav", "text": "Our technical team has been modifying our drilling and completion procedures based on our results and the results of our offset operators.", "duration": 9.63}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_12.wav", "text": "In addition, the highly competitive and weak short-term rental market was particularly challenging and had a significant negative impact on Canada's EBIT in the fourth quarter.", "duration": 9.63}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_77.wav", "text": "And we're in the second or third inning of the introduction of these products. So we see a lot more growth potential", "duration": 9.63}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_3.wav", "text": "compared with the previous year. Another negative factor was an increase in personnel cost and some development orders this year.", "duration": 9.63}, {"path": "243e9a046160bfbf82be702927a4df22_48.wav", "text": "Additionally, we also have a large inventory of other area 2 locations from which to choose, if we were to change the drilling schedule to add in more in Area 2 drilling.", "duration": 9.63}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_282.wav", "text": "feel very, very good about the amount of work that we have in the pipeline, the number of relationships that we have with opportunities for expansion.", "duration": 9.63}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_218.wav", "text": "I mean, I guess, we had open minds and it proved to us to be a lot more valuable to us than we suspected going in, but we", "duration": 9.63}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_77.wav", "text": "we will not look at doing any type of share repurchase, but eventually, that will most likely be what we do first. But obviously,", "duration": 9.63}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_104.wav", "text": "and the reason we can do that is because we have a well-developed infrastructure. And secondly, if an additional flow line is required to", "duration": 9.63}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_126.wav", "text": "Investment income did decline on a sequential basis, related primarily to some additional bond amortization we had to take on a few of our European portfolios,", "duration": 9.63}, {"path": "3e42c35588dc721e96280bc039e96c8d_24.wav", "text": "Yes. Brooks, Gary is spot on with that. It probably isn't a surprise, but I would imagine probably not too far of a stretch for you to think that", "duration": 9.63}, {"path": "3e42c35588dc721e96280bc039e96c8d_5.wav", "text": "a more evenly distributed and durable drug effect and a lower incidence of downstream drug particulates as compared to earlier generations of drug-coated balloons.", "duration": 9.63}, {"path": "2cd5b184c2ef6624ce219830182927c9_260.wav", "text": "We made this filing in a very similar manner to what other companies in the state have done, showing a very similar benefit to cost ratio.", "duration": 9.63}, {"path": "6daa2d0829057899b014b06c36e1d54b_5.wav", "text": "Following my remarks, John will be sharing some data we presented at ASCO, the American Society for Clinical Oncology meeting.", "duration": 9.63}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_129.wav", "text": "but we need a bridge solution to keep the units that are important to our customers in place so that they're available once we do have a carbon signal in the market.", "duration": 9.63}, {"path": "902872913863de98d38e2936b846cf66_5.wav", "text": "Our other markets combined saw shipment growth of over 6%. This is much more in line with expectation and trend.", "duration": 9.63}, {"path": "125388f1b45117acde70abc39e0f7d04_38.wav", "text": "but relative to other titles and other occasions that make sense for folks, for example, a big Star Wars theme around May 4. So we're seeing a growth", "duration": 9.63}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_133.wav", "text": "As you recall in our last earnings call, we told you that the first quarter 2017 would look a lot like fourth quarter 2016 and that's right about where we landed.", "duration": 9.63}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_40.wav", "text": "We've seen one of the competitors effectively raise prices. Is it something that you are looking to do also to improve your ARPU? Or", "duration": 9.63}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_27.wav", "text": "I fully expect us to return to our more typical organic growth levels after a couple of quarters, and our team is intensely focused on this.", "duration": 9.63}, {"path": "5f4034bd1c0669186fcee6909c5d59e7_38.wav", "text": "Turning to operations. I'd like to go over the second quarter results and some of the changes we have made to our current 2-year plan -- operational plan.", "duration": 9.63}, {"path": "712bbcab5338e07dd63dad97bb652018_147.wav", "text": "The strategic realignment that we did of our sales and service organization within Environmental Services at the start of this year is really working well.", "duration": 9.63}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_177.wav", "text": "looking at that, and we're working to provide additional disclosures. But we need to determine what information would be most useful", "duration": 9.63}, {"path": "77423f08f0208d476dea73c639f6293a_202.wav", "text": "an ad medium that creates demand for cars and pampers and vacations and insurance products and political votes.", "duration": 9.63}, {"path": "24c7526f6daca8e16ab91bea6124148a_247.wav", "text": "a lot of our businesses, if they're selling in a currency, they're also going to have a lot of their costs in the currency. Now there are exceptions where we are selling", "duration": 9.63}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_87.wav", "text": "Under our fourth priority, increasing operating margins, we continue to optimize our entire organization to make us more productive to improve expense control.", "duration": 9.63}, {"path": "f15a674bdbbc461872000604216ae071_121.wav", "text": "very different that would allow us to have a higher free cash flow and probably closer to what George is saying.", "duration": 9.63}, {"path": "4d7256bec87696f6c5defa8f37db1b48_5.wav", "text": "Given the rapidly expanding physician customer base and positive experience with MACI, as evidenced by accelerating volume growth,", "duration": 9.63}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_8.wav", "text": "On Page 7, the emissions market has become an increasingly complex with an increased industry focus on emissions controls and monitoring.", "duration": 9.63}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_168.wav", "text": "meeting with KOLs and continuing to educate there. That is going to be the theme that you've heard from me that will just continue on and on.", "duration": 9.63}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_142.wav", "text": "We have said in the past that we would only consider repurchasing any of those Twin Reefs preferred shares at a discount, and we were able to do that", "duration": 9.63}, {"path": "365c360aff42713cef71a7d026eeeb6d_222.wav", "text": "And not to give -- when we talk about scale, scale doesn't happen on its own. And the most important driver to help with scale is", "duration": 9.63}, {"path": "525a3d59e4a319ddd41c161ec0e67f93_78.wav", "text": "That's why we need to have a combination of a price combination that in the short term you manage to preserve", "duration": 9.63}, {"path": "3043e7527da9e59e29b7412cafeb9d80_43.wav", "text": "Under Dave, the company changed dramatically. We broadened our scale meaningfully. We diversified the geography of our platform significantly.", "duration": 9.63}, {"path": "a98061f951c1b2c7a915e296098bc4de_119.wav", "text": "waiting to see if there was an increased competition amongst the Internet banks. But what we actually saw was that several banks", "duration": 9.63}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_201.wav", "text": "So Allison, it's Steve, I want to just give a little bit of -- I want to put this in context here and then I'd like David and Carl to weigh in on it. So", "duration": 9.63}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_80.wav", "text": "So you had said that the sales cycle is much longer on something like this. Based on your response to my question, it looks like,", "duration": 9.63}, {"path": "97ddc19ecb28bab2d19fd3b181182062_188.wav", "text": "of the price and also because of the available cash we've had from our really strong working capital management and the inventory reductions we've had during the year.", "duration": 9.63}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_208.wav", "text": "In addition, we completed integration of the first re-engined Antares, which we will roll out for testing next week at the launch pad at the Wallops Flight Facility.", "duration": 9.63}, {"path": "7f85288e472b08575b33943f4c718070_30.wav", "text": "frankly much stronger than we were modeling. And I wanted to dig into this a little bit more. You talked about some of the things that are", "duration": 9.63}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_17.wav", "text": "and the incremental investments in product and sales capacity, all generally in line with the Q1 expectations we set for you last quarter.", "duration": 9.63}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_150.wav", "text": "And so we strategically made the decision that it made sense for us to ramp up some of our finished goods inventory to make sure that we were able to fulfill demand", "duration": 9.6299375}, {"path": "6e6da7f810609ce64857373f11984455_5.wav", "text": "a new multiyear contract with a leading global fast food company and a new multiyear contract with a New York-based financial services firm.", "duration": 9.6000625}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_276.wav", "text": "The first one is concerning the refinancing of the hybrid bond, if we could give more information on that?", "duration": 9.6000625}, {"path": "2b0b79fa03313a4e9261734dd728b622_45.wav", "text": "quality metrics are nearing the point that a detailed discussion of asset quality is no longer necessary. We will, however, continue to provide more than sufficient data for your review.", "duration": 9.6000625}, {"path": "01f88a67f39af3a74d5f23b095615d39_108.wav", "text": "Negotiations for the sale of the Melbourne Domestic Terminal are well advanced, and we are expecting to receive the proceeds in the second half.", "duration": 9.6000625}, {"path": "ebb371780b97ae7f2172f242fbdc5c7c_40.wav", "text": "know the importance of maintaining a rigorous management approach and that the discipline which we", "duration": 9.6}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_233.wav", "text": "The results in the first 2 quarters are in line with our expectations. The inflow ARPU is somewhat lower than last year because we unbundled content.", "duration": 9.6}, {"path": "d28b2b09c127b5be033738aa3cd380b3_254.wav", "text": "in assuming that in track channels, it's likely to be about flat. So we're certainly watching that carefully as well as the competitive landscape. The other thing we're going to continue to watch is foreign currency.", "duration": 9.6}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_204.wav", "text": "Good morning, ladies and gentlemen. I admit, to sit here as CEO of the company is a very different experience", "duration": 9.6}, {"path": "2602edddc3363eadcaafe1c33271f3e4_25.wav", "text": "that we'll likely see the same type of phenomenon we saw in other studies, where the mean on study attack rate will be about twice the minimum criterion.", "duration": 9.6}, {"path": "2602edddc3363eadcaafe1c33271f3e4_22.wav", "text": "generally, our experience has been that you get approximately twice the main on study as the minimum attack rate.", "duration": 9.6}, {"path": "249b7b83531140105343e2a0e89150fa_108.wav", "text": "We continue to operate below the median of comparable U.S. banks due to the relatively lower credit-risk density of our balance sheet.", "duration": 9.6}, {"path": "2a59b9df2de5248e64727f10185a8423_97.wav", "text": "Finally, I would like to add a few words about transforming our business structure, as mentioned in the previous management direction progress review.", "duration": 9.6}, {"path": "8cb24daf76784487ad63780546dc4ba4_171.wav", "text": "You've pivoted your adviser business. I think you have an underappreciated balance sheet and now there is a potential earnings impact from the changes in the corporate tax rates we just mentioned.", "duration": 9.6}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_140.wav", "text": "a wonderful element of a hospital challenge strategy that the company has changed. And we believe we can find a suitable home for it,", "duration": 9.6}, {"path": "3180572bc2da758668c19200930e1bc4_117.wav", "text": "Before we get started, please note that certain statements during today's presentation that are not statements of historical fact, including statements concerning such items", "duration": 9.6}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_60.wav", "text": "It is what has driven us to not just acquire Starwood but to try and compete with 30 different brands and have the kind of", "duration": 9.6}, {"path": "7974a5134807f46a1484a8adf81505be_263.wav", "text": "we feel very strongly that an investment conversation that includes deposits has got to be a key part of our primary banking strategy.", "duration": 9.6}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_179.wav", "text": "Steve will take you through the details of our financial results in a moment, so let me shift my discussion to update you on our progress against our strategic priorities.", "duration": 9.6}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_88.wav", "text": "And our eVolve drilling automation products and services are delivering significant improvements in drilling efficiencies and gaining more traction with customers around the world.", "duration": 9.6}, {"path": "56e05107e391476d11fe1f637733f028_70.wav", "text": "as any such prepayments of debt would previously have counted against us in the fixed charge coverage ratio and ultimately would have been limited by this covenant.", "duration": 9.6}, {"path": "570faeed3dcfa26c6246dc42309025ad_4.wav", "text": "in many of our core markets, such as Eastern Canada, Arizona, Georgia, Colorado and New Mexico, while dramatically increasing our presence", "duration": 9.6}, {"path": "7ec9d2889f6012c7058eb766f6de38e2_173.wav", "text": "And with the benefit of an improved balance sheet that can withstand gold price volatility, we have greater flexibility to invest in sustaining and growing the business into the future.", "duration": 9.6}, {"path": "8bbc2f54137b794265dfb01f1559868d_101.wav", "text": "Former Clarient and NeoGenomics senior and middle management people and teams have been effectively reorganized to manage our combined operations.", "duration": 9.6}, {"path": "8bbc2f54137b794265dfb01f1559868d_42.wav", "text": "capability in flow cytometry. We're actually adding some capability through work that we've done with this support vector machine", "duration": 9.6}, {"path": "044da592acc01ff7baacb3dbf2a302a9_53.wav", "text": "many of their knees were done and navigated, probably the highest percentage in the world. So they were -- for them, it's an easy adoption to move from navigated knees to robotic.", "duration": 9.6}, {"path": "1b91eb82f5211000e711424657cc2484_231.wav", "text": "most of the businesses that are of a certain size and quality today probably launched sometime in the late '80s or early '90s. And just", "duration": 9.6}, {"path": "a45510e526a5935c1f8d4f039149ff3b_146.wav", "text": "The slight decrease in our quarter-over-quarter margins was attributable to the increased waiting of our international business and our domestic customer mix.", "duration": 9.6}, {"path": "39e5706898dcaf14a280b3a123877cd6_41.wav", "text": "constantly operational efficiency in terms of quality of service and also efficiency and financial", "duration": 9.6}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_153.wav", "text": "I'm also extremely pleased to report that we had our best quarter ever for enterprise bookings in Q2. Our pipeline reached another all-time high as well.", "duration": 9.6}, {"path": "8292bdb9af87f10627c044f3842b2c76_86.wav", "text": "It probably doesn't make us, it doesn't make sense for us to own the long term, so I would see us in 2 or 3 years not this year", "duration": 9.6}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_1.wav", "text": "including those plans, beliefs and expectations of our officers and directors with respect to, among other things, gaining access to global markets,", "duration": 9.6}, {"path": "e26b501c6e000fdaa11edde97cc71436_108.wav", "text": "call it, food safety applications that are in development and just about to be released. What that will do is to expand our market opportunity,", "duration": 9.6}, {"path": "a827180c08c11f2e53c6966fceaabf5b_40.wav", "text": "expect the margin to be more stable over the course of 2016? Or are you going to -- how", "duration": 9.6}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_8.wav", "text": "With that overview, I'll turn the call over to Christian to review the numbers before returning for a summary and your questions. Thank you, Carl, and good morning, everyone.", "duration": 9.6}, {"path": "6cc956d6936675db3e528df47252e531_1.wav", "text": "I would also like to draw your attention to the financial information included in this management discussion and analysis presentation,", "duration": 9.6}, {"path": "23eff4c724ee00f56319fcc47add3441_24.wav", "text": "I'm sort of wondering if this has to do with the environment or if this has to do with certain things that you're doing to ALW that", "duration": 9.6}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_38.wav", "text": "Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results", "duration": 9.6}, {"path": "599ab9a8d39052867bd99cb2fa4fd4f2_78.wav", "text": "where we're just -- we've laid down a few frac crews, a few rigs and it doesn't take much slack in that market for it to really impact pricing. So I think it's just a", "duration": 9.6}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_74.wav", "text": "The plans Scott put in place last fall have created a culture of accountability in the field. Our design to provide a great guest experience and are built on a strong foundation of food safety.", "duration": 9.6}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_25.wav", "text": "and the joint working group is now validating the results. And yes, you may have heard about funny results,", "duration": 9.6}, {"path": "171fd9df333ddd814c764843ed624121_8.wav", "text": "The trend toward larger deployments is continuing, which is consistent with the discussions we are having with numerous hyperscale and enterprise customers about potential solutions across", "duration": 9.6}, {"path": "6864081f83959f4b49e25e597f28af66_63.wav", "text": "We cannot move forward without making the investments to differentiate ourselves through our unique offerings, which will further reduce the complexity of shipping for our clients.", "duration": 9.6}, {"path": "6864081f83959f4b49e25e597f28af66_86.wav", "text": "doing a good job with their existing legacy business but they're also doing a good job picking up new business, and importantly our Financial Services business", "duration": 9.6}, {"path": "21c2451cb9f5fbf43e4e2e3d3d23325d_25.wav", "text": "So I don't know -- I would give it a little while longer for the relationship to settle in and see where the profitability actually lands before I", "duration": 9.6}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_181.wav", "text": "revision of the sales assumptions in the second half of '17, any reason for that changing, I know, recently you talked about few tens of millions in the back half, and", "duration": 9.6}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_288.wav", "text": "The other certain items of any significance, the fair value amortization and the mark-to-market, we see those in most quarters and we've discussed them in the past.", "duration": 9.6}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_298.wav", "text": "until we see additional demand. The additional production that we got from the first 6 wells or so was enough to take care of what we think we need. So", "duration": 9.6}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_48.wav", "text": "The company assumes no obligation to update forward-looking statements whether as a result of new information, future events or otherwise other than as required by law.", "duration": 9.6}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_204.wav", "text": "Thanks. You've mentioned that both of these are centered around the GalXC platform and the potential utility of that in a broader set of targets,", "duration": 9.6}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_27.wav", "text": "as the pattern of deployments follow a step function with very large steps even if the underlying end-user demand grows more evenly.", "duration": 9.6}, {"path": "4e04d3229b988f1db5b842ac5b993894_55.wav", "text": "As a result of this significant reduction in the proportion of rigs on standby, total average rig operating cost per day during the fourth quarter increased", "duration": 9.6}, {"path": "1bba27cac9495fe57f623973383d6948_28.wav", "text": "which not only includes structured finance and investor relations but also all financial and accounting responsibilities typically performed", "duration": 9.6}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_67.wav", "text": "and that just goes through cycles that take longer to reactivate than maybe the short-term product where there's more lead providers, which you can turn back on a little more quickly.", "duration": 9.6}, {"path": "c1d916407f390d20e9d8f9b453e22435_8.wav", "text": "We continue to provide valuable support in this innovative product category and consider ourselves well positioned when sales growth accelerates again.", "duration": 9.6}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_225.wav", "text": "you've got lots of subcategories. So for example, Andy touched on the change to the advertising rules within broadband. That was a negative", "duration": 9.6}, {"path": "58ff8a727ec4f3859407b64f08246759_98.wav", "text": "it's really -- it's going to be building a foundation time for us. There's going to be large investments made or we have been making, and we're going to follow through on things like training surgeons and", "duration": 9.6}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_63.wav", "text": "And then the second question is regarding the VA. I understand from some -- from talks with some of your competitors that there is sometimes", "duration": 9.6}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_278.wav", "text": "And obviously, at the growth rate, volume will play a little bit of a role. I don't like that to be the excuse for not driving productivity. But I think if we do those things,", "duration": 9.6}, {"path": "567a41009710fa1568bb8125213bf9eb_89.wav", "text": "as expectations for continued low interest rates support strong production volumes and healthy margins throughout the industry.", "duration": 9.6}, {"path": "b94d748876ddf8e881d4191dec45baf3_118.wav", "text": "if that's new business driving the increase or reprocurement. I know there's some comments there that over 50% is new. I'm wondering how that also compares to", "duration": 9.6}, {"path": "02deeb29574f1571812a11f66bb8fda1_183.wav", "text": "Okay. And then to understand the divestitures, I know that they're small, but was there a certain growth profile that just didn't make your", "duration": 9.6}, {"path": "02deeb29574f1571812a11f66bb8fda1_138.wav", "text": "We've got a great balance sheet, strong free cash flows and a good acquisition pipeline as we think about the balance of 2016 and certainly into the future.", "duration": 9.6}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_183.wav", "text": "I think that the idea that you need to build a one-on-one relationship with your customer, something that we've been saying now for almost 20 years is probably more true than ever", "duration": 9.6}, {"path": "c3567809c19ce6a800677544cd84f88b_113.wav", "text": "We do this by benchmarking the optimum cost of all elements of a product to its sales value and to competitive benchmarks.", "duration": 9.6}, {"path": "c3567809c19ce6a800677544cd84f88b_185.wav", "text": "Crown Royal lapped the launch of the highly successful Regal Apple innovation in the second half. And both it and Crown Royal Deluxe grew.", "duration": 9.6}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_133.wav", "text": "which has been a meaningful contributor to pre-provision net revenue growth over the past several years, to contribute significantly to growth in net interest income.", "duration": 9.6}, {"path": "ea60900258f99d1003ab247c506e42d9_112.wav", "text": "We plan for the integration of Wellington's and Today's at speed and are convinced that it will make a positive contribution in the short term.", "duration": 9.6}, {"path": "20097e37747ec7bc3734246e83798fb1_104.wav", "text": "and much more diversity and breadth of content than what those 2 to 3 subscription services that they are generally willing to pay for have to offer.", "duration": 9.6}, {"path": "82131762fc1c2b2358ac3a167666ab87_10.wav", "text": "The net result of adding these lower rate loans to our branch, small and convenience check portfolios is that the yield has declined as the mix shifted.", "duration": 9.6}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_29.wav", "text": "So it's a good question because we've obviously not been that great in trying to update the market on the fact that we are progressing some", "duration": 9.6}, {"path": "948f025c16fce2bcb2909e610c9be557_42.wav", "text": "tire in any place in the world. But when you get down to it in the range, there is no one in the world", "duration": 9.6}, {"path": "948f025c16fce2bcb2909e610c9be557_17.wav", "text": "As a result, we've made a number of changes to our operational team over the past couple of years to battle the downturn and build our team around the One Titan model.", "duration": 9.6}, {"path": "7274a7a5fa848e641ba98fce556e26a1_64.wav", "text": "are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results.", "duration": 9.6}, {"path": "9e8690a521142359001a137074905535_32.wav", "text": "our backlog and production forecasts indicate we will see a sequential improvement each quarter from the base set in the first quarter.", "duration": 9.6}, {"path": "9e8690a521142359001a137074905535_167.wav", "text": "While we knew these factors were a risk for the year, the headwinds firmed up earlier than anticipated and begin impacting us within the last 90 days.", "duration": 9.6}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_107.wav", "text": "there's typically a lot of the larger contracts come up for bids in the spring and summer", "duration": 9.6}, {"path": "262bc21196721c5ff9114acbd2ff03c3_216.wav", "text": "ahead of implementing in terms of employee engagement and change readiness assessment. So there's quite a heavy quality assurance program sitting over", "duration": 9.6}, {"path": "8d9efef3c305ec549fb15daa27107c83_82.wav", "text": "In conclusion, we believe the challenging industry conditions and the offshore oil and gas helicopter market are likely to persist for the next several quarters.", "duration": 9.6}, {"path": "73c60e60043b8775dac929320839a8c6_11.wav", "text": "Against the backdrop of spread compression in the broader credit markets, we maintained our asset selector mentality,", "duration": 9.6}, {"path": "5485ec124a9d4b08efd2bd4f8398ffc5_17.wav", "text": "Already you mentioned you don't have much clarity on what will happen on the macro, so you don't have anything to share", "duration": 9.6}, {"path": "82f5253b62614161333b038f5f9700f8_54.wav", "text": "channel is very much tied into oil and gas, either directly or indirectly when you have a direct exposure to oil and gas when you're renting equipment into the", "duration": 9.6}, {"path": "059024560d9d1039cf08746ee7393114_137.wav", "text": "These investments continue to be made organically and may be areas of focus for us from an acquisition standpoint in the future.", "duration": 9.6}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_15.wav", "text": "The combination of our retail products and expertise and MTY's broader reach will position us for future success in this area.", "duration": 9.6}, {"path": "757695924b5e43c7d44e29dc141cc035_30.wav", "text": "Amidst weaker macroeconomic data, we continue to view these targets as reasonable based on the progress we're seeing in our operational initiatives,", "duration": 9.6}, {"path": "757695924b5e43c7d44e29dc141cc035_17.wav", "text": "Certain costs below segment income need to be normalized to align with the post-spin SPX. Corporate expense includes costs for individuals and other expenditures", "duration": 9.6}, {"path": "45ab782035fdb06f5ec710d0845bc18f_77.wav", "text": "Thanks, Jason. Before I discuss our outlook, I want to reflect for a moment on how our business has evolved over the past 4 years and more importantly,", "duration": 9.6}, {"path": "6760f7edfb883104c8c655c4671646e5_63.wav", "text": "Yes, it's hard to tell, but what we do know is we did not have the inventory we plan to have and use. We just couldn't find quality inventory. We're not going to", "duration": 9.6}, {"path": "130e8e56c1afa2419fd0c08708261824_150.wav", "text": "That said, we will participate in this consultation and are currently evaluating the various questions and proposals put forth by the government in the paper.", "duration": 9.6}, {"path": "7498a6630302a038bd537d192c3a44f4_79.wav", "text": "We are also continuing our improvements in responsible compliant sourcing, both independently and in cooperation with the regulators.", "duration": 9.6}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_8.wav", "text": "In short, we believe, affordable tuition and high academic quality provides differentiation and serves national interest by helping working adults succeed in their professions.", "duration": 9.6}, {"path": "ea45464984232d301c70cc7a9afdbc65_30.wav", "text": "a company based on solid foundations with an efficient structure and ready to face the challenges the market poses with a great performance potential.", "duration": 9.6}, {"path": "ab29ac574f423764c40f2d2eec696623_56.wav", "text": "Along with the emphasis on contents and product, the Tinkoff acquisition machine is revving up to double our active customer base in the next few years.", "duration": 9.6}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_174.wav", "text": "addicted to opioids based on a whole series of factors we're able to take from the data that we would have around those individuals, their prescribers, their conditions and so forth.", "duration": 9.6}, {"path": "a76bedec950d8af557e451e58416d028_23.wav", "text": "an inquiry, an official inquiry to see how we can run the company with more transparency. But the short-term", "duration": 9.6}, {"path": "94f601dc7b34ad38667e3b714aa89d35_3.wav", "text": "and where there may be opportunities ahead that we can capitalize on. It's been an amazing experience overall, and I'm encouraged and energized by the opportunities I see for our company.", "duration": 9.6}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_168.wav", "text": "we -- that's not going to inhibit anything we do. One other thing I would tell you. About 3 weeks ago, I got to go to Dallas because we got named", "duration": 9.6}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_141.wav", "text": "When you're talking about seasonal business, you make a change in Christmas '15, that change now", "duration": 9.6}, {"path": "e0d1342ad3d27fd648b708837de08797_163.wav", "text": "We achieved solid results from each of our business segments and remain steadfast on managing costs and operating efficiently.", "duration": 9.6}, {"path": "e0d1342ad3d27fd648b708837de08797_16.wav", "text": "The second transaction was our acquisition of companies owned by the Bass family, which more than doubled our Permian Basin resources.", "duration": 9.6}, {"path": "09b5b62d328d3d0719b6825357fdfb48_28.wav", "text": "And we just won't buy cattle under a certain level. And so the fixed investment is still very low relative to the opportunity. And so", "duration": 9.6}, {"path": "66b25c60d952bd002c7ab20da9248086_120.wav", "text": "we continue to be comfortable with this level of charge-offs, given the yield that we're generating off of our portfolio. So effectively, we look at", "duration": 9.6}, {"path": "66b25c60d952bd002c7ab20da9248086_92.wav", "text": "again, we don't have any specific time line, but what I can say is at this stage, we are looking at offering it as an additional feature", "duration": 9.6}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_53.wav", "text": "for a replay of this broadcast. It should be available later this evening and also a copy of the presentation material. Thank you.", "duration": 9.6}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_5.wav", "text": "The first indications are promising about the take up and inflow value of these propositions and our ability to upsell additional content packages.", "duration": 9.6}, {"path": "64364105b816dd0b6a029e9cd210e65b_2.wav", "text": "and profitability. 2015 was a year of outstanding execution and of setting the stage for the future with some exciting growth initiatives.", "duration": 9.6}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_81.wav", "text": "but our top priority is transformation and then we'll strive to achieve the targets of this fiscal year.", "duration": 9.6}, {"path": "692de133aab90ff6681b2c45b433b32b_145.wav", "text": "it's interesting because in some business plans, we actually see no material change in profits, yet we're showing these kind of negative fair value adjustments just because", "duration": 9.6}, {"path": "f5e9c69a92eb9179062673e044f8a53b_29.wav", "text": "we actually want to do it now. So we have a very strong economy. It's certainly good for the people that if we do make any changes that the opportunity for them to get jobs is high.", "duration": 9.6}, {"path": "89499eed4dff3bd184e91cd496111f22_172.wav", "text": "I'll be updating you on our progress at our annual meeting in May and for some of you as we go back on the road with our story of growth and financial strength this spring.", "duration": 9.6}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_75.wav", "text": "Second, in August, we completed the exchange offer for our Auction Market Preferred Shares, or AMPS, which we discussed in detail during our last earnings call,", "duration": 9.6}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_38.wav", "text": "selling time productivity as we go forward. So that's an area that's getting a lot of work. We continue to invest in just core ERP capabilities", "duration": 9.6}, {"path": "9fb4423a70358ef22be9982299969f7a_210.wav", "text": "kind of our view of the world and anticipate where commodity prices were going and working with our customers around efforts to recover", "duration": 9.6}, {"path": "2cd5b184c2ef6624ce219830182927c9_10.wav", "text": "had an incentive that we earned for the first time this last year. Now it's a small amount, a few hundred thousand dollars, but we actually earned an incentive in our gas business.", "duration": 9.6}, {"path": "1d021dfadd51998ac079e1df49929c60_18.wav", "text": "Yes. It's a great question. That is a trend we continue to see, and we expect that trend to continue to grow. Private label or store brand or convenience in the case of our business in Europe,", "duration": 9.6}, {"path": "c334e290beb657ee3efcb6b2f734c81e_103.wav", "text": "Additionally, certain non-GAAP financial measures will be discussed on this conference call. The company's presentation of this information is not intended to be considered in isolation", "duration": 9.6}, {"path": "5e06fc5f2ce45feafe6706f5fa8f4413_13.wav", "text": "Longer term, we believe that the favorable impact from our strategic programs will return growth to CDI with multi-year growth averaging high single digits", "duration": 9.6}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_119.wav", "text": "Yes, Barrett, this is Barry. First of all, let me say that this was not a surprise to us. We spend a lot of time with Devon on the Barnett property.", "duration": 9.6}, {"path": "1530acc3242f0ee1713e757ee06f6aa1_108.wav", "text": "we have a business space that we have continued for quite some time. Now, going forward, in terms of the base or the foundation of this business,", "duration": 9.6}, {"path": "b20564a6da1bcfc7b80552299d9e002a_34.wav", "text": "It's not necessarily quality with a customer, which is very good, but it's our quality cost that will go down and will improve our profitability as a whole.", "duration": 9.6}, {"path": "933faa5ac159ab158506e2bc0f714977_146.wav", "text": "and we do have the lots for that to happen. But as Bill mentioned earlier, the timing of when communities roll off and when new ones roll on,", "duration": 9.6}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_70.wav", "text": "I was also pleased to see growth in average fares for the first time in about 2 years. And despite some drag from our reservation system conversion,", "duration": 9.6}, {"path": "a766b08317742c952705018a899f3998_108.wav", "text": "Regarding our ongoing litigation with Apple, the Markman hearing took place on October 18. As a reminder, this is the claim construction hearing,", "duration": 9.6}, {"path": "a766b08317742c952705018a899f3998_39.wav", "text": "and we continue to have confidence in the strengths of our IP. We remained optimistic about the future monetization opportunities in the gaming market.", "duration": 9.6}, {"path": "538323cb37246bc97d1253b369a7414a_47.wav", "text": "let's say, unsatisfactory profitability is the weak demand on the industrial customers area. And now when we remember that", "duration": 9.6}, {"path": "bf99037f89cd485f95f097842619a0c7_197.wav", "text": "With this, I'd like to thank you all for your attention. We're going to be available through all the respective channel to answer any other questions that you may have on our results,", "duration": 9.6}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_66.wav", "text": "expectations and projections, they are not guarantees of future performance and a variety of factors could cause actual results to differ materially.", "duration": 9.6}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_40.wav", "text": "which, as you can see in the earnings deck, has been a significant increase and steady increase in our source of funding.", "duration": 9.6}, {"path": "76b892bf017891d7028256847747227c_133.wav", "text": "has been one of our greatest advantages because we can do the right thing when the markets crater, and", "duration": 9.6}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_12.wav", "text": "Unlike a lot of our other managers in the field, I've been at the company a long time. And like them, I take the success of the company very seriously and very personally.", "duration": 9.6}, {"path": "a98061f951c1b2c7a915e296098bc4de_41.wav", "text": "is an excellent number. You're starting to see now in our projections that the franchise is leverageable at the improvement that we're forecasting in the efficiency rate.", "duration": 9.6}, {"path": "16c235a53fc719ec92ef3b3c3b371150_265.wav", "text": "We then increased it to the -- basically, the end of March curves, which were substantially higher. So we already increased guidance", "duration": 9.6}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_182.wav", "text": "The volume decline in part can be attributed to a temporary shortage of solvents in the marketplace, which has subsequently been alleviated.", "duration": 9.6}, {"path": "744f5859c7d9a0567b387ae84326d940_115.wav", "text": "All segments and geographies contributed to our success, and this is a broad-based credit to our sales team for their collaboration with our customers,", "duration": 9.6}, {"path": "523cf294ec146d5411972168b1c10f09_129.wav", "text": "to start these -- or have made some investments to start some of these new master service agreements, and so we always want to make sure we have enough liquidity there.", "duration": 9.6}, {"path": "523cf294ec146d5411972168b1c10f09_44.wav", "text": "We remain confident that our competitively unparalleled scale and our financial strength position us well to deliver valuable service to our customers.", "duration": 9.6}, {"path": "0360a780927a31fb0bec9e79dac878a2_19.wav", "text": "of the acquisitions of Murray Pest Control and Scientific Pest Control in Australia, as well as various Orkin acquisitions throughout the year.", "duration": 9.5999375}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_78.wav", "text": "Per our business model, we remain on the lookout for potential future acquisitions to add on to our existing businesses as we continue to scale.", "duration": 9.5700625}, {"path": "83c003be6ac012b814cfecef95459f02_167.wav", "text": "and the advance rates are set semiannually. I will hand over to Diarmuid now to review the credit highlights and the closing comments.", "duration": 9.5700625}, {"path": "c8ccd72440eb1d7f094ee44252c12830_87.wav", "text": "help us to understand how it was you generated that line. It's obviously much higher than people are expecting. And the extent to which the income you have there is occurring?", "duration": 9.57}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_121.wav", "text": "But in other cases, they're good assets but they're not located in chemical parks or there's issues with logistics and transportation that we're working through. But you will see us", "duration": 9.57}, {"path": "070a939ddb72d87ed87e4b863da14a89_81.wav", "text": "And if there's any significant issues in that, we would have to stop the trial. And so we feel really comfortable with the safety profile around all those", "duration": 9.57}, {"path": "d162113e3aface010baec17bd408736b_30.wav", "text": "So then you have to look at patterns. And the patterns are usually stronger first half than the second half because of", "duration": 9.57}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_135.wav", "text": "the possibility that we might actually convert also to having superiority at week 52. But I will stress, in terms of regulatory precedents,", "duration": 9.57}, {"path": "899123af483b8f3539b880173e98d0fe_68.wav", "text": "more than commenting specifically on this year's margin, I'd say going forward beyond with the operational leverage built into the business", "duration": 9.57}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_138.wav", "text": "and in many cases, the same client handles more than just the coal, the clients that want to work with partners that they've known for many years.", "duration": 9.57}, {"path": "ab861b81968e1b5fcb606ed886919d68_40.wav", "text": "I guess I'd say efficiently. Thankfully for us we've been able to raise capital versus where we believe we would price out were we to be", "duration": 9.57}, {"path": "6388da88b00ebc88af59435bdac74132_213.wav", "text": "Management fees will noticeably grow as a result of fundraising, beginning in the second half, as we turn on fees in certain of the newer funds.", "duration": 9.57}, {"path": "a683f40be39761f8e66786d7c0b64134_96.wav", "text": "strictly a financial figure, but it is very important from economic and social point of view, we have a very strong commitment in", "duration": 9.57}, {"path": "3cb802f8fba7d33603c29387ccdaf817_0.wav", "text": "And in such anniversary year, for the first time in our 92-year history, we achieved both record revenues and operating profit.", "duration": 9.57}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_258.wav", "text": "in terms of whether you think a regulatory approval will be granted and how you think the competitive dynamics in the Dutch markets will actually change.", "duration": 9.57}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_13.wav", "text": "We plan to use the proceeds from both of these facilities for working capital and general corporate purposes along with funding our future expansion plans.", "duration": 9.57}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_146.wav", "text": "This was the highest quarterly result in 7 years and was primarily driven by growth within our university operations and lower teach-out obligations.", "duration": 9.57}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_199.wav", "text": "realize that they've probably been overly restrictive in terms of what they are doing in the used car space. That's actually been", "duration": 9.57}, {"path": "55d548325797d638567669cd75444301_62.wav", "text": "but also in the long term to continue to build the competitiveness of Clas Ohlson and making sure that our customers come to us for their shopping.", "duration": 9.57}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_112.wav", "text": "does that include cutted employee getting restated because of currency? I mean, if not, what would that have looked like if you haven't got the benefit of sterling weakness", "duration": 9.57}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_168.wav", "text": "operating margins -- or EBITDA margins. But we are going to continue to work each of these categories as we continue to transform the company,", "duration": 9.57}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_59.wav", "text": "As we continue making investments in these areas, we expect to see the benefit reflected across more of this segment over the coming quarters.", "duration": 9.57}, {"path": "c4dc8f962a85aa47af50f82845f550e2_96.wav", "text": "We understand that investors will always be concerned about the semiconductor business cycle, but our Q3 outlook demonstrate that these concerns should be mitigated.", "duration": 9.57}, {"path": "bad55d25c1222682bd893d97dc5cbb27_6.wav", "text": "including the expansion of buildings and equipment at our locations in Washington, Missouri, Mexicali, Mexico and Fredonia, Kansas.", "duration": 9.57}, {"path": "145244b0378e6657d456cffca8bbc982_2.wav", "text": "and the backlog and outlook are improving from this segment. Mistras has demonstrated its ability to manage through the volatile oil and gas market.", "duration": 9.57}, {"path": "5308c910fb34c8291b372e7a94521e9b_198.wav", "text": "but we also focused on improving our working capital management throughout the organization and made good progress in managing our accounts receivable.", "duration": 9.57}, {"path": "a827180c08c11f2e53c6966fceaabf5b_100.wav", "text": "And finally, we are investing to improve customer service and data analytics in an effort to drive both higher volume and profitability.", "duration": 9.57}, {"path": "1b1699497be56330b3ed833f22bc63f6_66.wav", "text": "Please note that the following discussion of our results is based on the comparable revenues and cost of revenues as reported in our press release.", "duration": 9.57}, {"path": "5f38ce681d4413a793d34a0650c59bf2_59.wav", "text": "in today's earnings announcement. The reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures", "duration": 9.57}, {"path": "8b2314627d54755a15c55244bb862225_100.wav", "text": "I also think just in terms of diversity, we're just seeing it really across almost all of our markets.", "duration": 9.57}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_102.wav", "text": "In the context of our strong balance sheet and high levels of cash generation, let me remind you of how we efficiently utilize our cash.", "duration": 9.57}, {"path": "23eff4c724ee00f56319fcc47add3441_6.wav", "text": "The increase reflects benefits of mix, volume and pricing measures in the Americas and integration initiatives.", "duration": 9.57}, {"path": "23eff4c724ee00f56319fcc47add3441_22.wav", "text": "I believe that the first half of next year will be largely a recovery period where we will start to stabilize the business that's been integrated.", "duration": 9.57}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_44.wav", "text": "which will have a positive RWA impact in Q3. Losses in the quarter includes specific valuation impacts related to these transactions.", "duration": 9.57}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_243.wav", "text": "These incremental recurring offerings, such as data feed connectors, will further support the growth of our recurring revenue going forward.", "duration": 9.57}, {"path": "403903eb119bfc1cec44d86ec907077a_158.wav", "text": "From Belo to the London broadcast stations to KFMB in San Diego, we have consistently demonstrated our ability to meet and beat these hurdles.", "duration": 9.57}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_5.wav", "text": "The repayment of one of our bonds and the acquisition of the minority shares of the now delisted German subsidiary STRABAG AG in Cologne", "duration": 9.57}, {"path": "257e4e92036da9582a8a288c88332ff3_67.wav", "text": "Our overall deposit book shrank this quarter, but with lower loan balances and our desire to increase our loan to deposit ratio, we don't view this as a negative.", "duration": 9.57}, {"path": "15ac383479a7c990aab7b155e4d42053_70.wav", "text": "I would like to remind you that our comments made today may include forward-looking statements. Any of those statements made by any of us this afternoon are subject to the safe harbor rules.", "duration": 9.57}, {"path": "15ac383479a7c990aab7b155e4d42053_132.wav", "text": "Aside from the very high prices may be paid for some of these deals, which is an obvious reason why maybe why some have struggled. Is there some other common characteristic that you're seeing", "duration": 9.57}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_121.wav", "text": "The next major effort we have underway is growth of the company. While the Ascension contract provides us with significant runway to grow over the next few years,", "duration": 9.57}, {"path": "43942582edfb20599f3e7456137f8deb_63.wav", "text": "and earnings per share from continuing operations, before special items, to grow in the 2% to 3% range compared to the prior year.", "duration": 9.57}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_25.wav", "text": "Yes. So I'll let Tor comment on the breakage rate in a second. On your first question on pricing, I think I'd answer that", "duration": 9.57}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_188.wav", "text": "As we've said before, with what's happened in energy over the last 12 months, the coverage we projected last year and the consolidation transaction has taken a substantial hit.", "duration": 9.57}, {"path": "38b2f94da12bbf2d32246763aab8265a_54.wav", "text": "the euro exchange rate fell, and we also saw a climbing market on the equities market. And", "duration": 9.57}, {"path": "da14df2e02d11f6f8599533d9d57faee_115.wav", "text": "In summary, we will be able to provide unmatched access to affordable course materials and significantly expand our footprint.", "duration": 9.57}, {"path": "636d6909fbd8656f88f72f66a3a162ff_122.wav", "text": "And if the IRP is acknowledged, when could capital start flowing towards that? And would that capital potentially displace", "duration": 9.57}, {"path": "636d6909fbd8656f88f72f66a3a162ff_134.wav", "text": "is helping out and you saw that in the slides as well. So it's focusing on our operations and trying to be as effective as we can going forward.", "duration": 9.57}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_41.wav", "text": "Property results can be volatile given weather patterns, so a disciplined approach to rate taking and a tight underwriting process is critical for success in this line.", "duration": 9.57}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_130.wav", "text": "But what would be a normal accident versus weather? But what we do know is that frequency and severity is increasing because of these adverse weather trends,", "duration": 9.57}, {"path": "5e6ae03dbe8dd4884ec9f61029f7aaa4_11.wav", "text": "We are very comfortable with our liquidity levels. And we will continue to evaluate various financing options for the future maturity.", "duration": 9.57}, {"path": "868e2f2da68927553e52046caca381d1_69.wav", "text": "if I can squeeze last question. Sanjay, just wanted to understand by this time of last couple of years, you had a fair visibility about the growth of the next year.", "duration": 9.57}, {"path": "1d2ff648e4a30fa5555a7ab85bf60190_56.wav", "text": "a slowdown in purchases or intentions to buy based on the new allegations for the current President?", "duration": 9.57}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_42.wav", "text": "in the number of agent branches or significant decline. I would expect it to sort of trade sideways, that number of U.K. agency branches. Long term,", "duration": 9.57}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_165.wav", "text": "A couple of dealerships have opened already. For those who attend next week you'll see one of the first ones in Kenosha. And we'll be able to talk to you about", "duration": 9.57}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_16.wav", "text": "with all things, we tweak it daily almost and try and optimize that for both movement and offsetting", "duration": 9.57}, {"path": "f23036451aab1cb9d659c3ac9a23825c_43.wav", "text": "Finally, we remain highly focused on remediating our systems and working to increase liquidity in our business. Dave will speak to you about this in more detail shortly.", "duration": 9.57}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_159.wav", "text": "Please feel free to contact Michael or myself directly should you have further questions. Thank you for your time this morning and goodbye. That does conclude today's conference. We thank you all for", "duration": 9.57}, {"path": "b281eff988085e0776dc8a10223f1048_94.wav", "text": "I would encourage those of you who have tuned in live to access the slides now by clicking on the investors in media section and then clicking on events and presentations.", "duration": 9.57}, {"path": "9979d7fef684b8cac613c934b6229791_54.wav", "text": "was lower-than-expected margins on the installation of pellet plant equipment. And the second was that we had several new products moving through our shops during the quarter. And remember that", "duration": 9.57}, {"path": "526e0d5398a516831b49936c31a8ea1c_64.wav", "text": "On this slide, you'll find results for customer minutes lost on the top left of the slide and customer interruptions on the top right.", "duration": 9.57}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_98.wav", "text": "I'm pleased with our results this quarter. From a strategic perspective, our business model and blueprint for growth are working.", "duration": 9.57}, {"path": "b43c001c5af465d220ab0b69a95202ae_10.wav", "text": "the increasing cost of employing a greater number of physicians and their related support staff and higher employee health benefit expenses in the first quarter.", "duration": 9.57}, {"path": "968913c3f9111fc67f1d9956c56dec3b_55.wav", "text": "To make the Wyndham Rewards program even more attractive, we are beginning to leverage our unique portfolio of vacation rental and vacation ownership properties.", "duration": 9.57}, {"path": "9098e5640309f25da0d4dfa04789a36f_101.wav", "text": "Would you anticipate that the -- some of those orders could come to fruition this year, in which case you would see", "duration": 9.57}, {"path": "9098e5640309f25da0d4dfa04789a36f_35.wav", "text": "However, I'm disappointed that second half revenue was not as high as we initially thought it would be. Several factors contributed.", "duration": 9.57}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_123.wav", "text": "What type of partners can they be? How many partners they are available? If you can give us, a little bit, a profile of the potential partners.", "duration": 9.57}, {"path": "ea7f210b3c08271afbdb6d434b8394e9_50.wav", "text": "More details on this reallocation of CapEx in production by business unit can be found in our March 2017 Investor Presentation, which is currently posted on our website.", "duration": 9.57}, {"path": "785be95695b063f97a17e4dea4a0529a_101.wav", "text": "That is a fair thing to say, yes. We just -- I mean as I said, KLA started just a little more than a year ago and Nordson is just a couple of months old agreement right now.", "duration": 9.57}, {"path": "c8124cdb821d04f0e585420c128d76c7_98.wav", "text": "I still don't quite understand when you say you have better quality revenue in that segment this year than last year,", "duration": 9.57}, {"path": "c8124cdb821d04f0e585420c128d76c7_100.wav", "text": "came out of the system, it went all the way slowly every day with less and less until the end of March. So by Q2 of this year,", "duration": 9.57}, {"path": "6318dda27b3e36d76533c048c64a3014_47.wav", "text": "Our lower middle market companies collectively continue to exhibit very conservative leverage ratios on a relative basis, which Dwayne will cover in greater detail.", "duration": 9.57}, {"path": "1ad54837f74515ad7caa2a50d70459c9_153.wav", "text": "will continue to emphasize customer success stories in all of our marketing and sales tactics and continue to evolve our sale strategies for approaching new accounts.", "duration": 9.57}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_1.wav", "text": "For a reconciliation of such measures to the comparable GAAP measures and a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements,", "duration": 9.57}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_69.wav", "text": "At this time, I'll just highlight a few key items. Please note that all the numbers I am about to give have been rounded and are, therefore, approximate.", "duration": 9.57}, {"path": "33ed8514914fae6825997843290fe049_15.wav", "text": "We expect to continue to generate positive cash flows for calendar year 2017, and we believe that we have sufficient cash resources to fund", "duration": 9.57}, {"path": "dffe8257f781608bb17bb637249e4d2a_167.wav", "text": "So the third key area of focus is obviously then our managed operations, and we believe they produced a solid performance in a difficult operating environment.", "duration": 9.57}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_115.wav", "text": "are largely driven by our partnerships. And so having just signed numerous partnerships and relationships in this past quarter, I think, helps us too.", "duration": 9.57}, {"path": "49e533a8449f6b9b6c806458e73338e1_135.wav", "text": "Helping to address that issue is a huge opportunity for consumers and is yet another way that our 2-sided platform is connecting consumers", "duration": 9.57}, {"path": "49e533a8449f6b9b6c806458e73338e1_57.wav", "text": "specific with profitability of any one part of our business. That's not something we do. But I can give you some color in terms of how we think about this internally.", "duration": 9.57}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_85.wav", "text": "Some of the work we have been doing in Parchem and Selleys as we originally stretched into civil and commercial construction is another example.", "duration": 9.57}, {"path": "757695924b5e43c7d44e29dc141cc035_48.wav", "text": "We're adding new products and new technologies in this business that gives us even more confidence in it. So it's really going to be a volume play on a go-forward basis. And they are at", "duration": 9.57}, {"path": "45ab782035fdb06f5ec710d0845bc18f_68.wav", "text": "Our General Counsel is retiring at the end of March, and a search is underway. Our leadership team has a shared passion for excellence and delivering on commitments,", "duration": 9.57}, {"path": "6760f7edfb883104c8c655c4671646e5_47.wav", "text": "What I can tell you is we're more active right now in terms of the opportunities we're seeing.", "duration": 9.57}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_86.wav", "text": "Have you seen a change in that trend at all? Do you still see interest? Or was maybe the economy -- their concern about the economy, is that waning a little bit?", "duration": 9.57}, {"path": "7498a6630302a038bd537d192c3a44f4_126.wav", "text": "And for a long time, kind of our strategy was to sell it then ship it from our distribution center. What we've really focused on the last couple of quarters", "duration": 9.57}, {"path": "7498a6630302a038bd537d192c3a44f4_200.wav", "text": "I think just now, we're starting to get the ability to go different places. We're seeing that and getting the assortment", "duration": 9.57}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_43.wav", "text": "to improve profitability? It seems early this year there has been some fluctuation and early in the year, we have the port factor and", "duration": 9.57}, {"path": "c9c6437fdff6eb69b8bca5fb3b2f14df_94.wav", "text": "For an explanation of our non-GAAP financial measures, please refer to Slide 3 of this presentation or to our press release published earlier today.", "duration": 9.57}, {"path": "9c67fafcb51925dcbaa570283fe01701_94.wav", "text": "that was primarily in the first quarter. A reversal of that in the third or fourth quarter would then be a negative and a drag.", "duration": 9.57}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_5.wav", "text": "Transient revenue in the quarter was slightly ahead of expectations driven by our northern resorts which benefited from warmer weather during late fall.", "duration": 9.57}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_80.wav", "text": "We will share with our clients and prospects new solutions that build upon the industry-leading clinical programs we have collaborated with them to develop.", "duration": 9.57}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_227.wav", "text": "who are willing to take bold actions, those who are caring for patients in a way that enable things to be done that drive better outcomes, even though those things may look challenging,", "duration": 9.57}, {"path": "299bad77345d2e44fa5768f4416f7b97_233.wav", "text": "that there are patients for whom they think oxybate would be a great therapy but for the sodium load and don't prescribe it for that reason", "duration": 9.57}, {"path": "29f56972971325265e4a53485f49793e_101.wav", "text": "And it's so easy to take 1, as I said to take 1 developer and compare them with us, but we're actually very much different, we have our footprint,", "duration": 9.57}, {"path": "d5fb88dba0740bc906c5127e05592f95_41.wav", "text": "Little variation overall, with the upstream oil and gas segment marginally lower while we grew in other segments that have benefited from improved terms of trade.", "duration": 9.57}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_169.wav", "text": "We didn't announce any new cost increases for next year. It doesn't mean that there won't be any, but we haven't announced anything to the market.", "duration": 9.57}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_180.wav", "text": "substantially reduced our inventory levels and are continuing to increase our distribution efficiencies. Within our product, category and merchandising teams,", "duration": 9.57}, {"path": "75b064acca5b532722510ac0b9b0822e_289.wav", "text": "Hence, we believe it is just the beginning of an emergence of a very new era for our company, one that allows us to cater to merchants", "duration": 9.57}, {"path": "75b064acca5b532722510ac0b9b0822e_334.wav", "text": "So what you could do in 50 years in the past in a traditional industry, that in a technology industry, you can do it much faster. And we have been very successful in terms of compressing time.", "duration": 9.57}, {"path": "8d71e62af8c57a752b0e04f6546bf622_16.wav", "text": "and Argentina compared lower with the previous year because of the sales of investment properties that we sold more in the last year.", "duration": 9.57}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_14.wav", "text": "A key component of our strategy is generating cost savings to provide the fuel for investments in top line growth and margin expansion.", "duration": 9.57}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_183.wav", "text": "This is all in the spirit of increased transparency. But as always, we will be available to answer any questions that you still might have. Now on to the deck.", "duration": 9.57}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_55.wav", "text": "such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements being made.", "duration": 9.57}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_155.wav", "text": "There will be a short-term dilution to our underlying operating margin and EPS starting from the point of completion, which is expected to be in the middle of the year.", "duration": 9.57}, {"path": "794528c461ef7009b1741ac67c17aba4_18.wav", "text": "That being said, what we're really going to focus on this year is what do we really need to do from an overall promotional mix to accelerate the growth.", "duration": 9.57}, {"path": "692de133aab90ff6681b2c45b433b32b_153.wav", "text": "For more information, please refer to our most recent management discussion and analysis and Annual Information Form, which are available on SEDAR, and our company website.", "duration": 9.57}, {"path": "f5e9c69a92eb9179062673e044f8a53b_9.wav", "text": "We believe that our current and prospective business mix will result in our networking capital as a percentage of sales to remain within our targeted range", "duration": 9.57}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_126.wav", "text": "but we aren't going to be I think overzealous of those investments. We want to see full recovery and make sure that we're investing as the business comes back,", "duration": 9.57}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_3.wav", "text": "and it means that now we have unrivaled expertise in this segment. We intuitively understand and can react quickly to different market cycles.", "duration": 9.57}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_137.wav", "text": "Significant weakness in pricing may affect our ability to achieve these objectives, but we will monitor and make adjustments if the environment is different than what we expect.", "duration": 9.57}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_2.wav", "text": "Our core businesses continue to perform well and we're benefiting from favorable market developments, profitable portfolio acquisitions and additional leverage.", "duration": 9.57}, {"path": "1f142ea668261ba963d47aac6bab69dd_15.wav", "text": "Despite that backdrop, Russia turned in a solid performance, growing low double digits as a result of pricing actions to offset inflation.", "duration": 9.57}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_77.wav", "text": "Each individual loan is a little bit different. In some cases, the loans are not prepayable for a period of time.", "duration": 9.57}, {"path": "125388f1b45117acde70abc39e0f7d04_49.wav", "text": "First, we have introduced the concept of GameStop-branded stores to distinguish from our Technology Brands as well as our ThinkGeek stores.", "duration": 9.57}, {"path": "a2245a8522589003f9c235a48c0197f0_91.wav", "text": "We believe that we will achieve higher prices for our roughs by selling through Clara and it also provides us with a platform for diversification", "duration": 9.57}, {"path": "96488f25af54f91198b444e5eff8e878_142.wav", "text": "acquiring a large portfolio will clearly be transformative. Maybe that helps win an IG rating. Is that something you guys would be willing to do? At the right price, we would.", "duration": 9.57}, {"path": "5e06fc5f2ce45feafe6706f5fa8f4413_11.wav", "text": "Clearly, the ramp in execution of these programs and ongoing support for our core business will require investment. However, the expense actions taken over the last several quarters", "duration": 9.57}, {"path": "b20564a6da1bcfc7b80552299d9e002a_102.wav", "text": "Before we start, I would like to remind you that the presentations and discussions are conducted subject to the disclaimer. We will not read the disclaimer but", "duration": 9.57}, {"path": "933faa5ac159ab158506e2bc0f714977_171.wav", "text": "I'm curious about whether or not you are concerned about cannibalization of the Express product. We've talked about Express, one of the reasons it's been successful", "duration": 9.57}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_83.wav", "text": "On the Modular Solutions side of our business, which consists of production, transportation and the installation of residential, retail and commercial modular buildings,", "duration": 9.57}, {"path": "0668081864383eb57919b99c85649753_50.wav", "text": "We are expecting a large server program, previously mentioned to make up for this headwind, but we now see delays there going into mass production, pushing that ramp out to next quarter.", "duration": 9.57}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_204.wav", "text": "I think we probably would have done better. But when you have customers you've been with a very long time, and you feel like you're letting them down, you want to serve them, and you want to be in there with them. And sometimes it's not all,", "duration": 9.57}, {"path": "2c4d64ba9a75dff613a83aa6f145f4b7_65.wav", "text": "But I am just saying, and it's just one competitor that is being particularly aggressive into and out of Southern California, that in a market that all candor,", "duration": 9.57}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_92.wav", "text": "We are collaborating across the health care sector to improve quality and value for people and seeking to take our performance for them to significantly higher levels", "duration": 9.57}, {"path": "b478d2808e90233ed994884e644a3d34_178.wav", "text": "the DIY consumer has to visit the store to recycle the oil. They have to return the oil back to the store so there's already a store", "duration": 9.57}, {"path": "b478d2808e90233ed994884e644a3d34_190.wav", "text": "a sign of weakness in Q1. So I do think that's partly driven by the slowdown in China. So we'll be keeping a close eye on that.", "duration": 9.57}, {"path": "83c003be6ac012b814cfecef95459f02_172.wav", "text": "We will also continue to manage both overheads and capital deployment aggressively to ensure that every dollar being spent is done for the right reason and to drive the best outcome.", "duration": 9.57}, {"path": "bf99037f89cd485f95f097842619a0c7_219.wav", "text": "created in '16 a new division that focuses solely on managing money for clients. And here, again, we deployed our services in different levels,", "duration": 9.57}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_41.wav", "text": "Also, recall, we tend to have seasonal releases in the first quarter and builds in the third quarter in line with our reserving processes.", "duration": 9.57}, {"path": "7a80c3e91e5a2693cdaef5f716808317_2.wav", "text": "Our business was supported by increasing activity within our oil and gas markets, notably evident in smaller to mid-sized projects such as retrofits and upgrades.", "duration": 9.57}, {"path": "30a142fac5a62ab00227cb6a339a6226_159.wav", "text": "we believe the year-over-year growth rates are probably the most relevant way to think about our business. We think it neutralizes the brand seasonality, and it's frankly how our team thinks about managing its business. So", "duration": 9.57}, {"path": "76b892bf017891d7028256847747227c_22.wav", "text": "great opportunities in the aftermath of Brexit, as I mentioned earlier, but it's early days. And I think we will start to see", "duration": 9.57}, {"path": "8dd740d83ff1c7319a82eeba6047633d_69.wav", "text": "It's early days yet about how they will set up and the role that we can play, but we think that with our very strong offering in cargo", "duration": 9.57}, {"path": "153ca64e1ddbb5b38a71827429635d48_53.wav", "text": "And assuming our results continue to increase and our cash generation continues to increase as guided, then we can possibly pay a little bit more dividend,", "duration": 9.57}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_231.wav", "text": "It has to say something about Moab. The future of Moab must have been terrible for you to sell it and then commit to something so risky as", "duration": 9.57}, {"path": "16c235a53fc719ec92ef3b3c3b371150_44.wav", "text": "So again, if you ask me what I would like to see, I'd rather see the forward curves come up and reflect reality in '19 and '20 and take the risk", "duration": 9.57}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_70.wav", "text": "Much of our volume decline was expected, as we implemented margin enhancement actions and pruned some unprofitable business.", "duration": 9.57}, {"path": "97ddc19ecb28bab2d19fd3b181182062_267.wav", "text": "was there really wasn't a lot of sniddling if you will about demand, okay, other than the guys in our energy", "duration": 9.57}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_113.wav", "text": "And I'm really excited because there's quite a bit of substance for us to convey to the market inside of this relaunch efforts.", "duration": 9.5699375}, {"path": "db6c253ba433d9a247219bb3f15da199_48.wav", "text": "We will continue to look for opportunities to monetize our portfolio investments in transactions that we believe are in the best interest of our shareholders.", "duration": 9.54}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_50.wav", "text": "I'd like to take this opportunity to state that our focus has been on liquidity, and the following actions have already been undertaken in the last 6 months.", "duration": 9.54}, {"path": "0d631e444d1c22f0be99a69f5deaff94_128.wav", "text": "our comment would be the pace of the trend will continue as the growth of the economy continues as the changes that we're watching in terms of the searches that were doing, et cetera,", "duration": 9.54}, {"path": "0db71632fa65f1d166f14cb8593c4690_28.wav", "text": "we already have installed capacity above 3 million tons of heavy plates. This is a market that", "duration": 9.54}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_42.wav", "text": "And said that we were going to really push hard in the near future to really build out our digital capabilities.", "duration": 9.54}, {"path": "3557b21a45c35e71e82cc43b19977855_127.wav", "text": "More than half of the decline in the earnings for this segment can really be attributed to the impact of our 1 corrugating medium machine", "duration": 9.54}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_46.wav", "text": "Our effective tax rate in the prior quarter was positively impacted by the resetting of our deferred tax assets to reflect the increase in New Jersey state rates", "duration": 9.54}, {"path": "d28b2b09c127b5be033738aa3cd380b3_105.wav", "text": "this certainly is not an easy environment to take pricing, we certainly know about price sensitivities on our major brands pretty well.", "duration": 9.54}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_17.wav", "text": "The overall hours are nearly correct for the day, but the deployment is not yet optimal. This can contribute to a deterioration of service levels during our critical peak hours.", "duration": 9.54}, {"path": "718a89dc503706eae0091bcd9410d567_29.wav", "text": "So just the way -- our strategy and the way we do business is just there's inherent growth from the day we bring a project on until it's completely full", "duration": 9.54}, {"path": "264e575b73bc2a485bee416c1ac10cee_52.wav", "text": "I'm also encouraged by the increase in order intake and backlog in the first quarter. However, market conditions remain uncertain across our territories", "duration": 9.54}, {"path": "264e575b73bc2a485bee416c1ac10cee_32.wav", "text": "and the first fleets that go back to work are the ones that are on the fence and we are starting to see that, so that's good news and that's what was the driver of Chile", "duration": 9.54}, {"path": "264e575b73bc2a485bee416c1ac10cee_164.wav", "text": "It's really important for customers to keep their trucks up and running, or their equipment up and running and therefore they need a little bit more equipment, and we haven't seen that yet. But that may", "duration": 9.54}, {"path": "223f05c0b9b116532e9af84afa76cac7_134.wav", "text": "take advantage of current market volatility, expected industry dislocations and the unforeseen opportunities we've been waiting for.", "duration": 9.54}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_38.wav", "text": "the costs and synergies that we can, given the size of our group, means that we're in a better position than an independent, standalone dealership, and I think", "duration": 9.54}, {"path": "55d05334bdde612eb9dd102bb41d216e_75.wav", "text": "We further stated that there could be no assurance that any action will be taken as a result of this exploration. We have made no additional comments since the May 4 announcement.", "duration": 9.54}, {"path": "8cb24daf76784487ad63780546dc4ba4_152.wav", "text": "to hold our fixed expenses flat at this point. Again, we'll continue to evaluate the business. And I think history shows that", "duration": 9.54}, {"path": "7e14890193df4b10e1eeab6ab886529f_31.wav", "text": "We will be expanding this type and other fresh food program globally as well as other healthy kitchen categories.", "duration": 9.54}, {"path": "8544fcd40dacf31ad0ddf2cd1fc3c420_42.wav", "text": "And so we set the stage for an exciting 2017, which I will come to in a moment. But before I do, I'll turn it over to Bill,", "duration": 9.54}, {"path": "918de179148bbfe18b95415ee0065a3d_131.wav", "text": "In conclusion, I'd like to say that while we, as a team, and I personally have directed a lot of our energy towards balance sheet improvements,", "duration": 9.54}, {"path": "044da592acc01ff7baacb3dbf2a302a9_144.wav", "text": "We have a considerably larger sales footprint and the expertise to be able to sell these products effectively to gain access to new accounts, where we already have a presence,", "duration": 9.54}, {"path": "044da592acc01ff7baacb3dbf2a302a9_132.wav", "text": "And so over the longer term, we expect to see an improvement. But clearly, it's been a little bit more challenging for us, both due to some of our issues but also a market that just seems to be a little bit", "duration": 9.54}, {"path": "78c85dc9a16f82b09d3a2363004e658d_162.wav", "text": "Right now, we're just going to keep rolling these products out separately and satisfy the needs of individual products -- projects in the construction ecosystem one at a time.", "duration": 9.54}, {"path": "3121e8f4a75758834d32a9e4e0555221_141.wav", "text": "We entered into an agreement with Memorial Hermann in Houston to add this prestigious hospital to our network in 2017. Finally,", "duration": 9.54}, {"path": "1b91eb82f5211000e711424657cc2484_5.wav", "text": "Our economic net income growth was also notable, reflecting not just FRE growth, but also strong fund investment performance across our primary strategies.", "duration": 9.54}, {"path": "1f686a09cf3566a34f04f39fde02460e_107.wav", "text": "we are not sure what the markets will do in the coming months. So you have the trade war and the potential consequences", "duration": 9.54}, {"path": "ada4e338c266148264077e06bac68005_90.wav", "text": "And statements of defense have been filed now by both Canada and Alberta. I'm really going to do my best to avoid", "duration": 9.54}, {"path": "bad55d25c1222682bd893d97dc5cbb27_26.wav", "text": "But it is a lot -- a lot of work that we have to do. We have rate readiness reviews on a regular basis with my team", "duration": 9.54}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_194.wav", "text": "The increase was primarily attributable to product manufacturing expenses and associated accelerated spending, including increased headcount", "duration": 9.54}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_22.wav", "text": "year-over-year increase in operating expenses was also attributable to costs associated with the patent infringement lawsuit brought by CommScope at the end of January.", "duration": 9.54}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_249.wav", "text": "market, but do you think it will also change very fast, just like in Taiwan, and will be very difficult to launch new products?", "duration": 9.54}, {"path": "833f98dbc79997580b24335033aac5d2_15.wav", "text": "And I want to be very clear on this point, that we have not yet made any decisions regarding the long term viability of our coal -- our older coal assets.", "duration": 9.54}, {"path": "957e0f876f9a4af9b498c19843675474_58.wav", "text": "With our longstanding track record, it should come as no surprise that we are prepared and excited about 2018. We pride ourselves on leaving little to change.", "duration": 9.54}, {"path": "a212b77ae2b2452093665a4e179ed3a3_155.wav", "text": "Turning to Slide 6. We wanted to clarify and outline some observations about Ofgem's recent RIIO-2 consultation document", "duration": 9.54}, {"path": "e26b501c6e000fdaa11edde97cc71436_6.wav", "text": "and relatively flat marketing expenses associated with ReposiTrak. Going forward, we expect sales and marketing expenses to fall as a percentage of revenue", "duration": 9.54}, {"path": "1b1699497be56330b3ed833f22bc63f6_74.wav", "text": "and the remainder would relate to general corporate capital expenditures and CapEx related to our New York Lottery business, following the recent extension of the agreement for 2 years.", "duration": 9.54}, {"path": "5f38ce681d4413a793d34a0650c59bf2_133.wav", "text": "portfolio prioritization. A portion of the cost savings from the restructuring of our pain business will be redeployed", "duration": 9.54}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_164.wav", "text": "And we'll continue to use the 3 economic models, all whilst selecting the one that gives us the best outcome for a particular territory or a format.", "duration": 9.54}, {"path": "8957425799e5ce0200bfacf204d0acde_134.wav", "text": "Notwithstanding the falloff in Q4 revenue, bookings were better than anticipated, and we continue to see significant improvements in drill pipe supply and demand fundamentals.", "duration": 9.54}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_55.wav", "text": "And so all of that leads to better opportunity. That's one piece of it. The other piece of it is our products keep getting better. Our", "duration": 9.54}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_8.wav", "text": "For example, we recently announced a collaboration with ARM to develop a neuromorphic switch that can enable new approaches to AI computing.", "duration": 9.54}, {"path": "a44c74bdc01aa7e317addc11f2274e11_139.wav", "text": "But it will go out on its own. And maybe, at that point in time, maybe they will probably really concentrate more on their various businesses.", "duration": 9.54}, {"path": "a44c74bdc01aa7e317addc11f2274e11_66.wav", "text": "we spent more in the second quarter as part of the building out process of sales and marketing and related infrastructure for some of our faster-growing international operations.", "duration": 9.54}, {"path": "9da45cfd4472699ef05d887adce01223_89.wav", "text": "In particular, I want to provide you with a meaningful update on the progress we have made with respect to our efforts around a large reinsurance transaction.", "duration": 9.54}, {"path": "655d592e9d1b1027f1824b1554d8b131_175.wav", "text": "As we touched on previously, wholesale inventory levels impacted industry volume declines in the third quarter compared to the third quarter of last year.", "duration": 9.54}, {"path": "7ec19aea307c76d4a57fa87368305630_16.wav", "text": "build and modernize their full application suite, which will touch nearly every process in the company from finance to manufacturing to drug development.", "duration": 9.54}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_232.wav", "text": "And we are working very hard to make sure that in all the bricks that we need in terms of technology for this application we are the best.", "duration": 9.54}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_6.wav", "text": "We entered the bridge lending space to use our capital on opportunities with strong sponsors, good credit and the potential for an agency permanent takeout.", "duration": 9.54}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_26.wav", "text": "parts, but we expect that to rebalance toward the back half of the year and the margins to come up a little bit in Global Services over time. And Industrial Environmental,", "duration": 9.54}, {"path": "a001f4c808bdc9a395ee7d3f9288fc50_70.wav", "text": "Let's move now to our first quarter guidance. Given the recent underperformance in Ladies apparel, a business that becomes more important", "duration": 9.54}, {"path": "58ff8a727ec4f3859407b64f08246759_153.wav", "text": "As we've said in the past, we continue to invest in clinical research in our key geographic markets to assess da Vinci surgery outcomes and help educate the market.", "duration": 9.54}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_230.wav", "text": "and a wider funnel for our entire business. But the numbers that I gave you are purely from a fully-loaded box", "duration": 9.54}, {"path": "a8b43081254547419da7462d9c957d61_168.wav", "text": "and outpacing our technical learning curve. And so, in every one of these plays, and we've been doing this for 2 decades now,", "duration": 9.54}, {"path": "3df0981a2d94ed56170b78330aa72ee9_11.wav", "text": "to geopolitical turmoil, we have consistently and substantially reinvested savings back into the business to further build capabilities", "duration": 9.54}, {"path": "98f10f0935e5b778e888a1b8130a3d31_191.wav", "text": "it is actually some events on the extreme, I would characterize it, and not events that are in the core of the business. I mean, the first change", "duration": 9.54}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_51.wav", "text": "up 14%. The data revenues were boosted by the significant network additions that we saw in the year, the subscriber growth that we saw in key markets", "duration": 9.54}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_170.wav", "text": "and gives our customers the ability to realize that we are a strategic part of their future, and we're going to help them become more successful than ever through that", "duration": 9.54}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_58.wav", "text": "speaking with our oil company customers, we're spending more time working with our customers who we think, in the current low oil price environment,", "duration": 9.54}, {"path": "c3567809c19ce6a800677544cd84f88b_145.wav", "text": "As we look at these value-creation metrics, our goal is consistency, sustaining our improved performance and making more progress from here.", "duration": 9.54}, {"path": "974a2d744cd3d9acf42d74816de91f7f_189.wav", "text": "and reward the patient investor. But our overall strategy is in fact a growth strategy, and it is only, because we generate", "duration": 9.54}, {"path": "9979d7fef684b8cac613c934b6229791_183.wav", "text": "The only thing I have kind of referenced in the comments that we've seen a little bit of a heartbeat, and that's just a little more conversation. And then when we see the", "duration": 9.54}, {"path": "62246783cdfc5083ebb32cff71ccd38b_43.wav", "text": "The expectation that demand growth will outgrow supply growth this year and potentially also in 2017 is certainly a step in the right direction.", "duration": 9.54}, {"path": "191c819db03c2dfd0207cd1f42e278a4_120.wav", "text": "Today's call contains forward-looking statements that address our expected future performance and that by their nature address matters that are uncertain.", "duration": 9.54}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_14.wav", "text": "making sure that we understand our costs when the contract comes in to when we actually are going to do the materials buy, so actively spending more time as a team looking at that.", "duration": 9.54}, {"path": "b1da16cba24af8e472573c4c9caf17c7_204.wav", "text": "I know there's a certain amount on the books going in and certain amounts that's left to go, but are they actively kind of grouping up due to the weakness in transient?", "duration": 9.54}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_260.wav", "text": "that will be the time of year where our experience has been the industry tries to drive to low levels of inventory. And yet we were seeing pretty broad-based shipments", "duration": 9.54}, {"path": "82131762fc1c2b2358ac3a167666ab87_214.wav", "text": "and we continue to think that, that will be, as I said also, a major driver going forward as it was -- as it has been in the past. And similarly on the small loans,", "duration": 9.54}, {"path": "b43c001c5af465d220ab0b69a95202ae_27.wav", "text": "that we are taking advantage of the opportunity to prove out the margin expansion component of our strategy.", "duration": 9.54}, {"path": "f77935c4693e4d33252c9c76993e9c8b_69.wav", "text": "What we've identified is what's going to be needed and what -- and how long it's going to take for us to get to The Street with those products.", "duration": 9.54}, {"path": "c92a9ecd2741326fd8625841a07f74f9_5.wav", "text": "driven primarily by incremental volumes from Canwest, higher retail volumes driven by colder weather and organic growth and higher wholesale volumes related", "duration": 9.54}, {"path": "948f025c16fce2bcb2909e610c9be557_143.wav", "text": "So you -- trying to help them, but they're so arrogant, they don't want it. So what we do", "duration": 9.54}, {"path": "9e8690a521142359001a137074905535_7.wav", "text": "The second point I'll make is that we're not executing to the level that I know that we are capable of, and certainly to the level that is expected by our shareholders.", "duration": 9.54}, {"path": "9e8690a521142359001a137074905535_30.wav", "text": "which are more apparent today than they were last fall when we first presented guidance for fiscal 2016. As Curtis has already mentioned,", "duration": 9.54}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_46.wav", "text": "online and addressable advertising business seems to be under fire on a lot of fronts. And there's some increased investor preference lately for online subscription businesses.", "duration": 9.54}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_29.wav", "text": "Some of these bids will be -- can happen during the current year, but they can happen next year or even in 2 years from now.", "duration": 9.54}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_134.wav", "text": "is a real advantage for us as we think about proactively being able to build out capability and make the required investments", "duration": 9.54}, {"path": "262bc21196721c5ff9114acbd2ff03c3_160.wav", "text": "I'll talk later about our Project Uplift which you will be familiar with is our drive to increase", "duration": 9.54}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_47.wav", "text": "The other part is we really do try to plan our buying decisions on a longer-term basis and not on shorter-term windows.", "duration": 9.54}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_37.wav", "text": "and partly due to the way in which we sell it, which is needs-based selling through the LPs and the LCs. But we have seen some increased competition in the bank channel.", "duration": 9.54}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_148.wav", "text": "both for the OEM market as well as for the final battery product for the forklift and the Materials Handling market.", "duration": 9.54}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_76.wav", "text": "As an example, we targeted a reduction in time from first notice of loss to initial estimate and anticipate seeing favorable results for our metal coverages.", "duration": 9.54}, {"path": "82f5253b62614161333b038f5f9700f8_239.wav", "text": "These initiatives include specific projects and activities targeted towards generating more sales leads, improving close rates, and reducing the total overall cost of a home standby system.", "duration": 9.54}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_69.wav", "text": "Overall, first quarter export revenues were lower than the year ago quarter due to lower realizations for our Japan and China logs.", "duration": 9.54}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_49.wav", "text": "that we expect will enhance communications, coordination, efficiency and cost effectiveness, which in turn will help drive EBITDA growth over time.", "duration": 9.54}, {"path": "49e533a8449f6b9b6c806458e73338e1_76.wav", "text": "those merchants that are using PayPal to sell across multiple channels already grow at nearly 3x the rate of those that sell on only one marketplace.", "duration": 9.54}, {"path": "433a6e203f9db93835c27ff83e86c801_210.wav", "text": "In summary, I am pleased with our second quarter results, and look forward to a reprieve from commodity cost pressures during the second half of our fiscal year.", "duration": 9.54}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_2.wav", "text": "Also during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance.", "duration": 9.54}, {"path": "8c1b4f4af2af2847a240041390e31399_131.wav", "text": "and the team of The University of Texas MD Anderson Cancer Center will present data in a separate poster. These presentations will highlight several key findings.", "duration": 9.54}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_83.wav", "text": "From a merchandising perspective, we saw positive comps across almost all of our product categories with the largest drivers being appliances, computing and smart home.", "duration": 9.54}, {"path": "45ab782035fdb06f5ec710d0845bc18f_120.wav", "text": "And this was our first lean diagnosis event that was late in the third quarter. And that's just one example of one small piece of our manufacturing operations, but", "duration": 9.54}, {"path": "0dec9a606303da3039d11eec4ec9bd86_98.wav", "text": "realize there's a net benefit then we make the sale of the additional products and turn on those additional modules. The best -- the biggest benefit is when you're selling the entire product", "duration": 9.54}, {"path": "e33785a294553de2a12d4463bf786744_54.wav", "text": "yes, we are looking at sometimes kind of making a wholesale deal with people in terms of acquiring many plants rather than just 1 or 2 plants.", "duration": 9.54}, {"path": "3877b1983229ec488c6349a188bccf92_255.wav", "text": "of organic operating margin improvement in the 3 years ending fiscal 2019, and our performance ambition", "duration": 9.54}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_143.wav", "text": "Can you talk a little bit how much more capacity you have left when it comes to the Hardox products? That's the first one. And also if you can sort of", "duration": 9.54}, {"path": "7498a6630302a038bd537d192c3a44f4_215.wav", "text": "kind of stays with the customer through the project, from the beginning when we do the measure to the end when we kind of do the final walk-through. So we expect", "duration": 9.54}, {"path": "642a235ab4ebc57d132a2e32c83c793c_177.wav", "text": "This is definitely part of our strategy to manage our network in an even more dynamic fashion, to make sure that our network is fit for future.", "duration": 9.54}, {"path": "2a7af3c66762ce608379005a3d7bfa96_20.wav", "text": "very quickly and very strongly with price decreases. And as I've said in my formal remarks, we have actually seen greater amounts of", "duration": 9.54}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_197.wav", "text": "for both C Series models in the third quarter. This means better operating costs and value for airlines.", "duration": 9.54}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_184.wav", "text": "are in fact putting those new aircraft not in replacement for the aircraft that they're subbing in for, but rather on longer, thinner routes.", "duration": 9.54}, {"path": "fe80c1056f21701e41cf3489c450f5ae_135.wav", "text": "be more transparent. We think we went a long way along those lines. A clear example of what you already saw very visibly is what we did on overdraft.", "duration": 9.54}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_90.wav", "text": "production grew much stronger than anybody expected and new rail facilities actually located themselves in the Western part of the state.", "duration": 9.54}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_96.wav", "text": "by definition, my revenues come down. When I can convert somebody from a very high cost specialty drug to a lower cost more efficacious specialty drug,", "duration": 9.54}, {"path": "e522eff219f3eaa2c9b090dc12cad420_56.wav", "text": "I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance, future business prospects", "duration": 9.54}, {"path": "e522eff219f3eaa2c9b090dc12cad420_37.wav", "text": "starting the process of reducing product cost and most importantly, continuing to take care of our customers. Our job is clear", "duration": 9.54}, {"path": "a0d537badd260e2071136602e3b73b26_171.wav", "text": "that the moves that we've made in our portfolio and our business model are not only headed in the right direction, but have succeeded. And yet,", "duration": 9.54}, {"path": "a76bedec950d8af557e451e58416d028_184.wav", "text": "And what you then see is after a few months that starts flattening out again and then it started to go up again. So it is pretty much getting people -- getting the customers", "duration": 9.54}, {"path": "97b9c8b95449565c1f280a2b61a65b31_70.wav", "text": "We're in a really good spot with respect to kind of the right level of leverage on the balance sheet. So we feel like we've got a lot of flexibility.", "duration": 9.54}, {"path": "97b9c8b95449565c1f280a2b61a65b31_133.wav", "text": "Finally, as you know, we will provide 2019 guidance during our fourth quarter call. But in the interim, there are some items I would like to highlight.", "duration": 9.54}, {"path": "18e82b076319ac52f8a4b391ea345abd_21.wav", "text": "Yes, we believe it's going to be more of a gradual recovery. As we've improved the operating profit profiles of all of our regions,", "duration": 9.54}, {"path": "e0d1342ad3d27fd648b708837de08797_54.wav", "text": "kind of levers that we should be watching to get pulled or need to see in the market to reach that target sooner or later?", "duration": 9.54}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_75.wav", "text": "This is a great demonstration of our ability to rapidly build new solutions to further address customer needs and grow our addressable markets.", "duration": 9.54}, {"path": "66b25c60d952bd002c7ab20da9248086_59.wav", "text": "we really do have a scale of reach that is significant and gives us the ability to compete with some of the biggest players in Canada, and is a significant advantage compared to any of the new players.", "duration": 9.54}, {"path": "794528c461ef7009b1741ac67c17aba4_129.wav", "text": "And we need to be able to maintain our position in payer access to ensure that we continue to drive demand the way we have been.", "duration": 9.54}, {"path": "794528c461ef7009b1741ac67c17aba4_25.wav", "text": "I'll also point out that those partnerships are a potential source of change to our capital structure that Gina had commented on a bit earlier.", "duration": 9.54}, {"path": "407fee9910ab57874978cf85a89b1d9d_58.wav", "text": "with the major suppliers to optimize our income of aircraft without paying any cancellation fees, any of that. So I think we'll be seeing an optimization of our investment", "duration": 9.54}, {"path": "b0d88c0f1efca89ecb928172341dc75d_220.wav", "text": "As we have consistently communicated, we remain strongly committed to a solid investment grade credit rating. And our target leverage ratio", "duration": 9.54}, {"path": "b0d88c0f1efca89ecb928172341dc75d_213.wav", "text": "along with a lower effective tax rate and lower weighted average shares prior to our equity issuances related to the Pinnacle acquisition.", "duration": 9.54}, {"path": "b0d88c0f1efca89ecb928172341dc75d_331.wav", "text": "is what's happening now and what's going to be happening over the next few quarters, not necessarily what's happened sort of already through reported results.", "duration": 9.54}, {"path": "4ee3c79ebc57c9870b221b9479d52436_221.wav", "text": "On Slide 6, we have listed the tools that APA has at its disposal that are enabling a more liquid and affordable gas market.", "duration": 9.54}, {"path": "72b117fb1330bda9f954a219bb5a675e_236.wav", "text": "And then just the way we believe we can run the plant, because we can focus on certain productivity levels, we feel more confident than we did when we", "duration": 9.54}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_38.wav", "text": "In our heavy oil business unit, we await the start up of additional water handling capacity in the Quifa area by the end of the year.", "duration": 9.54}, {"path": "e552924838fe493d3cc967dd0c5c4563_124.wav", "text": "reflecting significant new accounts and new trials driven by the value and performance of our resid and polypropylene technologies.", "duration": 9.54}, {"path": "1d021dfadd51998ac079e1df49929c60_91.wav", "text": "Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the company's present expectations.", "duration": 9.54}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_14.wav", "text": "a product, a 0.1 product release where we're just addressing some issues. This is all innovation that was necessary for us to have a platform.", "duration": 9.54}, {"path": "6299a010c7bb84feaf14b263750dbd1a_124.wav", "text": "This insensitivity is partly due to the additional surpluses within the with-profits funds and the group pension schemes that I have just talked about.", "duration": 9.54}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_29.wav", "text": "As CEO, I have the full authority to undertake this analysis and implement the right actions to meet our objectives.", "duration": 9.54}, {"path": "96488f25af54f91198b444e5eff8e878_4.wav", "text": "The second matter relates to the air cargo sector from which we're strategically accelerating our exit. This sector continues to suffer from a glut of capacity.", "duration": 9.54}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_140.wav", "text": "It's very good business for us to do that because it's obviously still cheap funding for the bank. So there is an effect of a large deposit increase in these units", "duration": 9.54}, {"path": "f268a8174f58c93ad6b45b7f151fe896_227.wav", "text": "improving the security posture, reliability and speeding up the integration of the technology platforms. We've been successful on all 3 fronts.", "duration": 9.54}, {"path": "180077e2b9e63b7d2a27a3730349530d_21.wav", "text": "decision on the dividend relative to the buyback. I guess, I'm just kind of curious how you guys think about sort of the value proposition of the shares currently", "duration": 9.54}, {"path": "81c03e2c15e8fe8213fbd40368b49581_51.wav", "text": "What ends up happening is that there are bonds that are going to hit the market, and there aren't enough investors to take up that incremental supply.", "duration": 9.54}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_199.wav", "text": "Dave? Thank you, John. We are restless as an enterprise for positive change in health care, and we know the market is as well.", "duration": 9.54}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_133.wav", "text": "The nonresidential construction markets continue to be productive with many existing large multibillion-dollar, multiyear projects continuing", "duration": 9.54}, {"path": "24c7526f6daca8e16ab91bea6124148a_35.wav", "text": "for a company. But if there are opportunities to buy something that is technically unique, could extend one of our", "duration": 9.54}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_159.wav", "text": "But if there are services and solutions that you're wrapping around IoT, then for sure there is significant margin improvement.", "duration": 9.54}, {"path": "6fe1a71311b4937268b4c0332dc7c11f_26.wav", "text": "but they grew in mobility and seating, which is where we ultimately want to see it grow. And I guess the other thing I'd just throw out there is that if I look at the operating margin", "duration": 9.54}, {"path": "0702a77635d50ec3b154df61456c1b63_53.wav", "text": "And finally, we will use non-GAAP financial measures in this morning's discussion to help our unitholders and the investment community better understand our operating performance.", "duration": 9.54}, {"path": "e45bd91347da3c6cbd1fca37e8c0215d_18.wav", "text": "So that is not the cause which would be of concern. We have to continue our efforts", "duration": 9.54}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_48.wav", "text": "We have an experienced corporate development team that continues to build strong industry relationships as well as a pipeline of these types of opportunities.", "duration": 9.54}, {"path": "365c360aff42713cef71a7d026eeeb6d_29.wav", "text": "We looked at the balance of trade numbers to really see if there's any kind of competitive issues and we didn't see anything there throughout the whole year. So we then, I", "duration": 9.54}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_115.wav", "text": "since during promotional periods, many of our retail customers were being offered the same discounted price as a Pro customer would normally receive.", "duration": 9.54}, {"path": "b35398859e534e471fb1cd60f5baac20_210.wav", "text": "Over the past year, we enhanced our access to a variety of capital sources and protected our balance sheet from a rising rate environment.", "duration": 9.54}, {"path": "9dcce10786aa9db4cdc6cc4649adacdd_69.wav", "text": "So it is -- it's more of a virtuous circle I think, as we added more dealer locations and rental locations", "duration": 9.54}, {"path": "eb93e70cdf7a839a69546250fb3646fb_134.wav", "text": "Our contractual products, including ChoiceLease, Dedicated and Supply Chain, all grew during the quarter and will provide the majority of the company's earnings this year.", "duration": 9.54}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_306.wav", "text": "Going forward, we will have a proper, more element of local procurement built in there to ensure that the community needs are also looked after. But it's a different", "duration": 9.54}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_35.wav", "text": "The strong performance in the second half delivered production of just over 2 million ounces, up 15% over the first half.", "duration": 9.54}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_64.wav", "text": "And that there will be continuity of operation by the tenant throughout this intermediate portion through the end of the lease term. That's our expectation.", "duration": 9.54}, {"path": "4fdbfd9eec396928550d0c799e170d34_131.wav", "text": "like activities recently from both sides? And I know, previously, you talked about maybe the strategy of Quench going", "duration": 9.51}, {"path": "c272c3032aa56f99fd19c220786b0636_101.wav", "text": "Our acquisition strategy has been very disciplined over the past several years with 5 or 6 previous deals and we intend to remain very disciplined in the future as we address", "duration": 9.51}, {"path": "62d981deed6d5128615c99d1597178b6_27.wav", "text": "at a faster pace than we grow expenses. But when we're sitting around the conference table, we're not talking about margin expansion, we are talking about revenue growth", "duration": 9.51}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_93.wav", "text": "At a higher level, the future looks very bright for MACOM. The industry is entering the next phase of infrastructure spending globally,", "duration": 9.51}, {"path": "b7050f62f52a3d2803beea21404f7af6_64.wav", "text": "That said, we have positioned the holding company to raise debt to fund capital for growth or to consider buybacks of our common stocks.", "duration": 9.51}, {"path": "5111fdad778749872c23e78c9b0d653b_44.wav", "text": "it takes a little bit longer because payment is established based on the number of claims they receive.", "duration": 9.51}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_126.wav", "text": "Before we begin, I want to remind you that in this call, we'll refer to forward-looking statements, which include all statements we make about our future financial and operating performance,", "duration": 9.51}, {"path": "6388da88b00ebc88af59435bdac74132_128.wav", "text": "very modest from a realized carry perspective for this segment. I fully believe that over the course of this year, that will increase in this segment.", "duration": 9.51}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_243.wav", "text": "While those numbers might seem contradictory to my earlier comments on seasonality in the third quarter, they point out a very important fundamental concept about our new business model.", "duration": 9.51}, {"path": "3cb802f8fba7d33603c29387ccdaf817_203.wav", "text": "Also, the inclusion criteria of the clinical study seems to be rather narrow in terms of ages and ambulatory function.", "duration": 9.51}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_83.wav", "text": "And what I found is that Marvell has a long track record of closely partnering with its customers. And as a result, we have a long list of very loyal customers.", "duration": 9.51}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_128.wav", "text": "first of all, it will open up a whole new kind of market and also improve hugely, immensely the service experience for the customer. Secondly,", "duration": 9.51}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_110.wav", "text": "if we haven't retained the virulence of the isolate, we won't be going into a human challenge study because you won't be any better than the existing human challenge study,", "duration": 9.51}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_32.wav", "text": "somewhere in the region of almost 10 subjects enrolled. So it's very few subjects that actually enrolled and is primary looking at the safety", "duration": 9.51}, {"path": "223f05c0b9b116532e9af84afa76cac7_153.wav", "text": "the intention to more optimize the use of our capital as our credit positions evolve. But I wouldn't expect any material change", "duration": 9.51}, {"path": "232edaebd93a3d8673bce183d269ad6d_58.wav", "text": "our New York office simply continues year after year to make more profit than any other region and with pristine asset quality.", "duration": 9.51}, {"path": "232edaebd93a3d8673bce183d269ad6d_151.wav", "text": "as the pendulum swings too far in both directions. The market has been so crazy that the piling-on effect has driven down bank stocks", "duration": 9.51}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_31.wav", "text": "And at the same time, the ore has better quality and we have a better recovery. And with", "duration": 9.51}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_155.wav", "text": "It is also worth noting that in so far as we're talking about the automotive business, we believe industry returns may be at the bottom of the cycle.", "duration": 9.51}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_128.wav", "text": "the ability for financiers to bring more of those products to market, which, in turn, give us the opportunity or to obviously participate in", "duration": 9.51}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_137.wav", "text": "Time is the missing element to see this change in direction and pace yield results.", "duration": 9.51}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_143.wav", "text": "with firms regarding ongoing access to Reis data in accordance with the terms and conditions of a subscription agreement. Reis has developed a programmatic approach", "duration": 9.51}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_32.wav", "text": "will pay a surcharge in order to get an API, and it will really depend upon a range of circumstances in terms of the amount of data that they will be using and all kinds of things. But", "duration": 9.51}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_109.wav", "text": "from some of our new products, most particularly from our affordable housing module that we launched last summer", "duration": 9.51}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_56.wav", "text": "then clearly, that's not a situation where you would want to study the effect of an oral drug because it'll come straight back up because of the vomiting from the disease.", "duration": 9.51}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_136.wav", "text": "And 600 NOV employees were displaced from their homes by floodwaters. Our thoughts and prayers remain with them and their families as they put their lives back together.", "duration": 9.51}, {"path": "8b71a232d7fe61e6232807b635977c31_134.wav", "text": "In developed markets, revenues were up about 3%. In the first half of the year, we saw modest growth in discretionary spend, and that continued in the third quarter.", "duration": 9.51}, {"path": "8bbc2f54137b794265dfb01f1559868d_49.wav", "text": "Steve will describe this more fully, but I'd like to give you a high-level review of our performance and comment on some trends and dynamics.", "duration": 9.51}, {"path": "1b91eb82f5211000e711424657cc2484_212.wav", "text": "is by using ENI as a framework for how to think about value, there's a lot of variability in what the actual shareholder experience is,", "duration": 9.51}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_7.wav", "text": "We will also begin to realize additional operational efficiencies while we continue the planning and execution needed for our all-digital conversion in the Northeast Division.", "duration": 9.51}, {"path": "9e937c87ad87f354d42a688156853a30_97.wav", "text": "to maintain, if not, even increase that level of spending where we need to in specific areas to ensure that we are the leader", "duration": 9.51}, {"path": "46906afb4e1ee1fef09b5908e76beefa_125.wav", "text": "a portion of these reductions are also to allow for reinvestment in the business related to our capabilities and product launch preparedness.", "duration": 9.51}, {"path": "2ab48b66e1cc1f2acc7d7a666a1d8541_94.wav", "text": "as well as business process to accelerate the deployment of last mile fiber network to the premises of the customer.", "duration": 9.51}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_89.wav", "text": "We continue to believe that's the right range, although I would say we're on track to go towards the high end of that range. So", "duration": 9.51}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_129.wav", "text": "As of now, we have put a lot of resources in this respect. I will continue to do this well.", "duration": 9.51}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_67.wav", "text": "We cannot do things as we do in Taiwan or Hong Kong, engaging in national markets or doing things nationwide.", "duration": 9.51}, {"path": "fa45af64ef25007f998c655347bfbecb_460.wav", "text": "most of the people are irritated when they have to bring their parcel. They don't want to have -- bring to a certain location. Now you have the solution to give it", "duration": 9.51}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_13.wav", "text": "customer and market for UQM. I also want to mention that our longtime partners Proterra and Zenith will continue to be strong customers", "duration": 9.51}, {"path": "a827180c08c11f2e53c6966fceaabf5b_126.wav", "text": "Before we begin this morning, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations", "duration": 9.51}, {"path": "4032bfdd59881fc6506c082737cb5a99_114.wav", "text": "Following the IPO and the resulting reduction in our leverage, we took the opportunity to refinance our credit facility to reduce the interest rate payable,", "duration": 9.51}, {"path": "73ba4ff250b62745e03880e75b9a1581_106.wav", "text": "So again, our emphasis is to recover our margins fully. But to Michael's point, we got to make sure we're demonstrating to our customers the value we bring.", "duration": 9.51}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_128.wav", "text": "The revenues benefited from the IPO of Red Rock Resorts. We also got approval from the Port Authority for the sale of the Maher Terminal during the quarter.", "duration": 9.51}, {"path": "1133b8984db446b9c963a09eaf0785a4_143.wav", "text": "I will mention that this year's second quarter had one fewer business days due to how the Easter holiday fell into the second quarter this year,", "duration": 9.51}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_53.wav", "text": "We received the quality improvement award from Airbus for our Commerce, California plant, which highlights the great progress we have made over the past year.", "duration": 9.51}, {"path": "e1da48985804bd3d99dffc5e33b6124b_95.wav", "text": "be shipped, convert to AR and then from AR to cash. So getting that through both stages by year end is the question and that depends on", "duration": 9.51}, {"path": "171fd9df333ddd814c764843ed624121_113.wav", "text": "But again, the rate adjustments often are because they're taking a bigger footprint or they're not only renewing that lease, but", "duration": 9.51}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_65.wav", "text": "maybe pairing it back and bolstering the balance sheet. And then secondly, along the same line of questioning, can you provide an update on the extent to which", "duration": 9.51}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_34.wav", "text": "I think the biggest problem in-basin right now is not whether or not you can create supply of sand off of rail,", "duration": 9.51}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_15.wav", "text": "It has been particularly encouraging the level of engagement and support from the respective ministries and Petrosen, the national oil company,", "duration": 9.51}, {"path": "f2a2ba46b242698577188259de23de31_24.wav", "text": "The opening of these new locations was offset by the announced closing of 3 of our legacy financial centers, as we continue to optimize our financial center footprint", "duration": 9.51}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_78.wav", "text": "And despite that, we've stuck with it because we saw that we could underwrite loans successfully in that space and knew that if we could", "duration": 9.51}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_107.wav", "text": "The replacement channel reflects the majority of our business, and the majority of it is into industrial applications and end markets.", "duration": 9.51}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_55.wav", "text": "It's administered once daily, and it travels from the mouth to the stomach, then into the blood, up to the hypothalamus in the brain, where it stimulates eating behavior.", "duration": 9.51}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_51.wav", "text": "have used a product developed by Aratana. So I want to thank my colleagues at Aratana, our collaborators and our investors for having facilitated this transformation.", "duration": 9.51}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_71.wav", "text": "Investment results were strong across all 3 operating segments, and life and mortality was modestly favorable to actuarial models.", "duration": 9.51}, {"path": "b092d2be33ad52beefab208355b18235_147.wav", "text": "They came in on January the 15th and so you've got some lagging stuff coming through behind that. This quarter, we had a full quarter on both of those", "duration": 9.51}, {"path": "79afc92245f71d37a9adafb6f8d50e4f_0.wav", "text": "Before we begin, I will remind you that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements", "duration": 9.51}, {"path": "8aa1aa8317783203344434f855535c25_78.wav", "text": "Yes. It was funny when you made the comment, as one parent to another, I thought of the difference between nice to have and need to have in that conversation.", "duration": 9.51}, {"path": "8aa1aa8317783203344434f855535c25_10.wav", "text": "Given the significant unused capacity under our revolving credit facilities after having issued a significant amount of term debt over the past 9 months,", "duration": 9.51}, {"path": "08ed60a546bd48af9db028c4e3c8af26_85.wav", "text": "However, the anticipated improvement in sales volumes and revenues are expected to be partly offset by unfavorable currency relationships based on current currency rates.", "duration": 9.51}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_74.wav", "text": "Just a couple of comments pretty quickly with regard to our market and the strategic frame", "duration": 9.51}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_246.wav", "text": "then the benefit of the expanded product offering or the renewed product offering at Costco,", "duration": 9.51}, {"path": "02deeb29574f1571812a11f66bb8fda1_34.wav", "text": "that went across the general industrial landscape. And so it is a little bit of an unusual situation right now where you're seeing performance", "duration": 9.51}, {"path": "e271ed845347e9c930ab0a44eb7785da_92.wav", "text": "The first and second half volume will be more balanced this year than last year. Last year saw weak first half and a hard second half.", "duration": 9.51}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_3.wav", "text": "To deliver on these commitments, we continue to focus our energy, capital and resources on executing against our 3 strategic priorities.", "duration": 9.51}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_41.wav", "text": "Got it. Any way to talk about the magnitude of that? Or are these just kind of standard course of business tenders that you win", "duration": 9.51}, {"path": "ea60900258f99d1003ab247c506e42d9_77.wav", "text": "We make reference in that to the baking part of the business as well as pasta. It's a significant contributor to Pioneer Foods and the stature of our business", "duration": 9.51}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_61.wav", "text": "So sometimes these projects have a little bit of work to do, and that is where Powell shines because of our ability to aid the engineering house of the end user", "duration": 9.51}, {"path": "f7df5ecab61eca575f169a8298318eca_114.wav", "text": "a fully capable manufacturing facility outside Shanghai to be able to supply the Asian theater", "duration": 9.51}, {"path": "4567936d89925d1a3b983274b11ecae5_205.wav", "text": "I cannot give you any guidings on what that means in practice, but that is the focus and this is what we hope that we can demonstrate in the quarters to come.", "duration": 9.51}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_158.wav", "text": "But the second question of whether that's feasible or not is probably no because we're located way up in that corner in the Pacific Northwest.", "duration": 9.51}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_3.wav", "text": "As it appeared likely that Hurricane Michael was headed our way, our top priority was and still is for the safety of our employees. Thankfully, our employees remained safe.", "duration": 9.51}, {"path": "b126e11520fd54843c67f70f15cd30cc_127.wav", "text": "these show that our value investment has achieved good results in the capital markets, especially", "duration": 9.51}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_17.wav", "text": "Let me now turn to our regional performance. We continue to see solid trends underlying the results in 3 of our 4 regions.", "duration": 9.51}, {"path": "626da68f2b245869534a0316b8b6139a_128.wav", "text": "enhance netbacks is real value for any producer counterparty and we think that to the extent,", "duration": 9.51}, {"path": "cac9bb252b7974b7044423e714c2f054_77.wav", "text": "since the third quarter of 2017. The competition for deposits this quarter was especially strong in the municipal sector.", "duration": 9.51}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_90.wav", "text": "took a measured approach with test markets. We really made sure that our team out in the field was aware and could handle and educated on the product.", "duration": 9.51}, {"path": "6318dda27b3e36d76533c048c64a3014_92.wav", "text": "We are now in a position due to the size, diversity and maturation of our business model to begin the conversion of our supplemental dividends into regular monthly dividends.", "duration": 9.51}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_72.wav", "text": "reflecting a 4% increase in our variable annuity average separate account values and the ongoing benefit from the annual assumption updates last quarter", "duration": 9.51}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_157.wav", "text": "And so that's how we're thinking about it as well and we'll be considering those as we possibly move forward. One thing to add is that we also have legal options.", "duration": 9.51}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_72.wav", "text": "And the other thing -- they're focused on the performance. And if they can see the value equation that the value proposition", "duration": 9.51}, {"path": "d1ea27c78d9b77d1db1349ca8b4789d1_33.wav", "text": "when you're looking for a big player that's going to be an impact player in a market or in a service line.", "duration": 9.51}, {"path": "82f5253b62614161333b038f5f9700f8_29.wav", "text": "the full year impact of new product launches and the continued development of our dealer base, including increased participation in various programs such as PowerPlay and Power Pro among others.", "duration": 9.51}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_208.wav", "text": "Now that being said, I do think if we see the continued housing construction activity build into the spring and summer season and demand gets back up to where we think it", "duration": 9.51}, {"path": "49e533a8449f6b9b6c806458e73338e1_223.wav", "text": "their experimentation with other payment methods or if you just think that it was overall slower than what you had thought", "duration": 9.51}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_218.wav", "text": "together with the reduction in future outside storage cost that would have been incurred without these investments. The project is on track and on budget.", "duration": 9.51}, {"path": "189b20e7b975130ca5abd0e419e54908_162.wav", "text": "and, from time to time, look at larger acquisitions like the Wheels transaction. I think the reality is that in this environment,", "duration": 9.51}, {"path": "189b20e7b975130ca5abd0e419e54908_111.wav", "text": "And I was particularly happy to see the organic growth in our net revenues. For those that have been listening in on the calls for the last several quarters", "duration": 9.51}, {"path": "41c28201e80491c91e34488556721756_173.wav", "text": "Okay. And then just on the repositioning of the balance sheet and the approach to adding securities. Are you thinking any differently going forward than", "duration": 9.51}, {"path": "6709c061d39d0e433079f84160f11c80_194.wav", "text": "We just want to thank you for joining us this afternoon, and we very much look forward to catching up with everybody again when we release our third quarter results in August.", "duration": 9.51}, {"path": "e33785a294553de2a12d4463bf786744_39.wav", "text": "At this point, again, I want to thank all of the employees of Air Products for their continued hard work and commitment", "duration": 9.51}, {"path": "254f3c2175c8e11d6da7d44a221e1bff_20.wav", "text": "Since Mitsubishi Corporation is a product marketing-based organization, we have a tendency to put all our efforts into these products.", "duration": 9.51}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_106.wav", "text": "helped us focus on initiatives that will move the business forward and created an overall stronger sense of collaboration. We have a clear road map built to pursue projects that matter most.", "duration": 9.51}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_28.wav", "text": "On Slide 14, we present a summary of the year-to-date results of the LiLAC Group, which is comprised of our operations in Latin America and the Caribbean.", "duration": 9.51}, {"path": "9c67fafcb51925dcbaa570283fe01701_43.wav", "text": "reversal of rebate in first quarter of '16 when you look at the Norditropin numbers. But even with that, the second quarter this year", "duration": 9.51}, {"path": "e29584f9f829602cacebcce71c2a4fb9_20.wav", "text": "This is the fourth time we have won this coveted award and we are most appreciative of this recognition and vote of confidence.", "duration": 9.51}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_84.wav", "text": "and as well as our retention, as you know. And I would say that there was not anything that would've been out of what I would call the ordinary in terms of the pricing environment.", "duration": 9.51}, {"path": "299bad77345d2e44fa5768f4416f7b97_182.wav", "text": "Ladies and gentlemen, thank you for your participation in today's conference. This concludes today's program. You may now disconnect. Everyone, have a great day.", "duration": 9.51}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_111.wav", "text": "Last quarter, we explained that as blades continue to get longer, utilize more advanced materials and we continue to drive increased output per line,", "duration": 9.51}, {"path": "18e82b076319ac52f8a4b391ea345abd_144.wav", "text": "As many of you have heard me discuss, our intent is to leverage the Hydratight maintenance center in order to sell a broader array of tools and services.", "duration": 9.51}, {"path": "9908957f60adff5efc1c8692a0f5ab38_75.wav", "text": "primarily related to our improved operating results and changes in working capital, inclusive of the reduction in our inventories.", "duration": 9.51}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_93.wav", "text": "The big advantage is the close railway, and as well from a sustainability point of view, we get the beans from Netherlands. We get it by", "duration": 9.51}, {"path": "b126c31149f1cadf1d891082a187d6fc_32.wav", "text": "This is what management teams should do. Now I want to try to dive into something that you mentioned. So you said, in particular you called out", "duration": 9.51}, {"path": "e0d1342ad3d27fd648b708837de08797_78.wav", "text": "I think everybody's really excited about the opportunity in Guyana, and I think there's a lot of enthusiasm moving forward. And with that, comes a lot of good thoughts in innovation.", "duration": 9.51}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_56.wav", "text": "The mortgage industry broadly has been adapting for several quarters now to the impact of higher rates and an associated slowdown in home purchases and refinance activity. Our", "duration": 9.51}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_60.wav", "text": "returns on this investment will likely be driven by the servicer's ability to efficiently work with delinquent borrowers, an ongoing credit performance of the loans overall.", "duration": 9.51}, {"path": "66b25c60d952bd002c7ab20da9248086_118.wav", "text": "So what that means is there's a whole bunch of things that, that allows us to do. As we continue to scale up the business and see more operating leverage,", "duration": 9.51}, {"path": "407fee9910ab57874978cf85a89b1d9d_162.wav", "text": "However, the fact that eventually these savings are reflected in earnings is largely due to the good success on the market.", "duration": 9.51}, {"path": "72b117fb1330bda9f954a219bb5a675e_6.wav", "text": "The clinical and commercial investments that we've made over the last 9 months have positioned us well to accelerate organic growth in the second half of the year.", "duration": 9.51}, {"path": "72b117fb1330bda9f954a219bb5a675e_92.wav", "text": "I'm not that concerned about the Switzerland plant conversion from SAP to Oracle. We've done that multiple times. That happens in the fourth quarter.", "duration": 9.51}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_75.wav", "text": "at least the levels that we had before the pipeline was shut down. We're actually using this opportunity while the pipeline is down to do some", "duration": 9.51}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_86.wav", "text": "So we may see some acceleration, but I cannot tell you how much. I am moderately optimistic in terms of that", "duration": 9.51}, {"path": "7d74e5d733ec60a1be27a556e7689961_22.wav", "text": "And Tim, how long do you anticipate the reorientation of the sales team will take until you have it where you would like it, focusing on those 2 different distribution channels?", "duration": 9.51}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_51.wav", "text": "even after the provision we've taken here, half of which relates to Bulyanhulu, we're 5 to 6 years away, depending on where gold prices go", "duration": 9.51}, {"path": "1f142ea668261ba963d47aac6bab69dd_7.wav", "text": "Our plans have been presented to customers and will enter the market in the next few weeks, well before the critical Chinese New Year season.", "duration": 9.51}, {"path": "2cd5b184c2ef6624ce219830182927c9_208.wav", "text": "excluded it from some of the guidance. We still have the numbers there so you can still understand what is -- what it's delivering. Looking at our", "duration": 9.51}, {"path": "2cd5b184c2ef6624ce219830182927c9_13.wav", "text": "but we'll have to wait and see what FERC determines once they get a full commission. Right now, they're down to 2 commissioners as you know so they don't even have a quorum. So whenever that occurs,", "duration": 9.51}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_57.wav", "text": "We remain hopeful that we can reach a constructive solution that truly is of best interest for our state and our fellow Illinois citizens.", "duration": 9.51}, {"path": "1d021dfadd51998ac079e1df49929c60_15.wav", "text": "And we will continue to be well positioned to generate productivity that is well in excess of our labor and fixed cost inflation. Lastly, and importantly,", "duration": 9.51}, {"path": "6cbf592846662213258684c3049e4592_62.wav", "text": "We continue to invest in our people as we added depth to our executive ranks and consolidated our Brand Portfolio under one leader.", "duration": 9.51}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_8.wav", "text": "Our Cajun-Sibon system brings much needed NGL supplies into the region, and our expansive asset base serves these growing demand markets in customers.", "duration": 9.51}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_40.wav", "text": "over the last couple of years to build up our capability around pricing. And I think the first sort of proof point that we had", "duration": 9.51}, {"path": "b20564a6da1bcfc7b80552299d9e002a_191.wav", "text": "the demand of our customers in this kind of business is pretty stable during the year, so we feel pretty confident that this will come back. And that's the reason why,", "duration": 9.51}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_99.wav", "text": "those trains are going to leave the station and we're going to see a lot of momentum and pricing will snap back and it will snap quickly because of this pent-up demand.", "duration": 9.51}, {"path": "93e134910b4a7c587bc461da0c9a2083_122.wav", "text": "both lands that will show up in the Timber segment, as well as stumpage blocks that have contributed to the growth in our performance on the Trading segment.", "duration": 9.51}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_79.wav", "text": "From a facility consolidation perspective, we are benefiting from a leaner operations management and overhead structure in advance of project completion in the upcoming quarter.", "duration": 9.51}, {"path": "b478d2808e90233ed994884e644a3d34_19.wav", "text": "recover those cost increases. But as we've seen that the price points to the consumer move up fairly significantly over the last couple of years,", "duration": 9.51}, {"path": "b478d2808e90233ed994884e644a3d34_184.wav", "text": "and we've been successful growing our share over time there. I would like to see us grow even faster, and that will be a very much a focus for us", "duration": 9.51}, {"path": "24c7526f6daca8e16ab91bea6124148a_172.wav", "text": "where we saw a lot of opportunities, a lot of opportunities for growth. Many of these geographies that we sell into are quite fragmented,", "duration": 9.51}, {"path": "24c7526f6daca8e16ab91bea6124148a_147.wav", "text": "versus the kind of classical ingredients business, tends to be more sticky, tends to be more defensible, better from a pricing standpoint,", "duration": 9.51}, {"path": "32283c24ad18239efb166db8422560b2_102.wav", "text": "gives us a new potential growth engine for the future. And on the marketing side, with regards to what it does for our client base, which we never want to forget.", "duration": 9.51}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_8.wav", "text": "Expanded distribution of our brands over innovative platforms like NextRadio will enable additional opportunities for enhanced integrated marketing revenues.", "duration": 9.51}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_183.wav", "text": "and our exclusive fashion-oriented products that are available in a variety of unique sizes that are not offered by many of our competitors.", "duration": 9.51}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_71.wav", "text": "over that period as you have some of the operations going now. But we have not put out any long-term forecasts out. That's something we are thinking about, particularly given Obuasi coming on stream.", "duration": 9.51}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_159.wav", "text": "I want to thank you all for your participation today, and I look forward to reporting on our year-end results in February. And best wishes for the end of the year", "duration": 9.51}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_44.wav", "text": "Now after we've identified the leakage areas, we can provide point solutions to assist in addressing the leakage and managing risks for the enterprise.", "duration": 9.51}, {"path": "c2a4f7aacf0036edc5b94457c0d8329a_77.wav", "text": "We believe this integration of our core business and our new technology solutions gives us a competitive advantage to grow and win new clients.", "duration": 9.51}, {"path": "97ddc19ecb28bab2d19fd3b181182062_180.wav", "text": "very proud of our ability to generate such a strong cash flow in the current market, which demonstrates the countercyclical nature of our working capital needs.", "duration": 9.51}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_66.wav", "text": "customers have consistently chosen us to grade their valued collectibles. Those gains can be seen in the strong increase in the number of submitted items.", "duration": 9.51}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_73.wav", "text": "and I am confident we are investing in the technologies and channels necessary to accelerate top line growth over time.", "duration": 9.51}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_6.wav", "text": "and the team is actively engaged with the business units as well as external advisers in an effort to improve cash generation and management.", "duration": 9.51}, {"path": "77f146e76d89a5be785a39ab23dfa763_76.wav", "text": "The multifamily segment will continue to grow, but we expect a deceleration in the rate of growth as compared to the last few years.", "duration": 9.51}, {"path": "77f146e76d89a5be785a39ab23dfa763_79.wav", "text": "The growth of both revenue margin will make an investments in our business and demonstrates the disciplined approach we set out 2 years ago.", "duration": 9.51}, {"path": "b34f680a9162805e0188170d6272a356_247.wav", "text": "But the green shoots across the end markets in which we operate continue to point to steady growth for Granite from healthy public and private market demands.", "duration": 9.4800625}, {"path": "6388da88b00ebc88af59435bdac74132_67.wav", "text": "And as a result, we do continue to see our largest investors invest across a number of our funds. I mentioned earlier", "duration": 9.48}, {"path": "6388da88b00ebc88af59435bdac74132_8.wav", "text": "As we continue to scale our direct lending business, our team can retain a larger share of their originations, thereby improving profitability.", "duration": 9.48}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_253.wav", "text": "With that, let me turn it over to Patricia for a few comments. Thank you, Darin. Gary asked if I'd summarize before opening the lines for questions.", "duration": 9.48}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_77.wav", "text": "This is typically related to deployment cycles of large strategic partners, but there are other factors, which Darin will be addressing in more detail.", "duration": 9.48}, {"path": "3cb802f8fba7d33603c29387ccdaf817_98.wav", "text": "As one of the global programs, domestic project was decided to be pursued. Between these 2, there is no contradiction.", "duration": 9.48}, {"path": "8b6c481f7fe797353fefe886e205bbaa_35.wav", "text": "European, north and eastern U.S. as one of the more challenged market areas. But I think it fundamentally has not changed the way that we look at the business on that.", "duration": 9.48}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_33.wav", "text": "level or even go up from here in terms of commodity prices, wouldn't that kind of go against a full reversal of the working capital?", "duration": 9.48}, {"path": "abd0f750609f1263b566f0c09b981a16_152.wav", "text": "Is there any kind of, as we look at 2018, just a general sense for whether there's going to be more renovation activity or less relative", "duration": 9.48}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_31.wav", "text": "the challenges whether or not people are prepared to sell in the current environment. I think the reality is there's probably more", "duration": 9.48}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_66.wav", "text": "On a positive note, we had strong performances in our parts and services departments, from our truck dealerships and in Carlins Auctions.", "duration": 9.48}, {"path": "6b45877b719000e47adfd1ec118c376a_90.wav", "text": "As just noted, the increase is primarily impacted by the recently approved organizational restructuring, which will result in the elimination of Crombie's most significant corporate subsidiary", "duration": 9.48}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_126.wav", "text": "and when and why. This is in stark contrast to the approach of the prior management team, which utilized more of a snapshot-type method.", "duration": 9.48}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_192.wav", "text": "But the thing to keep in mind again is that Pony is a liquid line -- liquids line. It's important for shippers to maintain history.", "duration": 9.48}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_19.wav", "text": "And we have entertained conversations with some about extending their contracts. We continue to have those conversations.", "duration": 9.48}, {"path": "123a9a590195f61aa739ee9b2dec4952_188.wav", "text": "And I guess any litigation that had prior existed has now been resolved as part of the agreement, is that correct?", "duration": 9.48}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_68.wav", "text": "We've improved our right to win, and we're leveraging best practices across the organization to ensure we deliver service excellence for our clients each and every day.", "duration": 9.48}, {"path": "56e05107e391476d11fe1f637733f028_167.wav", "text": "for home infusion companies billing drugs under Part D. When there is an immediate and significant reimbursement cut,", "duration": 9.48}, {"path": "8b71a232d7fe61e6232807b635977c31_188.wav", "text": "these are incremental relationships for us. And there's a little bit of transition we go through. For instance, as clients are in the evaluation or early part of the adoption phase, they", "duration": 9.48}, {"path": "b34f680a9162805e0188170d6272a356_71.wav", "text": "And they are starting to look at the jobs differently. And just as Granite started 12, 18 months ago, I see our competitors following with", "duration": 9.48}, {"path": "1b91eb82f5211000e711424657cc2484_137.wav", "text": "And I think were it to reverse, I think we're going to demonstrate, because of this unique model, that we have a high dividend rate relative to what people are used to seeing,", "duration": 9.48}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_85.wav", "text": "something you saw an opportunity to kind of acquire more subs? And is that something that we -- I said -- I think you said it was going to moderate in the fourth quarter. But", "duration": 9.48}, {"path": "66c9091ba849cdb6d64987642ced64d2_47.wav", "text": "I look forward to the opportunity to continue James's legacy of strong leadership and working closely with him to ensure a smooth transition.", "duration": 9.48}, {"path": "66c9091ba849cdb6d64987642ced64d2_97.wav", "text": "It has been energizing to reconnect with the company and many of the people I spent a good portion of my earlier career working with to deliver on our customers expectations.", "duration": 9.48}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_162.wav", "text": "cost efficiency initiatives that will continue to benefit the margins. But since the 2 segments are close to all-time highs,", "duration": 9.48}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_20.wav", "text": "What we would rather do is to have internal controls, so that our market can go back to the normal condition.", "duration": 9.48}, {"path": "2e3470778d787bc7db14a62eeaefd902_10.wav", "text": "one of the increases in the staff cost has been we've added a few additional people in Switzerland to maintain the throughputs of projects", "duration": 9.48}, {"path": "1b1699497be56330b3ed833f22bc63f6_143.wav", "text": "this quarter was the first time our ending unit count outside of Oklahoma exceeded the ending unit count inside of Oklahoma.", "duration": 9.48}, {"path": "1b1699497be56330b3ed833f22bc63f6_10.wav", "text": "has exceeded our internal expectations, and are also the direct result of the investments that we've made in hardware and game development.", "duration": 9.48}, {"path": "a3c389b6f737603969fd26408544747f_30.wav", "text": "The restaurant will be located in Downtown Miami on Biscayne Boulevard at the new ME Hotel through a management deal with our partners, the ME Hotel group.", "duration": 9.48}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_150.wav", "text": "Among these individuals, there is extensive experience from leading organizations within the orphan disease space and from biotechnology more broadly,", "duration": 9.48}, {"path": "d5c338a956681dbb2170472253a29b85_58.wav", "text": "as you see over the years, we have the speed between 2% and 4% in shortening of AVLOS. And the last quarter for the", "duration": 9.48}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_177.wav", "text": "We expect to continue for several quarters to come with our ongoing enhancements to our KYC processes and with expanding our orders in compliance functions.", "duration": 9.48}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_126.wav", "text": "where we had changes going on and we were not conservative, and that did not work well for us. So we've taken a much more modest approach.", "duration": 9.48}, {"path": "a24a661c2eb55542903c72391ec09f9b_98.wav", "text": "supported by a commercial portfolio with double-digit year-over-year growth expectations. Combining that with the ability to leverage our strong financial position", "duration": 9.48}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_93.wav", "text": "I think we can have a debate about what industry averages over the long term. But yes, I think in 1920s -- I think pretty consistent with what we think. So", "duration": 9.48}, {"path": "e56726c7aedd69029957c84128050700_20.wav", "text": "In addition, the mix this quarter positively impacted us as we delivered more systems than a typical first quarter, especially in the Americas.", "duration": 9.48}, {"path": "171fd9df333ddd814c764843ed624121_89.wav", "text": "last quarter. I think you see the continuation of that this quarter with everyone doing really, really well. So I think that's just a validation of what we've been saying", "duration": 9.48}, {"path": "6864081f83959f4b49e25e597f28af66_87.wav", "text": "So the revenue certainly was an easier compare in the current quarter, given last year we were announcing the new product that came out late in the quarter, but we're really pleased with the margin expense performance. I", "duration": 9.48}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_36.wav", "text": "I would expect the steel to be fully erected by sometime in the third quarter and then finish trades and significantly more", "duration": 9.48}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_65.wav", "text": "Civil segment revenue was up 14% compared to the fourth quarter of last year primarily as a result of progress on the Newark Airport Terminal 1 project", "duration": 9.48}, {"path": "911d447bcdcedb4e0cf5230de225921c_116.wav", "text": "We like the portfolio we have, but we are also very much a growth company, so we will continue systematically to add to the story.", "duration": 9.48}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_27.wav", "text": "transaction volumes from both a financing and investment sales standpoint were a bit sporadic. I was quite interested that when rates", "duration": 9.48}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_147.wav", "text": "With our new suite of offerings, we've made a major step towards being able to act as a trusted adviser to our clients and prepare them for success in a value-based world.", "duration": 9.48}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_136.wav", "text": "With respect to the open position of Chief Credit Officer, I am pleased to report that we have identified a strong finalist who is an exceptionally qualified candidate.", "duration": 9.48}, {"path": "da14df2e02d11f6f8599533d9d57faee_84.wav", "text": "Our 2 companies will remain intently focused on being a true strategic partner to the colleges and universities we serve.", "duration": 9.48}, {"path": "b96165244f010b3f1e61cbbc5e504d96_118.wav", "text": "As part of that effort, over the last quarter, I've held several mission ceremonies with thousands of our team members to share with them our new mission and guiding principles.", "duration": 9.48}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_68.wav", "text": "We believe we may experience some fluctuations in revenues in this stage of the launch, as the sales channel normalizes between distribution and sell-through to vet clinics.", "duration": 9.48}, {"path": "40e11288ea7cb86fdf307dbe648142e3_87.wav", "text": "And as I think that has a bigger impact on us than other things. We certainly see the first quarter as the low point for the year. We expect,", "duration": 9.48}, {"path": "30e94343ee663488872ae176b419a163_35.wav", "text": "statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on current expectation and assumption of FLY's management,", "duration": 9.48}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_199.wav", "text": "And the main effects of demonetization have been in the regions where you don't have a banking sector that is well-developed, like Central India,", "duration": 9.48}, {"path": "6d97c63e754383663561baada77c7354_78.wav", "text": "And if there are -- if there are areas where we can operate in a leaner, more efficient fashion, we're going to seek them out. We'll find them and we'll make the necessary changes.", "duration": 9.48}, {"path": "b94d748876ddf8e881d4191dec45baf3_66.wav", "text": "The contract was modified to put a greater emphasis on carrying out face-to-face assessments at a reduced level.", "duration": 9.48}, {"path": "885b465648704d8a5d15bd00078e2160_59.wav", "text": "Thanks, Jody. Good afternoon, everyone, and thank you for joining us. I'm excited to provide highlights from another quarter of solid financial performance,", "duration": 9.48}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_74.wav", "text": "has enabled us to focus our management attention and critical resources on the most important priorities for Starbucks, our partners and our shareholders.", "duration": 9.48}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_64.wav", "text": "We've eliminated a considerable amount of inefficiency, and we've transformed a lot of our operations to be simpler and easier for both our employees and customers.", "duration": 9.48}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_137.wav", "text": "The securities yield declined slightly. This was primarily due to higher premium amortization on the SBA or small business association loans", "duration": 9.48}, {"path": "20097e37747ec7bc3734246e83798fb1_56.wav", "text": "That means there is a big and growing opportunity to provide robust, free AVOD offerings for viewers who want much more content", "duration": 9.48}, {"path": "20097e37747ec7bc3734246e83798fb1_158.wav", "text": "content producers and distributors. That support, combined with the fact that we have the only majority Chinese equity investment", "duration": 9.48}, {"path": "4567936d89925d1a3b983274b11ecae5_81.wav", "text": "So we have simply made one basic adjustment to the outlook, and that is a technical adjustment due to the fact", "duration": 9.48}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_115.wav", "text": "that we don't get back to where we originally thought we'd be in the midyear. And we're also having to build some inventory because our landlord, again, has shifted", "duration": 9.48}, {"path": "968913c3f9111fc67f1d9956c56dec3b_193.wav", "text": "to slow down. It was great in the first quarter. It's always difficult to predict. So I don't want to say it's going to be up every quarter like it was this quarter.", "duration": 9.48}, {"path": "c92a9ecd2741326fd8625841a07f74f9_123.wav", "text": "is anticipated to be consistent to modestly lower than 2017, primarily due to the anticipated impact of increases in electricity mill rate", "duration": 9.48}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_4.wav", "text": "Moving on to our end-markets update. On Slide 7, we have a diversified mix of revenues that are focused on some of the most active segments of the overall market.", "duration": 9.48}, {"path": "74d0910b4af16f82a812bddbb151d966_119.wav", "text": "the drivers of growth and the leverage, for instance, the operating leverage we have in the Northeast and what volumes mean to us in terms of EBITDA there.", "duration": 9.48}, {"path": "c8124cdb821d04f0e585420c128d76c7_112.wav", "text": "owing to our preference of profitable growth rather than growth for growth sake. As we believe that this sets us up for even stronger", "duration": 9.48}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_90.wav", "text": "Large global companies took an interest in our product, but they required months of validation, testing before they started placing purchase orders.", "duration": 9.48}, {"path": "da879f8ea1c23aa6565cccaacac271fc_238.wav", "text": "comprehensive solution for rapid quality control testing of both sterile and non-sterile biopharmaceutical and consumer products.", "duration": 9.48}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_89.wav", "text": "I'm now well integrated into the investment side of the business here and by way of comparison, I've had experience in very complex capital allocation processes", "duration": 9.48}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_211.wav", "text": "Sales were flat overall, with the adverse impact of the divestment of Opel during the prior year offset by currency gains on translation.", "duration": 9.48}, {"path": "c47a92e006b54d014a79b447528c55a7_10.wav", "text": "delivering operational excellence in our manufacturing facilities and supply chain and providing all of this with exceptional customer service.", "duration": 9.48}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_63.wav", "text": "Looking to the balance of the year, we expect to continue to benefit from a supportive backdrop in the end markets we serve and we expect to outperform those markets", "duration": 9.48}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_123.wav", "text": "make sure that we had some success within our core base. But eventually this will be a ProfitStars solution that will sell outside the Jack Henry core base just like many of the other solutions that we offer.", "duration": 9.48}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_113.wav", "text": "that were implemented during the course of last year. And they were implemented in the second quarter and started to benefit toward the end of the second quarter", "duration": 9.48}, {"path": "7498a6630302a038bd537d192c3a44f4_105.wav", "text": "as -- going forward, I think you'll see more of the same. We're focused on driving traffic in as we continue to debut new assortments, and I don't think", "duration": 9.48}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_30.wav", "text": "we plan to increase our advertising spend compared to the second quarter as we enter into the all-important fall season, a peak decision period for prospective students.", "duration": 9.48}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_88.wav", "text": "associated with an acquisition that the company is no longer pursuing. As Wally commented earlier, selling and promotional expense is expected to increase", "duration": 9.48}, {"path": "642a235ab4ebc57d132a2e32c83c793c_48.wav", "text": "It is true that we believe that our presence in major cities is an important element of our international strategy going forward,", "duration": 9.48}, {"path": "3c80de013154b028ecdc6354d16c6fbc_23.wav", "text": "Our updated guidance also incorporates all of the transactional activity completed to date as well as the anticipated closing of the 2 suburban Boston assets.", "duration": 9.48}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_213.wav", "text": "driving our competitiveness and building earning power as we capture growth from new programs and from executing on our industry-leading backlogs.", "duration": 9.48}, {"path": "af00f4e7b63ee843a3d203f982fac701_72.wav", "text": "While these statements reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to differ materially.", "duration": 9.48}, {"path": "fd5d61fef2374d3a3c1d7818eb73b463_94.wav", "text": "In addition, we strive to have strong partnerships with our independent operators and are pleased with the results to date.", "duration": 9.48}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_8.wav", "text": "has helped us provide -- helped us to best identify our product pipeline moving forward. We are working quickly and diligently to make our ideas a reality.", "duration": 9.48}, {"path": "9908957f60adff5efc1c8692a0f5ab38_131.wav", "text": "driven by workers' comp and incentive compensation accrual reversals. Now, I would like to turn the call back over to Tom for concluding remarks.", "duration": 9.48}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_155.wav", "text": "I would like to see both systems and service grow at the same time and still maintain somewhere around 25% to 30%, but both the business grow at the same time.", "duration": 9.48}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_14.wav", "text": "making its director product eligible for procurement by all federal agencies based on its security and reliability as a third-party cloud solution.", "duration": 9.48}, {"path": "1300495cfa53748f732f54277d5a8cea_62.wav", "text": "specific to the look and feel and ambience of the store, the store environment. So we're going to pick a couple, one store in the Los Angeles area, one store here in the city,", "duration": 9.48}, {"path": "24a133abc343c813233d416b0cef96cd_161.wav", "text": "and third, the cost of debt still falling, and our debt providers are still continuing to provide us with very strong support.", "duration": 9.48}, {"path": "407fee9910ab57874978cf85a89b1d9d_91.wav", "text": "Europe remains the most stable region. Constant currency yields and unit revenues even increased in the second quarter.", "duration": 9.48}, {"path": "b08d602a938cc263402d9d2db56f2490_127.wav", "text": "We have made the decision to accelerate certain investments this year to capture some attractive commercial opportunities, which will result in an increase in capital expenditure.", "duration": 9.48}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_169.wav", "text": "We continue to invest in being the best partner for small businesses. We are developing tools and marketing and distribution systems to reach new audiences.", "duration": 9.48}, {"path": "9fb4423a70358ef22be9982299969f7a_218.wav", "text": "every commodity today that we purchase is at a higher level than what we originally anticipated. So I think it's a pretty broad-based", "duration": 9.48}, {"path": "9fb4423a70358ef22be9982299969f7a_206.wav", "text": "is almost identical. In fact, it's up a little bit in the first half of '17, if you take out that pension contribution. So really what happened is we had", "duration": 9.48}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_220.wav", "text": "What are you seeing economically? Is the consumer starting to roll over as Intermodal volumes suggested throughout the fourth quarter of '15? Or is it holding firm?", "duration": 9.48}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_217.wav", "text": "A better explanation of Q4 volumes results is that realized volumes were not as strong as anticipated moving into the month of December.", "duration": 9.48}, {"path": "2cd5b184c2ef6624ce219830182927c9_134.wav", "text": "little concerning, but we also have an opportunity to bring in people with -- that can fit the skill set that we're going to be needing as the utility of the future,", "duration": 9.48}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_65.wav", "text": "our focus remains squarely on managing our portfolio to deliver consistent returns and a well-covered and attractive dividend to our shareholders.", "duration": 9.48}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_73.wav", "text": "One of the biggest stories in the news these days relates to the Volkswagen diesel issue and how that may impact the automotive supply chain.", "duration": 9.48}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_104.wav", "text": "a lower cost of ownership to the customer. So we're excited -- continue to be excited about this space. We are very selective in picking our spots.", "duration": 9.48}, {"path": "c334e290beb657ee3efcb6b2f734c81e_25.wav", "text": "And so the ones that adjust every 5 years, you really don't need inflation to do better because what you do is you buy a year-1 cap rate, and then you ultimately do better over time.", "duration": 9.48}, {"path": "902872913863de98d38e2936b846cf66_198.wav", "text": "versus what you're seeing? And is this more a function of product mix or is there something else fundamentally that we need to keep in mind?", "duration": 9.48}, {"path": "125388f1b45117acde70abc39e0f7d04_147.wav", "text": "The key point we made at our Investor Day is that our GameStop-branded stores are increasing profitability over the last several years", "duration": 9.48}, {"path": "6cbf592846662213258684c3049e4592_79.wav", "text": "I think particularly in the Contemporary Fashion side of our business is where I would expect to see the most lift, and that has a lot to do with the fact that", "duration": 9.48}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_201.wav", "text": "we'll simply make an evaluation of where we think the most economic place for us is from a facility perspective and from a strategic perspective,", "duration": 9.48}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_10.wav", "text": "Before I begin my review of our fourth quarter and 2018 results, I'd like to take a moment on Slide 5 to discuss notable items and how they impacted our financials.", "duration": 9.48}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_136.wav", "text": "Thank you. Before we begin, I want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations", "duration": 9.48}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_12.wav", "text": "of unfavorable impact from the reservation system cutover. We do not expect a significant impact beyond third quarter.", "duration": 9.48}, {"path": "24c7526f6daca8e16ab91bea6124148a_235.wav", "text": "and so there's very good opportunities for a company like us that has a lot of resources and technology, but perhaps we're not that premier a name in fragrances.", "duration": 9.48}, {"path": "6f1b092b312410065d308541be46da95_106.wav", "text": "Our strategy is focused across 3 specific areas. First, we're finding new ways of optimizing our operational performance", "duration": 9.48}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_89.wav", "text": "we increased public carrier market sales significantly from a year ago. This was the direct result of changes we are making in our go-to-market strategy.", "duration": 9.48}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_87.wav", "text": "the grocer and the customer is improved by that level of service, so particularly, when you look at how some of the better grocers are executing upon it.", "duration": 9.48}, {"path": "0807d606b6cf98da19b317b4928c3572_81.wav", "text": "So our phone models that we have today have been out now for roughly about a year and are extremely well-received out in the field.", "duration": 9.48}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_56.wav", "text": "Our performance is being driven by many factors, most notably our strategic focus on building strong local radio brands, with compelling personalities and content,", "duration": 9.48}, {"path": "5a85c98fc5e3d596bc18741b744f9ea5_63.wav", "text": "We have successfully applied big data and AI technology throughout the user journey for our user acquisition,", "duration": 9.48}, {"path": "30a142fac5a62ab00227cb6a339a6226_76.wav", "text": "As Evan mentioned, we launched Lens Studio less than 2 months ago to make it easier for our community and our advertisers to create Lenses.", "duration": 9.48}, {"path": "365c360aff42713cef71a7d026eeeb6d_268.wav", "text": "taking benefits. So that was adding and actually putting downward pressure on margins because it was putting upward pressure on revenue growth. We now have", "duration": 9.48}, {"path": "9cd9b67e289e807d677aabc5765fec6a_79.wav", "text": "You talked about a global -- a slowdown or a normalization in that business. Perhaps you could provide some additional color on that.", "duration": 9.48}, {"path": "9cd9b67e289e807d677aabc5765fec6a_61.wav", "text": "I'd like to conclude my comments today by thanking all of our colleagues for their hard work over this last year. I'm looking forward to reporting on our future success.", "duration": 9.48}, {"path": "f1b53f83640f7ea0160087ae63818af2_8.wav", "text": "As noted last quarter, you will see a continued shift from professional services to the salary and benefits expense line as new hires replace consultants moving forward.", "duration": 9.48}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_141.wav", "text": "We are encouraged and motivated by our early progress. And while we have clearly defined the changes we need to make, there normally are some bumps along the way.", "duration": 9.48}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_16.wav", "text": "Our revenue performance in the first quarter was affected primarily by a decline in maintenance and support revenue related to legacy hardware products, as anticipated.", "duration": 9.48}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_32.wav", "text": "We are currently in the construction phase of that facility and plan on taking occupancy in late November of this year.", "duration": 9.48}, {"path": "911d447bcdcedb4e0cf5230de225921c_133.wav", "text": "work rate point of view, I think that's quite achievable. The fact that we haven't drilled on the field extensively for the last 2 years does mean that production has declined, and", "duration": 9.4500625}, {"path": "118b6e5a6077bedf5081ed70425b6866_65.wav", "text": "both help subscribers enjoy faster overall Internet speed or enjoy more privileges and services.", "duration": 9.45}, {"path": "5833763223d8d85b6fcb5fe90e821c77_63.wav", "text": "and I understand for next quarter, I've got to back out kind of the Latin America sales, so I know it's kind of hard to predict these numbers.", "duration": 9.45}, {"path": "4fdbfd9eec396928550d0c799e170d34_175.wav", "text": "in terms of size. So we would expect you to see several acquisitions a year on the Quench side that may be a bit smaller, and frankly one acquisition a year", "duration": 9.45}, {"path": "62d981deed6d5128615c99d1597178b6_32.wav", "text": "Our guidance that came out our the last Investor Day was that we will grow our dividend double digit each year and we would reduce our share count each year.", "duration": 9.45}, {"path": "b7050f62f52a3d2803beea21404f7af6_109.wav", "text": "of the quarter, just on the nature of the closings and how those deals went. So there's some benefit from an uptick perspective there.", "duration": 9.45}, {"path": "6388da88b00ebc88af59435bdac74132_181.wav", "text": "And that helps to offset some of the prices that need to be paid for the great companies that we're buying, because our thesis is literally,", "duration": 9.45}, {"path": "6388da88b00ebc88af59435bdac74132_75.wav", "text": "We expect to turn on fees for our latest vintage U.S. buyout fund towards the end of the second quarter and the new Asia fund in the second half of the year.", "duration": 9.45}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_33.wav", "text": "than the second quarter number. Having said that, I think a lot of the things that we talked about a year ago that we said would start hitting the bottom line this year,", "duration": 9.45}, {"path": "47d77b15189fadcc76113a2f7800ba28_120.wav", "text": "Actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the SEC.", "duration": 9.45}, {"path": "22ad97a95501a08f15c06605cd277fec_5.wav", "text": "We are still largely on track to hit our commitments for this year, but margins were a little below our expectations in the quarter because of the timing of certain shipments.", "duration": 9.45}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_169.wav", "text": "and the momentum coming out of the first half will continue into H2. Now is the right time to review the options to take this business forward.", "duration": 9.45}, {"path": "2d7efae3f89647d6468deed3b73bf98a_21.wav", "text": "My questions are a little bit more simplistic because I can detect some of these calls, probably most all of them, have come from brokerage houses, maybe, that handle a lot of your shares.", "duration": 9.45}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_88.wav", "text": "that we've called out before, but what I would tell you is they were more flattish. And so we had improved margins for Canada,", "duration": 9.45}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_23.wav", "text": "But the healthcare landscape is rapidly evolving, and we need perpetual and nimble innovation to best serve our customers' healthcare needs.", "duration": 9.45}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_199.wav", "text": "you still doing nothing new in France. Are you still at the same point, or have you any new plans for the French", "duration": 9.45}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_98.wav", "text": "Customers clearly responded to the fresh, exciting and trend-right assortment in our stores throughout the quarter.", "duration": 9.45}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_125.wav", "text": "Okay, great. And then secondly, there's been a lot of discussion about the weak retail traffic that's kind of happening around your stores and how that might be", "duration": 9.45}, {"path": "8cb24daf76784487ad63780546dc4ba4_128.wav", "text": "that we've made available to advisers on the platform will have been screened and approved for platform use by a respected and impartial third-party.", "duration": 9.45}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_241.wav", "text": "This is pressuring hotel operating margins and lengthening new hotel construction time lines, particularly for non-prototype and urban hotels", "duration": 9.45}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_109.wav", "text": "some of the returns that we were looking at are very low. And by the way, well below doesn't mean they're losing money by any extent. These are still double-digit", "duration": 9.45}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_3.wav", "text": "We continued our brand awareness campaign to help better position our products and services offerings and drive future revenue growth.", "duration": 9.45}, {"path": "14f3d2486b21e639a953afb7ad03d90c_31.wav", "text": "delivering better results, EBIT-wise, in Orkla Care. This time, you're well below. And you have even had to spend more advertising money", "duration": 9.45}, {"path": "78c85dc9a16f82b09d3a2363004e658d_9.wav", "text": "In summary, I am extremely pleased with the progress we've made with the transition, and I believe we're positioning the company to expand our technology leadership in the construction space.", "duration": 9.45}, {"path": "84d2b192c2dd9cdcf24bacf3788a5322_221.wav", "text": "And I'm just curious how that would compare to sites that have yet to be reimaged? I think the 2% is a really good number. That's what we see inside, outside", "duration": 9.45}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_91.wav", "text": "presented us with a potential loss of supply. Thankfully, Enbridge was able to get it parallel 30 inch transmission line back in service quickly.", "duration": 9.45}, {"path": "01502edf6cda82061f1f45d6b0e8e189_54.wav", "text": "which provided us with a sense of confidence around our low-to-mid single digit organic constant currency revenue growth target that we discussed with you on that call.", "duration": 9.45}, {"path": "833f98dbc79997580b24335033aac5d2_161.wav", "text": "and look for opportunities to grow our business. We don't want to be tapped out and then be faced with the prospect of even having to divest things. So I think we feel like that,", "duration": 9.45}, {"path": "8292bdb9af87f10627c044f3842b2c76_103.wav", "text": "certainly the success we've had at 400 West Georgia gives us confidence that there's a lot of demand", "duration": 9.45}, {"path": "beb9b090a2850e9f9feb4f00ee472d07_5.wav", "text": "The dealer network is also in the process of being expanded. So these new products were taken to major capital city shows between February and May of this year.", "duration": 9.45}, {"path": "8b2314627d54755a15c55244bb862225_55.wav", "text": "is there a need to sort of grow that business in different ways? Are there products? Are there strategies, et cetera, that need to be added to this? And", "duration": 9.45}, {"path": "8475d4f528174aebabcb109487bee3f3_19.wav", "text": "And from a margin point of view, I cannot quantify it but I know that the positive impact is already being seen.", "duration": 9.45}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_197.wav", "text": "We've obtained broad reimbursement coverage and continue to make great progress with payers, experiencing shorter and shorter times toward moving from prescription to patients receiving drug.", "duration": 9.45}, {"path": "8957425799e5ce0200bfacf204d0acde_55.wav", "text": "them is opening up new sorts of drilling techniques and better insight into downhole conditions and enables them to avoid lots of trouble, costs and to drill faster and to", "duration": 9.45}, {"path": "8957425799e5ce0200bfacf204d0acde_23.wav", "text": "A market environment in which customers strive to implement better physical and digital solutions, drill ever-increasing lateral lengths more quickly at lower costs", "duration": 9.45}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_46.wav", "text": "Looking towards the future, we see large opportunities to expand our customer base and add capacity at existing customers as their research needs grow.", "duration": 9.45}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_3.wav", "text": "At Deutsche Bank, we're undertaking as much restructuring as possible in 2016 despite the burden of lost revenues and added expense in the year.", "duration": 9.45}, {"path": "a5aee620f2ef348884bdc8fa3e0cee19_73.wav", "text": "about a 10%. And that was just through normal attrition, and we just didn't add any of those people. Obviously, if they have a key position", "duration": 9.45}, {"path": "257e4e92036da9582a8a288c88332ff3_3.wav", "text": "Our vision for CapStar is to be a high-performing financial institution known for sound, profitable growth.", "duration": 9.45}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_51.wav", "text": "Stepping back and looking at the broader context. 2018 shows how the industry has fundamentally changed over the past 5 years.", "duration": 9.45}, {"path": "a44c74bdc01aa7e317addc11f2274e11_37.wav", "text": "If you bring it into Mexico from China, it's 30%. If you bring it into Brazil from China, it's 40%. So what you want to do is look and say, well,", "duration": 9.45}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_15.wav", "text": "we feel very good with that in the Americas, and we're also transitioning that model into EMEA, with a heavier focus on new logos.", "duration": 9.45}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_28.wav", "text": "not rely as much on existing business and renewals is where we want to go, and that's what we do well, which is why we're driving into those markets.", "duration": 9.45}, {"path": "655d592e9d1b1027f1824b1554d8b131_105.wav", "text": "Except as provided by federal securities laws, we are not required to publicly update or revise any forward-looking or cautionary statements.", "duration": 9.45}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_208.wav", "text": "On interest -- incremental interest associated with the Hiland transaction is more than offset by lower balance and lower rates.", "duration": 9.45}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_85.wav", "text": "And we are also seeking to provide the most convenient injection experience to our patients, and we'll talk more about that on Investor Day.", "duration": 9.45}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_202.wav", "text": "Next question. What caused the slowdown in revenue growth? What has changed on the ground versus your initial expectations?", "duration": 9.45}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_164.wav", "text": "how do you get workflows that span not just that asset but other assets that sit on the platform. So I briefly reference, the reality is", "duration": 9.45}, {"path": "f4d0f1362716be33f02690dd1a8df663_130.wav", "text": "However, we expect these typical negative factors will be offset by improvements in product mix and production efficiency,", "duration": 9.45}, {"path": "f4d0f1362716be33f02690dd1a8df663_60.wav", "text": "continue to shop more often at the traditional warung small retail shops than at supermarkets and other modern trade channels.", "duration": 9.45}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_7.wav", "text": "and a recent Federal Reserve study found that 2 of the 3 top issues concerning small businesses were the lack of credit availability and uneven cash flow.", "duration": 9.45}, {"path": "f2a2ba46b242698577188259de23de31_66.wav", "text": "Before we begin, we remind everyone of the forward-looking statements disclaimer. Please be advised that during the course of this conference call, management may make forward-looking statements", "duration": 9.45}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_156.wav", "text": "One new win, a consumer manufacturing company, is integrating 3 of CyberArk's products into what the customer identifies as an Internet of Things project.", "duration": 9.45}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_23.wav", "text": "so we did have a little bit of a benefit, I would say, in Global Power from timing in Q1. We had a couple of projects we've been performing very well on,", "duration": 9.45}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_66.wav", "text": "what we find is that the broader industrial marketplace is a better indicator of the speed at which we'll grow the business.", "duration": 9.45}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_67.wav", "text": "relative to the pound and euro, so it's been a little bit of a challenge for us, not in terms of profitability, but just in terms of demonstrating the growth that we are actually seeing over there.", "duration": 9.45}, {"path": "87ba56e8ff82d5e181ee5d6d66543c51_131.wav", "text": "and leveraging our tax pros to do that. So we think we're incredibly well-positioned to provide that kind of service versus our competition.", "duration": 9.45}, {"path": "08ed60a546bd48af9db028c4e3c8af26_31.wav", "text": "In a given quarter, of course, you have to then think about the number of tons that are sold as well, right? In a given quarter,", "duration": 9.45}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_91.wav", "text": "how many pieces along the way that really is, that you've got to debottleneck when you start changing your production blend. And it's not quite as easy as some people think it is.", "duration": 9.45}, {"path": "a8b43081254547419da7462d9c957d61_19.wav", "text": "with EOGs legacy acreage position and this resulted in the opportunity to drill extended laterals and the ability to utilize much of our existing infrastructure in our core area.", "duration": 9.45}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_94.wav", "text": "growth in auto in the first quarter. We also continue to see some market share gain as people adapt our products", "duration": 9.45}, {"path": "98f10f0935e5b778e888a1b8130a3d31_11.wav", "text": "When you look at the business mix, I'm extremely proud that we have continued to optimize our business mix.", "duration": 9.45}, {"path": "0794a2f02bbe89feb49651735bba77c5_150.wav", "text": "And we haven't had an org structure that puts a champion in charge of that to drive that -- those improvements across all the banners.", "duration": 9.45}, {"path": "ea60900258f99d1003ab247c506e42d9_105.wav", "text": "And this is obviously of that trend of low sugar and health and wellbeing. So we're hoping to see some good traction there. And by June, we will have a breakfast drink,", "duration": 9.45}, {"path": "20097e37747ec7bc3734246e83798fb1_24.wav", "text": "We are also aggressively building our presence in the high-growth, high-margin AVOD market through new channels, platform partnerships and licensing deals,", "duration": 9.45}, {"path": "526e0d5398a516831b49936c31a8ea1c_108.wav", "text": "Expenditures for Project Compass are not included in our current capital projections. Our proposal currently calls for this first segment to be built", "duration": 9.45}, {"path": "f7df5ecab61eca575f169a8298318eca_46.wav", "text": "This then translates also to some implications for how we see cooling technologies developing in this marketplace.", "duration": 9.45}, {"path": "f7df5ecab61eca575f169a8298318eca_43.wav", "text": "and also some investments that we've continued to do in our MTech software business that we are building for the future.", "duration": 9.45}, {"path": "ab4dae37361262d727d1d2f8f78765d5_132.wav", "text": "experienced across the whole first half? Or was it more experienced towards the back of the first half? I'm trying to understand when the volumes really picked up", "duration": 9.45}, {"path": "b1da16cba24af8e472573c4c9caf17c7_206.wav", "text": "cases where -- just if it's a foreign capital situation, it's -- there's always uncertainty on timing, right? So how would you guys kind of approach that with the market?", "duration": 9.45}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_16.wav", "text": "and continued progress in our internal and external research projects, will go a long way, continuing to further increase shareholder value.", "duration": 9.45}, {"path": "53889f50eda8b316a01a3df89d226e7f_6.wav", "text": "We raised pricing on both monthly and single premiums for higher risk loans, and lower pricing on higher-quality loans.", "duration": 9.45}, {"path": "28404e399cb043d390aa70bceb339dd4_25.wav", "text": "Not only from the technical perspective, which we're getting better and better at, but as I was talking a lot about this morning to my future colleagues", "duration": 9.45}, {"path": "28404e399cb043d390aa70bceb339dd4_59.wav", "text": "We do think we'll have consulting expense on things like model validation, but it shouldn't approach those sorts of numbers.", "duration": 9.45}, {"path": "50b20eb62889a9a6f09f354a21fe0ea7_6.wav", "text": "Yes. So let's see, was there any deferral of any revenue from the previous quarter into this quarter?", "duration": 9.45}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_212.wav", "text": "Our focus on continuous improvement helped boost margin expansion. And our capacity expansion is currently in the process of being commissioned.", "duration": 9.45}, {"path": "5e766700b74bbeb1d21bc7a91100faca_65.wav", "text": "to the other. And if we could have consumer insights and products, which come from one country to be brought to another, that should help to", "duration": 9.45}, {"path": "75eb5b75bb8587b63c318714ea956b9e_109.wav", "text": "small in the market considering our presence, and we think that presents us with strong opportunity. Our", "duration": 9.45}, {"path": "63eaf9677d7577484a1557ae6bfbb585_98.wav", "text": "for the quarter, which actually would be pretty significant improvement over where it's been last year before we bought it and then even after we bought it. So", "duration": 9.45}, {"path": "63eaf9677d7577484a1557ae6bfbb585_57.wav", "text": "We'll spend the next several months migrating each of our retail brands to this platform. We hope to have this migration complete in time for the holiday shopping season.", "duration": 9.45}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_111.wav", "text": "our Los Angeles Refinery down for planned maintenance, and we had some unplanned maintenance in the early part of the quarter. There was a continuation from", "duration": 9.45}, {"path": "a7228e39e0d5f04dfba28fe3477e034a_18.wav", "text": "and a portion, some of the construction disruption as well as just the overall dynamics in The Strip where other operators may or may not have a good", "duration": 9.45}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_210.wav", "text": "We will continue to emphasize our Discovery series of thermal analyzers while continuing system launches that will add to an already fresh and strong product line.", "duration": 9.45}, {"path": "8eaca8d8a419f74540f69ade8defabbd_253.wav", "text": "what the credit markets look like and what a potential target would look like. But we certainly have tremendous flexibility given the position we're in today.", "duration": 9.45}, {"path": "8eaca8d8a419f74540f69ade8defabbd_71.wav", "text": "Taking another step in our journey, in September, we announced that Brent Yeagy would assume the role of President and Chief Operating Officer for Wabash National,", "duration": 9.45}, {"path": "8eaca8d8a419f74540f69ade8defabbd_31.wav", "text": "As you know, we continue to execute a balanced capital allocation strategy, where we allocate capital to maintain our liquidity, deleverage the balance sheet,", "duration": 9.45}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_70.wav", "text": "General corporate expenses were lower in the second quarter, primarily due to reduced employee-related expenses and higher allocations to the business units.", "duration": 9.45}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_188.wav", "text": "Based on inventory and production levels, we do not expect material changes in prices until the industry starts to cut back production.", "duration": 9.45}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_114.wav", "text": "I certainly saw a lot of growth in the Nielsen data, but you didn't mention it today. Have you lost any distribution on party trays?", "duration": 9.45}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_245.wav", "text": "you have a -- that share impact we talked about with respect to Nintendo is not as dramatic as it is internationally.", "duration": 9.45}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_137.wav", "text": "Now I'll move on to second quarter commentary. Hardware in Q2 will be driven by the allocation of and demand for Switch.", "duration": 9.45}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_59.wav", "text": "The brand will continue to work on completing renovations for its network while renewing focus on improving service in the off-channel premises.", "duration": 9.45}, {"path": "5b0a12e70a31041016a008c29a6d2bb1_46.wav", "text": "prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release.", "duration": 9.45}, {"path": "189b20e7b975130ca5abd0e419e54908_26.wav", "text": "give you precise numbers around that connectiveness. I guess, the other thing that I would point out is coming this", "duration": 9.45}, {"path": "757695924b5e43c7d44e29dc141cc035_148.wav", "text": "We intend to invest in the highest return opportunities available to us, including strategic bolt-on acquisitions into our growth platforms.", "duration": 9.45}, {"path": "757695924b5e43c7d44e29dc141cc035_116.wav", "text": "This is the way we manage the business, and we believe this provides the best transparency to investors about our ability to drive value across the portfolio.", "duration": 9.45}, {"path": "757695924b5e43c7d44e29dc141cc035_37.wav", "text": "I do believe we have the right team. I do believe we have the right strategy. And we are very focused on managing this very tightly.", "duration": 9.45}, {"path": "c47a92e006b54d014a79b447528c55a7_3.wav", "text": "In January, we made major progress in completing our transformation into a meaningfully less leveraged and much more focused consumer products company", "duration": 9.45}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_7.wav", "text": "As we look at the full year, we continue to expect our normal seasonality in the third quarter, and our forecasted sales growth is in line with our prior expectations.", "duration": 9.45}, {"path": "6760f7edfb883104c8c655c4671646e5_64.wav", "text": "So I think that, that is maybe a function of something going on in the market. I don't know, but yes, our incoming opportunities have increased.", "duration": 9.45}, {"path": "89a894c2c6440d41510f0b009c0cd03b_72.wav", "text": "Not sure we have all the answers, but when we talk to our internal and external customers, some of the explanations coming up are", "duration": 9.45}, {"path": "89a894c2c6440d41510f0b009c0cd03b_13.wav", "text": "we are continuing, we have things not transformational elements, but we do have some things in the pipeline, we hope we", "duration": 9.45}, {"path": "130e8e56c1afa2419fd0c08708261824_122.wav", "text": "Well, I think we certainly have made representations and I think our representations probably similar to those of other participants. And I think we're awaiting the response", "duration": 9.45}, {"path": "e33785a294553de2a12d4463bf786744_207.wav", "text": "but as I said, we are not in a hurry and we will take our time to make sure that we are investing in value-creating projects.", "duration": 9.45}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_35.wav", "text": "They may negotiate from a position of strengths that they do not want to put any money in, and we should go find the money, but they realize", "duration": 9.45}, {"path": "3877b1983229ec488c6349a188bccf92_236.wav", "text": "And Ethiopia, following a successful trial, we launched Guinness nationally in November to a strong response from consumers.", "duration": 9.45}, {"path": "8635f950dc44da3fcad542b2c066bedf_173.wav", "text": "range for both quarters, and so that's why we felt that it was tracking largely with what we saw in the second quarter.", "duration": 9.45}, {"path": "fe80c1056f21701e41cf3489c450f5ae_127.wav", "text": "how can we think about this strategy going forward? How much -- is there a number that you would be willing to lose up to a certain threshold in terms of mortgage market share? Or are you happy with the", "duration": 9.45}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_201.wav", "text": "So we don't see that changing going forward in North Dakota in terms of our competitiveness. I think in terms of", "duration": 9.45}, {"path": "299bad77345d2e44fa5768f4416f7b97_41.wav", "text": "a good fit with our strategy and our capabilities, an area where we see a good lead commercial products to bring us into that", "duration": 9.45}, {"path": "299bad77345d2e44fa5768f4416f7b97_194.wav", "text": "Finally, our field reimbursement team continues to positively impact the trends and approval rates for prior authorizations and targeted accounts across the country.", "duration": 9.45}, {"path": "29f56972971325265e4a53485f49793e_88.wav", "text": "Just to see where we are when it comes to how we did regarding our financial objectives and the dividend policy.", "duration": 9.45}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_17.wav", "text": "I was wondering can you tell us how much of that growth was driven by the incremental revenue from the Saffron acquisition?", "duration": 9.45}, {"path": "5efe4589d80ac1232c2958182c188903_8.wav", "text": "The increase in revenue for both periods is primarily the result of higher direct sales to our customers in the regen med space and to our indirect distribution channel.", "duration": 9.45}, {"path": "e0d1342ad3d27fd648b708837de08797_151.wav", "text": "Now going back to the point around the pace of our investment program, that pace is going to be driven by value optimization.", "duration": 9.45}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_73.wav", "text": "Before we begin, please take note of Platform's cautionary statement regarding forward-looking statements in the press release and earnings deck issued and posted today in connection with this conference call.", "duration": 9.45}, {"path": "ed2810b765143f8341dcc8e8c14c27f1_205.wav", "text": "What we did see is relative to your pull-in question or what we saw is we definitely -- I think we highlighted this in February that we thought there was somewhere around 70 to 100 basis points", "duration": 9.45}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_114.wav", "text": "So it's not surprising that investors exhibit a certain degree of concern about the performance and prospects of our company in the near future.", "duration": 9.45}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_14.wav", "text": "To borrow the analogy from another industry, we are at the Apple II stage of our technology and that there's a lot more to come in the future.", "duration": 9.45}, {"path": "e552924838fe493d3cc967dd0c5c4563_120.wav", "text": "Please see our recent SEC filings for more details on the risks that could impact Grace's future, operating results and financial condition.", "duration": 9.45}, {"path": "e552924838fe493d3cc967dd0c5c4563_174.wav", "text": "But that's not something that we're playing for right now. Right now, we're focused on capturing our fair share of the existing operations, and we're doing it with better technology.", "duration": 9.45}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_119.wav", "text": "I believe we've been able to show that AmTrust is a great business with underwriting discipline, strong claims processing and outstanding actuarial expertise.", "duration": 9.45}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_49.wav", "text": "There are some things that we were looking on -- working on that very could have easily have closed at the end of July and didn't.", "duration": 9.45}, {"path": "c334e290beb657ee3efcb6b2f734c81e_97.wav", "text": "I don't -- with interest rates rising, I think that'll happen because of inflation as well as worldwide economic growth.", "duration": 9.45}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_2.wav", "text": "such as free cash flow and pro forma operating expense. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures", "duration": 9.45}, {"path": "49dfadfb9a3d4d27ac250602928cf9ea_75.wav", "text": "other dynamic that is going to help us as well in the second half of the year is, the more we are progressing into the year, the more we are benefiting from our efficiency program", "duration": 9.45}, {"path": "96488f25af54f91198b444e5eff8e878_37.wav", "text": "Our observation is based purely on basic operating cost differences when you monetize them, so it shouldn't come as any surprise.", "duration": 9.45}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_170.wav", "text": "new demand that's just been created in Louisiana as well as lever ourselves in the existing demand that we weren't currently serving", "duration": 9.45}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_170.wav", "text": "My second question is related to the deal on part of the business that you will take over at some stage.", "duration": 9.45}, {"path": "16614fa848b6601733f9eb4b2ee4da71_44.wav", "text": "the administration has to relook at some of how they think of policies, I don't control that. I think that's the best solution. They have to", "duration": 9.45}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_6.wav", "text": "As you might expect, with the closing of the merger in the beginning of the second quarter and the system conversion mid-quarter, the period contained a bit of noise.", "duration": 9.45}, {"path": "f268a8174f58c93ad6b45b7f151fe896_154.wav", "text": "These team members are working right now. They're on the road, they're in the air, and they're probably at your doorstep delivering the holidays around the world.", "duration": 9.45}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_42.wav", "text": "that has been chronically underfunded over 13% over the past 9 years. So the 2019 rates were needed. They were necessary to cover program costs and keep benefits", "duration": 9.45}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_31.wav", "text": "trend in the group commercial insured enrollment. I know that you had told us to expect the decline in the first quarter. It's just that", "duration": 9.45}, {"path": "538323cb37246bc97d1253b369a7414a_187.wav", "text": "And then maybe 1 still more on the actions you're taking now, the savings actions. Are you looking to exit any", "duration": 9.45}, {"path": "e97326d6a8951550e363f2be6ec489ba_162.wav", "text": "gas trading margins. The question particularly is whether we can explain why the gas trading", "duration": 9.45}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_58.wav", "text": "We'll continue to upgrade our business and enhance our onstream rates. We will drive better safety performance and broaden our distribution capabilities.", "duration": 9.45}, {"path": "7a80c3e91e5a2693cdaef5f716808317_218.wav", "text": "Jonathan and I were quite nervous at the mid-year. And sure enough if they really had their finger on the pulse of the market and all those programs came in, in the back half quite nicely as they expected. So", "duration": 9.45}, {"path": "7a80c3e91e5a2693cdaef5f716808317_71.wav", "text": "about our outlook for 2019. So first, we do welcome the recent stabilization of the oil prices.", "duration": 9.45}, {"path": "b1a98885c1d81414cdc122e807760faf_115.wav", "text": "We are planning to initiate another Phase II study in small fiber neuropathy towards the end of this year as we continue to explore multiple potential indications for this asset.", "duration": 9.45}, {"path": "0b7afb66a39a4c81151309bacc830c60_114.wav", "text": "So if -- I would not be surprised to coming back to you and saying that was particularly strong as we move forward because", "duration": 9.45}, {"path": "523cf294ec146d5411972168b1c10f09_6.wav", "text": "Now moving to Slide 6. Today, a number of major industry participants are deploying significant wireline networks across broad sections of the country.", "duration": 9.45}, {"path": "97ddc19ecb28bab2d19fd3b181182062_223.wav", "text": "but we face significant headwinds from continued pricing pressure across all the metals we sell with the exception of aerospace play.", "duration": 9.45}, {"path": "e0555e30370c43189a1136fb7ef17d20_31.wav", "text": "So we have been very clear that we manage this in terms of return on capital. The way we measure the return on capital is on a cash-on-cash metric.", "duration": 9.4499375}, {"path": "f5875d033110e66b5aafc3c0003babdf_93.wav", "text": "we continue to expect our combined Buildings and Components businesses to track in the range of 2% to 4% volume growth", "duration": 9.42}, {"path": "5833763223d8d85b6fcb5fe90e821c77_94.wav", "text": "has been very effective, meaningful and has shown a significant tangible positive impact on our overall financial results.", "duration": 9.42}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_71.wav", "text": "as well as native apps for Android and iOS. We believe the advantages of this platform compared to the banks, credit unions and other legacy players have today are significant.", "duration": 9.42}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_9.wav", "text": "look into the future of reserve releases, which is difficult. But what this chart is telling you is that our view of the reserves in our balance sheet", "duration": 9.42}, {"path": "f0dd7e4dad969b480d0d2a70609aedba_87.wav", "text": "enjoy a very distinctive profile with that product set and our brand in that marketplace and the reputation that we have for service delivery.", "duration": 9.42}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_86.wav", "text": "So I don't think there was much difference between our cat activity this year or last year", "duration": 9.42}, {"path": "3557b21a45c35e71e82cc43b19977855_151.wav", "text": "there been any sort of a pause given some of the gyrations we've had? Just maybe a sense as to what you're seeing or how the new product funnel is filling up?", "duration": 9.42}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_22.wav", "text": "and that is really driven by the choppiness related to prepayment fees and when they come in and the predictability of prepayment fees,", "duration": 9.42}, {"path": "718a89dc503706eae0091bcd9410d567_134.wav", "text": "in the residue, which typically we get the majority of. So even though the margins have tightened on some of our processing deals, we still are doing accretive deals.", "duration": 9.42}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_128.wav", "text": "initially, this was a small asset and an acquisition of its own, and there were probably 2 reasons why we decided to go ahead with it.", "duration": 9.42}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_87.wav", "text": "and our parameters are getting better and better. So I think we're going to be on budget by the end of the year. And with molybdenum we're going to exceed it.", "duration": 9.42}, {"path": "8cb24daf76784487ad63780546dc4ba4_117.wav", "text": "This morning's results capped a challenging year for our company. Brent will provide more details on financial results, but I wanted to give a few highlights.", "duration": 9.42}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_103.wav", "text": "customers and having basically to pay for them. Over the next couple of quarters, do you see further drop as you", "duration": 9.42}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_116.wav", "text": "We were pleased to further expand our base of cash flows backed by these types of agreements with our acquisition of the West Coast Facilities,", "duration": 9.42}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_148.wav", "text": "Having said that, it's a great business. The margins are strong. It's well run. We know what we're doing. I would be confident in saying this is a machine. It's an operating machine. It knows what it's doing.", "duration": 9.42}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_4.wav", "text": "Pretty much all of what we planned is happening at a pace and rate across now all 4 of the businesses and, indeed, in our global support functions, where", "duration": 9.42}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_126.wav", "text": "And I'm very pleased with the new business that our team is driving and the increased focus that they are bringing to this very important long-term growth opportunity.", "duration": 9.42}, {"path": "3121e8f4a75758834d32a9e4e0555221_93.wav", "text": "was effective on July 1. Stepping away from the macroeconomic situation on the island, there remains much that is within our control.", "duration": 9.42}, {"path": "1b91eb82f5211000e711424657cc2484_11.wav", "text": "and deep sourcing capabilities, along with our flexible capital strategies, to find attractive investments in a world full of elevated asset prices.", "duration": 9.42}, {"path": "a45510e526a5935c1f8d4f039149ff3b_19.wav", "text": "And we actually have received a very material purchase order for that. That will be shipping through this year, including in the first quarter. So we'll start seeing that ramp up this year.", "duration": 9.42}, {"path": "66c9091ba849cdb6d64987642ced64d2_90.wav", "text": "Turning to Q1. The overall financial results were in line with our expectations, and let me reiterate what we said we would do.", "duration": 9.42}, {"path": "01502edf6cda82061f1f45d6b0e8e189_116.wav", "text": "improving on a more favorable projected profitability profile and nonrecurring tax expense associated with asset sales in the prior year.", "duration": 9.42}, {"path": "ada4e338c266148264077e06bac68005_43.wav", "text": "But there was a feature of that conversion option that disappeared in the event that project financing happened in short order, which it did.", "duration": 9.42}, {"path": "145244b0378e6657d456cffca8bbc982_29.wav", "text": "The reason you want to do that is it speeds up the information. It makes information transfer much better. Again, all this is really based around", "duration": 9.42}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_47.wav", "text": "So our outlook is consistent with some of the analysts' expectations, but probably delayed a year due to the headwinds that we've experienced this past year.", "duration": 9.42}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_115.wav", "text": "Or it's hard to upgrade in the noodles market? Second question is about branding.", "duration": 9.42}, {"path": "18b396ddd443d84d12477c42e31cdf0e_14.wav", "text": "Going forward, our general and administrative expense will fluctuate based on activity within our business strategy review and litigation activity.", "duration": 9.42}, {"path": "2fc915b996c687200d995736980aae9a_11.wav", "text": "To prepare for the accelerated growth in Europe, we completed the expansion of our European distribution center to 1 million square feet in the second quarter", "duration": 9.42}, {"path": "2fc915b996c687200d995736980aae9a_206.wav", "text": "Depending on what the top line is, it depends how much do we have to invest in China, which is growing very quickly. And we have to get there and automate and be able to process for this", "duration": 9.42}, {"path": "2a5b0a6532fa2b71915a2930be02621a_74.wav", "text": "in which patients are unable to make enough red blood cells and the chronic inflammation further contributes to the anemia.", "duration": 9.42}, {"path": "fa45af64ef25007f998c655347bfbecb_469.wav", "text": "What are the benefits for PostNL? With the change, we are better able to absorb future volume decline,", "duration": 9.42}, {"path": "fa45af64ef25007f998c655347bfbecb_288.wav", "text": "As I said, we'll take the period from now until completion to work out, in more detail, how we can do that integration best.", "duration": 9.42}, {"path": "e081f678e77792e5c5762fa425c49e56_35.wav", "text": "I would also like to remind everyone that nothing said on this call constitutes an offer to sell or solicitation to buy any securities", "duration": 9.42}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_142.wav", "text": "As we -- we've got a number of actions taking place right now to optimize the design, to tool it up, to reduce the cost,", "duration": 9.42}, {"path": "e26b501c6e000fdaa11edde97cc71436_151.wav", "text": "we're seeing an urgency on the part of hubs that they want a much faster adoption rate than we've historically seen. We mentioned recently that", "duration": 9.42}, {"path": "1b1699497be56330b3ed833f22bc63f6_181.wav", "text": "is a result of the confidence that your customers are feeling about the previous form factors you brought out and the games that you brought out.", "duration": 9.42}, {"path": "cc82e791c065bdc271addf355bac274f_34.wav", "text": "and maybe some products may take up to 60 days to be delivered today. And", "duration": 9.42}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_107.wav", "text": "We believe a recovery in this market has started, although most of the growth is still being driven by replacement parts orders as mines get more active.", "duration": 9.42}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_128.wav", "text": "We've seen 1 or 2 projects where the customer didn't take delivery at the end of the quarter and so that gets moved into", "duration": 9.42}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_176.wav", "text": "So we've had another good half. Our strategy has been and continues to be very effective in creating value for shareholders.", "duration": 9.42}, {"path": "73ba4ff250b62745e03880e75b9a1581_145.wav", "text": "No. I think those comments are primarily focused on what you would call traditional blocking and tackling. We can't hide from the fact that the economies out there is choppy. There's a lot of things", "duration": 9.42}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_111.wav", "text": "We see a strong funding environment in our focus areas, and we have a great sales team -- great sales leaders and team in place to capitalize on the opportunity.", "duration": 9.42}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_63.wav", "text": "we don't believe that if you take, for example, the impact of negative interest rates, which is probably one of the major macro themes that impact bank revenues,", "duration": 9.42}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_75.wav", "text": "That determines how we think about timing of an exit from Postbank. In other words, that still leaves us", "duration": 9.42}, {"path": "1133b8984db446b9c963a09eaf0785a4_22.wav", "text": "Of course, our call wouldn't be complete without a discussion of recovered paper prices, which continue to confound most of the experts, including us.", "duration": 9.42}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_202.wav", "text": "We will also continue to focus on improving operations and fixing and modernizing the foundation of our company. With that said, you will see us doubling down on our purpose and our guest experience.", "duration": 9.42}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_38.wav", "text": "available in Britain after the Brexit. Once it would be workers stemming from the European Union, that could be an option.", "duration": 9.42}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_93.wav", "text": "Our Rieke business has developed a unique and innovative locking technology that provides our customers with solutions in a demanding shipping environment.", "duration": 9.42}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_147.wav", "text": "That's what our goal is. And that's why we brought this team here to bring this company to a place of competitive prominence consistently over a long period of time.", "duration": 9.42}, {"path": "1244d2b5a259c3bc73742830d60d53fc_82.wav", "text": "delivering on a culture of speed to execution, innovation and agility. I'm pleased to share we've recently brought on 2 new officers to our executive team.", "duration": 9.42}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_250.wav", "text": "So we're at that now and we're not hearing any pushback from shippers at this point in terms of their contractual commitments. As far as the timing goes,", "duration": 9.42}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_19.wav", "text": "one of the things that we said was we're about 6 months behind where we wanted to be in launching the programs that we really feel will enable this bookings growth to show up.", "duration": 9.42}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_91.wav", "text": "Furthermore, the various European countries adopt new technologies at a different pace and the local economies grow at varying speeds.", "duration": 9.42}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_25.wav", "text": "These increases were partially offset by a decrease in average selling price per boat, a decrease that was due to the mix of model sales during the quarter.", "duration": 9.42}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_139.wav", "text": "is to become the preeminent provider of credit products and services to small businesses nationwide while delivering exceptional value and service to our customers.", "duration": 9.42}, {"path": "38b2f94da12bbf2d32246763aab8265a_76.wav", "text": "Do you think this is going to be more of a result of customers coming forward? Or do you think it's going to be law firms that are going to be more active", "duration": 9.42}, {"path": "e60f6485243932b9280d864cb17a6ba8_36.wav", "text": "to comfort the rest of the year and therefore, I am fully confident to reach the full year guidance, which is written on this slide.", "duration": 9.42}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_57.wav", "text": "Our organic investments are being made to strengthen our commercial product line, application engineering and product development capabilities", "duration": 9.42}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_167.wav", "text": "we did respond with price, further price in the second half of the year. The additional inflation that we saw in the second half was principally around steel", "duration": 9.42}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_82.wav", "text": "if you can just help us out with how are they pricing it to the pet owner. How is it being used? Is it earlier on in the treatment regimen like you guys had hoped for?", "duration": 9.42}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_147.wav", "text": "we can make that available to additional sites. And there is interest well beyond the sites that we signed up, but we feel like we want to get that", "duration": 9.42}, {"path": "8aa1aa8317783203344434f855535c25_180.wav", "text": "We will be happy to answer some questions on this call, but please understand that there will be many topics related to this new legislation that we're still evaluating", "duration": 9.42}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_30.wav", "text": "we think fees will be stable. And that may be a little conservative admittedly, Brady, because it's still very early in rolling out these payment products,", "duration": 9.42}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_53.wav", "text": "It's very difficult to generalize. I mean, certainly, there can be a lot of work done to prove whether there is or isn't a problem.", "duration": 9.42}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_117.wav", "text": "Our company goal, not in a couple of years, but in short order, is to be brand-agnostic to what's on the front of the building.", "duration": 9.42}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_184.wav", "text": "Obviously, if a customer went there and they saw everything, he would act like a duck, smell like a duck, and walk like a duck. There are some categories", "duration": 9.42}, {"path": "a02b735de681c682fbb8025edecca271_14.wav", "text": "From our analysts, I always felt that you've treated us very fair. You've been very helpful to us. And for that, I thank you for your support over the years.", "duration": 9.42}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_83.wav", "text": "This provides guests access to real savings with their vacations by purchasing in advance, purchasing multiple ski days or purchasing packages of products.", "duration": 9.42}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_3.wav", "text": "Our results in the second quarter demonstrate what we have repeatedly stated in these earning calls and in our frequent meetings with investors and analysts.", "duration": 9.42}, {"path": "815f65663b3982554e82806de0cbd918_84.wav", "text": "more of a dollar deposits from rupee deposits. So I just wanted to get a sense of where we are in that sense on what percentage would now", "duration": 9.42}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_222.wav", "text": "bring to bear. No one else can provide that experience. Now we're not a closed solution. We're going to work with every company. Of course, we have to because our customers", "duration": 9.42}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_127.wav", "text": "Earlier this year, the partnership took over as the sole provider of shuttle tankers to the oil companies operating offshore in East Coast Canada.", "duration": 9.42}, {"path": "c5c7a9f409241412b160a93cde7ef630_159.wav", "text": "and their ability to address other critical infrastructure needs. And we look forward to the announcement of this RFP by the end of the year.", "duration": 9.42}, {"path": "c3567809c19ce6a800677544cd84f88b_11.wav", "text": "including new digital content and the use of seasonal flavors and sampling, will enable wider recruitment, delivering the brand back to growth.", "duration": 9.42}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_6.wav", "text": "In summary, we're operating 2 successful and growing businesses and our management teams are executing on their operating plans.", "duration": 9.42}, {"path": "526e0d5398a516831b49936c31a8ea1c_189.wav", "text": "in terms of the next end of the period, I guess when would that be, Vince, in terms of the measurements? Yes. I mean, it's the same schedule as the '15, '16, so", "duration": 9.42}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_62.wav", "text": "We will feature this and other new products for industrial and automotive applications at the upcoming Electronica Show in Munich.", "duration": 9.42}, {"path": "53889f50eda8b316a01a3df89d226e7f_50.wav", "text": "We are very proud of the quality of our people and our culture, and we believe that it's a continuing competitive advantage for us in the marketplace.", "duration": 9.42}, {"path": "28404e399cb043d390aa70bceb339dd4_99.wav", "text": "So should that new market tax credit roll off and we not get a new award, our tax rate will go up,", "duration": 9.42}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_53.wav", "text": "it had a couple of segments. So can you give us some sense of core versus specialty and how that's doing? Because I believe they had some", "duration": 9.42}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_34.wav", "text": "relatively stable pricing through the year and with us being able to get a little bit of margin improvement from asphalt cost deflation, was a very good outcome for us", "duration": 9.42}, {"path": "e78997e6a75a2243292b2b54750bb3cb_66.wav", "text": "And there was a real concern that collaborations might impinge our ability to execute on our own programs. And so we sought to try to", "duration": 9.42}, {"path": "b43c001c5af465d220ab0b69a95202ae_64.wav", "text": "We believe we have opportunities for growth in each of our existing markets by adding profitable service lines and recruiting physicians.", "duration": 9.42}, {"path": "968913c3f9111fc67f1d9956c56dec3b_77.wav", "text": "Whether it is the Wyndham Rewards program at the Hotel Group, revenue management efforts in Europe that are helping to drive our booking pace at our rental businesses", "duration": 9.42}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_103.wav", "text": "it's one of the reasons that power was more resilient than you anticipated before and can you elaborate on", "duration": 9.42}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_207.wav", "text": "And I think, Andrew, as you look at some of the July data, it will be a little messy because of some of the malware shipment timing issues.", "duration": 9.42}, {"path": "9e8690a521142359001a137074905535_41.wav", "text": "getting the first article inspections for all the detailed parts completed and then get the customers to approve those. And that has taken us longer.", "duration": 9.42}, {"path": "3898a5c021167b8169287fc8bb59f753_218.wav", "text": "employer of choice? How much of the wage inflation do you think is your own choice to pay well above the wage versus how much is driven by the regulation? And then I have one follow-up.", "duration": 9.42}, {"path": "571b0d30d88945a981006f24faa72cf7_4.wav", "text": "which presents in a proportionate patients with Parkinson's disease as well as the majority of patients with multiple systems atrophy and pure autonomic failure.", "duration": 9.42}, {"path": "21f21433851eb7c7f7dbc710309341bb_89.wav", "text": "We're going to keep -- we obviously keep a very close eye on it and it's not going to be put in place for a little bit of time. But if", "duration": 9.42}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_32.wav", "text": "except to say that, that transaction was truly a transformative agreement for Titan. And I thought then the best use of time", "duration": 9.42}, {"path": "a1329d5014382fed182ec42276821868_180.wav", "text": "Tony earlier referred to significant exploration as well in the Northern Territory, and that's on the back of the success we've had, particularly at the Lantern", "duration": 9.42}, {"path": "87045996e7446329f1d98c909c6ca7fe_253.wav", "text": "in the quarter? Prepayment impact in the quarter contributed about 2 basis points of the 5 basis point increase from the second quarter", "duration": 9.42}, {"path": "82f5253b62614161333b038f5f9700f8_264.wav", "text": "our assumption that LIBOR rates modestly increased beginning the second half of 2016 and the addition of interest expense from debt assumed with the Pramac acquisition.", "duration": 9.42}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_4.wav", "text": "First quarter new home sales were 15% above fourth quarter levels, and March sales were the highest in nearly 18 months.", "duration": 9.42}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_28.wav", "text": "where mills in both the Northwest and up in Canada are sitting relative to cash costs right now, because it looks to me like pretty much everybody must be under water.", "duration": 9.42}, {"path": "dffe8257f781608bb17bb637249e4d2a_136.wav", "text": "Together with continued investments, this has depressed the ROE to 3%, well below the cost of equity.", "duration": 9.42}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_21.wav", "text": "We have not used lightly the term, the best we've ever made, and we've received strong endorsement from both the trade and our retail partners.", "duration": 9.42}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_96.wav", "text": "and we have invested in a joint venture distribution business in Latin America as a way to service the growing market without a large capital investment.", "duration": 9.42}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_62.wav", "text": "a fresher look with the recent renovations and the success of the new Grand Saladier, all signal a very bright future for the brand,", "duration": 9.42}, {"path": "7cc11de7f206c637e6293da0d956405e_6.wav", "text": "Building on recent enhancements to our industry-leading mobile platform, the team is hard at work, improving the customer experience to drive even deeper engagement.", "duration": 9.42}, {"path": "068bea67ac01942fafb955a1116b29dd_186.wav", "text": "from my background, my training and these are prescription drugs. But at the same time, there's other things that could be", "duration": 9.42}, {"path": "bc3fa49aaccfacb1392855627864851e_9.wav", "text": "offset by additional overhead related to our recent software implementation, compliance costs related to Sarbanes-Oxley and entry into new markets.", "duration": 9.42}, {"path": "bc3fa49aaccfacb1392855627864851e_57.wav", "text": "can you comment on what gives you the comfort that the sales pace will remain similar to what you've seen in the past and as you enter new markets as well?", "duration": 9.42}, {"path": "9ec35a7809acb51486076e302028ba33_96.wav", "text": "Though orders for the year are down to-date, we continue to have a strong pipeline of high confidence opportunities going into the third and fourth quarters.", "duration": 9.42}, {"path": "3d3b327645f62f252bb876e5bb4a9259_66.wav", "text": "the portfolio is seasoning almost a whole month every quarter, okay? Not quite a whole month, but almost a whole month every quarter. And I think, what would happen", "duration": 9.42}, {"path": "3b2908426357bb8269c3a01469865cd6_102.wav", "text": "are actions that we identified following the spinoff to permanently reduce our cost structure, which we began to implement at the end of the fourth quarter.", "duration": 9.42}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_87.wav", "text": "In our early-stage oncology pipeline, we continue to build capabilities and explore new technologies that will extend our reach in the solid tumor market.", "duration": 9.42}, {"path": "e33785a294553de2a12d4463bf786744_170.wav", "text": "by far, the largest economy in the world. That is where the growth is. Right now, the growth is in China and in India by any kind of a measure.", "duration": 9.42}, {"path": "3877b1983229ec488c6349a188bccf92_40.wav", "text": "We will continue to focus on brilliant execution of the 6 priorities across our markets to drive consistent performance delivery.", "duration": 9.42}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_10.wav", "text": "We also made some real improvements to the merchant experience in the quarter when we launched an improved suite of tools to help business owners better track and optimize their Groupon campaigns.", "duration": 9.42}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_60.wav", "text": "an April 1 implementation. And so something that we're watching closely. It's not something that I would tell you today I call a trend but", "duration": 9.42}, {"path": "af00f4e7b63ee843a3d203f982fac701_74.wav", "text": "These solid results were driven by continued market share gains in our Broadband, Cable and Satellite business and solid expense management across our entire business.", "duration": 9.42}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_128.wav", "text": "is really very encouraging and positive when it comes to allowing companies like us to invest, grow, build, innovate. And that's going to be the best thing for customers.", "duration": 9.42}, {"path": "f7c059b1312a5f1fc017ece069fddee2_97.wav", "text": "But we were able to offset this with stronger realized volumes on our Mid-Saskatchewan pipeline system and higher revenues from increased midstream marketing activities.", "duration": 9.42}, {"path": "e522eff219f3eaa2c9b090dc12cad420_13.wav", "text": "for bills coming in the fourth quarter. So the cost of starting that operation back up as well as all the cost associated with it being idled,", "duration": 9.42}, {"path": "a0d537badd260e2071136602e3b73b26_110.wav", "text": "deepened relationships and built out the infrastructure to secure assets that have a high yield and a short duration that are relatively unaffected by large exogenous shocks,", "duration": 9.42}, {"path": "a76bedec950d8af557e451e58416d028_155.wav", "text": "I think that in a nutshell sums it up and very good acquisition, but that's much more recent since the focus of Q4 was on that conversion.", "duration": 9.42}, {"path": "00dcacc7fe3cab64b14aff04a9cd0284_53.wav", "text": "Thank you, Darren. As noted earlier this year, Q1 was expected to be slow with wet weather impacting construction activity across California", "duration": 9.42}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_202.wav", "text": "A little more target and specific of what we've accomplished just in the last 20 months, and I think it's important that people understand the seismic shift that we've been going through.", "duration": 9.42}, {"path": "884400c829f179d8cf68b767f45f03a4_80.wav", "text": "We are also very encouraged to see the upgrade to a mobile capable architecture has led to an 80% increase in mobile phone conversion rates.", "duration": 9.42}, {"path": "1353031386f884a821e7e9bab449727d_90.wav", "text": "I think if you look at us over the last about 10 years, we've averaged about 2% net reduction in outstanding shares every year.", "duration": 9.42}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_143.wav", "text": "We have done something on the pricing. We are definitely working on packaging. We have improved the recipes.", "duration": 9.42}, {"path": "b126c31149f1cadf1d891082a187d6fc_19.wav", "text": "While nobody knows for certain how all of this will play out, what we do know is that our nation is aging and that the demand for health care services in general", "duration": 9.42}, {"path": "a2ba164f019804628c07b36de47cd464_89.wav", "text": "This decrease is primarily attributable to the use of restricted cash for the payment of claims and other liabilities associated with terminated contracts.", "duration": 9.42}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_59.wav", "text": "So completion bond is going to come down towards the end of the year? Well, I cannot say anything definitive,", "duration": 9.42}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_94.wav", "text": "reliability tests, you are expecting that will be completed? Of course, with the lifting up of completion bond,", "duration": 9.42}, {"path": "64364105b816dd0b6a029e9cd210e65b_220.wav", "text": "and key indicators within the trucking industry are not as strong as they were in 2014, we still see some very positive signals that provide a level of confidence", "duration": 9.42}, {"path": "ebd59e21db89edb92205e012427cd9db_127.wav", "text": "Successful wells on Kimu and Barikewa have proved additional resources and importantly, in proximity to infrastructure that we expect to be commercial.", "duration": 9.42}, {"path": "a7b69d0f77cd4d6a684399e12b066e39_40.wav", "text": "your comment about revenue growth from second, third and fourth quarter. What kind of revenue growth are you looking at?", "duration": 9.42}, {"path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_160.wav", "text": "wondering if there's anything to understand there about backlog composition trends and bearing in mind that you have been beating on revenues for several quarters here now.", "duration": 9.42}, {"path": "e552924838fe493d3cc967dd0c5c4563_34.wav", "text": "we -- changing our systems around, changing those supply chains, lining out where to make progress in one plant versus another, and so on and so forth. And", "duration": 9.42}, {"path": "d1c4d16bfe8ceadd0ab1356305ca749b_10.wav", "text": "further objections and discussions with the Revenue Authority. And we'd expect to resolve those in the coming months.", "duration": 9.42}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_187.wav", "text": "so I'd like to address those first and then move to a deeper discussion of our ongoing business operations and the end markets we serve.", "duration": 9.42}, {"path": "5fa40a5d21ed133986a4fdce163ca3eb_10.wav", "text": "that a restructuring of the relationship with the state will be undertaken during the current legislative session. I'm going to turn it over to Tim now for his review of the financials.", "duration": 9.42}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_52.wav", "text": "So those core areas will be places that we continue to grow. And so we are not contemplating, participating in what might be a", "duration": 9.42}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_11.wav", "text": "Thank you, Neal. And good morning, everyone. I would like to begin this morning by touching on our fourth quarter results, which came in lower than our prior forecast.", "duration": 9.42}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_94.wav", "text": "And looking hard at deposits and then as importantly making sure that we try and get another part of the wallet or some consolidation out of it.", "duration": 9.42}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_203.wav", "text": "to actually adjust our exposure levels. Now we're trying to transact with our best clients as much as we used to before. But in some cases, we've had to be", "duration": 9.42}, {"path": "8f92dfb06900be4f209f31f24cb885fb_17.wav", "text": "And with the device that requires no battery or electronic operation at all, we're able to have a deposition of this liquid powder", "duration": 9.42}, {"path": "e21fc19597d349bcd86de1329167659b_75.wav", "text": "are not too dependent on this topic because they are ongoing sales of existing models which grow for quite a few years still in the future.", "duration": 9.42}, {"path": "81c03e2c15e8fe8213fbd40368b49581_58.wav", "text": "opportunities? And is it even realistic to assume that those opportunities will exist in a much more robust way for mortgage REITs again in the near future?", "duration": 9.42}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_23.wav", "text": "We'll continue to strengthen this capability as we learn how best to identify and coordinate these services on behalf of the members that we serve.", "duration": 9.42}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_160.wav", "text": "And the new system for these 3 items does not work like the old system.", "duration": 9.42}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_30.wav", "text": "Look, we pay a lot of attention to the MLA. We understand sort of the implications of what can and can't be offered, and we sort of probably made those modifications about a year ago.", "duration": 9.42}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_122.wav", "text": "We see that activity starting to change and we support that. We also believe further industry consolidation should occur.", "duration": 9.42}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_165.wav", "text": "Second question would be, how much has the low methanol prices changed the cost dynamic for your competitors and therefore the dynamics in tow?", "duration": 9.42}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_124.wav", "text": "So this strategy takes time, but it's the right strategy for Canadian Tire. Smaller brand acquisitions offers the opportunity to generate a lot of value.", "duration": 9.42}, {"path": "7a80c3e91e5a2693cdaef5f716808317_80.wav", "text": "Each of these consolidations are continued to be evaluated on a risk-adjusted return basis with a desire to average a payback period of less than 2 years.", "duration": 9.42}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_25.wav", "text": "it's -- we understand that these patients on average take their underlying medications, 50% to 60% of the time to begin with.", "duration": 9.42}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_83.wav", "text": "I think the RE-KINECT study is an extremely important study, and that is going to just continue to add information over time.", "duration": 9.42}, {"path": "b1a98885c1d81414cdc122e807760faf_28.wav", "text": "All in all, the assumption within the company is that the market will return to low single digit market growth", "duration": 9.42}, {"path": "365c360aff42713cef71a7d026eeeb6d_234.wav", "text": "Now let me spend a few moments on the recent performance of our PEO. Revenues for the year grew 12%, in line with our expectations,", "duration": 9.42}, {"path": "365c360aff42713cef71a7d026eeeb6d_122.wav", "text": "Is there a path to get back to that as well? Or are some of these changes that we've talked about today for the lower growth more permanent in nature?", "duration": 9.42}, {"path": "b35398859e534e471fb1cd60f5baac20_166.wav", "text": "because to move, they're either going to have to move to another location and pay much, much higher rent or go to a much lesser building.", "duration": 9.42}, {"path": "b35398859e534e471fb1cd60f5baac20_79.wav", "text": "and consistent with our proven strategy to unlock the embedded growth and achieve a remarkable leasing spreads.", "duration": 9.42}, {"path": "9cd9b67e289e807d677aabc5765fec6a_77.wav", "text": "So all of those kicking in along with just the financial discipline that we're employing throughout the company.", "duration": 9.42}, {"path": "3fb901e6b501ddced60226a13ebef4af_110.wav", "text": "the more opportunities arise on the loan and securitization front. Those would be opportunities that I don't think we would want to constrain ourselves", "duration": 9.42}, {"path": "f1b53f83640f7ea0160087ae63818af2_1.wav", "text": "Please note, this event is being recorded. I would now like to turn the conference over to Mr. Robert J. McCormick. Please go ahead, sir.", "duration": 9.42}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_24.wav", "text": "All 3 of our business segments have a strong outlook for new business in the second quarter as well as for the second -- or the remainder of the year.", "duration": 9.42}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_109.wav", "text": "We continue to work strategically with customers to place our coal in top performing plants, and to keep coal competitive in the marketplace.", "duration": 9.42}, {"path": "77f146e76d89a5be785a39ab23dfa763_23.wav", "text": "And if you were to review industry assessments for commercial markets today, you would find a wide variance in expectations.", "duration": 9.42}, {"path": "c2bad61ce58687fad602549f6048004b_67.wav", "text": "what happens in the quarter is they clean up and they do the work to make things get right again. And", "duration": 9.4199375}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_389.wav", "text": "move as much as they are moving up or down. And so I think our historic belief that we should run with operating leverage of", "duration": 9.3900625}, {"path": "2ddcbcc22b1b6524d53dab890b104647_83.wav", "text": "we had some of the expenses going away from this line and getting into other expenditure. So that is one reason for that. The second is also about", "duration": 9.39}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_109.wav", "text": "on prior calls, that tends to be a little bit choppy as you go through the year because of the cadence we use. And I think, this year, we'll have to look at raw materials in some regions.", "duration": 9.39}, {"path": "6e6da7f810609ce64857373f11984455_1.wav", "text": "These statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated.", "duration": 9.39}, {"path": "c272c3032aa56f99fd19c220786b0636_32.wav", "text": "some large regional folks really in a couple of different markets right now. So it's -- I like we're having great conversations", "duration": 9.39}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_260.wav", "text": "and whether you might be able to add any additional color on previous peaks for wireless backhaul, fronthaul and where you stand now relative to those?", "duration": 9.39}, {"path": "0d631e444d1c22f0be99a69f5deaff94_13.wav", "text": "Our third priority is on driving a premium service experience for our clients that will further distinguish Heidrick from its competitors.", "duration": 9.39}, {"path": "ab861b81968e1b5fcb606ed886919d68_159.wav", "text": "measuring ourselves going forward on the efficacy of those processes and how they will play out in terms of investment results. But certainly we would", "duration": 9.39}, {"path": "ab861b81968e1b5fcb606ed886919d68_141.wav", "text": "If you analyze our results on a quarter-over-quarter perspective and compare the quality of our revenue during the first quarter with the fourth quarter of last year,", "duration": 9.39}, {"path": "94fdf7b24748a7706b1097482a0f363a_69.wav", "text": "this environment, we will continue to monitor the markets in order to maximize both service levels to our customers and yield.", "duration": 9.39}, {"path": "94fdf7b24748a7706b1097482a0f363a_185.wav", "text": "We also believe that the ELD mandate began to have an impact on capacity late in the quarter, which has continued into the first quarter thus far.", "duration": 9.39}, {"path": "6388da88b00ebc88af59435bdac74132_269.wav", "text": "It's Kew. Let me offer up a few comments on the usage of fund lines. So over the last few years, we have heard from several of our limited partners", "duration": 9.39}, {"path": "47d77b15189fadcc76113a2f7800ba28_54.wav", "text": "We are still in the early stages of executing against our long-term vision in this high-growth market, and I look forward to updating you on our progress throughout the year.", "duration": 9.39}, {"path": "47d77b15189fadcc76113a2f7800ba28_80.wav", "text": "These statements are based on our current expectations and information available as of today and are subject to a variety of risks, uncertainties and assumptions.", "duration": 9.39}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_59.wav", "text": "good visibility with respect to expenses, and we're definitely on track with respect to achieving that target that we set out.", "duration": 9.39}, {"path": "d28b2b09c127b5be033738aa3cd380b3_40.wav", "text": "So in a nutshell, I feel good about where we are in trade spend, but there are always opportunities to optimize. And", "duration": 9.39}, {"path": "d28b2b09c127b5be033738aa3cd380b3_198.wav", "text": "not broadly, but we're going to go back on a very selective basis and go look at where they may be some opportunities for pricing and where it's cost justified, where it makes sense,", "duration": 9.39}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_212.wav", "text": "Before I give you more details on the plan itself, I'd like to give the word to Dessi, who will guide you through the financials. Thank you, Stefan.", "duration": 9.39}, {"path": "19eed824fc629ea7d3f8ea7572c7abb7_7.wav", "text": "Moving on to my question then. I would like to ask the management of KT, what is your priority across shareholders, government and employees?", "duration": 9.39}, {"path": "264e575b73bc2a485bee416c1ac10cee_93.wav", "text": "We are seeing some really good results in terms of the number of customers engaging with the site and the new channel that's already making a positive contribution to our overall part sales.", "duration": 9.39}, {"path": "13220986bf30f26076a674e2a9edc89c_8.wav", "text": "In light of this backdrop, we are committed to investing in technology and human capital to drive our business forward,", "duration": 9.39}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_217.wav", "text": "significant business growth, positive contribution as we continue to progress towards the margin target that we've referenced, and we've got the top line", "duration": 9.39}, {"path": "8b71a232d7fe61e6232807b635977c31_202.wav", "text": "With the release of Digital Content Ratings to our clients this fall, we now have measurement capabilities available in market,", "duration": 9.39}, {"path": "82b66739c0d2b8a47f19a5acbe3b90ed_56.wav", "text": "Before we begin, we would like to remind everyone that during this call, management may make statements containing forward-looking information relating to the company's business and the environment in which it operates.", "duration": 9.39}, {"path": "044da592acc01ff7baacb3dbf2a302a9_198.wav", "text": "We are looking to appoint a new leader in China. That search process is progressing, obviously, a very important role for the future of our business in China.", "duration": 9.39}, {"path": "de3b766a868da918e499f407dbf5d716_119.wav", "text": "Thank you, Tim. As I review the fourth quarter, keep in mind that during the quarter, the Partnership completed an acquisition from the sponsor and its affiliates.", "duration": 9.39}, {"path": "d630500fca6fe44aaeed52c32e00dbb4_14.wav", "text": "ask you to wait a couple of weeks and discuss it during our Investor Day because that will be part of our discussion in order to", "duration": 9.39}, {"path": "f33d9363bbcea655df52468555d358d0_58.wav", "text": "the distribution of dividends and the implementation of our investment objectives. We kindly remind that the", "duration": 9.39}, {"path": "01502edf6cda82061f1f45d6b0e8e189_157.wav", "text": "our associates around the world live by MSA's core values every day. And at the center of this culture is our foundational core value of integrity.", "duration": 9.39}, {"path": "01502edf6cda82061f1f45d6b0e8e189_102.wav", "text": "Looking closer at our first quarter results in core products, we saw a 3% decline in constant currency compared to a year ago.", "duration": 9.39}, {"path": "2ab48b66e1cc1f2acc7d7a666a1d8541_52.wav", "text": "We are now working very hard to strengthen our capacity and capability in terms of human resources, especially Indonesia", "duration": 9.39}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_129.wav", "text": "and sit without assistance for at least 5 seconds. 2 patients in the cohort could crawl, pull to a stand, stand and walk independently.", "duration": 9.39}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_85.wav", "text": "Thank you, Ms. Ling . This concludes all the presentations. We will now proceed to the second half", "duration": 9.39}, {"path": "39e5706898dcaf14a280b3a123877cd6_137.wav", "text": "Fourth element that I would like to mention, it's the work that's gone into strengthening our web and telephone", "duration": 9.39}, {"path": "a212b77ae2b2452093665a4e179ed3a3_41.wav", "text": "I don't think you're necessarily going to see the same level of adjustment for the electric distribution companies as what's being contemplated for gas.", "duration": 9.39}, {"path": "a212b77ae2b2452093665a4e179ed3a3_190.wav", "text": "There's not really anything major or specific other than I would say, I believe we've taken out", "duration": 9.39}, {"path": "8475d4f528174aebabcb109487bee3f3_1.wav", "text": "My colleague, Jesper, and I will now report on our company's performance in the last 9 months. We will also give you an outlook for the coming months.", "duration": 9.39}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_172.wav", "text": "with an agreement on job cuts that affects approximately 3,000 staff members and enables us to announce our branch closure program.", "duration": 9.39}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_8.wav", "text": "is now getting more towards the newer franchises, which does give us a higher level of stability within our Originals business.", "duration": 9.39}, {"path": "0f4370b614f29bd596e4f6871cc77864_257.wav", "text": "an add-on. Today, it is a central consideration. So we are having conversations at a level of the company where they're looking for transformative effects", "duration": 9.39}, {"path": "6864081f83959f4b49e25e597f28af66_148.wav", "text": "your answer about scale, is there a particular revenue run rate that you need to get to, to get to the scale that you", "duration": 9.39}, {"path": "1244d2b5a259c3bc73742830d60d53fc_80.wav", "text": "and analytics, into our arc filing product position us as a leading provider of data and analytics for clients meeting compliance", "duration": 9.39}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_115.wav", "text": "However, I would note that while we're pleased with the strong fourth quarter Civil margin, we don't expect a 15% margin to be the norm, at least not yet.", "duration": 9.39}, {"path": "2b87d263eaf2464f275a48fa005b16c7_48.wav", "text": "not strong numbers, as the gross profit shortfall in the Canadian business softness previously described fell to the operating income line.", "duration": 9.39}, {"path": "e3d70ecdb6aaed843dd059c121962e45_43.wav", "text": "So basically, we share the savings with our partner and that will ensure that as we're saving the healthcare system patients and the payers", "duration": 9.39}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_58.wav", "text": "Thank you, Jeff, and good morning, everyone. My comments today will focus on our third quarter origination activities and overall credit quality.", "duration": 9.39}, {"path": "38b2f94da12bbf2d32246763aab8265a_129.wav", "text": "we're reacting to the repercussions of the price war as well as the recommendations given by the Polish FSA as", "duration": 9.39}, {"path": "38b2f94da12bbf2d32246763aab8265a_121.wav", "text": "in this quarter. From the point of view of shareholders, the decision of the management board", "duration": 9.39}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_62.wav", "text": "Okay. Fair enough. Jeff, will you offer the backlog figure each quarter going forward? I mean, in the past, it was just on an annual basis.", "duration": 9.39}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_69.wav", "text": "Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks,", "duration": 9.39}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_88.wav", "text": "Our technology will define our future, and we need to ensure we're investing to create the highest quality infrastructure and a platform which allows us", "duration": 9.39}, {"path": "ade68f8add7249890d086ecf4b5b8cab_107.wav", "text": "Nearly all are below the national average in terms of supply, and 5 of our 8 markets have less than 3 months' supply.", "duration": 9.39}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_55.wav", "text": "And so I think we feel that this year, we should get -- we should realize more out of our rate increases than we have in recent years.", "duration": 9.39}, {"path": "16e51362df94379ea33a24334015f385_55.wav", "text": "As we stated last quarter, given the significant level of recent activity and our desire to preserve flexibility to support our consumer business,", "duration": 9.39}, {"path": "be8b554309f7632bc9ebbd967764001e_28.wav", "text": "As we do all of that, we will continue with our long track record of ensuring the assets on our balance sheet are an important source", "duration": 9.39}, {"path": "0360a780927a31fb0bec9e79dac878a2_12.wav", "text": "We believe with Northwest, that pattern will continue in a very positive way. I would also like to add my welcome to the team members at Northwest.", "duration": 9.39}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_192.wav", "text": "So we think that the acquisitions of our Prestige brands have been very good, and market reporting on how they are doing are fine", "duration": 9.39}, {"path": "9b93af1e7019959620214c387f283d8e_14.wav", "text": "As I said last quarter, it is still early days, and these numbers are relatively small, but they point to increasing traction and revenues in the quarters ahead.", "duration": 9.39}, {"path": "eb2d5f51a30310576bce5993533dab79_22.wav", "text": "is the excess cash flow that we can use to pay off additional debt, redeem preferred units or raise distributions on our common units.", "duration": 9.39}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_27.wav", "text": "and it goes back to the basics of we've been able to show our certainty of execution and our nimbleness in understanding what the product is.", "duration": 9.39}, {"path": "b94d748876ddf8e881d4191dec45baf3_7.wav", "text": "We believe that this contract will yield operating income margins in our typical range of 10% to 15% in future years.", "duration": 9.39}, {"path": "815f65663b3982554e82806de0cbd918_204.wav", "text": "one of the decisions considered in the top 4 or 5 cities? And how much important is the international expansion with -- in this decision?", "duration": 9.39}, {"path": "16ed973148ce103dc95fdcfaf35bbe7b_28.wav", "text": "an incredible transaction with a very large insurance company. And one of the things about working with that company, as you're really building a complete", "duration": 9.39}, {"path": "20097e37747ec7bc3734246e83798fb1_84.wav", "text": "I don't think it really has an impact on us one way or another. Again, given the fact that we've got sort of this advantaged pipeline into and out of China,", "duration": 9.39}, {"path": "526e0d5398a516831b49936c31a8ea1c_9.wav", "text": "The agreement highlights the constructive relationships we have in the jurisdictions where we operate and our ability to work with a variety of parties to secure results", "duration": 9.39}, {"path": "26119288a71567b572f1d8b551e397cb_176.wav", "text": "And I guess as my follow-up, you mentioned a couple of different times about the difficulty in projecting the infrastructure side with these big projects, and I think all of us appreciated it. But", "duration": 9.39}, {"path": "f77935c4693e4d33252c9c76993e9c8b_113.wav", "text": "We think we have the right contacts. We think we have the right engineering plan and the right products plan, but we're not there yet.", "duration": 9.39}, {"path": "9098e5640309f25da0d4dfa04789a36f_66.wav", "text": "In Japan, revenue from the region's factory automation market showed modest improvement both on a reported basis and in constant currency.", "duration": 9.39}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_103.wav", "text": "We again made a gain on the derivative that represents the fair value of the estimated discounted cash flows of pavements due in respect", "duration": 9.39}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_217.wav", "text": "Looking at total video subs. We actually have more subscribers today than we did 2 years ago because of the success of DIRECTV NOW.", "duration": 9.39}, {"path": "74d0910b4af16f82a812bddbb151d966_62.wav", "text": "I'm also looking forward to introducing our new Chief Operating Officer, Micheal Dunn. He's already hit the ground running, and he'll be presenting next week.", "duration": 9.39}, {"path": "571b0d30d88945a981006f24faa72cf7_28.wav", "text": "And one of the patient had a report of new supine hypertension not previously reported. But those were the only 2 and as reported in the early part A of the study,", "duration": 9.39}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_256.wav", "text": "and that's that there is a broadening base of customers and there's been a lot of activity at the start-up and midsized level as it relates to our business.", "duration": 9.39}, {"path": "8eaca8d8a419f74540f69ade8defabbd_111.wav", "text": "As I noted, the tank trailer markets and the platform or flatbed markets have remained soft", "duration": 9.39}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_63.wav", "text": "particularly in February, deterred prospective buyers at the start of the spring selling season and curtailed construction activity in many regions.", "duration": 9.39}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_190.wav", "text": "strong real estate activity in the fourth quarter of 2018 allowed us to pursue additional transactions that closed in the first quarter.", "duration": 9.39}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_55.wav", "text": "And so it speaks to the concentrated effort here. And so what they're doing is there's another internal team that you would expect", "duration": 9.39}, {"path": "369789f0d39dbf62298be2aa807ff8ee_57.wav", "text": "We expect increased recoveries in Chapada, with those modifications that have now been implemented and will begin to take effect in the second quarter of the -- of this year.", "duration": 9.39}, {"path": "92bf6fe090b6bc565cb500b688fd9173_185.wav", "text": "attrition rates within their target zone and operating margin which improved versus prior year for the fourth consecutive quarter and is now in the high single digits.", "duration": 9.39}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_52.wav", "text": "and the company will continue to deploy capital to the following initiatives based on highest risk-adjusted returns available to us.", "duration": 9.39}, {"path": "1689b94530eca82b7758c86b4cf3125f_12.wav", "text": "I caught your first part but not your second, Phil. And I don't want to get too far ahead on the pricing and packaging. I think", "duration": 9.39}, {"path": "af00f4e7b63ee843a3d203f982fac701_57.wav", "text": "As a result, I plan to go back to a more balanced approach in allocating our capital between strategic share buybacks and investing our capital into the business.", "duration": 9.39}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_20.wav", "text": "Yes. And some other issues that we had in a couple -- we had a couple of life sciences clients and a couple of Energy Services clients, where we had PO issues.", "duration": 9.39}, {"path": "e29584f9f829602cacebcce71c2a4fb9_133.wav", "text": "that are required for the accelerated approval application, which fall into line of giving any third party greater assurance", "duration": 9.39}, {"path": "1270f7f67f406b52a2ee86584b452bff_75.wav", "text": "We are confident the RNA destabilizing mechanism we are focused on represents a very relevant and important therapeutic target,", "duration": 9.39}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_145.wav", "text": "And I don't really expect additional acceleration of that. It's already pretty much built into our game plan at this point.", "duration": 9.39}, {"path": "c5120d9702331edaf23bb6e639df0a70_44.wav", "text": "We have recently seen a very strong trend with major partnerships and acquisitions in this area, and we believe that controlled IL-12 is now positioned", "duration": 9.39}, {"path": "b126c31149f1cadf1d891082a187d6fc_104.wav", "text": "When you think about it, if the MACs are pre-authorizing these claims, it really obviates the need for any post", "duration": 9.39}, {"path": "e0d1342ad3d27fd648b708837de08797_232.wav", "text": "It is going to be driven by our ability to get our portfolio to a place where we think we have the optimal value", "duration": 9.39}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_243.wav", "text": "We are determined, obviously, as Unilever to operate under the highest levels of corporate governance. And what we've made clear is that we will be working under", "duration": 9.39}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_35.wav", "text": "To our investors and to the analysts, I'd like to express our gratitude for your continued support and understanding.", "duration": 9.39}, {"path": "64364105b816dd0b6a029e9cd210e65b_281.wav", "text": "And that's the addressable space. We think we can get our fair share of that, and if we just use the kind of shares that", "duration": 9.39}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_2.wav", "text": "particularly as it allows us to generate relatively consistent EBITDA. Despite the significant drop in commodity prices and industry activity,", "duration": 9.39}, {"path": "794528c461ef7009b1741ac67c17aba4_120.wav", "text": "Such statements involve risk and uncertainties that may cause actual results to differ materially. A discussion of these statements and risk factors is available on the current Safe Harbor statement slide", "duration": 9.39}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_151.wav", "text": "We'll talk more obviously in November about our outlooks and our plans for 2018. And I think we'll be in a better position to talk about", "duration": 9.39}, {"path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_137.wav", "text": "over the last couple of years with some of the carriers. So the stronger and more professional those alliances can operate, the better for our customers and for us.", "duration": 9.39}, {"path": "ebd59e21db89edb92205e012427cd9db_88.wav", "text": "As I mentioned, we're in advance discussions on how to demonstrate value on the Armstrong oil option and an equity investment that might flow from that.", "duration": 9.39}, {"path": "52ea66e70853eaa0c1183ddfa31b760a_45.wav", "text": "we need to do things step by step. So we have a course that we're pursuing with discipline and intensity. But as I said, there's a strong focus on the short term.", "duration": 9.39}, {"path": "72b117fb1330bda9f954a219bb5a675e_224.wav", "text": "helping your counterpart or following up on data, now can be spent selling. That's where we're going to see the biggest lift in the second half of the year.", "duration": 9.39}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_33.wav", "text": "how the company has performed and executed as we move throughout the year, at this point in time, I would say that the biggest risk on the downside to the midpoint of guidance would be", "duration": 9.39}, {"path": "1f142ea668261ba963d47aac6bab69dd_205.wav", "text": "to the online space and to drive our growth. And that is the big opportunity that we see. We are certainly learning a lot from the various", "duration": 9.39}, {"path": "2cd5b184c2ef6624ce219830182927c9_238.wav", "text": "So we have some very good assets but the margins are so thin, we're not making enough money out of it. And we have contracted storage as well.", "duration": 9.39}, {"path": "e2cf6bb5b288d37102468fe05807e41c_10.wav", "text": "Going to Slide 16. Data from the IMF shows further evidence of the global economic expansion, as all major economies are growing simultaneously.", "duration": 9.39}, {"path": "323193895e800e72960d98dd5fb64cf5_134.wav", "text": "We also supply here a table to be very clear on the capitalization effect so that there should be no doubt what we estimate there going forward as well.", "duration": 9.39}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_108.wav", "text": "This is the first quarter that our results reflect the contribution from Huawei, and we believe our results show that we got the deal done on the right terms.", "duration": 9.39}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_138.wav", "text": "and this doesn't change that at all. But based on the data that we observed in that primate study, we are making", "duration": 9.39}, {"path": "902872913863de98d38e2936b846cf66_30.wav", "text": "So firstly, can you just talk about what needs to happen for volumes to be up in that high single-digits range over the balance of the year? And would you need favorable weather to get there?", "duration": 9.39}, {"path": "6cbf592846662213258684c3049e4592_155.wav", "text": "And that is how do we make sure that all the way from line planning all the way to supply planning and placing orders in the factories, we have a", "duration": 9.39}, {"path": "09eebad8f3c529b4c7d916c5f7766f7f_121.wav", "text": "And since we need to focus on what we can control, we are even more resolute that we need to actively manage our expense base lower, which I will discuss further in a few minutes.", "duration": 9.39}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_1.wav", "text": "as well as assumptions made by Horizon North using information currently available that may constitute forward-looking statements or information under applicable securities laws.", "duration": 9.39}, {"path": "411bdacf05f84134fc80b874a15cf3b7_27.wav", "text": "It's still early days, but we see huge potential to further combine the 2 repositioning cases which massively benefit from each other.", "duration": 9.39}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_193.wav", "text": "As Dave mentioned, we estimate about half of all Americans in the next decade will receive their care through value-based coordinated care systems", "duration": 9.39}, {"path": "a766b08317742c952705018a899f3998_94.wav", "text": "Nancy joins us from Seagate Technology, where she held executive positions in finance, corporate development and sales and business operations.", "duration": 9.39}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_36.wav", "text": "They are much more relevant to the community. They're probably going to do 30% to 50% more in volume. It's allowed us to really", "duration": 9.39}, {"path": "0e410ca71e50235e520d5af32ce0f54a_90.wav", "text": "The First Nations will take ownership in a world-class terminal asset, which is expected to generate solid returns for the next 50 years or more.", "duration": 9.39}, {"path": "7a80c3e91e5a2693cdaef5f716808317_211.wav", "text": "further defined how we're going to reorient those sales offices and consolidations and what have you, and that's frankly something we weren't going to do until the end of this year.", "duration": 9.39}, {"path": "365c360aff42713cef71a7d026eeeb6d_81.wav", "text": "Similar to last quarter, our PEO bookings and retention were strong in the downmarket, while we have continued to see some pressure from larger client losses in the mid-market.", "duration": 9.39}, {"path": "365c360aff42713cef71a7d026eeeb6d_163.wav", "text": "and innovators like Slack and ZipRecruiter. As the world of work continues to evolve rapidly, we continue to focus on staying ahead of the curve.", "duration": 9.39}, {"path": "9cd9b67e289e807d677aabc5765fec6a_67.wav", "text": "Constant currency and organic revenue will be aligned as we now have a full year of results for all of the 2015 acquisitions.", "duration": 9.39}, {"path": "eb93e70cdf7a839a69546250fb3646fb_189.wav", "text": "we were able to reduce inventory to just below the midpoint of our target range of 6,000 to 8,000 vehicles, one quarter earlier than expected.", "duration": 9.39}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_3.wav", "text": "We achieved significant operational progress related to our profit-enhancement plan as fixed cost and variable cost were reduced and margins improved.", "duration": 9.39}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_123.wav", "text": "and new customer sales covering approximately 1.6 million lives will also impact revenue toward the end of this year.", "duration": 9.39}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_137.wav", "text": "and an additional amount to fund the completion of stock buybacks that neutralize the impact of stock issued in connection with the Visa Europe acquisition.", "duration": 9.39}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_284.wav", "text": "On the other hand, we are increasing the number of good factors and conditions. It's like reducing bad cholesterol and increasing good cholesterol,", "duration": 9.3899375}, {"path": "7bac04f03928ee8894ab00007116400b_34.wav", "text": "the design, the products and do the overall inventory management and the planning and connects to the supply chain team. So", "duration": 9.3899375}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_173.wav", "text": "and then second, how we should think about synergy opportunities as a percent of the acquired sales.", "duration": 9.36}, {"path": "92b48b365197c65ebf545a4c9dd1200d_129.wav", "text": "really bring us attractive cash flows and a good synergy to get towards public comps in some of the business services spaces.", "duration": 9.36}, {"path": "139f0a6300f504b3e8673e39b0429161_97.wav", "text": "In the enterprise space, we signed an important contract with a large global shipping and logistics company to provide mobile messaging services", "duration": 9.36}, {"path": "e23e3aabab4b12e359bc92a480c2d294_65.wav", "text": "We expect significant annual savings from these programs within our existing system, and we'll continue to experience sustainable savings with future acquisitions.", "duration": 9.36}, {"path": "0db71632fa65f1d166f14cb8593c4690_31.wav", "text": "you pose 2 questions. The one would be working capital and what would be the level of working capital", "duration": 9.36}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_9.wav", "text": "as we rapidly develop product enhancements on one unified platform as well as our decision to moderate investments as we move forward.", "duration": 9.36}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_75.wav", "text": "but at the same time, it is a segment that is not kept up with the technological changes that we've seen in the broader construction market.", "duration": 9.36}, {"path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_31.wav", "text": "You asked about the project and some of the extra spending and some of the surprises we've had along the way.", "duration": 9.36}, {"path": "3cb802f8fba7d33603c29387ccdaf817_106.wav", "text": "With such background we forecast that it will continue to grow for the time being, and we made a plan this year accordingly.", "duration": 9.36}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_189.wav", "text": "Got it. Great. And so with scale or broker relevance, would that be something strategically you'd be looking for as well?", "duration": 9.36}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_158.wav", "text": "One example of how we're digitizing our operations to the benefit of our customers and partners is demonstrated in our casualty underwriting system.", "duration": 9.36}, {"path": "d28b2b09c127b5be033738aa3cd380b3_22.wav", "text": "while making the adjustments necessary to continue to deliver good growth, and that's growth that's profitable, sustainable and responsible.", "duration": 9.36}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_72.wav", "text": "And we went through a fairly significant vetting and looked at a number of options, externally in terms of bringing on a second billing company.", "duration": 9.36}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_14.wav", "text": "Adjusted operating income, which excludes certain significant and noncash items, is more indicative of the underlying core operating performance.", "duration": 9.36}, {"path": "718a89dc503706eae0091bcd9410d567_156.wav", "text": "I'm also pleased to say that we have recently received authorization from FERC to resume HDD operations at the Tuscarawas River for Rover.", "duration": 9.36}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_23.wav", "text": "It should be noted that we have not yet completed and filed our annual report for the full year 2016, so the numbers shown remain as estimates.", "duration": 9.36}, {"path": "13220986bf30f26076a674e2a9edc89c_48.wav", "text": "we do expect to have kind of a continued active strategy as long as the investments make sense, the IRRs and the returns are attractive.", "duration": 9.36}, {"path": "13220986bf30f26076a674e2a9edc89c_82.wav", "text": "I'd like to spend a moment to talk about the new tax law and its impact on our fourth quarter financial results. The tax legislation", "duration": 9.36}, {"path": "13220986bf30f26076a674e2a9edc89c_90.wav", "text": "quite frankly, less people leaving so the expense being a little higher than it was in the past. So those things are positive. And when we look at", "duration": 9.36}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_183.wav", "text": "now it becomes quite clear, also to one of our key landlords, that they have to work a little bit, I", "duration": 9.36}, {"path": "75b0b010cea5a159f55403f51894b1ae_86.wav", "text": "The first one is coming back at your guidance. There seems to be some confusion in the market of what you mean. My interpretation", "duration": 9.36}, {"path": "67716cee321d117b0318930dd142f06a_144.wav", "text": "as well as stockholder return activities, including payment of our increased quarterly dividend and opportunistic repurchases of our common stock.", "duration": 9.36}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_42.wav", "text": "along with dedicated and segregated lines for the receipt and delivery of distillates and jet fuel.", "duration": 9.36}, {"path": "14f3d2486b21e639a953afb7ad03d90c_87.wav", "text": "And despite pushback from inflation and despite increased volumes, I am very happy to see that the gap is increasing,", "duration": 9.36}, {"path": "d085781ecd776da8a9c4d31ad547606b_125.wav", "text": "a time to inform itself of what really has gone on with Ruta del Sol. And this government understands perfectly", "duration": 9.36}, {"path": "f33d9363bbcea655df52468555d358d0_4.wav", "text": "of certain categories of exploration costs with the aim to be in line with the other oil and gas players.", "duration": 9.36}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_131.wav", "text": "very direct competitors with multiple platforms, there is a lot of internal conflict in terms of those multiple platforms, in terms of where they're going to put their", "duration": 9.36}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_65.wav", "text": "We had a strong quarter compared with last year but more importantly is the upward growth in our sales and new business wins.", "duration": 9.36}, {"path": "cc82e791c065bdc271addf355bac274f_120.wav", "text": "and there was management turnover. They also had fraud problems and they are trying to stand up again,", "duration": 9.36}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_7.wav", "text": "have plateaued. The metals market continues to be challenging as a result of global overcapacity, particularly in the steel industry.", "duration": 9.36}, {"path": "ab3ba3e2b11d2ba165b5f2533a55130f_75.wav", "text": "They'll be including some forward-looking statements today, so we ask that you please refer to the disclaimer and the conditions surrounding these statements in the earnings release.", "duration": 9.36}, {"path": "8475d4f528174aebabcb109487bee3f3_88.wav", "text": "in the Consumer Segment, despite that we also continue to see FX headwinds. As a few examples of the efficiency program,", "duration": 9.36}, {"path": "23eff4c724ee00f56319fcc47add3441_69.wav", "text": "how are things trending? Which one of these businesses is still accelerating versus maybe starting to level off?", "duration": 9.36}, {"path": "d261e09fa176510406c0d05eeedfc8f8_143.wav", "text": "explain to them and demonstrate to them how it can be done and how it should be done. So I would describe the consultation so far as being constructive and positive.", "duration": 9.36}, {"path": "8957425799e5ce0200bfacf204d0acde_90.wav", "text": "But the dissipation of oil inventory overhang and the lack of oilfield investment through the downturn plays this latest oil price move on firmer footing", "duration": 9.36}, {"path": "8957425799e5ce0200bfacf204d0acde_66.wav", "text": "Most importantly, it is a great example of how we steadily deploy capital within the strategic framework I described earlier to cultivate competitive advantage and drive returns over the cycle.", "duration": 9.36}, {"path": "224a41b247c04842c2998802d67c8123_9.wav", "text": "compared with last year. The decrease in sales was primarily attributable to lower sales volume and lower selling prices of stone fruit.", "duration": 9.36}, {"path": "224a41b247c04842c2998802d67c8123_100.wav", "text": "So if you look at all these, and as we go forward in the year, we'll keep updating you about these. But once all these projects come into", "duration": 9.36}, {"path": "8011d82cf2151421d3dfacce65adde30_1.wav", "text": "given the prolonged sluggishness of resource prices as we move toward the fiscal year-end, we will need to scrutinize our assets held even more carefully.", "duration": 9.36}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_31.wav", "text": "And now with that said, we will always be looking for innovation that continues to enhance that value proposition. The most important thing I think you can do", "duration": 9.36}, {"path": "171fd9df333ddd814c764843ed624121_157.wav", "text": "and the fact that they want to basically try to obtain the same type of ownership economics as if they built and manage this facility on their own.", "duration": 9.36}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_50.wav", "text": "In the third quarter, we made progress on a number of initiatives designed to improve our financial performance and position the company to effectively grow its scale.", "duration": 9.36}, {"path": "43942582edfb20599f3e7456137f8deb_46.wav", "text": "for the clinical experiences they pursue upon completion of their basic medical sciences training, giving them an early competitive advantage relative to their peers.", "duration": 9.36}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_134.wav", "text": "that you guys have penciled up with regard to reinvesting free cash flow versus the issuance of common equity burdened by multiyear dividend growth? And I'm just curious, when you did the analysis", "duration": 9.36}, {"path": "2b87d263eaf2464f275a48fa005b16c7_126.wav", "text": "which was used in part for the acquisition of Angel's to fund our growth-focused investments and drive operational excellence initiatives.", "duration": 9.36}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_95.wav", "text": "By bringing this continuous improvement capability to our clients, we can enable them to guide and evolve their practices directly in line with these great tenets.", "duration": 9.36}, {"path": "c433164f6d189e18b1e4784e376b6ecb_97.wav", "text": "With all the wells completed ahead of schedule and on budget, we will now focus on analyzing the results and evaluating next steps for future development.", "duration": 9.36}, {"path": "c433164f6d189e18b1e4784e376b6ecb_23.wav", "text": "In light of these updates, we are in the process of taking a number of steps to mitigate a potential default, including beginning discussions with our lenders,", "duration": 9.36}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_31.wav", "text": "One final consideration worth mentioning is that we are now starting to see a wider range of cloud providers ramping up their rollout in Europe.", "duration": 9.36}, {"path": "37a4b48ae67b74a7533cc6f9a1a1c11d_80.wav", "text": "Okay. And then, would you expect that impact to get smaller in the second half? Or is that something that we should expect for the remainder of the year?", "duration": 9.36}, {"path": "4e04d3229b988f1db5b842ac5b993894_159.wav", "text": "These spreads are being reactivated as a result of us having the confidence of steady work and having met our previously stated price expectations.", "duration": 9.36}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_6.wav", "text": "Our success and strong results across our short-term line of credit and installment and receivable purchase agreement segments", "duration": 9.36}, {"path": "636d6909fbd8656f88f72f66a3a162ff_143.wav", "text": "And so while there is continued pressure on adding renewables, my sense is we need to get to the 50% first before we take the next step and see how we are doing.", "duration": 9.36}, {"path": "ade68f8add7249890d086ecf4b5b8cab_69.wav", "text": "Into 2017, we plan to continue with our current objectives of momentum to grow revenue and discipline to prudently manage costs.", "duration": 9.36}, {"path": "8aa1aa8317783203344434f855535c25_165.wav", "text": "which is our fourth consecutive quarter of sequential core earnings improvement since the first quarter of 2017, when we closed the American Capital acquisition.", "duration": 9.36}, {"path": "2ba5b22f61cfe7a74dddc9be783aaa84_52.wav", "text": "of curious if you could comment historically when -- if you had experiences in the past where a client", "duration": 9.36}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_55.wav", "text": "Much of the success we have seen is the result of our long-term view from 5 years ago, which gave us the ability to expand our capabilities", "duration": 9.36}, {"path": "8a77ceadd7e4729abc9102d38be3a227_40.wav", "text": "you will see advisers go in and try to help clients reposition those portfolios. So you will see additional trading activity, but it's occurring for,", "duration": 9.36}, {"path": "d8eb5522db0e51d75ea6518462954c52_144.wav", "text": "explaining to the world that we are not investing enough, which might not be your point of view on the French market,", "duration": 9.36}, {"path": "6a372ea97b0b130a4d37f16b54d97909_90.wav", "text": "We intend to use the proceeds from the notes to pay off our existing convertible debt, fund a share repurchase program and other general corporate purposes.", "duration": 9.36}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_193.wav", "text": "Mix will also play an impact, so we're going to continue to mix up and grow the higher margin pieces of the portfolio. We've got some nice traction in '18. We'd expect that", "duration": 9.36}, {"path": "98f10f0935e5b778e888a1b8130a3d31_303.wav", "text": "on the question of how is our reserving, how is our prior experience? We've been very clearly at the lower end.", "duration": 9.36}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_181.wav", "text": "How long does it take to ramp up those stores so that they reach sort of average run rate volumes for your store base?", "duration": 9.36}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_45.wav", "text": "that we have markets in which we have stronger relationships with independents, and that expressed in certain type of", "duration": 9.36}, {"path": "6d97c63e754383663561baada77c7354_18.wav", "text": "We will leverage our TCA execution and platform solutions to provide scalable products that are valued by our clients to capture this market.", "duration": 9.36}, {"path": "b94d748876ddf8e881d4191dec45baf3_100.wav", "text": "We're encouraged that the concept of beneficiary support services really extends now to the Medicaid long-term services and supports community. So there's", "duration": 9.36}, {"path": "0794a2f02bbe89feb49651735bba77c5_15.wav", "text": "Now are you still focused on allocating capital towards acquisition first? Or maybe -- or what a dividend increase at some point be in consideration?", "duration": 9.36}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_92.wav", "text": "as we lead the shift of the global transportation system from petroleum to clean gaseous fuels in all forms.", "duration": 9.36}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_11.wav", "text": "Clients want us to bring accomplished talent that can translate strategy to successful execution and who are also enabled by supporting programs,", "duration": 9.36}, {"path": "f7df5ecab61eca575f169a8298318eca_23.wav", "text": "less growth than we've seen at the very outset of this market boom. So there's going -- a bit of a maturing of the market, but still at healthy growth levels.", "duration": 9.36}, {"path": "b1da16cba24af8e472573c4c9caf17c7_176.wav", "text": "Our hotels performed in line with expectations in the first quarter. Despite the lack of group activity, particularly in Chicago,", "duration": 9.36}, {"path": "9184da1d688425307afed800044d28d6_64.wav", "text": "Cary will begin with opening comments followed by Scott with a detailed review of the quarter and year and an outlook on the future.", "duration": 9.36}, {"path": "b43c001c5af465d220ab0b69a95202ae_180.wav", "text": "Following our prepared remarks, Mike and I as well as David Dill, our President and Chief Operating Officer, will be available to answer your questions.", "duration": 9.36}, {"path": "968913c3f9111fc67f1d9956c56dec3b_63.wav", "text": "First, we started a process a couple years ago to evolve timeshare sales and marketing to ensure a more consumer friendly buying experience.", "duration": 9.36}, {"path": "f77935c4693e4d33252c9c76993e9c8b_27.wav", "text": "the market cap, relative to the liquidation of the business versus the ability to actually generate profits, that will", "duration": 9.36}, {"path": "246876171ef2f408df10ee0816f9db83_110.wav", "text": "We also believe that favorable demographics such as the Millennials starting to reach their peak home-buying years will continue to increase the demand for purchase mortgages.", "duration": 9.36}, {"path": "c92a9ecd2741326fd8625841a07f74f9_98.wav", "text": "that was mentioned earlier was -- is probably right, but we have the tendency here not to forecast aggressively.", "duration": 9.36}, {"path": "9e8690a521142359001a137074905535_141.wav", "text": "within that if you parse it out, where you're maybe seeing a little surprise to the upside or you're seeing anything that's giving you a little more confidence here heading into the next 3 quarters?", "duration": 9.36}, {"path": "9b697782ea80be97854f35d6fc62c93a_138.wav", "text": "This allowed us to protect our leading share positions in the near term while remaining ready to capitalize on their long-term potential.", "duration": 9.36}, {"path": "48f4f350c0636fa0c7acf339cfccb869_124.wav", "text": "can definitely lead with products that are super high quality and don't lead to GvHD, so it's not a problem anymore. And I think that's part of the past", "duration": 9.36}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_128.wav", "text": "following the release of our fiscal first quarter results, probably sometime in February. Thank you again and have a wonderful day. Bye.", "duration": 9.36}, {"path": "c40b5d1a13169c5acf69590932a56f98_169.wav", "text": "the confidence and aggressiveness that is now a real part of Sientra. I know I didn't give you the kind of information that you're looking for, but", "duration": 9.36}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_27.wav", "text": "I think as we saw the building activity be -- start off the year a little slower than we had expected, you did see inventory levels build up a little bit.", "duration": 9.36}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_140.wav", "text": "We make changes to our harvest capacity on a regular basis. We look at it on a daily basis. We increase and decrease our harvest levels.", "duration": 9.36}, {"path": "da879f8ea1c23aa6565cccaacac271fc_168.wav", "text": "our capacity has filled, and we are now operating at near-optimal utilization levels in most of our Safety Assessment facilities.", "duration": 9.36}, {"path": "059024560d9d1039cf08746ee7393114_4.wav", "text": "We believe the acquisition of Tribune would deliver significant strategic and financial benefits to the combined company, which include", "duration": 9.36}, {"path": "dffe8257f781608bb17bb637249e4d2a_176.wav", "text": "albeit that we expect this level to reduce for all market participants under any of the proposed new codes once finalized.", "duration": 9.36}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_199.wav", "text": "and the agency execution services is in Virtu market making. So all of those legacy categories are in the new Virtu market making bucket", "duration": 9.36}, {"path": "3d3b327645f62f252bb876e5bb4a9259_123.wav", "text": "pretty much kind of a flat measurement as we've been able to control our operating expenses and the portfolio really has grown only nominally.", "duration": 9.36}, {"path": "e42f90eacf0e766ff39973c6aca06c93_70.wav", "text": "and the providers for Eversense. The only way that we can do that right now is to use this bridge program from where we stand.", "duration": 9.36}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_48.wav", "text": "the secular growth that could be multiyear that we've seen for several years here. What look can we expect in terms of incremental investment towards that?", "duration": 9.36}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_13.wav", "text": "And interestingly, the New York Times ran an article about how renewables are not bringing the world much closer to achieving climate goals.", "duration": 9.36}, {"path": "3877b1983229ec488c6349a188bccf92_63.wav", "text": "These results demonstrate continued positive momentum from the consistent and rigorous execution of our strategy.", "duration": 9.36}, {"path": "c36ef43210d40b0d1ad8f2acc597c76b_130.wav", "text": "is likely to do. We had a Phase II result that went all the way to OS with the doublet. And so that's going to be helpful in order to assess the ultimate", "duration": 9.36}, {"path": "7498a6630302a038bd537d192c3a44f4_115.wav", "text": "While traffic is always going to be important to us, we're not -- all of our locations aren't what you'd call Main on Main, so traffic is really important to us.", "duration": 9.36}, {"path": "e29584f9f829602cacebcce71c2a4fb9_57.wav", "text": "of manufacturing but there is not a plan to stop our CMOs and transfer that process. That would delay us considerably.", "duration": 9.36}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_104.wav", "text": "is may be valued more, is that something where you could see that market change or do you kind of view it as it's an in-sourced market and it stays that way?", "duration": 9.36}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_137.wav", "text": "So -- and how do you deal with customers who get used to the greater savings, especially if they may not want to give them back in the future?", "duration": 9.36}, {"path": "2b1611c25a098f87dd7623d00d53eeea_10.wav", "text": "between how that works in your hedges and the extent to which you are protected by your hedges?", "duration": 9.36}, {"path": "919fd6c04cca92ecdf503e32f884435d_95.wav", "text": "in position for closing that 50 basis point gap? Does that require more rate cases? Does it require you to change the types of", "duration": 9.36}, {"path": "bfb0fac9575cd0820a660f2577199468_8.wav", "text": "Looking ahead to the first quarter, equipment is now tied with activity expected to strengthen on the new exploration season in Alaska and Canada.", "duration": 9.36}, {"path": "70495e47bf69dc2e7d778a790679f347_29.wav", "text": "And this -- knowing that the vehicles -- that we are currently remarketing that there are also still a large number of Euro-5 vehicles included", "duration": 9.36}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_8.wav", "text": "But it is encouraging to see an overall improvement in consumer sentiment in emerging markets that we already have alluded to in our previous calls.", "duration": 9.36}, {"path": "64364105b816dd0b6a029e9cd210e65b_108.wav", "text": "driven by excessively aged fleets, a demanding regulatory backdrop and a generally stable trucking environment with strong carrier profitability.", "duration": 9.36}, {"path": "24a133abc343c813233d416b0cef96cd_298.wav", "text": "What we've seen come out of those is not significant change as customers are already very well protected by the existing legislation.", "duration": 9.36}, {"path": "f5e9c69a92eb9179062673e044f8a53b_44.wav", "text": "is there anything that changed in the marketplace relative to your expectations around secular trends that are picking up, that are causing you to invest more? Or is this more", "duration": 9.36}, {"path": "f5e9c69a92eb9179062673e044f8a53b_90.wav", "text": "presentations and Investor Day's and such, the thing we focus on is the fact that we have all this deep vertical confidence.", "duration": 9.36}, {"path": "6aad408f4bb1930cf10f445115f6ed3d_120.wav", "text": "core business process management business. But I think that shows our strength that we're able to compete against traditional competitors", "duration": 9.36}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_123.wav", "text": "or negate our ability to continue to drive margin expansion in those businesses. And I would say we didn't drive margin", "duration": 9.36}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_30.wav", "text": "was an important step for the company because it releases us from some very restrictive covenants, which were imposed at the time the debt was arranged", "duration": 9.36}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_96.wav", "text": "a larger volume of recurring revenue in the initial years. But then when", "duration": 9.36}, {"path": "2cd5b184c2ef6624ce219830182927c9_348.wav", "text": "Again, being responsive as we can be to some of the requests that we've had and how we've really focused on the core business going forward.", "duration": 9.36}, {"path": "6daa2d0829057899b014b06c36e1d54b_125.wav", "text": "we are excited to move these programs into the clinic to test their effectiveness in stimulating anti-tumor immune responses in patients.", "duration": 9.36}, {"path": "1d021dfadd51998ac079e1df49929c60_72.wav", "text": "gauge the impact of that announcement. Is this maybe another leg-up for OCC? Or is China just kind of confirming something that they've been doing already for most of the year?", "duration": 9.36}, {"path": "21abf3409d34eea6f33336ad93662cfd_37.wav", "text": "was really proven out in -- over Christmas because we got -- we had very heavy traffic on Black Friday and Cyber Monday, and the team was able to make adjustments", "duration": 9.36}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_126.wav", "text": "and have an unwavering confidence that these are the right places for EnLink to be positioned, as we execute our growth plans and achieve our objectives.", "duration": 9.36}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_136.wav", "text": "I spent some time in Iowa 2 weeks ago with the DECO team and came away very excited about our continued prospects for growth.", "duration": 9.36}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_85.wav", "text": "Turning to the full year. Many of the key trends that persisted in the fourth quarter also shaped our 2016 results.", "duration": 9.36}, {"path": "c71a6ab1a0697010811c89200ab21613_139.wav", "text": "The volatility in the commodity markets last year as well as the industry's response underscores our repositioning for this year and beyond.", "duration": 9.36}, {"path": "429bcf63d57c11ea4d8864560f521dba_166.wav", "text": "operating matrix. Having said all this, and perhaps with the credibility that we've had in the past of turning every operation around, I urged you", "duration": 9.36}, {"path": "e69e64683a56cdadf1c95192e753f27e_197.wav", "text": "how should we think about how aggressive you can be regarding the acquisition of products? And", "duration": 9.36}, {"path": "01162e33e5dda8aa154d9a8659da4495_12.wav", "text": "We aim to keep the bank well positioned in this area and continue to emphasize our digital channels through our processes.", "duration": 9.36}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_79.wav", "text": "We are pursuing opportunities for upgrades, fixes and services, and are working to expand our overall footprint and share in this segment.", "duration": 9.36}, {"path": "f268a8174f58c93ad6b45b7f151fe896_180.wav", "text": "I think, Ben, what you're asking there is why don't we put up a marketplace ourselves. Well, we strongly believe that we should not compete with our customers,", "duration": 9.36}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_44.wav", "text": "I think it's important to isolate Government in the story here because we've been pretty transparent about a couple of contract losses and Government changes we've been making.", "duration": 9.36}, {"path": "81c03e2c15e8fe8213fbd40368b49581_41.wav", "text": "And having the flexibility to strategically deploy capital is also important. We manage our business looking out past the horizon of the next 2 quarters.", "duration": 9.36}, {"path": "10ad32c5e0559c879e032faaf3148ab4_87.wav", "text": "We are performing a strategic review of all of our business units that will help us prioritize our capital and resources where we see the best opportunities for profitable growth.", "duration": 9.36}, {"path": "24c7526f6daca8e16ab91bea6124148a_41.wav", "text": "may have some challenges right now, but then there are others that are doing quite well and ditto for many of these local and regional customers. So", "duration": 9.36}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_185.wav", "text": "Our retail partners continue to demonstrate demand to be in our centers. Our leasing and reinvestment efforts continue to drive additional growth in our intrinsic value.", "duration": 9.36}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_19.wav", "text": "we -- you don't want to find these issues on the shop floor. So after you've rolled it and you put time and labor in, you don't want to find out you got a steel issue. So", "duration": 9.36}, {"path": "76c04b0646e881995fdd48aa58abee4c_14.wav", "text": "And I think that mix will probably be about what it is, but we always look how much cost us for the content", "duration": 9.36}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_9.wav", "text": "The increase in capital spending was primarily related to the increase in production equipment used in manufacturing specialty alumina products.", "duration": 9.36}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_66.wav", "text": "in the intelligence, emissions, safety and security and fuel efficiency markets, which are expected to grow at rates exceeding the underlying vehicle market.", "duration": 9.36}, {"path": "7bac04f03928ee8894ab00007116400b_142.wav", "text": "and the lead time part. So in essence, I see opportunities to sell more with less inventory, and I also see an opportunity to", "duration": 9.36}, {"path": "7bac04f03928ee8894ab00007116400b_8.wav", "text": "We will move this company into the future in a way that excites our consumers, beats our competitors and drives value for the company and shareholders.", "duration": 9.36}, {"path": "bc5018861ccb5380fbe71ad789a6d4b0_50.wav", "text": "Carrie will review the results of the first quarter, but before that, I'd like to focus some remarks on the quality of our credit performance and the evolution of our investor base.", "duration": 9.36}, {"path": "3ae068efa03cd088f4d3edea682f199f_218.wav", "text": "definitely seeing more clarity and better progress on the milestones that are needed to get many of these large projects to FID. And", "duration": 9.36}, {"path": "30a142fac5a62ab00227cb6a339a6226_129.wav", "text": "We drove 15 times more app installs in December compared to April while continuing to drive increased return on investment.", "duration": 9.36}, {"path": "7e018402f521eec8ce7a9df8cd61e144_116.wav", "text": "And finally, I'm happy to report that our acquisition pipeline is extremely robust and we hope to close a number of deals in the very near future.", "duration": 9.36}, {"path": "3fb901e6b501ddced60226a13ebef4af_63.wav", "text": "This trend has not continued into October as we would estimate book value currently as being higher by a few cents quarter-to-date.", "duration": 9.36}, {"path": "eb93e70cdf7a839a69546250fb3646fb_126.wav", "text": "during the year, reflecting our focus on improving revenue growth -- the revenue growth rates, with several sizable deals in the sales pipeline.", "duration": 9.36}, {"path": "eb93e70cdf7a839a69546250fb3646fb_43.wav", "text": "Well, I think to your point, you don't have to get -- we don't have to get back to the peak levels that we saw, but we do have to get back to more of an average of what we've seen in the past.", "duration": 9.36}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_154.wav", "text": "So that's fairly natural movement to see the market strength there relative to the other region or pricing strength relative to the other regions", "duration": 9.36}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_172.wav", "text": "I think I'd focus on a couple things. First of all, as it relates to the fourth quarter, there is a huge push in Q4, and that tends to be", "duration": 9.36}, {"path": "78cf0d3e40caba622d8914916f0f9146_66.wav", "text": "Second, we are opening up 2 new segments by bringing innovation into power management for computing systems and for TVs and set-top boxes.", "duration": 9.36}, {"path": "e42f90eacf0e766ff39973c6aca06c93_96.wav", "text": "reflective of the discount as to where we're currently guiding versus last we spoke. But this we believe will put us in a much", "duration": 9.3300625}, {"path": "884400c829f179d8cf68b767f45f03a4_222.wav", "text": "continued acceleration, if you will, in comps you think relates to the internal initiatives versus an improved backdrop?", "duration": 9.3300625}, {"path": "f5875d033110e66b5aafc3c0003babdf_14.wav", "text": "some other thing that's causing the volumes in Buildings to be lower than what the leading indicators would suggest?", "duration": 9.33}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_72.wav", "text": "We're planning to finance the transaction with committed secured financing and do not expect the added debt to impact our overall cost of borrowing based on the current", "duration": 9.33}, {"path": "3fdd473d50d412b8ff0b4fd51b3e97eb_42.wav", "text": "will be a function of eliminating the 2017 expenses to execute the program plus capturing incremental benefits as we achieve the full run rate of the expected savings.", "duration": 9.33}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_145.wav", "text": "These risks are described in the company's filings made with the Securities and Exchange Commission, including the company's annual report on Form 10-K", "duration": 9.33}, {"path": "62d981deed6d5128615c99d1597178b6_80.wav", "text": "As part of the capital planning related to the JLT transaction, it is unlikely we will repurchase any stock ahead of the close of the acquisition.", "duration": 9.33}, {"path": "e2b2a746a7a2cd752c92ccfab257cfca_53.wav", "text": "This will help to inform our decision about what dose level or levels to select for the Phase II study and what the dosing interval should be.", "duration": 9.33}, {"path": "a20052a04bcb5b7b8d242a21c859550d_38.wav", "text": "We are also pleased to announce the latest results of our share buyback program. We continued to buy back stock in the second quarter and in April.", "duration": 9.33}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_276.wav", "text": "And the partnerships, they come on slower, but it seems like you've had more luck getting them to sign up. And so you've had", "duration": 9.33}, {"path": "a93681c92a0b9c04743f541a54b180c7_91.wav", "text": "for operating income you were saying that you were going to strive for increased operating income. Even after the", "duration": 9.33}, {"path": "3557b21a45c35e71e82cc43b19977855_77.wav", "text": "with both a strong balance sheet and strong free cash flow, we are well-positioned to pursue targeted acquisitions, to create greater relevance in selected markets.", "duration": 9.33}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_11.wav", "text": "And in response to these developments, we significantly simplified our portfolio to focus on converged communication and IT services.", "duration": 9.33}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_35.wav", "text": "for the invitation when it comes out and... In the next weeks, we will send out the invitations and then in the invitation, you will see when you have to respond,", "duration": 9.33}, {"path": "718a89dc503706eae0091bcd9410d567_23.wav", "text": "While we continue to expect that we will not need to issue equity at least through the middle of this year, we are targeting not having any equity needs in 2018. And", "duration": 9.33}, {"path": "2602edddc3363eadcaafe1c33271f3e4_29.wav", "text": "In terms of the timing of when we start, Charles, I'm not going to put any more fidelity than first quarter. Count on us to go as fast as we can. I think the fact that we now", "duration": 9.33}, {"path": "6b45877b719000e47adfd1ec118c376a_35.wav", "text": "Can you shed any light on what the plan is there? And if perhaps, the Ontario Fair Housing Plan might have any impact on your thinking there?", "duration": 9.33}, {"path": "249b7b83531140105343e2a0e89150fa_72.wav", "text": "This represents growth in both net interest income and fee income, as well as a net reduction in credit costs and expenses in the quarter.", "duration": 9.33}, {"path": "2a59b9df2de5248e64727f10185a8423_1.wav", "text": "this was not able to make up for the fall in the unit sales of network products and mobile phones, which did particularly well in the third quarter of last year.", "duration": 9.33}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_192.wav", "text": "Yes. So as it relates to our Automotive margins, and we kind of -- as we talked about in our comments, we have seen continued improvement", "duration": 9.33}, {"path": "55d05334bdde612eb9dd102bb41d216e_66.wav", "text": "Certain statements contained in this presentation as well as other information provided from time to time by the company or its employees may contain forward-looking statements", "duration": 9.33}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_41.wav", "text": "On this call, we will be sharing with you some of the specific initiatives that we have embarked on to support this new vision for Fred's Pharmacy.", "duration": 9.33}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_4.wav", "text": "lending. The credit cycle is certainly feeling better at this stage in the overall context of things.", "duration": 9.33}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_49.wav", "text": "And one advantage of this drug in thinking about it as an acute therapy is a single dose is going to persist", "duration": 9.33}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_145.wav", "text": "We also saw growth in small business marketing solutions and web and also payroll services.", "duration": 9.33}, {"path": "570faeed3dcfa26c6246dc42309025ad_192.wav", "text": "Now I'll touch on our most recent acquisition, which we announced on July 10. Since we had the call 2 days ago, I'll just go over the highlights.", "duration": 9.33}, {"path": "a45510e526a5935c1f8d4f039149ff3b_17.wav", "text": "will come out of this wanting to do something. So I can imagine that, one is, we go on as we are.", "duration": 9.33}, {"path": "54240e38051f2a3bb6a4e58fe55344cd_30.wav", "text": "We will, of course, monitor the impact and continue to adjust as needed in order to maximize the opportunity as we utilize our business intelligence group", "duration": 9.33}, {"path": "f33d9363bbcea655df52468555d358d0_19.wav", "text": "pricing of domestically produced gas, but also led to higher windfall profit tax for our company.", "duration": 9.33}, {"path": "46906afb4e1ee1fef09b5908e76beefa_7.wav", "text": "I'll now ask Steve to provide a more detailed update on some of the key life cycle and development activities we're pursuing across our portfolio. Steve? Thanks, Mark.", "duration": 9.33}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_17.wav", "text": "bringing more focus to your product development efforts and how that was going to help your leverage. Can you just give some more detail on that? Should we expect", "duration": 9.33}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_240.wav", "text": "So that's the challenge for companies. How do you strike a balance between the existing and the new products? That's a very big challenge indeed.", "duration": 9.33}, {"path": "ca2bc8d693d4751cc88444d2e715f645_16.wav", "text": "a few small questions. Can you just comment a little bit on how the integration of Body Plus and Sonoma is progressing and", "duration": 9.33}, {"path": "d5c338a956681dbb2170472253a29b85_179.wav", "text": "with staff that is unhappy with the working environment. So that's part of the management skill in this area to manage. I", "duration": 9.33}, {"path": "d261e09fa176510406c0d05eeedfc8f8_66.wav", "text": "by the airport, and we've been very clear in terms of what we believe they should be looking at. And we will work with them to try and", "duration": 9.33}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_21.wav", "text": "We are executing on our strategic initiatives to improve financial discipline and operating efficiency, while investing in our growth initiatives.", "duration": 9.33}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_14.wav", "text": "Results continue to be driven by low interest rates as well as reduced market activity and volumes, which most likely will not improve in the short term.", "duration": 9.33}, {"path": "1133b8984db446b9c963a09eaf0785a4_233.wav", "text": "one. Right now, however, some of our customers are late launching new drug trials. The number of drug trials or new launches are down", "duration": 9.33}, {"path": "1133b8984db446b9c963a09eaf0785a4_57.wav", "text": "and the number of SKUs, you can simplify the business a good bit and not really have a significant impact on your URB demand.", "duration": 9.33}, {"path": "47a303604df9f9fc9f2f89a9280c3a79_164.wav", "text": "I think there are simple wins on our way to our path to what I think is going to be really accelerated opportunities in the future. So", "duration": 9.33}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_250.wav", "text": "This was driven by the continued adoption of the Cornerstone HR suite as well as accelerating traction with Cornerstone Recruiting.", "duration": 9.33}, {"path": "276392c471c063580869aec014a1feda_45.wav", "text": "And as you know, Brazil has been one of the weaker points for us as a company, and I think it can be a catalyst. I think it's -- and most importantly is they came in", "duration": 9.33}, {"path": "3e714a49937be1672aa48244ba7254ce_5.wav", "text": "also had to mention that we had now achieved to have the unique trading platform, which we are calling Alm. Brand Trader,", "duration": 9.33}, {"path": "e56726c7aedd69029957c84128050700_42.wav", "text": "Third, tenaciously pursue greater cost efficiencies as we continue lean practices throughout the organization.", "duration": 9.33}, {"path": "7ec19aea307c76d4a57fa87368305630_102.wav", "text": "choices about the kind of work we go after, I don't think that the conclusion of that should be that it slows revenue growth in the long run because I think there's", "duration": 9.33}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_280.wav", "text": "Our net numbers that you see in the release are based on sold volumes, but some of the production in Yates was produced in September but not transported for sale until October.", "duration": 9.33}, {"path": "132abea68f255eb89160dde90b6d3b80_87.wav", "text": "When we had guided back when we had given the full year estimates that we were going to come out running very low in the beginning. And if you look at the bottom", "duration": 9.33}, {"path": "002d12258ff802d65f79ae2eef99e4ab_99.wav", "text": "what we see the most important businesses for us to grow, both in United States and overseas, based on that strategy, right? So", "duration": 9.33}, {"path": "38b2f94da12bbf2d32246763aab8265a_153.wav", "text": "to navigate that, also looking at the cost side of things. What's going to happen with other insurance companies, I don't know, especially if we talk about the smaller insurers.", "duration": 9.33}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_25.wav", "text": "We were also able to improve our adjusted EBITDA margin and reduce our leverage while continuing to invest in the business", "duration": 9.33}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_64.wav", "text": "While the payments received from this therapeutic during the clinical study will be very modest in 2018, we are pleased to have advanced to this phase.", "duration": 9.33}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_174.wav", "text": "Okay. You're talking about the tax, the benefit of the tax, using that. That's what you need for the incremental spend. You don't have to touch the capital of return piece.", "duration": 9.33}, {"path": "a4983a3522c8b0584978fc298fefbe8e_116.wav", "text": "Such statements speak only as of the date they are made, and the company is under no obligation to update them in light of new information.", "duration": 9.33}, {"path": "ade68f8add7249890d086ecf4b5b8cab_45.wav", "text": "We had a tale of 2 segments with the West accounting for the entirety of this improvement, while we continue to strengthen our position in the Southeast.", "duration": 9.33}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_172.wav", "text": "put some additional cash in India in order to pay off a loan that, that joint venture had. It was a very high interest rate loan that was", "duration": 9.33}, {"path": "08ed60a546bd48af9db028c4e3c8af26_24.wav", "text": "Well, the most important ones that we're pursuing when the opportunity arises, and we don't have a lot of control over it,", "duration": 9.33}, {"path": "c67af59ea29f4e80b8eeede6e730658e_93.wav", "text": "and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.", "duration": 9.33}, {"path": "3b0718945e9c427873c1f34fa49b15aa_88.wav", "text": "more interesting topic. Is there any -- given the variability in earnings due to weather, is there any thought or appetite in Texas", "duration": 9.33}, {"path": "6a372ea97b0b130a4d37f16b54d97909_126.wav", "text": "As a result, a gradual reduction of revenues in this business is not expected to have an adverse impact on operating margins.", "duration": 9.33}, {"path": "6a372ea97b0b130a4d37f16b54d97909_73.wav", "text": "we believe there is significant demand for a modern subscription-based content offering in today's evolving workplace.", "duration": 9.33}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_50.wav", "text": "technologies because, ultimately, much of that data in the industrial space is analog data which has to be digitized and then analyzed.", "duration": 9.33}, {"path": "98f10f0935e5b778e888a1b8130a3d31_307.wav", "text": "This is for us an absolutely core element, because our mission is how do we empower people to live a better life.", "duration": 9.33}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_28.wav", "text": "putting up a new building in Switzerland in our wireless communication business in in Western Switzerland,", "duration": 9.33}, {"path": "e9fb03f263f117a9fe607d74602fa9b0_129.wav", "text": "We have paid the same amount of dividends for the last 4 years. So irrespective of the level of profitability that we have achieved,", "duration": 9.33}, {"path": "003356e698453d6b74f19a8e02587605_52.wav", "text": "and extending payment terms with our vendors, which we've accomplished through improved operating performance and the utilization of LCs for selected import vendors.", "duration": 9.33}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_49.wav", "text": "increase the value of the ecosystem. They're more valuable as a part of the ecosystem we've already built, and they make the ecosystem what we have more valuable by adding the new service.", "duration": 9.33}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_129.wav", "text": "Clients want better solutions to accelerate project results, experienced talent wants to work in more liberating and empowering ways.", "duration": 9.33}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_34.wav", "text": "We achieved new record highs in all income categories, including ordinary income and net income attributable to owners of the parent.", "duration": 9.33}, {"path": "b1da16cba24af8e472573c4c9caf17c7_115.wav", "text": "As you recall, we indicated in our most recent earnings call that we expected RevPAR growth to be slightly negative during the first quarter.", "duration": 9.33}, {"path": "e78997e6a75a2243292b2b54750bb3cb_54.wav", "text": "in a combination of cash and an equity investment at a premium, is also a significant transaction for Dicerna. Under the agreement,", "duration": 9.33}, {"path": "b43c001c5af465d220ab0b69a95202ae_89.wav", "text": "I do think that other states will consider expansion, whether outright or through the use of a waiver.", "duration": 9.33}, {"path": "b43c001c5af465d220ab0b69a95202ae_168.wav", "text": "I do think that they are making those kinds of determinations. But whether or not it's a result of", "duration": 9.33}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_78.wav", "text": "But this is a good protection for minority shareholders, who had to essentially digest a deal that happened pretty much over the weekend.", "duration": 9.33}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_169.wav", "text": "all companies that are rebounding after a period of transformation and restructuring, it's how ready are we for the upswing and", "duration": 9.33}, {"path": "246876171ef2f408df10ee0816f9db83_114.wav", "text": "Consistent with last quarter, the increase in the premium yield for the third quarter was primarily due to a higher level of single premium cancellation income.", "duration": 9.33}, {"path": "c92a9ecd2741326fd8625841a07f74f9_7.wav", "text": "offset in part by an increase in residential and commercial volumes related to weather and contributions from tuck-in acquisitions.", "duration": 9.33}, {"path": "0e52a74a184c92ad0c336af764aa0796_102.wav", "text": "We hope this trial will lead to the fastest regulatory pathway not only for Taiwan, but also for the People's Republic of China.", "duration": 9.33}, {"path": "e2225d612a954a24e7e91c08215d7b51_5.wav", "text": "And particularly noteworthy for our circuit this quarter was the release of some record-breaking documentaries from the specialty film companies.", "duration": 9.33}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_19.wav", "text": "This alliance is intended to bring stakeholders together to ensure reliable battery supply for the European industry.", "duration": 9.33}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_124.wav", "text": "don't sound like big fancy new products but are really important in terms of enhancing the overall application success of our customers.", "duration": 9.33}, {"path": "61a1812ea55a4d676119b4f3d7cd6c10_63.wav", "text": "a hearing aid and a true wireless headset are starting to look more and more alike and there's this convergence between those.", "duration": 9.33}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_170.wav", "text": "that we think the network business can bring. Again, especially of late, I think it's probably just important to make sure to put the fine point on it that", "duration": 9.33}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_52.wav", "text": "The speed that they are moving to transform themselves into something much more than a wireless carrier is pretty breathtaking. And when they sit in our office and talk to us about that,", "duration": 9.33}, {"path": "8c1b4f4af2af2847a240041390e31399_68.wav", "text": "So we think it's actually more ethical, this pathway that we're taking. We think it's more expeditious and will help us to", "duration": 9.33}, {"path": "757695924b5e43c7d44e29dc141cc035_72.wav", "text": "We have reached a point where the situation became much clearer with respect to the likely outcome around cost recovery options", "duration": 9.33}, {"path": "94f913b974baab79fb636f6521170dd7_6.wav", "text": "And so we do have a question of as to what Hershey's growth rate is in the future and whether it'd be better for Mondelez to", "duration": 9.33}, {"path": "3877b1983229ec488c6349a188bccf92_41.wav", "text": "In our developed market footprint, we are reinforcing our premium beer credentials, driving quality and visibility in the on-premise", "duration": 9.33}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_101.wav", "text": "Change has been a constant at Groupon, and I would argue that over the past 5 months, we've changed more and faster than at any time in my nearly 5 years at this company.", "duration": 9.33}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_14.wav", "text": "The decline in this quarter is also partly attributable to exit costs from the realignment of certain products and service offerings within the European market.", "duration": 9.33}, {"path": "01b376669d5ea40acc7fb5a87503586e_21.wav", "text": "end customers as well as our customer base of proceeding with projects to be ready to launch them.", "duration": 9.33}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_18.wav", "text": "We are confident that Trex will be able to continue to grow at a faster rate than market, given our leadership position and brand equity.", "duration": 9.33}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_160.wav", "text": "including borrower points and gain on sale, the latter of which may become increasingly compelling as financing markets for these asset types continue to mature.", "duration": 9.33}, {"path": "812d8f09b72b4d410d138d3b24caebbc_171.wav", "text": "Sales to the prescription drug market increased over the prior year even though last year's strong second quarter was a difficult comparison.", "duration": 9.33}, {"path": "a2ba164f019804628c07b36de47cd464_13.wav", "text": "The decrease in adjusted net income between periods was mainly due to lower segment profit and a higher effective income tax rate in the current quarter.", "duration": 9.33}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_184.wav", "text": "managing our risks and transparencies and responsible business models is becoming an increasing competitive advantage. So", "duration": 9.33}, {"path": "794528c461ef7009b1741ac67c17aba4_95.wav", "text": "grow the market really from OTC into LINZESS. And also how do we continue to raise the bar with regards to the clinical performance of our drug?", "duration": 9.33}, {"path": "4ee3c79ebc57c9870b221b9479d52436_30.wav", "text": "Under this regime, an arbitrator can determine the terms of pipeline access, including price, where parties have been unable to agree terms commercially.", "duration": 9.33}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_37.wav", "text": "Higher oil prices, which result in lower volumes relating to PAP at Quifa Southwest", "duration": 9.33}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_143.wav", "text": "As for gain on sale of equipment, we do not anticipate selling as many tractors in 2016 as we did in 2015, and the used truck market is continuing to soften.", "duration": 9.33}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_28.wav", "text": "Yes. The backlog had little to no effect on our reported fourth quarter rates, but did have a negative impact on our overall fourth quarter utilization", "duration": 9.33}, {"path": "e2cf6bb5b288d37102468fe05807e41c_97.wav", "text": "The One Belt, One Road project is a cornerstone of the Chinese economic plans for the next 5 years and supports steel and power demand inside and outside China.", "duration": 9.33}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_118.wav", "text": "We've done this in great part by taking a highly selective approach to investments, staying true to our disciplined underwriting standards and maintaining strong credit quality.", "duration": 9.33}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_115.wav", "text": "Okay. You feel you're sort of out of the woods now in terms of kind of perfecting those processes at rate at this point, do you feel like or you're not quite there yet?", "duration": 9.33}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_214.wav", "text": "Okay. And the other question I had for you was, the Industrial piece. So can you give us some trajectory of how it trended through the quarter", "duration": 9.33}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_158.wav", "text": "And the companies we've talked to, they're starting to think about that and talk about those as well. There is service bureau to the rest of the company.", "duration": 9.33}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_98.wav", "text": "This has been popping up around customer discussions just over the past few month. So we have to address that and start putting the practice around that. So how fast that could take us", "duration": 9.33}, {"path": "902872913863de98d38e2936b846cf66_250.wav", "text": "However, we've yet to see a full return to growth in Illinois and coastal Texas, despite strong backlogs in those markets.", "duration": 9.33}, {"path": "902872913863de98d38e2936b846cf66_100.wav", "text": "And lastly, we realized that in any acquisition, we have great opportunities to learn from the new business and its people.", "duration": 9.33}, {"path": "a2245a8522589003f9c235a48c0197f0_90.wav", "text": "Why do we want to do this? We really believe that the current sales system for selling diamonds is really antiquated.", "duration": 9.33}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_96.wav", "text": "Okay. And then just lastly, I want to clarify the comments about historical incremental margins even while you hire these sales folks. So", "duration": 9.33}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_118.wav", "text": "which we have communicated throughout the last couple of years. So there's no change that we have the intention to be very solid,", "duration": 9.33}, {"path": "e69e64683a56cdadf1c95192e753f27e_55.wav", "text": "On Slide 5, we've called out some of the highlights that demonstrate our continued progress towards transformation. First and foremost, our businesses are growing.", "duration": 9.33}, {"path": "e69e64683a56cdadf1c95192e753f27e_142.wav", "text": "reported our wholesale pipeline inventories so that everyone out there can follow along with what's going on. So there's no question about", "duration": 9.33}, {"path": "e21fc19597d349bcd86de1329167659b_4.wav", "text": "New orders have increased significantly, especially for components to be installed on electric and hybrid vehicles.", "duration": 9.33}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_25.wav", "text": "in part because consumers they serve visit primary care physicians 10% more often even as their hospitalizations are reduced", "duration": 9.33}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_184.wav", "text": "and was recognized by the health care transformation alliance and other marquee customers, driving OptumRx to a market-leading growth rate", "duration": 9.33}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_34.wav", "text": "And some of the missed time, when you have as much rain in California as we had, some of that just delays projects, and everything gets pushed a bit.", "duration": 9.33}, {"path": "f15a674bdbbc461872000604216ae071_56.wav", "text": "we were involved in very important improvements in the project with our engineering area. So we're there.", "duration": 9.33}, {"path": "48bcc356a89059f921765f872bfe293c_32.wav", "text": "But what we see quite clearly is that the concentrate market will be tight in the next few years. Not much concentrate around.", "duration": 9.33}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_226.wav", "text": "this year, I think that we are extremely happy with our strategy and what we're trying to do. For a long time, we've known that we should be growing our specialties,", "duration": 9.33}, {"path": "ec9a5ef8abdaa14007f86d64e2cf49c1_3.wav", "text": "The company undertakes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which such statement is made.", "duration": 9.33}, {"path": "e5eb29123d69fdbc74dbc529dfe6c6cc_5.wav", "text": "Finally, we adjusted EPS to exclude transaction cost related to the acquisition of Orlaco. Bob will discuss our adjustments in more detail.", "duration": 9.33}, {"path": "a83cbbbd8810dc0b05f8746b36ff4c36_26.wav", "text": "Spending in the quarter was in line with plan as we completed the last of the key preproduction activities and stepped up our mining movement rates,", "duration": 9.33}, {"path": "3ae068efa03cd088f4d3edea682f199f_330.wav", "text": "think about how we want to run the company and have that optionality. So -- and that's -- the good news is we can -- we see that path forward,", "duration": 9.33}, {"path": "30a142fac5a62ab00227cb6a339a6226_188.wav", "text": "They came to Snapchat with the goal of finding a new audience that couldn't be reached on other platforms. In just a few months' time,", "duration": 9.33}, {"path": "9cd9b67e289e807d677aabc5765fec6a_29.wav", "text": "across the board on the savings initiatives, which now -- you mentioned 2 of the elements, and the third element is the business restructuring.", "duration": 9.33}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_132.wav", "text": "the first quarter of 2017 continued to outperform with strong retail shows and favorable demographic patterns continuing to drive and support increased production levels.", "duration": 9.33}, {"path": "744f5859c7d9a0567b387ae84326d940_60.wav", "text": "In the face of rising costs, our team worked closely with our customers and suppliers to ensure service support and consistency of delivery.", "duration": 9.33}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_58.wav", "text": "we're expanding our dealer network for vintage coins and our reach into the important sectors like the banking channel for modern coins.", "duration": 9.33}, {"path": "3cb802f8fba7d33603c29387ccdaf817_153.wav", "text": "But if you consider any further possible risks due to the system change after April, what would they be?", "duration": 9.3299375}, {"path": "af00f4e7b63ee843a3d203f982fac701_89.wav", "text": "Overall, we are pleased with the continued progress we are making to drive bottom line results while also positioning the company to achieve its full potential.", "duration": 9.3299375}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_142.wav", "text": "it's not simply just capacity and feet on the street and sales, engineering and developer relations. It's also the fact that,", "duration": 9.3000625}, {"path": "4fdbfd9eec396928550d0c799e170d34_25.wav", "text": "As Tony stated before, we're usually the first ones through the door to initiate discussions to purchase an asset, which isn't actually for sale.", "duration": 9.3}, {"path": "364a769967b9b1a7cd069e2ce95c6e25_100.wav", "text": "So this we won't give any more color on, but I think it's fairly specific what we need to do. And at the end of the day, with the working capital,", "duration": 9.3}, {"path": "139f0a6300f504b3e8673e39b0429161_44.wav", "text": "Your first question is there are some variable costs that actually did go away. Part of the reason why we actually didn't have any increase in our", "duration": 9.3}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_70.wav", "text": "while the supply of new hotels is increasing downtown, we expect the demand growth will continue. That said in Q1, we did underperform our expectations", "duration": 9.3}, {"path": "a95a220f118ae793c89d6d708e62cf8a_273.wav", "text": "but the consumables have already started to come through, plus you already see the downstream processing also growing rather nicely. So just to give you some facts.", "duration": 9.3}, {"path": "6388da88b00ebc88af59435bdac74132_150.wav", "text": "Second, along with the pace and scope of our fundraising, we are selectively hiring new resources to support a larger investment platform.", "duration": 9.3}, {"path": "3cb802f8fba7d33603c29387ccdaf817_149.wav", "text": "In addition, many companies are working on access keeping and there is a little boom now. Please comment on it.", "duration": 9.3}, {"path": "8b6c481f7fe797353fefe886e205bbaa_74.wav", "text": "drop-downs. Can you talk about the parameters you have to potentially accelerate what you do in terms of drop-downs and remind us what your long-term", "duration": 9.3}, {"path": "47d77b15189fadcc76113a2f7800ba28_129.wav", "text": "compared to 56% a year ago and continues to be the primary driver behind our top line growth, shift in revenue mix and margin improvement.", "duration": 9.3}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_135.wav", "text": "And 2 findings that we have now found and some of which we've already published, is if we vaccinate or inject the vaccine directly into the tumor", "duration": 9.3}, {"path": "223f05c0b9b116532e9af84afa76cac7_12.wav", "text": "while attracting incremental investors in this challenging marketplace, where conservatively valued yield options are increasingly difficult to find.", "duration": 9.3}, {"path": "a6f6cb3405d8a18e23d133aa8f4f6390_150.wav", "text": "So far, the highlights of the reporting period. Let us now go into the details. Revenue.", "duration": 9.3}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_18.wav", "text": "But importantly, the underlying growth is there and is coming from momentum we're continuing to build in our marketing and lead generation programs.", "duration": 9.3}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_146.wav", "text": "I expect that the aggregate expenses that we are reporting in the first quarter of 2017 will generally stay at this level for the remainder of the year.", "duration": 9.3}, {"path": "3180572bc2da758668c19200930e1bc4_214.wav", "text": "So we're not particularly necessarily looking at any industry. It just happens to be that the opportunities right now are really in the real estate side.", "duration": 9.3}, {"path": "67716cee321d117b0318930dd142f06a_65.wav", "text": "While overall demand for metal products was not as strong as we expected when we entered 2016, customer sentiment has improved", "duration": 9.3}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_153.wav", "text": "We are shifting the use of our customer database to a point that allows us to do", "duration": 9.3}, {"path": "918de179148bbfe18b95415ee0065a3d_0.wav", "text": "Ladies and gentlemen, thank you for standing by.", "duration": 9.3}, {"path": "8b71a232d7fe61e6232807b635977c31_220.wav", "text": "that -- I was just emphasizing, they have to enjoy this moment in history, working at the thrilling sharp edge of the media market. It's just", "duration": 9.3}, {"path": "044da592acc01ff7baacb3dbf2a302a9_160.wav", "text": "and we think now that this will unlock growth for the entire market. So all competitors will be able to increase growth. I think revision is something that we've, obviously, been looking at", "duration": 9.3}, {"path": "78c85dc9a16f82b09d3a2363004e658d_5.wav", "text": "The combination creates a more comprehensive cloud-based construction platform for general contractors and will expand our relationships with subcontractors and building owners.", "duration": 9.3}, {"path": "c4dc8f962a85aa47af50f82845f550e2_140.wav", "text": "The downturn of this consolidated wafer fab industry is much shorter and much less painful. Therefore,", "duration": 9.3}, {"path": "75fa1bebed0b858c76cc7058477e40e2_93.wav", "text": "We believe those more specific messages tend to fall more into traffic driving and promotional activity", "duration": 9.3}, {"path": "cfbe91105113db7a5784f77e411b7a3f_190.wav", "text": "And I think as we disclosed, a lot of companies have added capacity or are in the process of adding capacity. And that gradually comes up steam,", "duration": 9.3}, {"path": "a827180c08c11f2e53c6966fceaabf5b_73.wav", "text": "but it seems that there's a level of unpredictability from some of these markets. I know being -- addressing a broad number of markets", "duration": 9.3}, {"path": "cc82e791c065bdc271addf355bac274f_145.wav", "text": "But we will continue to open stores. We will continue opening stores. We still have that discipline of opening stores with a very low", "duration": 9.3}, {"path": "1133b8984db446b9c963a09eaf0785a4_179.wav", "text": "I think it'll begin to level out over time. I think there's going to be a big push on how you do that. The corrugated is still there. You just have to go get it differently.", "duration": 9.3}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_238.wav", "text": "Our application development teams continue to grow, and our core learning technology teams are the largest they have been in history.", "duration": 9.3}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_117.wav", "text": "I guess, putting sort of back office items that were done at the independent businesses back into corporate. Is that sort of how to think about it? And then could you just quantify the benefits there?", "duration": 9.3}, {"path": "a24a661c2eb55542903c72391ec09f9b_28.wav", "text": "They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by this statement.", "duration": 9.3}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_82.wav", "text": "It's a report that will be published on the Internet on our webpage, and there you will see more details", "duration": 9.3}, {"path": "f314d55f20e7186f4cd0e41e32ec144b_84.wav", "text": "The only headwind that we face is the prevailing extremely negative investor sentiment towards the oil industry, in general, and the oil sands in particular.", "duration": 9.3}, {"path": "bb9c0d60d15efa53cedac31e079e9ae6_105.wav", "text": "it's also a basket, I guess, a different basket question, additional first lien, I guess, you're not providing any guidance as to how much more first lien you could issue as of today or", "duration": 9.3}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_117.wav", "text": "To put this in perspective from an employee headcount standpoint, we will have increased the size of the company by 50% as we exit the year.", "duration": 9.3}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_45.wav", "text": "In all, the relaunch effort is a comprehensive plan focused on reestablishing our identity and core value proposition,", "duration": 9.3}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_183.wav", "text": "And High-Speed Rail, with all its problems and delays, continues to promise to be a very successful project.", "duration": 9.3}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_131.wav", "text": "We expect overall research and development expenses to continue to increase during the fourth quarter of 2018 and for the foreseeable future", "duration": 9.3}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_195.wav", "text": "we're trying to send a message to the markets that our business is maturing and about to turn net income positive, which we still believe it is", "duration": 9.3}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_54.wav", "text": "Given these strong dynamics and general health of the commercial real estate markets, we're seeing a significant amount of capital enter the debt financing space,", "duration": 9.3}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_74.wav", "text": "Our cloud platform pipeline indicates that the rollout will continue in the coming quarters with more countries coming into the mix.", "duration": 9.3}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_24.wav", "text": "And that's the part that we would expect to trail down throughout the back half of the year. We'll have some in the third quarter because that", "duration": 9.3}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_52.wav", "text": "Our new Franchise platform also has the potential to become an independent business within 2.0, as we work to expand its products beyond just Equipment Finance.", "duration": 9.3}, {"path": "fabca2790ac9e6a96be6e6b59a497436_138.wav", "text": "you mentioned not doing something on spec, and if my memory serves, I believe one of your carriers was on spec from several years ago. It", "duration": 9.3}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_87.wav", "text": "but we've thought how best to use this additional ongoing benefit from the change in tax law. We believe that we've got a responsibility to our employees to share the benefit", "duration": 9.3}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_13.wav", "text": "Given our solid sales results across all of our product lines, I'm confident we're on the right path. Thanks. And now I'll turn the call over to Dwayne.", "duration": 9.3}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_56.wav", "text": "It also supports our growth expectations for 2017. In addition to the pace of bookings, we measure field of service requests,", "duration": 9.3}, {"path": "23417803b1a8115806b8e604b8b2bb83_158.wav", "text": "We are accelerating our active portfolio management by increasing the number of asset to be sold in order to maximize our flexibility in the future.", "duration": 9.3}, {"path": "be8b554309f7632bc9ebbd967764001e_205.wav", "text": "to generate improved investment outcomes. And we have put in place a number of important management actions, outlined on the slide,", "duration": 9.3}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_2.wav", "text": "were offset by the lingering impact of the supply disruption on garlic toast and lower sales for branded croutons and refrigerated dips.", "duration": 9.3}, {"path": "3df0981a2d94ed56170b78330aa72ee9_10.wav", "text": "Its focus on reducing water and energy use and eliminating waste has both reduced cost and vastly reduced our environmental impact.", "duration": 9.3}, {"path": "3df0981a2d94ed56170b78330aa72ee9_206.wav", "text": "So we feel very good about the plans we have for ready-to-drink tea, which also includes the premium Tea House Collection. So all the new flavors we're launching,", "duration": 9.3}, {"path": "d8eb5522db0e51d75ea6518462954c52_189.wav", "text": "since the first quarter of 2017, we provide you with the figures in terms of watching how convergence is delivering", "duration": 9.3}, {"path": "dd28a387ccc9575df47840b850647c7f_14.wav", "text": "an increasingly optimized supply chain and enhanced sales and marketing platform and a focus on developing the talented team we need to win in our markets.", "duration": 9.3}, {"path": "b94d748876ddf8e881d4191dec45baf3_90.wav", "text": "which contains new opportunities across the segments and in all of our existing geographies. We will continue to deploy capital in a prudent fashion", "duration": 9.3}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_97.wav", "text": "Before turning the call over to Andrea, I'd like to reiterate the management team is committed to the success of the company,", "duration": 9.3}, {"path": "959dcc8fe47eb1aa44183740e1a46ad5_6.wav", "text": "which is very manageable, particularly given the favorable market dynamics laying the foundation for a positive occupancy outlook.", "duration": 9.3}, {"path": "bb2ca5b87982b2388d82cd64a73f08cf_34.wav", "text": "We are very pleased with this deal and we strongly believe it is the right decision for the future success of Vitamin World as a standalone retail operation.", "duration": 9.3}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_104.wav", "text": "puts a little bit more of pricing into that domestic marketplace. But it will be very reflective of, I would call, international pricing at this point in time.", "duration": 9.3}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_53.wav", "text": "I think that relationship maybe extended a bit in the second half of last year. We've heard that from other sectors of the building materials industry. We track", "duration": 9.3}, {"path": "968913c3f9111fc67f1d9956c56dec3b_195.wav", "text": "timing? Just so that we can go back and get a little historical perspective on how that's rolled in the past?", "duration": 9.3}, {"path": "f77935c4693e4d33252c9c76993e9c8b_193.wav", "text": "Yet insiders are putting in transaction -- putting in money, so you don't know what's going on. You have no idea. And so some sort of clarity to bridge that gap", "duration": 9.3}, {"path": "f77935c4693e4d33252c9c76993e9c8b_190.wav", "text": "So where it comes from is that we're in the process of working with these large customers for their next", "duration": 9.3}, {"path": "9098e5640309f25da0d4dfa04789a36f_98.wav", "text": "substantially increase their capital expenditures this year, do you think that Cognex will participate in that spending?", "duration": 9.3}, {"path": "9098e5640309f25da0d4dfa04789a36f_99.wav", "text": "And certainly, we've gone on investing in those areas, and that's driving up some of our engineering expense in the near term because we do expect to see", "duration": 9.3}, {"path": "75eb5b75bb8587b63c318714ea956b9e_127.wav", "text": "This was evidenced by our latest announcement, which came out yesterday. And we continue to broaden our reach into the women's health market.", "duration": 9.3}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_119.wav", "text": "Once conversion is largely complete, we will begin key marketing initiatives designed to enhance brand equity and awareness around the new packaging.", "duration": 9.3}, {"path": "4cbd8989dd9406e1f08c19a5ce9f8014_101.wav", "text": "Can you talk a little bit about the kind of support that you are looking from the banks to complete the acquisition of Astaldi? When will", "duration": 9.3}, {"path": "4eb41fa11a52a50234620475be1e41f2_68.wav", "text": "in the slide. We will continue with a strong focus on this plan with further measures to be implemented in the coming months and further savings to be achieved throughout the year.", "duration": 9.3}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_83.wav", "text": "which was primarily associated with foreign currency charges, the majority of which was associated with the devaluation of", "duration": 9.3}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_32.wav", "text": "with the community the results of the retrospective analysis that we conducted from the previous Janssen clinical trials, and", "duration": 9.3}, {"path": "21f21433851eb7c7f7dbc710309341bb_178.wav", "text": "Clearly the work to reposition Mark's brand with Well Worn along with the work PJ has done on assortment and merchandising has made a significant impact.", "duration": 9.3}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_224.wav", "text": "The share count assumes a share repurchase plan for the year that will approximately offset the impact to our tax rate from tax reform.", "duration": 9.3}, {"path": "c40b5d1a13169c5acf69590932a56f98_154.wav", "text": "by any means but when I see sales representatives as well as a number of the key managers here", "duration": 9.3}, {"path": "7ebbb41dcefeb482191f8bc22031b5d9_59.wav", "text": "as our Chief Claims Officer, we're going to be able to put the appropriate level of focus on these issues so that we can look to minimize these types of issues going forward.", "duration": 9.3}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_226.wav", "text": "revenues over time, they have been slipping for a few years. But do you think we're reaching a bottom there or is there a structural reason why that may continue to slip? And", "duration": 9.3}, {"path": "49e533a8449f6b9b6c806458e73338e1_137.wav", "text": "Through PayPal for Partners and Marketplaces and One Touch seller sign-up, we are connecting small businesses and merchants of all sizes", "duration": 9.3}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_73.wav", "text": "You may recall that New Zealand is around 10% of segment EBIT. We were pleased that this impact was absorbed within the overall segment result.", "duration": 9.3}, {"path": "01f88a67f39af3a74d5f23b095615d39_140.wav", "text": "you'd see some improvements with the new planes coming in. Are there other things you can do in the shorter-term? Do you reconfigure the planes that are on the other routes or", "duration": 9.3}, {"path": "e42f90eacf0e766ff39973c6aca06c93_152.wav", "text": "The real effectiveness of the -- of a company like this is in the install base. And this is a plan to push it as quickly as we can early in the year", "duration": 9.3}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_65.wav", "text": "We're being careful about how we're doing that as we flex the manufacturing capacity that we have to make the shift over. And so", "duration": 9.3}, {"path": "e33785a294553de2a12d4463bf786744_190.wav", "text": "We're on it. We've got people focused on filling in the volumes. I'd rather not talk a lot about particular progress or margins just because I think that", "duration": 9.3}, {"path": "2a7af3c66762ce608379005a3d7bfa96_219.wav", "text": "I don't know the specific numbers, Terri, I don't know if we. Feb. But February was very strong, and which again is not necessarily historically", "duration": 9.3}, {"path": "f706bdb8b0a3f86e52419138fd2da20a_13.wav", "text": "that we have several ongoing direct engineering contracts as well as a larger contract called a drawdown contract.", "duration": 9.3}, {"path": "f7c059b1312a5f1fc017ece069fddee2_37.wav", "text": "However, even in light of the weak commodity price environment, transportation volumes have remained relatively consistent compared with last year's second quarter.", "duration": 9.3}, {"path": "5633fe3600ee04237bbb918c56341864_17.wav", "text": "particularly for those shareholders who utilize discounted cash flow models to assess valuations. I will now turn it over to Gwen for an update on our guidance and outlook.", "duration": 9.3}, {"path": "01b376669d5ea40acc7fb5a87503586e_8.wav", "text": "The decrease was largely due to lower restructuring related expenses and the impact of cost-reduction initiatives around payroll and discretionary spend.", "duration": 9.3}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_169.wav", "text": "Those are the kind of conversations we want to have with prospects, and so we start with their data, and we find ways to create value based on their unique strategies and circumstances,", "duration": 9.3}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_13.wav", "text": "I'll now turn it over to George for his comments. Thank you, Tim. This is my last earnings call as Chairman and CEO, and", "duration": 9.3}, {"path": "299bad77345d2e44fa5768f4416f7b97_133.wav", "text": "and the positive trend we observed in new patient enrollments during 2017 give us confidence that we will continue to generate positive volume growth.", "duration": 9.3}, {"path": "29f56972971325265e4a53485f49793e_26.wav", "text": "So I can't stand here and promise this very high growth rate over every year. There will be years where it will slow down,", "duration": 9.3}, {"path": "97b9c8b95449565c1f280a2b61a65b31_17.wav", "text": "Because the payment was to satisfy their full original obligation under the lease, it was appropriate to include their accelerated payment", "duration": 9.3}, {"path": "71ea3ed1436c2759a95f8d629963db2e_282.wav", "text": "so we can create an export market for our potential new customers that would be bringing imports into Vancouver.", "duration": 9.3}, {"path": "b126c31149f1cadf1d891082a187d6fc_150.wav", "text": "and the expenses related to the integration of CareSouth. As may be seen on Slide 17 and as Jay discussed,", "duration": 9.3}, {"path": "5efe4589d80ac1232c2958182c188903_55.wav", "text": "As a reminder, this call is being recorded and broadcast live on our website. A replay of the webcast will be available through the same link for 90 days.", "duration": 9.3}, {"path": "5efe4589d80ac1232c2958182c188903_46.wav", "text": "increase our share of the spend for tools on a per-dose basis. It's out there. The supplier side is very fragmented. So there's an opportunity right now for us to get engaged", "duration": 9.3}, {"path": "0f9d6e24171bc068e7ff7a11e7e44060_10.wav", "text": "These improved results were impulsed through improved operational results of the malls in Ripley in Chile and Peru as well as the improved results of the associated", "duration": 9.3}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_178.wav", "text": "Simultaneously, we are exploring partnerships with existing front-end semi equipment providers to commercialize the technology.", "duration": 9.3}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_122.wav", "text": "and Latin America is recovering. Can you give us a feel of how that is developing? Methionine market price", "duration": 9.3}, {"path": "64364105b816dd0b6a029e9cd210e65b_4.wav", "text": "We successfully launched a full suite of Aero products in our Wabash Composites business that now creates the broadest OEM product offering available", "duration": 9.3}, {"path": "64364105b816dd0b6a029e9cd210e65b_227.wav", "text": "continue to pay down debt, execute a return of capital strategy to shareholders and selectively pursue strategic acquisitions.", "duration": 9.3}, {"path": "24a133abc343c813233d416b0cef96cd_236.wav", "text": "In Residential and Retirement Living, what you've seen is a significant increase in the last 5 years towards the strong Sydney and Melbourne markets.", "duration": 9.3}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_18.wav", "text": "that can have quite a meaningful impact on many banks as they are required to look forward over a 12-month period or even as far as the remaining life of their exposures in", "duration": 9.3}, {"path": "89499eed4dff3bd184e91cd496111f22_70.wav", "text": "We are able to make commitments like this purchase and the Omni acquisition because we have maintained a strong balance sheet and waited patiently for the right opportunity.", "duration": 9.3}, {"path": "b0d88c0f1efca89ecb928172341dc75d_278.wav", "text": "This growth has been the result of our rigorous approach to modernizing and premiumizing our brands through renovation and innovation. And the benefits are clear,", "duration": 9.3}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_242.wav", "text": "But I just think it's too early for us to sort of comment on exactly how well or how -- what the issues we will face.", "duration": 9.3}, {"path": "9fb4423a70358ef22be9982299969f7a_18.wav", "text": "But we do read this to be more of stabilization of growth at current levels versus a deceleration or a further acceleration of growth.", "duration": 9.3}, {"path": "8611e088fa81dc9b999c382b62641dfc_114.wav", "text": "Can you talk to your hiring plans for the second half of the year? And how we should think about those relative to the cost structure?", "duration": 9.3}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_224.wav", "text": "We feel we can meet these targets by continuing to build our customer base, engineering the network and streamlining operational processes.", "duration": 9.3}, {"path": "1f142ea668261ba963d47aac6bab69dd_99.wav", "text": "more traditional channels, it's not going to be 100% incremental. But there's no question that we have the opportunity as we look at the kinds of items we're offering", "duration": 9.3}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_34.wav", "text": "are a portion of what we've done. And in some of these cases, we're a much larger participant in these deals. And so, although they may be", "duration": 9.3}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_186.wav", "text": "Now you could really start leveraging the power of the different integration capabilities you have and the different endpoints you have in the business", "duration": 9.3}, {"path": "bc1efb704df9c180935803c70a315597_128.wav", "text": "your core systems, should we expect a one-off charge to write off the old systems at some point in the future? And how much might that be coming through", "duration": 9.3}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_4.wav", "text": "Margins in this segment jumped, as we continue to benefit from larger volumes of water coming into our facilities via pipeline versus trucked water.", "duration": 9.3}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_15.wav", "text": "forecasting there in the third quarter compared to the second quarter. So 2 of the big things. One is we're forecasting lower", "duration": 9.3}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_43.wav", "text": "The majority of our annual and seasonal business is repeat and referral customers. The transient business is less predictable and requires more marketing efforts.", "duration": 9.3}, {"path": "10ad32c5e0559c879e032faaf3148ab4_8.wav", "text": "However, we are focused on achieving our synergy targets for this business while bringing technical and manufacturing resources to grow both revenues and, of course, profitability.", "duration": 9.3}, {"path": "24c7526f6daca8e16ab91bea6124148a_131.wav", "text": "The Cosmetics and Food Color businesses continued their strong performances in the quarter and the Inks business improved solidly over last year's result.", "duration": 9.3}, {"path": "24c7526f6daca8e16ab91bea6124148a_51.wav", "text": "The movement, depending on the segment and the market, may not be driven by a large multinational. It may be driven by a local or regional account", "duration": 9.3}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_44.wav", "text": "As an example, TESSCO has been selected by Verizon as a supplier to provide distribution of a broad array of wireless network", "duration": 9.3}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_34.wav", "text": "and because of high usage of QC labor as we were struggling to deal with challenging environmental conditions and to correct problems in our paint line.", "duration": 9.3}, {"path": "0b2059114216fe9195b6a4256ed84843_141.wav", "text": "During the quarter, we continued to focus on improving working capital metrics, which resulted in improved cash generation from operations.", "duration": 9.3}, {"path": "0702a77635d50ec3b154df61456c1b63_101.wav", "text": "Sure. We've given this level of guidance, intentionally the first time. This is the first time we've given guidance in a bit", "duration": 9.3}, {"path": "e45bd91347da3c6cbd1fca37e8c0215d_83.wav", "text": "So I just want to assure you that in all the markets that Cummins India plays in, in the domestic market of India, they will continue to be", "duration": 9.3}, {"path": "4d7256bec87696f6c5defa8f37db1b48_40.wav", "text": "a handful or half a dozen or so that have rather large geographies. And what we found through these successive expansions", "duration": 9.3}, {"path": "3ae068efa03cd088f4d3edea682f199f_89.wav", "text": "Richard has extensive commercial and operations experience and previously led our international Fabrication Services and Engineered Products businesses.", "duration": 9.3}, {"path": "24a2aec67e247f9c4d4cc89d6dbab525_127.wav", "text": "and we'll see that effect immediately. Also, contrary, when you start listening to other earnings calls versus ours,", "duration": 9.3}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_91.wav", "text": "how I would go at this, and this has always worked for me in the past. And I believe that market exists,", "duration": 9.3}, {"path": "3043e7527da9e59e29b7412cafeb9d80_6.wav", "text": "We hope to close these additional stores by the end of third quarter, however these opportunities remain subject to further due diligence and closing conditions,", "duration": 9.3}, {"path": "9097dcbaf554d635920c6274b1de4997_110.wav", "text": "I think as we are understanding our data we're doing the work in the background in terms of the sales force sizing and the overlap with high prescribers in the oral side", "duration": 9.3}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_21.wav", "text": "I'm just trying to get a sense of, I guess, it's really your order file plus timing of the completion of project before you can really ramp it up.", "duration": 9.3}, {"path": "744f5859c7d9a0567b387ae84326d940_134.wav", "text": "And this commitment includes investing for the future. And a great example is our recent investment and launch in PolyOne Advanced Composites.", "duration": 9.3}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_67.wav", "text": "Though we will continue to shorten the time from contract signing to revenue production and work through the backlog we had as the year began,", "duration": 9.3}, {"path": "523cf294ec146d5411972168b1c10f09_89.wav", "text": "Wireless construction activity in support of expanded coverage and capacity has begun to accelerate due to deployment of enhanced macro cells and new small cells.", "duration": 9.3}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_8.wav", "text": "Turning to the international markets. Let me first make a couple of comments on China. Yesterday, we filed an application with The People's Bank of China", "duration": 9.3}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_166.wav", "text": "that we've experienced here in the first quarter, a little bit more in the second quarter -- a little bit less in the second quarter, and then we start to see it turn positive in the second half.", "duration": 9.3}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_59.wav", "text": "This ensures that coal-fired generation remained more competitive than it was in the first half of '16, and power plants were able to burn more coal.", "duration": 9.3}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_190.wav", "text": "That program was reinstated in October last year, and continues today. So that's one of the primary drivers in that.", "duration": 9.3}, {"path": "47546a57a865bca0f4e677dc3b485053_182.wav", "text": "and then also the new product production, the first run production of new products in our plants, both for the State Department orders and the new Passport collection.", "duration": 9.3}, {"path": "f5875d033110e66b5aafc3c0003babdf_63.wav", "text": "We have been able to proactively stay ahead in the midst of an inflationary environment in which we've seen many of our input costs rise.", "duration": 9.2700625}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_152.wav", "text": "strong cash flow, we've been able to significantly reduce the acquisition financing that we took on back on the 5th of January to conclude", "duration": 9.2700625}, {"path": "f5875d033110e66b5aafc3c0003babdf_18.wav", "text": "And so we've seen a predominance of that type of project coming into the backlog right up until this most recent quarter.", "duration": 9.27}, {"path": "8ad0d5b5df75415c56ba590cad29489a_58.wav", "text": "really getting into customer requirements -- market requirements and customer requirements and making sure that we've got the right product for the long term in that marketplace.", "duration": 9.27}, {"path": "9d8c8f4a41008455665fd243ed99b642_85.wav", "text": "focus the business on a monthly basis. So that's why we're getting the averages down. So historically -- and you'll see in a lot of companies", "duration": 9.27}, {"path": "f3ea353a6c918bc1fd311a9cad6b9777_44.wav", "text": "We also believe that we are the leading online lender in Canada, with the most experience and scale in terms of originating and servicing loans online, having done over a million loans already.", "duration": 9.27}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_112.wav", "text": "but I think that's roughly what you're going to see. So that's the first piece. The second piece is -- to be blunt, we're doing better business in international.", "duration": 9.27}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_230.wav", "text": "so while it is difficult to develop forecast that include the whales or accurately project the timing and magnitude of big partner growth,", "duration": 9.27}, {"path": "a93681c92a0b9c04743f541a54b180c7_149.wav", "text": "number of the operating income and after that we want to increase our services and businesses several fold", "duration": 9.27}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_71.wav", "text": "We are making good progress with the ZEPATIER launch. We're having favorable conversations with payers, and we've garnered some early wins in both the public", "duration": 9.27}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_4.wav", "text": "Since I came to Hamburg now 6 months ago, I visited all regions and major markets that I was not directly responsible for in the past,", "duration": 9.27}, {"path": "19eed824fc629ea7d3f8ea7572c7abb7_21.wav", "text": "continuing the top line growth for 8 consecutive quarters since the second quarter of 2015, when GiGA Internet subscriber acquisition actually took off,", "duration": 9.27}, {"path": "280baf1d10cd27b78eae4bf2574b9c98_162.wav", "text": "the deal should be structured in a way that drives ticket. And I'm just curious as you think about your promotions over the next few weeks,", "duration": 9.27}, {"path": "9b42adffcf2518fd04e7d8df8f449e73_20.wav", "text": "I believe that the industry is likely to grow and likely to capture a lot of business because the", "duration": 9.27}, {"path": "8cb24daf76784487ad63780546dc4ba4_120.wav", "text": "A number of our other strategies also offer competitive track records across various time periods and in our view, have the potential for broader appeal.", "duration": 9.27}, {"path": "e824f4380f8203a1e3ed60e7da1e39e5_138.wav", "text": "launched the first and only coverage of new construction activity in the self-storage sector and created the nation's first and only affordable housing product.", "duration": 9.27}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_7.wav", "text": "Our business development offices have been more focused on developing commercial lending relationships, and we're pleased with the growth we're seeing in that area in particular.", "duration": 9.27}, {"path": "a27b6a158b524914d94b0a407a41ef82_48.wav", "text": "reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's third quarter earnings release, which is posted on the company's website.", "duration": 9.27}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_26.wav", "text": "author and user communities is what allows you to drive usage. And ultimately, in this market, pricing is increasingly predicated upon usage.", "duration": 9.27}, {"path": "570faeed3dcfa26c6246dc42309025ad_211.wav", "text": "reviewed a study in conjunction with one of our key suppliers about the demographics related to trips into our industry, not just Circle K, but our industry, and", "duration": 9.27}, {"path": "8b71a232d7fe61e6232807b635977c31_254.wav", "text": "But is there anything you can call out in terms of why clients might be delaying? Or any sort of change in client demand there?", "duration": 9.27}, {"path": "8bbc2f54137b794265dfb01f1559868d_23.wav", "text": "Well, I must say that we have -- we're lucky that we haven't really experienced any surprises so far.", "duration": 9.27}, {"path": "044da592acc01ff7baacb3dbf2a302a9_128.wav", "text": "experience as they start to adopt the Mako robot. So that's really one of the key factors. So we're continuing to hire those folks. We're probably looking right now", "duration": 9.27}, {"path": "c4dc8f962a85aa47af50f82845f550e2_72.wav", "text": "we've been able to then go to these other customers. And they have chosen to start to put some business into our sites.", "duration": 9.27}, {"path": "91422f85dbf838639b3cb9dd9da364eb_21.wav", "text": "and go to the Investor section. And from there, go to the Presentations section.", "duration": 9.27}, {"path": "6fa080ad3d32111b4490d1c7e30874f3_72.wav", "text": "based on what we see and the forecasting of earnings, we think it gives us some run rate for a while. But with the", "duration": 9.27}, {"path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_62.wav", "text": "Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business.", "duration": 9.27}, {"path": "797946494c2985a20aa50823e8723c44_22.wav", "text": "We expect the majority of refinery transitions to be completed by the end of this year, and then should be able to realize additional efficiencies in spending.", "duration": 9.27}, {"path": "cfbe91105113db7a5784f77e411b7a3f_106.wav", "text": "with that high level and distribution of business during the year, receivables are substantially higher in absolute amounts than what we can see at the end of the year.", "duration": 9.27}, {"path": "c1f9276ae4068aca63163adff502b818_22.wav", "text": "we would still expect our turnarounds before the AOSP acquisition to continue generating free cash flow and debt repayments, exiting the year in that", "duration": 9.27}, {"path": "c1f9276ae4068aca63163adff502b818_64.wav", "text": "As always, we will be mindful of ensuring that our financing plans afford the flexibility to repay debt or refinancing as each maturity comes due.", "duration": 9.27}, {"path": "8292bdb9af87f10627c044f3842b2c76_164.wav", "text": "just sort of the unprecedented demand coming from that. Are they taking -- are they doing deals where they're taking more space than they need in anticipation of future growth?", "duration": 9.27}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_163.wav", "text": "And while it will require some investment in the near term, there's great potential for us to continue growing well into the long term.", "duration": 9.27}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_65.wav", "text": "As we said in October, we believe this new compelling offer will be of interest to other landlords as they reconfigure their space.", "duration": 9.27}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_188.wav", "text": "Looking into adjusted costs in more detail on Page 7, you'll see 4 main categories with the following movements at constant FX rates.", "duration": 9.27}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_27.wav", "text": "Importantly, only former will be relevant for the maximum distributable amount, which functions as a restriction trigger point.", "duration": 9.27}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_8.wav", "text": "Previously, our partners had little motivation to refer business to us due to the relatively unfavorable economics", "duration": 9.27}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_143.wav", "text": "We have identified and continue to identify opportunities to leverage resources within TriMas and this is a perfect example.", "duration": 9.27}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_12.wav", "text": "IT, occupancy and general and administrative expenses all experienced a seasonal increase as typical of the fourth quarter.", "duration": 9.27}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_9.wav", "text": "We continue to improve our quality of earnings by growing the fee business thanks to the strong contribution of our own and third party products,", "duration": 9.27}, {"path": "ddf51a035f75b2e145a283edfd51fffc_164.wav", "text": "Secure switches are sold together with FortiGates and related services, and represented 2% of total fourth quarter billings.", "duration": 9.27}, {"path": "276392c471c063580869aec014a1feda_54.wav", "text": "And in Brazil, we introduced a red fruits flavor of our collagen beauty booster, and it was met with a lot of excitement when we announced it at our sales event in September.", "duration": 9.27}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_189.wav", "text": "I do allow them to bill their legal and support costs for ongoing unbilleds against it. But", "duration": 9.27}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_68.wav", "text": "as well as favorable adjustments associated with the closeout of a courthouse project in California and progress towards completion on a health care project also in California.", "duration": 9.27}, {"path": "f4d0f1362716be33f02690dd1a8df663_40.wav", "text": "owing to increased strategic spending on advertising and the failure of some products to achieve sales growth.", "duration": 9.27}, {"path": "38b2f94da12bbf2d32246763aab8265a_58.wav", "text": "and benefits, even though the portfolio has grown, this has to be emphasized, we can see that our claims are lower. They are lower because", "duration": 9.27}, {"path": "fabca2790ac9e6a96be6e6b59a497436_29.wav", "text": "the companies that have kind of nibbled around LNG have had a hard time really making money in that business. The spot returns have actually been pretty horrible", "duration": 9.27}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_207.wav", "text": "Consistent with previous quarters, the impact from foreign currency translation had an essentially neutral impact on net income on a total company basis.", "duration": 9.27}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_100.wav", "text": "continue to believe is important. It's important for you all, but it's important for us to be able to remain relevant in terms of how we price and how we deliver our products and services. So", "duration": 9.27}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_82.wav", "text": "In addition to ensuring we have the right solutions to address the unique needs of educators, we continue to build and improve distribution options", "duration": 9.27}, {"path": "8aa1aa8317783203344434f855535c25_178.wav", "text": "Please note that there are -- is no certainty that these transactions will close. I will now turn the call back over to Kipp for some closing remarks.", "duration": 9.27}, {"path": "e2c02e1788cb10703d7611ef157f8135_167.wav", "text": "but of course in a relatively small part of the overall store, then began to roll out into other parts of our business.", "duration": 9.27}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_32.wav", "text": "Higher spare engine volumes. We have a much better mix of spare engine volumes, first half, second half compared to last year, which was very much second half weighted.", "duration": 9.27}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_114.wav", "text": "So there is a growth, therefore, in the first half this year compared to what was a relatively low number in the first half of last year, as the spare engine volumes were very much second half weighted.", "duration": 9.27}, {"path": "b94d748876ddf8e881d4191dec45baf3_6.wav", "text": "of fiscal year 2016. These modifications are expected to lower our future revenue run rates", "duration": 9.27}, {"path": "f90636acacf7a46141d37814810a6a8f_35.wav", "text": "recently that would lead us to believe that anything is imminent. We look for opportunities in other businesses", "duration": 9.27}, {"path": "f330a0aa0ab658fcd59051ffb22f14de_47.wav", "text": "In the First Quarter we continued to see the benefits of that transformation programs that we have started already several", "duration": 9.27}, {"path": "ea60900258f99d1003ab247c506e42d9_101.wav", "text": "The ability to leverage that local market expertise as well as management capability is absolutely phenomenal. We're beginning to see some improvement", "duration": 9.27}, {"path": "ea60900258f99d1003ab247c506e42d9_11.wav", "text": "Whilst we expect the competitive environment to remain, the additional KZN baking capacity that was successfully commissioned in December", "duration": 9.27}, {"path": "9979d7fef684b8cac613c934b6229791_149.wav", "text": "For the first half, the increase in international sales occurred primarily in Canada, in Russia, in Australia and in Mexico.", "duration": 9.27}, {"path": "191c819db03c2dfd0207cd1f42e278a4_12.wav", "text": "due to efficient labor management, continued shift of more services delivered offshore and modest tailwinds from exchange rate fluctuations. The", "duration": 9.27}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_4.wav", "text": "and the elimination of some positions in our field offices and back office to better match the revenue levels of certain practices in our core business.", "duration": 9.27}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_66.wav", "text": "Our third priority initiative is dedicated to building our integrated solutions capabilities with a central team and a standard deployment model.", "duration": 9.27}, {"path": "17f54a9938f35a4bde713fb3eb33a80e_48.wav", "text": "We will also continue to follow the clinical outcomes of patients in the trial. As I mentioned, we anticipate an IND early next year", "duration": 9.27}, {"path": "dc61068601388a9e02fd3155c1eab59a_9.wav", "text": "we are very excited about this opportunity and are working through all open issues as swiftly as possible with all stakeholders in the process", "duration": 9.27}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_80.wav", "text": "as we continued to price to recover currency devaluations and rapid increases in Brazilian corn cost that occurred over the past two quarters.", "duration": 9.27}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_261.wav", "text": "I think Michael used the phrase that our product is useful and undeniably valuable. I think that that's a simple description of how we think about the Insulation business.", "duration": 9.27}, {"path": "f77935c4693e4d33252c9c76993e9c8b_62.wav", "text": "We don't think we can cut ourself out of this situation. We have to increase sales to get ourselves out of this situation primarily.", "duration": 9.27}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_229.wav", "text": "But we have no hurry -- there's no timeline. There's no commitment to anybody in terms of doing anything under any type of timeline, to OFAC or to anybody else.", "duration": 9.27}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_217.wav", "text": "that we should recover once we give you guys confidence that all of this is behind us, which I hope to be able to do on this call fully today.", "duration": 9.27}, {"path": "75eb5b75bb8587b63c318714ea956b9e_94.wav", "text": "and especially the increasing benefits realized from our ongoing strategic program integrating Life Sciences and Clinical Laboratories.", "duration": 9.27}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_43.wav", "text": "In Q2, additional shipments will occur including to multiple top retail partners, and the product will also begin to arrive on shelves.", "duration": 9.27}, {"path": "9aeced6a84c2436e62dd21d1441d0bb4_59.wav", "text": "This was -- there was strong expansion in Foundry, which was supported by new product launches. And the edible oil purification business also continued", "duration": 9.27}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_77.wav", "text": "projects there is out there. The second thing, most of our competitors are basically construction companies that are also doing", "duration": 9.27}, {"path": "baf4cec43f02cba3a0e2e83192f98380_57.wav", "text": "We continue to work on securing new orders for this business and have taken some steps to further improve operational performance.", "duration": 9.27}, {"path": "262bc21196721c5ff9114acbd2ff03c3_239.wav", "text": "simplicity, reduce complexity, drive efficiency and also act as a platform for our strategy execution also going well.", "duration": 9.27}, {"path": "e2225d612a954a24e7e91c08215d7b51_36.wav", "text": "through strategic investments in our cinemas and real estate development project and returning capital directly to stockholders.", "duration": 9.27}, {"path": "e2225d612a954a24e7e91c08215d7b51_15.wav", "text": "We understand this and continue to focus on the need for market-specific and curated marketing across our international operations.", "duration": 9.27}, {"path": "aed770c98113f594e36325a5822547e4_90.wav", "text": "Various remarks that we make during this call about the company's future expectations, plans and prospects constitute forward-looking statements for purposes", "duration": 9.27}, {"path": "d64ea0c7a15e866cd8f6571aa1ea6548_182.wav", "text": "In thinking about our earnings pattern, I would note that in recent years, many of our businesses have had higher-than-average expenses in the fourth quarter,", "duration": 9.27}, {"path": "21f21433851eb7c7f7dbc710309341bb_71.wav", "text": "We were able to update the way we account for recoveries on accounts previously written off moving to an accrual versus cash basis model", "duration": 9.27}, {"path": "939c2eaaa171907197a14e58cea3514d_75.wav", "text": "in Bermuda, and if I could possibly find out what the dates are. I'd certainly like to attend with my wife", "duration": 9.27}, {"path": "8eaca8d8a419f74540f69ade8defabbd_127.wav", "text": "confirmed order from a customer. We also build in those costs into our costing model when we're pricing products. So", "duration": 9.27}, {"path": "8eaca8d8a419f74540f69ade8defabbd_139.wav", "text": "which took effect on October 1. With this appointment, we've established an enhanced leadership structure to provide more effective and coordinated oversight", "duration": 9.27}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_161.wav", "text": "there's some flexibility around that. There's still some things we can do around cost. As you know, we're very focused on OpEx and continuing to take costs out of the", "duration": 9.27}, {"path": "da879f8ea1c23aa6565cccaacac271fc_182.wav", "text": "coupled with continued robust growth in our Safety Assessment and Microbial Solutions businesses. On a segment basis,", "duration": 9.27}, {"path": "433a6e203f9db93835c27ff83e86c801_41.wav", "text": "but our volume simply isn't high enough to substantiate us spending billions of dollars to build our own lithium iON factory right now.", "duration": 9.27}, {"path": "433a6e203f9db93835c27ff83e86c801_156.wav", "text": "We issued an 8-K and press release and held a call similar to this last Tuesday, announcing our acquisition of Alpha Technologies.", "duration": 9.27}, {"path": "7cc11de7f206c637e6293da0d956405e_152.wav", "text": "the ability to participate on referral networks, right, and actually help us work with our clients better and maintain those relationships and bringing custody of", "duration": 9.27}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_11.wav", "text": "What we have approved for the first time is a program of refracs and recompletions over a large number", "duration": 9.27}, {"path": "01f88a67f39af3a74d5f23b095615d39_218.wav", "text": "As I said, Qantas Loyalty achieved yet another record performance as both the Coalition and the new businesses continue to expand.", "duration": 9.27}, {"path": "01f88a67f39af3a74d5f23b095615d39_122.wav", "text": "Now when you stare into that, it's also very clear to us the majority of that shaping is happening on key competitive markets for us right now.", "duration": 9.27}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_10.wav", "text": "However, to the extent inflation continues to come down more quickly than expected, it's possible that the Central Bank would adjust rates downward once again.", "duration": 9.27}, {"path": "6709c061d39d0e433079f84160f11c80_40.wav", "text": "While in the past, we've been successful in growing our business and expanding our footprint within asset management through acquisitions. We're also mindful that", "duration": 9.27}, {"path": "6709c061d39d0e433079f84160f11c80_58.wav", "text": "in this particular quarter. We were in a period where large clients on balance were in a position of reducing their exposures.", "duration": 9.27}, {"path": "c20824ea6f927fe380f48a904cf4821b_48.wav", "text": "And we are working with a variety of fleets and shippers, like Kroger and Unilever as well as trucking companies, waste companies and municipalities.", "duration": 9.27}, {"path": "c20824ea6f927fe380f48a904cf4821b_67.wav", "text": "Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results.", "duration": 9.27}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_221.wav", "text": "that's going to depend on the availability of the fuel and a number of items that are just hard to predict at this time.", "duration": 9.27}, {"path": "e7d23208b973f7998b2fb21a00d87849_74.wav", "text": "Consequently, our results would normally outperform the index in a falling market and, conversely, underperform in a rising market.", "duration": 9.27}, {"path": "884400c829f179d8cf68b767f45f03a4_184.wav", "text": "Before we get started, please note that as part of the call this morning, we will be referencing a presentation that is available on the Investors section of our website", "duration": 9.27}, {"path": "b126c31149f1cadf1d891082a187d6fc_241.wav", "text": "first quarter call, which is the development of this risk-sharing model that we will be rolling out and going to the acute care hospitals with", "duration": 9.27}, {"path": "5efe4589d80ac1232c2958182c188903_14.wav", "text": "and Sigma who buy in bulk and distribute to their end customers. And so in most cases, we don't know where all the products are going. Although I will say that", "duration": 9.27}, {"path": "66b25c60d952bd002c7ab20da9248086_159.wav", "text": "Some of them rely heavily on the banks for distribution, and obviously that can compose a problem. They also lack a direct-to-consumer platform themselves.", "duration": 9.27}, {"path": "812d8f09b72b4d410d138d3b24caebbc_156.wav", "text": "insecticides and insecticide sprays will continue to be maybe not the same growth we had this year but won't go back to where they were in the past.", "duration": 9.27}, {"path": "a2ba164f019804628c07b36de47cd464_38.wav", "text": "In our specialty formulary management product, we expanded the number of therapeutic drug classes under management for both new and current customers.", "duration": 9.27}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_164.wav", "text": "Overall, I'm pleased with our performance and remain confident in our ability to execute against our strategic objectives.", "duration": 9.27}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_112.wav", "text": "Furthermore, our targeted household marketing is delivering a significant saving in marketing expenses compared to last year.", "duration": 9.27}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_26.wav", "text": "pretty well through '15 on the parts side. Where we saw some weakness was on the construction side. And when I talked about people not running to the year-end, there was", "duration": 9.27}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_84.wav", "text": "momentum as we go in. So yes, it's going to take a little while to build this business back and regain the 20% we lost.", "duration": 9.27}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_21.wav", "text": "as I mentioned in my remarks, the -- we sort of have grown up through the IT world and are well known in that world. Our product's getting pulled out of IT.", "duration": 9.27}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_103.wav", "text": "as a reduction in fixed operating costs and floorplan interest expense more than offset our decrease in gross profit from parts and service.", "duration": 9.27}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_141.wav", "text": "The slight decrease in revenues and segment results were primarily due to the decrease in rental activity I mentioned earlier.", "duration": 9.27}, {"path": "3412b2f7aef0615537779e312cf984c3_108.wav", "text": "obviously, the confidence level on future and growing exploration in the Gulf of Mexico, in Southeast Asia. So", "duration": 9.27}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_98.wav", "text": "will there be any addendums, any weaknesses still? Would you expect that? Or do you expect it to be a normally signed audit at that point?", "duration": 9.27}, {"path": "2cd5b184c2ef6624ce219830182927c9_53.wav", "text": "What from my perspective makes this very important as you think about all the investment that needs to get made in the system, be it distribution or transmission.", "duration": 9.27}, {"path": "6daa2d0829057899b014b06c36e1d54b_148.wav", "text": "I'm thrilled that he has accepted our offer, and I look forward to working with him along with the rest of our Board.", "duration": 9.27}, {"path": "323193895e800e72960d98dd5fb64cf5_116.wav", "text": "So we can see that the cost out that we're taking in service delivery is helping the margins here in Networks.", "duration": 9.27}, {"path": "1d021dfadd51998ac079e1df49929c60_49.wav", "text": "However, given the lag between changes in open market paperboard prices and our folding carton prices, we expect to see the majority of the benefit", "duration": 9.27}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_118.wav", "text": "basically what we can do to serve the customer the best and manage our risks. So we're really looking at all types of contracts and contracting structure.", "duration": 9.27}, {"path": "50eb350badadec6e4272b90684741c25_160.wav", "text": "One benefit of the harmonization of our Discovery portfolio is the expansion of our integrated client relationships.", "duration": 9.27}, {"path": "f268a8174f58c93ad6b45b7f151fe896_232.wav", "text": "And we can do this while still effectively serving the growing e-commerce markets because automation and technology improves efficiency, productivity", "duration": 9.27}, {"path": "e3d039c554f5cc556071f83c93609e76_11.wav", "text": "there are no questions, I would like to finish this call. We had", "duration": 9.27}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_279.wav", "text": "And in commercial benefit channels, we're seeing both lower use of the ER and lower hospital admission rates for patients treated in the ER.", "duration": 9.27}, {"path": "24c7526f6daca8e16ab91bea6124148a_66.wav", "text": "We urge you to read Sensient's filings for a description of these factors. Please bear these factors in mind when you analyze our comments today.", "duration": 9.27}, {"path": "6f1b092b312410065d308541be46da95_112.wav", "text": "Regular filings are clearly important to achieving returns close to the allowed level, but we also need to be more efficient to offset inflation and keep costs down.", "duration": 9.27}, {"path": "a766b08317742c952705018a899f3998_56.wav", "text": "And it could ramp very quickly because a lot of ad dollars being spent on a mobile platform. And if you can show increased", "duration": 9.27}, {"path": "538323cb37246bc97d1253b369a7414a_116.wav", "text": "also to streamline our regional structure. We can clearly state that the current frame of reference with which we are working", "duration": 9.27}, {"path": "5a85c98fc5e3d596bc18741b744f9ea5_176.wav", "text": "As I have just mentioned, Jianpu's cooperation with financial service providers is becoming more diversified", "duration": 9.27}, {"path": "1096d26129c469524041c969a684f8ae_7.wav", "text": "In July, the partnership also began construction of an additional gas processing plant to support growth in the STACK shale play of Oklahoma.", "duration": 9.27}, {"path": "3ae068efa03cd088f4d3edea682f199f_26.wav", "text": "To achieve this milestone on a project of this size and with these many employees requires an unwavering commitment to safety for everyone involved.", "duration": 9.27}, {"path": "7a80c3e91e5a2693cdaef5f716808317_42.wav", "text": "Each site then goes away, and they had January to write a documented improvement plan, and now those plans are back and they're executing to those plans. So a lot of those type of opportunities", "duration": 9.27}, {"path": "7a80c3e91e5a2693cdaef5f716808317_113.wav", "text": "we continue to identify opportunities for management-driven improvements within Rotork to stimulate both the growth and margin we desire.", "duration": 9.27}, {"path": "30a142fac5a62ab00227cb6a339a6226_126.wav", "text": "The investments we have made across our advertising business are starting to pay off, and we're pleased with the results we have seen so far.", "duration": 9.27}, {"path": "8dd740d83ff1c7319a82eeba6047633d_72.wav", "text": "higher for some airlines than others because some are pushing it -- want us to push it more hard than others. But I think it shows that travelers through Singapore", "duration": 9.27}, {"path": "9cd9b67e289e807d677aabc5765fec6a_179.wav", "text": "really challenging ourselves to find the levers, to see the enhancement as we go forward and know", "duration": 9.27}, {"path": "ec81096e007f2e89de94b49db12d11bb_57.wav", "text": "I'm not going to provide that protection, but you can look back at the numbers historically.", "duration": 9.27}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_310.wav", "text": "So we'll leverage off Sunrise Dam, we'll leverage off Tropicana in terms of all of the operation and readiness work we've done there to build a new team and build new systems.", "duration": 9.27}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_158.wav", "text": "but we really haven't done a whole lot of marketing beyond building out the partners to go-to-market in some of these geographies that I mentioned.", "duration": 9.27}, {"path": "523cf294ec146d5411972168b1c10f09_138.wav", "text": "roughly, I think that will be more as we go through the rest of the year. We're able to gain some share there. So I think we can play", "duration": 9.27}, {"path": "ab3354b86be920cde18291112bf8a70a_138.wav", "text": "These capabilities are in development and testing, and we will be introducing them with training and support to advisers beginning and throughout next year.", "duration": 9.2699375}, {"path": "9e8690a521142359001a137074905535_151.wav", "text": "yet, at the same time, it does sound like some of these issues are new issues. I understand the demand environment is challenging. I suspect it got more challenging since the new year.", "duration": 9.2400625}, {"path": "92b48b365197c65ebf545a4c9dd1200d_43.wav", "text": "try to stay ahead of the game and ahead of the referral opportunities. So I think that we did a lot of", "duration": 9.24}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_82.wav", "text": "the work we're putting in to try and engineer our margin and understand drivers of margin for both food and drink aren't just a factor of what's gone before. We're doing some different things. So on drink,", "duration": 9.24}, {"path": "214dcdc435ef3259490466447858fa56_71.wav", "text": "In some challenging markets, we have delivered numbers in line with the rebased guidance that we put out in December.", "duration": 9.24}, {"path": "0db71632fa65f1d166f14cb8593c4690_71.wav", "text": "if we confirm the growth of the Brazilian economy, we will discuss the investment in a new line of galvanized.", "duration": 9.24}, {"path": "ab861b81968e1b5fcb606ed886919d68_30.wav", "text": "Just wondering to what extent this theme will play out in 2017 and in particular was there any acceleration of", "duration": 9.24}, {"path": "a93681c92a0b9c04743f541a54b180c7_56.wav", "text": "through our services, and that is the base off which we're going to consider new services, and we need to make it easier to use.", "duration": 9.24}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_3.wav", "text": "As seen after any of the recent loss events, capital is readily available, and will flow in and out of the market as needed.", "duration": 9.24}, {"path": "0018ad922e541b415ae60e175160b976_34.wav", "text": "I frankly, do not know. I can make guesses, but I wouldn't want to make a guess, but I think the government has chosen that this is the most opportune moment to announce and they have announced it.", "duration": 9.24}, {"path": "c68c15299b67173c7ae163cc5938f3c1_86.wav", "text": "With this all behind us and to be successful going forward, the organization has to focus on cost to ensure enough cash available to pay for the growth.", "duration": 9.24}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_129.wav", "text": "Third, we will be putting in place a new client partner organization, focused on sustaining and growing our relationships with our existing clients,", "duration": 9.24}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_144.wav", "text": "invent the world as we see it, but we're listening real carefully to our clients and they're telling us what they want the product to be able to do, and we're making it able to do that.", "duration": 9.24}, {"path": "13220986bf30f26076a674e2a9edc89c_221.wav", "text": "markets. And as we've talked about here before, we've been managing very carefully things like our construction and land exposure,", "duration": 9.24}, {"path": "1c60a3d37d43a43d5851722212ddcd71_15.wav", "text": "regardless of the market conditions. As you know, in Q2, the Korean interest rate has been going on a downward trend.", "duration": 9.24}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_192.wav", "text": "Our tax rate benefited almost equally from our tax planning efforts and the new accounting standards related to share-based compensation.", "duration": 9.24}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_69.wav", "text": "Before we begin our remarks, I want to direct your attention to Slide 2, which discusses our use of forward-looking statements and potential risk factors", "duration": 9.24}, {"path": "56e05107e391476d11fe1f637733f028_9.wav", "text": "Even though we started billing all clinics direct for Medicare patients effective July 1, we were still processing and collecting", "duration": 9.24}, {"path": "8bbc2f54137b794265dfb01f1559868d_7.wav", "text": "Previously, Clarient's more limited test menu required a large number of molecular tests to be sent out to other labs for processing.", "duration": 9.24}, {"path": "8bbc2f54137b794265dfb01f1559868d_4.wav", "text": "Given all of this disruption to our normal sales process, they worked very hard and we are fortunate to have achieved strong results so quickly.", "duration": 9.24}, {"path": "84d2b192c2dd9cdcf24bacf3788a5322_218.wav", "text": "And that open season is continuing with strong interest and hopefully we'll have more to report on that in the near future.", "duration": 9.24}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_109.wav", "text": "this -- the investment thesis around the mortgage solutions business was a share gain, leveraging our relationships with the mortgage servicers, expanding our product offerings.", "duration": 9.24}, {"path": "b34f680a9162805e0188170d6272a356_233.wav", "text": "And the opportunity to have higher margins on those projects, I believe the competition is starting to follow our lead.", "duration": 9.24}, {"path": "46906afb4e1ee1fef09b5908e76beefa_41.wav", "text": "at or above historical rates. So again, we'll see how things play out if and when competition does come with regards to price and volume,", "duration": 9.24}, {"path": "172cea7765ae61b8423572c894b3a5b8_69.wav", "text": "At the moment, I think that the most likely impact that I can see that may happen", "duration": 9.24}, {"path": "39e5706898dcaf14a280b3a123877cd6_78.wav", "text": "hospitality capacities with the facilities that are not all up to the task as they are.", "duration": 9.24}, {"path": "a827180c08c11f2e53c6966fceaabf5b_26.wav", "text": "was a very dramatic impact in that segment, which rippled through to 4% for the business overall. So I think that while", "duration": 9.24}, {"path": "1b1699497be56330b3ed833f22bc63f6_145.wav", "text": "to comply with their growing burden of regulatory obligations and to provide great gaming entertainment for their guests.", "duration": 9.24}, {"path": "73ba4ff250b62745e03880e75b9a1581_85.wav", "text": "We will continue to manage all elements of our business within our control to ensure that we remain competitive regardless of economic conditions.", "duration": 9.24}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_17.wav", "text": "It provides a baseline of diverse healthy human subject that will be used to further understand immune system responses across a range of diseases and populations.", "duration": 9.24}, {"path": "224a41b247c04842c2998802d67c8123_20.wav", "text": "That's our target. As far as pineapple is concerned, I believe pineapple will rationalize by itself as we go forward because,", "duration": 9.24}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_44.wav", "text": "Argentina area keeps on growing organically at 36% as we continue passing inflation cost to prices in the country with no deterioration", "duration": 9.24}, {"path": "0f06227be4dd36d9329849eda96196aa_17.wav", "text": "There are many aspects of financial 2017 we believe are important to discuss. I will focus the rest of my comments on these issues.", "duration": 9.24}, {"path": "e1da48985804bd3d99dffc5e33b6124b_104.wav", "text": "Our Q2 free cash flow was below our target as working capital builds pushed our total working capital to 28% of sales.", "duration": 9.24}, {"path": "0f4370b614f29bd596e4f6871cc77864_207.wav", "text": "with emerging opportunities to include new technology classes, such as augmented reality, autonomy and blockchain and these solution sets.", "duration": 9.24}, {"path": "93d3e5be9cf75e0921d47f10d4178939_72.wav", "text": "While substantially better than the fiscal first quarter, our same-store portfolio growth is currently not on the pace we had expected.", "duration": 9.24}, {"path": "132abea68f255eb89160dde90b6d3b80_68.wav", "text": "But then, right now, we're not expecting Brazil to get any worse. I mean, you can see the levels that we're talking about across the businesses.", "duration": 9.24}, {"path": "f4d0f1362716be33f02690dd1a8df663_91.wav", "text": "Consumer evaluations of HI-CHEW have risen steadily, and its fans show no signs of tiring of its delicious taste", "duration": 9.24}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_94.wav", "text": "Once we have all the traffic, we would anticipate to be doing a little bit more of network optimization, but I would characterize it as it's much lower scale", "duration": 9.24}, {"path": "002d12258ff802d65f79ae2eef99e4ab_179.wav", "text": "We have invested quite a bit in this business for some time and we stepped it up and they have had a big investment starting", "duration": 9.24}, {"path": "616e9ba16db091317ae4d96e877a9bbe_47.wav", "text": "Yes. There's been very little of that. I mean prices in general have been very steady across global investment sales markets.", "duration": 9.24}, {"path": "e60f6485243932b9280d864cb17a6ba8_12.wav", "text": "which is with the launch of a global organizations to monitor asset efficiency and services performance programs throughout the group.", "duration": 9.24}, {"path": "b96165244f010b3f1e61cbbc5e504d96_21.wav", "text": "Because what they're telling us is, until I know, for a fact, that I can supply my current surgeons, I'm not going to take on the additional risk to go after material new business.", "duration": 9.24}, {"path": "b96165244f010b3f1e61cbbc5e504d96_200.wav", "text": "a big part of what we need to do in the organization is just to increase this kind of one Zimmer Biomet mission culture.", "duration": 9.24}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_76.wav", "text": "The bill is complex and will take some time to fully implement. The amounts reflected in the earnings release represent our best estimates of the impact from the legislation to date.", "duration": 9.24}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_104.wav", "text": "These new agents are off to a good start, but they haven't quite made up all of the foregone revenue from small ESCO partners that we redirected towards distribution", "duration": 9.24}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_73.wav", "text": "We continue to focus on differentiating our products, concentrating on helping provide transparency to our consumers", "duration": 9.24}, {"path": "e2c02e1788cb10703d7611ef157f8135_17.wav", "text": "We continue to review performance by store. It's against a menu of options considered to improve that performance when less than desired.", "duration": 9.24}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_147.wav", "text": "So we just saw a powder by Eldora and also looking to set up a new partner for themselves in Japan. I was hoping you just talk to", "duration": 9.24}, {"path": "6d97c63e754383663561baada77c7354_97.wav", "text": "Technology is the driver of scale and is at the heart of everything we do. We will continue to emphasize these capabilities", "duration": 9.24}, {"path": "1968062b387ef01efed18108be2dc264_7.wav", "text": "It makes us more valuable to both our customers and our suppliers as we can provide comprehensive solutions to reduce their supply chain costs.", "duration": 9.24}, {"path": "c5c7a9f409241412b160a93cde7ef630_151.wav", "text": "That residential reentry facility received modest damage when the eye of the hurricane made landfall only a few miles northeast of the facility.", "duration": 9.24}, {"path": "974a2d744cd3d9acf42d74816de91f7f_63.wav", "text": "The year-over-year increase was a result of higher overall outstanding debt balances and higher interest rates on the floating portion of our debt.", "duration": 9.24}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_72.wav", "text": "Thanks, Rick. We had an exceptionally strong fourth quarter and full year 2016, and I am proud to share the highlights of our accomplishment.", "duration": 9.24}, {"path": "bd40628b97efec198825ccf910c7e27e_33.wav", "text": "We believe this study had a successful outcome in validating the revised directions for use given there were no drop tablets during the study.", "duration": 9.24}, {"path": "e3fb2719bc9a37659c5e3ae54a06e8a7_89.wav", "text": "both to follow what our clients are asking for from us and also just follow the spending trends in our clients.", "duration": 9.24}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_77.wav", "text": "But it is picking up, and what we're seeing is this pickup is very strong in China. And that's partially because", "duration": 9.24}, {"path": "28404e399cb043d390aa70bceb339dd4_122.wav", "text": "Also, as Chris described, we are very excited to announce the acquisition of the Island Bancorp, the holding company for Edgartown National Bank,", "duration": 9.24}, {"path": "82131762fc1c2b2358ac3a167666ab87_114.wav", "text": "And so will that securitization, the initial one and anything on a go-forward basis", "duration": 9.24}, {"path": "968913c3f9111fc67f1d9956c56dec3b_76.wav", "text": "Also note that depreciation will be a couple million dollars higher in the quarter sequentially. But we expect it to moderate in the second half of the year.", "duration": 9.24}, {"path": "f77935c4693e4d33252c9c76993e9c8b_154.wav", "text": "as many people in the organization as you can possibly satisfy. And you keep them satisfied every day that you can keep them satisfied. So you have to", "duration": 9.24}, {"path": "f77935c4693e4d33252c9c76993e9c8b_99.wav", "text": "at the customer that is either already being met with competitor products? Or is it something that is not already met yet,", "duration": 9.24}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_148.wav", "text": "and we can fully use them for financing the company. So this is actually a good source of very cheap financing for us going forward as long as Renova is under sanctions.", "duration": 9.24}, {"path": "e16c49bab0eeda53f9fd5b3d0f599149_30.wav", "text": "As we said on previous calls, that in our opinion, there's no reason there should be as much rate pressure as there is with demand as high as it is.", "duration": 9.24}, {"path": "9e8690a521142359001a137074905535_142.wav", "text": "It does exacerbate the fact that we're in the middle of a holiday period, so we did anticipate some weakness just over the holidays", "duration": 9.24}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_127.wav", "text": "And that is where the market is. I mean, you don't really see too many people messing around with that type of colored glass. You may see,", "duration": 9.24}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_123.wav", "text": "What's exciting for us are a couple of areas. One, and I can't be real specific because of the applications, but I'll give you a flavor.", "duration": 9.24}, {"path": "532e653f6aa6c3bf43a5b256bb4c1254_23.wav", "text": "primarily loans and primarily driven by LIBOR and prime. But that allows us to really benefit as rates continue to rise.", "duration": 9.24}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_135.wav", "text": "will be pretty much reduced in the second quarter. I'll let Mario maybe give you a", "duration": 9.24}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_151.wav", "text": "perhaps you could just give us some color in terms of like your bidding activity in Canada and where you see that going over the course of the year.", "duration": 9.24}, {"path": "262bc21196721c5ff9114acbd2ff03c3_119.wav", "text": "look no further than Asia to see how Germany is doing a lot of our business in Germany tends to be to the machine building and the export", "duration": 9.24}, {"path": "e2225d612a954a24e7e91c08215d7b51_139.wav", "text": "The interest of these brands and the scope and extent of our interaction with them has intensified as construction has progressed on the upper floors.", "duration": 9.24}, {"path": "cac9bb252b7974b7044423e714c2f054_89.wav", "text": "Regarding taxes, the effective tax rate was just under 10% for the third quarter, benefiting from the release of a previously accrued tax liability.", "duration": 9.24}, {"path": "939c2eaaa171907197a14e58cea3514d_109.wav", "text": "And therefore, we don't think that will have a long-term impact on the market. But I would say short term, it certainly had an impact because a lot of vessels came out", "duration": 9.24}, {"path": "b3d7bc295d09d9927e465213612c0192_101.wav", "text": "The one deals with 300-millimeter, where we've stated that one of our growth engines for the second half of the year", "duration": 9.24}, {"path": "b3d7bc295d09d9927e465213612c0192_140.wav", "text": "for both sensors and displays and on a very unique embedding of artificial intelligence into imaging and other sensors.", "duration": 9.24}, {"path": "b3d7bc295d09d9927e465213612c0192_225.wav", "text": "on the forecast at the beginning of 2019, we will decide to invest to increase capacity in that factory,", "duration": 9.24}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_119.wav", "text": "that is in charge of launching this product. And it includes reimbursement specialists and folks that have done this before for many small teams.", "duration": 9.24}, {"path": "7cc11de7f206c637e6293da0d956405e_72.wav", "text": "Along with the superior growth of our new clients pipeline, we have been challenging historical conventions around the onboarding process to eliminate roadblocks.", "duration": 9.24}, {"path": "068bea67ac01942fafb955a1116b29dd_42.wav", "text": "And so indeed, these are the other areas where we will try to be a stronger presence in the market.", "duration": 9.24}, {"path": "757695924b5e43c7d44e29dc141cc035_164.wav", "text": "I'd say overall we're seeing nice improvement in our business on the margin side. We do think that the large project", "duration": 9.24}, {"path": "c47a92e006b54d014a79b447528c55a7_112.wav", "text": "And we still think we have a pretty solid year in HHI. Obviously, it's going to take us a couple of quarters to get appliances stood back up and reinvest", "duration": 9.24}, {"path": "9ec35a7809acb51486076e302028ba33_3.wav", "text": "Since that time, we have enhanced our planning tools and increased capacity to give better awareness and flexibility to meet market demand.", "duration": 9.24}, {"path": "1e32d5e01ff61f70b37850c473b9876a_16.wav", "text": "has given us confidence to reinvest our marketing efficiency gains back into the opportunity to really take", "duration": 9.24}, {"path": "e33785a294553de2a12d4463bf786744_181.wav", "text": "the timeline is open. Number two, at the current -- currently, we don't have any plans to return money to the shareholders because we think we can deploy the money.", "duration": 9.24}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_89.wav", "text": "are obviously still holding in pretty strongly. So how do you think about the chemical environment and what it might mean for the timing of the second cracker?", "duration": 9.24}, {"path": "e7d23208b973f7998b2fb21a00d87849_26.wav", "text": "second quarter of 2016. Like the investment community does, we too compare our results to the Baltic Index.", "duration": 9.24}, {"path": "9c67fafcb51925dcbaa570283fe01701_129.wav", "text": "We had a need last year to be a bit specific on the pricing development because we had to revise our long-term financial targets, but we do not believe it's meaningful going forward", "duration": 9.24}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_101.wav", "text": "Yes, I don't think there is a steady state in digital media. It keeps changing. Three years ago, I wouldn't have thought that we were going to be", "duration": 9.24}, {"path": "29f56972971325265e4a53485f49793e_20.wav", "text": "in this way and to stay with a good return on the capital that we have used in our business. And again, it", "duration": 9.24}, {"path": "9908957f60adff5efc1c8692a0f5ab38_114.wav", "text": "We have invested in our team, our in-store presentations as well as focus on developing and improving our vendor base.", "duration": 9.24}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_179.wav", "text": "On our call a year ago, I spoke about our story in the context of chapters, the early days going public and then getting big fast.", "duration": 9.24}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_218.wav", "text": "in responding to customer needs and consumer behavior and added new capabilities to drive future growth.", "duration": 9.24}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_268.wav", "text": "So the lower pricing really speaks to what Steve just spoke to in terms of what we're doing in terms of supporting the coffee. So", "duration": 9.24}, {"path": "66b25c60d952bd002c7ab20da9248086_139.wav", "text": "through the card program. So at some point in 2019, we expect the kind of expansion of what we call the premium account,", "duration": 9.24}, {"path": "812d8f09b72b4d410d138d3b24caebbc_174.wav", "text": "Our closures with SimpliSqueeze valves can also be found on new barbecue sauces in Brazil and Mexico for both Hunts and Heinz.", "duration": 9.24}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_94.wav", "text": "lion share of the orders. So and I think that's pretty clear what's happened in the market and", "duration": 9.24}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_50.wav", "text": "I am excited that we'll be working together to build value for our shareholders. And with that, I'll turn the call over to Craig to cover our financials.", "duration": 9.24}, {"path": "24a133abc343c813233d416b0cef96cd_271.wav", "text": "Third is to grow the Logistics and Business Park allocation to ideally well above 20% of our total assets.", "duration": 9.24}, {"path": "b0d88c0f1efca89ecb928172341dc75d_235.wav", "text": "I want you to just be very clear where we stand on this. Overall, we are very pleased with our top line strength, I think you could see from our presentation. And I'm talking Legacy CAG here.", "duration": 9.24}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_246.wav", "text": "but we do need more data. So we are running a few registry studies of different kinds to figure out exactly how they can interpret this.", "duration": 9.24}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_64.wav", "text": "lower cost, position ourselves for what I would say improved margins going forward once the wind starts blowing in our direction again.", "duration": 9.24}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_19.wav", "text": "The other thing that I found interesting and attractive was the organic growth. A lot of the innovation at ServiceNow has been organically developed. You don't see that very often.", "duration": 9.24}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_0.wav", "text": "Factors that could cause actual results or events to differ materially from current expectations are disclosed under the heading Risk Factors", "duration": 9.24}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_136.wav", "text": "We were able to leverage the skills of our GMFS, the residential business that stand in that area to help underwrite and", "duration": 9.24}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_53.wav", "text": "reasonable outcome in your next rate proceeding -- I know you're still trying to get the final order here -- we should expect", "duration": 9.24}, {"path": "1f142ea668261ba963d47aac6bab69dd_150.wav", "text": "have not performed particularly well of late. And so we see it as a real opportunity for us to take some leadership and get the category growing faster.", "duration": 9.24}, {"path": "6daa2d0829057899b014b06c36e1d54b_145.wav", "text": "We wish to caution you that such statements reflect only the company's current expectations, and that actual events or results may differ materially.", "duration": 9.24}, {"path": "1d021dfadd51998ac079e1df49929c60_173.wav", "text": "that allowed us to substitute one type of fiber for another, we would actively pursue those as well as part of our CapEx guidance that we provided.", "duration": 9.24}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_24.wav", "text": "larger and more long-term relationship with these customers. So how did we support that and what did we do in terms of investment during this", "duration": 9.24}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_72.wav", "text": "these all were necessary to be that glue to make everything to work together as a platform. All of these have been invested in.", "duration": 9.24}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_27.wav", "text": "early leading indicators of this investment and this strategy provide good indicators that we are having much more", "duration": 9.24}, {"path": "6cbf592846662213258684c3049e4592_163.wav", "text": "is very good. But we do recognize that a lot of our partners are in a situation where they're trying to manage their inventory. And so", "duration": 9.24}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_19.wav", "text": "And so I expect our customers will want to have access to that pipeline, wherever we put our next plant, so that will go into our calculus.", "duration": 9.24}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_233.wav", "text": "but we certainly will continue to look at that. I will tell you though that I don't believe you see the same elevated valuations in areas outside of our core areas.", "duration": 9.24}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_15.wav", "text": "lower visitor roaming growth and the retention focus in the prolongation cycles of customers affected by customer services and network issues.", "duration": 9.24}, {"path": "429bcf63d57c11ea4d8864560f521dba_98.wav", "text": "This is good old cable tactics. And as you move to the right on this page, you can see that strong customer intake is not diluting Home ARPU. We", "duration": 9.24}, {"path": "f268a8174f58c93ad6b45b7f151fe896_113.wav", "text": "induced by the tax rate that is the important part of any increase in CapEx. And we'll identify which is which if we do that.", "duration": 9.24}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_207.wav", "text": "benefits to them in terms of their overall health and management. And with respect to Andrew Witty joining us, Justin, we're very pleased that he's", "duration": 9.24}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_187.wav", "text": "but we -- we've always had a strong balance sheet as one of our top priorities, so that certainly isn't going to change.", "duration": 9.24}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_23.wav", "text": "Cash flow was also impacted by the decision to carry some additional inventory at year-end, buying around tariffs and the Chinese New Year.", "duration": 9.24}, {"path": "24c7526f6daca8e16ab91bea6124148a_81.wav", "text": "Excluding the benefit of this transaction, the fourth quarter cash flows were slightly below last year's result due to a onetime pension payment.", "duration": 9.24}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_77.wav", "text": "the margins on that IoT business significantly higher than your current risk margin base?", "duration": 9.24}, {"path": "f15a674bdbbc461872000604216ae071_33.wav", "text": "posted to the liability management accounts, the final cost becomes more competitive than what we had before. But if we were to adjust", "duration": 9.24}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_34.wav", "text": "will also discuss our progress on improving our plant uptime. As we noted during our last quarter's call, back in February,", "duration": 9.24}, {"path": "4d7256bec87696f6c5defa8f37db1b48_83.wav", "text": "pressure, whether that's from payer pushback given the size of the market or potential competition long term coming in? How do we think about that?", "duration": 9.24}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_68.wav", "text": "and yarn, which is an incremental headwind. And I'll add that as we discussed for some time now in the last earnings call and at investor conferences,", "duration": 9.24}, {"path": "5a85c98fc5e3d596bc18741b744f9ea5_1.wav", "text": "A general discussion of the risk factors that could affect Jianpu's business and financial results is included in certain filings of the company with the Securities and Exchange Commission.", "duration": 9.24}, {"path": "b1a98885c1d81414cdc122e807760faf_148.wav", "text": "But before I turn it over to Mike, let me provide you with more details on our commercial performance. Starting with MS.", "duration": 9.24}, {"path": "365c360aff42713cef71a7d026eeeb6d_299.wav", "text": "improving retention. And we have emphasized I think throughout our communications that healthy revenue growth and improving retentions are very important to support", "duration": 9.24}, {"path": "8dd740d83ff1c7319a82eeba6047633d_43.wav", "text": "which helps us to grow our cargo market share. It also does provide incremental productivity improvements because we were doing a similar", "duration": 9.24}, {"path": "eb93e70cdf7a839a69546250fb3646fb_192.wav", "text": "Better demand conditions, combined with our actions earlier in the year to rightsize the fleet, resulted in outperformance for rental during the quarter.", "duration": 9.24}, {"path": "9097dcbaf554d635920c6274b1de4997_122.wav", "text": "Overall, we're well positioned as we enter the second quarter. Given the growth opportunities from our proprietary products and anticipated progress in our pipeline candidates", "duration": 9.24}, {"path": "9097dcbaf554d635920c6274b1de4997_121.wav", "text": "for expected future milestones and royalty payments from Recro. A noncash charge we recorded was due to a decrease in the fair value of this contingent consideration", "duration": 9.24}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_86.wav", "text": "and keeping our balance sheet robust enough to handle any market environment. We are and will continue to invest for the longer term.", "duration": 9.24}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_100.wav", "text": "Regarding Phase 1 of the Below 120 project, the completion of the decline system below the current secondary shaft is on track for completion", "duration": 9.24}, {"path": "a98061f951c1b2c7a915e296098bc4de_159.wav", "text": "Got it. So I guess as we think about that composition of your deposit base, do you think that mix will change significantly from where it is today?", "duration": 9.24}, {"path": "16c235a53fc719ec92ef3b3c3b371150_128.wav", "text": "Because the details around that, how much load do you take out, how much do you credit against a single resource, which is a block resource, against a shape", "duration": 9.24}, {"path": "bece1ee458b65656b484de51021c5219_58.wav", "text": "So every business across the company has been focusing on improving working capital productivity, and Cotton is a good example", "duration": 9.24}, {"path": "744f5859c7d9a0567b387ae84326d940_121.wav", "text": "Our materials are on the ground floor of several new product rollouts ranging from hydration delivery to underwater sports equipment.", "duration": 9.24}, {"path": "ee640f0dcb9928c0bdd795eddbeac7c0_156.wav", "text": "As the driver and independent contractor markets continue to be challenging, this is as tough a driver market as any of us has ever seen.", "duration": 9.2100625}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_73.wav", "text": "as we expect modestly improve operating performance in the third and fourth quarters will be offset by incrementally unfavorable impacts from currency movements.", "duration": 9.2100625}, {"path": "0d631e444d1c22f0be99a69f5deaff94_40.wav", "text": "timing, and value of the Executive Search confirmations as well as our clients' use and renewals of our enterprise license agreements.", "duration": 9.21}, {"path": "6388da88b00ebc88af59435bdac74132_112.wav", "text": "in order to manage through vintage risk and to properly construct portfolios from a risk perspective.", "duration": 9.21}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_184.wav", "text": "the business, we weren't anticipating the lag in the revenue. So these deals are done. They've been booked", "duration": 9.21}, {"path": "aaf7e3a1cc8cf65ccf788923cb583954_88.wav", "text": "as opportunities present themselves when I think that they will help us achieve our strategic goals.", "duration": 9.21}, {"path": "3557b21a45c35e71e82cc43b19977855_114.wav", "text": "some work we did with a consultant. We were completing up that reorganization. It was leaning out the organization, and kind of moving", "duration": 9.21}, {"path": "d28b2b09c127b5be033738aa3cd380b3_26.wav", "text": "if you look at it over a prolonged period of time over the last decade, the gains that they've made up pretty modest. But we have also gained", "duration": 9.21}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_98.wav", "text": "The second part on that is related to the use of more complex material. I guess you still have headroom here", "duration": 9.21}, {"path": "264e575b73bc2a485bee416c1ac10cee_22.wav", "text": "My first question is just -- Scott if I could ask you to elaborate a little bit on the rental strategy", "duration": 9.21}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_76.wav", "text": "about the period. Definitely it will pick up speed in Q3, definitely because of -- well we're getting ready to", "duration": 9.21}, {"path": "2a59b9df2de5248e64727f10185a8423_30.wav", "text": "Please look at the bottom of the page, Slide 8. This is the segment information for Technology Solutions.", "duration": 9.21}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_149.wav", "text": "can find the money to pursue this. I think at the same time, there is a strong sense that", "duration": 9.21}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_48.wav", "text": "On behalf of my wife Mona, my daughter Sydney and I, I just want to say thank you, again, and God bless all of you, all the Lear families around the world.", "duration": 9.21}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_57.wav", "text": "As I mentioned in my opening slide, we've been investing in our business for a long time now, and Slide 16 highlights the significant investments we have made.", "duration": 9.21}, {"path": "e8a2a593282199ea052f788b8fead64b_65.wav", "text": "These shows were very successful for us with strong booth attendance and record lead generation that position us well going forward.", "duration": 9.21}, {"path": "25411ff16eb3ca72b6e736eb0fe0cafb_35.wav", "text": "Our operations in Brazil were profitable again for the second quarter in a row as we gained scale and we saw record premium from our professional lines businesses.", "duration": 9.21}, {"path": "6d02f116f1ae8575d9b916f1429454eb_19.wav", "text": "Similarly, while Hurricane Michael heavily affected parts of Florida and other coastal states, our claims impact was again less than anticipated.", "duration": 9.21}, {"path": "95b678c2b11d1ded2d9e9ba839aaee06_129.wav", "text": "Hope you all had a chance to review the press release we issued earlier this morning. A copy of the release is available on our website, as is the slide presentation for this call.", "duration": 9.21}, {"path": "bad55d25c1222682bd893d97dc5cbb27_1.wav", "text": "Although the company believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct.", "duration": 9.21}, {"path": "39e5706898dcaf14a280b3a123877cd6_143.wav", "text": "preserving our autonomy and our own buildings. But the idea is to really be part and parcel of what I would call the local hospital platform.", "duration": 9.21}, {"path": "2a5b0a6532fa2b71915a2930be02621a_152.wav", "text": "And so we're trying to focus on places where there are such compelling unmet medical needs as we expand beyond CKD dialysis.", "duration": 9.21}, {"path": "c1f9276ae4068aca63163adff502b818_30.wav", "text": "you can provide to the market in terms of the outlook for production here, cost or the quality of the asset?", "duration": 9.21}, {"path": "5f38ce681d4413a793d34a0650c59bf2_161.wav", "text": "your outlook for your potassium chloride products? And I know you mentioned the incremental opportunity to gain share on the powder. Maybe you can help frame that? And then", "duration": 9.21}, {"path": "cc82e791c065bdc271addf355bac274f_94.wav", "text": "the bulk of the projects have great focus on technology. The trend in the future is that the business will be more asset light.", "duration": 9.21}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_18.wav", "text": "will be inconsistent with first quarter 2016. However, as you know, fuel margins can be sensitive to competitive and market factors", "duration": 9.21}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_171.wav", "text": "As you know, we reset our stores at least twice a year to optimize the return on every single meter drop in every single store.", "duration": 9.21}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_43.wav", "text": "In addition, our International business is profitable and growing fast and we continue to win new business with a record period to date.", "duration": 9.21}, {"path": "23eff4c724ee00f56319fcc47add3441_142.wav", "text": "the acceleration is also caused by the reporting for the first time of that business being part of the year-over-year comparisons.", "duration": 9.21}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_30.wav", "text": "you to be more optimistic in terms of the earnings evolution, also taking into account that you are positive on the underlying", "duration": 9.21}, {"path": "bc7dbd6e321b4df22db9270b69b89c11_39.wav", "text": "This was due in part to a number of cost management initiatives that resulted in non-sales and distribution expense savings, inclusive of implementation cost", "duration": 9.21}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_15.wav", "text": "Our display group delivered revenue that was slightly above the midpoint and also set new records in both revenue and operating income.", "duration": 9.21}, {"path": "f46ae0a04d60dea8a759f07333ed37e2_134.wav", "text": "And I really deeply feel Applied's never been in a better position to use our breadth to enable these new capabilities. So", "duration": 9.21}, {"path": "8b6b51842af008f5f437f53cc2e71835_150.wav", "text": "our philosophy in the letter to shareholders, in effect, say it out loud. And as I said, we view it as a call to action", "duration": 9.21}, {"path": "655d592e9d1b1027f1824b1554d8b131_99.wav", "text": "So maybe you could drill down a little further on that. And I guess I'm getting the sense that, as you mentioned too, that the deep discount category has been picking up.", "duration": 9.21}, {"path": "e649ca4cf7eeb63f0bc30b231a94a014_204.wav", "text": "the Enterprise side. And in a way, I think the approach we've taken in addressing that competition is somewhat different from what Globe", "duration": 9.21}, {"path": "6864081f83959f4b49e25e597f28af66_99.wav", "text": "On transport, you can fill the tracks much cheaper and it reduces the demand for having to go out and use the spot market, which has increased dramatically this year.", "duration": 9.21}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_195.wav", "text": "So probably, we will see in the next days or weeks what happen, but nothing happened yet", "duration": 9.21}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_179.wav", "text": "Let's turn now to corporate partnering and our recently announced strategic collaboration agreements with Lilly and Alexion to discover", "duration": 9.21}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_230.wav", "text": "There's really 2 benefits. The first one is we don't have that whole logistical and lack of and focus taken away from what we do.", "duration": 9.21}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_12.wav", "text": "particularly when factoring in the economic benefit we expect to achieve from the third and fourth quarter takeouts. On the balance sheet side,", "duration": 9.21}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_141.wav", "text": "And then effectiveness, what we like to do is get in and do a pilot study to establish the dose and validate kind of where we are.", "duration": 9.21}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_119.wav", "text": "I think we've talked about this. We have -- we've won and lost from some of the consolidation that's taken place in the industry over the past bunch of years. There were couple", "duration": 9.21}, {"path": "ade68f8add7249890d086ecf4b5b8cab_100.wav", "text": "As a result, our balance sheet continues to demonstrate strength and flexibility to support the repayment of our obligations and our growth initiatives.", "duration": 9.21}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_115.wav", "text": "Finally, let me finish by emphasizing that these projections do not include any benefits from future rate hikes or tax reform.", "duration": 9.21}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_41.wav", "text": "and we were going to work internally to drive revenues in the services business that were non-coal, and we're still very focused on that. And I still think there's opportunity there.", "duration": 9.21}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_169.wav", "text": "Marcus, you said that the sales performance that you saw at the end of the month has continued thus far through the first week of August", "duration": 9.21}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_217.wav", "text": "This lowered range is not reflective of any significant change in the profitability of our RV business,", "duration": 9.21}, {"path": "c67af59ea29f4e80b8eeede6e730658e_94.wav", "text": "toy set? And if there's any early color or comments you can give on Black Friday and fourth quarter to date.", "duration": 9.21}, {"path": "39eee2eb09766cf1717c05e39c7db798_41.wav", "text": "The market strengthened during the first part of the fourth quarter, but has softened lately, and it is uncertain if a profit share will accumulate this quarter.", "duration": 9.21}, {"path": "c3af5ef871fb87eee698a7a6e8e1d41e_65.wav", "text": "invest in NPLs. Another key element of the tax act is a provision that limits interest deductibility based on taxable earnings.", "duration": 9.21}, {"path": "3df0981a2d94ed56170b78330aa72ee9_228.wav", "text": "Believe me, we are focused on increasing that growth rate substantially. But at this point, given what we are seeing in the marketplace, I think it's prudent", "duration": 9.21}, {"path": "dd28a387ccc9575df47840b850647c7f_140.wav", "text": "We are transforming LP into a building solutions company and the financial results reflect that change.", "duration": 9.21}, {"path": "dd28a387ccc9575df47840b850647c7f_3.wav", "text": "What is new is the degree to which we are aligning all aspects of our business to achieve this goal from internal target setting to how we measure our performance.", "duration": 9.21}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_43.wav", "text": "At the same time, while we benefit from consistent price increases on lift tickets and season passes, we are offering guests a wide variety of products to access our mountains.", "duration": 9.21}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_175.wav", "text": "As you think about the relationship between orders and units, keep in mind that roughly 25% of total Pointnext orders are related to new attach.", "duration": 9.21}, {"path": "02deeb29574f1571812a11f66bb8fda1_175.wav", "text": "to react on the upside and we never want to get caught on the downside. And so from our ability to mobilize and execute", "duration": 9.21}, {"path": "66f8c62a56dfd5c78625e220e4be83bc_34.wav", "text": "We continue research in both of these exciting areas and look forward to additional presentations at upcoming scientific and medical meetings.", "duration": 9.21}, {"path": "c5c7a9f409241412b160a93cde7ef630_110.wav", "text": "Our innovative proposed solution would allow Kansas to address their correctional infrastructure and program needs without negatively impacting the state's budget", "duration": 9.21}, {"path": "c5c7a9f409241412b160a93cde7ef630_152.wav", "text": "Although the facility never lost power, we were fully prepared with backup diesel generators and had ample food supplies for our ICE detainees", "duration": 9.21}, {"path": "c3567809c19ce6a800677544cd84f88b_108.wav", "text": "the solution to the problem of what to drink when you are not drinking. Nonalcoholic, it has 2 variants designed to be drunk", "duration": 9.21}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_6.wav", "text": "Some of the growth is due to the benefits of securities purchases, which we do not expect to be as significant a contributor to growth over the foreseeable future.", "duration": 9.21}, {"path": "62246783cdfc5083ebb32cff71ccd38b_37.wav", "text": "Whilst GSL is fully independent from CMA CGM, we maintain a strong working and strategic relationship with them.", "duration": 9.21}, {"path": "ef44080b170ca6366a6d3132d0baf11a_33.wav", "text": "We've started to look at the next group, which we call 7K inside of our company. But the really heavy lifting is mostly behind us. So I don't think you should", "duration": 9.21}, {"path": "4567936d89925d1a3b983274b11ecae5_93.wav", "text": "And that's also -- or of course, as a result of what I said, that we really want to make sure that we are driving shareholders' value.", "duration": 9.21}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_6.wav", "text": "The Southern Cone economy remains challenging, as economic measures lowered consumer disposable income and affected our volumes.", "duration": 9.21}, {"path": "e78997e6a75a2243292b2b54750bb3cb_111.wav", "text": "by normalizing or near normalizing the oxalate, if we allow them to cease doing the disease management, it will have a", "duration": 9.21}, {"path": "968913c3f9111fc67f1d9956c56dec3b_11.wav", "text": "to meet the needs of today's consumers in an ever-changing marketplace. We believe this customer-centric approach is the foundation of our success.", "duration": 9.21}, {"path": "968913c3f9111fc67f1d9956c56dec3b_1.wav", "text": "In our Hotel Group, RevPAR results are somewhat mixed. We continued to see weakness in oil producing territories, but this was offset somewhat", "duration": 9.21}, {"path": "f77935c4693e4d33252c9c76993e9c8b_205.wav", "text": "Okay. And in terms of a time line, so you'll be looking and working with their engineers", "duration": 9.21}, {"path": "f77935c4693e4d33252c9c76993e9c8b_182.wav", "text": "to give you a detailed road map of how we're going to accomplish that, I don't think is in the best interest of the company and the competitive environment that we're in.", "duration": 9.21}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_180.wav", "text": "it's not as low as what we had anticipated. In the meantime, I'll try to dig out a more intelligent answer to your question, I apologize for not being more precise.", "duration": 9.21}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_112.wav", "text": "Our One Vonage platform strategy enables customers to deploy our communication software in many different forms,", "duration": 9.21}, {"path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_131.wav", "text": "that affected those contracts that are adjusted by the peso to the dollar exchange rate and an increase in the number of clients that use these services.", "duration": 9.21}, {"path": "5ea42ed8ea9a65bd01aaabb678685483_194.wav", "text": "to complete. And Mike, I think you said that depending on how quickly that gets done, it will impact the pace", "duration": 9.21}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_41.wav", "text": "of that business. And the connections with logistics for us is how we are able to take and distribute the product", "duration": 9.21}, {"path": "9e8690a521142359001a137074905535_175.wav", "text": "Our adjacent markets seem increasingly likely to challenge us, though I'd point out this market segment is the smallest of our core business sectors.", "duration": 9.21}, {"path": "9e8690a521142359001a137074905535_177.wav", "text": "Again, I'm very encouraged by the initial leading indicators that I'm seeing as we deploy the E3 lean transformation across the business.", "duration": 9.21}, {"path": "9e8690a521142359001a137074905535_161.wav", "text": "across the time frame and the associated leverage loss, if you will, that we get from those higher sales.", "duration": 9.21}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_179.wav", "text": "with our other coatings business, but then we're going to move up the value chain with those pigments to create additional differentiation both on", "duration": 9.21}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_184.wav", "text": "and the trade you seem to be making of giving up subscription revenue to drive subscribers in an effort to build the targeted advertising opportunity?", "duration": 9.21}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_36.wav", "text": "In addition, a shortage of freight availability late in the second quarter had a negative impact on revenue, pushing some shipments into the third quarter", "duration": 9.21}, {"path": "c40b5d1a13169c5acf69590932a56f98_36.wav", "text": "We didn't say that, but I figured someone might ask, but yes I think they did well for us in the quarter. So we're not breaking out all those numbers, but I would say I think", "duration": 9.21}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_6.wav", "text": "of our customers is one of the fundamental reasons for our consistent performance. This is a key point of differentiation for us in the marketplace.", "duration": 9.21}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_98.wav", "text": "areas of Central Mississippi, some areas in Arkansas, a few geographies in Alabama and most recently in Northern Louisiana. And so", "duration": 9.21}, {"path": "dffe8257f781608bb17bb637249e4d2a_172.wav", "text": "The cost of equity has remained relatively stable even after the sovereign downgrade, indicating that this was largely priced into long bond rates.", "duration": 9.21}, {"path": "dffe8257f781608bb17bb637249e4d2a_122.wav", "text": "We continue to execute on our plan to reformat all our branches and deliver a range of integrated banking channels for our clients.", "duration": 9.21}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_24.wav", "text": "As such we have shutdown most of it, while retaining the portion most suited to appropriate risk and capital usage as well as consistent results.", "duration": 9.21}, {"path": "189b20e7b975130ca5abd0e419e54908_60.wav", "text": "most likely, beginning in the new fiscal year, they'll be done. So we'll be continuing this transition process", "duration": 9.21}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_106.wav", "text": "certainly heading towards the upper end of that range. So really pleased with the delivery across all of the portfolio in terms of our production.", "duration": 9.21}, {"path": "01f88a67f39af3a74d5f23b095615d39_100.wav", "text": "That gave us confidence to launch the Titanium card, which was launched by Olivia last week. And it's another innovation from Qantas.", "duration": 9.21}, {"path": "2f2c93c1fdfb31ebb02111de502a4e7c_40.wav", "text": "We think that'll really start to come down towards end of the year as the economy picks up. And in 2019, you should start to see a convergence back", "duration": 9.21}, {"path": "a009c5f14d4d0bb5ca875164cffbd6ab_23.wav", "text": "This increase was primarily driven by the negative impact of foreign exchange rates. The 80 basis point rate decrease was primarily driven by sales leverage.", "duration": 9.21}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_198.wav", "text": "late last year and early this year. And it certainly appears that, that pipeline capacity is filling up more rapidly than anticipated.", "duration": 9.21}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_31.wav", "text": "So being really methodical here, and so far we've been extremely pleased with both the technology and how consumers are responding to it, how merchants are responding to it,", "duration": 9.21}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_43.wav", "text": "to streamline and simplify our operations, to reduce empty calories and to build an amazing customer experience quickly and with solid results.", "duration": 9.21}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_24.wav", "text": "What I think, as we said the last time we met that we are investing now in Mobile to take up capacity with another 100,000 tonnes. And I think", "duration": 9.21}, {"path": "7498a6630302a038bd537d192c3a44f4_81.wav", "text": "That said, we're not where we want to be and must be vigilant to continue to execute on the strategic initiatives we laid out earlier this year.", "duration": 9.21}, {"path": "2a7af3c66762ce608379005a3d7bfa96_203.wav", "text": "a much better profitability profile than you had in the past? Yes, you're right, Kelly. We expect revenue for the year for Logistics to be up", "duration": 9.21}, {"path": "5633fe3600ee04237bbb918c56341864_33.wav", "text": "into Reservoir Description. Just hasn't happened yet. We thought we would see some of that in Q3. Now we expect some of that in Q4 but", "duration": 9.21}, {"path": "01b376669d5ea40acc7fb5a87503586e_126.wav", "text": "tended to be much more optimistic in the face of declining conditions than most other parts of the world.", "duration": 9.21}, {"path": "e29584f9f829602cacebcce71c2a4fb9_89.wav", "text": "These studies are in preparation for our eventually translating this technology and these agents to clinical studies.", "duration": 9.21}, {"path": "1270f7f67f406b52a2ee86584b452bff_15.wav", "text": "and it has a unique GalNAc ligands and linker, which we have specifically designed to be proprietary to us.", "duration": 9.21}, {"path": "0cfaeed8cd93dc274845d450e921aeb6_225.wav", "text": "Yes. And Bob, so I talked about this in my script. Certainly, there are new drug launches coming out -- expected to come out.", "duration": 9.21}, {"path": "c5120d9702331edaf23bb6e639df0a70_45.wav", "text": "We are also working hard to improve other areas of our business. We are on the verge, for example, of launching new investor and public relation campaigns", "duration": 9.21}, {"path": "b126c31149f1cadf1d891082a187d6fc_128.wav", "text": "the American Society of Neurorehabilitation, the American Academy of Neurology and the American Congress of Rehabilitation Medicine,", "duration": 9.21}, {"path": "b126c31149f1cadf1d891082a187d6fc_77.wav", "text": "and post-surgery patients. So they are uniquely positioned to gain market share in all of their markets as these models are implemented.", "duration": 9.21}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_156.wav", "text": "As Chris mentioned, we believe this type of capital deployment will continue to drive our earnings per share with an eye towards higher sustainable dividends for our shareholders.", "duration": 9.21}, {"path": "fafa1b848af567bcaf8764d35acf2b04_119.wav", "text": "Before we move to questions and answers, I just would like to take 2 minutes to clarify a bit, because I read this morning that", "duration": 9.21}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_15.wav", "text": "We are capitalizing on current consumer and retail trends, increasing our focus on faster-growth areas.", "duration": 9.21}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_191.wav", "text": "things have improved slightly, but they are still in the same -- broadly in the same situation that they have been over the last 6 months.", "duration": 9.21}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_33.wav", "text": "So we are already thinking about further development of our capabilities, organization and portfolio that will keep us fit for the future.", "duration": 9.21}, {"path": "64364105b816dd0b6a029e9cd210e65b_40.wav", "text": "Retail revenues were negatively impacted by the new trailer sales on lower supply and partially offset by increases in parts and service revenue.", "duration": 9.21}, {"path": "64364105b816dd0b6a029e9cd210e65b_207.wav", "text": "the DPG Group is expecting some softness in certain product segments that I will address shortly. And we now expect the first half of the year", "duration": 9.21}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_196.wav", "text": "that the Eagle Ford is also where we have our infrastructure already fully developed and can add rigs and add production there without", "duration": 9.21}, {"path": "89499eed4dff3bd184e91cd496111f22_179.wav", "text": "in terms of being able to pick up on telephone and make a call and get your equipment serviced no matter where it is in the country.", "duration": 9.21}, {"path": "b0d88c0f1efca89ecb928172341dc75d_334.wav", "text": "November is probably the highest single margin month for Pinnacle because they're a hot -- their margins are higher in the second half of the year than the first half. So", "duration": 9.21}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_213.wav", "text": "in dialogues with our customers already I feel like I can relate to what the C-suite is looking for from our platform and others.", "duration": 9.21}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_44.wav", "text": "So we don't have anything specific, but obviously we have a key amount of capital that we spend every year, which we consider our maintenance capital,", "duration": 9.21}, {"path": "1f142ea668261ba963d47aac6bab69dd_166.wav", "text": "We're pleased with our first half margin performance and are slightly ahead of our plan as our cost execution has exceeded expectations.", "duration": 9.21}, {"path": "2cd5b184c2ef6624ce219830182927c9_264.wav", "text": "but our regulators as well as communities, believe it or not, who view this as an opportunity for economic development. We created over 3,000 jobs", "duration": 9.21}, {"path": "323193895e800e72960d98dd5fb64cf5_44.wav", "text": "leaving or is replaced, or whatever that is. And at the same time, Media was sort of on the divestment list, more or less. And now you keep", "duration": 9.21}, {"path": "c334e290beb657ee3efcb6b2f734c81e_122.wav", "text": "At this point, it's time to open the line for questions and answers. As a reminder, the purpose of today's call is to discuss the earnings results. We ask that you please keep your questions", "duration": 9.21}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_71.wav", "text": "It's all either being released in Q1 or putting in public data, so we could go-to-market at the end of this quarter with a true platform,", "duration": 9.21}, {"path": "902872913863de98d38e2936b846cf66_43.wav", "text": "Our real issue has been timing of projects. And it's both highway projects and energy projects that we thought", "duration": 9.21}, {"path": "8f92dfb06900be4f209f31f24cb885fb_12.wav", "text": "as well as the payers, again with prior consent, so that everybody is aware of exactly how much drug is in the patient's reservoir", "duration": 9.21}, {"path": "50eb350badadec6e4272b90684741c25_151.wav", "text": "As Big Pharma seeks to drive greater efficiency, these clients are reducing their internal infrastructures and externalizing research", "duration": 9.21}, {"path": "93e134910b4a7c587bc461da0c9a2083_92.wav", "text": "could we see any sort of just moderation in 4Q pricing relative to 3Q just given conditions normalizing for some of the fire conditions out there?", "duration": 9.21}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_101.wav", "text": "Halfway through the fiscal year, the biggest difference in financial results compared to our expectations comes from revenue growth.", "duration": 9.21}, {"path": "10ad32c5e0559c879e032faaf3148ab4_19.wav", "text": "I'm very pleased with our results so far this year, which has resulted from all the hard work done over the past several years to strengthen and diversify our business.", "duration": 9.21}, {"path": "0536b57caa15ae9f7338c4e58f9f62b6_17.wav", "text": "and you could sit there and knock out the types of acquisitions you wanted to. Do you expect to be able to still do that as you shift the markets a little bit?", "duration": 9.21}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_32.wav", "text": "Yes. Look, we certainly expect to grow the business profitably. And when we say grow the business profitably, that means to continually expand our EBITDA margins.", "duration": 9.21}, {"path": "77423f08f0208d476dea73c639f6293a_258.wav", "text": "and we again are just -- we've got basically 2 people at the company negotiating most of these big deals and have a lot of other things to do at year-end and beginning of the year", "duration": 9.21}, {"path": "4750e4b9b0cd39e9b8774537c7fb0dba_36.wav", "text": "won a lot of new programs last year, took a lot of market share, particularly with respect to release liner for labels.", "duration": 9.21}, {"path": "e97326d6a8951550e363f2be6ec489ba_39.wav", "text": "suppliers for technology and situations that allow us and enable us to perform these investments. We are now in a tender", "duration": 9.21}, {"path": "f15a674bdbbc461872000604216ae071_19.wav", "text": "have you decided about your commercial strategy when you have autonomy over these volumes, because we see some players", "duration": 9.21}, {"path": "f15a674bdbbc461872000604216ae071_127.wav", "text": "and up to where this migration will happen and what will be the upside of that for the paper market.", "duration": 9.21}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_70.wav", "text": "In particular, bulk ethylene prices have been disappointing as we have seen U.S. prices remain significantly discounted versus the rest of the world.", "duration": 9.21}, {"path": "7bac04f03928ee8894ab00007116400b_16.wav", "text": "The new platform will not only improve the functionality of our site but will allow us to improve how we engage with our customers digitally and across our retail channels.", "duration": 9.21}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_71.wav", "text": "Mark's has a lot of potential, and I think 2018 will be an important year for Mark's to begin to establish a relationship with a new generation of Canadians.", "duration": 9.21}, {"path": "7a80c3e91e5a2693cdaef5f716808317_58.wav", "text": "In the first half of 2018, we also experienced several major project wins principally in Asia, which we delivered upon in the third and fourth quarters.", "duration": 9.21}, {"path": "365c360aff42713cef71a7d026eeeb6d_269.wav", "text": "laws and rules that encourage or force people to have benefits coverage. And so we are seeing -- again, this is not a dramatic drop in benefits participation,", "duration": 9.21}, {"path": "365c360aff42713cef71a7d026eeeb6d_225.wav", "text": "we have expanded a few additional locations based on the success of those centers. So all in good light relative to Service Alignment and", "duration": 9.21}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_130.wav", "text": "Many of these new products we've added are recognized for making the Pro's job easier and lowering the risk for product installation issues.", "duration": 9.21}, {"path": "c5530b77c3f747a764ef0426639b5688_50.wav", "text": "The other main crop is rubber, also not doing very well because the price is still not up to a couple of years back.", "duration": 9.21}, {"path": "8dd740d83ff1c7319a82eeba6047633d_112.wav", "text": "and I think you've seen us do that over the last several years, and there is -- although the majority of the margin improvement this quarter is due to", "duration": 9.21}, {"path": "5478e14c30a7a53219de2176fdba0d4a_23.wav", "text": "on a comparative basis as a percentage of revenue, I do think that, that is one point that you should take into consideration between the 2 companies. There is a difference,", "duration": 9.21}, {"path": "eb93e70cdf7a839a69546250fb3646fb_71.wav", "text": "Supply Chain's earnings this quarter were also negatively impacted by higher planned IT and sales expense as we had expected coming into the quarter.", "duration": 9.21}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_212.wav", "text": "the versatility, the adaptability to call outside the boundaries of just procurement and call through the organization and sell our value prop", "duration": 9.21}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_209.wav", "text": "supply and working with them and collaborating with them. So I think much more about changing the conversation. This is not an adversarial conversation.", "duration": 9.21}, {"path": "744f5859c7d9a0567b387ae84326d940_94.wav", "text": "and that we can move them closer to our Platinum Vision. So it's not an integration challenge, it's an opportunity. And it's one of the reasons why we're doing these deals.", "duration": 9.21}, {"path": "523cf294ec146d5411972168b1c10f09_126.wav", "text": "We remain encouraged that our major customers are committed to multiyear capital spending initiatives, and we are confident in our strategies, the prospects for our company,", "duration": 9.21}, {"path": "97ddc19ecb28bab2d19fd3b181182062_228.wav", "text": "We expect to continue to be a consolidator in our highly fragmented industry by making strategic acquisitions of well-managed metal service centers", "duration": 9.21}, {"path": "1bc08759c84df9d3f656cf53f5bb6d35_217.wav", "text": "proactively to adjust some of the terms in the contracts to make them more commercial in a world where rebates no longer existed.", "duration": 9.21}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_26.wav", "text": "Nearly all of our business units established new annual service revenue records and we saw a very healthy rebound in our China operations.", "duration": 9.21}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_194.wav", "text": "I thought I'd start today by providing you with an update on the progress we have made with respect to some of the strategic priorities I laid out for you last quarter.", "duration": 9.21}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_63.wav", "text": "The increase in the total cost of coal sold was driven by higher production volumes as well as modest increases in unit cost.", "duration": 9.21}, {"path": "3a1ba1b79a8a016390f98ab3ffe71340_173.wav", "text": "We significantly exceeded our improved financial guidance for 2017 and ended the year in the strongest financial position in the company's history.", "duration": 9.21}, {"path": "7974a5134807f46a1484a8adf81505be_78.wav", "text": "We continue to see improvement across our 3 primary digital metrics since we launched our strategy over 2 years ago.", "duration": 9.2099375}, {"path": "9908957f60adff5efc1c8692a0f5ab38_54.wav", "text": "A replay of the call will be available till December 6. We take no responsibility for inaccuracies that may appear in transcripts of this call by third parties.", "duration": 9.2099375}, {"path": "e081f678e77792e5c5762fa425c49e56_55.wav", "text": "In light of recent underperformance in the overall quantitive space and resultant headwinds, we are currently conducting a complete business review.", "duration": 9.1800625}, {"path": "24a133abc343c813233d416b0cef96cd_36.wav", "text": "In an increasingly competitive environment, it's really important that we provide care, home care to our customers. And the home care sector is", "duration": 9.1800625}, {"path": "f5875d033110e66b5aafc3c0003babdf_58.wav", "text": "We anticipate that this may create a less pronounced seasonal step-up between the third and fourth quarter. But when evaluated as first half, second half,", "duration": 9.18}, {"path": "8fde6a4ab2de2ba6bbd0b4196ef82454_103.wav", "text": "an expectation -- or a prior year of 15.2%. So again, we're more or less in line with where we thought we would be", "duration": 9.18}, {"path": "9d8c8f4a41008455665fd243ed99b642_170.wav", "text": "internal supply, we want it to be as efficient as it can be, making the right -- the best quality material that can be used within our business.", "duration": 9.18}, {"path": "f262bb6a5f222326e1fd4cf3c5adee66_11.wav", "text": "the whole supply chain system has to be worked on. So we have had a marginal dip, but if I had more vehicles, I possibly would have been able to sell.", "duration": 9.18}, {"path": "3557b21a45c35e71e82cc43b19977855_124.wav", "text": "and in the Paper and Industrial Converted Products segment, where the mix had a notable impact on the profit from the sale of corrugating medium.", "duration": 9.18}, {"path": "87bce6c4c7d972f51540cb0b27af5905_12.wav", "text": "is available on our website, along with an updated corporate presentation with summary information on the company and our financial and operating results.", "duration": 9.18}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_154.wav", "text": "The transformation of the business is on track, reflected by a strong improvement in MPS and improving revenue trend.", "duration": 9.18}, {"path": "d28b2b09c127b5be033738aa3cd380b3_239.wav", "text": "There are 3 things I want you to take away from this call. First, I'm particularly proud of the more than 8,000 Clorox people around the world", "duration": 9.18}, {"path": "0018ad922e541b415ae60e175160b976_3.wav", "text": "How many of them actually get impacted by this regulation? That's one. And what is this concept of new trucks which is required", "duration": 9.18}, {"path": "0755f4b74dda585f3975c7d8208b1598_160.wav", "text": "but it's also a significant challenge for our team that they have to stay very focused on because when you're going through a transformation and adding this much resource to try to do it at pace,", "duration": 9.18}, {"path": "c68c15299b67173c7ae163cc5938f3c1_148.wav", "text": "we plan to be completed by March 2017. The big value of that is a lot of our decisions are made without a lot of data and not up-to-date data.", "duration": 9.18}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_4.wav", "text": "That has obviously impacted the share price and while we're not happy with that, the market conditions also presented an opportunity to reset.", "duration": 9.18}, {"path": "6b45877b719000e47adfd1ec118c376a_124.wav", "text": "that are in front of us. Q1 was a quiet but steady quarter in terms of completed acquisitions and dispositions, but with much work completed on pending transactions.", "duration": 9.18}, {"path": "81430c39b7b202d05644e419e2a01a65_127.wav", "text": "Finally, energy sales were up due to the contribution from assets placed in service last year as well as some sales of renewable energy attributes.", "duration": 9.18}, {"path": "81430c39b7b202d05644e419e2a01a65_11.wav", "text": "In general, the demand drivers in federal are still there, as well as continued congressional support.", "duration": 9.18}, {"path": "8cb24daf76784487ad63780546dc4ba4_21.wav", "text": "Sure. We did mention last quarter the expectation of a, I think we call it", "duration": 9.18}, {"path": "7e14890193df4b10e1eeab6ab886529f_2.wav", "text": "On February 7, we shared that new vision with our global employee community at an event broadcast from Alice Tully Hall in New York City.", "duration": 9.18}, {"path": "123a9a590195f61aa739ee9b2dec4952_98.wav", "text": "grow? And I assume -- or should I assume that, that's a function of some of these new products that we've seen getting out into the field and starting to contribute?", "duration": 9.18}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_144.wav", "text": "not out of the ordinary sort of spend this year. But some normal growth because that's what we've seen, over the past few years, is some normal growth.", "duration": 9.18}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_52.wav", "text": "And one of the reasons we don't talk about it as much is because it's not published in a way that allows you to see it quickly. You see", "duration": 9.18}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_31.wav", "text": "contributing sort of their fair share, we were less interested in having them stay in the system. And all those things sort of go into this", "duration": 9.18}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_72.wav", "text": "and ask about specific partnerships and how we can really invest in innovation for their future application. And so that increase", "duration": 9.18}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_79.wav", "text": "that our MOS EBITDA margins are also now approaching our overall company average.", "duration": 9.18}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_14.wav", "text": "in order to drive our growth transformation. Additionally, we expect to continue paying a quarterly dividend and periodically repurchase common stock.", "duration": 9.18}, {"path": "56e05107e391476d11fe1f637733f028_122.wav", "text": "To be clear, the revised language still includes scheduled repayments of debt, but now excludes prepayments of debt.", "duration": 9.18}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_90.wav", "text": "We think this is a very scalable platform and it's established to test products within our own clinics in Germany.", "duration": 9.18}, {"path": "e1f462455d6c826d9c173c35d4844383_7.wav", "text": "I strongly believe Vance has the capability to lead the company into its next phase, and I will support him through the management transition.", "duration": 9.18}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_185.wav", "text": "to account for both the impact of second quarter utilization and also the impact, which we assumed that, that new mix", "duration": 9.18}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_119.wav", "text": "to augment our existing technical capabilities, which will allow us to monetize our existing generic pipeline in a more timely manner.", "duration": 9.18}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_36.wav", "text": "The decrease in gross profit percent was primarily due to a lower percentage of sales associated with optical component solutions, which typically have higher margins.", "duration": 9.18}, {"path": "39e5706898dcaf14a280b3a123877cd6_172.wav", "text": "approach, that will be obviously favorable to the company like ours, given the number of people that earn", "duration": 9.18}, {"path": "cfbe91105113db7a5784f77e411b7a3f_197.wav", "text": "So the strategy doesn't change as a result that the non-verticals are also growing nicely. That doesn't put any difference", "duration": 9.18}, {"path": "c1f9276ae4068aca63163adff502b818_111.wav", "text": "all the assets that go through our core areas, we'll look at. We look at every one of them. We evaluate them. We bid on a few and we get even less.", "duration": 9.18}, {"path": "0b0a24d47ae2ed9e019d874793c8684b_25.wav", "text": "so one of those key areas is going to be sort of the small business or light commercial, where the company's legacy products weren't really compatible with the needs of that marketplace.", "duration": 9.18}, {"path": "839852ec8452dbd90e9341d15cbba7c5_25.wav", "text": "Additionally, for those looking for an update on the Chevron portfolio, terms for selling and transitioning the portfolio have been agreed to.", "duration": 9.18}, {"path": "a827180c08c11f2e53c6966fceaabf5b_163.wav", "text": "the targets currently expecting versus what you are willing to pay currently? Will, it's an interesting time because as", "duration": 9.18}, {"path": "5f38ce681d4413a793d34a0650c59bf2_39.wav", "text": "up to this point. When we look at -- maybe I'll put a little color on the value, I think that's probably important. When we look at these 20 new products,", "duration": 9.18}, {"path": "8b2314627d54755a15c55244bb862225_44.wav", "text": "and we tend to focus on something that is geographically additive to our existing footprint when possible.", "duration": 9.18}, {"path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_167.wav", "text": "Now as usual, these initiatives come from all parts of the business, for example, rent savings at lease renewal is a pretty big part of that,", "duration": 9.18}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_288.wav", "text": "Our product revenues declined versus a very strong prior year quarter on the back of reduced activity of our clients and continued low interest rates.", "duration": 9.18}, {"path": "d9a3d28bdd36864c63b02659cc8870a8_133.wav", "text": "the new logos and we call that a pack. And we segregated the renewal processes with existing customers and we call those pods.", "duration": 9.18}, {"path": "9da45cfd4472699ef05d887adce01223_86.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.", "duration": 9.18}, {"path": "171fd9df333ddd814c764843ed624121_61.wav", "text": "In addition, some of the company's remarks this morning contain non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures", "duration": 9.18}, {"path": "655d592e9d1b1027f1824b1554d8b131_1.wav", "text": "When we talk about future results or events, a number of factors could generate results that are materially different from our projections today.", "duration": 9.18}, {"path": "1244d2b5a259c3bc73742830d60d53fc_85.wav", "text": "associated with an improved mix of higher-margin revenue as well as investments in support of our strategic priorities.", "duration": 9.18}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_41.wav", "text": "the hard data that I get from the business and the voice of customer experiences that I have regularly,", "duration": 9.18}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_105.wav", "text": "we maintain our monthly lease, the price per square meter, but we see some reduction on occupancy. This is mainly explained by", "duration": 9.18}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_25.wav", "text": "from the end of January of 2016 to the end of May, May 20, of 2016. We're still working through the full effect of that.", "duration": 9.18}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_259.wav", "text": "So today, if you look at our network in the highly concentrated user areas", "duration": 9.18}, {"path": "f4d0f1362716be33f02690dd1a8df663_73.wav", "text": "Next, let's look at the factors behind the changes in sales and the operating income in each business segment.", "duration": 9.18}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_75.wav", "text": "But the translation to us means that more and more organizations are jumping into the fray and understanding the strategic importance of Privileged Account Security.", "duration": 9.18}, {"path": "b96165244f010b3f1e61cbbc5e504d96_105.wav", "text": "We've got some new team members in, almost across the board in spine, but also in other categories of our business that I think are setting a really strong strategy.", "duration": 9.18}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_26.wav", "text": "The company is in the process of filing the Form A with the Hawaii Department of Insurance in connection with our previously announced acquisition of Zephyr Insurance.", "duration": 9.18}, {"path": "a7e7a1621af9b4e850260f9824ee8746_18.wav", "text": "So we feel that collaboratively addressing the issues now will help to prevent inappropriate cost shifting to other customers in the future.", "duration": 9.18}, {"path": "bab12f620df0f367e74acdcc467686f1_146.wav", "text": "that's producing this. And so we feel pretty good about our capabilities in the market coming together and continued growth in that end market.", "duration": 9.18}, {"path": "636d6909fbd8656f88f72f66a3a162ff_10.wav", "text": "Now I'd like to turn the call over to Jim Lobdell, who will discuss our financial results for the third quarter and provide more detail around our energy deliveries and earnings guidance.", "duration": 9.18}, {"path": "a8b43081254547419da7462d9c957d61_226.wav", "text": "This gives us so much flexibility. It served us so well during the last downturn that we didn't have to issue equity or we didn't cut the dividend.", "duration": 9.18}, {"path": "a8b43081254547419da7462d9c957d61_72.wav", "text": "It's the one reason to get excited about a down cycle. We slow down and take a critical look at how we can improve every aspect of our business.", "duration": 9.18}, {"path": "e5040d02fba73a359d3f7cb346517ce1_32.wav", "text": "you guys kind of changing the sequencing to capture the higher metal prices that we've seen versus just kind of outperforming your original plan?", "duration": 9.18}, {"path": "6b3df032b804a1a371d25e1eef019c4a_29.wav", "text": "Then we want to also grow, and that is capital consuming. And I mean we have been able to grow", "duration": 9.18}, {"path": "d8eb5522db0e51d75ea6518462954c52_179.wav", "text": "automated platform also in terms of delivery of those cloud services that goes more and more into hybrid cloud. And on the application space, this is the data science", "duration": 9.18}, {"path": "dd28a387ccc9575df47840b850647c7f_61.wav", "text": "provide the replay number. Like to thank everybody for participating in our call. We're always here with any follow-up questions you may have.", "duration": 9.18}, {"path": "a02b735de681c682fbb8025edecca271_42.wav", "text": "The process of narrowing down candidates continues, and I am confident that the new leader of Myers Industries will be on the job by the time I retire at the end of the year.", "duration": 9.18}, {"path": "7b6bf2135b78d5ce7bdc683d0fe83630_23.wav", "text": "Welcome, everyone, and thank you for joining us this morning. John will begin today's call with a discussion of our strategy, technology and market.", "duration": 9.18}, {"path": "9c3a67f574514131f1f506b2f9905bed_83.wav", "text": "The economic -- the electronic content continues to grow aggressively on the back of the increased sales of battery electric vehicles.", "duration": 9.18}, {"path": "dfa02d0f609487ada2cf3cea5f42b396_0.wav", "text": "Good morning. My name is Miranda and I will be your conference operator.", "duration": 9.18}, {"path": "b94d748876ddf8e881d4191dec45baf3_204.wav", "text": "The new rules reinforce the ongoing efforts to modernize and streamline the enrollment process and the continued value of independent choice counseling,", "duration": 9.18}, {"path": "815f65663b3982554e82806de0cbd918_144.wav", "text": "So I mean, by when do you think this pressurized price environment -- pricing environment will eventually come to an end? Because I wanted to pose a question, I mean,", "duration": 9.18}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_142.wav", "text": "government will be reelected this year. And this has an impact on the appetite of our customers for new investments. In Turkey, we have a", "duration": 9.18}, {"path": "664ce6f8ad7864e2844f637e7a1b48d7_150.wav", "text": "In the past, you were expecting about 30 million spindles that should have been more or less the normal average", "duration": 9.18}, {"path": "e271ed845347e9c930ab0a44eb7785da_88.wav", "text": "in China market, we experienced a deeper drop in the first half of the year. The second half of the year is still uncertain,", "duration": 9.18}, {"path": "20097e37747ec7bc3734246e83798fb1_62.wav", "text": "Overall, our support from Chinese media companies and regulators stems from our business model of supporting bilateral content flow", "duration": 9.18}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_43.wav", "text": "France outperformed its peer group on the top line and continued to benefit from its senior sales team, efficient operations,", "duration": 9.18}, {"path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_5.wav", "text": "the performance of the businesses we bought that continued to perform according to plan and also our integration plans and the pushing out", "duration": 9.18}, {"path": "526e0d5398a516831b49936c31a8ea1c_151.wav", "text": "We currently expect to be in the targeted payout range by the end of 2016. So our current expectation is that we will grow the dividend", "duration": 9.18}, {"path": "ef44080b170ca6366a6d3132d0baf11a_109.wav", "text": "The consensus seems to be that incremental cash will be retained and planned investments will be accelerated to take advantage of lower tax rates.", "duration": 9.18}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_30.wav", "text": "From our foundation of operating excellence, we continue to optimize our cost structure for the future while investing for growth in our specialty business.", "duration": 9.18}, {"path": "82131762fc1c2b2358ac3a167666ab87_120.wav", "text": "We have to get a lot of learning down about validating or verifying identity and some of these income", "duration": 9.18}, {"path": "b43c001c5af465d220ab0b69a95202ae_116.wav", "text": "in the 10-K, but it looks like it moderates in '18 versus '17. I'm just wondering if there's any other kind of moving parts that you can make us aware of", "duration": 9.18}, {"path": "f77935c4693e4d33252c9c76993e9c8b_9.wav", "text": "like that's the appropriate place for us to be. And of course, we're always contemplating whether we need to do more in the way of cuts.", "duration": 9.18}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_120.wav", "text": "hopefully that will be published some point in time over the coming month. But I don't have any clarity at this moment.", "duration": 9.18}, {"path": "626da68f2b245869534a0316b8b6139a_66.wav", "text": "That's exactly correct, Chris. And when you look at, I mean, we're very pleased with the legislation obviously that provided a nice benefit to us from a", "duration": 9.18}, {"path": "998be8edc26e9b2c4dc0a06a5b42a887_41.wav", "text": "For more information, please refer to the risk factors discussed in the documents we file from time to time with the SEC, including our most recently", "duration": 9.18}, {"path": "262bc21196721c5ff9114acbd2ff03c3_11.wav", "text": "in the second half, and very little in terms of operating profit in the second half.", "duration": 9.18}, {"path": "e2225d612a954a24e7e91c08215d7b51_90.wav", "text": "Also, as we are in both the cinema and real estate businesses, we must naturally balance our capital commitments between these 2 sectors", "duration": 9.18}, {"path": "cac9bb252b7974b7044423e714c2f054_26.wav", "text": "the recognition of the name and the recognition that we're doing something special in that market has taken hold.", "duration": 9.18}, {"path": "8d9efef3c305ec549fb15daa27107c83_58.wav", "text": "will play a big role in determining how quickly it is excess supply is able to be worked off when the market does recover.", "duration": 9.18}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_206.wav", "text": "These statements represent our predictions and expectations as to future events, but numerous risks and uncertainties could cause actual results to differ from those projected.", "duration": 9.18}, {"path": "1ad54837f74515ad7caa2a50d70459c9_93.wav", "text": "While the commercial markets may be slow in August, we will be working in August and working hard to build additional shareholder value and", "duration": 9.18}, {"path": "c40b5d1a13169c5acf69590932a56f98_35.wav", "text": "So another way to say that is that we will not be in a position to meet the full demand that we've identified", "duration": 9.18}, {"path": "82f5253b62614161333b038f5f9700f8_3.wav", "text": "However, activations improved during the quarter at a healthy rate on a sequential basis as a result of the effectiveness of our sales, marketing and promotional programs.", "duration": 9.18}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_127.wav", "text": "Our teams did an excellent job of flexing harvest plans so that we could maintain production and capitalize on pricing, which improved throughout the quarter.", "duration": 9.18}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_197.wav", "text": "You also talked about some of the other -- the plans for improved initiative in the last call. Can you give us a sense, in this particular quarter, what changes were made specifically, if any?", "duration": 9.18}, {"path": "3877b1983229ec488c6349a188bccf92_163.wav", "text": "Our marketing focus has evolved significantly, with each brand supported by a purpose-driven platform which is driving recruitment.", "duration": 9.18}, {"path": "642a235ab4ebc57d132a2e32c83c793c_274.wav", "text": "clarity to our users about who we are and who we are not. We are a home and living player, so we want to extend within the home universe.", "duration": 9.18}, {"path": "e7d23208b973f7998b2fb21a00d87849_31.wav", "text": "I'd note that our preventive maintenance programs are designed to improve the overall life of the equipment on our ships and thereby shorten our time and cost in dry dock.", "duration": 9.18}, {"path": "3c80de013154b028ecdc6354d16c6fbc_22.wav", "text": "The majority of these funds were allocated towards exterior work and food and beverage enhancements at our Duane Street Hotel and the St. Gregory Hotel,", "duration": 9.18}, {"path": "80a2ca14358172366acab4e80f3fa33b_247.wav", "text": "one of our fundamental strengths as the WH Group has to be the arbitrage of meat around the world. We have to find the best market for that.", "duration": 9.18}, {"path": "299bad77345d2e44fa5768f4416f7b97_39.wav", "text": "financial line item with the operating -- measuring operational capacity and making sure we'd make investments that we believe can earn an attractive return. So", "duration": 9.18}, {"path": "fafa1b848af567bcaf8764d35acf2b04_128.wav", "text": "And the second question is related to the graphics. And we saw an acceleration of the decline in the second quarter", "duration": 9.18}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_15.wav", "text": "Depending on the application, these devices are required to maintain their performance specifications for up to 25 years.", "duration": 9.18}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_2.wav", "text": "ample opportunity to show you examples during this call. The changes we've been implementing are fundamental in a number of ways.", "duration": 9.18}, {"path": "1300495cfa53748f732f54277d5a8cea_104.wav", "text": "We were also reworking a small selection of stores to ensure that they reflect the go-forward DNA of the brand and serve as a road map for all locations.", "duration": 9.18}, {"path": "b0d88c0f1efca89ecb928172341dc75d_13.wav", "text": "Our second quarter includes 31 days of Pinnacle's results. We remain excited about the opportunities presented by the combined portfolio.", "duration": 9.18}, {"path": "4ee3c79ebc57c9870b221b9479d52436_96.wav", "text": "whilst taking into consideration the need to fund growth that is underwritten by customers and that delivers new revenues to the business over the long term.", "duration": 9.18}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_84.wav", "text": "and its effect on capacity as well as consumer spending could affect whether we are on the high or lower end of that range.", "duration": 9.18}, {"path": "1f142ea668261ba963d47aac6bab69dd_11.wav", "text": "In fact, our efforts to reinvent our supply chain and deploy advantage manufacturing lines of the future continued to drive margin benefits,", "duration": 9.18}, {"path": "902872913863de98d38e2936b846cf66_23.wav", "text": "and I was hoping you'd provide some color about the pricing environment in the second half of the year and kind of how much confidence your customers", "duration": 9.18}, {"path": "96488f25af54f91198b444e5eff8e878_153.wav", "text": "but mark -- the market moves up and down all the time. And that's actually the hallmark of being a value investor, and I think it's one of the things that sets us apart.", "duration": 9.18}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_132.wav", "text": "Our near-term vision is to continue to do what we have always done by continuing to build and operate great infrastructure in the best basins in the country.", "duration": 9.18}, {"path": "933faa5ac159ab158506e2bc0f714977_144.wav", "text": "on lumber and then the kind of cost allocation process that takes place as you incur essentially higher", "duration": 9.18}, {"path": "dbf6a9009ea60e2e96772ee3ccea7226_81.wav", "text": "and how it can reduce the planning, deployment and operational complexity of microwave links, saving customers time and lowering their costs.", "duration": 9.18}, {"path": "24c7526f6daca8e16ab91bea6124148a_93.wav", "text": "to improve our inventory management and even how we manage receivables and payables, fairly fundamental aspects of a business. So a", "duration": 9.18}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_46.wav", "text": "We're seeing receptiveness on their side to contribute to those investments. So it has come up in our negotiations, but we're proactively doing it because we want to make sure,", "duration": 9.18}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_56.wav", "text": "We expect to close a transaction for a major part of the business by the end of the year. I'll now turn the call over to Stephanie to cover the financials in more detail.", "duration": 9.18}, {"path": "0b2059114216fe9195b6a4256ed84843_105.wav", "text": "We have work in the West Coast, in California and also in Washington State.", "duration": 9.18}, {"path": "c44bd68e2a8cbf4241b4b30b81fda1d4_49.wav", "text": "Thank you, dear ladies and gentlemen. Good afternoon as well as good evening to Asia, and good morning to the Americas.", "duration": 9.18}, {"path": "0e410ca71e50235e520d5af32ce0f54a_84.wav", "text": "We are very happy. Depending on the particular pieces of technology, we would see ourselves to be at the leading edge", "duration": 9.18}, {"path": "32283c24ad18239efb166db8422560b2_147.wav", "text": "Institutional outsourced CIOs or Chief Investment Officers are acting on behalf of an institution on a discretionary basis.", "duration": 9.18}, {"path": "3ae068efa03cd088f4d3edea682f199f_270.wav", "text": "along with an existing reference plant design rather than proceeding automatically with the client's standards and specifications as we would have historically.", "duration": 9.18}, {"path": "3ae068efa03cd088f4d3edea682f199f_227.wav", "text": "could you just walk through what happens if you don't get the sale closed by the end of the year? How do you manage that process?", "duration": 9.18}, {"path": "30a142fac5a62ab00227cb6a339a6226_127.wav", "text": "Not only does this allow us to serve more advertisers, it also helps us become a one-stop shop for those that continue to invest in our platform.", "duration": 9.18}, {"path": "b1a98885c1d81414cdc122e807760faf_30.wav", "text": "and this is where we can add most of the value with meaningful development because we have great people, great team and the partners see that.", "duration": 9.18}, {"path": "76b892bf017891d7028256847747227c_7.wav", "text": "including negative interest rates, confounded forecasters. While it's impossible to know what the future will bring in any of these regards,", "duration": 9.18}, {"path": "16c235a53fc719ec92ef3b3c3b371150_294.wav", "text": "constant over time? Or is that something that trends in one direction or another? Yes. I think it generally is on average 60% over time.", "duration": 9.18}, {"path": "97ddc19ecb28bab2d19fd3b181182062_147.wav", "text": "Our business model of focusing on smaller orders that require quick turnaround along with providing high levels of value-added processing", "duration": 9.18}, {"path": "6064088db0200b32f3f3e848047c5ab6_34.wav", "text": "during the second quarter of this year. So as you can see, we have a busy execution year ahead of us with numerous pruritus trials already ongoing", "duration": 9.18}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_125.wav", "text": "going to mitigate a lot of the pressure that we had in the first quarter and the second. Not fully. So it will improve first quarter to second quarter. With the idea with all of the actions in place,", "duration": 9.18}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_10.wav", "text": "The sustained rebound in oil prices is helping to ease budget constraints. It even released some large infrastructure projects.", "duration": 9.18}, {"path": "190e0d8d92da94060523364716ce6e03_112.wav", "text": "a reduction from the 8-year period we're currently in for RIIO-1. While we certainly prefer the stability and benefits to customers", "duration": 9.18}, {"path": "027d36b67ee5bba934695b2d0c47eb08_10.wav", "text": "Our goal is to revolutionize the way mastitis is treated by making earlier treatment of subclinical infections economically feasible", "duration": 9.18}, {"path": "77f146e76d89a5be785a39ab23dfa763_132.wav", "text": "We have a safe and strong team in place, committed to our vision to make the world safer and secure the places where people thrive.", "duration": 9.18}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_26.wav", "text": "the inadequacy of the current standard of care. People simply cannot stay on standard of care chronically because it's too toxic, frankly,", "duration": 9.15}, {"path": "44e325093d15c18f3db1fd163cee40fa_3.wav", "text": "In addition to operational excellence, we also are focusing on continually improving our capital structure,", "duration": 9.15}, {"path": "62d981deed6d5128615c99d1597178b6_138.wav", "text": "However, in 2019, we anticipate repurchasing enough stock to satisfy our commitment to reduce our share count each year.", "duration": 9.15}, {"path": "62d981deed6d5128615c99d1597178b6_122.wav", "text": "we closed the acquisitions of Pavilion and Summit in the fourth quarter. These transactions add to our capabilities and scale in investments.", "duration": 9.15}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_88.wav", "text": "issues that the owners are feeling that are going to continue to take some time. So yes, we are seeing some people leave jobs and get moved to other jobs", "duration": 9.15}, {"path": "e274d02ea943c0a74779950fe28e839d_2.wav", "text": "These achievements speak to our commitment and dedication to protecting our employees, our customers, the environment and the communities in which we operate.", "duration": 9.15}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_49.wav", "text": "a significant part of it is related to the margin improvement in operations. So it's increasingly more apparent", "duration": 9.15}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_108.wav", "text": "the opportunities. But I do believe that the emerging markets will provide growth going forward and remain an important opportunity for us as we move forward.", "duration": 9.15}, {"path": "a45d8b57fe6b8199bca7aec4d022bbb3_142.wav", "text": "Yes. If there are no further questions, I would like to close this session. Thank you very much for your contribution.", "duration": 9.15}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_30.wav", "text": "and with a clear vision and strategy to serve and educate our students and provide them with the necessary support and tools as they work towards graduation.", "duration": 9.15}, {"path": "abd0f750609f1263b566f0c09b981a16_169.wav", "text": "construction financing, which points to a tapering at some point in the near term. As I commented, we felt that the", "duration": 9.15}, {"path": "0755f4b74dda585f3975c7d8208b1598_102.wav", "text": "Our new data fabric will conceptually be one repository as opposed to the many silo-ed databases that we have today.", "duration": 9.15}, {"path": "249b7b83531140105343e2a0e89150fa_109.wav", "text": "Thank you, Michael. As both Michael Collins and Michael Schrum highlighted, Butterfield continues to generate strong profits and deliver on our promises to shareholders.", "duration": 9.15}, {"path": "2a59b9df2de5248e64727f10185a8423_22.wav", "text": "we expect that demand recovery in the fourth quarter will be subject to severe conditions as well, so we have revised our forecast.", "duration": 9.15}, {"path": "2d7efae3f89647d6468deed3b73bf98a_102.wav", "text": "especially the growth in the equity markets over the last 3 months has really helped them to fuel our growth.", "duration": 9.15}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_86.wav", "text": "from discontinued operations impact and as well the higher number of shares through the capital increase end of last year.", "duration": 9.15}, {"path": "8cb24daf76784487ad63780546dc4ba4_123.wav", "text": "Those of you who have been on these calls for some time will note that many new names are populating the sales list, and we believe this to be a positive development.", "duration": 9.15}, {"path": "8cb24daf76784487ad63780546dc4ba4_177.wav", "text": "Investment performance across the complex continue to gradually improve, including a notable improvement in several of our largest retail products.", "duration": 9.15}, {"path": "8cb24daf76784487ad63780546dc4ba4_50.wav", "text": "we have in the recent past pruned expenses in a couple of cases reasonably aggressively on products where we think we have a real opportunity", "duration": 9.15}, {"path": "7e14890193df4b10e1eeab6ab886529f_173.wav", "text": "The purpose of this call is to provide investors with some further details regarding the company's financial results as well as to provide a general update on the company's progress.", "duration": 9.15}, {"path": "7e14890193df4b10e1eeab6ab886529f_65.wav", "text": "Building on this very encouraging start to 2018 and to create the kind of future impact we want Weight Watchers to have,", "duration": 9.15}, {"path": "7e14890193df4b10e1eeab6ab886529f_151.wav", "text": "And we'll create new ways for those who haven't tried Weight Watchers to experience our community. WW Cruise is a great example.", "duration": 9.15}, {"path": "de3b766a868da918e499f407dbf5d716_63.wav", "text": "party that's going to actually do the acquisition sourcing, so line up the transactions then they're going to manage the portfolio.", "duration": 9.15}, {"path": "1b91eb82f5211000e711424657cc2484_244.wav", "text": "whereas the performance earnings is more volatile. But at the same time, the uses of that capital or retained earnings would also be more volatile.", "duration": 9.15}, {"path": "1b91eb82f5211000e711424657cc2484_186.wav", "text": "And lastly, there's been a notable uptick in the number of large investors that are looking to develop significant strategic mandates across our platform.", "duration": 9.15}, {"path": "c4dc8f962a85aa47af50f82845f550e2_27.wav", "text": "So bottom line is we did cut back in both of those entities, not as much as we did in the gas panel part", "duration": 9.15}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_70.wav", "text": "are supporting operations and allowing people to reach out further, go further to get fiber supply and pay more. And we're seeing that in some of the extreme bidding behavior", "duration": 9.15}, {"path": "0c18e4de44a4c891690654ba38479935_7.wav", "text": "As I said, this is fully screened and the whole timing of that trial is according to planning.", "duration": 9.15}, {"path": "01502edf6cda82061f1f45d6b0e8e189_137.wav", "text": "Well, I think that the -- our experience in developing the G1 was that it took a very significant amount of investment", "duration": 9.15}, {"path": "01502edf6cda82061f1f45d6b0e8e189_151.wav", "text": "As I mentioned, it's important to take into consideration various product trends we saw in our key end markets when looking at the total revenue line.", "duration": 9.15}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_62.wav", "text": "really understand the pulse of local markets. This is different from China. In China,", "duration": 9.15}, {"path": "cfbe91105113db7a5784f77e411b7a3f_121.wav", "text": "or office facility who is in need of certain intercom systems and is looking for a certain functionality which can be found in that particular new release,", "duration": 9.15}, {"path": "839852ec8452dbd90e9341d15cbba7c5_196.wav", "text": "inside of the 4 businesses that we're already in. And so I'm not trying to hedge it but I think it's just -- it's a pacing question. It's how fast", "duration": 9.15}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_140.wav", "text": "Although this does not represent a run rate for the business, it is an important indication that our ongoing focus on cost savings and efficiencies is getting traction.", "duration": 9.15}, {"path": "cc82e791c065bdc271addf355bac274f_80.wav", "text": "Well, the outlook is favorable, as I said. And we also said that the opinion from our", "duration": 9.15}, {"path": "dbafd430cf189ffeffd96a06da8ba37d_102.wav", "text": "where you have, where people have received their bonuses from their prior firm and are -- so we know who's really looking and what's available and if it fits.", "duration": 9.15}, {"path": "0f4370b614f29bd596e4f6871cc77864_146.wav", "text": "and the other 3 reporting segments each posting about 10% organic growth. In short, all reporting segments in all major geographies continued to perform.", "duration": 9.15}, {"path": "276392c471c063580869aec014a1feda_149.wav", "text": "This quarter, we launched the first flavor expansion of our top-selling personalized protein powder in a flavor called mixed fruit in Mexico.", "duration": 9.15}, {"path": "3e714a49937be1672aa48244ba7254ce_46.wav", "text": "which are implemented for the customers already in Q4, and which we will work further to the market in", "duration": 9.15}, {"path": "655d592e9d1b1027f1824b1554d8b131_124.wav", "text": "the synergy realization related to the Lorillard transaction and the company's continued focus on operating efficiencies and productivity improvement.", "duration": 9.15}, {"path": "07d30eec04a77191950ef0992d097daf_65.wav", "text": "As a reminder, we have no CRE construction loans in Houston and only 92 in total CRE land and construction in the entire portfolio,", "duration": 9.15}, {"path": "93d3e5be9cf75e0921d47f10d4178939_107.wav", "text": "that we knew was coming in markets like Grand Forks and Bismarck, but we thought we could outrun it. We're getting caught near term in a little bit of that supply pressure.", "duration": 9.15}, {"path": "b022fc1979ef416dd25317a4c062328e_39.wav", "text": "From a capital perspective, yes, it did have some constraints on capital, but we were still so far above those limits that that's not what was", "duration": 9.15}, {"path": "616e9ba16db091317ae4d96e877a9bbe_3.wav", "text": "We are particularly pleased with these results because they came in a market environment which, early in the quarter, was anxious and unsettled.", "duration": 9.15}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_125.wav", "text": "We are designing further improvements to our direct patterning equipment that will provide, will improve production yields and", "duration": 9.15}, {"path": "da14df2e02d11f6f8599533d9d57faee_63.wav", "text": "We've been working closely together for decades, and we expect that relationship to help with the seamless transition and integration.", "duration": 9.15}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_137.wav", "text": "position it in a very important segment of the cat population and show what we hope is a good outcome. There is a published pilot study in cats,", "duration": 9.15}, {"path": "8aa1aa8317783203344434f855535c25_166.wav", "text": "We believe our continued ability to generate these incremental earnings from strong investment performance further distinguishes us from other BDCs in the marketplace.", "duration": 9.15}, {"path": "8aa1aa8317783203344434f855535c25_90.wav", "text": "the logical conclusion would be to go higher in the capital structure. But maybe it's a cause and effect, where everyone's going higher in the capital structure, and that's what's screwing everything up. I just wondered if you could,", "duration": 9.15}, {"path": "8aa1aa8317783203344434f855535c25_60.wav", "text": "while maintaining the integrity of our loan structures and documentations through our investment process. This is not our first time managing through these types of markets.", "duration": 9.15}, {"path": "58ff8a727ec4f3859407b64f08246759_197.wav", "text": "and finally, support for additional clinical and economic validation by global region. I'll now turn the call over to Marshall, who will review financial highlights.", "duration": 9.15}, {"path": "be8b554309f7632bc9ebbd967764001e_144.wav", "text": "And it's also visible -- beginning to be visible in some areas, so as the last couple of months, as I'm sure you're aware, we've had a minor turn in the value growth,", "duration": 9.15}, {"path": "d8eb5522db0e51d75ea6518462954c52_10.wav", "text": "more than half of customer care interactions and 26% of commercial transactions were done through digital channels, together with", "duration": 9.15}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_5.wav", "text": "In terms of the merger, this past quarter we achieved several significant milestones. Most importantly, as we announced last month,", "duration": 9.15}, {"path": "dd28a387ccc9575df47840b850647c7f_153.wav", "text": "if the market is good enough, you could pretty much run it all the time on Siding, which I know that's not realistic day 1, but that's physically possible, right?", "duration": 9.15}, {"path": "cd1773ea94a046c0a36b679e2efcee9f_41.wav", "text": "In addition, our Tahoe resort benefited from dramatically better conditions throughout the ski season and achieved record revenue levels in all key business lines.", "duration": 9.15}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_36.wav", "text": "At EagleBank, we are more focused on growth in earnings and earnings per share than in size or growth rate of our balance sheet.", "duration": 9.15}, {"path": "7aeefd3f7f36ea98354844517c1f012d_99.wav", "text": "In terms of -- and I also think that the sense is that by the 3 major players continuing", "duration": 9.15}, {"path": "9952903822d3aabb9a8a8fdd41f23bc2_102.wav", "text": "the fundamental thing is you can get a lot more data on your wells, if you're willing to spend the money to get the data, and that will inform you a lot about the completion design.", "duration": 9.15}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_69.wav", "text": "Our innovation agenda in each of food and beverage, digital and store design is being informed by each of these trends,", "duration": 9.15}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_188.wav", "text": "as we invest in the customer acquisition. It should be noted that this ratio is calculated only including current product at current price level.", "duration": 9.15}, {"path": "191c819db03c2dfd0207cd1f42e278a4_8.wav", "text": "Moving to profitability. On an adjusted basis, we sustained our EBITDA and EBITDA margin compared with last year.", "duration": 9.15}, {"path": "b43c001c5af465d220ab0b69a95202ae_181.wav", "text": "Our strategies have continued to work. We believe that our focus on delivering high-quality care and service, growth,", "duration": 9.15}, {"path": "809e26eaacb31ffdee78d3f41a6ce90a_138.wav", "text": "We do believe that, that's a direct function, particularly in the rosin chain of overcapacity in the hydrocarbon space which we've talked about at great length.", "duration": 9.15}, {"path": "13141efea197b407280701081390f0ce_103.wav", "text": "we've seen that again here for the first 6 months of -- with California. I mean, you could pretty much say minimum wage went into effect at this point in time,", "duration": 9.15}, {"path": "968913c3f9111fc67f1d9956c56dec3b_163.wav", "text": "based on our ability to consistently deliver innovations and transform our business to deliver the best experiences for our members and affiliates.", "duration": 9.15}, {"path": "75eb5b75bb8587b63c318714ea956b9e_42.wav", "text": "The company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this conference call.", "duration": 9.15}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_14.wav", "text": "We closed the acquisition of Great Northern Midstream in January and expect to offer it to TLLP for acquisition in the second half of this year.", "duration": 9.15}, {"path": "4eb41fa11a52a50234620475be1e41f2_33.wav", "text": "that the second quarter stand-alone is a quarter of net investments in working capital as a result of the seasonality of the businesses, especially", "duration": 9.15}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_122.wav", "text": "the applications in market segments that were truly what we would define as being glass coating-related.", "duration": 9.15}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_254.wav", "text": "to show that we're starting to differentiate ourselves from the other producers. You have producers -- most of our competitors, as you know, are privately held", "duration": 9.15}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_238.wav", "text": "some offers that we see that we're never sure if they are temporary or permanent. But overall, we had seen some", "duration": 9.15}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_216.wav", "text": "At the same time, a growing number of our existing Mobility customers are bundling their wireless with our video and our broadband services.", "duration": 9.15}, {"path": "333d478ab06fd400afafa68f4a952191_63.wav", "text": "As I always do during the month of December, I had a chance to visit 4 different countries on a trip that I plan every year with senior members of our buying and operations team.", "duration": 9.15}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_42.wav", "text": "I'm very encouraged by the progress that we've made. And what I would emphasize along those lines is", "duration": 9.15}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_159.wav", "text": "We are on track to turn positive from an adjusted EBITDA standpoint as well as free cash flow standpoint in the second half of the year", "duration": 9.15}, {"path": "73c60e60043b8775dac929320839a8c6_22.wav", "text": "and we'll keep our eye on it and the team will be calling management every couple of quarters until it feels like perhaps they've hit some of the more critical milestones. And so", "duration": 9.15}, {"path": "87045996e7446329f1d98c909c6ca7fe_142.wav", "text": "In addition to being lower cost, these products strengthen multiproduct relationships by supplying clients with the tools they need to manage their finances.", "duration": 9.15}, {"path": "87045996e7446329f1d98c909c6ca7fe_20.wav", "text": "the balance of factors we consider in the outlook for net interest margin supports our expectation for incremental improvement in this key metric over the near term.", "duration": 9.15}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_22.wav", "text": "And you've got -- you're lapping an extra week in your fiscal fourth quarter. With the Jennie-O reductions that you have outlined", "duration": 9.15}, {"path": "49e533a8449f6b9b6c806458e73338e1_85.wav", "text": "Total take rate in Q4 was flat sequentially and down 20 basis points from the prior year, primarily as a result of the receivable sale.", "duration": 9.15}, {"path": "89a894c2c6440d41510f0b009c0cd03b_29.wav", "text": "of ordering these vessels when the yards are on their knees, because other shipping segments are really struggling and have been doing so for a number of years.", "duration": 9.15}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_125.wav", "text": "And that exchange had about a 30 basis point impact. And obviously, exchange rates are going to move around so it's difficult to call how that is in the future. So if you back those out,", "duration": 9.15}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_50.wav", "text": "Please note that statements made in this conference call and in the accompanying presentation materials regarding American Public Education or its subsidiaries", "duration": 9.15}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_83.wav", "text": "We had many discrete items that significantly impacted and reduced our income tax rate during the quarter, including a lower taxable gain on disposition,", "duration": 9.15}, {"path": "80a2ca14358172366acab4e80f3fa33b_152.wav", "text": "Gordon did mention taxes. Really, what that's all about is the timing of deductions and refunds versus payments.", "duration": 9.15}, {"path": "3e29586725757a72d8c143f3da2658f5_8.wav", "text": "This project will connect the Viking Gas Transmission Company pipeline near Felton, Minnesota to our existing pipeline near Mapleton, North Dakota,", "duration": 9.15}, {"path": "94f601dc7b34ad38667e3b714aa89d35_93.wav", "text": "that certainly gives us some confidence. But it's also supplemented by the broader data points that we see outside, right, you see some competitors of ours", "duration": 9.15}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_68.wav", "text": "Our lodging results for the first -- for the fiscal quarter were also very encouraging, with both occupancy and rate increases compared to the prior year.", "duration": 9.15}, {"path": "18e82b076319ac52f8a4b391ea345abd_57.wav", "text": "And finally, we are proactively reducing specialty project activity within Industrial's heavy lifting business to improve long-term profitability.", "duration": 9.15}, {"path": "e0d1342ad3d27fd648b708837de08797_160.wav", "text": "for the kind of projects you're pursuing for the short-cycle time? And is it something that you feel you'll be able to manage effectively?", "duration": 9.15}, {"path": "812d8f09b72b4d410d138d3b24caebbc_66.wav", "text": "and reported growth also reflects a negative translation impact of 2%, coming from changes in foreign currency exchange rates.", "duration": 9.15}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_179.wav", "text": "Foreign exchange remains front of mind. And on Page 13, we pulled together some numbers to help you understand our current pro forma FX exposures,", "duration": 9.15}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_67.wav", "text": "Our innovations are going faster to market, and we have steadily increased the level of reinvestment of savings behind our brands.", "duration": 9.15}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_95.wav", "text": "As a result, we came into 2015 with a solid financial position and clear priorities underscored by cost and capital discipline.", "duration": 9.15}, {"path": "407fee9910ab57874978cf85a89b1d9d_118.wav", "text": "I think the impact will be seen from the weakening of our competitor will probably outweigh the impact we see on the weakening of the market,", "duration": 9.15}, {"path": "ebd59e21db89edb92205e012427cd9db_185.wav", "text": "and utilize some of our experiences from Papua New Guinea into Alaska to work with the communities on some of their social issues.", "duration": 9.15}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_92.wav", "text": "on the Cano Limon and Bicentenario pipelines will help normalize the margins for Frontera to be in line with those of our peers", "duration": 9.15}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_22.wav", "text": "what I said makes sense for the next 2 years. And along the same line, I understand that you want to maintain more stable margins, but", "duration": 9.15}, {"path": "9fb4423a70358ef22be9982299969f7a_13.wav", "text": "some real weakness that we experienced in the first half of the year, so some uncertainty in the second half and that's really those factors combined to us reducing", "duration": 9.15}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_110.wav", "text": "Given that our business is cyclical, we believe it is appropriate to leave a larger portion of our debt floating as rates generally tend to follow a cyclical trend. So", "duration": 9.15}, {"path": "14fa9d7635caae6483af62a4bfe1b9d6_9.wav", "text": "Secondly, the employment numbers are getting better. Wages are improving, housing data points are improving, and all 4 of these positive data points", "duration": 9.15}, {"path": "3bc6d3e1c0a117340d288c289bf7f679_79.wav", "text": "Acquisitions provide a variable income stream, supplementing the stable spread from our lending business, with sometimes outsized returns as occurred this quarter.", "duration": 9.15}, {"path": "6daa2d0829057899b014b06c36e1d54b_3.wav", "text": "it would be appropriate for Compugen to have a new chairperson on board to guide the next chapter of our corporate growth.", "duration": 9.15}, {"path": "c334e290beb657ee3efcb6b2f734c81e_129.wav", "text": "healthy economy, especially with foreigners coming back into the gateway cities, hotels are doing much better now than they were doing before.", "duration": 9.15}, {"path": "9826162bc1bb67bf8d65e4cf50e656e9_146.wav", "text": "So I'll finish up. Hitting a bit on the targets and ambitions we have over the medium-term. So", "duration": 9.15}, {"path": "e9970d55b0ac8bddede7f337c0f94d36_73.wav", "text": "However, that does not that mean that we do not see the opportunity for inorganic growth, we do, which is one of the reasons we have maintained a strong balance sheet.", "duration": 9.15}, {"path": "96488f25af54f91198b444e5eff8e878_175.wav", "text": "We're pleased with the way our bonds traded during the last episode of market volatility and remain focused on making progress towards achieving investment-grade credit ratings.", "duration": 9.15}, {"path": "3d0f5785f81125b6efa2339a4aef56aa_64.wav", "text": "This summer season has been one of tragedy and great loss for a number of citizens of British Columbia. And Horizon North has been providing support in communities where we're active.", "duration": 9.15}, {"path": "4fafe8c628e676ca508b37756da75419_62.wav", "text": "we now have a balance sheet that gives us the capacity for acquisition and to take advantage of opportunities as they arise in the marketplace.", "duration": 9.15}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_209.wav", "text": "But I think the BioFlo story is strong, and the data is there. And I think customers get it. It is a harder environment to ask for a premium product when you're asking someone to take the price up.", "duration": 9.15}, {"path": "f268a8174f58c93ad6b45b7f151fe896_55.wav", "text": "Well, first off, the general innovation footprint that we have always has us looking at modern and innovation", "duration": 9.15}, {"path": "f268a8174f58c93ad6b45b7f151fe896_104.wav", "text": "too far out of balance and we're achieving our profitability goals. Now as we just discussed,", "duration": 9.15}, {"path": "5be70acf701b7a6c9322f8feeaca63cd_50.wav", "text": "Our current guidance includes expenses related to certain projects that were originally scheduled for the second quarter that have been deferred to later in the year.", "duration": 9.15}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_11.wav", "text": "These hunters are beginning to hit their stride, and we are seeing a robust new account funnel that continues to build each month.", "duration": 9.15}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_193.wav", "text": "including significant rain throughout California and cold and wintry weather with snow and ice in areas such as the Pacific Northwest,", "duration": 9.15}, {"path": "77423f08f0208d476dea73c639f6293a_227.wav", "text": "We are told that Gray was selected to join this first-ever dinner of its kind at the White House because of our company's commitment to local news.", "duration": 9.15}, {"path": "77423f08f0208d476dea73c639f6293a_39.wav", "text": "a bunch of deals that repriced on January 1, we have -- we don't believe in set deadlines, and we will continue to grant extensions if we think the conversations are going in the right way", "duration": 9.15}, {"path": "83c003be6ac012b814cfecef95459f02_42.wav", "text": "can you guys tell me what 2017 adjusted EBITDA was on a pro forma basis had you had those acquisitions in there since the beginning of the year?", "duration": 9.15}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_80.wav", "text": "we had inherited and didn't really match up with the way that you've heard Jim and I and Brian and Mark talk about the business over time. If you think back to Investor Day last year,", "duration": 9.15}, {"path": "f15a674bdbbc461872000604216ae071_28.wav", "text": "still with a tug-of-war happening between the different regions of the world. So this month will be decisive.", "duration": 9.15}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_26.wav", "text": "rather than the old system, where they had to retake the whole exam. And so we're seeing the positive side of that and then a retake process is a little easier than it used to be.", "duration": 9.15}, {"path": "4fd138e27f5f375945332eacefa15b62_32.wav", "text": "for the macro backdrop. I think that the reality of what is happening is that there is an even", "duration": 9.15}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_35.wav", "text": "To that end, we've identified a number of initiatives to improve customer engagement, including raising brand awareness and refining our technology.", "duration": 9.15}, {"path": "3ae068efa03cd088f4d3edea682f199f_71.wav", "text": "And on our annualized run rate, we need to get this Technology sales process finished, our debt paid down. And then I think very fortunately,", "duration": 9.15}, {"path": "365c360aff42713cef71a7d026eeeb6d_296.wav", "text": "margin improvement because it reduces the number of people we need to service x number of clients. And so it's really a productivity enhancement", "duration": 9.15}, {"path": "8dd740d83ff1c7319a82eeba6047633d_137.wav", "text": "So you can think of it as an opportunity to improve our operating leverage. There'll be some incremental bottom line impact in the short term.", "duration": 9.15}, {"path": "3fb901e6b501ddced60226a13ebef4af_88.wav", "text": "whether as a result of new information, future events or otherwise. Except as required by law, we expressly disclaim any obligation", "duration": 9.15}, {"path": "9097dcbaf554d635920c6274b1de4997_118.wav", "text": "Starting with our commercial organization. We recently expanded our ARISTADA commercial field and hospital organization by approximately 60 sales reps.", "duration": 9.15}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_84.wav", "text": "or achievements expressed or implied in these forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements and forecasts are reasonable,", "duration": 9.15}, {"path": "97ddc19ecb28bab2d19fd3b181182062_3.wav", "text": "We continue to increase our market share by providing high levels of customer service as well as investing in our people and our businesses.", "duration": 9.15}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_225.wav", "text": "and making sure that, from a pricing standpoint, we're staying disciplined with the projects that we're taking on. And so that said, we have seen significant improvement", "duration": 9.15}, {"path": "19e7822c0e829faf25355c16b830cf39_23.wav", "text": "we have the most scale and we are the most capable. In short, ASE will be part of every solution. So", "duration": 9.15}, {"path": "64364105b816dd0b6a029e9cd210e65b_300.wav", "text": "Overall, we delivered an exceptional fourth quarter with strong trailer shipments, builds and revenue which translated into increased profitability", "duration": 9.1499375}, {"path": "6e3037e770ba5e0dfc98e3223986aad2_148.wav", "text": "Beyond that anchor investment, remaining CapEx comprises a range of smaller elements that can be flexed and prioritized to business needs.", "duration": 9.1200625}, {"path": "e0d1342ad3d27fd648b708837de08797_261.wav", "text": "After Liza-4, the rig will drill a delineation well at Payara that will also test a deeper exploration prospect.", "duration": 9.1200625}, {"path": "a7fbe5c630b4ff10d4755adc193425a9_3.wav", "text": "The market continue to be very active. We have a strong pipeline, and we have what it take to continue the momentum in the region.", "duration": 9.12}, {"path": "6e6da7f810609ce64857373f11984455_102.wav", "text": "and we formed a strategic partnership with Silicon Valley-based Plug and Play, the world's largest technology innovation accelerator platform.", "duration": 9.12}, {"path": "7d2a9151826f1fbcf538ffbf85924ed2_3.wav", "text": "as well. When you accelerate activity, you're going to have to shut in your immediately offset wells. So we're going to see a little bit of an impact for that in the second half of the year.", "duration": 9.12}, {"path": "139f0a6300f504b3e8673e39b0429161_107.wav", "text": "and the progress we're making in our newer technology areas of data analytics and IoT such as our messaging monetization service and Secure Global Access,", "duration": 9.12}, {"path": "139f0a6300f504b3e8673e39b0429161_141.wav", "text": "The Syniverse and Mavenir partnerships bring to market a simple global connected platform that operators can use to enable messaging for enterprise customers.", "duration": 9.12}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_227.wav", "text": "We spent the last years developing a portfolio of disruptive products and technologies to service these targeted areas of secular growth.", "duration": 9.12}, {"path": "7eebbbc069b4bf8367aa748751df9bc7_57.wav", "text": "again continue to evaluate how we allocate capital in the current environment, particularly given our recent performance and our projected outlook.", "duration": 9.12}, {"path": "6388da88b00ebc88af59435bdac74132_19.wav", "text": "Neptune carved out from our French energy conglomerate producing oil and gas assets, dispersed throughout the North Sea, North Africa and Southeast Asia,", "duration": 9.12}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_29.wav", "text": "Under a more traditional definition of bookings, which would include any up-sell or expansion commitments regardless of whether they were incremental to run rate revenue,", "duration": 9.12}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_191.wav", "text": "We still are conducting a search and expect to complete shortly a search for a CFO and a Chief Accounting Officer.", "duration": 9.12}, {"path": "4bf5e132b2f3d6aab97932e977a3fa7e_27.wav", "text": "Please note that this call contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations.", "duration": 9.12}, {"path": "2a59b9df2de5248e64727f10185a8423_7.wav", "text": "Although revenue fell for the third quarter, we have been able to maintain a high level of revenues, the second highest to date.", "duration": 9.12}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_74.wav", "text": "It's a good question that I don't have the specific answer for, but I know that we have plans to drill a disposal well.", "duration": 9.12}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_34.wav", "text": "and we review those every month in ALCO and then periodically look at how we can bring those more in line with our standard pricing over time.", "duration": 9.12}, {"path": "67716cee321d117b0318930dd142f06a_189.wav", "text": "In addition, the prospect of adding additional spending on our domestic infrastructure bodes very well for Reliance.", "duration": 9.12}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_17.wav", "text": "In fact, a number of our luxury and upper-upscale pipeline rooms exceed that of our next 3 largest global competitors combined.", "duration": 9.12}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_77.wav", "text": "As AOI was flat in the quarter because of the natural disaster impact we just mentioned, the increase was driven by lower interest and taxes.", "duration": 9.12}, {"path": "56e05107e391476d11fe1f637733f028_62.wav", "text": "Due to the unexpected Medicare change and the fact that we did not have existing contract positions with our third-party pay model customers,", "duration": 9.12}, {"path": "14f3d2486b21e639a953afb7ad03d90c_92.wav", "text": "That means that we are going out of commodity products, standardized profiles with low margins into more sophisticated products where we", "duration": 9.12}, {"path": "918de179148bbfe18b95415ee0065a3d_199.wav", "text": "and getting full. And we're the only guys that are skinny when they bring out the hot food. I mean, it may be that we've got to be that patient, but", "duration": 9.12}, {"path": "8b71a232d7fe61e6232807b635977c31_117.wav", "text": "And then come the first quarter of next year, after more clients have implemented, the measurement capability will begin syndicated reporting sometime", "duration": 9.12}, {"path": "8b71a232d7fe61e6232807b635977c31_200.wav", "text": "When we talk about Total Audience Measurement, the most common question we get is, how and when does total audience get adopted as the new currency.", "duration": 9.12}, {"path": "3121e8f4a75758834d32a9e4e0555221_26.wav", "text": "was because the Marketplace performed very well in Texas in the quarter. We're not going to see continued", "duration": 9.12}, {"path": "3d2a6b6fb3bd6590fccc401d58e7942d_16.wav", "text": "to become one of the main innovators, accelerators and facilitators of this development in Germany and beyond.", "duration": 9.12}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_3.wav", "text": "The most positive part of the past few weeks was holding our Investor Days in Toronto and New York, where we issued our new 5-year capital plan", "duration": 9.12}, {"path": "ecd8e1f1c0fa27dfdd24b358cb65012f_30.wav", "text": "and gentlemen, the expectations for the growth of the world economy remained generally positive since we last spoke in mid-August.", "duration": 9.12}, {"path": "01502edf6cda82061f1f45d6b0e8e189_111.wav", "text": "While collections on our insurance-related receivables drove a portion of this, we continued to see good progress on the working capital front.", "duration": 9.12}, {"path": "6f2c2a55736c5c47a19eca807ec60e33_30.wav", "text": "All right. The next question is, how are the certification programs moving forward, and what has been the effect of the NEBS certification?", "duration": 9.12}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_232.wav", "text": "for the cause. I think that is a dangerous method. To address your questions,", "duration": 9.12}, {"path": "39e5706898dcaf14a280b3a123877cd6_238.wav", "text": "We can, for instance, buy a finished building that we then integrate into our perimeter. So we have a very clear vision of the physical", "duration": 9.12}, {"path": "cfbe91105113db7a5784f77e411b7a3f_0.wav", "text": "very warm welcome here in the Experience Center in Amsterdam for the presentation of our first half year results, and also a very special", "duration": 9.12}, {"path": "8292bdb9af87f10627c044f3842b2c76_138.wav", "text": "and can now reasonably strive to use our platform to enhance our investment and operating returns.", "duration": 9.12}, {"path": "e26b501c6e000fdaa11edde97cc71436_99.wav", "text": "Going forward, we expect cost of service to increase at a modest pace in relation to revenue growth and to continue to fall as a percentage of revenue.", "duration": 9.12}, {"path": "a827180c08c11f2e53c6966fceaabf5b_128.wav", "text": "This resulted in weaker trends in our Distribution segment, partially offset by strong margin performance in our Aerospace business.", "duration": 9.12}, {"path": "1b1699497be56330b3ed833f22bc63f6_104.wav", "text": "Now our key operating priorities for Payments this year are focused on solutions that provide for an enhanced experience for gaming patrons,", "duration": 9.12}, {"path": "4032bfdd59881fc6506c082737cb5a99_177.wav", "text": "experiences. So, look, we're working through them. We feel confident in the businesses and the brands that serve these markets are highly important to the markets.", "duration": 9.12}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_172.wav", "text": "and you also are increasingly big in C-stores, both of which almost everything trades at a higher multiple than you guys seem to trade on an EBITDA basis.", "duration": 9.12}, {"path": "8957425799e5ce0200bfacf204d0acde_227.wav", "text": "Thank you, appreciate you joining us this morning, and we look forward to sharing with you the results of our operations in the first quarter in April. So thanks very much.", "duration": 9.12}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_29.wav", "text": "by category type, but I can assure you at least that we had growth, of course, in the absolute number the quantum of number of system placements as well as growth in both categories", "duration": 9.12}, {"path": "1133b8984db446b9c963a09eaf0785a4_230.wav", "text": "Finally, while we've been very effective adjusting to the current environment, we realize we must continue to improve our operating structure.", "duration": 9.12}, {"path": "257e4e92036da9582a8a288c88332ff3_99.wav", "text": "is very high. It's stronger acquisition currency. How do you think about that now? How are you sitting in terms of potentially looking for", "duration": 9.12}, {"path": "276392c471c063580869aec014a1feda_95.wav", "text": "In addition to a lot of prepared comments that we have, what's most exciting is that you're going to have the opportunity to interact with almost 20 different executives and distributors", "duration": 9.12}, {"path": "e56726c7aedd69029957c84128050700_66.wav", "text": "This is another indicator of our customer's desire for our products, and clearly, will help sustain our revenue growth in the next few quarters.", "duration": 9.12}, {"path": "6864081f83959f4b49e25e597f28af66_178.wav", "text": "While our margins are still impacted by the macro environment around increased transportation labor costs, we have taken actions to reduce spend in this business.", "duration": 9.12}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_79.wav", "text": "I'll then turn the call over to Nic, who will discuss our financial performance in additional detail. Even though it's been just a little over 1.5 months since we last reported,", "duration": 9.12}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_7.wav", "text": "and present our GAAP financials in a matter that closely reflects our actual operations and cash flow. Chris will provide more details on this.", "duration": 9.12}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_99.wav", "text": "Through focus, positive and productive change and aggressive investment, we feel like we've gotten to a point where we have a very solid platform to build on going forward.", "duration": 9.12}, {"path": "c433164f6d189e18b1e4784e376b6ecb_6.wav", "text": "Production for these properties is approximately 15 million cubic feet equivalent per day and will include all developed and undeveloped acreage.", "duration": 9.12}, {"path": "38b2f94da12bbf2d32246763aab8265a_68.wav", "text": "to ensure that we're going to be able to deliver the results on a stable basis. We can see that this year, how we're going to be able", "duration": 9.12}, {"path": "e60f6485243932b9280d864cb17a6ba8_13.wav", "text": "The acceleration of innovation and digital transformation, I am totally convinced that innovation is absolutely key for all development.", "duration": 9.12}, {"path": "b2d6357f46f3a82cff6625277f9a20f6_69.wav", "text": "to having the approximately 20 Conjur employees, the majority of who are developers or in technical roles, join the team this week.", "duration": 9.12}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_55.wav", "text": "and was unfavorably impacted by weather-related claims in personal lines due to the heavy rainfall in certain parts of Florida during the quarter.", "duration": 9.12}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_4.wav", "text": "We will remain aggressive in our rate plan and respond quickly to any changes in loss cost trends to ensure we are taking enough rate to improve profitability.", "duration": 9.12}, {"path": "4510e2aa4676c7a10c96df3f4ebf2beb_45.wav", "text": "and we have discussed other potential asset sales in our filings, we're also working hard to improve our operating profitability and cash flow", "duration": 9.12}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_220.wav", "text": "Yes. And when we look at the cost associated with either paying a premium to buy dealerships or securing land and building dealerships,", "duration": 9.12}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_65.wav", "text": "We had to come up with an affordable and efficient way to widen our funnel and widen the breadth of our offering and differentiate ourselves.", "duration": 9.12}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_70.wav", "text": "Just because we found one way to do it doesn't mean we're going to stop innovating when it comes to our completion design and when it comes to improving our results.", "duration": 9.12}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_164.wav", "text": "At the heart of our strategy is product superiority, products which outperform key competition or bring new distinctive consumer benefits.", "duration": 9.12}, {"path": "3b0718945e9c427873c1f34fa49b15aa_6.wav", "text": "The final settlement agreement will be subject to approval by the PUCT. We currently anticipate that the commission will consider the proposed settlement in the second quarter.", "duration": 9.12}, {"path": "6a372ea97b0b130a4d37f16b54d97909_205.wav", "text": "The program is expected to be executed over the next 2 years, but is not specific as to when or how many shares will be purchased.", "duration": 9.12}, {"path": "f23036451aab1cb9d659c3ac9a23825c_49.wav", "text": "We are working to meet the conditions of this letter, which would allow us to pursue this opportunity. We are pleased with Sun Capital's continued support of Vince.", "duration": 9.12}, {"path": "df8a6d3f1b7e7aac2fd06afaf493a532_85.wav", "text": "strength in the second half of the year do you expect to be fueled by mobile handsets and how much do you expect to be fueled by", "duration": 9.12}, {"path": "b281eff988085e0776dc8a10223f1048_74.wav", "text": "Multiple serum samples have been collected from all patients for the measurement of ADA levels and the analysis of these samples is currently on going.", "duration": 9.12}, {"path": "c3567809c19ce6a800677544cd84f88b_87.wav", "text": "and I would expect to deliver further progress against these measures in fiscal '17. In addition to continuing to execute our strategy,", "duration": 9.12}, {"path": "974a2d744cd3d9acf42d74816de91f7f_73.wav", "text": "and their majority owner is now a private equity firm. But we looked at it, it was", "duration": 9.12}, {"path": "974a2d744cd3d9acf42d74816de91f7f_104.wav", "text": "We remain actively engaged with customers on additional TwinShape duct programs that we expect to be decided over the next 6 to 12 months.", "duration": 9.12}, {"path": "9979d7fef684b8cac613c934b6229791_102.wav", "text": "first half of 2016. Foreign exchange translation had a positive impact on sales for the first half", "duration": 9.12}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_107.wav", "text": "we would have been chasing revenue right off a cliff at the end of the quarter, doing ever diminishing pricing deals to try and make revenue,", "duration": 9.12}, {"path": "f7df5ecab61eca575f169a8298318eca_49.wav", "text": "and that is mainly, at this point in time, in this quarter, it's relating to cost reductions in the business area.", "duration": 9.12}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_118.wav", "text": "We'll solidify our platform and position upcoming business opportunities as growth drivers, and then move towards the future.", "duration": 9.12}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_52.wav", "text": "companies combine, and then they have separate product lines. I think customers are making decisions based on the merit of each product", "duration": 9.12}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_35.wav", "text": "At this time, I would like to inform you that certain commentary made in this conference call may be considered forward-looking statement,", "duration": 9.12}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_7.wav", "text": "in our progress, and our management believes our scientific and business development accomplishments to this date support continuing on this journey.", "duration": 9.12}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_240.wav", "text": "since most of the pricing is -- like our pricing of our end product is reflective of sugar type of pricing and sugar prices are up slightly,", "duration": 9.12}, {"path": "4479886907c2a9ec843d6ea1e5e0cacc_92.wav", "text": "defensive market positions, operate in industries we know well and generate excess free cash flow for debt service and funding growth.", "duration": 9.12}, {"path": "f77935c4693e4d33252c9c76993e9c8b_207.wav", "text": "stay on this day after day after day with each person that's a potential no vote, and there are lots of them. So", "duration": 9.12}, {"path": "75eb5b75bb8587b63c318714ea956b9e_30.wav", "text": "is by year-end to get a certain number of them, a significant number of them, through this process. And we're optimistic we will do that.", "duration": 9.12}, {"path": "0ec0a75c1800bac01520dcac5b8992fb_151.wav", "text": "Given the increased visibility we have for the rest of the fiscal year, we are narrowing our guidance, the details of which George will walk you through in a few moments.", "duration": 9.12}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_147.wav", "text": "project is complete, and we are in the permitting process. And it is now -- that is out for public comment,", "duration": 9.12}, {"path": "21f21433851eb7c7f7dbc710309341bb_67.wav", "text": "this program is the foundation of our strategy to make data driven decisions and engage our customers as individuals with personalized offers.", "duration": 9.12}, {"path": "fb817a6cc685a3fd0f003456dd641c01_54.wav", "text": "This concludes today's conference call. Today's call will be available for replay in approximately 2 hours' time. To listen to the replay,", "duration": 9.12}, {"path": "fb817a6cc685a3fd0f003456dd641c01_124.wav", "text": "with lower debt levels and balance sheet capacity available for tuck-ins or incremental buybacks. I will now turn the call back over to Randy for some closing comments", "duration": 9.12}, {"path": "fb817a6cc685a3fd0f003456dd641c01_119.wav", "text": "While the results of ERICO are captured as acquisition contribution, the business performed in line with our expectations at the completion of the 1-year deal anniversary.", "duration": 9.12}, {"path": "b3d7bc295d09d9927e465213612c0192_24.wav", "text": "During the first quarter of 2018, Wells Fargo Bank extended our credit line agreement, which had been originally set to mature", "duration": 9.12}, {"path": "b3d7bc295d09d9927e465213612c0192_165.wav", "text": "Now for the core capabilities that we have for the silicon germanium, which we see will continue to grow,", "duration": 9.12}, {"path": "c40b5d1a13169c5acf69590932a56f98_4.wav", "text": "again by the end of this year. Moving to current inventory management. We are executing a well-orchestrated", "duration": 9.12}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_144.wav", "text": "guys like me don't spend on optimism. I think you actually have to see some things happening which will give you maybe that increased confidence.", "duration": 9.12}, {"path": "8eaca8d8a419f74540f69ade8defabbd_197.wav", "text": "value creation for the customers. So while yes, we're going to see some pressure. I think, you're going to see something a little bit better -- little bit less", "duration": 9.12}, {"path": "8eaca8d8a419f74540f69ade8defabbd_97.wav", "text": "Obviously, a somewhat weaker demand environment for van trailers will put some pressure on revenue margins and profit but not at what history might imply.", "duration": 9.12}, {"path": "9e07401011239a074ff66741ee557224_61.wav", "text": "trying to be aggressive in this space. There are a lot of ideas being put forward. Obviously, there is a voracious need for more", "duration": 9.12}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_119.wav", "text": "In addition, all of our teams proactively managed expenses. Now I would like to talk through each of our segments.", "duration": 9.12}, {"path": "450a5dc6eb19b82da8dfc68127f6e79d_83.wav", "text": "we believe our work in this area will provide the necessary evidence to discuss these outcomes with healthcare providers, payers and regulators.", "duration": 9.12}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_91.wav", "text": "I want to thank Paul Ito for helping me in this transition. Paul has really left me in a strong position and I appreciate his support. So now I'll turn the call over to Paul.", "duration": 9.12}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_10.wav", "text": "One final note on setting our expected rates of collection. Since we do not have a long history of collections under contracted rates for our multiple tests,", "duration": 9.12}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_81.wav", "text": "Beginning with physical video games, we are pleased with our market-leading share of Switch product and related software and accessory attach.", "duration": 9.12}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_77.wav", "text": "caused us to rethink the timing of acquisitions and realize that our pace of growth may be impeded.", "duration": 9.12}, {"path": "189b20e7b975130ca5abd0e419e54908_16.wav", "text": "the short version is they put the business out to bid and ultimately at a price that we weren't willing to move forward with the business on,", "duration": 9.12}, {"path": "7cc11de7f206c637e6293da0d956405e_209.wav", "text": "kind of what we moved in March is kind of how we think we're going to be moving going forward. Not what we did sort of on the June hike, where we caught up a little bit", "duration": 9.12}, {"path": "b24e0b37987585f3c63f28df67e6a1f6_109.wav", "text": "So if you look -- you recall back in February when we gave our Capital Markets Day guidance for our swabbing program, we were initially expecting to", "duration": 9.12}, {"path": "45ab782035fdb06f5ec710d0845bc18f_81.wav", "text": "which is an improvement over the past few years. Our operational strategic imperatives are designed to give us profit leverage on sales growth,", "duration": 9.12}, {"path": "89a894c2c6440d41510f0b009c0cd03b_75.wav", "text": "And then we continue with the things we can control and we have good traction, so we go into the second half of year fairly optimistic.", "duration": 9.12}, {"path": "3b2908426357bb8269c3a01469865cd6_89.wav", "text": "Okay. Your press release could do a better job of breaking out the segment. It's paying a lot of attention to non-GAAP accounting versus GAAP, but", "duration": 9.12}, {"path": "e33785a294553de2a12d4463bf786744_87.wav", "text": "We would expect these TSAs to wind down in 2018 and are committed to taking actions to reduce the resulting stranded costs.", "duration": 9.12}, {"path": "be1d9f57faececddb1cdbf5e831bcbf9_0.wav", "text": "So good morning and welcome to this presentation of", "duration": 9.12}, {"path": "561ad2552e8f7fab8126e9ca75cf8c89_74.wav", "text": "Thank you. That will conclude our call for today. Thank you for listening and for your interest in American Public Education. Have a great evening.", "duration": 9.12}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_14.wav", "text": "As Dean indicated, we are committed to returning cash to shareholders and have sufficient capacity to continue our share buyback program.", "duration": 9.12}, {"path": "41e5f97c6d94e8f87bb5fb602fe25500_18.wav", "text": "the engagement with Quest at this point in the life cycle of the product because we've already reached near universal coverage for the Afirma test across the managed care market.", "duration": 9.12}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_8.wav", "text": "to calculate tech salaries based on a tailored combination of attributes to help employers set budgets, recruit for candidates and offer pay aligned with experience.", "duration": 9.12}, {"path": "80a2ca14358172366acab4e80f3fa33b_191.wav", "text": "We must stabilize high temperature products and improve performance of low temperature products,", "duration": 9.12}, {"path": "80a2ca14358172366acab4e80f3fa33b_53.wav", "text": "We need to stabilize high temperature products and improve performance of low temperature products.", "duration": 9.12}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_22.wav", "text": "to mitigate a pretty substantial amount of light erosion with the flexibility to move different commodities on different lines. So we've already got", "duration": 9.12}, {"path": "0fa398ef99a7a936fc1e509dacaaadde_65.wav", "text": "This call and the associated webcast are the property of Liberty Global, and any redistribution, retransmission or rebroadcast of this call or webcast in any form", "duration": 9.12}, {"path": "f7c059b1312a5f1fc017ece069fddee2_100.wav", "text": "this strong performance was particularly evident in our Denmark terminals where we experienced higher utilization rates, storage fees, and activity levels.", "duration": 9.12}, {"path": "29f56972971325265e4a53485f49793e_22.wav", "text": "and we have a really strong position that gives us a lot of room to maneuver and to act on opportunities wherever they might materialize in the future.", "duration": 9.12}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_100.wav", "text": "We have gotten great feedback on the educational and trainee benefits that they have taken away from their experience.", "duration": 9.12}, {"path": "94f601dc7b34ad38667e3b714aa89d35_0.wav", "text": "Good morning, and welcome to the Herman Miller Second Quarter Earnings Conference Call.", "duration": 9.12}, {"path": "94f601dc7b34ad38667e3b714aa89d35_101.wav", "text": "our dealer partners and investors, tour our retail studios and spend quality time with each of our executive leaders focusing on ways to amplify our progress.", "duration": 9.12}, {"path": "97b9c8b95449565c1f280a2b61a65b31_6.wav", "text": "This sustained level of interest leads us to believe the depth of demand should remain attractive as construction costs and rents continue to rise.", "duration": 9.12}, {"path": "9908957f60adff5efc1c8692a0f5ab38_162.wav", "text": "Our consistent performance continues to demonstrate the ongoing success of our initiatives to elevate our off-price model.", "duration": 9.12}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_211.wav", "text": "the funnel that we have at the top where we've got enough great ideas, it's a matter of how we can execute them and really run the go to market in a way it will deliver for the consumer.", "duration": 9.12}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_45.wav", "text": "without deceiving anybody, that dividend that we reinstated is just a little bit more than what we received by the tax cut.", "duration": 9.12}, {"path": "e0d1342ad3d27fd648b708837de08797_103.wav", "text": "So as you highlighted, Brad, moving into your second -- your first question, there are a number of LNG projects that we are concurrently progressing.", "duration": 9.12}, {"path": "09b5b62d328d3d0719b6825357fdfb48_150.wav", "text": "And it's very hard to say when and if and how the courts will rule down the road and then what that impact would be. We were asking", "duration": 9.12}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_54.wav", "text": "good brand in Crisco. Wesson, it is an old brand. They both are old brands. But they're both still good brands, and they do still carry weight.", "duration": 9.12}, {"path": "66b25c60d952bd002c7ab20da9248086_54.wav", "text": "But it's not just any distribution they're looking for. They are particularly challenged to get in front of the next generation of consumers and are looking for a mobile-first digital distribution.", "duration": 9.12}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_25.wav", "text": "We enter 2016 with what I believe to be the strongest and most competitive product portfolio in Veeco's history.", "duration": 9.12}, {"path": "1300495cfa53748f732f54277d5a8cea_105.wav", "text": "This remains a viable business for the brand. However, there needs to be better controls in terms of what product and how much flows through this channel.", "duration": 9.12}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_15.wav", "text": "We will try to win as many projects as possible while monitoring the projects -- progress.", "duration": 9.12}, {"path": "e552924838fe493d3cc967dd0c5c4563_131.wav", "text": "We are rebuilding our pipeline of opportunities, but don't expect sales and earnings growth to resume until next year for this business.", "duration": 9.12}, {"path": "2cd5b184c2ef6624ce219830182927c9_218.wav", "text": "in Congress or will be. We have a slide in our long-term projections that show what the impact on us would be but there actually could be", "duration": 9.12}, {"path": "2cd5b184c2ef6624ce219830182927c9_106.wav", "text": "Now the other thing I want to mention is the Gas Storage business, which we've said is noncore, we're actually looking at strategic options related to that business now and so we've", "duration": 9.12}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_173.wav", "text": "we are running the business the way we have always run the business, taking advantage of our 2 decades in the business and our strong sourcing model.", "duration": 9.12}, {"path": "902872913863de98d38e2936b846cf66_222.wav", "text": "I think earlier this year, when there was a lot of talk about a trillion restructure program very early in the year, we probably had some DOTs and some local governments,", "duration": 9.12}, {"path": "b20564a6da1bcfc7b80552299d9e002a_56.wav", "text": "Because most of these investments are directly linked to growth projects and to customer demand or will drive productivity improvements in the short term.", "duration": 9.12}, {"path": "e69e64683a56cdadf1c95192e753f27e_140.wav", "text": "So I noticed consensus models top line growing for Bausch going forward over the next several years, including next year. Is that how you understand the business to be,", "duration": 9.12}, {"path": "abd571ccf777ac4b0a43a7487031bc8a_197.wav", "text": "Nor do I think, by the way, that there was any sort of price -- connection between pricing and volume. We look at that pretty carefully", "duration": 9.12}, {"path": "e3d039c554f5cc556071f83c93609e76_46.wav", "text": "which is going to be very important for the society as a whole and our employees. I thank you very much, and we'll now open for Q", "duration": 9.12}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_122.wav", "text": "It also underscores the very important point that disruption can present a great opportunity when you have attractive rent bases.", "duration": 9.12}, {"path": "f15a674bdbbc461872000604216ae071_171.wav", "text": "But in my understanding so far, we have been very conservative regarding any projections in terms of consumption", "duration": 9.12}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_45.wav", "text": "We've been very focused on planning for this potential outcome and believe our basic nonproprietary product offerings will position us to adapt to the new rule.", "duration": 9.12}, {"path": "4fd138e27f5f375945332eacefa15b62_122.wav", "text": "We tend not to hire too much in the first half of the year but to do more of the hires in the second half.", "duration": 9.12}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_35.wav", "text": "pursuing solid expense management and making significant progress across a number of strategic initiatives that are enhancing our capabilities and growth potential.", "duration": 9.12}, {"path": "b1a98885c1d81414cdc122e807760faf_134.wav", "text": "But we prefer not to, because I just don't know the accuracy of it all at this point in time. With respect to Europe,", "duration": 9.12}, {"path": "8dd740d83ff1c7319a82eeba6047633d_169.wav", "text": "I think -- I don't think you should say that. Obviously, we want to pay ourselves more over time as they improve their skills and become more productive and multi-scale.", "duration": 9.12}, {"path": "16c235a53fc719ec92ef3b3c3b371150_140.wav", "text": "you have some time to do that. There's nothing that's compelling you that you have to do it, so you can wait for scrap metal to be -- in the markets to be better.", "duration": 9.12}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_54.wav", "text": "Overall, we feel we made significant progress in fiscal 2016, although we believe there are further opportunities for improvement.", "duration": 9.12}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_35.wav", "text": "and involve a number of risks and uncertainties and actual results may vary materially from those in the forward-looking statements as a result of various factors,", "duration": 9.12}, {"path": "bece1ee458b65656b484de51021c5219_101.wav", "text": "anticipating lower prices and operated more hand to mouth there is sufficient bean inventory cover by the processors.", "duration": 9.12}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_136.wav", "text": "we have created what will be the new industry standard when it comes to reliability, energy savings and service capabilities.", "duration": 9.12}, {"path": "8ad0d5b5df75415c56ba590cad29489a_127.wav", "text": "We believe Ballard is the first publicly traded fuel cell company to achieve positive adjusted EBITDA for an entire fiscal year.", "duration": 9.09}, {"path": "62d981deed6d5128615c99d1597178b6_204.wav", "text": "And our visibility on backlog is typically somewhere between 4 weeks and 3 months, depending on market conditions and the type of work we're selling.", "duration": 9.09}, {"path": "e23e3aabab4b12e359bc92a480c2d294_48.wav", "text": "And so we're being somewhat selective, but we wouldn't be surprised over the next few months to pick up an ASC or a small hospital", "duration": 9.09}, {"path": "ab861b81968e1b5fcb606ed886919d68_92.wav", "text": "If you have noticed that much of this activity centers around expanding our balance sheet, then you are right because that is exactly what we are doing,", "duration": 9.09}, {"path": "a95a220f118ae793c89d6d708e62cf8a_111.wav", "text": "we will continue to invest, but despite these investments, given our cost focus and the history that you've seen in the last 3 to 4 years,", "duration": 9.09}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_49.wav", "text": "larger volume of people, okay, we've got to be able to not have to do a custom design for every single application.", "duration": 9.09}, {"path": "8b6c481f7fe797353fefe886e205bbaa_10.wav", "text": "This was primarily due to favorable contract restructuring efforts, lower costs, improved asset performance and higher natural gas prices.", "duration": 9.09}, {"path": "3557b21a45c35e71e82cc43b19977855_1.wav", "text": "These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.", "duration": 9.09}, {"path": "47d77b15189fadcc76113a2f7800ba28_53.wav", "text": "which would be during the first half of our fiscal '21. With regards to revenue, we expect mix to continue shifting towards subscription.", "duration": 9.09}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_199.wav", "text": "when you listen to Roger's introduction and you hear all the different indications and the tumors and combinations that we're studying,", "duration": 9.09}, {"path": "95962e0f754f9e2f786778c85d0913b8_191.wav", "text": "will have the selling prices pegged to the metal -- changes in the metal prices. And as we look towards the future", "duration": 9.09}, {"path": "223f05c0b9b116532e9af84afa76cac7_85.wav", "text": "a slowing of growth, but markets are still growing. So as of this point, I don't think we anticipate any significant changes.", "duration": 9.09}, {"path": "6b45877b719000e47adfd1ec118c376a_133.wav", "text": "locations, and they clearly understand what it's going to take to turn it around. So we're cautiously optimistic and there to support them and work with them and", "duration": 9.09}, {"path": "55d05334bdde612eb9dd102bb41d216e_123.wav", "text": "It's those additional challenges of putting it under a pit lid underwater underground and still being able to communicate for a decade", "duration": 9.09}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_200.wav", "text": "our main goal here is to position us as best as possible to get as many barrels into our pipeline at current", "duration": 9.09}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_87.wav", "text": "And so most of the investments you see in this business are in and around our platform capability because we feel very good about where we are on the product side.", "duration": 9.09}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_212.wav", "text": "Additionally, we received customer commitments for extensive pressure pumping refurbishment programs, bringing our committed refurbishments to over 100 pumping units.", "duration": 9.09}, {"path": "8b71a232d7fe61e6232807b635977c31_80.wav", "text": "Our streak of constant currency revenue growth has been extended to 37 consecutive quarters, reflecting our consistency and resiliency through the cycles.", "duration": 9.09}, {"path": "8b71a232d7fe61e6232807b635977c31_45.wav", "text": "So it will have at least those characteristics, I'm quite confident. And the question beyond that is what I already covered, which is time frame", "duration": 9.09}, {"path": "4b7945dd823dcbc0b2724efa66393673_258.wav", "text": "So that's the way the number is. We don't like it any more than you do, but I don't think it would make sense to go into any more detail than it is.", "duration": 9.09}, {"path": "3121e8f4a75758834d32a9e4e0555221_166.wav", "text": "I think we will have improvement. I'm not sure exactly how much it will be in place at that point, but there will definitely be an improvement. And I think the state also acknowledged", "duration": 9.09}, {"path": "b34f680a9162805e0188170d6272a356_141.wav", "text": "And that's our job. In the next 6 months through the end of August, our job is to work with Congress and the administration", "duration": 9.09}, {"path": "1b91eb82f5211000e711424657cc2484_265.wav", "text": "and we've had a significant uptick in strategic managed account opportunities in illiquid credit across the spectrum of direct lending and structured credit.", "duration": 9.09}, {"path": "1d2f3c74735a986131e7b219d9eff713_147.wav", "text": "maybe what we're seeing is pull-forward. So I was wondering if you could address that? Are there anecdotes or data points out of your California operations that would", "duration": 9.09}, {"path": "75fa1bebed0b858c76cc7058477e40e2_45.wav", "text": "pressures, it's an area for us to make sure that the back of the house is our small as efficient as possible that we have", "duration": 9.09}, {"path": "ff2d1613ef8b55cc55bec6e266f6cfc2_61.wav", "text": "April and July in terms of the capacity coming online relative to what the demand might look like since it's usually softer for that one big customer?", "duration": 9.09}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_146.wav", "text": "However, in several categories, including instant noodles and tea drinks, we still saw positive results.", "duration": 9.09}, {"path": "39e5706898dcaf14a280b3a123877cd6_43.wav", "text": "And second of all, could you give us the value or the amount of", "duration": 9.09}, {"path": "39e5706898dcaf14a280b3a123877cd6_68.wav", "text": "to the long-term care nursing home, and we are currently developing the services", "duration": 9.09}, {"path": "2fc915b996c687200d995736980aae9a_16.wav", "text": "we plan to open approximately 30 to 35 more stores this year, including a store in the new One World Trade Center.", "duration": 9.09}, {"path": "dd5492732b46e270047f9b368d4fde11_2.wav", "text": "The significance of these designations is not to be really undermined. It's certainly, as we look to the future, going to be helpful for us,", "duration": 9.09}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_11.wav", "text": "Yes, okay. And then just on the food side, obviously you guys have made some significant capital investments in the conventional assets over the last few years.", "duration": 9.09}, {"path": "d5c338a956681dbb2170472253a29b85_169.wav", "text": "that our combined offer here of having the digital entrance to a care but also having", "duration": 9.09}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_67.wav", "text": "We have some information about that as we've been drilling down in the fourth quarter and billing our internal forecasts for the fourth quarter. And then there are some small accounts that we appear to have lost", "duration": 9.09}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_43.wav", "text": "Adding more color to China and Japan, we had multiple system placements in these countries with traction in both industrial as well as medical institutions.", "duration": 9.09}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_2.wav", "text": "point to a popular desire for a renationalization of policymaking, pressing for a reversal or at least a lull in the march of globalization.", "duration": 9.09}, {"path": "0f06227be4dd36d9329849eda96196aa_3.wav", "text": "We feel strongly that our fundamental business models continues to strengthen and is functioning well despite our EBITDA not reflecting positive results.", "duration": 9.09}, {"path": "15ac383479a7c990aab7b155e4d42053_12.wav", "text": "Looking forward into 2019, we continue to expect cost saves from Charter to be fully realized in the second quarter after the conversion of the core systems.", "duration": 9.09}, {"path": "276392c471c063580869aec014a1feda_62.wav", "text": "with volume increasing 19% compared to the third quarter of 2017, building on the positive trends we experienced during the first half of the year.", "duration": 9.09}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_122.wav", "text": "as well as provide and optimize the commercial infrastructure to manage their revenue regardless of payment model or care setting.", "duration": 9.09}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_82.wav", "text": "We also earned design-wins in a number of shared connected bike models in China.", "duration": 9.09}, {"path": "911d447bcdcedb4e0cf5230de225921c_173.wav", "text": "So we have, rather than 16 months ago when we had all of our eggs in the Tawke basket, we now have a much more diverse source of cash flow. And", "duration": 9.09}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_218.wav", "text": "Once adoption reaches an even higher threshold, they deploy a compute node into the country to specifically serve the local market.", "duration": 9.09}, {"path": "30710391b8ab4cb549180602d31d4f4a_14.wav", "text": "Turning to Slide 13. This illustrates the significantly improved results we are now seeing from our Architectural business.", "duration": 9.09}, {"path": "4e04d3229b988f1db5b842ac5b993894_115.wav", "text": "First, after more than 2 years of scaling the business lower and cutting costs, we have been able to focus on growing the company again.", "duration": 9.09}, {"path": "4e04d3229b988f1db5b842ac5b993894_100.wav", "text": "We continue to make progress towards closing this merger, which we expect to be completed late in the first quarter or early in the second quarter.", "duration": 9.09}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_109.wav", "text": "the yield on new production any different than the yield on the portfolio at this point? Or is there still sort of a bit of a drip there?", "duration": 9.09}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_23.wav", "text": "Our revised guidance range assumes more normalized investment returns in all segments and life mortality to be in line with actuarial models.", "duration": 9.09}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_197.wav", "text": "They have come up with a whole bunch of recommendations, which are ready to be implemented. And one of the recommendations was that a price cap was not a good idea.", "duration": 9.09}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_134.wav", "text": "And we're off to a good start to the second half of the year across both divisions and are comfortable with market expectations for the full year financial performance.", "duration": 9.09}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_13.wav", "text": "I think we've outlined before that we got very clear priorities for the use of our cash. And these do remain unchanged. First off, we invest in our people, our products,", "duration": 9.09}, {"path": "58ff8a727ec4f3859407b64f08246759_78.wav", "text": "some markets are highly seasonal, reflecting budget cycles or vacation patterns, and sales into some markets are constrained by government regulations.", "duration": 9.09}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_245.wav", "text": "they may be at a different level of the funnel, maybe higher in the funnel. But as we've seen in Kenosha and in Roanoke and in Fayetteville,", "duration": 9.09}, {"path": "8fd0d858dd99b5b6291eafc83e9a604d_78.wav", "text": "Although we are able to find a way to keep most of our drilling rigs moving, as you mentioned, we were certainly not so fortunate with our completion activity.", "duration": 9.09}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_48.wav", "text": "and the projections moving forward, I think we'll just have a little blip that we're dealing with there, but we see the businesses there also picking up again.", "duration": 9.09}, {"path": "3df0981a2d94ed56170b78330aa72ee9_189.wav", "text": "In most of our key markets, the picture is relatively positive, with strong employment, consumer spending and consumer sentiment data.", "duration": 9.09}, {"path": "d8eb5522db0e51d75ea6518462954c52_116.wav", "text": "So I think this whole move of convergence is really putting us in Europe, and I could talk also of what's happening in Belgium", "duration": 9.09}, {"path": "6a372ea97b0b130a4d37f16b54d97909_44.wav", "text": "we have to be focused on recurring revenue, not non-recurring revenue. It means we have to be focused on", "duration": 9.09}, {"path": "6a372ea97b0b130a4d37f16b54d97909_220.wav", "text": "is modernizing the entire approach to content. So most content today is still sold the way music used to be sold,", "duration": 9.09}, {"path": "73f474b631c43567329cad1bb76ff4fe_23.wav", "text": "from both an inpatient perspective as well as an outpatient perspective since we believe that there may be an underappreciated awareness", "duration": 9.09}, {"path": "c5c7a9f409241412b160a93cde7ef630_112.wav", "text": "This situation has slowed the pace of our discussions for the lease agreement for our Diamondback facility, but the state's need for capacity continues", "duration": 9.09}, {"path": "c5c7a9f409241412b160a93cde7ef630_68.wav", "text": "The bureau continues to project a need for additional bed capacity for the private sector and is progressing through the process as part of the CAR XIX procurement.", "duration": 9.09}, {"path": "c5c7a9f409241412b160a93cde7ef630_168.wav", "text": "Continuing with ICE. The agency issued a request for information for either new or existing detention capacity of up to 3,000 beds", "duration": 9.09}, {"path": "62246783cdfc5083ebb32cff71ccd38b_56.wav", "text": "not only by demonstrating resilience and stability in a challenging market but also by being well positioned to thrive in the eventual recovery.", "duration": 9.09}, {"path": "1be44822d16f85bd501a5f19876895b1_29.wav", "text": "Today's conference is being recorded. At this time, I'd like to turn the conference over to Brian Ritchie of LifeSci Advisors. Please go ahead.", "duration": 9.09}, {"path": "3e7ae56945d17332dc48a3a2b331da25_13.wav", "text": "There is a program that we have in place that entitles some of our suppliers", "duration": 9.09}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_11.wav", "text": "Our Industrial business was down sequentially, in line with normal seasonality and with continued strength in factory automation products.", "duration": 9.09}, {"path": "f77935c4693e4d33252c9c76993e9c8b_138.wav", "text": "And I'm thinking that by 2017, that will be cleared up and they will be trying to compete with their competitors", "duration": 9.09}, {"path": "f77935c4693e4d33252c9c76993e9c8b_64.wav", "text": "and that was the reason I knew about this conference call. He was -- one of them was unavailable to", "duration": 9.09}, {"path": "9098e5640309f25da0d4dfa04789a36f_116.wav", "text": "in this very important field and to continue to impress both our customers and our shareholders.", "duration": 9.09}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_176.wav", "text": "This included a comprehensive global process that considered numerous highly talented internal and external candidates.", "duration": 9.09}, {"path": "7274a7a5fa848e641ba98fce556e26a1_1.wav", "text": "may change over time, and we undertake no obligation to inform you if they do. Results that we report today should not be considered as an indication of future performance.", "duration": 9.09}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_67.wav", "text": "So that's the essence of what we've been able to transform that business. And that's what you're going to see more of moving forward.", "duration": 9.09}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_132.wav", "text": "So you should think of it now that we have a little bit more discipline in this business in terms of value pricing instead of competitive pricing", "duration": 9.09}, {"path": "da34a7b460e520db0401de3ce860187c_18.wav", "text": "As far as the other governance positions are concerned, that's also part of our conversation with thyssenkrupp. And at an appropriate time, that will be announced.", "duration": 9.09}, {"path": "b3d7bc295d09d9927e465213612c0192_77.wav", "text": "has lead customer having demonstrated excellent pixel performance on prototypes and as well excellent product yield.", "duration": 9.09}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_75.wav", "text": "We remain confident we are well positioned to make the necessary adjustments in our business to address changes in pork capacity.", "duration": 9.09}, {"path": "92bf6fe090b6bc565cb500b688fd9173_134.wav", "text": "in a modest cash outflow. This is one of the benefits of a great strong organic growth as it begins to become a bit of a pressure to your cash flow.", "duration": 9.09}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_77.wav", "text": "Tony mentioned on the last earnings call that we successfully launched a business division focused on serving the needs of small to medium-sized businesses.", "duration": 9.09}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_51.wav", "text": "with no product defects in the gas business, which is a great accomplishment for the team. Shows they're focused on executing for customers, while simultaneously delivering", "duration": 9.09}, {"path": "068bea67ac01942fafb955a1116b29dd_29.wav", "text": "grew within the existing premises and there's no space left. We don't have enough space to handle the", "duration": 9.09}, {"path": "bc3fa49aaccfacb1392855627864851e_47.wav", "text": "we -- it's loose enough, and there's enough credit availability that we can hit our numbers. But I would say it's pretty consistent with where it's been over the last year.", "duration": 9.09}, {"path": "3d3b327645f62f252bb876e5bb4a9259_126.wav", "text": "And so we had a little bit of a sort of change in focus there, getting back into the dealerships and sort of reaffirming our relationships", "duration": 9.09}, {"path": "3d3b327645f62f252bb876e5bb4a9259_3.wav", "text": "Again, with our focus on credit quality and watching the portfolio, we might expect that to continue in the future. But again, another good spot in terms of what we're trying to do.", "duration": 9.09}, {"path": "54c8e2e08c60dfe9b4bafc3938ccf332_27.wav", "text": "We will continue to pursue organic growth as well as growth through strategic complementary acquisitions to enhance our product platform.", "duration": 9.09}, {"path": "130e8e56c1afa2419fd0c08708261824_42.wav", "text": "is it economically feasible even to have a private securitization market. And that would take work from a number of parties, not just ourselves.", "duration": 9.09}, {"path": "3877b1983229ec488c6349a188bccf92_186.wav", "text": "And there's a robust pipeline of exciting innovation launches planned in the second half, which you will hear about in the coming months.", "duration": 9.09}, {"path": "7498a6630302a038bd537d192c3a44f4_3.wav", "text": "While we had a positive comp, it is important to note that our product mix was substantially different than it was in Q3 of last year.", "duration": 9.09}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_47.wav", "text": "that continues to be a part of the productivity story in PSM, when we can add a new asset and close a facility, get rid of overhead.", "duration": 9.09}, {"path": "d74cec1fb73e1b1134bfa7152762ad80_103.wav", "text": "which we successfully implemented during 2016. We are closely monitoring the regulatory environment as our government transitions to new leadership", "duration": 9.09}, {"path": "af00f4e7b63ee843a3d203f982fac701_94.wav", "text": "No. I think you look at it kind of as what I would call somewhat normal quarterly movements. If you look at the margin, I think the margin on the cloud services probably", "duration": 9.09}, {"path": "80a2ca14358172366acab4e80f3fa33b_126.wav", "text": "We need to position ourselves in such a way that we can compete in a stronger manner.", "duration": 9.09}, {"path": "01b376669d5ea40acc7fb5a87503586e_122.wav", "text": "as you get into the second and third year of the downturn, in terms of sellers' price expectations", "duration": 9.09}, {"path": "e29584f9f829602cacebcce71c2a4fb9_22.wav", "text": "building inventories for a potential launch for the TNBC. There are certainly parties we are talking to that are capable", "duration": 9.09}, {"path": "e29584f9f829602cacebcce71c2a4fb9_34.wav", "text": "and so 130 is a very attractive one that many of our investigators are very anxious for us to expand beyond colorectal cancer.", "duration": 9.09}, {"path": "a0d537badd260e2071136602e3b73b26_154.wav", "text": "But when we looked at the residential jumbo mortgage market, we didn't see an opportunity there, as banks were still active and too competitive in that market.", "duration": 9.09}, {"path": "299bad77345d2e44fa5768f4416f7b97_151.wav", "text": "a homogeneous group with predictable degree of sleepiness in the absence of treatment? And then the second one was just the", "duration": 9.09}, {"path": "d5fb88dba0740bc906c5127e05592f95_30.wav", "text": "Let me move on to margins, so from funding to margins. We have been able to maintain the net interest margin over 20% for the quarter", "duration": 9.09}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_75.wav", "text": "and manufacturing some of the most advanced products available in the market, from technology for particle accelerators to airbag jackets for motorcycle drivers.", "duration": 9.09}, {"path": "82ccbfb62e125b146fba0f8e4347cc62_176.wav", "text": "All right. Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone, have a great day.", "duration": 9.09}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_67.wav", "text": "We ended the second quarter with 55 global sales team members compared with 41 at the end of the second quarter of last year.", "duration": 9.09}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_53.wav", "text": "we are sitting ourselves up in that area and will see some activities. And then we have the health", "duration": 9.09}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_226.wav", "text": "with new capabilities, a clear strategic plan and specific actions to ensure sustainable long-term growth.", "duration": 9.09}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_1.wav", "text": "Dave recently assumed responsibility for our Away From Home business, along with maintaining his previous role leading our International businesses.", "duration": 9.09}, {"path": "812d8f09b72b4d410d138d3b24caebbc_112.wav", "text": "Before we comment on the quarterly results, I'd like to take a moment to briefly review the subject of my retirement that was announced a couple of weeks ago.", "duration": 9.09}, {"path": "a2ba164f019804628c07b36de47cd464_68.wav", "text": "Please refer to the complete discussion of risks in our most recent reports filed with the SEC and in the cautionary note in today's press release.", "duration": 9.09}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_149.wav", "text": "that oversupply needs to get used up and it will get used up as LED lighting penetration continues to grow.", "duration": 9.09}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_146.wav", "text": "phasing our way into the offtake commitments and the infrastructure commitments that we need to make and the time it takes to build those", "duration": 9.09}, {"path": "ebd59e21db89edb92205e012427cd9db_129.wav", "text": "The relationships are being built and we've had very constructive discussions with all those parties and are being welcomed with open arms on the slope.", "duration": 9.09}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_107.wav", "text": "consumer Internet is quite good at delivering user experience. And I think enterprise is behind on delivering comparable user experience.", "duration": 9.09}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_27.wav", "text": "what you're hearing from them in terms of their plans around public cloud adoption and sort of where they see ServiceNow fitting into that? And then, I've got one follow-up for Mike.", "duration": 9.09}, {"path": "e552924838fe493d3cc967dd0c5c4563_115.wav", "text": "And there is a question about how much capacity will be added in the future for the economic reasons that you referenced.", "duration": 9.09}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_65.wav", "text": "Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company's actual results in future periods to differ materially", "duration": 9.09}, {"path": "2cd5b184c2ef6624ce219830182927c9_372.wav", "text": "And then lastly, the focus on continuing -- continuous improvement and efficiency through best practice is something that we focus on every day", "duration": 9.09}, {"path": "96488f25af54f91198b444e5eff8e878_135.wav", "text": "we haven't made a decision to not re-lease the aircraft, but we don't have enough data points or confidence for this aircraft type to make that determination.", "duration": 9.09}, {"path": "96488f25af54f91198b444e5eff8e878_45.wav", "text": "Given the sale activity and acquisition activity, it's very hard to kind of keep track of that over the course of the year. I was wondering if you might just be able to say -- I think you mentioned 4 aircraft", "duration": 9.09}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_204.wav", "text": "regarding our acquisition, disposition and investment plans, and our expectations regarding our future financial position and result of operations.", "duration": 9.09}, {"path": "bf8646ad61e3857d4cf46e592c18f685_32.wav", "text": "As we look out over the balance of 2019, we expect continued contribution from the international oilfield sector for both technology and base ceramic products.", "duration": 9.09}, {"path": "411bdacf05f84134fc80b874a15cf3b7_3.wav", "text": "Through the digitalization of public media, both platforms move more and more on the same data and technology spec.", "duration": 9.09}, {"path": "32283c24ad18239efb166db8422560b2_124.wav", "text": "to create an integrated one firm perspective on how we deliver services to both our high net worth audience as well as institutions.", "duration": 9.09}, {"path": "5a85c98fc5e3d596bc18741b744f9ea5_7.wav", "text": "This has allowed us to rapidly expand the penetration of our big data and risk management services.", "duration": 9.09}, {"path": "3ae068efa03cd088f4d3edea682f199f_166.wav", "text": "at this point from a schedule perspective, I'm not going to change anything that I spoke about last quarter on Cameron. And I think you heard Sempra speak", "duration": 9.09}, {"path": "7a80c3e91e5a2693cdaef5f716808317_32.wav", "text": "Towards the end of 2018, we saw a high degree of oil price instability causing some of the larger programs to pause for what we believe is a short term.", "duration": 9.09}, {"path": "7a80c3e91e5a2693cdaef5f716808317_29.wav", "text": "Many of you may recall in our customer survey work done in the first half of 2018, the issue of quote turnaround times rose to the top in the list of concerns", "duration": 9.09}, {"path": "30a142fac5a62ab00227cb6a339a6226_179.wav", "text": "We are blown away by the ingenuity of our community, and we can't wait to see what they create next. We'll be working hard to expand Lens Studio for years to come.", "duration": 9.09}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_42.wav", "text": "So I look forward to meeting you all in Boston and New York over the coming weeks. And I thank you very much for your attention. Take care.", "duration": 9.09}, {"path": "7e018402f521eec8ce7a9df8cd61e144_114.wav", "text": "and now being obligated to pay a commissioned salesperson minimum wage and overtime caused us to make some strategic changes.", "duration": 9.09}, {"path": "8dd740d83ff1c7319a82eeba6047633d_133.wav", "text": "I don't think you should consider that all the revenue top line will start to drop down in that case because of the foreign currency translation.", "duration": 9.09}, {"path": "cd94f09ed5b897feb733def490ba4630_61.wav", "text": "recent ban on used plastics, the ban on imports and its impact. And your question was on the impact that it has on the olefin downstream.", "duration": 9.09}, {"path": "9097dcbaf554d635920c6274b1de4997_194.wav", "text": "I think investors we speak with would appreciate more visibility on how you're prioritizing what you're doing particularly as you think about the portfolio going forward", "duration": 9.09}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_296.wav", "text": "We have resolved the burning questions around the structure of our South African asset base, monetizing some assets and putting other unprofitable ones into orderly closure.", "duration": 9.09}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_61.wav", "text": "We are now engaged in these discussions, which, if successful, we anticipate will reduce interest expense and create additional financial flexibility.", "duration": 9.09}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_131.wav", "text": "As expected, we had a seasonal outflow of cash for working capital in the quarter in advance of our seasonally strong second and third quarters.", "duration": 9.09}, {"path": "744f5859c7d9a0567b387ae84326d940_57.wav", "text": "Some of these risks and uncertainties can be found in the company's filings with the Securities and Exchange Commission as well as in today's press release.", "duration": 9.09}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_175.wav", "text": "The states currently scheduled to release TPL contracts this year accounted for less than 12% of our prior-year state revenue.", "duration": 9.09}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_117.wav", "text": "part of that initiative is trying to leverage third party professional service organizations to deliver again some of our projects,", "duration": 9.09}, {"path": "97ddc19ecb28bab2d19fd3b181182062_233.wav", "text": "of our total sales dollars, it represents a larger percentage of our profitability. That's why we're so excited about this growth.", "duration": 9.09}, {"path": "ff59c33225941d4025bcecc8fe1a4b32_97.wav", "text": "individuals are hard to find. We've been able to attract talent and train talent as graders for both coins and cards.", "duration": 9.09}, {"path": "d2be4aa35e3df9fe75656adfd3b0d6e3_161.wav", "text": "But strategically now, as we're now segmenting our markets, understanding how we're deploying that capacity to be able to go after where growth is occurring", "duration": 9.09}, {"path": "19e7822c0e829faf25355c16b830cf39_169.wav", "text": "So by the end of this year, we have a much more clear picture about the future plan. Our plan is to continue to expand", "duration": 9.09}, {"path": "77f146e76d89a5be785a39ab23dfa763_75.wav", "text": "Since safe school initiatives and the need for school security upgrade is evident when you review state legislative priorities.", "duration": 9.09}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_66.wav", "text": "Today, we will review our financial and operational results and provide commentary on our performance in the context of our 4-point growth strategy.", "duration": 9.0899375}, {"path": "6fe1a71311b4937268b4c0332dc7c11f_32.wav", "text": "now it's all upside. I'm expecting a couple of quarters of relatively flatness or maybe moderate growth, but this isn't off to the", "duration": 9.0600625}, {"path": "d162113e3aface010baec17bd408736b_134.wav", "text": "If I understand you correctly, so if there are more investments outside of China?", "duration": 9.06}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_175.wav", "text": "Are these questions, things that would need to be addressed for your eventual full filing? Or are they specific to the conditional application just based on", "duration": 9.06}, {"path": "62d981deed6d5128615c99d1597178b6_197.wav", "text": "That said, the integration of JLT will likely involve more adjustments to our numbers over the next 2 or 3 years than we have seen historically.", "duration": 9.06}, {"path": "5111fdad778749872c23e78c9b0d653b_75.wav", "text": "it's only one case. We do not need to be there. So it's not the complexity of the procedure. They already are performing", "duration": 9.06}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_147.wav", "text": "in product performance, product road map, service and support while also tying for the top spot in deployment experience.", "duration": 9.06}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_67.wav", "text": "So the same customers, if they want to store their documents for a long period of time, they can use the same platform. Or if they want to use", "duration": 9.06}, {"path": "6388da88b00ebc88af59435bdac74132_36.wav", "text": "but it's also the region -- it's a destination of real investment opportunities for us. And we do see real opportunity", "duration": 9.06}, {"path": "6388da88b00ebc88af59435bdac74132_24.wav", "text": "performance across our funds remain strong. We're attracting a significant amount of new capital and are making great progress towards our fundraising goals,", "duration": 9.06}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_53.wav", "text": "and if it is, what's going on? Why are the enterprise customers not as excited about this product as you and I are?", "duration": 9.06}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_109.wav", "text": "And we really have not gotten NRDL approval for JANUVIA in China yet. So once that's achieved, I think that, that represents another opportunity for us", "duration": 9.06}, {"path": "d28b2b09c127b5be033738aa3cd380b3_0.wav", "text": "I would now like to introduce your host for today's conference call, Mr. Steve Robb, Chief Financial Officer for The Clorox Company. Mr. Robb, you may begin your conference.", "duration": 9.06}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_169.wav", "text": "And I think, you'll see as we learn, we adapt over the rest of the year that, that is a major focus for us and we've made the first of a number of hires", "duration": 9.06}, {"path": "abd0f750609f1263b566f0c09b981a16_131.wav", "text": "I'm extremely proud of our asset management, led by Jeremy Welter, and our property managers for their resilience and perseverance during and after these storms.", "duration": 9.06}, {"path": "249b7b83531140105343e2a0e89150fa_41.wav", "text": "The new and higher-yielding securities have already stabilized investment yields in the quarter and positively contributed to our running book yield.", "duration": 9.06}, {"path": "54558afacef9ab3010d5a57ac4feb664_129.wav", "text": "We have a lot of learnings on a lot of different experiments that have been done over the past 3 or 4 months on the best way to generate trial repeat purchase", "duration": 9.06}, {"path": "55d05334bdde612eb9dd102bb41d216e_62.wav", "text": "Now over the last several years, what we've seen them doing is taking them off and rebuilding them and putting them back on. So that has impacted the business.", "duration": 9.06}, {"path": "c9ace3541e8482030de67b5159e82580_90.wav", "text": "Can you again talk about here what you're seeing? What are the growth prospects, to get a better understanding how these things", "duration": 9.06}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_27.wav", "text": "Makes us feel very secure about the margin and the profit as well as using the products and the platforms to drive the revenue.", "duration": 9.06}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_205.wav", "text": "perhaps an attainable target anymore. Is that fair? Or are there some factors in '18 that can still get you to the 100 basis points?", "duration": 9.06}, {"path": "1927f9c722093d1d64b610c4227ccf59_15.wav", "text": "related to accelerated amortization of the deferred financing costs associated with the STORE Master Funding bonds we prepaid in August.", "duration": 9.06}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_197.wav", "text": "Also of note, for the first time in quite a while, we reported no one-off other items as restructuring initiatives reached at least a temporary pause.", "duration": 9.06}, {"path": "044da592acc01ff7baacb3dbf2a302a9_151.wav", "text": "There's still a lot of work that has to be done on the referral channel, as we've talked about. And so I think that's a business that we expect, overall, very healthy growth.", "duration": 9.06}, {"path": "b34f680a9162805e0188170d6272a356_139.wav", "text": "So I don't think it's just large projects slowing down with those couple projects, I think it's the health of the rest of the business", "duration": 9.06}, {"path": "1b91eb82f5211000e711424657cc2484_279.wav", "text": "And common shareholders will not have tax obligations arising from their investment in Ares shares, other than on the receipt of qualifying dividends.", "duration": 9.06}, {"path": "d085781ecd776da8a9c4d31ad547606b_230.wav", "text": "branches being closed or reconfigured to optimize productivity, migration of transactions to ATMs and digital channels among others.", "duration": 9.06}, {"path": "ada4e338c266148264077e06bac68005_32.wav", "text": "Our portfolio has been designed to line up with major global shifts that are underway that we believe are long term and entirely structural in nature.", "duration": 9.06}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_153.wav", "text": "This was because last year, we had a piece of income from disposal of assets. Profit after tax,", "duration": 9.06}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_29.wav", "text": "In summary, we are very pleased with our second quarter performance. We will continue to be focused on driving solid revenue growth,", "duration": 9.06}, {"path": "fa45af64ef25007f998c655347bfbecb_22.wav", "text": "in 2020. And at the same time then, as you gradually move the volumes from one network to the other, you will also", "duration": 9.06}, {"path": "e26b501c6e000fdaa11edde97cc71436_137.wav", "text": "We think it helps the hub to do that to get adoption in its supply chain. However, having said that,", "duration": 9.06}, {"path": "a0006b7891ead9bdb76273f555b6f1c8_2.wav", "text": "that our supply chain and pricing initiatives are firmly ingrained in our corporate culture, we will not be providing incremental status updates on these initiatives.", "duration": 9.06}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_103.wav", "text": "we've maintained our focus on executing other growth opportunities as well including those that leverage our expertise and property size advantages.", "duration": 9.06}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_73.wav", "text": "would remain consistent with prior years even with this change that leads to higher commission rates for the recurring portion.", "duration": 9.06}, {"path": "257e4e92036da9582a8a288c88332ff3_163.wav", "text": "Research recently conducted by Greenwich Associates further validates the strength and effectiveness of our bankers.", "duration": 9.06}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_37.wav", "text": "And if we invest in incremental capacity, it's going to be where we know we've got strong contract to support to -- support that investment and generate a strong return.", "duration": 9.06}, {"path": "01ebdadb81d0e5a57270957c0cbe83fc_100.wav", "text": "it helped us enormously in the PH Exceed program that we had the single dose study", "duration": 9.06}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_13.wav", "text": "And we also actively get involved in the digital platform. In fact, we will slowly get into", "duration": 9.06}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_93.wav", "text": "sort of macro drivers to determine specifically who's going to be most competitive at that time because it really gets back to the financing needs of the acquirer of the asset.", "duration": 9.06}, {"path": "c433164f6d189e18b1e4784e376b6ecb_44.wav", "text": "a new determination to deliver cost and production efficiencies and the continued efforts of the Vanguard employees will be the catalysts for delivering successes", "duration": 9.06}, {"path": "c433164f6d189e18b1e4784e376b6ecb_100.wav", "text": "Finally, we have brought on a consulting group in order to support the organization as it endeavors to improve processes and organizational alignment,", "duration": 9.06}, {"path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_93.wav", "text": "A lot of the traffic that we took on during the second quarter, not only was some of that long-distance, which definitely is very low margin,", "duration": 9.06}, {"path": "5a55e28476e46aabc8571a60134e8b4d_53.wav", "text": "which give customers ability to read newspapers, so in the mobile, and also the mobimoney. So now we can say that we have a complete portfolio", "duration": 9.06}, {"path": "da14df2e02d11f6f8599533d9d57faee_135.wav", "text": "and that we will have some operating synergies. So if you throw those things and -- as an impact of the transaction in terms of", "duration": 9.06}, {"path": "bab12f620df0f367e74acdcc467686f1_9.wav", "text": "In Management Services, we delivered strong results, led by our leading capabilities in the markets with high barriers to entry and our diverse portfolio of projects.", "duration": 9.06}, {"path": "636d6909fbd8656f88f72f66a3a162ff_61.wav", "text": "which was partially offset by an increase in the decoupling mechanism and the August 1 price increase for placing Carty into service.", "duration": 9.06}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_202.wav", "text": "Our wealth management business also performed well and also benefited from the strong markets and investments we made to grow our client-facing teams.", "duration": 9.06}, {"path": "bf07ba925d6e5f568f66bb89b00a9463_32.wav", "text": "Today, our Recovery Audit business is performing very well, and we are continuing to see meaningful organic growth in this segment.", "duration": 9.06}, {"path": "58ff8a727ec4f3859407b64f08246759_126.wav", "text": "Good afternoon, and thank you for joining us on the call today. As you know, Intuitive is dedicated to the mission of expanding the availability of minimally invasive surgery,", "duration": 9.06}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_114.wav", "text": "I think that, ultimately, what we want to do for the balance of this year, and I want to keep in mind that any money invested in inventory is fungible.", "duration": 9.06}, {"path": "be8b554309f7632bc9ebbd967764001e_18.wav", "text": "The actions we are taking in these areas will not only help us weather the tempestuous environment facing the industry but also leave us well placed", "duration": 9.06}, {"path": "6d97c63e754383663561baada77c7354_73.wav", "text": "as we build on ITG's proud 3-decade legacy to continue to ramp up client momentum and deliver sustainable margin improvement.", "duration": 9.06}, {"path": "10dfe5270a7e4216d68614041d2a9bbe_101.wav", "text": "and that gives us a faster and more cost-efficient solution to the customers. And that's exactly what we're hearing in conversations with them, that they want at the moment.", "duration": 9.06}, {"path": "e271ed845347e9c930ab0a44eb7785da_98.wav", "text": "plant capacity may not be the real capacity, while the real capacity may not be the strategical capacity either.", "duration": 9.06}, {"path": "974a2d744cd3d9acf42d74816de91f7f_36.wav", "text": "I had a crystal ball so I could predict with certainty when certain technologies would be adopted, I'd probably be doing something else for a living, John.", "duration": 9.06}, {"path": "191c819db03c2dfd0207cd1f42e278a4_77.wav", "text": "can you give us a little bit more color as to what exactly is causing that? And then second, could I just get the number for stock-based comp in the quarter?", "duration": 9.06}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_27.wav", "text": "service providers that are going to be interested in changing the way they go about building their networks. They're just going to be looking for another vendor. That's distinctly not our play.", "duration": 9.06}, {"path": "8a93698d03a48d42fc7d7e50cb67dc2b_99.wav", "text": "Those are -- I don't need to say anything else about what's happening in the business as we shift to our platform company.", "duration": 9.06}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_157.wav", "text": "So in terms of any angst or risk that you build into the model, there should be none of that as it relates to Kaiser.", "duration": 9.06}, {"path": "968913c3f9111fc67f1d9956c56dec3b_23.wav", "text": "The effect of these 2 transactions is now included in our updated interest expense guidance.", "duration": 9.06}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_4.wav", "text": "the rest of the presentation at this point, which is what happened to us last week and how can we convince you that we're fully out", "duration": 9.06}, {"path": "246876171ef2f408df10ee0816f9db83_88.wav", "text": "Okay. So you're still -- with some of your newer customer you're still in a phase of kind of ramping up with them, so you could see some natural share gains just from them?", "duration": 9.06}, {"path": "9098e5640309f25da0d4dfa04789a36f_19.wav", "text": "And then there is a productivity gain on the back end where we can deploy more systems with fewer people.", "duration": 9.06}, {"path": "63eaf9677d7577484a1557ae6bfbb585_116.wav", "text": "To be clear, we are not seeing anything indicating this in our portfolio today. We just know from experience to be mindful of the scenario.", "duration": 9.06}, {"path": "c92a9ecd2741326fd8625841a07f74f9_145.wav", "text": "Where was this business at its peak and where are we right now in the cycle relative to the peak that this business has seen in the past?", "duration": 9.06}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_39.wav", "text": "Additional information concerning risk factors and cautionary statements are available in our most recent SEC filings and most recent Prestige Brands 10-K.", "duration": 9.06}, {"path": "948f025c16fce2bcb2909e610c9be557_185.wav", "text": "all these big tire dumps, but then you go to a big passenger car, you don't get the biofuel, because it's a synthetic rubber that's used.", "duration": 9.06}, {"path": "9b697782ea80be97854f35d6fc62c93a_114.wav", "text": "which was mostly in the first half. As we started to see -- to make the investments, as we locked in our margins and started to make the investments in selected markets", "duration": 9.06}, {"path": "e2c17247ae2f5d4fa8dd8814cc801198_38.wav", "text": "You may remember this time around January last year, I talked about U.K. returns going down for the first time that I could remember.", "duration": 9.06}, {"path": "6318dda27b3e36d76533c048c64a3014_33.wav", "text": "we think adding senior resources to help out administratively that might have specialized workout skills or specialized", "duration": 9.06}, {"path": "aed770c98113f594e36325a5822547e4_95.wav", "text": "These concrete steps, along with ongoing efforts to train and increase our staff, will put us in a better state of preparedness", "duration": 9.06}, {"path": "828ec1416eb7fa95846b5137752b3ff9_67.wav", "text": "and we are starting to hand over some of the units to tenants for internal fit-out. And we target to open the tower portion for operations by the end of the year.", "duration": 9.06}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_61.wav", "text": "in more than 30 countries and is a preferred and qualified partner of a number of international organizations and nongovernmental organizations,", "duration": 9.06}, {"path": "da34a7b460e520db0401de3ce860187c_61.wav", "text": "And this acquisition is part of our overall strategy to increase our India footprint and build capability in long products while improving our product portfolio.", "duration": 9.06}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_53.wav", "text": "We completed the private placement on December 27. For more details on the terms of the draw-down facility, please see our news release", "duration": 9.06}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_30.wav", "text": "look, I think anybody who watches what's going on in Washington, whether it's tax reform or regulatory rollback,", "duration": 9.06}, {"path": "87045996e7446329f1d98c909c6ca7fe_243.wav", "text": "more and more of what we're holding in cash and security all qualify as high-quality liquid assets as opposed to other security balances that", "duration": 9.06}, {"path": "9e07401011239a074ff66741ee557224_15.wav", "text": "One example of the efficiency from sitewide software adoption comes from ABB, a global leader in power and automation technologies.", "duration": 9.06}, {"path": "9e07401011239a074ff66741ee557224_111.wav", "text": "In summary, we felt the impacts of a challenging economic environment in Q1 and still managed to deliver positive core revenue growth.", "duration": 9.06}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_107.wav", "text": "nor are we expecting a meaningful decrease. And so it would more or less on par with kind of how we've been tracking in Q1 is how we're currently seeing it.", "duration": 9.06}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_107.wav", "text": "is due to the strong partnership and trust that we have worked hard to establish with our franchisee partners.", "duration": 9.06}, {"path": "9ec35a7809acb51486076e302028ba33_107.wav", "text": "and we continue to understand more and more about how to improve the ongoing reliability of these products.", "duration": 9.06}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_239.wav", "text": "a lot of activity there. Kevin mentioned, there is so much activity going on in the core space right now, which normally you don't see big blips", "duration": 9.06}, {"path": "3877b1983229ec488c6349a188bccf92_211.wav", "text": "Looking to the full year, our expectations for fiscal '18 remain unchanged. We continue to expect organic net sales growth", "duration": 9.06}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_55.wav", "text": "And also, the action that we've taken last year in terms of selling prices are paying off and we were able to more than offset", "duration": 9.06}, {"path": "7498a6630302a038bd537d192c3a44f4_247.wav", "text": "those that drive traffic and then drive conversion in the stores were likely to keep spending as long as we are convinced that it's driving that top line.", "duration": 9.06}, {"path": "7498a6630302a038bd537d192c3a44f4_269.wav", "text": "we have a different level of liquidity, and we're able to go out and talk to and describe to our vendor partners why doing business with Lumber Liquidators is important,", "duration": 9.06}, {"path": "7498a6630302a038bd537d192c3a44f4_84.wav", "text": "We will continue to look for ways to support our stores and our store associates, and I want to personally thank each one of them for their hard work this quarter.", "duration": 9.06}, {"path": "642a235ab4ebc57d132a2e32c83c793c_207.wav", "text": "that we can have in '19 is the beginning of the investment on our new distribution center in the North of France. That's", "duration": 9.06}, {"path": "642a235ab4ebc57d132a2e32c83c793c_163.wav", "text": "international and online sales, both of which continued to increase their penetration rate in our overall sales.", "duration": 9.06}, {"path": "642a235ab4ebc57d132a2e32c83c793c_8.wav", "text": "And this shows the excellent integration we have achieved between the 2 teams, achieving a record time in opening this first store.", "duration": 9.06}, {"path": "4721d5a2e7061d90a4e4e4768adc2486_167.wav", "text": "positioning ourselves for improved profitability in this important growth market. So let's dive a little deeper into each of the segments.", "duration": 9.06}, {"path": "2a7af3c66762ce608379005a3d7bfa96_61.wav", "text": "In addition, we have also started our next phase of improving our technology platform by identifying key drivers of success", "duration": 9.06}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_104.wav", "text": "and we're focused on delivering value to customers by preserving the residual value of the aircraft moving forward. So all in all, we feel good about", "duration": 9.06}, {"path": "98bbf1693b5a53e7f02d890a8dca876a_67.wav", "text": "Sure. And just taking a look of a historical perspective, we had many years where we didn't have any expansion sites. Over the last couple of years,", "duration": 9.06}, {"path": "18e82b076319ac52f8a4b391ea345abd_74.wav", "text": "The only caveat that I would put on that is that we will not damage any successful local Enerpac distributor. We intend to cover", "duration": 9.06}, {"path": "e0d1342ad3d27fd648b708837de08797_23.wav", "text": "But it's not choosing one or the other at this point. It's a matter of moving them all forward. And depending on all the different variables that have to work", "duration": 9.06}, {"path": "09b5b62d328d3d0719b6825357fdfb48_110.wav", "text": "We have potential new retailers that are still going through the process and want to be a part of the plan. And that's in", "duration": 9.06}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_95.wav", "text": "benefiting from the long CapEx cycles and heavier recurring revenue component, driven by monthly fills on existing platforms.", "duration": 9.06}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_54.wav", "text": "Our strong household proposition led to continued growth in bundled services. Now let's move to Mobile.", "duration": 9.06}, {"path": "64364105b816dd0b6a029e9cd210e65b_297.wav", "text": "We executed our balanced capital allocation strategy and deliver to our commitment by aggressively addressing both return of capital to shareholders", "duration": 9.06}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_9.wav", "text": "The prolonged economic downturn, the sluggish growth of trade flows and persistently low commodity prices will definitely continue", "duration": 9.06}, {"path": "89499eed4dff3bd184e91cd496111f22_33.wav", "text": "And I'm just wondering, is this all due to the structure of the Amazon deal? Or is there other factors kind of playing into that?", "duration": 9.06}, {"path": "6d41a81b648d81660c0d65523086346b_79.wav", "text": "will see some sort of improvement in that fixed broadband ARPU trend? I mean, there must be a lot of customers on promotional pricing at the moment.", "duration": 9.06}, {"path": "4ee3c79ebc57c9870b221b9479d52436_184.wav", "text": "it's simply too early to tell what the impact is because we just haven't seen it. I've made the point in recent times that", "duration": 9.06}, {"path": "9ae54e663cb4dce1f3d3211b9a43a57d_57.wav", "text": "Frank has been extremely helpful during this transition and I look forward to continuing to work with him as our Chairman of the Board.", "duration": 9.06}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_61.wav", "text": "in a given year, the recurring revenue will start to be generated as of next year and -- because it takes about at least 6 months.", "duration": 9.06}, {"path": "e0555e30370c43189a1136fb7ef17d20_3.wav", "text": "Turning to Slide 4, on the second topic of growth and investment. I want to spend the next few minutes discussing the quarter for both of our segments.", "duration": 9.06}, {"path": "7d74e5d733ec60a1be27a556e7689961_93.wav", "text": "a commercial show there for not only Western Europe but Eastern Europe and parts of the rest of the globe. There's a lot of international players coming to that show.", "duration": 9.06}, {"path": "3412b2f7aef0615537779e312cf984c3_15.wav", "text": "equipment, existing equipment has to be taken off-line. So we've seen a balance of rebuilding equipment,", "duration": 9.06}, {"path": "e2cf6bb5b288d37102468fe05807e41c_106.wav", "text": "The grain market continues to grow at healthy rates based on a study conducted by Informa Economics. Paraguay, Bolivia and Brazil are", "duration": 9.06}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_105.wav", "text": "So how I think about it is that the -- in the past, Barnes Group historically has played predominantly in the widebody arena.", "duration": 9.06}, {"path": "6299a010c7bb84feaf14b263750dbd1a_61.wav", "text": "This demonstrates the group's confidence in its capital position and also help facilitate the new revolving credit facility", "duration": 9.06}, {"path": "6299a010c7bb84feaf14b263750dbd1a_10.wav", "text": "The tax credit in 2015 derives from the settlement of a number of historic tax issues.", "duration": 9.06}, {"path": "902872913863de98d38e2936b846cf66_201.wav", "text": "We're hoping that they can get that all out and permitted and designed and in place. But as always, with larger projects,", "duration": 9.06}, {"path": "6cbf592846662213258684c3049e4592_211.wav", "text": "really well-orchestrated, integrated approach to how we do that. And while it works, we think there is a way to really streamline and simplify", "duration": 9.06}, {"path": "50eb350badadec6e4272b90684741c25_183.wav", "text": "your positioning and some of the conversations you're having for strategic partnerships? And has there been any change in the competitive dynamic with any of the other", "duration": 9.06}, {"path": "3c17ad8c6709cbb1a8f7190f567a445f_38.wav", "text": "Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may disconnect your lines at this time, and have a wonderful day.", "duration": 9.06}, {"path": "19714a7d42d471e3bb7f7e1f18c8fe9b_123.wav", "text": "Yes. Sure. So the answer is, we definitely were looking at it back in November once we completed the Care Capital transaction. And at that time,", "duration": 9.06}, {"path": "bf8646ad61e3857d4cf46e592c18f685_13.wav", "text": "as growth in our ceramic technology and industrial and environmental sectors will likely offset declines in our base ceramic and sand revenues.", "duration": 9.06}, {"path": "62658bb0c3307b2b10e3668b8df73b0d_26.wav", "text": "A significant portion of these sales are related to the NanoKnife disposable approval in China where we have already received approval of our generator earlier this fiscal year.", "duration": 9.06}, {"path": "f268a8174f58c93ad6b45b7f151fe896_133.wav", "text": "I want to remind all listeners that FedEx Corporation desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act.", "duration": 9.06}, {"path": "712bbcab5338e07dd63dad97bb652018_62.wav", "text": "We are hopeful to conclude the year in the upper half of our guidance range but wanted to continue to provide numbers that we are confident we can consistently achieve.", "duration": 9.06}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_11.wav", "text": "Adjusting for this unfavorable impact, our RASM performance looks to be at least on par with the industry,", "duration": 9.06}, {"path": "77423f08f0208d476dea73c639f6293a_245.wav", "text": "single OTT platform with every single one of our channels because we are not prepared to be giving our signals away or subsidizing", "duration": 9.06}, {"path": "24c7526f6daca8e16ab91bea6124148a_32.wav", "text": "again, in conclusion on this one, there's more that can be done there. I think we've raised the level on both free cash flow and cash flow from operations.", "duration": 9.06}, {"path": "bf99037f89cd485f95f097842619a0c7_199.wav", "text": "acquisition effect of Commerzbank, though we confirm here that we're able to generate capital organically.", "duration": 9.06}, {"path": "1096d26129c469524041c969a684f8ae_119.wav", "text": "Speedway continues to perform very well, reporting its third best quarter ever. Speedway delivered record second quarter segment income from operations", "duration": 9.06}, {"path": "3ae068efa03cd088f4d3edea682f199f_289.wav", "text": "As a reminder, the revenue line does not capture the increasing pace of activity at the Orpic project because, as many of you know,", "duration": 9.06}, {"path": "7a80c3e91e5a2693cdaef5f716808317_213.wav", "text": "of having Rotork A level up here on all critical applications. And these are the meetings that I've sat in a couple of them last year in China", "duration": 9.06}, {"path": "9cd9b67e289e807d677aabc5765fec6a_6.wav", "text": "Retirement commissions and fees were down as a result of a decrease in actuarial fees, partly offset by new pension administration client fees.", "duration": 9.06}, {"path": "9097dcbaf554d635920c6274b1de4997_62.wav", "text": "Including the impact of our recently expanded commercial team, important new data from the ALPINE study and a recent national formulary addition.", "duration": 9.06}, {"path": "a98061f951c1b2c7a915e296098bc4de_50.wav", "text": "faster than the market. So we are implying that we expect to continue our market share gains. And so robust front end,", "duration": 9.06}, {"path": "744f5859c7d9a0567b387ae84326d940_66.wav", "text": "Expansion in Europe has been a strategic focus for PolyOne, and our investments in the commercial team are paying off.", "duration": 9.06}, {"path": "523cf294ec146d5411972168b1c10f09_141.wav", "text": "will accelerate early in the year and then probably decelerate through the middle of the year as they complete this project, and we just wanted to reflect", "duration": 9.06}, {"path": "027d36b67ee5bba934695b2d0c47eb08_98.wav", "text": "Fourth, I would like to talk about our financing strategy to build a commercial-scale plant for the production of Nisin, our active ingredient in Mast Out.", "duration": 9.06}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_9.wav", "text": "Fund flows in Asset Management continue to reflect the trend of outflows from money market funds and the general nervousness about the markets in Europe.", "duration": 9.0300625}, {"path": "7e2ebcd981f5b5ecb18c04906f87d768_127.wav", "text": "Several assumptions were made in preparing these statements, and we wish to emphasize that there are risks that actual events or results may differ materially from these statements.", "duration": 9.0300625}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_36.wav", "text": "I know you're not providing guidance for '16, but I'm curious, do you think that with respect to not providing that guidance at this point, does it make sense to", "duration": 9.0300625}, {"path": "af146425f68dd8e32f31878389746637_19.wav", "text": "There are clear opportunities to maximize the value of this unique position over time as the industry continues to consolidate.", "duration": 9.0300625}, {"path": "2ddcbcc22b1b6524d53dab890b104647_103.wav", "text": "So just wanted to know the sort of story behind these comments. Why do you say that there is a concern on demand where no other FMCG has", "duration": 9.03}, {"path": "44dadfbc792633938082a10f5c84f08a_28.wav", "text": "similar to the program that we had -- program we had last year. I think we dropped retention slightly on large claims,", "duration": 9.03}, {"path": "d162113e3aface010baec17bd408736b_105.wav", "text": "in the next customer investment rounds. The particular focus is expanding our reach into logic and memory markets in the era", "duration": 9.03}, {"path": "214dcdc435ef3259490466447858fa56_9.wav", "text": "Secondly, the financial reset that we did in December. It was a painful event, but it was the right thing to do.", "duration": 9.03}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_44.wav", "text": "Both of these countries are the largest origination sources for our coal business, and the hardening in price is a welcome respite for the mining industry.", "duration": 9.03}, {"path": "0d631e444d1c22f0be99a69f5deaff94_82.wav", "text": "In Heidrick Consulting, we're scaling the business to increase our impact with clients building on the success of our platform, Accelerating Performance.", "duration": 9.03}, {"path": "94fdf7b24748a7706b1097482a0f363a_0.wav", "text": "Good afternoon. My name is Rob, and I will be your conference operator today.", "duration": 9.03}, {"path": "e274d02ea943c0a74779950fe28e839d_95.wav", "text": "due to the recently approved legislative bill in the State of Michigan, which is aimed at increasing funds for roads and infrastructure.", "duration": 9.03}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_28.wav", "text": "maybe it will require some input from Rick on this, too. But as you look at the product portfolio and as you look at the operating", "duration": 9.03}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_190.wav", "text": "including both founders, who have recognized the need to enhance internal control and take Marvell to the next level of performance.", "duration": 9.03}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_173.wav", "text": "and Marvell takes no obligation to revise or update publicly any forward-looking statements except as required under applicable law.", "duration": 9.03}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_16.wav", "text": "But after about 30 days, the inhibitory mechanisms that we keep talking about with a tumor take over and the tumors begin to grow.", "duration": 9.03}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_60.wav", "text": "to combine their investigative drugs in combination with brachyury. So the base combination is always our vaccine,", "duration": 9.03}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_361.wav", "text": "And based on that one, I'd like you to take the following home. We are faced with challenges,", "duration": 9.03}, {"path": "2d7efae3f89647d6468deed3b73bf98a_83.wav", "text": "And I don't know, it could be all day trader activity from some local people, but the fluctuations sometimes are -- just seems to be rather large.", "duration": 9.03}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_110.wav", "text": "First, we are developing a fully integrated customer loyalty program that offers rewards, both -- across both the pharmacy and the front store.", "duration": 9.03}, {"path": "81430c39b7b202d05644e419e2a01a65_71.wav", "text": "are you saying that -- in your commentary you talked about maybe not being quite as competitive if the city was not valuing the smart control aspects", "duration": 9.03}, {"path": "8cb24daf76784487ad63780546dc4ba4_14.wav", "text": "Across all of our environments, we understand well the dynamics reshaping asset management and distribution and as reflected in our comments so far,", "duration": 9.03}, {"path": "8cb24daf76784487ad63780546dc4ba4_102.wav", "text": "and we have a lot of flexibility. I think we acknowledge that there is kind of a fluid process and there is a lot of", "duration": 9.03}, {"path": "7974a5134807f46a1484a8adf81505be_130.wav", "text": "And our capital rebuild is ahead of plan. We're proud of that. And this bank has the ability to generate a lot of capital internally.", "duration": 9.03}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_110.wav", "text": "With the team that we have built, the investments we have made in both 2 outstanding business segments, we are perfectly positioned for continued profitable growth.", "duration": 9.03}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_159.wav", "text": "We have never been in a stronger competitive position, and I believe the future has never been brighter for Lear Corporation. I'm so excited to lead this great company.", "duration": 9.03}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_73.wav", "text": "I'm encouraged by our progress and the momentum that we have heading into 2018, which is a real tribute to the strength and commitment of our entire organization.", "duration": 9.03}, {"path": "918de179148bbfe18b95415ee0065a3d_214.wav", "text": "I hope that's at least modestly helpful to you. I appreciate that. I'm just a little bit curious about the process as well,", "duration": 9.03}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_80.wav", "text": "Within our segment, there are also many initiatives under way to strengthen our competitive position and expand our integrated risk offerings.", "duration": 9.03}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_27.wav", "text": "in addition to what we've talked about with respect to the proceeds from Benefits, the capital release from Benefits and also the capital release from Health.", "duration": 9.03}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_20.wav", "text": "It won't be exactly linear because as a program comes in or we have changes in what we're doing, that will cause some variability in that growth, but it will expand over time,", "duration": 9.03}, {"path": "c4dc8f962a85aa47af50f82845f550e2_68.wav", "text": "We have a strategy of maintaining a highly variable manufacturing cost structure, so that we can quickly adjust to market shifts, like we are seeing in the third quarter.", "duration": 9.03}, {"path": "1f43e30e245ed30be41602d8423db99e_75.wav", "text": "And so we are taking extra effort to align with the agency on every major", "duration": 9.03}, {"path": "46906afb4e1ee1fef09b5908e76beefa_123.wav", "text": "This is a population which clearly has few and very limited therapeutic options and we're looking forward to meaningful discourse with the agency regarding the population,", "duration": 9.03}, {"path": "01502edf6cda82061f1f45d6b0e8e189_145.wav", "text": "And we also talked about some of the challenges in getting it through the approval agencies and getting the product launched and shipping. We finally overcame those.", "duration": 9.03}, {"path": "07f580f6f7be50000b90caa25fcd2661_50.wav", "text": "Please note that they are the property of Solar Senior Capital Ltd. and that any unauthorized broadcasts in any form are strictly prohibited.", "duration": 9.03}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_63.wav", "text": "to deliver superior customer experiences on every interaction. Now I'd like to share a few examples of key wins from the quarter.", "duration": 9.03}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_174.wav", "text": "what are we doing to purposely make investors aware of the opportunity? And I do believe the opportunity is there.", "duration": 9.03}, {"path": "a827180c08c11f2e53c6966fceaabf5b_123.wav", "text": "most of '16 will be focused on integrating the company, and we would expect most of those synergies to be", "duration": 9.03}, {"path": "1b1699497be56330b3ed833f22bc63f6_160.wav", "text": "and reflects the increased unit growth we experienced in the first quarter. We also expect the new premium banked Renegade and Empire Arena games,", "duration": 9.03}, {"path": "1b1699497be56330b3ed833f22bc63f6_54.wav", "text": "To realize the highest return from our operations, we remain committed to growing recurring revenue from our installed base units.", "duration": 9.03}, {"path": "acac17023d3f7225f1d7a0cbc8e5b7d3_141.wav", "text": "It is far too early to say that this is the early indications of this. This was more due to retail opening and different launch schedules than anything else.", "duration": 9.03}, {"path": "ddf51a035f75b2e145a283edfd51fffc_31.wav", "text": "we have historically done very well with MSSP segment of that business as well as the infrastructure. And we saw deals in both parts of that business in the quarter.", "duration": 9.03}, {"path": "655d592e9d1b1027f1824b1554d8b131_182.wav", "text": "you just speak to what you see at some of the key variables that could move you to the lower -- higher end of the range still within the fourth quarter?", "duration": 9.03}, {"path": "7ec19aea307c76d4a57fa87368305630_179.wav", "text": "while acquisitions like Netcentric and Mirabeau are further enhancing our digital leadership in Continental Europe, leading to a number of recent digital wins.", "duration": 9.03}, {"path": "f4d0f1362716be33f02690dd1a8df663_77.wav", "text": "A 20% expansion in our product capacity for the core product since last year and our ability to maintain steady production", "duration": 9.03}, {"path": "c3ac3b05413d9a9caee0626d57fee77f_112.wav", "text": "and we have multiple operated assets which will give us flexibility both in attracting partners and reducing capital exposure.", "duration": 9.03}, {"path": "002d12258ff802d65f79ae2eef99e4ab_265.wav", "text": "We started that investment in the fourth quarter of 2016, and that makes up a little over half of the total", "duration": 9.03}, {"path": "bda4b365d7a8386d5d2e6b4575d08a57_9.wav", "text": "With respect to leveraging capital, during the quarter, we began working with several major financial institutions to establish a wholesale credit facility at the holding company", "duration": 9.03}, {"path": "4e04d3229b988f1db5b842ac5b993894_47.wav", "text": "And at some point, at a certain rig count, you're going to see the ability for pressure pumping pricing to move up higher across the industry.", "duration": 9.03}, {"path": "4e04d3229b988f1db5b842ac5b993894_161.wav", "text": "With our increasing activity and headcount, I'm pleased that our operational execution continues to improve as nonproductive time and drilling", "duration": 9.03}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_61.wav", "text": "in -- now in the first quarter and on into the second. So although new equipment, I have to caution you, if you put in a new piece of equipment, it takes a while to", "duration": 9.03}, {"path": "1ddc944827b99caf8c7867ceeed0ec20_157.wav", "text": "So I just want to say thank you for everyone for being on the phone, and thank you, for the questions. This is a very exciting time for us", "duration": 9.03}, {"path": "3aba3f0bef57d2f71dcc573a0fb198ed_162.wav", "text": "And given our greater than 60% replacement market focus and the strength of our brand, we believe that we are well positioned in this regard.", "duration": 9.03}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_9.wav", "text": "We are investing in agent training, cross-sell initiatives and marketing campaigns as well as infrastructure improvements to support sales growth in this segment.", "duration": 9.03}, {"path": "b092d2be33ad52beefab208355b18235_135.wav", "text": "I'm excited about the benefit of these opportunities, along with a continued focus on taking care of our customers will provide to our performance in future quarters.", "duration": 9.03}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_124.wav", "text": "as far as what we're continuing to work on, it's really a focus on working capital management. So you could see we made improvements in", "duration": 9.03}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_205.wav", "text": "in some sense there's a bit of a step change in some cost categories during half 1. Can you give us more of a sense on how you expect", "duration": 9.03}, {"path": "08ed60a546bd48af9db028c4e3c8af26_7.wav", "text": "we expect a moderate increase in revenues at Hamilton Beach in 2016 compared with '15, provided consumer spending is at expected levels.", "duration": 9.03}, {"path": "a8b43081254547419da7462d9c957d61_139.wav", "text": "Through these and other efforts, we are building on our momentum from last year, when we reduced well cost 7% across active areas.", "duration": 9.03}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_27.wav", "text": "In fact, in the fourth quarter, market volumes declined by almost 10%. Our own business is holding up well in these conditions,", "duration": 9.03}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_51.wav", "text": "the picture here is a picture of composite fan, which will be used on UltraFan in the future. As these fans get larger and larger,", "duration": 9.03}, {"path": "b305bff75f28d238f0bd7da5bd4f13b8_55.wav", "text": "you never know what comes down the road, but certainly not top of mind for us at this point of time. On the management changes,", "duration": 9.03}, {"path": "29426a77336443eedde7eaa29e9c2852_130.wav", "text": "Our performance is ramping as a result of the investments we've been making in the business coupled with a disciplined approach to balanced revenue growth with improved profitability.", "duration": 9.03}, {"path": "e271ed845347e9c930ab0a44eb7785da_48.wav", "text": "as we can see that the company's financial structure is getting better and better, I wonder", "duration": 9.03}, {"path": "e271ed845347e9c930ab0a44eb7785da_90.wav", "text": "usually for the preorders, so we believe the stock level is still reasonable. Since Q3 is usually a high season for ordering", "duration": 9.03}, {"path": "974a2d744cd3d9acf42d74816de91f7f_154.wav", "text": "We believe this will further expand our organic growth opportunities for Unique, as the need for increased vehicle weight reduction takes hold,", "duration": 9.03}, {"path": "265e62fc569e790d8b3e58698aaab701_65.wav", "text": "We believe, with this colonic release formulation, we have the potential to see greater and faster pain relief in this patient population.", "duration": 9.03}, {"path": "20097e37747ec7bc3734246e83798fb1_142.wav", "text": "So banks are very well collateralized and there's a lot of solid assets in the company. And when you're dealing with a receivable from Universal", "duration": 9.03}, {"path": "526e0d5398a516831b49936c31a8ea1c_56.wav", "text": "in revenue through a rate increase to be effective January 1, 2016. The settlement will help fund additional reliability improvements", "duration": 9.03}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_199.wav", "text": "to analyze where we go. And I'm sure we'll conclude this September, as we have the past several Septembers, that we have a really solid", "duration": 9.03}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_38.wav", "text": "A bit later in the call, I will highlight some of the scientific progress we made in further developing our C1 gene expression platform.", "duration": 9.03}, {"path": "151a08a0353f92bc3a78bbf8a17b52aa_67.wav", "text": "So it'd be fair to assume then that you have spoken to a set of potential purchasers in the past?", "duration": 9.03}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_128.wav", "text": "with what we're willing to pay and how we're going to create value and have the plan. And what I've always said is we've got to have the plan. There's a cost synergy plan", "duration": 9.03}, {"path": "b43c001c5af465d220ab0b69a95202ae_77.wav", "text": "that was caused by our fourth quarter implementation as a new clinical IT system at our Conemaugh Health System in Pennsylvania.", "duration": 9.03}, {"path": "f77935c4693e4d33252c9c76993e9c8b_91.wav", "text": "So in other words, it's not in any way related to not having what the market wants. It's just the overall slowdown.", "duration": 9.03}, {"path": "63eaf9677d7577484a1557ae6bfbb585_127.wav", "text": "Finally, our new and active customers were down slightly in the quarter, reflecting the previously mentioned circulation cuts.", "duration": 9.03}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_99.wav", "text": "We are with some small upside in the latter part of the year for some price increases. I think it's important to note, Jon, that", "duration": 9.03}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_63.wav", "text": "He's lived and worked on 3 continents and has proven his ability to drive growth on both the top and bottom lines.", "duration": 9.03}, {"path": "8a667cb70a23d30d6c624ef7ab9bcbbb_114.wav", "text": "there has been no impact at all. And we do not expect any impact. That is -- where we use Canadian crude oil today.", "duration": 9.03}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_20.wav", "text": "However, the time to complete the project has taken longer than anticipated, again, extending the forecasted cash flows of the project.", "duration": 9.03}, {"path": "9b697782ea80be97854f35d6fc62c93a_56.wav", "text": "to drive top and bottom line is one of the things that will continue to distinguish us. And so I think we've got good visibility to the places", "duration": 9.03}, {"path": "74d0910b4af16f82a812bddbb151d966_73.wav", "text": "and we had revenues. A lot of that just showed up, if you will, in -- coming out of the margin of Geismar. So it's a little bit complicated when you think about", "duration": 9.03}, {"path": "8b2f9d78b826db37ca84dae4d193d8a3_37.wav", "text": "Given the recent price announcements by national brands and other competitors, we expect to further increase prices in the overall business in the second half.", "duration": 9.03}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_148.wav", "text": "I would like to thank all of our team members for continuing to take care of our customers, and as important, each other. With that, I will turn the call over to Robert.", "duration": 9.03}, {"path": "fb817a6cc685a3fd0f003456dd641c01_58.wav", "text": "Water Quality Systems was our only segment to deliver core growth as the pool business once again finished the season in a strong position.", "duration": 9.03}, {"path": "da34a7b460e520db0401de3ce860187c_4.wav", "text": "as well as the absolute EBITDA. This is also the first quarter, where we have included the Bhushan Steel financials for the full quarter in our results.", "duration": 9.03}, {"path": "82f5253b62614161333b038f5f9700f8_197.wav", "text": "we're doing -- we feel really good about it, and I think we can correctly point to things like the expansion of PowerPlay is an example. We've expanded that program that is our", "duration": 9.03}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_231.wav", "text": "Anybody that could move wood have the opportunity. And so I just -- I think the overall weather dynamics probably mitigated some of that impact.", "duration": 9.03}, {"path": "369789f0d39dbf62298be2aa807ff8ee_108.wav", "text": "people in other parts of South America. So it seems as if there's a paradigm shift that has occurred in Argentina because of the new government,", "duration": 9.03}, {"path": "92bf6fe090b6bc565cb500b688fd9173_2.wav", "text": "We are fortunate to be in a position to report another healthy operational quarter, featuring strong organic growth as well as margin expansion.", "duration": 9.03}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_6.wav", "text": "We can see sustained growth, but going forward with a transformative shift in driving down the cash burn, we are confident that we can exit the year with a meaningful reduction of burn rate", "duration": 9.03}, {"path": "49e533a8449f6b9b6c806458e73338e1_108.wav", "text": "partnerships like that to come onto those marketplace solutions. And what we're doing there is helping sellers", "duration": 9.03}, {"path": "ab3354b86be920cde18291112bf8a70a_62.wav", "text": "because it applies across the whole book rather than to the subset that does not have credible claims experience.", "duration": 9.03}, {"path": "01f88a67f39af3a74d5f23b095615d39_241.wav", "text": "Our focus on improving the value of the program continues, with significant expansion in partners. Over 90 added in the half", "duration": 9.03}, {"path": "01f88a67f39af3a74d5f23b095615d39_269.wav", "text": "So just given that this is going to be expected to be longer process than was originally planned, we don't expect to get it in this half.", "duration": 9.03}, {"path": "94f913b974baab79fb636f6521170dd7_111.wav", "text": "And then he also says, the terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures.", "duration": 9.03}, {"path": "c47a92e006b54d014a79b447528c55a7_98.wav", "text": "discontinued operations status as well as lower acquisition and integration and restructuring and related costs this year.", "duration": 9.03}, {"path": "e42f90eacf0e766ff39973c6aca06c93_29.wav", "text": "and at the same time, really, pressure test and demonstrate to insurers that there is a strong interest by the patients", "duration": 9.03}, {"path": "b4fc31ae6403a17b15c30d3ec3b82487_188.wav", "text": "what an average booking window for a sizable group looks like today versus where we were a year ago or 2 years ago? Just so we have a sense of that.", "duration": 9.03}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_45.wav", "text": "Let me expand a little bit more on the industrial footprint review that we have launched at the beginning of the year.", "duration": 9.03}, {"path": "2a7af3c66762ce608379005a3d7bfa96_120.wav", "text": "During the quarter, logistics again demonstrated margin and bottom line growth to our margin enhancement initiatives along with efficiency gains.", "duration": 9.03}, {"path": "523a7b1c62d1e2ac2fc0440bca0d020c_115.wav", "text": "Based on the orders and our preliminary assessment, if upheld, the process set out in the orders is likely to delay the planned startup of construction,", "duration": 9.03}, {"path": "799c15a4a6e9e3c86374761fec31c00a_17.wav", "text": "expand our product capabilities from just upholstery fabrics for chairs in the main lobbies to the window treatments.", "duration": 9.03}, {"path": "e29584f9f829602cacebcce71c2a4fb9_30.wav", "text": "I think it enhances the value of the product because it gives greater confidence that the product will be successful.", "duration": 9.03}, {"path": "299bad77345d2e44fa5768f4416f7b97_62.wav", "text": "We believe these non-GAAP financial measures are helpful in our understanding our past financial performance and potential future results.", "duration": 9.03}, {"path": "d5fb88dba0740bc906c5127e05592f95_102.wav", "text": "And that has helped us mitigate the impact. And we don't foresee a change in that overall environment. We don't foresee a change in pricing discipline. We do not foresee", "duration": 9.03}, {"path": "18e82b076319ac52f8a4b391ea345abd_55.wav", "text": "I'm pleased with the progress but recognize we still have a lot of work to do on optimizing the product development process and launch philosophy.", "duration": 9.03}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_208.wav", "text": "for the individual consumer, you see a spike in consumption, mainly for luxury goods as chocolate", "duration": 9.03}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_149.wav", "text": "on their own 800 stores in Brazil. So we can as well bet on their health.", "duration": 9.03}, {"path": "ea80970d6b8e6fab10c4500aa7298914_20.wav", "text": "As well as we mentioned some of our restructuring charges were related to our Industrial business. So that is why we're still confident that our", "duration": 9.03}, {"path": "4311782968e936c378fdee8946cd9cca_54.wav", "text": "It would be difficult for us to believe it would be the last 2, because the thing is so similar to what is going on", "duration": 9.03}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_244.wav", "text": "And so for us to have an agreement that allows us to not just have better pricing economics, but sizes, packs, flavors, channels, all of that stuff,", "duration": 9.03}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_25.wav", "text": "highlighting the relative strength of our specialty-focused ag business in what was one of the weakest global ag market in decades.", "duration": 9.03}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_282.wav", "text": "I think our goal is try and clearly keep investment in working capital to a minimum, if not actually even getting cash out of it.", "duration": 9.03}, {"path": "64364105b816dd0b6a029e9cd210e65b_215.wav", "text": "This long-time focus on waste elimination and velocity optimization continues to deliver increased operating leverage for the business.", "duration": 9.03}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_83.wav", "text": "where large backers of, in particular, the Republican Party, have simply not shown up and are not spending the money.", "duration": 9.03}, {"path": "95303f68781d6fb58e19ec1dc7785a7c_54.wav", "text": "we still continue to get very significant improvement in both recoveries and in how many", "duration": 9.03}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_60.wav", "text": "The trend is positive, particularly with the chemicals industry with strong results, mainly in India.", "duration": 9.03}, {"path": "243e9a046160bfbf82be702927a4df22_19.wav", "text": "and our liquidity, low leverage and good support from our bank group gives us flexibility to finance good acquisitions or accelerate the drilling program, as John mentioned.", "duration": 9.03}, {"path": "72b117fb1330bda9f954a219bb5a675e_143.wav", "text": "And based on our execution for the first half of the year, we are on plan with both and as a result, on path to achieve our full year guidance.", "duration": 9.03}, {"path": "ee17f090e669ff9029bd1dc57db6e43e_125.wav", "text": "The statements do not guarantee future performance and therefore, undue reliance should not be placed upon them. These forward-looking statements are based on current expectations of management", "duration": 9.03}, {"path": "9fb4423a70358ef22be9982299969f7a_200.wav", "text": "getting commodity prices to exceed at a level that we can essentially plan effectively for. And so we'll continue to face that challenge", "duration": 9.03}, {"path": "1f142ea668261ba963d47aac6bab69dd_59.wav", "text": "Finally, while only a small part of our business today, we have significantly bolstered our capabilities in e-commerce.", "duration": 9.03}, {"path": "323193895e800e72960d98dd5fb64cf5_118.wav", "text": "so that means that the service margin within Digital Services is much lower during the fourth quarter than before.", "duration": 9.03}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_62.wav", "text": "Our discussion today includes certain non-GAAP financial measures which provide additional information that we believe is helpful to investors.", "duration": 9.03}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_78.wav", "text": "Of course, there also was and is some level of distraction for the current sales organization as we put these changes in place.", "duration": 9.03}, {"path": "ffa357a084f4deb64797a0a32b8c5e33_227.wav", "text": "a lot -- that would be global. We have a lot of sourcing flexibility within that, where our sources will come from various parts around the world.", "duration": 9.03}, {"path": "2313d1644b53f7bf5e70d2ff4db8e6e6_18.wav", "text": "What we could expect is always difficult to be very precise on, but I think we should be able to see healthy double digits.", "duration": 9.03}, {"path": "1378aabd380e63d3f89fe0e445fc8b06_4.wav", "text": "This strong Aerospace performance was partially offset by a 6% full year sales decline in Distribution.", "duration": 9.03}, {"path": "8f92dfb06900be4f209f31f24cb885fb_136.wav", "text": "And I'm confident that once the MannKind device is approved that, that will offer yet additional thousands of patients", "duration": 9.03}, {"path": "0411a1a45741648616bbfd7ca8dd3fd4_35.wav", "text": "We think that one of the possible therapeutic strategies is to reduce this -- to reduce these symptoms is to target androgen deficiency,", "duration": 9.03}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_125.wav", "text": "assets and so we've got a lot of opportunities to work with them as we continue to work through kind of a lower commodity price cycle.", "duration": 9.03}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_105.wav", "text": "We are committed to maximizing synergies between the 2 legacy companies and will continue to identify opportunities for future efficiency.", "duration": 9.03}, {"path": "10ad32c5e0559c879e032faaf3148ab4_72.wav", "text": "Mick will provide more insight on these adjustments during his portion of the presentation. Now I'd like to briefly review the segment results for the third quarter.", "duration": 9.03}, {"path": "45c2e7788c29cc5f1c183ec742511c6f_53.wav", "text": "Our projects are on schedule and on budget, and we plan to maintain this full-cycle strategy in Austin as well as in our newly entered markets this year.", "duration": 9.03}, {"path": "f388f8ab8a5751d4efc504090d00ca64_3.wav", "text": "I will begin my remarks about the company by stating that 2015 is our third consecutive year of growth in adjusted EBITDA and distributable cash flow.", "duration": 9.03}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_141.wav", "text": "I think the best way to explain my role is to say that it is unlikely that I will be speaking to you as CEO a year from now.", "duration": 9.03}, {"path": "eb93e70cdf7a839a69546250fb3646fb_103.wav", "text": "We have a target of getting to maybe half of our customers coming from outsourcing, so we do expect that to continue to", "duration": 9.03}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_15.wav", "text": "We are pleased with the progress we've made over the past 5 quarters since I became CEO but recognize we still have much hard work ahead of us", "duration": 9.03}, {"path": "4b5d33b9c200403f2d4633e47f1d4110_60.wav", "text": "compared to the end of the first quarter of 2017, as the operational impacts of Cyclone Debbie in Australia were less than previously anticipated.", "duration": 9.03}, {"path": "1c89bbe35013b8f40511ac9ba8824242_2.wav", "text": "coupled with the retail configuration we have and now our really strong mortgage business has been one of the earning engines for the Arlington Bank historically.", "duration": 9.0299375}, {"path": "885b465648704d8a5d15bd00078e2160_95.wav", "text": "and earlier human data results, we are increasingly encouraged by the potential opportunities presented by our PKU program.", "duration": 9.0299375}, {"path": "d162113e3aface010baec17bd408736b_184.wav", "text": "Can you maybe say a little bit on -- are there more opportunities coming by in the last few quarters than there were a year ago? Or", "duration": 9.0}, {"path": "db6c253ba433d9a247219bb3f15da199_113.wav", "text": "Using the same analysis Kevin mentioned earlier, our stock price at the end of the quarter equated to a value of our entire private portfolio", "duration": 9.0}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_171.wav", "text": "And then the only other question I have was just with the -- are you going to release the interim data from the HS study", "duration": 9.0}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_142.wav", "text": "will definitely help with the delay of progression to end-stage renal disease since the protein itself", "duration": 9.0}, {"path": "92b48b365197c65ebf545a4c9dd1200d_170.wav", "text": "our informal relationships with third parties, the dependence of our future success on the general economy and its impact on the industries in which we invest,", "duration": 9.0}, {"path": "569834a5cb8a33dfeac20dfa8e03afb3_108.wav", "text": "I was wondering if that's roughly what you think you'll sell it for. You say you're pretty far into that process. So maybe you can give us some", "duration": 9.0}, {"path": "ab5b4ea5cd86e4f7deafe9814024fada_46.wav", "text": "was direct cost related to the manufacturing and production side, so that goes through COGS more so. There's a couple of", "duration": 9.0}, {"path": "48954c357d5ad754c29ea1c28dbdad2a_47.wav", "text": "the company's business strategy and growth strategy. Expressions which identify forward-looking statements speak only as of the date the statement is made.", "duration": 9.0}, {"path": "a683f40be39761f8e66786d7c0b64134_181.wav", "text": "but the issue of reducing the global amount of portfolio is not in our mind. That means that", "duration": 9.0}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_186.wav", "text": "We have decided to break this up into separate calls for finishing fiscal year '16 and then the first quarter", "duration": 9.0}, {"path": "309554ae886fe4911da6e3329b631fe6_110.wav", "text": "This is Jeff, Nik. I think it's probably going to be closer to 50-50. A lot of the increased production in the Cooper Basin JV is", "duration": 9.0}, {"path": "22ad97a95501a08f15c06605cd277fec_70.wav", "text": "I would say that the amount was the amount largely because we want to maintain flexibility around other things that we see and have in front of us.", "duration": 9.0}, {"path": "22ad97a95501a08f15c06605cd277fec_152.wav", "text": "difficult to predict and they do occur at different times of the year. Just to provide a little bit more background, if you look a year ago", "duration": 9.0}, {"path": "c9ecd6e0347cbf5fe881201a5e803fb3_142.wav", "text": "But it was also a year where we made a lot of progress. And we made progress in terms of beefing up our Board,", "duration": 9.0}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_45.wav", "text": "Student retention experiences -- retention and experiences and academic outcomes remain a primary focus across all of our operating and support teams.", "duration": 9.0}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_139.wav", "text": "that since we have made it very, very clear how we find success in our restaurants now and how we", "duration": 9.0}, {"path": "1f1b29266d2cede9b8f0f06ca57aae17_40.wav", "text": "We've rolled out specifically to those stores first because we knew that they were staffed. We already knew that they have a scale and already the habits of using that second make line", "duration": 9.0}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_91.wav", "text": "Do you believe that the legislator is actually working on such solutions that would help you save money?", "duration": 9.0}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_1.wav", "text": "That reset included taking some tough decisions and cleaning up the company's balance sheet. Adam will address the balance sheet in a few minutes.", "duration": 9.0}, {"path": "13220986bf30f26076a674e2a9edc89c_230.wav", "text": "So -- but we'll continue to observe what's happening and as far as what we see right now is that we are very confident at East West Bank,", "duration": 9.0}, {"path": "8cb24daf76784487ad63780546dc4ba4_200.wav", "text": "even after splitting a fee with subadvisers, we think we have a respectable fee attaching to this business", "duration": 9.0}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_39.wav", "text": "and the business development offices that we had in 2017 and '18 had become acclimated and more productive as they gain experience at First Western.", "duration": 9.0}, {"path": "a27b6a158b524914d94b0a407a41ef82_59.wav", "text": "changed dramatically or accelerated negatively in the most recent quarter or are you referring to more just a general trend over the last couple of years?", "duration": 9.0}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_161.wav", "text": "to academic. It looks like there are just a few projects that are coming through. Given the continued subdued growth there, is that an area where you think", "duration": 9.0}, {"path": "eeb0eabacd602c4436b6a6e565ebc9b0_118.wav", "text": "through 2 strategically sound and financially compelling acquisitions of Avendra and the AmeriPride announced last month.", "duration": 9.0}, {"path": "f2cd7d3ddaf92ab9c64154d74b2d118a_132.wav", "text": "Lynne, who's our Head of Commercial, would want that to be as simple as possible and very attractive to patients. And", "duration": 9.0}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_102.wav", "text": "we believe there is an opportunity to bring the data and information that we have on those 4.4 million small businesses", "duration": 9.0}, {"path": "044da592acc01ff7baacb3dbf2a302a9_10.wav", "text": "Subsequent to the quarter end, Sage received an FDA warning letter, which relates to an inspection last September, shortly after we closed on the acquisition.", "duration": 9.0}, {"path": "6838b008f3efe8575b83cde089459d33_56.wav", "text": "Under the terms of the agreement, Torchmark will retain all rights to the assets and liabilities as well as corresponding profits or losses", "duration": 9.0}, {"path": "84d2b192c2dd9cdcf24bacf3788a5322_111.wav", "text": "the Canadian heavy volumes to the area that are most beneficial. We did consume a fair amount of Canadian heavy in the Gulf Coast.", "duration": 9.0}, {"path": "de3b766a868da918e499f407dbf5d716_69.wav", "text": "north of a couple billion in assets in order to do that. We think it's an attractive opportunity down the road, because it would potentially lower", "duration": 9.0}, {"path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_82.wav", "text": "We plan to integrate their e-commerce capabilities into our other Assurant offerings to provide a seamless customer buying experience.", "duration": 9.0}, {"path": "46906afb4e1ee1fef09b5908e76beefa_4.wav", "text": "with a long history of exceptional performance in the NICU. The integrated system, as well as our industry-leading comprehensive service model", "duration": 9.0}, {"path": "01502edf6cda82061f1f45d6b0e8e189_86.wav", "text": "first and foremost, to grow the business. And part of that is looking very closely at -- and carefully at acquisitions in this space.", "duration": 9.0}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_122.wav", "text": "How are you going to allocate these resources between, say, advertising and promotion, brand building", "duration": 9.0}, {"path": "ca2bc8d693d4751cc88444d2e715f645_12.wav", "text": "In connection with our initial public offering, we will incur a number of IPO-related expenses or special charges primarily in the second and third quarter.", "duration": 9.0}, {"path": "cfbe91105113db7a5784f77e411b7a3f_186.wav", "text": "in the last couple of quarters. Delivery times have been pretty long. And you see there a little bit of shift of,", "duration": 9.0}, {"path": "fa45af64ef25007f998c655347bfbecb_489.wav", "text": "this year in the first quarter and we'll also see the positive impact of the higher run rate of cost savings", "duration": 9.0}, {"path": "392ca3d1e388c6d7a35f6d0db390c359_5.wav", "text": "We continued to expand our customer base and sales, and I'm glad to once again share that the results of our efforts are being demonstrated.", "duration": 9.0}, {"path": "5f38ce681d4413a793d34a0650c59bf2_187.wav", "text": "based on the annualized erosion for the products previously discussed, as well as the continued decline of the legacy pain portfolio,", "duration": 9.0}, {"path": "d4ad91ac3b9c1832b95aa346c8c84b46_76.wav", "text": "almost stumble upon the opportunity and with it enough to recognize it for the opportunity that it is,", "duration": 9.0}, {"path": "0dbbae27d7055ecc04cc25e14e4de12d_81.wav", "text": "in addition to the announcement of the Breakthrough Therapy designation. For the remainder of this year, we will concentrate on the PROPEL study enrollment,", "duration": 9.0}, {"path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_47.wav", "text": "as more funding flows to these areas or those areas of translational research at the intersection of patient needs an cutting-edge scientific capability.", "duration": 9.0}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_12.wav", "text": "We need to build the bank's profitability, and the main task of management remains the control of costs, for which we do need to continue to invest.", "duration": 9.0}, {"path": "bddc15938bdcc3085f19b0851e74c2c0_131.wav", "text": "offsetting a number of outstanding cases within existing reserves, we still are working diligently to settle the major issues that remain.", "duration": 9.0}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_149.wav", "text": "a positive answer, but a warning that you should not expect that the growth should continue forever like we have seen this year.", "duration": 9.0}, {"path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_57.wav", "text": "hold that as a good proxy for what you could expect for the 3 divisions as an average organically.", "duration": 9.0}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_33.wav", "text": "building of the capability. So as we prepare ourselves with new owners and we prepare ourselves to relaunch the company,", "duration": 9.0}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_144.wav", "text": "reflect both a strong improvement in our microcontrollers operating performance and a significant turnaround in digital.", "duration": 9.0}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_210.wav", "text": "Therefore we anticipate fourth quarter revenues to increase about 10% at the midpoint on a sequential basis.", "duration": 9.0}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_245.wav", "text": "what do you get a sense when speaking to customers is the main driver for the use of silicon carbide, is it improved range of the car", "duration": 9.0}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_248.wav", "text": "And what is the -- is there any kind of provision in there for the customers that it has to be done by a certain time or they have an out in their contract?", "duration": 9.0}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_26.wav", "text": "We are excited about the opportunities ahead of us as we continue to execute on our strategic initiatives and deliver financial outperformance to our shareholders.", "duration": 9.0}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_18.wav", "text": "Jocelyn has been a great asset to this organization and a great team member. To that end, Jocelyn has decided to move out of the GC role and seek that next chapter.", "duration": 9.0}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_92.wav", "text": "Risks and uncertainties exist that may cause actual results to differ materially from those expressed in these forward-looking statements including among others", "duration": 9.0}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_11.wav", "text": "We also saw smaller orders for network nodes in other countries as a leading indicator of where they plan to go next.", "duration": 9.0}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_245.wav", "text": "you may see an acceleration. But I think it's going at a reasonable pace and what we're trying to convey to on this call, or we've tried to convey", "duration": 9.0}, {"path": "f4d0f1362716be33f02690dd1a8df663_132.wav", "text": "As I have said on previous occasions, we're committed to strengthening our earnings base so that we can steadily raise our payout ratio", "duration": 9.0}, {"path": "7394bde65e000fbb7b528c6c65bd099d_54.wav", "text": "which will pull some of that liquid shortfall into the second quarter. So now we have a higher current price", "duration": 9.0}, {"path": "49a78c1ec143d9ac46e893e77198c0e3_56.wav", "text": "We are also aware that veterinarians are frustrated with their treatment options in cats. And some veterinarians are treating cats with ENTYCE even now.", "duration": 9.0}, {"path": "65b48a7260ef038ff1bec3cc200331c3_178.wav", "text": "current conditions and expected future development as well as other factors that the company currently believes are appropriate and reasonable in the circumstances.", "duration": 9.0}, {"path": "ade68f8add7249890d086ecf4b5b8cab_110.wav", "text": "Our third and revised aim is to strive for operational excellence in all facets of our business, to further improve profitability and returns.", "duration": 9.0}, {"path": "ade68f8add7249890d086ecf4b5b8cab_102.wav", "text": "which can be used to meet our near-term maturities. We are confident in our ability to satisfy our upcoming maturities, maintain a strong capital position.", "duration": 9.0}, {"path": "1ff8311c3ce9c68a0077a0d4e10a82ac_62.wav", "text": "Continuing with our revenue commentary, it is also informative to understand that we have intentionally redirected the smallest ESCO partners", "duration": 9.0}, {"path": "9b93af1e7019959620214c387f283d8e_134.wav", "text": "Our implementations are consistently improving with every new supplier. We have launched an end customer adoption program that we call Spark", "duration": 9.0}, {"path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_232.wav", "text": "Moving on to Iran. We saw a consistent performance from the business with service revenue in the teens where we were", "duration": 9.0}, {"path": "29426a77336443eedde7eaa29e9c2852_127.wav", "text": "The growth in subscription revenue is a result of our strong and balanced performance across the cloud portfolio, migration of our midmarket customers to NXT and", "duration": 9.0}, {"path": "b94d748876ddf8e881d4191dec45baf3_86.wav", "text": "The general trend in LTSS has been to ensure that individuals are in the right setting and receiving the right level of support and care.", "duration": 9.0}, {"path": "1968062b387ef01efed18108be2dc264_27.wav", "text": "addition, when you consider the loss sales associated with the facility closures and product exits that took place earlier in the year,", "duration": 9.0}, {"path": "e271ed845347e9c930ab0a44eb7785da_4.wav", "text": "comparing with Q1's. For the cost, without the blackout in accident and the earthquake and the last", "duration": 9.0}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_181.wav", "text": "quarter. We're encouraged what we see there. And then when you combine that kind of innovation in food and beverage with what we're doing with the acceleration in digital,", "duration": 9.0}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_75.wav", "text": "Let me assure you that we are energized by the foundational changes we have made and the prioritization that it provides toward our core value drivers.", "duration": 9.0}, {"path": "c3567809c19ce6a800677544cd84f88b_44.wav", "text": "I've given you examples of how we will keep our premium core brands vibrant and talked about increasing growth in mainstream spirits in India,", "duration": 9.0}, {"path": "58d5f604300a30c0c5bd9aa57d207478_47.wav", "text": "And have you heard from them? No. I'm saying, that's what we will probably hear from them,", "duration": 9.0}, {"path": "191c819db03c2dfd0207cd1f42e278a4_81.wav", "text": "A reconciliation of these non-GAAP measures is available in the news release and on the convergys.com website under Investor.", "duration": 9.0}, {"path": "526e0d5398a516831b49936c31a8ea1c_53.wav", "text": "If you've tracked us closely through the years, as I know many of you have, you know that we have a strong track record of not just meeting but exceeding earnings targets.", "duration": 9.0}, {"path": "ab4dae37361262d727d1d2f8f78765d5_74.wav", "text": "The engagement has been aimed at employees owning the major hazards and identifying for themselves the controls that prevent fatalities.", "duration": 9.0}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_165.wav", "text": "But I think that we have good investments in these. I think that in the -- like in the medical space, I've got -- we've got some good products.", "duration": 9.0}, {"path": "28404e399cb043d390aa70bceb339dd4_76.wav", "text": "On the financial side, this is a low risk transaction that is expected to be accretive to earnings and neutral to tangible book value.", "duration": 9.0}, {"path": "28404e399cb043d390aa70bceb339dd4_65.wav", "text": "So they have a lot of established relationships with permanent residents and seasonal residents.", "duration": 9.0}, {"path": "b43c001c5af465d220ab0b69a95202ae_65.wav", "text": "We're encouraged by the positive momentum we experienced in the first quarter and look forward to a strong remainder of the year.", "duration": 9.0}, {"path": "968913c3f9111fc67f1d9956c56dec3b_81.wav", "text": "for the beginning of the year was adjusted for price. And so it was more accelerated at the beginning part of the year.", "duration": 9.0}, {"path": "948f025c16fce2bcb2909e610c9be557_343.wav", "text": "it was an equipment dealer who basically said to us, you know, the big harvesters, the big custom cutters,", "duration": 9.0}, {"path": "9e8690a521142359001a137074905535_261.wav", "text": "with specific positive activity taking place in the defense and training side of the business, and we'll release more detail on these contracts once they're finalized.", "duration": 9.0}, {"path": "333d478ab06fd400afafa68f4a952191_100.wav", "text": "and it needs to be something that can support these new initiatives that we're talking about going forward. And to your point, Thomas, we are definitely aware of the challenge that", "duration": 9.0}, {"path": "e00fd35e201a8607d264b803a5130c59_136.wav", "text": "Is it actually capped? Or if you just do a good job, can you do better than that? My understanding is it's not a cap -- there's no cap, but I just wanted to make sure.", "duration": 9.0}, {"path": "8d9efef3c305ec549fb15daa27107c83_5.wav", "text": "with the goal of improving safety in the global offshore helicopter industry through collaboration and sharing of information and best practices.", "duration": 9.0}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_218.wav", "text": "Performance has been in line with expectations, with about 50% of customers who received a basic offer choosing to buy up to the main cabin product.", "duration": 9.0}, {"path": "aed770c98113f594e36325a5822547e4_1.wav", "text": "Following his remarks, I will provide an overview of the financial highlights for the third quarter of 2017 before we open the call for questions.", "duration": 9.0}, {"path": "fb817a6cc685a3fd0f003456dd641c01_65.wav", "text": "Our industrial heat tracing business continues to win small projects, but our project growth was challenged as large Canadian projects are nearing completion.", "duration": 9.0}, {"path": "1e756fc5d265eea3ff8e2e31c29826ae_155.wav", "text": "Looking ahead to 2018. Our outlook generally assumes continued stable demand from our pharmaceutical and industrial end markets,", "duration": 9.0}, {"path": "33ed8514914fae6825997843290fe049_34.wav", "text": "In operations, we continue to release product enhancements to decrease the number of service calls and preventive maintenance visits on lasers in the field.", "duration": 9.0}, {"path": "87045996e7446329f1d98c909c6ca7fe_159.wav", "text": "could make it more difficult for certain prospective buyers to qualify for uninsured mortgages and have a negative impact on originations within CWB Optimum.", "duration": 9.0}, {"path": "87045996e7446329f1d98c909c6ca7fe_11.wav", "text": "As we look ahead, we are eager to capitalize on both our broader reach and the ongoing transformation of the financial services landscape.", "duration": 9.0}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_91.wav", "text": "No, we are not. That is correct. And the information is -- that we're using is the stated information from those groups building the plants.", "duration": 9.0}, {"path": "da879f8ea1c23aa6565cccaacac271fc_278.wav", "text": "Amount of capital accessed by these biotech companies from the capital markets was the largest in history.", "duration": 9.0}, {"path": "7551ffae17aa39dd4ea962a43f96bf04_56.wav", "text": "we have been conservative in establishing the expected rates until we see improvement in collections or have new facts that lead us to believe that collections will improve.", "duration": 9.0}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_30.wav", "text": "But it no doubt helped the improved share position I referred to before, it built share as the year went on.", "duration": 9.0}, {"path": "33fd8a867dbd88a837e541b1d2b25ea5_214.wav", "text": "The unwinding of the discount will be recognized progressively through the interest line, with the other side of the entry increasing the value of the provision held on the balance sheet.", "duration": 9.0}, {"path": "416ebb7a4160f7cd2f98361cbd1cb769_44.wav", "text": "the transaction multiple looks like it's more in the 7 to 8x EBITDA range, which to us doesn't seem like it's", "duration": 9.0}, {"path": "7cc11de7f206c637e6293da0d956405e_24.wav", "text": "who we would be very comfortable, we've been doing a lot of work in the background, putting into a referral programs so that those stock plan participants", "duration": 9.0}, {"path": "28d675c77a4b2269c1c1460ad3e56250_13.wav", "text": "For that to occur, we need strong leadership. We're confident that such leadership will be provided by the new administration with the firm guidance of the Board.", "duration": 9.0}, {"path": "757695924b5e43c7d44e29dc141cc035_121.wav", "text": "In the power generation component of our Power segment, we will continue to be focused on reducing our costs to be aligned with market demand", "duration": 9.0}, {"path": "bc3fa49aaccfacb1392855627864851e_43.wav", "text": "Because we are a systems-based company with proven processes in place, we believe our expansions into these new markets are well positioned for success.", "duration": 9.0}, {"path": "130e8e56c1afa2419fd0c08708261824_174.wav", "text": "of people that would be closer to the limit and those that would be right out at the max, if you will, and beyond. And in our assessment", "duration": 9.0}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_30.wav", "text": "And so as we look at it, if we were to get tax reform where we could get better access or more cost-effective access to our offshore cash,", "duration": 9.0}, {"path": "6709c061d39d0e433079f84160f11c80_182.wav", "text": "in at least one of the major broker-dealers we had a case where several smaller Calvert strategies were taken off platforms but then added back", "duration": 9.0}, {"path": "a0f5944a79ea5150378d21e6a9ac05d8_25.wav", "text": "an offer that is not unique but very specific on the market of turnkey projects where we can take responsibility for the entire field including", "duration": 9.0}, {"path": "af00f4e7b63ee843a3d203f982fac701_82.wav", "text": "We have unrivaled domain expertise in the cable and video markets. We work with some of the largest and most innovative communications service providers in the world.", "duration": 9.0}, {"path": "af00f4e7b63ee843a3d203f982fac701_90.wav", "text": "how we're completing those projects, how we're going through the sales cycle. That's probably the one that I would point to as the main reason why the bottom line -- or the bottom end came up on the range.", "duration": 9.0}, {"path": "80a2ca14358172366acab4e80f3fa33b_27.wav", "text": "to this year's, forecasted last half, I think it'll be the same kind of story. I think we'll be able to cut the loss by about half", "duration": 9.0}, {"path": "a76bedec950d8af557e451e58416d028_135.wav", "text": "free application. What you see there is that in DTA , the bundle goes down for a while and then people start using the data more and more and more.", "duration": 9.0}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_95.wav", "text": "Joining Jim and Bryan will be Bill Gupp, Senior Vice President, General Counsel and Secretary, as well as other members of Trex's management team.", "duration": 9.0}, {"path": "c5120d9702331edaf23bb6e639df0a70_6.wav", "text": "We believe we have now established that the control of IL-12 is a potential therapeutic platform for turning cold tumors hot.", "duration": 9.0}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_108.wav", "text": "number of subscribers, their usage, number of devices and other components and each of those tends to grow during the term of the agreement.", "duration": 9.0}, {"path": "c12aea8267b41c1b0347ac04aaa4f789_131.wav", "text": "we should be able to introduce new product in a much faster way and maybe we can also increase revenues. But nevertheless, so cloud is more", "duration": 9.0}, {"path": "919fd6c04cca92ecdf503e32f884435d_7.wav", "text": "Teresa played a major role in building our track record of delivering on our value proposition, and she leaves a solid platform for continued strong results.", "duration": 9.0}, {"path": "0e3a8ec83aa5d01f4307d6f6567feccd_87.wav", "text": "as we call them. And they are growth markets in a sense as you will see soon here with Russia.", "duration": 9.0}, {"path": "b126c31149f1cadf1d891082a187d6fc_53.wav", "text": "all of those costs then are included in that 90-day episode. So that's why we've been saying for so many years,", "duration": 9.0}, {"path": "8518e7d2073cc2898bd145e2e84ea482_49.wav", "text": "hopefully with the support of our new large industrial group that purchased our control shares and we are going to be part of them, although", "duration": 9.0}, {"path": "34b4c03bbd8e9d5fceb8c8af89388197_89.wav", "text": "In addition, commodity costs were higher in the quarter, most notably for green coffee, and were only partially offset by the higher net pricing.", "duration": 9.0}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_68.wav", "text": "We've also focused on developing new growth engines for Veeco by extending our core technologies into adjacent markets.", "duration": 9.0}, {"path": "ae5a41fe3b3d515713608c5ac878eed3_10.wav", "text": "For example, we recently concluded a large deal with ABN AMRO, where we will provide connectivity and security services.", "duration": 9.0}, {"path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_1.wav", "text": "But before we get started, I need to remind everyone that our commentary today and the answers to your questions include statements that we believe to be forward-looking statements.", "duration": 9.0}, {"path": "64364105b816dd0b6a029e9cd210e65b_176.wav", "text": "were leveraged as we're progressing through the year. So there will be less overtime needs throughout the year to be able to produce the product", "duration": 9.0}, {"path": "a0fe48ba783b94dc7e5b0201aba7c1cb_69.wav", "text": "We remain convinced that keeping our focus on growing the company for the long term will build and enhance shareholder value.", "duration": 9.0}, {"path": "387e37f77b5e6be4e5ab2b00e95e38f1_148.wav", "text": "to all of you, as we believed we had a lot of information to share with you, mainly the change", "duration": 9.0}, {"path": "ffe22f8bcf153b8b51f6e52039686c1e_24.wav", "text": "Therefore, it's not enough just to have the technology because it's more than that. It involves", "duration": 9.0}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_199.wav", "text": "That's high acquisition cost business. So again, I think the movement from an expense ratio standpoint is much more reflective of", "duration": 9.0}, {"path": "6a45749d272884d2809fa70f7807250c_58.wav", "text": "On top of this agreement of acquiring the ABB business, we have also entered into a cooperation agreement with the", "duration": 9.0}, {"path": "6daa2d0829057899b014b06c36e1d54b_61.wav", "text": "This presents Compugen with a unique opportunity to generate value by developing differentiated and novel assets.", "duration": 9.0}, {"path": "323193895e800e72960d98dd5fb64cf5_136.wav", "text": "and that's no doubt about that. But we see a continued solid performance of Networks.", "duration": 9.0}, {"path": "711d9abe4399e7184d7dd8e3273f8a71_210.wav", "text": "Yes, good distinction. And then just on the pension plan, I guess we'll probably get -- have to wait for real detail but just", "duration": 9.0}, {"path": "6299a010c7bb84feaf14b263750dbd1a_67.wav", "text": "Given the progress we have made over the past 2 years, we are well placed to access the markets at an appropriate time.", "duration": 9.0}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_140.wav", "text": "I would say that based on the information provided, and we read the same things that everyone else did, based on that information and the perspective that, that product", "duration": 9.0}, {"path": "902872913863de98d38e2936b846cf66_310.wav", "text": "But ultimately, it's very good for us because there are very few people that have the capabilities to service these kind of jobs, particularly in these markets. So", "duration": 9.0}, {"path": "902872913863de98d38e2936b846cf66_287.wav", "text": "transition of ships, and I think it was the first couple of quarters here we've seen that, and you think it's going to maybe be a little bit going forward. How much do we need to be", "duration": 9.0}, {"path": "ddabb30d106a115232a49981d62da464_6.wav", "text": "It's not a change of control that we're envisaging, it's simply a new investor in our head company.", "duration": 9.0}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_159.wav", "text": "to lever in the opportunities to put more pipe in the ground and move more crude by ground -- by pipe over time, and that's exactly what's happening.", "duration": 9.0}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_77.wav", "text": "We believe that's how we differentiate ourselves, by continuing to drive excellence through execution and being the best in the basins in which we operate.", "duration": 9.0}, {"path": "50eb350badadec6e4272b90684741c25_76.wav", "text": "We will provide further details on MPI shortly, but let me begin by giving you the highlights of our first quarter performance.", "duration": 9.0}, {"path": "50eb350badadec6e4272b90684741c25_121.wav", "text": "can you get us comfortable on the recovery here? You talked about bookings maybe being a little bit better coming out of the quarter. Should we still be thinking about double-digit growth in Manufacturing for the year?", "duration": 9.0}, {"path": "712bbcab5338e07dd63dad97bb652018_94.wav", "text": "The company undertakes no obligation to revise or publicly release the results of any revision to the statements made in today's call other than through filings made concerning this reporting period.", "duration": 9.0}, {"path": "ef7e77f6a5983826d0eefe75f7832ce6_229.wav", "text": "and then we work hard to maintain and develop relationships with our contractors to get them to visit us, to get them to come into our branch locations", "duration": 9.0}, {"path": "0b2059114216fe9195b6a4256ed84843_104.wav", "text": "which will be largely weighted toward the back half of the year. As in prior years, we continue to expect our first quarter", "duration": 9.0}, {"path": "4fd138e27f5f375945332eacefa15b62_59.wav", "text": "that would not be as big as what people think at the beginning but will expand on the way forward", "duration": 9.0}, {"path": "4fd138e27f5f375945332eacefa15b62_151.wav", "text": "the overall architecture, even if the shapes are not finished. And what you want to do is evaluate exactly if your arm is going to be an antenna.", "duration": 9.0}, {"path": "c88e296697cd72c891ffb7bf5a1a60bb_8.wav", "text": "Our own brands investment continue to perform above our original expectations. Now more than ever, I'm convinced of the validity of this strategy,", "duration": 9.0}, {"path": "1096d26129c469524041c969a684f8ae_85.wav", "text": "So while we see this opportunity, what we want to do is we want to work with LOOP to make sure that there is no conflict between", "duration": 9.0}, {"path": "153ca64e1ddbb5b38a71827429635d48_99.wav", "text": "This is the seventh straight year where we have accomplished our goals and delivered on the consolidated EBITDA guidance, once again providing", "duration": 9.0}, {"path": "1dc9a88d7f1aa3877f317b59e2724c8e_7.wav", "text": "Also, our internal checks, industry reports and dealer surveys continue to indicate that RV dealer inventory levels are in line with anticipated retail demand,", "duration": 9.0}, {"path": "eb93e70cdf7a839a69546250fb3646fb_89.wav", "text": "go back to customers and take up price opportunity wherever we can on an annual basis with our contracts. So we have taken", "duration": 9.0}, {"path": "19bfb8daeb6e43d59415df478017d5c3_75.wav", "text": "This is our growth strategy, and it is how we are becoming the go-to partner for consumers, retailers and licensors for pop culture products.", "duration": 9.0}, {"path": "3043e7527da9e59e29b7412cafeb9d80_126.wav", "text": "Andy will speak to you about the detail shortly, but both results were at the high end of the guidance range we provided on our third quarter conference call.", "duration": 9.0}, {"path": "16c235a53fc719ec92ef3b3c3b371150_131.wav", "text": "It could be. The good news is -- so there's a couple of things we could do if we wanted to manage cash", "duration": 9.0}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_195.wav", "text": "We're instilling discipline on our approach to doing business, making sure we are well-prepared, understand our customers and anticipate their needs.", "duration": 9.0}, {"path": "744f5859c7d9a0567b387ae84326d940_172.wav", "text": "Of course, design remains a key element of our service offering, and that's been exemplified consistently well by our Color team,", "duration": 9.0}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_5.wav", "text": "To discuss the company's financial results from the first quarter and also to update our financial guidance for the year, I'll turn the call over to Garrett.", "duration": 9.0}, {"path": "73c60e60043b8775dac929320839a8c6_48.wav", "text": "Please note that they are the property of Solar Senior Capital Limited and that any unauthorized broadcasts in any form are strictly prohibited.", "duration": 8.9999375}, {"path": "ec81096e007f2e89de94b49db12d11bb_14.wav", "text": "And so what's happened as we've gone from a portfolio that for a long time was focused on smaller businesses, lighter duty", "duration": 8.9999375}, {"path": "a7e7a1621af9b4e850260f9824ee8746_82.wav", "text": "though the impact was partially offset by higher depreciation expense from an increase in electric plant in service as we continue our trend of capital improvements.", "duration": 8.9700625}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_140.wav", "text": "all given at the same time. It's simply because people might have to go to an exam site more frequently than before and schedules may not permit that. So", "duration": 8.9700625}, {"path": "a20052a04bcb5b7b8d242a21c859550d_84.wav", "text": "Our plan is to move in by the end of fiscal 2016. We have more than outgrown our existing facility, which was built about 12 years ago.", "duration": 8.97}, {"path": "b7050f62f52a3d2803beea21404f7af6_18.wav", "text": "A variety of what appears to be short seller funded attorneys and short seller funded investigators have continued to call and harass our former employees.", "duration": 8.97}, {"path": "f262bb6a5f222326e1fd4cf3c5adee66_132.wav", "text": "But some of the recent contracts are spreading over next 2 years delivery. And are they coming with a similar type of discounts that scales us", "duration": 8.97}, {"path": "94fdf7b24748a7706b1097482a0f363a_180.wav", "text": "Our results for the first full quarter after the merger were encouraging. We are beginning to see the results of our synergy efforts as well as the impact of a more favorable", "duration": 8.97}, {"path": "6388da88b00ebc88af59435bdac74132_168.wav", "text": "Of course, each company has a slightly different impact from the tax bill, but as we said last quarter, the net effect of the tax bill", "duration": 8.97}, {"path": "6388da88b00ebc88af59435bdac74132_13.wav", "text": "As Curt explained, we made good progress in the first quarter on all fronts, and we are absolutely tracking to meet our objectives for the year.", "duration": 8.97}, {"path": "a683f40be39761f8e66786d7c0b64134_192.wav", "text": "you could see that we did not reduce our dividend during the crisis, it's a long time ago now, but", "duration": 8.97}, {"path": "10ad172801ac8cd3a21e4355d7349eb5_18.wav", "text": "Also contributing to this positive performance was the continued progress and growth we are experiencing within our corporate partnership program.", "duration": 8.97}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_16.wav", "text": "We feel very confident with the flexibility of our balance sheet and our current LTV level, which will better enable us to create value via our stated strategy.", "duration": 8.97}, {"path": "0755f4b74dda585f3975c7d8208b1598_155.wav", "text": "an awful lot of it sounds like it gets a lot better as the year goes on. I realize a bunch of that is comps and sort of market stuff around mortgage. But", "duration": 8.97}, {"path": "0755f4b74dda585f3975c7d8208b1598_269.wav", "text": "market-facing business unit teams and away from headquarters. This was an important element of how I operate of having our teams closer and more focused with our customers.", "duration": 8.97}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_168.wav", "text": "This new business is an excellent strategic fit for AAG, and we're excited for the opportunities we see in the Netherlands and Belgium.", "duration": 8.97}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_103.wav", "text": "very appealing and contributing to the fresh character of the products that we sell there. And we have installed by", "duration": 8.97}, {"path": "8cb24daf76784487ad63780546dc4ba4_127.wav", "text": "Two important program structure changes to MAP Navigator have occurred since our last call.", "duration": 8.97}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_160.wav", "text": "consistently improving macro, whether it's oil prices which reflected in our current account, our fisc was improving,", "duration": 8.97}, {"path": "123a9a590195f61aa739ee9b2dec4952_125.wav", "text": "within -- in the discussion of the budget law, but is an ongoing discussion between the government and the regional administrations", "duration": 8.97}, {"path": "7974a5134807f46a1484a8adf81505be_128.wav", "text": "the importance of the relationship of Canada. Canada was the only country where he sent a mission of seven of his future ministers.", "duration": 8.97}, {"path": "044da592acc01ff7baacb3dbf2a302a9_91.wav", "text": "spending or competitive movements. We're just really focused on what has been a really successful launch as we went from initial launch, now to full commercial launch.", "duration": 8.97}, {"path": "044da592acc01ff7baacb3dbf2a302a9_117.wav", "text": "Of note, we continue to see solid uptake for Mako upgrades, which remain on track and should position us to largely complete all U.S. system upgrades", "duration": 8.97}, {"path": "6838b008f3efe8575b83cde089459d33_61.wav", "text": "since you've been reporting that business. So what's -- is it just an aberration? Or have you made any changes in the product mix? Anything else that are driving the improvement in margins?", "duration": 8.97}, {"path": "de3b766a868da918e499f407dbf5d716_130.wav", "text": "being delayed in closing? I think there were some timing issues, but also is there some that might not close in that -- maybe our original thoughts of what '16 might be?", "duration": 8.97}, {"path": "de3b766a868da918e499f407dbf5d716_88.wav", "text": "This quarter's distribution also marked the eighth consecutive quarter that the Partnership has increased its quarterly distribution", "duration": 8.97}, {"path": "d630500fca6fe44aaeed52c32e00dbb4_11.wav", "text": "the structure of this is part of the longer restructuring happened in France related to", "duration": 8.97}, {"path": "9e937c87ad87f354d42a688156853a30_123.wav", "text": "One of the larger customers in there guided recently and -- a little weaker than expected for their June quarter and talked about some weakness on the service provider side. So", "duration": 8.97}, {"path": "f5ebbbfd39f9227dd73a6d31db4f6201_158.wav", "text": "Enterprises can easily engage with customers anywhere in the world, intelligently distributing interactions to the right agent, regardless of location.", "duration": 8.97}, {"path": "a212b77ae2b2452093665a4e179ed3a3_50.wav", "text": "who has a wealth of experience with over 25 years at WPD. I have great confidence in Phil's ability to lead our tremendous team there", "duration": 8.97}, {"path": "f686be4a39a5c75b5f3a03a1aed5d9b6_15.wav", "text": "And we are continuing to expand that. I think I've commented that where we see really, really significant success in adding fresh food is in the urban markets.", "duration": 8.97}, {"path": "cc82e791c065bdc271addf355bac274f_38.wav", "text": "as indicated in our release, we will enter the expansion phase. We want to do everything in a very consistent and sound way", "duration": 8.97}, {"path": "b4874109876c9f165eef4be112d9f30d_15.wav", "text": "How are you feeling about where we're at from that perspective? And do you think that the lower levels of demand, given the higher", "duration": 8.97}, {"path": "23eff4c724ee00f56319fcc47add3441_46.wav", "text": "and on a track to generate superior value for our stakeholders. And now I'll pass the call to Vince. Thank you, Chris.", "duration": 8.97}, {"path": "cfe2656d9b742e3743835cfde245c60a_150.wav", "text": "means that we were able to compensate part of the volume decline through other effects,", "duration": 8.97}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_260.wav", "text": "It's worth noting that this annual dollar retention on a net basis continues to exceed 100%, demonstrating that we have", "duration": 8.97}, {"path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_18.wav", "text": "On the other hand, they have immediately put a bill in place and passed it already through the first Chamber of the French Parliament,", "duration": 8.97}, {"path": "0f4370b614f29bd596e4f6871cc77864_179.wav", "text": "and small companies that might be acquirable. I think that's actually a more relevant model for agriculture than for construction.", "duration": 8.97}, {"path": "276392c471c063580869aec014a1feda_146.wav", "text": "In addition, to our strong operating results in the quarter, we also continue to focus on our capital structure as a means to increase value to shareholders.", "duration": 8.97}, {"path": "171fd9df333ddd814c764843ed624121_7.wav", "text": "The tower creates the first on-campus wireless access and offers an equal access to all -- for all of our financial ecosystem customers.", "duration": 8.97}, {"path": "6864081f83959f4b49e25e597f28af66_44.wav", "text": "We'll do what we've done in the past, and as -- if we conclude an asset's worth more on the market to the market than it is to us, then we'll make the correct shareholder", "duration": 8.97}, {"path": "eb4fd38da7ae1a347630ef447dfe9abe_165.wav", "text": "was a strong negotiation. And finally, we were able to acquire all the float and directly to the list the company", "duration": 8.97}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_115.wav", "text": "As we plan to contract renewal discussions, we continue to evolve our model and offering to ensure mutually acceptable return structure with current and future anchor partners,", "duration": 8.97}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_127.wav", "text": "even regardless of the margins entailed within them. And Alex, if I could just add, I think you understand this, but our accounting positions were", "duration": 8.97}, {"path": "bc5fa7fe146f7b14353ebd573809b0a1_97.wav", "text": "Now let me provide you with some details behind our guidance and trends that we see developing in our businesses.", "duration": 8.97}, {"path": "c433164f6d189e18b1e4784e376b6ecb_50.wav", "text": "Ultimately, hedges roll off and we expect the company's cash flows over the next 2 years to significantly improve as a result.", "duration": 8.97}, {"path": "bbe852c8c3f7827e31f31a56bc72b7da_195.wav", "text": "Please turn to Slide 7. We continue to expand to meet the demand that we see.", "duration": 8.97}, {"path": "38b2f94da12bbf2d32246763aab8265a_13.wav", "text": "and if we compare it to the corresponding period of the previous year, that situation was totally different. We had flat bond yields,", "duration": 8.97}, {"path": "f2a2ba46b242698577188259de23de31_19.wav", "text": "we haven't seen it yet, but we don't know if competitors are going to get more aggressive and compete away the benefit of the tax cut", "duration": 8.97}, {"path": "f2a2ba46b242698577188259de23de31_29.wav", "text": "clearly, January's been cold and we had snow on the ground. But to the extent that we moved through the first quarter here and get into the spring purchase market,", "duration": 8.97}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_90.wav", "text": "I mean, this is -- it's clearly a step up in the level of technology spend that we have going on at the company.", "duration": 8.97}, {"path": "07cd398e5e5304c22d3d2ccc0abe7fb5_17.wav", "text": "So there are a couple of options in there, and I'd say that we have opportunities for inorganic growth in both of those areas.", "duration": 8.97}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_44.wav", "text": "a last question on Comparison Services is, I think if you look at the growth rate you achieved excluding", "duration": 8.97}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_77.wav", "text": "I use those words because you just -- we really do have to monitor it over a little bit longer period of time. I'm not talking about quarters, but", "duration": 8.97}, {"path": "e2c02e1788cb10703d7611ef157f8135_150.wav", "text": "Second, they're going to be smaller stores, for sure. And the way they're going to be smaller is to use technology to enable", "duration": 8.97}, {"path": "98f10f0935e5b778e888a1b8130a3d31_109.wav", "text": "we can also see that our strong discipline in driving profitability has clearly shown into -- in the combined ratios.", "duration": 8.97}, {"path": "b94d748876ddf8e881d4191dec45baf3_55.wav", "text": "several years to go from concept to legislation to program to rule to -- and to start-up and then to", "duration": 8.97}, {"path": "b94d748876ddf8e881d4191dec45baf3_190.wav", "text": "The segment was unfavorably impacted by a 5% decline from foreign currency translation.", "duration": 8.97}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_66.wav", "text": "as we move into '18, since all the engines will be the zero equivalent, this will also position us quite well for additional growth", "duration": 8.97}, {"path": "c3567809c19ce6a800677544cd84f88b_196.wav", "text": "Interest payments reduced with lower interest costs, as I shared earlier, and we had a benefit from the timing of payments year-on-year.", "duration": 8.97}, {"path": "c3567809c19ce6a800677544cd84f88b_198.wav", "text": "Key drivers of the lower interest rate were the reduction of debt in United Spirits as well as the maturity of higher rate Diageo bonds.", "duration": 8.97}, {"path": "ea60900258f99d1003ab247c506e42d9_141.wav", "text": "and the focus going forward will be to drive penetration in Kenya, brand building of the Ceres brand and then start working on the neighboring markets.", "duration": 8.97}, {"path": "473563af2a4ff2c3457f1e6fbd3c42b4_183.wav", "text": "Our AI tools will extract the information for the police record system. And in the future that we are building, records will be recorded, not written.", "duration": 8.97}, {"path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_16.wav", "text": "There is nothing that is absolutely imminent in that pipeline, but really that is the same story as we've talked about before.", "duration": 8.97}, {"path": "191c819db03c2dfd0207cd1f42e278a4_86.wav", "text": "We are encouraged by the strong new business signings in the quarter, and we see substantial opportunity for future growth across our client base.", "duration": 8.97}, {"path": "526e0d5398a516831b49936c31a8ea1c_32.wav", "text": "Got it. But just to clarify here, is this a CapEx opportunity in your mind down the line? And in the near term, is that one of the reasons that it", "duration": 8.97}, {"path": "bbb4adabb4fce8ad4d11962c46f59a1f_132.wav", "text": "So it's pretty wide and diverse, and those discussions are going on, on a variety of different fronts with small to large companies.", "duration": 8.97}, {"path": "b43c001c5af465d220ab0b69a95202ae_209.wav", "text": "and with state legislator to advocate for solutions to expand coverage to people in our markets.", "duration": 8.97}, {"path": "8cd753ed00aeee0ed32d03823eef3f7e_158.wav", "text": "but we expect that to have a relatively minor impact both in terms of passengers and indeed in terms of revenues.", "duration": 8.97}, {"path": "7f0b365cacc47c00a8284b0070994e4a_81.wav", "text": "Third was the signing of a license agreement with MedImmune in which we monetized one of our programs for an application,", "duration": 8.97}, {"path": "4eb41fa11a52a50234620475be1e41f2_14.wav", "text": "And the second question I had was around the volumes of textbooks that you're seeing being bought in Brazil.", "duration": 8.97}, {"path": "9b697782ea80be97854f35d6fc62c93a_208.wav", "text": "Halls grew mid-single digits, driven by strong support behind the new Halls air campaign that's now been rolled out across Europe,", "duration": 8.97}, {"path": "9b697782ea80be97854f35d6fc62c93a_17.wav", "text": "We continue to drive down overhead cost as a percentage of revenue, leveraging ZBB to identify areas of opportunity and capture the savings.", "duration": 8.97}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_85.wav", "text": "the technology and the services around that technology into the affiliated space. So that is front and center", "duration": 8.97}, {"path": "998be8edc26e9b2c4dc0a06a5b42a887_51.wav", "text": "So looking ahead, I'm excited about the opportunity at SMART to further leverage on a strong execution capability that is demonstrated so well,", "duration": 8.97}, {"path": "262bc21196721c5ff9114acbd2ff03c3_0.wav", "text": "Good morning, ladies and gentlemen. Welcome to a very full house here.", "duration": 8.97}, {"path": "e2225d612a954a24e7e91c08215d7b51_73.wav", "text": "Today, we're comfortable with our U.S. circuit pricing. However, that's not to say we aren't monitoring currently available subscription programs", "duration": 8.97}, {"path": "f875d701e5a9dd5ab745c8380c02cc3a_54.wav", "text": "this very impressive Phase II data set that not only we're talking about but we find the investigators are talking about amongst themselves.", "duration": 8.97}, {"path": "1949bd0c9c4c23d495d880c4c552bfe1_142.wav", "text": "Robert and I were both in Miami shortly after Hurricane Irma and witnessed, firsthand, how our team came together to take care of our passengers and each other.", "duration": 8.97}, {"path": "b3d7bc295d09d9927e465213612c0192_182.wav", "text": "in discussions with other opportunities, at different levels of discussions. But no money has changed hands with any of these other opportunities in China.", "duration": 8.97}, {"path": "9e07401011239a074ff66741ee557224_77.wav", "text": "we saw growth in new high performance CompactRIO systems in advanced manufacturing applications that help offset this decline.", "duration": 8.97}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_148.wav", "text": "For us, the way we've been really approaching our business in general is that we're really focused on OpEx and getting our cost structure in place so that we can be", "duration": 8.97}, {"path": "369789f0d39dbf62298be2aa807ff8ee_85.wav", "text": "And we continue to develop operational execution and pursue potential to create further value. Why do we focus sometimes", "duration": 8.97}, {"path": "9ba83ac067a98f8b12cc480ff0691e91_128.wav", "text": "Thank you, Jim. So turning to Slide 16. All segments contributed to improved financial performance this quarter as compared to last year.", "duration": 8.97}, {"path": "49e533a8449f6b9b6c806458e73338e1_15.wav", "text": "and now with One Touch seller sign-up, we are making it easier than ever for merchants to begin selling in a new marketplace or digital channel. In fact,", "duration": 8.97}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_4.wav", "text": "In addition, we remain excited about the numerous global growth initiatives for the combined firm, which we will quantify and discuss today.", "duration": 8.97}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_140.wav", "text": "We intend to leverage our retail store footprint and traffic to bring new wireless products and services to an underserved business community.", "duration": 8.97}, {"path": "7cc11de7f206c637e6293da0d956405e_142.wav", "text": "where there are still many corporates who are served by companies or stock plan providers who are changing", "duration": 8.97}, {"path": "7cc11de7f206c637e6293da0d956405e_53.wav", "text": "And we'll continue to do that, right? It's not going to impact our operating margin. We find the moneys and the expense, costs from elsewhere in the organization and we'll redeploy it.", "duration": 8.97}, {"path": "e42f90eacf0e766ff39973c6aca06c93_54.wav", "text": "They are, of course, given the opportunity to continue to move forward but outside of their insurance, which naturally very few take.", "duration": 8.97}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_200.wav", "text": "that is certainly something we would look at. That said, it's a little early right now to know definitively how this is going to play out, but we remain optimistic.", "duration": 8.97}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_51.wav", "text": "Comparing our pay plans to a peer group determined by the consulting firm to have attributes that were similar to us.", "duration": 8.97}, {"path": "77d2dd6d5e46cc8a8e80809305b60208_73.wav", "text": "The joint venture operating agreement is the last remaining agreement that needs to be signed to complete our joint venture arrangement with AREVA Inc.", "duration": 8.97}, {"path": "50e17cbbbef8897681cc5f8ae110aae2_162.wav", "text": "just to make sure they understand where we're going. Like every -- we want to make sure that all of our large investors understand our strategy and how we think about the future and the potential of the business,", "duration": 8.97}, {"path": "299bad77345d2e44fa5768f4416f7b97_9.wav", "text": "for the balance of the year. We continue to work with the manufacturer of Erwinaze to increase the predictability and timeliness of product releases", "duration": 8.97}, {"path": "299bad77345d2e44fa5768f4416f7b97_46.wav", "text": "help us understand, is that a tool that you can use to help facilitate changes to the DRG payment? Is that something that's in your control at all?", "duration": 8.97}, {"path": "299bad77345d2e44fa5768f4416f7b97_10.wav", "text": "to advance in the clinical development. We are working with multiple companies toward the goal of improving the target profile and reliability of supply.", "duration": 8.97}, {"path": "ee00ebd8d782e8f124b3e142cbb74f37_170.wav", "text": "and very large institutional investors are requiring change and social responsibility from the energy industry.", "duration": 8.97}, {"path": "9908957f60adff5efc1c8692a0f5ab38_196.wav", "text": "and it reflects all the merchandise presentation changes that we've made over times in terms of when we open new stores. So", "duration": 8.97}, {"path": "e0d1342ad3d27fd648b708837de08797_51.wav", "text": "On the oil sands side, you know our long history in Cold Lake and then, looking at how we stepped the technology out further", "duration": 8.97}, {"path": "75b064acca5b532722510ac0b9b0822e_135.wav", "text": "It comes across as part of our web services framework, but it allows us to keep on offering more and more of such services and connect them to", "duration": 8.97}, {"path": "75b064acca5b532722510ac0b9b0822e_318.wav", "text": "We only did what the merchant told us in terms of these are the number of units and this is the price at which I would like to sell.", "duration": 8.97}, {"path": "66b25c60d952bd002c7ab20da9248086_154.wav", "text": "Starting next quarter, Q4, we will no longer have any of this legacy revenue in our results, which we believe will make it easier for investors to understand our true underlying growth.", "duration": 8.97}, {"path": "a2ba164f019804628c07b36de47cd464_46.wav", "text": "These decreases were partially offset by the impact of new business, net same-store growth and higher earnings in our Pharmacy business.", "duration": 8.97}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_215.wav", "text": "As a result, the story remains the ongoing balance of economics between energy and capacity, particularly with the upcoming elimination of the base product.", "duration": 8.97}, {"path": "4ee3c79ebc57c9870b221b9479d52436_246.wav", "text": "and the pipelines and capacity which will apply are operationally feasible to execute and consistent with the policy decision to establish the auction.", "duration": 8.97}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_157.wav", "text": "I mean, I feel very good about the leadership team on sales and marketing in general, but I think the wound side is making progress at a very good pace.", "duration": 8.97}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_217.wav", "text": "how much of this is reflective and something that was something that they were looking at? And how much of it is different, but business that you passed on to them?", "duration": 8.97}, {"path": "dcb4d22071fc63c0c5ec8b1531b4e068_48.wav", "text": "and I just want to circle back on it, the strength in Louisiana volumes. Just a question, I know your -- the guidance you had put forth, I think, originally in", "duration": 8.97}, {"path": "c71a6ab1a0697010811c89200ab21613_153.wav", "text": "And so I see us being fully hedged in 2020. The real question is at what point we do that. I have a little bit of a more optimistic view, but", "duration": 8.97}, {"path": "c71a6ab1a0697010811c89200ab21613_100.wav", "text": "As we heighten our focus on returns in 2019, we look to allocate capital to the highest return prospects within the portfolio.", "duration": 8.97}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_69.wav", "text": "For these reasons, we believe the future looks bright, and we will continue to deliver a long-term value for our customers and shareholders.", "duration": 8.97}, {"path": "f268a8174f58c93ad6b45b7f151fe896_201.wav", "text": "and we believe we are well positioned for profitable long-term growth. Alan will provide further insight and our outlook.", "duration": 8.97}, {"path": "712bbcab5338e07dd63dad97bb652018_89.wav", "text": "such a monumental task. And the fact that we've been able to not only maintain the existing network we have but expand some of those existing facilities", "duration": 8.97}, {"path": "099475edf8f9944537773b1d0a2aaea6_29.wav", "text": "maintaining our operating discipline and further developing our future growth initiatives. And with that, I'll hand over to Michel.", "duration": 8.97}, {"path": "b478d2808e90233ed994884e644a3d34_129.wav", "text": "are much more fundamental as it relates to promoted price points and this -- the pressure that we see on the conventional side of the business.", "duration": 8.97}, {"path": "24c7526f6daca8e16ab91bea6124148a_136.wav", "text": "The restructuring program has been challenging at times, and the related distractions have complicated the efforts of implementing new strategic initiatives.", "duration": 8.97}, {"path": "6f1b092b312410065d308541be46da95_8.wav", "text": "The Electricity System Operator will carry out its existing functions as well as take on new responsibilities, including the promotion of smart solutions.", "duration": 8.97}, {"path": "a766b08317742c952705018a899f3998_34.wav", "text": "Third quarter financial results were generally in line with expectations. And we exited the quarter with a strong balance sheet and positive momentum", "duration": 8.97}, {"path": "af146425f68dd8e32f31878389746637_112.wav", "text": "and we have cross licensing agreement with Solvay against the Chinese manufacturers. We do expect that to be a positive for us in the long term, Phil.", "duration": 8.97}, {"path": "bcb3aac2c7cc035961d9ee8cfd330044_132.wav", "text": "And so it provides motivation for them to look for a creative answer that will help a number of distribution channels in many different companies. So", "duration": 8.97}, {"path": "7bac04f03928ee8894ab00007116400b_1.wav", "text": "Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements.", "duration": 8.97}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_133.wav", "text": "We are proud of our ability to offer employees a long-term career path either as a sales associate or in a leadership position", "duration": 8.97}, {"path": "b35398859e534e471fb1cd60f5baac20_138.wav", "text": "These results are consistent with our announced plans and strategy to vacate and redevelop spaces,", "duration": 8.97}, {"path": "eb93e70cdf7a839a69546250fb3646fb_91.wav", "text": "the truck market gets better and the used truck market doesn't get better? Because I think some people have that view right now of that's what's going to be happening.", "duration": 8.97}, {"path": "19bfb8daeb6e43d59415df478017d5c3_81.wav", "text": "operations, systems, logistics will provide the infrastructure to continue growing Europe and other international markets in the years ahead.", "duration": 8.97}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_120.wav", "text": "target greater asset productivity and develop more efficient relationships with our external providers.", "duration": 8.97}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_118.wav", "text": "This will improve our value to our customers by providing deeper industry expertise and market insights to address their needs.", "duration": 8.97}, {"path": "9b83a4dcac688347e3b13ca7c55660ed_147.wav", "text": "As we begin 2016, our focus is on continued operational excellence and providing great service to our customers who count on us for their important programs.", "duration": 8.97}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_179.wav", "text": "Few have announced plans to shift into more profitable applications or to exit LED production altogether.", "duration": 8.9699375}, {"path": "a0d537badd260e2071136602e3b73b26_3.wav", "text": "In our non-QM loan strategy, we reached critical mass for a second securitization, which I'm happy to announce we actually just priced earlier this morning.", "duration": 8.9400625}, {"path": "db6c253ba433d9a247219bb3f15da199_52.wav", "text": "Last quarter, we also mentioned that we may make investments in our business by adding to our investment staff, which would increase our operating expenses.", "duration": 8.94}, {"path": "d819fc602f924dd226fb27a9d26007d2_44.wav", "text": "I was wondering if you could talk to the decision to grow the development pipeline and maybe comment on land prices and construction costs.", "duration": 8.94}, {"path": "92b48b365197c65ebf545a4c9dd1200d_86.wav", "text": "and you reduce that factor, we'd still be in the low double digits. Frankly, those are increases that I'm proud of and I think work for our shareholders.", "duration": 8.94}, {"path": "214dcdc435ef3259490466447858fa56_198.wav", "text": "So it gives us certainty over -- at all times over a 3-year period and if there is a termination, then we've got 3 years to find somebody to replace them.", "duration": 8.94}, {"path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_28.wav", "text": "I think we've been clear that we expect international to grow but not at a rate faster than the rest of the business is growing. So as a mix,", "duration": 8.94}, {"path": "07d2c762b6e3c4a59486baba2c8f0639_82.wav", "text": "Our print and technology sales teams are building a strong pipeline of opportunities and we hope to convert them in the coming quarters.", "duration": 8.94}, {"path": "6388da88b00ebc88af59435bdac74132_32.wav", "text": "I think we're comforted by the fact that our position in the market is so strong and our ability to obtain allocation is obviously quite important.", "duration": 8.94}, {"path": "6388da88b00ebc88af59435bdac74132_207.wav", "text": "And those new investors are truly right on the front end of the value creation for us, where they can have a great experience in their first fund.", "duration": 8.94}, {"path": "3cb802f8fba7d33603c29387ccdaf817_35.wav", "text": "it lacks clarity from our side. Please explain what the reaction from the patient community were like to this open letter?", "duration": 8.94}, {"path": "0018ad922e541b415ae60e175160b976_148.wav", "text": "And then I see what is a net cost impact per truck and see how the margins are getting impacted. The moment the margins are getting impacted, we start to raise prices.", "duration": 8.94}, {"path": "c68c15299b67173c7ae163cc5938f3c1_127.wav", "text": "The cost of the growth, without question, is a very key hurdle going forward. To that end, we have significantly reduced the cost side of the business.", "duration": 8.94}, {"path": "c68c15299b67173c7ae163cc5938f3c1_111.wav", "text": "We opened those doors after we got our refinancing. People are dying to work with us, which will seem to be a surprise to everyone. But with our distribution network,", "duration": 8.94}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_187.wav", "text": "We believe our continued focus in these areas will create significant value for our shareholders as we move forward through the year.", "duration": 8.94}, {"path": "13220986bf30f26076a674e2a9edc89c_226.wav", "text": "tires, those are the old manufacturing industries that we don't have that much exposure on. Let's talk about solar.", "duration": 8.94}, {"path": "55d05334bdde612eb9dd102bb41d216e_124.wav", "text": "and format it in a way that the building -- it can be passed on to the billing system seamlessly. And that's where the challenge comes in because", "duration": 8.94}, {"path": "55d05334bdde612eb9dd102bb41d216e_39.wav", "text": "There were no significant changes in our balance sheet. Inventories are a little higher due to the delay of certain shipments until later in the year.", "duration": 8.94}, {"path": "d70a57dd52d0e4cf86a6225dca186bc2_58.wav", "text": "On the front store side of the business, it is all about getting back to growth. We will continue to expand and grow our complementary product mix in health and beauty", "duration": 8.94}, {"path": "67716cee321d117b0318930dd142f06a_14.wav", "text": "We will continue to strategically add incremental capacity to drive higher levels of profitability in our toll processing operations.", "duration": 8.94}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_85.wav", "text": "now that we think we've got an operating model that works pretty well. And that's what's behind the desire to move from exhibition organizer to market maker.", "duration": 8.94}, {"path": "dd3166f311a5f12a25103a0295e8ac3e_195.wav", "text": "I am particularly proud of the hundreds of fellow NOV employees who pitched in to help their coworkers, families and friends and neighbors by rescuing those", "duration": 8.94}, {"path": "570faeed3dcfa26c6246dc42309025ad_244.wav", "text": "What have been the primary retail strategies and tactics that you have employed to ride out this weaker period?", "duration": 8.94}, {"path": "8b71a232d7fe61e6232807b635977c31_56.wav", "text": "spreads out across all these screens and platforms. And also, I think reinforces our point that we're already able to measure all this stuff, even though it's not all included", "duration": 8.94}, {"path": "8b71a232d7fe61e6232807b635977c31_243.wav", "text": "So we've had a lot of conversations with clients in the marketplace historically already, and we already have a pretty good sense of where they would like to see us go first.", "duration": 8.94}, {"path": "8bbc2f54137b794265dfb01f1559868d_171.wav", "text": "So I'm not sure I could point to one thing, but I would say it's a cumulative number of these", "duration": 8.94}, {"path": "e1f462455d6c826d9c173c35d4844383_4.wav", "text": "Realized prices on pipeline sales are expected to be significantly higher than on truck export or local sales.", "duration": 8.94}, {"path": "a45510e526a5935c1f8d4f039149ff3b_1.wav", "text": "Roger will then discuss our quarter 4 performance in more detail. And we'll then open the call up for any questions that you may have.", "duration": 8.94}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_81.wav", "text": "Unit manufacturing costs were moderately higher than the previous quarter, with the severe weather conditions contributing to higher purchase wood and log hauling cost", "duration": 8.94}, {"path": "7503d7356c13f095c26bfad29c5390c6_11.wav", "text": "Those targets, as with all of our early-stage targets, are unlikely to be disclosed until the programs get a little bit further down the track. But I think you can reasonably", "duration": 8.94}, {"path": "01502edf6cda82061f1f45d6b0e8e189_194.wav", "text": "But I think the amount of enthusiasm that we built up with that product line undoubtedly has a bit of an impact", "duration": 8.94}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_30.wav", "text": "This reminds us of a few years ago, when your competitors were engaged in unrational activities. So what's your strategy?", "duration": 8.94}, {"path": "fa45af64ef25007f998c655347bfbecb_159.wav", "text": "that will go -- that will lead into dropped duplication, the distance between a house or that you need to pass before you can deliver to the next households", "duration": 8.94}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_235.wav", "text": "Since our announcement in November, our partners have sprung into action, ramping up their Cornerstone practices and, in some cases,", "duration": 8.94}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_244.wav", "text": "On January 2, we appointed Jeff Lautenbach to the position of President of Global Field Operations.", "duration": 8.94}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_143.wav", "text": "And the learning experience cycle did have a big impact on us, again, for a very brief period of time.", "duration": 8.94}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_52.wav", "text": "one in France and the other in Germany, certainly helps our long-term opportunity there as we continue to penetrate the market.", "duration": 8.94}, {"path": "e1da48985804bd3d99dffc5e33b6124b_37.wav", "text": "As anticipated, our Fluids business turned in another solid quarter and we are confident that the team's execution", "duration": 8.94}, {"path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_121.wav", "text": "We are pleased with the financial performance of the Reliable acquisition, especially considering the strong demand in the auto lending sector in Puerto Rico.", "duration": 8.94}, {"path": "0f4370b614f29bd596e4f6871cc77864_250.wav", "text": "basket of revenue and think about that in a transition to subscription, and here's a rule of thumb that we think about. If", "duration": 8.94}, {"path": "1244d2b5a259c3bc73742830d60d53fc_103.wav", "text": "That really relates to largely special proxies in addition to what Dave mentioned specific to this quarter.", "duration": 8.94}, {"path": "863512efd537ffd31c094dd9bfd5ebd3_230.wav", "text": "So these are the things where we believe we have a lead and where we believe we have good technologies.", "duration": 8.94}, {"path": "2905366dcf0eb60a22b63a1b3d9adf95_49.wav", "text": "We see the long-term benefit of being able to provide customers a total solution of sand delivery from mine to the wellsite with our wellsite solution.", "duration": 8.94}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_14.wav", "text": "We were pleased with our overall execution in the quarter as our team expertly navigated a period of interest rate volatility and intense competition", "duration": 8.94}, {"path": "9c1272d9d120c5bfafd6e6b566f89b62_107.wav", "text": "You've also seen the average order value continue to increase. This is something that's been growing over the past few years.", "duration": 8.94}, {"path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_157.wav", "text": "create that executive intimacy that has been so powerful for us and truly give the sales team a great head start into the back half of the year.", "duration": 8.94}, {"path": "132abea68f255eb89160dde90b6d3b80_145.wav", "text": "of the Russian market. We don't see it quite yet. But at least, the dialogue is improving from where it's been over the last 48 months or so.", "duration": 8.94}, {"path": "f4d0f1362716be33f02690dd1a8df663_110.wav", "text": "enabled us to meet the spike in demand during the hot summer months of July and August and post strong sales.", "duration": 8.94}, {"path": "ea97a179f1be386d6cd36637ae70a1fc_121.wav", "text": "In addition to the GAAP reporting, we report certain financial measures that do not conform to generally accepted accounting principles.", "duration": 8.94}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_173.wav", "text": "we've given a tremendous amount back through dividends and buybacks. And so as we think about what the future looks like,", "duration": 8.94}, {"path": "aeb50c6146f90bd32d147c5d4775c21d_133.wav", "text": "we talked about seeing it. We talked about getting rate. Did we get enough? Maybe not. We accelerated it. We'll continue to accelerate if we need", "duration": 8.94}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_12.wav", "text": "we've included a second chart that shows estimated durations of our loans, securities, deposits and borrowings. You'll see that our loan book is very short", "duration": 8.94}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_191.wav", "text": "And Expert Agent is a property software provider that provides essential systems for the day-to-day management of estate agents and letting agents businesses", "duration": 8.94}, {"path": "5664a96b7f1182d037b901d84eeb4fd6_18.wav", "text": "we're starting to leverage our traffic and data to extend our services and drive more leads in both the property and comparison divisions.", "duration": 8.94}, {"path": "8fbfa6ca2fe8141fd75ae42fd998149f_176.wav", "text": "mortgage is better than it is when it has a fantastic quarter like the third quarter or worse than it is when it has a soft quarter like the fourth quarter.", "duration": 8.94}, {"path": "08ed60a546bd48af9db028c4e3c8af26_153.wav", "text": "Why was it so high and is it kind of sustainable because it tends to build throughout the year due to seasonality? But what are your thoughts there?", "duration": 8.94}, {"path": "0360a780927a31fb0bec9e79dac878a2_50.wav", "text": "As we have successfully done in the past, our plan is to support their impressive results by sharing best practices with one another.", "duration": 8.94}, {"path": "3cc0a4a6f1b08b522c732ad8944e8624_79.wav", "text": "that beyond Q4 you should start to see inflation gradually start to moderate. The other thing that we're seeing is -- now that was commodities. If you'll look at freight,", "duration": 8.94}, {"path": "a8b43081254547419da7462d9c957d61_195.wav", "text": "to exploration driven organic growth drove increases to premium net resource potential of 2.2 billion barrels of oil equivalent,", "duration": 8.94}, {"path": "47b1a118c53956b23f1d687a75f3e5ba_146.wav", "text": "We have skewedness of some of our innovations towards the second half. So that's why we are rightfully flagging to the market that the whole year", "duration": 8.94}, {"path": "dd28a387ccc9575df47840b850647c7f_45.wav", "text": "more costly to do it there. As far as the tax change, we do look at these investments on an after-tax basis.", "duration": 8.94}, {"path": "b94d748876ddf8e881d4191dec45baf3_80.wav", "text": "Above all, we remain fully committed to the contract, and our focus continues to be delivery of high-quality assessment services.", "duration": 8.94}, {"path": "b94d748876ddf8e881d4191dec45baf3_201.wav", "text": "Separately, DWP has confirmed with us that the Secretary of State is focused on potential changes to the Fit for Work contract.", "duration": 8.94}, {"path": "c5c7a9f409241412b160a93cde7ef630_92.wav", "text": "and then also no one single contract over 10%. We think we have diminished the risk that maybe worried investors here in the last couple of years.", "duration": 8.94}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_249.wav", "text": "that much at all from a historical standpoint. And we feel very good about continuing to build out the store footprint", "duration": 8.94}, {"path": "ea60900258f99d1003ab247c506e42d9_100.wav", "text": "Unfortunately, markets like DRC and Zimbabwe continue to be a drag on the portfolio given the prevailing macro conditions", "duration": 8.94}, {"path": "10728656364812338b7417b035dae4c4_39.wav", "text": "Historically, we have commented that our earnings potential is much greater today at lower industry unit levels than before the financial crisis.", "duration": 8.94}, {"path": "26119288a71567b572f1d8b551e397cb_150.wav", "text": "that goes back to the commentary that we provided when Ross asked his question. We're very, very conservative. So a pushout of production of", "duration": 8.94}, {"path": "ab4dae37361262d727d1d2f8f78765d5_95.wav", "text": "This will be a normal part of the way we do business, eventually creating a world-class organization well positioned for all parts of the cycle.", "duration": 8.94}, {"path": "051c23cc7bacc5c9df9312ac0fd431a9_195.wav", "text": "on the flip side, for whatever comes out next, could that mean you get some increased content on the -- whatever the Note 8 or whatever the next generation is?", "duration": 8.94}, {"path": "28404e399cb043d390aa70bceb339dd4_42.wav", "text": "This is readily evidenced by the significant expansion of our compliance programs and our portfolio stress testing that is required of larger banks.", "duration": 8.94}, {"path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_75.wav", "text": "For example, the reduction of utility subsidies in Argentina is impacting consumer disposable income and, in turn, our business.", "duration": 8.94}, {"path": "2a059b2b192b8e972ca7664ddfed8a20_251.wav", "text": "I think the fact that favorable weather caused more work to get done would suggest that on the other side of the contractor, there are more homeowners who are interested in improving their house.", "duration": 8.94}, {"path": "75eb5b75bb8587b63c318714ea956b9e_11.wav", "text": "and also our ability to carry forward with our strategy to develop and build our position in marketing our multiple technology platforms", "duration": 8.94}, {"path": "52a4e3ebf7e968a783401230c3f69a9d_48.wav", "text": "as we think about next year and given the full year guidance and then the guidance for the first quarter, can you just talk about how you see that trending throughout the year", "duration": 8.94}, {"path": "9abfcc6b57650e0b300aa243cb8336e8_111.wav", "text": "And during the first quarter, we enjoyed steady rates and charter activity, supported by strong underlying demand sustaining firm prices", "duration": 8.94}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_111.wav", "text": "that allow us to have the reach into broader parts of the country. So the investments that we're making in all of our geographies are designed", "duration": 8.94}, {"path": "a65ee48a06c7ba35b3ae3810319c6dc0_64.wav", "text": "I have no doubt that Dirk, together with our strong leadership team, will continue to achieve even greater success in the years ahead.", "duration": 8.94}, {"path": "948f025c16fce2bcb2909e610c9be557_237.wav", "text": "is just like you mentioned. You've got the crazy guy, and I go see the big farmers, who all have more than 1 piece of equipment", "duration": 8.94}, {"path": "626da68f2b245869534a0316b8b6139a_18.wav", "text": "Our systems provide extraordinary geographic reach and connectivity, both of which, we believe provide real value to our customers.", "duration": 8.94}, {"path": "9b697782ea80be97854f35d6fc62c93a_239.wav", "text": "Yes, look, I think it's -- in the quarter, a lot of the tax benefit that we had in the prior year was in the fourth quarter, the biggest piece of it.", "duration": 8.94}, {"path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_170.wav", "text": "moderating of the competitive environment over the last few months. There continues to be some changes in that, and", "duration": 8.94}, {"path": "c8124cdb821d04f0e585420c128d76c7_65.wav", "text": "Now one thing also that we have to look at is that we're trying to eliminate all those small shipments", "duration": 8.94}, {"path": "ba5f13bb75329629d0c070c9014ff4f0_72.wav", "text": "before almost 2030. So that's why it's so important for us to have really a good footprint", "duration": 8.94}, {"path": "262bc21196721c5ff9114acbd2ff03c3_49.wav", "text": "and move them into networks, not just wired, but also wireless network. And it is an area that we are seeing a tremendous growth and tremendous demand in", "duration": 8.94}, {"path": "e2225d612a954a24e7e91c08215d7b51_22.wav", "text": "We've replaced Parkside and have made every attempt to minimize the adverse impact of this event on the project's schedule and budget.", "duration": 8.94}, {"path": "21f21433851eb7c7f7dbc710309341bb_33.wav", "text": "And we've got lots of windows into how the consumer is behaving with everything from our financial services business to a multitude of categories", "duration": 8.94}, {"path": "f13362f70e41d74f3fda8d7dfb19f09e_151.wav", "text": "a little higher than our 4-quarter average, I think we're looking to try to increase that relationship which will drive", "duration": 8.94}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_136.wav", "text": "This decrease is primarily attributable to lower order volume and a reduction in funds received.", "duration": 8.94}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_123.wav", "text": "much more focused on that now. It's an anomaly of a lot going on and it really is somewhat of an anomaly for the first half.", "duration": 8.94}, {"path": "735a523f1ef6500b7aa97a2536d9c4fd_154.wav", "text": "But at some point, I assume that we will come to some sort of agreement, which we believe should be quota-based. But I think we're still a ways off from that.", "duration": 8.94}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_123.wav", "text": "In foodservice, items such as HORMEL BACON 1 fully cooked bacon and HORMEL pepperoni delivered excellent growth during the quarter.", "duration": 8.94}, {"path": "49e533a8449f6b9b6c806458e73338e1_139.wav", "text": "and now Paymentus, that utilize the full scope of PayPal's platform to drive mutual value for our joint customers.", "duration": 8.94}, {"path": "f15966ae82e18b472ad78dd961f8e5e8_134.wav", "text": "And so there was just a number of instances around the firm where capital was being deployed very, very inefficiently. Again, it goes back to differences of the 2 firms.", "duration": 8.94}, {"path": "8cfc2a9aace5078f22a83c782b9d41f7_145.wav", "text": "So we think that the ability to raise guidance while absorbing these items is certainly reflective of the strong performance of the business.", "duration": 8.94}, {"path": "130e8e56c1afa2419fd0c08708261824_171.wav", "text": "So how should we look at that, given that you kind of given this guided to reduction in transactional volumes for next year?", "duration": 8.94}, {"path": "7f8f04a414dbef2f3adbb2b33bbcda66_37.wav", "text": "Together with our talented and dedicated employees, I'm confident we will continue to deliver value to our shareholders. Thank you for your time.", "duration": 8.94}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_226.wav", "text": "we have a comprehensive development program in place for Rova-T to evaluate this promising therapy in earlier lines of treatment in small cell lung cancer", "duration": 8.94}, {"path": "3c58d0a3d7f90ca85160dbe08337a1d1_21.wav", "text": "We remain excited about this potential new medicine for women with both of these highly prevalent conditions where there are few effective treatment options.", "duration": 8.94}, {"path": "6709c061d39d0e433079f84160f11c80_38.wav", "text": "again, all else being equal. So the goal always is to build scale to the extent reasonable and to the extent we still have", "duration": 8.94}, {"path": "e33785a294553de2a12d4463bf786744_149.wav", "text": "Now please turn to Slide 10. You know that Air Products continues to be very focused on cash flow.", "duration": 8.94}, {"path": "e33785a294553de2a12d4463bf786744_29.wav", "text": "We expect the new 300 million standard cubic foot a day expansion of our existing relationship to commence later this year.", "duration": 8.94}, {"path": "8635f950dc44da3fcad542b2c066bedf_8.wav", "text": "Looking at the regional bank's balance sheet on Slide 7. You can see the strong growth in multiple areas of our commercial portfolios.", "duration": 8.94}, {"path": "80a2ca14358172366acab4e80f3fa33b_68.wav", "text": "after the peak season, things will go back to normal level.", "duration": 8.94}, {"path": "5633fe3600ee04237bbb918c56341864_71.wav", "text": "and for assessing oil production from individual stages of unconventional horizontal completions. Recently, an operator in the Eagle Ford formation", "duration": 8.94}, {"path": "99f2d58a7b9ce1e9fec57ce20494a0c6_0.wav", "text": "Please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control.", "duration": 8.94}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_42.wav", "text": "In prior years, we would buy a lot more polyethylene, knowing that part of that would need to be recycled.", "duration": 8.94}, {"path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_30.wav", "text": "aluminum railing line from Reveal to Signature . We're in the process of insourcing that to Trex. We've been working with a very capable supplier", "duration": 8.94}, {"path": "97b9c8b95449565c1f280a2b61a65b31_134.wav", "text": "While the timing will impact our cash flow in any given quarter, we feel very good about the long-term cash flow trajectory for the company.", "duration": 8.94}, {"path": "18e82b076319ac52f8a4b391ea345abd_124.wav", "text": "as it relates to the mix within the different parts of Hydratight? And I guess, as a corollary to that, I assume that", "duration": 8.94}, {"path": "18e82b076319ac52f8a4b391ea345abd_102.wav", "text": "This will bring the standardization of component manufacturing, development and sales to all of our customers and further improve the results.", "duration": 8.94}, {"path": "c5120d9702331edaf23bb6e639df0a70_42.wav", "text": "We have been working to focus our time and capital commitments first to the programs that are truly moving the needle and in the shortest time possible.", "duration": 8.94}, {"path": "c5120d9702331edaf23bb6e639df0a70_118.wav", "text": "and are currently evaluating and refining our clinical and operating plans as we consider the potential of our current core value drivers.", "duration": 8.94}, {"path": "884400c829f179d8cf68b767f45f03a4_144.wav", "text": "We anticipate that the next step in this journey will be the implementation of a cloud-based data-driven store staffing and scheduling system", "duration": 8.94}, {"path": "919fd6c04cca92ecdf503e32f884435d_84.wav", "text": "the impact of distributed solar and the impact on consumption of lower oil and natural gas prices on some of our larger customers.", "duration": 8.94}, {"path": "75b064acca5b532722510ac0b9b0822e_229.wav", "text": "What Infibeam had as a knowledge is that a system like Unicommerce will come and tell us these many products are there", "duration": 8.94}, {"path": "a9ff9f85f03afdd2d13b76e14060b31d_54.wav", "text": "The other thing is we still have some impact on the -- it hits the payment side as well and just all the products we're sunsetting. One of the largest products", "duration": 8.94}, {"path": "5c601f5318d5dcbe20fdd78f19c2b277_7.wav", "text": "Even though volumes came in at the lower end of our forecasted range, full year returns from our mortgage banking platform were above the high end of this range.", "duration": 8.94}, {"path": "1862ee2f84dc77a40dde64b34f3ab94e_75.wav", "text": "It is not the destination. To build a modern IT infrastructure and solution", "duration": 8.94}, {"path": "812d8f09b72b4d410d138d3b24caebbc_137.wav", "text": "I think it's just probably because of the length of distribution channels that you see in China. So once you've got it there, there's still a fair amount of product that you have to put", "duration": 8.94}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_90.wav", "text": "for when the end markets start to cooperate. Sanjiv will go into more detail about this and other guidance numbers later in the call.", "duration": 8.94}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_27.wav", "text": "We were particularly pleased by the ability of our team to cross-sell the enlarged portfolio, consisting of conventional crop protection,", "duration": 8.94}, {"path": "3f6641f7d8f1ab845ad4f637cfb35109_17.wav", "text": "and it is because of that success that we began looking for additional retail platforms to expand our customer reach. Noble fits that objective to a T.", "duration": 8.94}, {"path": "64364105b816dd0b6a029e9cd210e65b_353.wav", "text": "We intend to continue to work as closely with the city on the planning to try and mitigate as much of that. So potentially, could be", "duration": 8.94}, {"path": "64364105b816dd0b6a029e9cd210e65b_100.wav", "text": "of their latest growth initiative with a new line of truck body products as we expand into supplying to medium-duty Class 5 through 7 market", "duration": 8.94}, {"path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_67.wav", "text": "How long this trend will go on is not clear, but it is surely a positive trend for our business.", "duration": 8.94}, {"path": "72b117fb1330bda9f954a219bb5a675e_182.wav", "text": "Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC and in the release.", "duration": 8.94}, {"path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_104.wav", "text": "I would say, I think the other part of it -- I think that certainly I do want to provide the other context is that", "duration": 8.94}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_70.wav", "text": "We will use some of that, what I will call extra contribution to reinvest back in the energy business where it makes sense,", "duration": 8.94}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_14.wav", "text": "So I think you're right. As energy volume comes back, you're going to see sort of outsize contributions in the near term as you build volume back in your plans.", "duration": 8.94}, {"path": "648ddbbaa83d8a627c7ab752f63a80bd_204.wav", "text": "And how big is the revenue on the warranty administration that's being impacted by the financial with the overall size of that bucket?", "duration": 8.94}, {"path": "f17bd619f65ff0b31c5103503bd56fdb_71.wav", "text": "This means the effective date for new rates could be as early as the third quarter of 2017 even if the schedule for the rate case were to be extended.", "duration": 8.94}, {"path": "1f142ea668261ba963d47aac6bab69dd_4.wav", "text": "Our overall share performance was not yet where we wanted it to be, but we began to see meaningful improvements in a number of key markets,", "duration": 8.94}, {"path": "02242ceddfeb4bcc65f04552b63fe80e_66.wav", "text": "allowing us to consistently cover our dividend each quarter. Our portfolio is well positioned for any meaningful rise in interest rates,", "duration": 8.94}, {"path": "6299a010c7bb84feaf14b263750dbd1a_82.wav", "text": "These take into account benchmarks that we see externally, and we will continue to seek ways to improve and ensure that these levels are maintained.", "duration": 8.94}, {"path": "902872913863de98d38e2936b846cf66_98.wav", "text": "And we remain very confident about the Southeast given continued growth in both public and private demand.", "duration": 8.94}, {"path": "902872913863de98d38e2936b846cf66_8.wav", "text": "They illustrate clearly the variability in the quarter, but also the quality of the profit improvement that we're seeing at the local level.", "duration": 8.94}, {"path": "6cbf592846662213258684c3049e4592_159.wav", "text": "and not one of our bigger businesses either. So if we can get it corrected and get it on a better growth trajectory, I think it could be a real contributor in the future.", "duration": 8.94}, {"path": "50eb350badadec6e4272b90684741c25_63.wav", "text": "And in terms of pull-through, what percent of these programs are moving into Safety Assessment today? And where do you see that going longer term?", "duration": 8.94}, {"path": "93e134910b4a7c587bc461da0c9a2083_101.wav", "text": "But remember that you've also got the market in India that's growing at a very rapid rate. And you've got a very stable market in Korea. So", "duration": 8.94}, {"path": "f268a8174f58c93ad6b45b7f151fe896_22.wav", "text": "We believe we are well positioned for the remaining days leading up to Christmas and look forward to helping the holidays arrive once again for our customers around the world.", "duration": 8.94}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_191.wav", "text": "from simple things like a flu or a pneumonia vaccination to the much more complex, identifying urgent needs that save lives.", "duration": 8.94}, {"path": "ee824d23bd881a3dc5ee8be881b7d18b_87.wav", "text": "This chart has now been restated to exclude services, which was a relatively higher working capital intensive business. Therefore, the numbers have shifted downward.", "duration": 8.94}, {"path": "594b7b614804475e4ab8ab4c405ecf40_119.wav", "text": "We expect further challenges to negatively impact our performance in the fourth quarter and as a result, we've updated our full year revenue and EPS targets accordingly.", "duration": 8.94}, {"path": "7e198f4b8da8fc367e2bca0fd1595633_37.wav", "text": "As we continue to build value for our customers, we will enhance the fundamental trends in our business that drive the long-term value creation for all shareholders.", "duration": 8.94}, {"path": "b49c3cda0bcd26bab06abdd492274a3e_12.wav", "text": "Our core expenses for the quarter were up less than 2%, which is primarily a function of variable expenses on core revenue growth.", "duration": 8.94}, {"path": "b154f7c33e567e453cb765f4ac03dd2f_30.wav", "text": "But in this context, I think we've had a very clear strategy of what we're trying to do, and I just want to sort of make sure we're clear about what we're doing.", "duration": 8.94}, {"path": "76b892bf017891d7028256847747227c_54.wav", "text": "but then quickly stabilized as buyers stepped in. Defaults continue to track at historical lows in Europe", "duration": 8.94}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_14.wav", "text": "and that was an opportune time for our company leaders to convey the new strategic plan to our store managers, who, in turn, are spreading the word throughout the company.", "duration": 8.94}, {"path": "6f73dbce90cb2d313480b437f0c51bbc_112.wav", "text": "This represents our best result in almost 2 years, and it was realized despite the significant competitive and regulatory pressures that existed in the quarter.", "duration": 8.94}, {"path": "9b84dc4409f4ecccd173c2f81a4460cc_254.wav", "text": "It's important to note that there's some way to go on this project, still, and we are a long way from approving any project capital in this regard.", "duration": 8.94}, {"path": "16c235a53fc719ec92ef3b3c3b371150_211.wav", "text": "and we give up some of the upside on gas. And because our skew was more to the downside on gas, we're willing to give that upside away,", "duration": 8.94}, {"path": "1bee232b4d03ce3a6f424bb7891581a2_45.wav", "text": "We believe that our improved overall financial profile will be beneficial as we engage in discussions to refinance our capital structure.", "duration": 8.94}, {"path": "5ddc8fa3224da008c9d5cbf2788e38f2_28.wav", "text": "prioritize and allocate resources to the most attractive high-growth markets and further differentiate our brand.", "duration": 8.94}, {"path": "976a5489fe4d30c2e1ebb237ec62398a_86.wav", "text": "greater stability to our earnings during the times of inherent housing market volatility, and we are starting to see positive results.", "duration": 8.94}, {"path": "a4d3f12bcd4bd2b79c885714ce84ab4f_46.wav", "text": "are our tenants' commercial relationships, and we believe that they continue to think that that's a very valuable asset in their network.", "duration": 8.94}, {"path": "01f88a67f39af3a74d5f23b095615d39_36.wav", "text": "given the expected time involved, we expect proceeds to be received in future periods. We're going to do the right deal, not a quick deal.", "duration": 8.9399375}, {"path": "9b7d3cbcfbcf14d70a241700c869bd8d_66.wav", "text": "We have also introduced a new premium grade product called BARYPREM, which can be used in new applications.", "duration": 8.9399375}, {"path": "8011d82cf2151421d3dfacce65adde30_12.wav", "text": "This was mostly because of lower dividend income and equity method earnings, stemming from a downturn in market prices on resource commodities.", "duration": 8.9100625}, {"path": "485e97686e9a27d2df5b3fc02106e3d4_184.wav", "text": "And if it scales the way it did in Phase II with avacopan, that will be a very powerful discussion with those agencies.", "duration": 8.91}, {"path": "6e6da7f810609ce64857373f11984455_72.wav", "text": "and our first digital innovation tour for our buy-side clients to expose them to new digital innovations that can help them accelerate growth.", "duration": 8.91}, {"path": "bc605e9d69e921f4f61a508a448ad0dd_63.wav", "text": "Similarly, the interactive software that I spoke about at the interims, which allows us to analyze every single till transaction, is now live in the business", "duration": 8.91}, {"path": "94fdf7b24748a7706b1097482a0f363a_225.wav", "text": "pricing until the third quarter. So I think we'll just have to -- we'll have to kind of watch and see how that plays out. When we get to fourth quarter,", "duration": 8.91}, {"path": "b40ab385cca0095fc17f5310045ca5d2_53.wav", "text": "why the decision to go into Florida and how you're going to attack that market going forward from a sales perspective.", "duration": 8.91}, {"path": "2f888e63a31b86cc2f4f97710e8eed79_82.wav", "text": "We showed how we successfully deployed data and analytics to up and cross-sell services when customers interact with us.", "duration": 8.91}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_93.wav", "text": "for the majority of the proteins encoded in the vaccine, remain durable up to Week 56. And again, you can see that we can boost them.", "duration": 8.91}, {"path": "d28b2b09c127b5be033738aa3cd380b3_292.wav", "text": "on how to help them create a supply chain that is efficient and that works for us. So there's a lot of good news here,", "duration": 8.91}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_98.wav", "text": "pretty much as large as NIVEA. Clearly, it's across more categories. But it's clearly showing that you can deliver very strong", "duration": 8.91}, {"path": "abd0f750609f1263b566f0c09b981a16_146.wav", "text": "Despite the ongoing renovation and limited meeting space to sell, the Renaissance Nashville has still been able to gain market share", "duration": 8.91}, {"path": "ed97f2737cc8edb9635f0f5d4e21bdac_75.wav", "text": "given the proper repositioning or expansion activities, will outperform over the next decade.", "duration": 8.91}, {"path": "223f05c0b9b116532e9af84afa76cac7_51.wav", "text": "to slowing growth and declining corporate profits in a highly leveraged world, are now finally being realized and manifested in obvious ways.", "duration": 8.91}, {"path": "c96b5ae4ffe20d946daec67e2b0917b2_140.wav", "text": "we found out that there was a demand in the DJ et cetera, and that's why we ended up building the NECL piece kind of simultaneously and", "duration": 8.91}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_205.wav", "text": "I think as a lodging-focused investment community, probably don't talk about as much as maybe we should. RevPAR index is the", "duration": 8.91}, {"path": "7909dfb87fb4102d9f9ba8e99f751ee5_57.wav", "text": "and stability of our cash flows, we believe that our business can more than adequately support this somewhat higher leverage amount.", "duration": 8.91}, {"path": "5ec58f6f87d68d0f33a2fa7f8e00c531_81.wav", "text": "We've delivered growth in adjusted operating profit and a growth in adjusted operating profit margin despite this being a peak year of investment in the Growth Acceleration Plan.", "duration": 8.91}, {"path": "8b71a232d7fe61e6232807b635977c31_250.wav", "text": "Yes, and then, as far as of them bringing in new clients, as they become part of Nielsen, they have all the same assets they had before. Now they have even", "duration": 8.91}, {"path": "4b7945dd823dcbc0b2724efa66393673_229.wav", "text": "environment, and this again shows how we start to scale our business and how the focus on profitability actually pays off.", "duration": 8.91}, {"path": "088b4c55add5ff0e667bdbdd22187fc3_27.wav", "text": "Demand for pulp was very strong in the last half of the year, driven in part by China and its new restrictions on the import of recycled paper.", "duration": 8.91}, {"path": "75fa1bebed0b858c76cc7058477e40e2_179.wav", "text": "A search is underway for his replacement. Phil leaves a strong legacy and a very solid bench in our operations teams.", "duration": 8.91}, {"path": "46906afb4e1ee1fef09b5908e76beefa_193.wav", "text": "also have -- helps to answer an additional question, which is, is there additional benefit that accrues by keeping the patients on for another 12 weeks?", "duration": 8.91}, {"path": "d4d2bcc69eeb01cb739c3c86ba8816df_173.wav", "text": "And we are looking at both possibilities in order to advance what we believe that will be important", "duration": 8.91}, {"path": "85adbfaed0d5f20c30a8e71cfa7c97ac_22.wav", "text": "because payments come before shipments. But you run the risk of inventory. Sometimes you do not get a good sell-through.", "duration": 8.91}, {"path": "2a5b0a6532fa2b71915a2930be02621a_23.wav", "text": "These demonstrated that achieving above threshold levels of circulating pamrevlumab in pancreatic cancer patients, in combination with chemotherapy,", "duration": 8.91}, {"path": "8292bdb9af87f10627c044f3842b2c76_205.wav", "text": "Mario, I think the most material of those 3 anticipated", "duration": 8.91}, {"path": "cc82e791c065bdc271addf355bac274f_54.wav", "text": "and this is indeed a very relevant operation for the company. Operating expenses. We were able to", "duration": 8.91}, {"path": "23181e15a64aff686a4bbef534a46cb3_31.wav", "text": "your Q3 performance seems to have been quite strong, especially on the margin front. Could you just elaborate a bit on what drove", "duration": 8.91}, {"path": "23eff4c724ee00f56319fcc47add3441_119.wav", "text": "And Steve, that's an important segment for us because many of those customers then are going to see an adoption rate and may then very well move into", "duration": 8.91}, {"path": "8957425799e5ce0200bfacf204d0acde_75.wav", "text": "This means that we are always in position to have an alternate way to achieve set initiatives, significantly reducing the likelihood that we overpay for transaction.", "duration": 8.91}, {"path": "1133b8984db446b9c963a09eaf0785a4_94.wav", "text": "and understanding your value proposition. So I do think it'll have a strong impact. It's going to take several years to roll out, so I don't want to create an expectation that,", "duration": 8.91}, {"path": "11ca275b0bd65060f43ae2d28e1c489f_97.wav", "text": "in our revenues due to the cancellation of several projects and increased price pressure coming from an industry suffering from overcapacity.", "duration": 8.91}, {"path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_299.wav", "text": "Yes. So I'll answer the last part first. We've made a dramatic change to our sales commission plans. We are", "duration": 8.91}, {"path": "b7943f4a2b95d2bc2ce102e3af9b5d22_204.wav", "text": "to make business in a country where you have an idea about the language, we have an idea about the jurisdiction, which is also", "duration": 8.91}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_103.wav", "text": "Third, we have a number of projects managed by our corporate staff, given their unique skill set that relate to legacy operational matters.", "duration": 8.91}, {"path": "0f4370b614f29bd596e4f6871cc77864_155.wav", "text": "Three comments. First, the annual range does not include the anticipated benefits of non-GAAP revenue adjustments in the first and second quarters.", "duration": 8.91}, {"path": "6933d49d1af6eb4613a4f75bf37d00e1_53.wav", "text": "this and some that I've said already. But the reason I have confidence in our alternatives is we have 5 million highly engaged members", "duration": 8.91}, {"path": "07d30eec04a77191950ef0992d097daf_232.wav", "text": "We'll see how it plays out. But I think regulatorily, it's bad. And I think in terms of how we incent people and how we pay people going forward, it could change.", "duration": 8.91}, {"path": "b022fc1979ef416dd25317a4c062328e_58.wav", "text": "I don't have the numbers in front of me for the average yield on what we bought for the quarter. I just don't have that right here, but you did see", "duration": 8.91}, {"path": "2b87d263eaf2464f275a48fa005b16c7_117.wav", "text": "It's important to point out that prior year third quarter was very strong, as we benefited from pent-up demand due to last year's hurricane impact.", "duration": 8.91}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_101.wav", "text": "The current multifamily market environment is very active. For example, we are working on a value-add multifamily listing in the Southeast right now", "duration": 8.91}, {"path": "9ab2e6eb9debfae2de541ba645bfd265_90.wav", "text": "So the model's working really well. And specifically to your question, we want to get as many people on the platform as quickly as possible to get the benefit of their revenues", "duration": 8.91}, {"path": "c433164f6d189e18b1e4784e376b6ecb_42.wav", "text": "This resulted in LOE coming in above our guidance range. Going forward into the fourth quarter, we expect lease operating expense", "duration": 8.91}, {"path": "616e9ba16db091317ae4d96e877a9bbe_184.wav", "text": "From a people perspective, we're also committed to diversity and being the best place in -- to work in real estate services.", "duration": 8.91}, {"path": "e3d70ecdb6aaed843dd059c121962e45_184.wav", "text": "and what some of the conditions are to be a preferred provider. But also what some of the structure is, including things that we are hopeful about,", "duration": 8.91}, {"path": "4e04d3229b988f1db5b842ac5b993894_123.wav", "text": "finish the merger. We will think about all the possible alternatives, but not certainly until we get to a point where we completed our merger.", "duration": 8.91}, {"path": "636d6909fbd8656f88f72f66a3a162ff_33.wav", "text": "and has a lot of the attributes we would be looking for. It has transmission. It has a number of things that make it a very attractive site.", "duration": 8.91}, {"path": "65b48a7260ef038ff1bec3cc200331c3_56.wav", "text": "if that effect were not in place. And I would point out the way that we measure this tends to understate the impact, because the way we measure it is simply by looking at", "duration": 8.91}, {"path": "0899e07f70a6e5be842fb6e22a3fafe9_252.wav", "text": "We didn't necessarily invest in all the places we should have, and that's what resulted in the decrease in share.", "duration": 8.91}, {"path": "2f52e3495f64a67b885c0d35be2e8dce_11.wav", "text": "The bottom line is that we believe we're well positioned for rising rates. The chart in the upper left summarizes our exposure to 4 scenarios this year", "duration": 8.91}, {"path": "c1d916407f390d20e9d8f9b453e22435_7.wav", "text": "At this time, though, there is limited visibility on wood pulp prices heading materially lower in the coming year.", "duration": 8.91}, {"path": "16e51362df94379ea33a24334015f385_112.wav", "text": "things that really don't cost us very much money like a power bank on 5-year plan where there is extraordinary margins on that. So", "duration": 8.91}, {"path": "9b93af1e7019959620214c387f283d8e_12.wav", "text": "The pipeline is better qualified and larger than it ever has been before, and we've closed some significant new sales.", "duration": 8.91}, {"path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_170.wav", "text": "Volume growth was slightly constrained by ethylene sales as we prepare for the turnaround of the cracker in the second quarter.", "duration": 8.91}, {"path": "7bc22aba9bc29d69ee10cc60db7903d8_308.wav", "text": "a little bit of a view on how should we think about the deliveries of the BizJets and also commercial interest on the Pearl engine", "duration": 8.91}, {"path": "2a7d7f3eb6960e631743ca5a0d86461f_72.wav", "text": "While the cost of these CDs did contribute to our high deposit beta, we were extremely pleased by our ability to meet our primary goal,", "duration": 8.91}, {"path": "98f10f0935e5b778e888a1b8130a3d31_383.wav", "text": "The money, thus -- we are not only considering to allocating the money in the emerging markets,", "duration": 8.91}, {"path": "29426a77336443eedde7eaa29e9c2852_169.wav", "text": "Today, we will review our Q1 financial and operational results, provide commentary on our performance in the context of our 5-point growth strategy", "duration": 8.91}, {"path": "885b465648704d8a5d15bd00078e2160_41.wav", "text": "Before handing over to Gordon, let me take a moment to provide an update on our litigation against EnzymeWorks, which we initiated last year.", "duration": 8.91}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_135.wav", "text": "Now keep in mind that this quarter alone, excluding the East China integration, we grew total transactions in China in the mid-teens.", "duration": 8.91}, {"path": "ed93b88b63d3dba4c5ed78d463a77bdd_51.wav", "text": "steps that are in our control and we know how to execute upon to improve our overall performance and find additional cost savings.", "duration": 8.91}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_91.wav", "text": "Looking at first quarter sales. February sales were impacted by the slow start to tax season and lower refunds during the month.", "duration": 8.91}, {"path": "e6c0fa1068c28557c3e17e0d02b831b1_125.wav", "text": "Please refer to the company's earnings release that was issued today for a reconciliation of these non-GAAP measures to their most comparable GAAP measures.", "duration": 8.91}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_32.wav", "text": "As such, we expect the future quarters to show continued margin gains compared to last year but likely at a lower rate of improvement than realized this quarter.", "duration": 8.91}, {"path": "7a29e2dcd505f944b16d1e3173cb1c01_40.wav", "text": "We also benefited from the investment and efficiency efforts of the past 18 months, which includes inventory, freight,", "duration": 8.91}, {"path": "191c819db03c2dfd0207cd1f42e278a4_97.wav", "text": "multiple lines of business, call types in every geography that we're in. But I think that those volumes will continue to", "duration": 8.91}, {"path": "505ccbd6e857cad05a179a5ed5419d1b_87.wav", "text": "we will continue to invest in our workforce, our facilities and our research and development programs as we prepare for the uptick in project activity over the coming quarters.", "duration": 8.91}, {"path": "10728656364812338b7417b035dae4c4_8.wav", "text": "and keeping our customers on the water through our getaway will help further differentiate MarineMax. And ultimately, these efforts", "duration": 8.91}, {"path": "ab4dae37361262d727d1d2f8f78765d5_140.wav", "text": "In my experience, mining services companies have lagged the miners in many fronts. For example, the miners were far quicker to reduce costs,", "duration": 8.91}, {"path": "ab4dae37361262d727d1d2f8f78765d5_167.wav", "text": "What these examples on the procurement side seeks to demonstrate is this is not about squeezing the small supplier of the last cent", "duration": 8.91}, {"path": "b0b83ac66a31c5096a75bb1927c557e2_77.wav", "text": "We will use this performance as a platform for accelerating our pace of growth to an average of 4.9% annually over the next 5 years", "duration": 8.91}, {"path": "ef44080b170ca6366a6d3132d0baf11a_19.wav", "text": "We continue to see some business consolidations among our customers and we experienced some cyclical year-end paydowns in lines.", "duration": 8.91}, {"path": "b1da16cba24af8e472573c4c9caf17c7_13.wav", "text": "Citywide activity during the quarter was light in our most significant group markets of Boston, Chicago and Minneapolis,", "duration": 8.91}, {"path": "08f219f6cb65bd0ed50cb8444a3884f8_198.wav", "text": "and how much do they just try to buy business if we get a runup in metal prices. So it's really difficult to say. Over the long term,", "duration": 8.91}, {"path": "eed1c5ed3c323766706ad8a5ae45bb5d_207.wav", "text": "Now with regard to the acquisitions we've made, I am pleased to say that they are contributing in a way we knew they could.", "duration": 8.91}, {"path": "f1da65edd5f2026ffd647d496bb96ce7_13.wav", "text": "Additionally, health system satisfaction with the majority of point solutions is very low and they are amenable to switching vendors.", "duration": 8.91}, {"path": "262bc21196721c5ff9114acbd2ff03c3_114.wav", "text": "very good progress already in terms of driving to common vendors and making sure that we start to", "duration": 8.91}, {"path": "741526dd2a3db996d2f22f4bcdae4be6_43.wav", "text": "Most important, we have completed the refinance, which strengthens our financial profile and provides us with additional flexibility.", "duration": 8.91}, {"path": "21f21433851eb7c7f7dbc710309341bb_133.wav", "text": "They do a very, very good job with it. And I do believe as well that the volume increase that will occur", "duration": 8.91}, {"path": "5330f07390a3c14fc49f24ac98bf1eab_23.wav", "text": "How best we can accomplish that is what we are looking at. And we will let you know as we keep progressing,", "duration": 8.91}, {"path": "939c2eaaa171907197a14e58cea3514d_117.wav", "text": "These statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations", "duration": 8.91}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_13.wav", "text": "along with continual development of different battery modules with different voltages, different capacities, different shapes and sizes", "duration": 8.91}, {"path": "bc4b465c8862422ce02ffe9b79e6e1c7_115.wav", "text": "With these results, it is not hard to feel super confident and be tempted to think that the midterm alone can take us all the way.", "duration": 8.91}, {"path": "8eaca8d8a419f74540f69ade8defabbd_112.wav", "text": "replaced during the last downturn or shortly thereafter. And there's still some catch-up going on, trying to get that equipment out.", "duration": 8.91}, {"path": "9e07401011239a074ff66741ee557224_7.wav", "text": "our diverse platform and strong business model enabled us to deliver positive core revenue growth and continued growth in our market share.", "duration": 8.91}, {"path": "af2718cdc0b3b856f9a0b3da3d527d18_179.wav", "text": "Recent 12 weeks scanned data shows positive sales trends as the Jennie-O brand continues to outperform the category.", "duration": 8.91}, {"path": "059024560d9d1039cf08746ee7393114_88.wav", "text": "As we've indicated, we are eager to negotiate a transaction with Tribune and believe we can come to an agreement in good faith.", "duration": 8.91}, {"path": "ec298d3b4d5979aa8c64bf222562e259_43.wav", "text": "The recent executive order authorizing the construction of the Keystone XL pipeline is expected to have a very positive impact on our markets.", "duration": 8.91}, {"path": "f542ab325f47ed150e28888da2f85871_15.wav", "text": "we are also interested in gaining experience using varli in alternative dosing schedules that may allow the immune system to reset in between doses.", "duration": 8.91}, {"path": "22a55e362dd67dc8f7cd40f7ec8d62c1_145.wav", "text": "and it's one of the things that really attracted this particular customer to that solution. So we expect certainly large banks and credit unions to adopt this but we also expect", "duration": 8.91}, {"path": "3b2908426357bb8269c3a01469865cd6_25.wav", "text": "as well as cash restructuring associated with our cost reduction actions and certain spin-related cash payments.", "duration": 8.91}, {"path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_199.wav", "text": "From a rail perspective, there's not a lot of rail facilities. Most of the rail facilities in the Permian Basin are now designed for frac sand", "duration": 8.91}, {"path": "af00f4e7b63ee843a3d203f982fac701_71.wav", "text": "Think of that again just as timing of various projects as they come through the cycle and nothing of great significance. You can see we've done a pretty good job. If you look at", "duration": 8.91}, {"path": "9c67fafcb51925dcbaa570283fe01701_123.wav", "text": "The outlook for operating profit reflects an expected increase in sales and distribution costs in the second half of 2017 compared to the first half", "duration": 8.91}, {"path": "3e29586725757a72d8c143f3da2658f5_54.wav", "text": "For a discussion of factors that may cause actual results to differ, refer to Item 1A, Risk Factors, in our most recent Form 10-K.", "duration": 8.91}, {"path": "01b376669d5ea40acc7fb5a87503586e_27.wav", "text": "and so they will quote jobs at marginal rates if there's a shortage of work available.", "duration": 8.91}, {"path": "078b27aa69b10aa01f2eab2aa681bdd8_45.wav", "text": "Our attention to service and our commitment to delivering outstanding guest experience will continue to be the hallmarks of our company and the focus of our efforts.", "duration": 8.91}, {"path": "a616ba8be6ee1b5fba020f8e4ccd9691_7.wav", "text": "This concept has been of interest to the company for some time, and it is exciting to have finally launched this division to make our concepts a reality.", "duration": 8.91}, {"path": "d62cc3a0dfe3492ed16dfc17c028071e_26.wav", "text": "mislead in any direction. So we're working on that to try to figure out how do we provide you with something that is", "duration": 8.91}, {"path": "cd331fa6dd24e811af3c0529212bfbb8_84.wav", "text": "We'll get started in just a minute with management's presentation and comments. But before doing so, let me take a minute to read the safe harbor disclosure.", "duration": 8.91}, {"path": "ea80970d6b8e6fab10c4500aa7298914_64.wav", "text": "The Aerospace industry overall remains extremely strong, fueled by record passenger and cargo traffic and ongoing elevated load factors.", "duration": 8.91}, {"path": "8518e7d2073cc2898bd145e2e84ea482_17.wav", "text": "But at the moment, I would say no. I don't see us increasing prices, but I see us hopefully being able to maintain the best mix of business that we can", "duration": 8.91}, {"path": "09b5b62d328d3d0719b6825357fdfb48_134.wav", "text": "Overall, our goal remains to improve the market capitalization, delever our balance sheet and improve our financial flexibility as we focus on the future.", "duration": 8.91}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_177.wav", "text": "Both our sales force and our customers are excited about the complete solutions we can now provide with our combined product offerings and increased global scale.", "duration": 8.91}, {"path": "b6688f44b91606fbd75a6d66e94d4e4b_64.wav", "text": "on that as a priority. But that could be a call on cash flow. And then to the extent that we spend some money on", "duration": 8.91}, {"path": "ecc871b8f89a858d952f554f1ca8f7da_126.wav", "text": "Chip manufacturers are still struggling to maintain or regain profitability amid mounting competitive and cost challenges.", "duration": 8.91}, {"path": "383cf39e54475c8a25af2af7b35c6f2e_108.wav", "text": "As Scott mentioned, our track record of generating relatively consistent EBITDA throughout the economic cycles speaks to the resiliency of our business model.", "duration": 8.91}, {"path": "1300495cfa53748f732f54277d5a8cea_24.wav", "text": "great start. It gives us the platform and the assortment out there that we need. And as I mentioned in my remarks, we're happy to let demand", "duration": 8.91}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_39.wav", "text": "The increase in sales for the 3 and 6 months was due primarily to increased sales of the company's door locking products and intrusion products", "duration": 8.91}, {"path": "fb03ff65af8e5f80abd090abeaf767cf_5.wav", "text": "Integrating and networking products from our Alarm Lock, Marks and Continental divisions enable us to wirelessly control access", "duration": 8.91}, {"path": "407fee9910ab57874978cf85a89b1d9d_10.wav", "text": "This is mainly due to project cost for developing a new company and startup costs for long-haul routes.", "duration": 8.91}, {"path": "f5e9c69a92eb9179062673e044f8a53b_171.wav", "text": "Can you talk about the impact to your business from a trade and regulatory perspective, both how the solar tariffs may impact Flex? And then", "duration": 8.91}, {"path": "f5e9c69a92eb9179062673e044f8a53b_184.wav", "text": "and almost entirely attributed to the increased levels of investment required for our new businesses and to support our Sketch-to-Scale vision.", "duration": 8.91}, {"path": "a7b69d0f77cd4d6a684399e12b066e39_69.wav", "text": "following in the domestic Asia market, given the full Taiwan listing. The prepared comments that management will cover here are the same as those covered on the earlier call.", "duration": 8.91}, {"path": "0b21f953a7ae9970ef3a4c30b267927c_84.wav", "text": "In the meantime, we will continue to work actively to progress all aspects of our strategy and litigation with respect to mitigating losses in Puerto Rico.", "duration": 8.91}, {"path": "dd1b5d8b62882dbf2ce5e06cf5678ced_55.wav", "text": "work underway now and so there's, I think, ample provision to be able to fund any development activities going forward.", "duration": 8.91}, {"path": "6a45749d272884d2809fa70f7807250c_175.wav", "text": "where we expect to be back March 1 with the annual report for FY '16. So thank you all for listening in.", "duration": 8.91}, {"path": "5b331cf4e6f62ec9a9c30a4728e36054_102.wav", "text": "In New York, we're making progress on finalizing the contracts with NYSERDA and expect to have them signed for all 3 plants in November.", "duration": 8.91}, {"path": "902872913863de98d38e2936b846cf66_175.wav", "text": "and our revised outlook for the full year, I'm very encouraged by the way many key indicators improved during the quarter", "duration": 8.91}, {"path": "125388f1b45117acde70abc39e0f7d04_54.wav", "text": "The third takeaway is that physical video gaming is cyclical, but has a very long tail, and we have significant share in the category.", "duration": 8.91}, {"path": "6cbf592846662213258684c3049e4592_123.wav", "text": "For our Brand Portfolio, we expect some near-term market challenges as many of our retail partners try to improve their inventory productivity.", "duration": 8.91}, {"path": "f88c5f000050c9f72aa383f71d97ffe7_2.wav", "text": "We also successfully completed the divestiture and deconversion of the previously disclosed 5 branch locations in Columbus, Indiana, and Greensburg, Indiana.", "duration": 8.91}, {"path": "6bf8d2b43ba49d927fe52cc62ce2eccb_297.wav", "text": "more customization of specific population benefits and really the flexibility to expand the value of our benefits, all really very positive advances", "duration": 8.91}, {"path": "910a1a60a0549a5973f42bb19b66a0ae_196.wav", "text": "and then we'll end the year with 14. Mike, do you want to talk about the airplane and what you've heard from Boeing and other operators around the world?", "duration": 8.91}, {"path": "b478d2808e90233ed994884e644a3d34_58.wav", "text": "This growth has come primarily at the expense of mid-tier brands, but more recently, premium brands have also experienced some negative impacts.", "duration": 8.91}, {"path": "77423f08f0208d476dea73c639f6293a_108.wav", "text": "We are expecting that a business case will be developed first in a larger market to justify the rollout in the largest markets.", "duration": 8.91}, {"path": "6f1b092b312410065d308541be46da95_128.wav", "text": "But could you just give us an idea about the timing on when you need to submit your business plans, when you might get an early indication of WACC from the regulator, for instance?", "duration": 8.91}, {"path": "1cfd7da6c2da11f7e3f7102a6265146b_117.wav", "text": "But again, because of the work that we've done with the capital recycling, with the balance sheet, it allows us to be", "duration": 8.91}, {"path": "bf99037f89cd485f95f097842619a0c7_148.wav", "text": "very large uncertainties in number of banking groups to take advantage and offer senior, experienced relationship managers to join us.", "duration": 8.91}, {"path": "4e5c4493f72e781905efa4dd73460ff6_112.wav", "text": "We'd also like to mention that today's presentation uses numerous non-GAAP terms to describe the way in which we manage and operate our business.", "duration": 8.91}, {"path": "0e410ca71e50235e520d5af32ce0f54a_26.wav", "text": "I think we're going to have some opportunity because of the proximity of our base plant to do some other things as well in terms of", "duration": 8.91}, {"path": "3ae068efa03cd088f4d3edea682f199f_264.wav", "text": "We are continuing to evaluate the impact of Harvey on the projects and are confident that such costs incurred are recoverable under our contracts.", "duration": 8.91}, {"path": "0db5ec7ab57d41c0bea4a8ee98a083eb_110.wav", "text": "Do you know what the reasons are for discontinuation, the top 1 or 2? And are they switching to other therapies?", "duration": 8.91}, {"path": "dbc5b7a2aca13803a2c2c99fd5b3da21_199.wav", "text": "that unique kitchen or bathroom will always be with us, and I think they're willing to pay for something unique.", "duration": 8.91}, {"path": "9cd9b67e289e807d677aabc5765fec6a_178.wav", "text": "positive effect on margins there. So I think one of the things we want to do is take some of the learnings from that and apply them worldwide. But Roger, maybe you want to add.", "duration": 8.91}, {"path": "9cd9b67e289e807d677aabc5765fec6a_180.wav", "text": "How much saving will that be in 2017? Yes. I'd say in terms of the individual amounts and", "duration": 8.91}, {"path": "3fb901e6b501ddced60226a13ebef4af_4.wav", "text": "and adversely from those projected in any forward-looking statements we make. All forward-looking statements speak only as of the date they are made.", "duration": 8.91}, {"path": "3043e7527da9e59e29b7412cafeb9d80_46.wav", "text": "With respect to these asset exchanges, we have traded stores that were on average 27 years old for stores that are on average 7 years old.", "duration": 8.91}, {"path": "97b02b7a41ecb22cb04e7331052cefc8_130.wav", "text": "The sequential decline in the first quarter state government revenue was expected. Until we have a final resolution of the New Jersey TPL contract,", "duration": 8.91}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_148.wav", "text": "You said they benefited from less pass-through hardware. Is this level sustainable for the next couple of quarters? Or do you expect", "duration": 8.91}, {"path": "523cf294ec146d5411972168b1c10f09_92.wav", "text": "So I think what was encouraging in some of the disclosures we made around backlog is that we were able to extend", "duration": 8.91}, {"path": "19e7822c0e829faf25355c16b830cf39_119.wav", "text": "For example, if SPIL had a piece of fully functional equipment that was fully depreciated, 0 book value,", "duration": 8.91}, {"path": "47546a57a865bca0f4e677dc3b485053_112.wav", "text": "We also need to keep in mind that our marketing on Amazons entails a compensation which is not reflected in the advertising expenses.", "duration": 8.91}, {"path": "d28b2b09c127b5be033738aa3cd380b3_230.wav", "text": "as well as outlook for fiscal year '18. Well, thanks, Lisah, and we're certainly very pleased with our results in the fourth quarter and fiscal year.", "duration": 8.9099375}, {"path": "9908957f60adff5efc1c8692a0f5ab38_62.wav", "text": "Our marketing initiatives also support our sales growth priority, and our marketing testimonial campaign continues to resonate.", "duration": 8.8800625}, {"path": "6e6da7f810609ce64857373f11984455_26.wav", "text": "So our investments are focused primarily in 2 areas. One is digital and the second is all things recurring, if you will.", "duration": 8.88}, {"path": "b28b60cd77c97aadb361896b0eb570a8_119.wav", "text": "Then the second effect in working capital is actually related to the reverse factoring.", "duration": 8.88}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_145.wav", "text": "which are essential in this arena. And by refocusing again on the cloud and the enterprise infrastructure,", "duration": 8.88}, {"path": "113eb1a9ffcdb6dad55991b58fdbd56c_73.wav", "text": "Now before I start, I want to make a few opening comments to refresh everyone's memory on how we have gotten to where we are today.", "duration": 8.88}, {"path": "8b6c481f7fe797353fefe886e205bbaa_187.wav", "text": "Most of that was the commodity. And the primary variance would be the arb on the LPG exports that we were expecting at the time when", "duration": 8.88}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_101.wav", "text": "segments where we had utilization for patients with renal insufficiency. But as we move forward, I would expect that the mix is going to change substantially", "duration": 8.88}, {"path": "f0ce0d97cf62c9076226e0aeeb550493_217.wav", "text": "we have to find additional ways to think about contracting with customers and working with customers differently than the way in which you do today.", "duration": 8.88}, {"path": "22ad97a95501a08f15c06605cd277fec_183.wav", "text": "and then at our Annual Investor Day event scheduled for March 1 in New York City. Thank you for your interest in Crane and have a fantastic day.", "duration": 8.88}, {"path": "54cde38ae040b5e2c4e1f3c85691f907_47.wav", "text": "We believe that growing the bank organically and through prudent acquisitions has served us well as a public company and through our second step 5 years ago.", "duration": 8.88}, {"path": "14e9ab3b38cd3029b8aff693a105dbfb_52.wav", "text": "boost to all 5 proteins encoded in the protein -- in the vaccine, including to the whole virus. These responses,", "duration": 8.88}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_181.wav", "text": "Look, I think if you saw the slowing market at the end of last year, there is no doubt that we've been carrying high levels of inventory. We would have had and did have", "duration": 8.88}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_165.wav", "text": "expanded store hours across our network, and our retail impact store project continued to make a difference and drive steady growth.", "duration": 8.88}, {"path": "65d5a09c659f6809931dc62aa7a9eaad_71.wav", "text": "We are very pleased to present, as we think, a strong set of figures", "duration": 8.88}, {"path": "f3f1b7c8f174b4be50981a0f85d6a30b_73.wav", "text": "We produced solid results in the first quarter driven by our continued momentum in business development and new client acquisition.", "duration": 8.88}, {"path": "9f7dc62dbe80ba08b982936e1ca13f6c_161.wav", "text": "better leisure demand, improved international arrivals and overall strengthening corporate demand, particularly in the oil and gas industry.", "duration": 8.88}, {"path": "ec0ecc8e73cce4598def6cfff6f7c598_121.wav", "text": "of awareness, well, activity from our customer is a really telling sign of what we're going to be able to deliver in the future.", "duration": 8.88}, {"path": "1927f9c722093d1d64b610c4227ccf59_100.wav", "text": "Since the end of the third quarter, we have released 8 of those and sold 1. And we have pending resolution on 2 more of the Gander assets.", "duration": 8.88}, {"path": "7de9f02193c3d6ee245b2c0efe18f7e2_26.wav", "text": "and is stable in the Private Label. So I would say that the strategy of the group is driven by", "duration": 8.88}, {"path": "04f29bc02d1e2ef65077ca67bf41f475_115.wav", "text": "They can do everything from full color to promotional materials for it, but then they can move away from that.", "duration": 8.88}, {"path": "56e05107e391476d11fe1f637733f028_139.wav", "text": "be super efficient to send these patients home. And they all have to be educated. It just takes a long time. So I think there's", "duration": 8.88}, {"path": "918de179148bbfe18b95415ee0065a3d_173.wav", "text": "Thank you, Doug. As we try to do each quarter, we attempt to provide some topical commentary that's intended to provide you some insights about how we're positioning the company", "duration": 8.88}, {"path": "8bbc2f54137b794265dfb01f1559868d_119.wav", "text": "I'm wondering if maybe, just given the acquisition and all the dynamics of the customers that you're adding and different types of customers", "duration": 8.88}, {"path": "de3b766a868da918e499f407dbf5d716_50.wav", "text": "and several smaller direct acquisitions offset partially by the proceeds from our common unit offering in October.", "duration": 8.88}, {"path": "1d2f3c74735a986131e7b219d9eff713_82.wav", "text": "So most our markets are very undersupplied. I think the data just came out from -- that showed that consumer pricing plans", "duration": 8.88}, {"path": "d085781ecd776da8a9c4d31ad547606b_5.wav", "text": "Inflation could end up higher than our current expectation if we continue to see the dollar strengthening as a consequence of the trade wars in the international markets.", "duration": 8.88}, {"path": "9589f919b51ea96f732c4fe7fd180d7e_41.wav", "text": "This growth was partially offset by higher business development costs related to our efforts to progress our hydro pump storage opportunity in Arizona.", "duration": 8.88}, {"path": "91422f85dbf838639b3cb9dd9da364eb_79.wav", "text": "by everything -- by every measure that we've heard so far, the Navy's quite excited about it. And it could ultimately turn into", "duration": 8.88}, {"path": "7503d7356c13f095c26bfad29c5390c6_37.wav", "text": "And we don't expect that all of the patients will have been on treatment sufficiently long yet to have seen for the deepest possible response to have developed by the time at ASH. So", "duration": 8.88}, {"path": "39e5706898dcaf14a280b3a123877cd6_168.wav", "text": "in this sector. We want to be seen as the best company for the relevance of its services", "duration": 8.88}, {"path": "39e5706898dcaf14a280b3a123877cd6_190.wav", "text": "acquisitions with a very clear objective, which is to grow the value of our asset base and to increase return for our shareholders.", "duration": 8.88}, {"path": "2a5b0a6532fa2b71915a2930be02621a_105.wav", "text": "So the circumstances of the program in China involve a regulatory priority that are somewhat constraining with respect to", "duration": 8.88}, {"path": "fa45af64ef25007f998c655347bfbecb_59.wav", "text": "but we also see that our operational costs are impacted by the additional peak season cost we had to absorb", "duration": 8.88}, {"path": "fa45af64ef25007f998c655347bfbecb_449.wav", "text": "What we did see is very strong volume growth, which is ongoing, still slightly offset by a negative price mix effect.", "duration": 8.88}, {"path": "fa45af64ef25007f998c655347bfbecb_255.wav", "text": "both in Italy and in Germany. And we expect to do a transaction before", "duration": 8.88}, {"path": "bc6881d8e985e0b9dc1683b8bbdb066a_121.wav", "text": "right around 10%, maybe just a hair over 10% on a full year basis. So we won't start that way at the beginning of the year, and we'll kind of ramp our way to it. So I don't", "duration": 8.88}, {"path": "d261e09fa176510406c0d05eeedfc8f8_244.wav", "text": "variable awards, which we have been reducing because even if we have had record profits,", "duration": 8.88}, {"path": "e743ddc0caabaebf5e9a6568eaef8334_23.wav", "text": "We remain committed to continuing to leverage the TriMas model to improve performance of our businesses and achieve our organic growth plans.", "duration": 8.88}, {"path": "257e4e92036da9582a8a288c88332ff3_69.wav", "text": "We believe we can hold our margin around this level near-term, given the encouraging yield on our new loan production and the probability of future rate increases.", "duration": 8.88}, {"path": "e1da48985804bd3d99dffc5e33b6124b_103.wav", "text": "We also ended the quarter with a healthy backlog of retrofits and refurbishments. We feel very good with our aftermarket performance.", "duration": 8.88}, {"path": "e1da48985804bd3d99dffc5e33b6124b_8.wav", "text": "For sake of brevity, I will be referring to our second quarter growth rates on a constant currency basis versus the same period in the prior year.", "duration": 8.88}, {"path": "0f4370b614f29bd596e4f6871cc77864_200.wav", "text": "Our market leadership is enabled by our unique capability to connect the physical and digital worlds together with our deep domain knowledge.", "duration": 8.88}, {"path": "0f4370b614f29bd596e4f6871cc77864_10.wav", "text": "We are using strategic planning and execution tools, such as Hoshin, throughout the organization to achieve appropriate levels of transparency and discipline.", "duration": 8.88}, {"path": "3e714a49937be1672aa48244ba7254ce_33.wav", "text": "And we think that we had to improve our processes and the service we are supporting", "duration": 8.88}, {"path": "a44c74bdc01aa7e317addc11f2274e11_84.wav", "text": "And now we're sitting, debating whether we want to take a lower margin on private label, which generally, if you have excess capacity, you might choose to do that.", "duration": 8.88}, {"path": "655d592e9d1b1027f1824b1554d8b131_12.wav", "text": "Natural American Spirit's distinctive premium brand continues to outperform. In the third quarter, the brand increased retail market share", "duration": 8.88}, {"path": "655d592e9d1b1027f1824b1554d8b131_178.wav", "text": "to-EBITDA. I would note here that given the relatively low interest rate outlook, along with our improving interest coverage,", "duration": 8.88}, {"path": "655d592e9d1b1027f1824b1554d8b131_161.wav", "text": "Joe also comes to R.J. Reynolds with a strong track record of bringing brand innovations to market, which will serve the company well moving forward.", "duration": 8.88}, {"path": "fb4897e3d1bfc0d92ab28688ecb5abd5_34.wav", "text": "but that does not include the countless hours spent by both HWC and Vertex management and personnel in executing the integration plan,", "duration": 8.88}, {"path": "575d21e05ceda8f95fc54e0292c2d99f_6.wav", "text": "We have had a dedicated internal team complemented by external advisors working on a comprehensive approach for the past 5 months.", "duration": 8.88}, {"path": "2ad9555a64eaa3f45bef5581adeecb9c_33.wav", "text": "and we got lower capitalized overhead as a result of reduced expansion CapEx. But all these other moving pieces essentially net out to be a small positive.", "duration": 8.88}, {"path": "a965bbd76f3d449c86e8c27d03ac192f_8.wav", "text": "and the bidding pipeline is robust to a point of, again, testing our capacities in that arena.", "duration": 8.88}, {"path": "ebecd7e874a9b3998b70ec3200f71e89_270.wav", "text": "and is in the beginning of a gradual shift from growth stock to an income stock. So that's the second part of the question.", "duration": 8.88}, {"path": "95d5af9f7ffd8af7b47b56baff4f5b0c_29.wav", "text": "The economy is strong, and consumer confidence is growing along with it. So we believe that we will benefit from a strong retail season", "duration": 8.88}, {"path": "e60f6485243932b9280d864cb17a6ba8_86.wav", "text": "Another favorable element to be noted is the price increase we witness for industrial services. This is good news for SUEZ.", "duration": 8.88}, {"path": "1bba27cac9495fe57f623973383d6948_47.wav", "text": "will also continue to broadly drive our systems and components business with our differentiated products and services.", "duration": 8.88}, {"path": "3068d678d3331b8f0a10ea4fa92361f2_15.wav", "text": "Massachusetts and Rhode Island were filed maybe 60 days ago, and we are working with those departments", "duration": 8.88}, {"path": "7394bde65e000fbb7b528c6c65bd099d_18.wav", "text": "Our Southeast business, which is the legacy TransMontaigne business on the Colonial implantation pipelines, was the driver behind this loss.", "duration": 8.88}, {"path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_201.wav", "text": "Our company had a very solid second quarter in our RV business and the industry growth prospects are equally good.", "duration": 8.88}, {"path": "0360a780927a31fb0bec9e79dac878a2_53.wav", "text": "When our family first moved to Atlanta 4 years ago, it was Northwest that knocked on our door and provided excellent pest control and termite services.", "duration": 8.88}, {"path": "6a372ea97b0b130a4d37f16b54d97909_167.wav", "text": "With regard to the overall performance of the sales team, and obviously, we have multiple sales teams, different geographies, different industries", "duration": 8.88}, {"path": "e2c02e1788cb10703d7611ef157f8135_43.wav", "text": "as an instrument and personalization as a vehicle are our long-term strategies to drive more efficiency in marketing.", "duration": 8.88}, {"path": "df8a6d3f1b7e7aac2fd06afaf493a532_33.wav", "text": "The CEVA annual stockholders meeting will be held next week, and we encourage all shareholders to participate through casting their proxy votes or attending the event.", "duration": 8.88}, {"path": "6c43a32379bfc34fc8cfe84ff94d6498_187.wav", "text": "So I mean, the way I would think about it, as we discussed before, when you look at this business and you go back the last couple of years and '18 is no different,", "duration": 8.88}, {"path": "6d97c63e754383663561baada77c7354_80.wav", "text": "I'm honored to have this opportunity to lead a firm with such a distinguished history of delivering innovative solutions and world-class client service.", "duration": 8.88}, {"path": "02deeb29574f1571812a11f66bb8fda1_193.wav", "text": "up, my hope is that people will really focus in on what we've done to drive operating results and what we have the ability to do", "duration": 8.88}, {"path": "885b465648704d8a5d15bd00078e2160_68.wav", "text": "We also have begun CodeEvolver engineering efforts targeting additional enzymes that are needed for the molecular biology and diagnostics markets.", "duration": 8.88}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_157.wav", "text": "This will continue to be a majority of the specialty coffee occasions in China and our business for the years to come.", "duration": 8.88}, {"path": "3c180e2434e4a2d67d5e3acfd85bbe60_141.wav", "text": "The impact of Frappuccino decline and the store closures to support the anti-bias training is estimated to be 3 points of comp in the quarter.", "duration": 8.88}, {"path": "6ad1d7c855ceb3eb830c365e357e4510_109.wav", "text": "I am not -- personally, I don't think we are expecting a big effect of that on our core client base nor are we expecting -- because", "duration": 8.88}, {"path": "ea60900258f99d1003ab247c506e42d9_55.wav", "text": "South Africa's biggest and most loved cereal brand continues to perform. Pricing and promotional activity has and continues to be carefully managed for profits", "duration": 8.88}, {"path": "191c819db03c2dfd0207cd1f42e278a4_83.wav", "text": "We will remain disciplined with our capital deployment strategy. Now let's review our third quarter operating performance in more detail.", "duration": 8.88}, {"path": "b43c001c5af465d220ab0b69a95202ae_205.wav", "text": "coupled with just the portfolio of the organization. As we've grown into some bigger markets, I think, you have more stability there compared to", "duration": 8.88}, {"path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_263.wav", "text": "The main challenge for us is that we have a record backlog and we have to transform that into sales. And that means that we really have to ramp up the production in our facilities for the water business.", "duration": 8.88}, {"path": "246876171ef2f408df10ee0816f9db83_103.wav", "text": "would we like it to be bigger and with customers that we love? Of course, but I think given kind of what we think in terms of return targets and", "duration": 8.88}, {"path": "75eb5b75bb8587b63c318714ea956b9e_150.wav", "text": "groups that are coming to us for service and abandoning some of the larger national", "duration": 8.88}, {"path": "75eb5b75bb8587b63c318714ea956b9e_53.wav", "text": "Allow me at this time to provide some comments and why we think our strategy is so timely and important.", "duration": 8.88}, {"path": "75eb5b75bb8587b63c318714ea956b9e_99.wav", "text": "As we continue to execute on our strategic plan, Enzo is able to provide what may be a lifeline to clinical labs.", "duration": 8.88}, {"path": "915bdcf0edfec49b928ca4010cbb40ca_138.wav", "text": "the space in our leading position allows us to avoid a lot of these headwinds. Okay, last one for me.", "duration": 8.88}, {"path": "c4c82b9f0d0167137949864b86e2a812_21.wav", "text": "longer to see the sales prices rolling over and then kind of forced to buy", "duration": 8.88}, {"path": "998be8edc26e9b2c4dc0a06a5b42a887_60.wav", "text": "We encourage you to go to our website throughout the quarter for the most current information on the company, including information on the various financial conferences we will be attending.", "duration": 8.88}, {"path": "1fd097fa0bd05da0e7af03521e23bc68_64.wav", "text": "have not seen any kind of dip whatsoever. In fact, we're continuing to see building strength as the year progresses.", "duration": 8.88}, {"path": "1ad54837f74515ad7caa2a50d70459c9_13.wav", "text": "We have constructed a very savvy distribution network and have already reached our full year commitment target only halfway through the year. David?", "duration": 8.88}, {"path": "e97d1655ebabb8403ac0449eadb48f9b_2.wav", "text": "such statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements.", "duration": 8.88}, {"path": "f91bdd9aa4cb7edde771c40669ab4fa9_129.wav", "text": "We will continue to invest prudently to ensure we deliver the solutions that our customers need and take advantage of the opportunity we see in the marketplace", "duration": 8.88}, {"path": "9e07401011239a074ff66741ee557224_6.wav", "text": "As these are forward-looking statements, I must caution you that our actual revenues and earnings could be negatively affected by numerous factors such as any further weakness in global economies,", "duration": 8.88}, {"path": "da879f8ea1c23aa6565cccaacac271fc_88.wav", "text": "Our goal is to be well positioned to participate in this expanding opportunity, and we are pleased with the progress we have made to date.", "duration": 8.88}, {"path": "dffe8257f781608bb17bb637249e4d2a_137.wav", "text": "We are now investing in digital solutions to rapidly grow the client base and improve client experience.", "duration": 8.88}, {"path": "f59c58fb8e31f0e0f1e03199b9d39a02_138.wav", "text": "and not having complete visibility to allocations or demand for Switch for the entire year keep us at our initial guidance range.", "duration": 8.88}, {"path": "3d3b327645f62f252bb876e5bb4a9259_133.wav", "text": "It used to be they pay their cars pretty quickly because they were worried we might pick them up. Today, they know they have some lead time given the new regulations about how people collect.", "duration": 8.88}, {"path": "642a235ab4ebc57d132a2e32c83c793c_263.wav", "text": "This is my first question. My second question is, could you elaborate a little bit about some openings at the international side,", "duration": 8.88}, {"path": "2a7af3c66762ce608379005a3d7bfa96_136.wav", "text": "harp too much on that. You guys made great progress in the first quarter, you talked about the ability to flex up the container order,", "duration": 8.88}, {"path": "fe3a8419e2f120643bff5e9e80190ed5_71.wav", "text": "creating a functionally aligned org structure and having our senior leadership team fully staffed began to show signs of progress in the fourth quarter with a number of accomplishments.", "duration": 8.88}, {"path": "80a2ca14358172366acab4e80f3fa33b_192.wav", "text": "improving the technologies in relation to our productions. We continue to learn", "duration": 8.88}, {"path": "3e29586725757a72d8c143f3da2658f5_10.wav", "text": "Second quarter activity at our construction materials business got off to a slower start due to weather impacts across many of the areas where we operate.", "duration": 8.88}, {"path": "01b376669d5ea40acc7fb5a87503586e_116.wav", "text": "production companies find ways to reduce the cost of drilling wells and bringing new production", "duration": 8.88}, {"path": "a0d537badd260e2071136602e3b73b26_16.wav", "text": "we own a 45% stake and where we work closely with management to increase franchise value. LendSure is a maturing company with a broad geographic footprint", "duration": 8.88}, {"path": "29f56972971325265e4a53485f49793e_148.wav", "text": "that we will not be able to hand over on time, to have it as units recognized for profit.", "duration": 8.88}, {"path": "9908957f60adff5efc1c8692a0f5ab38_109.wav", "text": "reflecting growth across our key financial and operating metrics, continuing our favorable momentum from the first half of the year.", "duration": 8.88}, {"path": "9ca3ddf11f0e32620dc4a92b5d8f2766_119.wav", "text": "Participants on this call will make forward-looking statements. These statements are based on current expectations and are subject to certain uncertainties that could cause actual result to differ materially.", "duration": 8.88}, {"path": "66b25c60d952bd002c7ab20da9248086_57.wav", "text": "Consumers, especially millennials, want more control on their spending, but they also want the rewards of a credit card, and cash-back is by far the most requested reward program.", "duration": 8.88}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_134.wav", "text": "is getting stronger, and I would actually argue the strongest it has ever been. Our local teams are now empowered to deliver local innovations,", "duration": 8.88}, {"path": "e35fae1d3df1f7aeda409f90f200ec7b_167.wav", "text": "is that the wealth creation that is happening in this country, and I've been alluding to that many times, is really only going to a very small part of the population.", "duration": 8.88}, {"path": "b3e9a3bbebcc4111afca87b4cadf58bf_67.wav", "text": "With that, we would like to conclude the conference call today. Thank you very much again for your attendance.", "duration": 8.88}, {"path": "64364105b816dd0b6a029e9cd210e65b_36.wav", "text": "So with that, I'll turn the call over to Jeff Taylor, Chief Financial Officer, to provide more detail around the numbers. Jeff?", "duration": 8.88}, {"path": "243e9a046160bfbf82be702927a4df22_78.wav", "text": "We are finishing up our spring redetermination, and we expect our borrowing base will be meaningfully higher so we expect that liquidity number to go up,", "duration": 8.88}, {"path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_204.wav", "text": "And then you've got a big capital problem if you want to continue the flow of material. So it's a number of those instances,", "duration": 8.88}, {"path": "3412b2f7aef0615537779e312cf984c3_36.wav", "text": "Much of our focus over the last 2 years has been on our domestic operations, which saw the brunt of the demand drop. But we feel that this activity has stabilized", "duration": 8.88}, {"path": "2cd5b184c2ef6624ce219830182927c9_166.wav", "text": "And we're hoping that later this year, there'll likely be another solicitation within which we can submit this project and we will have it ready for that.", "duration": 8.88}, {"path": "323193895e800e72960d98dd5fb64cf5_159.wav", "text": "I think one thing that's important we focused on this year is to make sure we have a good cash flow and a solid financial situation.", "duration": 8.88}, {"path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_22.wav", "text": "and knowing that you're making material of the highest quality. And you're seeing the results of that in our clinical data with an excellent safety profile and outstanding efficacy", "duration": 8.88}, {"path": "bc1efb704df9c180935803c70a315597_198.wav", "text": "I think in terms of the investments from here, I think certainly, one of the things that we have been looking at very carefully is how we re", "duration": 8.88}, {"path": "b4072ee178832ecf3d2a0f25fd8b8387_78.wav", "text": "We have seen that being in line with the expectations already throughout the year. And also, in the course of the Q4, we have not seen a major effect.", "duration": 8.88}, {"path": "eea41cba1f90b280bbd96fdaa9d0f4bf_110.wav", "text": "Roughly 60% of that cash is invested overseas and is generally not available for repatriation without tax consequences.", "duration": 8.88}, {"path": "099475edf8f9944537773b1d0a2aaea6_20.wav", "text": "we're serving all of these markets. We see where demand is going. We see what the technology trends have been out there", "duration": 8.88}, {"path": "b478d2808e90233ed994884e644a3d34_0.wav", "text": "Good morning. My name is Emily, and I will be your conference operator today.", "duration": 8.88}, {"path": "a756bd9ba43faae4d9d0f059925e39e9_128.wav", "text": "Examples include the reallocation of order entry and sales support roles in multiple markets to increase efficiency and productivity.", "duration": 8.88}, {"path": "e97326d6a8951550e363f2be6ec489ba_53.wav", "text": "hugely cautious on the one hand and also rigorous when it comes to presenting projects that are", "duration": 8.88}, {"path": "eed99fefac02f862b3ee31c4748cb9b5_103.wav", "text": "As the distribution channel continues to mature, we anticipate product price volatility will be reduced and prices will improve.", "duration": 8.88}, {"path": "3ae068efa03cd088f4d3edea682f199f_105.wav", "text": "Although it's still early to get too detailed about 2018 awards, let me highlight some of the more notable prospects where we are strongly positioned.", "duration": 8.88}, {"path": "a85c54c77dd2524eedab1287ea3ceff4_126.wav", "text": "on SGI's long-term surplus notes in July and December of last year, which have not yet been fully accretive to par.", "duration": 8.88}, {"path": "b1a98885c1d81414cdc122e807760faf_150.wav", "text": "These numbers have been increasing every week. Some leading centers are already dosing more than 10 patients,", "duration": 8.88}, {"path": "b1a98885c1d81414cdc122e807760faf_3.wav", "text": "We will not be satisfied until all of the patients and families that seek this treatment are able to receive therapy.", "duration": 8.88}, {"path": "b35398859e534e471fb1cd60f5baac20_165.wav", "text": "from us and we'll continue to say it because we believe it's going to continue to be accurate. Based on our locations", "duration": 8.88}, {"path": "9cd9b67e289e807d677aabc5765fec6a_154.wav", "text": "We had a very successful exchange enrollment season. As a reminder, revenues are generally recognized as the health care plans become effective,", "duration": 8.88}, {"path": "9097dcbaf554d635920c6274b1de4997_108.wav", "text": "from advertising and promotion spending I know you don't want to give us any type of numbers for when you start spending next year but should we be thinking that this is going to be", "duration": 8.88}, {"path": "16c235a53fc719ec92ef3b3c3b371150_123.wav", "text": "the EBITDA what you would call -- you could say that the drag is what the savings is. So we're not going to get the drag", "duration": 8.88}, {"path": "16c235a53fc719ec92ef3b3c3b371150_292.wav", "text": "We have a little bit of flexibility around it. But that's why we're out right now trying to run some of these RFPs because we want to get out in front of this. So we could", "duration": 8.88}, {"path": "726bad4d5d1a6b2f62034eb8dc843450_144.wav", "text": "This strong performance allows us to reinvest more aggressively in our operating and product development objectives as discussed earlier.", "duration": 8.88}, {"path": "523cf294ec146d5411972168b1c10f09_55.wav", "text": "pricing in the industry and your product versus productivity and efficiency versus cost inflation from labor, et cetera?", "duration": 8.88}, {"path": "47546a57a865bca0f4e677dc3b485053_86.wav", "text": "but it looked like only a pretty small number of your company operated stores were actually closed for either of the hurricane events.", "duration": 8.88}, {"path": "902872913863de98d38e2936b846cf66_83.wav", "text": "This growth came despite very tough weather in the East, with the West showing very strong shipments as expected. It", "duration": 8.8799375}, {"path": "7bac04f03928ee8894ab00007116400b_114.wav", "text": "she is -- I'm expanding her role because I want to leverage her experience of commercializing design and driving", "duration": 8.8799375}, {"path": "65b48a7260ef038ff1bec3cc200331c3_77.wav", "text": "The short answer is this has no impact on us. As part of the HBC's effort to highlight the value of its real estate,", "duration": 8.8500625}, {"path": "ea60900258f99d1003ab247c506e42d9_46.wav", "text": "The investment in 2017 was exceptionally low because of the major deflation in soft commodities during that period as well as imports.", "duration": 8.8500625}, {"path": "87045996e7446329f1d98c909c6ca7fe_203.wav", "text": "With our businesses across the rest of the country delivering very strong performance, we are well positioned to benefit as the recovery takes hold.", "duration": 8.8500625}, {"path": "5833763223d8d85b6fcb5fe90e821c77_107.wav", "text": "related to the sales reps you're bringing on, I guess those are to further grow the current products but are some of those for", "duration": 8.85}, {"path": "db6c253ba433d9a247219bb3f15da199_78.wav", "text": "increased their dosing faster than the first trial, because that's part of the trial design. And it's possible, though they haven't announced it,", "duration": 8.85}, {"path": "e23e3aabab4b12e359bc92a480c2d294_7.wav", "text": "growth and favorably impacted both acuity mix and revenue per case compared to the same period in the prior year.", "duration": 8.85}, {"path": "e23e3aabab4b12e359bc92a480c2d294_28.wav", "text": "Yes, they should continue to go down, same thing with our cost per case at the SMB line", "duration": 8.85}, {"path": "e23e3aabab4b12e359bc92a480c2d294_5.wav", "text": "In addition to the quality and satisfaction initiatives, we expect to recognize operational efficiencies through new supply chain strategies.", "duration": 8.85}, {"path": "55cbaf368288111ebc2ccadb61e3bd34_223.wav", "text": "These deals represent a good global cross section barely distributed across Europe, the Americas and Asia Pacific.", "duration": 8.85}, {"path": "d28b2b09c127b5be033738aa3cd380b3_38.wav", "text": "We have spent a significant amount of trade to generate fast trial and awareness on innovations.", "duration": 8.85}, {"path": "d28b2b09c127b5be033738aa3cd380b3_273.wav", "text": "We also like a skew of our innovations towards what we call the growth businesses,", "duration": 8.85}, {"path": "9014ac9cbc2cff30468f1bcb659c0f66_168.wav", "text": "what you would describe the defensive part, as much is, in my opinion, the urgency to really generate and accelerate these white spots.", "duration": 8.85}, {"path": "223f05c0b9b116532e9af84afa76cac7_3.wav", "text": "more pronounced this year, I focused on describing the platform and strategies we put in place to outperform in these demanding markets.", "duration": 8.85}, {"path": "17ee868a7ed8656d69e6888ee4a6d550_70.wav", "text": "So if you were able to really identify the bottleneck and how you are going to", "duration": 8.85}, {"path": "3bdb43dc1bcef6eff76f45efedb6a211_188.wav", "text": "rest of the financial year? Look, I think what we've taken account of is the current market conditions and roll those forward. That's why we haven't given", "duration": 8.85}, {"path": "ed1006cd88de67e8fe53ea86ad6862d7_134.wav", "text": "rather than working against us as it did in Q4 since most of our customers were paying then in Canadian dollars will start to work for us.", "duration": 8.85}, {"path": "2152c3428458312cf3da4cab3f8db5ca_69.wav", "text": "during the second half was not considered in this SREP decision. So we could expect this to continue", "duration": 8.85}, {"path": "54558afacef9ab3010d5a57ac4feb664_112.wav", "text": "longer time to actually get the benefit of your cold chain supply and logistics network to actually", "duration": 8.85}, {"path": "a069e0992c2083f0f53eaa4f7a02e47d_134.wav", "text": "Our Industrial business remains strong and continues to perform well. We further stabilized our results in our Business Products Group.", "duration": 8.85}, {"path": "8cb24daf76784487ad63780546dc4ba4_16.wav", "text": "realizing the situation is fluid. We will manage costs responsibly and evaluate uses of our capital carefully.", "duration": 8.85}, {"path": "7e14890193df4b10e1eeab6ab886529f_160.wav", "text": "that's not rooted in science, that's not been thoughtfully addressed on all issues. So that's the most important thing.", "duration": 8.85}, {"path": "7e14890193df4b10e1eeab6ab886529f_93.wav", "text": "It will mean we give our members new ways to find meeting leaders and others like themselves by life stage, goal or location, for instance.", "duration": 8.85}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_71.wav", "text": "participate to the extent required to maybe wet our feet and then probably plunge headlong once we are very comfortable", "duration": 8.85}, {"path": "4c0e38d8d88c73a7a01dc542a85b2604_23.wav", "text": "how do we try to leverage the various online platforms which are there and make the maybe get the maximum wallet share and make the customers much more sticky", "duration": 8.85}]