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Infineon Technologies AG (OTCQX:IFNNF) Q3 2016 Earnings Conference Call August 2, 2016 5:00 AM ET
Jürgen Rebel - Corporate Vice President, Investor Relations
Reinhard Ploss - Chief Executive Officer
Arunjai Mittal - Member of the Management Board
Dominik Asam - Chief Financial Officer
Jochen Hanebeck - Operations
Helmut Gassel - Sales & Marketing, Regions, Strategy Development and Mergers & Acquisitions
Sandeep Deshpande - JPMorgan Securities
Kai Korschelt - Bank of America Merrill Lynch
Janardan Menon - Liberum Capital Ltd.
Pierre Ferragu - Sanford C. Bernstein & Co.
Francois Meunier - Morgan Stanley & Co. International
Johannes Schaller - Deutsche Bank
Tammy Qiu - Joh. Berenberg, Gossler & Co.
Lee Simpson - Stifel Nicolaus Europe Ltd.
Günther Hollfelder - Baader Bank
Stefan Slowinski - Haitong Securities
Good morning, everyone. Welcome to the Conference Call for Analysts and Investors for Infineon Technologies 2016 Fiscal Third Quarter Results. Today's call will be hosted by Jürgen Rebel, Corporate Vice President-Investor Relations of Infineon Technologies. As a reminder, today's call is being recorded.
This conference call may contain forward-looking statements based on current expectations or beliefs as well as a number of assumptions about future events. We caution you that statements that are not historical facts are subject to factors and uncertainties, many of which are outside Infineon's control that could cause actual results to differ materially from those described or implied in such statements.
Listeners are cautioned that Infineon's actual results could differ materially from the results anticipated or projected in any of these statements and they should not put undue reliance on them. For a detailed discussion of important facts that could actual results to differ materially from the statements made on this conference call, please refer to our quarterly and annual reports available on our website.
At this time, I would like to turn the call over to Infineon. Please go ahead.
Jürgen Rebel
Good morning, ladies and gentlemen. Welcome to the conference call for analysts and investors for Infineon Technologies 2016 fiscal's third quarter results. With us today, we have Reinhard Ploss, CEO; Dominik Asam, CFO; Jochen Hanebeck, member of the board responsible for Operations; Helmut Gassel, CMO; and for the last time, Arun Mittal.
We'll start with an introduction by Reinhard. Then the entire management board will be happy to answer your questions. A recording of this conference call and a copy of our 2016 fiscal third quarter results and earnings press release will be available on the website at infineon.com.
Reinhard, please go ahead.
Reinhard Ploss
Thank you, Jürgen. Good morning, everyone, and welcome to the telephone conference of our third quarter fiscal year 2016 results. As usual, I will begin today's call with some remarks in group and division results, on market development and on our achievements during the quarter. Dominik will then comment on third quarter financials before I conclude with the outlook. We will then open the call to your questions.
Before we talk about business, I would like to thank Arunjai Mittal for his 24-year long dedication to Infineon and his restless effort to make us more successful. Arun played a pivotal role when we acquired and integrated International Rectifier. He decided to pursue a new path in life for family reasons. We respect his decisions with sadness. We all wish him all the best for his future.
Arun, if you want to say a few words to our analysts and investor community?
Arunjai Mittal
Yeah. Thank you, Reinhard. I am very proud to have been part of this fantastic company for so long and see it prosper into the position it is today. This is to a great extent due to the focus we have had on the three segments, Energy Efficiency, Mobility and Security were also due to the ability to balance out the turbulences one might experience at one or the other micro segments, for example, the smartphones.
We have not just grown organically, but also delivered along the promises of M&A. I would like to thank our analysts and investors for their professional reflection on our progress. I have always enjoyed the interaction during the earnings calls and conferences. And to all who have dialed in today, thank you very much and stay healthy. Reinhard?
Reinhard Ploss
Thank you, Arun. In the third quarter, we experienced a challenging environment in some end markets. Nevertheless, revenues came in 1% better compared to the March quarter. That's €1.632 billion. They were driven by continued structure strength in automotive as well as a seasonal strong demand from renewables and power supplies.
However, Chip Card & Security faced some inventory overhangs in the payment card market leading to a sequential decline. Demand for components for mobile communication was flat, a stark contrast to the typically strong seasonal pickup that we saw in prior years. Segment result was up with €254 million, representing a segment result margin of 15.6%. This means a sequential increase of 11% compared to the March quarter. The book-to-bill ratio for the third quarter came in at 1.2. The absolute booking figures stood at a solid €2 billion.
Let us now take a look at the divisions. Automotive revenues climbed by another 1% to €676 million for the quarter, up by €6 million, the highest quarterly revenue in Automotive ever posted. Demand for electric drivetrain solutions continue to be very strong. Demand for radar solution soared. The car market in North America, Western Europe, and China continued to show strength.
The Premium segment continued to do well. The book-to-bill came in at 1.5. This figure includes a large long-term order by one of our top customers. We saw the same pattern about a year ago. Without this long-term order, the book-to-bill ratio is still above 1, supporting a good outlook for Automotive in the quarters to come. The segment result increased by 11% quarter-on-quarter, coming in with a record €104 million. This compares to €94 million in the March quarter. The segment result margin stands at 15.4% over the back of a higher sales and better productivity.
In terms of radar solutions, the quarter saw not only strong demand for our existing 77 gigahertz Silicon Germanium product, but also advancement of future radar solutions. If you might remember from our London ADAS presentation, we believe that CMOS radar might make some inroads for short-rim applications in a couple of years. Example could be automated parking or blind spot detection. Therefore, we had started a 79 gigahertz CMOS radar development for this area by teaming up with a renowned advanced semiconductor research center, Imec, a few years ago. We are developing a solution that hits the right cost performance point. Safety-critical applications such as the cruise control and highway assist will remain the realm of Silicon Germanium-based radar.
At the core of our strategy lies the Product-to-System approach. It is a process where we combine our core competency through a system understanding and the ideal way to optimize the system for the benefit of our customer. Based on this principle, we won almost the entire bill of material for transmission control unit for a leading North American OEM. The Product-to-System approach not only ensures winning additional business, but also optimized system solutions typically lead to better margins compared to selling individual components.
Let us now turn to Industrial Power Control. IPC generated record revenues of €280 million, compared to €265 million in the March quarter. This marks again a 6% increase quarter-on-quarter. The seasonal upswing was mainly driven by renewable, whilst major home appliance and drives were essentially flat and traction showed a sequential decline due to some project delays. The book-to-bill ratio stood at one in the June quarter, pointing towards a flat to slightly up September quarter. The segment result improved strongly to €42 million, compared to a €26 million in the March quarter. This represents a segment result margin of 15%.
The increase in segment result comes from an advantageous product mix, higher sales and productivity improvements. Our leading position in both solar and wind inverters proved essential for the performance of IPC. A lot of the demand was driven from China on the back of an upcoming change, the Feed-in Tariffs scheme. However, we see this demand from China to persist, as Chinese vendor will have increased bandwidth to hunt for global sockets thereafter.
We continue to see strong demand for our silicon carbide diodes and hybrid modules. Once the intended acquisition of Wolfspeed closes, we expect a lot of traction in silicon carbide product from the end users during 2017. Besides, we very pleased with the recovering demand for inverter solution for electric buses in China. We expect very high year-on-year growth rate from this segment going forward.
Let us now make a look at Power Management & Multimarket. Revenues of PMM increased by 3% to €509 million, €13 million up from €496 million in the March quarter. The whole Power business experienced a strong seasonal upswing across the board. In AC-DC, demand from China for our 650-volt power MOSFET for xEV charging station remained very high.
In DC-DC, shipments into VR12.5 server platforms continued on a high level. Likewise, low-voltage drives continued to be in application, showing high demand for our low and medium voltage MOSFETs. The broad market business through distribution showed normal seasonality.
The business with components for cellular handsets increased quarter-on-quarter. However, the upswing was softer than normal. On the positive side, shipments into Chinese handset OEMs rose further, gradually balancing our customer portfolio. Future handsets will bear more and more sensors for novel use cases.
You recall the barometric pressure sensor that we introduced a year ago, and that is being employed in handsets soon. Last year, Infineon's 3D imager, REAL3, made its debut in automotive with a driver surveillance system by Kostal for true level-3 automated driving.
Now, this Infineon 3D Imager enables Google's Tango technology employed in Lenovo's next smartphone, PHAB2 Pro. Lenovo is the first vendor worldwide that brings Google Tango technology to the market, enabling new, augmented, reality use cases.
Demand for RF Power Amplifiers from cellular base station customers was down. However, we are very positive on the cellular infrastructure market going forward as you might recall from our communication on the intended acquisition of Wolfspeed two weeks ago.
The book-to-bill ratio for PMM came in at 1 in the fiscal third quarter. The PMM segment result improved in line with higher sales by €5 million to €79 million. This translate into a segment result margin of 15.5%.
Now, let me make comment on Chip Card & Security. Revenues declined by 4% quarter-on-quarter to €172 million compared to €180 million in the March quarter. The decline is primarily a result of the known slowdown of the payment card market. We are seeing an inventory overhang in the market that is transitioning more into a replacement market. But overall, unit shipments into payment should continue to increase on a two to three years' horizon. We expect the market to remain very competitive.
Our leading position in the embedded security controller market was supported by strong demand for authentication solutions and further IoT design wins. We won further home and enterprise IoT projects with our OPTIGA trusted platform module device at leading players.
Future growth in government identification will be supported by project wins in Asia, Europe and South American countries like Peru and Colombia. We are also very pleased with the latest market data for 2015 for the smart card ICs market published by IHS. We could further narrow the gap to the number one by the strongest market share gains among all vendors.
The book-to-bill ratio declined 0.7, reflecting the situation in the payment market. Segment result decreased moderately to €32 million on the back of lower revenue. This equals segment result margin of 18.6%.
Ladies and gentlemen, this concludes the business review. Let me now hand over to Dominik who will comment in more details on third quarter financials.
Dominik Asam
Thank you, Reinhard, and good morning, everyone. Third quarter revenues were €1.632 million, a sequential increase of €21 million or 1%. Year-on-year, the increase in quarterly revenues stood at 3%. The average U.S. dollar-euro exchange rate for the quarter was about €1.13 compared to €1.10 in the March quarter. The resulting headwind in sequential revenue growth was more than 1 percentage point.
This is another reason why the June quarter revenue growth was slightly lower than normal seasonality in euro terms. However, in U.S. dollar terms, the quarter-on-quarter increase was around 4%. Gross profit, research and development, and selling, general and administrative expenses continued to be influenced by the effects of the consolidation of International Rectifier.
Gross profit climbed to €598 million, up from €566 million in the March quarter. This represents a sequential increase by 6% or €32 million resulting in a gross margin of 36.6%. Excluding acquisition-related and other non-segment result effects mainly related to International Rectifier, the underlying adjusted gross margin stood at 38.1%.
R&D expenses increased slightly by €2 million and stood at €197 million. SG&A expenses increased by €5 million to €200 million. The net other operating expenses amounted to €8 million. Included in these numbers are €61 million of non-segment result charges. Of that amount, €48 million are International Rectifier acquisition-related amortization and other charges. €24 million of the International Rectifier acquisition-related cost hit our cost of goods sold. In R&D and SG&A, we booked International Rectifier acquisition-related charges of €2 million and €21 million respectively. €1 million were other charges included in other operating expenses. Within these acquisition-related costs, amortization and depreciation of fair value step-ups from the purchase price allocation represent by far the largest item. It will take several years for these items to disappear from our P&L, and after closing of the Wolfspeed acquisition, we'll obviously see this item increase further.
We recorded a segment result of €254 million for the June quarter, compared to €228 million in the March quarter, a strong sequential increase of 11%. The segment result margin came in at 15.6%, in line with the fall- through from the slightly lower revenues compared to the midpoint of the guided revenue range. The operating income improved €293 million from €174 million in the March quarter. The non-segment result decreased to a negative €61 million. Included in the decrease of €7 million quarter-on-quarter are expenses in conjunction with the intended acquisition of Wolfspeed. Overall, the still meaningful negative non-segment result continues to be predominantly a result of the already mentioned expenses related to the International Rectifier acquisition.
Now let me comment on depreciation and amortization. D&A decreased by €7 million to €206 million after €213 million in the previous quarter. Included in this figure are €33 million related to the aforementioned amortization and depreciation of fair value step-ups from the purchase price allocation. The financial result continue to be driven by financing expenses for the acquisition of International Rectifier and showed a negative figure of €12 million.
Let me comment on the financing of our intended acquisition of Wolfspeed. If you recall, the all cash purchase price is $850 million. We'll finance the deal by $720 million of new debts and about $130 million of cash on hand. We are currently in a net cash position. Based on this, we will be in a net debt position after closing of the transaction.
The intended bank financing will be split in three tranches with three-year, four-year, and five-year maturities. We expect interest rates for the U.S. dollar denominated tranches of well below 2% and for the euro denominated tranches of below 1%. Standard & Poor's confirmed in a note that our solid BBB investment grade rating with stable outlook remains unchanged. It continues to be the highest rating of any semiconductor manufacturer headquartered in Europe by S&P.
Net, we stay well within our previously communicated capital structure targets. Recall that we want to carry no more than two EBITDA turns of gross debt and to maintain a gross cash balance of €1 billion plus 10% to 20% of revenues.
Continuing with tax, we recorded an income tax benefit of €3 million in the June quarter after an income tax benefit of €21 million in the March quarter. Consequently, this represents an effective tax rate of minus 2%. We continue to benefit from deferred tax assets. Nevertheless, for our modeling purposes - for your modeling purposes, a cash tax rate of about 15% continues to be a reasonable assumption.
Net income from continuing operations increased €184 million, up by €7 million or 4% from €177 million in the March quarter. The net income from discontinued operations came in with €2 million. Basic and diluted EPS stay flat with €0.16 for the fiscal third quarter. However, the adjusted earnings per share improved again by 6% to €0.19 from the fiscal third quarter - for the fiscal third quarter compared to €0.18 in the previous quarter. Free cash flow from continuing operations came in at €277 million, significantly up from €45 million in the March quarter. This does not indicate that we will generate a much higher cash flow on a yearly basis than previously indicated. It is merely a timing effect in terms of certain trade payables.
The net cash provided by operating activities came in at €496 million compared to €195 million in the March quarter. The strong cash generation during the third quarter led to a gross cash position of €2,083 million at the end of the June quarter, up by €280 million. Consequently, our net cash position increased to €299 million after net cash position of €27 million at the end of the March quarter.
Let me also comment on our after-tax return on capital employed or RoCE. It slightly improved to 14.8% in the fiscal third quarter from 14.5% in the fiscal second quarter. RoCE continues to be strongly affected by bookings related to the acquisition of International Rectifier, in particular goodwill, fair value step-ups in the context of the purchase price allocation, and the related amortization. Excluding acquisition-related bookings and effects, the underlying RoCE stood again above 20%.
Let me now hand back to Reinhard, who will comment on our outlook.
Reinhard Ploss
Thank you, Dominik. Let me now come to the outlook for the fiscal fourth quarter. We expect the seasonal upswing to continue, leading to revenues improving 3% sequentially plus or minus two percentage points. This is based on a rate of $1.1 for the U.S. dollar against the euro, reflecting a stronger U.S. dollar we have seen so far in the running quarter. We expect revenues in ATV and PMM to increase. Revenues in IPC should be flat or slightly up. CCS should come in flat or slightly down, compared to the June quarter.
The midpoint of the revenue guidance, the segment result margin should come in with 17%. If this materializes, we will end up again well within the revenue guidance corridor for the full year that we have given before. This applies both for our initial guidance from the beginning of the fiscal year at a rate of $1.1 for the U.S. dollar against euro; and to the full-year guidance given last quarter at a rate of $1.15 against the euro.
Adjusted for the full-year effect of International Rectifier consolidation, this implies an organic growth rate close to a trend light growth rate in this fiscal year. In terms of segment result, our discipline on the cost side and relentless push on productivity improvements has helped us offset the adverse product mix effects resulting from lower revenue contribution in high-margin cellular applications. Our previously indicated expectations with regards to investments and depreciation and amortization for the fiscal year 2016 remain unchanged.
Ladies and gentlemen, the third quarter of the 2016 fiscal year continued to present a challenging environment. Nevertheless, we were able to grow in revenues quarter-on-quarter, increasing the segment result significantly and delivered a strong cash flow. Our structural strength in the power discretes and module market was once more confirmed in the latest market share data from the 2015 published by IHS. We could further strengthen our leading position in the market and are now three times bigger than the number two in the market.
In 2014, our relative market share stood at 2.7%. On a five-years horizon, we are convinced to deliver our 8% trend line growth. We will benefit from strong structural demand drivers, be it electromobility, ADAS, renewable, power conversion, sensor and cellular handsets, or IoT security, to name a few examples.
This quarter, we took another stride to strengthen our structural growth with the intended acquisition of Wolfspeed. We fundamentally strengthened our key verticals, automotive and industrial, and lift our radiofrequency power business and cellular base station stations to a new level. We want to become the number one in the RF power amplifier market around 2020. In this market, we are already today at the brink of a rapid transition from silicon-based to compound semiconductors.
We believe that the rollover will fully unfold by the turn of the decade. This offers a unique opportunity to grasp the top spot as we'll have the most complete technology portfolio and will be leading in terms of cost performance. This makes us the preferred partner for cellular infrastructure customers.
We also want to create the clear number one in silicon carbide for power application. We will accelerate the adoption of silicon carbide by cutting edge products as the clear cost performance leader. Capitalizing on the incremental growth potential and novel technologies and architectures using compound semiconductors, we are convinced that we can solidify our 8% growth target.
In essence, this creates a higher addressable market beyond silicon. The business which we acquire is highly profitable with an average gross margin of about 55% and is strongly growing with 20% average growth rate. Net, it is accretive to our gross margin profile and adjusted earnings per share. This means we are creating additional market opportunities that have at the same time a higher gross margin profile as our traditional business.
Hence, our priorities for fiscal year 2017 are clear: Integrating Wolfspeed and realizing the tremendous potentials; continuing to outgrow the market organically; continuing our path to gradually increase our underlying margin profile.
Ladies and gentlemen, this concludes our introductory remarks, and we want to open the call for your questions.
Question-and-Answer Session
Thank you. Our question-and-answer session will be conducted electronically today. [Operator Instructions] We can now take our first question from Sandeep Deshpande from JPMorgan. Please go ahead. Your line is open.
Sandeep Deshpande
Thank you for letting me on. My question is regarding midterm growth. I mean, [indiscernible] you've talked about long-term growth being 8%. The last two quarters, you've grown 2.9%, and now the guidance about - somewhere above 5%. Do you think that in the midterm, that is, into 2016, 2017, you can grow at your long-term growth forecast?
And my second question is on a narrow market for you which is, in the auto market, you've talked about growth in radar. Your competition also talks about growth in the radar market. Are you comfortable with your radar growth position given the design wins they are reporting in the radar market? Thank you.
Reinhard Ploss
Thank you, Sandeep. The growth for the upcoming time, I think here we have seen some specific structural elements in chip card and mobile. We are sure that we will overcome and continue through the growth path so that we assume that even in the mid-term our basis for growing is intact and even not considering the Wolfspeed acquisition, we should be also upcoming, I would say in the next quarters, which is not restricted to just the next four quarters, pretty close to our growth target assuming that the macroeconomics hold up.
Regarding the automotive market, here definitely we have a very good position and good feeling that our radar solution is designed in so many application that we will hold up and continue our growth. Here we see an overlay of two effects: First of all, our superior solutions; on the other side, the take rate in the car industry increases a lot. So if I'm not wrong, we are currently in every 15th car on that planet, and we are pretty sure that we will continue to grow, especially as some of the worldwide customers have committed themselves to install emergency braking and others. So here we are pretty confident. So just to give you one number, we are shipping 15 million annually this year and we are pretty sure, next year, more. So this, I would say, trend is unbroken, Sandeep.
Sandeep Deshpande
Have you - plus one follow-up. I mean, have you seen any new competition develop in the EV market for your IGBTs, because various companies are now talking about coming into that market?
Reinhard Ploss
We see the overall markets to be dominated on one side by the Japanese, but this is a, I would say, their own market and for the rest, we have not recognized - actually many competitors, many people talk about, but we still believe we have an excellent position on the technology. So currently no big change there. And as we said already, we are seeing that more markets are coming online like buses, where we have a very unique position in the high-performance modules.
And to be honest, we are developing the next generation of modules which should give a much better cost-performance point. So we believe that we will stay ahead, and together with Wolfspeed, we expect the silicon carbide to kick in, well, maybe around if 2020, great timeframe for the inverter, and the charger may come earlier. So we believe our extreme strong position we can maintain.
Sandeep Deshpande
Thank you very much.
Thank you. We can now take our next question from Kai Korschelt from Merrill Lynch. Please go ahead.
Kai Korschelt
Yeah. Good morning, Herr gentlemen. Thanks for taking the question. I had a couple on the Automotive business and then one on Chip Card. So firstly on Automotive, so it looks on the EV side China's been very strong and I think Tesla wants to ramp up production 10 times. I think GM is launching the Chevy Bolt. So my question really is, do you actually have enough IGBT and MOSFET capacity needed to support the multiplier and volumes here over the next couple of years? That's the first one.
The second one is on the global auto market. If we were to see global sort of [indiscernible] run rates not increasing or growing anymore, but obviously ATV's penetration and ADAS going up, what sort of revenue growth in Automotive do you think you can achieve in a flat global auto market?
And the third question was on the Chip Card business. I think NXP suggested a couple days ago that you've been fairly aggressive on price, and I - it looks also like the EMV cycle is slowing a bit. So my question is, how do you think about the sort of margin versus growth or market share tradeoff in that segment over the next few quarters? Thank you.
Reinhard Ploss
Yeah, Kai. Thank you for your question. The first one, Jochen Hanebeck will take, talking about the capacity potential constraints or not.
Jochen Hanebeck
Yeah. Thanks, Reinhard. So actually this is just meeting our bet on 300 millimeters very well. We are in the process of qualifying automotive IGBTs also on 300 millimeters also for IGBT modules. So we will have a lot of capacity available for this market to participate, and more, to lead this market.
Reinhard Ploss
Growth in a flat auto market or in turnover growth, Helmut will take.
Helmut Gassel
Yes. Thank you very much, Reinhard. Two comments on this. Number one, the auto market is still slightly growing. Total vehicle manufacturing is slightly up, but anyway the growth of our business is much more related to the share of bill of material and the bill of material itself. And there, with two major trends, assisted driver - assistance systems as well as electric vehicles, we feel very comfortable to take a larger share of that market going forward.
Reinhard Ploss
Kai, the third question about Chip Card, can you repeat it?
Kai Korschelt
Yeah. So I think NXP suggested on their call that you have been fairly aggressive on price recently. And then in that context, the EMV card cycle is slowing. So my question is, Chip Card business has pretty good operating margins; how do you think about the trade-off about winning new business and sort of still growing that segment versus pricing and margins? Thank you.
Reinhard Ploss
Well, our position on Chip Card, definitely, we do not need to buy market. We have superior technical solutions and have one. Maybe you remember last year, a significant part of the payment business by our advanced way how we deliver to the market. And of course, this market now takes a certain deep breath in order to, I would say, because there is such an overhang in the total value chain, the further growth we believe that we can manage across the board and we will be also able to maintain the margin. We have talked about that. We outsourced this to the foundry, so we can even manage the volatility of that market quite nicely without harming the margins.
Kai Korschelt
Okay. Thank you.
Thank you. We can now take our next question from Janardan Menon from Liberum. Please go ahead.
Janardan Menon
Hi. Thanks for taking the question. I have a few which mainly focus on the margin side, probably more for Dominik. I was just wondering, you came in below guidance. You had guided for 16% margin in the quarter and you were below that. And you also had a tailwind from currency because you dropped your margin guidance because the currency had gone up the previous quarter.
So I was just wondering, could you just tell us what was the headwind for margins in the quarter given the tailwind from currency? Was it entirely coming from the lower-than-expected growth in the smartphone side which you alluded to that you didn't get the normal seasonal uptrend there?
And that also in the context that Samsung's shipments are probably better than expected in the quarter, you are saying that you saw good momentum on the Chinese front. So I'm just trying to put that into perspective and figuring out what went - what was the issue with margin. And then I have a couple of small follow-ups.
Dominik Asam
Okay. So let me just try to walk you through this. First of all, yes, in theory, the U.S. dollar should help, but this is only at ceteris paribus consideration if you keep all the other things in - especially volumes left. The fact that we are slightly lower than the midpoint of the revenue guidance despite a $0.02 stronger U.S. dollar, namely $1.13 against $1.15 means that volumes have been somewhat lower.
And the fall-through on margin on lower volume is actually significantly higher than the dollar fall-through. You remember that we say for every dollar of revenues lost to volumes, we lose about three-quarters, so $0.75 basically. That fall-through is about a third, so a $1 reduction due to currency is about one-third on the margin, so $0.30, $0.33.
Secondly, you are absolutely right. We had lower than anticipated revenues on the smartphone side and these are extremely high-margin products. So we were actually quite pleased that we were able to compensate both these effects to come up with a margin which was very close to the midpoint of our guide. So from that perspective, I don't think there's any miracle. If anything - if we do a bridge, you would actually be surprised how high the margin was.
Janardan Menon
Okay. And so, if there's a lackluster smartphone market going forward, what effect does that have on your margins? Would that have a negative effect going forward?
Dominik Asam
I mean, we are already in what we consider a relatively sluggish environment now. We're not anticipating a kind of weakening beyond that. As Reinhard mentioned, there are a lot of initiatives on the way, especially with Chinese handset manufacturers to really diversify demand in that area to make sure that we have a resilient growth there. So from that perspective, we don't see that risk.
Now, if that happens, if the RFS business which is about one-third as we say, of the overall PMM business is kind of taking a smaller share in the mix within PMM. that would slightly adversely affect the margin because indeed still their gross margin is higher than the overall PMM margin. But again, we don't see that negative mix trend. We believe that both the power and the non-power are either radio frequency and sensor business in PMM have similar growth prospects.
Janardan Menon
Thanks. And just a small last one. On depreciation, you saw a fall in depreciation. Can you just give us a medium-term guidance for that, both including and excluding the International Rectifier component? Would depreciation be flat to down over the next few quarters or would you expect a pickup there?
Dominik Asam
No, depreciation should actually, on a yearly run rate basis, if you look into next fiscal year, be flat to down indeed. The International Rectifier items will roll off later, so that will not have a significant positive impact. Most of these items are longer term acquisition-related step-ups.
So the bulk is really more the towers, the investment towers we had in 2011, and they are rolling off as we speak because if you add five-year depreciation period to that time you come into the current period. So if you compare it on a year-on-year basis for fiscal year 2017 versus 2016, you will see no headwind from depreciation. To the contrary, there will be some tailwind.
Janardan Menon
So that should help your margin outlook into 2017, yeah?
Dominik Asam
Janardan Menon
All right. Thank you.
Thank you. We can now take our next question from Achal Sultania from Credit Suisse. Please go ahead. Please ensure that your mute function is switched off, please. Hello, caller, please ensure that your mute function is switched off. Achal?
Okay. We'll now take our next question from Pierre Ferragu from Bernstein. Please go ahead.
Pierre Ferragu
Thank you for taking my question. I was wondering if you could give us a bit more of a quantified view on your most important growth driver. So, if we look at ADAS and electric vehicle, maybe if you could get us a sense of how much - what percentage of your ATV division it was this quarter and how much it grew sequentially year-on-year?
And then I was wondering the same for solar and wind. What percentage of your IPC business it stand up today and what sort of growth rates are we seeing there? And then I have another rather unrelated question, which is like, the way you look at the strategic value of your security business, so it doesn't feel that much the - generating synergies with the rest of your business. And I was wondering if you have, like, any specific views on how important it is to Infineon to keep that business and whether divesting the business could be an option? Thank you.
Reinhard Ploss
So I will start with the Chip Card business and later on Helmut will comment on the growth drivers, Pierre. Regarding Chip Card, definitely, the Security business is developing more and more as a cross-application competence. It reaches from automotive, and many people are seeking for our advice in how to set-up secure products. It is also in the IoT range, coming where you have, I would say, either low, medium, or high security certain demands in order to secure devices.
So we believe, Chip Card being a strategic element in overall from Product-to-System approach and complementing the various markets and here definitely number one is that it's Chip Card's core markets is automotive very nicely. With this, to Helmut.
Helmut Gassel
Yes, Reinhard. Thank you. Adding to the Chip Card story, I would say, the secure element is an important part of our P-to-S story. So I think very clear that it's part of Infineon for good reasons. Now, going back to your automotive question, roughly half of our growth that we target for the next half years is coming from advanced driver assisted systems as well as from electric drivetrains, which is roughly 4% growth over the - annually over the next five years is what we are target there.
With respect to your IPC question, about 20% of the IPC revenue are based on renewables, and we had very, very good double-digit growth quarter-on-quarter in this business and we do see a strong continued trend supporting our overall trend line for IPC business going forward.
Pierre Ferragu
Thank you very much. Very clear.
Thank you. We can now take our next question from Francois Meunier from Morgan Stanley. Please go ahead.
Francois Meunier
Yes. Actually, it's Francois Meunier. So, yeah. I've got a few questions, actually. For Wolfspeed, I think you mentioned the gross margin, but you didn't mention the EBIT margin of the business, so I wanted to know what it is for - to compute the margin expansion on this one?
On the Chip Cards, you had really, really good margins in the past year, and it looks like the market is normalizing a bit. What's in your view, the long-term EBIT margin for this business?
And then the last question is, you mentioned augmented realities in your opening remarks. I wanted to know if you had any particular exposure to Nintendo's Pokémon Go. Thank you.
Reinhard Ploss
So, first question will be answered by Dominik.
Dominik Asam
Yeah. Francois, hi. First of all, Wolfspeed EBIT margin, they are still at what we think relative to the potential, relatively low revenue run rate. So we talk about €174 million in the 12 month ended March 2016. Gross margins at the kind of 55 percentage level. They are - still have an operating expense ratio to sales which is higher than Infineon's. Infineon is about 23%. I don't want to give you precise numbers, but what I can say is that their current segment result margin is above Infineon's, not dramatically because they have relatively high OpEx-to-sales.
Over time, in the five-year planning horizon, we think that that OpEx ratio will be diluted down by virtue of the growth we target to a OpEx-to-sales ratio which is more or less in line with Infineon, because it's a pretty similar business, power discretes and modules and some substrate business with it where that is very profitable. So from that perspective, for modeling purposes, if you look at your kind of five-year model, I think it doesn't move the needle much next fiscal year because you have 2% of revenues being added at a slightly higher margin that's basically a rounding error.
And then as you move along, you grow that revenue by about 20% per year and you assume that you dilute the OpEx down to a level in line with Infineon. And then if you have 55% gross margin and you have an OpEx ratio in line with Infineon, you can clearly see that this should then play a certain role in margin expansion because then you will see some significant upside potential or on-top-margin in that incremental business.
So on the Chip Card side, margins - I mean, yes, the margin has been quite good. Historically, we see that the margins in Chip Card will continue to be strong. Maybe given that they are still investing and gaining more market share, you might see a very slight reduction in the margin, but you shouldn't see any dramatic move there. I'd say that the current level is not far off what we should see in the mid to long term.
Reinhard Ploss
Just to add here, Francois, we, I would say, introduced the SOLID FLASH which helps to avoid any preproduction or intermediate production. The other one is the aggressive roadmap we have driven and the FLASH technologies which gives us I think a very good position - cost performance position on the technology and product side. So here I agree what - I would say, I 100% agree with what Dominik said.
Augmented reality, I would say, not yet. This does not mean that I want now to address that we will be in pretty soon, but we see big potential for these augmented reality devices. We have two major projects with Google, one called Soli, which is using the radar system in mobile devices, and the other is the Tango which is using the 3D camera. Especially for the Soli, I see a certain chance for the anti-collision behavior for these type of people running around. And the other one is, I think definitely with this hype, more applications will come up and drive these technologies which we have there.
Francois Meunier
Okay. Thank you very much.
Thank you. We can now take our next question from Johannes Schaller from Deutsche Bank. Please go ahead.
Johannes Schaller
Yeah. Hi, there. Thanks for taking my question. And all the best to Arun for your future following Infineon. I had two questions, one on the smartphone side. If we could dig a little bit deeper here into what's happening with your business at the moment, I mean one of your peers is rather positively talking about market share gains in MEMS microphones. This is certainly more than a two-player market, so maybe you can give us a bit of an idea of what you are seeing here, if this is a bit of a market issue you see in mobile or if maybe we had some design wins that didn't come through for U.S. as you maybe have expected them.
And then the other thing is on IPC. The margin here is clearly very encouraging, but you commented on a specific revenue mix that helped here. Maybe you can dig a bit deeper into that and also give us a feeling how sustainable that business mix is or if that's maybe just a one-quarter thing. Thank you.
Reinhard Ploss
Yeah. Thank you for the question. Helmut will take the smartphone, and the IPC will be commented by Dominik.
Helmut Gassel
Yes. Thank you. On the silicon microphones, we have been up double digit year-over-year and quarter-over-quarter. So we've been very successful as mentioned earlier with some of the Asian smartphone manufacturers. Overall, we have had a slightly lesser-than-seasonal uptick on this market overall. So I think with this, hand over to Dominik as far as IPC margin.
Dominik Asam
Sure. Thank you. On the margin of IPC, indeed, the 15% we printed basically in the June quarter was up very significantly on 10% in the prior quarter. Might not end up at that level in the Q4, but not far off either. Also, we see that of course fiscal year 2017 margin for IPC should be significantly higher than fiscal year 2016. So there is a general positive trend. And some of the cleanup work of some of the International Rectifier businesses will still last through fiscal year 2017 and then there's more improvement potential beyond that.
Reinhard Ploss
Yeah. So if...
Johannes Schaller
Especially, maybe quick...
Reinhard Ploss
Yeah? Please, yes?
Johannes Schaller
No. Sorry. Go ahead.
Reinhard Ploss
So, I was just adding a little bit more color there that the area where we have still a significant improvement potential is on the small drive area, where there's still some legacy from International Rectifier to be digested.
Johannes Schaller
That's very helpful. Maybe a follow-up quickly just on the MEMS business. You mentioned the pressure sensor earlier. That's something that should already be a bit more visible from your fourth quarter onwards or is that really something where we should think about the revenue impact more in your next fiscal year?
Reinhard Ploss
Yeah. The pressure sensor is still to come. This is a 2017 gain.
Johannes Schaller
Got it. That's helpful. Thank you.
Thank you. We can now take our next question from Tammy Qiu from Berenberg. Please go ahead.
Tammy Qiu
Hi. Thank you for taking my question. Firstly regarding auto, can you help me understand regarding the auto parts you had this quarter? Is it more to do with content, and what is the percentage or rough split about the volume impact and the content growth impact?
And also, I have the second question on the International Rectifier Wales factory which you were planning to sell or shut down by the end of the year. Just wondering, what is the progress there? Have you found a seller, or what is the new update? Thank you.
Reinhard Ploss
Thank you, Tammy, for your question. Auto will be commented by Helmut and Jochen will talk on the Newport Wales factory.
Helmut Gassel
Yes. You can look at our 8% longer-term growth rate basically consisting of three factors. 2% is 2% growth of automotive increase itself. 4% is coming, already mentioned, out of our increasing share of bill of materials; and 2% is roughly market share gains. This is pretty much in line with our this quarter's growth.
Jochen Hanebeck
Yeah. Turning to the question on Newport, we communicated the plan to phase out the factory by the end of 2017. We are on track with this plan to either sell it or close it.
Tammy Qiu
Thank you very much.
Thank you. We can now take our next question from Lee Simpson from Stifel. Please go ahead.
Lee Simpson
Great. Thanks for letting me on. Maybe just three quick ones, if I could, most of my questions have been asked. So, if I circle back to the peer chip maker on 77-gigahertz, clearly gaining some share there, it looks like. And you mentioned, I think, in your early commentary that it was €15 million for this year. Can you just quantify, is that all front-end RF or is there any back-end processing in that number?
Maybe secondly, a clarification on the book-to-bill for Chip Card, I missed what it was. And then thirdly, we've heard of some recalls at Autoliv around airbags. Just wondered if there was any exposure for Infineon there? Thanks.
Reinhard Ploss
So the answers for the radar business currently is the RF part, the combo where we have both the RF and the micro is still on the way and we expect to ramp this in 2018. The second question was...
Dominik Asam
The book-to-bill for Chip Card.
Reinhard Ploss
The book-to-bill Chip Card. [indiscernible] Helmut?
Helmut Gassel
Yeah. I think on the book-to-bill, what you've seen there, as already mentioned earlier, some inventory corrections predominantly in the payment market and that is - say, behavior is rather short time is kicking in strongly.
Dominik Asam
The number is 0.7 times - was the number, because it was not...
Helmut Gassel
The question was about the number? Oh, sorry.
Reinhard Ploss
Yes. And just to complete on the radar, we are very confident that we can continue our strong position because we are designed in on a global basis in all major Tier 1s.
Lee Simpson
Okay. Thanks. And maybe just on the...
Reinhard Ploss
And the recall, the recall is not - sorry, the recall is not affecting us.
Lee Simpson
Got it. Super. Thanks so much.
Thank you. We can now take our next question from Günther Hollfelder from Baader Helvea. Please go ahead.
Günther Hollfelder
Many thanks. Two questions, I think, left on PMM. Given the lower seasonality in the smartphone business, was there any - a more pronounced impact then from the Kulim, Malaysia ramp up? Is there a significant impact currently and how do you see this going into fiscal year 2017? And also due to the slower than expected business, potentially any inventory write-downs already booked here in the quarter?
And the second question would be on the LDMOS cellular base station business. You mentioned that you saw a decline here, what's the short-term outlook here? Thank you.
Reinhard Ploss
Okay. So, for the write-down, Dominik will answer.
Dominik Asam
Yeah. So that was a question on the inventories, and you're right. Actually, the inventory levels which have increased a little bit are very much centered around that lower than normal seasonality story in PMM, and we have taken some inventory reserves. Not so much, because we felt that we have to scrap that inventory, simply because we have very clear accounting rules, if certain inventory reaches are - exceeded that we have to mark them down. So, that's actually something that has affected our margin both in the June quarter - predominantly in June quarter, sorry.
Reinhard Ploss
I think the lowering for Kulim will be answered by Jochen.
Jochen Hanebeck
So we built Kulim II mainly for Automotive technologies and here the transfers are on track. The microphone technology is just in the transfer right as we speak, so there is no impact right now on the ramp up of Kulim II with respect to this topic.
Reinhard Ploss
And the final comes from Helmut.
Helmut Gassel
Yes. The business - the infrastructure is, I'd say, influenced by very large projects, and therefore, has a higher volatility than average for our business. And yes, there have been some delays in the infrastructure installment in China as well as in India. So, therefore, we had a higher volatility this quarter. Going forward, very difficult to predict what we think that we're probably at a lower point of that business going forward right now.
Günther Hollfelder
Thank you.
Thank you. We can now take our next question from Stefan Slowinski from Haitong. Please go ahead.
Stefan Slowinski
Yes. Thank you very much for taking my question. I just had a question on China. You stressed that we should see some higher growth rates there or even accelerating growth going forward in renewables, electric buses, and other areas as well. Can you give us an indication as to the type of growth rates that you are currently seeing and that you expect to see going into next year and beyond? And kind of what percent of your overall revenues you see coming out of China in the sort of medium term? Thank you.
Dominik Asam
So, this is - the comment on China was mainly due to IPC's business where we see very good potential in growth for the buses and the renewables. Here, we cannot give any specific China growth rate for IPC. The overall business for China will continue to grow on the rate we have seen up to now.
Stefan Slowinski
Okay. Thank you.
Jürgen Rebel
So maybe we have time for one very last question.
Okay. We can now take our next question from Janardan Menon from Liberum. Please go ahead.
Janardan Menon
Hi. Thanks for taking my follow-up. Just two things. One is on Google Tango and Google Soli. It's been a few months since Google Soli was launched officially by Google. And on Google Tango, we have the Lenovo phone in the market and I think there is one more phone. Given that you're pretty much the sole supplier of these technologies, what's the kind of design activity or the interest from smartphone and other manufacturers that you've seen so far? And would you expect revenues from Google Soli in FY 2017 or is that too early for that product?
And secondly, Dominik, if you can give us a brief update on the 300-millimeter utilization trend that you see, especially from end of this year to end of next year that will be great.
Reinhard Ploss
So, Janardan, the utilization will be commented by Jochen. Regarding Soli and Tango, here we see a lot of interest by various application, and this will still take some time until we see significant revenue coming from there. Soli is a radar-based solution where we can think of many applications like automatic door openers and room motion detector and security elements and others. So these technologies are not only related to the mobile phone. The 3D camera, we also expect that various applications will come, maybe some - but here definitely, we do not expect substantial revenues from these applications in the next year. But you never know, this may be changing when the markets develop more quickly. But here, we expect the design end to be the major activity we have in the next time.
Regarding the utilization of 300-millimeter, Jochen will comment.
Jochen Hanebeck
Yeah. We are making good progress on our transfers to 300-millimeter, and therefore, we are on track to achieve the crossover by the end of 2017.
Janardan Menon
Thank you very much.
Jürgen Rebel
All right. Thanks a lot. With this, the time is over and we would like to thank for your participation. And for any follow-on questions, the Investor Relations team will be available.
That concludes today's conference call. Thank you everyone for joining us. You may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
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text:
"I didn't really do nothing that game. I had like two catches," Funchess recalled with a smile. "Our defense had a great game."
Look at him now.
The Michigan native is coming off his best game as a pro – a two-touchdown performance against the Patriots – as he prepares for his first homecoming matchup against the Lions.
"I'm really excited," said Funchess, who will have about 100 people at the game supporting him. "I've got food coming for everybody at the hotel. I'll get to see some family and relatives I don't get to see too often. It's going to be fun."
Funchess has emerged as a prime target at just the right time to showcase his ability in front of family and friends.
With All-Pro tight end
Fellow wide receiver
"He's playing with confidence and he's establishing himself," Shepard said. "I know you don't want to just jump on someone's bandwagon after one game, but man, to see how this young man is growing and knowing his talent level, playing in that environment against two premier corners – I'm excited to see this dude go back home and do it.
"A guy with his range and being able to bend, he can beat press man-to-man, he can get in the slot and do things that typically a guy his size can't do. I told him prior to the season – there is only one guy I've been around with his measurements that can do those things and get separation, and that's (former Tampa Bay wideout) Vincent Jackson."
Of course Funchess is enjoying the increased opportunities. Every wide receiver wants the ball thrown their way, and the former Michigan Wolverine wants to show out on Detroit's turf.
But even if Funchess has just two catches in his return trip to Ford Field, he'll take it so long as the end result is the same as that state championship.
"I'm not a selfish guy," Funchess said. "I'm always about the team and the W."
Especially this particular W.
"Him being from Detroit," quarterback

subset: commoncrawl


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Det här är en gammal arkiverad spelning
Zola Jesus (US) + YAST
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Zola Jesus is the stage name of Russian-American singer-songwriter Nika Roza Danilova (born 11 April 1989 in Phoenix, Arizona and raised in Merrill, Wisconsin, USA). Her music style combines electronic, industrial, classical, goth, and experimental rock influences.
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Textinformationen kommer från last.fms wiki
From Sandviken in the north of Sweden comes lo-fi romantics YAST (Before the name stood for Youth And Student Travel). A bit naive, very loving and with dreamy melodies, Carl, Tobias and Marcus get help from Markus and Niklas, drummer and bass player from post punk act Aerial. Since 2004 they are based in Malmö, near Möllan. YAST will always be influenced by Yo La Tengo,Neil Young and Pavement but find inspiration in a variety of music and things.
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Learning about ASL Semantics "Sexist Sign?"
Developed by Mark Halley
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Time Required for Activity: 10 mins
To learn about ASL semantics of a particular ASL sign and consider how to interpret discussion of this sign into English.
In this short video, Jay Krieger asks whether a particular ASL sign is sexist. […]


text: Porsche moved Wednesday to put a brake on volatility in Volkswagen shares - which have soared over four times in value in recent days - by selling up to 5% of its options for common shares in the automaker. The announcement sent shares in Volkswagen - Europe's biggest automaker by sales - plunging 40% in Frankfurt trading to 578.92euros ($725.16) after two days of stratospheric gains. It also pulled the DAX index of blue chip stocks lower, by less than 1%, to 4 789.40.Frank Gaube, a Porsche spokesman, said the company had offered to sell "up to 5% of our options holding depending on marketconditions" on Wednesday.That comes after a weekend announcement that Porsche had bought options to increase its ownership in Volkswagen to 75%, buildingupon its previous ownership of 42.6% in common stock."We're only willing to reduce our options position as little as possible," and Porsche won't sell "one single share" of the 42.6% it holds in common shares, Gaube said.Gaube said if the company sells a full 5% of its Volkswagen options, Porsche would still hold options on another 26.5% of VWcommon shares, giving it effective control of 69.1% of the company.Porsche still aiming for 75%He said Porsche will continue its plans to increase its stake to 75% of the company some time in 2009.The decision came after two days of wild gains by VW that set jaws dropping and eyes popping. Volkswagen shares jumped 82% onTuesday after a similar surge Monday.Speculation on the reason for the gains centered on the fact that the number of available shares to trade after Porsche's deal had beendramatically reduced. The shares were propulsed higher by reports that hedge funds and big investors were forced to scramble to buy the few remaining shares to get out of mistaken bets that the stock value would fall.That, in part, was to blame for Volkswagen shares rising in value to as much as 1 005 euros ($1 256) on Tuesday. They later settled back to close at 945 euros ($1 183.70)."Will show mercy""Porsche has announced today that they will show mercy and put 5% of the shares on the financial market," said Dirk Mueller, atrader at mwb Fairtrade in Frankfurt."Ingenious coup for Porsche. They'll make a lot of cash," he said.Porsche shares were up 35% at 62.10 euros ($78.87) in Frankfurt morning trading.German financial markets regulator BaFin said Tuesday it was looking into the recent history of Volkswagen share trading to see if there hasbeen any market manipulation or insider trading.Late Tuesday, Deutsche Boerse AG, which operates the Frankfurt exchange, said it would "adjust the weighting of DAX constituents" butdid not plan to halt trading in VW shares, according to a statement.It planned to adjust the DAX weight of VW shares from 27% Tuesday to 10% on November 3, heeding calls by critics who said thatVW's massive gains had driven the DAX index higher though Volkswagen is just one of 30 companies making up the measure.


text:
Wednesday, 5 February 2014
Bill Nye debates Ken Ham
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I saw in some news today that the Postal Service is going to raise the price of stamps to 46 cents. When I saw that I thought, "46 cents? What are they now?" I got online to the Postal Service and saw that they are 44 cents now. Since when did they go up to 44 cents? I thought it was only 42 cents and I know I have mailed out a couple of letters in the past couple of months that only had a 42 cent stamp on them. I wondered how in the world I could have missed that and then I remembered, "Oh yeah, I've been out of the country!!!" I guess raising the price of US stamps to 44 cents is not big news in Ireland. :0)
Tuesday, July 6, 2010
5 comments:
- Nene said...
Ok Babs, you really have to teach me how to make this video screen fit in my blog! :0)
- July 6, 2010 at 8:31 PM
- 王名仁 said...
- This comment has been removed by a blog administrator.
- July 7, 2010 at 7:20 AM
- Amber said...
you probably got away with it if you have the stamps that just say "First Class" - the price keeps going up so often that we have postal insurance so our rate only changes once a year now at work.
- July 7, 2010 at 10:01 AM
- Nene said...
No, I know they said 42 cents on them. Now I'm wondering if they even went through?
- July 7, 2010 at 11:04 AM
- 林琇 said...
- This comment has been removed by a blog administrator.
- July 9, 2010 at 8:31 PM
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text:
Click a conference title below to view the call for papers or to submit an abstract. SPIE conference papers are published in the Proceedings of SPIE and available via the SPIE Digital Library, the world's largest collection of optics and photonics research. View Proceedings from last year.
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Shop Coach Legacy Tanner In Studded Signature Small Khaki Crossbody Bags BNO
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Product Code: 26234333
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Updated with rows of pyramidal studs, the Tanner has a retro-punk feel and a crossbody strap for versatility. The design is a more compact version of its namesake.
• Signature fabric with studded leather trim
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• Zip-top closure, fabric lining
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KickCity is a Y combinator startup school Alumnus and completed Microsoft Bootcamp in Helsinki. The startup has innovative products that currently generate revenue. KickCity has offices in Delaware, Houston, Helsinki, Moscow and Saint Petersburg.
KickCity is building products that will drive huge demand of KickCity Tokens (KCY) while creating real value to the users. By creating the online value community, which is supported by a strong offline events community, KickCity will be a bigger Facebook for the crypto community and cause adoption of cryptocurrencies.
Launch date: March 1st 2018, 9:00 AM EST (1:00 PM GMT);
End date: March 31st 2018, 7:59 PM EST (11:59 PM GMT);
160 Million smart tokens will be available for crowdsale;
We will accept Bitcoin and Ether;
Day 1: 15%;
Day 2–10 : 10%;
Day 11–20: 5%;
Day 21–31: 0%;
250 Million KCY will be created;
160 Million KCY will be sold during crowd sale and all unsold tokens will be destroyed.
1 Million tokens will be allocated for user adoption and air drops;
Team tokens — 30 Million (70% of team token will be vested for a maximum period of 4 years);
Partner tokens — 30 Million (Partner Tokens include bounty & marketing, advisors, traditional angel investors, who invested in KickCity 2 years ago;
30% of the partner tokens will be vested for a maximum period of 4 years);
KickCity pool — 30 Million tokens will be retained by KickCity for future sales.


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|By Greg O'Connor
Article Rating:
|September 28, 2011 08:00 AM EDT
Server application virtualization pioneer AppZero has announced the appointment of Jim Noschese as Global VP of Sales. As Vice President of Global Sales, Jim Noschese will combine strategy, staffing, and customer satisfaction levels to drive AppZero revenue growth and customer loyalty.
Jim comes to AppZero with more than 25 years of experience in technology-based solution sales management experience spanning companies such as CIMTEK, Inc, Open Ratings, Emptoris, and Parametric Technology (PTC). His record of success is marked by consistent and frequently explosive growth in key regions for which he was responsible. Jim holds a BA in Economics and an MBA from the University of Dallas.
Speaking of the opportunity Jim said, "Server virtualization is main stream. Now, executives and IT pros are faced with moving applications and workloads onto all those servers in data centers and clouds. AppZero is very well positioned to meet that requirement."
About AppZero
AppZero virtualizes server applications for portability and ease of distribution. AppZero's patented software packages Windows, Linux, and Solaris applications in OS-free Virtual Application Appliances (VAA) for rapid provisioning: across a network, on any server (physical or virtual), in the data center, hosted, or in the cloud, without change or lock-in. The result is applications that can easily move from one environment to another as quickly as business circumstances require. First to market virtualizing server applications, the company also offers a Windows desktop version. For more information, visit www.appzero.com and follow and follow us on twitter @appzero-inc.
- The Top 150 Players in Cloud Computing
- Virtualization Expo New York Call for Papers to Expire January 15, 2010
- AppZero Founder Launches Virtual Application Appliances Topic on Ulitzer
- AppZero Named "Silver Sponsor" of 4th Cloud Computing Expo
- Who Invented Virtualization?
- VMware's Genius: Doing Something Old
- Note to Mark Hurd: AppZero Prescribes "Virtual Viagra" for Solaris
- Good Fences Between Apps and OS Make Good Neighbors in the Cloud
- Global Distributed Service in the Cloud with F5 And VMware
- Occupy Cloud! Movement Set to Occupy Cloud Expo


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Hello Friends!
So you may have noticed a lack of posting around here up until the past few days. August is my busiest time of year at work. I think I've mentioned on here I work at a college bookstore and it is absolutely crazy right now. Add to that I've been the only one in the office the majority of the time when I normally have three coworkers and you see why I haven't had the energy to do anything lately. Plus I think my five posts a week is catching up to me a little bit. The creative part of my brain is just drained.
It doesn't help I've been too busy/tired to read which makes book blogging a little difficult. Anyway I'm hoping to get back on track this week and really get the ball rolling again. Getting posts up the last couple of days has been a true accomplishment for me. I'll continue to try and kick myself out of this creative slump and get back to my favorite activity!
Anyone else hitting a slumpy/sleepy time right now? Hopefully I'm not the only one. How is your summer going? Have you done anything interesting? Let me know so we can catch up!
Happy Reading!


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Burning irritant shaft skin
I'm been on a good PE session for sometime, however lately I have been a little more aggressive and persistent with my exercise. I have also recently included a pumping session after purchasing from Lapdist.
However I am starting to notice my shaft skin to have this burning feeling throughout the day. Could this also be from my shaving the shaft? I am uncircumcised and I am wondering that perhaps the skin is being pulled too hard during stretching as well. I gave it a day's rest and it seem to be a little better. Could pumping also be what is causing this?
Are there any creams or something that I can use for it to get better?


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Five Major Personality Traits That Change Throughout Our Lives
January 16, 2018
It's traditionally thought that personality is fixed during adolescence, but a new study finds that to be untrue. People not only can change … most of us do. A major study of 50,000 people found that your personality does not stay the same throughout your life, but instead changes through the years. The "big five" personality traits -- neuroticism, conscientiousness, openness, extroversion and agreeableness -- showed marked fluctuations as we age. We humans generally become less neurotic, less conscientious, less open, less extroverted and less agreeable. There were actually 14 different studies in this research and the findings were mostly steady across the the continents. Read more HERE!


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Question about 1999 Isuzu Rodeo
Marks not visible on crankshaft and injector pump
Posted by Anonymous on
SOURCE: I have freestanding Series 8 dishwasher. Lately during the filling cycle water hammer is occurring. How can this be resolved
A 6ya expert can help you resolve that issue over the phone in a minute or two.
Best thing about this new service is that you are never placed on hold and get to talk to real repairmen in the US.
The service is completely free and covers almost anything you can think of (from cars to computers, handyman, and even drones).
click here to download the app (for users in the US for now) and get all the help you need.
Good luck!
Posted on Jan 02, 2017
SOURCE: Changed the water pump, but the timing is off...1994 rodeo
I just did this on my 1999 rodeo so my answer might not be perfect for yours but I will try. The two cam gears on mine have a paint mark on them that lines up with two marks that are on each of the cam covers. The marks on the cam gears ended up pointing at about 10:30 o clock on the passenger side and 1:30 on the drivers side. Now at the same time that you have the cams lined up as I said, you need to have the crank pulley (dampner) lined up also. The mark for the crank was on the dampner itself as the dampner can only be bolted on one way. The mark that was on the block was at about 3 o clock.
Make sure not to move these gears indepentedntly too much so you dont bend any valves. you will not be able to use a light to do the timing when the internal timing is incorrect. Also, the computer in the car probably is setting the timing, co if you try to change in externally with a light the computer will most likely adjust itself back to where it wants to be.
Posted on Apr 28, 2009
SOURCE: 2000 isuzu trooper 3.2 v-6 dohc camshaft timing
It's more to it than aligning the marks since the cam pulleys turn about three times or more to one turn of the camshaft on this engine. You need to find someone that is experienced on this vehicle.
Posted on May 13, 2009
SOURCE: installed new timing gear on injector pump for kb
Small hole in the drive wheel's with treaded holes behind them. Turn the engine until the main shaft mark is at the top screw 2 screws through the holes and replace the belt
Posted on Sep 22, 2009
SOURCE: i HAVE 1996 ISUZU . tIMING CHAIN BROKE. i AM
Yes be sure the number one piston is at TDC firing stroke or compresson stroke and line up the timing mark pointer is pointed at exactly zero. One more thing when aligning the camshaft sprocket or sprockets be sure that when you are rotating the sprocket for the cam it is rotating in the correct direction and also be sure you observe the intake valve for number one shutting as you bring the marks up to alignment points, the intake valve and the exhaust valve should be shut when the marks line up if not you could have the cam sprocket off 180 degrees, get it right the first time or you may damage a valve trying to start.
Posted on Dec 29, 2009
SOURCE: hi ive got a 1996 isuzu bighorn ive attempted to
Timing belt installation
1. Ensure locking bolts located correctly [4] & [5] in the picture below:
CS = Crankshaft
CA = Camshaft
IP = Injection Pump
2. Ensure timing marks aligned [10].
3. Fit timing belt in clockwise direction, starting at crankshaft sprocket.
NOTE: "ISUZU" lettering on belt should be readable from front of engine.
4. Slacken tensioner pulley bolt [9]. Push tensioner pulley against belt.
5. Ensure belt is taut between injection pump sprocket and tensioner pulley as well as crankshaft sprocket and camshaft sprocket.
6. Position tensioner lever [8] against tensioner pulley housing.
7. Remove locking bolts from sprockets [4] & [5].
8. Apply a load of 10 ... 12 kg to tensioner lever. Use spring balance [11].
9. Tighten tensioner pulley bolt to 80 Nm.
10. Turn crankshaft slowly 45 degrees anti-clockwise. Use spring balance to tension belt.
11. Repeat tensioning procedure at 45 degrees intervals for one anti-clockwise turn of the crankshaft.
NOTE: DO NOT turn crankshaft clockwise during tensioning procedure!
12. Fit tensioner lever to original position. Tighten nuts [12].
13. Install: Injection Pump flange [6], Camshaft sprocket flange [7], and water pump pulley.
14. Install components in reverse order of removal & refill coolant.
Posted on Nov 27, 2010
Tips for a great answer:
Nov 01, 2014 | Cars & Trucks
Fig. 6: The number one cylinder is at TDC when the timing marks are aligned as shown (clikc image for zoom)
Check that the mating marks on the sprockets are aligned as shown
in the illustration. If not, the crankshaft should be rotated another
Fig. 7: It may be helpful to paint marks on the chain and sprockets if the marks are not easily visible
Remove the camshaft position sensor. Mark the position of the sensor before removal to help keep the ignition timing correct.
Fig. Line up the mating marks on the lower timing chain with the marks on the sprockets
Hope this helps.
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Jun 14, 2014 | 1999 Isuzu Rodeo
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This does not work for my machine:
sudo hdparm -S 120 /dev/sda1
I get the following reply:
setting standby to 120 (10 minutes)
Type: Posts; User: antechinus; Keyword(s):
This does not work for my machine:
sudo hdparm -S 120 /dev/sda1
I get the following reply:
setting standby to 120 (10 minutes)
An update for other who may wish to do the same.
Using MPD with Pitchfork was successful and the set-up is working very well. I can play mp3s through my stereo and control playlist remotely via...
Well, experimenting with the smb.conf I found login to [homes] on XP works well, but login to [MyFiles] does not work. If I add to [MyFiles]
valid users = %S and comment out the two force statements...
I used:
sudo smbpasswd -L -a my_linux_login
sudo smbpasswd -L -e my_linux_login
But the login does not work.
Is the windows login box supposed to display
That is a very helpful guide to setting up Samba, Lisati. Thanks. No luck though.
I completely rewrote the smb.conf file based on the one in your link. There are three shared directories setup and...
Using Hardy Heron headless server administered via putty.
I've ready the manual, trawled through countless webpages and not been able to work this out - though thats not saying much since i am new...
Well, I have decided to go down the MPD path. My small headless linux server is connected to stereo system and networked. I have downloaded and unpacked latest MPD, libao, libid3tag, zlib, audiofile,...
Squeezebox looks good, but is an expensive option. Anyway I already have the headless box sitting with my stereo. All I have to do is get the software.
What do you mean by "I do exactly what you...
I want the server to be part of the stereo system - a headless box that stores the music and plays it straight to the stereo. It can then be remote controlled by another machine in the house...
Should I have put this question in a more general forum?
Need to work out the best way to play sound and video from Ubuntu server. Let me say at the outset, I am a complete newbie to this.
I have a networked server running Hardy Heron with no GUI. This...


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Sy's Challah
- 1 ¼ cups warm water
- 2 (.25 ounce) packages active dry yeast
- 3 eggs
- 6 cups all-purpose flour
- 1 egg
- 1 tablespoon poppy seeds (optional)
- ¼ cup vegetable oil
- + 2 more ingredients
- ¼ cup white sugar
- 1 tablespoon salt
1. Place sugar, salt, and oil in either a mixing bowl for an electric mixer with a dough hook or any large bowl. Add hot water, and stir to dissolve the sugar and salt. Stir in yeast, and let stand until mixture gets foamy. Add slightly beaten eggs. 2. If using an electric mixer, add 4 1/2 cups ...
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If you had the option to finance a car with an adjustable rate loan, with zero down and no payments for five years, I hope you wouldn't do it. You would be upside down immediately. By the time the first payment came due, you'd already be looking for a new car, and actually owe way more than when you bought it. Borrowing to finance current consumption is a recipe for financial ruin. Most financially responsible people recognize this and live accordingly.
So why do we let previous generations do this, but pass the bill for their expenses to us? We're still paying for the waste and wars pursued by long dead political leaders. That is tragic.
Incredibly, we still refuse to admit we can't keep borrowing forever, which means we're trying to push the burden on to our children. That is shameful.
Wednesday, April 13, 2011
Rent-A-Center Government
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Saturday, February 25, 2006
Interesting Tidbits About Covers
Because I've had so many questions, I'm going to be sharing some fun images of covers and their conception. This one is my third book, and my best seller to date, LAND OF DREAMS. It's set in Nebraska, my home state, and Booker and Thea remain two of my favorite couples of all times. I sent the photograph you see as the likeness for Booker. He turned out as a cross between JFK Jr and a young Richard Geere, which as you can see, ain't a half bad fantasy man.
4 comments:
Thanks for sharing! I love things like this (book trivia/tidbits).ReplyDelete
DUH! i had another senior moment. I thought you were referring to JFK (the father) while all the time you were talking about John-John (that's how I always think about him) OK-there is a resemblance but i still see Julian MacMahon.ReplyDelete
I see a bit of Julian MacMahon too Marelou!ReplyDelete
I think it's a great cover!ReplyDelete
I think of him as John-John, too. It is so sad that both the father and the son died tragic deaths at such early ages.
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DUMAZ12500 - Arstyl Crown Moulding Z1250
CX133 - Axxent Crown Molding CX133
CB530 - Basixx Crown Molding CB530
C353 - Luxxus Crown Molding C353
CX111-8 - Axxent Crown Molding CX111-8
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Slum Dwellings of Yore
Oh ~ five-to-one and time for lunch ~ see you later ~ after my flop . . .
Something bad happened in the yard yesterday that I feel I have to mention though as it was not my drama there is no more I can say ~ however it has left us all feeling sad and depressed. Let me see whether, ignoring that, I can think of anything else to write about. A glorious sunny day again andall our small plots are looking good, mine particularly is a green dream in a green glade though purists might say it is overgrowing and eeds a visit from Richard to prune everything back. Mainly because I have some wrinkled lemons, I've mixed batter for pancakes tonight ~ can't understand why so many people only make pancakes on Pancake Day when they are so delicious and nourishing as long as I don't drench them in sugar along with a whole lemon for each pancake.
Diana comes again in the morning and I think I'll get her to tackle the sitting room which is so cluttered there is scarcely room to weave between chair, table, bureau and sofa with hoover ~ heaven knows how they went on in bygone times when there would be a family here, sometimes a family plus lodgers ~ certainly I see from the Census returns for 1881 that at that time there were 13 people living here, among them our famous life boat man, Henery Freeman ~ blows your mind, thinking about it. And of course this house is twice as big as most of the other dwellings on this side of the river, certainly the others in this yard which are all built to a similar design : three floors with one ropom on each floor ~ and most of them would also house a family or two ! Although we know that my house was built in 1750 by Jonathan Sanders of Sanders Yard, this was his home while along Church Street was his business premises, Sanders Sail Cloth Factory ~ interesting that that yard still carries his name : Sanders Yard, the workshop now a whole food cafe (of high renown). However all the other dwellings in this yard are a good deal older than this, alm ost certainly dating back to 1605 or thereabouts following the great landslide which brought mud and rock down from the Abbey Plain to completely smother most of the dwellings below ~ evidence of this can be seen in the cellars of many properties ~ cellars which originally were ground level kitchens ~ for example, number 3, Johnny's place, has recently been done up ~ in its cellar are scars of windows and a door that must have been at ground level but are now eight feet down. It was in that cellar that John Gaunt clearing it out for Johnny (yes ~ too many JOHNS ~ all very confusing) found the skeleton of a dog apparently built into the wall and other bones (possibly human0 too. It does make sense ~ why would theseinhabitants of Clarks Yard , for instance, inwhat were little better than hovels, go to the trouble of digging out cellars ~ there are sceptics who say this is rubbish, but it does seem to account for cellars with the scras of doors and windows. This house has no cellar (thankfully) but then it is higher up the yard, above the level of those earliest dwellings ~ almost certainly, however TWO humble cottages were demolished by Jonathan Sanders to make room for this "gem of a modest early Georgian double-fronted town house," as the Architectural experts describe it ! And until the first slum clearance in the 1930s there was a facing terrace of similar cottages, three floors with one room on each floor, but they were demolished leaving us with a pocket handkerchief garden each ~ gardens are rare among Whitby's old yards where the cottages were packed so tight ~ I think apart from this yard, Blackburns Yard is the only other one with gardens ~ two out of something around 190 old yards # many of them medieval in origin like the bottom ones in this yard, ovrwhelmed by the landslide of 1604 though still evident in their cellars.
There ~ I've cheered up a bit telling you all this, and so taking my mind off this morning''s communal sorrows. Time for a bath before I get going on the pancakes !
Thursday morning : Diana did a brilliant job on the sitting room including dusting the alcove shelves which I am no longer able to reach ~ Diana is a treasure ~ new rug came ~ a glorious soft green but too big for the sitting room ~ ot is perfect on this lower landing (see picture) Realise hip pain has eased off considerably so that's a blessing ~ had something dislocated and now popped back in place ? Thank Gawd !


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