[{"text": "to Mercer's proprietary investment manager research, opening up a new distribution outlet for Mercer.", "audio_length_s": 6.9, "path": "62d981deed6d5128615c99d1597178b6_67.wav", "duration": 6.9}, {"text": "stuff is printed up, we're ready to go and we're very excited to get out there and actually start talking to some restaurant operators.", "audio_length_s": 6.9, "path": "a20052a04bcb5b7b8d242a21c859550d_25.wav", "duration": 6.9}, {"text": "specially given the backdrop of consumers looking for more convenient digital solutions, we think Mogo is really well positioned to take advantage of that.", "audio_length_s": 6.9, "path": "f3ea353a6c918bc1fd311a9cad6b9777_32.wav", "duration": 6.9}, {"text": "Currencies were again a burden for us in the third quarter, but to a lesser extent than in the previous quarters.", "audio_length_s": 6.9, "path": "a95a220f118ae793c89d6d708e62cf8a_1.wav", "duration": 6.9}, {"text": "Now finally, with respect to realizations. While volatility can make for more difficult execution,", "audio_length_s": 6.9, "path": "6388da88b00ebc88af59435bdac74132_23.wav", "duration": 6.9}, {"text": "impacted by that. They know what their costs are. They know where they can save costs. They know what their customers want", "audio_length_s": 6.9, "path": "55cbaf368288111ebc2ccadb61e3bd34_55.wav", "duration": 6.9}, {"text": "is the smart connection technology that allows them to do that. So we're very excited about that move. Keith is very excited about that move.", "audio_length_s": 6.9, "path": "55cbaf368288111ebc2ccadb61e3bd34_121.wav", "duration": 6.9}, {"text": "Our equity portfolio benefited from those market trends mentioned earlier. And also driving returns", "audio_length_s": 6.9, "path": "aaf7e3a1cc8cf65ccf788923cb583954_69.wav", "duration": 6.9}, {"text": "some additional color across all the metrics and that's one of them. I think we also provided more color around some of the balance sheet items.", "audio_length_s": 6.9, "path": "47d77b15189fadcc76113a2f7800ba28_74.wav", "duration": 6.9}, {"text": "So what I did was go through in further detail", "audio_length_s": 6.9, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_180.wav", "duration": 6.9}, {"text": "These marketing initiatives combined with the ongoing improvements in the customer experience and improved digital ordering channels", "audio_length_s": 6.9, "path": "1f1b29266d2cede9b8f0f06ca57aae17_104.wav", "duration": 6.9}, {"text": "The effects of numerous macroeconomic challenges and structural market factors, which have contributed", "audio_length_s": 6.9, "path": "223f05c0b9b116532e9af84afa76cac7_8.wav", "duration": 6.9}, {"text": "and counting on the improved revenue drivers and to be much more back on target", "audio_length_s": 6.9, "path": "c68c15299b67173c7ae163cc5938f3c1_110.wav", "duration": 6.9}, {"text": "which is cigalites, but drops off as the consumer moves through what we call the product continuum.", "audio_length_s": 6.9, "path": "c68c15299b67173c7ae163cc5938f3c1_142.wav", "duration": 6.9}, {"text": "And the money that we were spending in Global E-Commerce that gave us very little return will be able to realigned to", "audio_length_s": 6.9, "path": "c68c15299b67173c7ae163cc5938f3c1_150.wav", "duration": 6.9}, {"text": "And looking at quality of production rather than just -- production for the sake of production.", "audio_length_s": 6.9, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_79.wav", "duration": 6.9}, {"text": "So if we see demand increasing as we hope that we will, that breakeven number may move a little bit", "audio_length_s": 6.9, "path": "ed1006cd88de67e8fe53ea86ad6862d7_72.wav", "duration": 6.9}, {"text": "There have been no changes to the forecast for either Ubiquitous Solutions or Device Solutions.", "audio_length_s": 6.9, "path": "2a59b9df2de5248e64727f10185a8423_96.wav", "duration": 6.9}, {"text": "mentioned this in his remarks, we continue to be encouraged by the opportunities we have in the", "audio_length_s": 6.9, "path": "13220986bf30f26076a674e2a9edc89c_223.wav", "duration": 6.9}, {"text": "has not been paid, leading to that adjustment of the capitalized part of the earn-out.", "audio_length_s": 6.9, "path": "65d5a09c659f6809931dc62aa7a9eaad_227.wav", "duration": 6.9}, {"text": "We were able to leverage that growing technical expertise, financial capabilities and our track record", "audio_length_s": 6.9, "path": "81430c39b7b202d05644e419e2a01a65_120.wav", "duration": 6.9}, {"text": "on various products along with production capacity discipline and price increases in raw materials.", "audio_length_s": 6.9, "path": "67716cee321d117b0318930dd142f06a_121.wav", "duration": 6.9}, {"text": "Our focus on core deposits has paid off, with deposit growth exceeding loan growth.", "audio_length_s": 6.9, "path": "7974a5134807f46a1484a8adf81505be_210.wav", "duration": 6.9}, {"text": "as there appears to be an insatiable demand for additional motors and tools as scarcity builds despite a plateauing rig count.", "audio_length_s": 6.9, "path": "dd3166f311a5f12a25103a0295e8ac3e_145.wav", "duration": 6.9}, {"text": "part of the market that's not contracted. We still haven't collected on our July", "audio_length_s": 6.9, "path": "56e05107e391476d11fe1f637733f028_39.wav", "duration": 6.9}, {"text": "We just kind of see how we can work down the pressure pumping costs, but I can tell you that today", "audio_length_s": 6.9, "path": "918de179148bbfe18b95415ee0065a3d_76.wav", "duration": 6.9}, {"text": "So adidas is moving forward. Let me now give you a strategic update on where the company is.", "audio_length_s": 6.9, "path": "4b7945dd823dcbc0b2724efa66393673_73.wav", "duration": 6.9}, {"text": "drop off because they don't pay their premiums, and you've got people who are qualifying through the special enrollment period.", "audio_length_s": 6.9, "path": "3121e8f4a75758834d32a9e4e0555221_127.wav", "duration": 6.9}, {"text": "We believe that eventual and slow hikes might begin at some point during the first or second quarter of next year.", "audio_length_s": 6.9, "path": "d085781ecd776da8a9c4d31ad547606b_218.wav", "duration": 6.9}, {"text": "As far as the final adoption of this decree, after an 18-month period of adjustment, which starts now", "audio_length_s": 6.9, "path": "d085781ecd776da8a9c4d31ad547606b_81.wav", "duration": 6.9}, {"text": "partly it's a result of our efforts to focus on profitability that growth of our commercial loan portfolio continued to be sluggish.", "audio_length_s": 6.9, "path": "d085781ecd776da8a9c4d31ad547606b_3.wav", "duration": 6.9}, {"text": "That is what this organization was built on, and that is what everyone here strives for each and every day. With that, I'll turn it over to Steve.", "audio_length_s": 6.9, "path": "6616e76da46baea11d6032fc063716c1_28.wav", "duration": 6.9}, {"text": "And is that a requirement that you see to accomplish in '17 to position yourself for that '18 growth?", "audio_length_s": 6.9, "path": "bad55d25c1222682bd893d97dc5cbb27_145.wav", "duration": 6.9}, {"text": "Do you anticipate it staying at the relative same strength that you saw in the first half?", "audio_length_s": 6.9, "path": "145244b0378e6657d456cffca8bbc982_51.wav", "duration": 6.9}, {"text": "For these reasons, we encourage you to evaluate gross profit on an annual or trailing 12-month basis.", "audio_length_s": 6.9, "path": "6f2c2a55736c5c47a19eca807ec60e33_37.wav", "duration": 6.9}, {"text": "competitors and warding off competitors? As for behavior of vendors,", "audio_length_s": 6.9, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_164.wav", "duration": 6.9}, {"text": "money in that range. So we have 2 things that we need to weigh.", "audio_length_s": 6.9, "path": "39e5706898dcaf14a280b3a123877cd6_234.wav", "duration": 6.9}, {"text": "Okay. So just to clarify, those are basically the same doors that you had talked about previously.", "audio_length_s": 6.9, "path": "2fc915b996c687200d995736980aae9a_26.wav", "duration": 6.9}, {"text": "Good morning, my name is Mike, and I will be your conference operator today.", "audio_length_s": 6.9, "path": "833f98dbc79997580b24335033aac5d2_0.wav", "duration": 6.9}, {"text": "but it's our ability to find new sources of other income that can grow to that. But there's nothing", "audio_length_s": 6.9, "path": "0ee490f8688669984ae17a737590f7b5_129.wav", "duration": 6.9}, {"text": "we still strive for certainty and stability for all stakeholders in a declining market, and that means that", "audio_length_s": 6.9, "path": "fa45af64ef25007f998c655347bfbecb_56.wav", "duration": 6.9}, {"text": "testing the idea out in the field and showing it off at trade shows and what have you,", "audio_length_s": 6.9, "path": "392ca3d1e388c6d7a35f6d0db390c359_160.wav", "duration": 6.9}, {"text": "way better than expectation, obviously not all of them, but that gives us hope that we can get there.", "audio_length_s": 6.9, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_157.wav", "duration": 6.9}, {"text": "for which settlement is not able to be reached or that are in excess of the maximum claim amounts under our master settlement agreements.", "audio_length_s": 6.9, "path": "5f38ce681d4413a793d34a0650c59bf2_145.wav", "duration": 6.9}, {"text": "down the line. We would just have to always consider that, and I think you would expect that from us as normal course. So", "audio_length_s": 6.9, "path": "5f38ce681d4413a793d34a0650c59bf2_100.wav", "duration": 6.9}, {"text": "how long do you think it would take for you to expand those margins to average levels?", "audio_length_s": 6.9, "path": "73ba4ff250b62745e03880e75b9a1581_70.wav", "duration": 6.9}, {"text": "All products suffered from lower client activity and lower market volumes, including the knock-on impact", "audio_length_s": 6.9, "path": "bddc15938bdcc3085f19b0851e74c2c0_118.wav", "duration": 6.9}, {"text": "And then can you possibly quantify the savings potential from these actions even if it's on kind of a broad basis?", "audio_length_s": 6.9, "path": "1133b8984db446b9c963a09eaf0785a4_24.wav", "duration": 6.9}, {"text": "and also implement our sales in the Alarms and technology now that there's no any limitation to the import of those devices.", "audio_length_s": 6.9, "path": "11ca275b0bd65060f43ae2d28e1c489f_75.wav", "duration": 6.9}, {"text": "This can be attributed to the high order backlog in Germany and Poland and the extremely good weather in this region.", "audio_length_s": 6.9, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_57.wav", "duration": 6.9}, {"text": "And we see a very bright future ahead. We're expanding engagements with current and new customers", "audio_length_s": 6.9, "path": "f46ae0a04d60dea8a759f07333ed37e2_107.wav", "duration": 6.9}, {"text": "from an improved pricing and channel mix were more than offset by the severe negative currency effects.", "audio_length_s": 6.9, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_20.wav", "duration": 6.9}, {"text": "Thank you, Michelle. Thank you for joining the call this afternoon to discuss the company's third quarter financial results.", "audio_length_s": 6.9, "path": "15ac383479a7c990aab7b155e4d42053_0.wav", "duration": 6.9}, {"text": "burden. But beyond that, I think there is no reason to expect any differences. We are pressing ahead", "audio_length_s": 6.9, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_40.wav", "duration": 6.9}, {"text": "Or is there some form of equity assumed when that deal closes? And just more broadly as it relates to equity,", "audio_length_s": 6.9, "path": "171fd9df333ddd814c764843ed624121_42.wav", "duration": 6.9}, {"text": "accept some of the interest that we've been receiving out of our Miami office from the Caribbean and Central and South America.", "audio_length_s": 6.9, "path": "81bfbc1fbd3ce62adc594e6b57c6fb34_18.wav", "duration": 6.9}, {"text": "and ignition systems at leading Japanese and European customers.", "audio_length_s": 6.9, "path": "863512efd537ffd31c094dd9bfd5ebd3_199.wav", "duration": 6.9}, {"text": "and there's a few million dollars separating their final offer with our final demand,", "audio_length_s": 6.9, "path": "a965bbd76f3d449c86e8c27d03ac192f_124.wav", "duration": 6.9}, {"text": "and then turn the call over to Mays to finish out the deck. Thereafter, we'll the happy to entertain your questions.", "audio_length_s": 6.9, "path": "07d30eec04a77191950ef0992d097daf_177.wav", "duration": 6.9}, {"text": "And we expect to submit regulatory filings for our undisclosed rare disease program to initiate clinical trials in the first half", "audio_length_s": 6.9, "path": "01ebdadb81d0e5a57270957c0cbe83fc_172.wav", "duration": 6.9}, {"text": "Remember, this growth is both revenue and adjusted EBITDA and this is all organic.", "audio_length_s": 6.9, "path": "bbe852c8c3f7827e31f31a56bc72b7da_212.wav", "duration": 6.9}, {"text": "Consistent with this new vision, we look for Funding Stream and Franchise to continue to gain traction in the quarters and years ahead.", "audio_length_s": 6.9, "path": "bda4b365d7a8386d5d2e6b4575d08a57_96.wav", "duration": 6.9}, {"text": "I think we've seen over the last 12 months a pickup of", "audio_length_s": 6.9, "path": "1bba27cac9495fe57f623973383d6948_74.wav", "duration": 6.9}, {"text": "we've got to work through that with our partner and see if we can come to an agreement over what the value is.", "audio_length_s": 6.9, "path": "02825b6f22019c60be741d7e45b63f9d_52.wav", "duration": 6.9}, {"text": "U.S. insolvency continues to have good flow available, and we're hopeful we can keep up the pace of volume.", "audio_length_s": 6.9, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_101.wav", "duration": 6.9}, {"text": "But when you have the consumer shifting to smaller brands but doesn't stick with the smaller brands and comes back to the big brands,", "audio_length_s": 6.9, "path": "3df0981a2d94ed56170b78330aa72ee9_51.wav", "duration": 6.9}, {"text": "and we hope that we can gain a lot from synergies also from Basefarm acquisition because they have a very good", "audio_length_s": 6.9, "path": "d8eb5522db0e51d75ea6518462954c52_104.wav", "duration": 6.9}, {"text": "We believe this will strengthen our partner ecosystem and encourage even more referral business to us.", "audio_length_s": 6.9, "path": "6a372ea97b0b130a4d37f16b54d97909_182.wav", "duration": 6.9}, {"text": "The increase in the gross profit rate for the first quarter of 2017 reflected a favorable channel mix shift", "audio_length_s": 6.9, "path": "f23036451aab1cb9d659c3ac9a23825c_9.wav", "duration": 6.9}, {"text": "I'd like to say thanks to Antonio for being a great business partner, to Meg Whitman for giving me this opportunity,", "audio_length_s": 6.9, "path": "6c43a32379bfc34fc8cfe84ff94d6498_28.wav", "duration": 6.9}, {"text": "So what's encouraging about the slide, if you look at the Big 3 opcos, SA, Nigeria and Iran,", "audio_length_s": 6.9, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_20.wav", "duration": 6.9}, {"text": "is that you do see that reported results lower than the constant currency growth rates", "audio_length_s": 6.9, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_219.wav", "duration": 6.9}, {"text": "Above all, the management team is working hard every day to deliver long-term shareholder value.", "audio_length_s": 6.9, "path": "b94d748876ddf8e881d4191dec45baf3_211.wav", "duration": 6.9}, {"text": "which is expected to provide additional distribution -- distributable cash flow growth in the fourth quarter.", "audio_length_s": 6.9, "path": "10dfe5270a7e4216d68614041d2a9bbe_87.wav", "duration": 6.9}, {"text": "The negative impact of these items was partially offset by a change in our assumptions pertaining to California populations.", "audio_length_s": 6.9, "path": "c5c7a9f409241412b160a93cde7ef630_181.wav", "duration": 6.9}, {"text": "We continue to execute our acquisition strategy to build out a nationwide residential and community reentry facility network.", "audio_length_s": 6.9, "path": "c5c7a9f409241412b160a93cde7ef630_161.wav", "duration": 6.9}, {"text": "Our credit results continue to demonstrate better operating performance and favorable credit trends.", "audio_length_s": 6.9, "path": "e6c0fa1068c28557c3e17e0d02b831b1_138.wav", "duration": 6.9}, {"text": "when we talk about volatility in the communications space, even outside of the top account,", "audio_length_s": 6.9, "path": "191c819db03c2dfd0207cd1f42e278a4_37.wav", "duration": 6.9}, {"text": "Is it order patterns? Or are you seeing certain types of customers that are typically good leading indicators?", "audio_length_s": 6.9, "path": "10728656364812338b7417b035dae4c4_99.wav", "duration": 6.9}, {"text": "concept does travel very, very well outside of Continental Europe. So we'll continue to update you as we do expand,", "audio_length_s": 6.9, "path": "bb2ca5b87982b2388d82cd64a73f08cf_32.wav", "duration": 6.9}, {"text": "I asked because some of your peers seems to be growing nicely like you guys, and then you have other that seem to be", "audio_length_s": 6.9, "path": "051c23cc7bacc5c9df9312ac0fd431a9_143.wav", "duration": 6.9}, {"text": "as good as that was when we acquired it, there was a lot of work that we had to do to improve it.", "audio_length_s": 6.9, "path": "2c3945f11b4d91727b1ce00d490e11b6_24.wav", "duration": 6.9}, {"text": "And then we were on pace with what our expectation was for the quarter for the rest of the quarter basically.", "audio_length_s": 6.9, "path": "968913c3f9111fc67f1d9956c56dec3b_133.wav", "duration": 6.9}, {"text": "This is providing us with feedback, giving confidence to us that our strategic approach is on the right track.", "audio_length_s": 6.9, "path": "75eb5b75bb8587b63c318714ea956b9e_147.wav", "duration": 6.9}, {"text": "No, our primary supply of Canadian crude goes into the Pacific Northwest refineries, and", "audio_length_s": 6.9, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_51.wav", "duration": 6.9}, {"text": "in the last 6 years, and they're pricing very attractively into the West Coast. So it is the", "audio_length_s": 6.9, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_57.wav", "duration": 6.9}, {"text": "and beyond, we don't have -- we don't see any of that timing impact moving from the first quarter to the second quarter.", "audio_length_s": 6.9, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_213.wav", "duration": 6.9}, {"text": "seems like you guys have your fair share of the operating upset in the California market or the West Coast market.", "audio_length_s": 6.9, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_49.wav", "duration": 6.9}, {"text": "The people are happy. So those are all things that contribute to that aspect.", "audio_length_s": 6.9, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_182.wav", "duration": 6.9}, {"text": "And we also did an exclusive range of products around the Star Wars film launch towards the back end of last year.", "audio_length_s": 6.9, "path": "e2c17247ae2f5d4fa8dd8814cc801198_76.wav", "duration": 6.9}, {"text": "our guys are working day and night to reduce cost, be more efficient on the maintenance, on the fuel,", "audio_length_s": 6.9, "path": "c8124cdb821d04f0e585420c128d76c7_19.wav", "duration": 6.9}, {"text": "we talked last on the third quarter conference call, you guys had suggested we'd see a bump-up in expenses in the fourth quarter and then maybe comes down", "audio_length_s": 6.9, "path": "532e653f6aa6c3bf43a5b256bb4c1254_87.wav", "duration": 6.9}, {"text": "what type of capabilities would make more sense to buy rather than build and how far along you are with identifying the targets?", "audio_length_s": 6.9, "path": "f1da65edd5f2026ffd647d496bb96ce7_35.wav", "duration": 6.9}, {"text": "when we're working through an end-to-end offering that has full control or has partial control,", "audio_length_s": 6.9, "path": "f1da65edd5f2026ffd647d496bb96ce7_168.wav", "duration": 6.9}, {"text": "But then there is a very thin order book after that. So unless we see a dramatic decrease in ship ordering,", "audio_length_s": 6.9, "path": "939c2eaaa171907197a14e58cea3514d_66.wav", "duration": 6.9}, {"text": "Bottom line results for the quarter were disappointing due to catastrophe losses, which were broadly experienced in the industry.", "audio_length_s": 6.9, "path": "7ebbb41dcefeb482191f8bc22031b5d9_4.wav", "duration": 6.9}, {"text": "We used our over 1 million square feet of distribution capacity and deep partner relationships", "audio_length_s": 6.9, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_8.wav", "duration": 6.9}, {"text": "We also continue to be very proactive with cost management and have been -- have had solid execution at the factory level.", "audio_length_s": 6.9, "path": "8eaca8d8a419f74540f69ade8defabbd_79.wav", "duration": 6.9}, {"text": "where we probably should be if we were to take into consideration our historical perspective on a lack of outages,", "audio_length_s": 6.9, "path": "82f5253b62614161333b038f5f9700f8_120.wav", "duration": 6.9}, {"text": "We expect that trend to be something that emerges around the globe as natural gas becomes the de facto fuel", "audio_length_s": 6.9, "path": "82f5253b62614161333b038f5f9700f8_63.wav", "duration": 6.9}, {"text": "In fact, the current baseline level of demand for these products is still much higher relative to the prior baseline period of lower outages,", "audio_length_s": 6.9, "path": "82f5253b62614161333b038f5f9700f8_238.wav", "duration": 6.9}, {"text": "a lesser extent, the organic decline is also attributed to our expectation of lower sales with certain national account customers,", "audio_length_s": 6.9, "path": "82f5253b62614161333b038f5f9700f8_30.wav", "duration": 6.9}, {"text": "And then, obviously, last time, we talked about other ways that we would see pushing that forward, and that would be", "audio_length_s": 6.9, "path": "7551ffae17aa39dd4ea962a43f96bf04_160.wav", "duration": 6.9}, {"text": "Whilst an increase in near miss hazards might be seen as a negative, our view is that an increase is a positive,", "audio_length_s": 6.9, "path": "33fd8a867dbd88a837e541b1d2b25ea5_203.wav", "duration": 6.9}, {"text": "organization and start thinking about how we're going to think about ourselves in the future,", "audio_length_s": 6.9, "path": "433a6e203f9db93835c27ff83e86c801_251.wav", "duration": 6.9}, {"text": "it's only to push forward. We love what they do and we want them to do it more and we want it to move faster.", "audio_length_s": 6.9, "path": "433a6e203f9db93835c27ff83e86c801_119.wav", "duration": 6.9}, {"text": "These measures should not be considered in isolation or as a substitute for our financial results", "audio_length_s": 6.9, "path": "5b0a12e70a31041016a008c29a6d2bb1_24.wav", "duration": 6.9}, {"text": "and so that's changing kind of the composition of how holiday builds. I wouldn't say there's anything that I see out there", "audio_length_s": 6.9, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_241.wav", "duration": 6.9}, {"text": "But the good part is that surrounding that, we're also seeing the other parts of smart home grow nicely within the category.", "audio_length_s": 6.9, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_175.wav", "duration": 6.9}, {"text": "That said, given the complexities of these projects and the overall situation in South Africa,", "audio_length_s": 6.9, "path": "757695924b5e43c7d44e29dc141cc035_15.wav", "duration": 6.9}, {"text": "would have an impact on what's been in your book of business in recent past?", "audio_length_s": 6.9, "path": "bc3fa49aaccfacb1392855627864851e_23.wav", "duration": 6.9}, {"text": "The company's quarterly results showed the second consecutive quarter of sequential improvements in the business.", "audio_length_s": 6.9, "path": "94f913b974baab79fb636f6521170dd7_97.wav", "duration": 6.9}, {"text": "You have to designate at the time you buy the product, whether it's personal consumption product or whether it's a product that you intend to resell.", "audio_length_s": 6.9, "path": "94f913b974baab79fb636f6521170dd7_124.wav", "duration": 6.9}, {"text": "We are seeing strong results with our premium core brands growing double digit in the past few years.", "audio_length_s": 6.9, "path": "3877b1983229ec488c6349a188bccf92_99.wav", "duration": 6.9}, {"text": "These are great complements to our team and will support sustainable growth of Lumber Liquidators in the future.", "audio_length_s": 6.9, "path": "7498a6630302a038bd537d192c3a44f4_225.wav", "duration": 6.9}, {"text": "we expect to be able to overcome both of those with -- through new customers, organic growth, et cetera.", "audio_length_s": 6.9, "path": "d74cec1fb73e1b1134bfa7152762ad80_94.wav", "duration": 6.9}, {"text": "So our group has to do some restructuring at the same time. It's easy to talk about it,", "audio_length_s": 6.9, "path": "80a2ca14358172366acab4e80f3fa33b_188.wav", "duration": 6.9}, {"text": "Though early, we remain encouraged by both our and other operators' results in the Northwest STACK.", "audio_length_s": 6.9, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_15.wav", "duration": 6.9}, {"text": "totally clear to all and also the strategy that we set the company upon was the right choice.", "audio_length_s": 6.9, "path": "29f56972971325265e4a53485f49793e_118.wav", "duration": 6.9}, {"text": "This enables us to assist the consumer throughout the sales process from design to installation.", "audio_length_s": 6.9, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_5.wav", "duration": 6.9}, {"text": "all the while ensuring that our brand remains coveted and desirable as we grow globally.", "audio_length_s": 6.9, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_4.wav", "duration": 6.9}, {"text": "we're going to have -- what are you going to do with 200 million to 300 million bushels of extra beans every single month except to push out storage", "audio_length_s": 6.9, "path": "09b5b62d328d3d0719b6825357fdfb48_175.wav", "duration": 6.9}, {"text": "With this acquisition, we are purchasing the existing cattle in inventory, which will provide us the opportunity to ensure", "audio_length_s": 6.9, "path": "09b5b62d328d3d0719b6825357fdfb48_65.wav", "duration": 6.9}, {"text": "Today, we're guided by one simple mission at Mogo. We want to make it easier for consumers to get in control of their financial health.", "audio_length_s": 6.9, "path": "66b25c60d952bd002c7ab20da9248086_2.wav", "duration": 6.9}, {"text": "If I have an account with Mogo and they offer double the rate, why would I keep it with my bank? Both are savings accounts with the same protection.", "audio_length_s": 6.9, "path": "66b25c60d952bd002c7ab20da9248086_53.wav", "duration": 6.9}, {"text": "to all these smaller players because the sales force can't effectively do so. So as we're selected as one of the very few players", "audio_length_s": 6.9, "path": "a2ba164f019804628c07b36de47cd464_132.wav", "duration": 6.9}, {"text": "The level of reinvestments stepped up progressively through the year in both brand and marketing investment and in pricing.", "audio_length_s": 6.9, "path": "e35fae1d3df1f7aeda409f90f200ec7b_211.wav", "duration": 6.9}, {"text": "So performance guarantee for each plant such tests", "audio_length_s": 6.9, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_125.wav", "duration": 6.9}, {"text": "recurring income in a sustainable way because we're very committed to our credit ratings and making sure", "audio_length_s": 6.9, "path": "24a133abc343c813233d416b0cef96cd_137.wav", "duration": 6.9}, {"text": "with the remainder due to issues which we expect to reverse in due course given the strong fundamentals in the sector.", "audio_length_s": 6.9, "path": "24a133abc343c813233d416b0cef96cd_8.wav", "duration": 6.9}, {"text": "We have commented in previous calls that there is a divergent path of growth in the region.", "audio_length_s": 6.9, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_172.wav", "duration": 6.9}, {"text": "stay because we all know that also the competitors are entering into our home markets.", "audio_length_s": 6.9, "path": "407fee9910ab57874978cf85a89b1d9d_133.wav", "duration": 6.9}, {"text": "These tend to be different call points and relatively different in terms of business case justification.", "audio_length_s": 6.9, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_77.wav", "duration": 6.9}, {"text": "Our strong financial results so far this year combined with continuing high oil prices", "audio_length_s": 6.9, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_91.wav", "duration": 6.9}, {"text": "increases in all regions of the world. And we're also seeing increases really in both mobile", "audio_length_s": 6.9, "path": "9fb4423a70358ef22be9982299969f7a_208.wav", "duration": 6.9}, {"text": "When capacity is constrained, shippers are willing to pay a premium to relocate trucks to ensure their freight gets covered.", "audio_length_s": 6.9, "path": "14fa9d7635caae6483af62a4bfe1b9d6_147.wav", "duration": 6.9}, {"text": "At this time, I would personally like to thank our dedicated men and women who worked to keep the lights on during extreme weather conditions.", "audio_length_s": 6.9, "path": "f17bd619f65ff0b31c5103503bd56fdb_4.wav", "duration": 6.9}, {"text": "and just kind of how things are progressing there on their understanding of you guys underearning by so much", "audio_length_s": 6.9, "path": "5b331cf4e6f62ec9a9c30a4728e36054_186.wav", "duration": 6.9}, {"text": "So it did draw more on the revolver. To your point that there was more funds put in.", "audio_length_s": 6.9, "path": "02242ceddfeb4bcc65f04552b63fe80e_210.wav", "duration": 6.9}, {"text": "I want to mention relative to the performance of the OEM side of the business in Aerospace,", "audio_length_s": 6.9, "path": "711d9abe4399e7184d7dd8e3273f8a71_175.wav", "duration": 6.9}, {"text": "particularly some local governments, just kind of waiting and holding back on some starts wondering if the rules are going to change.", "audio_length_s": 6.9, "path": "902872913863de98d38e2936b846cf66_300.wav", "duration": 6.9}, {"text": "the benefits of unifying our operating platform and additional opportunities for efficiency. As a result,", "audio_length_s": 6.9, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_61.wav", "duration": 6.9}, {"text": "Hey David, this is Steve. So let me kind of just walk you through in the Delaware basin where your", "audio_length_s": 6.9, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_146.wav", "duration": 6.9}, {"text": "growth plus required transformation investment. The regulatory effects on OIBDA are slightly lower,", "audio_length_s": 6.9, "path": "b4072ee178832ecf3d2a0f25fd8b8387_118.wav", "duration": 6.9}, {"text": "All of these are critical to our long-term success, and I am confident in our ability to deliver.", "audio_length_s": 6.9, "path": "ffa357a084f4deb64797a0a32b8c5e33_218.wav", "duration": 6.9}, {"text": "And those same assumptions, at least on our part, have been applied, and I assume on everybody else's part.", "audio_length_s": 6.9, "path": "09eebad8f3c529b4c7d916c5f7766f7f_347.wav", "duration": 6.9}, {"text": "and then importantly, focus the bulk of my comments outlining what we are going to do differently going forward.", "audio_length_s": 6.9, "path": "09eebad8f3c529b4c7d916c5f7766f7f_2.wav", "duration": 6.9}, {"text": "Yes. John, I think that's the right way that I look at it is everything that's not Ohio and", "audio_length_s": 6.9, "path": "c71a6ab1a0697010811c89200ab21613_168.wav", "duration": 6.9}, {"text": "give us a sense of the underlying picture of margin both in the half and looking forward,", "audio_length_s": 6.9, "path": "1e82002540bb3371dcda874a3ce114b2_101.wav", "duration": 6.9}, {"text": "through the third quarter. And then as we get into the back half of the fourth quarter it starts to level back off. So", "audio_length_s": 6.9, "path": "f88c5f000050c9f72aa383f71d97ffe7_86.wav", "duration": 6.9}, {"text": "As part of the program, TESSCO will also support Verizon's general contractors with similar programs.", "audio_length_s": 6.9, "path": "a756bd9ba43faae4d9d0f059925e39e9_126.wav", "duration": 6.9}, {"text": "we're opportunistic in take advantage of the liquidity that we found for these assets. And the second thing", "audio_length_s": 6.9, "path": "1cfd7da6c2da11f7e3f7102a6265146b_141.wav", "duration": 6.9}, {"text": "But if it does swing, that's a positive for our sector after years of regulatory expansion.", "audio_length_s": 6.9, "path": "bf99037f89cd485f95f097842619a0c7_146.wav", "duration": 6.9}, {"text": "And obviously, we're taking the capital out of the business as we do it. So that's really 2 wins that we've been executing on, on the infrastructure side.", "audio_length_s": 6.9, "path": "30a142fac5a62ab00227cb6a339a6226_220.wav", "duration": 6.9}, {"text": "investments for customer relationship management and content management capabilities.", "audio_length_s": 6.9, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_194.wav", "duration": 6.9}, {"text": "Before we start with a few prepared remarks, I'd like to remind everybody that today's presentation will include statements about", "audio_length_s": 6.9, "path": "9dcce10786aa9db4cdc6cc4649adacdd_26.wav", "duration": 6.9}, {"text": "It tends to be that -- versus the second half of the year, the first half cash flow is weaker and in a", "audio_length_s": 6.9, "path": "5478e14c30a7a53219de2176fdba0d4a_37.wav", "duration": 6.9}, {"text": "And then secondly, we've been learning a lot about the power and potential of eSports, and I'm curious if you can talk a little bit about how you see that", "audio_length_s": 6.9, "path": "19bfb8daeb6e43d59415df478017d5c3_142.wav", "duration": 6.9}, {"text": "I guess that's a question I get a lot from investors because the online players are out there talking about how they're taking share.", "audio_length_s": 6.9, "path": "a98061f951c1b2c7a915e296098bc4de_25.wav", "duration": 6.9}, {"text": "European economy is -- has been frankly better than we thought. As you know, where", "audio_length_s": 6.9, "path": "1bc08759c84df9d3f656cf53f5bb6d35_85.wav", "duration": 6.9}, {"text": "and the possibility of changing international trade policies, but we are optimistic about the future.", "audio_length_s": 6.9, "path": "ff59c33225941d4025bcecc8fe1a4b32_67.wav", "duration": 6.9}, {"text": "So I'm feeling really good working with the sales team and how we're going about deploying the resources we're putting into place,", "audio_length_s": 6.9, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_162.wav", "duration": 6.9}, {"text": "And finally, we continue to make excellent progress in our manufacturing operations and BLA-readiness initiatives.", "audio_length_s": 6.8999375, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_130.wav", "duration": 6.8999375}, {"text": "should try to prepare yourself better for real technology changes. So that's a combination.", "audio_length_s": 6.87, "path": "d162113e3aface010baec17bd408736b_111.wav", "duration": 6.87}, {"text": "the way people communicate and work with each other so you can bring out a better, stronger business,", "audio_length_s": 6.87, "path": "9d8c8f4a41008455665fd243ed99b642_153.wav", "duration": 6.87}, {"text": "Today's call will provide an update on our overall core performance for the second quarter of our fiscal 2017 and", "audio_length_s": 6.87, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_37.wav", "duration": 6.87}, {"text": "this is a recurring subject every day.", "audio_length_s": 6.87, "path": "0db71632fa65f1d166f14cb8593c4690_86.wav", "duration": 6.87}, {"text": "reconciliation from GAAP to adjusted results is provided in the press release and supplemental slides posted on our website.", "audio_length_s": 6.87, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_80.wav", "duration": 6.87}, {"text": "it's going to take time because the users that participate in the campaign", "audio_length_s": 6.87, "path": "a93681c92a0b9c04743f541a54b180c7_48.wav", "duration": 6.87}, {"text": "there will be more users who deposit money or have a balance with Yahoo. And we would like to offer", "audio_length_s": 6.87, "path": "a93681c92a0b9c04743f541a54b180c7_201.wav", "duration": 6.87}, {"text": "grow within that market to shift to solid state drive where we have a leadership position.", "audio_length_s": 6.87, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_80.wav", "duration": 6.87}, {"text": "month or 2, but you commented on your corrugated medium business obviously slowing and", "audio_length_s": 6.87, "path": "3557b21a45c35e71e82cc43b19977855_176.wav", "duration": 6.87}, {"text": "Is it really the right time to go and spend cash when you've got so much organic opportunity?", "audio_length_s": 6.87, "path": "9014ac9cbc2cff30468f1bcb659c0f66_367.wav", "duration": 6.87}, {"text": "For housing finance to kind of get through some of these regulatory issues, financial markets have to evolve", "audio_length_s": 6.87, "path": "223f05c0b9b116532e9af84afa76cac7_162.wav", "duration": 6.87}, {"text": "and when we're talking about other metals like nickel, our results are", "audio_length_s": 6.87, "path": "17ee868a7ed8656d69e6888ee4a6d550_35.wav", "duration": 6.87}, {"text": "In addition to onetime losses due to unprofitable projects and a legal dispute in Europe,", "audio_length_s": 6.87, "path": "2a59b9df2de5248e64727f10185a8423_45.wav", "duration": 6.87}, {"text": "there will be different number of people who apply and they may not", "audio_length_s": 6.87, "path": "1c60a3d37d43a43d5851722212ddcd71_70.wav", "duration": 6.87}, {"text": "At the same time, local market and submarket trends are vital to contextualizing and applying comparable sales results", "audio_length_s": 6.87, "path": "e824f4380f8203a1e3ed60e7da1e39e5_48.wav", "duration": 6.87}, {"text": "a lot of what is going on in the construction space. You've got, both in Florida and", "audio_length_s": 6.87, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_38.wav", "duration": 6.87}, {"text": "was how did we begin to shift the mix of predictability and future visibility on the revenues. And", "audio_length_s": 6.87, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_191.wav", "duration": 6.87}, {"text": "went back a number of times and looked at pricing for all of our Marketplace products", "audio_length_s": 6.87, "path": "3121e8f4a75758834d32a9e4e0555221_43.wav", "duration": 6.87}, {"text": "because the materials really can't play a part of our construction because we've shut that part down. It's our equipment coming to a halt.", "audio_length_s": 6.87, "path": "b34f680a9162805e0188170d6272a356_145.wav", "duration": 6.87}, {"text": "than we have historically on the revenue side because of the fact that this stuff is shorter duration. We literally", "audio_length_s": 6.87, "path": "b34f680a9162805e0188170d6272a356_201.wav", "duration": 6.87}, {"text": "And this has been driven by the core difference between cash distributions and dividends that Mike McFerran will explain in a minute.", "audio_length_s": 6.87, "path": "1b91eb82f5211000e711424657cc2484_192.wav", "duration": 6.87}, {"text": "but to have your accountants process all that for you and file extensions to do your personal tax returns.", "audio_length_s": 6.87, "path": "1b91eb82f5211000e711424657cc2484_81.wav", "duration": 6.87}, {"text": "we continue to explore and investigate opportunities", "audio_length_s": 6.87, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_20.wav", "duration": 6.87}, {"text": "efforts for now have not yielded an improvement in sales because, obviously, this", "audio_length_s": 6.87, "path": "39e5706898dcaf14a280b3a123877cd6_6.wav", "duration": 6.87}, {"text": "and much more job certainty for the people working in that market.", "audio_length_s": 6.87, "path": "fa45af64ef25007f998c655347bfbecb_9.wav", "duration": 6.87}, {"text": "is unrelenting. They all want to be located in downtown Toronto or near downtown Toronto.", "audio_length_s": 6.87, "path": "8292bdb9af87f10627c044f3842b2c76_165.wav", "duration": 6.87}, {"text": "above consumer inflation annually, which again has been very well received by payers", "audio_length_s": 6.87, "path": "0dbbae27d7055ecc04cc25e14e4de12d_92.wav", "duration": 6.87}, {"text": "I'll come on to the details of that in the international a bit shortly. But first, let's have a look at channel performance.", "audio_length_s": 6.87, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_61.wav", "duration": 6.87}, {"text": "Some of the figures are difficult to understand because they are not constant currency adjusted, okay?", "audio_length_s": 6.87, "path": "d261e09fa176510406c0d05eeedfc8f8_31.wav", "duration": 6.87}, {"text": "who are moving their expensive legacy phone service to the cloud. We will continue", "audio_length_s": 6.87, "path": "a5aee620f2ef348884bdc8fa3e0cee19_35.wav", "duration": 6.87}, {"text": "are useful to investors to compare our results across several periods and to better understand our operating results.", "audio_length_s": 6.87, "path": "dbafd430cf189ffeffd96a06da8ba37d_1.wav", "duration": 6.87}, {"text": "The goal is to continually cultivate the depth of the relationships with these clients.", "audio_length_s": 6.87, "path": "257e4e92036da9582a8a288c88332ff3_12.wav", "duration": 6.87}, {"text": "as compared to 2012, and the best indication of Applied's resilience is our services business.", "audio_length_s": 6.87, "path": "f46ae0a04d60dea8a759f07333ed37e2_110.wav", "duration": 6.87}, {"text": "American Snuff reported another good quarter with volume growth of over 2% and net pricing realization", "audio_length_s": 6.87, "path": "655d592e9d1b1027f1824b1554d8b131_126.wav", "duration": 6.87}, {"text": "The Commerce Cloud is a catalyst for our transformation and modernization leveraged across the company.", "audio_length_s": 6.87, "path": "6864081f83959f4b49e25e597f28af66_8.wav", "duration": 6.87}, {"text": "Any forward-looking statements speak only of the date of this call, and the company undertakes no obligations to", "audio_length_s": 6.87, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_52.wav", "duration": 6.87}, {"text": "where do you see your operating rates in base epoxies at this point, Craig? And", "audio_length_s": 6.87, "path": "bb9c0d60d15efa53cedac31e079e9ae6_71.wav", "duration": 6.87}, {"text": "The strong margin performance in Q2 has set us up nicely to absorb wage increases and promotions,", "audio_length_s": 6.87, "path": "7ec19aea307c76d4a57fa87368305630_76.wav", "duration": 6.87}, {"text": "Speaking of those wellsite solutions, we're seeing increased interest in our solutions across all basins.", "audio_length_s": 6.87, "path": "2905366dcf0eb60a22b63a1b3d9adf95_47.wav", "duration": 6.87}, {"text": "The success we're seeing from our pilot projects in terms of footfall growth and improving occupier demand", "audio_length_s": 6.87, "path": "6e3037e770ba5e0dfc98e3223986aad2_149.wav", "duration": 6.87}, {"text": "We continue to retain a stable market position, market share.", "audio_length_s": 6.87, "path": "38b2f94da12bbf2d32246763aab8265a_127.wav", "duration": 6.87}, {"text": "and I guess, the ones that you think probably have the largest share to lose.", "audio_length_s": 6.87, "path": "1ddc944827b99caf8c7867ceeed0ec20_18.wav", "duration": 6.87}, {"text": "tens of millions of surgeries in dogs every year, of which we think several million are painful.", "audio_length_s": 6.87, "path": "49a78c1ec143d9ac46e893e77198c0e3_205.wav", "duration": 6.87}, {"text": "We expect this program to be very successful in helping many millennial educators get a head start", "audio_length_s": 6.87, "path": "aeb50c6146f90bd32d147c5d4775c21d_81.wav", "duration": 6.87}, {"text": "The channel delivered a weekly average of 12 shows among the top 50 shows during the quarter,", "audio_length_s": 6.87, "path": "fcabfedf41ab18064a96d393869e4d4e_123.wav", "duration": 6.87}, {"text": "So first of all, we're staying very focused on the primary product lines that we have, which is our high bay line. It's been", "audio_length_s": 6.87, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_43.wav", "duration": 6.87}, {"text": "The negative impact from these corporate tax rate changes was anticipated and is unique to our fiscal third quarter", "audio_length_s": 6.87, "path": "87ba56e8ff82d5e181ee5d6d66543c51_49.wav", "duration": 6.87}, {"text": "We have not allocated any of it to our dealership business so that everybody can see it eyes wide open.", "audio_length_s": 6.87, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_35.wav", "duration": 6.87}, {"text": "We did this potentially in a few areas and in -- for a few different wells and in different areas.", "audio_length_s": 6.87, "path": "8fd0d858dd99b5b6291eafc83e9a604d_50.wav", "duration": 6.87}, {"text": "In all cases, our model is one of consistent investment to protect and build our brand equities.", "audio_length_s": 6.87, "path": "47b1a118c53956b23f1d687a75f3e5ba_255.wav", "duration": 6.87}, {"text": "Well, thank you, Andrew. And as we're still in January, may I wish you a happy New Year to you and your loved ones.", "audio_length_s": 6.87, "path": "47b1a118c53956b23f1d687a75f3e5ba_151.wav", "duration": 6.87}, {"text": "And we have also the change in fair value of assets which are mostly mutual funds, which are not", "audio_length_s": 6.87, "path": "98f10f0935e5b778e888a1b8130a3d31_223.wav", "duration": 6.87}, {"text": "what many of our customers would call all the features they are looking for in a hearing aid.", "audio_length_s": 6.87, "path": "b305bff75f28d238f0bd7da5bd4f13b8_149.wav", "duration": 6.87}, {"text": "Good afternoon, and welcome to the Second Quarter 2016 Earnings Discussion for PennyMac Mortgage Investment Trust.", "audio_length_s": 6.87, "path": "567a41009710fa1568bb8125213bf9eb_0.wav", "duration": 6.87}, {"text": "And then basically, as an aggregator is in or goes into a market,", "audio_length_s": 6.87, "path": "0794a2f02bbe89feb49651735bba77c5_24.wav", "duration": 6.87}, {"text": "And we had a cost miss estimate really mainly by our guys in what we thought it would cost.", "audio_length_s": 6.87, "path": "9979d7fef684b8cac613c934b6229791_25.wav", "duration": 6.87}, {"text": "with slightly increased quoting activity. Orders in the Energy Group are good for products targeted at infrastructure customers.", "audio_length_s": 6.87, "path": "9979d7fef684b8cac613c934b6229791_168.wav", "duration": 6.87}, {"text": "because it requires deeply ingraining this as part of our normal culture and behaviors.", "audio_length_s": 6.87, "path": "ab4dae37361262d727d1d2f8f78765d5_75.wav", "duration": 6.87}, {"text": "We are also advancing with investments in human resources, which is supporting quality and services.", "audio_length_s": 6.87, "path": "b0b83ac66a31c5096a75bb1927c557e2_83.wav", "duration": 6.87}, {"text": "Thank you, everybody, and thank you for your interest in Century Casinos and your participation in the call. For", "audio_length_s": 6.87, "path": "dc61068601388a9e02fd3155c1eab59a_35.wav", "duration": 6.87}, {"text": "to some extent and maybe to a great extent the new market tax credit award that is scheduled to roll off.", "audio_length_s": 6.87, "path": "28404e399cb043d390aa70bceb339dd4_64.wav", "duration": 6.87}, {"text": "was relatively close to 0. So anytime you saw any growth at all, and you could load hot assets, you could get", "audio_length_s": 6.87, "path": "2a059b2b192b8e972ca7664ddfed8a20_243.wav", "duration": 6.87}, {"text": "does that vary if you can show normalization in the majority of patients? Or do you think", "audio_length_s": 6.87, "path": "e78997e6a75a2243292b2b54750bb3cb_109.wav", "duration": 6.87}, {"text": "We continue to differentiate our organization based on our results in quality and patient safety.", "audio_length_s": 6.87, "path": "b43c001c5af465d220ab0b69a95202ae_62.wav", "duration": 6.87}, {"text": "these are the strategies that have and will continue to drive shareholder value.", "audio_length_s": 6.87, "path": "b43c001c5af465d220ab0b69a95202ae_59.wav", "duration": 6.87}, {"text": "industrial operation and investment strategy. So now you want to directly face up to the capital markets,", "audio_length_s": 6.87, "path": "b126e11520fd54843c67f70f15cd30cc_126.wav", "duration": 6.87}, {"text": "when we can expect this to result in some sort of decrease in distribution and customer care costs?", "audio_length_s": 6.87, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_107.wav", "duration": 6.87}, {"text": "concerns, and believe we need a sufficient amount of time to make a detailed analysis of the feedback received.", "audio_length_s": 6.87, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_53.wav", "duration": 6.87}, {"text": "I guess, 5 or 6 weeks in Gettington? And just give us a sort of", "audio_length_s": 6.87, "path": "63eaf9677d7577484a1557ae6bfbb585_106.wav", "duration": 6.87}, {"text": "I think it's quite clear which markets I'm referring to and that the question then is just", "audio_length_s": 6.87, "path": "5ea42ed8ea9a65bd01aaabb678685483_24.wav", "duration": 6.87}, {"text": "improve our market position, expand our global reach and generate shareholder value.", "audio_length_s": 6.87, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_208.wav", "duration": 6.87}, {"text": "Materials Analysis drop through was held back as they incurred additional merger activity related costs", "audio_length_s": 6.87, "path": "262bc21196721c5ff9114acbd2ff03c3_101.wav", "duration": 6.87}, {"text": "Along with our partner, Regeneron, we also continue to make good progress on the development of a sustained-release formulation of", "audio_length_s": 6.87, "path": "aed770c98113f594e36325a5822547e4_73.wav", "duration": 6.87}, {"text": "So yes, there is a slight softness in the market now, so -- but we will be pretty much", "audio_length_s": 6.87, "path": "da34a7b460e520db0401de3ce860187c_49.wav", "duration": 6.87}, {"text": "this is a new area to them to sell an all-in, usually they sell the forklift and then you go out, you buy the battery.", "audio_length_s": 6.87, "path": "e97d1655ebabb8403ac0449eadb48f9b_154.wav", "duration": 6.87}, {"text": "As we said before, we individually adjudicate each loan and focus on good-quality borrowers in this segment.", "audio_length_s": 6.87, "path": "87045996e7446329f1d98c909c6ca7fe_160.wav", "duration": 6.87}, {"text": "negative, but we don't see it as significantly negative to that business. And really, it's because of the", "audio_length_s": 6.87, "path": "87045996e7446329f1d98c909c6ca7fe_247.wav", "duration": 6.87}, {"text": "We believe this growth is evidence to the penetration opportunity that exists for home standby generators and emergency backup power in general.", "audio_length_s": 6.87, "path": "82f5253b62614161333b038f5f9700f8_8.wav", "duration": 6.87}, {"text": "changed a little bit. But from the West Coast, we haven't seen the demand really fall off. Now maybe what you're referring to is", "audio_length_s": 6.87, "path": "735a523f1ef6500b7aa97a2536d9c4fd_51.wav", "duration": 6.87}, {"text": "We advanced efforts to improve mine development productivity and reduce external expenditures. If we compare", "audio_length_s": 6.87, "path": "369789f0d39dbf62298be2aa807ff8ee_4.wav", "duration": 6.87}, {"text": "They do, however, achieve operational benefits in technology and supply chain by being part of the same division.", "audio_length_s": 6.87, "path": "33fd8a867dbd88a837e541b1d2b25ea5_140.wav", "duration": 6.87}, {"text": "the way that the titles lined up benefited the international markets as well. Mike talked about", "audio_length_s": 6.87, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_56.wav", "duration": 6.87}, {"text": "And we have also approved some additional optimization work which is siphon string pools, coil tubing activities", "audio_length_s": 6.87, "path": "b24e0b37987585f3c63f28df67e6a1f6_110.wav", "duration": 6.87}, {"text": "gone. So as we were not informed as of yet of the details of the exact measures,", "audio_length_s": 6.87, "path": "068bea67ac01942fafb955a1116b29dd_153.wav", "duration": 6.87}, {"text": "that the importance for both part of continued free flowing trade is so important that they will find a solution.", "audio_length_s": 6.87, "path": "89a894c2c6440d41510f0b009c0cd03b_45.wav", "duration": 6.87}, {"text": "So far, all of these migrations and new installations have been successful and our program continues to progress well.", "audio_length_s": 6.87, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_4.wav", "duration": 6.87}, {"text": "We also achieved margin expansion in both segments through operational efficiencies gained in the period.", "audio_length_s": 6.87, "path": "d74cec1fb73e1b1134bfa7152762ad80_68.wav", "duration": 6.87}, {"text": "The bigger revenues from the Master Service Agreement with TIM related to the sites", "audio_length_s": 6.87, "path": "ea45464984232d301c70cc7a9afdbc65_31.wav", "duration": 6.87}, {"text": "particular comments regarding the company's future plans and expected performance are forward-looking statements.", "audio_length_s": 6.87, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_1.wav", "duration": 6.87}, {"text": "with some recovery factors increasing from an average of about 9% into the low and mid-teens.", "audio_length_s": 6.87, "path": "5633fe3600ee04237bbb918c56341864_133.wav", "duration": 6.87}, {"text": "We are excited about moving forward with the purchase option as this expansion will increase the company's renewable portfolio", "audio_length_s": 6.87, "path": "3e29586725757a72d8c143f3da2658f5_33.wav", "duration": 6.87}, {"text": "we rotated a portion of our lower yielding assets into higher yielding strategies. We continue to focus on sectors", "audio_length_s": 6.87, "path": "a0d537badd260e2071136602e3b73b26_142.wav", "duration": 6.87}, {"text": "some amount of time now. If you had sort of unfettered or unlimited supply, Bruce,", "audio_length_s": 6.87, "path": "299bad77345d2e44fa5768f4416f7b97_180.wav", "duration": 6.87}, {"text": "Thank you again for joining us today. We really appreciate it, and we will be participating", "audio_length_s": 6.87, "path": "299bad77345d2e44fa5768f4416f7b97_60.wav", "duration": 6.87}, {"text": "our total potential contract value and announced a new manufacturing hub in Matamoros, Mexico.", "audio_length_s": 6.87, "path": "ee00ebd8d782e8f124b3e142cbb74f37_135.wav", "duration": 6.87}, {"text": "And then lastly, Cortland has also improved in profitability. We had made some major restructuring actions", "audio_length_s": 6.87, "path": "18e82b076319ac52f8a4b391ea345abd_18.wav", "duration": 6.87}, {"text": "which means that every single transaction, one can take a look and see whether it is profitable interchange or not,", "audio_length_s": 6.87, "path": "75b064acca5b532722510ac0b9b0822e_332.wav", "duration": 6.87}, {"text": "and at this stage, most likely starting within the card -- card experience, and that includes things like", "audio_length_s": 6.87, "path": "66b25c60d952bd002c7ab20da9248086_185.wav", "duration": 6.87}, {"text": "In my following discussion of results, we've restated prior results to reflect this change.", "audio_length_s": 6.87, "path": "a2ba164f019804628c07b36de47cd464_116.wav", "duration": 6.87}, {"text": "it -- we're not really expecting a big macro improvement here to deliver what we need to deliver. It's really more just kind of", "audio_length_s": 6.87, "path": "ed2810b765143f8341dcc8e8c14c27f1_88.wav", "duration": 6.87}, {"text": "While we don't provide quarterly guidance, please keep in mind that last year, spring product deliveries", "audio_length_s": 6.87, "path": "1300495cfa53748f732f54277d5a8cea_17.wav", "duration": 6.87}, {"text": "about the transactions we do in the country to keep the credit quality of our portfolio pristine.", "audio_length_s": 6.87, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_173.wav", "duration": 6.87}, {"text": "This is the same slide as the one used during the MTBP meeting in May this year.", "audio_length_s": 6.87, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_66.wav", "duration": 6.87}, {"text": "Selling, general and administrative costs were higher, but declined as a percentage of sales on the additional volumes.", "audio_length_s": 6.87, "path": "9dc19bfa451bc1278b7136420493f84d_29.wav", "duration": 6.87}, {"text": "The proposed integrated 3-train expansion avoids unnecessary and costly duplication of infrastructure.", "audio_length_s": 6.87, "path": "ebd59e21db89edb92205e012427cd9db_176.wav", "duration": 6.87}, {"text": "Restructuring costs associated with our margin enhancement initiatives are largely behind us at this point.", "audio_length_s": 6.87, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_5.wav", "duration": 6.87}, {"text": "The second is as -- over the past few years, we have kept investing in some of these new higher", "audio_length_s": 6.87, "path": "6aad408f4bb1930cf10f445115f6ed3d_44.wav", "duration": 6.87}, {"text": "We will continue to focus on driving industry-leading top line growth and profitability,", "audio_length_s": 6.87, "path": "6aad408f4bb1930cf10f445115f6ed3d_164.wav", "duration": 6.87}, {"text": "that's created the issue for us. But what I would -- the way I think about it is largely a timing issue.", "audio_length_s": 6.87, "path": "9fb4423a70358ef22be9982299969f7a_28.wav", "duration": 6.87}, {"text": "These 2 items are closely tied as it is difficult to improve the utilization of your fleet if your freight basket isn't full.", "audio_length_s": 6.87, "path": "14fa9d7635caae6483af62a4bfe1b9d6_139.wav", "duration": 6.87}, {"text": "As we enter our second year as a public company, we look to build on our first year of success and continue to execute on our business plan.", "audio_length_s": 6.87, "path": "3bc6d3e1c0a117340d288c289bf7f679_127.wav", "duration": 6.87}, {"text": "And we're also assuming a federal tax rate of 35%, so wherever that may end up.", "audio_length_s": 6.87, "path": "2cd5b184c2ef6624ce219830182927c9_115.wav", "duration": 6.87}, {"text": "We're currently on very different paths but expect clarity this quarter in New York and also Illinois.", "audio_length_s": 6.87, "path": "5b331cf4e6f62ec9a9c30a4728e36054_55.wav", "duration": 6.87}, {"text": "equity market or equity issuance via ATM or other means once you've achieved that target leverage?", "audio_length_s": 6.87, "path": "02242ceddfeb4bcc65f04552b63fe80e_186.wav", "duration": 6.87}, {"text": "reflecting the strength of our focus to expand margins and improve cash generation across the company.", "audio_length_s": 6.87, "path": "711d9abe4399e7184d7dd8e3273f8a71_86.wav", "duration": 6.87}, {"text": "Importantly, with the completion of our recent financing, we are well positioned to deliver on many value-inflection milestones,", "audio_length_s": 6.87, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_2.wav", "duration": 6.87}, {"text": "which have been both surprising and frustrating, and thus we're disappointed that we do not have incremental new data to share with you today.", "audio_length_s": 6.87, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_88.wav", "duration": 6.87}, {"text": "So that's something that we have been looking at. We have been working with partners, as Richie has said, and we are actively moving towards implementation.", "audio_length_s": 6.87, "path": "bc1efb704df9c180935803c70a315597_27.wav", "duration": 6.87}, {"text": "We will then open the call up to your questions, after which, Dr. Frost will close the call with some final remarks.", "audio_length_s": 6.87, "path": "0f8a61f667edd9a400d7abe2a7908a9e_39.wav", "duration": 6.87}, {"text": "And historically, when costs go up, we are able to at least recover those costs in the way of pricing.", "audio_length_s": 6.87, "path": "ffa357a084f4deb64797a0a32b8c5e33_165.wav", "duration": 6.87}, {"text": "Our strong earnings and profitability demonstrate the emerging potential for the combined company.", "audio_length_s": 6.87, "path": "f88c5f000050c9f72aa383f71d97ffe7_36.wav", "duration": 6.87}, {"text": "We did not have a similar benefit this year. Excluding these settlements, we would have seen an increase in gross profit.", "audio_length_s": 6.87, "path": "10ad32c5e0559c879e032faaf3148ab4_74.wav", "duration": 6.87}, {"text": "So there's certainly going to be a lot more stations and groups offered for sale.", "audio_length_s": 6.87, "path": "77423f08f0208d476dea73c639f6293a_208.wav", "duration": 6.87}, {"text": "ad networks, and we're pleased to be working with them. There are a number of others also conducting their own studies.", "audio_length_s": 6.87, "path": "a766b08317742c952705018a899f3998_116.wav", "duration": 6.87}, {"text": "In the government market, sales were down double digits and gross profit was down single digits from a year ago.", "audio_length_s": 6.87, "path": "a756bd9ba43faae4d9d0f059925e39e9_131.wav", "duration": 6.87}, {"text": "Starting on Slide 6, our Term Life segment experienced strong growth compared with the fourth quarter a year ago.", "audio_length_s": 6.87, "path": "bcb3aac2c7cc035961d9ee8cfd330044_9.wav", "duration": 6.87}, {"text": "Now moving forward, we continue to believe that Julius Baer through its superior business model, can continue to attract", "audio_length_s": 6.87, "path": "bf99037f89cd485f95f097842619a0c7_149.wav", "duration": 6.87}, {"text": "So is it fair to say a little bit early at this point to have necessarily like a targeted split or anything", "audio_length_s": 6.87, "path": "0702a77635d50ec3b154df61456c1b63_21.wav", "duration": 6.87}, {"text": "increase in those pressures in any significant way. There is incremental capacity being brought on always in these kind of products,", "audio_length_s": 6.87, "path": "b154f7c33e567e453cb765f4ac03dd2f_205.wav", "duration": 6.87}, {"text": "We are pleased that the clinical trial design has been completed and the principal investigators have been chosen.", "audio_length_s": 6.87, "path": "a968612b5d51d3df12aad60dde8e1e41_99.wav", "duration": 6.87}, {"text": "and a more complete selection and be able to put it together better than the others.", "audio_length_s": 6.87, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_213.wav", "duration": 6.87}, {"text": "we will also see more capacity expansion, and that will also improve our overall revenues.", "audio_length_s": 6.87, "path": "5478e14c30a7a53219de2176fdba0d4a_104.wav", "duration": 6.87}, {"text": "This agreement was concluded on the 16th of November last year. It is anticipated that about 3,000 employees", "audio_length_s": 6.87, "path": "9b84dc4409f4ecccd173c2f81a4460cc_21.wav", "duration": 6.87}, {"text": "We have got the best execution team, which has actually delivered a project rather than actually going out into the market", "audio_length_s": 6.87, "path": "9b84dc4409f4ecccd173c2f81a4460cc_142.wav", "duration": 6.87}, {"text": "in additional strategic growth opportunities. As always, we will be disciplined in the pursuit", "audio_length_s": 6.87, "path": "16c235a53fc719ec92ef3b3c3b371150_166.wav", "duration": 6.87}, {"text": "substantially better part of the cost reduction opportunities that we were planning have been realized", "audio_length_s": 6.87, "path": "49256d3015fbd8542019b3fc989473f4_189.wav", "duration": 6.87}, {"text": "contracts that we closed last year were larger expansions on existing accounts.", "audio_length_s": 6.87, "path": "97b02b7a41ecb22cb04e7331052cefc8_153.wav", "duration": 6.87}, {"text": "The only reason I say it's difficult to classify between cost of sales and other OpEx is", "audio_length_s": 6.87, "path": "726bad4d5d1a6b2f62034eb8dc843450_77.wav", "duration": 6.87}, {"text": "A. This was a very positive year for us. I feel that our business continues to be headed in the right direction.", "audio_length_s": 6.87, "path": "027d36b67ee5bba934695b2d0c47eb08_65.wav", "duration": 6.87}, {"text": "First, I like thank our global team for their outstanding work, not just in the fourth quarter, but for the whole year,", "audio_length_s": 6.8699375, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_1.wav", "duration": 6.8699375}, {"text": "And the positive movement in working capital is actually due to changes in the written to earned position.", "audio_length_s": 6.8400625, "path": "214dcdc435ef3259490466447858fa56_238.wav", "duration": 6.8400625}, {"text": "And whilst a financing solution may take some more time, including potentially introducing new equity partners,", "audio_length_s": 6.8400625, "path": "9abfcc6b57650e0b300aa243cb8336e8_41.wav", "duration": 6.8400625}, {"text": "More broadly, the balance of the platform continues to deliver solid results.", "audio_length_s": 6.8400625, "path": "189b20e7b975130ca5abd0e419e54908_5.wav", "duration": 6.8400625}, {"text": "And we took you through how cash is moving around the group and how we allocate that capital. We also said at that time", "audio_length_s": 6.84, "path": "bc605e9d69e921f4f61a508a448ad0dd_53.wav", "duration": 6.84}, {"text": "Turning to Slide 14, let me first start with a summary of our financial highlights from the quarter.", "audio_length_s": 6.84, "path": "f3ea353a6c918bc1fd311a9cad6b9777_82.wav", "duration": 6.84}, {"text": "I do think that there are companies who would be very proud", "audio_length_s": 6.84, "path": "9014ac9cbc2cff30468f1bcb659c0f66_159.wav", "duration": 6.84}, {"text": "Although face in total is, I believe, also half of the Indian market.", "audio_length_s": 6.84, "path": "9014ac9cbc2cff30468f1bcb659c0f66_284.wav", "duration": 6.84}, {"text": "and initiatives discussed above. First, we continue to roll out additional courses under our intellipath format,", "audio_length_s": 6.84, "path": "10ad172801ac8cd3a21e4355d7349eb5_132.wav", "duration": 6.84}, {"text": "This new program is designed to award those leaders who are delivering the best customer experience on a sustainable basis.", "audio_length_s": 6.84, "path": "1f1b29266d2cede9b8f0f06ca57aae17_147.wav", "duration": 6.84}, {"text": "The work and expertise of our risk management team are emphatically highlighted during quarters like the one we just experienced.", "audio_length_s": 6.84, "path": "abd0f750609f1263b566f0c09b981a16_16.wav", "duration": 6.84}, {"text": "requirements to follow the primary endpoint of the study. The second is to make sure that they are actually having attacks.", "audio_length_s": 6.84, "path": "2602edddc3363eadcaafe1c33271f3e4_188.wav", "duration": 6.84}, {"text": "And it's this good advice that we baked into our new 4.0 release. On the MediaMiser front, thanks to", "audio_length_s": 6.84, "path": "ed1006cd88de67e8fe53ea86ad6862d7_76.wav", "duration": 6.84}, {"text": "Both revenue and operating profit forecasts have been reduced for network products.", "audio_length_s": 6.84, "path": "2a59b9df2de5248e64727f10185a8423_71.wav", "duration": 6.84}, {"text": "And I just like to know if you could talk about that a little bit more if you really are seeing that trend?", "audio_length_s": 6.84, "path": "280baf1d10cd27b78eae4bf2574b9c98_123.wav", "duration": 6.84}, {"text": "in the first quarter of next year. But yes, that's a lot of what has to happen between now and then is clients implementing", "audio_length_s": 6.84, "path": "8b71a232d7fe61e6232807b635977c31_182.wav", "duration": 6.84}, {"text": "you mentioned the interesting Ford example and how this was at least driven in part by generous design.", "audio_length_s": 6.84, "path": "78c85dc9a16f82b09d3a2363004e658d_130.wav", "duration": 6.84}, {"text": "We really expect that ramp-up in earnings to happen in the second half of the year, so the full year earnings will be up.", "audio_length_s": 6.84, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_106.wav", "duration": 6.84}, {"text": "and you are debating whether it will be the wise thing to do because you don't want them to lose", "audio_length_s": 6.84, "path": "a4a85b87c36f3a8c723d6d0e87cba645_17.wav", "duration": 6.84}, {"text": "Last quarter, I said that to achieve our operating margin model, we needed to manage our operating", "audio_length_s": 6.84, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_6.wav", "duration": 6.84}, {"text": "and only tear off what is needed, where the repairs need to be made. And it's just a faster, smarter way to get the data,", "audio_length_s": 6.84, "path": "145244b0378e6657d456cffca8bbc982_30.wav", "duration": 6.84}, {"text": "You cannot sell summer drinks in winter. That's not healthy.", "audio_length_s": 6.84, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_238.wav", "duration": 6.84}, {"text": "No other market has seen this level of competition develop and a lot of it has to do with the retail market design.", "audio_length_s": 6.84, "path": "833f98dbc79997580b24335033aac5d2_106.wav", "duration": 6.84}, {"text": "of the factors that could cause actual results to differ materially from those projections in any forward-looking statements.", "audio_length_s": 6.84, "path": "ca2bc8d693d4751cc88444d2e715f645_33.wav", "duration": 6.84}, {"text": "And so thank you everyone for your participation. You may now disconnect.", "audio_length_s": 6.84, "path": "1942e14b1721d0de894f437d1b3e75c5_101.wav", "duration": 6.84}, {"text": "I'd also note that we use both GAAP and non-GAAP measures and we refer you to our reconciliation of these measures", "audio_length_s": 6.84, "path": "1942e14b1721d0de894f437d1b3e75c5_152.wav", "duration": 6.84}, {"text": "there are people in the business that just don't want to talk to the press or do anything that looks like a press release.", "audio_length_s": 6.84, "path": "e26b501c6e000fdaa11edde97cc71436_184.wav", "duration": 6.84}, {"text": "as well as deferred revenue related to upfront payments from early licensing agreements.", "audio_length_s": 6.84, "path": "dd5492732b46e270047f9b368d4fde11_51.wav", "duration": 6.84}, {"text": "owners -- it's kind of like insurance, they've kind of built their businesses and they may be looking to sell because they want to exit, and so", "audio_length_s": 6.84, "path": "8b2314627d54755a15c55244bb862225_27.wav", "duration": 6.84}, {"text": "I would just like to thank all of you for participating in this call. Thank you, and have a very good day.", "audio_length_s": 6.84, "path": "cc82e791c065bdc271addf355bac274f_50.wav", "duration": 6.84}, {"text": "We'll begin with distribution, which is predominantly made up of sales of aftermarket parts", "audio_length_s": 6.84, "path": "a0006b7891ead9bdb76273f555b6f1c8_71.wav", "duration": 6.84}, {"text": "Is that infrastructure-related business always been lumpy for you? Or is it unusually lumpy recently?", "audio_length_s": 6.84, "path": "a0006b7891ead9bdb76273f555b6f1c8_22.wav", "duration": 6.84}, {"text": "the first things we look at are where we have shared customers. And many of the shared customers are coming to us with", "audio_length_s": 6.84, "path": "0f4370b614f29bd596e4f6871cc77864_100.wav", "duration": 6.84}, {"text": "We must be profitable every quarter, and we are actively seeking improvements every day to deliver on that goal.", "audio_length_s": 6.84, "path": "e56726c7aedd69029957c84128050700_49.wav", "duration": 6.84}, {"text": "is an unrealistic pipe dream, with the substance in the pipe being legal only in Colorado and Washington state.", "audio_length_s": 6.84, "path": "2ad9555a64eaa3f45bef5581adeecb9c_7.wav", "duration": 6.84}, {"text": "Insufficient pipeline takeaway capacity continues in the Permian as a result of that aggressive spend.", "audio_length_s": 6.84, "path": "2905366dcf0eb60a22b63a1b3d9adf95_132.wav", "duration": 6.84}, {"text": "So independent of anything we're working on in terms of automation or process improvement, you're going to just see time in the seat is going to help these folks both", "audio_length_s": 6.84, "path": "2b87d263eaf2464f275a48fa005b16c7_61.wav", "duration": 6.84}, {"text": "These factors are outlined in the news release as well as with documents filed by the company with the Securities and Exchange Commission.", "audio_length_s": 6.84, "path": "2b87d263eaf2464f275a48fa005b16c7_1.wav", "duration": 6.84}, {"text": "but to actually get early warning systems on how they can affect the outcomes of the reporting,", "audio_length_s": 6.84, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_159.wav", "duration": 6.84}, {"text": "We need to remind you that this presentation is available by audio cast and that you can also follow it", "audio_length_s": 6.84, "path": "e60f6485243932b9280d864cb17a6ba8_1.wav", "duration": 6.84}, {"text": "During the quarter, we reduced that liability, given the current estimate of the earn-out based on recent and expected performance", "audio_length_s": 6.84, "path": "ea97a179f1be386d6cd36637ae70a1fc_138.wav", "duration": 6.84}, {"text": "I would say and I think this is a -- as we've been thinking about Investor Day, one of the", "audio_length_s": 6.84, "path": "0899e07f70a6e5be842fb6e22a3fafe9_171.wav", "duration": 6.84}, {"text": "section of the website. Ares Capital Corporation's earnings release and 10-Q are also available on the company's website.", "audio_length_s": 6.84, "path": "8aa1aa8317783203344434f855535c25_110.wav", "duration": 6.84}, {"text": "And lastly, we completed initial customer qualifications for our new specialty filtration paper,", "audio_length_s": 6.84, "path": "c1d916407f390d20e9d8f9b453e22435_5.wav", "duration": 6.84}, {"text": "Use and satisfaction with our stapling and energy products has been rising as gen 4 products have increased in the installed base.", "audio_length_s": 6.84, "path": "58ff8a727ec4f3859407b64f08246759_10.wav", "duration": 6.84}, {"text": "is going on throughout our business. It touches a number of departments. It's not just customer care", "audio_length_s": 6.84, "path": "16e51362df94379ea33a24334015f385_36.wav", "duration": 6.84}, {"text": "I think the analogy with George is similar to the journey Michael and the merchants have been on.", "audio_length_s": 6.84, "path": "c67af59ea29f4e80b8eeede6e730658e_39.wav", "duration": 6.84}, {"text": "as far as we can see, but we have to get through this and continue to do the right thing for the long term.", "audio_length_s": 6.84, "path": "47b1a118c53956b23f1d687a75f3e5ba_116.wav", "duration": 6.84}, {"text": "The repair and remodel sector also saw improvement, driven by the overall health of the economy and housing market.", "audio_length_s": 6.84, "path": "dd28a387ccc9575df47840b850647c7f_130.wav", "duration": 6.84}, {"text": "reserves have been placed on our borrowing capacity and we have seen accelerated terms and prepayment requirements from certain vendors.", "audio_length_s": 6.84, "path": "f23036451aab1cb9d659c3ac9a23825c_14.wav", "duration": 6.84}, {"text": "we must not get or misconclude from international equals for sale.", "audio_length_s": 6.84, "path": "98f10f0935e5b778e888a1b8130a3d31_55.wav", "duration": 6.84}, {"text": "convince customers to come back or buy more from us. And that's what we're seeing right now. We're seeing some improvement", "audio_length_s": 6.84, "path": "b305bff75f28d238f0bd7da5bd4f13b8_59.wav", "duration": 6.84}, {"text": "while deploying additional resources to focus on opportunities and markets where we are under penetrated.", "audio_length_s": 6.84, "path": "1968062b387ef01efed18108be2dc264_81.wav", "duration": 6.84}, {"text": "Some of that I think is taking share. Some of that has been a decent spend in the municipal space.", "audio_length_s": 6.84, "path": "02deeb29574f1571812a11f66bb8fda1_37.wav", "duration": 6.84}, {"text": "REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.", "audio_length_s": 6.84, "path": "f90636acacf7a46141d37814810a6a8f_11.wav", "duration": 6.84}, {"text": "Here we saw a dynamic where the growth in our retail business, more specifically in the Post Bank,", "audio_length_s": 6.84, "path": "e9fb03f263f117a9fe607d74602fa9b0_145.wav", "duration": 6.84}, {"text": "to bring together the entire customer experience. And we see that. I mean, insurance is a great example of an industry where", "audio_length_s": 6.84, "path": "16ed973148ce103dc95fdcfaf35bbe7b_154.wav", "duration": 6.84}, {"text": "which is why we're giving ourselves perhaps a little bit longer runway to drop the assets down.", "audio_length_s": 6.84, "path": "10dfe5270a7e4216d68614041d2a9bbe_156.wav", "duration": 6.84}, {"text": "I would like to address one more question. In the future,", "audio_length_s": 6.84, "path": "e271ed845347e9c930ab0a44eb7785da_50.wav", "duration": 6.84}, {"text": "of the 3 GSA properties, I think it woke up lot of folks that own these assets or brokers that sell these assets.", "audio_length_s": 6.84, "path": "c5c7a9f409241412b160a93cde7ef630_89.wav", "duration": 6.84}, {"text": "we're very bullish about building a true business development function in the company", "audio_length_s": 6.84, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_213.wav", "duration": 6.84}, {"text": "Innovative companies are making strategic decisions to outsource a defined portion of their talent needs.", "audio_length_s": 6.84, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_185.wav", "duration": 6.84}, {"text": "We will grow the asset base, and our percentage increase in investment income has been good.", "audio_length_s": 6.84, "path": "7cf9ea093ccaf8fe8af51c4e00832372_62.wav", "duration": 6.84}, {"text": "will most likely struggle to achieve anything greater than these market conditions will allow.", "audio_length_s": 6.84, "path": "7cf9ea093ccaf8fe8af51c4e00832372_10.wav", "duration": 6.84}, {"text": "This information can be found in our other filings with the SEC when available.", "audio_length_s": 6.84, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_103.wav", "duration": 6.84}, {"text": "would suggest should come at some point in this cycle. So we continue to go out there and fight for every order and believe that we can", "audio_length_s": 6.84, "path": "2a059b2b192b8e972ca7664ddfed8a20_61.wav", "duration": 6.84}, {"text": "Revenue growth for the Staffing Services segment were mixed for the quarter.", "audio_length_s": 6.84, "path": "13141efea197b407280701081390f0ce_91.wav", "duration": 6.84}, {"text": "of the dividends that would have gone to Renova, we keep them in-house, we don't have to segregate them on any special account of any type,", "audio_length_s": 6.84, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_80.wav", "duration": 6.84}, {"text": "Yes, we have to be careful with that. What I would tell you is that price increase was successful, but I can't be more specific", "audio_length_s": 6.84, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_203.wav", "duration": 6.84}, {"text": "On the bottom line, by pricing to recover input cost inflation, we've protected profitability", "audio_length_s": 6.84, "path": "9b697782ea80be97854f35d6fc62c93a_199.wav", "duration": 6.84}, {"text": "in New York on November 16. More details to follow. If you have any additional questions in the meantime,", "audio_length_s": 6.84, "path": "f875d701e5a9dd5ab745c8380c02cc3a_37.wav", "duration": 6.84}, {"text": "with the second quarter reports that retailers are doing well. And it's not just the online business, it's also", "audio_length_s": 6.84, "path": "741526dd2a3db996d2f22f4bcdae4be6_76.wav", "duration": 6.84}, {"text": "This increases our ability to deliver additional silicon germanium wafers to customers to some extent starting in the second quarter", "audio_length_s": 6.84, "path": "b3d7bc295d09d9927e465213612c0192_68.wav", "duration": 6.84}, {"text": "kind of listening to your commentary, should I think of this as now you have more time", "audio_length_s": 6.84, "path": "8eaca8d8a419f74540f69ade8defabbd_267.wav", "duration": 6.84}, {"text": "We're very pleased with the third quarter consolidated results as we delivered operating income and net income, which are comparable", "audio_length_s": 6.84, "path": "8eaca8d8a419f74540f69ade8defabbd_30.wav", "duration": 6.84}, {"text": "hesitant to call out a double-digit growth. What's really changed for you during the quarter to see this kind of momentum?", "audio_length_s": 6.84, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_114.wav", "duration": 6.84}, {"text": "Having a lower cost structure so that we can continue to run profitably even at lower product pricing.", "audio_length_s": 6.84, "path": "735a523f1ef6500b7aa97a2536d9c4fd_222.wav", "duration": 6.84}, {"text": "This is because we continue to identify new projects and generate larger savings on planned initiatives.", "audio_length_s": 6.84, "path": "da879f8ea1c23aa6565cccaacac271fc_108.wav", "duration": 6.84}, {"text": "We are investing in our Microbial Solutions business to improve our manufacturing efficiency", "audio_length_s": 6.84, "path": "da879f8ea1c23aa6565cccaacac271fc_43.wav", "duration": 6.84}, {"text": "That represents our highest annual spot revenue growth rate since separation.", "audio_length_s": 6.84, "path": "49e533a8449f6b9b6c806458e73338e1_65.wav", "duration": 6.84}, {"text": "expanding channels of distribution and developing dedicated sections in GameStop stores in several markets.", "audio_length_s": 6.84, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_157.wav", "duration": 6.84}, {"text": "their ability to take care of their customers and we've picked up some traditional business as well.", "audio_length_s": 6.84, "path": "433a6e203f9db93835c27ff83e86c801_174.wav", "duration": 6.84}, {"text": "Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation and ask that you please disconnect your lines.", "audio_length_s": 6.84, "path": "7cc11de7f206c637e6293da0d956405e_239.wav", "duration": 6.84}, {"text": "at our Capital Markets Day. And that's allowed us to reduce significantly the net debt position", "audio_length_s": 6.84, "path": "b24e0b37987585f3c63f28df67e6a1f6_27.wav", "duration": 6.84}, {"text": "We continue to see ways to improve profitability, although we do not believe it will be a smooth path.", "audio_length_s": 6.84, "path": "9ec35a7809acb51486076e302028ba33_97.wav", "duration": 6.84}, {"text": "above what we've seen with these other ADCs. So we're hoping that we can have a much better", "audio_length_s": 6.84, "path": "f542ab325f47ed150e28888da2f85871_127.wav", "duration": 6.84}, {"text": "metric for our customers and that too helps them as they kind of position themselves to make sure that they can", "audio_length_s": 6.84, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_211.wav", "duration": 6.84}, {"text": "Please refer to the forward-looking statement disclosure on Page 2 of the slides and in today's earnings release.", "audio_length_s": 6.84, "path": "e33785a294553de2a12d4463bf786744_66.wav", "duration": 6.84}, {"text": "So again we are very happy. And as you know, this is the first year still relatively small in terms of our overall", "audio_length_s": 6.84, "path": "f6ce013decc49462849265711e8c93fc_20.wav", "duration": 6.84}, {"text": "We continue to see promising early returns from our increased marketing investment and customer acquisition programs.", "audio_length_s": 6.84, "path": "50e17cbbbef8897681cc5f8ae110aae2_45.wav", "duration": 6.84}, {"text": "And I would like to say that we're through it, but we are still churning over the assortment, which gives rise to some of it. So if we're", "audio_length_s": 6.84, "path": "7498a6630302a038bd537d192c3a44f4_191.wav", "duration": 6.84}, {"text": "The market's also looking at higher exports to Mexico and lower net imports from Canada,", "audio_length_s": 6.84, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_50.wav", "duration": 6.84}, {"text": "managing our balance sheet to provide appropriate financial flexibility and returning capital to shareholders.", "audio_length_s": 6.84, "path": "d74cec1fb73e1b1134bfa7152762ad80_9.wav", "duration": 6.84}, {"text": "is one of the ways we're creating a better career management experience for professionals while delivering qualified candidates to customers.", "audio_length_s": 6.84, "path": "fe3a8419e2f120643bff5e9e80190ed5_6.wav", "duration": 6.84}, {"text": "which has a direct impact in terms of cost reduction and margin improvement for us and is real money, so we don't have to pay our MNO partner.", "audio_length_s": 6.84, "path": "0fa398ef99a7a936fc1e509dacaaadde_16.wav", "duration": 6.84}, {"text": "Should one or more of these risks or uncertainties materialize should any of our assumptions prove incorrect,", "audio_length_s": 6.84, "path": "5633fe3600ee04237bbb918c56341864_128.wav", "duration": 6.84}, {"text": "We can also continue our other operations and research and development programs at a reduced spending level.", "audio_length_s": 6.84, "path": "e29584f9f829602cacebcce71c2a4fb9_73.wav", "duration": 6.84}, {"text": "So thank you very much for joining us this afternoon. And on behalf of the entire management team,", "audio_length_s": 6.84, "path": "e29584f9f829602cacebcce71c2a4fb9_139.wav", "duration": 6.84}, {"text": "and also bear in mind that we have recognized somewhat fewer units to consumers this year,", "audio_length_s": 6.84, "path": "29f56972971325265e4a53485f49793e_10.wav", "duration": 6.84}, {"text": "As we've modeled out the fourth quarter, we also anticipate potentially a little benefit in the tax area", "audio_length_s": 6.84, "path": "1353031386f884a821e7e9bab449727d_138.wav", "duration": 6.84}, {"text": "Thanks, Mike. As David mentioned, the work we have done this year, both in terms of lowering leverage through asset sales", "audio_length_s": 6.84, "path": "11f02fb2db5d9fb5ff82f0374376f759_53.wav", "duration": 6.84}, {"text": "very much align the executives with that of the performance of shareholders. I mean,", "audio_length_s": 6.84, "path": "e0d1342ad3d27fd648b708837de08797_118.wav", "duration": 6.84}, {"text": "capabilities here, which is unique in this whole space. We will leverage our payments core platform,", "audio_length_s": 6.84, "path": "a9ff9f85f03afdd2d13b76e14060b31d_125.wav", "duration": 6.84}, {"text": "is that more on adding new customers with the payments module? Or is this", "audio_length_s": 6.84, "path": "a9ff9f85f03afdd2d13b76e14060b31d_53.wav", "duration": 6.84}, {"text": "from a much more volatile ethanol business than what we see in our ability to manage risk in cattle.", "audio_length_s": 6.84, "path": "09b5b62d328d3d0719b6825357fdfb48_83.wav", "duration": 6.84}, {"text": "in the rate of our LIBOR-based credit facility. We had a negligible amount of CapEx during the quarter.", "audio_length_s": 6.84, "path": "09b5b62d328d3d0719b6825357fdfb48_11.wav", "duration": 6.84}, {"text": "we think we have a tremendous opportunity from a share gain and market penetration perspective going forward", "audio_length_s": 6.84, "path": "b6688f44b91606fbd75a6d66e94d4e4b_56.wav", "duration": 6.84}, {"text": "Now we're much more focused, which we think will allow us to stay in stock on bestsellers, chase the winners.", "audio_length_s": 6.84, "path": "1300495cfa53748f732f54277d5a8cea_27.wav", "duration": 6.84}, {"text": "the most important thing we can do is to get the test away and do as much as we can", "audio_length_s": 6.84, "path": "ebd59e21db89edb92205e012427cd9db_205.wav", "duration": 6.84}, {"text": "I have no issue at all with environmental and other approvals being run on projects on a case-by-case basis.", "audio_length_s": 6.84, "path": "4ee3c79ebc57c9870b221b9479d52436_226.wav", "duration": 6.84}, {"text": "second quarter. And so the second half now is about a stable organization that's well-trained,", "audio_length_s": 6.84, "path": "72b117fb1330bda9f954a219bb5a675e_223.wav", "duration": 6.84}, {"text": "I won't call it conservative, but realistic on when this unit will really start up. So we've taken all that volume out.", "audio_length_s": 6.84, "path": "e552924838fe493d3cc967dd0c5c4563_31.wav", "duration": 6.84}, {"text": "Actual results may differ materially from those projected or implied due to a variety of factors.", "audio_length_s": 6.84, "path": "e552924838fe493d3cc967dd0c5c4563_61.wav", "duration": 6.84}, {"text": "in a little different framework than you pointed out. I think the consolidation will come between", "audio_length_s": 6.84, "path": "e552924838fe493d3cc967dd0c5c4563_28.wav", "duration": 6.84}, {"text": "Our team is quite excited to be working on the technology and is already working on the initial prototypes and test methods.", "audio_length_s": 6.84, "path": "3e42c35588dc721e96280bc039e96c8d_101.wav", "duration": 6.84}, {"text": "So thank you for that final question. I would now like to summarize the 3 most important points we have discussed this morning.", "audio_length_s": 6.84, "path": "20489859070c48218db6ab0f5b6d2b05_154.wav", "duration": 6.84}, {"text": "So if you would summarize it that way. So is the risk on the upside or the downside?", "audio_length_s": 6.84, "path": "323193895e800e72960d98dd5fb64cf5_146.wav", "duration": 6.84}, {"text": "And also, as far as material, we actually found an alternate source for one of our chemical materials that", "audio_length_s": 6.84, "path": "690a9eb04a9c850c77634cd88c8459da_41.wav", "duration": 6.84}, {"text": "performance, obviously, that's something that has to lead to the bottom line and has to lead to the cash flow.", "audio_length_s": 6.84, "path": "690a9eb04a9c850c77634cd88c8459da_88.wav", "duration": 6.84}, {"text": "In California, we are also a major supplier to massive projects like the new Rams stadium,", "audio_length_s": 6.84, "path": "902872913863de98d38e2936b846cf66_9.wav", "duration": 6.84}, {"text": "One characterized by strength in public demand joining the continuing recovery in private demand.", "audio_length_s": 6.84, "path": "902872913863de98d38e2936b846cf66_170.wav", "duration": 6.84}, {"text": "And so we're starting to see that growth and we know that they're trying to accelerate the funding.", "audio_length_s": 6.84, "path": "902872913863de98d38e2936b846cf66_117.wav", "duration": 6.84}, {"text": "And when you look at appraised values, most appraised values look at a continued redeployment", "audio_length_s": 6.84, "path": "96488f25af54f91198b444e5eff8e878_26.wav", "duration": 6.84}, {"text": "This strong and consistent cash flow provides the opportunity to position our company for future growth.", "audio_length_s": 6.84, "path": "1378aabd380e63d3f89fe0e445fc8b06_87.wav", "duration": 6.84}, {"text": "drive them up somewhat because that would be part of how we deploy the balance sheet in a positive way.", "audio_length_s": 6.84, "path": "09eebad8f3c529b4c7d916c5f7766f7f_152.wav", "duration": 6.84}, {"text": "This includes social housing projects, first phase of multiple phase condominium projects,", "audio_length_s": 6.84, "path": "3d0f5785f81125b6efa2339a4aef56aa_26.wav", "duration": 6.84}, {"text": "So -- I mean, the Q3 is always a little bit of a high watermark for our margins.", "audio_length_s": 6.84, "path": "16614fa848b6601733f9eb4b2ee4da71_119.wav", "duration": 6.84}, {"text": "Also, the addition of our national EVLT business manager has shown positive early results,", "audio_length_s": 6.84, "path": "62658bb0c3307b2b10e3668b8df73b0d_65.wav", "duration": 6.84}, {"text": "Can you elaborate a little bit more on that? How are you actively sort of trying to loosen up properties that you would like to own?", "audio_length_s": 6.84, "path": "5be70acf701b7a6c9322f8feeaca63cd_107.wav", "duration": 6.84}, {"text": "The progress in our proprietary programs has attracted strong support from leading health care investors.", "audio_length_s": 6.84, "path": "6c929ddddb79b887458ae21f1a3aa09d_33.wav", "duration": 6.84}, {"text": "We believe there will be more to come as more and more companies and people realize the city's advantages and opportunities.", "audio_length_s": 6.84, "path": "45c2e7788c29cc5f1c183ec742511c6f_36.wav", "duration": 6.84}, {"text": "I have a quick question on the current pace of the business. I know you guys provided some color", "audio_length_s": 6.84, "path": "77423f08f0208d476dea73c639f6293a_95.wav", "duration": 6.84}, {"text": "how much of the price increases that you've announced are so far being realized?", "audio_length_s": 6.84, "path": "4750e4b9b0cd39e9b8774537c7fb0dba_122.wav", "duration": 6.84}, {"text": "As you may remember so during the past couple of quarters, it has been the other way around, so that parts has been growing", "audio_length_s": 6.84, "path": "538323cb37246bc97d1253b369a7414a_70.wav", "duration": 6.84}, {"text": "Now talking about EBITDA evolution. I want to confirm the behavior", "audio_length_s": 6.84, "path": "e97326d6a8951550e363f2be6ec489ba_137.wav", "duration": 6.84}, {"text": "It's really to build the platform business of the future because we believe that", "audio_length_s": 6.84, "path": "4fd138e27f5f375945332eacefa15b62_139.wav", "duration": 6.84}, {"text": "and we'll set that cash aside to be used for that particular job. And that's really the way it should be done", "audio_length_s": 6.84, "path": "3ae068efa03cd088f4d3edea682f199f_78.wav", "duration": 6.84}, {"text": "By revealing the areas that need improvement, we know where to focus and take action, which is exactly what we are doing.", "audio_length_s": 6.84, "path": "3ae068efa03cd088f4d3edea682f199f_28.wav", "duration": 6.84}, {"text": "This means developing and refining solutions that solve a wide variety of business objectives.", "audio_length_s": 6.84, "path": "30a142fac5a62ab00227cb6a339a6226_70.wav", "duration": 6.84}, {"text": "You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.", "audio_length_s": 6.84, "path": "a85c54c77dd2524eedab1287ea3ceff4_39.wav", "duration": 6.84}, {"text": "But we are pleased to see multiple Continental European bank sale processes ongoing.", "audio_length_s": 6.84, "path": "76b892bf017891d7028256847747227c_145.wav", "duration": 6.84}, {"text": "lower than that, we're going to achieve very healthy and significant positive", "audio_length_s": 6.84, "path": "b35398859e534e471fb1cd60f5baac20_106.wav", "duration": 6.84}, {"text": "overall for the company, the direction we're in and the results we're seeing, where we're making the investments to set us up for the future.", "audio_length_s": 6.84, "path": "6f73dbce90cb2d313480b437f0c51bbc_87.wav", "duration": 6.84}, {"text": "To put this into context more than 3 weeks' worth of total inventory was drawn down from the distribution channel during the quarter.", "audio_length_s": 6.84, "path": "9097dcbaf554d635920c6274b1de4997_173.wav", "duration": 6.84}, {"text": "the issues that went wrong in the past in terms of actually the level model, the community model, addressing all of that,", "audio_length_s": 6.84, "path": "9b84dc4409f4ecccd173c2f81a4460cc_314.wav", "duration": 6.84}, {"text": "And then the other thing that we're hearing from builders that they're in the process of pivoting from", "audio_length_s": 6.84, "path": "976a5489fe4d30c2e1ebb237ec62398a_146.wav", "duration": 6.84}, {"text": "up to 21 million bales as compared to 14 million bales of last year, and we also believe that we will", "audio_length_s": 6.84, "path": "bece1ee458b65656b484de51021c5219_51.wav", "duration": 6.84}, {"text": "in the Satellite Systems division. Next, I'll cover several aspects of the first quarter results", "audio_length_s": 6.84, "path": "9b83a4dcac688347e3b13ca7c55660ed_76.wav", "duration": 6.84}, {"text": "becoming more stable? Sure. Well, Brexit is clearly driving a lot of the political", "audio_length_s": 6.84, "path": "190e0d8d92da94060523364716ce6e03_101.wav", "duration": 6.84}, {"text": "Jeff will read Doug's prepared remarks and then we will open the call up to questions. Jeff, would you", "audio_length_s": 6.8100625, "path": "a5aee620f2ef348884bdc8fa3e0cee19_57.wav", "duration": 6.8100625}, {"text": "Last year the focus has been on having our interior designers qualify for Live Chat.", "audio_length_s": 6.8100625, "path": "47546a57a865bca0f4e677dc3b485053_65.wav", "duration": 6.8100625}, {"text": "of being a leader in the pricing environment as raw material costs have been increasing so dramatically.", "audio_length_s": 6.81, "path": "f5875d033110e66b5aafc3c0003babdf_69.wav", "duration": 6.81}, {"text": "negotiation up and running, which was very, very noisy and much louder than the one you currently do see in the Netherlands,", "audio_length_s": 6.81, "path": "d22830e34d4f069487310864ec17789f_145.wav", "duration": 6.81}, {"text": "have been starved of capital or they have not had a very thorough investment program for a number of years.", "audio_length_s": 6.81, "path": "9d8c8f4a41008455665fd243ed99b642_134.wav", "duration": 6.81}, {"text": "We will have taken out as much cost as we possibly can, and we will be operating it", "audio_length_s": 6.81, "path": "b7d4858dcc1d9cf454416082b75a3429_142.wav", "duration": 6.81}, {"text": "This is another example of an initiative of innovative scope that simply would not have been possible a year ago.", "audio_length_s": 6.81, "path": "92d6249907f14e4011cf1b08d2f298d9_69.wav", "duration": 6.81}, {"text": "Is it fair to say that your debt repayments will only be dictated by", "audio_length_s": 6.81, "path": "0db71632fa65f1d166f14cb8593c4690_83.wav", "duration": 6.81}, {"text": "It will get to that point in the next couple of years, but we're more focused on the asset utilization", "audio_length_s": 6.81, "path": "5111fdad778749872c23e78c9b0d653b_87.wav", "duration": 6.81}, {"text": "Items worth noting in the year were the negative effects of the hurricanes and flooding during the quarter", "audio_length_s": 6.81, "path": "07d2c762b6e3c4a59486baba2c8f0639_12.wav", "duration": 6.81}, {"text": "and restrained capacity growth. And there are reasons to believe that both of those", "audio_length_s": 6.81, "path": "94fdf7b24748a7706b1097482a0f363a_168.wav", "duration": 6.81}, {"text": "as well as net new also presents an opportunity for us to be able to grow the revenue", "audio_length_s": 6.81, "path": "55cbaf368288111ebc2ccadb61e3bd34_41.wav", "duration": 6.81}, {"text": "Patricia would tell you that is a key element in our value proposition and a reason behind the health of our sales pipeline.", "audio_length_s": 6.81, "path": "55cbaf368288111ebc2ccadb61e3bd34_27.wav", "duration": 6.81}, {"text": "We believe that the stock has been impacted by sector cloud that is not relevant to our business.", "audio_length_s": 6.81, "path": "e274d02ea943c0a74779950fe28e839d_63.wav", "duration": 6.81}, {"text": "it does -- it has been a response on the price side to demand really across the world.", "audio_length_s": 6.81, "path": "8b6c481f7fe797353fefe886e205bbaa_80.wav", "duration": 6.81}, {"text": "modernize their software development. We will continue to drive customer expansions as well as grow share by winning new customers. With", "audio_length_s": 6.81, "path": "47d77b15189fadcc76113a2f7800ba28_128.wav", "duration": 6.81}, {"text": "And then, ultimately, I believe it's going to come down to the market share that you're able to achieve", "audio_length_s": 6.81, "path": "f0ce0d97cf62c9076226e0aeeb550493_147.wav", "duration": 6.81}, {"text": "While the overall trends have been fairly consistent over the last few quarters, the mix of activity has changed somewhat.", "audio_length_s": 6.81, "path": "22ad97a95501a08f15c06605cd277fec_140.wav", "duration": 6.81}, {"text": "And doing that groundwork is an urgent matter from the company's perspective, hence, we do have some concerns.", "audio_length_s": 6.81, "path": "19eed824fc629ea7d3f8ea7572c7abb7_5.wav", "duration": 6.81}, {"text": "While sales have been soft on the front store side, I am confident in the plans we are implementing to reverse these trends.", "audio_length_s": 6.81, "path": "d70a57dd52d0e4cf86a6225dca186bc2_31.wav", "duration": 6.81}, {"text": "These methods will allow us to extend our pharmacy offerings deeper into our communities and store footprint.", "audio_length_s": 6.81, "path": "d70a57dd52d0e4cf86a6225dca186bc2_28.wav", "duration": 6.81}, {"text": "And also, the same in Switzerland, and what the rate of declines were in Switzerland than Germany. From", "audio_length_s": 6.81, "path": "65d5a09c659f6809931dc62aa7a9eaad_193.wav", "duration": 6.81}, {"text": "Then I was a bit surprised to see still a loss", "audio_length_s": 6.81, "path": "65d5a09c659f6809931dc62aa7a9eaad_43.wav", "duration": 6.81}, {"text": "And what we are appreciating is our customers asking or embracing", "audio_length_s": 6.81, "path": "123a9a590195f61aa739ee9b2dec4952_177.wav", "duration": 6.81}, {"text": "REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.", "audio_length_s": 6.81, "path": "3c211ab9236e508ad4a5ee63e29324e3_25.wav", "duration": 6.81}, {"text": "we think that's possible because you just look at the pipeline and look at the years in which we signed the deals,", "audio_length_s": 6.81, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_266.wav", "duration": 6.81}, {"text": "So this is -- I think many business owners have concluded that this is a time to be investing in the business.", "audio_length_s": 6.81, "path": "7974a5134807f46a1484a8adf81505be_63.wav", "duration": 6.81}, {"text": "which are closest to professional activities and professional accreditation, and that's an area both in Books and Journals", "audio_length_s": 6.81, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_43.wav", "duration": 6.81}, {"text": "wherever our customer designate, we can make the system in any country they want.", "audio_length_s": 6.81, "path": "a4e84e293bde7191186ae3a7a0b34024_178.wav", "duration": 6.81}, {"text": "We believe we are well on track to deliver on the financial targets that we set out in", "audio_length_s": 6.81, "path": "14f3d2486b21e639a953afb7ad03d90c_67.wav", "duration": 6.81}, {"text": "when we've had the opportunity to look at not only what other mining companies have done over almost a decade, in fact,", "audio_length_s": 6.81, "path": "7ec9d2889f6012c7058eb766f6de38e2_38.wav", "duration": 6.81}, {"text": "Our clients can, and in fact many already do, transact on each of the individual measures already available.", "audio_length_s": 6.81, "path": "8b71a232d7fe61e6232807b635977c31_207.wav", "duration": 6.81}, {"text": "Before we begin, I would like to remind you that the discussions during this conference call will include forward-looking statements.", "audio_length_s": 6.81, "path": "044da592acc01ff7baacb3dbf2a302a9_56.wav", "duration": 6.81}, {"text": "Northern California has a housing crisis. It's a very acute housing crisis. So", "audio_length_s": 6.81, "path": "1d2f3c74735a986131e7b219d9eff713_199.wav", "duration": 6.81}, {"text": "to take our business to even greater heights. With that, here is some color on each of our markets.", "audio_length_s": 6.81, "path": "1d2f3c74735a986131e7b219d9eff713_156.wav", "duration": 6.81}, {"text": "Our performance in Denver has been similar to what the industry has seen, and our media campaign", "audio_length_s": 6.81, "path": "75fa1bebed0b858c76cc7058477e40e2_111.wav", "duration": 6.81}, {"text": "we are also investing in our fleet by on-boarding a significant amount of revenue equipment this year.", "audio_length_s": 6.81, "path": "66c9091ba849cdb6d64987642ced64d2_133.wav", "duration": 6.81}, {"text": "with a plan to begin manufacturing of finished dosage form registration batches of Cortrophin Gel", "audio_length_s": 6.81, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_106.wav", "duration": 6.81}, {"text": "So clearly, the market has changed, the ratio requirement has changed, but in those 2 buildings we can accommodate", "audio_length_s": 6.81, "path": "0ee490f8688669984ae17a737590f7b5_34.wav", "duration": 6.81}, {"text": "and getting all the regulatory approvals that are necessary. So I don't think we have any more color that we can provide other than we did at the last conference call.", "audio_length_s": 6.81, "path": "c1f9276ae4068aca63163adff502b818_152.wav", "duration": 6.81}, {"text": "mostly so that we could get some patterns -- sales patterns and some experience of doing that, understanding what customers were looking for, et cetera.", "audio_length_s": 6.81, "path": "0b0a24d47ae2ed9e019d874793c8684b_71.wav", "duration": 6.81}, {"text": "We are very excited about the prospects for XIAFLEX and recognize it to be a very valuable asset.", "audio_length_s": 6.81, "path": "5f38ce681d4413a793d34a0650c59bf2_20.wav", "duration": 6.81}, {"text": "strategy here. With this consolidated market, we feel like it's going to be kind of a regular part of our business.", "audio_length_s": 6.81, "path": "4032bfdd59881fc6506c082737cb5a99_185.wav", "duration": 6.81}, {"text": "candidate data gives us competitive advantage in recruiting. And so I think we can each help the other", "audio_length_s": 6.81, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_208.wav", "duration": 6.81}, {"text": "which enables a greater and more strict selection of the projects for which bids are to be made.", "audio_length_s": 6.81, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_61.wav", "duration": 6.81}, {"text": "This decision gives companies the right to reclaim the tax amounts paid before.", "audio_length_s": 6.81, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_4.wav", "duration": 6.81}, {"text": "this quarter versus last year, is that we put on a couple of salesmen who were not yet covering their nuts,", "audio_length_s": 6.81, "path": "a44c74bdc01aa7e317addc11f2274e11_171.wav", "duration": 6.81}, {"text": "which is what they did, because they have a strong capability. We did not do that in France. We just terminated, and that's", "audio_length_s": 6.81, "path": "d9a3d28bdd36864c63b02659cc8870a8_29.wav", "duration": 6.81}, {"text": "We anticipate our effective income tax rate to be in the 16% to 17% range.", "audio_length_s": 6.81, "path": "43942582edfb20599f3e7456137f8deb_104.wav", "duration": 6.81}, {"text": "And while a change could impact our cost of rewards going forward, it's important to remember exactly what we buy.", "audio_length_s": 6.81, "path": "6933d49d1af6eb4613a4f75bf37d00e1_116.wav", "duration": 6.81}, {"text": "The slides, as we normally present them, are available as you can see. And of course, we're happy to answer questions on any of them.", "audio_length_s": 6.81, "path": "6933d49d1af6eb4613a4f75bf37d00e1_2.wav", "duration": 6.81}, {"text": "So there's not a magic number that we have in mind to come back in. It's really going to be more driven by", "audio_length_s": 6.81, "path": "2ad9555a64eaa3f45bef5581adeecb9c_43.wav", "duration": 6.81}, {"text": "and our intention, based on current conditions, is not to redeem these debentures as they become redeemable in August of this year,", "audio_length_s": 6.81, "path": "92ac600c52fc9590be50475bd4065ae8_48.wav", "duration": 6.81}, {"text": "where we continue to experience strong end market demand for our personal safety solutions.", "audio_length_s": 6.81, "path": "002d12258ff802d65f79ae2eef99e4ab_156.wav", "duration": 6.81}, {"text": "Actual results and performance may differ from those included in the forward-looking statements as a result of factors", "audio_length_s": 6.81, "path": "616e9ba16db091317ae4d96e877a9bbe_1.wav", "duration": 6.81}, {"text": "pretty strong in the reels and we had a good quarter in the reels this past quarter. And we anticipate that", "audio_length_s": 6.81, "path": "550ef3fcaf67ca1df87136acfdfa9d19_121.wav", "duration": 6.81}, {"text": "Our profit this year was strongly", "audio_length_s": 6.81, "path": "38b2f94da12bbf2d32246763aab8265a_22.wav", "duration": 6.81}, {"text": "and we're looking for that to continue moving forward. I should mention one other thing and that is the technology.", "audio_length_s": 6.81, "path": "1ddc944827b99caf8c7867ceeed0ec20_135.wav", "duration": 6.81}, {"text": "We've been able to get this business operating very quickly by leveraging our existing analytics tools and expertise,", "audio_length_s": 6.81, "path": "ea97a179f1be386d6cd36637ae70a1fc_89.wav", "duration": 6.81}, {"text": "In our history, we've never had that kind of an impact in a quarter and we expect to recover quickly.", "audio_length_s": 6.81, "path": "02825b6f22019c60be741d7e45b63f9d_42.wav", "duration": 6.81}, {"text": "compared to 2015 and a slight decline in commercial and industrial deliveries.", "audio_length_s": 6.81, "path": "636d6909fbd8656f88f72f66a3a162ff_151.wav", "duration": 6.81}, {"text": "Our infrastructure group benefited from increased commercial construction and infrastructure spending.", "audio_length_s": 6.81, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_72.wav", "duration": 6.81}, {"text": "would subsequently require additional capital investment for facility upgrades and expansions.", "audio_length_s": 6.81, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_75.wav", "duration": 6.81}, {"text": "in our warehouses as we've had issues with rail. But we're beginning to see that clean out over the last week or so.", "audio_length_s": 6.81, "path": "dd28a387ccc9575df47840b850647c7f_32.wav", "duration": 6.81}, {"text": "I would expect all areas of our expense lines to participate in the profit improvement project.", "audio_length_s": 6.81, "path": "e2c02e1788cb10703d7611ef157f8135_133.wav", "duration": 6.81}, {"text": "marking over 15 consecutive years of positive daily average comparable store sales growth.", "audio_length_s": 6.81, "path": "70c92ab88d38f489d5074f2859e0290e_46.wav", "duration": 6.81}, {"text": "We've also continued to receive many questions related to specific performance indicators under the HAAS contract.", "audio_length_s": 6.81, "path": "b94d748876ddf8e881d4191dec45baf3_17.wav", "duration": 6.81}, {"text": "While we've made great progress, our team understands that it is still early in our transformation.", "audio_length_s": 6.81, "path": "1968062b387ef01efed18108be2dc264_55.wav", "duration": 6.81}, {"text": "than other companies because we've taken a consistent artificial intelligence platform, Einstein,", "audio_length_s": 6.81, "path": "16ed973148ce103dc95fdcfaf35bbe7b_87.wav", "duration": 6.81}, {"text": "which is being reported as discontinued operations following the dissolution of the AutoMD subsidiary.", "audio_length_s": 6.81, "path": "003356e698453d6b74f19a8e02587605_18.wav", "duration": 6.81}, {"text": "And I know we've talked in the past about how you had unique ways to keep your content cost down.", "audio_length_s": 6.81, "path": "20097e37747ec7bc3734246e83798fb1_73.wav", "duration": 6.81}, {"text": "We grew with a number of clients in the technology, retail, health care and financial services industries in the quarter.", "audio_length_s": 6.81, "path": "191c819db03c2dfd0207cd1f42e278a4_50.wav", "duration": 6.81}, {"text": "Of course, these transactions are subject to customary closing conditions and thus, not guaranteed to close.", "audio_length_s": 6.81, "path": "b1da16cba24af8e472573c4c9caf17c7_63.wav", "duration": 6.81}, {"text": "And so the management transition continues there. But we're actually making great strides. We're really pleased to see that", "audio_length_s": 6.81, "path": "b1da16cba24af8e472573c4c9caf17c7_107.wav", "duration": 6.81}, {"text": "At this stage of the lodging cycle, we believe that it is prudent to build dry powder.", "audio_length_s": 6.81, "path": "b1da16cba24af8e472573c4c9caf17c7_173.wav", "duration": 6.81}, {"text": "on that restructuring. And that runs everything from dealing with vendors and vendor contracts and", "audio_length_s": 6.81, "path": "82131762fc1c2b2358ac3a167666ab87_113.wav", "duration": 6.81}, {"text": "or your expectations are now relative to at the end of the last quarter for the balance of the year.", "audio_length_s": 6.81, "path": "13141efea197b407280701081390f0ce_105.wav", "duration": 6.81}, {"text": "by areas of strength, such as California and Florida. Comps should get easier in the second half of the year.", "audio_length_s": 6.81, "path": "968913c3f9111fc67f1d9956c56dec3b_53.wav", "duration": 6.81}, {"text": "and that's just a bit less than 50%, almost as much as the weather.", "audio_length_s": 6.81, "path": "c92a9ecd2741326fd8625841a07f74f9_52.wav", "duration": 6.81}, {"text": "We are committed to doing everything it takes to make our company successful. We will make the tough decisions.", "audio_length_s": 6.81, "path": "5ea42ed8ea9a65bd01aaabb678685483_2.wav", "duration": 6.81}, {"text": "you hear us talk a lot about our integrated business model, which we believe allows us to", "audio_length_s": 6.81, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_166.wav", "duration": 6.81}, {"text": "Before getting into a more detailed review of the quarter, I'd like to spend a minute describing the recast", "audio_length_s": 6.81, "path": "9e8690a521142359001a137074905535_18.wav", "duration": 6.81}, {"text": "Turning now to our results by region. While pricing was the main driver of our revenue growth,", "audio_length_s": 6.81, "path": "9b697782ea80be97854f35d6fc62c93a_202.wav", "duration": 6.81}, {"text": "And at the time, I talked about an accelerating mix within sneaker brands and Activewear and men's wear.", "audio_length_s": 6.81, "path": "e2c17247ae2f5d4fa8dd8814cc801198_95.wav", "duration": 6.81}, {"text": "important products for the patients and promote the high standard products.", "audio_length_s": 6.81, "path": "48f4f350c0636fa0c7acf339cfccb869_41.wav", "duration": 6.81}, {"text": "We continue to focus on our 6 core brands that represent 80% of our business", "audio_length_s": 6.81, "path": "741526dd2a3db996d2f22f4bcdae4be6_33.wav", "duration": 6.81}, {"text": "of mix that we were talking about really dealt with doing", "audio_length_s": 6.81, "path": "b3d7bc295d09d9927e465213612c0192_110.wav", "duration": 6.81}, {"text": "After the markets closed yesterday, we issued our press release and published our earnings presentation and financial supplement.", "audio_length_s": 6.81, "path": "7ebbb41dcefeb482191f8bc22031b5d9_1.wav", "duration": 6.81}, {"text": "Well, if you're just talking about Connected Campus, I'd say there's still lots of opportunities out there", "audio_length_s": 6.81, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_164.wav", "duration": 6.81}, {"text": "We don't necessarily see that translating into any material impact from a manufacturer's perspective at this time.", "audio_length_s": 6.81, "path": "8eaca8d8a419f74540f69ade8defabbd_198.wav", "duration": 6.81}, {"text": "further in being toe-to-toe with them in terms of our scale and our ability to compete more globally with those guys.", "audio_length_s": 6.81, "path": "82f5253b62614161333b038f5f9700f8_226.wav", "duration": 6.81}, {"text": "the opportunity to move from places that they're already using brachial plexus block to other scenarios where they may not be.", "audio_length_s": 6.81, "path": "450a5dc6eb19b82da8dfc68127f6e79d_222.wav", "duration": 6.81}, {"text": "on the Brio Gold division? We think that this is one of the most undervalued group of assets in this company,", "audio_length_s": 6.81, "path": "369789f0d39dbf62298be2aa807ff8ee_121.wav", "duration": 6.81}, {"text": "You also have a summary of our statements of financial position on the following slide.", "audio_length_s": 6.81, "path": "068bea67ac01942fafb955a1116b29dd_148.wav", "duration": 6.81}, {"text": "which could drive additional value-creation above and beyond the growth we are targeting in our core EBITDA model.", "audio_length_s": 6.81, "path": "757695924b5e43c7d44e29dc141cc035_91.wav", "duration": 6.81}, {"text": "versus where we were just a couple of months ago. And we do feel better that we have accounted for everything we know of.", "audio_length_s": 6.81, "path": "757695924b5e43c7d44e29dc141cc035_209.wav", "duration": 6.81}, {"text": "The second quarter also saw the deployment of Hosted Voice service across nearly 40% of our markets,", "audio_length_s": 6.81, "path": "1689b94530eca82b7758c86b4cf3125f_30.wav", "duration": 6.81}, {"text": "As Rick said we had another quarter of outstanding performance delivering strong top and bottom line growth.", "audio_length_s": 6.81, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_235.wav", "duration": 6.81}, {"text": "once they figured out that they have a large corporate initiative to support responsible investing and that these were", "audio_length_s": 6.81, "path": "6709c061d39d0e433079f84160f11c80_247.wav", "duration": 6.81}, {"text": "Turning now to our renewable fuel business. We continue to see increased interest and demand for our renewable fuel offering.", "audio_length_s": 6.81, "path": "c20824ea6f927fe380f48a904cf4821b_27.wav", "duration": 6.81}, {"text": "with the fact that our price increases are sticking and enabling us to offset fully the raw materials.", "audio_length_s": 6.81, "path": "a0f5944a79ea5150378d21e6a9ac05d8_127.wav", "duration": 6.81}, {"text": "hold a significant amount of our debt and have historically provided capital in support of our efforts.", "audio_length_s": 6.81, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_77.wav", "duration": 6.81}, {"text": "It's really difficult for -- and our end-use customers in China to understand how much inventory", "audio_length_s": 6.81, "path": "4721d5a2e7061d90a4e4e4768adc2486_26.wav", "duration": 6.81}, {"text": "as well as the co-funding arrangement are mutually exclusive or is there possibility that one could happen without the other?", "audio_length_s": 6.81, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_192.wav", "duration": 6.81}, {"text": "In addition, our rates for transportation are much more competitive than rail and less expensive or comparable", "audio_length_s": 6.81, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_9.wav", "duration": 6.81}, {"text": "where we looked at their 8,000 diabetes patients and 4,000 of those patients were not on an ACE or an ARB despite being at the age where they should be.", "audio_length_s": 6.81, "path": "0cfaeed8cd93dc274845d450e921aeb6_101.wav", "duration": 6.81}, {"text": "against Par Pharmaceutical Inc. In connection with the settlement, Par was granted the right to sell a limited volume", "audio_length_s": 6.81, "path": "299bad77345d2e44fa5768f4416f7b97_12.wav", "duration": 6.81}, {"text": "Utilities are applying it to grow their businesses and to meet aggressive CO2 emission reduction goals", "audio_length_s": 6.81, "path": "ee00ebd8d782e8f124b3e142cbb74f37_118.wav", "duration": 6.81}, {"text": "We have also analyzed the new bundle model and believe the downside risk of these 2 are modest.", "audio_length_s": 6.81, "path": "b126c31149f1cadf1d891082a187d6fc_78.wav", "duration": 6.81}, {"text": "Please note that based on the timing of certain working capital changes and maintenance capital expenditures,", "audio_length_s": 6.81, "path": "b126c31149f1cadf1d891082a187d6fc_84.wav", "duration": 6.81}, {"text": "And when you say significant, what exactly does that mean, just kind of a broad range of expectations?", "audio_length_s": 6.81, "path": "bfb0fac9575cd0820a660f2577199468_194.wav", "duration": 6.81}, {"text": "in the services business in the last 3 years. So it's part of the strategic plan of the company. So", "audio_length_s": 6.81, "path": "a9ff9f85f03afdd2d13b76e14060b31d_39.wav", "duration": 6.81}, {"text": "And third has been to maintain a strong balance sheet to fund our high organic growth.", "audio_length_s": 6.81, "path": "24a133abc343c813233d416b0cef96cd_155.wav", "duration": 6.81}, {"text": "all of these major projects of OMS are now being delivered. So how do you", "audio_length_s": 6.81, "path": "ffe22f8bcf153b8b51f6e52039686c1e_90.wav", "duration": 6.81}, {"text": "I was under the impression that those with better-than-average fuel efficiency actually slightly benefited from higher fuel prices.", "audio_length_s": 6.81, "path": "14fa9d7635caae6483af62a4bfe1b9d6_51.wav", "duration": 6.81}, {"text": "during the construction of that project. So as we look at other opportunities in Maine,", "audio_length_s": 6.81, "path": "2cd5b184c2ef6624ce219830182927c9_366.wav", "duration": 6.81}, {"text": "in which we see a lot of activity in the economy overall and we intend to continue to be active.", "audio_length_s": 6.81, "path": "02242ceddfeb4bcc65f04552b63fe80e_43.wav", "duration": 6.81}, {"text": "focusing too hard on pushing one way or the other. Whereas a lot of my competitors, they'll pay double in Subscription or", "audio_length_s": 6.81, "path": "9826162bc1bb67bf8d65e4cf50e656e9_50.wav", "duration": 6.81}, {"text": "And of course, it'd partly driven by what competitors decide to do. And of course it could be that they're more interested", "audio_length_s": 6.81, "path": "6299a010c7bb84feaf14b263750dbd1a_142.wav", "duration": 6.81}, {"text": "Phoenix is active in industry discussions with regards to the future of our entire industry,", "audio_length_s": 6.81, "path": "6299a010c7bb84feaf14b263750dbd1a_190.wav", "duration": 6.81}, {"text": "And I wonder what the breakdown or the content is? What is that, that is contributing to that growth, if you could explain that?", "audio_length_s": 6.81, "path": "1530acc3242f0ee1713e757ee06f6aa1_15.wav", "duration": 6.81}, {"text": "Thank you, operator, and thank you all for taking time to listen to this call today.", "audio_length_s": 6.81, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_48.wav", "duration": 6.81}, {"text": "Because in truth, while we have an ability to take some stepwise and step function reductions in the expenses", "audio_length_s": 6.81, "path": "09eebad8f3c529b4c7d916c5f7766f7f_176.wav", "duration": 6.81}, {"text": "We see a number of companies that are in a position that's a lot less favorable than the position we're in.", "audio_length_s": 6.81, "path": "c71a6ab1a0697010811c89200ab21613_117.wav", "duration": 6.81}, {"text": "Slide 9 shows our results compared with the outlook we provided on our second quarter call in July.", "audio_length_s": 6.81, "path": "1d6a34325b07bf47ed643b143c941234_71.wav", "duration": 6.81}, {"text": "Growth accelerated in our research models business in China in the first quarter as we anticipated.", "audio_length_s": 6.81, "path": "50eb350badadec6e4272b90684741c25_82.wav", "duration": 6.81}, {"text": "We'll do a going forward to the extent we have these adjustments, we'll make sure we highlight them", "audio_length_s": 6.81, "path": "81c03e2c15e8fe8213fbd40368b49581_84.wav", "duration": 6.81}, {"text": "and some of them are punitive and we build that into our rates upfront.", "audio_length_s": 6.81, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_69.wav", "duration": 6.81}, {"text": "It also provides sophisticated yet simple and distinctive information about quality,", "audio_length_s": 6.81, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_94.wav", "duration": 6.81}, {"text": "and several large new projects either in the planning stage or having recently been announced.", "audio_length_s": 6.81, "path": "ef7e77f6a5983826d0eefe75f7832ce6_194.wav", "duration": 6.81}, {"text": "The filing process itself went smoothly with constructive engagement with our regulators and key stakeholders throughout.", "audio_length_s": 6.81, "path": "6f1b092b312410065d308541be46da95_242.wav", "duration": 6.81}, {"text": "and external options to identify opportunities for additional shareholder value creation.", "audio_length_s": 6.81, "path": "af146425f68dd8e32f31878389746637_79.wav", "duration": 6.81}, {"text": "in some Asian ports, some Baltic Sea ports as well as in the East Coast of Latin America.", "audio_length_s": 6.81, "path": "538323cb37246bc97d1253b369a7414a_166.wav", "duration": 6.81}, {"text": "traditional rates were probably moving up, particularly with the electronic logs, and it is hard to find drivers these days. So", "audio_length_s": 6.81, "path": "eed99fefac02f862b3ee31c4748cb9b5_31.wav", "duration": 6.81}, {"text": "which is slightly below our previous expectations as we are experiencing some short-term challenges in acetate flake", "audio_length_s": 6.81, "path": "b154f7c33e567e453cb765f4ac03dd2f_11.wav", "duration": 6.81}, {"text": "A few examples of these areas include inventory management, global procurement and logistics and production engineering.", "audio_length_s": 6.81, "path": "7a80c3e91e5a2693cdaef5f716808317_79.wav", "duration": 6.81}, {"text": "Speaking on behalf of the board and management, while we are continuing to evaluate all possible alternatives,", "audio_length_s": 6.81, "path": "a85c54c77dd2524eedab1287ea3ceff4_114.wav", "duration": 6.81}, {"text": "but down sequentially 11% to lower -- due to lower activity with several current accounts.", "audio_length_s": 6.81, "path": "eb93e70cdf7a839a69546250fb3646fb_9.wav", "duration": 6.81}, {"text": "including those risk factors discussed in the company's most recent form 10-K filed in May.", "audio_length_s": 6.81, "path": "1bee232b4d03ce3a6f424bb7891581a2_51.wav", "duration": 6.81}, {"text": "In the meantime, our current contract was extended earlier this week through the end of May.", "audio_length_s": 6.81, "path": "97b02b7a41ecb22cb04e7331052cefc8_62.wav", "duration": 6.81}, {"text": "So but it's really a shift into potentially new lines of business that a client has.", "audio_length_s": 6.81, "path": "97b02b7a41ecb22cb04e7331052cefc8_97.wav", "duration": 6.81}, {"text": "So we're looking for ways to shrink it. What we are seeing is that when we are dealing with some of these", "audio_length_s": 6.81, "path": "726bad4d5d1a6b2f62034eb8dc843450_79.wav", "duration": 6.81}, {"text": "Our planned investment is part of a global strategy to open up our ecosystem and support a broad range of new partners", "audio_length_s": 6.81, "path": "1bc08759c84df9d3f656cf53f5bb6d35_181.wav", "duration": 6.81}, {"text": "due to the improved performance of the business, partially offset by lower legal and litigation fees.", "audio_length_s": 6.81, "path": "ff59c33225941d4025bcecc8fe1a4b32_14.wav", "duration": 6.81}, {"text": "but I'm encouraged. I'm extremely encouraged by the progress we're making and what we can expect here going forward.", "audio_length_s": 6.81, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_168.wav", "duration": 6.81}, {"text": "And then there's some timing of working capital that I put in the equation as well, and then we do pay our", "audio_length_s": 6.81, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_45.wav", "duration": 6.81}, {"text": "These were partially offset by improved productivity compared to the same period last year.", "audio_length_s": 6.81, "path": "4b5d33b9c200403f2d4633e47f1d4110_13.wav", "duration": 6.81}, {"text": "along with proximity beacons and human interface devices. This is where the volume is today.", "audio_length_s": 6.81, "path": "78cf0d3e40caba622d8914916f0f9146_9.wav", "duration": 6.81}, {"text": "So right now, I do not anticipate any further grow -- I mean", "audio_length_s": 6.7800625, "path": "ffe22f8bcf153b8b51f6e52039686c1e_12.wav", "duration": 6.7800625}, {"text": "Then the second bucket is supply chain, further improving the Asian supply chain.", "audio_length_s": 6.78, "path": "d162113e3aface010baec17bd408736b_64.wav", "duration": 6.78}, {"text": "This is our best quarter ever. Eurex was the main driver for the result in the first quarter.", "audio_length_s": 6.78, "path": "c459f473b2c99662c3e29eeb2df74043_1.wav", "duration": 6.78}, {"text": "it's going to be interesting to see what happens with the rates, but I guess we will get into an environment", "audio_length_s": 6.78, "path": "364a769967b9b1a7cd069e2ce95c6e25_161.wav", "duration": 6.78}, {"text": "Despite the inevitable issues that the travel industry always faces, we've continued to make good progress.", "audio_length_s": 6.78, "path": "214dcdc435ef3259490466447858fa56_12.wav", "duration": 6.78}, {"text": "company wasn't doing as well as it could have been and had some negative income quarters and then it got paid off so.", "audio_length_s": 6.78, "path": "b7050f62f52a3d2803beea21404f7af6_35.wav", "duration": 6.78}, {"text": "We bought some additional proportional reinsurance to mitigate the impact of that and allow us to continue", "audio_length_s": 6.78, "path": "f0dd7e4dad969b480d0d2a70609aedba_196.wav", "duration": 6.78}, {"text": "Claims ratio also improved by a point, reflecting that relatively benign claims environment.", "audio_length_s": 6.78, "path": "f0dd7e4dad969b480d0d2a70609aedba_16.wav", "duration": 6.78}, {"text": "Well, I could tell you our preferred solution was the solution we had before. For years we had a partner that was simply a takeout partner.", "audio_length_s": 6.78, "path": "3557b21a45c35e71e82cc43b19977855_24.wav", "duration": 6.78}, {"text": "when people have a chance to look at the data, that represents a real sea change in the way people treat lung cancer.", "audio_length_s": 6.78, "path": "f0ce0d97cf62c9076226e0aeeb550493_84.wav", "duration": 6.78}, {"text": "Fluid Handling is performing modestly better than expected. As we have discussed previously,", "audio_length_s": 6.78, "path": "22ad97a95501a08f15c06605cd277fec_2.wav", "duration": 6.78}, {"text": "which are and will be critical to be able to significantly engage with the consumer.", "audio_length_s": 6.78, "path": "9014ac9cbc2cff30468f1bcb659c0f66_110.wav", "duration": 6.78}, {"text": "as our revenues also build from our asset sensitivity, normal seasonality and our good organic growth,", "audio_length_s": 6.78, "path": "2d7efae3f89647d6468deed3b73bf98a_96.wav", "duration": 6.78}, {"text": "We are spending more to accelerate the growth of our project pipeline and our operating asset portfolio.", "audio_length_s": 6.78, "path": "81430c39b7b202d05644e419e2a01a65_128.wav", "duration": 6.78}, {"text": "So with clarity looming now on DOL regulations and also continued consolidation expected given the scale comments,", "audio_length_s": 6.78, "path": "8cb24daf76784487ad63780546dc4ba4_229.wav", "duration": 6.78}, {"text": "one of the challenges with newer products is the period for getting it up and running", "audio_length_s": 6.78, "path": "8cb24daf76784487ad63780546dc4ba4_196.wav", "duration": 6.78}, {"text": "And we haven't talked very much about Tangerine's credit card, but its balances are up 31% for the whole year. So", "audio_length_s": 6.78, "path": "7974a5134807f46a1484a8adf81505be_181.wav", "duration": 6.78}, {"text": "We generally don't take on transactional risk, so this slide focuses strictly on the translation impact for reporting purposes.", "audio_length_s": 6.78, "path": "8b71a232d7fe61e6232807b635977c31_152.wav", "duration": 6.78}, {"text": "individuals will have liquidity events down the road as opposed to near term. So if they come to us with", "audio_length_s": 6.78, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_54.wav", "duration": 6.78}, {"text": "We continue to have a disciplined approach to our pricing strategy, and we believe that we have adequately priced", "audio_length_s": 6.78, "path": "3121e8f4a75758834d32a9e4e0555221_148.wav", "duration": 6.78}, {"text": "Notwithstanding these challenges, we have achieved some important objectives that position the company for recovery and growth.", "audio_length_s": 6.78, "path": "e1f462455d6c826d9c173c35d4844383_46.wav", "duration": 6.78}, {"text": "We have reduced our general and administrative expenses by reducing the size of our staff in all locations", "audio_length_s": 6.78, "path": "e1f462455d6c826d9c173c35d4844383_35.wav", "duration": 6.78}, {"text": "Despite lower premiums, we expect our expense ratio for these risk-based products", "audio_length_s": 6.78, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_87.wav", "duration": 6.78}, {"text": "and allowing customers more choice and control over what speeds and data plans they want.", "audio_length_s": 6.78, "path": "54240e38051f2a3bb6a4e58fe55344cd_64.wav", "duration": 6.78}, {"text": "the chart at the back of our press release some of those activities that still have to occur.", "audio_length_s": 6.78, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_100.wav", "duration": 6.78}, {"text": "The main instrument I guess that we'll be using is the restructuring,", "audio_length_s": 6.78, "path": "39e5706898dcaf14a280b3a123877cd6_108.wav", "duration": 6.78}, {"text": "as well as bringing back former customers that are starting the program. If you look next at what's kind of driving", "audio_length_s": 6.78, "path": "957e0f876f9a4af9b498c19843675474_95.wav", "duration": 6.78}, {"text": "are in the approval process for development in the city of Toronto, which are now under review.", "audio_length_s": 6.78, "path": "0ee490f8688669984ae17a737590f7b5_46.wav", "duration": 6.78}, {"text": "In coming weeks, we will determine targeted tenors, currencies and amounts to optimize this acquisition requirement.", "audio_length_s": 6.78, "path": "c1f9276ae4068aca63163adff502b818_23.wav", "duration": 6.78}, {"text": "Good, good because it sounds like with all the potential business you guys are talking about,", "audio_length_s": 6.78, "path": "392ca3d1e388c6d7a35f6d0db390c359_166.wav", "duration": 6.78}, {"text": "We have provided slides for this presentation and our earnings release issued this morning on the Investors section of our website.", "audio_length_s": 6.78, "path": "a212b77ae2b2452093665a4e179ed3a3_144.wav", "duration": 6.78}, {"text": "That will require us to make an estimate of what we think the pension deficit requirements will be,", "audio_length_s": 6.78, "path": "a212b77ae2b2452093665a4e179ed3a3_78.wav", "duration": 6.78}, {"text": "So we are looking all across Canada at places where we can increase the footprint in urban markets.", "audio_length_s": 6.78, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_60.wav", "duration": 6.78}, {"text": "we restructured our manufacturing network, including the divestiture of our Charlotte manufacturing facility.", "audio_length_s": 6.78, "path": "5f38ce681d4413a793d34a0650c59bf2_15.wav", "duration": 6.78}, {"text": "and we have to react very fast to these things. We cannot let that go. I mean the reaction time has to be very quick", "audio_length_s": 6.78, "path": "8475d4f528174aebabcb109487bee3f3_51.wav", "duration": 6.78}, {"text": "to lift and all the rest of it. So we are quite happy with skin care, umbrella brand and also", "audio_length_s": 6.78, "path": "8475d4f528174aebabcb109487bee3f3_50.wav", "duration": 6.78}, {"text": "We also launched 2 new shows in the period, an East Coast Active Collective event", "audio_length_s": 6.78, "path": "4032bfdd59881fc6506c082737cb5a99_52.wav", "duration": 6.78}, {"text": "as well as our strength in patient advocacy, our corporate citizenship and our other support services.", "audio_length_s": 6.78, "path": "0dbbae27d7055ecc04cc25e14e4de12d_186.wav", "duration": 6.78}, {"text": "Oil and gas have started to pick up for us. So we do have reason for optimism that this expansion", "audio_length_s": 6.78, "path": "23eff4c724ee00f56319fcc47add3441_19.wav", "duration": 6.78}, {"text": "Our Corporate Finance business is heavily impacting the quarter by paralyzed markets in our strongest markets in Europe.", "audio_length_s": 6.78, "path": "bddc15938bdcc3085f19b0851e74c2c0_7.wav", "duration": 6.78}, {"text": "We believe our third quarter results demonstrate our positive momentum toward this goal.", "audio_length_s": 6.78, "path": "257e4e92036da9582a8a288c88332ff3_161.wav", "duration": 6.78}, {"text": "I guess, in terms of thinking about modeling, it would be helpful to know how you're thinking about that", "audio_length_s": 6.78, "path": "257e4e92036da9582a8a288c88332ff3_149.wav", "duration": 6.78}, {"text": "As this guidance indicates, we remain committed to balancing growth with increasing profitability", "audio_length_s": 6.78, "path": "ddf51a035f75b2e145a283edfd51fffc_16.wav", "duration": 6.78}, {"text": "in the regulation for the dispatch of energy for constraints,", "audio_length_s": 6.78, "path": "d5bf790f69586c23fa90f48cee1d6554_12.wav", "duration": 6.78}, {"text": "Let me now discuss the performance of each of our business segments this quarter. Within the Commerce Services group,", "audio_length_s": 6.78, "path": "6864081f83959f4b49e25e597f28af66_124.wav", "duration": 6.78}, {"text": "We plan to use the proceeds from the sale to invest back into the business and for general corporate purposes.", "audio_length_s": 6.78, "path": "bb9c0d60d15efa53cedac31e079e9ae6_84.wav", "duration": 6.78}, {"text": "Thank you, sir. This does conclude today's presentation. You may disconnect your lines at this time and have a nice day.", "audio_length_s": 6.78, "path": "eb4fd38da7ae1a347630ef447dfe9abe_99.wav", "duration": 6.78}, {"text": "that make for the profits. So we're just very optimistic about", "audio_length_s": 6.78, "path": "a965bbd76f3d449c86e8c27d03ac192f_134.wav", "duration": 6.78}, {"text": "As always, we provided a full reconciliation of these puts and takes in the appendix to the presentation.", "audio_length_s": 6.78, "path": "bbe852c8c3f7827e31f31a56bc72b7da_207.wav", "duration": 6.78}, {"text": "But we decided not to go ahead with it at this quarter. It's constantly reviewed.", "audio_length_s": 6.78, "path": "a8034762296368c60571fcde382c3274_28.wav", "duration": 6.78}, {"text": "period of time where the machine is running continuously, we don't want to change products. I mean, that's the smartest thing to do.", "audio_length_s": 6.78, "path": "1ddc944827b99caf8c7867ceeed0ec20_63.wav", "duration": 6.78}, {"text": "The synergies come largely from the textbook inventory optimization and procurement savings.", "audio_length_s": 6.78, "path": "da14df2e02d11f6f8599533d9d57faee_157.wav", "duration": 6.78}, {"text": "At the same time, in certain critical areas, we have added talent from outside the organization that I think will help", "audio_length_s": 6.78, "path": "b96165244f010b3f1e61cbbc5e504d96_35.wav", "duration": 6.78}, {"text": "partially offset by higher wholesale volumes related to rebalancing of the power supply portfolio.", "audio_length_s": 6.78, "path": "636d6909fbd8656f88f72f66a3a162ff_63.wav", "duration": 6.78}, {"text": "We still intend to return substantial capital to our shareholders this year, subject to approval through the CCAR process,", "audio_length_s": 6.78, "path": "0899e07f70a6e5be842fb6e22a3fafe9_21.wav", "duration": 6.78}, {"text": "Since we had the opportunity to discuss this transaction on our first quarter call, I won't go into great detail on this", "audio_length_s": 6.78, "path": "b092d2be33ad52beefab208355b18235_45.wav", "duration": 6.78}, {"text": "validates our assertion that we're well ahead of the industry in terms of transitioning to LED lighting.", "audio_length_s": 6.78, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_148.wav", "duration": 6.78}, {"text": "First, as you can see, we are a bit short on revenue in the first quarter, but we grew our backlog significantly.", "audio_length_s": 6.78, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_3.wav", "duration": 6.78}, {"text": "In a moment, I'll discuss this in more detail but want to call it out as a prime reason why Orion had a slow start to the year.", "audio_length_s": 6.78, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_99.wav", "duration": 6.78}, {"text": "engineering and operations groups, while allowing us to better serve our clients in a way that addresses their unique needs,", "audio_length_s": 6.78, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_15.wav", "duration": 6.78}, {"text": "Did it or didn't it have an impact on the quarter? And would you expect it to have any impact going forward?", "audio_length_s": 6.78, "path": "1d2ff648e4a30fa5555a7ab85bf60190_17.wav", "duration": 6.78}, {"text": "provide further diversification and access to the growing Retail market.", "audio_length_s": 6.78, "path": "be8b554309f7632bc9ebbd967764001e_127.wav", "duration": 6.78}, {"text": "We collected more cash than ever before in Europe Core and made a number of operational improvements.", "audio_length_s": 6.78, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_146.wav", "duration": 6.78}, {"text": "and other financial and operating results, business strategy and plans as well as other opportunities", "audio_length_s": 6.78, "path": "8a77ceadd7e4729abc9102d38be3a227_150.wav", "duration": 6.78}, {"text": "Every story I heard from our facility administrators and staff fills me with great pride", "audio_length_s": 6.78, "path": "c5c7a9f409241412b160a93cde7ef630_154.wav", "duration": 6.78}, {"text": "We are ready for the challenge and excited to start a new chapter for Westport Fuel Systems.", "audio_length_s": 6.78, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_141.wav", "duration": 6.78}, {"text": "core luxury and prestige. This will enable us to tailor investment by brand and segment.", "audio_length_s": 6.78, "path": "c3567809c19ce6a800677544cd84f88b_45.wav", "duration": 6.78}, {"text": "we've also done some price adjustments for what we saw coming. So the combination of those things I think", "audio_length_s": 6.78, "path": "9979d7fef684b8cac613c934b6229791_178.wav", "duration": 6.78}, {"text": "We are attempting to navigate this minefield with our usual caution and conservatism,", "audio_length_s": 6.78, "path": "7cf9ea093ccaf8fe8af51c4e00832372_27.wav", "duration": 6.78}, {"text": "I remain confident that we are on track to continue to deliver long-term value for our shareholders.", "audio_length_s": 6.78, "path": "051c23cc7bacc5c9df9312ac0fd431a9_170.wav", "duration": 6.78}, {"text": "In addition, we continue to move our product mix into alignment with the industry average.", "audio_length_s": 6.78, "path": "53889f50eda8b316a01a3df89d226e7f_67.wav", "duration": 6.78}, {"text": "the impact of an anticipated income tax settlement, as well as any potential impairment costs.", "audio_length_s": 6.78, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_158.wav", "duration": 6.78}, {"text": "But at the same time, with lighter deal flow, we still were seeing at least some interesting opportunities to consider.", "audio_length_s": 6.78, "path": "4479886907c2a9ec843d6ea1e5e0cacc_68.wav", "duration": 6.78}, {"text": "As a percentage of revenues, consolidated salary, wages and benefit costs increased by 50 basis points", "audio_length_s": 6.78, "path": "b43c001c5af465d220ab0b69a95202ae_189.wav", "duration": 6.78}, {"text": "There are several drivers that impacted our results in the quarter, and I will cover them in more detail starting with volume.", "audio_length_s": 6.78, "path": "b43c001c5af465d220ab0b69a95202ae_185.wav", "duration": 6.78}, {"text": "Our forward-looking statements speak only as of the date they are made, and we have no obligation to update such statements in the future.", "audio_length_s": 6.78, "path": "809e26eaacb31ffdee78d3f41a6ce90a_79.wav", "duration": 6.78}, {"text": "compared to 57 basis points for the second quarter and 55 basis points for the third quarter a year ago.", "audio_length_s": 6.78, "path": "246876171ef2f408df10ee0816f9db83_78.wav", "duration": 6.78}, {"text": "worried again by a potential for one drug going off patent?", "audio_length_s": 6.78, "path": "5e95976c2c94d24ba7df09eb05e3a3b0_10.wav", "duration": 6.78}, {"text": "that category group is now working through the rate and the pace at which they can accomplish", "audio_length_s": 6.78, "path": "5ea42ed8ea9a65bd01aaabb678685483_47.wav", "duration": 6.78}, {"text": "or the best way to serve your customers. And so we made the decision to go for the win", "audio_length_s": 6.78, "path": "5ea42ed8ea9a65bd01aaabb678685483_123.wav", "duration": 6.78}, {"text": "And so it's not going to be -- that was not normal operation, so that rate wouldn't be sustainable.", "audio_length_s": 6.78, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_123.wav", "duration": 6.78}, {"text": "Used equipment is starting to move, if it's good. The equipment that", "audio_length_s": 6.78, "path": "948f025c16fce2bcb2909e610c9be557_4.wav", "duration": 6.78}, {"text": "And on the last call, you may recall that we said that we positioned ourselves with our strategy", "audio_length_s": 6.78, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_170.wav", "duration": 6.78}, {"text": "In short, like many smart companies, we're selectively investing through the downturn in emerging markets", "audio_length_s": 6.78, "path": "9b697782ea80be97854f35d6fc62c93a_6.wav", "duration": 6.78}, {"text": "and the proposed current transaction should further enhance our position in the global coffee category.", "audio_length_s": 6.78, "path": "9b697782ea80be97854f35d6fc62c93a_4.wav", "duration": 6.78}, {"text": "happens. Nevertheless, I would say that will probably slightly impact our Q2 for Care Chemicals. But no reason to", "audio_length_s": 6.78, "path": "9aeced6a84c2436e62dd21d1441d0bb4_72.wav", "duration": 6.78}, {"text": "this year and next year, is there anything that we should be made aware of?", "audio_length_s": 6.78, "path": "8d9efef3c305ec549fb15daa27107c83_55.wav", "duration": 6.78}, {"text": "and we'll drive engagement with Triangle loyalty and the credit card. These are just a few of the initiatives we got in the pipeline.", "audio_length_s": 6.78, "path": "21f21433851eb7c7f7dbc710309341bb_182.wav", "duration": 6.78}, {"text": "out by putting our capital position or our debt position more in line with where we want it to be on a permanent basis.", "audio_length_s": 6.78, "path": "fb817a6cc685a3fd0f003456dd641c01_195.wav", "duration": 6.78}, {"text": "I look forward to reporting to investors and analysts on the growth of our new products and other initiatives in our upcoming calls.", "audio_length_s": 6.78, "path": "33ed8514914fae6825997843290fe049_81.wav", "duration": 6.78}, {"text": "such as industrial, IoT, smart mobile devices and the connected car.", "audio_length_s": 6.78, "path": "9e07401011239a074ff66741ee557224_34.wav", "duration": 6.78}, {"text": "for home standby generators, along with some expected continuing benefit from an overall favorable environment for residential investments.", "audio_length_s": 6.78, "path": "82f5253b62614161333b038f5f9700f8_182.wav", "duration": 6.78}, {"text": "But again, it's a big part of our OpEx program being black at the bottom and are focused on having the right cost structure.", "audio_length_s": 6.78, "path": "735a523f1ef6500b7aa97a2536d9c4fd_163.wav", "duration": 6.78}, {"text": "Both transaction take rate and total take rate benefited from revenue related to our hedge gains.", "audio_length_s": 6.78, "path": "49e533a8449f6b9b6c806458e73338e1_146.wav", "duration": 6.78}, {"text": "Some of the places that we are in, the markets that we are in are probably the wrong spot.", "audio_length_s": 6.78, "path": "416ebb7a4160f7cd2f98361cbd1cb769_83.wav", "duration": 6.78}, {"text": "So we might start with the room and then go to the phones. So in the room,", "audio_length_s": 6.78, "path": "01f88a67f39af3a74d5f23b095615d39_255.wav", "duration": 6.78}, {"text": "both of which reflect continued organic growth in our core Las Vegas business as well as our Native American management business.", "audio_length_s": 6.78, "path": "1e850c2f72078279ebafea4edcbb3aa4_36.wav", "duration": 6.78}, {"text": "This was due to the fact that a major new phone did not start selling until November, which is the first month of our fourth quarter.", "audio_length_s": 6.78, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_66.wav", "duration": 6.78}, {"text": "We would emphasize that these patients are checkpoint failures, so we're working in a population who have a very real unmet need", "audio_length_s": 6.78, "path": "f542ab325f47ed150e28888da2f85871_58.wav", "duration": 6.78}, {"text": "that are kind of making this growth ramp more gradual than you initially thought?", "audio_length_s": 6.78, "path": "f74a9d06236a0e937a6e98bfacc85eb7_49.wav", "duration": 6.78}, {"text": "far more competitive to our foreign competitors, which make up a significant part of our peer competitive", "audio_length_s": 6.78, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_170.wav", "duration": 6.78}, {"text": "will be modest. Let's take a look at our financial position.", "audio_length_s": 6.78, "path": "0dec9a606303da3039d11eec4ec9bd86_143.wav", "duration": 6.78}, {"text": "This change was the result of higher net income on cash flow from operations, offset by fluctuations in working capital.", "audio_length_s": 6.78, "path": "0dec9a606303da3039d11eec4ec9bd86_10.wav", "duration": 6.78}, {"text": "with a midpoint which is a substantial increase of 9% over the previous year.", "audio_length_s": 6.78, "path": "e33785a294553de2a12d4463bf786744_168.wav", "duration": 6.78}, {"text": "quick point on your second question. I'll turn it over to Andre for the first and Linda for the second question. But", "audio_length_s": 6.78, "path": "77d2dd6d5e46cc8a8e80809305b60208_48.wav", "duration": 6.78}, {"text": "In all, we believe that improving the style and quality of our product has positively impacted our performance,", "audio_length_s": 6.78, "path": "7498a6630302a038bd537d192c3a44f4_159.wav", "duration": 6.78}, {"text": "We also made a key strategic decision impacting the course for Vancive, our medical technology business,", "audio_length_s": 6.78, "path": "4721d5a2e7061d90a4e4e4768adc2486_112.wav", "duration": 6.78}, {"text": "but we have stabilized that operation to the point where our raising cost there, meaning the cost to raise", "audio_length_s": 6.78, "path": "80a2ca14358172366acab4e80f3fa33b_43.wav", "duration": 6.78}, {"text": "And one of the exciting things is that we're -- an additional exciting thing is that", "audio_length_s": 6.78, "path": "f706bdb8b0a3f86e52419138fd2da20a_58.wav", "duration": 6.78}, {"text": "to be something that they want, and we see a very strong opportunity to work with partners in retail", "audio_length_s": 6.78, "path": "0cfaeed8cd93dc274845d450e921aeb6_85.wav", "duration": 6.78}, {"text": "In that context, we're very pleased in our performance thus far during the selling and renewal season. While it is still early,", "audio_length_s": 6.78, "path": "0cfaeed8cd93dc274845d450e921aeb6_79.wav", "duration": 6.78}, {"text": "whether there are particular opportunities that -- I mean, I think it was roughly a year ago you started to talk about train length opportunity in Canadian grain.", "audio_length_s": 6.78, "path": "71ea3ed1436c2759a95f8d629963db2e_46.wav", "duration": 6.78}, {"text": "as well as more exploration activity, providing solid growth opportunities for our business in the coming year.", "audio_length_s": 6.78, "path": "bfb0fac9575cd0820a660f2577199468_17.wav", "duration": 6.78}, {"text": "All projections are subject to risks and uncertainties and actual results may differ materially.", "audio_length_s": 6.78, "path": "8d71e62af8c57a752b0e04f6546bf622_84.wav", "duration": 6.78}, {"text": "On top of what's working now, we'll be introducing MogoWealth with multiple investment products a new cash-back feature of our card program,", "audio_length_s": 6.78, "path": "66b25c60d952bd002c7ab20da9248086_8.wav", "duration": 6.78}, {"text": "It's not going to happen during the depths of the downturn, but I think it is there in the future.", "audio_length_s": 6.78, "path": "ecc871b8f89a858d952f554f1ca8f7da_193.wav", "duration": 6.78}, {"text": "Now all these are clear examples that the new Connected 4 Growth organization with the Country Category Business Teams", "audio_length_s": 6.78, "path": "e35fae1d3df1f7aeda409f90f200ec7b_139.wav", "duration": 6.78}, {"text": "Firstly, a more nimble organization, including the introduction of the new Country Category Business Teams.", "audio_length_s": 6.78, "path": "e35fae1d3df1f7aeda409f90f200ec7b_64.wav", "duration": 6.78}, {"text": "Last year in the fourth quarter, losses included some special factors.", "audio_length_s": 6.78, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_121.wav", "duration": 6.78}, {"text": "Slide 14 emphasizes once again how the strength of our brands is allowing us to capture growth the right way.", "audio_length_s": 6.78, "path": "b0d88c0f1efca89ecb928172341dc75d_190.wav", "duration": 6.78}, {"text": "the growth that might be expected for the business in FY '18 because we don't have a number of", "audio_length_s": 6.78, "path": "4ee3c79ebc57c9870b221b9479d52436_51.wav", "duration": 6.78}, {"text": "some key activities in the coming years that are important considerations as we work to maintain the momentum", "audio_length_s": 6.78, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_72.wav", "duration": 6.78}, {"text": "powerful. So we're growing top line, but we're also able to improve margin at lesser levels of growth. If you see where I'm coming from.", "audio_length_s": 6.78, "path": "e0555e30370c43189a1136fb7ef17d20_37.wav", "duration": 6.78}, {"text": "we should expect to see increased spending behind them as we move forward over the next few quarters?", "audio_length_s": 6.78, "path": "3e42c35588dc721e96280bc039e96c8d_53.wav", "duration": 6.78}, {"text": "so far this year have been flat, but there have been others that have come within the range of our targeted range.", "audio_length_s": 6.78, "path": "14fa9d7635caae6483af62a4bfe1b9d6_145.wav", "duration": 6.78}, {"text": "Connecticut in 2015. And you actually pick those up the following year when you file the returns for those years.", "audio_length_s": 6.78, "path": "2cd5b184c2ef6624ce219830182927c9_16.wav", "duration": 6.78}, {"text": "If you guys are able to maintain or if rates do maintain the current levels, how do you guys think about using that incremental free cash flow", "audio_length_s": 6.78, "path": "e2cf6bb5b288d37102468fe05807e41c_27.wav", "duration": 6.78}, {"text": "and we see this as a benefit as a potential cancer treatment in different solid tumor indications.", "audio_length_s": 6.78, "path": "6daa2d0829057899b014b06c36e1d54b_116.wav", "duration": 6.78}, {"text": "We don't have a recycling division. So as we've talked about this in the past with you, we use", "audio_length_s": 6.78, "path": "1d021dfadd51998ac079e1df49929c60_27.wav", "duration": 6.78}, {"text": "as I talked about in July, I took over as CEO in April. Until in July, we had done a lot of work to", "audio_length_s": 6.78, "path": "9826162bc1bb67bf8d65e4cf50e656e9_174.wav", "duration": 6.78}, {"text": "which should result in a significant decrease in the stripping ratio and an increase in free cash flow.", "audio_length_s": 6.78, "path": "a2245a8522589003f9c235a48c0197f0_42.wav", "duration": 6.78}, {"text": "Having said that, we continue to be very encouraged by the client activity that we see.", "audio_length_s": 6.78, "path": "09eebad8f3c529b4c7d916c5f7766f7f_358.wav", "duration": 6.78}, {"text": "Four of the 5 subsegments posted organic growth, and all 5 saw increased volume over the prior year quarter.", "audio_length_s": 6.78, "path": "e69e64683a56cdadf1c95192e753f27e_168.wav", "duration": 6.78}, {"text": "Today's conference is being recorded. At this time, I would like to turn the conference over to Glenn Wiener. Please go ahead, sir.", "audio_length_s": 6.78, "path": "dbf6a9009ea60e2e96772ee3ccea7226_24.wav", "duration": 6.78}, {"text": "Core property operating expenses were less than expected in the quarter. Savings in utility expenses,", "audio_length_s": 6.78, "path": "5be70acf701b7a6c9322f8feeaca63cd_46.wav", "duration": 6.78}, {"text": "There are many other examples of how we are employing these competencies enterprise-wide for the people we are privileged to serve,", "audio_length_s": 6.78, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_6.wav", "duration": 6.78}, {"text": "in spite of what you said about the retail shopping centers, I'm getting mixed signals about the health of shopping centers.", "audio_length_s": 6.78, "path": "45c2e7788c29cc5f1c183ec742511c6f_55.wav", "duration": 6.78}, {"text": "in the expectation of a normal quarter. So we don't get a lot of warning that it's going to be a rainy month.", "audio_length_s": 6.78, "path": "ef7e77f6a5983826d0eefe75f7832ce6_160.wav", "duration": 6.78}, {"text": "Yes, I think -- well, let me start with New York as well, I think there's a number of tests that we have on", "audio_length_s": 6.78, "path": "6f1b092b312410065d308541be46da95_143.wav", "duration": 6.78}, {"text": "to serve attractive end markets as a global provider of highly engineered advanced materials.", "audio_length_s": 6.78, "path": "af146425f68dd8e32f31878389746637_51.wav", "duration": 6.78}, {"text": "what you're seeing on the inflation side for raw materials and other inputs.", "audio_length_s": 6.78, "path": "4750e4b9b0cd39e9b8774537c7fb0dba_63.wav", "duration": 6.78}, {"text": "I think the landscape of our focus is", "audio_length_s": 6.78, "path": "4fd138e27f5f375945332eacefa15b62_119.wav", "duration": 6.78}, {"text": "The information discussed on today's call may include forward-looking statements regarding the company's results and prospects,", "audio_length_s": 6.78, "path": "48bcc356a89059f921765f872bfe293c_104.wav", "duration": 6.78}, {"text": "I'm very pleased to report that we continued our strong performance in 2018 with another record quarter for the company.", "audio_length_s": 6.78, "path": "4d7256bec87696f6c5defa8f37db1b48_1.wav", "duration": 6.78}, {"text": "We continue our discussions with potential buyers and still expect this process will take the greater part of this year to resolve itself.", "audio_length_s": 6.78, "path": "b154f7c33e567e453cb765f4ac03dd2f_14.wav", "duration": 6.78}, {"text": "Removing friction from the way people use Snapchat and view snaps will help us continue to grow our community over the coming year.", "audio_length_s": 6.78, "path": "30a142fac5a62ab00227cb6a339a6226_121.wav", "duration": 6.78}, {"text": "recognize the variety of presentations in different body regions, the variety of patient types at risk", "audio_length_s": 6.78, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_49.wav", "duration": 6.78}, {"text": "come a long, long ways and that, that actually works very well in many of these homes.", "audio_length_s": 6.78, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_147.wav", "duration": 6.78}, {"text": "it shows that we've become a lot more productive, Siew Khee. So I think those are the kinds of things which are important to me", "audio_length_s": 6.78, "path": "8dd740d83ff1c7319a82eeba6047633d_28.wav", "duration": 6.78}, {"text": "decided to get out of the business, you'd have more of their trucks in the market, but that is -- we certainly haven't seen it yet.", "audio_length_s": 6.78, "path": "eb93e70cdf7a839a69546250fb3646fb_38.wav", "duration": 6.78}, {"text": "growing the rental fleet into '18? Or would you just hold it at these levels and try and benefit from the utilization and the pricing in the market?", "audio_length_s": 6.78, "path": "eb93e70cdf7a839a69546250fb3646fb_29.wav", "duration": 6.78}, {"text": "We've obviously been very sensitive to the need to minimize job losses throughout that process.", "audio_length_s": 6.78, "path": "9b84dc4409f4ecccd173c2f81a4460cc_17.wav", "duration": 6.78}, {"text": "And obviously, by holding these loans, we build a bigger asset base and generate significant future earnings.", "audio_length_s": 6.78, "path": "a98061f951c1b2c7a915e296098bc4de_139.wav", "duration": 6.78}, {"text": "Headed into the height of the current construction season, we continue to make progress in our financial performance.", "audio_length_s": 6.78, "path": "1bee232b4d03ce3a6f424bb7891581a2_60.wav", "duration": 6.78}, {"text": "demonstrating continued progress in extending our value proposition to clients through advanced analytics,", "audio_length_s": 6.78, "path": "c2a4f7aacf0036edc5b94457c0d8329a_32.wav", "duration": 6.78}, {"text": "Core to the growth we are seeing is the strong sales momentum, which it has been building steadily,", "audio_length_s": 6.78, "path": "97b02b7a41ecb22cb04e7331052cefc8_179.wav", "duration": 6.78}, {"text": "These services are being provided across the country in more than a dozen Metropolitan areas to several customers.", "audio_length_s": 6.78, "path": "523cf294ec146d5411972168b1c10f09_43.wav", "duration": 6.78}, {"text": "some of that business as spot business, what we call transactional business, that would be a customer calling in", "audio_length_s": 6.78, "path": "97ddc19ecb28bab2d19fd3b181182062_210.wav", "duration": 6.78}, {"text": "To allow us to continue to opportunistically repurchase shares, when they are undervalued and we have available cash,", "audio_length_s": 6.78, "path": "97ddc19ecb28bab2d19fd3b181182062_38.wav", "duration": 6.78}, {"text": "We ask that you review today's press release and read through the forward-looking cautionary informational statements that we've included there.", "audio_length_s": 6.78, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_1.wav", "duration": 6.78}, {"text": "So in the nonlife side, we can say that all of the segments and all of the products", "audio_length_s": 6.7799375, "path": "38b2f94da12bbf2d32246763aab8265a_86.wav", "duration": 6.7799375}, {"text": "which are subject to uncertainties, risks and changes in circumstances that are difficult to predict.", "audio_length_s": 6.7799375, "path": "30e94343ee663488872ae176b419a163_69.wav", "duration": 6.7799375}, {"text": "And fourth, we are focused on expanding our initial successes in the enterprise marketplace.", "audio_length_s": 6.7500625, "path": "139f0a6300f504b3e8673e39b0429161_92.wav", "duration": 6.7500625}, {"text": "the mean duration of therapy for those who were responders was approximately 19 months.", "audio_length_s": 6.75, "path": "070a939ddb72d87ed87e4b863da14a89_103.wav", "duration": 6.75}, {"text": "that it is excluded from the consolidated income statement this year as well as last year.", "audio_length_s": 6.75, "path": "c459f473b2c99662c3e29eeb2df74043_5.wav", "duration": 6.75}, {"text": "But I wonder if you could give us some color as to what you've done to improve the margins so much and whether you see any further upside.", "audio_length_s": 6.75, "path": "9d8c8f4a41008455665fd243ed99b642_114.wav", "duration": 6.75}, {"text": "As a reminder, this is calculated on average capital employed each and every month.", "audio_length_s": 6.75, "path": "9d8c8f4a41008455665fd243ed99b642_99.wav", "duration": 6.75}, {"text": "As Dan mentioned, we expect to close in the spring and would then be in a position to update our guidance.", "audio_length_s": 6.75, "path": "62d981deed6d5128615c99d1597178b6_19.wav", "duration": 6.75}, {"text": "and he brings to the position as President a strong reputation for growing and executing on our business plan.", "audio_length_s": 6.75, "path": "e23e3aabab4b12e359bc92a480c2d294_33.wav", "duration": 6.75}, {"text": "Our board has approved the construction of a new mining workshop and office complex.", "audio_length_s": 6.75, "path": "b7d4858dcc1d9cf454416082b75a3429_173.wav", "duration": 6.75}, {"text": "That doesn't change any of the day to day operations at Beazley. And then, finally, I'm sure you'll be pleased to hear we will be", "audio_length_s": 6.75, "path": "f0dd7e4dad969b480d0d2a70609aedba_12.wav", "duration": 6.75}, {"text": "Regionally, the Atlantic Basin and West Coast had lower earnings than last quarter, primarily due to lower market cracks.", "audio_length_s": 6.75, "path": "8b6c481f7fe797353fefe886e205bbaa_167.wav", "duration": 6.75}, {"text": "our strategic focus on targeting communications and IT services in one contract.", "audio_length_s": 6.75, "path": "2f888e63a31b86cc2f4f97710e8eed79_14.wav", "duration": 6.75}, {"text": "I was just wondering if after the HTS acquisition goes through,", "audio_length_s": 6.75, "path": "223f05c0b9b116532e9af84afa76cac7_24.wav", "duration": 6.75}, {"text": "An individual, as you know, was hired in the late May, June period, and the first task was for South Africa.", "audio_length_s": 6.75, "path": "c68c15299b67173c7ae163cc5938f3c1_16.wav", "duration": 6.75}, {"text": "from the introduction of guaranteed future value products, which will only be available through dealerships.", "audio_length_s": 6.75, "path": "3bdb43dc1bcef6eff76f45efedb6a211_114.wav", "duration": 6.75}, {"text": "accurate cost information, in particular related to our Colorado production facility.", "audio_length_s": 6.75, "path": "54558afacef9ab3010d5a57ac4feb664_61.wav", "duration": 6.75}, {"text": "in order to grow the business and to capitalize on all of these organic growth opportunities that we see. And so", "audio_length_s": 6.75, "path": "13220986bf30f26076a674e2a9edc89c_104.wav", "duration": 6.75}, {"text": "An important action that we have taken during the quarter is that we have started to work with", "audio_length_s": 6.75, "path": "55d548325797d638567669cd75444301_16.wav", "duration": 6.75}, {"text": "This could include the sale of a portion of the business. This could include a major acquisition. It could include a lot of things.", "audio_length_s": 6.75, "path": "55d05334bdde612eb9dd102bb41d216e_125.wav", "duration": 6.75}, {"text": "we are bringing sophistication to our reimbursement strategies, which will yield results in the coming quarters.", "audio_length_s": 6.75, "path": "d70a57dd52d0e4cf86a6225dca186bc2_138.wav", "duration": 6.75}, {"text": "The speed of change with which our business is evolving and the complexity with which we operate continues to rise.", "audio_length_s": 6.75, "path": "8cb24daf76784487ad63780546dc4ba4_134.wav", "duration": 6.75}, {"text": "Our strong cash flow generation has enabled us to grow both organically and through acquisitions,", "audio_length_s": 6.75, "path": "67716cee321d117b0318930dd142f06a_184.wav", "duration": 6.75}, {"text": "We expect this initial Phase 2 project to begin to come online by the end of this year", "audio_length_s": 6.75, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_43.wav", "duration": 6.75}, {"text": "that we are pursuing and expect to be able to discuss further on our next call.", "audio_length_s": 6.75, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_45.wav", "duration": 6.75}, {"text": "but the mechanisms do offer some value. And there's some values where we've been able to integrate our components and", "audio_length_s": 6.75, "path": "ec0ecc8e73cce4598def6cfff6f7c598_87.wav", "duration": 6.75}, {"text": "but again, I think we continue to make progress. Having said that, the technology that we're deploying across", "audio_length_s": 6.75, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_57.wav", "duration": 6.75}, {"text": "Our direct paid business had another solid year by focusing on the recurring business opportunities,", "audio_length_s": 6.75, "path": "56e05107e391476d11fe1f637733f028_11.wav", "duration": 6.75}, {"text": "partially offset by a 7 basis points decrease in the average base management fee percentage.", "audio_length_s": 6.75, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_59.wav", "duration": 6.75}, {"text": "The strength in ARR was a result of accelerating growth in all geographic regions and across all product families.", "audio_length_s": 6.75, "path": "78c85dc9a16f82b09d3a2363004e658d_97.wav", "duration": 6.75}, {"text": "that are going to be very, very strong. We see a lot of growth out of Phoenix. It's really just timing differences.", "audio_length_s": 6.75, "path": "1d2f3c74735a986131e7b219d9eff713_187.wav", "duration": 6.75}, {"text": "with lower pyramid skills, so that allows you a much", "audio_length_s": 6.75, "path": "82218f543c9a546c4baa5323f250b39f_37.wav", "duration": 6.75}, {"text": "in the coming months, we will continue to work with the primary investigators and the FDA to clarify a potential path forward.", "audio_length_s": 6.75, "path": "46906afb4e1ee1fef09b5908e76beefa_11.wav", "duration": 6.75}, {"text": "Patients, their families and our patient group partners should know that we remain deeply committed to this work.", "audio_length_s": 6.75, "path": "46906afb4e1ee1fef09b5908e76beefa_121.wav", "duration": 6.75}, {"text": "Overall, the fundamentals and key drivers of MSA's business are starting to point in the right direction.", "audio_length_s": 6.75, "path": "01502edf6cda82061f1f45d6b0e8e189_22.wav", "duration": 6.75}, {"text": "I wanted to specifically check if there were any specific one-offs in the third quarter", "audio_length_s": 6.75, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_139.wav", "duration": 6.75}, {"text": "we are confident in continuing margin expansion in our Services segment for the remainder of 2018 over the prior year", "audio_length_s": 6.75, "path": "145244b0378e6657d456cffca8bbc982_110.wav", "duration": 6.75}, {"text": "they could help us also gather further data that could have further label-enhancing opportunities for us.", "audio_length_s": 6.75, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_222.wav", "duration": 6.75}, {"text": "and we have seen a significant increase in the number of short stays over the summer.", "audio_length_s": 6.75, "path": "39e5706898dcaf14a280b3a123877cd6_197.wav", "duration": 6.75}, {"text": "This year, the growth in revenue per customer and reactivations enabled our ability to profitably increase reach", "audio_length_s": 6.75, "path": "957e0f876f9a4af9b498c19843675474_53.wav", "duration": 6.75}, {"text": "people who are dieting on their own and using books and things like that. So we think the audience is very big.", "audio_length_s": 6.75, "path": "957e0f876f9a4af9b498c19843675474_99.wav", "duration": 6.75}, {"text": "work very closely with those Avaya VARs that are leaning in and are having the most success", "audio_length_s": 6.75, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_182.wav", "duration": 6.75}, {"text": "So we've converted a little into money, but I'm -- there are just other things we should be doing first.", "audio_length_s": 6.75, "path": "e26b501c6e000fdaa11edde97cc71436_82.wav", "duration": 6.75}, {"text": "Excluding these impacts in both quarters, operating expenses would have been up approximately 7%. The", "audio_length_s": 6.75, "path": "839852ec8452dbd90e9341d15cbba7c5_128.wav", "duration": 6.75}, {"text": "And we're just hearing about this now in the fourth quarter, which -- I mean, the rest of the companies in the universe have seen", "audio_length_s": 6.75, "path": "a827180c08c11f2e53c6966fceaabf5b_152.wav", "duration": 6.75}, {"text": "and we expect that to have all of our late process development for gene therapy manufacturing", "audio_length_s": 6.75, "path": "0dbbae27d7055ecc04cc25e14e4de12d_112.wav", "duration": 6.75}, {"text": "We're pleased to report that we achieved solid progress in the third quarter across a number of key initiatives and metrics.", "audio_length_s": 6.75, "path": "23eff4c724ee00f56319fcc47add3441_82.wav", "duration": 6.75}, {"text": "However, the time lines are not in the bank's hands but are largely determined by the regulators and authorities.", "audio_length_s": 6.75, "path": "bddc15938bdcc3085f19b0851e74c2c0_275.wav", "duration": 6.75}, {"text": "I think it is fair enough that the customer must understand that we cannot take loss-making project just to keep him", "audio_length_s": 6.75, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_88.wav", "duration": 6.75}, {"text": "Organizational changes to our sales force in New York that were implemented earlier this year are beginning to bear fruit.", "audio_length_s": 6.75, "path": "6b5a6b4dce64e7db04bee7d7b7d37aba_9.wav", "duration": 6.75}, {"text": "In addition, most of the Charter investment security book was sold at close and remained uninvested at", "audio_length_s": 6.75, "path": "15ac383479a7c990aab7b155e4d42053_7.wav", "duration": 6.75}, {"text": "In that, we've made some big investments to reduce the exposure on the safety front. And that's really, frankly, our biggest", "audio_length_s": 6.75, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_142.wav", "duration": 6.75}, {"text": "What a privilege it is to be part of a team with so many professionals getting better at what they do every day. We are so", "audio_length_s": 6.75, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_198.wav", "duration": 6.75}, {"text": "As they think about how they're going to do their quality and their inspection and those types of things.", "audio_length_s": 6.75, "path": "e56726c7aedd69029957c84128050700_57.wav", "duration": 6.75}, {"text": "in these patient populations. As the only company developing a therapeutic intended to treat all forms of PH,", "audio_length_s": 6.75, "path": "01ebdadb81d0e5a57270957c0cbe83fc_175.wav", "duration": 6.75}, {"text": "If you take a look at the underproduction in NAFTA that we were front-loading the underproduction this year", "audio_length_s": 6.75, "path": "132abea68f255eb89160dde90b6d3b80_11.wav", "duration": 6.75}, {"text": "and your comments are correct that we certainly see a strong -- the trend continuing strongly in this next quarter.", "audio_length_s": 6.75, "path": "4e04d3229b988f1db5b842ac5b993894_88.wav", "duration": 6.75}, {"text": "markets as we run from a commercial perspective, which is the Lancaster market, what we call the Delaware Valley division as well as the Lehigh Valley.", "audio_length_s": 6.75, "path": "f2a2ba46b242698577188259de23de31_13.wav", "duration": 6.75}, {"text": "I will now transition to provide updates on our development programs and therapeutic pipeline.", "audio_length_s": 6.75, "path": "49a78c1ec143d9ac46e893e77198c0e3_116.wav", "duration": 6.75}, {"text": "As I mentioned, the net impact of U.S. tax legislation on our renewable energy investments was offset in the tax line.", "audio_length_s": 6.75, "path": "0899e07f70a6e5be842fb6e22a3fafe9_81.wav", "duration": 6.75}, {"text": "As a result, we continue to successfully grow our annuity business despite the challenging interest rate environment.", "audio_length_s": 6.75, "path": "aeb50c6146f90bd32d147c5d4775c21d_42.wav", "duration": 6.75}, {"text": "We'll keep you updated as appropriate as we address our capital structure. Before I pass the call to Dustin,", "audio_length_s": 6.75, "path": "ade68f8add7249890d086ecf4b5b8cab_143.wav", "duration": 6.75}, {"text": "The increase resulted primarily from the higher product development testing and professional -- testing cost and professional fees.", "audio_length_s": 6.75, "path": "1d2ff648e4a30fa5555a7ab85bf60190_78.wav", "duration": 6.75}, {"text": "the practices that are strong usually stay strong for quite a period of time and that, I think, fits very well.", "audio_length_s": 6.75, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_60.wav", "duration": 6.75}, {"text": "we shouldn't forget our leading advisor platforms and our promising strategic partnership with Phoenix", "audio_length_s": 6.75, "path": "be8b554309f7632bc9ebbd967764001e_65.wav", "duration": 6.75}, {"text": "to see what the best option is from a financing standpoint. But again, we'll keep options open for us", "audio_length_s": 6.75, "path": "c67af59ea29f4e80b8eeede6e730658e_51.wav", "duration": 6.75}, {"text": "One key explanation is the ability we have shown over time to reprice assets.", "audio_length_s": 6.75, "path": "6b3df032b804a1a371d25e1eef019c4a_59.wav", "duration": 6.75}, {"text": "rolling the whole budget together for '16 yet. But as we think about the various moving parts, it sounds like we should see some", "audio_length_s": 6.75, "path": "a02b735de681c682fbb8025edecca271_52.wav", "duration": 6.75}, {"text": "And also reflected limited industry capacity related to the strong demand for new mortgage loans.", "audio_length_s": 6.75, "path": "567a41009710fa1568bb8125213bf9eb_34.wav", "duration": 6.75}, {"text": "The bottom table provides information related to the current balance of our CRT investments.", "audio_length_s": 6.75, "path": "567a41009710fa1568bb8125213bf9eb_33.wav", "duration": 6.75}, {"text": "we've done a tremendous amount of work on the engineering front and with the services team to automate and to build tools", "audio_length_s": 6.75, "path": "29426a77336443eedde7eaa29e9c2852_224.wav", "duration": 6.75}, {"text": "the revenue and operating income will not be at the level initially anticipated.", "audio_length_s": 6.75, "path": "b94d748876ddf8e881d4191dec45baf3_191.wav", "duration": 6.75}, {"text": "the works we believe they need to be done because they are really in our hands to decide.", "audio_length_s": 6.75, "path": "2b626b620ef42f716c6028c74ee4187b_123.wav", "duration": 6.75}, {"text": "And then the volume of chicken has gone up because of -- with launch of", "audio_length_s": 6.75, "path": "7aeefd3f7f36ea98354844517c1f012d_52.wav", "duration": 6.75}, {"text": "Got it. And in terms of where CoreCivic shares are trading now compared to levels", "audio_length_s": 6.75, "path": "c5c7a9f409241412b160a93cde7ef630_90.wav", "duration": 6.75}, {"text": "We certainly expect it to be there. You see it in previous heartburn studies. But this is a very specific population", "audio_length_s": 6.75, "path": "265e62fc569e790d8b3e58698aaab701_37.wav", "duration": 6.75}, {"text": "reporting every month. So I don't have the information right in my hands for the channel growth", "audio_length_s": 6.75, "path": "20097e37747ec7bc3734246e83798fb1_136.wav", "duration": 6.75}, {"text": "We have multiple state patrol field trials going on currently, and we expect accelerating momentum in this important market segment", "audio_length_s": 6.75, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_62.wav", "duration": 6.75}, {"text": "Instead of having individually managing manufacturing, research or development,", "audio_length_s": 6.75, "path": "58d5f604300a30c0c5bd9aa57d207478_44.wav", "duration": 6.75}, {"text": "that are flowing through their volume projections as we kind of have the season right up on us.", "audio_length_s": 6.75, "path": "191c819db03c2dfd0207cd1f42e278a4_154.wav", "duration": 6.75}, {"text": "As we mentioned earlier, we will progress this initiative in stages and report on results accordingly.", "audio_length_s": 6.75, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_9.wav", "duration": 6.75}, {"text": "That's a pretty remarkable statement, and that's a brand promise that we want to make in all of our clients.", "audio_length_s": 6.75, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_220.wav", "duration": 6.75}, {"text": "and it is in Services. So it's in those 3 areas where we have the main investments in the Air Treatment business.", "audio_length_s": 6.75, "path": "f7df5ecab61eca575f169a8298318eca_117.wav", "duration": 6.75}, {"text": "the stock compensation accounting pronouncement that we talked about, does create fluctuation.", "audio_length_s": 6.75, "path": "b43c001c5af465d220ab0b69a95202ae_218.wav", "duration": 6.75}, {"text": "But depending on the outcome of consideration in Washington of everything that's going on,", "audio_length_s": 6.75, "path": "b43c001c5af465d220ab0b69a95202ae_29.wav", "duration": 6.75}, {"text": "In terms of other markets and other things, we've recently put a new account manager", "audio_length_s": 6.75, "path": "2c3945f11b4d91727b1ce00d490e11b6_27.wav", "duration": 6.75}, {"text": "And plus to that, the new dividend policy, as we said, which is a continuation of the previous one as we believe,", "audio_length_s": 6.75, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_99.wav", "duration": 6.75}, {"text": "We saw continued strong performance across our portfolio during the first quarter. During the first quarter,", "audio_length_s": 6.75, "path": "915bdcf0edfec49b928ca4010cbb40ca_134.wav", "duration": 6.75}, {"text": "we actually feel pretty good that we're going to be able to reduce our supply chain costs", "audio_length_s": 6.75, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_242.wav", "duration": 6.75}, {"text": "it strengthens the underlying health of our business as a contributor to our margin improvement.", "audio_length_s": 6.75, "path": "9b697782ea80be97854f35d6fc62c93a_23.wav", "duration": 6.75}, {"text": "noted that given the increase local authority austerity that despite", "audio_length_s": 6.75, "path": "e00fd35e201a8607d264b803a5130c59_66.wav", "duration": 6.75}, {"text": "Is business development part of the strategy potentially to bring in new technologies, but", "audio_length_s": 6.75, "path": "48f4f350c0636fa0c7acf339cfccb869_87.wav", "duration": 6.75}, {"text": "to support exceptional client experiences and acquisitions to expand our future growth opportunities.", "audio_length_s": 6.75, "path": "87045996e7446329f1d98c909c6ca7fe_21.wav", "duration": 6.75}, {"text": "Strong earnings growth primarily reflects 8% growth of total revenue and a lower provision for credit losses.", "audio_length_s": 6.75, "path": "87045996e7446329f1d98c909c6ca7fe_14.wav", "duration": 6.75}, {"text": "The one immutable truth in all this, this is just a cycle, and usually, there's a catalyst to make the cycle occur, in this case, it was oil and gas.", "audio_length_s": 6.75, "path": "82f5253b62614161333b038f5f9700f8_301.wav", "duration": 6.75}, {"text": "This comes despite several days of downtime at one of our Oregon lumber mills due to severe snow and wind.", "audio_length_s": 6.75, "path": "735a523f1ef6500b7aa97a2536d9c4fd_14.wav", "duration": 6.75}, {"text": "And I think we've done the right things in terms of how we had planned reductions at the beginning of the year,", "audio_length_s": 6.75, "path": "af2718cdc0b3b856f9a0b3da3d527d18_97.wav", "duration": 6.75}, {"text": "And that may help you understand what we're trying to achieve. So just to give you an example of within the finance department,", "audio_length_s": 6.75, "path": "da879f8ea1c23aa6565cccaacac271fc_138.wav", "duration": 6.75}, {"text": "engagement scores. So it's obviously higher than the numbers", "audio_length_s": 6.75, "path": "49e533a8449f6b9b6c806458e73338e1_173.wav", "duration": 6.75}, {"text": "We bought, from First Data, we've been dealing with those guys for several months and we were lucky enough to buy their", "audio_length_s": 6.75, "path": "d223c88e8d5b658f28749ce0db145daf_18.wav", "duration": 6.75}, {"text": "It was very important for us to have a good second quarter. I think you'll recall from the first quarter,", "audio_length_s": 6.75, "path": "8cfc2a9aace5078f22a83c782b9d41f7_110.wav", "duration": 6.75}, {"text": "can you split that between just what you're seeing on the Consumer side versus the Wholesale corporate side in terms of", "audio_length_s": 6.75, "path": "41c28201e80491c91e34488556721756_48.wav", "duration": 6.75}, {"text": "work in making sure that the products that we sell now on the shelves are truly safe", "audio_length_s": 6.75, "path": "068bea67ac01942fafb955a1116b29dd_45.wav", "duration": 6.75}, {"text": "based on the number of devices that people have in their homes that are connected.", "audio_length_s": 6.75, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_47.wav", "duration": 6.75}, {"text": "we've rolled out well and the customers are adopting the product and they're enjoying their interaction with the product in Canada.", "audio_length_s": 6.75, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_51.wav", "duration": 6.75}, {"text": "and you can see much bigger peaks on those -- like those large promotional periods like Thanksgiving week or like Christmas week", "audio_length_s": 6.75, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_178.wav", "duration": 6.75}, {"text": "opportunities on the market. And we're just being very realistic about our power generation business.", "audio_length_s": 6.75, "path": "757695924b5e43c7d44e29dc141cc035_41.wav", "duration": 6.75}, {"text": "changes in overall business mix in the segment and the impact of the stronger U.S. dollar contributed to margin decline.", "audio_length_s": 6.75, "path": "757695924b5e43c7d44e29dc141cc035_136.wav", "duration": 6.75}, {"text": "It's just that for reasons outside of our control and unfortunately outside of our ability to forecast,", "audio_length_s": 6.75, "path": "6709c061d39d0e433079f84160f11c80_188.wav", "duration": 6.75}, {"text": "I'm going to keep my remarks focused on the most important takeaways from what we feel was a strong first quarter.", "audio_length_s": 6.75, "path": "c20824ea6f927fe380f48a904cf4821b_2.wav", "duration": 6.75}, {"text": "the whole map looking more stable and more balanced than what we historically have seen.", "audio_length_s": 6.75, "path": "47b5defd6e2c5724f6dc3b80859c281c_4.wav", "duration": 6.75}, {"text": "was sold just a few days after the call, but it was included in the 10-Q, so that did happen in the fourth quarter.", "audio_length_s": 6.75, "path": "d74cec1fb73e1b1134bfa7152762ad80_50.wav", "duration": 6.75}, {"text": "because we've been slightly loosening our underwriting very, very gradually over the last couple of years.", "audio_length_s": 6.75, "path": "ab29ac574f423764c40f2d2eec696623_148.wav", "duration": 6.75}, {"text": "You will be hearing more about this in the coming quarters as we begin implementing some of those initiatives here in the fourth quarter.", "audio_length_s": 6.75, "path": "01b376669d5ea40acc7fb5a87503586e_107.wav", "duration": 6.75}, {"text": "everything we see and expect for the rest of the year should be in line with previous years.", "audio_length_s": 6.75, "path": "0cfaeed8cd93dc274845d450e921aeb6_27.wav", "duration": 6.75}, {"text": "associated with that kind of blade longer and more costly?", "audio_length_s": 6.75, "path": "ee00ebd8d782e8f124b3e142cbb74f37_143.wav", "duration": 6.75}, {"text": "and the other one is back office, where the tellers take the checks and then they scan them all in a batch at the back of the", "audio_length_s": 6.75, "path": "382e3c8eda678694c6368e00f19c8881_17.wav", "duration": 6.75}, {"text": "Now let's go into the different markets. I start with Europe.", "audio_length_s": 6.75, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_70.wav", "duration": 6.75}, {"text": "The decline was driven largely by marks in our securities book and overall underperformance of mortgages.", "audio_length_s": 6.75, "path": "5c601f5318d5dcbe20fdd78f19c2b277_4.wav", "duration": 6.75}, {"text": "and seasonality and timing of care results and customer settlements across our businesses.", "audio_length_s": 6.75, "path": "a2ba164f019804628c07b36de47cd464_58.wav", "duration": 6.75}, {"text": "LED prices decline even though it appears to me the decline rate compared to a year ago is somewhat less.", "audio_length_s": 6.75, "path": "ecc871b8f89a858d952f554f1ca8f7da_139.wav", "duration": 6.75}, {"text": "We continue to grow with our international partners and see significant opportunity for growth in these markets.", "audio_length_s": 6.75, "path": "1300495cfa53748f732f54277d5a8cea_40.wav", "duration": 6.75}, {"text": "But we got a couple of guys to agree to that. That helps reduce inventory. It's much more efficient for us.", "audio_length_s": 6.75, "path": "fb03ff65af8e5f80abd090abeaf767cf_102.wav", "duration": 6.75}, {"text": "What we have is a gas price crisis. This was the natural economic outcome of insufficient supply", "audio_length_s": 6.75, "path": "4ee3c79ebc57c9870b221b9479d52436_244.wav", "duration": 6.75}, {"text": "We are also investing in renewable and power generation to contribute to Australia's cleaner energy future.", "audio_length_s": 6.75, "path": "4ee3c79ebc57c9870b221b9479d52436_105.wav", "duration": 6.75}, {"text": "It's not a case that we are strategically impaired because we're missing something.", "audio_length_s": 6.75, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_135.wav", "duration": 6.75}, {"text": "we had a decline in Europe largely attributable to weaker orders in the Middle East.", "audio_length_s": 6.75, "path": "9fb4423a70358ef22be9982299969f7a_187.wav", "duration": 6.75}, {"text": "We've had some frustrating and, frankly, embarrassing trends over the past couple of years in our insurance and claim line.", "audio_length_s": 6.75, "path": "14fa9d7635caae6483af62a4bfe1b9d6_130.wav", "duration": 6.75}, {"text": "I'm not going to give you our business proposition. But, again, we see it as a very attractive", "audio_length_s": 6.75, "path": "1f142ea668261ba963d47aac6bab69dd_46.wav", "duration": 6.75}, {"text": "By leveraging a formidable Power Brand like Milka in a sizable category white space,", "audio_length_s": 6.75, "path": "1f142ea668261ba963d47aac6bab69dd_6.wav", "duration": 6.75}, {"text": "and expect continued strong performance in the second half despite the macro backdrop, especially in the emerging markets.", "audio_length_s": 6.75, "path": "1f142ea668261ba963d47aac6bab69dd_22.wav", "duration": 6.75}, {"text": "making sure that we have adequate coverage of our cost is critically important. As the market leader, we typically are", "audio_length_s": 6.75, "path": "1f142ea668261ba963d47aac6bab69dd_194.wav", "duration": 6.75}, {"text": "sources of fiber? Does it take more investment in the mill system", "audio_length_s": 6.75, "path": "1d021dfadd51998ac079e1df49929c60_154.wav", "duration": 6.75}, {"text": "service and cup and plate. And so like any other opportunity that would present itself, we look at it", "audio_length_s": 6.75, "path": "1d021dfadd51998ac079e1df49929c60_40.wav", "duration": 6.75}, {"text": "The good news from a capacity standpoint is that we believe that the current operation", "audio_length_s": 6.75, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_32.wav", "duration": 6.75}, {"text": "We introduced some new terms at that day, so if you weren't there, I will give you a primer on our new vernacular.", "audio_length_s": 6.75, "path": "125388f1b45117acde70abc39e0f7d04_1.wav", "duration": 6.75}, {"text": "make the estimates necessary to recognize product revenues will be in the second half of next year.", "audio_length_s": 6.75, "path": "0f8a61f667edd9a400d7abe2a7908a9e_58.wav", "duration": 6.75}, {"text": "In summary, EnLink is in the right places, operating with the right partners and executing with excellence.", "audio_length_s": 6.75, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_11.wav", "duration": 6.75}, {"text": "and we will give you then more color on the expected effects for the outer years in the next years.", "audio_length_s": 6.75, "path": "b4072ee178832ecf3d2a0f25fd8b8387_139.wav", "duration": 6.75}, {"text": "On the slide, you can see an example of a typical gas network installation", "audio_length_s": 6.75, "path": "e21fc19597d349bcd86de1329167659b_44.wav", "duration": 6.75}, {"text": "In a nutshell, we do what we say regarding the implementation of our strategy.", "audio_length_s": 6.75, "path": "e21fc19597d349bcd86de1329167659b_15.wav", "duration": 6.75}, {"text": "We are over halfway through our 100 days of marketing campaign and are pleased with the results.", "audio_length_s": 6.75, "path": "5be70acf701b7a6c9322f8feeaca63cd_42.wav", "duration": 6.75}, {"text": "But can you give us maybe a summary picture here across the disposal areas for where we are today,", "audio_length_s": 6.75, "path": "712bbcab5338e07dd63dad97bb652018_84.wav", "duration": 6.75}, {"text": "you need to make sure that you're using it effectively. And I think that we are going down that path properly.", "audio_length_s": 6.75, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_169.wav", "duration": 6.75}, {"text": "This is meaningful and is being driven by fleet modernization and other fuel savings initiatives.", "audio_length_s": 6.75, "path": "910a1a60a0549a5973f42bb19b66a0ae_81.wav", "duration": 6.75}, {"text": "creating large mixed-use projects. We're not taking centers down completely. We're not changing drastically", "audio_length_s": 6.75, "path": "1cfd7da6c2da11f7e3f7102a6265146b_20.wav", "duration": 6.75}, {"text": "slightly lower than the list price of other Brazilian players? Thank you. And I would like to start", "audio_length_s": 6.75, "path": "f15a674bdbbc461872000604216ae071_151.wav", "duration": 6.75}, {"text": "and ongoing information. And so if we operate outside of BICE, then we don't expect it to be impacted by those.", "audio_length_s": 6.75, "path": "bcb3aac2c7cc035961d9ee8cfd330044_60.wav", "duration": 6.75}, {"text": "As we disclosed earlier this month, our third quarter results were notably below our expectations entering the quarter.", "audio_length_s": 6.75, "path": "594b7b614804475e4ab8ab4c405ecf40_80.wav", "duration": 6.75}, {"text": "We continue to be very encouraged by the attractive investment opportunities that are available to us.", "audio_length_s": 6.75, "path": "1096d26129c469524041c969a684f8ae_177.wav", "duration": 6.75}, {"text": "specifically related to the accelerated amortization of capitalized debt issuance costs.", "audio_length_s": 6.75, "path": "3ae068efa03cd088f4d3edea682f199f_199.wav", "duration": 6.75}, {"text": "and all. And I think we'll have a much more stabilized contract capital position as we get to kind of", "audio_length_s": 6.75, "path": "3ae068efa03cd088f4d3edea682f199f_333.wav", "duration": 6.75}, {"text": "This program serves as the fact basis for a continued programmatic expansion of our field services organization.", "audio_length_s": 6.75, "path": "7a80c3e91e5a2693cdaef5f716808317_140.wav", "duration": 6.75}, {"text": "our board and our entire senior executive team to strive for increasing the gender diversity in our workplace.", "audio_length_s": 6.75, "path": "7a80c3e91e5a2693cdaef5f716808317_139.wav", "duration": 6.75}, {"text": "to negotiate and deliver the best deal for our shareholders. And", "audio_length_s": 6.75, "path": "a85c54c77dd2524eedab1287ea3ceff4_143.wav", "duration": 6.75}, {"text": "But as I said in the quarter, what we've seen is -- we know the driver market is tight,", "audio_length_s": 6.75, "path": "eb93e70cdf7a839a69546250fb3646fb_48.wav", "duration": 6.75}, {"text": "We were able to hold our prices on hot mix asphalt for the year while volumes were relatively flat.", "audio_length_s": 6.75, "path": "1bee232b4d03ce3a6f424bb7891581a2_55.wav", "duration": 6.75}, {"text": "Beyond recovery audit, we are combining this data with advanced analytics algorithms and SaaS solutions", "audio_length_s": 6.75, "path": "c2a4f7aacf0036edc5b94457c0d8329a_103.wav", "duration": 6.75}, {"text": "and is lower this year due to the successful recovery of several previously recorded bad debts.", "audio_length_s": 6.75, "path": "1bb9219ad31877175e18e8e48ff2f63c_10.wav", "duration": 6.75}, {"text": "Thank you, Dave, and good morning. Please bear with me for a few moments while I repeat our important preamble", "audio_length_s": 6.75, "path": "9b83a4dcac688347e3b13ca7c55660ed_197.wav", "duration": 6.75}, {"text": "and Disney and Live Chat by our designers should result in increased online sales.", "audio_length_s": 6.75, "path": "47546a57a865bca0f4e677dc3b485053_108.wav", "duration": 6.75}, {"text": "a little bit lower than the midpoint. But as we look at what transpired during the quarter, there are 2 things that stand out", "audio_length_s": 6.7200625, "path": "49e533a8449f6b9b6c806458e73338e1_94.wav", "duration": 6.7200625}, {"text": "Combining revenues from mobile advertising and subscriptions revenues", "audio_length_s": 6.72, "path": "118b6e5a6077bedf5081ed70425b6866_36.wav", "duration": 6.72}, {"text": "Forward-looking statements relate to future events or our future financial performance. We generally identify", "audio_length_s": 6.72, "path": "92b48b365197c65ebf545a4c9dd1200d_113.wav", "duration": 6.72}, {"text": "options for paid search advertising have been introduced once again. So for paid search advertising,", "audio_length_s": 6.72, "path": "a93681c92a0b9c04743f541a54b180c7_215.wav", "duration": 6.72}, {"text": "and grow it organically, which I think we've done a very good job of over the last decade.", "audio_length_s": 6.72, "path": "aaf7e3a1cc8cf65ccf788923cb583954_187.wav", "duration": 6.72}, {"text": "which can be found in the earnings release and supplemental tables. With that, let me hand it over to Rob.", "audio_length_s": 6.72, "path": "47d77b15189fadcc76113a2f7800ba28_41.wav", "duration": 6.72}, {"text": "The first quarter was not as good as the second quarter in terms of", "audio_length_s": 6.72, "path": "17ee868a7ed8656d69e6888ee4a6d550_103.wav", "duration": 6.72}, {"text": "We believe this is one of the reasons residential sales were up only 3.5% in the second quarter.", "audio_length_s": 6.72, "path": "55d05334bdde612eb9dd102bb41d216e_3.wav", "duration": 6.72}, {"text": "and together, we are working on developing and executing sophisticated strategies within retail and specialty", "audio_length_s": 6.72, "path": "d70a57dd52d0e4cf86a6225dca186bc2_65.wav", "duration": 6.72}, {"text": "locations where we have an opportunity to even add stores to our existing network. And", "audio_length_s": 6.72, "path": "65d5a09c659f6809931dc62aa7a9eaad_172.wav", "duration": 6.72}, {"text": "it looks favorable, and I think we actually talked about that in our opening remarks.", "audio_length_s": 6.72, "path": "8cb24daf76784487ad63780546dc4ba4_228.wav", "duration": 6.72}, {"text": "These cautionary statements and reconciliations apply to all references made to these metrics on this call today.", "audio_length_s": 6.72, "path": "e824f4380f8203a1e3ed60e7da1e39e5_145.wav", "duration": 6.72}, {"text": "We see that actually as bottoming out and therefore we are not dramatically concerned about", "audio_length_s": 6.72, "path": "4c0e38d8d88c73a7a01dc542a85b2604_150.wav", "duration": 6.72}, {"text": "with significant and surprising demand strength in Argentina, Brazil and Costa Rica.", "audio_length_s": 6.72, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_6.wav", "duration": 6.72}, {"text": "the advent of these emerging trends that are coming out in quotes and now", "audio_length_s": 6.72, "path": "ec0ecc8e73cce4598def6cfff6f7c598_96.wav", "duration": 6.72}, {"text": "you would actually like to spend a little bit more or where you have some more projects in mind that you could invest in?", "audio_length_s": 6.72, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_222.wav", "duration": 6.72}, {"text": "Potential rates are strong. You've lapped a lot of headwinds, yet you're firing at the lower end of the framework. So", "audio_length_s": 6.72, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_111.wav", "duration": 6.72}, {"text": "And why is that? As we bring these in, integrate the acquisitions or the pieces together,", "audio_length_s": 6.72, "path": "04f29bc02d1e2ef65077ca67bf41f475_108.wav", "duration": 6.72}, {"text": "strengthens our presence in the Baton Rouge and Lafayette, Louisiana markets as well as strengthening our food offer in the area,", "audio_length_s": 6.72, "path": "570faeed3dcfa26c6246dc42309025ad_134.wav", "duration": 6.72}, {"text": "The booms and lights are also doing extremely well with our communications business. And sports medicine, which is obviously a smaller business,", "audio_length_s": 6.72, "path": "044da592acc01ff7baacb3dbf2a302a9_19.wav", "duration": 6.72}, {"text": "And I'm very optimistic that this will become a very interesting business field.", "audio_length_s": 6.72, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_91.wav", "duration": 6.72}, {"text": "it is becoming clearer that as much as half of all Chinese imports could face a 25% tariff.", "audio_length_s": 6.72, "path": "c4dc8f962a85aa47af50f82845f550e2_51.wav", "duration": 6.72}, {"text": "to help us understand changing consumer behavior around consumption patterns and pricing.", "audio_length_s": 6.72, "path": "54240e38051f2a3bb6a4e58fe55344cd_54.wav", "duration": 6.72}, {"text": "On the slides on Slide 2, you'll see that certain comments we make on the call will be forward-looking.", "audio_length_s": 6.72, "path": "82218f543c9a546c4baa5323f250b39f_180.wav", "duration": 6.72}, {"text": "in discussions with the FDA and we'll very soon be able to finalize", "audio_length_s": 6.72, "path": "1f43e30e245ed30be41602d8423db99e_6.wav", "duration": 6.72}, {"text": "We probably wouldn't be looking to specifically", "audio_length_s": 6.72, "path": "ada4e338c266148264077e06bac68005_95.wav", "duration": 6.72}, {"text": "what are the expenses of the connections? And are you expensing it or capitalizing it?", "audio_length_s": 6.72, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_122.wav", "duration": 6.72}, {"text": "driven primarily by volatility within several significant customers. While third quarter revenue is disappointing,", "audio_length_s": 6.72, "path": "6f2c2a55736c5c47a19eca807ec60e33_17.wav", "duration": 6.72}, {"text": "competition because of the fact that market is so strongly declining. And what we do see", "audio_length_s": 6.72, "path": "fa45af64ef25007f998c655347bfbecb_83.wav", "duration": 6.72}, {"text": "While we are deeply saddened by Robert's passing and he will be sorely missed, we are very fortunate to have Phil,", "audio_length_s": 6.72, "path": "a212b77ae2b2452093665a4e179ed3a3_2.wav", "duration": 6.72}, {"text": "Shannon. The fourth quarter is always a little bit of an outlier simply because we don't know what customers will do", "audio_length_s": 6.72, "path": "a827180c08c11f2e53c6966fceaabf5b_125.wav", "duration": 6.72}, {"text": "This was a result of the sales mix in the quarter and the normal cyclicality of fewer production days in the fourth quarter.", "audio_length_s": 6.72, "path": "a827180c08c11f2e53c6966fceaabf5b_102.wav", "duration": 6.72}, {"text": "give you any expectations about expenses dilution. But", "audio_length_s": 6.72, "path": "cc82e791c065bdc271addf355bac274f_96.wav", "duration": 6.72}, {"text": "just wondering if you can share any lessons learned and what goes into your decision to discontinue the show going forward.", "audio_length_s": 6.72, "path": "4032bfdd59881fc6506c082737cb5a99_168.wav", "duration": 6.72}, {"text": "I think more of what you're seeing here is that of the tail end of the thing that we talked about in the last call,", "audio_length_s": 6.72, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_141.wav", "duration": 6.72}, {"text": "and in close collaboration with Dr. Wilson's team to advance these programs as quickly as possible.", "audio_length_s": 6.72, "path": "0dbbae27d7055ecc04cc25e14e4de12d_205.wav", "duration": 6.72}, {"text": "and drive the overall net profitability of the category by improving the efficiency of our Books' operating model", "audio_length_s": 6.72, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_36.wav", "duration": 6.72}, {"text": "And that's been important for us to test that and it's important for the airport to realize that. When we say", "audio_length_s": 6.72, "path": "d261e09fa176510406c0d05eeedfc8f8_287.wav", "duration": 6.72}, {"text": "Our Fiber Glass operation could be the poster child for the crosscurrents we have been talking about over the past several quarters.", "audio_length_s": 6.72, "path": "8957425799e5ce0200bfacf204d0acde_83.wav", "duration": 6.72}, {"text": "with bananas reaching their lowest selling price in 10 years in Europe during the second quarter.", "audio_length_s": 6.72, "path": "224a41b247c04842c2998802d67c8123_86.wav", "duration": 6.72}, {"text": "in the services revenue line item would likely flow through to the bottom line on a dollar-for-dollar basis.", "audio_length_s": 6.72, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_36.wav", "duration": 6.72}, {"text": "We generated value by reaching key milestones that demonstrated sparsentan could represent a significant advancement", "audio_length_s": 6.72, "path": "a24a661c2eb55542903c72391ec09f9b_44.wav", "duration": 6.72}, {"text": "and have -- and many of which are also facing driver shortages and we see that in the", "audio_length_s": 6.72, "path": "0f4370b614f29bd596e4f6871cc77864_48.wav", "duration": 6.72}, {"text": "But as the back half of the year goes, we're planning on that kind of moderating to mid- to high single digits.", "audio_length_s": 6.72, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_118.wav", "duration": 6.72}, {"text": "I need to inform you that some of the material that we will be discussing today constitutes forward-looking information", "audio_length_s": 6.72, "path": "e56726c7aedd69029957c84128050700_90.wav", "duration": 6.72}, {"text": "For providers, this means a higher revenue yield at a lower cost and improved days in AR.", "audio_length_s": 6.72, "path": "575d21e05ceda8f95fc54e0292c2d99f_86.wav", "duration": 6.72}, {"text": "and excitement in our business. As always, we are committed to building a long-term value for our fellow owners.", "audio_length_s": 6.72, "path": "43942582edfb20599f3e7456137f8deb_133.wav", "duration": 6.72}, {"text": "Last year -- we saw little bit of fall off in volume in late December even though it was a relatively strong market. So", "audio_length_s": 6.72, "path": "2905366dcf0eb60a22b63a1b3d9adf95_67.wav", "duration": 6.72}, {"text": "But we believe, and we know that there are multiple other deals to be done that fit the strategy in our investment criteria, so", "audio_length_s": 6.72, "path": "911d447bcdcedb4e0cf5230de225921c_11.wav", "duration": 6.72}, {"text": "time and energy that we devote to the program. We have articulated a strategy where", "audio_length_s": 6.72, "path": "01ebdadb81d0e5a57270957c0cbe83fc_222.wav", "duration": 6.72}, {"text": "I think I would share with you with some general views,", "audio_length_s": 6.72, "path": "ebecd7e874a9b3998b70ec3200f71e89_193.wav", "duration": 6.72}, {"text": "are continuing to improve and interest rates remain where they are. So our expectation", "audio_length_s": 6.72, "path": "132abea68f255eb89160dde90b6d3b80_97.wav", "duration": 6.72}, {"text": "Despite these positive contributions, first half results fell short of plan", "audio_length_s": 6.72, "path": "f4d0f1362716be33f02690dd1a8df663_6.wav", "duration": 6.72}, {"text": "media purchasing, marketing costs. These are areas", "audio_length_s": 6.72, "path": "38b2f94da12bbf2d32246763aab8265a_79.wav", "duration": 6.72}, {"text": "This formula may of course be revised as usage patterns change going forward.", "audio_length_s": 6.72, "path": "5a55e28476e46aabc8571a60134e8b4d_84.wav", "duration": 6.72}, {"text": "thanks mainly to the high level of activity in the Czech Republic for both water and waste businesses.", "audio_length_s": 6.72, "path": "e60f6485243932b9280d864cb17a6ba8_149.wav", "duration": 6.72}, {"text": "The leveraging of these positions will require the reinforcement of our commercial teams in the field,", "audio_length_s": 6.72, "path": "e60f6485243932b9280d864cb17a6ba8_16.wav", "duration": 6.72}, {"text": "That would be the first date to come online. I believe South Carolina would be the second now that we are licensed there.", "audio_length_s": 6.72, "path": "3068d678d3331b8f0a10ea4fa92361f2_37.wav", "duration": 6.72}, {"text": "The growth has been across each basin in which we operate, and we continue to expect growth throughout the remainder of this year", "audio_length_s": 6.72, "path": "7394bde65e000fbb7b528c6c65bd099d_14.wav", "duration": 6.72}, {"text": "thoughts there? And then the new funds that would be using outside capital,", "audio_length_s": 6.72, "path": "bab12f620df0f367e74acdcc467686f1_55.wav", "duration": 6.72}, {"text": "And we do see that type of behavior, they're definitely viewing this therapeutic as part of", "audio_length_s": 6.72, "path": "49a78c1ec143d9ac46e893e77198c0e3_83.wav", "duration": 6.72}, {"text": "So I think the only thing that we can say is our", "audio_length_s": 6.72, "path": "49a78c1ec143d9ac46e893e77198c0e3_23.wav", "duration": 6.72}, {"text": "Now I will turn the call over to Rich for a more detailed review of our financial performance and business outlook.", "audio_length_s": 6.72, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_6.wav", "duration": 6.72}, {"text": "resulting from the IRS settlement and is reflective of permanent cash tax savings as well.", "audio_length_s": 6.72, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_160.wav", "duration": 6.72}, {"text": "So we're just delivering it without getting paid for it, now we intend to get paid for it. The second piece of the puzzle", "audio_length_s": 6.72, "path": "6a372ea97b0b130a4d37f16b54d97909_163.wav", "duration": 6.72}, {"text": "As anticipated, our wholesale sales during the quarter were impacted primarily by the elimination of our summer delivery.", "audio_length_s": 6.72, "path": "f23036451aab1cb9d659c3ac9a23825c_55.wav", "duration": 6.72}, {"text": "We will also be further upgrading our customer database, our call center technology and remodeling the Pines Lodge at Beaver Creek.", "audio_length_s": 6.72, "path": "cd1773ea94a046c0a36b679e2efcee9f_129.wav", "duration": 6.72}, {"text": "Additionally, our favorable credit quality continued with low charge-offs and problem loans", "audio_length_s": 6.72, "path": "2a7d7f3eb6960e631743ca5a0d86461f_101.wav", "duration": 6.72}, {"text": "We were satisfied with our average cost of funds of 96 basis points for the second quarter.", "audio_length_s": 6.72, "path": "2a7d7f3eb6960e631743ca5a0d86461f_71.wav", "duration": 6.72}, {"text": "Yes. I mean, just to give you some financial context around that. I mean, less than 5% of our total cost of sales envelope", "audio_length_s": 6.72, "path": "6c43a32379bfc34fc8cfe84ff94d6498_97.wav", "duration": 6.72}, {"text": "In our evaluation of the earnings potential for PMT and determining", "audio_length_s": 6.72, "path": "567a41009710fa1568bb8125213bf9eb_125.wav", "duration": 6.72}, {"text": "Unlike last quarter, when we were able to provide a full update due to the timing of the Public Accounts Committee hearing", "audio_length_s": 6.72, "path": "b94d748876ddf8e881d4191dec45baf3_78.wav", "duration": 6.72}, {"text": "I think it is important to note, if you take the acquisitions that we've done and the small divestitures that we've done,", "audio_length_s": 6.72, "path": "02deeb29574f1571812a11f66bb8fda1_207.wav", "duration": 6.72}, {"text": "Second, we are scaling up liquid on lips, the most tangible way of recruiting consumers", "audio_length_s": 6.72, "path": "c3567809c19ce6a800677544cd84f88b_93.wav", "duration": 6.72}, {"text": "It's also pleasing to note that the strong global demand for SA vine fruit continues,", "audio_length_s": 6.72, "path": "ea60900258f99d1003ab247c506e42d9_64.wav", "duration": 6.72}, {"text": "during the quarter and more with sub-suppliers. Moving on to Finland finally,", "audio_length_s": 6.72, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_25.wav", "duration": 6.72}, {"text": "We are among the highest-ranked providers with these clients, and we remain focused on delivering carefully crafted solutions", "audio_length_s": 6.72, "path": "191c819db03c2dfd0207cd1f42e278a4_7.wav", "duration": 6.72}, {"text": "We won business with more than 2 dozen clients, including several important new logos.", "audio_length_s": 6.72, "path": "191c819db03c2dfd0207cd1f42e278a4_45.wav", "duration": 6.72}, {"text": "plans. Great. And then can you just give some color with regards to the change in the incentive comp", "audio_length_s": 6.72, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_110.wav", "duration": 6.72}, {"text": "These statements involve risks and uncertainties that could cause actual results to differ materially from expectations.", "audio_length_s": 6.72, "path": "10728656364812338b7417b035dae4c4_73.wav", "duration": 6.72}, {"text": "We have a few core messages that we want to make sure come across relating to the second quarter.", "audio_length_s": 6.72, "path": "f7df5ecab61eca575f169a8298318eca_0.wav", "duration": 6.72}, {"text": "In addition to our strong Q2 financial results, and establishing a reinsurance agreement,", "audio_length_s": 6.72, "path": "53889f50eda8b316a01a3df89d226e7f_111.wav", "duration": 6.72}, {"text": "So last year at this time, we obviously benefited from some good trends in that regard.", "audio_length_s": 6.72, "path": "809e26eaacb31ffdee78d3f41a6ce90a_64.wav", "duration": 6.72}, {"text": "This is especially true in the diagnostics field, where little to no vertical integration has occurred.", "audio_length_s": 6.72, "path": "75eb5b75bb8587b63c318714ea956b9e_13.wav", "duration": 6.72}, {"text": "In addition, we have changed our practice for the search, construction and installation of sites", "audio_length_s": 6.72, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_63.wav", "duration": 6.72}, {"text": "our views for this year are that the production in the areas remain stable.", "audio_length_s": 6.72, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_56.wav", "duration": 6.72}, {"text": "These were partially offset by a decrease in other revenues, which is principally lower mineral rights royalty revenue.", "audio_length_s": 6.72, "path": "626da68f2b245869534a0316b8b6139a_110.wav", "duration": 6.72}, {"text": "we have a great product development team. We've added to that recently to build that team up even stronger.", "audio_length_s": 6.72, "path": "ceeedf178333db4c586311e4f43bdfd1_49.wav", "duration": 6.72}, {"text": "I mentioned our desire to continue pushing ahead with our accelerated integration and other operational efforts.", "audio_length_s": 6.72, "path": "9e8690a521142359001a137074905535_94.wav", "duration": 6.72}, {"text": "which saves a lot of energy and time for multi-firing applications for controlled devices", "audio_length_s": 6.72, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_56.wav", "duration": 6.72}, {"text": "We're excited about the progress we're making and even more excited about where our network will be in a very short time.", "audio_length_s": 6.72, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_163.wav", "duration": 6.72}, {"text": "More to the broader topic of integration. We've done quite a bit of work", "audio_length_s": 6.72, "path": "f1da65edd5f2026ffd647d496bb96ce7_175.wav", "duration": 6.72}, {"text": "one of the things that's given us conviction on this modular offering as we think about competing", "audio_length_s": 6.72, "path": "f1da65edd5f2026ffd647d496bb96ce7_30.wav", "duration": 6.72}, {"text": "for our products. So on the margin, those things will play out over a longer period of time, in response to your question.", "audio_length_s": 6.72, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_32.wav", "duration": 6.72}, {"text": "of the offering and the number of places where we can help people migrate to the", "audio_length_s": 6.72, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_35.wav", "duration": 6.72}, {"text": "I don't think you're going to see the rail and transportation issues have near the effect this year that they did last year.", "audio_length_s": 6.72, "path": "735a523f1ef6500b7aa97a2536d9c4fd_55.wav", "duration": 6.72}, {"text": "We harvest hogs to provide a supply of raw materials for our value-added products.", "audio_length_s": 6.72, "path": "af2718cdc0b3b856f9a0b3da3d527d18_198.wav", "duration": 6.72}, {"text": "If that's even close to being true, then you can understand why we would be investing heavily in ambulatory care", "audio_length_s": 6.72, "path": "450a5dc6eb19b82da8dfc68127f6e79d_232.wav", "duration": 6.72}, {"text": "We also note an increased interest in examining the market data and technological cost among industry participants.", "audio_length_s": 6.72, "path": "f15966ae82e18b472ad78dd961f8e5e8_166.wav", "duration": 6.72}, {"text": "where they're looking, most importantly, for post trade transparency, where did you send my order and why did you send it there,", "audio_length_s": 6.72, "path": "f15966ae82e18b472ad78dd961f8e5e8_38.wav", "duration": 6.72}, {"text": "We have quickly become the leader in collectibles, and we continue to expand our offerings at a fast pace.", "audio_length_s": 6.72, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_212.wav", "duration": 6.72}, {"text": "Well, you should think about it in terms of the iPhone and other products that can drive the traffic", "audio_length_s": 6.72, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_125.wav", "duration": 6.72}, {"text": "Pricing is comparable with the year ago period, and we're seeing our order book go out to the middle of next year.", "audio_length_s": 6.72, "path": "757695924b5e43c7d44e29dc141cc035_123.wav", "duration": 6.72}, {"text": "As we have often stated, we calibrate our capital allocation strategy on a risk-adjusted returns basis", "audio_length_s": 6.72, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_28.wav", "duration": 6.72}, {"text": "The new accounting guidance adopted in the first quarter requires these net excess tax benefits to be recognized in earnings.", "audio_length_s": 6.72, "path": "6709c061d39d0e433079f84160f11c80_21.wav", "duration": 6.72}, {"text": "but from a margin perspective, this put us just slightly ahead of diesel and power cost increases.", "audio_length_s": 6.72, "path": "e33785a294553de2a12d4463bf786744_223.wav", "duration": 6.72}, {"text": "Yes. So you're right, we've seen a number of weeks over 2 million barrels a day of exports.", "audio_length_s": 6.72, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_99.wav", "duration": 6.72}, {"text": "and will get greater benefits from our investments in net revenue management and marketing catalyst capabilities.", "audio_length_s": 6.72, "path": "3877b1983229ec488c6349a188bccf92_148.wav", "duration": 6.72}, {"text": "These savings have been partially invested to fund our scotch and reserve brand focus.", "audio_length_s": 6.72, "path": "3877b1983229ec488c6349a188bccf92_231.wav", "duration": 6.72}, {"text": "and are included as an exhibit to our current report on Form 8-K furnished with the SEC earlier today.", "audio_length_s": 6.72, "path": "561ad2552e8f7fab8126e9ca75cf8c89_25.wav", "duration": 6.72}, {"text": "Can you quantify how much the currency benefit may have been for the year or for the quarter", "audio_length_s": 6.72, "path": "4721d5a2e7061d90a4e4e4768adc2486_22.wav", "duration": 6.72}, {"text": "Here are the key numbers for the first quarter. There are several one-time costs that I will explain.", "audio_length_s": 6.72, "path": "2a7af3c66762ce608379005a3d7bfa96_122.wav", "duration": 6.72}, {"text": "Improving cash flows for the balance of the year are expected to come from seasonally stronger patterns at BT", "audio_length_s": 6.72, "path": "7e2ebcd981f5b5ecb18c04906f87d768_14.wav", "duration": 6.72}, {"text": "will have very good performance, and we hope to achieve new breakthroughs.", "audio_length_s": 6.72, "path": "80a2ca14358172366acab4e80f3fa33b_52.wav", "duration": 6.72}, {"text": "However, we are delivering on the Ziggo synergy plan, which we expect to have a favorable impact on OCF performance", "audio_length_s": 6.72, "path": "0fa398ef99a7a936fc1e509dacaaadde_26.wav", "duration": 6.72}, {"text": "Despite the current pause seen in the marketplace we remain heavily involved with our customers.", "audio_length_s": 6.72, "path": "01b376669d5ea40acc7fb5a87503586e_108.wav", "duration": 6.72}, {"text": "While it is unfortunate we are in this situation, we believe our legal case is strong.", "audio_length_s": 6.72, "path": "0cfaeed8cd93dc274845d450e921aeb6_70.wav", "duration": 6.72}, {"text": "This was offset by the positive impact of sales mix and some underlying pricing increases.", "audio_length_s": 6.72, "path": "00dcacc7fe3cab64b14aff04a9cd0284_19.wav", "duration": 6.72}, {"text": "This is a good example of type -- of the type of product lines acquisitions we intend to make within the tool space.", "audio_length_s": 6.72, "path": "18e82b076319ac52f8a4b391ea345abd_54.wav", "duration": 6.72}, {"text": "we expect to refresh the appearance of approximately 70 stores in our southern markets in the first quarter", "audio_length_s": 6.72, "path": "884400c829f179d8cf68b767f45f03a4_75.wav", "duration": 6.72}, {"text": "Mega Airless represented approximately 9% of the sales growth in the Beauty market.", "audio_length_s": 6.72, "path": "812d8f09b72b4d410d138d3b24caebbc_122.wav", "duration": 6.72}, {"text": "The graphic on the left illustrates exactly how Noble and Champion further our broader effort of getting closer to our customer.", "audio_length_s": 6.72, "path": "3f6641f7d8f1ab845ad4f637cfb35109_145.wav", "duration": 6.72}, {"text": "We did have such a period, but compared to then, now different shape", "audio_length_s": 6.72, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_62.wav", "duration": 6.72}, {"text": "and Six Sigma initiatives, and they're doing a great job. So its throughout the business and that's why we have the confidence with the momentum that we saw", "audio_length_s": 6.72, "path": "64364105b816dd0b6a029e9cd210e65b_274.wav", "duration": 6.72}, {"text": "heavy blanket over everyone's thoughts. And so they simply haven't made", "audio_length_s": 6.72, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_26.wav", "duration": 6.72}, {"text": "Central America is doing very, very well. You know that Central American countries are growing above the average of Latin America.", "audio_length_s": 6.72, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_47.wav", "duration": 6.72}, {"text": "On the other hand, there are some risk factors there as well, such as", "audio_length_s": 6.72, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_69.wav", "duration": 6.72}, {"text": "move these clients up in terms of their annual spend, the one thing we don't control is the timing but", "audio_length_s": 6.72, "path": "6aad408f4bb1930cf10f445115f6ed3d_208.wav", "duration": 6.72}, {"text": "We just want to make sure we've got a lot of them growing at the same time so that we don't become too heavily exposed or concentrated.", "audio_length_s": 6.72, "path": "6aad408f4bb1930cf10f445115f6ed3d_283.wav", "duration": 6.72}, {"text": "portion of business transformation. But the kind of transformation that we're involved in, our platform is one piece,", "audio_length_s": 6.72, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_51.wav", "duration": 6.72}, {"text": "But it is going to change the dynamic from an expense ratio standpoint in the sense that it is more expensive business to acquire.", "audio_length_s": 6.72, "path": "648ddbbaa83d8a627c7ab752f63a80bd_46.wav", "duration": 6.72}, {"text": "You had a new product approved in that business. You had 10% growth, which is the best growth I've seen in", "audio_length_s": 6.72, "path": "3e42c35588dc721e96280bc039e96c8d_87.wav", "duration": 6.72}, {"text": "And also I noticed a little spike in servicing expenses. So if you could just kind of let me highlight that, that would be great.", "audio_length_s": 6.72, "path": "3bc6d3e1c0a117340d288c289bf7f679_19.wav", "duration": 6.72}, {"text": "What is your real capacity for the state itself to adequately meet", "audio_length_s": 6.72, "path": "902872913863de98d38e2936b846cf66_278.wav", "duration": 6.72}, {"text": "We are making significant investments and major improvements to our core platforms which underpin these propositions.", "audio_length_s": 6.72, "path": "bc1efb704df9c180935803c70a315597_226.wav", "duration": 6.72}, {"text": "increase requirements for the Marine Corps and also for foreign military sales, that's certainly good for us.", "audio_length_s": 6.72, "path": "1378aabd380e63d3f89fe0e445fc8b06_30.wav", "duration": 6.72}, {"text": "the third quarter results further demonstrate that our progress towards transformation is on track.", "audio_length_s": 6.72, "path": "e69e64683a56cdadf1c95192e753f27e_107.wav", "duration": 6.72}, {"text": "They will also market a portion of our Warriors North gas, and an improved differential to our current Dom South pricing", "audio_length_s": 6.72, "path": "5f4034bd1c0669186fcee6909c5d59e7_35.wav", "duration": 6.72}, {"text": "and are pleased with the continued level of interest in the asset since our first equity placing in May.", "audio_length_s": 6.72, "path": "18312cfa47f1a58a275a66ed44a87d3f_83.wav", "duration": 6.72}, {"text": "And we continue, in my view, especially with the Warning Letters being lifted, have a stronger story for the future than we've ever had. But", "audio_length_s": 6.72, "path": "62658bb0c3307b2b10e3668b8df73b0d_173.wav", "duration": 6.72}, {"text": "Certain matters discussed during this conference may contain forward-looking statements in the meanings of the federal securities laws.", "audio_length_s": 6.72, "path": "5be70acf701b7a6c9322f8feeaca63cd_117.wav", "duration": 6.72}, {"text": "mismatch of timing, wherein the commercial paper had been raised, and the money had not yet flowed to government of India,", "audio_length_s": 6.72, "path": "d8652861ccebce254205bf463b404401_55.wav", "duration": 6.72}, {"text": "your philosophy around stability of benefits and how you think", "audio_length_s": 6.72, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_210.wav", "duration": 6.72}, {"text": "what, if any, thoughts do you have about possibly doing a tender offer for a piece of the shares?", "audio_length_s": 6.72, "path": "45c2e7788c29cc5f1c183ec742511c6f_57.wav", "duration": 6.72}, {"text": "We encourage investors to review these reconciliations in connection with the comments we make this morning.", "audio_length_s": 6.72, "path": "24c7526f6daca8e16ab91bea6124148a_128.wav", "duration": 6.72}, {"text": "So through much more detailed asset management processes by looking at specific components like towers,", "audio_length_s": 6.72, "path": "6f1b092b312410065d308541be46da95_225.wav", "duration": 6.72}, {"text": "But other than that, I don't think there was too much that you could derive from the day other than", "audio_length_s": 6.72, "path": "a766b08317742c952705018a899f3998_23.wav", "duration": 6.72}, {"text": "We are generating strong cash flow, while cautiously investing in those areas of our business", "audio_length_s": 6.72, "path": "af146425f68dd8e32f31878389746637_52.wav", "duration": 6.72}, {"text": "so there, actually, the business environment has not necessarily been that bad from the container handling volume point of view. So", "audio_length_s": 6.72, "path": "538323cb37246bc97d1253b369a7414a_104.wav", "duration": 6.72}, {"text": "they will be convinced there is no better solution on the market, and in most cases, they will save a", "audio_length_s": 6.72, "path": "0807d606b6cf98da19b317b4928c3572_66.wav", "duration": 6.72}, {"text": "There is no doubts today that the production system of the world are going to change", "audio_length_s": 6.72, "path": "4fd138e27f5f375945332eacefa15b62_186.wav", "duration": 6.72}, {"text": "then of course, we would have to go back to the market. But there is no such a target on the market.", "audio_length_s": 6.72, "path": "bf99037f89cd485f95f097842619a0c7_254.wav", "duration": 6.72}, {"text": "This higher interest expense is serviceable but represents future opportunities for savings.", "audio_length_s": 6.72, "path": "b49c3cda0bcd26bab06abdd492274a3e_41.wav", "duration": 6.72}, {"text": "The shop is located on an island in the middle of the Neches River, which rose about 20 feet above normal,", "audio_length_s": 6.72, "path": "3ae068efa03cd088f4d3edea682f199f_176.wav", "duration": 6.72}, {"text": "and our team has been hard at work educating and helping change ingrained behaviors formed over many years.", "audio_length_s": 6.72, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_6.wav", "duration": 6.72}, {"text": "and from the successful execution of certain transformation initiatives that we outlined during our Investor Day.", "audio_length_s": 6.72, "path": "365c360aff42713cef71a7d026eeeb6d_242.wav", "duration": 6.72}, {"text": "So I -- what I was trying to make a point is that I think we've got a couple of good", "audio_length_s": 6.72, "path": "16c235a53fc719ec92ef3b3c3b371150_145.wav", "duration": 6.72}, {"text": "However, we can go by our own experience. And I think as we have explained in the past,", "audio_length_s": 6.72, "path": "976a5489fe4d30c2e1ebb237ec62398a_112.wav", "duration": 6.72}, {"text": "are being taken and were improved every day in giving them the right support and marketing", "audio_length_s": 6.72, "path": "7f85288e472b08575b33943f4c718070_36.wav", "duration": 6.72}, {"text": "India represents a large opportunity, and we provided some thoughts during Investor Day on how we're approaching the market.", "audio_length_s": 6.72, "path": "1bc08759c84df9d3f656cf53f5bb6d35_68.wav", "duration": 6.72}, {"text": "As noted on the slide, we now reflect the impact of recent acquisitions and divestitures in the current numbers.", "audio_length_s": 6.72, "path": "77f146e76d89a5be785a39ab23dfa763_72.wav", "duration": 6.72}, {"text": "Overall volume decreased 15% due to lower yields from our sourcing areas in Costa Rica.", "audio_length_s": 6.7199375, "path": "224a41b247c04842c2998802d67c8123_7.wav", "duration": 6.7199375}, {"text": "In the difficult political and economic environment that we've spoken about, it's important", "audio_length_s": 6.7199375, "path": "dffe8257f781608bb17bb637249e4d2a_225.wav", "duration": 6.7199375}, {"text": "And this is really, I believe, a continuation of the process improvements that they've put in place", "audio_length_s": 6.6900625, "path": "968913c3f9111fc67f1d9956c56dec3b_32.wav", "duration": 6.6900625}, {"text": "than what the market composite was, but we did see a nice turn in that business there that we hope", "audio_length_s": 6.69, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_37.wav", "duration": 6.69}, {"text": "The ADVOCATE trial itself is big news for our company and more importantly for the patients.", "audio_length_s": 6.69, "path": "485e97686e9a27d2df5b3fc02106e3d4_151.wav", "duration": 6.69}, {"text": "could you remind us if we -- as we've gone into past recessions, is there a lag? Like how should we think about", "audio_length_s": 6.69, "path": "62d981deed6d5128615c99d1597178b6_94.wav", "duration": 6.69}, {"text": "This means that Noble will remain well positioned in the front end of the cost curve over the long term.", "audio_length_s": 6.69, "path": "569834a5cb8a33dfeac20dfa8e03afb3_20.wav", "duration": 6.69}, {"text": "we have other product areas that likewise represent new revenue streams for our telecom business.", "audio_length_s": 6.69, "path": "ab5b4ea5cd86e4f7deafe9814024fada_152.wav", "duration": 6.69}, {"text": "We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from", "audio_length_s": 6.69, "path": "6388da88b00ebc88af59435bdac74132_70.wav", "duration": 6.69}, {"text": "But before moving on to our network operations, I want to say a few words about our current sales efforts", "audio_length_s": 6.69, "path": "55cbaf368288111ebc2ccadb61e3bd34_83.wav", "duration": 6.69}, {"text": "I guess, the volatility that there has been in the past, are you now at a level which you see as sort of", "audio_length_s": 6.69, "path": "f0dd7e4dad969b480d0d2a70609aedba_84.wav", "duration": 6.69}, {"text": "The question was that in 2020, there is some talk about China getting rid of its subsidiaries", "audio_length_s": 6.69, "path": "95962e0f754f9e2f786778c85d0913b8_204.wav", "duration": 6.69}, {"text": "We are not targeting only generating antibodies as most of the competition.", "audio_length_s": 6.69, "path": "14e9ab3b38cd3029b8aff693a105dbfb_86.wav", "duration": 6.69}, {"text": "we kept our general and admin expenses under control for both Consumer and for the group overall.", "audio_length_s": 6.69, "path": "9014ac9cbc2cff30468f1bcb659c0f66_220.wav", "duration": 6.69}, {"text": "maybe some of your competitors would have a tough time getting access to labor with their new plant", "audio_length_s": 6.69, "path": "6c7cc87ae188a5ad707fc0e523dea753_198.wav", "duration": 6.69}, {"text": "We expect that severe conditions will continue until 5G begins rolling out in earnest,", "audio_length_s": 6.69, "path": "2a59b9df2de5248e64727f10185a8423_47.wav", "duration": 6.69}, {"text": "Next, in the top table is our full year financial forecast.", "audio_length_s": 6.69, "path": "2a59b9df2de5248e64727f10185a8423_17.wav", "duration": 6.69}, {"text": "We remain confident in the growth potential we see for our European operations over the longer term.", "audio_length_s": 6.69, "path": "a069e0992c2083f0f53eaa4f7a02e47d_117.wav", "duration": 6.69}, {"text": "some of the more profitable jobs and some of the more specific scope that you're chasing?", "audio_length_s": 6.69, "path": "81430c39b7b202d05644e419e2a01a65_144.wav", "duration": 6.69}, {"text": "so I'm not going to repeat all the numbers. Instead, we are going to focus on the analysis of the factors that influenced results.", "audio_length_s": 6.69, "path": "81430c39b7b202d05644e419e2a01a65_126.wav", "duration": 6.69}, {"text": "Our proved performance is apparent in our sequential quarterly growth, renewal rates and the other metrics I have discussed.", "audio_length_s": 6.69, "path": "e824f4380f8203a1e3ed60e7da1e39e5_9.wav", "duration": 6.69}, {"text": "One more example. One of the largest commercial real estate is the brokerage of assets.", "audio_length_s": 6.69, "path": "e824f4380f8203a1e3ed60e7da1e39e5_92.wav", "duration": 6.69}, {"text": "Looking ahead, we expect gains on mortgage loans to continue to rise as we have added production capacity", "audio_length_s": 6.69, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_84.wav", "duration": 6.69}, {"text": "We've always said that our appetite will be governed by our assessment of risk, our assessment of reward.", "audio_length_s": 6.69, "path": "7974a5134807f46a1484a8adf81505be_176.wav", "duration": 6.69}, {"text": "This acquisition represents a strategic expansion and diversification", "audio_length_s": 6.69, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_6.wav", "duration": 6.69}, {"text": "And we also see Chinese manufacturers entering the market more intensely.", "audio_length_s": 6.69, "path": "a27b6a158b524914d94b0a407a41ef82_58.wav", "duration": 6.69}, {"text": "We're also working on integrating our planning and breaking down the silos as manufacturing has done", "audio_length_s": 6.69, "path": "7ec9d2889f6012c7058eb766f6de38e2_30.wav", "duration": 6.69}, {"text": "There are, as you point out, a lot of best practices that are available. We've got a whole laundry list of", "audio_length_s": 6.69, "path": "8bbc2f54137b794265dfb01f1559868d_44.wav", "duration": 6.69}, {"text": "and improvement of California's transportation system, providing improved safety and quality of life across the state.", "audio_length_s": 6.69, "path": "b34f680a9162805e0188170d6272a356_108.wav", "duration": 6.69}, {"text": "Regarding the movement on deal days, the country volatility adjustment is really jiggling around", "audio_length_s": 6.69, "path": "d630500fca6fe44aaeed52c32e00dbb4_41.wav", "duration": 6.69}, {"text": "But it goes beyond that. Syndicate of investors are constantly worried about a downturn in the market.", "audio_length_s": 6.69, "path": "c4dc8f962a85aa47af50f82845f550e2_91.wav", "duration": 6.69}, {"text": "Now, during the first quarter, we also extended our capabilities with Amazon Web Services", "audio_length_s": 6.69, "path": "82218f543c9a546c4baa5323f250b39f_76.wav", "duration": 6.69}, {"text": "how long it will take. But we are trying our best to expedite and", "audio_length_s": 6.69, "path": "1f43e30e245ed30be41602d8423db99e_45.wav", "duration": 6.69}, {"text": "And so it's a very good aggregation. So we pretty much cover in our merchant silicon,", "audio_length_s": 6.69, "path": "9e937c87ad87f354d42a688156853a30_173.wav", "duration": 6.69}, {"text": "Okay. Can you talk to the staffing that you have now in professional services?", "audio_length_s": 6.69, "path": "a4a85b87c36f3a8c723d6d0e87cba645_80.wav", "duration": 6.69}, {"text": "We believe that we can come up with a scheme that will bring the best value for the company", "audio_length_s": 6.69, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_137.wav", "duration": 6.69}, {"text": "for us, we look at this as a significant return considering we paid,", "audio_length_s": 6.69, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_29.wav", "duration": 6.69}, {"text": "These reports are available on the company's website in the Investors section and on the SEC's website.", "audio_length_s": 6.69, "path": "145244b0378e6657d456cffca8bbc982_70.wav", "duration": 6.69}, {"text": "This was affected by the weather. Also, we had the equipment modification to", "audio_length_s": 6.69, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_81.wav", "duration": 6.69}, {"text": "at this time, we have no further questions in the queue. I'll turn it back over to management for any additional or closing remarks.", "audio_length_s": 6.69, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_49.wav", "duration": 6.69}, {"text": "And that's what you see forecasted here in the gray bar on the left side.", "audio_length_s": 6.69, "path": "fa45af64ef25007f998c655347bfbecb_471.wav", "duration": 6.69}, {"text": "And we put the finishing touches on the modernization project at our Ohio Falls hydroelectric facility,", "audio_length_s": 6.69, "path": "a212b77ae2b2452093665a4e179ed3a3_53.wav", "duration": 6.69}, {"text": "With higher revenue growth rate, as we've always told you, profitability will scale substantially.", "audio_length_s": 6.69, "path": "e26b501c6e000fdaa11edde97cc71436_18.wav", "duration": 6.69}, {"text": "in payments. So like a lot of the fueling guys are trying to do mobile things or have your car, turn the pump on. And so,", "audio_length_s": 6.69, "path": "839852ec8452dbd90e9341d15cbba7c5_153.wav", "duration": 6.69}, {"text": "and the same conditions pilots are paid here in sterling or even in France in euros,", "audio_length_s": 6.69, "path": "d261e09fa176510406c0d05eeedfc8f8_145.wav", "duration": 6.69}, {"text": "having tracked the company for a while know that a lot of that business is driven by the containerboard business, which I thought would have been", "audio_length_s": 6.69, "path": "1133b8984db446b9c963a09eaf0785a4_168.wav", "duration": 6.69}, {"text": "And as a large local media company, we are uniquely positioned to serve this growing trend.", "audio_length_s": 6.69, "path": "403903eb119bfc1cec44d86ec907077a_9.wav", "duration": 6.69}, {"text": "In prior quarters, we have shared with you our ongoing refinement of the Healthcare strategy.", "audio_length_s": 6.69, "path": "257e4e92036da9582a8a288c88332ff3_168.wav", "duration": 6.69}, {"text": "To do that, let me first take a step back and set the stage for our interaction with the Food and Drug Administration.", "audio_length_s": 6.69, "path": "a24a661c2eb55542903c72391ec09f9b_29.wav", "duration": 6.69}, {"text": "We have a substantial amount of inventory available to meet this demand, and our international expansion efforts should continue", "audio_length_s": 6.69, "path": "171fd9df333ddd814c764843ed624121_194.wav", "duration": 6.69}, {"text": "And we are very excited about this portfolio and our commitment to returning value to our shareholders.", "audio_length_s": 6.69, "path": "655d592e9d1b1027f1824b1554d8b131_103.wav", "duration": 6.69}, {"text": "This quarter's comparison was also partially impacted by a large Location Intelligence deal we closed last year.", "audio_length_s": 6.69, "path": "6864081f83959f4b49e25e597f28af66_77.wav", "duration": 6.69}, {"text": "These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.", "audio_length_s": 6.69, "path": "43942582edfb20599f3e7456137f8deb_1.wav", "duration": 6.69}, {"text": "to fund our growth expenditures. We believe our investors value the latter, so we have been working within that framework.", "audio_length_s": 6.69, "path": "2ad9555a64eaa3f45bef5581adeecb9c_271.wav", "duration": 6.69}, {"text": "right? And that's very competitive what -- with what other, if you will, correspondent banks are paying for", "audio_length_s": 6.69, "path": "07d30eec04a77191950ef0992d097daf_168.wav", "duration": 6.69}, {"text": "So that's the only time we've ever found express, and then it was marginal. And", "audio_length_s": 6.69, "path": "9c1272d9d120c5bfafd6e6b566f89b62_119.wav", "duration": 6.69}, {"text": "in terms of deal size, I'm not really going to put a number on that. I mean, we would", "audio_length_s": 6.69, "path": "3068d678d3331b8f0a10ea4fa92361f2_66.wav", "duration": 6.69}, {"text": "we need to complete what we have on our plate first to make sure that we have the capacity to take on the next. And that's the really the question we're trying to evaluate", "audio_length_s": 6.69, "path": "636d6909fbd8656f88f72f66a3a162ff_196.wav", "duration": 6.69}, {"text": "I'd like to remind everyone again of the impact that the 2 merger closings in January", "audio_length_s": 6.69, "path": "b092d2be33ad52beefab208355b18235_46.wav", "duration": 6.69}, {"text": "all for one flat rate and at a fraction of the cost of standard phone and VoIP providers.", "audio_length_s": 6.69, "path": "16e51362df94379ea33a24334015f385_45.wav", "duration": 6.69}, {"text": "we had clearly been overshooting internally on the targets. So our new targets", "audio_length_s": 6.69, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_141.wav", "duration": 6.69}, {"text": "And those 2 facts really help inform how we look going forward at stores.", "audio_length_s": 6.69, "path": "e2c02e1788cb10703d7611ef157f8135_176.wav", "duration": 6.69}, {"text": "as far as this set of issues is concerned then, I think, we have a very good handle on it.", "audio_length_s": 6.69, "path": "7bc22aba9bc29d69ee10cc60db7903d8_69.wav", "duration": 6.69}, {"text": "I wish them the best of luck. And I can tell you that they're working as hard as they possibly can to make Myers a better company.", "audio_length_s": 6.69, "path": "a02b735de681c682fbb8025edecca271_44.wav", "duration": 6.69}, {"text": "Even as we focus on new growth areas, we continue to deliver solid performance across each of our business segments.", "audio_length_s": 6.69, "path": "6c43a32379bfc34fc8cfe84ff94d6498_3.wav", "duration": 6.69}, {"text": "we know exactly what we are after. And what I think is important is to look at it from a different angle.", "audio_length_s": 6.69, "path": "98f10f0935e5b778e888a1b8130a3d31_286.wav", "duration": 6.69}, {"text": "Now additionally, through the business review, we're going to be taking a look at everything. We're going to take a look at expenses.", "audio_length_s": 6.69, "path": "6d97c63e754383663561baada77c7354_24.wav", "duration": 6.69}, {"text": "I will now give you more details regarding the financial results before taking your questions.", "audio_length_s": 6.69, "path": "dfa02d0f609487ada2cf3cea5f42b396_91.wav", "duration": 6.69}, {"text": "as you move to the table on the right, there on the chart, you also see the most significant movement year-on-year was the lower", "audio_length_s": 6.69, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_339.wav", "duration": 6.69}, {"text": "really new standards and requirements for Medicaid long-term services and supports. And Rich spoke to a number of those.", "audio_length_s": 6.69, "path": "b94d748876ddf8e881d4191dec45baf3_39.wav", "duration": 6.69}, {"text": "multiple regulatory climates because they exist across international borders that they can accomplish that with our platform.", "audio_length_s": 6.69, "path": "16ed973148ce103dc95fdcfaf35bbe7b_211.wav", "duration": 6.69}, {"text": "and meet with the facility management staff to ensure all appropriate resources were available to the facility and staff.", "audio_length_s": 6.69, "path": "c5c7a9f409241412b160a93cde7ef630_105.wav", "duration": 6.69}, {"text": "Two, we have learned from our 19-year experience and developed a very strong brand", "audio_length_s": 6.69, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_220.wav", "duration": 6.69}, {"text": "all provided as a service on a single billing support and financing relationship.", "audio_length_s": 6.69, "path": "3278114d0e939eef0c3ec96dbed0f49b_47.wav", "duration": 6.69}, {"text": "Fleet trials are currently underway with several agencies, and we have already received notice we've been awarded several contracts.", "audio_length_s": 6.69, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_175.wav", "duration": 6.69}, {"text": "recommending approval, which marks our second developed product to achieve this regulatory milestone", "audio_length_s": 6.69, "path": "bd40628b97efec198825ccf910c7e27e_34.wav", "duration": 6.69}, {"text": "Carl, I've never done this before, but I'm actually going to go back in the queue and ask you to come back to me later on.", "audio_length_s": 6.69, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_65.wav", "duration": 6.69}, {"text": "Since we have our biggest quarters in front of us, it's our intention to build on the results of the December quarter.", "audio_length_s": 6.69, "path": "10728656364812338b7417b035dae4c4_79.wav", "duration": 6.69}, {"text": "to the antigens in the vaccine is the first crucial step to proving the concept for the vaccine.", "audio_length_s": 6.69, "path": "17f54a9938f35a4bde713fb3eb33a80e_12.wav", "duration": 6.69}, {"text": "leave much headroom for improvement in both immunological and clinical responses.", "audio_length_s": 6.69, "path": "17f54a9938f35a4bde713fb3eb33a80e_3.wav", "duration": 6.69}, {"text": "Our approach to value creation that we talked about also in February when we met,", "audio_length_s": 6.69, "path": "4567936d89925d1a3b983274b11ecae5_135.wav", "duration": 6.69}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.69, "path": "28404e399cb043d390aa70bceb339dd4_143.wav", "duration": 6.69}, {"text": "We brought on a Capital Planning Manager to build out our DFAST capabilities", "audio_length_s": 6.69, "path": "28404e399cb043d390aa70bceb339dd4_18.wav", "duration": 6.69}, {"text": "But we're also quite confident that the businesses are performing at high levels and that we can produce very good returns for our shareholders,", "audio_length_s": 6.69, "path": "2a059b2b192b8e972ca7664ddfed8a20_200.wav", "duration": 6.69}, {"text": "should we -- I appreciate what you're trying to do here is show the margin improvement, but I guess how long", "audio_length_s": 6.69, "path": "b43c001c5af465d220ab0b69a95202ae_93.wav", "duration": 6.69}, {"text": "Our business is built on the premise of making it easier for our customers to grow their businesses.", "audio_length_s": 6.69, "path": "13141efea197b407280701081390f0ce_12.wav", "duration": 6.69}, {"text": "The Southwest in Texas it's more probably a little bit more story of recovering from some dropoff from energy.", "audio_length_s": 6.69, "path": "13141efea197b407280701081390f0ce_28.wav", "duration": 6.69}, {"text": "before taking into account any other cost and expenses associated with the offering of these services.", "audio_length_s": 6.69, "path": "75eb5b75bb8587b63c318714ea956b9e_57.wav", "duration": 6.69}, {"text": "So in summary, our underlying performance in the first half came in largely as expected,", "audio_length_s": 6.69, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_182.wav", "duration": 6.69}, {"text": "We are fully committed to this task which we believe will result in substantial value creation for our shareholders.", "audio_length_s": 6.69, "path": "785be95695b063f97a17e4dea4a0529a_7.wav", "duration": 6.69}, {"text": "So I just -- I see that kind of stuff and say that's going to start flowing through. So to say that we switched gears on that,", "audio_length_s": 6.69, "path": "9e8690a521142359001a137074905535_303.wav", "duration": 6.69}, {"text": "that there is a space for us as a trusted adviser and a trusted player in the data insights", "audio_length_s": 6.69, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_255.wav", "duration": 6.69}, {"text": "was reflective of changing provincial pricing arrangements led by the Zhejiang province.", "audio_length_s": 6.69, "path": "0e52a74a184c92ad0c336af764aa0796_8.wav", "duration": 6.69}, {"text": "We expect to conclude deployment activities at the Indiana and Florida ABMs by early 2018. The", "audio_length_s": 6.69, "path": "f1da65edd5f2026ffd647d496bb96ce7_17.wav", "duration": 6.69}, {"text": "although the business did experience some higher costs on utilities, repairs and tooling maintenance.", "audio_length_s": 6.69, "path": "baf4cec43f02cba3a0e2e83192f98380_3.wav", "duration": 6.69}, {"text": "a lot of the projects in In-Line Instrumentation which are process related and also on the mining side,", "audio_length_s": 6.69, "path": "262bc21196721c5ff9114acbd2ff03c3_140.wav", "duration": 6.69}, {"text": "In response to this accident, each of the Norwegian and U.K. Civil Aviation Authorities", "audio_length_s": 6.69, "path": "8d9efef3c305ec549fb15daa27107c83_39.wav", "duration": 6.69}, {"text": "And owning a significant fleet of vessels also means that we will have to continuously renew and diversify the fleet.", "audio_length_s": 6.69, "path": "939c2eaaa171907197a14e58cea3514d_42.wav", "duration": 6.69}, {"text": "and part of this reflects the quality of talent that we are", "audio_length_s": 6.69, "path": "c40b5d1a13169c5acf69590932a56f98_39.wav", "duration": 6.69}, {"text": "that we have at Holt and call it a day. But we also see if we can make some significant investments in capital and development.", "audio_length_s": 6.69, "path": "a1329d5014382fed182ec42276821868_100.wav", "duration": 6.69}, {"text": "While these products continued to be adversely impacted by reduced spending in oil and gas exploration,", "audio_length_s": 6.69, "path": "9e07401011239a074ff66741ee557224_45.wav", "duration": 6.69}, {"text": "Please remember to refer to the forward-looking statements disclosure on Page 7 of the company's earnings press release.", "audio_length_s": 6.69, "path": "1c7b9fe66120faecd8217e1df394005c_80.wav", "duration": 6.69}, {"text": "when adjusting for the negative impact of foreign exchange and gains from limited partnership investments.", "audio_length_s": 6.69, "path": "da879f8ea1c23aa6565cccaacac271fc_4.wav", "duration": 6.69}, {"text": "But this is a project that's been in the works for a number of months, and the team has just done a terrific job of", "audio_length_s": 6.69, "path": "059024560d9d1039cf08746ee7393114_108.wav", "duration": 6.69}, {"text": "And finally, our small Southeast Asian business grew EBIT with growth in Vietnam a key driver.", "audio_length_s": 6.69, "path": "33fd8a867dbd88a837e541b1d2b25ea5_11.wav", "duration": 6.69}, {"text": "Each year, we update our expense tables to incorporate an additional year of information.", "audio_length_s": 6.69, "path": "ab3354b86be920cde18291112bf8a70a_13.wav", "duration": 6.69}, {"text": "I think on the D side, it's much more -- there has been some construction supported by", "audio_length_s": 6.69, "path": "8cfc2a9aace5078f22a83c782b9d41f7_179.wav", "duration": 6.69}, {"text": "last few quarters. We have emphasized consistency right from the beginning of this year.", "audio_length_s": 6.69, "path": "28d675c77a4b2269c1c1460ad3e56250_76.wav", "duration": 6.69}, {"text": "To sum up the economy, the majority of key economic indicators have shown signs of improvement for several years,", "audio_length_s": 6.69, "path": "1e850c2f72078279ebafea4edcbb3aa4_41.wav", "duration": 6.69}, {"text": "if we think about the pattern that we've seen in recent years, is it still", "audio_length_s": 6.69, "path": "9ec35a7809acb51486076e302028ba33_113.wav", "duration": 6.69}, {"text": "Now before I hand the call back over to Kevin, I want to take a moment to recognize him.", "audio_length_s": 6.69, "path": "1689b94530eca82b7758c86b4cf3125f_81.wav", "duration": 6.69}, {"text": "The proposed framework, much of which we support, represents a fairly material departure from the current model.", "audio_length_s": 6.69, "path": "130e8e56c1afa2419fd0c08708261824_142.wav", "duration": 6.69}, {"text": "This gives me the confidence that we are on track to deliver our medium-term guidance", "audio_length_s": 6.69, "path": "3877b1983229ec488c6349a188bccf92_127.wav", "duration": 6.69}, {"text": "just reflecting increased testing to tune and refine the program, which the team is doing a great job on. Increasingly,", "audio_length_s": 6.69, "path": "50e17cbbbef8897681cc5f8ae110aae2_118.wav", "duration": 6.69}, {"text": "But we're really focused on kind of the reputational things that we believe are important to our consumers", "audio_length_s": 6.69, "path": "7498a6630302a038bd537d192c3a44f4_43.wav", "duration": 6.69}, {"text": "There are even cases where we are entrusted with their whole businesses.", "audio_length_s": 6.69, "path": "254f3c2175c8e11d6da7d44a221e1bff_7.wav", "duration": 6.69}, {"text": "we're working on. And again, we're pretty -- we're disciplined about how we do it. So we feel good about the pipeline and", "audio_length_s": 6.69, "path": "4721d5a2e7061d90a4e4e4768adc2486_52.wav", "duration": 6.69}, {"text": "and fee opportunities that make it a great contributor to our focus on economic profitability.", "audio_length_s": 6.69, "path": "8635f950dc44da3fcad542b2c066bedf_69.wav", "duration": 6.69}, {"text": "I am going to start by covering the highlights of the quarter and the transformative changes we've executed during the past year,", "audio_length_s": 6.69, "path": "d74cec1fb73e1b1134bfa7152762ad80_1.wav", "duration": 6.69}, {"text": "And that helps to add value. So when you look at Telstra, when you look at MTN, when you look at some of the others,", "audio_length_s": 6.69, "path": "af00f4e7b63ee843a3d203f982fac701_43.wav", "duration": 6.69}, {"text": "increasing capacity in Taiwan that would support the growth of some of the customers in China?", "audio_length_s": 6.69, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_71.wav", "duration": 6.69}, {"text": "The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.", "audio_length_s": 6.69, "path": "98bbf1693b5a53e7f02d890a8dca876a_78.wav", "duration": 6.69}, {"text": "Sure. I mean, it's always -- as you can imagine, you'd love to at one level think everybody loves you and would never leave you.", "audio_length_s": 6.69, "path": "0cfaeed8cd93dc274845d450e921aeb6_186.wav", "duration": 6.69}, {"text": "We continue to expect other revenue and other income to decline by approximately 15 basis points", "audio_length_s": 6.69, "path": "9908957f60adff5efc1c8692a0f5ab38_69.wav", "duration": 6.69}, {"text": "over the last several years because it wasn't very quality service. We've now created an ability, working with", "audio_length_s": 6.69, "path": "71ea3ed1436c2759a95f8d629963db2e_101.wav", "duration": 6.69}, {"text": "I'll now turn it over to Tim to take us through our results for the quarter and then I'll come back to discuss a look forward.", "audio_length_s": 6.69, "path": "d62cc3a0dfe3492ed16dfc17c028071e_46.wav", "duration": 6.69}, {"text": "This is partly driven by direct or indirect regulation, like in the case of the requirement", "audio_length_s": 6.69, "path": "c12aea8267b41c1b0347ac04aaa4f789_79.wav", "duration": 6.69}, {"text": "planning to prepare for the ongoing renewables and how important CCGTs are to backstop that.", "audio_length_s": 6.69, "path": "3f6641f7d8f1ab845ad4f637cfb35109_173.wav", "duration": 6.69}, {"text": "that were last year that I would say maybe their natural growth rate over the last few years has been low single digit,", "audio_length_s": 6.69, "path": "ed2810b765143f8341dcc8e8c14c27f1_101.wav", "duration": 6.69}, {"text": "And I think that's a good thing, just like it's a good thing to be a responsible taxpayer or to", "audio_length_s": 6.69, "path": "e35fae1d3df1f7aeda409f90f200ec7b_60.wav", "duration": 6.69}, {"text": "Given the market environment and our outlook, we are in the process of taking further actions to adjust our business.", "audio_length_s": 6.69, "path": "383cf39e54475c8a25af2af7b35c6f2e_5.wav", "duration": 6.69}, {"text": "based on the positive reaction we received to the new collection. I am confident that we are on the right path.", "audio_length_s": 6.69, "path": "1300495cfa53748f732f54277d5a8cea_102.wav", "duration": 6.69}, {"text": "they are capable of performance. And they're capable of performance depending upon whether or not the enterprise", "audio_length_s": 6.69, "path": "b0d88c0f1efca89ecb928172341dc75d_178.wav", "duration": 6.69}, {"text": "But people are kind of excited about the opportunity there and what can happen with the direct sales force.", "audio_length_s": 6.69, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_116.wav", "duration": 6.69}, {"text": "moving processes for the first time tend to do so on an FTE basis that allows us to provide", "audio_length_s": 6.69, "path": "6aad408f4bb1930cf10f445115f6ed3d_104.wav", "duration": 6.69}, {"text": "volume in the continuing product seems to be growing less than the end market growth rates of pharma and coatings and", "audio_length_s": 6.69, "path": "e552924838fe493d3cc967dd0c5c4563_161.wav", "duration": 6.69}, {"text": "Since these assumptions are based on current expectations and involve assumptions that are difficult,", "audio_length_s": 6.69, "path": "648ddbbaa83d8a627c7ab752f63a80bd_111.wav", "duration": 6.69}, {"text": "and just not go back in. But recognizing the amount of investment, we're going to have to make that sometimes gets difficult.", "audio_length_s": 6.69, "path": "2cd5b184c2ef6624ce219830182927c9_191.wav", "duration": 6.69}, {"text": "We did get some very good regulatory relief and stability going forward,", "audio_length_s": 6.69, "path": "2cd5b184c2ef6624ce219830182927c9_207.wav", "duration": 6.69}, {"text": "And then next year, we will essentially assess and monitor how all that's working. And from that,", "audio_length_s": 6.69, "path": "2cd5b184c2ef6624ce219830182927c9_262.wav", "duration": 6.69}, {"text": "which is also up over third quarter last year, of course as a result of better operational", "audio_length_s": 6.69, "path": "6a45749d272884d2809fa70f7807250c_93.wav", "duration": 6.69}, {"text": "because we were so concerned about the amount of stock we were willing to sell and the price at which we were willing to sell it.", "audio_length_s": 6.69, "path": "02242ceddfeb4bcc65f04552b63fe80e_134.wav", "duration": 6.69}, {"text": "The results have been very positive, and to illustrate the benefits, let me share a few comparisons with you.", "audio_length_s": 6.69, "path": "c334e290beb657ee3efcb6b2f734c81e_73.wav", "duration": 6.69}, {"text": "We believe we are well positioned to not only deliver the new reporting but to drive improvement in this key area.", "audio_length_s": 6.69, "path": "6299a010c7bb84feaf14b263750dbd1a_133.wav", "duration": 6.69}, {"text": "for those that exit. I think in terms of exit charges, so I think I'll refer to the fact that", "audio_length_s": 6.69, "path": "6299a010c7bb84feaf14b263750dbd1a_203.wav", "duration": 6.69}, {"text": "But when you look at the current market and you look at fuel prices where they are and see how", "audio_length_s": 6.69, "path": "96488f25af54f91198b444e5eff8e878_194.wav", "duration": 6.69}, {"text": "We successfully rebranded the company and still maintained our ties to our heritage.", "audio_length_s": 6.69, "path": "6cbf592846662213258684c3049e4592_174.wav", "duration": 6.69}, {"text": "We often point out that there are quarterly swings in many line items and try to look at numbers on a full year basis.", "audio_length_s": 6.69, "path": "ffa357a084f4deb64797a0a32b8c5e33_152.wav", "duration": 6.69}, {"text": "let me give you some sense of those. Some of them are simply that", "audio_length_s": 6.69, "path": "09eebad8f3c529b4c7d916c5f7766f7f_383.wav", "duration": 6.69}, {"text": "Proved developed reserve additions, positive performance revisions and the improvement in commodity prices", "audio_length_s": 6.69, "path": "c71a6ab1a0697010811c89200ab21613_51.wav", "duration": 6.69}, {"text": "Cable is working there and so is mobile. Three, our home business continues to perform exceptionally well.", "audio_length_s": 6.69, "path": "429bcf63d57c11ea4d8864560f521dba_1.wav", "duration": 6.69}, {"text": "We resolved the XIFAXAN IP litigation and expect to preserve market exclusivity for our top product", "audio_length_s": 6.69, "path": "e69e64683a56cdadf1c95192e753f27e_186.wav", "duration": 6.69}, {"text": "Many of you know this product has been a core bedrock of our portfolio over the past 9 years. However,", "audio_length_s": 6.69, "path": "81c03e2c15e8fe8213fbd40368b49581_3.wav", "duration": 6.69}, {"text": "We're pleased to report strong growth and performance across our businesses on behalf of those we serve.", "audio_length_s": 6.69, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_186.wav", "duration": 6.69}, {"text": "In addition, private label continued to grow market share, particularly in the lower value conventional segment.", "audio_length_s": 6.69, "path": "b478d2808e90233ed994884e644a3d34_7.wav", "duration": 6.69}, {"text": "In this presentation and in our remarks, we will be discussing our results on an adjusted basis, unless otherwise noted.", "audio_length_s": 6.69, "path": "b478d2808e90233ed994884e644a3d34_1.wav", "duration": 6.69}, {"text": "that fit perfectly with the portfolio of top ranked television stations that Gray makes so special.", "audio_length_s": 6.69, "path": "77423f08f0208d476dea73c639f6293a_80.wav", "duration": 6.69}, {"text": "Our businesses have continued to perform well, generating savings for customers and delivering value for our shareholders.", "audio_length_s": 6.69, "path": "6f1b092b312410065d308541be46da95_243.wav", "duration": 6.69}, {"text": "of our project backlog. Historically, our commercial focus has allowed us to maintain", "audio_length_s": 6.69, "path": "0b2059114216fe9195b6a4256ed84843_133.wav", "duration": 6.69}, {"text": "The improved labor productivity wasn't sufficient to offset a 70 basis point increase in material costs,", "audio_length_s": 6.69, "path": "7a80c3e91e5a2693cdaef5f716808317_179.wav", "duration": 6.69}, {"text": "if that will be accurate. But today, it looks like the trough. And so we see clear acceleration of", "audio_length_s": 6.69, "path": "365c360aff42713cef71a7d026eeeb6d_43.wav", "duration": 6.69}, {"text": "Okay. And you guys made a pretty big change to the existing customer rate increase program last year", "audio_length_s": 6.69, "path": "3043e7527da9e59e29b7412cafeb9d80_114.wav", "duration": 6.69}, {"text": "And is a portion of that business already in the unbilled receivables or that would", "audio_length_s": 6.69, "path": "726bad4d5d1a6b2f62034eb8dc843450_75.wav", "duration": 6.69}, {"text": "at a low cost will be rewarded in the future, and we intend to continue to deliver top quartile results,", "audio_length_s": 6.69, "path": "190e0d8d92da94060523364716ce6e03_115.wav", "duration": 6.69}, {"text": "The change took place as of January 1, and I'm pleased to say that it has gone extremely well.", "audio_length_s": 6.6899375, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_139.wav", "duration": 6.6899375}, {"text": "or impact us as far as actually cash tax payments are concerned, but effectively that will be offset by growth in rate base.", "audio_length_s": 6.6600625, "path": "6f1b092b312410065d308541be46da95_145.wav", "duration": 6.6600625}, {"text": "This method of recognition tends to be driven by the product load-ins to the wholesalers which can be lumpy.", "audio_length_s": 6.66, "path": "5833763223d8d85b6fcb5fe90e821c77_52.wav", "duration": 6.66}, {"text": "that come to the operator with that. And now what that means though is that when you double your completion activity,", "audio_length_s": 6.66, "path": "7d2a9151826f1fbcf538ffbf85924ed2_81.wav", "duration": 6.66}, {"text": "we expect this growth to continue into Q2 and then perform in the low single digits for the balance of the year.", "audio_length_s": 6.66, "path": "7eebbbc069b4bf8367aa748751df9bc7_23.wav", "duration": 6.66}, {"text": "premium and effectively compete in the luxury price points while driving upper-upscale margin performance.", "audio_length_s": 6.66, "path": "7eebbbc069b4bf8367aa748751df9bc7_163.wav", "duration": 6.66}, {"text": "I think the focus is going to be on asset management and being really careful and making sure we hit our numbers", "audio_length_s": 6.66, "path": "7eebbbc069b4bf8367aa748751df9bc7_99.wav", "duration": 6.66}, {"text": "The increase in revenues stems mainly from higher fabrication levels throughout the corporation's operational units.", "audio_length_s": 6.66, "path": "ebb371780b97ae7f2172f242fbdc5c7c_23.wav", "duration": 6.66}, {"text": "the performance of our shares that you are aware", "audio_length_s": 6.66, "path": "0db71632fa65f1d166f14cb8593c4690_69.wav", "duration": 6.66}, {"text": "Our international commercial strategy for keratoconus is built on the foundation of working closely", "audio_length_s": 6.66, "path": "5111fdad778749872c23e78c9b0d653b_152.wav", "duration": 6.66}, {"text": "have not changed materially to the negative or the positive. I'd say that they are in very much healthy ranges.", "audio_length_s": 6.66, "path": "ab861b81968e1b5fcb606ed886919d68_66.wav", "duration": 6.66}, {"text": "The global LP community ranging from sovereign wealth funds to retirement systems, to high net worth investors", "audio_length_s": 6.66, "path": "6388da88b00ebc88af59435bdac74132_223.wav", "duration": 6.66}, {"text": "it is. They know how important it is to save money on their data costs. What they haven't seen", "audio_length_s": 6.66, "path": "55cbaf368288111ebc2ccadb61e3bd34_48.wav", "duration": 6.66}, {"text": "But in the beginning of the call, I think, one of you mentioned that you thought that the price of the stock was", "audio_length_s": 6.66, "path": "e274d02ea943c0a74779950fe28e839d_85.wav", "duration": 6.66}, {"text": "is to reorganize working with the contractor, the work fronts, put additional resources from the owners as well as CPChem on that", "audio_length_s": 6.66, "path": "8b6c481f7fe797353fefe886e205bbaa_181.wav", "duration": 6.66}, {"text": "I'd like to share 2 of our notable customer stories with you to underscore the business outcomes customers are experiencing on the platform.", "audio_length_s": 6.66, "path": "47d77b15189fadcc76113a2f7800ba28_4.wav", "duration": 6.66}, {"text": "published a preliminary report demonstrating meaningful responses in patients with castration-resistant prostate cancer", "audio_length_s": 6.66, "path": "f0ce0d97cf62c9076226e0aeeb550493_133.wav", "duration": 6.66}, {"text": "However, we will continue to highlight what makes Crane special and differentiates us as an organization.", "audio_length_s": 6.66, "path": "22ad97a95501a08f15c06605cd277fec_91.wav", "duration": 6.66}, {"text": "starting titer prior to the annual booster, which is the green. And here you can see that we see a boost effect,", "audio_length_s": 6.66, "path": "14e9ab3b38cd3029b8aff693a105dbfb_51.wav", "duration": 6.66}, {"text": "now enjoy the Hamburg experiences and already now visiting the fish market on Sunday morning,", "audio_length_s": 6.66, "path": "9014ac9cbc2cff30468f1bcb659c0f66_206.wav", "duration": 6.66}, {"text": "on how we will be deploying our capital in line with the strategic priorities which Stefan just presented.", "audio_length_s": 6.66, "path": "9014ac9cbc2cff30468f1bcb659c0f66_150.wav", "duration": 6.66}, {"text": "on both of those and we feel good about what that means for meeting our objectives for the second quarter.", "audio_length_s": 6.66, "path": "264e575b73bc2a485bee416c1ac10cee_84.wav", "duration": 6.66}, {"text": "and announced major savings programs and staff reductions. This will have an impact", "audio_length_s": 6.66, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_103.wav", "duration": 6.66}, {"text": "With various new growth and development projects, we have entered the next cycle in our evolution.", "audio_length_s": 6.66, "path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_4.wav", "duration": 6.66}, {"text": "Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect.", "audio_length_s": 6.66, "path": "04f29bc02d1e2ef65077ca67bf41f475_176.wav", "duration": 6.66}, {"text": "it. The future of measurement is a hybrid approach, putting the 2 together, having the best of both worlds.", "audio_length_s": 6.66, "path": "8b71a232d7fe61e6232807b635977c31_225.wav", "duration": 6.66}, {"text": "In addition, new contracts with large hospital groups are also helping to drive growth.", "audio_length_s": 6.66, "path": "8bbc2f54137b794265dfb01f1559868d_14.wav", "duration": 6.66}, {"text": "This quarter has given us added confidence that we are making use of the right tools and getting the right results.", "audio_length_s": 6.66, "path": "3121e8f4a75758834d32a9e4e0555221_97.wav", "duration": 6.66}, {"text": "Now before we go into Marburg, just one general comment. For me", "audio_length_s": 6.66, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_84.wav", "duration": 6.66}, {"text": "Both revenue and profit growth were driven by solid execution on a diverse portfolio of work.", "audio_length_s": 6.66, "path": "b34f680a9162805e0188170d6272a356_264.wav", "duration": 6.66}, {"text": "Let's take that money and do it targeted in particular cities where the take rate is", "audio_length_s": 6.66, "path": "a45510e526a5935c1f8d4f039149ff3b_75.wav", "duration": 6.66}, {"text": "We generated higher earnings, declared higher dividends and continued on our transformation path.", "audio_length_s": 6.66, "path": "3d4b9cfcb489a54bda65e749b7b79b15_41.wav", "duration": 6.66}, {"text": "We also signed a contract for workforce housing and operational support services for 3 camps", "audio_length_s": 6.66, "path": "3d4b9cfcb489a54bda65e749b7b79b15_36.wav", "duration": 6.66}, {"text": "Given our concentration on our regulated businesses and our focus on transmission and distribution,", "audio_length_s": 6.66, "path": "9589f919b51ea96f732c4fe7fd180d7e_13.wav", "duration": 6.66}, {"text": "The sentiment is not shared by your board or management for the following reasons.", "audio_length_s": 6.66, "path": "91422f85dbf838639b3cb9dd9da364eb_11.wav", "duration": 6.66}, {"text": "Earlier, you said that you are trying to create a qualitative change in the food industry.", "audio_length_s": 6.66, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_68.wav", "duration": 6.66}, {"text": "We should take advantage of this improvement in Germany in the future.", "audio_length_s": 6.66, "path": "39e5706898dcaf14a280b3a123877cd6_182.wav", "duration": 6.66}, {"text": "is that the economics on this would not be achievable with just a wholesale product.", "audio_length_s": 6.66, "path": "833f98dbc79997580b24335033aac5d2_249.wav", "duration": 6.66}, {"text": "much of which are by way of infill on vacant land we already own.", "audio_length_s": 6.66, "path": "0ee490f8688669984ae17a737590f7b5_114.wav", "duration": 6.66}, {"text": "There's 5 issues I'd like to raise for you to take into consideration from this call. First,", "audio_length_s": 6.66, "path": "e26b501c6e000fdaa11edde97cc71436_103.wav", "duration": 6.66}, {"text": "Okay, okay. And did I hear it correctly that you already dosed the second high-dose", "audio_length_s": 6.66, "path": "dd5492732b46e270047f9b368d4fde11_19.wav", "duration": 6.66}, {"text": "the improvement in the underlying profitability of your franchisees? And as you do these valuations on a quarterly basis,", "audio_length_s": 6.66, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_20.wav", "duration": 6.66}, {"text": "All right. And then on the guidance, what kind of organic growth rate are you guys expecting in the second half of the year?", "audio_length_s": 6.66, "path": "a0006b7891ead9bdb76273f555b6f1c8_50.wav", "duration": 6.66}, {"text": "devastating disease, and a disease that only really manifest in children because no one ever lives into adulthood.", "audio_length_s": 6.66, "path": "0dbbae27d7055ecc04cc25e14e4de12d_162.wav", "duration": 6.66}, {"text": "as well as proof of concept for our Fabry and Pompe gene therapy programs.", "audio_length_s": 6.66, "path": "0dbbae27d7055ecc04cc25e14e4de12d_84.wav", "duration": 6.66}, {"text": "in the Nordic segment and in the German segment. France has a calendar effect of roughly 1 day in that quarter.", "audio_length_s": 6.66, "path": "d5c338a956681dbb2170472253a29b85_17.wav", "duration": 6.66}, {"text": "The performance reflects that there was no big publishing trend to match last year's strong spoof humor books.", "audio_length_s": 6.66, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_51.wav", "duration": 6.66}, {"text": "In addition, there is a longer lag time with sales to recognizing revenue.", "audio_length_s": 6.66, "path": "a5aee620f2ef348884bdc8fa3e0cee19_5.wav", "duration": 6.66}, {"text": "The consolidated results are a continuation of our performance from the fourth quarter of our last fiscal year.", "audio_length_s": 6.66, "path": "a44c74bdc01aa7e317addc11f2274e11_51.wav", "duration": 6.66}, {"text": "So now the company are looking for the best way to refinance in the market.", "audio_length_s": 6.66, "path": "eb4fd38da7ae1a347630ef447dfe9abe_94.wav", "duration": 6.66}, {"text": "we expect revenue to increase approximately 3% to 4% compared to the prior year", "audio_length_s": 6.66, "path": "43942582edfb20599f3e7456137f8deb_21.wav", "duration": 6.66}, {"text": "comment on their reaction, but I think everybody would focus on the same thing. There's 3 years left to run", "audio_length_s": 6.66, "path": "6933d49d1af6eb4613a4f75bf37d00e1_52.wav", "duration": 6.66}, {"text": "In both diseases, it is understood that it's the overproduction of glyoxylate from a different", "audio_length_s": 6.66, "path": "01ebdadb81d0e5a57270957c0cbe83fc_199.wav", "duration": 6.66}, {"text": "So that deflated our operating cash flow in the first half as well.", "audio_length_s": 6.66, "path": "ebecd7e874a9b3998b70ec3200f71e89_122.wav", "duration": 6.66}, {"text": "the outstanding caliber of our people and their ability to win new business and support the needs of our clients.", "audio_length_s": 6.66, "path": "616e9ba16db091317ae4d96e877a9bbe_19.wav", "duration": 6.66}, {"text": "there is no specific set of talks we would be involved in right now.", "audio_length_s": 6.66, "path": "38b2f94da12bbf2d32246763aab8265a_155.wav", "duration": 6.66}, {"text": "It is a commitment that we make as an organization. As a matter of fact, the new mission that we created,", "audio_length_s": 6.66, "path": "b96165244f010b3f1e61cbbc5e504d96_22.wav", "duration": 6.66}, {"text": "Thank you again for participating in today's conference call. You may now disconnect.", "audio_length_s": 6.66, "path": "b96165244f010b3f1e61cbbc5e504d96_111.wav", "duration": 6.66}, {"text": "The approved tax agreement also included a provision to extend our revenue sharing and earnings support mechanism", "audio_length_s": 6.66, "path": "a7e7a1621af9b4e850260f9824ee8746_92.wav", "duration": 6.66}, {"text": "In the second quarter, we delivered on this commitment with improvements in nearly all of our end markets becoming more evident.", "audio_length_s": 6.66, "path": "bab12f620df0f367e74acdcc467686f1_5.wav", "duration": 6.66}, {"text": "clearly, third quarter will be our best quarter of the year. And as we said, we expect every quarter to be up over last year.", "audio_length_s": 6.66, "path": "40e11288ea7cb86fdf307dbe648142e3_136.wav", "duration": 6.66}, {"text": "we are doing more strategic deals than we have done in recent quarters through our enterprise account sales group.", "audio_length_s": 6.66, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_53.wav", "duration": 6.66}, {"text": "For the full year, our underlying revenue growth was in the high single digit,", "audio_length_s": 6.66, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_75.wav", "duration": 6.66}, {"text": "And in both cases, we're really trying to understand more about the kind of clients that we attract", "audio_length_s": 6.66, "path": "87ba56e8ff82d5e181ee5d6d66543c51_64.wav", "duration": 6.66}, {"text": "As we begin, I would like to remind participants that this conference call may contain certain forward-looking statements.", "audio_length_s": 6.66, "path": "08ed60a546bd48af9db028c4e3c8af26_1.wav", "duration": 6.66}, {"text": "to increase our service capacity and to make sure that we have the best trained technicians in the industry.", "audio_length_s": 6.66, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_208.wav", "duration": 6.66}, {"text": "I'm not -- I don't have great predictions of those 3 items each quarter, just", "audio_length_s": 6.66, "path": "1c89bbe35013b8f40511ac9ba8824242_47.wav", "duration": 6.66}, {"text": "Maybe if you could just talk about where we should be looking for potential reserve resource increases at the end of the year?", "audio_length_s": 6.66, "path": "e5040d02fba73a359d3f7cb346517ce1_23.wav", "duration": 6.66}, {"text": "will be between 3% to 5%, but it will be skewed towards the second half this time, much like it was", "audio_length_s": 6.66, "path": "47b1a118c53956b23f1d687a75f3e5ba_221.wav", "duration": 6.66}, {"text": "and their businesses they sell into every day. So we think that, that could be a real game changer if it happens.", "audio_length_s": 6.66, "path": "9b93af1e7019959620214c387f283d8e_25.wav", "duration": 6.66}, {"text": "was it maintenance or downtime that caused it? Or are there other inflationary pressures we should be aware of?", "audio_length_s": 6.66, "path": "dd28a387ccc9575df47840b850647c7f_170.wav", "duration": 6.66}, {"text": "I think both changes were done for good reasons and will help us,", "audio_length_s": 6.66, "path": "b305bff75f28d238f0bd7da5bd4f13b8_127.wav", "duration": 6.66}, {"text": "for the same period in 2015. The decrease in net loss per share in the most recent quarter", "audio_length_s": 6.66, "path": "b281eff988085e0776dc8a10223f1048_114.wav", "duration": 6.66}, {"text": "meaning we are the landlord of the properties operated by third-party tenants under our CoreCivic Properties portfolio.", "audio_length_s": 6.66, "path": "c5c7a9f409241412b160a93cde7ef630_79.wav", "duration": 6.66}, {"text": "But until we begin to realize the results from these initiatives, we will continue to manage expenses", "audio_length_s": 6.66, "path": "003356e698453d6b74f19a8e02587605_55.wav", "duration": 6.66}, {"text": "on the factors that can cause actual results to differ materially from those projected in any forward-looking statement.", "audio_length_s": 6.66, "path": "003356e698453d6b74f19a8e02587605_46.wav", "duration": 6.66}, {"text": "Please let me share with you how we see foreign exchange impacting our fiscal '17 results.", "audio_length_s": 6.66, "path": "c3567809c19ce6a800677544cd84f88b_141.wav", "duration": 6.66}, {"text": "And so it is just a myriad of different things, depending on the vertical market,", "audio_length_s": 6.66, "path": "191c819db03c2dfd0207cd1f42e278a4_114.wav", "duration": 6.66}, {"text": "Factors that could cause actual results and trends to differ materially are set forth in today's letter to stockholders", "audio_length_s": 6.66, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_1.wav", "duration": 6.66}, {"text": "and withdrawal of a few meaningful competitors, all point to premium growth in this area.", "audio_length_s": 6.66, "path": "7cf9ea093ccaf8fe8af51c4e00832372_57.wav", "duration": 6.66}, {"text": "we all are in line with our own estimates when it comes to Industrial and order intake,", "audio_length_s": 6.66, "path": "f7df5ecab61eca575f169a8298318eca_58.wav", "duration": 6.66}, {"text": "customers that we supply private label to that we are eager to continue because it adds value for both parties.", "audio_length_s": 6.66, "path": "bb2ca5b87982b2388d82cd64a73f08cf_23.wav", "duration": 6.66}, {"text": "Including this fiscal year, we are projecting achieving a new record high for a third consecutive year.", "audio_length_s": 6.66, "path": "b0b83ac66a31c5096a75bb1927c557e2_99.wav", "duration": 6.66}, {"text": "come down from the 30% or so we had in the previous years probably slowly.", "audio_length_s": 6.66, "path": "051c23cc7bacc5c9df9312ac0fd431a9_75.wav", "duration": 6.66}, {"text": "fourth quarter, it seemed like most of the guidance increase for this year reflected", "audio_length_s": 6.66, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_131.wav", "duration": 6.66}, {"text": "More specific to our fourth quarter outlook as well, we expect our fourth quarter results will reflect", "audio_length_s": 6.66, "path": "809e26eaacb31ffdee78d3f41a6ce90a_122.wav", "duration": 6.66}, {"text": "And new owners typically don't. And so the default experience is not materially", "audio_length_s": 6.66, "path": "968913c3f9111fc67f1d9956c56dec3b_83.wav", "duration": 6.66}, {"text": "type of stuff going into the future. And we need to focus on deepening our relationships with those", "audio_length_s": 6.66, "path": "f77935c4693e4d33252c9c76993e9c8b_199.wav", "duration": 6.66}, {"text": "you just watch the TV and it's happening now in Europe. You can't have", "audio_length_s": 6.66, "path": "948f025c16fce2bcb2909e610c9be557_168.wav", "duration": 6.66}, {"text": "our conventional gas drilling program in the Netherlands and our light oil development projects in France, to name a few.", "audio_length_s": 6.66, "path": "ea7f210b3c08271afbdb6d434b8394e9_31.wav", "duration": 6.66}, {"text": "We continue to work closely with our partner on new customer acquisition and marketing efforts.", "audio_length_s": 6.66, "path": "741526dd2a3db996d2f22f4bcdae4be6_15.wav", "duration": 6.66}, {"text": "expect to see a wider age demographic and a broader definition of activity beyond just competition.", "audio_length_s": 6.66, "path": "21f21433851eb7c7f7dbc710309341bb_123.wav", "duration": 6.66}, {"text": "As a reminder, I would like to reiterate that we expect our breast product sales to remain steady in similar to 2016 levels", "audio_length_s": 6.66, "path": "c40b5d1a13169c5acf69590932a56f98_13.wav", "duration": 6.66}, {"text": "Second, a key component of our turnaround involves reinvigorating our culture and improving our execution capabilities.", "audio_length_s": 6.66, "path": "7ebbb41dcefeb482191f8bc22031b5d9_71.wav", "duration": 6.66}, {"text": "We no longer have any convertible debentures outstanding. And we are a company that generates a significant amount of cash flow,", "audio_length_s": 6.66, "path": "a1329d5014382fed182ec42276821868_121.wav", "duration": 6.66}, {"text": "I would say the more normal level. And by the end of the quarter, we're back to what would be historic", "audio_length_s": 6.66, "path": "87045996e7446329f1d98c909c6ca7fe_102.wav", "duration": 6.66}, {"text": "you. That concludes our comments. The operator will take your questions now.", "audio_length_s": 6.66, "path": "da879f8ea1c23aa6565cccaacac271fc_124.wav", "duration": 6.66}, {"text": "The balance of the increase was a result of higher fourth quarter advertising, technology and donation expenses.", "audio_length_s": 6.66, "path": "ec298d3b4d5979aa8c64bf222562e259_95.wav", "duration": 6.66}, {"text": "and supporting absolutely our key customers, be it our retail partners or our trade painters,", "audio_length_s": 6.66, "path": "33fd8a867dbd88a837e541b1d2b25ea5_52.wav", "duration": 6.66}, {"text": "While our Q1 results exceeded our plan, Red Dead Redemption 2 moving out of our fiscal year", "audio_length_s": 6.66, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_75.wav", "duration": 6.66}, {"text": "we will miss the dedication and leadership he's brought our company, and we congratulate Nick on his retirement and wish him well.", "audio_length_s": 6.66, "path": "5b0a12e70a31041016a008c29a6d2bb1_25.wav", "duration": 6.66}, {"text": "We'll continue to bring clinical sites online and expect 4 to 5 other sites to be initiated during November,", "audio_length_s": 6.66, "path": "8c1b4f4af2af2847a240041390e31399_5.wav", "duration": 6.66}, {"text": "Ladies and gentlemen, thank you for your participation. This does conclude our call for today. You may now disconnect.", "audio_length_s": 6.66, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_251.wav", "duration": 6.66}, {"text": "A link to our live webcast and the slides for today's discussion are also posted on our website.", "audio_length_s": 6.66, "path": "130e8e56c1afa2419fd0c08708261824_1.wav", "duration": 6.66}, {"text": "So what we're looking for in TRINITY is something that really changes that picture, something that shows response rates that are", "audio_length_s": 6.66, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_124.wav", "duration": 6.66}, {"text": "to start. They usually use other funding sources and so forth. So I don't think a big impact there. I think mid-size businesses", "audio_length_s": 6.66, "path": "0dec9a606303da3039d11eec4ec9bd86_246.wav", "duration": 6.66}, {"text": "Yes, Blake. It is a little bit low and it's -- it really reflects the mix effect of", "audio_length_s": 6.66, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_200.wav", "duration": 6.66}, {"text": "As previously mentioned, we've reduced our drilling to preserve capital resources and liquidity in the near term.", "audio_length_s": 6.66, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_36.wav", "duration": 6.66}, {"text": "So are you saying then that the best estimate for us is to look at", "audio_length_s": 6.66, "path": "a1e1e6f86dead4f43a363d0877cb4979_89.wav", "duration": 6.66}, {"text": "the need for a separate REMS would have been the exact same answers if you had asked about the previous settlements we reached", "audio_length_s": 6.66, "path": "299bad77345d2e44fa5768f4416f7b97_147.wav", "duration": 6.66}, {"text": "In summary, strong leasing activity in our operating portfolio and continued focus on", "audio_length_s": 6.66, "path": "97b9c8b95449565c1f280a2b61a65b31_83.wav", "duration": 6.66}, {"text": "During this tenure, we've executed against a number of strategic initiatives to better ourselves as a company and as a brand.", "audio_length_s": 6.66, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_2.wav", "duration": 6.66}, {"text": "x percent of sales or replacement cost, what is your thought as far as expected valuation ranges on deals?", "audio_length_s": 6.66, "path": "884400c829f179d8cf68b767f45f03a4_235.wav", "duration": 6.66}, {"text": "Statements made throughout this presentation are based on current estimates of future events and speak only as of today.", "audio_length_s": 6.66, "path": "b126c31149f1cadf1d891082a187d6fc_2.wav", "duration": 6.66}, {"text": "proposed rule is in the comment stage, and we do not know if these incremental changes will be sustained.", "audio_length_s": 6.66, "path": "b126c31149f1cadf1d891082a187d6fc_92.wav", "duration": 6.66}, {"text": "the price of oil will always go up but it will go down. This is what's going to happen. But I think our underlying trend of results is really", "audio_length_s": 6.66, "path": "8518e7d2073cc2898bd145e2e84ea482_35.wav", "duration": 6.66}, {"text": "What it does mean, though, is we have a very viable option, given the maturity of this SKY", "audio_length_s": 6.66, "path": "a9ff9f85f03afdd2d13b76e14060b31d_27.wav", "duration": 6.66}, {"text": "And it allows us to more effectively utilize an asset", "audio_length_s": 6.66, "path": "34b4c03bbd8e9d5fceb8c8af89388197_196.wav", "duration": 6.66}, {"text": "was an encouraging pickup in volume in the fourth quarter, reflecting the benefits of Connected 4 Growth.", "audio_length_s": 6.66, "path": "e35fae1d3df1f7aeda409f90f200ec7b_5.wav", "duration": 6.66}, {"text": "from Spain and imported it into Dundee in the northeast of England. So that gives us a lot of more flexibility going forward.", "audio_length_s": 6.66, "path": "71c8aba809b2c3334e487f92f9009647_103.wav", "duration": 6.66}, {"text": "So as unhappy as I am about any instability in the world anywhere, as a global citizen,", "audio_length_s": 6.66, "path": "407fee9910ab57874978cf85a89b1d9d_41.wav", "duration": 6.66}, {"text": "analysis of takeaway capacity in projects that are announced. What I will tell you is", "audio_length_s": 6.66, "path": "1215cf00a11992ec74743f92026af2e9_105.wav", "duration": 6.66}, {"text": "The top half of the sales team, that is the top 40 sales professionals, generated revenue", "audio_length_s": 6.66, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_69.wav", "duration": 6.66}, {"text": "by any means, a theme for next year. We're going to have to continue to do what we do in pricing, continue to do what we do on mix,", "audio_length_s": 6.66, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_131.wav", "duration": 6.66}, {"text": "So it would be slightly more exaggerated. It would be more exaggerated in the Berkeley Point side of that equation.", "audio_length_s": 6.66, "path": "c2bad61ce58687fad602549f6048004b_69.wav", "duration": 6.66}, {"text": "The losses as they are today were in a way expected but not acceptable.", "audio_length_s": 6.66, "path": "323193895e800e72960d98dd5fb64cf5_137.wav", "duration": 6.66}, {"text": "The meeting will certainly cover CMC. It's our intention to cover all aspects of the program. And", "audio_length_s": 6.66, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_12.wav", "duration": 6.66}, {"text": "this is an area where it's harder than it used to be in the past to roll forward price increases.", "audio_length_s": 6.66, "path": "49dfadfb9a3d4d27ac250602928cf9ea_41.wav", "duration": 6.66}, {"text": "And so if the market offers good opportunities, as we saw in -- from time to time during the course of this year, we'll continue to do that.", "audio_length_s": 6.66, "path": "96488f25af54f91198b444e5eff8e878_44.wav", "duration": 6.66}, {"text": "Inevitably, this referendum result is having some impact on consumer confidence and on investment decisions.", "audio_length_s": 6.66, "path": "bc1efb704df9c180935803c70a315597_151.wav", "duration": 6.66}, {"text": "impose a high threshold for revenue recognition, particularly for a company that is launching its first commercial product.", "audio_length_s": 6.66, "path": "0f8a61f667edd9a400d7abe2a7908a9e_131.wav", "duration": 6.66}, {"text": "And with that, I'll turn it over to Ken to give you a little bit more detail around our financial review.", "audio_length_s": 6.66, "path": "6cbf592846662213258684c3049e4592_119.wav", "duration": 6.66}, {"text": "Fortunately, the benefits that we continue to realize from our cost down progress were able to offset the headwinds from this product", "audio_length_s": 6.66, "path": "0668081864383eb57919b99c85649753_9.wav", "duration": 6.66}, {"text": "I think the opposite of the case. When I look at the integrations work that", "audio_length_s": 6.66, "path": "411bdacf05f84134fc80b874a15cf3b7_274.wav", "duration": 6.66}, {"text": "They can also redirect shipments to hold at a FedEx Office or a FedEx Onsite location for pickup.", "audio_length_s": 6.66, "path": "f268a8174f58c93ad6b45b7f151fe896_20.wav", "duration": 6.66}, {"text": "This has allowed us to start stability testing, which is the rate-limiting step for our planned submission.", "audio_length_s": 6.66, "path": "6c929ddddb79b887458ae21f1a3aa09d_5.wav", "duration": 6.66}, {"text": "pricing improvements and a mix of higher value waste streams into our disposal network.", "audio_length_s": 6.66, "path": "712bbcab5338e07dd63dad97bb652018_49.wav", "duration": 6.66}, {"text": "being the largest in both of our markets that we've got the ability", "audio_length_s": 6.66, "path": "ef7e77f6a5983826d0eefe75f7832ce6_177.wav", "duration": 6.66}, {"text": "it's informing our capital recycling decisions, right? It's part of why that will always be part of our plan.", "audio_length_s": 6.66, "path": "1cfd7da6c2da11f7e3f7102a6265146b_30.wav", "duration": 6.66}, {"text": "which reflects the fact that even on a smaller portfolio, we've leased more space,", "audio_length_s": 6.66, "path": "1cfd7da6c2da11f7e3f7102a6265146b_220.wav", "duration": 6.66}, {"text": "as you -- as the Telecom business continues to burn it a little bit?", "audio_length_s": 6.66, "path": "0807d606b6cf98da19b317b4928c3572_117.wav", "duration": 6.66}, {"text": "it. In terms of EPS, it was also a good quarter", "audio_length_s": 6.66, "path": "4fd138e27f5f375945332eacefa15b62_155.wav", "duration": 6.66}, {"text": "Having said that, I think my brother actually asked all my questions, but I would like some color on", "audio_length_s": 6.66, "path": "0702a77635d50ec3b154df61456c1b63_44.wav", "duration": 6.66}, {"text": "at a price that's not advantageous to you. So if they were shut down for maintenance", "audio_length_s": 6.66, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_18.wav", "duration": 6.66}, {"text": "I think that's where we're going to be, but I don't think we've gone out and given you a number of guidance in terms of percentage points", "audio_length_s": 6.66, "path": "7a80c3e91e5a2693cdaef5f716808317_161.wav", "duration": 6.66}, {"text": "I think we are well positioned as evidenced by the overall growth rate that we've seen in that market compared to the growth rate of downstream in Asia.", "audio_length_s": 6.66, "path": "7a80c3e91e5a2693cdaef5f716808317_102.wav", "duration": 6.66}, {"text": "Our focus on online to off-line measurement throughout the year helped us capitalize on the holiday season.", "audio_length_s": 6.66, "path": "30a142fac5a62ab00227cb6a339a6226_192.wav", "duration": 6.66}, {"text": "better than the other from achieving turn rates. I think that what we know is that", "audio_length_s": 6.66, "path": "9dcce10786aa9db4cdc6cc4649adacdd_24.wav", "duration": 6.66}, {"text": "The discussion of each segment will provide more detail on the largest drivers that led to a decline in the consolidated results.", "audio_length_s": 6.66, "path": "ec81096e007f2e89de94b49db12d11bb_61.wav", "duration": 6.66}, {"text": "we're on the formulary now as of this week. But each individual hospitals and each individual business is going to then have to go through the paperwork", "audio_length_s": 6.66, "path": "9097dcbaf554d635920c6274b1de4997_216.wav", "duration": 6.66}, {"text": "as they face financial challenges and see our services as a ready source of cost savings.", "audio_length_s": 6.66, "path": "97b02b7a41ecb22cb04e7331052cefc8_174.wav", "duration": 6.66}, {"text": "which is expected to reduce both volume and profitability of our energy businesses.", "audio_length_s": 6.66, "path": "97ddc19ecb28bab2d19fd3b181182062_81.wav", "duration": 6.66}, {"text": "change it, and we can't order up a new one. We have to work within it. And this investment", "audio_length_s": 6.6599375, "path": "76b892bf017891d7028256847747227c_80.wav", "duration": 6.6599375}, {"text": "I think we've done the right thing to get us through '17. I am", "audio_length_s": 6.63, "path": "7eebbbc069b4bf8367aa748751df9bc7_191.wav", "duration": 6.63}, {"text": "as some of our competitors who are much more experienced in this area,", "audio_length_s": 6.63, "path": "94fdf7b24748a7706b1097482a0f363a_204.wav", "duration": 6.63}, {"text": "but is also driving an increase in compensation, a trend we expect to continue throughout the year.", "audio_length_s": 6.63, "path": "6388da88b00ebc88af59435bdac74132_80.wav", "duration": 6.63}, {"text": "is a hereditary disorder with progressive muscle weakness and its major pathology", "audio_length_s": 6.63, "path": "3cb802f8fba7d33603c29387ccdaf817_80.wav", "duration": 6.63}, {"text": "And has employee retention been an issue and the ability to keep the workforce focused on critical programs?", "audio_length_s": 6.63, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_156.wav", "duration": 6.63}, {"text": "as we have worked through a number of issues, including the completion of the independent Audit Committee investigation,", "audio_length_s": 6.63, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_60.wav", "duration": 6.63}, {"text": "But every time we think about things, we think about it in relation to what it allows us to do strategically.", "audio_length_s": 6.63, "path": "aaf7e3a1cc8cf65ccf788923cb583954_89.wav", "duration": 6.63}, {"text": "Would that be a separate filing per se? Or is it possible that, that could be", "audio_length_s": 6.63, "path": "f0ce0d97cf62c9076226e0aeeb550493_38.wav", "duration": 6.63}, {"text": "The campaign will focus on taste and great ingredients in a way that clearly differentiates Chipotle from the competition.", "audio_length_s": 6.63, "path": "1f1b29266d2cede9b8f0f06ca57aae17_10.wav", "duration": 6.63}, {"text": "Now talk about crazy. I think that is a world record of not making any sense.", "audio_length_s": 6.63, "path": "232edaebd93a3d8673bce183d269ad6d_60.wav", "duration": 6.63}, {"text": "will continue to stay flat. As I said, the reduction recently in last quarter", "audio_length_s": 6.63, "path": "249b7b83531140105343e2a0e89150fa_92.wav", "duration": 6.63}, {"text": "we see that the demand is increasing as well in South America right now based on price of copper", "audio_length_s": 6.63, "path": "280817d93f79714585d82b9c2dbecab3_13.wav", "duration": 6.63}, {"text": "The strong cash generation has enabled us to further improve our balance sheet,", "audio_length_s": 6.63, "path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_3.wav", "duration": 6.63}, {"text": "although we do expect this to be greater than 1% again in the second quarter, which is similar to the first quarter.", "audio_length_s": 6.63, "path": "a069e0992c2083f0f53eaa4f7a02e47d_26.wav", "duration": 6.63}, {"text": "So we appreciate your continuing support of Reis. And thank you, and have a good day.", "audio_length_s": 6.63, "path": "e824f4380f8203a1e3ed60e7da1e39e5_128.wav", "duration": 6.63}, {"text": "for the most part, the focus now is on generating revenue. And as you can see,", "audio_length_s": 6.63, "path": "3180572bc2da758668c19200930e1bc4_78.wav", "duration": 6.63}, {"text": "So the market actually comes down 14%, but if you look at the purchase market, it goes up.", "audio_length_s": 6.63, "path": "3180572bc2da758668c19200930e1bc4_100.wav", "duration": 6.63}, {"text": "So what this lets us do is print on that film that is turned into the bags for the food or medical products, wherever they might be.", "audio_length_s": 6.63, "path": "e8a2a593282199ea052f788b8fead64b_38.wav", "duration": 6.63}, {"text": "We continue to work with local providers in innovative ways to supplement our contracted provider network.", "audio_length_s": 6.63, "path": "3121e8f4a75758834d32a9e4e0555221_96.wav", "duration": 6.63}, {"text": "and I will come to that in more detail if you flip the page, please.", "audio_length_s": 6.63, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_60.wav", "duration": 6.63}, {"text": "And also, can you update us on any modifications we've seen here in corporate governance? I may have missed that point.", "audio_length_s": 6.63, "path": "1b91eb82f5211000e711424657cc2484_49.wav", "duration": 6.63}, {"text": "due primarily to the support of marketing initiatives, increased labor expense and the filling of vacant positions in the field.", "audio_length_s": 6.63, "path": "75fa1bebed0b858c76cc7058477e40e2_125.wav", "duration": 6.63}, {"text": "when a larger agency was having some system difficulties and halted funding and paying awards.", "audio_length_s": 6.63, "path": "91422f85dbf838639b3cb9dd9da364eb_159.wav", "duration": 6.63}, {"text": "while we had very positive peak volume coming from Indonesia and the Taiwan.", "audio_length_s": 6.63, "path": "172cea7765ae61b8423572c894b3a5b8_72.wav", "duration": 6.63}, {"text": "the modernization of the chemistry as well as the bridge or comparators to", "audio_length_s": 6.63, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_151.wav", "duration": 6.63}, {"text": "The decrease was driven primarily by lower sales to our Alternative Carrier, wireless and cable TV customers.", "audio_length_s": 6.63, "path": "6f2c2a55736c5c47a19eca807ec60e33_2.wav", "duration": 6.63}, {"text": "Actually, many small players thrive in this kind of cities.", "audio_length_s": 6.63, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_184.wav", "duration": 6.63}, {"text": "more efficient local organizations and local synergies. As you can see on this slide,", "audio_length_s": 6.63, "path": "39e5706898dcaf14a280b3a123877cd6_135.wav", "duration": 6.63}, {"text": "driven by a cyclical upswing? Or are these businesses really stronger than you expected a couple of years ago?", "audio_length_s": 6.63, "path": "cfbe91105113db7a5784f77e411b7a3f_269.wav", "duration": 6.63}, {"text": "was not quite easy for me to get your first question. Could you maybe repeat the point?", "audio_length_s": 6.63, "path": "fa45af64ef25007f998c655347bfbecb_518.wav", "duration": 6.63}, {"text": "we have to continue to refresh. The premiums are called that for a reason and they get a premium price.", "audio_length_s": 6.63, "path": "1b1699497be56330b3ed833f22bc63f6_38.wav", "duration": 6.63}, {"text": "With that now, I would like to turn the call back to Sam, who'll provide more detail on our financial performance", "audio_length_s": 6.63, "path": "a3c389b6f737603969fd26408544747f_10.wav", "duration": 6.63}, {"text": "So I think there's certainly some opportunity to see some enhanced growth on the consumer side.", "audio_length_s": 6.63, "path": "8b2314627d54755a15c55244bb862225_101.wav", "duration": 6.63}, {"text": "a large part of that was also due to the growth of Losango, who", "audio_length_s": 6.63, "path": "cc82e791c065bdc271addf355bac274f_166.wav", "duration": 6.63}, {"text": "Significant improvement in selling costs, and this is because of new contracts being agreed", "audio_length_s": 6.63, "path": "d261e09fa176510406c0d05eeedfc8f8_247.wav", "duration": 6.63}, {"text": "But that takes some time, which is why we've been reiterating the point that this is in all likelihood", "audio_length_s": 6.63, "path": "bddc15938bdcc3085f19b0851e74c2c0_146.wav", "duration": 6.63}, {"text": "You may also visit the company's website at freshdelmonte.com for a copy of today's release,", "audio_length_s": 6.63, "path": "224a41b247c04842c2998802d67c8123_55.wav", "duration": 6.63}, {"text": "Before I move away from subscriber trends, I want to reiterate a statement that I've made many times based on the data and trends we're seeing.", "audio_length_s": 6.63, "path": "403903eb119bfc1cec44d86ec907077a_141.wav", "duration": 6.63}, {"text": "So I think the potential for additional work force", "audio_length_s": 6.63, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_194.wav", "duration": 6.63}, {"text": "This year's record shipments will further expand our services opportunity next year.", "audio_length_s": 6.63, "path": "f46ae0a04d60dea8a759f07333ed37e2_13.wav", "duration": 6.63}, {"text": "And we are also continuing with geographical expansion, and you might recall potentially that we", "audio_length_s": 6.63, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_156.wav", "duration": 6.63}, {"text": "We continue to make progress against our strategic initiatives and move forward in our transformation.", "audio_length_s": 6.63, "path": "6864081f83959f4b49e25e597f28af66_157.wav", "duration": 6.63}, {"text": "from what we had when we originally rolled out the assumptions around the consolidation transaction such that", "audio_length_s": 6.63, "path": "2ad9555a64eaa3f45bef5581adeecb9c_54.wav", "duration": 6.63}, {"text": "Please note that our conference call today will contain references to financial measures such as funds from operations,", "audio_length_s": 6.63, "path": "93d3e5be9cf75e0921d47f10d4178939_30.wav", "duration": 6.63}, {"text": "medallion portfolio due to the sale. So in our core commercial businesses, the corporate banking business", "audio_length_s": 6.63, "path": "b022fc1979ef416dd25317a4c062328e_199.wav", "duration": 6.63}, {"text": "We're strengthening the foundations of this business by shoring up its major brands", "audio_length_s": 6.63, "path": "f4d0f1362716be33f02690dd1a8df663_80.wav", "duration": 6.63}, {"text": "Meanwhile, in Europe, we have begun test marketing in England and other countries.", "audio_length_s": 6.63, "path": "f4d0f1362716be33f02690dd1a8df663_28.wav", "duration": 6.63}, {"text": "And I was wondering, if you can look at your loan book and look at great opportunities that you have at independent third parties,", "audio_length_s": 6.63, "path": "a8034762296368c60571fcde382c3274_26.wav", "duration": 6.63}, {"text": "that we will be bringing that traffic on. Some of it was during the second quarter, but the rest of it during the third quarter.", "audio_length_s": 6.63, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_21.wav", "duration": 6.63}, {"text": "What -- did that have any impact on your -- or what impact did it have on your revenue per requisition, if any?", "audio_length_s": 6.63, "path": "e3d70ecdb6aaed843dd059c121962e45_191.wav", "duration": 6.63}, {"text": "Recruiting, hiring and training the people for rigs and pressure pumping spreads is a large undertaking.", "audio_length_s": 6.63, "path": "4e04d3229b988f1db5b842ac5b993894_112.wav", "duration": 6.63}, {"text": "allowing us to optimize our textbook sourcing, purchasing and liquidation process.", "audio_length_s": 6.63, "path": "da14df2e02d11f6f8599533d9d57faee_155.wav", "duration": 6.63}, {"text": "If we got to launch the new products where we have product gaps as we've talked about in the past and get those into full launch, that needs to happen.", "audio_length_s": 6.63, "path": "b96165244f010b3f1e61cbbc5e504d96_192.wav", "duration": 6.63}, {"text": "particularly at a time where there is not significant excess capacity in the industry.", "audio_length_s": 6.63, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_98.wav", "duration": 6.63}, {"text": "I will now turn the call back to Dustin, for some additional color on our markets, our benchmark homebuilding brand,", "audio_length_s": 6.63, "path": "ade68f8add7249890d086ecf4b5b8cab_63.wav", "duration": 6.63}, {"text": "have added some personnel to help fulfill some of the more recent demand that we've had", "audio_length_s": 6.63, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_87.wav", "duration": 6.63}, {"text": "I think, the difference would be we knew that there was the potential for some weakness in the market. We could see what was happening to everybody else", "audio_length_s": 6.63, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_71.wav", "duration": 6.63}, {"text": "I feel like we actually performed very well on the hedging side and overall effectiveness", "audio_length_s": 6.63, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_96.wav", "duration": 6.63}, {"text": "Investments to deepen our regional capabilities and to develop new technologies and services were important in the past year.", "audio_length_s": 6.63, "path": "58ff8a727ec4f3859407b64f08246759_68.wav", "duration": 6.63}, {"text": "Before we begin, I'd like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements.", "audio_length_s": 6.63, "path": "58ff8a727ec4f3859407b64f08246759_186.wav", "duration": 6.63}, {"text": "In short, the overall market environment remains favorable and the onus is on us to execute.", "audio_length_s": 6.63, "path": "dd28a387ccc9575df47840b850647c7f_75.wav", "duration": 6.63}, {"text": "The third quarter saw the largest volume of Cornerstone HR wins in the company's history,", "audio_length_s": 6.63, "path": "6a372ea97b0b130a4d37f16b54d97909_80.wav", "duration": 6.63}, {"text": "Yes, I wouldn't think of it as reorganizing the sales force. I would more think of it as adding,", "audio_length_s": 6.63, "path": "29426a77336443eedde7eaa29e9c2852_195.wav", "duration": 6.63}, {"text": "while I think that, that advertising is a model that will continue to be successful and digital advertising well,", "audio_length_s": 6.63, "path": "16ed973148ce103dc95fdcfaf35bbe7b_120.wav", "duration": 6.63}, {"text": "And we had previously spent most of our time looking at competitors. But now,", "audio_length_s": 6.63, "path": "10dfe5270a7e4216d68614041d2a9bbe_17.wav", "duration": 6.63}, {"text": "Most of the money -- all the money will get spent this quarter, but they may come in late December, even potentially into early January.", "audio_length_s": 6.63, "path": "9952903822d3aabb9a8a8fdd41f23bc2_59.wav", "duration": 6.63}, {"text": "going to -- and others in New York Fries by the end of the year, I think all banners will be", "audio_length_s": 6.63, "path": "0794a2f02bbe89feb49651735bba77c5_147.wav", "duration": 6.63}, {"text": "Through October and the first week of November, we have continued to see increased occupancy levels from ICE.", "audio_length_s": 6.63, "path": "c5c7a9f409241412b160a93cde7ef630_23.wav", "duration": 6.63}, {"text": "The bottom line is that we continue to gain share in virtually every market where we do business domestically and around the world", "audio_length_s": 6.63, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_30.wav", "duration": 6.63}, {"text": "outcome of an event, timing and performance to differ materially from those expressed or implied by such statement.", "audio_length_s": 6.63, "path": "974a2d744cd3d9acf42d74816de91f7f_99.wav", "duration": 6.63}, {"text": "Reflected in the lower left is the change in the mix of earning assets. As a result of this mix shift,", "audio_length_s": 6.63, "path": "6ad1d7c855ceb3eb830c365e357e4510_14.wav", "duration": 6.63}, {"text": "With the continued focus on investment in the brand against the backdrop of strong LINZESS revenue growth,", "audio_length_s": 6.63, "path": "265e62fc569e790d8b3e58698aaab701_19.wav", "duration": 6.63}, {"text": "So Yara is -- they're sort of in conversations with the government, and we expect that to be", "audio_length_s": 6.63, "path": "ab4dae37361262d727d1d2f8f78765d5_49.wav", "duration": 6.63}, {"text": "of 2016. So now let's take a look at the performance of each of our business units.", "audio_length_s": 6.63, "path": "968913c3f9111fc67f1d9956c56dec3b_67.wav", "duration": 6.63}, {"text": "So major growth and the base case organic growth of the corporation in the energy business.", "audio_length_s": 6.63, "path": "c92a9ecd2741326fd8625841a07f74f9_49.wav", "duration": 6.63}, {"text": "But you also know that our strategy is we want to do the same with other substrates right? So that is more", "audio_length_s": 6.63, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_110.wav", "duration": 6.63}, {"text": "Rate is not an issue. Market rate is not an issue. Right now, the issue that we're working on is cost,", "audio_length_s": 6.63, "path": "c8124cdb821d04f0e585420c128d76c7_142.wav", "duration": 6.63}, {"text": "Before we begin the substance of the call, I'll start by stating that in accordance to the safe harbor provision", "audio_length_s": 6.63, "path": "e2225d612a954a24e7e91c08215d7b51_78.wav", "duration": 6.63}, {"text": "which was completed during the third quarter, and year-over-year impact of new destinations across the Pacific.", "audio_length_s": 6.63, "path": "1949bd0c9c4c23d495d880c4c552bfe1_78.wav", "duration": 6.63}, {"text": "and hope that such a meeting can occur early in 2018, ideally in the January time frame.", "audio_length_s": 6.63, "path": "aed770c98113f594e36325a5822547e4_7.wav", "duration": 6.63}, {"text": "to the stores. But then the constant shift to online is an ongoing conversation.", "audio_length_s": 6.63, "path": "741526dd2a3db996d2f22f4bcdae4be6_24.wav", "duration": 6.63}, {"text": "Turning to Slide 15. International Insurance sales on a constant basis", "audio_length_s": 6.63, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_195.wav", "duration": 6.63}, {"text": "The most -- with the final order that we received in the second quarter on the previous tracker periods,", "audio_length_s": 6.63, "path": "03b9bb6c861e205653c9c22f11f9ef1f_130.wav", "duration": 6.63}, {"text": "The last few months have been a frustrating time for our shareholders, as we see our valuation go down.", "audio_length_s": 6.63, "path": "e97d1655ebabb8403ac0449eadb48f9b_62.wav", "duration": 6.63}, {"text": "we end up protecting ourselves and alleviating any of the fluctuation that can occur", "audio_length_s": 6.63, "path": "8eaca8d8a419f74540f69ade8defabbd_195.wav", "duration": 6.63}, {"text": "as we took a proactive approach to resolve positions within our small portfolio of loans to oil and gas producers.", "audio_length_s": 6.63, "path": "87045996e7446329f1d98c909c6ca7fe_155.wav", "duration": 6.63}, {"text": "And we believe we will quickly complete a transaction without any financing conditions.", "audio_length_s": 6.63, "path": "059024560d9d1039cf08746ee7393114_5.wav", "duration": 6.63}, {"text": "they see their ability to move patients to the outpatient marketplace based on patient", "audio_length_s": 6.63, "path": "450a5dc6eb19b82da8dfc68127f6e79d_105.wav", "duration": 6.63}, {"text": "The key drivers of the improvement were higher interest rates, a higher average margin balance and better investment yields.", "audio_length_s": 6.63, "path": "7cc11de7f206c637e6293da0d956405e_135.wav", "duration": 6.63}, {"text": "I do appreciate all the detail you guys gave on some of the differentiated tools that you've been rolling out. And so I'm just trying to think about,", "audio_length_s": 6.63, "path": "7cc11de7f206c637e6293da0d956405e_215.wav", "duration": 6.63}, {"text": "So free cash flow was a very important part of our performance for the second quarter.", "audio_length_s": 6.63, "path": "8cfc2a9aace5078f22a83c782b9d41f7_14.wav", "duration": 6.63}, {"text": "We appreciate you joining us for today's call, and we look forward to speaking to you again next quarter.", "audio_length_s": 6.63, "path": "1689b94530eca82b7758c86b4cf3125f_49.wav", "duration": 6.63}, {"text": "What is also true is that the inflationary environment is clearly not behind us.", "audio_length_s": 6.63, "path": "a0f5944a79ea5150378d21e6a9ac05d8_18.wav", "duration": 6.63}, {"text": "research and development goals of Array and its collaborators and future financial performance of Array.", "audio_length_s": 6.63, "path": "c36ef43210d40b0d1ad8f2acc597c76b_1.wav", "duration": 6.63}, {"text": "Finally, our value enhancement initiatives continue to be on track and give us confidence that the margin contraction will rebound.", "audio_length_s": 6.63, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_72.wav", "duration": 6.63}, {"text": "observed a higher pacemaker rate and one would expect that this trial having been completed", "audio_length_s": 6.63, "path": "8b3fb852b7afa89068326fa10e2e7563_174.wav", "duration": 6.63}, {"text": "as you're exiting the third quarter, now to the fourth quarter relative to earlier in the third quarter period?", "audio_length_s": 6.63, "path": "4721d5a2e7061d90a4e4e4768adc2486_38.wav", "duration": 6.63}, {"text": "These efficiencies have supported our increased marketing and development without unduly impairing our margins.", "audio_length_s": 6.63, "path": "fe3a8419e2f120643bff5e9e80190ed5_87.wav", "duration": 6.63}, {"text": "fair margin. It goes back to our whole investment thesis in Central Europe, which is", "audio_length_s": 6.63, "path": "80a2ca14358172366acab4e80f3fa33b_181.wav", "duration": 6.63}, {"text": "when we see a material move in the international rig count level,", "audio_length_s": 6.63, "path": "5633fe3600ee04237bbb918c56341864_158.wav", "duration": 6.63}, {"text": "a change in the way that Chart does business in one or any of the segments?", "audio_length_s": 6.63, "path": "01b376669d5ea40acc7fb5a87503586e_44.wav", "duration": 6.63}, {"text": "During the quarter, we executed several master service agreements with large midstream and petrochemical companies.", "audio_length_s": 6.63, "path": "01b376669d5ea40acc7fb5a87503586e_15.wav", "duration": 6.63}, {"text": "On Page 15, we recapped return on average equity and capitalization trends.", "audio_length_s": 6.63, "path": "d5fb88dba0740bc906c5127e05592f95_71.wav", "duration": 6.63}, {"text": "in this environment. So we are working on development of some of those products", "audio_length_s": 6.63, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_187.wav", "duration": 6.63}, {"text": "And then just with respect to '19, I don't think we're in position to talk about specifics on", "audio_length_s": 6.63, "path": "97b9c8b95449565c1f280a2b61a65b31_101.wav", "duration": 6.63}, {"text": "we will continue to be more aggressive in returning capital to our shareholders while continuing to reinvest in our business.", "audio_length_s": 6.63, "path": "078b27aa69b10aa01f2eab2aa681bdd8_41.wav", "duration": 6.63}, {"text": "I will now turn the call back to Ken to go into more detail on our operations during the quarter.", "audio_length_s": 6.63, "path": "00dcacc7fe3cab64b14aff04a9cd0284_38.wav", "duration": 6.63}, {"text": "We believe we are well positioned as we begin the final quarter of the year.", "audio_length_s": 6.63, "path": "9908957f60adff5efc1c8692a0f5ab38_2.wav", "duration": 6.63}, {"text": "This base of recurring payment processing revenue provides stable ongoing revenue from which to grow the business.", "audio_length_s": 6.63, "path": "382e3c8eda678694c6368e00f19c8881_27.wav", "duration": 6.63}, {"text": "While electric sales in the first quarter were below expectations, we expect sales to improve in the second half of the year,", "audio_length_s": 6.63, "path": "919fd6c04cca92ecdf503e32f884435d_2.wav", "duration": 6.63}, {"text": "We see demand for chocolate increasing with higher income per capita in those areas.", "audio_length_s": 6.63, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_26.wav", "duration": 6.63}, {"text": "The company assumes no obligation to update any projections or forward-looking statements except as required by law.", "audio_length_s": 6.63, "path": "5efe4589d80ac1232c2958182c188903_56.wav", "duration": 6.63}, {"text": "But enough to sort of demonstrate some of the things that we're doing that are out of the box compared to the", "audio_length_s": 6.63, "path": "ff898f396d49760343d08575ea773b54_236.wav", "duration": 6.63}, {"text": "I don't know, a few months ago? Is there something that's obvious that would have changed in those markets in June?", "audio_length_s": 6.63, "path": "812d8f09b72b4d410d138d3b24caebbc_187.wav", "duration": 6.63}, {"text": "do what we believe is going to be a strong year. We're off to a good start. We look forward to seeing all of you in New York in May,", "audio_length_s": 6.63, "path": "ed2810b765143f8341dcc8e8c14c27f1_123.wav", "duration": 6.63}, {"text": "Living Proof and Hourglass are both growing at double digits and will begin to contribute to underlying sales growth", "audio_length_s": 6.63, "path": "e35fae1d3df1f7aeda409f90f200ec7b_19.wav", "duration": 6.63}, {"text": "I'm particularly pleased with the progress we are making executing our strategy.", "audio_length_s": 6.63, "path": "24a133abc343c813233d416b0cef96cd_23.wav", "duration": 6.63}, {"text": "If you'll turn to Slide 9, I'll cover some operational highlights from the rest of the portfolio.", "audio_length_s": 6.63, "path": "95303f68781d6fb58e19ec1dc7785a7c_69.wav", "duration": 6.63}, {"text": "Importantly, we continue to see years of runway in frozen and expect the space to benefit", "audio_length_s": 6.63, "path": "b0d88c0f1efca89ecb928172341dc75d_281.wav", "duration": 6.63}, {"text": "That's a very good question, Diego. We have no restrictions", "audio_length_s": 6.63, "path": "ffe22f8bcf153b8b51f6e52039686c1e_114.wav", "duration": 6.63}, {"text": "excluding the incremental inventory associated with our AGRAM acquisition in Germany.", "audio_length_s": 6.63, "path": "ee17f090e669ff9029bd1dc57db6e43e_110.wav", "duration": 6.63}, {"text": "before we are able to really get to the point where we're offsetting the inflation that we're seeing.", "audio_length_s": 6.63, "path": "9fb4423a70358ef22be9982299969f7a_219.wav", "duration": 6.63}, {"text": "continuing to deliver more gold than the reserve model suggested.", "audio_length_s": 6.63, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_23.wav", "duration": 6.63}, {"text": "we continue to believe very strongly that Maine holds great promise", "audio_length_s": 6.63, "path": "2cd5b184c2ef6624ce219830182927c9_365.wav", "duration": 6.63}, {"text": "band? Is that what we should be thinking about in terms of what your forecast include with the state utilities?", "audio_length_s": 6.63, "path": "2cd5b184c2ef6624ce219830182927c9_395.wav", "duration": 6.63}, {"text": "But we reflect all of our biases in the price expectations, and I think that speaks for itself.", "audio_length_s": 6.63, "path": "96488f25af54f91198b444e5eff8e878_215.wav", "duration": 6.63}, {"text": "After accounting for all fees, rebates and other discounts, the net sales price that we expect to recognize", "audio_length_s": 6.63, "path": "0f8a61f667edd9a400d7abe2a7908a9e_95.wav", "duration": 6.63}, {"text": "In summary, we are confident in our strategic direction and are staying focused on building a flywheel business", "audio_length_s": 6.63, "path": "21abf3409d34eea6f33336ad93662cfd_144.wav", "duration": 6.63}, {"text": "I think everyone is filling up nicely. I think there's enough work to go around. I think we're", "audio_length_s": 6.63, "path": "50eb350badadec6e4272b90684741c25_58.wav", "duration": 6.63}, {"text": "I will also cover a few components of our revenue and segment profits that were not in our earnings release yesterday.", "audio_length_s": 6.63, "path": "3c17ad8c6709cbb1a8f7190f567a445f_9.wav", "duration": 6.63}, {"text": "We continue to focus on addressing our performance challenges at certain CIS locations and on driving operational improvements.", "audio_length_s": 6.63, "path": "10ad32c5e0559c879e032faaf3148ab4_77.wav", "duration": 6.63}, {"text": "they are not guarantees of future performance and a variety of factors could cause actual results to differ materially.", "audio_length_s": 6.63, "path": "910a1a60a0549a5973f42bb19b66a0ae_1.wav", "duration": 6.63}, {"text": "our merchandising plan and becoming more aggressive, particularly when we look at conventional promoted price points", "audio_length_s": 6.63, "path": "b478d2808e90233ed994884e644a3d34_116.wav", "duration": 6.63}, {"text": "that will be more heavily weighted to the first half because most of that FX change took place in the second half of last year.", "audio_length_s": 6.63, "path": "24c7526f6daca8e16ab91bea6124148a_187.wav", "duration": 6.63}, {"text": "We will continue to take a long-term approach to capital allocation, focusing on strong capital projects", "audio_length_s": 6.63, "path": "24c7526f6daca8e16ab91bea6124148a_78.wav", "duration": 6.63}, {"text": "to really selling the most differentiated, the most sophisticated of products, which, as you could imagine,", "audio_length_s": 6.63, "path": "24c7526f6daca8e16ab91bea6124148a_84.wav", "duration": 6.63}, {"text": "Over the past few years, we've leveraged our relationships with the primes as well as our sales strategies,", "audio_length_s": 6.63, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_47.wav", "duration": 6.63}, {"text": "This is in line with the guidance we provided in February of a flat to 2% decline on a reported basis.", "audio_length_s": 6.63, "path": "7bac04f03928ee8894ab00007116400b_129.wav", "duration": 6.63}, {"text": "A copy of the earnings disclosure is available on their website and includes cautionary language about forward-looking statements,", "audio_length_s": 6.63, "path": "c88e296697cd72c891ffb7bf5a1a60bb_58.wav", "duration": 6.63}, {"text": "The other thing I would say is that if you've been watching the Canadian heavy closely,", "audio_length_s": 6.63, "path": "1096d26129c469524041c969a684f8ae_139.wav", "duration": 6.63}, {"text": "it might not be -- have a big impact. But we certainly expect it to have a big impact in our ability to continue", "audio_length_s": 6.63, "path": "365c360aff42713cef71a7d026eeeb6d_140.wav", "duration": 6.63}, {"text": "implying higher expenditure with planting and tilling, on top of investments in health, safety and environment.", "audio_length_s": 6.63, "path": "153ca64e1ddbb5b38a71827429635d48_91.wav", "duration": 6.63}, {"text": "there needs to be a recomposition. Now the growth in business, I still believe,", "audio_length_s": 6.63, "path": "525a3d59e4a319ddd41c161ec0e67f93_111.wav", "duration": 6.63}, {"text": "We borrowed on our revolver to pay the dividend and anticipate repayment of those funds from fourth quarter cash receipts.", "audio_length_s": 6.63, "path": "ec81096e007f2e89de94b49db12d11bb_10.wav", "duration": 6.63}, {"text": "We remain excited about the future of our company and the value proposition we bring to investors.", "audio_length_s": 6.63, "path": "16c235a53fc719ec92ef3b3c3b371150_18.wav", "duration": 6.63}, {"text": "But certainly, as we've gotten questions about what do we think about the targets we have out there for the Platinum Vision,", "audio_length_s": 6.63, "path": "744f5859c7d9a0567b387ae84326d940_141.wav", "duration": 6.63}, {"text": "some of our specialty consulting areas on the core accounting side. And we're also seeing", "audio_length_s": 6.63, "path": "1bb9219ad31877175e18e8e48ff2f63c_102.wav", "duration": 6.63}, {"text": "This paragraph emphasizes the major uncertainties and risks in the forward-looking statements we will make this morning.", "audio_length_s": 6.63, "path": "9b83a4dcac688347e3b13ca7c55660ed_129.wav", "duration": 6.63}, {"text": "cost of goods that we have, we're making sure that our pricing actions are not only in line but", "audio_length_s": 6.63, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_123.wav", "duration": 6.63}, {"text": "Hopefully, you've had an opportunity to review our press release and the related slide presentation released last night.", "audio_length_s": 6.6299375, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_142.wav", "duration": 6.6299375}, {"text": "In particular, we are putting considerable effort into the development of human resources,", "audio_length_s": 6.6000625, "path": "f4d0f1362716be33f02690dd1a8df663_55.wav", "duration": 6.6000625}, {"text": "that means we don't believe in our private portfolio. I don't believe in -- we don't believe that continuing doing what we were doing", "audio_length_s": 6.6, "path": "db6c253ba433d9a247219bb3f15da199_126.wav", "duration": 6.6}, {"text": "The elimination of a drop in the water rate in the back half of the term of the water supply agreement.", "audio_length_s": 6.6, "path": "4fdbfd9eec396928550d0c799e170d34_7.wav", "duration": 6.6}, {"text": "Adopting the new standard will not have a material effect on our financial results for the year.", "audio_length_s": 6.6, "path": "6e6da7f810609ce64857373f11984455_17.wav", "duration": 6.6}, {"text": "Dan has had 2 successful years leading the IR team and will soon be transitioning to a new role.", "audio_length_s": 6.6, "path": "62d981deed6d5128615c99d1597178b6_118.wav", "duration": 6.6}, {"text": "earlier in the year, although the average didn't move all that much and capital levels do remain strong so", "audio_length_s": 6.6, "path": "62d981deed6d5128615c99d1597178b6_103.wav", "duration": 6.6}, {"text": "And while cruise will have more operational days in the current 2019 financial year,", "audio_length_s": 6.6, "path": "214dcdc435ef3259490466447858fa56_164.wav", "duration": 6.6}, {"text": "I'd like to take some time to explain how those efforts align with current areas of secular industry growth.", "audio_length_s": 6.6, "path": "ab5b4ea5cd86e4f7deafe9814024fada_216.wav", "duration": 6.6}, {"text": "that we have to focus that the CPT code is paid so that they adopt. So", "audio_length_s": 6.6, "path": "5111fdad778749872c23e78c9b0d653b_29.wav", "duration": 6.6}, {"text": "your own ability to produce film and the potential down the road to have greater film", "audio_length_s": 6.6, "path": "3557b21a45c35e71e82cc43b19977855_20.wav", "duration": 6.6}, {"text": "And in fact, there is nothing new to be added here. All the factors have contributed,", "audio_length_s": 6.6, "path": "6d943ecc16a745032247da12a1062b88_19.wav", "duration": 6.6}, {"text": "the opportunity for us to capture the growth is the driving opportunity.", "audio_length_s": 6.6, "path": "9014ac9cbc2cff30468f1bcb659c0f66_283.wav", "duration": 6.6}, {"text": "But yes, if this is something that could have been done better, certainly, it could have been done more conservatively. It could have been more planned.", "audio_length_s": 6.6, "path": "0018ad922e541b415ae60e175160b976_120.wav", "duration": 6.6}, {"text": "Now I will turn it back to Phil for some final comments. Thanks, Brent.", "audio_length_s": 6.6, "path": "8cb24daf76784487ad63780546dc4ba4_76.wav", "duration": 6.6}, {"text": "from those described or implied in those forward-looking statements. These statements are based on currently available information", "audio_length_s": 6.6, "path": "e824f4380f8203a1e3ed60e7da1e39e5_1.wav", "duration": 6.6}, {"text": "All of this would not have been possible without our hard-working and dedicated employees.", "audio_length_s": 6.6, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_112.wav", "duration": 6.6}, {"text": "Yes. Ole, I know you know a lot of drilling contractors and you know they're very good at tapping the brakes", "audio_length_s": 6.6, "path": "dd3166f311a5f12a25103a0295e8ac3e_229.wav", "duration": 6.6}, {"text": "One particular pipe service has grown through the past several decades to become a tremendous NOV franchise.", "audio_length_s": 6.6, "path": "dd3166f311a5f12a25103a0295e8ac3e_69.wav", "duration": 6.6}, {"text": "more than offsetting continued challenges in offshore market and other international land markets that remain stagnant.", "audio_length_s": 6.6, "path": "dd3166f311a5f12a25103a0295e8ac3e_196.wav", "duration": 6.6}, {"text": "As we look at the fourth quarter numbers, we can see the impact of several different events.", "audio_length_s": 6.6, "path": "56e05107e391476d11fe1f637733f028_112.wav", "duration": 6.6}, {"text": "Now let me take these in order. First, we told you the progress in Puerto Rico would take time,", "audio_length_s": 6.6, "path": "3121e8f4a75758834d32a9e4e0555221_92.wav", "duration": 6.6}, {"text": "That being said, while our variable cost model allows us to take action to reduce costs,", "audio_length_s": 6.6, "path": "c4dc8f962a85aa47af50f82845f550e2_50.wav", "duration": 6.6}, {"text": "One of our associates took first place in the challenge, and 6 of the 9 finalists came from Cable ONE.", "audio_length_s": 6.6, "path": "54240e38051f2a3bb6a4e58fe55344cd_93.wav", "duration": 6.6}, {"text": "additional and continuing opportunities in business development to enhance our pipeline", "audio_length_s": 6.6, "path": "46906afb4e1ee1fef09b5908e76beefa_43.wav", "duration": 6.6}, {"text": "I wonder if you could elaborate on why this increase is occurring?", "audio_length_s": 6.6, "path": "07f580f6f7be50000b90caa25fcd2661_72.wav", "duration": 6.6}, {"text": "I think those things are reasons why we need to be very cautious when we enter those -- if we enter those markets,", "audio_length_s": 6.6, "path": "833f98dbc79997580b24335033aac5d2_70.wav", "duration": 6.6}, {"text": "of the overall power pricing environment in ERCOT is that low power prices are being driven by lower heat rates,", "audio_length_s": 6.6, "path": "833f98dbc79997580b24335033aac5d2_18.wav", "duration": 6.6}, {"text": "This ongoing success in our enterprise business continues to be driven by 6 key factors.", "audio_length_s": 6.6, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_105.wav", "duration": 6.6}, {"text": "to work together with Sandd people to further detail out our implementation plan.", "audio_length_s": 6.6, "path": "fa45af64ef25007f998c655347bfbecb_280.wav", "duration": 6.6}, {"text": "Our utilities remained among the very best for customer satisfaction in the regions we serve.", "audio_length_s": 6.6, "path": "a212b77ae2b2452093665a4e179ed3a3_6.wav", "duration": 6.6}, {"text": "As a result of the acceleration in the fourth quarter, we ended the year with over 10,000 supplier connections,", "audio_length_s": 6.6, "path": "e26b501c6e000fdaa11edde97cc71436_50.wav", "duration": 6.6}, {"text": "Today, we announced an additional effort to achieve further cash interest savings on our term loan.", "audio_length_s": 6.6, "path": "1b1699497be56330b3ed833f22bc63f6_107.wav", "duration": 6.6}, {"text": "and probably a large portion of some of the challenges that, that business saw in the third quarter.", "audio_length_s": 6.6, "path": "23eff4c724ee00f56319fcc47add3441_55.wav", "duration": 6.6}, {"text": "both of which more than offset the cost of ramping up our operations and the wage inflation that is taking place across the industry.", "audio_length_s": 6.6, "path": "8957425799e5ce0200bfacf204d0acde_190.wav", "duration": 6.6}, {"text": "And listening to what you said, it sounds like a bit of a hope strategy that you can reprice and everybody else stumbles a bit.", "audio_length_s": 6.6, "path": "bddc15938bdcc3085f19b0851e74c2c0_149.wav", "duration": 6.6}, {"text": "will continue with a supplementary explanation on specific points of this period's results.", "audio_length_s": 6.6, "path": "8011d82cf2151421d3dfacce65adde30_0.wav", "duration": 6.6}, {"text": "One example of this is our newly formed Specialty Products segment, which we'll discuss later.", "audio_length_s": 6.6, "path": "e743ddc0caabaebf5e9a6568eaef8334_51.wav", "duration": 6.6}, {"text": "it's a seasonally slow quarter for us in Florida. And we had some cases where, in this quarter,", "audio_length_s": 6.6, "path": "15ac383479a7c990aab7b155e4d42053_58.wav", "duration": 6.6}, {"text": "primarily driven by the addition of Newgistics, which was not in our results last year and accounts for 6 points of the drop.", "audio_length_s": 6.6, "path": "6864081f83959f4b49e25e597f28af66_174.wav", "duration": 6.6}, {"text": "quite halfway into our drilling program. We had very good results, and we don't see the need to finish that program", "audio_length_s": 6.6, "path": "2ad9555a64eaa3f45bef5581adeecb9c_212.wav", "duration": 6.6}, {"text": "help us realize our strategy of applying our GalXC technology across the fields of rare diseases,", "audio_length_s": 6.6, "path": "01ebdadb81d0e5a57270957c0cbe83fc_16.wav", "duration": 6.6}, {"text": "Can I just follow on that -- for your mobile campaign. Most of the cost is sunk or fixed.", "audio_length_s": 6.6, "path": "ebecd7e874a9b3998b70ec3200f71e89_249.wav", "duration": 6.6}, {"text": "We're a company that's shown that we can put money into the market to acquire something and generate value after that.", "audio_length_s": 6.6, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_178.wav", "duration": 6.6}, {"text": "they have requirements to make sure that these things really do work. They don't have a lot of resources to", "audio_length_s": 6.6, "path": "bbe852c8c3f7827e31f31a56bc72b7da_57.wav", "duration": 6.6}, {"text": "good news for the water French business. It means that a lot of people", "audio_length_s": 6.6, "path": "e60f6485243932b9280d864cb17a6ba8_161.wav", "duration": 6.6}, {"text": "In September, we gave guidance for our business outlook for the balance of the fiscal year.", "audio_length_s": 6.6, "path": "1bba27cac9495fe57f623973383d6948_93.wav", "duration": 6.6}, {"text": "which has a higher cost of reinsurance, and conversely, a lower loss ratio than personal residential business.", "audio_length_s": 6.6, "path": "3068d678d3331b8f0a10ea4fa92361f2_77.wav", "duration": 6.6}, {"text": "Based on the midpoint of this guidance, we would expect to achieve our 11th consecutive year of earnings growth.", "audio_length_s": 6.6, "path": "a7e7a1621af9b4e850260f9824ee8746_10.wav", "duration": 6.6}, {"text": "the weather and supply situation in the New England area, which is", "audio_length_s": 6.6, "path": "7394bde65e000fbb7b528c6c65bd099d_79.wav", "duration": 6.6}, {"text": "and preparing for the trial in June on Phase 1 of the case around whether the termination was proper.", "audio_length_s": 6.6, "path": "636d6909fbd8656f88f72f66a3a162ff_188.wav", "duration": 6.6}, {"text": "we're cautiously optimistic that this is going to be better than it has been and we'll see how it turns out, but", "audio_length_s": 6.6, "path": "40e11288ea7cb86fdf307dbe648142e3_94.wav", "duration": 6.6}, {"text": "At the end of the quarter, nonaccruals as a percentage of the total portfolio at cost", "audio_length_s": 6.6, "path": "8aa1aa8317783203344434f855535c25_177.wav", "duration": 6.6}, {"text": "On that note, I'd like to turn the call over to Bill to discuss our financial results during the quarter.", "audio_length_s": 6.6, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_12.wav", "duration": 6.6}, {"text": "continued drag in the first and second quarter and then be somewhat neutral later in the year.", "audio_length_s": 6.6, "path": "a001f4c808bdc9a395ee7d3f9288fc50_104.wav", "duration": 6.6}, {"text": "Additionally, robust water and gas gathering infrastructure is driving down operating costs.", "audio_length_s": 6.6, "path": "a8b43081254547419da7462d9c957d61_25.wav", "duration": 6.6}, {"text": "As for the VLCCs, we expect earnings on these vessels to be significantly stronger in the fourth quarter.", "audio_length_s": 6.6, "path": "39eee2eb09766cf1717c05e39c7db798_40.wav", "duration": 6.6}, {"text": "or entering into consideration when the -- we have an opportunity", "audio_length_s": 6.6, "path": "d8eb5522db0e51d75ea6518462954c52_24.wav", "duration": 6.6}, {"text": "But as you've heard me say at least a few times before, our financial results really don't tell our story very well just yet.", "audio_length_s": 6.6, "path": "9b93af1e7019959620214c387f283d8e_50.wav", "duration": 6.6}, {"text": "while maintaining the resources necessary to support our ongoing liquidity needs.", "audio_length_s": 6.6, "path": "dd28a387ccc9575df47840b850647c7f_192.wav", "duration": 6.6}, {"text": "At EagleBank, we focus on average balances because they are really what impact revenue over that period.", "audio_length_s": 6.6, "path": "2a7d7f3eb6960e631743ca5a0d86461f_106.wav", "duration": 6.6}, {"text": "The new Medicaid regulations further strengthen the importance of independence in these programs.", "audio_length_s": 6.6, "path": "b94d748876ddf8e881d4191dec45baf3_26.wav", "duration": 6.6}, {"text": "We also feel good about our continued progress with our strategic priority to reduce the company's leverage.", "audio_length_s": 6.6, "path": "1968062b387ef01efed18108be2dc264_77.wav", "duration": 6.6}, {"text": "but it will not be a lot. It is a structural change that is supposed to last.", "audio_length_s": 6.6, "path": "664ce6f8ad7864e2844f637e7a1b48d7_32.wav", "duration": 6.6}, {"text": "markets by region? Do you prioritize certain banners ? And how much of the process do you own versus the franchisees?", "audio_length_s": 6.6, "path": "0794a2f02bbe89feb49651735bba77c5_64.wav", "duration": 6.6}, {"text": "and following the trend we experienced late in the second quarter through the third quarter and so far into the fourth quarter.", "audio_length_s": 6.6, "path": "c5c7a9f409241412b160a93cde7ef630_85.wav", "duration": 6.6}, {"text": "Guinness' momentum continues. The brand is growing in Africa and in Great Britain and Ireland,", "audio_length_s": 6.6, "path": "c3567809c19ce6a800677544cd84f88b_191.wav", "duration": 6.6}, {"text": "or making life easier with easy cocktail recipes or enticing bar recommendations.", "audio_length_s": 6.6, "path": "c3567809c19ce6a800677544cd84f88b_40.wav", "duration": 6.6}, {"text": "when you look at 2018, you're looking at the absence of ConExpo. You're looking at the absence of this accounting issue", "audio_length_s": 6.6, "path": "9979d7fef684b8cac613c934b6229791_83.wav", "duration": 6.6}, {"text": "launches of the product for maybe consumers that haven't seen it. So it's not an easy task,", "audio_length_s": 6.6, "path": "10728656364812338b7417b035dae4c4_34.wav", "duration": 6.6}, {"text": "a more stable development when it comes to order intake overall.", "audio_length_s": 6.6, "path": "f7df5ecab61eca575f169a8298318eca_57.wav", "duration": 6.6}, {"text": "We will aim for increased revenues and income by taking advantage of the strengths of the low-cost structure", "audio_length_s": 6.6, "path": "b0b83ac66a31c5096a75bb1927c557e2_110.wav", "duration": 6.6}, {"text": "We expect this capacity to be available in 2017 and help us meet the needs of our customers in a growing market.", "audio_length_s": 6.6, "path": "2a059b2b192b8e972ca7664ddfed8a20_209.wav", "duration": 6.6}, {"text": "and work with our collaborative partners, we have also made some key additions to our board and leadership team.", "audio_length_s": 6.6, "path": "e78997e6a75a2243292b2b54750bb3cb_56.wav", "duration": 6.6}, {"text": "These investments were consistent with our strategy of focusing on companies that have positive long-term outlooks,", "audio_length_s": 6.6, "path": "4479886907c2a9ec843d6ea1e5e0cacc_49.wav", "duration": 6.6}, {"text": "systems that we're rolling out in Hotel Group are going to have some really positive impacts. And those aren't felt immediately,", "audio_length_s": 6.6, "path": "968913c3f9111fc67f1d9956c56dec3b_190.wav", "duration": 6.6}, {"text": "As you all know, the entire global economy appears to be slowing. More specifically to us,", "audio_length_s": 6.6, "path": "9098e5640309f25da0d4dfa04789a36f_64.wav", "duration": 6.6}, {"text": "We're working on the images of our stations and see good increases on", "audio_length_s": 6.6, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_82.wav", "duration": 6.6}, {"text": "And all this happened while reducing operating expenses to maintain our commitment to fiscal responsibility.", "audio_length_s": 6.6, "path": "7274a7a5fa848e641ba98fce556e26a1_48.wav", "duration": 6.6}, {"text": "we can provide FirstNet quality services on our existing LTE network", "audio_length_s": 6.6, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_124.wav", "duration": 6.6}, {"text": "we're looking forward to trying to get that space completely subleased so that we can stop that", "audio_length_s": 6.6, "path": "333d478ab06fd400afafa68f4a952191_31.wav", "duration": 6.6}, {"text": "For the full year, we are on track to generate positive adjusted EBITDA at the high end of our guidance range.", "audio_length_s": 6.6, "path": "f1da65edd5f2026ffd647d496bb96ce7_2.wav", "duration": 6.6}, {"text": "all the customers. We have experienced some headwinds in terms of increased raw material", "audio_length_s": 6.6, "path": "baf4cec43f02cba3a0e2e83192f98380_1.wav", "duration": 6.6}, {"text": "was pretty strongly positive. I guess how you are thinking a kind of a normalized level moving into the second half, and what was the biggest", "audio_length_s": 6.6, "path": "262bc21196721c5ff9114acbd2ff03c3_65.wav", "duration": 6.6}, {"text": "We'll be meeting with investors in the coming months. And we look forward to updating you on our progress", "audio_length_s": 6.6, "path": "1fd097fa0bd05da0e7af03521e23bc68_74.wav", "duration": 6.6}, {"text": "I think we can all agree that the opportunity in our existing customer base is already quite substantial.", "audio_length_s": 6.6, "path": "1ad54837f74515ad7caa2a50d70459c9_6.wav", "duration": 6.6}, {"text": "for our repayments. And on the contrary, of all those discussions, I am glad to mention that", "audio_length_s": 6.6, "path": "d8db289a641593a1934fbb6407eede02_46.wav", "duration": 6.6}, {"text": "which further translates to an indicator of success on our path forward.", "audio_length_s": 6.6, "path": "c40b5d1a13169c5acf69590932a56f98_21.wav", "duration": 6.6}, {"text": "We generated very strong levels of gross profit and operating income as well as gross and operating margins.", "audio_length_s": 6.6, "path": "8eaca8d8a419f74540f69ade8defabbd_108.wav", "duration": 6.6}, {"text": "The total number of Venmo users who have made a monetizable transaction", "audio_length_s": 6.6, "path": "49e533a8449f6b9b6c806458e73338e1_70.wav", "duration": 6.6}, {"text": "Good morning, my name is Leandra, and I will be your conference operator today.", "audio_length_s": 6.6, "path": "f15966ae82e18b472ad78dd961f8e5e8_0.wav", "duration": 6.6}, {"text": "going very quickly and very rapidly. They are expanding the amount of linear footage in the stores", "audio_length_s": 6.6, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_118.wav", "duration": 6.6}, {"text": "There is much in flight and much to be excited about surrounding this new channel, which I'll cover in a bit.", "audio_length_s": 6.6, "path": "7cc11de7f206c637e6293da0d956405e_182.wav", "duration": 6.6}, {"text": "the patient count up as high as possible, as responsibly as possible, so that we know when you run your models,", "audio_length_s": 6.6, "path": "e42f90eacf0e766ff39973c6aca06c93_107.wav", "duration": 6.6}, {"text": "instead buying back shares versus retaining capital to keep your powder dry for future investments, knowing that", "audio_length_s": 6.6, "path": "f7c059b1312a5f1fc017ece069fddee2_19.wav", "duration": 6.6}, {"text": "things become normalized again. That's a cycle that we visit every year. And if you look at our trends over the last", "audio_length_s": 6.6, "path": "0cfaeed8cd93dc274845d450e921aeb6_130.wav", "duration": 6.6}, {"text": "to drive sales productivity and profitability growth for many years into the future.", "audio_length_s": 6.6, "path": "9908957f60adff5efc1c8692a0f5ab38_185.wav", "duration": 6.6}, {"text": "and particularly as we think about turning cold tumors hot and potentially combining such therapy with", "audio_length_s": 6.6, "path": "c5120d9702331edaf23bb6e639df0a70_30.wav", "duration": 6.6}, {"text": "positive surprise but as well all other markets were doing well. Now", "audio_length_s": 6.6, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_71.wav", "duration": 6.6}, {"text": "here in some really high potential, unique opportunities, I think it really talks to", "audio_length_s": 6.6, "path": "e0d1342ad3d27fd648b708837de08797_300.wav", "duration": 6.6}, {"text": "and some of the stability we've been able to add over the past few quarters. Despite the fact, we", "audio_length_s": 6.6, "path": "5c601f5318d5dcbe20fdd78f19c2b277_32.wav", "duration": 6.6}, {"text": "how comfortable are you -- or I guess how much have you been able to vet of the company? And", "audio_length_s": 6.6, "path": "b6688f44b91606fbd75a6d66e94d4e4b_204.wav", "duration": 6.6}, {"text": "We think that this level is both competitive in this environment and, indeed, sustainable in the long term.", "audio_length_s": 6.6, "path": "e35fae1d3df1f7aeda409f90f200ec7b_68.wav", "duration": 6.6}, {"text": "You're going to have to exclude some of the severance that's associated today with that,", "audio_length_s": 6.6, "path": "383cf39e54475c8a25af2af7b35c6f2e_23.wav", "duration": 6.6}, {"text": "and the broadening of our customer reach into the middle ring markets through the ramp-up of our medium density initiative.", "audio_length_s": 6.6, "path": "24a133abc343c813233d416b0cef96cd_183.wav", "duration": 6.6}, {"text": "so sand really hasn't been a big issue for us. I was looking at some data the other day comparing", "audio_length_s": 6.6, "path": "95303f68781d6fb58e19ec1dc7785a7c_80.wav", "duration": 6.6}, {"text": "the trends of the first quarter continued in all traffic regions with no major changes.", "audio_length_s": 6.6, "path": "407fee9910ab57874978cf85a89b1d9d_13.wav", "duration": 6.6}, {"text": "A strong increase and ongoing increase in consumer demand for sure has its effect on airfreight.", "audio_length_s": 6.6, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_149.wav", "duration": 6.6}, {"text": "and very achievable before normal levels of downtime are taken into consideration.", "audio_length_s": 6.6, "path": "ebd59e21db89edb92205e012427cd9db_121.wav", "duration": 6.6}, {"text": "This impact was partially offset by an increase in price mix before retailer marketing investments", "audio_length_s": 6.6, "path": "b0d88c0f1efca89ecb928172341dc75d_119.wav", "duration": 6.6}, {"text": "that we sell into. And I think more than anything, what we need is we need predictability. And I think", "audio_length_s": 6.6, "path": "9fb4423a70358ef22be9982299969f7a_56.wav", "duration": 6.6}, {"text": "because it does have an economic value. And it does often translate into a monetized value that", "audio_length_s": 6.6, "path": "02242ceddfeb4bcc65f04552b63fe80e_132.wav", "duration": 6.6}, {"text": "This change of mix is contributing to the gradual reduction in the total cost of retail deposits.", "audio_length_s": 6.6, "path": "3f42280b77b93c90b893930aeb7eac53_47.wav", "duration": 6.6}, {"text": "the services drop. We were not able to adjust their spend quick enough to keep the margin,", "audio_length_s": 6.6, "path": "9826162bc1bb67bf8d65e4cf50e656e9_164.wav", "duration": 6.6}, {"text": "we provide a great market channel for that technology to all of our licensees. And", "audio_length_s": 6.6, "path": "e9970d55b0ac8bddede7f337c0f94d36_85.wav", "duration": 6.6}, {"text": "many of which already have a presence in these markets and have the opportunity to drive success more quickly.", "audio_length_s": 6.6, "path": "e9970d55b0ac8bddede7f337c0f94d36_103.wav", "duration": 6.6}, {"text": "and a collection of content that grows and evolves all the time. This remains healthy and robust.", "audio_length_s": 6.6, "path": "21abf3409d34eea6f33336ad93662cfd_13.wav", "duration": 6.6}, {"text": "we have not yet had clarity that would say that the right solution is to connect the basins.", "audio_length_s": 6.6, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_166.wav", "duration": 6.6}, {"text": "The foreign exchange benefit for the year creates a meaningful headwind to the DSA operating margin", "audio_length_s": 6.6, "path": "50eb350badadec6e4272b90684741c25_247.wav", "duration": 6.6}, {"text": "as we continue to see demand from both large biologics and emerging biologic customers.", "audio_length_s": 6.6, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_142.wav", "duration": 6.6}, {"text": "On today's call, I will discuss our third quarter results, including an update on our business segments and strategic initiatives.", "audio_length_s": 6.6, "path": "10ad32c5e0559c879e032faaf3148ab4_1.wav", "duration": 6.6}, {"text": "Where do you see this administration going with rules and regulations regarding the Color group", "audio_length_s": 6.6, "path": "24c7526f6daca8e16ab91bea6124148a_115.wav", "duration": 6.6}, {"text": "As I emphasized during the presentation, our objective in this transaction was to show", "audio_length_s": 6.6, "path": "f15a674bdbbc461872000604216ae071_146.wav", "duration": 6.6}, {"text": "This was our second transaction with Sanchez Energy this year and our first acquisition of gathering and processing assets.", "audio_length_s": 6.6, "path": "0702a77635d50ec3b154df61456c1b63_80.wav", "duration": 6.6}, {"text": "most notably as a result of the high foreign currency losses in Argentina.", "audio_length_s": 6.6, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_114.wav", "duration": 6.6}, {"text": "Those notes, those expensive notes, became callable a few months ago in December, but at a premium.", "audio_length_s": 6.6, "path": "b49c3cda0bcd26bab06abdd492274a3e_67.wav", "duration": 6.6}, {"text": "further diversify our portfolio at this moment in time. I think the valuations are way too high in the market", "audio_length_s": 6.6, "path": "b154f7c33e567e453cb765f4ac03dd2f_42.wav", "duration": 6.6}, {"text": "I will take it from there and make you some comments on our financial performance and highlight some impacts for you to be aware of.", "audio_length_s": 6.6, "path": "c88e296697cd72c891ffb7bf5a1a60bb_14.wav", "duration": 6.6}, {"text": "Additionally, we are planning for the transition of the creative tools business to the programmatic platform,", "audio_length_s": 6.6, "path": "30a142fac5a62ab00227cb6a339a6226_144.wav", "duration": 6.6}, {"text": "When we looked at our turnover, we realized that we would be replacing almost half of our sales force each year.", "audio_length_s": 6.6, "path": "7e018402f521eec8ce7a9df8cd61e144_3.wav", "duration": 6.6}, {"text": "I would like to turn the conference back over to Mr. Lloyd McAdams for any closing remarks.", "audio_length_s": 6.6, "path": "3fb901e6b501ddced60226a13ebef4af_55.wav", "duration": 6.6}, {"text": "I think that level will be adjustable in terms of loss ratio.", "audio_length_s": 6.6, "path": "525a3d59e4a319ddd41c161ec0e67f93_93.wav", "duration": 6.6}, {"text": "is functioning well given what we've seen in terms of volatility in the capital markets. So", "audio_length_s": 6.6, "path": "a98061f951c1b2c7a915e296098bc4de_23.wav", "duration": 6.6}, {"text": "Our investments this year and those of the Air Force will cover", "audio_length_s": 6.6, "path": "9b83a4dcac688347e3b13ca7c55660ed_231.wav", "duration": 6.6}, {"text": "Second is that we have been, we have gone through the transformation continuously of many of these retail", "audio_length_s": 6.6, "path": "47546a57a865bca0f4e677dc3b485053_167.wav", "duration": 6.6}, {"text": "So our plan is to propose a dividend policy to our shareholders. We've announced that intention this morning,", "audio_length_s": 6.5999375, "path": "911d447bcdcedb4e0cf5230de225921c_118.wav", "duration": 6.5999375}, {"text": "According to the National Institute of Statistics, the National Consumer Price Index", "audio_length_s": 6.57, "path": "c8ccd72440eb1d7f094ee44252c12830_73.wav", "duration": 6.57}, {"text": "This remains an area where the advantage of Saga's customer knowledge is very clearly evidenced.", "audio_length_s": 6.57, "path": "214dcdc435ef3259490466447858fa56_147.wav", "duration": 6.57}, {"text": "We do believe that we will see good opportunities to improve our yields", "audio_length_s": 6.57, "path": "94fdf7b24748a7706b1097482a0f363a_145.wav", "duration": 6.57}, {"text": "the sales force and the Pivotal team that's going out to their customers and sort of advising them between the sort of", "audio_length_s": 6.57, "path": "47d77b15189fadcc76113a2f7800ba28_95.wav", "duration": 6.57}, {"text": "players and the Japanese players are not really actively able to sell there. So it's being regulated", "audio_length_s": 6.57, "path": "95962e0f754f9e2f786778c85d0913b8_51.wav", "duration": 6.57}, {"text": "over the last year, and we believe this is a main driver of productivity.", "audio_length_s": 6.57, "path": "9014ac9cbc2cff30468f1bcb659c0f66_42.wav", "duration": 6.57}, {"text": "However, we are of the view that the combined regulations between these types of entities,", "audio_length_s": 6.57, "path": "19eed824fc629ea7d3f8ea7572c7abb7_15.wav", "duration": 6.57}, {"text": "will you guys use some kind of legal recourse to try to", "audio_length_s": 6.57, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_171.wav", "duration": 6.57}, {"text": "We finished the year with 3 consecutive months of improvements in each of our 3 internal customer satisfaction scores.", "audio_length_s": 6.57, "path": "1f1b29266d2cede9b8f0f06ca57aae17_11.wav", "duration": 6.57}, {"text": "we are seeing at least from an economic standpoint on top of possible tax reform", "audio_length_s": 6.57, "path": "abd0f750609f1263b566f0c09b981a16_41.wav", "duration": 6.57}, {"text": "but we do expect our leverage to increase somewhat as we onboard the relatively higher levered Hatteras portfolio.", "audio_length_s": 6.57, "path": "223f05c0b9b116532e9af84afa76cac7_58.wav", "duration": 6.57}, {"text": "Total Work Number records are now approaching 90 million. And I think as you know from your experience with the company,", "audio_length_s": 6.57, "path": "0755f4b74dda585f3975c7d8208b1598_7.wav", "duration": 6.57}, {"text": "Said we can't use the Forbes stuff anymore. We used it last year. We could say that we were in that year, but", "audio_length_s": 6.57, "path": "232edaebd93a3d8673bce183d269ad6d_62.wav", "duration": 6.57}, {"text": "appetite to participate in that changed at all to your", "audio_length_s": 6.57, "path": "6b45877b719000e47adfd1ec118c376a_61.wav", "duration": 6.57}, {"text": "thus generating significant cost savings that will be used to fund this project.", "audio_length_s": 6.57, "path": "81430c39b7b202d05644e419e2a01a65_119.wav", "duration": 6.57}, {"text": "were those which had attracted few assets and were not central to our sales efforts at this time.", "audio_length_s": 6.57, "path": "8cb24daf76784487ad63780546dc4ba4_67.wav", "duration": 6.57}, {"text": "That concludes our presentation for today. We'll now answer questions we received earlier in the day from our analysts.", "audio_length_s": 6.57, "path": "570faeed3dcfa26c6246dc42309025ad_21.wav", "duration": 6.57}, {"text": "their own preview of the data. So in other words, they'll get to see data for whatever they asked us to measure.", "audio_length_s": 6.57, "path": "8b71a232d7fe61e6232807b635977c31_51.wav", "duration": 6.57}, {"text": "prudent way. I think it will be misleading to say that the missed opportunity that you can pick up because", "audio_length_s": 6.57, "path": "4b7945dd823dcbc0b2724efa66393673_127.wav", "duration": 6.57}, {"text": "while their design folks could get design on large capital projects underway and completed. So", "audio_length_s": 6.57, "path": "b34f680a9162805e0188170d6272a356_44.wav", "duration": 6.57}, {"text": "and profitable growth, which leads me then to the rationale for the change in our corporate tax status election.", "audio_length_s": 6.57, "path": "1b91eb82f5211000e711424657cc2484_189.wav", "duration": 6.57}, {"text": "The question is going to be in any of these scenarios is, what's the total capital budget they put towards the build?", "audio_length_s": 6.57, "path": "a45510e526a5935c1f8d4f039149ff3b_167.wav", "duration": 6.57}, {"text": "I mean, I think the important thing here is that we are investing in these offerings, and", "audio_length_s": 6.57, "path": "82218f543c9a546c4baa5323f250b39f_235.wav", "duration": 6.57}, {"text": "rather than by product type, can you talk about customer types? Are you seeing any change in the customer behavior", "audio_length_s": 6.57, "path": "9e937c87ad87f354d42a688156853a30_174.wav", "duration": 6.57}, {"text": "as a result of obtaining the license to run reinsurance activities at the holding level,", "audio_length_s": 6.57, "path": "1f686a09cf3566a34f04f39fde02460e_5.wav", "duration": 6.57}, {"text": "As we indicated on the February earnings call, we saw strong order trends in the first several weeks of the year,", "audio_length_s": 6.57, "path": "01502edf6cda82061f1f45d6b0e8e189_4.wav", "duration": 6.57}, {"text": "improved balance sheet and reduced interest expense, we feel good about our future.", "audio_length_s": 6.57, "path": "bad55d25c1222682bd893d97dc5cbb27_10.wav", "duration": 6.57}, {"text": "so I think that's a major consideration. I think someone may be able to develop a product and", "audio_length_s": 6.57, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_178.wav", "duration": 6.57}, {"text": "there's less pressure and probably the time to implement anything out of EPA has moved out in time.", "audio_length_s": 6.57, "path": "833f98dbc79997580b24335033aac5d2_210.wav", "duration": 6.57}, {"text": "The fourth quarter in general tends to be much more predictable. It's kind of our lowest quarter of the season.", "audio_length_s": 6.57, "path": "957e0f876f9a4af9b498c19843675474_141.wav", "duration": 6.57}, {"text": "and our brand is better known, it's going to take time to find the replacement channels that can do the same sorts of volumes.", "audio_length_s": 6.57, "path": "0b0a24d47ae2ed9e019d874793c8684b_76.wav", "duration": 6.57}, {"text": "Going back against one of the reasons that we are very excited about this market is", "audio_length_s": 6.57, "path": "392ca3d1e388c6d7a35f6d0db390c359_200.wav", "duration": 6.57}, {"text": "because they're taking more room nights with us. We think because of that tool, when we study the users of the booking tool", "audio_length_s": 6.57, "path": "839852ec8452dbd90e9341d15cbba7c5_210.wav", "duration": 6.57}, {"text": "we are now experiencing some revenue generation synergies from the combination of these 2 businesses.", "audio_length_s": 6.57, "path": "1b1699497be56330b3ed833f22bc63f6_18.wav", "duration": 6.57}, {"text": "that are showing some very promising results. It takes time for them to scale up to the right level.", "audio_length_s": 6.57, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_25.wav", "duration": 6.57}, {"text": "Now speaking about net debt. Here, we have a significant decrease", "audio_length_s": 6.57, "path": "cc82e791c065bdc271addf355bac274f_12.wav", "duration": 6.57}, {"text": "our objective is to have nominal and percentage reductions in expenses.", "audio_length_s": 6.57, "path": "cc82e791c065bdc271addf355bac274f_149.wav", "duration": 6.57}, {"text": "they haven't been able to post such high growth as you were able to do it. And", "audio_length_s": 6.57, "path": "cc82e791c065bdc271addf355bac274f_185.wav", "duration": 6.57}, {"text": "based on our core value that our medicines must be fairly priced and broadly accessible.", "audio_length_s": 6.57, "path": "0dbbae27d7055ecc04cc25e14e4de12d_152.wav", "duration": 6.57}, {"text": "plans for newbuilds over there? When do you see those orders going to come through? Are you building up for that or is this", "audio_length_s": 6.57, "path": "8957425799e5ce0200bfacf204d0acde_93.wav", "duration": 6.57}, {"text": "half of the year. We're going to continue to struggle with volumes in automotive. I don't see any improvement in that.", "audio_length_s": 6.57, "path": "1133b8984db446b9c963a09eaf0785a4_96.wav", "duration": 6.57}, {"text": "such as large mergers and acquisitions, that can cause our annual dollar retention to fluctuate.", "audio_length_s": 6.57, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_108.wav", "duration": 6.57}, {"text": "Rob, I'll turn it over to you to continue with further detail relative to the financial results.", "audio_length_s": 6.57, "path": "257e4e92036da9582a8a288c88332ff3_66.wav", "duration": 6.57}, {"text": "Thank you for taking the time to join us today and for your ongoing interest in Star Group.", "audio_length_s": 6.57, "path": "0f06227be4dd36d9329849eda96196aa_13.wav", "duration": 6.57}, {"text": "On today's call, Rob Butler, Vice President of Finance, will begin by reviewing our fourth quarter results.", "audio_length_s": 6.57, "path": "f314d55f20e7186f4cd0e41e32ec144b_36.wav", "duration": 6.57}, {"text": "Before I talk about our future, I'd like to review a few of the highlights included in our first quarter press release.", "audio_length_s": 6.57, "path": "e56726c7aedd69029957c84128050700_3.wav", "duration": 6.57}, {"text": "Customers have been increasingly requesting longer-term leases to give them more certainty, and the extended portfolio duration", "audio_length_s": 6.57, "path": "171fd9df333ddd814c764843ed624121_125.wav", "duration": 6.57}, {"text": "So we expect an improved performance in Q4 versus the previous quarter as a result of the holiday season.", "audio_length_s": 6.57, "path": "6864081f83959f4b49e25e597f28af66_196.wav", "duration": 6.57}, {"text": "we will continue to be disciplined around not spending if the appropriate returns are not available.", "audio_length_s": 6.57, "path": "1244d2b5a259c3bc73742830d60d53fc_128.wav", "duration": 6.57}, {"text": "it's very difficult because we can't earn money on cost we don't spend.", "audio_length_s": 6.57, "path": "a965bbd76f3d449c86e8c27d03ac192f_90.wav", "duration": 6.57}, {"text": "to take a reduction in what we believe we're entitled to, to close them out and collect", "audio_length_s": 6.57, "path": "a965bbd76f3d449c86e8c27d03ac192f_125.wav", "duration": 6.57}, {"text": "and a disciplined capital program, leverage should ultimately come down to much more reasonable levels.", "audio_length_s": 6.57, "path": "c433164f6d189e18b1e4784e376b6ecb_85.wav", "duration": 6.57}, {"text": "That brings me to return to shareholders, the last slide in my presentation.", "audio_length_s": 6.57, "path": "f4d0f1362716be33f02690dd1a8df663_99.wav", "duration": 6.57}, {"text": "coming in daily now, and it would be about where I would expect it to be. So", "audio_length_s": 6.57, "path": "a8034762296368c60571fcde382c3274_18.wav", "duration": 6.57}, {"text": "would you look to address that sooner rather than later once the markets return as I think you've", "audio_length_s": 6.57, "path": "550ef3fcaf67ca1df87136acfdfa9d19_177.wav", "duration": 6.57}, {"text": "that this product should be within that band. And from our point of view,", "audio_length_s": 6.57, "path": "38b2f94da12bbf2d32246763aab8265a_8.wav", "duration": 6.57}, {"text": "As I told you before, the first milestone of the integration are very encouraging", "audio_length_s": 6.57, "path": "e60f6485243932b9280d864cb17a6ba8_138.wav", "duration": 6.57}, {"text": "so I'd like to provide a recap of the overall deal with SPI to put this into context.", "audio_length_s": 6.57, "path": "1bba27cac9495fe57f623973383d6948_43.wav", "duration": 6.57}, {"text": "Our operating expenses continue to come in under prior year numbers.", "audio_length_s": 6.57, "path": "1bba27cac9495fe57f623973383d6948_38.wav", "duration": 6.57}, {"text": "there's work to be done in certain brands. But we feel confident given where we already are", "audio_length_s": 6.57, "path": "b96165244f010b3f1e61cbbc5e504d96_195.wav", "duration": 6.57}, {"text": "And that's the very thing that we're concentrating on. As a matter of fact, we defined the turnaround in this organization", "audio_length_s": 6.57, "path": "b96165244f010b3f1e61cbbc5e504d96_136.wav", "duration": 6.57}, {"text": "done for the client and is up for renewal? I just want to make sure that's incremental when I think about it.", "audio_length_s": 6.57, "path": "bab12f620df0f367e74acdcc467686f1_22.wav", "duration": 6.57}, {"text": "The year-over-year increase also reflects the favorable impact of a weaker U.S. dollar principally against the British pound.", "audio_length_s": 6.57, "path": "0899e07f70a6e5be842fb6e22a3fafe9_211.wav", "duration": 6.57}, {"text": "to provide a better client interface and analytics, including mobile capabilities.", "audio_length_s": 6.57, "path": "0899e07f70a6e5be842fb6e22a3fafe9_6.wav", "duration": 6.57}, {"text": "the underlying trend is more than you thought it was going to be going into the quarter. So", "audio_length_s": 6.57, "path": "aeb50c6146f90bd32d147c5d4775c21d_96.wav", "duration": 6.57}, {"text": "Now this is admittedly a small number, but we hope to see continued improvement from these products going forward.", "audio_length_s": 6.57, "path": "2f52e3495f64a67b885c0d35be2e8dce_110.wav", "duration": 6.57}, {"text": "We believe this weakness is temporary, and the leadership team in that business has seen similar cycles in the past.", "audio_length_s": 6.57, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_140.wav", "duration": 6.57}, {"text": "as well as the recognition of project improvements associated with a couple of projects nearing completion.", "audio_length_s": 6.57, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_97.wav", "duration": 6.57}, {"text": "cards and capital markets and international banking service fees all contributed to that growth.", "audio_length_s": 6.57, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_130.wav", "duration": 6.57}, {"text": "Consistent well performance combined with sustained low well cost and operational costs contributed to the Eagle Ford achieving", "audio_length_s": 6.57, "path": "a8b43081254547419da7462d9c957d61_78.wav", "duration": 6.57}, {"text": "The outperformance of these new wells allowed our Trinidad division to produce 15 million cubic feet", "audio_length_s": 6.57, "path": "a8b43081254547419da7462d9c957d61_28.wav", "duration": 6.57}, {"text": "So I agree, and our Indian organization is obviously very close, agrees that we will see a certain", "audio_length_s": 6.57, "path": "47b1a118c53956b23f1d687a75f3e5ba_128.wav", "duration": 6.57}, {"text": "I think internationally, when we find a very good bottler and we believe that they can run the business better than us,", "audio_length_s": 6.57, "path": "3df0981a2d94ed56170b78330aa72ee9_159.wav", "duration": 6.57}, {"text": "But then overall, when we look at the sequence of the following years, never forget", "audio_length_s": 6.57, "path": "d8eb5522db0e51d75ea6518462954c52_290.wav", "duration": 6.57}, {"text": "In relation to working capital, the businesses continue to drive towards best-in-class.", "audio_length_s": 6.57, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_14.wav", "duration": 6.57}, {"text": "in the second half and can you give us some feeling for how that net capitalization number is going to be evolving, given it's", "audio_length_s": 6.57, "path": "7bc22aba9bc29d69ee10cc60db7903d8_76.wav", "duration": 6.57}, {"text": "Our second quarter bookings reflect healthy market conditions across all regions and product groups.", "audio_length_s": 6.57, "path": "9c3a67f574514131f1f506b2f9905bed_52.wav", "duration": 6.57}, {"text": "and the core product, are becoming more and more blurred. So that's why we have chosen to no longer represent that.", "audio_length_s": 6.57, "path": "b305bff75f28d238f0bd7da5bd4f13b8_68.wav", "duration": 6.57}, {"text": "We need to continue the journey of optimizing postpaid and the next battlefield for us is South Africa's enterprise.", "audio_length_s": 6.57, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_191.wav", "duration": 6.57}, {"text": "how they engage with outlets and brands and how we build the best incubator for new brands.", "audio_length_s": 6.57, "path": "c3567809c19ce6a800677544cd84f88b_105.wav", "duration": 6.57}, {"text": "We encourage you to review the disclaimer in the press release or the slide deck dealing with forward-looking information,", "audio_length_s": 6.57, "path": "6ad1d7c855ceb3eb830c365e357e4510_63.wav", "duration": 6.57}, {"text": "low ordering and potentially further consolidation may sow the seeds of recovery in the medium term.", "audio_length_s": 6.57, "path": "62246783cdfc5083ebb32cff71ccd38b_71.wav", "duration": 6.57}, {"text": "we will grow same-store sales 5% to 10% and that we will have leverage in line with the last few years.", "audio_length_s": 6.57, "path": "10728656364812338b7417b035dae4c4_12.wav", "duration": 6.57}, {"text": "in the regions of the world where you have available UAN, it is a very effective and efficient fertilizer.", "audio_length_s": 6.57, "path": "ab4dae37361262d727d1d2f8f78765d5_122.wav", "duration": 6.57}, {"text": "With that, now I'll turn the call over to Bruce for a summary of our financial performance.", "audio_length_s": 6.57, "path": "051c23cc7bacc5c9df9312ac0fd431a9_177.wav", "duration": 6.57}, {"text": "We continue to believe that any such action would not have a material impact on our business.", "audio_length_s": 6.57, "path": "53889f50eda8b316a01a3df89d226e7f_101.wav", "duration": 6.57}, {"text": "And we want to make sure that we're comfortably within the bumpers of what is investment grade.", "audio_length_s": 6.57, "path": "968913c3f9111fc67f1d9956c56dec3b_184.wav", "duration": 6.57}, {"text": "But boy, the -- it's not serial production, and so they've got a big long list of things that they are", "audio_length_s": 6.57, "path": "9e8690a521142359001a137074905535_128.wav", "duration": 6.57}, {"text": "This increase was driven primarily by our recent acquisitions and a reduction in pension income.", "audio_length_s": 6.57, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_7.wav", "duration": 6.57}, {"text": "And so it impacted service EBITDA margins.", "audio_length_s": 6.57, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_180.wav", "duration": 6.57}, {"text": "Some of that reduction, though, on the wet side has been offset by new drilling in the dry Utica, and", "audio_length_s": 6.57, "path": "74d0910b4af16f82a812bddbb151d966_16.wav", "duration": 6.57}, {"text": "and capture the market opportunity ahead of us. We look forward to updating you on our progress in the future.", "audio_length_s": 6.57, "path": "f1da65edd5f2026ffd647d496bb96ce7_63.wav", "duration": 6.57}, {"text": "We called it out separately because we didn't think it would repeat. But lo and behold, it did repeat in the first half of this year. Very late in the first half,", "audio_length_s": 6.57, "path": "262bc21196721c5ff9114acbd2ff03c3_171.wav", "duration": 6.57}, {"text": "you guys are trying to find reasons not to disclose and not really looking at some of the benefits, so what do you think there?", "audio_length_s": 6.57, "path": "1949bd0c9c4c23d495d880c4c552bfe1_58.wav", "duration": 6.57}, {"text": "We are also confident that our marketing efforts have continued to expand and strengthen our relationships within the lower middle market,", "audio_length_s": 6.57, "path": "6318dda27b3e36d76533c048c64a3014_54.wav", "duration": 6.57}, {"text": "bring your designation to a vote? Can you talk a little bit about how that process might work?", "audio_length_s": 6.57, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_42.wav", "duration": 6.57}, {"text": "And we achieved those good set of earnings despite", "audio_length_s": 6.57, "path": "d8db289a641593a1934fbb6407eede02_97.wav", "duration": 6.57}, {"text": "So the focus will be on that. So all this will -- and as you get higher volumes, you will also have", "audio_length_s": 6.57, "path": "da34a7b460e520db0401de3ce860187c_83.wav", "duration": 6.57}, {"text": "Margins were down sequentially in line with previous guidance as our Lafayette campus had a production down week in July", "audio_length_s": 6.57, "path": "8eaca8d8a419f74540f69ade8defabbd_172.wav", "duration": 6.57}, {"text": "as compared to the first half of the year, as our mix continues a bit more skewed to some of the lower margin products.", "audio_length_s": 6.57, "path": "8eaca8d8a419f74540f69ade8defabbd_14.wav", "duration": 6.57}, {"text": "At our Western Timberland operations, we expect second quarter harvest volumes will be comparable to the first quarter.", "audio_length_s": 6.57, "path": "735a523f1ef6500b7aa97a2536d9c4fd_77.wav", "duration": 6.57}, {"text": "These favorable signs are balanced however by continued constraints around labor and lot availability.", "audio_length_s": 6.57, "path": "735a523f1ef6500b7aa97a2536d9c4fd_184.wav", "duration": 6.57}, {"text": "I want to welcome Jim to his first quarterly conference call and say that we are already benefiting from his extensive REIT experience.", "audio_length_s": 6.57, "path": "9ba83ac067a98f8b12cc480ff0691e91_50.wav", "duration": 6.57}, {"text": "to all the best places to sell, giving them the opportunity to reach more buyers and drive greater sales.", "audio_length_s": 6.57, "path": "49e533a8449f6b9b6c806458e73338e1_197.wav", "duration": 6.57}, {"text": "We processed just shy of 10 billion transactions in the year.", "audio_length_s": 6.57, "path": "49e533a8449f6b9b6c806458e73338e1_66.wav", "duration": 6.57}, {"text": "is supportive of the amount of operating cash flow we expect for the full year.", "audio_length_s": 6.57, "path": "8cfc2a9aace5078f22a83c782b9d41f7_15.wav", "duration": 6.57}, {"text": "So while the healthy volunteer study and some of the additional safety studies it requires have moved our IND filing", "audio_length_s": 6.57, "path": "8c1b4f4af2af2847a240041390e31399_50.wav", "duration": 6.57}, {"text": "The overall performance of each geography is roughly in line with what is to be expected given their economic context.", "audio_length_s": 6.57, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_72.wav", "duration": 6.57}, {"text": "than we had even a few months ago. But first let me talk about some of the progress we made during the quarter.", "audio_length_s": 6.57, "path": "757695924b5e43c7d44e29dc141cc035_183.wav", "duration": 6.57}, {"text": "As noted last quarter, we do still see projects slipping to the right driven by labor shortages in the market.", "audio_length_s": 6.57, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_80.wav", "duration": 6.57}, {"text": "into the equity, which then becomes capital available. So it's not an immediate offset to capital required.", "audio_length_s": 6.57, "path": "130e8e56c1afa2419fd0c08708261824_128.wav", "duration": 6.57}, {"text": "that tends to pull down the average fee rate in the fixed income category.", "audio_length_s": 6.57, "path": "6709c061d39d0e433079f84160f11c80_45.wav", "duration": 6.57}, {"text": "I would like to thank our people around the world for staying focused on our goals, notably safety,", "audio_length_s": 6.57, "path": "e33785a294553de2a12d4463bf786744_156.wav", "duration": 6.57}, {"text": "Okay. Great. Why don't we go to the next live question?", "audio_length_s": 6.57, "path": "77d2dd6d5e46cc8a8e80809305b60208_47.wav", "duration": 6.57}, {"text": "that's going to be ready for commercial deployment. There are a lot of different tests and experiments and simulations", "audio_length_s": 6.57, "path": "77d2dd6d5e46cc8a8e80809305b60208_93.wav", "duration": 6.57}, {"text": "it's also important to work with productivity and have a stable production and increased productivity. And we measure that", "audio_length_s": 6.57, "path": "be1d9f57faececddb1cdbf5e831bcbf9_144.wav", "duration": 6.57}, {"text": "If we look back at the more than 60 years since Mitsubishi Corporation was founded,", "audio_length_s": 6.57, "path": "254f3c2175c8e11d6da7d44a221e1bff_13.wav", "duration": 6.57}, {"text": "Please note that some of these movements are driven by the geographical mix.", "audio_length_s": 6.57, "path": "47b5defd6e2c5724f6dc3b80859c281c_60.wav", "duration": 6.57}, {"text": "And so that's one way that we're trying to be smart about, how we can", "audio_length_s": 6.57, "path": "8635f950dc44da3fcad542b2c066bedf_46.wav", "duration": 6.57}, {"text": "That is going to be the engine of growth for us in the B2B space. So we have to invest in products. We have to invest in people.", "audio_length_s": 6.57, "path": "0fa398ef99a7a936fc1e509dacaaadde_189.wav", "duration": 6.57}, {"text": "I think we learned a lot last -- this year, in the first half of the year about our", "audio_length_s": 6.57, "path": "0fa398ef99a7a936fc1e509dacaaadde_109.wav", "duration": 6.57}, {"text": "This business line will grow significantly throughout the year as we enrich and expand our product and service offering.", "audio_length_s": 6.57, "path": "ab29ac574f423764c40f2d2eec696623_114.wav", "duration": 6.57}, {"text": "And it is on a quick delivery cycle, is very much desired by these customers.", "audio_length_s": 6.57, "path": "799c15a4a6e9e3c86374761fec31c00a_121.wav", "duration": 6.57}, {"text": "than some of the more mature markets, which means the new growth opportunities need to be served. So if we're going to build", "audio_length_s": 6.57, "path": "ee00ebd8d782e8f124b3e142cbb74f37_102.wav", "duration": 6.57}, {"text": "In the meantime, I'd like to share a few thoughts on our results for the second quarter and progress on several key initiatives.", "audio_length_s": 6.57, "path": "94f601dc7b34ad38667e3b714aa89d35_69.wav", "duration": 6.57}, {"text": "pretty well cleaned up. We're punching it out now and be commissioned next month. So we'll be in good shape there for showings.", "audio_length_s": 6.57, "path": "97b9c8b95449565c1f280a2b61a65b31_22.wav", "duration": 6.57}, {"text": "and we look forward to benefit next summer from the new Mountain coasters and canopy tours at both Vail and Heavenly.", "audio_length_s": 6.57, "path": "078b27aa69b10aa01f2eab2aa681bdd8_2.wav", "duration": 6.57}, {"text": "Turning to our merchandise category growth drivers. We remain pleased with our home performance.", "audio_length_s": 6.57, "path": "9908957f60adff5efc1c8692a0f5ab38_6.wav", "duration": 6.57}, {"text": "revenue trajectory for 2019? Does that clearance base represent a hurdle you need to jump over?", "audio_length_s": 6.57, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_46.wav", "duration": 6.57}, {"text": "And we believe that with servicing our accounts better, doing our marketing and messaging better", "audio_length_s": 6.57, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_32.wav", "duration": 6.57}, {"text": "And we announced that to our field the night before so that they could prepare and let their customers know.", "audio_length_s": 6.57, "path": "82ccbfb62e125b146fba0f8e4347cc62_35.wav", "duration": 6.57}, {"text": "So the way we look at it, Dylan, is that in the later stage", "audio_length_s": 6.57, "path": "5efe4589d80ac1232c2958182c188903_76.wav", "duration": 6.57}, {"text": "if you think about private label, David, they tend to be almost always our short", "audio_length_s": 6.57, "path": "34b4c03bbd8e9d5fceb8c8af89388197_179.wav", "duration": 6.57}, {"text": "and we aim to become one of the leaders in the low molecular weight heparin field worldwide.", "audio_length_s": 6.57, "path": "5323c1cb78ad5a1cf9d35417ec5e22ca_29.wav", "duration": 6.57}, {"text": "from the oil cargo that was sold with crude oil inventory that had been built up from prior periods.", "audio_length_s": 6.57, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_13.wav", "duration": 6.57}, {"text": "We lapped the effect of these transactions by the end of Q2. Second,", "audio_length_s": 6.57, "path": "e552924838fe493d3cc967dd0c5c4563_15.wav", "duration": 6.57}, {"text": "We are confident in our ability to satisfy -- to fully satisfy these notes at maturity.", "audio_length_s": 6.57, "path": "ee17f090e669ff9029bd1dc57db6e43e_23.wav", "duration": 6.57}, {"text": "We're restructuring our businesses to improve competitiveness and returning cash to shareholders.", "audio_length_s": 6.57, "path": "9fb4423a70358ef22be9982299969f7a_185.wav", "duration": 6.57}, {"text": "and to Russia and the Middle East, in particular, where activity is strongest and where we can secure the best returns.", "audio_length_s": 6.57, "path": "20489859070c48218db6ab0f5b6d2b05_64.wav", "duration": 6.57}, {"text": "I'd expect that to repeat again in the third quarter and then ramp down in the fourth quarter", "audio_length_s": 6.57, "path": "902872913863de98d38e2936b846cf66_210.wav", "duration": 6.57}, {"text": "as well as the ability of our customers to fully catch up on work deferred from the first half.", "audio_length_s": 6.57, "path": "902872913863de98d38e2936b846cf66_249.wav", "duration": 6.57}, {"text": "We have outlined specific goals, are on track to meet or exceed these goals,", "audio_length_s": 6.57, "path": "49dfadfb9a3d4d27ac250602928cf9ea_152.wav", "duration": 6.57}, {"text": "And then finally, could you just quantify for us the management fee you expect to receive", "audio_length_s": 6.57, "path": "05dd495370eec8168a564fd9eac0ea5d_46.wav", "duration": 6.57}, {"text": "Is there anything that you'd entertain pruning at this point or are we too premature to think that way?", "audio_length_s": 6.57, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_232.wav", "duration": 6.57}, {"text": "we would certainly comment on it as soon as we could in a call or other open environment.", "audio_length_s": 6.57, "path": "1378aabd380e63d3f89fe0e445fc8b06_102.wav", "duration": 6.57}, {"text": "So it's put a lot of pressure on the company, still we're really happy with the accomplishments we've done.", "audio_length_s": 6.57, "path": "d5f5f4efd41927526b14fc2c353cb4e3_39.wav", "duration": 6.57}, {"text": "The second quarter was also highlighted by margin expansion, stable credit quality and strong capital levels.", "audio_length_s": 6.57, "path": "f88c5f000050c9f72aa383f71d97ffe7_68.wav", "duration": 6.57}, {"text": "as we capitalized on continued strong market conditions and increased export demand from China.", "audio_length_s": 6.57, "path": "93e134910b4a7c587bc461da0c9a2083_108.wav", "duration": 6.57}, {"text": "A recent positive development was the decision to suspend the medical device tax for 2 years.", "audio_length_s": 6.57, "path": "62658bb0c3307b2b10e3668b8df73b0d_177.wav", "duration": 6.57}, {"text": "On Slide 7, we talk a bit about the company's financial performance.", "audio_length_s": 6.57, "path": "e3d039c554f5cc556071f83c93609e76_29.wav", "duration": 6.57}, {"text": "But in general, I think that's an important piece to the future. Perhaps it's not as linked to our Flavors group", "audio_length_s": 6.57, "path": "24c7526f6daca8e16ab91bea6124148a_110.wav", "duration": 6.57}, {"text": "I am pleased with the progress that we've made in Asia Pacific, and we see a very bright future in these markets.", "audio_length_s": 6.57, "path": "24c7526f6daca8e16ab91bea6124148a_138.wav", "duration": 6.57}, {"text": "We want to continue to demonstrate that the company can operate at these types of levels", "audio_length_s": 6.57, "path": "24c7526f6daca8e16ab91bea6124148a_95.wav", "duration": 6.57}, {"text": "which will allow us to better understand customer behavior and the impact of distributed technologies on the network.", "audio_length_s": 6.57, "path": "6f1b092b312410065d308541be46da95_116.wav", "duration": 6.57}, {"text": "will deliver benefits to the company longer term. And as a result of that, if we get the lift", "audio_length_s": 6.57, "path": "a756bd9ba43faae4d9d0f059925e39e9_111.wav", "duration": 6.57}, {"text": "to anybody third party is not allowed based on the business combination agreement.", "audio_length_s": 6.57, "path": "538323cb37246bc97d1253b369a7414a_45.wav", "duration": 6.57}, {"text": "The question is whether we should wait for an update of the strategic plan", "audio_length_s": 6.57, "path": "e97326d6a8951550e363f2be6ec489ba_104.wav", "duration": 6.57}, {"text": "We expect inventories will return to targeted turn levels over the next several quarters.", "audio_length_s": 6.57, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_58.wav", "duration": 6.57}, {"text": "We'll have some seasonal swings in the first quarter in particular, where we have a lot of expenses related to", "audio_length_s": 6.57, "path": "85edb0a846d9e1cfa542b893eed4a0f3_19.wav", "duration": 6.57}, {"text": "the volumes in July down 2%. Wondering how that would compare to the overall market. Just trying to get an assessment of", "audio_length_s": 6.57, "path": "1096d26129c469524041c969a684f8ae_37.wav", "duration": 6.57}, {"text": "the application set with the pipeline having a gas, right? And they're very clear about these sites having kind of a 2-tier strategy", "audio_length_s": 6.57, "path": "7a80c3e91e5a2693cdaef5f716808317_157.wav", "duration": 6.57}, {"text": "our financial highlights deck and SGI's audited statutory basis financial statements.", "audio_length_s": 6.57, "path": "a85c54c77dd2524eedab1287ea3ceff4_86.wav", "duration": 6.57}, {"text": "And maybe just talk about that point a little bit. We see that the fifth wheel shipments have been perking up as of late.", "audio_length_s": 6.57, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_25.wav", "duration": 6.57}, {"text": "It required a number of process improvements and difficult choices throughout the year.", "audio_length_s": 6.57, "path": "0b7afb66a39a4c81151309bacc830c60_67.wav", "duration": 6.57}, {"text": "our business needs and capital structure. We do not have any further information to provide on the dividend rate at this time.", "audio_length_s": 6.57, "path": "ec81096e007f2e89de94b49db12d11bb_49.wav", "duration": 6.57}, {"text": "We're pleased with the fleet growth we're seeing in our SelectCare full service and preventative product lines.", "audio_length_s": 6.57, "path": "eb93e70cdf7a839a69546250fb3646fb_122.wav", "duration": 6.57}, {"text": "This is an example of the type of innovative study designed to provide useful information to clinicians", "audio_length_s": 6.57, "path": "9097dcbaf554d635920c6274b1de4997_80.wav", "duration": 6.57}, {"text": "based on how aggressive you've been really this whole year on the share buyback and how the board has", "audio_length_s": 6.57, "path": "97ddc19ecb28bab2d19fd3b181182062_113.wav", "duration": 6.57}, {"text": "On the synergy front, we expect to exceed the cost reduction and the revenue enhancement targets for this year and the coming years.", "audio_length_s": 6.57, "path": "9b83a4dcac688347e3b13ca7c55660ed_18.wav", "duration": 6.57}, {"text": "Before we begin with prepared remarks, we submit for the record the following safe harbor statement.", "audio_length_s": 6.57, "path": "027d36b67ee5bba934695b2d0c47eb08_1.wav", "duration": 6.57}, {"text": "and we'd rather be 2 weeks late than 2 weeks early on that recovery because it's so hard to predict.", "audio_length_s": 6.5699375, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_182.wav", "duration": 6.5699375}, {"text": "Now due to that risk, Spectrum Brands encourages you to review the risk factors and cautionary statements", "audio_length_s": 6.5400625, "path": "c47a92e006b54d014a79b447528c55a7_59.wav", "duration": 6.5400625}, {"text": "definitive agreements between the company and new GCU have not been signed and key terms remain subject to analysis,", "audio_length_s": 6.5400625, "path": "4311782968e936c378fdee8946cd9cca_39.wav", "duration": 6.5400625}, {"text": "lot of the public events that the cities will do for their particular city whether it's", "audio_length_s": 6.54, "path": "a0e8f9500edc41a227b8d67235bf7753_87.wav", "duration": 6.54}, {"text": "We have a deep bench of talent throughout our firm and take succession planning seriously.", "audio_length_s": 6.54, "path": "62d981deed6d5128615c99d1597178b6_183.wav", "duration": 6.54}, {"text": "initially in order to fully appreciate the value that could be provided to the marketplace", "audio_length_s": 6.54, "path": "139f0a6300f504b3e8673e39b0429161_111.wav", "duration": 6.54}, {"text": "and clearly with no repeat of Monarch coming hopefully in the current year compared to last year.", "audio_length_s": 6.54, "path": "214dcdc435ef3259490466447858fa56_36.wav", "duration": 6.54}, {"text": "Less than 5% of our multifamily book is in Texas, with most of these properties located in Dallas or Austin.", "audio_length_s": 6.54, "path": "b7050f62f52a3d2803beea21404f7af6_48.wav", "duration": 6.54}, {"text": "And the sales and marketing team are aggressively speaking with customers in terms of putting those vessels back to work.", "audio_length_s": 6.54, "path": "e274d02ea943c0a74779950fe28e839d_30.wav", "duration": 6.54}, {"text": "the appropriate benchmark for capital requirements is to think of capital requirements growing with premium.", "audio_length_s": 6.54, "path": "f0dd7e4dad969b480d0d2a70609aedba_180.wav", "duration": 6.54}, {"text": "Orders for projects grew in the third quarter, but at a slower pace than during the first half of this year.", "audio_length_s": 6.54, "path": "22ad97a95501a08f15c06605cd277fec_3.wav", "duration": 6.54}, {"text": "But the product is designed to offer benefits to customers when", "audio_length_s": 6.54, "path": "54cde38ae040b5e2c4e1f3c85691f907_137.wav", "duration": 6.54}, {"text": "Now, going into 2018, I think we're hopeful that the transaction pace will pick up and that the", "audio_length_s": 6.54, "path": "abd0f750609f1263b566f0c09b981a16_115.wav", "duration": 6.54}, {"text": "So all the tax credits that we have now are going to be applied in the future, and you're just talking about prospective loss of tax credit.", "audio_length_s": 6.54, "path": "2602edddc3363eadcaafe1c33271f3e4_54.wav", "duration": 6.54}, {"text": "Well thank you, operator, and thank you everyone for participating. We look forward to speaking with you again next quarter.", "audio_length_s": 6.54, "path": "264e575b73bc2a485bee416c1ac10cee_131.wav", "duration": 6.54}, {"text": "is there a new truck required for this which is -- which will conform to these", "audio_length_s": 6.54, "path": "0018ad922e541b415ae60e175160b976_118.wav", "duration": 6.54}, {"text": "As you can see, pharmacy is the growth engine of our business. Just as important,", "audio_length_s": 6.54, "path": "d70a57dd52d0e4cf86a6225dca186bc2_104.wav", "duration": 6.54}, {"text": "while still offering a strong value proposition for the patients and customers in the markets we serve.", "audio_length_s": 6.54, "path": "d70a57dd52d0e4cf86a6225dca186bc2_96.wav", "duration": 6.54}, {"text": "and the power plants and industrial customers are looking at a connection with REX that allows them to access both the", "audio_length_s": 6.54, "path": "c96b5ae4ffe20d946daec67e2b0917b2_159.wav", "duration": 6.54}, {"text": "with a lot of growth. If I look at mortgage revenue as a percentage of total revenue,", "audio_length_s": 6.54, "path": "3180572bc2da758668c19200930e1bc4_87.wav", "duration": 6.54}, {"text": "The loyalty space obviously, particularly around redemptions, but it could be around point earning as well", "audio_length_s": 6.54, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_275.wav", "duration": 6.54}, {"text": "ranging from destination tours and day trips, like shark cage diving in South Africa", "audio_length_s": 6.54, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_89.wav", "duration": 6.54}, {"text": "due to the difficulty in reliably projecting this expense as it is impacted by volatility and price per stock", "audio_length_s": 6.54, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_114.wav", "duration": 6.54}, {"text": "And we think that this fund being a little bit smaller, a little bit more nimble, we'll have the ability to be able to invest in that.", "audio_length_s": 6.54, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_38.wav", "duration": 6.54}, {"text": "I don't have an update on the timing for publication of the DAWN data. I think you really have to look at all of those factors,", "audio_length_s": 6.54, "path": "044da592acc01ff7baacb3dbf2a302a9_39.wav", "duration": 6.54}, {"text": "I would say the answer is going to be both medical management and re-contracting,", "audio_length_s": 6.54, "path": "3121e8f4a75758834d32a9e4e0555221_115.wav", "duration": 6.54}, {"text": "an announcement about the realignment of the group management structure and the appointment of", "audio_length_s": 6.54, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_27.wav", "duration": 6.54}, {"text": "If you turn to the next slide, you will see how we have performed over the past 2 years through very different crude price environments.", "audio_length_s": 6.54, "path": "6616e76da46baea11d6032fc063716c1_26.wav", "duration": 6.54}, {"text": "despite the decrease of the market", "audio_length_s": 6.54, "path": "f33d9363bbcea655df52468555d358d0_45.wav", "duration": 6.54}, {"text": "All of these transactions are described in recent news releases, and Brian will speak more to them later.", "audio_length_s": 6.54, "path": "ada4e338c266148264077e06bac68005_79.wav", "duration": 6.54}, {"text": "We are also integrating FDA feedback into our approach and timing", "audio_length_s": 6.54, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_71.wav", "duration": 6.54}, {"text": "If you make a comparison or contrast the total amount of virus", "audio_length_s": 6.54, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_242.wav", "duration": 6.54}, {"text": "including 10 key markets. We believe that as we continue to open stores and build our wholesale base,", "audio_length_s": 6.54, "path": "2fc915b996c687200d995736980aae9a_171.wav", "duration": 6.54}, {"text": "and when those life events happen, it's a chance for people to reconsider all their choices, not just electricity. So", "audio_length_s": 6.54, "path": "833f98dbc79997580b24335033aac5d2_204.wav", "duration": 6.54}, {"text": "To what extent is this kind of a sneak peek or is this really kind of separate and distinct from your other efforts here?", "audio_length_s": 6.54, "path": "833f98dbc79997580b24335033aac5d2_294.wav", "duration": 6.54}, {"text": "that in a market that is so rapidly declining, it also has a very negative effect.", "audio_length_s": 6.54, "path": "fa45af64ef25007f998c655347bfbecb_214.wav", "duration": 6.54}, {"text": "I'll now turn the call over to Danny to take you through an update on our corporate level activities and financial results. Danny?", "audio_length_s": 6.54, "path": "e081f678e77792e5c5762fa425c49e56_23.wav", "duration": 6.54}, {"text": "would be a great opportunity for UQM and potentially lead to additional business in the region.", "audio_length_s": 6.54, "path": "392ca3d1e388c6d7a35f6d0db390c359_133.wav", "duration": 6.54}, {"text": "I have admired Chipotle for many years, and I'm excited to have the opportunity to lead the future direction of this incredible company.", "audio_length_s": 6.54, "path": "47a303604df9f9fc9f2f89a9280c3a79_200.wav", "duration": 6.54}, {"text": "ways to secure land and commercial property", "audio_length_s": 6.54, "path": "cfe2656d9b742e3743835cfde245c60a_142.wav", "duration": 6.54}, {"text": "And we saw a major transition there as we moved from", "audio_length_s": 6.54, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_51.wav", "duration": 6.54}, {"text": "integrate and take advantage of those. I think it's really more a matter of leveraging", "audio_length_s": 6.54, "path": "e743ddc0caabaebf5e9a6568eaef8334_109.wav", "duration": 6.54}, {"text": "the complexities of certain process changes, especially given the industry that we're in,", "audio_length_s": 6.54, "path": "e743ddc0caabaebf5e9a6568eaef8334_121.wav", "duration": 6.54}, {"text": "what we can reflect in our guide is what gets communicated from our customer base.", "audio_length_s": 6.54, "path": "f46ae0a04d60dea8a759f07333ed37e2_77.wav", "duration": 6.54}, {"text": "Future technology inflections are more capital-intensive, and we have a pipeline of new capabilities that create", "audio_length_s": 6.54, "path": "f46ae0a04d60dea8a759f07333ed37e2_168.wav", "duration": 6.54}, {"text": "I'm not sure we're 2-0, but we are showing our ability to close the gap with our public competitors like never before.", "audio_length_s": 6.54, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_196.wav", "duration": 6.54}, {"text": "We did ramp the new partners in the fourth quarter and have just begun seeing the impact of those efforts in the last 3 weeks.", "audio_length_s": 6.54, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_161.wav", "duration": 6.54}, {"text": "as just being we got to pick some point in time and this could", "audio_length_s": 6.54, "path": "2ad9555a64eaa3f45bef5581adeecb9c_70.wav", "duration": 6.54}, {"text": "and what we think we can do on the property side. But the overall goal is to grow a high-quality pool of cash flow", "audio_length_s": 6.54, "path": "93d3e5be9cf75e0921d47f10d4178939_56.wav", "duration": 6.54}, {"text": "Actual results may differ materially, and we do not undertake any duty to update any forward-looking statements.", "audio_length_s": 6.54, "path": "93d3e5be9cf75e0921d47f10d4178939_1.wav", "duration": 6.54}, {"text": "Next question is, how much of the SAC cost is still left on your balance sheet?", "audio_length_s": 6.54, "path": "ebecd7e874a9b3998b70ec3200f71e89_286.wav", "duration": 6.54}, {"text": "obviously be -- your stance is that it has to also apply to your previous as well", "audio_length_s": 6.54, "path": "ebecd7e874a9b3998b70ec3200f71e89_168.wav", "duration": 6.54}, {"text": "It's been a little bit choppy. I mean, I think that you've seen the commentary from some other competitors which,", "audio_length_s": 6.54, "path": "132abea68f255eb89160dde90b6d3b80_33.wav", "duration": 6.54}, {"text": "I can tell you, we're looking at a couple of things right now, where we just wanted to keep dry powder at the company level.", "audio_length_s": 6.54, "path": "a8034762296368c60571fcde382c3274_138.wav", "duration": 6.54}, {"text": "provide to other platforms. I think a lot of the positives that Marlin has and then obviously, Marlin gets the benefit of", "audio_length_s": 6.54, "path": "bda4b365d7a8386d5d2e6b4575d08a57_174.wav", "duration": 6.54}, {"text": "the wobble of reactivation cost become more relevant, understand you've taken care of rigs and all that, but", "audio_length_s": 6.54, "path": "4e04d3229b988f1db5b842ac5b993894_175.wav", "duration": 6.54}, {"text": "and the evolution toward digital solutions that provide analytics and successful outcomes.", "audio_length_s": 6.54, "path": "da14df2e02d11f6f8599533d9d57faee_11.wav", "duration": 6.54}, {"text": "we have learned that the number of large load requests can be an indicator of the potential for economic growth.", "audio_length_s": 6.54, "path": "a7e7a1621af9b4e850260f9824ee8746_129.wav", "duration": 6.54}, {"text": "in that category. And we are not currently running regulatory studies in other surgery indications, but", "audio_length_s": 6.54, "path": "49a78c1ec143d9ac46e893e77198c0e3_50.wav", "duration": 6.54}, {"text": "This combined business will improve our positioning in the marketplace with our clients and the consulting community.", "audio_length_s": 6.54, "path": "0899e07f70a6e5be842fb6e22a3fafe9_200.wav", "duration": 6.54}, {"text": "which was largely a factor of onetime cost associated with the company's acquisition in transition of the Resultz business", "audio_length_s": 6.54, "path": "79afc92245f71d37a9adafb6f8d50e4f_44.wav", "duration": 6.54}, {"text": "on the books that could eventually rotate out of the portfolio. What was the average yield on those assets?", "audio_length_s": 6.54, "path": "8aa1aa8317783203344434f855535c25_53.wav", "duration": 6.54}, {"text": "to make certain that was the case, we took a pretty hard look at changes in American Chartered loan balances,", "audio_length_s": 6.54, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_91.wav", "duration": 6.54}, {"text": "and in particular, increase the contribution of our fee businesses relative to our interest margin businesses.", "audio_length_s": 6.54, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_114.wav", "duration": 6.54}, {"text": "including good progress in our molecular imaging program as well as improvements to our endoscopes and image processing algorithms.", "audio_length_s": 6.54, "path": "58ff8a727ec4f3859407b64f08246759_196.wav", "duration": 6.54}, {"text": "they are bifurcated. When you go to a Gander Outdoors location, it is the same exact concept.", "audio_length_s": 6.54, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_101.wav", "duration": 6.54}, {"text": "in those stores. And it did tell us something, that if we can be more efficient and more selective", "audio_length_s": 6.54, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_115.wav", "duration": 6.54}, {"text": "we do enjoy normal rebate programs and aging assistance because of the sheer volume.", "audio_length_s": 6.54, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_244.wav", "duration": 6.54}, {"text": "Look, I can't speak to what's happening with other dealers. I know that our inventory is in great shape.", "audio_length_s": 6.54, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_90.wav", "duration": 6.54}, {"text": "just to make sure it was performing well before we started putting it in a real deep stack.", "audio_length_s": 6.54, "path": "e5040d02fba73a359d3f7cb346517ce1_127.wav", "duration": 6.54}, {"text": "we have made this business now more global. And we have very rapidly, compared to our competitors in food,", "audio_length_s": 6.54, "path": "47b1a118c53956b23f1d687a75f3e5ba_209.wav", "duration": 6.54}, {"text": "conference call last quarter, we spent a lot of time talking about what happens over quarter and then", "audio_length_s": 6.54, "path": "dd28a387ccc9575df47840b850647c7f_164.wav", "duration": 6.54}, {"text": "they have already also in their results the impact of the installation services for the Rieter machines business,", "audio_length_s": 6.54, "path": "664ce6f8ad7864e2844f637e7a1b48d7_163.wav", "duration": 6.54}, {"text": "The new contract has an initial term of 2 years and is renewable for additional periods by mutual agreement.", "audio_length_s": 6.54, "path": "c5c7a9f409241412b160a93cde7ef630_10.wav", "duration": 6.54}, {"text": "Adverse exchange, the impact of disposals and a higher tax rate had an adverse impact.", "audio_length_s": 6.54, "path": "c3567809c19ce6a800677544cd84f88b_84.wav", "duration": 6.54}, {"text": "in the same way as a traditional spirit, in a cocktail, with a mixer or on the rocks.", "audio_length_s": 6.54, "path": "c3567809c19ce6a800677544cd84f88b_167.wav", "duration": 6.54}, {"text": "but it sure does help when we've been successfully carrying the product for a bunch of years now.", "audio_length_s": 6.54, "path": "10728656364812338b7417b035dae4c4_70.wav", "duration": 6.54}, {"text": "as over half of it is from the combination of the Island Marine acquisition completed January last year,", "audio_length_s": 6.54, "path": "10728656364812338b7417b035dae4c4_77.wav", "duration": 6.54}, {"text": "and some selective rate increases in both workers' compensation and commercial auto.", "audio_length_s": 6.54, "path": "7cf9ea093ccaf8fe8af51c4e00832372_55.wav", "duration": 6.54}, {"text": "Now I'll turn the call over to Shelby to provide some details on our financial and operating results. Shelby?", "audio_length_s": 6.54, "path": "4479886907c2a9ec843d6ea1e5e0cacc_58.wav", "duration": 6.54}, {"text": "As you are all aware, discussions regarding health care reform continue.", "audio_length_s": 6.54, "path": "b43c001c5af465d220ab0b69a95202ae_184.wav", "duration": 6.54}, {"text": "We do this by helping them adjust their workforce needs to their business strategies.", "audio_length_s": 6.54, "path": "13141efea197b407280701081390f0ce_50.wav", "duration": 6.54}, {"text": "the possibility of growing the associated services, the creation of communities among our customers,", "audio_length_s": 6.54, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_125.wav", "duration": 6.54}, {"text": "Over the last decade, we took a number of bold actions to create today's Mondelez International.", "audio_length_s": 6.54, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_60.wav", "duration": 6.54}, {"text": "If you look at last year when we talked about meeting at this time, we were starting see a bit of a slowdown in Egypt", "audio_length_s": 6.54, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_167.wav", "duration": 6.54}, {"text": "Cadbury Dairy Milk was up high single digits, and Bubbly is off to a strong start.", "audio_length_s": 6.54, "path": "9b697782ea80be97854f35d6fc62c93a_141.wav", "duration": 6.54}, {"text": "Notwithstanding that, you'd heard me say a year ago we wanted to sequence things in a way that was very deliberate.", "audio_length_s": 6.54, "path": "e2c17247ae2f5d4fa8dd8814cc801198_218.wav", "duration": 6.54}, {"text": "any online competition or any significant online competition at this moment in your markets?", "audio_length_s": 6.54, "path": "333d478ab06fd400afafa68f4a952191_37.wav", "duration": 6.54}, {"text": "That decision is generally easier and not as complicated to navigate. So I think", "audio_length_s": 6.54, "path": "f1da65edd5f2026ffd647d496bb96ce7_79.wav", "duration": 6.54}, {"text": "In that regard, we continue to realize the synergy from the Murray Energy transaction that took place in the second quarter.", "audio_length_s": 6.54, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_98.wav", "duration": 6.54}, {"text": "mean this is the right way to grow this business is frankly getting more customers because once we get the customers in,", "audio_length_s": 6.54, "path": "21f21433851eb7c7f7dbc710309341bb_196.wav", "duration": 6.54}, {"text": "and leveraged the strength of our business model to deliver excellent top line growth and strong profitability.", "audio_length_s": 6.54, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_59.wav", "duration": 6.54}, {"text": "Many of the fleets were hurt significantly during the downturn as many of us were", "audio_length_s": 6.54, "path": "8eaca8d8a419f74540f69ade8defabbd_180.wav", "duration": 6.54}, {"text": "So we see it -- we've had some very interesting discussions, some just in the last 24 hours", "audio_length_s": 6.54, "path": "450a5dc6eb19b82da8dfc68127f6e79d_109.wav", "duration": 6.54}, {"text": "or as we execute our capital allocation strategy, you will find a time when it becomes important to take a position in us.", "audio_length_s": 6.54, "path": "9ba83ac067a98f8b12cc480ff0691e91_54.wav", "duration": 6.54}, {"text": "for this project -- for this product. And we see very, very strong demand for the games that are launched.", "audio_length_s": 6.54, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_39.wav", "duration": 6.54}, {"text": "metrics will continue to improve and were dampened a little bit by some of the things going on with On Time,", "audio_length_s": 6.54, "path": "189b20e7b975130ca5abd0e419e54908_170.wav", "duration": 6.54}, {"text": "Within corporate services, the momentum of new business wins shows no signs of slowing.", "audio_length_s": 6.54, "path": "7cc11de7f206c637e6293da0d956405e_127.wav", "duration": 6.54}, {"text": "Importantly, without the need to dose patients with lower dose levels that are likely subtherapeutic. A", "audio_length_s": 6.54, "path": "8c1b4f4af2af2847a240041390e31399_126.wav", "duration": 6.54}, {"text": "one event but not really in the context of the length of the -- of what people might have thought over the time of the contract. So", "audio_length_s": 6.54, "path": "757695924b5e43c7d44e29dc141cc035_149.wav", "duration": 6.54}, {"text": "First, the government was required to again release another set of private documents in the litigation.", "audio_length_s": 6.54, "path": "94f913b974baab79fb636f6521170dd7_238.wav", "duration": 6.54}, {"text": "the data collected will be several times greater than any other accuracy study completed today.", "audio_length_s": 6.54, "path": "e42f90eacf0e766ff39973c6aca06c93_4.wav", "duration": 6.54}, {"text": "Retirement services revenue growth was offset by pricing impacts in the respective prior-year period.", "audio_length_s": 6.54, "path": "0dec9a606303da3039d11eec4ec9bd86_8.wav", "duration": 6.54}, {"text": "as we mitigated the impact of inflation and GST with a combination of positive mix,", "audio_length_s": 6.54, "path": "3877b1983229ec488c6349a188bccf92_61.wav", "duration": 6.54}, {"text": "And as far as the growth that we're seeing in the more differentiated segments of the market,", "audio_length_s": 6.54, "path": "4721d5a2e7061d90a4e4e4768adc2486_152.wav", "duration": 6.54}, {"text": "In addition, our regulatory activity continues to contribute to both earnings growth at this business.", "audio_length_s": 6.54, "path": "3e29586725757a72d8c143f3da2658f5_57.wav", "duration": 6.54}, {"text": "We also retain the ability to repurchase our own shares opportunistically when we believe they represent an attractive value.", "audio_length_s": 6.54, "path": "a0d537badd260e2071136602e3b73b26_112.wav", "duration": 6.54}, {"text": "I can't see any large Swedish or for that sake, Scandinavian developer who", "audio_length_s": 6.54, "path": "29f56972971325265e4a53485f49793e_48.wav", "duration": 6.54}, {"text": "So we haven't seen very many pressure issues or significant increases in line pressure where we're operating.", "audio_length_s": 6.54, "path": "838af8ffae77ce8ff59c77b1985f8fc5_82.wav", "duration": 6.54}, {"text": "but by implementing these projects below expected cost, we've been able to further drive the growth in incremental margin.", "audio_length_s": 6.54, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_63.wav", "duration": 6.54}, {"text": "We continue to make great progress in our current strategic priorities. So let me share a few highlights from the quarter.", "audio_length_s": 6.54, "path": "94f601dc7b34ad38667e3b714aa89d35_104.wav", "duration": 6.54}, {"text": "All projections are subject to risks and uncertainties, and actual results may differ materially.", "audio_length_s": 6.54, "path": "fd5d61fef2374d3a3c1d7818eb73b463_44.wav", "duration": 6.54}, {"text": "and summarize our new product launches. We acquired a specialized tool company called Equalizer in the corner", "audio_length_s": 6.54, "path": "18e82b076319ac52f8a4b391ea345abd_139.wav", "duration": 6.54}, {"text": "and we are the only post-acute provider that will have all of its patients on an electronic medical record system", "audio_length_s": 6.54, "path": "b126c31149f1cadf1d891082a187d6fc_137.wav", "duration": 6.54}, {"text": "We're looking at a possible new line in one of our other sites at the moment and having discussions internally", "audio_length_s": 6.54, "path": "8518e7d2073cc2898bd145e2e84ea482_12.wav", "duration": 6.54}, {"text": "framework. And that allows us to keep on scaling up. And that gives us an opportunity also", "audio_length_s": 6.54, "path": "75b064acca5b532722510ac0b9b0822e_71.wav", "duration": 6.54}, {"text": "as well as other innovative initiatives that we will comment on with", "audio_length_s": 6.54, "path": "0f9d6e24171bc068e7ff7a11e7e44060_49.wav", "duration": 6.54}, {"text": "Aside from this expansion, we include terraces, entertainment areas and restaurants.", "audio_length_s": 6.54, "path": "0f9d6e24171bc068e7ff7a11e7e44060_29.wav", "duration": 6.54}, {"text": "the point that -- on your first question with Mike would be on the productivity. One of the other things that we've seen has been very positive is", "audio_length_s": 6.54, "path": "a9ff9f85f03afdd2d13b76e14060b31d_44.wav", "duration": 6.54}, {"text": "And we still believe that using Green Plains Partners as a growth vehicle in downstream", "audio_length_s": 6.54, "path": "09b5b62d328d3d0719b6825357fdfb48_43.wav", "duration": 6.54}, {"text": "or growth in production, which means others are either not able to ramp up quite as much as they thought or", "audio_length_s": 6.54, "path": "09b5b62d328d3d0719b6825357fdfb48_230.wav", "duration": 6.54}, {"text": "And finally, we are confident in delivering on our 3 key financial priorities", "audio_length_s": 6.54, "path": "34b4c03bbd8e9d5fceb8c8af89388197_86.wav", "duration": 6.54}, {"text": "The company undertakes no obligation to update these statements except as required by law.", "audio_length_s": 6.54, "path": "66b25c60d952bd002c7ab20da9248086_140.wav", "duration": 6.54}, {"text": "Educational institutions are placing a greater focus on safety than ever before.", "audio_length_s": 6.54, "path": "fb03ff65af8e5f80abd090abeaf767cf_6.wav", "duration": 6.54}, {"text": "We just concluded the 90-day operational phase of the 2 train lenders test in July,", "audio_length_s": 6.54, "path": "95303f68781d6fb58e19ec1dc7785a7c_181.wav", "duration": 6.54}, {"text": "Typically, a well will pressure up and unload significant water volumes, accompanied by increased oil and gas rates.", "audio_length_s": 6.54, "path": "243e9a046160bfbf82be702927a4df22_73.wav", "duration": 6.54}, {"text": "because customers are asking that. But we've been hearing that same thing for the last 5 years, quite frankly.", "audio_length_s": 6.54, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_99.wav", "duration": 6.54}, {"text": "My 4 priorities since taking over as the CEO in April of this year have been the following.", "audio_length_s": 6.54, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_85.wav", "duration": 6.54}, {"text": "We expect to introduce our second-generation MTO catalyst, before the end of this year.", "audio_length_s": 6.54, "path": "e552924838fe493d3cc967dd0c5c4563_68.wav", "duration": 6.54}, {"text": "look at new business in Q1. It was a record in U.S. Retail, it was a record worldwide. By the way, that's a record on top of a record. It was", "audio_length_s": 6.54, "path": "e0555e30370c43189a1136fb7ef17d20_120.wav", "duration": 6.54}, {"text": "are not seeing that or if you're perhaps gaining some share from peers? What's sort of your assessment more in the core part of the business?", "audio_length_s": 6.54, "path": "e0555e30370c43189a1136fb7ef17d20_24.wav", "duration": 6.54}, {"text": "And by the way, you see that in risk solutions, and you see that in HR solutions, both. So these investments we've been making over time,", "audio_length_s": 6.54, "path": "e0555e30370c43189a1136fb7ef17d20_87.wav", "duration": 6.54}, {"text": "This decrease was partially offset by an increase in International equipment revenue.", "audio_length_s": 6.54, "path": "ee17f090e669ff9029bd1dc57db6e43e_11.wav", "duration": 6.54}, {"text": "driven by improved recent operating results and execution of certain tax planning opportunities.", "audio_length_s": 6.54, "path": "3412b2f7aef0615537779e312cf984c3_99.wav", "duration": 6.54}, {"text": "to be able to basically drive that technology across the market in one fell swoop through the standards process. So", "audio_length_s": 6.54, "path": "e9970d55b0ac8bddede7f337c0f94d36_31.wav", "duration": 6.54}, {"text": "I'm happy to say that the team continues to execute very well on capturing both", "audio_length_s": 6.54, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_110.wav", "duration": 6.54}, {"text": "We intend to transition certain laboratory operations to the new site at a measured pace,", "audio_length_s": 6.54, "path": "50eb350badadec6e4272b90684741c25_86.wav", "duration": 6.54}, {"text": "There are many factors that can influence the company's future results that are beyond the ability of the company to control or predict.", "audio_length_s": 6.54, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_91.wav", "duration": 6.54}, {"text": "Included in our total company results this quarter was our expansion into Mexico.", "audio_length_s": 6.54, "path": "abd571ccf777ac4b0a43a7487031bc8a_212.wav", "duration": 6.54}, {"text": "So we would assume that they have conveyed the message that you've said, but we're obviously not", "audio_length_s": 6.54, "path": "77423f08f0208d476dea73c639f6293a_191.wav", "duration": 6.54}, {"text": "seems much improved as we begun a new year with the potential for big changes in regulations,", "audio_length_s": 6.54, "path": "77423f08f0208d476dea73c639f6293a_225.wav", "duration": 6.54}, {"text": "And with respect to what happened in the quarter, I would say the issues with steel were", "audio_length_s": 6.54, "path": "ee824d23bd881a3dc5ee8be881b7d18b_16.wav", "duration": 6.54}, {"text": "and we are in a position to do it, because what is happening", "audio_length_s": 6.54, "path": "4fd138e27f5f375945332eacefa15b62_251.wav", "duration": 6.54}, {"text": "Now this business also helps our aftermarket sales support business because", "audio_length_s": 6.54, "path": "e45bd91347da3c6cbd1fca37e8c0215d_81.wav", "duration": 6.54}, {"text": "Approximately 50% of the operating systems will be handed over to the owner by the end of this year.", "audio_length_s": 6.54, "path": "0e410ca71e50235e520d5af32ce0f54a_3.wav", "duration": 6.54}, {"text": "We also have an inefficient cost structure and an organization that's not nimble enough in the marketplace.", "audio_length_s": 6.54, "path": "7bac04f03928ee8894ab00007116400b_83.wav", "duration": 6.54}, {"text": "So when it comes to being more balanced in making sure that the inventory we plan and buy,", "audio_length_s": 6.54, "path": "7bac04f03928ee8894ab00007116400b_118.wav", "duration": 6.54}, {"text": "Before telling you about our plans, I think it'd be useful for you to understand the depth of the management team at The Tile Shop.", "audio_length_s": 6.54, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_66.wav", "duration": 6.54}, {"text": "Many of these forward-looking statements can be identified by the use of words such as may,", "audio_length_s": 6.54, "path": "8dd740d83ff1c7319a82eeba6047633d_94.wav", "duration": 6.54}, {"text": "is more efficient. So as a result of that, we do think that the second half will present a better picture than the first half of the year.", "audio_length_s": 6.54, "path": "5478e14c30a7a53219de2176fdba0d4a_38.wav", "duration": 6.54}, {"text": "But this is not a consequence of any change in business model or any change in product mix or the business mix.", "audio_length_s": 6.54, "path": "bece1ee458b65656b484de51021c5219_146.wav", "duration": 6.54}, {"text": "Okay. And then in the past, I think you've kind of pointed to Vitality Index as kind of a measure", "audio_length_s": 6.54, "path": "744f5859c7d9a0567b387ae84326d940_212.wav", "duration": 6.54}, {"text": "mute that benefit. So I guess as I stand here today and think about the raws and the increase we see", "audio_length_s": 6.54, "path": "744f5859c7d9a0567b387ae84326d940_167.wav", "duration": 6.54}, {"text": "We are working on increasing capacities in many of them and moving product to more efficient sites", "audio_length_s": 6.54, "path": "7f85288e472b08575b33943f4c718070_15.wav", "duration": 6.54}, {"text": "So Passport had no impact on the retail backlog. It had basically more at the wholesale level.", "audio_length_s": 6.54, "path": "47546a57a865bca0f4e677dc3b485053_164.wav", "duration": 6.54}, {"text": "Organic growth for the year was a robust 7% compared to the prior year. This is outstanding growth", "audio_length_s": 6.5399375, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_149.wav", "duration": 6.5399375}, {"text": "where we continue to see a V-shaped recovery in the construction machinery market in China.", "audio_length_s": 6.5399375, "path": "9fb4423a70358ef22be9982299969f7a_188.wav", "duration": 6.5399375}, {"text": "impressive quarter. So some of my questions have been asked, but I wondered if you could tell us a little bit about", "audio_length_s": 6.51, "path": "5833763223d8d85b6fcb5fe90e821c77_68.wav", "duration": 6.51}, {"text": "which are recognized as revenue, when shipped to them. This is a common way of recognizing revenue.", "audio_length_s": 6.51, "path": "5833763223d8d85b6fcb5fe90e821c77_13.wav", "duration": 6.51}, {"text": "to somewhat replace at least some percentage of that protein and then add on", "audio_length_s": 6.51, "path": "070a939ddb72d87ed87e4b863da14a89_91.wav", "duration": 6.51}, {"text": "what you're basically investing in is a company that has done a very good job historically in growing its", "audio_length_s": 6.51, "path": "92b48b365197c65ebf545a4c9dd1200d_14.wav", "duration": 6.51}, {"text": "And we have been engaged by a large European bank to support its digital transformation.", "audio_length_s": 6.51, "path": "6e6da7f810609ce64857373f11984455_13.wav", "duration": 6.51}, {"text": "First thing I wanted to do is address the news from yesterday about our termination of our merger agreement with Entegra Bank.", "audio_length_s": 6.51, "path": "c272c3032aa56f99fd19c220786b0636_35.wav", "duration": 6.51}, {"text": "and the ongoing impact of the rate reduction on our number portability services imposed by the regulators in India.", "audio_length_s": 6.51, "path": "139f0a6300f504b3e8673e39b0429161_56.wav", "duration": 6.51}, {"text": "found out or received any notification on the settlement that's related to the dispute related to the construction", "audio_length_s": 6.51, "path": "a20052a04bcb5b7b8d242a21c859550d_58.wav", "duration": 6.51}, {"text": "of the expansion in this region. We have recently completed the merging of our gas", "audio_length_s": 6.51, "path": "569834a5cb8a33dfeac20dfa8e03afb3_61.wav", "duration": 6.51}, {"text": "is much more of a shift towards the fronthaul, mid-haul, backhaul optical transport network", "audio_length_s": 6.51, "path": "ab5b4ea5cd86e4f7deafe9814024fada_125.wav", "duration": 6.51}, {"text": "the steps of this procedure in other applications that they are using. The", "audio_length_s": 6.51, "path": "5111fdad778749872c23e78c9b0d653b_121.wav", "duration": 6.51}, {"text": "For example, focusing on fully exited transactions in Corporate Private Equity over the past year,", "audio_length_s": 6.51, "path": "6388da88b00ebc88af59435bdac74132_233.wav", "duration": 6.51}, {"text": "This concludes today's conference. Thank you for your participation. You may now disconnect.", "audio_length_s": 6.51, "path": "55cbaf368288111ebc2ccadb61e3bd34_72.wav", "duration": 6.51}, {"text": "As we projected, our third quarter revenues again grew over the same period of last year.", "audio_length_s": 6.51, "path": "55cbaf368288111ebc2ccadb61e3bd34_150.wav", "duration": 6.51}, {"text": "So how is that accounted for in this outlook? Please let me know as much as possible", "audio_length_s": 6.51, "path": "a93681c92a0b9c04743f541a54b180c7_38.wav", "duration": 6.51}, {"text": "Altogether, we delivered growth both nominally and excluding exchange on the top and bottom line.", "audio_length_s": 6.51, "path": "f0ce0d97cf62c9076226e0aeeb550493_176.wav", "duration": 6.51}, {"text": "We've also provided a table in our press release to help you understand the sales results in the quarter for the business units and products.", "audio_length_s": 6.51, "path": "f0ce0d97cf62c9076226e0aeeb550493_1.wav", "duration": 6.51}, {"text": "And I would say that mobilizing the organization behind the right priorities", "audio_length_s": 6.51, "path": "9014ac9cbc2cff30468f1bcb659c0f66_188.wav", "duration": 6.51}, {"text": "Many factors could cause actual results to differ materially from those expressed or implied by the forward-looking statements.", "audio_length_s": 6.51, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_144.wav", "duration": 6.51}, {"text": "as I mentioned, is we see a lot of the independent guys going to leave", "audio_length_s": 6.51, "path": "c68c15299b67173c7ae163cc5938f3c1_106.wav", "duration": 6.51}, {"text": "The second is the impact of unprofitable projects, both inside and outside Japan.", "audio_length_s": 6.51, "path": "2a59b9df2de5248e64727f10185a8423_9.wav", "duration": 6.51}, {"text": "Most of them trade in a very narrow range, even given the different kind of economic conditions we've been through.", "audio_length_s": 6.51, "path": "2d7efae3f89647d6468deed3b73bf98a_53.wav", "duration": 6.51}, {"text": "or Advanced Metering Analytics was much smaller, and so it was much easier for us to get through them.", "audio_length_s": 6.51, "path": "55d05334bdde612eb9dd102bb41d216e_77.wav", "duration": 6.51}, {"text": "That was -- again, the majority of that we had some other slight leverage in some of the fixed cost components", "audio_length_s": 6.51, "path": "280baf1d10cd27b78eae4bf2574b9c98_37.wav", "duration": 6.51}, {"text": "We have always believed existed for the Five Below concept. We're on track to deliver", "audio_length_s": 6.51, "path": "280baf1d10cd27b78eae4bf2574b9c98_53.wav", "duration": 6.51}, {"text": "will be seen in our indirect distribution costs and expect that to be around", "audio_length_s": 6.51, "path": "8cb24daf76784487ad63780546dc4ba4_156.wav", "duration": 6.51}, {"text": "and that the popularity in demand for passive products is here to stay as a part of clients' portfolio.", "audio_length_s": 6.51, "path": "8cb24daf76784487ad63780546dc4ba4_5.wav", "duration": 6.51}, {"text": "We expect simultaneous publication of FOURIER in a leading medical journal with supplementary materials.", "audio_length_s": 6.51, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_48.wav", "duration": 6.51}, {"text": "For more information relating to the risks and uncertainties involved in our forward-looking statements and the company generally,", "audio_length_s": 6.51, "path": "e824f4380f8203a1e3ed60e7da1e39e5_44.wav", "duration": 6.51}, {"text": "In terms of construction delays and the like in other parts of the world,", "audio_length_s": 6.51, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_146.wav", "duration": 6.51}, {"text": "the overall business, but we don't have any major issues in respect to what some of our competitors are dealing with.", "audio_length_s": 6.51, "path": "ec0ecc8e73cce4598def6cfff6f7c598_116.wav", "duration": 6.51}, {"text": "And we felt good about the fundamental sustainability of where we were in academic.", "audio_length_s": 6.51, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_223.wav", "duration": 6.51}, {"text": "during the study on exactly the timing of the treatments in relation to", "audio_length_s": 6.51, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_55.wav", "duration": 6.51}, {"text": "how that plays out over the next quarters and into the coming years as we think about it going forward would be very helpful. Thank", "audio_length_s": 6.51, "path": "8b71a232d7fe61e6232807b635977c31_23.wav", "duration": 6.51}, {"text": "So to wrap up, we are very pleased with our execution in the third quarter. We have a lot of momentum in both of our segments,", "audio_length_s": 6.51, "path": "8b71a232d7fe61e6232807b635977c31_153.wav", "duration": 6.51}, {"text": "So we're going to make disciplined choices between inorganic and organic execution over the next 5 years in", "audio_length_s": 6.51, "path": "78c85dc9a16f82b09d3a2363004e658d_42.wav", "duration": 6.51}, {"text": "Revenue growth was driven by healthy external demand related to stepped-up external sales efforts", "audio_length_s": 6.51, "path": "b34f680a9162805e0188170d6272a356_265.wav", "duration": 6.51}, {"text": "We believe this operating philosophy enables us to consistently generate above-average sales paces", "audio_length_s": 6.51, "path": "1d2f3c74735a986131e7b219d9eff713_56.wav", "duration": 6.51}, {"text": "And we believe that this project will migrate into a", "audio_length_s": 6.51, "path": "91422f85dbf838639b3cb9dd9da364eb_174.wav", "duration": 6.51}, {"text": "Now the spot side of that business is very positive for us. It fills empty lanes, it does the right things in our network", "audio_length_s": 6.51, "path": "66c9091ba849cdb6d64987642ced64d2_155.wav", "duration": 6.51}, {"text": "You can find this information in the quarterly results section which is located under the Financial Information header.", "audio_length_s": 6.51, "path": "01502edf6cda82061f1f45d6b0e8e189_100.wav", "duration": 6.51}, {"text": "which enables us to better understand how our employees", "audio_length_s": 6.51, "path": "39e5706898dcaf14a280b3a123877cd6_229.wav", "duration": 6.51}, {"text": "We're open to that. We don't think this is the right time to buy retail because of where wholesale prices are", "audio_length_s": 6.51, "path": "833f98dbc79997580b24335033aac5d2_45.wav", "duration": 6.51}, {"text": "compares to the others in development? But where you see yourselves in terms of timing,", "audio_length_s": 6.51, "path": "2a5b0a6532fa2b71915a2930be02621a_30.wav", "duration": 6.51}, {"text": "These statements are subject to substantial risks and uncertainties that could adversely affects Five9's future results", "audio_length_s": 6.51, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_1.wav", "duration": 6.51}, {"text": "So you wouldn't have seen any kind of volume compression as we shape that business. So", "audio_length_s": 6.51, "path": "23eff4c724ee00f56319fcc47add3441_21.wav", "duration": 6.51}, {"text": "in the second quarter. Obviously, there was a lot of confusion in the marketplace.", "audio_length_s": 6.51, "path": "73ba4ff250b62745e03880e75b9a1581_112.wav", "duration": 6.51}, {"text": "does that suggest that the adverse result is going to be", "audio_length_s": 6.51, "path": "bddc15938bdcc3085f19b0851e74c2c0_333.wav", "duration": 6.51}, {"text": "So on the equipment side, we still see the business in automotive progressing.", "audio_length_s": 6.51, "path": "e1da48985804bd3d99dffc5e33b6124b_26.wav", "duration": 6.51}, {"text": "Magnitude seem a little off, so I'm assuming there's some timing variants there, but wouldn't mind understanding how that works out.", "audio_length_s": 6.51, "path": "e1da48985804bd3d99dffc5e33b6124b_80.wav", "duration": 6.51}, {"text": "the consumables part of our business because of repricing is very stable in terms of margin", "audio_length_s": 6.51, "path": "e1da48985804bd3d99dffc5e33b6124b_31.wav", "duration": 6.51}, {"text": "the point I made this morning was that I think everyone needs to continue to focus on adapting to", "audio_length_s": 6.51, "path": "8ce8f3144deb1adb52f969fb5a653beb_30.wav", "duration": 6.51}, {"text": "changes in law or regulations and other factors, many of which are beyond the control of the company.", "audio_length_s": 6.51, "path": "a44c74bdc01aa7e317addc11f2274e11_98.wav", "duration": 6.51}, {"text": "All in all, by the end of the first quarter, we could be well on our way to meeting our growth targets for the year.", "audio_length_s": 6.51, "path": "f314d55f20e7186f4cd0e41e32ec144b_81.wav", "duration": 6.51}, {"text": "systems and platforms within each of our businesses in order for them to operate more efficiently.", "audio_length_s": 6.51, "path": "6864081f83959f4b49e25e597f28af66_111.wav", "duration": 6.51}, {"text": "The decline in print-based revenue was only partially offset by growth in our content management services.", "audio_length_s": 6.51, "path": "1244d2b5a259c3bc73742830d60d53fc_88.wav", "duration": 6.51}, {"text": "almost a request from talking to shareholders and the analysts around what is the flexible cost nature of the business.", "audio_length_s": 6.51, "path": "9c1272d9d120c5bfafd6e6b566f89b62_144.wav", "duration": 6.51}, {"text": "Pricing is more dictated by value than it is -- at least in Europe,", "audio_length_s": 6.51, "path": "bbe852c8c3f7827e31f31a56bc72b7da_98.wav", "duration": 6.51}, {"text": "and the detail of the final plan will be contained in the exploitation plan or development plan,", "audio_length_s": 6.51, "path": "c3ac3b05413d9a9caee0626d57fee77f_60.wav", "duration": 6.51}, {"text": "we expect full year ROE to improve as the business better leverages its fixed costs", "audio_length_s": 6.51, "path": "bda4b365d7a8386d5d2e6b4575d08a57_71.wav", "duration": 6.51}, {"text": "A special committee of our board, which was comprised solely of independent and disinterested directors,", "audio_length_s": 6.51, "path": "da14df2e02d11f6f8599533d9d57faee_6.wav", "duration": 6.51}, {"text": "So while I'm not going to give you the precise phasing Q3 to Q4, I would just remind you to look back at revenue seasonality of", "audio_length_s": 6.51, "path": "b96165244f010b3f1e61cbbc5e504d96_38.wav", "duration": 6.51}, {"text": "So my feeling is, as we're coming into a year from now, those 3 things will be happening.", "audio_length_s": 6.51, "path": "b96165244f010b3f1e61cbbc5e504d96_98.wav", "duration": 6.51}, {"text": "They've begun to implement a channel strategy that provides risk because there's change in the channel strategy that is needed,", "audio_length_s": 6.51, "path": "b96165244f010b3f1e61cbbc5e504d96_161.wav", "duration": 6.51}, {"text": "Now that we are approximately 1 year into the launch, we believe the inventory in the sales channel has stabilized.", "audio_length_s": 6.51, "path": "49a78c1ec143d9ac46e893e77198c0e3_166.wav", "duration": 6.51}, {"text": "in the energy design standards for all newly constructed homes. This code update became effective", "audio_length_s": 6.51, "path": "ade68f8add7249890d086ecf4b5b8cab_10.wav", "duration": 6.51}, {"text": "The third transaction that's still out there was Icon. I've talked about them for a minute. I was in Houston", "audio_length_s": 6.51, "path": "b092d2be33ad52beefab208355b18235_100.wav", "duration": 6.51}, {"text": "Going forward, we expect to continue this sustained improvement by focusing on the following priorities.", "audio_length_s": 6.51, "path": "b8cbc11bbdc49ca206588e2a99b0f733_45.wav", "duration": 6.51}, {"text": "We believe that our receivable portfolio is of high quality and that DSO will trend down in the second quarter.", "audio_length_s": 6.51, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_60.wav", "duration": 6.51}, {"text": "Our strategy has always been, that the way to extract more is to provide more services", "audio_length_s": 6.51, "path": "5664a96b7f1182d037b901d84eeb4fd6_114.wav", "duration": 6.51}, {"text": "And a lot of our operations are squarely, squarely focused in on this opportunity.", "audio_length_s": 6.51, "path": "0360a780927a31fb0bec9e79dac878a2_37.wav", "duration": 6.51}, {"text": "I'm pleased to announce that we finalized certain agreements with the Air Force to construct a large-scale solar facility at Holloman Air Force Base.", "audio_length_s": 6.51, "path": "3b0718945e9c427873c1f34fa49b15aa_30.wav", "duration": 6.51}, {"text": "gives us a new revenue opportunity to add to the overall mix. And then we're constantly", "audio_length_s": 6.51, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_149.wav", "duration": 6.51}, {"text": "regardless the provisions above 90 days as a percentage of revenues, and", "audio_length_s": 6.51, "path": "cc5ce88cbccddf8e99408418e7749a7d_26.wav", "duration": 6.51}, {"text": "given the strength of the economy and the strength of the economy and markets in our particular resorts,", "audio_length_s": 6.51, "path": "cd1773ea94a046c0a36b679e2efcee9f_155.wav", "duration": 6.51}, {"text": "And we have been losing. So there's one currently in Tampa that we're trying to", "audio_length_s": 6.51, "path": "b9b40b0c1e92fb226067bdceacbdab5c_30.wav", "duration": 6.51}, {"text": "positive, and we could stop for efficacy.", "audio_length_s": 6.51, "path": "58d5f604300a30c0c5bd9aa57d207478_57.wav", "duration": 6.51}, {"text": "Okay. And then I know manufacturers are working right now to raise prices. So what are you seeing in terms of", "audio_length_s": 6.51, "path": "10728656364812338b7417b035dae4c4_25.wav", "duration": 6.51}, {"text": "throughout the workers' compensation insurance experience from quoting through claim sampling.", "audio_length_s": 6.51, "path": "7cf9ea093ccaf8fe8af51c4e00832372_7.wav", "duration": 6.51}, {"text": "However, as we signaled last quarter, Q1 performance was broadly in line with our strategy", "audio_length_s": 6.51, "path": "bb2ca5b87982b2388d82cd64a73f08cf_2.wav", "duration": 6.51}, {"text": "I think what we're seeing in other regions was, however, it wasn't", "audio_length_s": 6.51, "path": "ab4dae37361262d727d1d2f8f78765d5_61.wav", "duration": 6.51}, {"text": "The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.51, "path": "3e7ae56945d17332dc48a3a2b331da25_21.wav", "duration": 6.51}, {"text": "Our Corporate Trust team had a strong quarter, enjoying its best new business month ever in December.", "audio_length_s": 6.51, "path": "ef44080b170ca6366a6d3132d0baf11a_56.wav", "duration": 6.51}, {"text": "And with that, let me turn the call over to Jack. Thank you, Doug.", "audio_length_s": 6.51, "path": "e78997e6a75a2243292b2b54750bb3cb_99.wav", "duration": 6.51}, {"text": "So we are marketing, we want to sell that as one piece as well as we want to sell the forward flow.", "audio_length_s": 6.51, "path": "82131762fc1c2b2358ac3a167666ab87_224.wav", "duration": 6.51}, {"text": "Revenue with our largest customer was down versus prior year but met our expectation for the quarter.", "audio_length_s": 6.51, "path": "13141efea197b407280701081390f0ce_15.wav", "duration": 6.51}, {"text": "results benefited from an increase in property management fees and higher consumer finance revenues.", "audio_length_s": 6.51, "path": "968913c3f9111fc67f1d9956c56dec3b_72.wav", "duration": 6.51}, {"text": "and the continued reduction in churn. We estimate that in 2018, the number of gross additions to the market", "audio_length_s": 6.51, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_81.wav", "duration": 6.51}, {"text": "and local manufacturing capabilities to support deposition and planarization products.", "audio_length_s": 6.51, "path": "0ec0a75c1800bac01520dcac5b8992fb_66.wav", "duration": 6.51}, {"text": "as we continue to adjust our spending levels to match the market dynamics in countries like Brazil and Argentina.", "audio_length_s": 6.51, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_135.wav", "duration": 6.51}, {"text": "Excluding the impact of the malware incident and the India goods and services tax,", "audio_length_s": 6.51, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_66.wav", "duration": 6.51}, {"text": "We put a great deal of thought and realistic analysis into developing guidance that we feel is achievable", "audio_length_s": 6.51, "path": "9e8690a521142359001a137074905535_6.wav", "duration": 6.51}, {"text": "Every time we execute a project, when we finish it, we have to replace it with something else somewhere.", "audio_length_s": 6.51, "path": "ba5f13bb75329629d0c070c9014ff4f0_119.wav", "duration": 6.51}, {"text": "which Stands for Something Good and proves its strength with every new market and every new country in which we open.", "audio_length_s": 6.51, "path": "3898a5c021167b8169287fc8bb59f753_71.wav", "duration": 6.51}, {"text": "Consequently, we feel we're in a good position to meaningfully ramp up our commercial efforts.", "audio_length_s": 6.51, "path": "f1da65edd5f2026ffd647d496bb96ce7_55.wav", "duration": 6.51}, {"text": "In terms of total new business volume for 2015, we realized strong performance across most of our products and lines of business.", "audio_length_s": 6.51, "path": "40b1895fcd5116b51eb97573544b3afd_3.wav", "duration": 6.51}, {"text": "but we are evaluating other growth initiatives particularly the automotive sector. So this could come up if the", "audio_length_s": 6.51, "path": "262bc21196721c5ff9114acbd2ff03c3_102.wav", "duration": 6.51}, {"text": "This is where the true advantage of allogeneic CAR-T cell manufacturing process kicks in", "audio_length_s": 6.51, "path": "48f4f350c0636fa0c7acf339cfccb869_101.wav", "duration": 6.51}, {"text": "And so that business is not a meaningful percentage of our harvest in the South right now,", "audio_length_s": 6.51, "path": "735a523f1ef6500b7aa97a2536d9c4fd_237.wav", "duration": 6.51}, {"text": "for anomalies, positive and negative. In this case, it was a positive event. So we adjusted out the tax recovery", "audio_length_s": 6.51, "path": "369789f0d39dbf62298be2aa807ff8ee_54.wav", "duration": 6.51}, {"text": "unless there is much, much stronger political policy certainty, which will create", "audio_length_s": 6.51, "path": "dffe8257f781608bb17bb637249e4d2a_243.wav", "duration": 6.51}, {"text": "We're expanding our merchant and financial institution partnerships throughout the country's ecosystem,", "audio_length_s": 6.51, "path": "49e533a8449f6b9b6c806458e73338e1_133.wav", "duration": 6.51}, {"text": "probably in Asia that will make the cells that we require to the EnerSys specifications.", "audio_length_s": 6.51, "path": "433a6e203f9db93835c27ff83e86c801_170.wav", "duration": 6.51}, {"text": "and a still highly competitive environment. Let's look at the details of these results.", "audio_length_s": 6.51, "path": "068bea67ac01942fafb955a1116b29dd_1.wav", "duration": 6.51}, {"text": "from the way that distributors now describe the business opportunity to prospective participants.", "audio_length_s": 6.51, "path": "94f913b974baab79fb636f6521170dd7_180.wav", "duration": 6.51}, {"text": "Our business partners indicate that in general the Southeast was softer than the rest of the country during the third quarter.", "audio_length_s": 6.51, "path": "6760f7edfb883104c8c655c4671646e5_54.wav", "duration": 6.51}, {"text": "So the interest in Jack Henry solutions, the spending environment today is definitely very strong.", "audio_length_s": 6.51, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_147.wav", "duration": 6.51}, {"text": "at our office. The recent meeting, the last one was at the headquarters of one of the utilities.", "audio_length_s": 6.51, "path": "77d2dd6d5e46cc8a8e80809305b60208_218.wav", "duration": 6.51}, {"text": "that is an area that we're going to be expanding into one way or the other", "audio_length_s": 6.51, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_63.wav", "duration": 6.51}, {"text": "Please turn to Page 5 of the materials. As I mentioned in the beginning,", "audio_length_s": 6.51, "path": "254f3c2175c8e11d6da7d44a221e1bff_17.wav", "duration": 6.51}, {"text": "driving growth as well as driving productivity to be able to hit our margin target that we've laid out.", "audio_length_s": 6.51, "path": "4721d5a2e7061d90a4e4e4768adc2486_141.wav", "duration": 6.51}, {"text": "I think, as Bryan talked about at the beginning, we don't have high hopes for a lot of rate increases, though we do expect", "audio_length_s": 6.51, "path": "8635f950dc44da3fcad542b2c066bedf_218.wav", "duration": 6.51}, {"text": "We have sent our teams to different markets", "audio_length_s": 6.51, "path": "80a2ca14358172366acab4e80f3fa33b_123.wav", "duration": 6.51}, {"text": "Please turn to Slide 7 for details on the attribution of earnings between our Credit and Agency strategies.", "audio_length_s": 6.51, "path": "a0d537badd260e2071136602e3b73b26_100.wav", "duration": 6.51}, {"text": "Part of it is how do you explore new indications. We talked about 3 new indications we're exploring", "audio_length_s": 6.51, "path": "299bad77345d2e44fa5768f4416f7b97_167.wav", "duration": 6.51}, {"text": "And we expect the growth of these markets will continue to drive the outsourcing trend we've seen over the last 10 years.", "audio_length_s": 6.51, "path": "ee00ebd8d782e8f124b3e142cbb74f37_62.wav", "duration": 6.51}, {"text": "So we terminated that buying activity. The other thing that occurred is", "audio_length_s": 6.51, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_137.wav", "duration": 6.51}, {"text": "do hesitate to make too much of a call. All the other ones that we've made the call on are well above that collar,", "audio_length_s": 6.51, "path": "121ff035b7c98d6e48d7ca377d850dda_80.wav", "duration": 6.51}, {"text": "This decrease is primarily related to a decrease in debt outstanding under our revolving credit facility,", "audio_length_s": 6.51, "path": "884400c829f179d8cf68b767f45f03a4_212.wav", "duration": 6.51}, {"text": "Additionally, we are seeing improvement in the business jet and rotorcraft markets while global uncertainty", "audio_length_s": 6.51, "path": "ea80970d6b8e6fab10c4500aa7298914_123.wav", "duration": 6.51}, {"text": "I will continue to emphasize that the organization has done a remarkable job", "audio_length_s": 6.51, "path": "e0d1342ad3d27fd648b708837de08797_191.wav", "duration": 6.51}, {"text": "Unlike newer vintage mortgage servicing rights, where returns are more dependent upon voluntary prepayment speeds,", "audio_length_s": 6.51, "path": "5c601f5318d5dcbe20fdd78f19c2b277_11.wav", "duration": 6.51}, {"text": "That's helpful. And then when you look at the ethanol market in your release, you highlighted that", "audio_length_s": 6.51, "path": "09b5b62d328d3d0719b6825357fdfb48_22.wav", "duration": 6.51}, {"text": "If you have additional questions after today's call, please contact me. I will now turn the call over", "audio_length_s": 6.51, "path": "34b4c03bbd8e9d5fceb8c8af89388197_214.wav", "duration": 6.51}, {"text": "and these areas has hypergrowth in them,", "audio_length_s": 6.51, "path": "1862ee2f84dc77a40dde64b34f3ab94e_46.wav", "duration": 6.51}, {"text": "but also updating you various ongoing initiatives and addressing some key questions we have been receiving lately.", "audio_length_s": 6.51, "path": "b6688f44b91606fbd75a6d66e94d4e4b_253.wav", "duration": 6.51}, {"text": "We think that is a start of an improvement, and we think that positions us well as a good sign for the period ahead.", "audio_length_s": 6.51, "path": "24a133abc343c813233d416b0cef96cd_187.wav", "duration": 6.51}, {"text": "fees can still increase. I'm just wondering from which angle you will", "audio_length_s": 6.51, "path": "407fee9910ab57874978cf85a89b1d9d_73.wav", "duration": 6.51}, {"text": "That piece is related to -- because with the purchase of Omni,", "audio_length_s": 6.51, "path": "89499eed4dff3bd184e91cd496111f22_139.wav", "duration": 6.51}, {"text": "We expect the court to rule on the motions before the end of the year but cannot predict the timing of the rulings.", "audio_length_s": 6.51, "path": "0b21f953a7ae9970ef3a4c30b267927c_12.wav", "duration": 6.51}, {"text": "The investment in this research today will likely add to growth in future years.", "audio_length_s": 6.51, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_145.wav", "duration": 6.51}, {"text": "our hybrid model, which again incorporates both enclosed and open air provides us with a distinct advantage.", "audio_length_s": 6.51, "path": "92287986b332deec2c9712d7c89eef08_74.wav", "duration": 6.51}, {"text": "business, but the 7, which also included Swisher, I would say is artificially low", "audio_length_s": 6.51, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_213.wav", "duration": 6.51}, {"text": "The first is that our customers absolutely love our products and they love our platform", "audio_length_s": 6.51, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_59.wav", "duration": 6.51}, {"text": "or 67% improvement in adjusted pretax results on a consolidated basis", "audio_length_s": 6.51, "path": "ee17f090e669ff9029bd1dc57db6e43e_19.wav", "duration": 6.51}, {"text": "and the supplemental information that I just referred to. Both can be found in the Investors section of the Sutherland website.", "audio_length_s": 6.51, "path": "3bc6d3e1c0a117340d288c289bf7f679_78.wav", "duration": 6.51}, {"text": "Since the plants were down, we decided to take the opportunity to accelerate the timing to carry out", "audio_length_s": 6.51, "path": "65cd2cb1db6d9795aa33137a99d897be_43.wav", "duration": 6.51}, {"text": "This change should make it easier for readers of our financial statements to understand the cost of running our organization.", "audio_length_s": 6.51, "path": "c8236c1645c0d49837800e24a77e14a8_37.wav", "duration": 6.51}, {"text": "proven by the strong throughput volumes we handle and the amount of pipeline and storage we own and operate.", "audio_length_s": 6.51, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_7.wav", "duration": 6.51}, {"text": "and hotel projects for which we have an executed letter of intent but are awaiting final business and development permits.", "audio_length_s": 6.51, "path": "3d0f5785f81125b6efa2339a4aef56aa_27.wav", "duration": 6.51}, {"text": "When you look at the DUC count and you looked at the rig count and you look at what's going on in the macro,", "audio_length_s": 6.51, "path": "3c17ad8c6709cbb1a8f7190f567a445f_137.wav", "duration": 6.51}, {"text": "Internationally, we are not anticipating growth, and we are taking what we believe is a conservative approach in our outlook.", "audio_length_s": 6.51, "path": "dbf6a9009ea60e2e96772ee3ccea7226_59.wav", "duration": 6.51}, {"text": "including statements relating to projections of earnings and revenue, business drivers, the timing and capabilities of new products,", "audio_length_s": 6.51, "path": "dbf6a9009ea60e2e96772ee3ccea7226_1.wav", "duration": 6.51}, {"text": "their cost of the people in transition is not", "audio_length_s": 6.51, "path": "16614fa848b6601733f9eb4b2ee4da71_26.wav", "duration": 6.51}, {"text": "We anticipate a strong fourth quarter based on a number of significant prospects, either under contract or in active negotiation.", "audio_length_s": 6.51, "path": "93e134910b4a7c587bc461da0c9a2083_11.wav", "duration": 6.51}, {"text": "And interestingly, we put one of our best people in the company to run our Fluid Management specialty organization.", "audio_length_s": 6.51, "path": "62658bb0c3307b2b10e3668b8df73b0d_52.wav", "duration": 6.51}, {"text": "to ramp through the first half of the year? Is it pretty steady through the first half of the year? More", "audio_length_s": 6.51, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_115.wav", "duration": 6.51}, {"text": "one step in part of a broader effort by OptumRx and UnitedHealthcare to continue to", "audio_length_s": 6.51, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_291.wav", "duration": 6.51}, {"text": "Kevin will address this accomplishment in his remarks later this afternoon. Fourth,", "audio_length_s": 6.51, "path": "77423f08f0208d476dea73c639f6293a_223.wav", "duration": 6.51}, {"text": "Some of these products have already hit the shelves and others will take several years to make the conversion to natural colors.", "audio_length_s": 6.51, "path": "24c7526f6daca8e16ab91bea6124148a_133.wav", "duration": 6.51}, {"text": "our engagement with our vendor partners, and then the expense management piece. If we do a good job,", "audio_length_s": 6.51, "path": "a756bd9ba43faae4d9d0f059925e39e9_109.wav", "duration": 6.51}, {"text": "We have all the pieces in place to really appreciate -- to really accelerate", "audio_length_s": 6.51, "path": "0807d606b6cf98da19b317b4928c3572_7.wav", "duration": 6.51}, {"text": "what are -- what's the platform that they have available. They start opening accounts. They get the documentation,", "audio_length_s": 6.51, "path": "bf99037f89cd485f95f097842619a0c7_176.wav", "duration": 6.51}, {"text": "we were putting new systems into the Corporation, which went all the way into the businesses but", "audio_length_s": 6.51, "path": "0e410ca71e50235e520d5af32ce0f54a_23.wav", "duration": 6.51}, {"text": "Why pursue those rather than just continue to build out that DuraFit product line?", "audio_length_s": 6.51, "path": "85edb0a846d9e1cfa542b893eed4a0f3_80.wav", "duration": 6.51}, {"text": "we really view the capital structures independently and think the consolidated metrics become less useful. But that becomes very important", "audio_length_s": 6.51, "path": "1096d26129c469524041c969a684f8ae_143.wav", "duration": 6.51}, {"text": "We expect to continue to realize the benefit of these capital investments as we progress through the remainder of the year.", "audio_length_s": 6.51, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_103.wav", "duration": 6.51}, {"text": "From a capital structure and allocation perspective, we recently completed a public offering of our common stock,", "audio_length_s": 6.51, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_139.wav", "duration": 6.51}, {"text": "The market has backed up as yields across all asset sectors", "audio_length_s": 6.51, "path": "a98061f951c1b2c7a915e296098bc4de_22.wav", "duration": 6.51}, {"text": "The higher average selling prices resulted from modest chemical price inflation for certain of our products", "audio_length_s": 6.51, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_124.wav", "duration": 6.51}, {"text": "clearly, it has to do with the skill set, the new people that we're hiring. I mean, we still have a lot of", "audio_length_s": 6.51, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_104.wav", "duration": 6.51}, {"text": "when there's been consolidation in the industry. And I think there's a couple factors.", "audio_length_s": 6.51, "path": "97b02b7a41ecb22cb04e7331052cefc8_43.wav", "duration": 6.51}, {"text": "Looking at the full year expectations this year, we continue to project total revenue growth", "audio_length_s": 6.51, "path": "1bb9219ad31877175e18e8e48ff2f63c_95.wav", "duration": 6.51}, {"text": "I would like to add to the Greg's comments about how proud we are of our operational execution during the quarter.", "audio_length_s": 6.51, "path": "97ddc19ecb28bab2d19fd3b181182062_158.wav", "duration": 6.51}, {"text": "at week 12 with respect to the weekly mean of the daily worst itching intensity score", "audio_length_s": 6.51, "path": "6064088db0200b32f3f3e848047c5ab6_30.wav", "duration": 6.51}, {"text": "The primary variables affecting our NAV this quarter were the positive effects of our March equity offering", "audio_length_s": 6.5099375, "path": "ab861b81968e1b5fcb606ed886919d68_9.wav", "duration": 6.5099375}, {"text": "investors in our platform and the ones we've had dialogue with are primarily concerned with dividend safety", "audio_length_s": 6.5099375, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_17.wav", "duration": 6.5099375}, {"text": "or may not be successful or sufficient to meet regulatory standards or receive the regulatory clearance or approvals,", "audio_length_s": 6.48, "path": "5833763223d8d85b6fcb5fe90e821c77_118.wav", "duration": 6.48}, {"text": "Bob has really cleaned up our balance sheet with this infusion of cash and we have", "audio_length_s": 6.48, "path": "5833763223d8d85b6fcb5fe90e821c77_4.wav", "duration": 6.48}, {"text": "where patients experienced robust mean increases in total and contractile muscle volume", "audio_length_s": 6.48, "path": "070a939ddb72d87ed87e4b863da14a89_67.wav", "duration": 6.48}, {"text": "as people are looking to capitalize on something that could be nicely profitable over the next couple of years?", "audio_length_s": 6.48, "path": "8ad0d5b5df75415c56ba590cad29489a_105.wav", "duration": 6.48}, {"text": "So we will now turn it over to you to take questions. If I could ask you to ask for the mike,", "audio_length_s": 6.48, "path": "214dcdc435ef3259490466447858fa56_189.wav", "duration": 6.48}, {"text": "as well as the impact of curtailing certain businesses that weren't generating required minimum returns.", "audio_length_s": 6.48, "path": "569834a5cb8a33dfeac20dfa8e03afb3_3.wav", "duration": 6.48}, {"text": "to begin contributing to revenue growth in calendar 2018 and for many years to come.", "audio_length_s": 6.48, "path": "ab5b4ea5cd86e4f7deafe9814024fada_23.wav", "duration": 6.48}, {"text": "The change in methodology mostly affected how we recognize revenue associated with upticks for Executive Search contracts", "audio_length_s": 6.48, "path": "0d631e444d1c22f0be99a69f5deaff94_75.wav", "duration": 6.48}, {"text": "to kind of keep the beast moving every day. But on the same token,", "audio_length_s": 6.48, "path": "94fdf7b24748a7706b1097482a0f363a_93.wav", "duration": 6.48}, {"text": "people who want to use integrated circuit technology -- complex integrated circuit technology going forward.", "audio_length_s": 6.48, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_162.wav", "duration": 6.48}, {"text": "Yes, I think we've actually processed the last bit of ore that was scheduled to go through the mill this week.", "audio_length_s": 6.48, "path": "87bce6c4c7d972f51540cb0b27af5905_11.wav", "duration": 6.48}, {"text": "will be updated on a semiannual basis, starting in June of this year.", "audio_length_s": 6.48, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_153.wav", "duration": 6.48}, {"text": "be much more conservative on the projections and as we do quarter-to-quarter. But the", "audio_length_s": 6.48, "path": "232edaebd93a3d8673bce183d269ad6d_120.wav", "duration": 6.48}, {"text": "I can still remember in late 1998, asking Johnny what his real expectations were for the new bank.", "audio_length_s": 6.48, "path": "232edaebd93a3d8673bce183d269ad6d_7.wav", "duration": 6.48}, {"text": "through the second half of last year than we would have ideally liked by virtue of the fact that the market slowed.", "audio_length_s": 6.48, "path": "3bdb43dc1bcef6eff76f45efedb6a211_28.wav", "duration": 6.48}, {"text": "And the other thing I would point out is, this process is an ongoing and fluid process. And so the screening would be", "audio_length_s": 6.48, "path": "8cb24daf76784487ad63780546dc4ba4_226.wav", "duration": 6.48}, {"text": "and increasing engagement with tools like Connect, our social media platform embedded in our app.", "audio_length_s": 6.48, "path": "7e14890193df4b10e1eeab6ab886529f_74.wav", "duration": 6.48}, {"text": "is look at our underlying costs of that and look at the pieces that actually", "audio_length_s": 6.48, "path": "cb054f97c9550389265154e2994a520a_33.wav", "duration": 6.48}, {"text": "The increased usage of aluminum in automotive has been the primary driver behind our growth activities.", "audio_length_s": 6.48, "path": "67716cee321d117b0318930dd142f06a_71.wav", "duration": 6.48}, {"text": "because when we add up the credit card, the FX, the RevPAR and the units, it almost seems to point to something in the teens.", "audio_length_s": 6.48, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_292.wav", "duration": 6.48}, {"text": "but as this evolves, as I mentioned and you picked up and remembered well from the January 6 call, is", "audio_length_s": 6.48, "path": "04f29bc02d1e2ef65077ca67bf41f475_43.wav", "duration": 6.48}, {"text": "in the commercial space to be able to move into the professional high-production digital label printing market.", "audio_length_s": 6.48, "path": "e8a2a593282199ea052f788b8fead64b_45.wav", "duration": 6.48}, {"text": "what we saw in the -- what we reported in the quarter isn't terribly different from previous third quarters.", "audio_length_s": 6.48, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_96.wav", "duration": 6.48}, {"text": "and so more of the viewing that we're already measuring can be included in the so-called currency ratings.", "audio_length_s": 6.48, "path": "8b71a232d7fe61e6232807b635977c31_142.wav", "duration": 6.48}, {"text": "almost always take steps, especially with the digital parts of our portfolio, and Digital Content Ratings is no exception", "audio_length_s": 6.48, "path": "8b71a232d7fe61e6232807b635977c31_246.wav", "duration": 6.48}, {"text": "Our pipeline is already improving and we anticipate improving revenue as the year progresses.", "audio_length_s": 6.48, "path": "8bbc2f54137b794265dfb01f1559868d_154.wav", "duration": 6.48}, {"text": "and 5, the amortization of the beneficial conversion feature related to the preferred stock that is required by GAAP accounting.", "audio_length_s": 6.48, "path": "8bbc2f54137b794265dfb01f1559868d_113.wav", "duration": 6.48}, {"text": "planned functionality in a single platform. That platform is now starting to get adoption in some of our largest customers,", "audio_length_s": 6.48, "path": "78c85dc9a16f82b09d3a2363004e658d_90.wav", "duration": 6.48}, {"text": "Please let us know if you'd like to catch up when we're in your city. With that, thank you all for joining us today. I will now open it up", "audio_length_s": 6.48, "path": "257531d52c72d5d674cd4d8b04cc8e5b_23.wav", "duration": 6.48}, {"text": "So that's part of the reason. But we still feel very good about the growth and momentum in those businesses.", "audio_length_s": 6.48, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_66.wav", "duration": 6.48}, {"text": "as internal and external sales were delayed due to ongoing wet weather in the West.", "audio_length_s": 6.48, "path": "b34f680a9162805e0188170d6272a356_266.wav", "duration": 6.48}, {"text": "And so as you know, regulators are conservative people, they like to stick to the guidance.", "audio_length_s": 6.48, "path": "1f43e30e245ed30be41602d8423db99e_88.wav", "duration": 6.48}, {"text": "based on our history, we cannot rely only on indirect business.", "audio_length_s": 6.48, "path": "a4a85b87c36f3a8c723d6d0e87cba645_12.wav", "duration": 6.48}, {"text": "of products that are innovative and demonstrate value to the health care system.", "audio_length_s": 6.48, "path": "46906afb4e1ee1fef09b5908e76beefa_210.wav", "duration": 6.48}, {"text": "Some of that was spillover from items that we did not take delivery of from the fourth quarter. So", "audio_length_s": 6.48, "path": "66c9091ba849cdb6d64987642ced64d2_109.wav", "duration": 6.48}, {"text": "And as you've just heard, this is Claudia's last quarterly call, and I'd like to add my acknowledgment and thanks", "audio_length_s": 6.48, "path": "7503d7356c13f095c26bfad29c5390c6_94.wav", "duration": 6.48}, {"text": "We are excited about the strong earnings outlook for the second half of the year and look forward to providing additional updates in the next quarter.", "audio_length_s": 6.48, "path": "797946494c2985a20aa50823e8723c44_151.wav", "duration": 6.48}, {"text": "and we'll offer Sandd postal deliverers a job against PostNL terms", "audio_length_s": 6.48, "path": "fa45af64ef25007f998c655347bfbecb_278.wav", "duration": 6.48}, {"text": "Given we are years away from settling our tariffs or setting them for the electric distribution sector", "audio_length_s": 6.48, "path": "a212b77ae2b2452093665a4e179ed3a3_61.wav", "duration": 6.48}, {"text": "In addition and for the second straight year, PPL Electric posted its best year ever for safety.", "audio_length_s": 6.48, "path": "a212b77ae2b2452093665a4e179ed3a3_103.wav", "duration": 6.48}, {"text": "Can you just sort of like give us a little bit more color on what's driving that? Was it all sort of the incremental growth from the online booking tool?", "audio_length_s": 6.48, "path": "839852ec8452dbd90e9341d15cbba7c5_156.wav", "duration": 6.48}, {"text": "And we don't know at this point how many stores are actually capable of achieving that kind of incremental performance.", "audio_length_s": 6.48, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_70.wav", "duration": 6.48}, {"text": "significantly extend the maturity profile, achieve more favorable terms and increase the revolver commitments.", "audio_length_s": 6.48, "path": "4032bfdd59881fc6506c082737cb5a99_161.wav", "duration": 6.48}, {"text": "The industry there is experiencing a shortage of qualified staff, of construction material", "audio_length_s": 6.48, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_60.wav", "duration": 6.48}, {"text": "as I said on the call, we do believe that we can hold our NIM going forward for a couple of reasons. One is just", "audio_length_s": 6.48, "path": "257e4e92036da9582a8a288c88332ff3_81.wav", "duration": 6.48}, {"text": "during our last call, with the exception of a recent downward revision to our foundry outlook.", "audio_length_s": 6.48, "path": "f46ae0a04d60dea8a759f07333ed37e2_99.wav", "duration": 6.48}, {"text": "well, whether we're talking about Viewpoint or e-Builder, but across all the businesses we have in the construction technology space,", "audio_length_s": 6.48, "path": "0f4370b614f29bd596e4f6871cc77864_109.wav", "duration": 6.48}, {"text": "taking on the role of -- wanting to develop this market in a more serious way. Still, I will say", "audio_length_s": 6.48, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_85.wav", "duration": 6.48}, {"text": "Collectively, these facilities will provide Lakeland with the capability to nearly double existing manufacturing capacity", "audio_length_s": 6.48, "path": "a44c74bdc01aa7e317addc11f2274e11_152.wav", "duration": 6.48}, {"text": "Any significant variation from these key assumptions could cause our EBITDA to fall outside of the range provided.", "audio_length_s": 6.48, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_154.wav", "duration": 6.48}, {"text": "So Detsky Mir is a very strong brand which attract people. The second thing is", "audio_length_s": 6.48, "path": "e52e6870e8a04339ef969543fc0f0329_69.wav", "duration": 6.48}, {"text": "while expanding our GalXC technology platform into new disease areas and targets of interest.", "audio_length_s": 6.48, "path": "01ebdadb81d0e5a57270957c0cbe83fc_12.wav", "duration": 6.48}, {"text": "and he has brought a lot of organization skill to the business already, having only been with us a few months.", "audio_length_s": 6.48, "path": "9c1272d9d120c5bfafd6e6b566f89b62_88.wav", "duration": 6.48}, {"text": "And then when the technology is completely rewritten onto the one platform that you want?", "audio_length_s": 6.48, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_117.wav", "duration": 6.48}, {"text": "We are currently in the process of negotiating terms and conditions, and we expect to have the new facility in place soon.", "audio_length_s": 6.48, "path": "bda4b365d7a8386d5d2e6b4575d08a57_97.wav", "duration": 6.48}, {"text": "Well, what we have done here is we've made a concerted effort to say that within a", "audio_length_s": 6.48, "path": "1ddc944827b99caf8c7867ceeed0ec20_23.wav", "duration": 6.48}, {"text": "I would also like to remind everyone that we believe the net impact on Aratana from this transfer is minor,", "audio_length_s": 6.48, "path": "49a78c1ec143d9ac46e893e77198c0e3_67.wav", "duration": 6.48}, {"text": "be repeated in the next period as it was done in this quarter.", "audio_length_s": 6.48, "path": "a4983a3522c8b0584978fc298fefbe8e_19.wav", "duration": 6.48}, {"text": "Are these similar in size to what you recently announced? Any color on that would be helpful.", "audio_length_s": 6.48, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_25.wav", "duration": 6.48}, {"text": "Today, we're a diversified global asset manager that covers all major markets and sectors.", "audio_length_s": 6.48, "path": "b8cbc11bbdc49ca206588e2a99b0f733_80.wav", "duration": 6.48}, {"text": "We have a variety of different kinds of assets in that,", "audio_length_s": 6.48, "path": "08ed60a546bd48af9db028c4e3c8af26_139.wav", "duration": 6.48}, {"text": "and maybe you saw it while you were there, we did see some areas of dilution that crept in on us,", "audio_length_s": 6.48, "path": "e5040d02fba73a359d3f7cb346517ce1_151.wav", "duration": 6.48}, {"text": "the areas that we bought these in were areas that we specifically had a lot of data", "audio_length_s": 6.48, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_116.wav", "duration": 6.48}, {"text": "if I look at the mortgage book, isn't the main driver of the margin expansion in mortgages just", "audio_length_s": 6.48, "path": "6b3df032b804a1a371d25e1eef019c4a_90.wav", "duration": 6.48}, {"text": "As this is my last earnings call, I do have a few additional comments that I'd like to make.", "audio_length_s": 6.48, "path": "a02b735de681c682fbb8025edecca271_70.wav", "duration": 6.48}, {"text": "Net loss on investments for the second quarter included valuation losses on distressed mortgage loans", "audio_length_s": 6.48, "path": "567a41009710fa1568bb8125213bf9eb_99.wav", "duration": 6.48}, {"text": "And what I mean by that is, if the customer is using a different payment", "audio_length_s": 6.48, "path": "29426a77336443eedde7eaa29e9c2852_138.wav", "duration": 6.48}, {"text": "to ensure that citizens are able to seamlessly access critical government programs and services.", "audio_length_s": 6.48, "path": "b94d748876ddf8e881d4191dec45baf3_16.wav", "duration": 6.48}, {"text": "all the stakeholders understand that we understand the market and that we're going to address the market being there. So", "audio_length_s": 6.48, "path": "1968062b387ef01efed18108be2dc264_98.wav", "duration": 6.48}, {"text": "So, Aditya, it's very difficult to say that. As I said earlier that it depends upon what contracts you win and how do you execute them,", "audio_length_s": 6.48, "path": "98dd38fe77c24da55bc482b504ae3cc3_25.wav", "duration": 6.48}, {"text": "Before we proceed with our presentation, please kindly read the disclaimer", "audio_length_s": 6.48, "path": "e271ed845347e9c930ab0a44eb7785da_29.wav", "duration": 6.48}, {"text": "I believe this consistent approach to growth, productivity and cash will drive better value creation,", "audio_length_s": 6.48, "path": "c3567809c19ce6a800677544cd84f88b_28.wav", "duration": 6.48}, {"text": "highlighting our ability to prudently manage credit risk as we open new stores.", "audio_length_s": 6.48, "path": "e6c0fa1068c28557c3e17e0d02b831b1_51.wav", "duration": 6.48}, {"text": "This is where our ecosystem of devices, software and users, now powered by AI, will be a game changer.", "audio_length_s": 6.48, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_126.wav", "duration": 6.48}, {"text": "in other areas in order to strengthen our product offering to these types of customers.", "audio_length_s": 6.48, "path": "f7df5ecab61eca575f169a8298318eca_15.wav", "duration": 6.48}, {"text": "For anyone who has not had the chance to review our results, we issued a press release after the close of trading today,", "audio_length_s": 6.48, "path": "e78997e6a75a2243292b2b54750bb3cb_126.wav", "duration": 6.48}, {"text": "Well, we think we can be a strong regional player. And we're going to a regional show next month in April", "audio_length_s": 6.48, "path": "f77935c4693e4d33252c9c76993e9c8b_141.wav", "duration": 6.48}, {"text": "Obviously, we have a very large customer in that space, and we have other large customers as well that have the potential", "audio_length_s": 6.48, "path": "9098e5640309f25da0d4dfa04789a36f_103.wav", "duration": 6.48}, {"text": "mobile crushing and also the different parts of crushing? How those are performing relative to when you took over?", "audio_length_s": 6.48, "path": "3d278a2ed905799fa07e009f431603e1_31.wav", "duration": 6.48}, {"text": "The one -- and I'll just share with you the way that we look at it and -- is that", "audio_length_s": 6.48, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_223.wav", "duration": 6.48}, {"text": "So the simple point, Rob, is don't forget that we are growing essentially in line with our categories", "audio_length_s": 6.48, "path": "9b697782ea80be97854f35d6fc62c93a_249.wav", "duration": 6.48}, {"text": "Russia grew high teens for the year, driven by strong growth across all categories", "audio_length_s": 6.48, "path": "9b697782ea80be97854f35d6fc62c93a_203.wav", "duration": 6.48}, {"text": "the sale development was slightly negative year-on-year in a still challenging market.", "audio_length_s": 6.48, "path": "9aeced6a84c2436e62dd21d1441d0bb4_158.wav", "duration": 6.48}, {"text": "so much of your business now seems to be more project-oriented? And", "audio_length_s": 6.48, "path": "fb817a6cc685a3fd0f003456dd641c01_202.wav", "duration": 6.48}, {"text": "as our Grayling mill returned to full production following a press replacement that was completed in late October.", "audio_length_s": 6.48, "path": "735a523f1ef6500b7aa97a2536d9c4fd_193.wav", "duration": 6.48}, {"text": "And The Commercial Appeal in Memphis won first place in explanatory reporting for daily newspapers", "audio_length_s": 6.48, "path": "059024560d9d1039cf08746ee7393114_92.wav", "duration": 6.48}, {"text": "And so I think we have every reason to believe that when you marry that with the D code that we will see", "audio_length_s": 6.48, "path": "450a5dc6eb19b82da8dfc68127f6e79d_100.wav", "duration": 6.48}, {"text": "All financial references on this call will be on a non-GAAP continuing operations basis, unless otherwise indicated.", "audio_length_s": 6.48, "path": "61a1812ea55a4d676119b4f3d7cd6c10_105.wav", "duration": 6.48}, {"text": "Our omnichannel ecosystem is a strategic weapon as it drives much stronger customer engagement.", "audio_length_s": 6.48, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_84.wav", "duration": 6.48}, {"text": "some of your findings from preclinical studies that give you confidence that 253 has a safe therapeutic window.", "audio_length_s": 6.48, "path": "8c1b4f4af2af2847a240041390e31399_152.wav", "duration": 6.48}, {"text": "It was one thing when we met with regulars in other jurisdictions where a short seller was making allegations about the company.", "audio_length_s": 6.48, "path": "94f913b974baab79fb636f6521170dd7_64.wav", "duration": 6.48}, {"text": "We have available capacity within Q2 and we could have chosen to produce those orders.", "audio_length_s": 6.48, "path": "9ec35a7809acb51486076e302028ba33_102.wav", "duration": 6.48}, {"text": "it's -- it was just a really good quarter. It was a nice mix of the 3 buckets of", "audio_length_s": 6.48, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_183.wav", "duration": 6.48}, {"text": "methodology that we go through. Whenever we have a need for a solution that our customers are looking for,", "audio_length_s": 6.48, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_42.wav", "duration": 6.48}, {"text": "The fluctuations in our working capital between periods were primarily related to the timing of collections from clients", "audio_length_s": 6.48, "path": "0dec9a606303da3039d11eec4ec9bd86_77.wav", "duration": 6.48}, {"text": "the LNG business continues to be down towards the bottom. And so we don't see a lot of change in either one of those.", "audio_length_s": 6.48, "path": "e33785a294553de2a12d4463bf786744_192.wav", "duration": 6.48}, {"text": "in delivering another strong quarter of results in safety and financial performance.", "audio_length_s": 6.48, "path": "e33785a294553de2a12d4463bf786744_104.wav", "duration": 6.48}, {"text": "I would like to stress that the fact that we are cautious", "audio_length_s": 6.48, "path": "e33785a294553de2a12d4463bf786744_102.wav", "duration": 6.48}, {"text": "we don't seem to have those same issues in our tolerability profile. So from both", "audio_length_s": 6.48, "path": "c36ef43210d40b0d1ad8f2acc597c76b_103.wav", "duration": 6.48}, {"text": "Before handing the call over to Pam for a walk-through of the financials, I'll provide an operational update.", "audio_length_s": 6.48, "path": "1438feb8661785c9d0182f4adfc439f0_28.wav", "duration": 6.48}, {"text": "wasn't beyond the wit of man to assume at some point they are going to put those bundles together, and we have done the same thing with great success.", "audio_length_s": 6.48, "path": "0fa398ef99a7a936fc1e509dacaaadde_106.wav", "duration": 6.48}, {"text": "and this is an important point, this is not just a cost-cutting exercise. And I think we've seen or you are likely to see", "audio_length_s": 6.48, "path": "0fa398ef99a7a936fc1e509dacaaadde_210.wav", "duration": 6.48}, {"text": "We expect these and other investments such as CombiPlex and our ImmunoGen collaboration to drive further value over time.", "audio_length_s": 6.48, "path": "299bad77345d2e44fa5768f4416f7b97_84.wav", "duration": 6.48}, {"text": "cost savings and modestly higher capacity utilization in the fourth quarter.", "audio_length_s": 6.48, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_112.wav", "duration": 6.48}, {"text": "But I think the most impactful for us has been the number of people being driven to that", "audio_length_s": 6.48, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_173.wav", "duration": 6.48}, {"text": "while the other one is still moving ahead on track, and we hope to close that bit in the March-April time frame.", "audio_length_s": 6.48, "path": "382e3c8eda678694c6368e00f19c8881_47.wav", "duration": 6.48}, {"text": "Wouldn't you think that with the strides you're making and given that cardiac and stroke are so closely related", "audio_length_s": 6.48, "path": "b126c31149f1cadf1d891082a187d6fc_219.wav", "duration": 6.48}, {"text": "to be as secure as they should. So we need to look at that, all of us,", "audio_length_s": 6.48, "path": "1862ee2f84dc77a40dde64b34f3ab94e_100.wav", "duration": 6.48}, {"text": "So we got impacted by that. That's actually back online, so it will not have as big of impact in the third.", "audio_length_s": 6.48, "path": "812d8f09b72b4d410d138d3b24caebbc_22.wav", "duration": 6.48}, {"text": "that they need to have a little bit more courage, Europe included, to start to drive through these structural reforms.", "audio_length_s": 6.48, "path": "e35fae1d3df1f7aeda409f90f200ec7b_170.wav", "duration": 6.48}, {"text": "Before I discuss Wabash National specific expectations for the first quarter", "audio_length_s": 6.48, "path": "64364105b816dd0b6a029e9cd210e65b_219.wav", "duration": 6.48}, {"text": "is offsetting these factors? And could you also just talk about what's driving the range in the guidance?", "audio_length_s": 6.48, "path": "24a133abc343c813233d416b0cef96cd_142.wav", "duration": 6.48}, {"text": "If you turn to Slide 5, I'll review the quarter financials in more detail.", "audio_length_s": 6.48, "path": "95303f68781d6fb58e19ec1dc7785a7c_62.wav", "duration": 6.48}, {"text": "So I would say there are some variances by market, but some of it is caused by us and where we're buying homes and adding more volume to our portfolio.", "audio_length_s": 6.48, "path": "692de133aab90ff6681b2c45b433b32b_193.wav", "duration": 6.48}, {"text": "that will be paid to Tricon, and that will offset some of this early stage incremental overhead. So", "audio_length_s": 6.48, "path": "692de133aab90ff6681b2c45b433b32b_138.wav", "duration": 6.48}, {"text": "With respect to private label in frozen over time, here's how I think about that.", "audio_length_s": 6.48, "path": "b0d88c0f1efca89ecb928172341dc75d_75.wav", "duration": 6.48}, {"text": "One was getting energy ready for what we'll call stabilization and kind of upturn, and I think", "audio_length_s": 6.48, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_95.wav", "duration": 6.48}, {"text": "or employees and internal and external workforce, I should say. We have actually substituted", "audio_length_s": 6.48, "path": "323193895e800e72960d98dd5fb64cf5_59.wav", "duration": 6.48}, {"text": "in our projections along with the improvements we'll see in our cost model. So that gives us confidence there's", "audio_length_s": 6.48, "path": "1d021dfadd51998ac079e1df49929c60_63.wav", "duration": 6.48}, {"text": "in taking the necessary steps to ensure our businesses adjust to fluctuations in demand.", "audio_length_s": 6.48, "path": "711d9abe4399e7184d7dd8e3273f8a71_4.wav", "duration": 6.48}, {"text": "Looking beyond our strong financial results, we believe the company is well positioned for continued success.", "audio_length_s": 6.48, "path": "9a33a60ff30e5b8a3e106c2204e3300a_19.wav", "duration": 6.48}, {"text": "So we see that we have these continued capital opportunities and feel great about that. But overall,", "audio_length_s": 6.48, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_42.wav", "duration": 6.48}, {"text": "Our catering-only revenues from the provision of catering and housekeeping services without associated bed rentals", "audio_length_s": 6.48, "path": "3d0f5785f81125b6efa2339a4aef56aa_58.wav", "duration": 6.48}, {"text": "We believe this is a firm indication that by combining our Discovery and Safety Assessment businesses", "audio_length_s": 6.48, "path": "50eb350badadec6e4272b90684741c25_89.wav", "duration": 6.48}, {"text": "These statements are based on management's beliefs and assumptions, current expectations, estimates and forecasts.", "audio_length_s": 6.48, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_46.wav", "duration": 6.48}, {"text": "and the approval of an RF device in Japan, which will provide a very positive boost to the end of the year.", "audio_length_s": 6.48, "path": "62658bb0c3307b2b10e3668b8df73b0d_75.wav", "duration": 6.48}, {"text": "some repair procedures, and that will be another area of analysis for us going forward", "audio_length_s": 6.48, "path": "4d7256bec87696f6c5defa8f37db1b48_22.wav", "duration": 6.48}, {"text": "We also hired a gentleman who was with Graystone Consulting, and acted as a very high level PM", "audio_length_s": 6.48, "path": "32283c24ad18239efb166db8422560b2_143.wav", "duration": 6.48}, {"text": "And we are continuously looking for ways to bolster our programming and grow our audiences and deepen their engagement.", "audio_length_s": 6.48, "path": "b49c3cda0bcd26bab06abdd492274a3e_58.wav", "duration": 6.48}, {"text": "much more specific guidance at our Investor Day on June 7. It's -- we think it's really important", "audio_length_s": 6.48, "path": "7bac04f03928ee8894ab00007116400b_105.wav", "duration": 6.48}, {"text": "We look forward to keeping you updated as we execute our strategy during the balance of 2017 and beyond.", "audio_length_s": 6.48, "path": "85edb0a846d9e1cfa542b893eed4a0f3_43.wav", "duration": 6.48}, {"text": "All transactions are subject to market and other conditions as well as requisite approvals.", "audio_length_s": 6.48, "path": "1096d26129c469524041c969a684f8ae_118.wav", "duration": 6.48}, {"text": "and I guess new construction perhaps in the balance at the moment in the larger projects. But as you see those opportunities, I think,", "audio_length_s": 6.48, "path": "7a80c3e91e5a2693cdaef5f716808317_44.wav", "duration": 6.48}, {"text": "prior to getting the full final solution set. A few of these key elements that we deem priority", "audio_length_s": 6.48, "path": "7a80c3e91e5a2693cdaef5f716808317_30.wav", "duration": 6.48}, {"text": "that shows the metal price going back to 2016. And you can see it's been steadily increasing", "audio_length_s": 6.48, "path": "24a2aec67e247f9c4d4cc89d6dbab525_123.wav", "duration": 6.48}, {"text": "could have their holdings redeemed for Class A shares, which are listed and traded on the NYSE. As", "audio_length_s": 6.48, "path": "b35398859e534e471fb1cd60f5baac20_27.wav", "duration": 6.48}, {"text": "so that they may be leased to larger, better credit tenants at higher rents.", "audio_length_s": 6.48, "path": "b35398859e534e471fb1cd60f5baac20_200.wav", "duration": 6.48}, {"text": "it has not been as robust as we've seen in 2015, but it's been fairly steady.", "audio_length_s": 6.48, "path": "0b7afb66a39a4c81151309bacc830c60_119.wav", "duration": 6.48}, {"text": "kind of, the transition or the progress there, and what the opportunity is with this account longer term?", "audio_length_s": 6.48, "path": "19bfb8daeb6e43d59415df478017d5c3_54.wav", "duration": 6.48}, {"text": "Having said that, in light of the company's efforts over the years, in terms of the new business like the battery business", "audio_length_s": 6.48, "path": "cd94f09ed5b897feb733def490ba4630_57.wav", "duration": 6.48}, {"text": "Excluding the adverse effect of the South African taxes, the normalized tax rate for the group", "audio_length_s": 6.48, "path": "9b84dc4409f4ecccd173c2f81a4460cc_202.wav", "duration": 6.48}, {"text": "the limitations of certain industry and market data included in the presentation and the use of non-GAAP financial measures.", "audio_length_s": 6.48, "path": "16c235a53fc719ec92ef3b3c3b371150_78.wav", "duration": 6.48}, {"text": "And so we are positioned to be able to gain share and continue to accelerate our positioning", "audio_length_s": 6.48, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_182.wav", "duration": 6.48}, {"text": "while excluding the aforementioned revaluation gain and transaction fees and expenses.", "audio_length_s": 6.48, "path": "19e7822c0e829faf25355c16b830cf39_65.wav", "duration": 6.48}, {"text": "merchandising, manufacturing and technology, was also a major focus of the convention.", "audio_length_s": 6.48, "path": "47546a57a865bca0f4e677dc3b485053_63.wav", "duration": 6.48}, {"text": "Partially offsetting these gains was a realized loss related to the restructuring of a middle market investment.", "audio_length_s": 6.4799375, "path": "6318dda27b3e36d76533c048c64a3014_147.wav", "duration": 6.4799375}, {"text": "No one should assume that these forward-looking statements remain valid later in the quarter or later in the year.", "audio_length_s": 6.4500625, "path": "8957425799e5ce0200bfacf204d0acde_57.wav", "duration": 6.4500625}, {"text": "The document may be found on the company's website under Investor Center as well as on the SEC website.", "audio_length_s": 6.4500625, "path": "81c03e2c15e8fe8213fbd40368b49581_32.wav", "duration": 6.4500625}, {"text": "I am sure that we made the right decision and that we are choosing the right leader for the company.", "audio_length_s": 6.4500625, "path": "e3d039c554f5cc556071f83c93609e76_26.wav", "duration": 6.4500625}, {"text": "in all these different business lines. We acquire clients more cost effectively than our competitors", "audio_length_s": 6.45, "path": "92b48b365197c65ebf545a4c9dd1200d_74.wav", "duration": 6.45}, {"text": "As you see from this quarter's results, however, we are back on track and clearly moving in the right direction.", "audio_length_s": 6.45, "path": "a20052a04bcb5b7b8d242a21c859550d_106.wav", "duration": 6.45}, {"text": "We are currently constructing a new latex balloon production machine at our facility in Mexico,", "audio_length_s": 6.45, "path": "48954c357d5ad754c29ea1c28dbdad2a_11.wav", "duration": 6.45}, {"text": "Actual improvements will be realized in improved adjusted operating income.", "audio_length_s": 6.45, "path": "94fdf7b24748a7706b1097482a0f363a_131.wav", "duration": 6.45}, {"text": "If we think about Q4, we saw particularly strong consumption and sales in the core lip care", "audio_length_s": 6.45, "path": "d28b2b09c127b5be033738aa3cd380b3_220.wav", "duration": 6.45}, {"text": "is in the process of being migrated to a virtual private cloud environment utilizing cloud data services.", "audio_length_s": 6.45, "path": "0755f4b74dda585f3975c7d8208b1598_267.wav", "duration": 6.45}, {"text": "maybe one question for Brian. Just on the fees that were in the service charges, kind of the exit fees, Brian, how much was", "audio_length_s": 6.45, "path": "232edaebd93a3d8673bce183d269ad6d_136.wav", "duration": 6.45}, {"text": "week was the first phase, which is a parkade and some renovations to the interior. We've got other phases to go.", "audio_length_s": 6.45, "path": "6b45877b719000e47adfd1ec118c376a_55.wav", "duration": 6.45}, {"text": "So let me answer very specifically and then maybe Dominic wants to talk more generally about the", "audio_length_s": 6.45, "path": "13220986bf30f26076a674e2a9edc89c_95.wav", "duration": 6.45}, {"text": "It has been proven time and again that an engaged workforce delivers better results.", "audio_length_s": 6.45, "path": "d70a57dd52d0e4cf86a6225dca186bc2_90.wav", "duration": 6.45}, {"text": "Not every company can claim it deeply impacts the lives of millions. We can.", "audio_length_s": 6.45, "path": "7e14890193df4b10e1eeab6ab886529f_37.wav", "duration": 6.45}, {"text": "which just means that the monitoring dimension, the risk management dimension, the appraisal dimension", "audio_length_s": 6.45, "path": "e824f4380f8203a1e3ed60e7da1e39e5_81.wav", "duration": 6.45}, {"text": "We also had higher system sales in the quarter related to the opening of the Wynn Macau.", "audio_length_s": 6.45, "path": "123a9a590195f61aa739ee9b2dec4952_66.wav", "duration": 6.45}, {"text": "I will now hand the call over to Jim, to comment further on our operations and market conditions.", "audio_length_s": 6.45, "path": "67716cee321d117b0318930dd142f06a_70.wav", "duration": 6.45}, {"text": "which is a primary mechanism for transporting and delivering refined products", "audio_length_s": 6.45, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_110.wav", "duration": 6.45}, {"text": "the hard work to reduce our costs and to improve margins as we go forward.", "audio_length_s": 6.45, "path": "14f3d2486b21e639a953afb7ad03d90c_71.wav", "duration": 6.45}, {"text": "I think -- I don't -- I wouldn't expect huge differences in what we're doing, but I think we're looking forward to", "audio_length_s": 6.45, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_8.wav", "duration": 6.45}, {"text": "We will provide weldments and precision machining capabilities to the Korean equipment suppliers", "audio_length_s": 6.45, "path": "c4dc8f962a85aa47af50f82845f550e2_99.wav", "duration": 6.45}, {"text": "actually there will be -- we really can't predict right know if there will be", "audio_length_s": 6.45, "path": "d085781ecd776da8a9c4d31ad547606b_140.wav", "duration": 6.45}, {"text": "The seasonal sequential decline in our wireless segment was less than expected", "audio_length_s": 6.45, "path": "9e937c87ad87f354d42a688156853a30_53.wav", "duration": 6.45}, {"text": "Our acquisition pipeline is very active and provides avenues for both healthy diversification and growth.", "audio_length_s": 6.45, "path": "145244b0378e6657d456cffca8bbc982_83.wav", "duration": 6.45}, {"text": "I will conclude with an update on our guidance, reaffirming our previously established outlook.", "audio_length_s": 6.45, "path": "145244b0378e6657d456cffca8bbc982_8.wav", "duration": 6.45}, {"text": "Thank you, again, for your interest and support. And we look forward to updating you on our progress soon.", "audio_length_s": 6.45, "path": "6f2c2a55736c5c47a19eca807ec60e33_16.wav", "duration": 6.45}, {"text": "when there will be a decision of ACM and when the decision will not change from what we see", "audio_length_s": 6.45, "path": "fa45af64ef25007f998c655347bfbecb_179.wav", "duration": 6.45}, {"text": "The second important announcement of Jay's speech was Meritor identifying Peterbilt", "audio_length_s": 6.45, "path": "392ca3d1e388c6d7a35f6d0db390c359_127.wav", "duration": 6.45}, {"text": "I'm not sure I can give you a much more specific answer than that. We're looking every day and finding those opportunities. We will make some headway this coming year on", "audio_length_s": 6.45, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_23.wav", "duration": 6.45}, {"text": "This is providing us with a strong foundation from which we can generate consistent growth.", "audio_length_s": 6.45, "path": "1b1699497be56330b3ed833f22bc63f6_8.wav", "duration": 6.45}, {"text": "the matrix management of expenses is working quite well.", "audio_length_s": 6.45, "path": "cc82e791c065bdc271addf355bac274f_147.wav", "duration": 6.45}, {"text": "I would now like to ask Rob to discuss the summary financial results for the third quarter.", "audio_length_s": 6.45, "path": "257e4e92036da9582a8a288c88332ff3_58.wav", "duration": 6.45}, {"text": "And the ultimate impact on our in-service date is ultimately going to depend on the final conditions that we receive in May.", "audio_length_s": 6.45, "path": "2ad9555a64eaa3f45bef5581adeecb9c_112.wav", "duration": 6.45}, {"text": "there is no question that we're going to have to start settling and collecting that cash,", "audio_length_s": 6.45, "path": "a965bbd76f3d449c86e8c27d03ac192f_172.wav", "duration": 6.45}, {"text": "We have a relentless focus on reducing costs and improving efficiency across the business.", "audio_length_s": 6.45, "path": "6e3037e770ba5e0dfc98e3223986aad2_15.wav", "duration": 6.45}, {"text": "due to a variety of factors. We refer you to Marlin's recent filings with the SEC for more detailed discussions", "audio_length_s": 6.45, "path": "bda4b365d7a8386d5d2e6b4575d08a57_132.wav", "duration": 6.45}, {"text": "and so this is something that's really just a trace element, has a limited impact on", "audio_length_s": 6.45, "path": "38b2f94da12bbf2d32246763aab8265a_10.wav", "duration": 6.45}, {"text": "Market awareness continues to build and Privileged Account Security is often among the top priorities in enterprise security.", "audio_length_s": 6.45, "path": "b2d6357f46f3a82cff6625277f9a20f6_103.wav", "duration": 6.45}, {"text": "With the acquisition of Conjur, we have significantly expanded our offering with advanced security and management capabilities,", "audio_length_s": 6.45, "path": "b2d6357f46f3a82cff6625277f9a20f6_113.wav", "duration": 6.45}, {"text": "For the full year, we grew in all of our major commercial regions and grew in all of our major end markets as well.", "audio_length_s": 6.45, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_161.wav", "duration": 6.45}, {"text": "When we acquired that company, we quickly identified the talent that exists in that group that", "audio_length_s": 6.45, "path": "bab12f620df0f367e74acdcc467686f1_88.wav", "duration": 6.45}, {"text": "if the right things come along. Are we at the right point in the cycle for you to be making acquisitions? And are there things available?", "audio_length_s": 6.45, "path": "40e11288ea7cb86fdf307dbe648142e3_131.wav", "duration": 6.45}, {"text": "to store layouts, vendor matrix and improving the overall customer experience.", "audio_length_s": 6.45, "path": "65b48a7260ef038ff1bec3cc200331c3_122.wav", "duration": 6.45}, {"text": "The other area I'd highlight there is that saks.com remains one of the most exciting Internet sites that I've seen", "audio_length_s": 6.45, "path": "65b48a7260ef038ff1bec3cc200331c3_151.wav", "duration": 6.45}, {"text": "expect to grow our pretax income, you should see the effective tax rate trend downwards.", "audio_length_s": 6.45, "path": "30e94343ee663488872ae176b419a163_25.wav", "duration": 6.45}, {"text": "In addition, today's press release and supplementary financial data tables have been posted to our website.", "audio_length_s": 6.45, "path": "58ff8a727ec4f3859407b64f08246759_187.wav", "duration": 6.45}, {"text": "The return on investments for areas A and B is definitely in the high", "audio_length_s": 6.45, "path": "23417803b1a8115806b8e604b8b2bb83_63.wav", "duration": 6.45}, {"text": "the rest of the business is broadly in neutral flows, which is", "audio_length_s": 6.45, "path": "be8b554309f7632bc9ebbd967764001e_7.wav", "duration": 6.45}, {"text": "I think it's early on because remember, we didn't actually implement the change until November. So", "audio_length_s": 6.45, "path": "8a77ceadd7e4729abc9102d38be3a227_196.wav", "duration": 6.45}, {"text": "The program will extend beyond this as we take it to further countries and deeper into our supply chain.", "audio_length_s": 6.45, "path": "47b1a118c53956b23f1d687a75f3e5ba_183.wav", "duration": 6.45}, {"text": "That business is doing very, very well for us. And the tea business is actually also consistently improving.", "audio_length_s": 6.45, "path": "47b1a118c53956b23f1d687a75f3e5ba_121.wav", "duration": 6.45}, {"text": "We want more people to be directly linked to the results in the marketplace and being held accountable for that.", "audio_length_s": 6.45, "path": "47b1a118c53956b23f1d687a75f3e5ba_53.wav", "duration": 6.45}, {"text": "with an average maturity of bonds longer than 7 years.", "audio_length_s": 6.45, "path": "d8eb5522db0e51d75ea6518462954c52_87.wav", "duration": 6.45}, {"text": "We're pleased to be in a position to commence a regular dividend, which I believe underscores the confidence", "audio_length_s": 6.45, "path": "dd28a387ccc9575df47840b850647c7f_72.wav", "duration": 6.45}, {"text": "The program is not mandated by law and also requires a referral from a general practitioner.", "audio_length_s": 6.45, "path": "b94d748876ddf8e881d4191dec45baf3_202.wav", "duration": 6.45}, {"text": "The financial impact from the HAAS contract modifications had an immediate pickup", "audio_length_s": 6.45, "path": "b94d748876ddf8e881d4191dec45baf3_187.wav", "duration": 6.45}, {"text": "So we're pleased with the improvements that we've seen in productivity as more of our employees have graduated and become accredited.", "audio_length_s": 6.45, "path": "b94d748876ddf8e881d4191dec45baf3_98.wav", "duration": 6.45}, {"text": "and was appointed CFO for the group in February this year.", "audio_length_s": 6.45, "path": "f330a0aa0ab658fcd59051ffb22f14de_54.wav", "duration": 6.45}, {"text": "in the state prison system that has been developed because of inmate population growth over the last year.", "audio_length_s": 6.45, "path": "c5c7a9f409241412b160a93cde7ef630_62.wav", "duration": 6.45}, {"text": "The transfer price from Japan is determined through APA, advance pricing arrangement", "audio_length_s": 6.45, "path": "58d5f604300a30c0c5bd9aa57d207478_107.wav", "duration": 6.45}, {"text": "if you just do a fourth quarter to fourth quarter comparison, I can't give you a better", "audio_length_s": 6.45, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_12.wav", "duration": 6.45}, {"text": "or do you envision them having a positive effect on your end markets going forward, either the consolidation of the industries", "audio_length_s": 6.45, "path": "505ccbd6e857cad05a179a5ed5419d1b_40.wav", "duration": 6.45}, {"text": "is going. Tanja will start with an extensive review of our talent function as geographically deployed.", "audio_length_s": 6.45, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_127.wav", "duration": 6.45}, {"text": "The increase for 2015 is primarily driven by the lower depreciation expense from the asset life extension.", "audio_length_s": 6.45, "path": "526e0d5398a516831b49936c31a8ea1c_25.wav", "duration": 6.45}, {"text": "We will continue to monitor the business environment and costs closely while investing for future growth.", "audio_length_s": 6.45, "path": "bb2ca5b87982b2388d82cd64a73f08cf_7.wav", "duration": 6.45}, {"text": "We will maximize the use of Haneda and Narita as we aim to complete our dual hub model.", "audio_length_s": 6.45, "path": "b0b83ac66a31c5096a75bb1927c557e2_38.wav", "duration": 6.45}, {"text": "So it's become a major part of our business. And when people think of Industrial, you think of all these kind of small", "audio_length_s": 6.45, "path": "051c23cc7bacc5c9df9312ac0fd431a9_97.wav", "duration": 6.45}, {"text": "Well, I'll start off and then see if Jack wants to add anything. But when we think about the use of cash,", "audio_length_s": 6.45, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_268.wav", "duration": 6.45}, {"text": "for share-based awards for accounting and tax purposes are recognized upon vesting or settlement", "audio_length_s": 6.45, "path": "b43c001c5af465d220ab0b69a95202ae_75.wav", "duration": 6.45}, {"text": "over the long term. There are number of strategic benefits which results from this transition.", "audio_length_s": 6.45, "path": "915bdcf0edfec49b928ca4010cbb40ca_82.wav", "duration": 6.45}, {"text": "that would have probably had an impact on how our yields were for gasoline.", "audio_length_s": 6.45, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_60.wav", "duration": 6.45}, {"text": "I would first like to refer to the advisory regarding forward-looking statements contained in today's news release.", "audio_length_s": 6.45, "path": "ea7f210b3c08271afbdb6d434b8394e9_28.wav", "duration": 6.45}, {"text": "This sales level was slightly lower than plan, but the product mix was somewhat stronger,", "audio_length_s": 6.45, "path": "9e8690a521142359001a137074905535_107.wav", "duration": 6.45}, {"text": "Another very important key aspect is yields.", "audio_length_s": 6.45, "path": "48f4f350c0636fa0c7acf339cfccb869_14.wav", "duration": 6.45}, {"text": "or how the business will perform as we look forward to next year, extent this sort of volatility continues?", "audio_length_s": 6.45, "path": "1fd097fa0bd05da0e7af03521e23bc68_63.wav", "duration": 6.45}, {"text": "does it mean that you'll have to eventually sell them off? And if yes, then have you already started the process?", "audio_length_s": 6.45, "path": "da34a7b460e520db0401de3ce860187c_44.wav", "duration": 6.45}, {"text": "and general rental markets as a result of lower capital spending caused by the substantial decline in energy prices.", "audio_length_s": 6.45, "path": "82f5253b62614161333b038f5f9700f8_171.wav", "duration": 6.45}, {"text": "We have an idea of the type of -- where we want to be in terms of our digital audience.", "audio_length_s": 6.45, "path": "059024560d9d1039cf08746ee7393114_38.wav", "duration": 6.45}, {"text": "Last month, new research was published representing the most current analysis of national trends in opioid prescribing.", "audio_length_s": 6.45, "path": "450a5dc6eb19b82da8dfc68127f6e79d_74.wav", "duration": 6.45}, {"text": "In the case of Brio Gold, we took a strategic decision to focus on improving the quality of operations.", "audio_length_s": 6.45, "path": "369789f0d39dbf62298be2aa807ff8ee_120.wav", "duration": 6.45}, {"text": "increasing levels of competition, and heightening innovation levels, as well as consumers and businesses", "audio_length_s": 6.45, "path": "dffe8257f781608bb17bb637249e4d2a_124.wav", "duration": 6.45}, {"text": "All of which has driven a significant increase in sales and profits versus prior year for these stores.", "audio_length_s": 6.45, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_158.wav", "duration": 6.45}, {"text": "If franchisees don't make money in a franchise restaurant business, no one wins.", "audio_length_s": 6.45, "path": "416ebb7a4160f7cd2f98361cbd1cb769_160.wav", "duration": 6.45}, {"text": "have known our organic growth has been relatively anemic. We've been trying to bring some focus to that,", "audio_length_s": 6.45, "path": "189b20e7b975130ca5abd0e419e54908_158.wav", "duration": 6.45}, {"text": "Given our second half earnings and cash flow expectation, the group has surplus capital.", "audio_length_s": 6.45, "path": "01f88a67f39af3a74d5f23b095615d39_109.wav", "duration": 6.45}, {"text": "Okay. Can you expand a little bit on what programs or products are driving that strength?", "audio_length_s": 6.45, "path": "1689b94530eca82b7758c86b4cf3125f_88.wav", "duration": 6.45}, {"text": "Thank you, Kevin. We are sincerely grateful for all that you've done since joining the Cable ONE family.", "audio_length_s": 6.45, "path": "1689b94530eca82b7758c86b4cf3125f_98.wav", "duration": 6.45}, {"text": "primarily to fund general and administrative expenses and for research and development.", "audio_length_s": 6.45, "path": "77d2dd6d5e46cc8a8e80809305b60208_151.wav", "duration": 6.45}, {"text": "We are even more consumer-centric using data and insights to inform our actions.", "audio_length_s": 6.45, "path": "3877b1983229ec488c6349a188bccf92_190.wav", "duration": 6.45}, {"text": "Our value enhancement programs will begin to show through as they have in Matrix the past few quarters.", "audio_length_s": 6.45, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_38.wav", "duration": 6.45}, {"text": "Concerning online, we are working on developing an even more fluid and immersive way of experience", "audio_length_s": 6.45, "path": "642a235ab4ebc57d132a2e32c83c793c_249.wav", "duration": 6.45}, {"text": "I think the intention is to keep it indefinitely as indefinitely is used", "audio_length_s": 6.45, "path": "fe3a8419e2f120643bff5e9e80190ed5_94.wav", "duration": 6.45}, {"text": "change in your thought about where that segment's margin can go over the long term?", "audio_length_s": 6.45, "path": "7e2ebcd981f5b5ecb18c04906f87d768_159.wav", "duration": 6.45}, {"text": "and the success of other -- of our strategic initiatives. And on Slide 7, you're going to see that we've been doing just that", "audio_length_s": 6.45, "path": "0fa398ef99a7a936fc1e509dacaaadde_12.wav", "duration": 6.45}, {"text": "since we're now sort of experts, given our Belgian acquisition. For the record, we do not see a seismic shift", "audio_length_s": 6.45, "path": "0fa398ef99a7a936fc1e509dacaaadde_80.wav", "duration": 6.45}, {"text": "Thank you. This concludes today's conference call. You may now disconnect.", "audio_length_s": 6.45, "path": "71ea3ed1436c2759a95f8d629963db2e_151.wav", "duration": 6.45}, {"text": "But one of the major issues I believe is still", "audio_length_s": 6.45, "path": "c5120d9702331edaf23bb6e639df0a70_33.wav", "duration": 6.45}, {"text": "I think we certainly lost out on a significant amount of cases during the quarter because we were literally", "audio_length_s": 6.45, "path": "cd331fa6dd24e811af3c0529212bfbb8_44.wav", "duration": 6.45}, {"text": "My comments this morning will refer to the slides that are available through the Investors section of our website.", "audio_length_s": 6.45, "path": "e0d1342ad3d27fd648b708837de08797_243.wav", "duration": 6.45}, {"text": "the infrastructure for all of that and get the right folks onboard. There's quite a bit of work to do. We had to do work on the product itself.", "audio_length_s": 6.45, "path": "a9ff9f85f03afdd2d13b76e14060b31d_169.wav", "duration": 6.45}, {"text": "Additional information on these investments and their impact to our financial statements is included in our Redwood Review.", "audio_length_s": 6.45, "path": "5c601f5318d5dcbe20fdd78f19c2b277_166.wav", "duration": 6.45}, {"text": "and enables us to go to market with a full range of aerodynamic solutions for our customers.", "audio_length_s": 6.45, "path": "64364105b816dd0b6a029e9cd210e65b_101.wav", "duration": 6.45}, {"text": "Discussions of these non-GAAP measures and reconciliations of them to their most comparable GAAP measures", "audio_length_s": 6.45, "path": "1300495cfa53748f732f54277d5a8cea_67.wav", "duration": 6.45}, {"text": "Likewise, a very competitive situation in another Gray market that previously has seen its share of competitive races", "audio_length_s": 6.45, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_58.wav", "duration": 6.45}, {"text": "sort of towards the end of last year, and that really just supported our plans to move forward in these 2 indications.", "audio_length_s": 6.45, "path": "794528c461ef7009b1741ac67c17aba4_97.wav", "duration": 6.45}, {"text": "We continue to add features to ensure we're staying at the forefront of school safety.", "audio_length_s": 6.45, "path": "fb03ff65af8e5f80abd090abeaf767cf_59.wav", "duration": 6.45}, {"text": "an increase in underlying EBIT will be offset by increased depreciation and interest costs.", "audio_length_s": 6.45, "path": "71c8aba809b2c3334e487f92f9009647_137.wav", "duration": 6.45}, {"text": "This means that the countries where we are anticipating a possible growth in our portfolio", "audio_length_s": 6.45, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_61.wav", "duration": 6.45}, {"text": "it seems that it's going the right direction. So eventually, there might be some opportunities in Argentina", "audio_length_s": 6.45, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_216.wav", "duration": 6.45}, {"text": "The company opened a both in recent CEATEC and attracted a great attention.", "audio_length_s": 6.45, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_77.wav", "duration": 6.45}, {"text": "In 2019, we're relatively confident that we'll be able to get back to our targets,", "audio_length_s": 6.45, "path": "692de133aab90ff6681b2c45b433b32b_29.wav", "duration": 6.45}, {"text": "I think we would expect pragmatic solutions and strong support from", "audio_length_s": 6.45, "path": "ebd59e21db89edb92205e012427cd9db_158.wav", "duration": 6.45}, {"text": "And so the extension from that final leg, and there's a couple of different routes that we would be looking at,", "audio_length_s": 6.45, "path": "1215cf00a11992ec74743f92026af2e9_75.wav", "duration": 6.45}, {"text": "its internalization process, setting up subsidiaries in the main European countries,", "audio_length_s": 6.45, "path": "5323c1cb78ad5a1cf9d35417ec5e22ca_2.wav", "duration": 6.45}, {"text": "lie in those agreements? And when, I guess, when will you be at a point to", "audio_length_s": 6.45, "path": "72b117fb1330bda9f954a219bb5a675e_29.wav", "duration": 6.45}, {"text": "Thank you, Brian. On behalf of the management of Twin Disc, we are extremely pleased that you have taken the time", "audio_length_s": 6.45, "path": "3412b2f7aef0615537779e312cf984c3_61.wav", "duration": 6.45}, {"text": "At the end of December, we concluded the transaction with Weatherford, not as a joint venture", "audio_length_s": 6.45, "path": "20489859070c48218db6ab0f5b6d2b05_9.wav", "duration": 6.45}, {"text": "a significant advantage in being able to do both? I think we'd like to have both,", "audio_length_s": 6.45, "path": "2cd5b184c2ef6624ce219830182927c9_300.wav", "duration": 6.45}, {"text": "groundbreaking shift in the way we're doing business or the discussions. There's no question", "audio_length_s": 6.45, "path": "02242ceddfeb4bcc65f04552b63fe80e_155.wav", "duration": 6.45}, {"text": "to go through that and ongoing weakness in its primary operating unit,", "audio_length_s": 6.45, "path": "02242ceddfeb4bcc65f04552b63fe80e_69.wav", "duration": 6.45}, {"text": "But it's still a important tracker to see the attractiveness of our radio platform.", "audio_length_s": 6.45, "path": "323193895e800e72960d98dd5fb64cf5_168.wav", "duration": 6.45}, {"text": "and it states that we could do some very exciting things for the future. And it makes a quite an exciting place to be.", "audio_length_s": 6.45, "path": "9826162bc1bb67bf8d65e4cf50e656e9_204.wav", "duration": 6.45}, {"text": "Finally, we have continuously sought feedback from all of our shareholders.", "audio_length_s": 6.45, "path": "49dfadfb9a3d4d27ac250602928cf9ea_73.wav", "duration": 6.45}, {"text": "amongst other studies to be conducted during this fiscal year. That program is currently underway", "audio_length_s": 6.45, "path": "a2245a8522589003f9c235a48c0197f0_84.wav", "duration": 6.45}, {"text": "that you already know then that our dividend will increase next year due to the fact that it also", "audio_length_s": 6.45, "path": "b20564a6da1bcfc7b80552299d9e002a_143.wav", "duration": 6.45}, {"text": "We've got others that may be getting closer to that potential. We're going to keep trying to work to improve it, and we do believe that", "audio_length_s": 6.45, "path": "933faa5ac159ab158506e2bc0f714977_72.wav", "duration": 6.45}, {"text": "is also normally weaker than the first because of the holiday period in August", "audio_length_s": 6.45, "path": "e21fc19597d349bcd86de1329167659b_72.wav", "duration": 6.45}, {"text": "stream CBS content even if it's not local? Or am I totally cut off from that?", "audio_length_s": 6.45, "path": "77423f08f0208d476dea73c639f6293a_31.wav", "duration": 6.45}, {"text": "of this call on our website. We also will post an updated investor deck to the website in the next few days.", "audio_length_s": 6.45, "path": "77423f08f0208d476dea73c639f6293a_217.wav", "duration": 6.45}, {"text": "Systematically and generically, we do a review of our position in portfolios, but", "audio_length_s": 6.45, "path": "e97326d6a8951550e363f2be6ec489ba_248.wav", "duration": 6.45}, {"text": "including some very significant partners on-boarded, that have large sales forces on The Street.", "audio_length_s": 6.45, "path": "0807d606b6cf98da19b317b4928c3572_72.wav", "duration": 6.45}, {"text": "The time factor meaning ramping up. I mean, from the moment that you have signed up the new advisory agreement", "audio_length_s": 6.45, "path": "bf99037f89cd485f95f097842619a0c7_39.wav", "duration": 6.45}, {"text": "is that it's built our confidence along with evidence from this new TAM", "audio_length_s": 6.45, "path": "4d7256bec87696f6c5defa8f37db1b48_64.wav", "duration": 6.45}, {"text": "Right. So we do have price discipline. You're absolutely correct. And we have lost", "audio_length_s": 6.45, "path": "32283c24ad18239efb166db8422560b2_117.wav", "duration": 6.45}, {"text": "Okay. Well, thank you all very much for listening. We look forward to speaking to you again next quarter.", "audio_length_s": 6.45, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_36.wav", "duration": 6.45}, {"text": "With that introduction, I will turn it over to Bob to discuss our financial results in more detail Thank you, Jon.", "audio_length_s": 6.45, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_12.wav", "duration": 6.45}, {"text": "The automotive catalyst market is currently concentrated with a small handful of global manufacturers.", "audio_length_s": 6.45, "path": "85edb0a846d9e1cfa542b893eed4a0f3_31.wav", "duration": 6.45}, {"text": "the water circulating around the facility for cooling water may be not be as critical to them as", "audio_length_s": 6.45, "path": "7a80c3e91e5a2693cdaef5f716808317_101.wav", "duration": 6.45}, {"text": "and fully appreciate the multitude of negative impacts TD can have on the quality of people's lives.", "audio_length_s": 6.45, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_92.wav", "duration": 6.45}, {"text": "We have always considered this a learning launch and have gained quite a bit of insight about the TD market during the first year.", "audio_length_s": 6.45, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_8.wav", "duration": 6.45}, {"text": "there were still -- in relation to the size of the business, there were few enough left that even though we lost some at the end,", "audio_length_s": 6.45, "path": "365c360aff42713cef71a7d026eeeb6d_256.wav", "duration": 6.45}, {"text": "I think the cost savings from the merger cost savings", "audio_length_s": 6.45, "path": "9cd9b67e289e807d677aabc5765fec6a_47.wav", "duration": 6.45}, {"text": "and it distracted from our new business efforts. But I don't think revenue dissynergies were anything that really added to that.", "audio_length_s": 6.45, "path": "9cd9b67e289e807d677aabc5765fec6a_118.wav", "duration": 6.45}, {"text": "with production, costs and capital all meeting or beating our market guidance", "audio_length_s": 6.45, "path": "9b84dc4409f4ecccd173c2f81a4460cc_257.wav", "duration": 6.45}, {"text": "Given our significant inventory reductions during the year, we would like to point out that our tons based churn rate", "audio_length_s": 6.45, "path": "97ddc19ecb28bab2d19fd3b181182062_181.wav", "duration": 6.45}, {"text": "from the many programs and investments we've been making in Collectors Universe to promote our brands around the world. The", "audio_length_s": 6.45, "path": "ff59c33225941d4025bcecc8fe1a4b32_41.wav", "duration": 6.45}, {"text": "Asia Pacific orders increased 9%, driven by strong growth in China,", "audio_length_s": 6.45, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_149.wav", "duration": 6.45}, {"text": "Going forward, we expect our net interest income will represent an increasing portion", "audio_length_s": 6.4499375, "path": "baf97ac5f6cc21f1387a53f2755e60d7_39.wav", "duration": 6.4499375}, {"text": "and cost management levers at MacDermid that we began to exercise in the second half of the year.", "audio_length_s": 6.4200625, "path": "b6688f44b91606fbd75a6d66e94d4e4b_237.wav", "duration": 6.4200625}, {"text": "really early, you're not going to be -- you're going to be having a lower yield until you achieve that higher level. So there is", "audio_length_s": 6.4200625, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_170.wav", "duration": 6.4200625}, {"text": "We're also slightly trimming our outlook for sales to our process industry end markets to reflect weaker OEM order trends", "audio_length_s": 6.42, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_43.wav", "duration": 6.42}, {"text": "that we signed about five years ago, started the deployment over the past few years", "audio_length_s": 6.42, "path": "10a419054cf3cc5d4ca00b7f338cc73b_151.wav", "duration": 6.42}, {"text": "Some may be a little tighter depending on competition, some may be a little further depending on competition", "audio_length_s": 6.42, "path": "a0e8f9500edc41a227b8d67235bf7753_66.wav", "duration": 6.42}, {"text": "One. The urgency of enterprises to digitally transform their business operations", "audio_length_s": 6.42, "path": "6e6da7f810609ce64857373f11984455_38.wav", "duration": 6.42}, {"text": "Clearly, ongoing uncertainty about Brexit and the political instability that brings on is unhelpful.", "audio_length_s": 6.42, "path": "bc605e9d69e921f4f61a508a448ad0dd_142.wav", "duration": 6.42}, {"text": "It's largely dependent on the number of brands and markets that we have active, but", "audio_length_s": 6.42, "path": "e23e3aabab4b12e359bc92a480c2d294_88.wav", "duration": 6.42}, {"text": "do you want and expect the business to have over the medium or long term? I'll", "audio_length_s": 6.42, "path": "0d631e444d1c22f0be99a69f5deaff94_60.wav", "duration": 6.42}, {"text": "activity is influencing a higher level of refinancings. But in terms of our ability to predict", "audio_length_s": 6.42, "path": "ab861b81968e1b5fcb606ed886919d68_152.wav", "duration": 6.42}, {"text": "I hope that I have tackled all of your questions on currency and Argentina.", "audio_length_s": 6.42, "path": "a95a220f118ae793c89d6d708e62cf8a_149.wav", "duration": 6.42}, {"text": "These are e-commerce. We've talked about this in the past. I mentioned Asia in the last call as well,", "audio_length_s": 6.42, "path": "a95a220f118ae793c89d6d708e62cf8a_185.wav", "duration": 6.42}, {"text": "And we expect that to continue as well alongside the continued growth of the breach response products", "audio_length_s": 6.42, "path": "f0dd7e4dad969b480d0d2a70609aedba_152.wav", "duration": 6.42}, {"text": "most of your peers. So can you just talk generally about OpEx and sort of how you think about what you could cut and what you can't? Well,", "audio_length_s": 6.42, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_33.wav", "duration": 6.42}, {"text": "Overall, we're pleased with the progress we're making in the digital space in terms of development of digital products,", "audio_length_s": 6.42, "path": "aaf7e3a1cc8cf65ccf788923cb583954_58.wav", "duration": 6.42}, {"text": "improving operating margins through an increased focus on manufacturing productivity, and reducing our fixed cost,", "audio_length_s": 6.42, "path": "3557b21a45c35e71e82cc43b19977855_137.wav", "duration": 6.42}, {"text": "Second, we continue to be pressured by rising commodity costs and ongoing inflation.", "audio_length_s": 6.42, "path": "d28b2b09c127b5be033738aa3cd380b3_90.wav", "duration": 6.42}, {"text": "that being something you'll contemplate at some point. What will you look at to think about doing that?", "audio_length_s": 6.42, "path": "1f1b29266d2cede9b8f0f06ca57aae17_78.wav", "duration": 6.42}, {"text": "but with the tax changes and the SALT provision, do you expect that to decelerate at all next year?", "audio_length_s": 6.42, "path": "13220986bf30f26076a674e2a9edc89c_170.wav", "duration": 6.42}, {"text": "Very briefly, leases need to be capitalized and then amortized over the length of the leases.", "audio_length_s": 6.42, "path": "65d5a09c659f6809931dc62aa7a9eaad_230.wav", "duration": 6.42}, {"text": "and making sure we've got the infrastructure systems and people processes to support that.", "audio_length_s": 6.42, "path": "280baf1d10cd27b78eae4bf2574b9c98_93.wav", "duration": 6.42}, {"text": "each of these salespeople in the different regions to face-off in a very disciplined way against both", "audio_length_s": 6.42, "path": "e824f4380f8203a1e3ed60e7da1e39e5_36.wav", "duration": 6.42}, {"text": "for almost the entire period you were in a situation with surplus", "audio_length_s": 6.42, "path": "4c0e38d8d88c73a7a01dc542a85b2604_16.wav", "duration": 6.42}, {"text": "Great. And if I can just follow up my earlier question", "audio_length_s": 6.42, "path": "123a9a590195f61aa739ee9b2dec4952_95.wav", "duration": 6.42}, {"text": "And certainly, as we looked at what we saw happen during the early part of 2018, that has continued.", "audio_length_s": 6.42, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_51.wav", "duration": 6.42}, {"text": "There was no material impact from mergers and acquisition activity on any of our financial results in the quarter.", "audio_length_s": 6.42, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_75.wav", "duration": 6.42}, {"text": "despite being based in Houston with nearly 100 facilities on the Gulf Coast area that was affected by the storm.", "audio_length_s": 6.42, "path": "dd3166f311a5f12a25103a0295e8ac3e_16.wav", "duration": 6.42}, {"text": "Note that we want to be cautious given the extremely competitive landscape", "audio_length_s": 6.42, "path": "04f29bc02d1e2ef65077ca67bf41f475_196.wav", "duration": 6.42}, {"text": "she got contacted by her clinic and now she's going back to this letter that was proof that we need a contract.", "audio_length_s": 6.42, "path": "56e05107e391476d11fe1f637733f028_31.wav", "duration": 6.42}, {"text": "Obviously, there's not a big revenue generation associated with that. We're now in full commercial launch, so we feel", "audio_length_s": 6.42, "path": "044da592acc01ff7baacb3dbf2a302a9_82.wav", "duration": 6.42}, {"text": "And we are evaluating further indications to take into clinical programs that will give us additional first mover advantages", "audio_length_s": 6.42, "path": "257531d52c72d5d674cd4d8b04cc8e5b_5.wav", "duration": 6.42}, {"text": "We'll stay in touch with her, and I'm sure she will, in many ways, stay close to the company in the years to come.", "audio_length_s": 6.42, "path": "7503d7356c13f095c26bfad29c5390c6_10.wav", "duration": 6.42}, {"text": "high single-digit with positive demand spread across all major European countries.", "audio_length_s": 6.42, "path": "172cea7765ae61b8423572c894b3a5b8_58.wav", "duration": 6.42}, {"text": "In fact, what we want to do when the yields are very high,", "audio_length_s": 6.42, "path": "39e5706898dcaf14a280b3a123877cd6_147.wav", "duration": 6.42}, {"text": "We see that start-up costs has been part of the equation in the first half of the year", "audio_length_s": 6.42, "path": "cfbe91105113db7a5784f77e411b7a3f_110.wav", "duration": 6.42}, {"text": "but come in and see it because it's something we're very proud of and continue to work on as we take that cultural approach", "audio_length_s": 6.42, "path": "5308c910fb34c8291b372e7a94521e9b_230.wav", "duration": 6.42}, {"text": "coming in the right direction in terms of improvements, not all over the place, but in some places.", "audio_length_s": 6.42, "path": "d261e09fa176510406c0d05eeedfc8f8_254.wav", "duration": 6.42}, {"text": "And Protective Solutions had a difficult quarter due to deleveraging associated with the lower volume,", "audio_length_s": 6.42, "path": "1133b8984db446b9c963a09eaf0785a4_80.wav", "duration": 6.42}, {"text": "And we now have a new opportunity both with Cornerstone HR and with content.", "audio_length_s": 6.42, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_207.wav", "duration": 6.42}, {"text": "We continue to believe our shares are undervalued by any measure and represent a very attractive investment opportunity.", "audio_length_s": 6.42, "path": "403903eb119bfc1cec44d86ec907077a_113.wav", "duration": 6.42}, {"text": "given our target capital, which is pretty high. I cannot say more at this stage", "audio_length_s": 6.42, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_122.wav", "duration": 6.42}, {"text": "and describe how we're evolving our strategy to take full advantage of the tremendous opportunities ahead.", "audio_length_s": 6.42, "path": "f46ae0a04d60dea8a759f07333ed37e2_147.wav", "duration": 6.42}, {"text": "and that includes Atlanta as well as Orlando, Tampa and Jacksonville. So we're not done investing.", "audio_length_s": 6.42, "path": "15ac383479a7c990aab7b155e4d42053_59.wav", "duration": 6.42}, {"text": "Having opened an office in Japan, we are building momentum in that region and are focused on driving additional revenue.", "audio_length_s": 6.42, "path": "d9a3d28bdd36864c63b02659cc8870a8_122.wav", "duration": 6.42}, {"text": "We're currently in discussions with potential customers and expect to begin generating revenue by the end of the year.", "audio_length_s": 6.42, "path": "171fd9df333ddd814c764843ed624121_68.wav", "duration": 6.42}, {"text": "But I think we are likely to undershoot a bit revenues on the sales side of our business,", "audio_length_s": 6.42, "path": "e649ca4cf7eeb63f0bc30b231a94a014_31.wav", "duration": 6.42}, {"text": "we came to know the SDL management team quite well and are very pleased with how the transaction concluded.", "audio_length_s": 6.42, "path": "1244d2b5a259c3bc73742830d60d53fc_39.wav", "duration": 6.42}, {"text": "does that improve the profitability of the vessel meaningfully for the 2018 time frame?", "audio_length_s": 6.42, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_118.wav", "duration": 6.42}, {"text": "sell the shares. Remember that we don't have the control of the shares. We only have the economical benefit", "audio_length_s": 6.42, "path": "eb4fd38da7ae1a347630ef447dfe9abe_46.wav", "duration": 6.42}, {"text": "lower financial results of more cost, that the main explanation here is", "audio_length_s": 6.42, "path": "eb4fd38da7ae1a347630ef447dfe9abe_82.wav", "duration": 6.42}, {"text": "because we think the pricing is there to support it. And we try to be conservative in that pricing and", "audio_length_s": 6.42, "path": "2ad9555a64eaa3f45bef5581adeecb9c_211.wav", "duration": 6.42}, {"text": "adding to our project opportunities but also making better use of the existing capacity that we have.", "audio_length_s": 6.42, "path": "2ad9555a64eaa3f45bef5581adeecb9c_106.wav", "duration": 6.42}, {"text": "on maximizing risk-adjusted returns in newer, higher quality and larger apartment communities", "audio_length_s": 6.42, "path": "93d3e5be9cf75e0921d47f10d4178939_10.wav", "duration": 6.42}, {"text": "The remainder of the decrease was due to geographic mix and timing differences of when space came online.", "audio_length_s": 6.42, "path": "bbe852c8c3f7827e31f31a56bc72b7da_16.wav", "duration": 6.42}, {"text": "Price increases that are designed to overcome the inflationary headwinds related to material, labor and distribution costs", "audio_length_s": 6.42, "path": "30710391b8ab4cb549180602d31d4f4a_162.wav", "duration": 6.42}, {"text": "With low volumes in France and in Spain compared to last year, and low inflations, no surprise.", "audio_length_s": 6.42, "path": "e60f6485243932b9280d864cb17a6ba8_131.wav", "duration": 6.42}, {"text": "which reflected adverse weather as well as the macro challenges impacting auto loss trends.", "audio_length_s": 6.42, "path": "aeb50c6146f90bd32d147c5d4775c21d_73.wav", "duration": 6.42}, {"text": "We believe we are on the right path and the strength of our Benchmark Homebuilding brand is reaching new heights.", "audio_length_s": 6.42, "path": "ade68f8add7249890d086ecf4b5b8cab_151.wav", "duration": 6.42}, {"text": "Was there anything unusual? I know, you guys said there wasn't really anything out of the ordinary, but what sort of drove that increase in the quarter?", "audio_length_s": 6.42, "path": "b092d2be33ad52beefab208355b18235_108.wav", "duration": 6.42}, {"text": "And what we find is the work generally pushes out, and that's a little bit of what we're seeing in the marketplace today.", "audio_length_s": 6.42, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_64.wav", "duration": 6.42}, {"text": "Is there any opportunity to transfer some of the Reed or now Centennial equipment", "audio_length_s": 6.42, "path": "08ed60a546bd48af9db028c4e3c8af26_32.wav", "duration": 6.42}, {"text": "And we don't believe that any of them are in any dire inventory position where they have to have a fire sale.", "audio_length_s": 6.42, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_111.wav", "duration": 6.42}, {"text": "as we remain committed to operate the consumer business to maximize profits and free cash flow.", "audio_length_s": 6.42, "path": "16e51362df94379ea33a24334015f385_118.wav", "duration": 6.42}, {"text": "Our second quarter financial performance was highlighted by strong EBITDA and operating cash flow in our consumer business,", "audio_length_s": 6.42, "path": "16e51362df94379ea33a24334015f385_125.wav", "duration": 6.42}, {"text": "struggle with that as well in the markets that we are currently dealing with, besides what I mentioned to you", "audio_length_s": 6.42, "path": "47b1a118c53956b23f1d687a75f3e5ba_71.wav", "duration": 6.42}, {"text": "Looking ahead to the next few years, net financing costs are expected to reflect an interest rate on net debt", "audio_length_s": 6.42, "path": "47b1a118c53956b23f1d687a75f3e5ba_184.wav", "duration": 6.42}, {"text": "Staggering the Texas and New Mexico rate case filings will help us maximize the efficiency of our internal resources.", "audio_length_s": 6.42, "path": "3b0718945e9c427873c1f34fa49b15aa_29.wav", "duration": 6.42}, {"text": "With that, I'll turn the call over to Jim to provide an overview of the results for Agriculture.", "audio_length_s": 6.42, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_71.wav", "duration": 6.42}, {"text": "The second impact is on margins. Irrespective of our go-forward services strategy", "audio_length_s": 6.42, "path": "6a372ea97b0b130a4d37f16b54d97909_82.wav", "duration": 6.42}, {"text": "with the remainder split between store strategies and base capital, primarily in omnichannel investment.", "audio_length_s": 6.42, "path": "e2c02e1788cb10703d7611ef157f8135_183.wav", "duration": 6.42}, {"text": "Now I'd like to turn the call over to Michael to talk further about our results. Thanks, Rob, and good morning, everyone.", "audio_length_s": 6.42, "path": "cd1773ea94a046c0a36b679e2efcee9f_4.wav", "duration": 6.42}, {"text": "And the second opportunity, which I have touched on also during the course of the morning, is the opportunity for enterprise and wholesale.", "audio_length_s": 6.42, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_167.wav", "duration": 6.42}, {"text": "real mature operations. And I do think the nature of these programs is such that, in some form,", "audio_length_s": 6.42, "path": "b94d748876ddf8e881d4191dec45baf3_116.wav", "duration": 6.42}, {"text": "And we started seeing quite a few wells just to the north of us, where", "audio_length_s": 6.42, "path": "9952903822d3aabb9a8a8fdd41f23bc2_73.wav", "duration": 6.42}, {"text": "As we shared previously, the store payback of the new stores is within a year", "audio_length_s": 6.42, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_56.wav", "duration": 6.42}, {"text": "And we can do this by continuing to add the most relevant, new SKUs to our product assortment.", "audio_length_s": 6.42, "path": "003356e698453d6b74f19a8e02587605_26.wav", "duration": 6.42}, {"text": "business there, would we actually see a margin lift in the second half from that or are some of", "audio_length_s": 6.42, "path": "974a2d744cd3d9acf42d74816de91f7f_30.wav", "duration": 6.42}, {"text": "The investment portfolio has now grown to the appropriate size relative to the size of our balance sheet.", "audio_length_s": 6.42, "path": "6ad1d7c855ceb3eb830c365e357e4510_194.wav", "duration": 6.42}, {"text": "We spent the last 2 years really revamping our whole structure, going much more with a direct sales force", "audio_length_s": 6.42, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_95.wav", "duration": 6.42}, {"text": "This will be spurred by a higher level of innovation, driving branded growth in the second half of the year.", "audio_length_s": 6.42, "path": "bb2ca5b87982b2388d82cd64a73f08cf_9.wav", "duration": 6.42}, {"text": "and Southern Cone. And we expect foreign exchange headwinds to persist in Southern Cone.", "audio_length_s": 6.42, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_162.wav", "duration": 6.42}, {"text": "primarily as a result of growth in equivalent admission volumes, higher reimbursement rates from commercial payers", "audio_length_s": 6.42, "path": "b43c001c5af465d220ab0b69a95202ae_67.wav", "duration": 6.42}, {"text": "to have the expense leverage to continue to improve, as the expense ratio goes down and then as the book seasons,", "audio_length_s": 6.42, "path": "246876171ef2f408df10ee0816f9db83_27.wav", "duration": 6.42}, {"text": "that the bank was able to design and offer suitable and attractive financial services to MTS current customers.", "audio_length_s": 6.42, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_13.wav", "duration": 6.42}, {"text": "What is significant is that the approval was granted just 3 months after its submission.", "audio_length_s": 6.42, "path": "75eb5b75bb8587b63c318714ea956b9e_61.wav", "duration": 6.42}, {"text": "Instead, I'll discuss what was different in the first quarter versus our expectations.", "audio_length_s": 6.42, "path": "9e8690a521142359001a137074905535_184.wav", "duration": 6.42}, {"text": "As John said, we made good progress in advancing the projects under the Project Uplift umbrella.", "audio_length_s": 6.42, "path": "262bc21196721c5ff9114acbd2ff03c3_241.wav", "duration": 6.42}, {"text": "quite well. We added a new tissue and paper machine last year and we have increased also our", "audio_length_s": 6.42, "path": "9b1931e93dfb0391fb948924a93be5ff_168.wav", "duration": 6.42}, {"text": "So I wouldn't say it's fully back to normal yet, but I think we're probably through the toughest pieces of it.", "audio_length_s": 6.42, "path": "1e756fc5d265eea3ff8e2e31c29826ae_126.wav", "duration": 6.42}, {"text": "We are in a position to lead the research and elemental technology using NOMA and high frequency.", "audio_length_s": 6.42, "path": "9e07401011239a074ff66741ee557224_43.wav", "duration": 6.42}, {"text": "Average sales realizations for our Chinese export logs are expected to be lower than the first quarter.", "audio_length_s": 6.42, "path": "735a523f1ef6500b7aa97a2536d9c4fd_78.wav", "duration": 6.42}, {"text": "Going forward, we may seek partners to develop the market units at this project.", "audio_length_s": 6.42, "path": "9ba83ac067a98f8b12cc480ff0691e91_48.wav", "duration": 6.42}, {"text": "Before I do that, I want to summarize what we have accomplished in the 3 months since this transaction has been closed.", "audio_length_s": 6.42, "path": "f15966ae82e18b472ad78dd961f8e5e8_121.wav", "duration": 6.42}, {"text": "Our CTO sees tremendous opportunities to drive up performance and drive down costs", "audio_length_s": 6.42, "path": "433a6e203f9db93835c27ff83e86c801_14.wav", "duration": 6.42}, {"text": "This award is a direct result of the hard work, dedication and commitment of our associates.", "audio_length_s": 6.42, "path": "1689b94530eca82b7758c86b4cf3125f_1.wav", "duration": 6.42}, {"text": "over longer time periods than they usually are. I know one of your competitors went out trumpeting one them specifically", "audio_length_s": 6.42, "path": "0dec9a606303da3039d11eec4ec9bd86_171.wav", "duration": 6.42}, {"text": "Just for your information, in May, we plan to file an 8-K with the SEC", "audio_length_s": 6.42, "path": "e33785a294553de2a12d4463bf786744_131.wav", "duration": 6.42}, {"text": "we have improved the profitability yet another quarter, and we have a strong financial position.", "audio_length_s": 6.42, "path": "47b5defd6e2c5724f6dc3b80859c281c_39.wav", "duration": 6.42}, {"text": "But our goal is to continue to drive growth in the business at that 4% to 5% range over the", "audio_length_s": 6.42, "path": "4721d5a2e7061d90a4e4e4768adc2486_21.wav", "duration": 6.42}, {"text": "Our financial results improved from last quarter and from the corresponding quarter of last year.", "audio_length_s": 6.42, "path": "e7d23208b973f7998b2fb21a00d87849_49.wav", "duration": 6.42}, {"text": "Now let me spend a few minutes on the impact of Tax Reform. As mentioned earlier, the result of this quarter", "audio_length_s": 6.42, "path": "799c15a4a6e9e3c86374761fec31c00a_6.wav", "duration": 6.42}, {"text": "As we wrap up, I'm pleased report that the season is off to a strong start with all of our resorts open.", "audio_length_s": 6.42, "path": "078b27aa69b10aa01f2eab2aa681bdd8_77.wav", "duration": 6.42}, {"text": "gives us confidence that we can reach 1,000 stores over the long term.", "audio_length_s": 6.42, "path": "9908957f60adff5efc1c8692a0f5ab38_171.wav", "duration": 6.42}, {"text": "The first one, if you look at Europe, then if you look at the whole political situations, the elections,", "audio_length_s": 6.42, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_123.wav", "duration": 6.42}, {"text": "And this is really talking about some of the largest projects that we have. There might be some smaller ones that", "audio_length_s": 6.42, "path": "bfb0fac9575cd0820a660f2577199468_37.wav", "duration": 6.42}, {"text": "But the main theme continued to be sourcing and structuring our own investments that others cannot easily access.", "audio_length_s": 6.42, "path": "5c601f5318d5dcbe20fdd78f19c2b277_107.wav", "duration": 6.42}, {"text": "we recommend a topside adjustment to our modeling tips in the appendix to incorporate this transaction.", "audio_length_s": 6.42, "path": "3f6641f7d8f1ab845ad4f637cfb35109_218.wav", "duration": 6.42}, {"text": "We also remain squarely focused on executing across our margin drivers to fuel growth.", "audio_length_s": 6.42, "path": "b0d88c0f1efca89ecb928172341dc75d_295.wav", "duration": 6.42}, {"text": "It offers us greater scale with customers and increases our health and wellness credentials. Two,", "audio_length_s": 6.42, "path": "b0d88c0f1efca89ecb928172341dc75d_294.wav", "duration": 6.42}, {"text": "able to use our technology to produce a full range of resins, from basic homopolymers to", "audio_length_s": 6.42, "path": "e552924838fe493d3cc967dd0c5c4563_129.wav", "duration": 6.42}, {"text": "and insured values. But that's just one aspect of Aon. Another aspect is our ability to grow outside of traditional core", "audio_length_s": 6.42, "path": "e0555e30370c43189a1136fb7ef17d20_170.wav", "duration": 6.42}, {"text": "and are working earnestly towards figuring out things that they're doing in and around their own business models", "audio_length_s": 6.42, "path": "9fb4423a70358ef22be9982299969f7a_172.wav", "duration": 6.42}, {"text": "When fuel prices increase, the opposite is true, and we actually have a negative impact associated with this structural lag.", "audio_length_s": 6.42, "path": "14fa9d7635caae6483af62a4bfe1b9d6_231.wav", "duration": 6.42}, {"text": "We delivered significant margin expansion, while continuing to invest behind our Power Brands.", "audio_length_s": 6.42, "path": "1f142ea668261ba963d47aac6bab69dd_128.wav", "duration": 6.42}, {"text": "Thank you, operator. But then we can close down this call, looking at the financial calendar", "audio_length_s": 6.42, "path": "6a45749d272884d2809fa70f7807250c_131.wav", "duration": 6.42}, {"text": "But obviously, there have been a number of headwinds that have prevented those policies from being fully realized", "audio_length_s": 6.42, "path": "5b331cf4e6f62ec9a9c30a4728e36054_175.wav", "duration": 6.42}, {"text": "Could you help us understand the delta between what our industry relationships are telling us", "audio_length_s": 6.42, "path": "902872913863de98d38e2936b846cf66_120.wav", "duration": 6.42}, {"text": "even for the parts of the company that may not be with us going forward.", "audio_length_s": 6.42, "path": "49dfadfb9a3d4d27ac250602928cf9ea_114.wav", "duration": 6.42}, {"text": "We effectively talk about 3 parts of that program. We talk about reviewing or reducing the liabilities,", "audio_length_s": 6.42, "path": "bc1efb704df9c180935803c70a315597_261.wav", "duration": 6.42}, {"text": "we booked a net reversal which had a positive effect on the financial results.", "audio_length_s": 6.42, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_52.wav", "duration": 6.42}, {"text": "Occupancy costs were down as a result of continued progress in optimizing our global footprint.", "audio_length_s": 6.42, "path": "09eebad8f3c529b4c7d916c5f7766f7f_337.wav", "duration": 6.42}, {"text": "And then how your overall strategy with the overall Charles River business is kind of focusing on China?", "audio_length_s": 6.42, "path": "50eb350badadec6e4272b90684741c25_270.wav", "duration": 6.42}, {"text": "We're making great strides operationally, and we expect the device tax relief to identify additional areas to invest.", "audio_length_s": 6.42, "path": "62658bb0c3307b2b10e3668b8df73b0d_202.wav", "duration": 6.42}, {"text": "we believe we have great processes in place. We expect that our continued focus on", "audio_length_s": 6.42, "path": "f268a8174f58c93ad6b45b7f151fe896_123.wav", "duration": 6.42}, {"text": "The stability and growth in our occupancy is a testament to our quality real estate locations and amenity offerings.", "audio_length_s": 6.42, "path": "5be70acf701b7a6c9322f8feeaca63cd_41.wav", "duration": 6.42}, {"text": "They are not yet moving the needle on our growth rate, but they will as they move to implementation.", "audio_length_s": 6.42, "path": "abd571ccf777ac4b0a43a7487031bc8a_81.wav", "duration": 6.42}, {"text": "I will be talking from our quarterly slide deck, so please follow along. Some of my comments today will be familiar to some of you.", "audio_length_s": 6.42, "path": "81c03e2c15e8fe8213fbd40368b49581_2.wav", "duration": 6.42}, {"text": "We have announced a restructuring program designed to create better alignment and to reduce overall costs.", "audio_length_s": 6.42, "path": "b478d2808e90233ed994884e644a3d34_11.wav", "duration": 6.42}, {"text": "So that means that the way we look at the market, Egypt", "audio_length_s": 6.42, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_28.wav", "duration": 6.42}, {"text": "and believe that there will be no additional proceedings relating to these matters brought against the company.", "audio_length_s": 6.42, "path": "1cfd7da6c2da11f7e3f7102a6265146b_67.wav", "duration": 6.42}, {"text": "At Luxfer, we strongly believe that our best days are still ahead of us.", "audio_length_s": 6.42, "path": "af146425f68dd8e32f31878389746637_97.wav", "duration": 6.42}, {"text": "being a levelized or uniformed commission structure across all products to include mutual funds and variable annuities.", "audio_length_s": 6.42, "path": "bcb3aac2c7cc035961d9ee8cfd330044_131.wav", "duration": 6.42}, {"text": "Have you realized any seasonality in sales?", "audio_length_s": 6.42, "path": "0807d606b6cf98da19b317b4928c3572_48.wav", "duration": 6.42}, {"text": "But I believe we can talk about that, for sure in the third quarter, and possibly next quarter.", "audio_length_s": 6.42, "path": "0807d606b6cf98da19b317b4928c3572_18.wav", "duration": 6.42}, {"text": "the baseline level of sales are for those? What percentage of respiratory? And then how many", "audio_length_s": 6.42, "path": "6fe1a71311b4937268b4c0332dc7c11f_69.wav", "duration": 6.42}, {"text": "contact the client and advise him on what to do. This has been now rolled out for the Swiss platform.", "audio_length_s": 6.42, "path": "bf99037f89cd485f95f097842619a0c7_87.wav", "duration": 6.42}, {"text": "funds on behalf of our clients in a discretionary manner. And we will be doing that", "audio_length_s": 6.42, "path": "32283c24ad18239efb166db8422560b2_64.wav", "duration": 6.42}, {"text": "with labor and factory cost a small gain, but offset by material costs and growth in overheads.", "audio_length_s": 6.42, "path": "7a80c3e91e5a2693cdaef5f716808317_116.wav", "duration": 6.42}, {"text": "In relation to our footprint optimization and our ongoing commitment to improve our cyclical resilience,", "audio_length_s": 6.42, "path": "7a80c3e91e5a2693cdaef5f716808317_135.wav", "duration": 6.42}, {"text": "I'd like to share details on one realization. Earlier this month,", "audio_length_s": 6.42, "path": "76b892bf017891d7028256847747227c_146.wav", "duration": 6.42}, {"text": "which was primarily driven by a noncash, nondebt interest item related to purchase accounting.", "audio_length_s": 6.42, "path": "9b83a4dcac688347e3b13ca7c55660ed_204.wav", "duration": 6.42}, {"text": "we are maintaining our sales volume and adjusted EBITDA outlook provided at the end of the first quarter.", "audio_length_s": 6.42, "path": "4b5d33b9c200403f2d4633e47f1d4110_169.wav", "duration": 6.42}, {"text": "It's truly a great accomplishment by the entire team to achieve these results so quickly.", "audio_length_s": 6.42, "path": "77f146e76d89a5be785a39ab23dfa763_183.wav", "duration": 6.42}, {"text": "This includes both alignment of operating investment with capital allocation discipline and measured return", "audio_length_s": 6.39, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_75.wav", "duration": 6.39}, {"text": "And so we'll get a little bit of helping wind from those 2 smaller acquisitions.", "audio_length_s": 6.39, "path": "4fdbfd9eec396928550d0c799e170d34_172.wav", "duration": 6.39}, {"text": "the back half of this year to maybe get to the point where you had national distribution on that. So just wanted to see if there have been any movements?", "audio_length_s": 6.39, "path": "a20052a04bcb5b7b8d242a21c859550d_131.wav", "duration": 6.39}, {"text": "We will execute on the remaining capital raising initiatives, and we will rationalize costs further.", "audio_length_s": 6.39, "path": "569834a5cb8a33dfeac20dfa8e03afb3_13.wav", "duration": 6.39}, {"text": "We're beginning to work with innovative emerging companies at the cusp of rapid growth and market disruption.", "audio_length_s": 6.39, "path": "0d631e444d1c22f0be99a69f5deaff94_47.wav", "duration": 6.39}, {"text": "Glasses and contact lenses can be used for a time to address the side effects of the disease.", "audio_length_s": 6.39, "path": "5111fdad778749872c23e78c9b0d653b_102.wav", "duration": 6.39}, {"text": "our new team that we put in place has been able to launch a new fund. Fundraising is progressing well there", "audio_length_s": 6.39, "path": "6388da88b00ebc88af59435bdac74132_254.wav", "duration": 6.39}, {"text": "grow our portfolio, to hit our targets that we've laid out there for folks. And I feel comfortable we've got that", "audio_length_s": 6.39, "path": "8b6c481f7fe797353fefe886e205bbaa_197.wav", "duration": 6.39}, {"text": "In closing, we will continue to drive top line growth and operating leverage across the company.", "audio_length_s": 6.39, "path": "47d77b15189fadcc76113a2f7800ba28_14.wav", "duration": 6.39}, {"text": "we love to see, but the leverage rates on the distribution business are much different than the traditional manufacturing", "audio_length_s": 6.39, "path": "22ad97a95501a08f15c06605cd277fec_67.wav", "duration": 6.39}, {"text": "Please turn to the top of the next page, Slide 13, cash flows.", "audio_length_s": 6.39, "path": "2a59b9df2de5248e64727f10185a8423_88.wav", "duration": 6.39}, {"text": "We have seen this trend moderate as players have become more attuned to the lower payout.", "audio_length_s": 6.39, "path": "123a9a590195f61aa739ee9b2dec4952_117.wav", "duration": 6.39}, {"text": "In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements", "audio_length_s": 6.39, "path": "3c211ab9236e508ad4a5ee63e29324e3_35.wav", "duration": 6.39}, {"text": "We could not be more pleased with the strong operational performance by our managers in the field.", "audio_length_s": 6.39, "path": "67716cee321d117b0318930dd142f06a_127.wav", "duration": 6.39}, {"text": "be focused more on the mechanisms and the latch systems within the rear seats, which we have a leadership position.", "audio_length_s": 6.39, "path": "ec0ecc8e73cce4598def6cfff6f7c598_185.wav", "duration": 6.39}, {"text": "our clients who are -- those media content owners for them to understand the size of the audiences that they're", "audio_length_s": 6.39, "path": "8b71a232d7fe61e6232807b635977c31_229.wav", "duration": 6.39}, {"text": "I'll comment on that in a moment. But first, I'll walk you through the phases we're going through to get there.", "audio_length_s": 6.39, "path": "8b71a232d7fe61e6232807b635977c31_5.wav", "duration": 6.39}, {"text": "Billing is a challenge for our industry and we needed to make changes in the former Clarient billing process,", "audio_length_s": 6.39, "path": "8bbc2f54137b794265dfb01f1559868d_148.wav", "duration": 6.39}, {"text": "Our sales representatives are doing an excellent job building out the respective pipelines of growth opportunities", "audio_length_s": 6.39, "path": "8bbc2f54137b794265dfb01f1559868d_151.wav", "duration": 6.39}, {"text": "part of the -- their requirements would come out of inventory before they would place new orders.", "audio_length_s": 6.39, "path": "c4dc8f962a85aa47af50f82845f550e2_169.wav", "duration": 6.39}, {"text": "And the only reason that we have stopped for now is there are now active conversations", "audio_length_s": 6.39, "path": "d085781ecd776da8a9c4d31ad547606b_55.wav", "duration": 6.39}, {"text": "what's been better than expected? Since you got into the weeds there and what's been more challenging", "audio_length_s": 6.39, "path": "66c9091ba849cdb6d64987642ced64d2_24.wav", "duration": 6.39}, {"text": "Got it. And then in terms of the -- with the new", "audio_length_s": 6.39, "path": "797946494c2985a20aa50823e8723c44_73.wav", "duration": 6.39}, {"text": "These PoPs run on the public cloud avoiding the cost of establishing data centers as we enter new countries.", "audio_length_s": 6.39, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_59.wav", "duration": 6.39}, {"text": "We believe that margins should return to their historical levels for the remainder of the year.", "audio_length_s": 6.39, "path": "392ca3d1e388c6d7a35f6d0db390c359_3.wav", "duration": 6.39}, {"text": "across the entire gaming ecosystem, is an extremely high priority on our product road map.", "audio_length_s": 6.39, "path": "1b1699497be56330b3ed833f22bc63f6_59.wav", "duration": 6.39}, {"text": "kind of brand awareness opportunity where people would travel from all over the country or the world,", "audio_length_s": 6.39, "path": "a3c389b6f737603969fd26408544747f_96.wav", "duration": 6.39}, {"text": "Actual results may differ materially from those implied or included in these forward-looking statements.", "audio_length_s": 6.39, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_1.wav", "duration": 6.39}, {"text": "all of our segments as strategic components of our overall portfolio, and it's something that", "audio_length_s": 6.39, "path": "b4874109876c9f165eef4be112d9f30d_117.wav", "duration": 6.39}, {"text": "mainly impacted by the timing of national holidays. This will then", "audio_length_s": 6.39, "path": "d5c338a956681dbb2170472253a29b85_115.wav", "duration": 6.39}, {"text": "The initiative illustrated what the passion and zeal of a truly committed team could accomplish.", "audio_length_s": 6.39, "path": "0f06227be4dd36d9329849eda96196aa_6.wav", "duration": 6.39}, {"text": "mainly the cancellation of unprofitable contracts in France from the assistance business.", "audio_length_s": 6.39, "path": "c6447babe88f061184d64309eebb8629_91.wav", "duration": 6.39}, {"text": "to significantly increase learning rates. Before I turn the call over to Dan, I'll quickly summarize.", "audio_length_s": 6.39, "path": "f46ae0a04d60dea8a759f07333ed37e2_58.wav", "duration": 6.39}, {"text": "given the size of what the Federal government is to our particular business, I'm very unconcerned about it.", "audio_length_s": 6.39, "path": "ddf51a035f75b2e145a283edfd51fffc_146.wav", "duration": 6.39}, {"text": "strip out the mix impacts of industry premiumization. And how do you expect that change going forward?", "audio_length_s": 6.39, "path": "655d592e9d1b1027f1824b1554d8b131_153.wav", "duration": 6.39}, {"text": "We acquired this land some time ago with the intention of doing the development. We didn't -- we were not", "audio_length_s": 6.39, "path": "eb4fd38da7ae1a347630ef447dfe9abe_59.wav", "duration": 6.39}, {"text": "the full year favorable revenue impact from currency is expected to be approximately 60 basis points", "audio_length_s": 6.39, "path": "7ec19aea307c76d4a57fa87368305630_80.wav", "duration": 6.39}, {"text": "we continue to increase new project engagements with many heavyweight customers worldwide.", "audio_length_s": 6.39, "path": "bc5fa7fe146f7b14353ebd573809b0a1_19.wav", "duration": 6.39}, {"text": "particularly in the Permian, will still need to be satisfied primarily by Northern White sand.", "audio_length_s": 6.39, "path": "2905366dcf0eb60a22b63a1b3d9adf95_56.wav", "duration": 6.39}, {"text": "And we've seen significant improvement and impact on our business in a positive manner.", "audio_length_s": 6.39, "path": "bbe852c8c3f7827e31f31a56bc72b7da_97.wav", "duration": 6.39}, {"text": "But frankly, a significant portion of that is still being driven by inflation and higher lane rates.", "audio_length_s": 6.39, "path": "30710391b8ab4cb549180602d31d4f4a_24.wav", "duration": 6.39}, {"text": "closing process. That was the only debt that they had with seasonal working capital lines", "audio_length_s": 6.39, "path": "da14df2e02d11f6f8599533d9d57faee_38.wav", "duration": 6.39}, {"text": "while we keep strong discipline and even more selectivity on capital allocation.", "audio_length_s": 6.39, "path": "e60f6485243932b9280d864cb17a6ba8_158.wav", "duration": 6.39}, {"text": "Additional reliability and resilience investments may be discussed in future calls.", "audio_length_s": 6.39, "path": "636d6909fbd8656f88f72f66a3a162ff_59.wav", "duration": 6.39}, {"text": "if there was a distracted trigger in that claim file. We're obviously seeing an increase with that.", "audio_length_s": 6.39, "path": "aeb50c6146f90bd32d147c5d4775c21d_138.wav", "duration": 6.39}, {"text": "As we executed work over the course of the first quarter, we worked down that advanced billing position.", "audio_length_s": 6.39, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_145.wav", "duration": 6.39}, {"text": "When we talk to our customers, it had been something that they've been able to extend with low energy prices. But", "audio_length_s": 6.39, "path": "c1d916407f390d20e9d8f9b453e22435_23.wav", "duration": 6.39}, {"text": "doesn't have an impact from a disproportionate share of tariffs, not only to Americans who face cancer, but", "audio_length_s": 6.39, "path": "cdfa14ed43d00710c35d9d0bf8c31886_85.wav", "duration": 6.39}, {"text": "I urge you to keep focused on mortgage annual profit expectations to avoid being deceived that", "audio_length_s": 6.39, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_121.wav", "duration": 6.39}, {"text": "in the higher ranking of any organic or paid search in the categories that we dominate.", "audio_length_s": 6.39, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_131.wav", "duration": 6.39}, {"text": "It's also really pleasing to see that the strategic relationship with Phoenix is already working well.", "audio_length_s": 6.39, "path": "be8b554309f7632bc9ebbd967764001e_8.wav", "duration": 6.39}, {"text": "continuing to grow the mosquito service offering and possible geographic expansion.", "audio_length_s": 6.39, "path": "0360a780927a31fb0bec9e79dac878a2_63.wav", "duration": 6.39}, {"text": "In a number of countries, we faced disruptive increases in the cost of the materials that we use to make our products.", "audio_length_s": 6.39, "path": "47b1a118c53956b23f1d687a75f3e5ba_253.wav", "duration": 6.39}, {"text": "recent minimum wage legislation? And also with tighter labor markets,", "audio_length_s": 6.39, "path": "cd1773ea94a046c0a36b679e2efcee9f_34.wav", "duration": 6.39}, {"text": "As Andrew said at the very beginning, we are starting with the questions in the room,", "audio_length_s": 6.39, "path": "98f10f0935e5b778e888a1b8130a3d31_136.wav", "duration": 6.39}, {"text": "in the center for allocating the capital and also for allocating the investment means,", "audio_length_s": 6.39, "path": "98f10f0935e5b778e888a1b8130a3d31_247.wav", "duration": 6.39}, {"text": "Well, most -- what I always ask people is, what was the price of oil 10 years ago?", "audio_length_s": 6.39, "path": "10dfe5270a7e4216d68614041d2a9bbe_67.wav", "duration": 6.39}, {"text": "And many patients may require periodic retreatment as deposits come back.", "audio_length_s": 6.39, "path": "b281eff988085e0776dc8a10223f1048_7.wav", "duration": 6.39}, {"text": "are being well received in our continued discussions with potential commercial partners,", "audio_length_s": 6.39, "path": "885b465648704d8a5d15bd00078e2160_36.wav", "duration": 6.39}, {"text": "rising environment versus the last time we experienced Fed tightening, where the beginning of the trend lines", "audio_length_s": 6.39, "path": "6ad1d7c855ceb3eb830c365e357e4510_78.wav", "duration": 6.39}, {"text": "The last metric, the ratio of lifetime value of a customer to the customer acquisition cost in the third quarter,", "audio_length_s": 6.39, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_74.wav", "duration": 6.39}, {"text": "thank you for being here today despite your busy schedule to listen to our financial briefing.", "audio_length_s": 6.39, "path": "58d5f604300a30c0c5bd9aa57d207478_0.wav", "duration": 6.39}, {"text": "And when we think about a partner, obviously we are going to be interested in someone that is really going to have propensity and focus", "audio_length_s": 6.39, "path": "bd40628b97efec198825ccf910c7e27e_104.wav", "duration": 6.39}, {"text": "Having said that, when you look at the margin separation,", "audio_length_s": 6.39, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_106.wav", "duration": 6.39}, {"text": "The actual numbers are misleading as a result of Easter falling in the first 5 weeks last year but not this year.", "audio_length_s": 6.39, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_21.wav", "duration": 6.39}, {"text": "in this area, and we're quite optimistic about the opportunities in China.", "audio_length_s": 6.39, "path": "f7df5ecab61eca575f169a8298318eca_64.wav", "duration": 6.39}, {"text": "So that is really at the heart of the way we manage our business.", "audio_length_s": 6.39, "path": "ca67cef56548d21bf5c1669beebf3cb0_209.wav", "duration": 6.39}, {"text": "by partnering with our various group companies to utilize customer data and create new value.", "audio_length_s": 6.39, "path": "b0b83ac66a31c5096a75bb1927c557e2_108.wav", "duration": 6.39}, {"text": "I don't have a number on the ARPU increase of that, but all those packages would be", "audio_length_s": 6.39, "path": "4567936d89925d1a3b983274b11ecae5_37.wav", "duration": 6.39}, {"text": "and talk about our results for the third quarter, I want to address the impact of Hurricane Michael on our plant in Panama City.", "audio_length_s": 6.39, "path": "809e26eaacb31ffdee78d3f41a6ce90a_80.wav", "duration": 6.39}, {"text": "We introduced and refined the group's presentation sales format for new and existing owners,", "audio_length_s": 6.39, "path": "968913c3f9111fc67f1d9956c56dec3b_115.wav", "duration": 6.39}, {"text": "Our outlook assumes currency rates to be consistent with the end of July levels.", "audio_length_s": 6.39, "path": "0ec0a75c1800bac01520dcac5b8992fb_75.wav", "duration": 6.39}, {"text": "Chocolate continued to be strong as we executed our plans, and the overall market conditions remained good.", "audio_length_s": 6.39, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_77.wav", "duration": 6.39}, {"text": "Other than that, I think our unplanned downtime, the way that we look at it is", "audio_length_s": 6.39, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_176.wav", "duration": 6.39}, {"text": "We see continued improvement in Germany despite the fact that, that was one of the areas that we chose", "audio_length_s": 6.39, "path": "9b697782ea80be97854f35d6fc62c93a_177.wav", "duration": 6.39}, {"text": "that we contracted and we're in the process of deploying that as we commented on, and that helps us", "audio_length_s": 6.39, "path": "f1da65edd5f2026ffd647d496bb96ce7_161.wav", "duration": 6.39}, {"text": "by allowing them to be classified as additional current maturities of long-term debt? Dev?", "audio_length_s": 6.39, "path": "e2225d612a954a24e7e91c08215d7b51_37.wav", "duration": 6.39}, {"text": "how much effort we're putting on this and how much acceleration our intention is", "audio_length_s": 6.39, "path": "48f4f350c0636fa0c7acf339cfccb869_36.wav", "duration": 6.39}, {"text": "These include adding clinical sites and increasing enrollment in the ongoing Phase II clinical trial,", "audio_length_s": 6.39, "path": "f875d701e5a9dd5ab745c8380c02cc3a_5.wav", "duration": 6.39}, {"text": "All key categories for the brand domestically continue to perform well, especially the kids line.", "audio_length_s": 6.39, "path": "741526dd2a3db996d2f22f4bcdae4be6_90.wav", "duration": 6.39}, {"text": "improve our balance sheet and maintain a disciplined approach when it comes to our expenses.", "audio_length_s": 6.39, "path": "741526dd2a3db996d2f22f4bcdae4be6_84.wav", "duration": 6.39}, {"text": "And finally, I want to make a couple of observations on key topics of interest.", "audio_length_s": 6.39, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_177.wav", "duration": 6.39}, {"text": "Increase was primarily the result of higher cost in our Pulp business", "audio_length_s": 6.39, "path": "9b1931e93dfb0391fb948924a93be5ff_92.wav", "duration": 6.39}, {"text": "for the full year. Please turn to Slide 12 labeled Balance Sheet and Cash Flow.", "audio_length_s": 6.39, "path": "fb817a6cc685a3fd0f003456dd641c01_177.wav", "duration": 6.39}, {"text": "But we're very much focused on PCB, very much focused on the mainstream of the market.", "audio_length_s": 6.39, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_29.wav", "duration": 6.39}, {"text": "This is resulting in a deferral of new equipment spending and playing a major role in the decline in the overall demand from mobile equipment.", "audio_length_s": 6.39, "path": "82f5253b62614161333b038f5f9700f8_4.wav", "duration": 6.39}, {"text": "But I don't think, at this point, we're really anticipating a meaningful increase in freight", "audio_length_s": 6.39, "path": "735a523f1ef6500b7aa97a2536d9c4fd_47.wav", "duration": 6.39}, {"text": "This concludes today's conference. Thank you for your participation. You may now disconnect.", "audio_length_s": 6.39, "path": "af2718cdc0b3b856f9a0b3da3d527d18_173.wav", "duration": 6.39}, {"text": "we were going to back those that back us, and that's really the strategy we put in place.", "audio_length_s": 6.39, "path": "33fd8a867dbd88a837e541b1d2b25ea5_118.wav", "duration": 6.39}, {"text": "But it would be fair to think that you would have capacity that you could utilize here to", "audio_length_s": 6.39, "path": "8cfc2a9aace5078f22a83c782b9d41f7_79.wav", "duration": 6.39}, {"text": "fell on the weekend this year, was that a meaningful impact in terms of", "audio_length_s": 6.39, "path": "bc3fa49aaccfacb1392855627864851e_58.wav", "duration": 6.39}, {"text": "Good morning. My name is Natalia, and I will be your conference operator today.", "audio_length_s": 6.39, "path": "c47a92e006b54d014a79b447528c55a7_0.wav", "duration": 6.39}, {"text": "And what we're seeing is increased demand for outsourcing, and we see their growth", "audio_length_s": 6.39, "path": "45ab782035fdb06f5ec710d0845bc18f_86.wav", "duration": 6.39}, {"text": "Before we get started, I wanted to remind you that some statements made today are or may be considered forward-looking statements", "audio_length_s": 6.39, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_143.wav", "duration": 6.39}, {"text": "Others will realize that they did need it and there'll be another kind of surge in sales I think in '16. So", "audio_length_s": 6.39, "path": "0dec9a606303da3039d11eec4ec9bd86_44.wav", "duration": 6.39}, {"text": "We also anticipate higher operations expense due to stronger sales, that I just mentioned,", "audio_length_s": 6.39, "path": "0dec9a606303da3039d11eec4ec9bd86_14.wav", "duration": 6.39}, {"text": "So when it comes to future developments, we're going to limit hog production,", "audio_length_s": 6.39, "path": "80a2ca14358172366acab4e80f3fa33b_226.wav", "duration": 6.39}, {"text": "we have lowered the level of debt and increased the level of return for our shareholders.", "audio_length_s": 6.39, "path": "80a2ca14358172366acab4e80f3fa33b_142.wav", "duration": 6.39}, {"text": "In that month, when we have spring break, the consumption level", "audio_length_s": 6.39, "path": "80a2ca14358172366acab4e80f3fa33b_187.wav", "duration": 6.39}, {"text": "the orders require that a final environmental impact statement for these pipelines be completed prior", "audio_length_s": 6.39, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_13.wav", "duration": 6.39}, {"text": "Two questions , if I can. Firstly, can you explain some of the current dynamics you're seeing in Medicare Part D.", "audio_length_s": 6.39, "path": "9c67fafcb51925dcbaa570283fe01701_74.wav", "duration": 6.39}, {"text": "how do you balance kind of a few factors related to", "audio_length_s": 6.39, "path": "f7c059b1312a5f1fc017ece069fddee2_112.wav", "duration": 6.39}, {"text": "as a result of increased costs related to maintenance of our water and sewer systems and legal and regulatory fees.", "audio_length_s": 6.39, "path": "98bbf1693b5a53e7f02d890a8dca876a_58.wav", "duration": 6.39}, {"text": "right now strong and getting stronger. And we are really focused on winning with the winners", "audio_length_s": 6.39, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_218.wav", "duration": 6.39}, {"text": "So I think that is all in place, but at the end of the day in combination with", "audio_length_s": 6.39, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_203.wav", "duration": 6.39}, {"text": "A substantial portion of this rebate stems from the increase in specialty drug utilization", "audio_length_s": 6.39, "path": "b126c31149f1cadf1d891082a187d6fc_24.wav", "duration": 6.39}, {"text": "that this platform is a game changer. No one has done this, and I don't believe can,", "audio_length_s": 6.39, "path": "a9ff9f85f03afdd2d13b76e14060b31d_178.wav", "duration": 6.39}, {"text": "and we will earn a margin on that, which is why we said we believe it will be accretive immediately and going forward. So", "audio_length_s": 6.39, "path": "09b5b62d328d3d0719b6825357fdfb48_216.wav", "duration": 6.39}, {"text": "That having been said, we are focused on rationalizing the business and have already taken significant steps in that regard.", "audio_length_s": 6.39, "path": "b6688f44b91606fbd75a6d66e94d4e4b_105.wav", "duration": 6.39}, {"text": "that basically what's implicit in the guide then for the year here for", "audio_length_s": 6.39, "path": "ed2810b765143f8341dcc8e8c14c27f1_224.wav", "duration": 6.39}, {"text": "and to identify partners who most closely share our vision for these opportunities given the long IP life", "audio_length_s": 6.39, "path": "794528c461ef7009b1741ac67c17aba4_84.wav", "duration": 6.39}, {"text": "we trade and you want us to be fighters and we will continue to do what we're doing.", "audio_length_s": 6.39, "path": "92287986b332deec2c9712d7c89eef08_136.wav", "duration": 6.39}, {"text": "Slide 12 provides an overview of our cash flows from operating activities", "audio_length_s": 6.39, "path": "ee17f090e669ff9029bd1dc57db6e43e_65.wav", "duration": 6.39}, {"text": "A meaningful percentage of this investment is directly tied to strong sales activity in Travel Network", "audio_length_s": 6.39, "path": "b08d602a938cc263402d9d2db56f2490_179.wav", "duration": 6.39}, {"text": "To start with, in 2015, I'll admit that there were several areas where we felt we fell short.", "audio_length_s": 6.39, "path": "14fa9d7635caae6483af62a4bfe1b9d6_63.wav", "duration": 6.39}, {"text": "where they're looking to green up their portfolios, respond to their customer and stakeholder concerns about carbon.", "audio_length_s": 6.39, "path": "2cd5b184c2ef6624ce219830182927c9_68.wav", "duration": 6.39}, {"text": "mostly in Connecticut. Although we are also working up in the Plattsburgh area of New York in terms of growth.", "audio_length_s": 6.39, "path": "2cd5b184c2ef6624ce219830182927c9_167.wav", "duration": 6.39}, {"text": "It may vary up or down slightly, but usually, our history says that's the range you should think about.", "audio_length_s": 6.39, "path": "711d9abe4399e7184d7dd8e3273f8a71_154.wav", "duration": 6.39}, {"text": "you give us some sort of idea as to sort of how close you are to", "audio_length_s": 6.39, "path": "6299a010c7bb84feaf14b263750dbd1a_145.wav", "duration": 6.39}, {"text": "We continue to have dominant share in this category and capture significant share at launch of new titles.", "audio_length_s": 6.39, "path": "125388f1b45117acde70abc39e0f7d04_163.wav", "duration": 6.39}, {"text": "where we continue to focus our efforts on the network deployment in order to improve capability", "audio_length_s": 6.39, "path": "1758a982f596e3033f062a5b9f011361_117.wav", "duration": 6.39}, {"text": "A recently published review of published randomized clinical trials concluded that nutritional vitamin D", "audio_length_s": 6.39, "path": "0f8a61f667edd9a400d7abe2a7908a9e_4.wav", "duration": 6.39}, {"text": "We have to bring it into the device. And if we talk device, we talk Gerresheimer. So", "audio_length_s": 6.39, "path": "b20564a6da1bcfc7b80552299d9e002a_47.wav", "duration": 6.39}, {"text": "to the many thousands of patients that we physicians and others believe", "audio_length_s": 6.39, "path": "8f92dfb06900be4f209f31f24cb885fb_47.wav", "duration": 6.39}, {"text": "the future opportunities there. But we're really not going to comment on anything specifically at this point about the future product.", "audio_length_s": 6.39, "path": "e69e64683a56cdadf1c95192e753f27e_29.wav", "duration": 6.39}, {"text": "with us about where exactly you see growth in electronics coming back? So this is my first question.", "audio_length_s": 6.39, "path": "e21fc19597d349bcd86de1329167659b_151.wav", "duration": 6.39}, {"text": "On the OUS side, we continue to work with our distributor partners through the impact of last year's currency fluctuation.", "audio_length_s": 6.39, "path": "62658bb0c3307b2b10e3668b8df73b0d_20.wav", "duration": 6.39}, {"text": "that's where the opportunity that we saw and just taking it from kind of a", "audio_length_s": 6.39, "path": "5be70acf701b7a6c9322f8feeaca63cd_33.wav", "duration": 6.39}, {"text": "Our Lantana Place project is a mixed-use development project in Southwest Austin.", "audio_length_s": 6.39, "path": "45c2e7788c29cc5f1c183ec742511c6f_61.wav", "duration": 6.39}, {"text": "I'm going to ask, broadly speaking, when do you think the carriers will see a pickup in their spending?", "audio_length_s": 6.39, "path": "a756bd9ba43faae4d9d0f059925e39e9_112.wav", "duration": 6.39}, {"text": "or actually, we should not call it an offer, we should call it just a nonbinding proposal", "audio_length_s": 6.39, "path": "538323cb37246bc97d1253b369a7414a_120.wav", "duration": 6.39}, {"text": "Swiss private banking sector and in other places of the world. We believe that the consolidation will continue.", "audio_length_s": 6.39, "path": "bf99037f89cd485f95f097842619a0c7_98.wav", "duration": 6.39}, {"text": "As you would expect, we'll remain disciplined and patient sellers as we move through the process.", "audio_length_s": 6.39, "path": "b154f7c33e567e453cb765f4ac03dd2f_71.wav", "duration": 6.39}, {"text": "I think it will give us more opportunity to combine some of the stuff that we do in store ops. But it's,", "audio_length_s": 6.39, "path": "c88e296697cd72c891ffb7bf5a1a60bb_218.wav", "duration": 6.39}, {"text": "For these initiatives, our 2019 focus will be to continue and build upon our strong progress to date.", "audio_length_s": 6.39, "path": "7a80c3e91e5a2693cdaef5f716808317_187.wav", "duration": 6.39}, {"text": "The business closure and disposals have already generated cash well in excess of the costs incurred.", "audio_length_s": 6.39, "path": "7a80c3e91e5a2693cdaef5f716808317_175.wav", "duration": 6.39}, {"text": "are looking for Pixel to really understand how we are driving growth. And I think that's one big area that we continue to invest.", "audio_length_s": 6.39, "path": "30a142fac5a62ab00227cb6a339a6226_39.wav", "duration": 6.39}, {"text": "For example, our voluntary early retirement program will be a key contributor this year", "audio_length_s": 6.39, "path": "365c360aff42713cef71a7d026eeeb6d_173.wav", "duration": 6.39}, {"text": "and reduction in other overhead cost due to our focus on maintaining a lower and more efficient cost structure.", "audio_length_s": 6.39, "path": "7e018402f521eec8ce7a9df8cd61e144_10.wav", "duration": 6.39}, {"text": "and I think it will always exist. And I think that customer that needs help in creating", "audio_length_s": 6.39, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_145.wav", "duration": 6.39}, {"text": "In closing, we are proud of our team's hard work over the past year and we thank them for their efforts.", "audio_length_s": 6.39, "path": "b35398859e534e471fb1cd60f5baac20_71.wav", "duration": 6.39}, {"text": "However, the difference in terms of the benefits coming from the subsidies does exist. So that would be one factor.", "audio_length_s": 6.39, "path": "5478e14c30a7a53219de2176fdba0d4a_75.wav", "duration": 6.39}, {"text": "that really are very akin to research and development at this point, which is", "audio_length_s": 6.39, "path": "744f5859c7d9a0567b387ae84326d940_29.wav", "duration": 6.39}, {"text": "who can provide expanded capabilities and scale for implementation of SeaChange solutions.", "audio_length_s": 6.39, "path": "726bad4d5d1a6b2f62034eb8dc843450_13.wav", "duration": 6.39}, {"text": "year. Steve, I'll take the first part of the question, then I'll turn it over to Brian on the cash management office.", "audio_length_s": 6.39, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_106.wav", "duration": 6.39}, {"text": "with inspirations from many places in the world. Uptown, as the name implies, is more formal", "audio_length_s": 6.39, "path": "47546a57a865bca0f4e677dc3b485053_109.wav", "duration": 6.39}, {"text": "Against the background of this result, I would like to reiterate our guidance.", "audio_length_s": 6.3899375, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_44.wav", "duration": 6.3899375}, {"text": "We've got a great team in Saga and I believe we have a very strong plan for the future.", "audio_length_s": 6.36, "path": "214dcdc435ef3259490466447858fa56_121.wav", "duration": 6.36}, {"text": "Accordingly, Q4 will be the strongest quarter of the year for us with no property renovation disruption.", "audio_length_s": 6.36, "path": "7eebbbc069b4bf8367aa748751df9bc7_162.wav", "duration": 6.36}, {"text": "around -- we estimated if prior years are similar to this year, which they seem", "audio_length_s": 6.36, "path": "b7050f62f52a3d2803beea21404f7af6_25.wav", "duration": 6.36}, {"text": "What we are doing is we are constructing a new machine", "audio_length_s": 6.36, "path": "48954c357d5ad754c29ea1c28dbdad2a_30.wav", "duration": 6.36}, {"text": "that still a part of our overall digital initiatives that we are undertaking for the group", "audio_length_s": 6.36, "path": "a95a220f118ae793c89d6d708e62cf8a_181.wav", "duration": 6.36}, {"text": "not getting a lot of loads that had been priced in a place where we thought they needed to be, given", "audio_length_s": 6.36, "path": "94fdf7b24748a7706b1097482a0f363a_106.wav", "duration": 6.36}, {"text": "While we are in the early stages, the team is making great progress in improving CPD margins.", "audio_length_s": 6.36, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_110.wav", "duration": 6.36}, {"text": "Also, engineering became more specific as it relates to the equipment as we move through the last year of the project.", "audio_length_s": 6.36, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_124.wav", "duration": 6.36}, {"text": "criteria that was determined by the technology, and were automatically added to the footprint.", "audio_length_s": 6.36, "path": "55cbaf368288111ebc2ccadb61e3bd34_163.wav", "duration": 6.36}, {"text": "Well, from my standpoint, I don't think we need to get much smaller. We always have", "audio_length_s": 6.36, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_110.wav", "duration": 6.36}, {"text": "It's filled with phenomenally talented people, and that these people are the foundation of our company.", "audio_length_s": 6.36, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_196.wav", "duration": 6.36}, {"text": "In terms of your battery business, just to continue where you left on in the third quarter,", "audio_length_s": 6.36, "path": "95962e0f754f9e2f786778c85d0913b8_142.wav", "duration": 6.36}, {"text": "So as a result of that, we do think that our earnings going forward will continue to be -- maintain a very healthy level.", "audio_length_s": 6.36, "path": "95962e0f754f9e2f786778c85d0913b8_172.wav", "duration": 6.36}, {"text": "It seems to me that you're gaining additional market share now", "audio_length_s": 6.36, "path": "6d943ecc16a745032247da12a1062b88_61.wav", "duration": 6.36}, {"text": "may differ materially from those projected due to the impact of these factors and others beyond its control.", "audio_length_s": 6.36, "path": "6f3e90ad68b9b074ad827efdcaf6630d_46.wav", "duration": 6.36}, {"text": "I just wanted to ask how you would describe that pipeline in those terms today.", "audio_length_s": 6.36, "path": "0755f4b74dda585f3975c7d8208b1598_68.wav", "duration": 6.36}, {"text": "in production rates and as those balances pull up relative to what pays down,", "audio_length_s": 6.36, "path": "232edaebd93a3d8673bce183d269ad6d_165.wav", "duration": 6.36}, {"text": "been awarded is in Dubai, and that will be more of a second half", "audio_length_s": 6.36, "path": "55d05334bdde612eb9dd102bb41d216e_120.wav", "duration": 6.36}, {"text": "We are believing that, that the decrease we've seen over the last several years,", "audio_length_s": 6.36, "path": "55d05334bdde612eb9dd102bb41d216e_113.wav", "duration": 6.36}, {"text": "part of that might not be recurring, that we might not be able to sustain that level in the quarters to come. Is that correct?", "audio_length_s": 6.36, "path": "5c0c5def50979a53baeb6bb6c0ba53dc_101.wav", "duration": 6.36}, {"text": "So we'll talk more about our vision, applying our purpose and our goals and bold moves shortly", "audio_length_s": 6.36, "path": "7e14890193df4b10e1eeab6ab886529f_61.wav", "duration": 6.36}, {"text": "I think you saw in our marketing, a lot of diversity within the marketing of real members, including", "audio_length_s": 6.36, "path": "7e14890193df4b10e1eeab6ab886529f_105.wav", "duration": 6.36}, {"text": "And we are even starting to add a fourth shift in certain facilities until we're able to catch up with the recent pickup in demand.", "audio_length_s": 6.36, "path": "dd3166f311a5f12a25103a0295e8ac3e_27.wav", "duration": 6.36}, {"text": "We continue to be pleased with our results in Europe and Canada with our Transatlantic Operating Model.", "audio_length_s": 6.36, "path": "044da592acc01ff7baacb3dbf2a302a9_2.wav", "duration": 6.36}, {"text": "give us -- talk a little bit more about Yeezy and reassure us that", "audio_length_s": 6.36, "path": "4b7945dd823dcbc0b2724efa66393673_274.wav", "duration": 6.36}, {"text": "Our operated pipelines benefited from strong utilization at our refineries. In addition,", "audio_length_s": 6.36, "path": "84d2b192c2dd9cdcf24bacf3788a5322_12.wav", "duration": 6.36}, {"text": "Overall, we are pleased with the strong first quarter performance of our housing and lifestyle businesses.", "audio_length_s": 6.36, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_78.wav", "duration": 6.36}, {"text": "the houses that are in default or in REO-type status, if you think about our field services. So we are not", "audio_length_s": 6.36, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_33.wav", "duration": 6.36}, {"text": "and I think it's because, as I have said, the relationships between", "audio_length_s": 6.36, "path": "c4dc8f962a85aa47af50f82845f550e2_38.wav", "duration": 6.36}, {"text": "and as a result, we are investing in it. We started to invest in the first quarter.", "audio_length_s": 6.36, "path": "82218f543c9a546c4baa5323f250b39f_95.wav", "duration": 6.36}, {"text": "And we will continue to invest in this area during the course of 2016, which Dave will outline later on.", "audio_length_s": 6.36, "path": "75fa1bebed0b858c76cc7058477e40e2_112.wav", "duration": 6.36}, {"text": "We will continue to educate the public on our quality ingredients and real cooking.", "audio_length_s": 6.36, "path": "75fa1bebed0b858c76cc7058477e40e2_8.wav", "duration": 6.36}, {"text": "The funding strategy also supports improving our credit metrics over the 5 year plans,", "audio_length_s": 6.36, "path": "9589f919b51ea96f732c4fe7fd180d7e_73.wav", "duration": 6.36}, {"text": "And where we really saw the opportunity to increase guidance significantly this morning", "audio_length_s": 6.36, "path": "46906afb4e1ee1fef09b5908e76beefa_135.wav", "duration": 6.36}, {"text": "a complicated ultra-rare neurodegenerative disease that typically presents in childhood and is ultimately fatal.", "audio_length_s": 6.36, "path": "46906afb4e1ee1fef09b5908e76beefa_173.wav", "duration": 6.36}, {"text": "So we need to have internal criteria by which to judge things. Take our milk tea for example.", "audio_length_s": 6.36, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_126.wav", "duration": 6.36}, {"text": "They have better stamina than new products. However,", "audio_length_s": 6.36, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_231.wav", "duration": 6.36}, {"text": "We have a passionate group of employees that take great pride in helping people achieve what are often life changing goals.", "audio_length_s": 6.36, "path": "957e0f876f9a4af9b498c19843675474_79.wav", "duration": 6.36}, {"text": "we've moved up market and we're doing larger deals. And again, those deployment cycles are going to be a little bit longer. But", "audio_length_s": 6.36, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_191.wav", "duration": 6.36}, {"text": "I hope this has been a useful and comprehensive update for you.", "audio_length_s": 6.36, "path": "8292bdb9af87f10627c044f3842b2c76_197.wav", "duration": 6.36}, {"text": "yes, as we've announced the vast majority of our sales recently have been in China.", "audio_length_s": 6.36, "path": "392ca3d1e388c6d7a35f6d0db390c359_199.wav", "duration": 6.36}, {"text": "As we take a step back and look at our total businesses, your question was specifically on the branded side.", "audio_length_s": 6.36, "path": "5f38ce681d4413a793d34a0650c59bf2_156.wav", "duration": 6.36}, {"text": "We also expect this year to complete enrollment in the pivotal study, which we're calling the PROPEL study,", "audio_length_s": 6.36, "path": "0dbbae27d7055ecc04cc25e14e4de12d_133.wav", "duration": 6.36}, {"text": "develop our ranges and evolve our formats to best meet changing customer needs.", "audio_length_s": 6.36, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_148.wav", "duration": 6.36}, {"text": "We've also had a good start to our second half, so we're confident in the outcome for the full year.", "audio_length_s": 6.36, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_45.wav", "duration": 6.36}, {"text": "We remain confident in our ability to maintain roughly these revenue levels in the current markets.", "audio_length_s": 6.36, "path": "bddc15938bdcc3085f19b0851e74c2c0_258.wav", "duration": 6.36}, {"text": "and affluent client segment as well as the high quality of our distribution networks.", "audio_length_s": 6.36, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_65.wav", "duration": 6.36}, {"text": "Our capital position was robust at the beginning of the year and ended the year at even stronger levels,", "audio_length_s": 6.36, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_118.wav", "duration": 6.36}, {"text": "The fourth execution element is a proactive effort to transition our business models.", "audio_length_s": 6.36, "path": "0f4370b614f29bd596e4f6871cc77864_75.wav", "duration": 6.36}, {"text": "This will offer us the chance to sell into the consumer side of the business with our present and future distribution channels,", "audio_length_s": 6.36, "path": "a44c74bdc01aa7e317addc11f2274e11_155.wav", "duration": 6.36}, {"text": "road map is really unclear once they get out beyond 5 years about how much of their IT kit", "audio_length_s": 6.36, "path": "171fd9df333ddd814c764843ed624121_95.wav", "duration": 6.36}, {"text": "but they're necessary to support the company's strategy and to continue to take advantage of the growing shipping market.", "audio_length_s": 6.36, "path": "6864081f83959f4b49e25e597f28af66_118.wav", "duration": 6.36}, {"text": "guided volumes are below where your contracted or correct me if I'm thinking about that incorrectly?", "audio_length_s": 6.36, "path": "2905366dcf0eb60a22b63a1b3d9adf95_161.wav", "duration": 6.36}, {"text": "and everybody is. But that's really, at the end of the day, net neutral in terms of profitability.", "audio_length_s": 6.36, "path": "132abea68f255eb89160dde90b6d3b80_144.wav", "duration": 6.36}, {"text": "As for ARPM, it has continued to exhibit stability and even grew modestly this quarter", "audio_length_s": 6.36, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_83.wav", "duration": 6.36}, {"text": "And that's why we're seeing diminished impact from", "audio_length_s": 6.36, "path": "002d12258ff802d65f79ae2eef99e4ab_121.wav", "duration": 6.36}, {"text": "Domestically, we have continued to deliver displays for the low rate initial production phase", "audio_length_s": 6.36, "path": "1ddc944827b99caf8c7867ceeed0ec20_123.wav", "duration": 6.36}, {"text": "ultimately translate into an initial sense of how many incremental peak megawatts you might be looking at here?", "audio_length_s": 6.36, "path": "a7e7a1621af9b4e850260f9824ee8746_61.wav", "duration": 6.36}, {"text": "We hope with the federal announcement and the solid Q1 performance, we can put most of these issues behind us.", "audio_length_s": 6.36, "path": "4510e2aa4676c7a10c96df3f4ebf2beb_4.wav", "duration": 6.36}, {"text": "That concludes our prepared remarks for today, and we'd be happy to answer any of your questions.", "audio_length_s": 6.36, "path": "3cc0a4a6f1b08b522c732ad8944e8624_71.wav", "duration": 6.36}, {"text": "as a result of that. And then just -- additionally, with the press reporting that FINRA is thinking about maybe ending", "audio_length_s": 6.36, "path": "8a77ceadd7e4729abc9102d38be3a227_95.wav", "duration": 6.36}, {"text": "So of course, when we send email invitations out, half the customers aren't getting them because they don't have email addresses. So", "audio_length_s": 6.36, "path": "9b93af1e7019959620214c387f283d8e_117.wav", "duration": 6.36}, {"text": "but this was a very dedicated and clear decision to focus ourselves", "audio_length_s": 6.36, "path": "98f10f0935e5b778e888a1b8130a3d31_292.wav", "duration": 6.36}, {"text": "A quick recap on the 4 growth drivers we shared at the strategy discussion.", "audio_length_s": 6.36, "path": "b305bff75f28d238f0bd7da5bd4f13b8_146.wav", "duration": 6.36}, {"text": "range of between 20% and 15%. So that means, of course, that we intend to bring the group CapEx intensity down", "audio_length_s": 6.36, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_355.wav", "duration": 6.36}, {"text": "for the full detail of our financial performance. I'll focus on key highlights today so we can get to your questions.", "audio_length_s": 6.36, "path": "29426a77336443eedde7eaa29e9c2852_70.wav", "duration": 6.36}, {"text": "for people with disabilities and also focusing also on improving productivity and in-work salary progression.", "audio_length_s": 6.36, "path": "b94d748876ddf8e881d4191dec45baf3_113.wav", "duration": 6.36}, {"text": "will be sufficient to fund our operations through full data readout, which we anticipate", "audio_length_s": 6.36, "path": "73f474b631c43567329cad1bb76ff4fe_78.wav", "duration": 6.36}, {"text": "This team has begun to train all of our approximately 400 sales associates on a contemporary", "audio_length_s": 6.36, "path": "1968062b387ef01efed18108be2dc264_78.wav", "duration": 6.36}, {"text": "available to fund growth initiatives, specifically restaurant acquisitions and new unit construction.", "audio_length_s": 6.36, "path": "7aeefd3f7f36ea98354844517c1f012d_41.wav", "duration": 6.36}, {"text": "but we're working on it, our -- the teams have been spending a lot of time back and forth in understanding how", "audio_length_s": 6.36, "path": "0794a2f02bbe89feb49651735bba77c5_94.wav", "duration": 6.36}, {"text": "and lower use of commercial paper given the full year impact of receipt of the disposal proceeds.", "audio_length_s": 6.36, "path": "c3567809c19ce6a800677544cd84f88b_22.wav", "duration": 6.36}, {"text": "There are still a few variables around exchange in fiscal '17 which could affect this forecast,", "audio_length_s": 6.36, "path": "c3567809c19ce6a800677544cd84f88b_201.wav", "duration": 6.36}, {"text": "And once we've completed that research, we will look at the value chain and how best to service the local market", "audio_length_s": 6.36, "path": "ea60900258f99d1003ab247c506e42d9_67.wav", "duration": 6.36}, {"text": "as evidenced by the Tubi, Roku and XUMO agreements I also discussed.", "audio_length_s": 6.36, "path": "20097e37747ec7bc3734246e83798fb1_72.wav", "duration": 6.36}, {"text": "in 2016. For the year, our international sales increased in each of our groups.", "audio_length_s": 6.36, "path": "9979d7fef684b8cac613c934b6229791_52.wav", "duration": 6.36}, {"text": "And I guess is there anything that's falling out of this year", "audio_length_s": 6.36, "path": "191c819db03c2dfd0207cd1f42e278a4_27.wav", "duration": 6.36}, {"text": "But we're doing it all inside of the model. Where we think we're making an investment,", "audio_length_s": 6.36, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_83.wav", "duration": 6.36}, {"text": "and our differentiated approach will result in the continued expansion of our share of the market.", "audio_length_s": 6.36, "path": "10728656364812338b7417b035dae4c4_44.wav", "duration": 6.36}, {"text": "This currency trend is broadly predicted to continue and may produce additional headwinds in the future.", "audio_length_s": 6.36, "path": "bb2ca5b87982b2388d82cd64a73f08cf_36.wav", "duration": 6.36}, {"text": "Tom will talk more about this later on. I'm also very pleased on the work that has been done on the balance sheet,", "audio_length_s": 6.36, "path": "ab4dae37361262d727d1d2f8f78765d5_7.wav", "duration": 6.36}, {"text": "and as factored into our original full year guidance, hotel revenues were challenged during the quarter.", "audio_length_s": 6.36, "path": "b1da16cba24af8e472573c4c9caf17c7_59.wav", "duration": 6.36}, {"text": "The potential for cancer vaccines is that because they should be safe and because they should be effective,", "audio_length_s": 6.36, "path": "17f54a9938f35a4bde713fb3eb33a80e_57.wav", "duration": 6.36}, {"text": "from the prior quarter as we -- as continued cost savings offset the impact of our annual salary adjustments.", "audio_length_s": 6.36, "path": "051c23cc7bacc5c9df9312ac0fd431a9_15.wav", "duration": 6.36}, {"text": "part of this team for a long time, so that's something to think about.", "audio_length_s": 6.36, "path": "50b20eb62889a9a6f09f354a21fe0ea7_29.wav", "duration": 6.36}, {"text": "And they know us over time. And we have a track record of valuing people and technology. And so", "audio_length_s": 6.36, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_129.wav", "duration": 6.36}, {"text": "We start dosing in Q2, and if you just run the clock and allow us to see some of the", "audio_length_s": 6.36, "path": "e78997e6a75a2243292b2b54750bb3cb_22.wav", "duration": 6.36}, {"text": "and then lay the 2 lines of the revenue trends over one another. And they look almost like identical.", "audio_length_s": 6.36, "path": "13141efea197b407280701081390f0ce_141.wav", "duration": 6.36}, {"text": "or can articulate the question. But to the extent that there's a loan out there, what happens to that loan,", "audio_length_s": 6.36, "path": "968913c3f9111fc67f1d9956c56dec3b_202.wav", "duration": 6.36}, {"text": "cost, and then we can do the business well. Then we can see further opportunities,", "audio_length_s": 6.36, "path": "b126e11520fd54843c67f70f15cd30cc_48.wav", "duration": 6.36}, {"text": "We're not going to do anything that dumps the shares on the market in a disorganized manner anytime soon.", "audio_length_s": 6.36, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_26.wav", "duration": 6.36}, {"text": "We've made excellent progress in adding to our portfolio of New York State Department of Health-approved tests.", "audio_length_s": 6.36, "path": "75eb5b75bb8587b63c318714ea956b9e_85.wav", "duration": 6.36}, {"text": "And later this quarter, Vonage Business Cloud will add contact center functionality", "audio_length_s": 6.36, "path": "52a4e3ebf7e968a783401230c3f69a9d_117.wav", "duration": 6.36}, {"text": "We expect our diverse portfolio to allow us to deliver this revised guidance.", "audio_length_s": 6.36, "path": "0ec0a75c1800bac01520dcac5b8992fb_172.wav", "duration": 6.36}, {"text": "run the business to capture the maximum value that we can from the way that we", "audio_length_s": 6.36, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_229.wav", "duration": 6.36}, {"text": "We'd like to remind you that all or some of the statements made on this conference call will be forward looking.", "audio_length_s": 6.36, "path": "626da68f2b245869534a0316b8b6139a_36.wav", "duration": 6.36}, {"text": "Our strategy aims to deliver a combination of consistent per share growth and meaningful income to our shareholders.", "audio_length_s": 6.36, "path": "ea7f210b3c08271afbdb6d434b8394e9_35.wav", "duration": 6.36}, {"text": "I'll now turn it over to Mark for a more detailed review of the financial results in the quarter. Mark?", "audio_length_s": 6.36, "path": "e16c49bab0eeda53f9fd5b3d0f599149_56.wav", "duration": 6.36}, {"text": "were just not able to enter some of the equipment makers because physically, the slot is quite narrow.", "audio_length_s": 6.36, "path": "785be95695b063f97a17e4dea4a0529a_58.wav", "duration": 6.36}, {"text": "In our strategic sourcing program, which continues to be a bright spot with schedules and savings on track,", "audio_length_s": 6.36, "path": "9e8690a521142359001a137074905535_96.wav", "duration": 6.36}, {"text": "And as we mentioned, each of our platforms has a certain type of an acquisition strategy.", "audio_length_s": 6.36, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_41.wav", "duration": 6.36}, {"text": "and we will continue to make further targeted strategic investments in the second half", "audio_length_s": 6.36, "path": "262bc21196721c5ff9114acbd2ff03c3_209.wav", "duration": 6.36}, {"text": "Good morning, and welcome to the American Airlines Group Third Quarter 2017 Earnings Call.", "audio_length_s": 6.36, "path": "1949bd0c9c4c23d495d880c4c552bfe1_0.wav", "duration": 6.36}, {"text": "in terms of being able to create a case that shows that American jobs are at stake", "audio_length_s": 6.36, "path": "1949bd0c9c4c23d495d880c4c552bfe1_105.wav", "duration": 6.36}, {"text": "And also what is your view on potential additional hikes towards April for hardwood in Asia?", "audio_length_s": 6.36, "path": "9b1931e93dfb0391fb948924a93be5ff_24.wav", "duration": 6.36}, {"text": "in the -- by the fourth quarter of this year, and then we have an ability to continue to grow out", "audio_length_s": 6.36, "path": "b3d7bc295d09d9927e465213612c0192_104.wav", "duration": 6.36}, {"text": "that was the driver behind the unit. If you think about that group and", "audio_length_s": 6.36, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_156.wav", "duration": 6.36}, {"text": "still remain nicely profitable and traditionally look to invest that cash flow into new equipment", "audio_length_s": 6.36, "path": "8eaca8d8a419f74540f69ade8defabbd_159.wav", "duration": 6.36}, {"text": "So it was a -- we were pretty pleased with the performance of that business. It's actually a great business. It's run really well", "audio_length_s": 6.36, "path": "82f5253b62614161333b038f5f9700f8_52.wav", "duration": 6.36}, {"text": "One other thing that I mentioned in my remarks that should be emphasized", "audio_length_s": 6.36, "path": "49e533a8449f6b9b6c806458e73338e1_221.wav", "duration": 6.36}, {"text": "information materials for that -- materials and they can vote electronically at the meeting or of course via phone.", "audio_length_s": 6.36, "path": "d223c88e8d5b658f28749ce0db145daf_21.wav", "duration": 6.36}, {"text": "Banking and wealth management revenues increased sharply from last quarter and up", "audio_length_s": 6.36, "path": "28d675c77a4b2269c1c1460ad3e56250_75.wav", "duration": 6.36}, {"text": "And what we've said is they have to have a 2-month life expectancy to get on to these levels.", "audio_length_s": 6.36, "path": "8c1b4f4af2af2847a240041390e31399_66.wav", "duration": 6.36}, {"text": "that will increase our ability to compete effectively and grow over the near and long term.", "audio_length_s": 6.36, "path": "1e32d5e01ff61f70b37850c473b9876a_12.wav", "duration": 6.36}, {"text": "And by the end of August, we will have been through some part of our operations in every single one of our plants.", "audio_length_s": 6.36, "path": "45ab782035fdb06f5ec710d0845bc18f_57.wav", "duration": 6.36}, {"text": "see where that's a positive for us going forward. If you look at -- if you take the long-term view of Jack Henry, that's a really good", "audio_length_s": 6.36, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_89.wav", "duration": 6.36}, {"text": "As we begin the second half of our fiscal year, we continue to be optimistic about the strength of our technology solutions,", "audio_length_s": 6.36, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_68.wav", "duration": 6.36}, {"text": "We plan to present full data from both of these studies at a medical meeting later this year.", "audio_length_s": 6.36, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_19.wav", "duration": 6.36}, {"text": "On marketing, I've already discussed the benefits we're seeing through continued improvement in efficiency.", "audio_length_s": 6.36, "path": "3877b1983229ec488c6349a188bccf92_86.wav", "duration": 6.36}, {"text": "and we have like dozens of projects that are like in the sales pipeline.", "audio_length_s": 6.36, "path": "7e2ebcd981f5b5ecb18c04906f87d768_93.wav", "duration": 6.36}, {"text": "Should we be successful in these attempts, we hope to file the same regulatory strategy,", "audio_length_s": 6.36, "path": "e29584f9f829602cacebcce71c2a4fb9_80.wav", "duration": 6.36}, {"text": "That said, we still expect that the Credit strategy will continue to be by far the main driver of EFC's earnings.", "audio_length_s": 6.36, "path": "a0d537badd260e2071136602e3b73b26_68.wav", "duration": 6.36}, {"text": "and we will be entitled to receive meaningful royalties on that sales by Par over the AG sales period.", "audio_length_s": 6.36, "path": "299bad77345d2e44fa5768f4416f7b97_73.wav", "duration": 6.36}, {"text": "it's one of those things where you get a number of claims coming in,", "audio_length_s": 6.36, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_176.wav", "duration": 6.36}, {"text": "This effort has been led by the development of technology tools that make interactions more seamless for our dealers.", "audio_length_s": 6.36, "path": "94f601dc7b34ad38667e3b714aa89d35_40.wav", "duration": 6.36}, {"text": "which is perfect for the point-of-care technology. And as you can see on the diagram,", "audio_length_s": 6.36, "path": "c5120d9702331edaf23bb6e639df0a70_131.wav", "duration": 6.36}, {"text": "all of which gives these guidelines significant credibility within the physician community.", "audio_length_s": 6.36, "path": "b126c31149f1cadf1d891082a187d6fc_189.wav", "duration": 6.36}, {"text": "In South America, reduced mining activity impacted our product support revenues in the fourth quarter.", "audio_length_s": 6.36, "path": "383cf39e54475c8a25af2af7b35c6f2e_73.wav", "duration": 6.36}, {"text": "some of our lower spending on both the CapEx and OpEx side is not just", "audio_length_s": 6.36, "path": "95303f68781d6fb58e19ec1dc7785a7c_190.wav", "duration": 6.36}, {"text": "which included acquisition costs and also amortization in respect of acquired intangibles.", "audio_length_s": 6.36, "path": "71c8aba809b2c3334e487f92f9009647_91.wav", "duration": 6.36}, {"text": "Let me come to another very successful business unit,", "audio_length_s": 6.36, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_104.wav", "duration": 6.36}, {"text": "We will return these iconic brands to the desired level of performance and we will do it convincingly.", "audio_length_s": 6.36, "path": "b0d88c0f1efca89ecb928172341dc75d_21.wav", "duration": 6.36}, {"text": "their model or you guys as a competitor or anything like that?", "audio_length_s": 6.36, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_41.wav", "duration": 6.36}, {"text": "you help me understand where you had the sales execution issue? Was it", "audio_length_s": 6.36, "path": "8611e088fa81dc9b999c382b62641dfc_113.wav", "duration": 6.36}, {"text": "which muted our ability to improve rate per load, resulting to our desired levels.", "audio_length_s": 6.36, "path": "14fa9d7635caae6483af62a4bfe1b9d6_160.wav", "duration": 6.36}, {"text": "when you think about the financial institutions to start with that added liquidity in this marketplace in years past,", "audio_length_s": 6.36, "path": "5b331cf4e6f62ec9a9c30a4728e36054_130.wav", "duration": 6.36}, {"text": "working for us in a slightly different structure, but one that we still thought was economically appropriate", "audio_length_s": 6.36, "path": "02242ceddfeb4bcc65f04552b63fe80e_84.wav", "duration": 6.36}, {"text": "We see a overall challenging performance for the company, of course,", "audio_length_s": 6.36, "path": "323193895e800e72960d98dd5fb64cf5_85.wav", "duration": 6.36}, {"text": "I think what we're seeing -- relative to the quarter, I wouldn't read anything into that in terms of the overall", "audio_length_s": 6.36, "path": "711d9abe4399e7184d7dd8e3273f8a71_117.wav", "duration": 6.36}, {"text": "And what we need to do and what we are in the process of doing is essentially to", "audio_length_s": 6.36, "path": "690a9eb04a9c850c77634cd88c8459da_10.wav", "duration": 6.36}, {"text": "we have reached the end of the question-and-answer session. And I would like to turn the call back to Brian Harris for closing remarks.", "audio_length_s": 6.36, "path": "c334e290beb657ee3efcb6b2f734c81e_67.wav", "duration": 6.36}, {"text": "As a result of the steady and methodical reallocation of capital to balance sheet loans and real estate investments", "audio_length_s": 6.36, "path": "c334e290beb657ee3efcb6b2f734c81e_80.wav", "duration": 6.36}, {"text": "And we are unanimous in our commitment to analyze all aspects of our strategy", "audio_length_s": 6.36, "path": "49dfadfb9a3d4d27ac250602928cf9ea_154.wav", "duration": 6.36}, {"text": "we are in the region, we are in the continent. And that's something that will pay off in the future as well.", "audio_length_s": 6.36, "path": "05dd495370eec8168a564fd9eac0ea5d_99.wav", "duration": 6.36}, {"text": "So we strongly believe that our transformation case will drive up our revenues,", "audio_length_s": 6.36, "path": "b4072ee178832ecf3d2a0f25fd8b8387_186.wav", "duration": 6.36}, {"text": "Coming back to the bigger picture, and let me be very clear, our business fundamentals are solid", "audio_length_s": 6.36, "path": "b4072ee178832ecf3d2a0f25fd8b8387_150.wav", "duration": 6.36}, {"text": "the negative impact. So that is the impact we are expecting in the long run.", "audio_length_s": 6.36, "path": "1530acc3242f0ee1713e757ee06f6aa1_48.wav", "duration": 6.36}, {"text": "That said, we're pleased with where we are in the process, and we'll not sacrifice the productivity of our investments", "audio_length_s": 6.36, "path": "e69e64683a56cdadf1c95192e753f27e_61.wav", "duration": 6.36}, {"text": "But I wouldn't point to the crude haulers, specifically and say they're a bigger culprit or a bigger part of the problem.", "audio_length_s": 6.36, "path": "3c17ad8c6709cbb1a8f7190f567a445f_72.wav", "duration": 6.36}, {"text": "So these past 6 to 8 weeks is really the first opportunity they've had in a long time to focus on nothing but the business.", "audio_length_s": 6.36, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_7.wav", "duration": 6.36}, {"text": "I think the work we've done over the last several years is really culminating with this singular focus vehicular business unit", "audio_length_s": 6.36, "path": "10ad32c5e0559c879e032faaf3148ab4_65.wav", "duration": 6.36}, {"text": "Looking ahead, we remain strongly focused on commercializing our available in-orbit satellite capacity,", "audio_length_s": 6.36, "path": "099475edf8f9944537773b1d0a2aaea6_5.wav", "duration": 6.36}, {"text": "and our financial position remains robust, with good operating cash flows and a strong balance sheet.", "audio_length_s": 6.36, "path": "6f1b092b312410065d308541be46da95_24.wav", "duration": 6.36}, {"text": "The growth was most significant in Western Europe, which was also responsible for the decline in downstream.", "audio_length_s": 6.36, "path": "7a80c3e91e5a2693cdaef5f716808317_15.wav", "duration": 6.36}, {"text": "Now looking at our cost drivers. We're excited to continue to see our economic model gaining traction.", "audio_length_s": 6.36, "path": "30a142fac5a62ab00227cb6a339a6226_197.wav", "duration": 6.36}, {"text": "we may see some small recovery of the fuel consumption. Let's be clear here. We're talking about low single digits.", "audio_length_s": 6.36, "path": "153ca64e1ddbb5b38a71827429635d48_20.wav", "duration": 6.36}, {"text": "We announced the continuation of our fibre rollout with an announcement in the first quarter of a plan to build out", "audio_length_s": 6.36, "path": "6f73dbce90cb2d313480b437f0c51bbc_103.wav", "duration": 6.36}, {"text": "We completed the consolidation of 1 of our 2 remaining legacy platforms", "audio_length_s": 6.36, "path": "0b7afb66a39a4c81151309bacc830c60_17.wav", "duration": 6.36}, {"text": "and we do think that there would be a wide variety of financial instruments that we will be able to leverage.", "audio_length_s": 6.36, "path": "5478e14c30a7a53219de2176fdba0d4a_40.wav", "duration": 6.36}, {"text": "We also need to better capture and market the value that we offer our customers and supplier partners.", "audio_length_s": 6.36, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_84.wav", "duration": 6.36}, {"text": "as part of the key takeaways, I would say we have significantly improved financial and operating performance.", "audio_length_s": 6.36, "path": "bece1ee458b65656b484de51021c5219_89.wav", "duration": 6.36}, {"text": "Both price increases announced this year have held and the product is in tight supply.", "audio_length_s": 6.36, "path": "97ddc19ecb28bab2d19fd3b181182062_23.wav", "duration": 6.36}, {"text": "any areas or any concerns that we might have had about our ability to achieve", "audio_length_s": 6.36, "path": "9b83a4dcac688347e3b13ca7c55660ed_252.wav", "duration": 6.36}, {"text": "and I am working closely with the newly established cash management office as well as our external advisers.", "audio_length_s": 6.36, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_154.wav", "duration": 6.36}, {"text": "as well as contributions from the recent acquisitions which were accretive to the region's margins.", "audio_length_s": 6.36, "path": "77f146e76d89a5be785a39ab23dfa763_18.wav", "duration": 6.36}, {"text": "We see -- we consider it a fairly normal inventory channel level in our consumer channels.", "audio_length_s": 6.3599375, "path": "002d12258ff802d65f79ae2eef99e4ab_243.wav", "duration": 6.3599375}, {"text": "Within Technology Solutions, we worked on over 30 programs in the year, many of which Randy mentioned earlier.", "audio_length_s": 6.33, "path": "8ad0d5b5df75415c56ba590cad29489a_90.wav", "duration": 6.33}, {"text": "in our well results and with all of the changes in the designs that we've been making relative to our completion style.", "audio_length_s": 6.33, "path": "7d2a9151826f1fbcf538ffbf85924ed2_161.wav", "duration": 6.33}, {"text": "because we're talking about maintenance on a higher production base compared to what was discussed on the Q4 call or there was something else?", "audio_length_s": 6.33, "path": "7d2a9151826f1fbcf538ffbf85924ed2_96.wav", "duration": 6.33}, {"text": "I'll begin with some third quarter highlights and then provide more detail on revenue, costs and cash flow.", "audio_length_s": 6.33, "path": "139f0a6300f504b3e8673e39b0429161_145.wav", "duration": 6.33}, {"text": "The stock is up more than 30% from our last call. We believe that's a good indication that our strategy is working.", "audio_length_s": 6.33, "path": "a20052a04bcb5b7b8d242a21c859550d_124.wav", "duration": 6.33}, {"text": "It's a series of regulated grids that change slowly across the times,", "audio_length_s": 6.33, "path": "569834a5cb8a33dfeac20dfa8e03afb3_99.wav", "duration": 6.33}, {"text": "All the more reason we continue finding ways to continuously improve efficiency", "audio_length_s": 6.33, "path": "ebb371780b97ae7f2172f242fbdc5c7c_38.wav", "duration": 6.33}, {"text": "Reconciliation of GAAP to non-GAAP measures is included in our earnings press release and available on our website.", "audio_length_s": 6.33, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_1.wav", "duration": 6.33}, {"text": "as these innovations are customer segment and network technology agnostic.", "audio_length_s": 6.33, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_20.wav", "duration": 6.33}, {"text": "While this growth was modest, it's good to have 2 in a row, and 3 in a row makes a trend.", "audio_length_s": 6.33, "path": "55cbaf368288111ebc2ccadb61e3bd34_222.wav", "duration": 6.33}, {"text": "So it just reflects the early developments of the international markets, Nick. So the first", "audio_length_s": 6.33, "path": "f0dd7e4dad969b480d0d2a70609aedba_44.wav", "duration": 6.33}, {"text": "handles a free handset as a part of the subscription, as a credit facility.", "audio_length_s": 6.33, "path": "2f888e63a31b86cc2f4f97710e8eed79_268.wav", "duration": 6.33}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.33, "path": "54cde38ae040b5e2c4e1f3c85691f907_107.wav", "duration": 6.33}, {"text": "We've always been very active, although we have not always been very communicative about it.", "audio_length_s": 6.33, "path": "9014ac9cbc2cff30468f1bcb659c0f66_347.wav", "duration": 6.33}, {"text": "We also took a holistic top-down view of the entire fleet to determine where we compete", "audio_length_s": 6.33, "path": "d70a57dd52d0e4cf86a6225dca186bc2_88.wav", "duration": 6.33}, {"text": "I would say that it is either the top or the second performing module in terms of new", "audio_length_s": 6.33, "path": "e824f4380f8203a1e3ed60e7da1e39e5_24.wav", "duration": 6.33}, {"text": "really, that people are having to almost remind themselves of what it means and why it's important.", "audio_length_s": 6.33, "path": "8b71a232d7fe61e6232807b635977c31_162.wav", "duration": 6.33}, {"text": "they move deeper through the adoption phase and it probably becomes more -- if they're a big media conglomerate, becomes more a part of their", "audio_length_s": 6.33, "path": "8b71a232d7fe61e6232807b635977c31_58.wav", "duration": 6.33}, {"text": "expected performance versus the performance was predominantly driven by that customer.", "audio_length_s": 6.33, "path": "a45510e526a5935c1f8d4f039149ff3b_77.wav", "duration": 6.33}, {"text": "our customers revenue growth and the growth of just about every supplier in the WFE market.", "audio_length_s": 6.33, "path": "c4dc8f962a85aa47af50f82845f550e2_3.wav", "duration": 6.33}, {"text": "with the answer. We believe we have a very good chance of being able to buy back our stock. We started this a little bit ago.", "audio_length_s": 6.33, "path": "833f98dbc79997580b24335033aac5d2_60.wav", "duration": 6.33}, {"text": "We had some lower interest charges, but we had some effects of the", "audio_length_s": 6.33, "path": "cfbe91105113db7a5784f77e411b7a3f_102.wav", "duration": 6.33}, {"text": "And when you see a company like Ashok, one of the largest commercial vehicle manufacturers in the world,", "audio_length_s": 6.33, "path": "392ca3d1e388c6d7a35f6d0db390c359_146.wav", "duration": 6.33}, {"text": "There are functional prototypes today. They run across the dynos. They have -- they're", "audio_length_s": 6.33, "path": "392ca3d1e388c6d7a35f6d0db390c359_103.wav", "duration": 6.33}, {"text": "We're expanding our ReposiTrak offering. What we mean by that is that there's a number of other,", "audio_length_s": 6.33, "path": "e26b501c6e000fdaa11edde97cc71436_61.wav", "duration": 6.33}, {"text": "The Corporate Payments category continued to perform well and was up 28% organically during the quarter.", "audio_length_s": 6.33, "path": "839852ec8452dbd90e9341d15cbba7c5_19.wav", "duration": 6.33}, {"text": "This was compounded by an already difficult comparison with 4 fewer operating days", "audio_length_s": 6.33, "path": "a827180c08c11f2e53c6966fceaabf5b_46.wav", "duration": 6.33}, {"text": "we believe that the potential for achieving this range significantly exceeds any downside risks.", "audio_length_s": 6.33, "path": "0dbbae27d7055ecc04cc25e14e4de12d_6.wav", "duration": 6.33}, {"text": "And as in air, the underlying performance in rail was consistent across most of the country.", "audio_length_s": 6.33, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_62.wav", "duration": 6.33}, {"text": "They are pushing the boundaries in both clinical and fundamental research to tackle major global health problems,", "audio_length_s": 6.33, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_78.wav", "duration": 6.33}, {"text": "I have an interesting story to tell about how this partnership came to fruition that shows the power of these meetings on new technologies.", "audio_length_s": 6.33, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_117.wav", "duration": 6.33}, {"text": "In addition, we had -- I think it's really strong launch of content, and that content is powering better utilization of systems.", "audio_length_s": 6.33, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_98.wav", "duration": 6.33}, {"text": "This amount also includes the funding of 2 new European data centers in Paris and Frankfurt.", "audio_length_s": 6.33, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_192.wav", "duration": 6.33}, {"text": "We will keep most of these projects and convert as much as we can into recurring revenue streams.", "audio_length_s": 6.33, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_270.wav", "duration": 6.33}, {"text": "for the businesses that are in specialty products are in -- predominantly in the South", "audio_length_s": 6.33, "path": "e743ddc0caabaebf5e9a6568eaef8334_159.wav", "duration": 6.33}, {"text": "and we still believe it's going to take a long time for their technology to mature", "audio_length_s": 6.33, "path": "f46ae0a04d60dea8a759f07333ed37e2_88.wav", "duration": 6.33}, {"text": "We expect display to remain a powerful growth driver for the company over the long term.", "audio_length_s": 6.33, "path": "f46ae0a04d60dea8a759f07333ed37e2_4.wav", "duration": 6.33}, {"text": "response to this change and pleased with the management team's skill in navigating what could have been a tough issue.", "audio_length_s": 6.33, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_63.wav", "duration": 6.33}, {"text": "But addressing your -- first part of your question about what percentage of salaries, wages and benefits. I mean, we don't break that out.", "audio_length_s": 6.33, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_182.wav", "duration": 6.33}, {"text": "In addition to these great results, let me provide you with a few more details in our bookings numbers.", "audio_length_s": 6.33, "path": "e56726c7aedd69029957c84128050700_5.wav", "duration": 6.33}, {"text": "Yes, and we're sitting on almost 400 acres of land inventory for future development.", "audio_length_s": 6.33, "path": "171fd9df333ddd814c764843ed624121_47.wav", "duration": 6.33}, {"text": "where we will provide a corporate update and take a more in-depth look at our lead pipeline programs,", "audio_length_s": 6.33, "path": "01ebdadb81d0e5a57270957c0cbe83fc_193.wav", "duration": 6.33}, {"text": "but I would expect that to change now that we're coming in with something differentiated from the past.", "audio_length_s": 6.33, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_67.wav", "duration": 6.33}, {"text": "in terms of the regional splits, we'd agree with, in terms of Germany being slightly down, France", "audio_length_s": 6.33, "path": "132abea68f255eb89160dde90b6d3b80_71.wav", "duration": 6.33}, {"text": "Think there was some impact in the first quarter from the weather and the flu. Just what were some of the trends you were seeing in the second quarter there?", "audio_length_s": 6.33, "path": "e3d70ecdb6aaed843dd059c121962e45_172.wav", "duration": 6.33}, {"text": "So real estate, our property seems to be a quite promising area.", "audio_length_s": 6.33, "path": "38b2f94da12bbf2d32246763aab8265a_80.wav", "duration": 6.33}, {"text": "what we should do in terms of investment and who is going to invest.", "audio_length_s": 6.33, "path": "e60f6485243932b9280d864cb17a6ba8_221.wav", "duration": 6.33}, {"text": "All of our customers have room to grow to protect more of their infrastructure or roll out additional products.", "audio_length_s": 6.33, "path": "b2d6357f46f3a82cff6625277f9a20f6_53.wav", "duration": 6.33}, {"text": "than the quarterly average, and so prices were declining from April through the end of June,", "audio_length_s": 6.33, "path": "7394bde65e000fbb7b528c6c65bd099d_147.wav", "duration": 6.33}, {"text": "of new capabilities and size and scale of our organization, we can compete as a prime instead of going at it for a sub. So", "audio_length_s": 6.33, "path": "bab12f620df0f367e74acdcc467686f1_82.wav", "duration": 6.33}, {"text": "And so I think they deferred a lot of turnaround activity trying to get production back up.", "audio_length_s": 6.33, "path": "40e11288ea7cb86fdf307dbe648142e3_191.wav", "duration": 6.33}, {"text": "And then also part of our business that works very well is that we also have the option", "audio_length_s": 6.33, "path": "65b48a7260ef038ff1bec3cc200331c3_106.wav", "duration": 6.33}, {"text": "certain portfolio companies. We are presenting that expense through this line item.", "audio_length_s": 6.33, "path": "8aa1aa8317783203344434f855535c25_25.wav", "duration": 6.33}, {"text": "good water-related acquisitions that we find. We still have good acquisition candidates. I would add that", "audio_length_s": 6.33, "path": "1d2ff648e4a30fa5555a7ab85bf60190_31.wav", "duration": 6.33}, {"text": "our technology and our marketing to drive business growth to deliver the best consumer experience and the best value to our partners.", "audio_length_s": 6.33, "path": "5664a96b7f1182d037b901d84eeb4fd6_71.wav", "duration": 6.33}, {"text": "but we feel good that we made significant progress over the last couple of years with changing our client trajectory.", "audio_length_s": 6.33, "path": "87ba56e8ff82d5e181ee5d6d66543c51_32.wav", "duration": 6.33}, {"text": "There is a subset of that location that has products and services,", "audio_length_s": 6.33, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_168.wav", "duration": 6.33}, {"text": "we start to test whether or not we truly have enough supply in Western Canada to satisfy the demand.", "audio_length_s": 6.33, "path": "8fd0d858dd99b5b6291eafc83e9a604d_98.wav", "duration": 6.33}, {"text": "to improve retention and to capture new opportunities across our very diverse offering.", "audio_length_s": 6.33, "path": "be8b554309f7632bc9ebbd967764001e_69.wav", "duration": 6.33}, {"text": "We believe our strategy positions us well to serve and support our advisers, drive profitable growth", "audio_length_s": 6.33, "path": "8a77ceadd7e4729abc9102d38be3a227_110.wav", "duration": 6.33}, {"text": "on our investment, on the quality of the networks, on the quality of the service, on the quality of the customer experience.", "audio_length_s": 6.33, "path": "d8eb5522db0e51d75ea6518462954c52_275.wav", "duration": 6.33}, {"text": "and our Solutions business contributing a greater share of our overall revenues, which will drive higher margins.", "audio_length_s": 6.33, "path": "9b93af1e7019959620214c387f283d8e_102.wav", "duration": 6.33}, {"text": "Just a little comment, I am listening to your story with a very complex feeling", "audio_length_s": 6.33, "path": "b2c4be32355b99e1a66809bd36e83dd2_105.wav", "duration": 6.33}, {"text": "and we're executing according to plan. But in spite of everything that is happening", "audio_length_s": 6.33, "path": "7bc22aba9bc29d69ee10cc60db7903d8_213.wav", "duration": 6.33}, {"text": "benefits in the second half. But it could also be that we", "audio_length_s": 6.33, "path": "b305bff75f28d238f0bd7da5bd4f13b8_185.wav", "duration": 6.33}, {"text": "This balance is broken down into the amounts we expect to recognize as revenue in the next 12 months or current", "audio_length_s": 6.33, "path": "16ed973148ce103dc95fdcfaf35bbe7b_142.wav", "duration": 6.33}, {"text": "the key messages. We already told you in late January", "audio_length_s": 6.33, "path": "664ce6f8ad7864e2844f637e7a1b48d7_1.wav", "duration": 6.33}, {"text": "Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements", "audio_length_s": 6.33, "path": "10dfe5270a7e4216d68614041d2a9bbe_122.wav", "duration": 6.33}, {"text": "For new contracts to be awarded, ICE will likely have to issue a formal request for proposal,", "audio_length_s": 6.33, "path": "c5c7a9f409241412b160a93cde7ef630_22.wav", "duration": 6.33}, {"text": "without significant disruption. Before we close, I want to make a few key points.", "audio_length_s": 6.33, "path": "c3567809c19ce6a800677544cd84f88b_234.wav", "duration": 6.33}, {"text": "The increase in noncontrolling interest was largely driven by the increased profit in United Spirits.", "audio_length_s": 6.33, "path": "c3567809c19ce6a800677544cd84f88b_143.wav", "duration": 6.33}, {"text": "available to the company's 24 million user base has an expansion into live sports programming.", "audio_length_s": 6.33, "path": "20097e37747ec7bc3734246e83798fb1_5.wav", "duration": 6.33}, {"text": "The increase in international revenues resulted from an increase in export projects.", "audio_length_s": 6.33, "path": "505ccbd6e857cad05a179a5ed5419d1b_72.wav", "duration": 6.33}, {"text": "new record premiums every quarter, a trend we believe will continue for the foreseeable future.", "audio_length_s": 6.33, "path": "53889f50eda8b316a01a3df89d226e7f_4.wav", "duration": 6.33}, {"text": "we look forward to many years of increasing profits and higher returns to shareholders.", "audio_length_s": 6.33, "path": "53889f50eda8b316a01a3df89d226e7f_20.wav", "duration": 6.33}, {"text": "Could you give us a sense of perhaps the economics behind an account and maybe how", "audio_length_s": 6.33, "path": "82131762fc1c2b2358ac3a167666ab87_47.wav", "duration": 6.33}, {"text": "And this does conclude today's program. Thanks for your participation. You may now disconnect. Have a great day.", "audio_length_s": 6.33, "path": "968913c3f9111fc67f1d9956c56dec3b_103.wav", "duration": 6.33}, {"text": "felt -- we felt it was important to mention to you that what we lost in March, we recovered in April.", "audio_length_s": 6.33, "path": "5e766700b74bbeb1d21bc7a91100faca_21.wav", "duration": 6.33}, {"text": "that we would also give too much information out to our competitors on that.", "audio_length_s": 6.33, "path": "5e766700b74bbeb1d21bc7a91100faca_8.wav", "duration": 6.33}, {"text": "And we hope to achieve final acceptance with our customer in the coming days.", "audio_length_s": 6.33, "path": "9abfcc6b57650e0b300aa243cb8336e8_40.wav", "duration": 6.33}, {"text": "We expect this to be a key growth driver in the second half and into next year.", "audio_length_s": 6.33, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_195.wav", "duration": 6.33}, {"text": "particularly with gasoline that puts our exposure to RINs different", "audio_length_s": 6.33, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_234.wav", "duration": 6.33}, {"text": "need to import gasoline in that environment. So we'll go through this transition", "audio_length_s": 6.33, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_162.wav", "duration": 6.33}, {"text": "for each of those platforms and how we're going to develop and expand the strategy. And again, as you see with", "audio_length_s": 6.33, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_112.wav", "duration": 6.33}, {"text": "This channel is currently a relatively small contributor to our total revenue mix", "audio_length_s": 6.33, "path": "d4b51176b605646e70b37d07a7c19599_4.wav", "duration": 6.33}, {"text": "This generates a working capital deficit, which is a real positive for the company.", "audio_length_s": 6.33, "path": "e2225d612a954a24e7e91c08215d7b51_70.wav", "duration": 6.33}, {"text": "And we're also seeking to streamline the board structure, and we are in constructive dialogue with Ofwat as", "audio_length_s": 6.33, "path": "e00fd35e201a8607d264b803a5130c59_240.wav", "duration": 6.33}, {"text": "We entered the second half of this year with an active and robust sales pipeline of approximately 400 prospects", "audio_length_s": 6.33, "path": "1ad54837f74515ad7caa2a50d70459c9_3.wav", "duration": 6.33}, {"text": "But even more importantly is the external conditions. It was very interesting what happened in the security market.", "audio_length_s": 6.33, "path": "52976c4bc9a150b3c85d5d6f1b3febb1_110.wav", "duration": 6.33}, {"text": "But in addition, we also see future product applications within the markets served by our Commercial Trailer Products segment.", "audio_length_s": 6.33, "path": "8eaca8d8a419f74540f69ade8defabbd_13.wav", "duration": 6.33}, {"text": "with Q1 and some other projects we've been working on to final run that through our numbers and", "audio_length_s": 6.33, "path": "059024560d9d1039cf08746ee7393114_35.wav", "duration": 6.33}, {"text": "not only because of currency improvements quarter-over-quarter but as a result of significant operational improvements.", "audio_length_s": 6.33, "path": "369789f0d39dbf62298be2aa807ff8ee_40.wav", "duration": 6.33}, {"text": "that was slightly lower than what we had indicated in the press release at the end of the quarter.", "audio_length_s": 6.33, "path": "369789f0d39dbf62298be2aa807ff8ee_39.wav", "duration": 6.33}, {"text": "The next slide shows segment operating profit and other income and expense items compared to last year.", "audio_length_s": 6.33, "path": "9ba83ac067a98f8b12cc480ff0691e91_55.wav", "duration": 6.33}, {"text": "Volume continued to increase across all clinical areas, including reproductive health in the first quarter.", "audio_length_s": 6.33, "path": "7551ffae17aa39dd4ea962a43f96bf04_143.wav", "duration": 6.33}, {"text": "And while many share with us the excitement of what genomic medicine can do for individuals and broader health care alike,", "audio_length_s": 6.33, "path": "7551ffae17aa39dd4ea962a43f96bf04_139.wav", "duration": 6.33}, {"text": "as well as PayPal, Venmo and PayPal Credit payment options for existing and new merchants.", "audio_length_s": 6.33, "path": "49e533a8449f6b9b6c806458e73338e1_138.wav", "duration": 6.33}, {"text": "Instant Transfer revenues continue to increase. And as a result,", "audio_length_s": 6.33, "path": "49e533a8449f6b9b6c806458e73338e1_191.wav", "duration": 6.33}, {"text": "Confidence in the group's ability to continue to generate strong net free cash flow", "audio_length_s": 6.33, "path": "01f88a67f39af3a74d5f23b095615d39_82.wav", "duration": 6.33}, {"text": "You see the DLTs, you have to expand out to 6 and just your time frame just gets extended so much.", "audio_length_s": 6.33, "path": "8c1b4f4af2af2847a240041390e31399_29.wav", "duration": 6.33}, {"text": "I think that's a good proxy. I think, but the one thing to remember is that any increase in price reduces", "audio_length_s": 6.33, "path": "130e8e56c1afa2419fd0c08708261824_123.wav", "duration": 6.33}, {"text": "if for some reason, we cannot find enough good projects,", "audio_length_s": 6.33, "path": "e33785a294553de2a12d4463bf786744_77.wav", "duration": 6.33}, {"text": "including a grant of royalty-based rights to use existing intellectual property", "audio_length_s": 6.33, "path": "77d2dd6d5e46cc8a8e80809305b60208_71.wav", "duration": 6.33}, {"text": "demonstrate clinical utility that supports our earlier expectations.", "audio_length_s": 6.33, "path": "41e5f97c6d94e8f87bb5fb602fe25500_27.wav", "duration": 6.33}, {"text": "Scale does not in and of itself create an investable security.", "audio_length_s": 6.33, "path": "e7d23208b973f7998b2fb21a00d87849_5.wav", "duration": 6.33}, {"text": "Both tools bridge a gap that has long existed in recruiting with pay expectations being out of line with market trends.", "audio_length_s": 6.33, "path": "fe3a8419e2f120643bff5e9e80190ed5_43.wav", "duration": 6.33}, {"text": "I just want further breakdown, so that I can understand better changes to the company structure.", "audio_length_s": 6.33, "path": "80a2ca14358172366acab4e80f3fa33b_40.wav", "duration": 6.33}, {"text": "and we'll continue to invest in new transactional and servicing business lines to build out our ecosystem.", "audio_length_s": 6.33, "path": "ab29ac574f423764c40f2d2eec696623_61.wav", "duration": 6.33}, {"text": "Our mission is to keep our clients ahead of constantly evolving marketplace trends.", "audio_length_s": 6.33, "path": "0cfaeed8cd93dc274845d450e921aeb6_218.wav", "duration": 6.33}, {"text": "This financial mindset fuels our business model of alignment and our commitment to client and patient care.", "audio_length_s": 6.33, "path": "0cfaeed8cd93dc274845d450e921aeb6_10.wav", "duration": 6.33}, {"text": "supplying the type of product that we believe the market would be willing to buy", "audio_length_s": 6.33, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_140.wav", "duration": 6.33}, {"text": "anything sort of unusual in the 3Q mix", "audio_length_s": 6.33, "path": "18e82b076319ac52f8a4b391ea345abd_81.wav", "duration": 6.33}, {"text": "Yet, it's not just our premium running products that's checking. Pursuit and Assert both had strong showings as well.", "audio_length_s": 6.33, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_69.wav", "duration": 6.33}, {"text": "without any plans for big product launches. So while the LumiSpa launch is in the first half of the year,", "audio_length_s": 6.33, "path": "1353031386f884a821e7e9bab449727d_53.wav", "duration": 6.33}, {"text": "The opening of this new hospital will depend on when we receive the final CON.", "audio_length_s": 6.33, "path": "b126c31149f1cadf1d891082a187d6fc_72.wav", "duration": 6.33}, {"text": "Other than standard legal fees, there were no fees or other expenses related to this placement.", "audio_length_s": 6.33, "path": "5efe4589d80ac1232c2958182c188903_92.wav", "duration": 6.33}, {"text": "The previous is reflected in a stable trend and it is found in the lower levels of the previous years.", "audio_length_s": 6.33, "path": "0f9d6e24171bc068e7ff7a11e7e44060_57.wav", "duration": 6.33}, {"text": "At this time, I would like to turn the floor back to Mr. Alejandro Elsztain for any closing remarks.", "audio_length_s": 6.33, "path": "8d71e62af8c57a752b0e04f6546bf622_82.wav", "duration": 6.33}, {"text": "Thank you. This concludes today's presentation. You may disconnect your line at this time, and have a nice day.", "audio_length_s": 6.33, "path": "8d71e62af8c57a752b0e04f6546bf622_111.wav", "duration": 6.33}, {"text": "We plan to partner with others to bring in the best investment products and options to our members. We currently are looking at Robo product,", "audio_length_s": 6.33, "path": "66b25c60d952bd002c7ab20da9248086_9.wav", "duration": 6.33}, {"text": "whatever the outcome is. And part of that has been our desire already for many years, nothing new,", "audio_length_s": 6.33, "path": "e35fae1d3df1f7aeda409f90f200ec7b_58.wav", "duration": 6.33}, {"text": "which we use to enhance value for shareholders by repurchasing stock and paying down debt.", "audio_length_s": 6.33, "path": "fb03ff65af8e5f80abd090abeaf767cf_90.wav", "duration": 6.33}, {"text": "you can drill too fast in these unconventional plays. And we like to make sure that we", "audio_length_s": 6.33, "path": "95303f68781d6fb58e19ec1dc7785a7c_132.wav", "duration": 6.33}, {"text": "the levels of decrease are greater than that. So I think you can draw your own", "audio_length_s": 6.33, "path": "9dc19bfa451bc1278b7136420493f84d_45.wav", "duration": 6.33}, {"text": "But at the end of the day, I think we've been reasonably conservative about how we're approaching the resources", "audio_length_s": 6.33, "path": "ebd59e21db89edb92205e012427cd9db_42.wav", "duration": 6.33}, {"text": "to the midpoint of the revenue range, consistent with April guidance in prior years.", "audio_length_s": 6.33, "path": "6aad408f4bb1930cf10f445115f6ed3d_174.wav", "duration": 6.33}, {"text": "It's also important to remember that the move towards technology enablement and automation", "audio_length_s": 6.33, "path": "6aad408f4bb1930cf10f445115f6ed3d_49.wav", "duration": 6.33}, {"text": "And we also aren't predicting a fourth quarter in the range that you cited either. It's going to be", "audio_length_s": 6.33, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_83.wav", "duration": 6.33}, {"text": "of a billion dollars in revenues and has profits that are wildly higher", "audio_length_s": 6.33, "path": "c2bad61ce58687fad602549f6048004b_100.wav", "duration": 6.33}, {"text": "It's worth spending a few moments on the new government in Tanzania.", "audio_length_s": 6.33, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_4.wav", "duration": 6.33}, {"text": "But we also see the stability in projects, the stability in product road maps", "audio_length_s": 6.33, "path": "323193895e800e72960d98dd5fb64cf5_87.wav", "duration": 6.33}, {"text": "That is kind of within the range that is to be expected with that type of volume effect.", "audio_length_s": 6.33, "path": "690a9eb04a9c850c77634cd88c8459da_39.wav", "duration": 6.33}, {"text": "Our buy-to-let book is well seasoned, with 9 out of 10 of those mortgages", "audio_length_s": 6.33, "path": "bc1efb704df9c180935803c70a315597_167.wav", "duration": 6.33}, {"text": "In turn, the solutions we deliver provide us with unique insights to better target and recruit talent with key skills.", "audio_length_s": 6.33, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_21.wav", "duration": 6.33}, {"text": "But really the question is where do our particular customers want their residue gas?", "audio_length_s": 6.33, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_45.wav", "duration": 6.33}, {"text": "And I would also say on, with respect to sales effectiveness, we are seeing success in the pilot,", "audio_length_s": 6.33, "path": "ffa357a084f4deb64797a0a32b8c5e33_182.wav", "duration": 6.33}, {"text": "They are now fully integrated into our clinical drug development group over in Research Triangle Park.", "audio_length_s": 6.33, "path": "8f92dfb06900be4f209f31f24cb885fb_96.wav", "duration": 6.33}, {"text": "This is a timing issue, which doesn't affect the overall profitability of the individual studies.", "audio_length_s": 6.33, "path": "50eb350badadec6e4272b90684741c25_234.wav", "duration": 6.33}, {"text": "couple of the remarks that were made, and then we have a list of questions that came in", "audio_length_s": 6.33, "path": "f268a8174f58c93ad6b45b7f151fe896_159.wav", "duration": 6.33}, {"text": "We are constantly improving our capital structure,", "audio_length_s": 6.33, "path": "e3d039c554f5cc556071f83c93609e76_21.wav", "duration": 6.33}, {"text": "The conforming of these definitions with our peers did not have a material impact on our prior period disclosure.", "audio_length_s": 6.33, "path": "0536b57caa15ae9f7338c4e58f9f62b6_9.wav", "duration": 6.33}, {"text": "At this point in time, I would say that the bigger broadcast groups, and I would include us in that,", "audio_length_s": 6.33, "path": "77423f08f0208d476dea73c639f6293a_210.wav", "duration": 6.33}, {"text": "Only starting with the gasification plan because it will be in the second part of the year when we'll start to see a", "audio_length_s": 6.33, "path": "e97326d6a8951550e363f2be6ec489ba_8.wav", "duration": 6.33}, {"text": "Gross margin continues to be an important measure that we're monitoring to ensure commercial and product effectiveness.", "audio_length_s": 6.33, "path": "6fe1a71311b4937268b4c0332dc7c11f_5.wav", "duration": 6.33}, {"text": "I'll come back also later on to that. You will see the architecture of it and the different building blocks.", "audio_length_s": 6.33, "path": "bf99037f89cd485f95f097842619a0c7_135.wav", "duration": 6.33}, {"text": "that have direct interest to the productivity, to the revenues that they generate,", "audio_length_s": 6.33, "path": "bf99037f89cd485f95f097842619a0c7_97.wav", "duration": 6.33}, {"text": "Based on the strength of our performance year-to-date as well as our updated forecast for the fourth quarter,", "audio_length_s": 6.33, "path": "4d7256bec87696f6c5defa8f37db1b48_73.wav", "duration": 6.33}, {"text": "to in parallel identify these clinical sites in the relevant geographies to conduct this clinical trial.", "audio_length_s": 6.33, "path": "a968612b5d51d3df12aad60dde8e1e41_37.wav", "duration": 6.33}, {"text": "expect more activity this year. And one of our limiting factors will be availability,", "audio_length_s": 6.33, "path": "c88e296697cd72c891ffb7bf5a1a60bb_52.wav", "duration": 6.33}, {"text": "we'll continue to add field resources while driving the comprehensive lifetime management of our installed base", "audio_length_s": 6.33, "path": "7a80c3e91e5a2693cdaef5f716808317_20.wav", "duration": 6.33}, {"text": "And the closest thing we can look at there is the individual project funnels that make up our sales forecast.", "audio_length_s": 6.33, "path": "7a80c3e91e5a2693cdaef5f716808317_164.wav", "duration": 6.33}, {"text": "This decline was due to rising contained metal costs as well as the increase in freight costs that Jack mentioned,", "audio_length_s": 6.33, "path": "24a2aec67e247f9c4d4cc89d6dbab525_40.wav", "duration": 6.33}, {"text": "And then with respect to some of the parter opportunities, we would expect those to have a shorter sales cycle as well.", "audio_length_s": 6.33, "path": "726bad4d5d1a6b2f62034eb8dc843450_159.wav", "duration": 6.33}, {"text": "compared with 85 days a year ago. With our seasonal billing and collection cycle,", "audio_length_s": 6.33, "path": "1bb9219ad31877175e18e8e48ff2f63c_63.wav", "duration": 6.33}, {"text": "We look forward to 2016 as an opportunity to build on our prior results.", "audio_length_s": 6.33, "path": "77f146e76d89a5be785a39ab23dfa763_28.wav", "duration": 6.33}, {"text": "We are pleased to see the progress we made in the first quarter, mainly in profitability.", "audio_length_s": 6.3, "path": "a7fbe5c630b4ff10d4755adc193425a9_41.wav", "duration": 6.3}, {"text": "that we sometimes use this in the competitive landscape. This new and strong buying power that we have", "audio_length_s": 6.3, "path": "364a769967b9b1a7cd069e2ce95c6e25_32.wav", "duration": 6.3}, {"text": "Half of the C3G patients will be on the empirically derived standard of care,", "audio_length_s": 6.3, "path": "485e97686e9a27d2df5b3fc02106e3d4_8.wav", "duration": 6.3}, {"text": "mobile messaging that allows enterprises to engage with consumers from a single platform.", "audio_length_s": 6.3, "path": "139f0a6300f504b3e8673e39b0429161_6.wav", "duration": 6.3}, {"text": "reinforces our belief that we can be a powerful partner in RNAi. In addition, we believe that our continued progress", "audio_length_s": 6.3, "path": "e2b2a746a7a2cd752c92ccfab257cfca_136.wav", "duration": 6.3}, {"text": "We do not expect the group's overall leverage ratio to go above 3x and", "audio_length_s": 6.3, "path": "214dcdc435ef3259490466447858fa56_169.wav", "duration": 6.3}, {"text": "in the transaction. One thing I'd emphasize is we actually retained the design companies, the design team", "audio_length_s": 6.3, "path": "ab5b4ea5cd86e4f7deafe9814024fada_247.wav", "duration": 6.3}, {"text": "We don't have to wait for small cell base stations for demand to materialize.", "audio_length_s": 6.3, "path": "ab5b4ea5cd86e4f7deafe9814024fada_88.wav", "duration": 6.3}, {"text": "and it connects directly with your bank and, most importantly, makes it easy for you to control spending in a cool and engaging way.", "audio_length_s": 6.3, "path": "f3ea353a6c918bc1fd311a9cad6b9777_75.wav", "duration": 6.3}, {"text": "Then Linda will conclude our prepared remarks with an overview of the business environment,", "audio_length_s": 6.3, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_3.wav", "duration": 6.3}, {"text": "right, when you get a corporate deal that is governed out of", "audio_length_s": 6.3, "path": "55cbaf368288111ebc2ccadb61e3bd34_287.wav", "duration": 6.3}, {"text": "no material misstatements or fraudulent activities with the finances.", "audio_length_s": 6.3, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_132.wav", "duration": 6.3}, {"text": "We talked about this years ago in terms of controlling the costs. Could you just remind us or update us on", "audio_length_s": 6.3, "path": "8b6c481f7fe797353fefe886e205bbaa_76.wav", "duration": 6.3}, {"text": "and we expect to see continued growth in these very large accounts as they seek to modernize the applications that run their businesses.", "audio_length_s": 6.3, "path": "47d77b15189fadcc76113a2f7800ba28_123.wav", "duration": 6.3}, {"text": "So that would be the place where I would say we were soft in the quarter on the aftermarket side.", "audio_length_s": 6.3, "path": "22ad97a95501a08f15c06605cd277fec_158.wav", "duration": 6.3}, {"text": "after 6 years of board responsibility for the Near East and the Americas regions.", "audio_length_s": 6.3, "path": "9014ac9cbc2cff30468f1bcb659c0f66_203.wav", "duration": 6.3}, {"text": "and we even saw growth despite the Escondida slow down, so you can see some trucks going back to work and, I think, we", "audio_length_s": 6.3, "path": "264e575b73bc2a485bee416c1ac10cee_146.wav", "duration": 6.3}, {"text": "We simply took a prudent approach here to take any future conversations with our auditors off the table.", "audio_length_s": 6.3, "path": "3bdb43dc1bcef6eff76f45efedb6a211_163.wav", "duration": 6.3}, {"text": "As you can see, the amount invested into our business to improve the portfolios quality are quite important.", "audio_length_s": 6.3, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_21.wav", "duration": 6.3}, {"text": "And then on the banking side, we've consistently increased our banking fees and transaction fees,", "audio_length_s": 6.3, "path": "249b7b83531140105343e2a0e89150fa_55.wav", "duration": 6.3}, {"text": "commentary. So if I caught you correctly, you guys remarked that about half of the", "audio_length_s": 6.3, "path": "2d7efae3f89647d6468deed3b73bf98a_78.wav", "duration": 6.3}, {"text": "We expect to continue to see some benefit in the third quarter but to a lesser extent than in the previous quarters.", "audio_length_s": 6.3, "path": "55d05334bdde612eb9dd102bb41d216e_106.wav", "duration": 6.3}, {"text": "and we enjoy payback periods on our new store investment of under 1 year.", "audio_length_s": 6.3, "path": "280baf1d10cd27b78eae4bf2574b9c98_99.wav", "duration": 6.3}, {"text": "But in our future, being part of our community won't just mean attending a weekly meeting or posting on Connect.", "audio_length_s": 6.3, "path": "7e14890193df4b10e1eeab6ab886529f_35.wav", "duration": 6.3}, {"text": "and 1 month of results from the Powder River gathering system that was acquired in early June.", "audio_length_s": 6.3, "path": "c96b5ae4ffe20d946daec67e2b0917b2_127.wav", "duration": 6.3}, {"text": "I'm also pleased to announce that we're in the process of expanding our aerospace presence", "audio_length_s": 6.3, "path": "67716cee321d117b0318930dd142f06a_78.wav", "duration": 6.3}, {"text": "it back to the operator, Brenda, to open up the lines for questions and answers.", "audio_length_s": 6.3, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_59.wav", "duration": 6.3}, {"text": "there is a very strong predictability. A lot of our fraud and security offers work the same way.", "audio_length_s": 6.3, "path": "04f29bc02d1e2ef65077ca67bf41f475_173.wav", "duration": 6.3}, {"text": "The reduced drug reimbursement of the Cures Act has made it less profitable", "audio_length_s": 6.3, "path": "56e05107e391476d11fe1f637733f028_169.wav", "duration": 6.3}, {"text": "due to progress within Branded Consumer Goods and good contribution from Orkla Investments,", "audio_length_s": 6.3, "path": "14f3d2486b21e639a953afb7ad03d90c_53.wav", "duration": 6.3}, {"text": "No single company provides the breadth of capabilities as Nielsen does, and it is a catalyst for our growth.", "audio_length_s": 6.3, "path": "8b71a232d7fe61e6232807b635977c31_215.wav", "duration": 6.3}, {"text": "pull back in the second tier markets and they tend to focus more on the discretionary spend in those markets.", "audio_length_s": 6.3, "path": "8b71a232d7fe61e6232807b635977c31_245.wav", "duration": 6.3}, {"text": "that we call on, and we have commercial sales execution that's been built up over decades.", "audio_length_s": 6.3, "path": "044da592acc01ff7baacb3dbf2a302a9_88.wav", "duration": 6.3}, {"text": "some of our other life operations in American Income and Liberty National, as well as", "audio_length_s": 6.3, "path": "6838b008f3efe8575b83cde089459d33_95.wav", "duration": 6.3}, {"text": "are going to be a more important driver. But in the long term, as you head out 3 to 5 years,", "audio_length_s": 6.3, "path": "78c85dc9a16f82b09d3a2363004e658d_179.wav", "duration": 6.3}, {"text": "And we have demanded, and obviously this needs to be seen, but we have demanded that the new operator", "audio_length_s": 6.3, "path": "d085781ecd776da8a9c4d31ad547606b_197.wav", "duration": 6.3}, {"text": "These products are used across a broad spectrum of industries, including medical imaging,", "audio_length_s": 6.3, "path": "91422f85dbf838639b3cb9dd9da364eb_60.wav", "duration": 6.3}, {"text": "frequent communication, not specifically on that topic, but on all the opportunities we have", "audio_length_s": 6.3, "path": "66c9091ba849cdb6d64987642ced64d2_30.wav", "duration": 6.3}, {"text": "related to the uplift of the building in Sherman, Texas and the delivery of capital equipments for that site.", "audio_length_s": 6.3, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_57.wav", "duration": 6.3}, {"text": "The variations in supply revenue are a result of the timing of orders placed by our partners", "audio_length_s": 6.3, "path": "18b396ddd443d84d12477c42e31cdf0e_68.wav", "duration": 6.3}, {"text": "to drive value creation for our stockholders while addressing the unmet needs of patients.", "audio_length_s": 6.3, "path": "18b396ddd443d84d12477c42e31cdf0e_34.wav", "duration": 6.3}, {"text": "June was also the strongest month in the second quarter for our newly expanded European distribution center.", "audio_length_s": 6.3, "path": "2fc915b996c687200d995736980aae9a_4.wav", "duration": 6.3}, {"text": "because there's a lifetime amount of transfusion that's tolerated. If you start later, you stay alive longer.", "audio_length_s": 6.3, "path": "2a5b0a6532fa2b71915a2930be02621a_168.wav", "duration": 6.3}, {"text": "It is not possible for Allied to grow in those markets", "audio_length_s": 6.3, "path": "8292bdb9af87f10627c044f3842b2c76_201.wav", "duration": 6.3}, {"text": "potential investors. Could we not assume that even today there are those", "audio_length_s": 6.3, "path": "392ca3d1e388c6d7a35f6d0db390c359_97.wav", "duration": 6.3}, {"text": "I'd say we're pretty comfortable at 8 because it doesn't require really a lot of delta sequentially in what we're doing.", "audio_length_s": 6.3, "path": "839852ec8452dbd90e9341d15cbba7c5_139.wav", "duration": 6.3}, {"text": "During the quarter, we saw the grocery market shift from an inflationary environment to a deflationary one.", "audio_length_s": 6.3, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_139.wav", "duration": 6.3}, {"text": "And so I think what you're going to see on the retail front is just continued ability to", "audio_length_s": 6.3, "path": "8b2314627d54755a15c55244bb862225_54.wav", "duration": 6.3}, {"text": "product that we should probably talk about. I mean there has been a lot of product in the channel for a while.", "audio_length_s": 6.3, "path": "4032bfdd59881fc6506c082737cb5a99_172.wav", "duration": 6.3}, {"text": "we are not seeing fewer participants in the bicycling space. So we don't think it's a", "audio_length_s": 6.3, "path": "4032bfdd59881fc6506c082737cb5a99_80.wav", "duration": 6.3}, {"text": "including various financial assistance, mechanisms for qualifying persons to help ensure", "audio_length_s": 6.3, "path": "0dbbae27d7055ecc04cc25e14e4de12d_214.wav", "duration": 6.3}, {"text": "allocating their promotional spend any differently and whether that might be affecting the display business?", "audio_length_s": 6.3, "path": "1133b8984db446b9c963a09eaf0785a4_121.wav", "duration": 6.3}, {"text": "I think some of your customers are making some progress on the technology front. I think one of your NAND customers", "audio_length_s": 6.3, "path": "f46ae0a04d60dea8a759f07333ed37e2_37.wav", "duration": 6.3}, {"text": "and slightly higher than we have estimated. Reducing this investment remains an integral part of our business plan.", "audio_length_s": 6.3, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_87.wav", "duration": 6.3}, {"text": "In summary, our solid execution in Q2, along with continued investment in the business,", "audio_length_s": 6.3, "path": "7ec19aea307c76d4a57fa87368305630_187.wav", "duration": 6.3}, {"text": "My colleagues and I would now be happy to answer your questions. Thank you.", "audio_length_s": 6.3, "path": "863512efd537ffd31c094dd9bfd5ebd3_211.wav", "duration": 6.3}, {"text": "In addition, the continuing pipeline of major work I discussed previously", "audio_length_s": 6.3, "path": "a965bbd76f3d449c86e8c27d03ac192f_73.wav", "duration": 6.3}, {"text": "to show, among other things, how this liquidity is supported by our future production.", "audio_length_s": 6.3, "path": "911d447bcdcedb4e0cf5230de225921c_13.wav", "duration": 6.3}, {"text": "or 2. But we kind of felt the pain with the hiring and the startups into the third quarter.", "audio_length_s": 6.3, "path": "2b87d263eaf2464f275a48fa005b16c7_64.wav", "duration": 6.3}, {"text": "We have carried out various campaigns to sustain brand growth.", "audio_length_s": 6.3, "path": "f4d0f1362716be33f02690dd1a8df663_18.wav", "duration": 6.3}, {"text": "You may recall in December, we announced the sale of our Identity Management business.", "audio_length_s": 6.3, "path": "002d12258ff802d65f79ae2eef99e4ab_16.wav", "duration": 6.3}, {"text": "The market environment for our products and services continues to be positive, driven by", "audio_length_s": 6.3, "path": "1bba27cac9495fe57f623973383d6948_6.wav", "duration": 6.3}, {"text": "We also have a lot of exciting new projects in the queue and look forward to converting them into income production.", "audio_length_s": 6.3, "path": "02825b6f22019c60be741d7e45b63f9d_6.wav", "duration": 6.3}, {"text": "So I put it another way is we think we've whacked the heck out of refined products. We've", "audio_length_s": 6.3, "path": "7394bde65e000fbb7b528c6c65bd099d_141.wav", "duration": 6.3}, {"text": "maybe you can talk a little bit to that. I know part of it is obviously going to be second half, but", "audio_length_s": 6.3, "path": "30e94343ee663488872ae176b419a163_23.wav", "duration": 6.3}, {"text": "Market prices for resin were up more than 5% during the quarter compared to last year,", "audio_length_s": 6.3, "path": "c1d916407f390d20e9d8f9b453e22435_9.wav", "duration": 6.3}, {"text": "So we hope to revert with that once we have finalized the long-term arrangement.", "audio_length_s": 6.3, "path": "39eee2eb09766cf1717c05e39c7db798_87.wav", "duration": 6.3}, {"text": "I think we like the position we're in, right. We've got more liquidity and lower leverage because our earnings have grown so much,", "audio_length_s": 6.3, "path": "8a77ceadd7e4729abc9102d38be3a227_81.wav", "duration": 6.3}, {"text": "but we think that the long-term impact of the requirement still remains to be seen.", "audio_length_s": 6.3, "path": "6b3df032b804a1a371d25e1eef019c4a_8.wav", "duration": 6.3}, {"text": "By the way, this is exactly the way we at Orange", "audio_length_s": 6.3, "path": "d8eb5522db0e51d75ea6518462954c52_125.wav", "duration": 6.3}, {"text": "that explains, we are very satisfied because we both reached volume and value", "audio_length_s": 6.3, "path": "d8eb5522db0e51d75ea6518462954c52_34.wav", "duration": 6.3}, {"text": "We believe that these modest cosmetic enhancements can make a big difference to customer's overall experience.", "audio_length_s": 6.3, "path": "f23036451aab1cb9d659c3ac9a23825c_58.wav", "duration": 6.3}, {"text": "And we have taken a very clear and disciplined approach to it,", "audio_length_s": 6.3, "path": "98f10f0935e5b778e888a1b8130a3d31_192.wav", "duration": 6.3}, {"text": "not a high penetration rate, but a very significant value prop for our customers.", "audio_length_s": 6.3, "path": "29426a77336443eedde7eaa29e9c2852_105.wav", "duration": 6.3}, {"text": "and offers conflict-free assessment services to assist them in determining the most appropriate placement", "audio_length_s": 6.3, "path": "b94d748876ddf8e881d4191dec45baf3_148.wav", "duration": 6.3}, {"text": "We're very proud of our solid second quarter and first half results and the strength we see for the remainder of the year.", "audio_length_s": 6.3, "path": "885b465648704d8a5d15bd00078e2160_98.wav", "duration": 6.3}, {"text": "That built the reserve business to the scale it has today built off a single business model.", "audio_length_s": 6.3, "path": "c3567809c19ce6a800677544cd84f88b_221.wav", "duration": 6.3}, {"text": "where we are today, we're trading at less than 6x revenue multiples. So I think there's a lot of opportunity for", "audio_length_s": 6.3, "path": "265e62fc569e790d8b3e58698aaab701_221.wav", "duration": 6.3}, {"text": "However, the traction gained on beverages in some of our key markets has mitigated this to a large extent.", "audio_length_s": 6.3, "path": "ea60900258f99d1003ab247c506e42d9_21.wav", "duration": 6.3}, {"text": "talking in right now December 31. So the facility will start to move up.", "audio_length_s": 6.3, "path": "20097e37747ec7bc3734246e83798fb1_141.wav", "duration": 6.3}, {"text": "Looking ahead, we seek to drive consistent improvement in performance on an annual basis.", "audio_length_s": 6.3, "path": "10728656364812338b7417b035dae4c4_49.wav", "duration": 6.3}, {"text": "The next area of focus is to write selective classes of workers' compensation insurance.", "audio_length_s": 6.3, "path": "7cf9ea093ccaf8fe8af51c4e00832372_41.wav", "duration": 6.3}, {"text": "Business growth was led by Solgar, No 7, Joint Comfort product as well as new innovation,", "audio_length_s": 6.3, "path": "bb2ca5b87982b2388d82cd64a73f08cf_71.wav", "duration": 6.3}, {"text": "We flagged 6 months ago that there would be identified headwinds from contractual increases in input costs.", "audio_length_s": 6.3, "path": "ab4dae37361262d727d1d2f8f78765d5_9.wav", "duration": 6.3}, {"text": "We'll utilize our alliances with partner airlines to maintain our advantage as a market leader.", "audio_length_s": 6.3, "path": "b0b83ac66a31c5096a75bb1927c557e2_6.wav", "duration": 6.3}, {"text": "Please turn to Page 15. This slide shows our financial platform.", "audio_length_s": 6.3, "path": "b0b83ac66a31c5096a75bb1927c557e2_49.wav", "duration": 6.3}, {"text": "We also see that we are able to keep our position in the valuable customer segment.", "audio_length_s": 6.3, "path": "4567936d89925d1a3b983274b11ecae5_108.wav", "duration": 6.3}, {"text": "And we think we're returning back to an industry that looks more similar to what we would have seen in the '80s and the '90s than what", "audio_length_s": 6.3, "path": "2a059b2b192b8e972ca7664ddfed8a20_248.wav", "duration": 6.3}, {"text": "In Roofing, we anticipate modest market growth, primarily driven by growth in new construction markets.", "audio_length_s": 6.3, "path": "2a059b2b192b8e972ca7664ddfed8a20_77.wav", "duration": 6.3}, {"text": "If you go back to when we had the call last quarter, and we did announce it had gone up. It's been fairly stable since then", "audio_length_s": 6.3, "path": "9184da1d688425307afed800044d28d6_87.wav", "duration": 6.3}, {"text": "is important to us to bring those hospitals into the system well.", "audio_length_s": 6.3, "path": "b43c001c5af465d220ab0b69a95202ae_206.wav", "duration": 6.3}, {"text": "Now you mentioned kind of mysteriously last time about how you thought you could have,", "audio_length_s": 6.3, "path": "2c3945f11b4d91727b1ce00d490e11b6_19.wav", "duration": 6.3}, {"text": "then that's where we would be, and that's what we're going to do in the future.", "audio_length_s": 6.3, "path": "f77935c4693e4d33252c9c76993e9c8b_39.wav", "duration": 6.3}, {"text": "associated with defaults that were in the portfolio at the end of the year. And in addition, as we settle claims, we have", "audio_length_s": 6.3, "path": "246876171ef2f408df10ee0816f9db83_46.wav", "duration": 6.3}, {"text": "Second, as you know, we've been highly focused on improving the trends in our credit portfolio. This doesn't change,", "audio_length_s": 6.3, "path": "63eaf9677d7577484a1557ae6bfbb585_42.wav", "duration": 6.3}, {"text": "We have revised our segment reporting to reflect our organizational structure post the integration of Orchard.", "audio_length_s": 6.3, "path": "63eaf9677d7577484a1557ae6bfbb585_111.wav", "duration": 6.3}, {"text": "Recent new product offerings will also help. Our strong sales activity", "audio_length_s": 6.3, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_147.wav", "duration": 6.3}, {"text": "We're continuing to work on the remaining regulatory approvals for this critical piece of natural gas infrastructure.", "audio_length_s": 6.3, "path": "74d0910b4af16f82a812bddbb151d966_105.wav", "duration": 6.3}, {"text": "So to keep it apart is maybe a little bit of a mathematical exercise.", "audio_length_s": 6.3, "path": "0e52a74a184c92ad0c336af764aa0796_55.wav", "duration": 6.3}, {"text": "and ultimately using technology to build upon the spirit of hospitality that is core to our company.", "audio_length_s": 6.3, "path": "3898a5c021167b8169287fc8bb59f753_60.wav", "duration": 6.3}, {"text": "We'll have a better sense of timing for each of these New Zealand projects in the next quarter.", "audio_length_s": 6.3, "path": "e2225d612a954a24e7e91c08215d7b51_21.wav", "duration": 6.3}, {"text": "With these anticipated cost savings and based on our current plans and forecasted expenses,", "audio_length_s": 6.3, "path": "aed770c98113f594e36325a5822547e4_15.wav", "duration": 6.3}, {"text": "This difference was mainly driven by a positive impact from product derivatives, which I will discuss shortly.", "audio_length_s": 6.3, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_183.wav", "duration": 6.3}, {"text": "the benefit to the margins and reserves on a after-tax basis will well exceed any detriment that occurs", "audio_length_s": 6.3, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_98.wav", "duration": 6.3}, {"text": "which enabled us to originate loans with attractive yields without sacrificing credit quality.", "audio_length_s": 6.3, "path": "73c60e60043b8775dac929320839a8c6_35.wav", "duration": 6.3}, {"text": "Free cash flow for the quarter, which we calculate as operating cash flow plus the net change in our flooring agreement", "audio_length_s": 6.3, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_78.wav", "duration": 6.3}, {"text": "as a service. Remember, as a service revenues are netted down for accounting purposes.", "audio_length_s": 6.3, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_178.wav", "duration": 6.3}, {"text": "That could potentially include adding some leverage to the balance sheet. I think we're going to do that in a very", "audio_length_s": 6.3, "path": "8eaca8d8a419f74540f69ade8defabbd_48.wav", "duration": 6.3}, {"text": "This partly reflects the fact that broker deposit pricing was relatively low prior to the market turbulence.", "audio_length_s": 6.3, "path": "87045996e7446329f1d98c909c6ca7fe_85.wav", "duration": 6.3}, {"text": "There's probably going to be a little bit more inventory in the system this year until we catch up from a demand perspective.", "audio_length_s": 6.3, "path": "735a523f1ef6500b7aa97a2536d9c4fd_149.wav", "duration": 6.3}, {"text": "in the quarter by comparison to the comparable quarter. But if we look at the page to follow,", "audio_length_s": 6.3, "path": "369789f0d39dbf62298be2aa807ff8ee_15.wav", "duration": 6.3}, {"text": "in order to grow NOI. In redevelopment and development for hold,", "audio_length_s": 6.3, "path": "9ba83ac067a98f8b12cc480ff0691e91_119.wav", "duration": 6.3}, {"text": "From an economic standpoint, we are seeing fairly healthy conditions across our existing footprint.", "audio_length_s": 6.3, "path": "ec298d3b4d5979aa8c64bf222562e259_15.wav", "duration": 6.3}, {"text": "complete access to their employees, and we are quite frankly limited in our ability to", "audio_length_s": 6.3, "path": "433a6e203f9db93835c27ff83e86c801_245.wav", "duration": 6.3}, {"text": "The hotel expansion phase of the resort, which was announced earlier this year, is anticipated to be completed", "audio_length_s": 6.3, "path": "1e850c2f72078279ebafea4edcbb3aa4_42.wav", "duration": 6.3}, {"text": "further risks remain and we will keep you updated as we execute the remaining scope of the work.", "audio_length_s": 6.3, "path": "757695924b5e43c7d44e29dc141cc035_73.wav", "duration": 6.3}, {"text": "I will review a few highlights, then I'll hand it over to Kevin for a full recap of our financial performance.", "audio_length_s": 6.3, "path": "1689b94530eca82b7758c86b4cf3125f_75.wav", "duration": 6.3}, {"text": "to prioritizing our investment needs and identifying new market opportunities, we are taking a thoughtful,", "audio_length_s": 6.3, "path": "3b2908426357bb8269c3a01469865cd6_92.wav", "duration": 6.3}, {"text": "We've also made significant progress in our first 5 months toward operating on a standalone basis", "audio_length_s": 6.3, "path": "3b2908426357bb8269c3a01469865cd6_141.wav", "duration": 6.3}, {"text": "strong group trends also allowed us to better yield transient rates to drive overall profitability.", "audio_length_s": 6.3, "path": "b4fc31ae6403a17b15c30d3ec3b82487_109.wav", "duration": 6.3}, {"text": "buying someone else's asset management business and inheriting their culture and inheriting their people. So we want to do it very carefully.", "audio_length_s": 6.3, "path": "6709c061d39d0e433079f84160f11c80_170.wav", "duration": 6.3}, {"text": "was clearly incremental debt. So it would be nice to be able to take care of that over the next", "audio_length_s": 6.3, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_170.wav", "duration": 6.3}, {"text": "We now have the task of balancing these investments against top line growth such that we return the company to profitability.", "audio_length_s": 6.3, "path": "7498a6630302a038bd537d192c3a44f4_21.wav", "duration": 6.3}, {"text": "It's our goal to be able to source product from anywhere in the world that we need to source it,", "audio_length_s": 6.3, "path": "7498a6630302a038bd537d192c3a44f4_54.wav", "duration": 6.3}, {"text": "In this quarter, we executed 5 new contracts through Regence Blue Cross", "audio_length_s": 6.3, "path": "41e5f97c6d94e8f87bb5fb602fe25500_28.wav", "duration": 6.3}, {"text": "and a negative currency impact of 4 percentage points is now expected.", "audio_length_s": 6.3, "path": "9c67fafcb51925dcbaa570283fe01701_72.wav", "duration": 6.3}, {"text": "mix shift towards the shorter ended towards the trade finance business transactions. And actually, this has been quite", "audio_length_s": 6.3, "path": "d5fb88dba0740bc906c5127e05592f95_48.wav", "duration": 6.3}, {"text": "or maybe it's just the Street being too pessimistic looking for a slowdown, but any additional color that would be helpful?", "audio_length_s": 6.3, "path": "94f601dc7b34ad38667e3b714aa89d35_26.wav", "duration": 6.3}, {"text": "there's no question that we're thinking big and we're looking out there into the market and seeing what's available and what's possible.", "audio_length_s": 6.3, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_64.wav", "duration": 6.3}, {"text": "I plan to continue to serve on our board, and I look forward to contributing to our future success.", "audio_length_s": 6.3, "path": "812d8f09b72b4d410d138d3b24caebbc_168.wav", "duration": 6.3}, {"text": "until we would get to later part of the year as some of these start to ramp up,", "audio_length_s": 6.3, "path": "64364105b816dd0b6a029e9cd210e65b_154.wav", "duration": 6.3}, {"text": "that we're talking about and lot of velocity improvements in the factories and it's not just here", "audio_length_s": 6.3, "path": "64364105b816dd0b6a029e9cd210e65b_273.wav", "duration": 6.3}, {"text": "again, as you said, we get -- where the dollars were available, we got our fair share or more of the political,", "audio_length_s": 6.3, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_173.wav", "duration": 6.3}, {"text": "In Russia, there are some investment projects in progress in the areas of natural gas and chemical.", "audio_length_s": 6.3, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_13.wav", "duration": 6.3}, {"text": "with the right type of engineering on the existing products, the higher margins on the new products.", "audio_length_s": 6.3, "path": "72b117fb1330bda9f954a219bb5a675e_176.wav", "duration": 6.3}, {"text": "Despite the lower sales volumes, we were able to generate operating expense leverage in the quarter,", "audio_length_s": 6.3, "path": "ee17f090e669ff9029bd1dc57db6e43e_96.wav", "duration": 6.3}, {"text": "Is there any reason why quarterly earnings as a percent of total would vary significantly from historical averages?", "audio_length_s": 6.3, "path": "14fa9d7635caae6483af62a4bfe1b9d6_135.wav", "duration": 6.3}, {"text": "people on the Scientific Board, and the three resumes of the Strategic Advisors who have", "audio_length_s": 6.3, "path": "6daa2d0829057899b014b06c36e1d54b_178.wav", "duration": 6.3}, {"text": "On our color block charts highlighted operating performance and customer satisfaction for the utilities,", "audio_length_s": 6.3, "path": "5b331cf4e6f62ec9a9c30a4728e36054_146.wav", "duration": 6.3}, {"text": "Regarding operating profits, the continued effect of the extremely high gaming taxes on lower volume,", "audio_length_s": 6.3, "path": "5fa40a5d21ed133986a4fdce163ca3eb_28.wav", "duration": 6.3}, {"text": "Welcome to the Vulcan Materials Company Second Quarter Earnings Call. My name is Lynette, and I will be your conference coordinator today.", "audio_length_s": 6.3, "path": "902872913863de98d38e2936b846cf66_0.wav", "duration": 6.3}, {"text": "I would add one thing on -- this is not the market, but our operating folks in California have done", "audio_length_s": 6.3, "path": "902872913863de98d38e2936b846cf66_197.wav", "duration": 6.3}, {"text": "questions in the queue at this time, I'd like to turn the call back over to Mr. Constantinople for any additional or closing remarks.", "audio_length_s": 6.3, "path": "96488f25af54f91198b444e5eff8e878_216.wav", "duration": 6.3}, {"text": "almost all of these patients fail quickly or fail eventually. So", "audio_length_s": 6.3, "path": "0f8a61f667edd9a400d7abe2a7908a9e_37.wav", "duration": 6.3}, {"text": "We have completed our final integration project as the consolidation of our network is now finalized.", "audio_length_s": 6.3, "path": "b4072ee178832ecf3d2a0f25fd8b8387_121.wav", "duration": 6.3}, {"text": "We think and we are cautious that we may peak out at these levels.", "audio_length_s": 6.3, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_184.wav", "duration": 6.3}, {"text": "numbers we see very much as a waypoint in the broader Keller", "audio_length_s": 6.3, "path": "1e82002540bb3371dcda874a3ce114b2_75.wav", "duration": 6.3}, {"text": "So is that because you haven't raised your deposit costs enough or could you explain that a bit more?", "audio_length_s": 6.3, "path": "01162e33e5dda8aa154d9a8659da4495_26.wav", "duration": 6.3}, {"text": "and by the end of that period, overcome our depreciation burden to attain positive GAAP earnings.", "audio_length_s": 6.3, "path": "bf8646ad61e3857d4cf46e592c18f685_7.wav", "duration": 6.3}, {"text": "Not necessarily as fast as I would like but as fast as we reasonably can identify and recruit A ballplayers.", "audio_length_s": 6.3, "path": "0668081864383eb57919b99c85649753_114.wav", "duration": 6.3}, {"text": "As shown on Slide 7, loan and deposit mix were relatively unchanged post merger.", "audio_length_s": 6.3, "path": "f88c5f000050c9f72aa383f71d97ffe7_103.wav", "duration": 6.3}, {"text": "the quality of the acquisitions that we've been able to do over the last few years.", "audio_length_s": 6.3, "path": "93e134910b4a7c587bc461da0c9a2083_68.wav", "duration": 6.3}, {"text": "second quarter's doing better than the first. And we're seeing the beat rate of the business improve. But when you annualize it", "audio_length_s": 6.3, "path": "62658bb0c3307b2b10e3668b8df73b0d_207.wav", "duration": 6.3}, {"text": "The properties we owned prior to the beginning of the quarter performed slightly better than our expectations during the quarter.", "audio_length_s": 6.3, "path": "5be70acf701b7a6c9322f8feeaca63cd_8.wav", "duration": 6.3}, {"text": "age and the ability to undertake the rehabilitation required of all cartilage repair procedures.", "audio_length_s": 6.3, "path": "4d7256bec87696f6c5defa8f37db1b48_6.wav", "duration": 6.3}, {"text": "So I think there are areas that we would combine behind the scenes.", "audio_length_s": 6.3, "path": "c88e296697cd72c891ffb7bf5a1a60bb_217.wav", "duration": 6.3}, {"text": "So you can expect to see us adopt the same type of approach at FGL that you would have seen", "audio_length_s": 6.3, "path": "c88e296697cd72c891ffb7bf5a1a60bb_114.wav", "duration": 6.3}, {"text": "for the Refining business drops somewhat as well as those obligations move to", "audio_length_s": 6.3, "path": "1096d26129c469524041c969a684f8ae_213.wav", "duration": 6.3}, {"text": "clearly demonstrate the substantial and growing value the partnership represents to the total enterprise.", "audio_length_s": 6.3, "path": "1096d26129c469524041c969a684f8ae_65.wav", "duration": 6.3}, {"text": "The majority of our revenue is generated through brand advertising, which seasonally peaks in the fourth quarter.", "audio_length_s": 6.3, "path": "30a142fac5a62ab00227cb6a339a6226_87.wav", "duration": 6.3}, {"text": "The press release mentioned that the possible alternatives include, among other things,", "audio_length_s": 6.3, "path": "a85c54c77dd2524eedab1287ea3ceff4_113.wav", "duration": 6.3}, {"text": "Important factors could cause actual results to differ, possibly materially, from those indicated in these statements.", "audio_length_s": 6.3, "path": "76b892bf017891d7028256847747227c_136.wav", "duration": 6.3}, {"text": "have been allowed to either atrophy or become more like a typical retailer.", "audio_length_s": 6.3, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_34.wav", "duration": 6.3}, {"text": "last year we saw some changes in reimbursement in California with the state Medicaid opening up", "audio_length_s": 6.3, "path": "9097dcbaf554d635920c6274b1de4997_210.wav", "duration": 6.3}, {"text": "And this is a market that we really haven't had any -- we've got a few hundred cartons in the VA so far for ARISTADA. So", "audio_length_s": 6.3, "path": "9097dcbaf554d635920c6274b1de4997_215.wav", "duration": 6.3}, {"text": "I think it's a little too early to give more color about where we're going to end up ultimately with those ranges.", "audio_length_s": 6.3, "path": "9097dcbaf554d635920c6274b1de4997_201.wav", "duration": 6.3}, {"text": "So that's all about getting through our process, and that -- I would guess that's what that looks like. In terms of", "audio_length_s": 6.3, "path": "16c235a53fc719ec92ef3b3c3b371150_35.wav", "duration": 6.3}, {"text": "We leveraged strong operating performance by continuing to focus on minimizing overhead costs.", "audio_length_s": 6.3, "path": "1bee232b4d03ce3a6f424bb7891581a2_25.wav", "duration": 6.3}, {"text": "We began pursuing our specialty product strategy after our merger with Ainsworth to bring", "audio_length_s": 6.3, "path": "976a5489fe4d30c2e1ebb237ec62398a_46.wav", "duration": 6.3}, {"text": "The total backlog calculation reflects solid performance as we booked new work and renewed existing work.", "audio_length_s": 6.3, "path": "523cf294ec146d5411972168b1c10f09_11.wav", "duration": 6.3}, {"text": "and now that Pennsylvania business is our highest growth utility option and opportunity. So", "audio_length_s": 6.3, "path": "190e0d8d92da94060523364716ce6e03_31.wav", "duration": 6.3}, {"text": "But the working capital requirement related to those contracts are the normal working capital", "audio_length_s": 6.2700625, "path": "fa45af64ef25007f998c655347bfbecb_260.wav", "duration": 6.2700625}, {"text": "I think we also want to maintain, though, plenty of liquidity for these type of opportunistic", "audio_length_s": 6.27, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_108.wav", "duration": 6.27}, {"text": "what we're focused on right now is where we can physically grow the barrels, and we have very solid results", "audio_length_s": 6.27, "path": "7d2a9151826f1fbcf538ffbf85924ed2_177.wav", "duration": 6.27}, {"text": "That includes a strong performance from travel, a strong performance from underwriting,", "audio_length_s": 6.27, "path": "214dcdc435ef3259490466447858fa56_139.wav", "duration": 6.27}, {"text": "the kind of percentage increases just getting wafers allocated from suppliers like TowerJazz and so on,", "audio_length_s": 6.27, "path": "ab5b4ea5cd86e4f7deafe9814024fada_197.wav", "duration": 6.27}, {"text": "Reflecting the payment of bonus in the first quarter, cash paid for the restructuring as well as our acquisition in Denmark,", "audio_length_s": 6.27, "path": "0d631e444d1c22f0be99a69f5deaff94_113.wav", "duration": 6.27}, {"text": "The shift away from CDs to transaction accounts further reduced our funding cost and improved our interest rate profile.", "audio_length_s": 6.27, "path": "b7050f62f52a3d2803beea21404f7af6_9.wav", "duration": 6.27}, {"text": "But I think that it's probably just best to stick with that guidance in the 3.80% to 4% range for that", "audio_length_s": 6.27, "path": "b7050f62f52a3d2803beea21404f7af6_151.wav", "duration": 6.27}, {"text": "senior first lien across both lower middle market and middle market, there are times where", "audio_length_s": 6.27, "path": "ab861b81968e1b5fcb606ed886919d68_76.wav", "duration": 6.27}, {"text": "the investment business is the most important thing we do and we are keenly aware of a lot of the risks around this. And like I said,", "audio_length_s": 6.27, "path": "6388da88b00ebc88af59435bdac74132_170.wav", "duration": 6.27}, {"text": "prior to the end of fiscal 2019. Moving on to capital allocation.", "audio_length_s": 6.27, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_17.wav", "duration": 6.27}, {"text": "It's like search and shopping, a long tail user experience we believe is important as well.", "audio_length_s": 6.27, "path": "a93681c92a0b9c04743f541a54b180c7_193.wav", "duration": 6.27}, {"text": "As a result of that approach, our customers typically have much higher patch compliance rates", "audio_length_s": 6.27, "path": "47d77b15189fadcc76113a2f7800ba28_55.wav", "duration": 6.27}, {"text": "Thanks, Karen, and good morning to everyone. I would like to share some highlights from the second quarter", "audio_length_s": 6.27, "path": "6f3e90ad68b9b074ad827efdcaf6630d_1.wav", "duration": 6.27}, {"text": "Thank you for standing by. This is the conference operator.", "audio_length_s": 6.27, "path": "264e575b73bc2a485bee416c1ac10cee_0.wav", "duration": 6.27}, {"text": "On the whole, we are off to a solid start and our focus is on advancing our strategic priorities.", "audio_length_s": 6.27, "path": "264e575b73bc2a485bee416c1ac10cee_134.wav", "duration": 6.27}, {"text": "We believe that the elevated maturity way of approaching and the increased regulation on other market participants", "audio_length_s": 6.27, "path": "223f05c0b9b116532e9af84afa76cac7_148.wav", "duration": 6.27}, {"text": "representing the smaller electronic cigarette company groups", "audio_length_s": 6.27, "path": "c68c15299b67173c7ae163cc5938f3c1_157.wav", "duration": 6.27}, {"text": "I will make a few remarks on our overall performance and then cover the highlights across our businesses.", "audio_length_s": 6.27, "path": "a069e0992c2083f0f53eaa4f7a02e47d_2.wav", "duration": 6.27}, {"text": "we expect to see additional growth in our Australasian Automotive business in the quarters ahead.", "audio_length_s": 6.27, "path": "a069e0992c2083f0f53eaa4f7a02e47d_65.wav", "duration": 6.27}, {"text": "As is customary, this guidance excludes the benefit of any future acquisitions.", "audio_length_s": 6.27, "path": "a069e0992c2083f0f53eaa4f7a02e47d_184.wav", "duration": 6.27}, {"text": "Operating expenses were up mainly because we are investing in more growth initiatives.", "audio_length_s": 6.27, "path": "81430c39b7b202d05644e419e2a01a65_90.wav", "duration": 6.27}, {"text": "but the team believes that our throughput capabilities are much stronger than they were a year ago.", "audio_length_s": 6.27, "path": "280baf1d10cd27b78eae4bf2574b9c98_21.wav", "duration": 6.27}, {"text": "from just the sale of technology as a driver of revenue and profit,", "audio_length_s": 6.27, "path": "123a9a590195f61aa739ee9b2dec4952_191.wav", "duration": 6.27}, {"text": "Before we begin, I'd like to remind you that this conference call contains forward-looking statements with respect to the future", "audio_length_s": 6.27, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_1.wav", "duration": 6.27}, {"text": "As Gareth said, it's quite an interesting junction point for us that we find ourselves at the half year, where this is the biggest profit contributor.", "audio_length_s": 6.27, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_146.wav", "duration": 6.27}, {"text": "as expected in the quarter and within the framework in the quarter, again ex the", "audio_length_s": 6.27, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_84.wav", "duration": 6.27}, {"text": "to address those and make certain that we optimize the opportunity in those countries instead of just letting it go.", "audio_length_s": 6.27, "path": "4b7945dd823dcbc0b2724efa66393673_7.wav", "duration": 6.27}, {"text": "Additionally, we will be able to leverage our global reach to accelerate adoption of PlanGrid solutions.", "audio_length_s": 6.27, "path": "78c85dc9a16f82b09d3a2363004e658d_99.wav", "duration": 6.27}, {"text": "growth was, in fact, due to our core business as opposed to our acquisitions. And I did that because,", "audio_length_s": 6.27, "path": "c4dc8f962a85aa47af50f82845f550e2_123.wav", "duration": 6.27}, {"text": "Also the companies would like to point out that this call will include forward-looking statements,", "audio_length_s": 6.27, "path": "088b4c55add5ff0e667bdbdd22187fc3_50.wav", "duration": 6.27}, {"text": "Could you outline what are the key swing factors that cause you to put out that", "audio_length_s": 6.27, "path": "bad55d25c1222682bd893d97dc5cbb27_94.wav", "duration": 6.27}, {"text": "And then you should keep in mind that there are some additional multi-client investments expected from sales of existing surveys", "audio_length_s": 6.27, "path": "ce2fb1a69ed83d2cfac77727bdf492a1_11.wav", "duration": 6.27}, {"text": "Can you comment on the timing? Is it something where you started it toward the end of the quarter and you're going to be doing more? Or", "audio_length_s": 6.27, "path": "957e0f876f9a4af9b498c19843675474_140.wav", "duration": 6.27}, {"text": "and encouraging us to be very aggressive moving forward, no one's sure what to think about", "audio_length_s": 6.27, "path": "2a5b0a6532fa2b71915a2930be02621a_161.wav", "duration": 6.27}, {"text": "So the contribution from all of this will move into fiscal '18, but it ought to give us another", "audio_length_s": 6.27, "path": "e26b501c6e000fdaa11edde97cc71436_88.wav", "duration": 6.27}, {"text": "in the downtown core of Toronto is that we can do a lot more with less space", "audio_length_s": 6.27, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_36.wav", "duration": 6.27}, {"text": "from what we've done in the past, and you would expect that would have some reaction from the sales force,", "audio_length_s": 6.27, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_72.wav", "duration": 6.27}, {"text": "Our semiconductor systems group delivered revenue that was slightly above the midpoint of our expectations.", "audio_length_s": 6.27, "path": "f46ae0a04d60dea8a759f07333ed37e2_112.wav", "duration": 6.27}, {"text": "that just you being opportunistic as in not extending a bunch of leases that have been up for renewal", "audio_length_s": 6.27, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_177.wav", "duration": 6.27}, {"text": "There is more freight than trucks right now and more spot pressure on the logistics business than we've seen in a long time.", "audio_length_s": 6.27, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_116.wav", "duration": 6.27}, {"text": "is important to emphasize that our own manufacturing around the world and maintaining a high standard of quality", "audio_length_s": 6.27, "path": "a44c74bdc01aa7e317addc11f2274e11_56.wav", "duration": 6.27}, {"text": "expected future developments and other factors it believes are appropriate under circumstances.", "audio_length_s": 6.27, "path": "a44c74bdc01aa7e317addc11f2274e11_49.wav", "duration": 6.27}, {"text": "which included a large heavy equipment fleet located at the Fording River coal mine, the mobilization of equipment", "audio_length_s": 6.27, "path": "f314d55f20e7186f4cd0e41e32ec144b_39.wav", "duration": 6.27}, {"text": "The potential reinsurance transaction remains subject to continued negotiation of material terms", "audio_length_s": 6.27, "path": "9da45cfd4472699ef05d887adce01223_35.wav", "duration": 6.27}, {"text": "and while our full-year guidance implies an acceleration to that trend, as we have stated previously,", "audio_length_s": 6.27, "path": "1244d2b5a259c3bc73742830d60d53fc_92.wav", "duration": 6.27}, {"text": "We also -- we've done an excellent job with the customer, and they're trying to shop around they can't find that product anywhere else,", "audio_length_s": 6.27, "path": "9c1272d9d120c5bfafd6e6b566f89b62_28.wav", "duration": 6.27}, {"text": "And so you should expect that we'll continue to see mix being an important part of our average unit price improvement", "audio_length_s": 6.27, "path": "30710391b8ab4cb549180602d31d4f4a_86.wav", "duration": 6.27}, {"text": "on the financial side, I wonder if you could tell us what your expected", "audio_length_s": 6.27, "path": "0c1ba087943ffa875ee4e4c1c42a458f_66.wav", "duration": 6.27}, {"text": "we can say that we had a very strong record-breaking quarter in which we had", "audio_length_s": 6.27, "path": "38b2f94da12bbf2d32246763aab8265a_6.wav", "duration": 6.27}, {"text": "wondering, which technology you're displacing and why you think that's happening?", "audio_length_s": 6.27, "path": "1ddc944827b99caf8c7867ceeed0ec20_55.wav", "duration": 6.27}, {"text": "This is expected to result in substantial future cash tax benefits.", "audio_length_s": 6.27, "path": "da14df2e02d11f6f8599533d9d57faee_62.wav", "duration": 6.27}, {"text": "We now have the complete solutions that our schools are demanding.", "audio_length_s": 6.27, "path": "da14df2e02d11f6f8599533d9d57faee_60.wav", "duration": 6.27}, {"text": "and net metering programs being eliminated or reduced at the state level.", "audio_length_s": 6.27, "path": "1bba27cac9495fe57f623973383d6948_84.wav", "duration": 6.27}, {"text": "And then at that point, we'll assess the market to see whether it makes sense to sell 1 or both of them.", "audio_length_s": 6.27, "path": "02825b6f22019c60be741d7e45b63f9d_13.wav", "duration": 6.27}, {"text": "Our voluntary personal lines policies increased by almost 4,000 policies during the quarter.", "audio_length_s": 6.27, "path": "3068d678d3331b8f0a10ea4fa92361f2_7.wav", "duration": 6.27}, {"text": "Appetite is a very important variable by which a pet owner assesses the health status of their pet,", "audio_length_s": 6.27, "path": "49a78c1ec143d9ac46e893e77198c0e3_107.wav", "duration": 6.27}, {"text": "Outside of the challenging weather patterns, we continue to see an elevated level of auto collision frequency", "audio_length_s": 6.27, "path": "aeb50c6146f90bd32d147c5d4775c21d_72.wav", "duration": 6.27}, {"text": "we had lots to sell over the last couple of years, which is one of the reasons that we purchased American Capital.", "audio_length_s": 6.27, "path": "8aa1aa8317783203344434f855535c25_101.wav", "duration": 6.27}, {"text": "Effectively, this means we were able to redirect a large number of small ESCO partners to distribution,", "audio_length_s": 6.27, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_63.wav", "duration": 6.27}, {"text": "there's a lot of new technology evolving. So I think if you look backwards and think about desktop, that's a", "audio_length_s": 6.27, "path": "5664a96b7f1182d037b901d84eeb4fd6_20.wav", "duration": 6.27}, {"text": "However, the international and commercial markets in which Hamilton Beach participates are expected to grow moderately.", "audio_length_s": 6.27, "path": "08ed60a546bd48af9db028c4e3c8af26_6.wav", "duration": 6.27}, {"text": "change to be discussed, and we don't have a plan to retire massively", "audio_length_s": 6.27, "path": "23417803b1a8115806b8e604b8b2bb83_298.wav", "duration": 6.27}, {"text": "In 2017, we set our sights on drilling longer laterals and larger well packages.", "audio_length_s": 6.27, "path": "a8b43081254547419da7462d9c957d61_73.wav", "duration": 6.27}, {"text": "right now today fairly easily. So we kind of capture the ones that give us the best opportunity.", "audio_length_s": 6.27, "path": "e5040d02fba73a359d3f7cb346517ce1_154.wav", "duration": 6.27}, {"text": "how we move forward in our efficiency ratio is really", "audio_length_s": 6.27, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_126.wav", "duration": 6.27}, {"text": "Well, thank you very much for joining our call, and we look forward to talking to you next quarter.", "audio_length_s": 6.27, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_95.wav", "duration": 6.27}, {"text": "and net commodity inflation to contribute to relatively better performance in the second half.", "audio_length_s": 6.27, "path": "3df0981a2d94ed56170b78330aa72ee9_79.wav", "duration": 6.27}, {"text": "but the underlying demand from ordinary companies is still quite low in Sweden.", "audio_length_s": 6.27, "path": "6b3df032b804a1a371d25e1eef019c4a_82.wav", "duration": 6.27}, {"text": "rebates with distributor partners that are annually based with stair steps up as", "audio_length_s": 6.27, "path": "dd28a387ccc9575df47840b850647c7f_37.wav", "duration": 6.27}, {"text": "results. So I think Myers is a small company and it's a company that has a long-range growth", "audio_length_s": 6.27, "path": "a02b735de681c682fbb8025edecca271_17.wav", "duration": 6.27}, {"text": "and uncertainties. Actual results could differ materially from those described in the forward-looking statements", "audio_length_s": 6.27, "path": "70c92ab88d38f489d5074f2859e0290e_1.wav", "duration": 6.27}, {"text": "where we have really focused on fewer countries to really fuel the growth there.", "audio_length_s": 6.27, "path": "98f10f0935e5b778e888a1b8130a3d31_107.wav", "duration": 6.27}, {"text": "and companies that serve the advertising industry exclusively, honestly,", "audio_length_s": 6.27, "path": "16ed973148ce103dc95fdcfaf35bbe7b_57.wav", "duration": 6.27}, {"text": "our guidance does not include any impact from potential acquisitions that we might complete during the fourth quarter.", "audio_length_s": 6.27, "path": "7aeefd3f7f36ea98354844517c1f012d_47.wav", "duration": 6.27}, {"text": "between our manufacturing operations in Ingolstadt and the manufacturing operations in Usti because what happened", "audio_length_s": 6.27, "path": "664ce6f8ad7864e2844f637e7a1b48d7_51.wav", "duration": 6.27}, {"text": "to maximize operating efficiencies, which was finally completed at the end of October, took longer than expected.", "audio_length_s": 6.27, "path": "c5c7a9f409241412b160a93cde7ef630_34.wav", "duration": 6.27}, {"text": "that comes from legacy systems revenue or conversely comes from new platform product revenue?", "audio_length_s": 6.27, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_13.wav", "duration": 6.27}, {"text": "This model ensures that our project execution solves our clients' problems with practical insights", "audio_length_s": 6.27, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_67.wav", "duration": 6.27}, {"text": "Before introducing Kate, I would like to remind you that we may make forward-looking statements during this call.", "audio_length_s": 6.27, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_169.wav", "duration": 6.27}, {"text": "and fourth, the evolution of our incentive compensation plans to prioritize growth as fundamental,", "audio_length_s": 6.27, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_177.wav", "duration": 6.27}, {"text": "All earnings per share metrics discussed in this call are on a diluted share basis for continuing operations.", "audio_length_s": 6.27, "path": "ef44080b170ca6366a6d3132d0baf11a_106.wav", "duration": 6.27}, {"text": "We expect our EMEA region to have higher net sales compared to the prior year,", "audio_length_s": 6.27, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_163.wav", "duration": 6.27}, {"text": "That brings my section of the presentation to a close. So now I will turn the time back over to Ilene.", "audio_length_s": 6.27, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_29.wav", "duration": 6.27}, {"text": "You can only do that -- we have discussion with physician panels and ask them the question, so", "audio_length_s": 6.27, "path": "e78997e6a75a2243292b2b54750bb3cb_110.wav", "duration": 6.27}, {"text": "Although we moved up some in our own promotional spend in our fourth quarter, we remain far less than competition.", "audio_length_s": 6.27, "path": "9184da1d688425307afed800044d28d6_3.wav", "duration": 6.27}, {"text": "We would expect to see some increase in marketing spend in the fourth quarter.", "audio_length_s": 6.27, "path": "82131762fc1c2b2358ac3a167666ab87_196.wav", "duration": 6.27}, {"text": "to accelerate the maturity of those branches that we've opened over the last couple of years.", "audio_length_s": 6.27, "path": "82131762fc1c2b2358ac3a167666ab87_86.wav", "duration": 6.27}, {"text": "Therefore, the first question is a relative question. You need to revamp", "audio_length_s": 6.27, "path": "f77935c4693e4d33252c9c76993e9c8b_115.wav", "duration": 6.27}, {"text": "The K factor is that factor that will correct any deviation", "audio_length_s": 6.27, "path": "8cd753ed00aeee0ed32d03823eef3f7e_100.wav", "duration": 6.27}, {"text": "keep the project going. And we are also in discussions with other potential partners", "audio_length_s": 6.27, "path": "9abfcc6b57650e0b300aa243cb8336e8_119.wav", "duration": 6.27}, {"text": "a bigger concentration of the marketing efforts around that restage and launch.", "audio_length_s": 6.27, "path": "915bdcf0edfec49b928ca4010cbb40ca_142.wav", "duration": 6.27}, {"text": "increased time in the permitting process. We do not see anything in that permitting process", "audio_length_s": 6.27, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_86.wav", "duration": 6.27}, {"text": "Latin America, namely Brazil, is down significantly to prior year for reasons I will discuss a little later.", "audio_length_s": 6.27, "path": "948f025c16fce2bcb2909e610c9be557_25.wav", "duration": 6.27}, {"text": "And I figure, it'll probably be another 4 or 5 days before they", "audio_length_s": 6.27, "path": "948f025c16fce2bcb2909e610c9be557_198.wav", "duration": 6.27}, {"text": "particularly as we've gotten through the legacy DSL conversions, which has really been absorbing us for the last few years.", "audio_length_s": 6.27, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_178.wav", "duration": 6.27}, {"text": "Revenue from the expanded business in Wisconsin should start to flow through in the fourth quarter.", "audio_length_s": 6.27, "path": "f1da65edd5f2026ffd647d496bb96ce7_24.wav", "duration": 6.27}, {"text": "normalized levels. But in the meantime, the top line and the end market demand of that business is looking good.", "audio_length_s": 6.27, "path": "262bc21196721c5ff9114acbd2ff03c3_300.wav", "duration": 6.27}, {"text": "some of the implications of the thoughts reflected in the Treasury report on insurance.", "audio_length_s": 6.27, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_213.wav", "duration": 6.27}, {"text": "heavily in additional professionals to provide that service to the end markets.", "audio_length_s": 6.27, "path": "d1ea27c78d9b77d1db1349ca8b4789d1_133.wav", "duration": 6.27}, {"text": "I would expect for the back half of the year, Matt, that to kind of return to normal growth.", "audio_length_s": 6.27, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_97.wav", "duration": 6.27}, {"text": "Our tank trailer business continues to see reasonably stable demand in the food, dairy, beverage markets,", "audio_length_s": 6.27, "path": "8eaca8d8a419f74540f69ade8defabbd_214.wav", "duration": 6.27}, {"text": "I would also like to thank our employees for maintaining our focus on growth and profitability.", "audio_length_s": 6.27, "path": "9e07401011239a074ff66741ee557224_52.wav", "duration": 6.27}, {"text": "We've got to generate business flows on top of that to seal the strategic case.", "audio_length_s": 6.27, "path": "dffe8257f781608bb17bb637249e4d2a_159.wav", "duration": 6.27}, {"text": "Alpha provides business continuity and connectivity solutions in the cable broadband networks,", "audio_length_s": 6.27, "path": "433a6e203f9db93835c27ff83e86c801_204.wav", "duration": 6.27}, {"text": "It's been subject to discretion. We have the ability to put a program in place.", "audio_length_s": 6.27, "path": "7cc11de7f206c637e6293da0d956405e_176.wav", "duration": 6.27}, {"text": "share repurchase. We're going to do that because we're going to continue to focus on generating cash", "audio_length_s": 6.27, "path": "8cfc2a9aace5078f22a83c782b9d41f7_121.wav", "duration": 6.27}, {"text": "The revenue strength there was only able to partially recover these higher costs.", "audio_length_s": 6.27, "path": "01f88a67f39af3a74d5f23b095615d39_95.wav", "duration": 6.27}, {"text": "In our Power segment, our transformer business remained on track for an improving full year performance.", "audio_length_s": 6.27, "path": "757695924b5e43c7d44e29dc141cc035_176.wav", "duration": 6.27}, {"text": "to allow for the increase patient numbers and other indications and will pursue the lung indication separately.", "audio_length_s": 6.27, "path": "f542ab325f47ed150e28888da2f85871_16.wav", "duration": 6.27}, {"text": "We are encouraged by this momentum as we enter our main selling season right now.", "audio_length_s": 6.27, "path": "0dec9a606303da3039d11eec4ec9bd86_68.wav", "duration": 6.27}, {"text": "we feel really good about it. But it is a long-term bet for us and not something that we expect on any given quarter", "audio_length_s": 6.27, "path": "50e17cbbbef8897681cc5f8ae110aae2_155.wav", "duration": 6.27}, {"text": "Correlating billings growth and customers helps put in context why we believe in our marketing efforts.", "audio_length_s": 6.27, "path": "50e17cbbbef8897681cc5f8ae110aae2_138.wav", "duration": 6.27}, {"text": "a significant improvement from last year. Finally, CapEx remains much lower than previous years.", "audio_length_s": 6.27, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_9.wav", "duration": 6.27}, {"text": "We believe we are on track to reenter the European market and submit our U.S. PMA in the fourth quarter of this year.", "audio_length_s": 6.27, "path": "8b3fb852b7afa89068326fa10e2e7563_108.wav", "duration": 6.27}, {"text": "across product categories speaks to the importance of being very relevant in what you show to your customers.", "audio_length_s": 6.27, "path": "642a235ab4ebc57d132a2e32c83c793c_225.wav", "duration": 6.27}, {"text": "but we saw a pretty significant decline in activity in September as volatility abated. The", "audio_length_s": 6.27, "path": "8635f950dc44da3fcad542b2c066bedf_12.wav", "duration": 6.27}, {"text": "as well as invest in strategic hires to build out our skills and capabilities throughout the organization.", "audio_length_s": 6.27, "path": "d74cec1fb73e1b1134bfa7152762ad80_37.wav", "duration": 6.27}, {"text": "still the right trajectory for it to slowly ramp up to about 50 basis points by the fourth quarter or so?", "audio_length_s": 6.27, "path": "d74cec1fb73e1b1134bfa7152762ad80_31.wav", "duration": 6.27}, {"text": "under a program which we initiated to bring inventories down from elevated levels.", "audio_length_s": 6.27, "path": "f1e7e3b84b4a0a56a0915f7ecde083ce_92.wav", "duration": 6.27}, {"text": "And as a result of this, we have been looking at what are the real strategic option", "audio_length_s": 6.27, "path": "7e2ebcd981f5b5ecb18c04906f87d768_105.wav", "duration": 6.27}, {"text": "And I think we're seeing that as pointed out by the Brent crude", "audio_length_s": 6.27, "path": "5633fe3600ee04237bbb918c56341864_121.wav", "duration": 6.27}, {"text": "It's very similar to the GOR in the Windsor area. If you look at the 2 charts that we supplied,", "audio_length_s": 6.27, "path": "838af8ffae77ce8ff59c77b1985f8fc5_12.wav", "duration": 6.27}, {"text": "for the OEMs to consider a make versus buy strategy, that's where a lot of the outsourcing growth", "audio_length_s": 6.27, "path": "ee00ebd8d782e8f124b3e142cbb74f37_207.wav", "duration": 6.27}, {"text": "benefits of Trex versus wood are resonating with both trade and consumers.", "audio_length_s": 6.27, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_160.wav", "duration": 6.27}, {"text": "These services are being provided across the country in dozens of metropolitan areas to a number of customers.", "audio_length_s": 6.27, "path": "68862e23c71ce741719b7bd99a6c44d6_99.wav", "duration": 6.27}, {"text": "In doing our tax rate, it is worth noting that our equity income is shown net of tax in the financials.", "audio_length_s": 6.27, "path": "ff898f396d49760343d08575ea773b54_27.wav", "duration": 6.27}, {"text": "And when you combine the 2 solutions together and also offer payments, which we first talked to you about,", "audio_length_s": 6.27, "path": "75b064acca5b532722510ac0b9b0822e_55.wav", "duration": 6.27}, {"text": "or the content management system to be able to create a merchant's own store.", "audio_length_s": 6.27, "path": "75b064acca5b532722510ac0b9b0822e_319.wav", "duration": 6.27}, {"text": "so we will see some of that in the second half. But obviously, a big portion of that would have been planned in our guide.", "audio_length_s": 6.27, "path": "a9ff9f85f03afdd2d13b76e14060b31d_155.wav", "duration": 6.27}, {"text": "like reporting and e-mailing and user experience are already there. They don't need to be built.", "audio_length_s": 6.27, "path": "a9ff9f85f03afdd2d13b76e14060b31d_101.wav", "duration": 6.27}, {"text": "And we've looked at Congers. What we've been able to do instead of building a full new facility, we'll be doing a", "audio_length_s": 6.27, "path": "812d8f09b72b4d410d138d3b24caebbc_130.wav", "duration": 6.27}, {"text": "But I also want to tell you that we don't live by these 90-day cycles, and you really need to get off that.", "audio_length_s": 6.27, "path": "e35fae1d3df1f7aeda409f90f200ec7b_162.wav", "duration": 6.27}, {"text": "The increase in comparable store sales was driven mainly by an increase in the number of transactions.", "audio_length_s": 6.27, "path": "1300495cfa53748f732f54277d5a8cea_75.wav", "duration": 6.27}, {"text": "A number of conditions around land bought this and in recent years under options", "audio_length_s": 6.27, "path": "24a133abc343c813233d416b0cef96cd_164.wav", "duration": 6.27}, {"text": "Moving to the middle column. Our second quarter financial results were also notable.", "audio_length_s": 6.27, "path": "95303f68781d6fb58e19ec1dc7785a7c_59.wav", "duration": 6.27}, {"text": "Lufthansa passengers has also benefited strongly from a disciplined capacity approach", "audio_length_s": 6.27, "path": "407fee9910ab57874978cf85a89b1d9d_239.wav", "duration": 6.27}, {"text": "provide earthquake relief. In terms of infrastructure rebuilds and in terms of public health,", "audio_length_s": 6.27, "path": "ebd59e21db89edb92205e012427cd9db_191.wav", "duration": 6.27}, {"text": "quite significantly this year in additional water handling facilities, which will allow us", "audio_length_s": 6.27, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_46.wav", "duration": 6.27}, {"text": "You will remain unnamed only because of the risk of inadvertently missing someone.", "audio_length_s": 6.27, "path": "7d74e5d733ec60a1be27a556e7689961_81.wav", "duration": 6.27}, {"text": "Our growth was also driven by solid performance from our FENICS, fully electronic business.", "audio_length_s": 6.27, "path": "c2bad61ce58687fad602549f6048004b_54.wav", "duration": 6.27}, {"text": "Other factors that are anticipated to negatively impact earnings include a higher effective tax rate,", "audio_length_s": 6.27, "path": "f17bd619f65ff0b31c5103503bd56fdb_12.wav", "duration": 6.27}, {"text": "And I'd like to remind that we have 50% of our land that we need to develop.", "audio_length_s": 6.27, "path": "e2cf6bb5b288d37102468fe05807e41c_54.wav", "duration": 6.27}, {"text": "and to discuss their possible involvement as investigators in a future trial.", "audio_length_s": 6.27, "path": "6daa2d0829057899b014b06c36e1d54b_112.wav", "duration": 6.27}, {"text": "and we expect more of the same dynamic to play out on traffic and software and hardware growth.", "audio_length_s": 6.27, "path": "125388f1b45117acde70abc39e0f7d04_149.wav", "duration": 6.27}, {"text": "Products will be marketed through a logistics partner and select national and regional distributors.", "audio_length_s": 6.27, "path": "0f8a61f667edd9a400d7abe2a7908a9e_90.wav", "duration": 6.27}, {"text": "While we never get in to see what our clients -- sorry, what our competitors are doing and", "audio_length_s": 6.27, "path": "50eb350badadec6e4272b90684741c25_130.wav", "duration": 6.27}, {"text": "and the ancillary rental equipment that I mentioned earlier for those large workover packages.", "audio_length_s": 6.27, "path": "3c17ad8c6709cbb1a8f7190f567a445f_120.wav", "duration": 6.27}, {"text": "Our national as well as our regional sales force contributed to our growth in this segment.", "audio_length_s": 6.27, "path": "411bdacf05f84134fc80b874a15cf3b7_268.wav", "duration": 6.27}, {"text": "I would also like to remind everyone that comments made this morning, including responses to your questions,", "audio_length_s": 6.27, "path": "24c7526f6daca8e16ab91bea6124148a_191.wav", "duration": 6.27}, {"text": "I have enjoyed getting to know the management team and have been very impressed with the strength of the finance organization.", "audio_length_s": 6.27, "path": "a766b08317742c952705018a899f3998_66.wav", "duration": 6.27}, {"text": "there's not anything in particular that's driving in an accelerated amount of growth.", "audio_length_s": 6.27, "path": "a756bd9ba43faae4d9d0f059925e39e9_31.wav", "duration": 6.27}, {"text": "But the idea is to begin now and proceed at the most rapid pace you can?", "audio_length_s": 6.27, "path": "0702a77635d50ec3b154df61456c1b63_18.wav", "duration": 6.27}, {"text": "Overall, we made significant progress on our strategic priorities that we laid out for the year,", "audio_length_s": 6.27, "path": "7e198f4b8da8fc367e2bca0fd1595633_105.wav", "duration": 6.27}, {"text": "There remains some uncertainty about what that will turn into next year because while I think tow destocking will be over,", "audio_length_s": 6.27, "path": "b154f7c33e567e453cb765f4ac03dd2f_141.wav", "duration": 6.27}, {"text": "And while I know you don't give guidance, wondering how you feel about the level of consensus out there", "audio_length_s": 6.27, "path": "30a142fac5a62ab00227cb6a339a6226_165.wav", "duration": 6.27}, {"text": "in the near term, is to really minimize any disruption to our launch trajectory.", "audio_length_s": 6.27, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_80.wav", "duration": 6.27}, {"text": "tactical plans in order to be ready for an increased competition while we speak.", "audio_length_s": 6.27, "path": "b1a98885c1d81414cdc122e807760faf_124.wav", "duration": 6.27}, {"text": "We saw strong performance across all of our businesses this quarter, which, we believe, serves as further validation", "audio_length_s": 6.27, "path": "365c360aff42713cef71a7d026eeeb6d_80.wav", "duration": 6.27}, {"text": "We still see European nonperforming loan pools as an important part of the opportunity set,", "audio_length_s": 6.27, "path": "76b892bf017891d7028256847747227c_55.wav", "duration": 6.27}, {"text": "With that, I'll now turn the call over to Jay. Thank you, Andrea, and good morning to everyone.", "audio_length_s": 6.27, "path": "76b892bf017891d7028256847747227c_93.wav", "duration": 6.27}, {"text": "And then again, once we get to know how to run up there, which so far has been fantastic,", "audio_length_s": 6.27, "path": "3043e7527da9e59e29b7412cafeb9d80_29.wav", "duration": 6.27}, {"text": "a spend that's going to be like an ARISTADA, like a VIVITROL, more or less? Just give us a sense of just", "audio_length_s": 6.27, "path": "9097dcbaf554d635920c6274b1de4997_164.wav", "duration": 6.27}, {"text": "Yes. So a couple of things. One, I think the volatility and higher prices actually make it", "audio_length_s": 6.27, "path": "16c235a53fc719ec92ef3b3c3b371150_73.wav", "duration": 6.27}, {"text": "Or is the market just kind of competitive and that makes that sort of contract evolution and negotiation challenging?", "audio_length_s": 6.27, "path": "523cf294ec146d5411972168b1c10f09_70.wav", "duration": 6.27}, {"text": "China remains one of the fastest growth regions, although pricing remains competitive,", "audio_length_s": 6.27, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_138.wav", "duration": 6.27}, {"text": "Without currency impact, we would also have posted a significant improvement on net margin.", "audio_length_s": 6.27, "path": "19e7822c0e829faf25355c16b830cf39_18.wav", "duration": 6.27}, {"text": "At the same time, we were also making floor samples on our new Passport collection.", "audio_length_s": 6.27, "path": "47546a57a865bca0f4e677dc3b485053_170.wav", "duration": 6.27}, {"text": "if you put those aside, we are looking for some very significant growth in the rest of the business just to get", "audio_length_s": 6.24, "path": "8ad0d5b5df75415c56ba590cad29489a_109.wav", "duration": 6.24}, {"text": "and how we are now expanding the footprint of avacopan into dermatological disease.", "audio_length_s": 6.24, "path": "485e97686e9a27d2df5b3fc02106e3d4_99.wav", "duration": 6.24}, {"text": "representing another year of significant reinvestment in building our business through acquisitions.", "audio_length_s": 6.24, "path": "62d981deed6d5128615c99d1597178b6_6.wav", "duration": 6.24}, {"text": "that is better equipped to compete in Canada and around the globe today than we were a year ago.", "audio_length_s": 6.24, "path": "92d6249907f14e4011cf1b08d2f298d9_12.wav", "duration": 6.24}, {"text": "I'll now turn it over to Greg to review the financials. Thanks, Dave.", "audio_length_s": 6.24, "path": "f3ea353a6c918bc1fd311a9cad6b9777_49.wav", "duration": 6.24}, {"text": "a year, especially during the second semester. And for this, we will", "audio_length_s": 6.24, "path": "0db71632fa65f1d166f14cb8593c4690_87.wav", "duration": 6.24}, {"text": "both in the CPT code payment for the procedure and the drug", "audio_length_s": 6.24, "path": "5111fdad778749872c23e78c9b0d653b_23.wav", "duration": 6.24}, {"text": "And indeed, we saw some substantial hardware placements in Q2, which I called out.", "audio_length_s": 6.24, "path": "a95a220f118ae793c89d6d708e62cf8a_123.wav", "duration": 6.24}, {"text": "Performance on the platform remains consistently strong with fund appreciation of 4% in the quarter.", "audio_length_s": 6.24, "path": "6388da88b00ebc88af59435bdac74132_9.wav", "duration": 6.24}, {"text": "We will continue to prudently invest in networks to improve our coverage and lower our cost of service delivery.", "audio_length_s": 6.24, "path": "55cbaf368288111ebc2ccadb61e3bd34_177.wav", "duration": 6.24}, {"text": "I've been very, very transparent about us looking at things", "audio_length_s": 6.24, "path": "aaf7e3a1cc8cf65ccf788923cb583954_38.wav", "duration": 6.24}, {"text": "we expect no big difference, but we don't give a specific", "audio_length_s": 6.24, "path": "2f888e63a31b86cc2f4f97710e8eed79_71.wav", "duration": 6.24}, {"text": "We will continue to build on the strong fundamentals by making significant investments in our network.", "audio_length_s": 6.24, "path": "2f888e63a31b86cc2f4f97710e8eed79_249.wav", "duration": 6.24}, {"text": "I think we feel very confident that we can continue to deliver healthy cost savings well into the future.", "audio_length_s": 6.24, "path": "d28b2b09c127b5be033738aa3cd380b3_170.wav", "duration": 6.24}, {"text": "These statements are based on assumptions made by and information currently available to Career Education", "audio_length_s": 6.24, "path": "10ad172801ac8cd3a21e4355d7349eb5_1.wav", "duration": 6.24}, {"text": "later this year to further strengthen our balance sheet. I'll now turn the time back to Mauk for questions.", "audio_length_s": 6.24, "path": "264e575b73bc2a485bee416c1ac10cee_101.wav", "duration": 6.24}, {"text": "In Chile, we are seeing a modest improvement in product support activity across the various market segments.", "audio_length_s": 6.24, "path": "264e575b73bc2a485bee416c1ac10cee_7.wav", "duration": 6.24}, {"text": "And one of the things we saw on the Hatteras deal and what it demonstrated was that even a liquid portfolio of", "audio_length_s": 6.24, "path": "223f05c0b9b116532e9af84afa76cac7_163.wav", "duration": 6.24}, {"text": "those types of variables. And based on these factors, we rank-ordered the countries by size of the opportunity.", "audio_length_s": 6.24, "path": "c68c15299b67173c7ae163cc5938f3c1_100.wav", "duration": 6.24}, {"text": "But to date, we don't have any knowledge of anything of that sort. I think for us, the real exciting part is the offensive", "audio_length_s": 6.24, "path": "6b45877b719000e47adfd1ec118c376a_92.wav", "duration": 6.24}, {"text": "Turning to Slide 9. We continue to make good progress with expenses.", "audio_length_s": 6.24, "path": "249b7b83531140105343e2a0e89150fa_10.wav", "duration": 6.24}, {"text": "Our second bold move, integrate and unify inside and out.", "audio_length_s": 6.24, "path": "7e14890193df4b10e1eeab6ab886529f_205.wav", "duration": 6.24}, {"text": "for multiple years. But yes, we're very, very bullish on the fact that the expansion that we made", "audio_length_s": 6.24, "path": "e824f4380f8203a1e3ed60e7da1e39e5_120.wav", "duration": 6.24}, {"text": "seen an article basically discussing a similar product on premise", "audio_length_s": 6.24, "path": "123a9a590195f61aa739ee9b2dec4952_92.wav", "duration": 6.24}, {"text": "To the extent we do generate excess cash, we plan to reduce the amount outstanding against our credit facility.", "audio_length_s": 6.24, "path": "04f29bc02d1e2ef65077ca67bf41f475_73.wav", "duration": 6.24}, {"text": "This affords us the opportunity as we spread the brand to raise brand awareness through high-profile retail sites", "audio_length_s": 6.24, "path": "570faeed3dcfa26c6246dc42309025ad_8.wav", "duration": 6.24}, {"text": "And I'm happy to see signs of improvement in the weight management categories", "audio_length_s": 6.24, "path": "14f3d2486b21e639a953afb7ad03d90c_16.wav", "duration": 6.24}, {"text": "the outlook for the Medical division is very strong, not only for the remainder of this year but for the future.", "audio_length_s": 6.24, "path": "044da592acc01ff7baacb3dbf2a302a9_28.wav", "duration": 6.24}, {"text": "And then my last question, you mentioned the first foray into TV. I'm wondering", "audio_length_s": 6.24, "path": "75fa1bebed0b858c76cc7058477e40e2_87.wav", "duration": 6.24}, {"text": "may cause the company's actual performance to be materially different from the performance indicated or implied by such statements.", "audio_length_s": 6.24, "path": "bad55d25c1222682bd893d97dc5cbb27_111.wav", "duration": 6.24}, {"text": "These royalty streams originate from assets acquired in the BioSante transaction", "audio_length_s": 6.24, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_159.wav", "duration": 6.24}, {"text": "and are anticipating the automation portion of the expansion to be completed by the end of this year.", "audio_length_s": 6.24, "path": "2fc915b996c687200d995736980aae9a_65.wav", "duration": 6.24}, {"text": "for patients. And in dialysis, it's very much the case that", "audio_length_s": 6.24, "path": "2a5b0a6532fa2b71915a2930be02621a_165.wav", "duration": 6.24}, {"text": "Our forward-looking statements should not be regarded as representation by us that any of our plans will be achieved.", "audio_length_s": 6.24, "path": "0dbbae27d7055ecc04cc25e14e4de12d_1.wav", "duration": 6.24}, {"text": "are that those will continue to moderate as we finish off the", "audio_length_s": 6.24, "path": "23eff4c724ee00f56319fcc47add3441_107.wav", "duration": 6.24}, {"text": "Catering is approximately 1% of sales and remains a large untapped opportunity on which we have increased our focus.", "audio_length_s": 6.24, "path": "47a303604df9f9fc9f2f89a9280c3a79_11.wav", "duration": 6.24}, {"text": "the part of the business which are on workmen compensation. And our", "audio_length_s": 6.24, "path": "3e714a49937be1672aa48244ba7254ce_1.wav", "duration": 6.24}, {"text": "lending lines, and it would not be inconceivable for us to make a small acquisition", "audio_length_s": 6.24, "path": "a44c74bdc01aa7e317addc11f2274e11_39.wav", "duration": 6.24}, {"text": "opportunities out there, they make substantially more money creating those new", "audio_length_s": 6.24, "path": "171fd9df333ddd814c764843ed624121_227.wav", "duration": 6.24}, {"text": "And once again, we can talk about the broader portfolio strategy on Camel in November as well. But", "audio_length_s": 6.24, "path": "655d592e9d1b1027f1824b1554d8b131_189.wav", "duration": 6.24}, {"text": "R.J. Reynolds' strong margin improvement in the quarter was largely driven by the net pricing,", "audio_length_s": 6.24, "path": "655d592e9d1b1027f1824b1554d8b131_72.wav", "duration": 6.24}, {"text": "there are more renewals, there's a larger pool of big deals and certainly an easier compare.", "audio_length_s": 6.24, "path": "6864081f83959f4b49e25e597f28af66_28.wav", "duration": 6.24}, {"text": "These results reinforce my confidence in our strategy, in the community shopping center model", "audio_length_s": 6.24, "path": "6e3037e770ba5e0dfc98e3223986aad2_116.wav", "duration": 6.24}, {"text": "multiple formats in which one could do that collaboration. It doesn't have to be an out-license.", "audio_length_s": 6.24, "path": "01ebdadb81d0e5a57270957c0cbe83fc_109.wav", "duration": 6.24}, {"text": "that amount? Sorry, if we have assets that we've already impaired or", "audio_length_s": 6.24, "path": "ebecd7e874a9b3998b70ec3200f71e89_223.wav", "duration": 6.24}, {"text": "the difference in the value of agency servicing versus non-agency servicing is dramatic.", "audio_length_s": 6.24, "path": "9ab2e6eb9debfae2de541ba645bfd265_78.wav", "duration": 6.24}, {"text": "So the deployments do not happen simultaneously, but tend to follow a sequential pattern.", "audio_length_s": 6.24, "path": "bbe852c8c3f7827e31f31a56bc72b7da_154.wav", "duration": 6.24}, {"text": "Also, contrary to our expectation for local consumer behavior, Indonesian consumers", "audio_length_s": 6.24, "path": "f4d0f1362716be33f02690dd1a8df663_26.wav", "duration": 6.24}, {"text": "looks like we've turned the corner here in the precious metal market that you've taken out one of your", "audio_length_s": 6.24, "path": "a8034762296368c60571fcde382c3274_136.wav", "duration": 6.24}, {"text": "But we expect that the financial impact from reduced yields will be more than offset by efficiencies from scale,", "audio_length_s": 6.24, "path": "bda4b365d7a8386d5d2e6b4575d08a57_101.wav", "duration": 6.24}, {"text": "Expenses relating to nonrecurring and strategic initiatives tempered EPS slightly in the third quarter.", "audio_length_s": 6.24, "path": "bda4b365d7a8386d5d2e6b4575d08a57_64.wav", "duration": 6.24}, {"text": "and 2 are locations that choose to go with a virtual bookstore instead of a physical store.", "audio_length_s": 6.24, "path": "da14df2e02d11f6f8599533d9d57faee_34.wav", "duration": 6.24}, {"text": "as well as contracts as well as assets to provide that capacity resource.", "audio_length_s": 6.24, "path": "636d6909fbd8656f88f72f66a3a162ff_129.wav", "duration": 6.24}, {"text": "the new lower corporate tax rate provides positive earnings per share and cash flow benefits.", "audio_length_s": 6.24, "path": "40e11288ea7cb86fdf307dbe648142e3_102.wav", "duration": 6.24}, {"text": "are interested in selling our product into distribution. It gives us even a broader reach into these", "audio_length_s": 6.24, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_131.wav", "duration": 6.24}, {"text": "Anything in place in your mind, specifically on the expense side that -- where you can drive that lower? Or is that more", "audio_length_s": 6.24, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_134.wav", "duration": 6.24}, {"text": "I think the outlook today continues to be like that. We have a extremely strong pipeline of projects,", "audio_length_s": 6.24, "path": "23417803b1a8115806b8e604b8b2bb83_204.wav", "duration": 6.24}, {"text": "The Curry well is solidly in the oil window as opposed to many SCOOP STACK wells", "audio_length_s": 6.24, "path": "a8b43081254547419da7462d9c957d61_22.wav", "duration": 6.24}, {"text": "like to give a couple of highlights before I move into the individual segment results.", "audio_length_s": 6.24, "path": "dd28a387ccc9575df47840b850647c7f_16.wav", "duration": 6.24}, {"text": "Good morning. My name is Emily, and I will be your conference operator today.", "audio_length_s": 6.24, "path": "f23036451aab1cb9d659c3ac9a23825c_0.wav", "duration": 6.24}, {"text": "Further information concerning these risks and uncertainties and other factors is set forth in the company's", "audio_length_s": 6.24, "path": "a02b735de681c682fbb8025edecca271_31.wav", "duration": 6.24}, {"text": "In September, we initiated a marketing campaign focused on our expanded private brand offerings.", "audio_length_s": 6.24, "path": "70c92ab88d38f489d5074f2859e0290e_4.wav", "duration": 6.24}, {"text": "On your second question about owned funds, I just wanted to make 2 remarks.", "audio_length_s": 6.24, "path": "98f10f0935e5b778e888a1b8130a3d31_73.wav", "duration": 6.24}, {"text": "an exception with the VA where if you bring a significant product, you can actually enter", "audio_length_s": 6.24, "path": "b305bff75f28d238f0bd7da5bd4f13b8_135.wav", "duration": 6.24}, {"text": "Our focus on driving resolutions through modifications results in positive outcomes for both the homeowner", "audio_length_s": 6.24, "path": "567a41009710fa1568bb8125213bf9eb_55.wav", "duration": 6.24}, {"text": "but we need to show that we make something of it across the markets. And that's, I think, a big focus. And it's also why you see us", "audio_length_s": 6.24, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_183.wav", "duration": 6.24}, {"text": "And now what I'll do is I'll turn it over to Andy for the financial review. Thank you, Brian.", "audio_length_s": 6.24, "path": "73f474b631c43567329cad1bb76ff4fe_29.wav", "duration": 6.24}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.24, "path": "9952903822d3aabb9a8a8fdd41f23bc2_111.wav", "duration": 6.24}, {"text": "and we have personally invested our own money into Westport Fuel Systems.", "audio_length_s": 6.24, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_140.wav", "duration": 6.24}, {"text": "could put some downward pressure in that market is you do pull replacements forward", "audio_length_s": 6.24, "path": "e6c0fa1068c28557c3e17e0d02b831b1_69.wav", "duration": 6.24}, {"text": "Well, there's always going to be the clinical and safety profile that's important in this particular market and", "audio_length_s": 6.24, "path": "bd40628b97efec198825ccf910c7e27e_45.wav", "duration": 6.24}, {"text": "And is -- are you implementing any kind of protocols in terms of allowing the physicians to", "audio_length_s": 6.24, "path": "1be44822d16f85bd501a5f19876895b1_44.wav", "duration": 6.24}, {"text": "I want to begin by noting that our 20th anniversary as a company happens this month.", "audio_length_s": 6.24, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_170.wav", "duration": 6.24}, {"text": "and one of them being the fact that the trading opportunities are not there", "audio_length_s": 6.24, "path": "ca67cef56548d21bf5c1669beebf3cb0_60.wav", "duration": 6.24}, {"text": "partially offset by ramps in a variety of other platforms and customers.", "audio_length_s": 6.24, "path": "051c23cc7bacc5c9df9312ac0fd431a9_176.wav", "duration": 6.24}, {"text": "and should provide expanding margins as we execute the actions mentioned here today.", "audio_length_s": 6.24, "path": "13141efea197b407280701081390f0ce_86.wav", "duration": 6.24}, {"text": "Once our products are designed in, they tend to stay in for the life of the node, which may last many years.", "audio_length_s": 6.24, "path": "0ec0a75c1800bac01520dcac5b8992fb_5.wav", "duration": 6.24}, {"text": "an industry such as those which is incredibly constrained from a headcount, from a capability engineering", "audio_length_s": 6.24, "path": "262bc21196721c5ff9114acbd2ff03c3_146.wav", "duration": 6.24}, {"text": "Thank you all again for participating in the call today. For those of you keeping track of our progress,", "audio_length_s": 6.24, "path": "f875d701e5a9dd5ab745c8380c02cc3a_18.wav", "duration": 6.24}, {"text": "Broad-based contributions from my colleagues have led to strong results during the past several years.", "audio_length_s": 6.24, "path": "1fd097fa0bd05da0e7af03521e23bc68_77.wav", "duration": 6.24}, {"text": "are in the final stages at this time? And have you seen any variation?", "audio_length_s": 6.24, "path": "1ad54837f74515ad7caa2a50d70459c9_180.wav", "duration": 6.24}, {"text": "And we actually believe that the world will continue to be kind of a hybrid solution", "audio_length_s": 6.24, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_204.wav", "duration": 6.24}, {"text": "The one thing I would say about the securitization is there are certain fixed costs associated with it, so there's probably a", "audio_length_s": 6.24, "path": "1c7b9fe66120faecd8217e1df394005c_138.wav", "duration": 6.24}, {"text": "which have always relied on external resources, are investing in their pipelines.", "audio_length_s": 6.24, "path": "da879f8ea1c23aa6565cccaacac271fc_242.wav", "duration": 6.24}, {"text": "Since the video player is fixed to the top of the screen, as the user scrolls through the page,", "audio_length_s": 6.24, "path": "059024560d9d1039cf08746ee7393114_99.wav", "duration": 6.24}, {"text": "and just as importantly, with the recategorization of mineral resources back to mineral reserves, which we think will be", "audio_length_s": 6.24, "path": "369789f0d39dbf62298be2aa807ff8ee_13.wav", "duration": 6.24}, {"text": "Now beyond the progress in commercial real estate, we monetized a few Land Operations assets during the quarter", "audio_length_s": 6.24, "path": "9ba83ac067a98f8b12cc480ff0691e91_120.wav", "duration": 6.24}, {"text": "So there are lots of conversations going on right now. I am extremely pleased with sort of the early days results", "audio_length_s": 6.24, "path": "7cc11de7f206c637e6293da0d956405e_106.wav", "duration": 6.24}, {"text": "What we continue to do is be very much focused on the strategic growth of our business", "audio_length_s": 6.24, "path": "ab3354b86be920cde18291112bf8a70a_167.wav", "duration": 6.24}, {"text": "and was asked various questions about the headlines from The Wall Street Journal", "audio_length_s": 6.24, "path": "94f913b974baab79fb636f6521170dd7_36.wav", "duration": 6.24}, {"text": "to receive any sort of compensation or to recruit others to participate in the business.", "audio_length_s": 6.24, "path": "94f913b974baab79fb636f6521170dd7_122.wav", "duration": 6.24}, {"text": "towards our first year goal of securing 100 million covered lives by the end of this year.", "audio_length_s": 6.24, "path": "e42f90eacf0e766ff39973c6aca06c93_0.wav", "duration": 6.24}, {"text": "The Russian beer market has benefited from the World Cup, and exceptional weather over this period.", "audio_length_s": 6.24, "path": "f6ce013decc49462849265711e8c93fc_84.wav", "duration": 6.24}, {"text": "that we originally discussed in Q3. We will continue to monitor and report on our progress.", "audio_length_s": 6.24, "path": "50e17cbbbef8897681cc5f8ae110aae2_97.wav", "duration": 6.24}, {"text": "as opposed to just offering the scholarships, which would seem more in keeping with kind of a philosophy of", "audio_length_s": 6.24, "path": "561ad2552e8f7fab8126e9ca75cf8c89_65.wav", "duration": 6.24}, {"text": "this -- what we have said since the beginning of this year is that if we get rid of the", "audio_length_s": 6.24, "path": "49d1f0821d7f9a848e9b07a239c47074_156.wav", "duration": 6.24}, {"text": "your performance and if we look at the performance of one of your main distributor in France, it seems that,", "audio_length_s": 6.24, "path": "49d1f0821d7f9a848e9b07a239c47074_66.wav", "duration": 6.24}, {"text": "We're simplifying our go-to market strategy on the basis of customer behaviors and needs.", "audio_length_s": 6.24, "path": "4721d5a2e7061d90a4e4e4768adc2486_9.wav", "duration": 6.24}, {"text": "Our focus remains on growing each of our business lines through directed selling efforts,", "audio_length_s": 6.24, "path": "2a7af3c66762ce608379005a3d7bfa96_62.wav", "duration": 6.24}, {"text": "Others we measure include new professionals using the sites, unique applicants and new clients.", "audio_length_s": 6.24, "path": "fe3a8419e2f120643bff5e9e80190ed5_80.wav", "duration": 6.24}, {"text": "Then more intense growth is expected in the fourth quarter as all business segments contribute.", "audio_length_s": 6.24, "path": "7e2ebcd981f5b5ecb18c04906f87d768_149.wav", "duration": 6.24}, {"text": "And your second question is about cash flow. In the first half,", "audio_length_s": 6.24, "path": "80a2ca14358172366acab4e80f3fa33b_12.wav", "duration": 6.24}, {"text": "just like the acquisition in Poland? And it was just mentioned", "audio_length_s": 6.24, "path": "80a2ca14358172366acab4e80f3fa33b_16.wav", "duration": 6.24}, {"text": "Haven't seen much movement in terms of a pricing on acquisitions as a result.", "audio_length_s": 6.24, "path": "98bbf1693b5a53e7f02d890a8dca876a_48.wav", "duration": 6.24}, {"text": "It is important to note that the total amount of revenue recognized under the company's long-term supply agreements", "audio_length_s": 6.24, "path": "ee00ebd8d782e8f124b3e142cbb74f37_22.wav", "duration": 6.24}, {"text": "execution of our manufacturing cost improvement initiatives and increased capacity utilization.", "audio_length_s": 6.24, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_58.wav", "duration": 6.24}, {"text": "and our Recovery apparel, which features bioceramic technology that uses your body heat to promote muscle restoration.", "audio_length_s": 6.24, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_186.wav", "duration": 6.24}, {"text": "And how much would be driven by actual new customers? Do you have any color there?", "audio_length_s": 6.24, "path": "d62cc3a0dfe3492ed16dfc17c028071e_102.wav", "duration": 6.24}, {"text": "to build on the strength in our tire category and capitalize on additional margin expansion opportunities.", "audio_length_s": 6.24, "path": "884400c829f179d8cf68b767f45f03a4_82.wav", "duration": 6.24}, {"text": "So I think there are still plenty of opportunities for us to book", "audio_length_s": 6.24, "path": "68862e23c71ce741719b7bd99a6c44d6_84.wav", "duration": 6.24}, {"text": "as the corporation continues disciplined execution of its investment plans.", "audio_length_s": 6.24, "path": "e0d1342ad3d27fd648b708837de08797_246.wav", "duration": 6.24}, {"text": "And services, going backwards, is actually been forced by the fact that we're fully in the cloud,", "audio_length_s": 6.24, "path": "a9ff9f85f03afdd2d13b76e14060b31d_236.wav", "duration": 6.24}, {"text": "The corn crop is in good shape. We believe there could be an upward revision to the yield per acre in the coming weeks.", "audio_length_s": 6.24, "path": "09b5b62d328d3d0719b6825357fdfb48_74.wav", "duration": 6.24}, {"text": "In general for us with Brexit, and I think this is true for most of the companies that I've had a chance to talk to,", "audio_length_s": 6.24, "path": "812d8f09b72b4d410d138d3b24caebbc_43.wav", "duration": 6.24}, {"text": "That includes the review of our legal structure, and we expect to have further news on this shortly.", "audio_length_s": 6.24, "path": "e35fae1d3df1f7aeda409f90f200ec7b_95.wav", "duration": 6.24}, {"text": "including changes in fair value of contingent consideration", "audio_length_s": 6.24, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_70.wav", "duration": 6.24}, {"text": "The Gas Market Reform Group is also implementing the earlier decision by the COAG Energy Council", "audio_length_s": 6.24, "path": "4ee3c79ebc57c9870b221b9479d52436_101.wav", "duration": 6.24}, {"text": "I heard a lot from customers asking us to play a more proactive role in ensuring that local,", "audio_length_s": 6.24, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_126.wav", "duration": 6.24}, {"text": "in the coming weeks once the evaluation and any potential testing operations are complete.", "audio_length_s": 6.24, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_34.wav", "duration": 6.24}, {"text": "We are confident that slipped deals were not competitive losses. We just didn't convert the deals within the quarter.", "audio_length_s": 6.24, "path": "8611e088fa81dc9b999c382b62641dfc_93.wav", "duration": 6.24}, {"text": "We are seeing improved incident rates with this equipment compared to the equipment that it has replaced.", "audio_length_s": 6.24, "path": "14fa9d7635caae6483af62a4bfe1b9d6_114.wav", "duration": 6.24}, {"text": "As a result, we did not lose share. However, we did not gain share at our desired rate of growth.", "audio_length_s": 6.24, "path": "14fa9d7635caae6483af62a4bfe1b9d6_99.wav", "duration": 6.24}, {"text": "we see that as a plus for us. Just because we have such low leverage and very little debt at the holding company", "audio_length_s": 6.24, "path": "2cd5b184c2ef6624ce219830182927c9_98.wav", "duration": 6.24}, {"text": "It is because of the fact that this business is exposed to very, very large and few", "audio_length_s": 6.24, "path": "6a45749d272884d2809fa70f7807250c_16.wav", "duration": 6.24}, {"text": "I do. I think I'll just say that we're likely to -- just like we're being a", "audio_length_s": 6.24, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_67.wav", "duration": 6.24}, {"text": "The squeeze we're doing is looking at our hand after July, seeing where we are.", "audio_length_s": 6.24, "path": "902872913863de98d38e2936b846cf66_219.wav", "duration": 6.24}, {"text": "So that's part of what we just need to do because of the nature of how this business has evolved", "audio_length_s": 6.24, "path": "09eebad8f3c529b4c7d916c5f7766f7f_388.wav", "duration": 6.24}, {"text": "Good day, ladies and gentlemen, and welcome to Corium International's Conference Call for its Fourth", "audio_length_s": 6.24, "path": "6c929ddddb79b887458ae21f1a3aa09d_0.wav", "duration": 6.24}, {"text": "And soon we will offer consumers highly advanced, simplified individual health records.", "audio_length_s": 6.24, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_261.wav", "duration": 6.24}, {"text": "I will hand over to Scott, who will take you through the Q4 financials in more detail now.", "audio_length_s": 6.24, "path": "83c003be6ac012b814cfecef95459f02_150.wav", "duration": 6.24}, {"text": "which is in line with where we ended on a full year basis, with the most difficult comparisons in the second half of the year.", "audio_length_s": 6.24, "path": "1cfd7da6c2da11f7e3f7102a6265146b_129.wav", "duration": 6.24}, {"text": "Given the first quarter results and the improved outlook for the remainder of the year,", "audio_length_s": 6.24, "path": "af146425f68dd8e32f31878389746637_90.wav", "duration": 6.24}, {"text": "And the conditions of these projects are now very different to the ones found 5 years ago,", "audio_length_s": 6.24, "path": "e97326d6a8951550e363f2be6ec489ba_107.wav", "duration": 6.24}, {"text": "this means things have higher volatilities than desired.", "audio_length_s": 6.24, "path": "e97326d6a8951550e363f2be6ec489ba_249.wav", "duration": 6.24}, {"text": "Okay. And in the delays -- now I also saw though that your", "audio_length_s": 6.24, "path": "0b2059114216fe9195b6a4256ed84843_107.wav", "duration": 6.24}, {"text": "clarify what the benefit is? Is that savings that will drop straight through to EBITDA? Or is that in sales", "audio_length_s": 6.24, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_136.wav", "duration": 6.24}, {"text": "which provide for the full abatement of country property taxes for each phase's first 10 years of operations.", "audio_length_s": 6.24, "path": "3ae068efa03cd088f4d3edea682f199f_22.wav", "duration": 6.24}, {"text": "the prompt return of capital to shareholders. We continue to review a potential utilization", "audio_length_s": 6.24, "path": "a85c54c77dd2524eedab1287ea3ceff4_48.wav", "duration": 6.24}, {"text": "saves the company a significant amount of interest and further simplifies our capital structure.", "audio_length_s": 6.24, "path": "a85c54c77dd2524eedab1287ea3ceff4_7.wav", "duration": 6.24}, {"text": "To reverse this policy and its negative implications, we eliminated all advertised", "audio_length_s": 6.24, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_169.wav", "duration": 6.24}, {"text": "We again achieved strong spreads for Manhattan office properties as we were able to sign new leases", "audio_length_s": 6.24, "path": "b35398859e534e471fb1cd60f5baac20_16.wav", "duration": 6.24}, {"text": "and our other cargo activities around the region are all joint ventures and associates, so they are not included.", "audio_length_s": 6.24, "path": "8dd740d83ff1c7319a82eeba6047633d_7.wav", "duration": 6.24}, {"text": "whose coupon rates adjust to market interest rates within the next 12 months and annually thereafter.", "audio_length_s": 6.24, "path": "3fb901e6b501ddced60226a13ebef4af_92.wav", "duration": 6.24}, {"text": "have you seen periods where that causes them to do less rental activity?", "audio_length_s": 6.24, "path": "eb93e70cdf7a839a69546250fb3646fb_218.wav", "duration": 6.24}, {"text": "that compared to an abnormally low level of sales in the prior year first quarter.", "audio_length_s": 6.24, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_128.wav", "duration": 6.24}, {"text": "We are upgrading our capabilities through training and have open positions we need to fill.", "audio_length_s": 6.24, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_8.wav", "duration": 6.24}, {"text": "This was another excellent quarter for Norbord, in fact, one of our best ever.", "audio_length_s": 6.24, "path": "976a5489fe4d30c2e1ebb237ec62398a_80.wav", "duration": 6.24}, {"text": "our fifth consecutive quarter of revenue and adjusted EBITDA organic growth.", "audio_length_s": 6.24, "path": "c2a4f7aacf0036edc5b94457c0d8329a_61.wav", "duration": 6.24}, {"text": "came in at versus where we were guiding was basically the items we called out in our earnings release.", "audio_length_s": 6.24, "path": "97b02b7a41ecb22cb04e7331052cefc8_82.wav", "duration": 6.24}, {"text": "With the redemption of the convertible notes in the second half of last year, as expected,", "audio_length_s": 6.24, "path": "1bb9219ad31877175e18e8e48ff2f63c_92.wav", "duration": 6.24}, {"text": "Ladies and gentlemen, the conference has concluded. Thank you for attending today's presentation. You may now", "audio_length_s": 6.24, "path": "027d36b67ee5bba934695b2d0c47eb08_61.wav", "duration": 6.24}, {"text": "not only no dividend paid for the fourth quarter, but really no mention of strategy for 2019 other than saying", "audio_length_s": 6.2399375, "path": "2063e78dbcf34b0ffd9d058a3a4ef6f2_86.wav", "duration": 6.2399375}, {"text": "A key element of this initiative is the implementation of an automated frame line for the Buildings business.", "audio_length_s": 6.21, "path": "f5875d033110e66b5aafc3c0003babdf_32.wav", "duration": 6.21}, {"text": "And so we actually -- I don't think we've really done much at all on the", "audio_length_s": 6.21, "path": "4fdbfd9eec396928550d0c799e170d34_33.wav", "duration": 6.21}, {"text": "next year. If you think back to our Q2 results, we did announce at that point that", "audio_length_s": 6.21, "path": "13aa6c0669adb5544a0d62beef677189_75.wav", "duration": 6.21}, {"text": "on the -- how things are going? What your expectations are on the first issues in this site?", "audio_length_s": 6.21, "path": "899123af483b8f3539b880173e98d0fe_58.wav", "duration": 6.21}, {"text": "We haven't yet managed to get it to a profitable position, but that is our goal.", "audio_length_s": 6.21, "path": "b7d4858dcc1d9cf454416082b75a3429_34.wav", "duration": 6.21}, {"text": "We could get 500 of the small customers, but they won't make up the revenue that one big customer could", "audio_length_s": 6.21, "path": "07d2c762b6e3c4a59486baba2c8f0639_18.wav", "duration": 6.21}, {"text": "Internally, that's what we've talked about, that's what we're focused on. We've got groups working on identifying projects", "audio_length_s": 6.21, "path": "3557b21a45c35e71e82cc43b19977855_22.wav", "duration": 6.21}, {"text": "to see those data relatively soon. We'll finish the first of those sets of studies", "audio_length_s": 6.21, "path": "f0ce0d97cf62c9076226e0aeeb550493_87.wav", "duration": 6.21}, {"text": "But have you seen any data so far that could also have tied into this decision?", "audio_length_s": 6.21, "path": "14e9ab3b38cd3029b8aff693a105dbfb_153.wav", "duration": 6.21}, {"text": "yes. Absolutely. You are correct there as well. So I think that the upshot here really is that", "audio_length_s": 6.21, "path": "2602edddc3363eadcaafe1c33271f3e4_101.wav", "duration": 6.21}, {"text": "Please turn the page of the presentation materials in front of you.", "audio_length_s": 6.21, "path": "2a59b9df2de5248e64727f10185a8423_0.wav", "duration": 6.21}, {"text": "So nevertheless, even though raw materials, we are at the moment pushing to price increases.", "audio_length_s": 6.21, "path": "75b0b010cea5a159f55403f51894b1ae_41.wav", "duration": 6.21}, {"text": "at the beginning of the year. So it's really some very small areas of our business.", "audio_length_s": 6.21, "path": "123a9a590195f61aa739ee9b2dec4952_27.wav", "duration": 6.21}, {"text": "with overall lower demand levels and pricing volatility, resulting in a sales decline", "audio_length_s": 6.21, "path": "67716cee321d117b0318930dd142f06a_175.wav", "duration": 6.21}, {"text": "But it's something that's tough for folks on my side to really quantify. So if we think about", "audio_length_s": 6.21, "path": "dd3166f311a5f12a25103a0295e8ac3e_222.wav", "duration": 6.21}, {"text": "and adding an annual recurring revenue perspective.", "audio_length_s": 6.21, "path": "04f29bc02d1e2ef65077ca67bf41f475_137.wav", "duration": 6.21}, {"text": "The difference relates primarily to investment this year in new products and growth initiatives.", "audio_length_s": 6.21, "path": "e8a2a593282199ea052f788b8fead64b_31.wav", "duration": 6.21}, {"text": "The months to come will be dedicated to evaluating the business and planning the integration process, which will start upon closing.", "audio_length_s": 6.21, "path": "570faeed3dcfa26c6246dc42309025ad_70.wav", "duration": 6.21}, {"text": "time because we have to make the case to do exactly what you're saying.", "audio_length_s": 6.21, "path": "1f43e30e245ed30be41602d8423db99e_64.wav", "duration": 6.21}, {"text": "our Kids Meal has really strengthened the value with probably one of the most price-sensitive", "audio_length_s": 6.21, "path": "75fa1bebed0b858c76cc7058477e40e2_157.wav", "duration": 6.21}, {"text": "in shareholders meeting on August 23. We also", "audio_length_s": 6.21, "path": "f33d9363bbcea655df52468555d358d0_44.wav", "duration": 6.21}, {"text": "you have to think, it has everything to do with the weather and the climate.", "audio_length_s": 6.21, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_108.wav", "duration": 6.21}, {"text": "services and a day accommodation center as well.", "audio_length_s": 6.21, "path": "39e5706898dcaf14a280b3a123877cd6_13.wav", "duration": 6.21}, {"text": "a proposition based on trust, innovative products, and our commitment to putting the customer first,", "audio_length_s": 6.21, "path": "833f98dbc79997580b24335033aac5d2_268.wav", "duration": 6.21}, {"text": "And we anticipate being ready by the end of this quarter to take GMP products for our customers.", "audio_length_s": 6.21, "path": "2e3470778d787bc7db14a62eeaefd902_81.wav", "duration": 6.21}, {"text": "without the type of dose increases observed in ESAs and without any I.V. iron.", "audio_length_s": 6.21, "path": "2a5b0a6532fa2b71915a2930be02621a_180.wav", "duration": 6.21}, {"text": "When do you think we might hear about other indications that you may", "audio_length_s": 6.21, "path": "2a5b0a6532fa2b71915a2930be02621a_153.wav", "duration": 6.21}, {"text": "global offering. And this really is centered around the voice PoPs that we've now scattered around", "audio_length_s": 6.21, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_95.wav", "duration": 6.21}, {"text": "as I mentioned earlier, which allows them to power their numerous contact centers around the world.", "audio_length_s": 6.21, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_65.wav", "duration": 6.21}, {"text": "Over the past 5 years, we've been expanding and strengthening our platform", "audio_length_s": 6.21, "path": "8292bdb9af87f10627c044f3842b2c76_22.wav", "duration": 6.21}, {"text": "we'll see how it plays out. But before the end of the year, we anticipate that coming back in line with kind", "audio_length_s": 6.21, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_133.wav", "duration": 6.21}, {"text": "This vision has been the focus of our employees and has led to our current operating strength.", "audio_length_s": 6.21, "path": "1b1699497be56330b3ed833f22bc63f6_155.wav", "duration": 6.21}, {"text": "Going forward, sterile injectables will continue as one of Par's areas of strategic focus.", "audio_length_s": 6.21, "path": "5f38ce681d4413a793d34a0650c59bf2_68.wav", "duration": 6.21}, {"text": "This change in the estimated implied fair value led to the majority of the impairment charges recorded in the fourth quarter.", "audio_length_s": 6.21, "path": "5f38ce681d4413a793d34a0650c59bf2_139.wav", "duration": 6.21}, {"text": "And then in the second half of the year, I think certainly we can expect that we'll have a stable business,", "audio_length_s": 6.21, "path": "23eff4c724ee00f56319fcc47add3441_23.wav", "duration": 6.21}, {"text": "Finally, we saw some notable publications recently that point at deepening market potential.", "audio_length_s": 6.21, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_85.wav", "duration": 6.21}, {"text": "In a year, we have moved from discussions on the capabilities of our technologies at the first user group meeting", "audio_length_s": 6.21, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_13.wav", "duration": 6.21}, {"text": "we have been plowing almost all of the profits back in the business to go get market share because", "audio_length_s": 6.21, "path": "403903eb119bfc1cec44d86ec907077a_82.wav", "duration": 6.21}, {"text": "Now I would like to talk about our progress toward executing our strategic plan.", "audio_length_s": 6.21, "path": "e56726c7aedd69029957c84128050700_101.wav", "duration": 6.21}, {"text": "Jack joins us from Highmark, where he was Senior Vice President of Technology Operations.", "audio_length_s": 6.21, "path": "575d21e05ceda8f95fc54e0292c2d99f_5.wav", "duration": 6.21}, {"text": "the most noteworthy category in recent years is automotive applications.", "audio_length_s": 6.21, "path": "bc5fa7fe146f7b14353ebd573809b0a1_255.wav", "duration": 6.21}, {"text": "I believe we are well positioned to offer investors an attractive mix of growth", "audio_length_s": 6.21, "path": "911d447bcdcedb4e0cf5230de225921c_160.wav", "duration": 6.21}, {"text": "willing to take a historically low unlevered return, but", "audio_length_s": 6.21, "path": "93d3e5be9cf75e0921d47f10d4178939_28.wav", "duration": 6.21}, {"text": "the way we're set up now, we were going in a different direction a couple of years ago. And so that's the primary reason.", "audio_length_s": 6.21, "path": "baf97ac5f6cc21f1387a53f2755e60d7_53.wav", "duration": 6.21}, {"text": "And we plan to build a solid business foundation that will support future growth.", "audio_length_s": 6.21, "path": "f4d0f1362716be33f02690dd1a8df663_32.wav", "duration": 6.21}, {"text": "middle to higher end of that range earlier in the year and kind of middle to lower end of that range later in the year.", "audio_length_s": 6.21, "path": "ea97a179f1be386d6cd36637ae70a1fc_111.wav", "duration": 6.21}, {"text": "And veterinarians are very frustrated with their currently available treatment options in dogs", "audio_length_s": 6.21, "path": "49a78c1ec143d9ac46e893e77198c0e3_86.wav", "duration": 6.21}, {"text": "As a result of the new tax law, we recorded a provisional tax benefit", "audio_length_s": 6.21, "path": "40e11288ea7cb86fdf307dbe648142e3_66.wav", "duration": 6.21}, {"text": "And what does this look like going forward as far as the character of the pipeline", "audio_length_s": 6.21, "path": "bf07ba925d6e5f568f66bb89b00a9463_62.wav", "duration": 6.21}, {"text": "This exceptional demand was a result of stronger market activity and traction with our new product offerings.", "audio_length_s": 6.21, "path": "ade68f8add7249890d086ecf4b5b8cab_6.wav", "duration": 6.21}, {"text": "We are purchasing land at a measured pace as we stick to our strict underwriting standards.", "audio_length_s": 6.21, "path": "ade68f8add7249890d086ecf4b5b8cab_89.wav", "duration": 6.21}, {"text": "of our cost management disciplines and the potential for additional operating leverage going forward.", "audio_length_s": 6.21, "path": "2f52e3495f64a67b885c0d35be2e8dce_6.wav", "duration": 6.21}, {"text": "would any issue in terms of Ag portfolio would just be how long", "audio_length_s": 6.21, "path": "1c89bbe35013b8f40511ac9ba8824242_113.wav", "duration": 6.21}, {"text": "and we wanted to give PRA a potential opportunity to benefit from any reduction in rates. So", "audio_length_s": 6.21, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_159.wav", "duration": 6.21}, {"text": "In addition, we will seek to tell more brand stories and look for other ways to further engage our consumers.", "audio_length_s": 6.21, "path": "f23036451aab1cb9d659c3ac9a23825c_41.wav", "duration": 6.21}, {"text": "I would assume that what you have seen now will continue going forward. Again,", "audio_length_s": 6.21, "path": "98f10f0935e5b778e888a1b8130a3d31_367.wav", "duration": 6.21}, {"text": "this is mainly driven by drilling down onto each entity into each line of business", "audio_length_s": 6.21, "path": "98f10f0935e5b778e888a1b8130a3d31_151.wav", "duration": 6.21}, {"text": "in order to show that ATLAS is really allowing us to select the key targets in the setting.", "audio_length_s": 6.21, "path": "66f8c62a56dfd5c78625e220e4be83bc_9.wav", "duration": 6.21}, {"text": "And in doing that, we have the chance to pick up more business and get higher hurdle rates.", "audio_length_s": 6.21, "path": "10dfe5270a7e4216d68614041d2a9bbe_66.wav", "duration": 6.21}, {"text": "as our average daily population of offenders from California actually increased by about 100 offenders", "audio_length_s": 6.21, "path": "c5c7a9f409241412b160a93cde7ef630_84.wav", "duration": 6.21}, {"text": "This followed a decline in the first half when Ciroc was impacted by the move to the replenishment model.", "audio_length_s": 6.21, "path": "c3567809c19ce6a800677544cd84f88b_187.wav", "duration": 6.21}, {"text": "the OEMs can't produce an equivalent number of trucks to offset that.", "audio_length_s": 6.21, "path": "974a2d744cd3d9acf42d74816de91f7f_120.wav", "duration": 6.21}, {"text": "made it difficult for our clients to really pin down and predict what their volumes would look like. It's coming in slower.", "audio_length_s": 6.21, "path": "191c819db03c2dfd0207cd1f42e278a4_34.wav", "duration": 6.21}, {"text": "The initiatives are key elements of our strategic plan and priorities for our focus in the near term.", "audio_length_s": 6.21, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_88.wav", "duration": 6.21}, {"text": "We will continue to focus on business improvement initiatives that improve profitability and drive shareholder value.", "audio_length_s": 6.21, "path": "ab4dae37361262d727d1d2f8f78765d5_242.wav", "duration": 6.21}, {"text": "And this does not even get into", "audio_length_s": 6.21, "path": "6f6b3823ec396bec0ca694282a6c7452_12.wav", "duration": 6.21}, {"text": "does that help accelerate growth in that segment for you guys?", "audio_length_s": 6.21, "path": "051c23cc7bacc5c9df9312ac0fd431a9_47.wav", "duration": 6.21}, {"text": "I suggest you at least make it available to shareholders that have been", "audio_length_s": 6.21, "path": "50b20eb62889a9a6f09f354a21fe0ea7_14.wav", "duration": 6.21}, {"text": "hospitals are making decisions that being a part of something bigger", "audio_length_s": 6.21, "path": "b43c001c5af465d220ab0b69a95202ae_48.wav", "duration": 6.21}, {"text": "And at the Hotel Group, we expect RevPAR in the oil regions to remain challenged.", "audio_length_s": 6.21, "path": "968913c3f9111fc67f1d9956c56dec3b_128.wav", "duration": 6.21}, {"text": "also in terms of new technology, new proposition which", "audio_length_s": 6.21, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_76.wav", "duration": 6.21}, {"text": "We have seen a pretty good rebound in volumes as things have thawed and several rigs have returned to the area.", "audio_length_s": 6.21, "path": "74d0910b4af16f82a812bddbb151d966_54.wav", "duration": 6.21}, {"text": "than what we are currently working with. But we think we have a pretty good handle on the basic elements.", "audio_length_s": 6.21, "path": "333d478ab06fd400afafa68f4a952191_74.wav", "duration": 6.21}, {"text": "encapsulated in this intent to build integrated commercial infrastructure to manage revenue.", "audio_length_s": 6.21, "path": "f1da65edd5f2026ffd647d496bb96ce7_177.wav", "duration": 6.21}, {"text": "as a result, the initial rates are a little bit less than, let's say, our", "audio_length_s": 6.21, "path": "cac9bb252b7974b7044423e714c2f054_19.wav", "duration": 6.21}, {"text": "We strongly believe in the superior potential of the CAR-T programs of our partners,", "audio_length_s": 6.21, "path": "48f4f350c0636fa0c7acf339cfccb869_108.wav", "duration": 6.21}, {"text": "we will prepare our resubmission dossier, which we anticipate being able to submit in the first half", "audio_length_s": 6.21, "path": "aed770c98113f594e36325a5822547e4_67.wav", "duration": 6.21}, {"text": "please see the section titled Forward-Looking Statements and Non-GAAP Measures of our earnings press release, which can be found on our website", "audio_length_s": 6.21, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_58.wav", "duration": 6.21}, {"text": "Recognize that we typically repatriate from Japan in the second half of the year, so you see a concentration of that coming", "audio_length_s": 6.21, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_45.wav", "duration": 6.21}, {"text": "In the last week of May, we have 2 excellent opportunities to share the Probuphine story.", "audio_length_s": 6.21, "path": "5330f07390a3c14fc49f24ac98bf1eab_93.wav", "duration": 6.21}, {"text": "continues to enjoy high traction from the market, with multiple customers designing products to this platform.", "audio_length_s": 6.21, "path": "b3d7bc295d09d9927e465213612c0192_72.wav", "duration": 6.21}, {"text": "The significant decline in outages also led to a further reduction in shipments of home standby generators for the year.", "audio_length_s": 6.21, "path": "82f5253b62614161333b038f5f9700f8_160.wav", "duration": 6.21}, {"text": "In 2018, we harvested a greater proportion of our annual volume during the first quarter.", "audio_length_s": 6.21, "path": "735a523f1ef6500b7aa97a2536d9c4fd_130.wav", "duration": 6.21}, {"text": "Yes. And what I would say on the pricing is a big piece of that was -- well, that was primarily mix.", "audio_length_s": 6.21, "path": "735a523f1ef6500b7aa97a2536d9c4fd_164.wav", "duration": 6.21}, {"text": "We haven't seen a change in competitive activity. Still very strong.", "audio_length_s": 6.21, "path": "af2718cdc0b3b856f9a0b3da3d527d18_20.wav", "duration": 6.21}, {"text": "And the second question just relating to the really low credit loss ratio, is this", "audio_length_s": 6.21, "path": "dffe8257f781608bb17bb637249e4d2a_72.wav", "duration": 6.21}, {"text": "Alaska, which is shown in the pink dot just below Hawaii, is very similar to us in these regards.", "audio_length_s": 6.21, "path": "9ba83ac067a98f8b12cc480ff0691e91_7.wav", "duration": 6.21}, {"text": "This differs from the reported number because of the first 20 days of July before the transaction closed.", "audio_length_s": 6.21, "path": "f15966ae82e18b472ad78dd961f8e5e8_119.wav", "duration": 6.21}, {"text": "And then this business actually goes to market essentially solely through dealers.", "audio_length_s": 6.21, "path": "33fd8a867dbd88a837e541b1d2b25ea5_170.wav", "duration": 6.21}, {"text": "As we discussed in March, we had a tax benefit in Q1 from the planning work we did last year.", "audio_length_s": 6.21, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_73.wav", "duration": 6.21}, {"text": "Collectibles remains a high-growth area for our company, and we're spending a lot of time in this area.", "audio_length_s": 6.21, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_68.wav", "duration": 6.21}, {"text": "The pride has been restored with the Mikes franchisees, thanks to Marie-Line and her team.", "audio_length_s": 6.21, "path": "416ebb7a4160f7cd2f98361cbd1cb769_7.wav", "duration": 6.21}, {"text": "And so what we don't want to do is stick our necks out with the rest of the folks and have a problem.", "audio_length_s": 6.21, "path": "3d3b327645f62f252bb876e5bb4a9259_74.wav", "duration": 6.21}, {"text": "due to a number of risks and uncertainties. And the company undertakes no obligation to update or revise these statements.", "audio_length_s": 6.21, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_1.wav", "duration": 6.21}, {"text": "and in line with our expectations. We continue to see good growth despite the entry of new competitors", "audio_length_s": 6.21, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_236.wav", "duration": 6.21}, {"text": "The key to reducing lung cancer deaths is to find the cancer early when it is more treatable.", "audio_length_s": 6.21, "path": "41e5f97c6d94e8f87bb5fb602fe25500_58.wav", "duration": 6.21}, {"text": "And we expect to do that and we expect to have enough cash on hand to get through", "audio_length_s": 6.21, "path": "41e5f97c6d94e8f87bb5fb602fe25500_96.wav", "duration": 6.21}, {"text": "I would say, without thinking of what other people at other", "audio_length_s": 6.21, "path": "ea45464984232d301c70cc7a9afdbc65_49.wav", "duration": 6.21}, {"text": "I can say with confidence now that our objective response rate exceeds that of", "audio_length_s": 6.21, "path": "e29584f9f829602cacebcce71c2a4fb9_60.wav", "duration": 6.21}, {"text": "We are now focused on our GalNAc conjugated subcutaneously delivered RNAi agent", "audio_length_s": 6.21, "path": "1270f7f67f406b52a2ee86584b452bff_4.wav", "duration": 6.21}, {"text": "The conversation very quickly moves back to that, because that's where these plans really need to focus and the other stuff is noise.", "audio_length_s": 6.21, "path": "0cfaeed8cd93dc274845d450e921aeb6_170.wav", "duration": 6.21}, {"text": "in quarter 4, but there are new units that will be handed over. There will always be a movement here and some", "audio_length_s": 6.21, "path": "29f56972971325265e4a53485f49793e_109.wav", "duration": 6.21}, {"text": "and very alert to the potential threats represented by the greater emphasis on protectionism", "audio_length_s": 6.21, "path": "d5fb88dba0740bc906c5127e05592f95_32.wav", "duration": 6.21}, {"text": "in line with the ZIP Code we've been experiencing over the past few years. As you know,", "audio_length_s": 6.21, "path": "97b9c8b95449565c1f280a2b61a65b31_5.wav", "duration": 6.21}, {"text": "Before we start, I wanted to introduce a new member of the board of management,", "audio_length_s": 6.21, "path": "4abafd22e11b6ea5b43048d805ea115f_25.wav", "duration": 6.21}, {"text": "but we're really proud of the progress that this team has made, how far we've come and I think the opportunities that we have", "audio_length_s": 6.21, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_145.wav", "duration": 6.21}, {"text": "And when I think about '19 and going forward, I really look forward to the ability to explain to people and communicate them", "audio_length_s": 6.21, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_39.wav", "duration": 6.21}, {"text": "But trying to develop programs to give them the tools to be", "audio_length_s": 6.21, "path": "82ccbfb62e125b146fba0f8e4347cc62_43.wav", "duration": 6.21}, {"text": "Ryan detailed other initiatives that are all meant to accelerate customer growth,", "audio_length_s": 6.21, "path": "1353031386f884a821e7e9bab449727d_69.wav", "duration": 6.21}, {"text": "We then as well will be able to reinvest into the market and reinvest means", "audio_length_s": 6.21, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_115.wav", "duration": 6.21}, {"text": "about the possibility of that. And I think, utilizing the expertise of this line in India", "audio_length_s": 6.21, "path": "8518e7d2073cc2898bd145e2e84ea482_37.wav", "duration": 6.21}, {"text": "people that are focused on their mission or their church, and they also have to run the operation.", "audio_length_s": 6.21, "path": "a9ff9f85f03afdd2d13b76e14060b31d_255.wav", "duration": 6.21}, {"text": "But you bought Wesson, which I think a lot of people like because they think it makes sense given what you have,", "audio_length_s": 6.21, "path": "34b4c03bbd8e9d5fceb8c8af89388197_263.wav", "duration": 6.21}, {"text": "and we will most probably know the size of that during this quarter.", "audio_length_s": 6.21, "path": "1862ee2f84dc77a40dde64b34f3ab94e_94.wav", "duration": 6.21}, {"text": "From a product perspective, our goal to design an experience makes it easy for consumers to begin investing in building wealth over the long term.", "audio_length_s": 6.21, "path": "66b25c60d952bd002c7ab20da9248086_148.wav", "duration": 6.21}, {"text": "So going forward, I don't see -- we're not expecting a major deterioration in the margin profile.", "audio_length_s": 6.21, "path": "812d8f09b72b4d410d138d3b24caebbc_106.wav", "duration": 6.21}, {"text": "As a result of pricing actions to customers, reduction in prices from suppliers", "audio_length_s": 6.21, "path": "b6688f44b91606fbd75a6d66e94d4e4b_171.wav", "duration": 6.21}, {"text": "I'm pleased with our progress and I remain excited by our future opportunities.", "audio_length_s": 6.21, "path": "ecc871b8f89a858d952f554f1ca8f7da_16.wav", "duration": 6.21}, {"text": "more forensic on their future view of future market rents and have written those down. So you have a cumulative effect of", "audio_length_s": 6.21, "path": "24a133abc343c813233d416b0cef96cd_300.wav", "duration": 6.21}, {"text": "We're not focused enough on markets where we can really make a difference, so we need to focus on growth markets.", "audio_length_s": 6.21, "path": "52ea66e70853eaa0c1183ddfa31b760a_55.wav", "duration": 6.21}, {"text": "or it can lead to a better diagnosis and a quicker intervention to save a patient.", "audio_length_s": 6.21, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_12.wav", "duration": 6.21}, {"text": "difference. And so we're quite confident that business continues to run well.", "audio_length_s": 6.21, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_147.wav", "duration": 6.21}, {"text": "And they intend to be largely private clouds because they think they had the scale and capability to do that.", "audio_length_s": 6.21, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_137.wav", "duration": 6.21}, {"text": "Thanks, Tom. Let me start with the summary of where we are to date and then provide the detail and our reiteration of guidance.", "audio_length_s": 6.21, "path": "b08d602a938cc263402d9d2db56f2490_170.wav", "duration": 6.21}, {"text": "Core organic volume in our global paperboard packaging business was slightly positive in the second quarter.", "audio_length_s": 6.21, "path": "1d021dfadd51998ac079e1df49929c60_50.wav", "duration": 6.21}, {"text": "explanation about the decrease was really part of a large", "audio_length_s": 6.21, "path": "9826162bc1bb67bf8d65e4cf50e656e9_96.wav", "duration": 6.21}, {"text": "Now to Georgia. For those of you close to the industry, you know Georgia is a strong market.", "audio_length_s": 6.21, "path": "902872913863de98d38e2936b846cf66_165.wav", "duration": 6.21}, {"text": "little bit more than that. And for the ones that we've done it, we've extended term and gotten more business.", "audio_length_s": 6.21, "path": "09eebad8f3c529b4c7d916c5f7766f7f_48.wav", "duration": 6.21}, {"text": "a bulk of our capital in the first half because we have this DUC inventory I really want to get on production.", "audio_length_s": 6.21, "path": "c71a6ab1a0697010811c89200ab21613_130.wav", "duration": 6.21}, {"text": "As we touched on at the end of Q1, we are pleased to have been awarded a contract in Canada's Arctic regions.", "audio_length_s": 6.21, "path": "3d0f5785f81125b6efa2339a4aef56aa_9.wav", "duration": 6.21}, {"text": "To support this future growth, we intend to continue to invest in China.", "audio_length_s": 6.21, "path": "50eb350badadec6e4272b90684741c25_10.wav", "duration": 6.21}, {"text": "and we knew that the rent cut was going to get them to the coverage they were looking for, but we felt like", "audio_length_s": 6.21, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_42.wav", "duration": 6.21}, {"text": "and unabsorbed overhead, especially in our recently completed Dublin manufacturing facility.", "audio_length_s": 6.21, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_108.wav", "duration": 6.21}, {"text": "And if there's any risk in the forecast, it's around we're expecting some clearances over in Asia on some technology that", "audio_length_s": 6.21, "path": "62658bb0c3307b2b10e3668b8df73b0d_34.wav", "duration": 6.21}, {"text": "We expect that we will eventually reach a license agreement, whether it's through negotiations or through", "audio_length_s": 6.21, "path": "a766b08317742c952705018a899f3998_18.wav", "duration": 6.21}, {"text": "Any references to non-GAAP financials are reconciled in the appendix of the presentation.", "audio_length_s": 6.21, "path": "af146425f68dd8e32f31878389746637_87.wav", "duration": 6.21}, {"text": "to ensure that we're spending the right money at the right time, to ensure that we have a very", "audio_length_s": 6.21, "path": "0807d606b6cf98da19b317b4928c3572_58.wav", "duration": 6.21}, {"text": "Retail, as a result of seasonal factors, experienced", "audio_length_s": 6.21, "path": "b3a679c2a5390ae76c71c271bf31c1ac_1.wav", "duration": 6.21}, {"text": "that result from sales and our losses. And so part of the acceleration in Employer Services", "audio_length_s": 6.21, "path": "365c360aff42713cef71a7d026eeeb6d_197.wav", "duration": 6.21}, {"text": "Much of this product works also very well with accessorizing with stone.", "audio_length_s": 6.21, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_201.wav", "duration": 6.21}, {"text": "investment for the company to buy back our shares. We still have a significant amount left to do,", "audio_length_s": 6.21, "path": "16c235a53fc719ec92ef3b3c3b371150_184.wav", "duration": 6.21}, {"text": "This performance was largely driven by higher average selling prices, higher volumes in Canada,", "audio_length_s": 6.21, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_20.wav", "duration": 6.21}, {"text": "is being able to fully ramp at Inverness on what happens in the", "audio_length_s": 6.21, "path": "976a5489fe4d30c2e1ebb237ec62398a_15.wav", "duration": 6.21}, {"text": "Our cash generation was greatly enhanced by our efforts to drive down inventory levels during the year", "audio_length_s": 6.21, "path": "97ddc19ecb28bab2d19fd3b181182062_253.wav", "duration": 6.21}, {"text": "We started to reduce expenses and inventory at our businesses that focus on the energy market", "audio_length_s": 6.21, "path": "97ddc19ecb28bab2d19fd3b181182062_153.wav", "duration": 6.21}, {"text": "Is there a way to quantify what kind of a drag that is at this point?", "audio_length_s": 6.1800625, "path": "e8a2a593282199ea052f788b8fead64b_78.wav", "duration": 6.1800625}, {"text": "specifically benefited from those changes, not from the volume", "audio_length_s": 6.18, "path": "d162113e3aface010baec17bd408736b_117.wav", "duration": 6.18}, {"text": "and we are planning to give you an update on this number versus second quarter results.", "audio_length_s": 6.18, "path": "c459f473b2c99662c3e29eeb2df74043_4.wav", "duration": 6.18}, {"text": "I'd like to highlight some of the transactions from the past year. In Mercer,", "audio_length_s": 6.18, "path": "62d981deed6d5128615c99d1597178b6_64.wav", "duration": 6.18}, {"text": "We also want to take the opportunity to step out our plan for the future of the business.", "audio_length_s": 6.18, "path": "157264c339727a26726e2e28dd7ce445_205.wav", "duration": 6.18}, {"text": "So you're expecting growth? Are there any parameters that you can put around that?", "audio_length_s": 6.18, "path": "0d631e444d1c22f0be99a69f5deaff94_55.wav", "duration": 6.18}, {"text": "When we bring the full power of our people and services from both Search and Consulting to our clients,", "audio_length_s": 6.18, "path": "0d631e444d1c22f0be99a69f5deaff94_12.wav", "duration": 6.18}, {"text": "In the short term, we expect our average revenue per member to decrease because our member growth will outpace the revenue growth.", "audio_length_s": 6.18, "path": "f3ea353a6c918bc1fd311a9cad6b9777_25.wav", "duration": 6.18}, {"text": "It's important to remember that almost every single one of these members have bank accounts and now have added Mogo to their financial wallet.", "audio_length_s": 6.18, "path": "f3ea353a6c918bc1fd311a9cad6b9777_4.wav", "duration": 6.18}, {"text": "but we may end up losing them if they are going to ask for a price, which is lower than my variable cost.", "audio_length_s": 6.18, "path": "f262bb6a5f222326e1fd4cf3c5adee66_37.wav", "duration": 6.18}, {"text": "Although, they will certainly make good contributions in the medium and long-term.", "audio_length_s": 6.18, "path": "3cb802f8fba7d33603c29387ccdaf817_145.wav", "duration": 6.18}, {"text": "possibilities to change that will be evaluated when they would arise.", "audio_length_s": 6.18, "path": "9014ac9cbc2cff30468f1bcb659c0f66_78.wav", "duration": 6.18}, {"text": "All right. And can you talk about the level of or", "audio_length_s": 6.18, "path": "249b7b83531140105343e2a0e89150fa_94.wav", "duration": 6.18}, {"text": "trying to introduce electronic meters. But if you look carefully at what they're offering, they may have only 1 size.", "audio_length_s": 6.18, "path": "55d05334bdde612eb9dd102bb41d216e_55.wav", "duration": 6.18}, {"text": "starting the year and we continue to expect some recovery to gradually start towards the end of the year.", "audio_length_s": 6.18, "path": "c9ace3541e8482030de67b5159e82580_3.wav", "duration": 6.18}, {"text": "just south and east of Platteville. That's going to be a very lucrative deal", "audio_length_s": 6.18, "path": "c96b5ae4ffe20d946daec67e2b0917b2_224.wav", "duration": 6.18}, {"text": "This resulted in a slight decline in reported net income from the prior quarter.", "audio_length_s": 6.18, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_42.wav", "duration": 6.18}, {"text": "when I first got into the business. So if you look at drilling a generation ago, it tended to be vertical.", "audio_length_s": 6.18, "path": "dd3166f311a5f12a25103a0295e8ac3e_55.wav", "duration": 6.18}, {"text": "We believe our growth in this segment continues to outpace global activity levels for 3 primary reasons.", "audio_length_s": 6.18, "path": "dd3166f311a5f12a25103a0295e8ac3e_84.wav", "duration": 6.18}, {"text": "and lower interest payments, partially offset by higher tax and employee medical payments.", "audio_length_s": 6.18, "path": "04f29bc02d1e2ef65077ca67bf41f475_71.wav", "duration": 6.18}, {"text": "Holiday has a especially strong presence in the growing Twin Cities metropolitan area.", "audio_length_s": 6.18, "path": "570faeed3dcfa26c6246dc42309025ad_193.wav", "duration": 6.18}, {"text": "And if we have a surgeon that's really interested and a champion in the hospital that gets behind the surgeon,", "audio_length_s": 6.18, "path": "044da592acc01ff7baacb3dbf2a302a9_203.wav", "duration": 6.18}, {"text": "On the medical management front, we have also selected a new software platform to manage pharmacy and medical care.", "audio_length_s": 6.18, "path": "3121e8f4a75758834d32a9e4e0555221_140.wav", "duration": 6.18}, {"text": "on the board. So there is potentially a lot of organic growth that can come out of those acquisitions.", "audio_length_s": 6.18, "path": "de3b766a868da918e499f407dbf5d716_135.wav", "duration": 6.18}, {"text": "We will follow that introduction later this month with the launch of 2 new salad offerings,", "audio_length_s": 6.18, "path": "75fa1bebed0b858c76cc7058477e40e2_60.wav", "duration": 6.18}, {"text": "Will we see that in the future? Okay. Regarding your first question,", "audio_length_s": 6.18, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_257.wav", "duration": 6.18}, {"text": "In the past, the subsidiaries within the group were run separately.", "audio_length_s": 6.18, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_141.wav", "duration": 6.18}, {"text": "I consider it imperative that Allied penetrate Vancouver more fully", "audio_length_s": 6.18, "path": "8292bdb9af87f10627c044f3842b2c76_78.wav", "duration": 6.18}, {"text": "because it is hard for me to imagine if we go out in our time machine 1 year from today,", "audio_length_s": 6.18, "path": "e26b501c6e000fdaa11edde97cc71436_167.wav", "duration": 6.18}, {"text": "The lower margin primarily resulted from the negative leverage of lighter sales volume.", "audio_length_s": 6.18, "path": "a827180c08c11f2e53c6966fceaabf5b_55.wav", "duration": 6.18}, {"text": "Our Games segment continues to build upon the operational achievements we realized", "audio_length_s": 6.18, "path": "1b1699497be56330b3ed833f22bc63f6_4.wav", "duration": 6.18}, {"text": "along with the combined talent, I think there are certainly opportunities in Augusta to expand it.", "audio_length_s": 6.18, "path": "8b2314627d54755a15c55244bb862225_29.wav", "duration": 6.18}, {"text": "Our ASD Winter show, which is included in our Q1 financials, was flat in revenues,", "audio_length_s": 6.18, "path": "4032bfdd59881fc6506c082737cb5a99_63.wav", "duration": 6.18}, {"text": "I'm also going to ask Jeff to read our safe harbor statement. After that, I will give some", "audio_length_s": 6.18, "path": "a5aee620f2ef348884bdc8fa3e0cee19_1.wav", "duration": 6.18}, {"text": "The common message from participants was that the ecosystem needs to work together in new ways", "audio_length_s": 6.18, "path": "f46ae0a04d60dea8a759f07333ed37e2_155.wav", "duration": 6.18}, {"text": "we have lots of different levers that we can pull, and we've got them all going in the right direction right now. But", "audio_length_s": 6.18, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_44.wav", "duration": 6.18}, {"text": "which is extremely strong and higher than we have seen for many years.", "audio_length_s": 6.18, "path": "3e714a49937be1672aa48244ba7254ce_134.wav", "duration": 6.18}, {"text": "Martin Ferron, Chairman and CEO, will then provide his comments on our outlook and strategy.", "audio_length_s": 6.18, "path": "f314d55f20e7186f4cd0e41e32ec144b_71.wav", "duration": 6.18}, {"text": "Sure. I think the only thing are the general things that we already said, which is what we're fundamentally trying to manage to,", "audio_length_s": 6.18, "path": "2ad9555a64eaa3f45bef5581adeecb9c_234.wav", "duration": 6.18}, {"text": "As a reminder, the projected margins on our new awards from last year", "audio_length_s": 6.18, "path": "a965bbd76f3d449c86e8c27d03ac192f_74.wav", "duration": 6.18}, {"text": "the uncertainty of continued success in technological innovations as well as other operational market challenges", "audio_length_s": 6.18, "path": "bc5fa7fe146f7b14353ebd573809b0a1_155.wav", "duration": 6.18}, {"text": "Many factors will influence the timing and size of any buyback purchase including these.", "audio_length_s": 6.18, "path": "2905366dcf0eb60a22b63a1b3d9adf95_99.wav", "duration": 6.18}, {"text": "dominated completely by fractures. There's no residual matrix contribution into the", "audio_length_s": 6.18, "path": "911d447bcdcedb4e0cf5230de225921c_31.wav", "duration": 6.18}, {"text": "With competitors introducing products with various functions and target audiences,", "audio_length_s": 6.18, "path": "f4d0f1362716be33f02690dd1a8df663_85.wav", "duration": 6.18}, {"text": "and to continue to invest and to increase the level of investment in this activity.", "audio_length_s": 6.18, "path": "e60f6485243932b9280d864cb17a6ba8_236.wav", "duration": 6.18}, {"text": "First, the companies agreed to a supply agreement for 40 megawatts of energy storage projects", "audio_length_s": 6.18, "path": "1bba27cac9495fe57f623973383d6948_95.wav", "duration": 6.18}, {"text": "Our corporate-wide focus on enhancing the customer experience continues to strengthen our core business.", "audio_length_s": 6.18, "path": "a7e7a1621af9b4e850260f9824ee8746_130.wav", "duration": 6.18}, {"text": "We expect this adjustment to move back towards zero through the year based on the timing of the inventory hedges in place.", "audio_length_s": 6.18, "path": "7394bde65e000fbb7b528c6c65bd099d_19.wav", "duration": 6.18}, {"text": "It really just depends on when we get to the next significant resource", "audio_length_s": 6.18, "path": "636d6909fbd8656f88f72f66a3a162ff_125.wav", "duration": 6.18}, {"text": "Two, developing new strategic relationships and capitalizing on our existing relationships.", "audio_length_s": 6.18, "path": "b8cbc11bbdc49ca206588e2a99b0f733_121.wav", "duration": 6.18}, {"text": "especially Phoenix and others to bring new solutions and strategies into that place.", "audio_length_s": 6.18, "path": "be8b554309f7632bc9ebbd967764001e_236.wav", "duration": 6.18}, {"text": "trust, talent attraction as an important contributor to cost savings", "audio_length_s": 6.18, "path": "47b1a118c53956b23f1d687a75f3e5ba_227.wav", "duration": 6.18}, {"text": "is it more likely that you will try to increase the dividend at that point when you feel comfortable with your", "audio_length_s": 6.18, "path": "b0ac18f5e9098f57cb9f7a4927738d3a_30.wav", "duration": 6.18}, {"text": "I do agree with you that the primary constraint right now is what I hear when talking to builders is labor.", "audio_length_s": 6.18, "path": "dd28a387ccc9575df47840b850647c7f_230.wav", "duration": 6.18}, {"text": "In closing, we are pleased to be experiencing positive momentum from Burger King's promotional offerings,", "audio_length_s": 6.18, "path": "7aeefd3f7f36ea98354844517c1f012d_113.wav", "duration": 6.18}, {"text": "And we're going to prioritize achieving appropriate value for those assets over speed of execution.", "audio_length_s": 6.18, "path": "9952903822d3aabb9a8a8fdd41f23bc2_35.wav", "duration": 6.18}, {"text": "The team is acutely aware that we cannot and will not remain stagnant.", "audio_length_s": 6.18, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_55.wav", "duration": 6.18}, {"text": "much has changed in the past year. With the sale of our industrial business earlier this year,", "audio_length_s": 6.18, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_6.wav", "duration": 6.18}, {"text": "change our pricing approach in order to maintain the very trustworthy", "audio_length_s": 6.18, "path": "ca67cef56548d21bf5c1669beebf3cb0_264.wav", "duration": 6.18}, {"text": "But let me highlight why neoantigen selection is so crucial to vaccine's success", "audio_length_s": 6.18, "path": "17f54a9938f35a4bde713fb3eb33a80e_2.wav", "duration": 6.18}, {"text": "Moving on to our third program, our wholly owned, undisclosed rare disease program.", "audio_length_s": 6.18, "path": "e78997e6a75a2243292b2b54750bb3cb_10.wav", "duration": 6.18}, {"text": "so I'm talking about what the inflation rate is year-over-year, in our bill rates and the inflation rate,", "audio_length_s": 6.18, "path": "13141efea197b407280701081390f0ce_75.wav", "duration": 6.18}, {"text": "The strength of these relationships and our value proposition is at the core of our strategy.", "audio_length_s": 6.18, "path": "968913c3f9111fc67f1d9956c56dec3b_59.wav", "duration": 6.18}, {"text": "we want to work with you and we want to be your partner. And if you don't, we probably don't want work with you. And we don't care how much MI", "audio_length_s": 6.18, "path": "246876171ef2f408df10ee0816f9db83_33.wav", "duration": 6.18}, {"text": "a part of the total financial expenses line in the coming", "audio_length_s": 6.18, "path": "8cd753ed00aeee0ed32d03823eef3f7e_141.wav", "duration": 6.18}, {"text": "During the second quarter, we will reclassify the derivative liability into equity.", "audio_length_s": 6.18, "path": "63eaf9677d7577484a1557ae6bfbb585_118.wav", "duration": 6.18}, {"text": "We thank you for attending today's presentation. You may now disconnect your lines.", "audio_length_s": 6.18, "path": "0ec0a75c1800bac01520dcac5b8992fb_49.wav", "duration": 6.18}, {"text": "and we hope to have the pilot program underway before the end of this year.", "audio_length_s": 6.18, "path": "0e52a74a184c92ad0c336af764aa0796_47.wav", "duration": 6.18}, {"text": "already that work has been done in terms of how are we going to price that value prop", "audio_length_s": 6.18, "path": "f1da65edd5f2026ffd647d496bb96ce7_33.wav", "duration": 6.18}, {"text": "transaction gain in the second half that we're anticipating for those hedge contracts that we've already taken out.", "audio_length_s": 6.18, "path": "262bc21196721c5ff9114acbd2ff03c3_167.wav", "duration": 6.18}, {"text": "Once again, we appreciate you listening to the call and wish you a good evening, good day.", "audio_length_s": 6.18, "path": "e2225d612a954a24e7e91c08215d7b51_77.wav", "duration": 6.18}, {"text": "but especially during our commercialization of the product, to make sure that things are kept well under control.", "audio_length_s": 6.18, "path": "aed770c98113f594e36325a5822547e4_23.wav", "duration": 6.18}, {"text": "fund our organic and strategic growth initiatives and return capital to shareholders as appropriate.", "audio_length_s": 6.18, "path": "8eaca8d8a419f74540f69ade8defabbd_100.wav", "duration": 6.18}, {"text": "A description of these metrics, along with our reconciliation to GAAP can be found in this morning's press release.", "audio_length_s": 6.18, "path": "450a5dc6eb19b82da8dfc68127f6e79d_86.wav", "duration": 6.18}, {"text": "for information concerning the risk factors that could affect the company. With that, I will now turn the call over to Dave Stack.", "audio_length_s": 6.18, "path": "450a5dc6eb19b82da8dfc68127f6e79d_190.wav", "duration": 6.18}, {"text": "Our team is focused on disciplined execution against our priorities and moving our business forward.", "audio_length_s": 6.18, "path": "49e533a8449f6b9b6c806458e73338e1_93.wav", "duration": 6.18}, {"text": "Reducing our leverage is one of our capital allocation priorities.", "audio_length_s": 6.18, "path": "8cfc2a9aace5078f22a83c782b9d41f7_65.wav", "duration": 6.18}, {"text": "another strong result, while continuing to invest for our customers and in our people.", "audio_length_s": 6.18, "path": "01f88a67f39af3a74d5f23b095615d39_145.wav", "duration": 6.18}, {"text": "first and foremost there is a normalization of the pricing levels on the Channel versus the North Sea.", "audio_length_s": 6.18, "path": "89a894c2c6440d41510f0b009c0cd03b_102.wav", "duration": 6.18}, {"text": "in 3 or 4 categories. One that would be consistent with things that we've done in the past", "audio_length_s": 6.18, "path": "6709c061d39d0e433079f84160f11c80_236.wav", "duration": 6.18}, {"text": "Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements", "audio_length_s": 6.18, "path": "7498a6630302a038bd537d192c3a44f4_74.wav", "duration": 6.18}, {"text": "In other words, we want to introduce a kind of natural ownership approach.", "audio_length_s": 6.18, "path": "254f3c2175c8e11d6da7d44a221e1bff_21.wav", "duration": 6.18}, {"text": "Please bear in mind that for regulatory reasons, we are not allowed to give certain information.", "audio_length_s": 6.18, "path": "a1e1e6f86dead4f43a363d0877cb4979_98.wav", "duration": 6.18}, {"text": "With that, I will turn it over to John to review the Q2 financial results.", "audio_length_s": 6.18, "path": "7e2ebcd981f5b5ecb18c04906f87d768_199.wav", "duration": 6.18}, {"text": "To conclude, we are delivering on our plan. We are seeing clear progress in our margins,", "audio_length_s": 6.18, "path": "7e2ebcd981f5b5ecb18c04906f87d768_150.wav", "duration": 6.18}, {"text": "And with that guidance, we'll turn the call over to Larry for an operational review.", "audio_length_s": 6.18, "path": "5633fe3600ee04237bbb918c56341864_63.wav", "duration": 6.18}, {"text": "influences on the pipeline between the 2. I think your initial question, Vikram, was about", "audio_length_s": 6.18, "path": "3e29586725757a72d8c143f3da2658f5_17.wav", "duration": 6.18}, {"text": "After providing more detailed updates on key commercial, legal, regulatory and development activities", "audio_length_s": 6.18, "path": "299bad77345d2e44fa5768f4416f7b97_64.wav", "duration": 6.18}, {"text": "For information on factors that could cause actual results to differ materially from these forward-looking statements,", "audio_length_s": 6.18, "path": "94f601dc7b34ad38667e3b714aa89d35_34.wav", "duration": 6.18}, {"text": "do these require sort of upfront investments and headcount or otherwise for you to get to", "audio_length_s": 6.18, "path": "71ea3ed1436c2759a95f8d629963db2e_251.wav", "duration": 6.18}, {"text": "And as we bring out those negotiations, we want to be able to keep potentially", "audio_length_s": 6.18, "path": "c5120d9702331edaf23bb6e639df0a70_102.wav", "duration": 6.18}, {"text": "it's useless. It doesn't do you any good with respect to activating those actual customers. For example,", "audio_length_s": 6.18, "path": "d62cc3a0dfe3492ed16dfc17c028071e_38.wav", "duration": 6.18}, {"text": "due to the weakness in the Permian that began with the production takeaway constraints in the middle of the year.", "audio_length_s": 6.18, "path": "bfb0fac9575cd0820a660f2577199468_6.wav", "duration": 6.18}, {"text": "Because you look at your vegetable oil business today, the volume has declined dramatically.", "audio_length_s": 6.18, "path": "34b4c03bbd8e9d5fceb8c8af89388197_51.wav", "duration": 6.18}, {"text": "While we're demonstrating early success in monetizing our current member base, we still have a huge opportunity ahead of us.", "audio_length_s": 6.18, "path": "66b25c60d952bd002c7ab20da9248086_18.wav", "duration": 6.18}, {"text": "which clearly can blow in high wind conditions but also can show up for some very low capacity factors like it did", "audio_length_s": 6.18, "path": "3f6641f7d8f1ab845ad4f637cfb35109_177.wav", "duration": 6.18}, {"text": "but was impacted by different phasing in personnel expenses compared to last year.", "audio_length_s": 6.18, "path": "ae5a41fe3b3d515713608c5ac878eed3_62.wav", "duration": 6.18}, {"text": "but of course, products will be made, and therefore for those products,", "audio_length_s": 6.18, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_25.wav", "duration": 6.18}, {"text": "either the sales or the prescriptions for the 2 products individually for the fourth quarter?", "audio_length_s": 6.18, "path": "794528c461ef7009b1741ac67c17aba4_96.wav", "duration": 6.18}, {"text": "In Malaysia, Malikai continues to deliver strong performance from the initial wells.", "audio_length_s": 6.18, "path": "95303f68781d6fb58e19ec1dc7785a7c_182.wav", "duration": 6.18}, {"text": "And with that, I'll now turn the call back to our operator for questions.", "audio_length_s": 6.18, "path": "7847510c8c1280e54583ff033a9decb2_53.wav", "duration": 6.18}, {"text": "Obviously, that accretion translated to an absolute EPS number in our models.", "audio_length_s": 6.18, "path": "b0d88c0f1efca89ecb928172341dc75d_225.wav", "duration": 6.18}, {"text": "it's sort of a situation that if you don't have to sell right now, most people aren't in the mood to sell.", "audio_length_s": 6.18, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_144.wav", "duration": 6.18}, {"text": "I could not be more excited about leading ServiceNow into our next phase of growth.", "audio_length_s": 6.18, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_111.wav", "duration": 6.18}, {"text": "to match the startup of the increased water handling capacity project in the fourth quarter.", "audio_length_s": 6.18, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_39.wav", "duration": 6.18}, {"text": "a very significant change in internal processes. So you have to", "audio_length_s": 6.18, "path": "ffe22f8bcf153b8b51f6e52039686c1e_95.wav", "duration": 6.18}, {"text": "Some details regarding the ability to recover certain past pension and benefit costs remain unresolved.", "audio_length_s": 6.18, "path": "f17bd619f65ff0b31c5103503bd56fdb_7.wav", "duration": 6.18}, {"text": "see what you think of this question. But if the margin upside is as good as laid out", "audio_length_s": 6.18, "path": "1f142ea668261ba963d47aac6bab69dd_195.wav", "duration": 6.18}, {"text": "Maybe last but not least, what is not mentioned here, we have had", "audio_length_s": 6.18, "path": "6a45749d272884d2809fa70f7807250c_112.wav", "duration": 6.18}, {"text": "with a very resilient pattern despite the negative impact from the ultra low rates environment.", "audio_length_s": 6.18, "path": "3f42280b77b93c90b893930aeb7eac53_46.wav", "duration": 6.18}, {"text": "Now a quick summary of the financial indicators -- the main financial indicators.", "audio_length_s": 6.18, "path": "3f42280b77b93c90b893930aeb7eac53_14.wav", "duration": 6.18}, {"text": "But it's also important to remember that the aggregate level of demand hasn't dropped. It's been about steady. It just hasn't grown.", "audio_length_s": 6.18, "path": "96488f25af54f91198b444e5eff8e878_84.wav", "duration": 6.18}, {"text": "part of this is kind of where you are in the stack, which actually I think encourages us to continue to pivot and", "audio_length_s": 6.18, "path": "09eebad8f3c529b4c7d916c5f7766f7f_287.wav", "duration": 6.18}, {"text": "a large facility that should not only allow us to support that marketplace", "audio_length_s": 6.18, "path": "50eb350badadec6e4272b90684741c25_127.wav", "duration": 6.18}, {"text": "think it was helpful that you said that you guys anticipate the availability on the credit facility", "audio_length_s": 6.18, "path": "3c17ad8c6709cbb1a8f7190f567a445f_141.wav", "duration": 6.18}, {"text": "we don't get that because the odds of all banners being spoken odd at the same time are", "audio_length_s": 6.18, "path": "4fafe8c628e676ca508b37756da75419_184.wav", "duration": 6.18}, {"text": "a lot of the delta is really going to be driven by what happens with the small woodlot owners.", "audio_length_s": 6.18, "path": "93e134910b4a7c587bc461da0c9a2083_130.wav", "duration": 6.18}, {"text": "assessing what our expectations are for FFO, what our obligations are in terms of", "audio_length_s": 6.18, "path": "5be70acf701b7a6c9322f8feeaca63cd_64.wav", "duration": 6.18}, {"text": "We are supportive of any effort to reform antiquated regulatory rules that no longer serve the public interest.", "audio_length_s": 6.18, "path": "77423f08f0208d476dea73c639f6293a_15.wav", "duration": 6.18}, {"text": "The move to become a domestic issuer will also improve transparency,", "audio_length_s": 6.18, "path": "af146425f68dd8e32f31878389746637_13.wav", "duration": 6.18}, {"text": "And then also the wise use of incentives and events on top of it. I think what you see is,", "audio_length_s": 6.18, "path": "bcb3aac2c7cc035961d9ee8cfd330044_35.wav", "duration": 6.18}, {"text": "But it's generally a case of, if they have the appropriate licenses, we've got the product set", "audio_length_s": 6.18, "path": "bcb3aac2c7cc035961d9ee8cfd330044_146.wav", "duration": 6.18}, {"text": "that are better qualified and have better qualified leads. We made", "audio_length_s": 6.18, "path": "0807d606b6cf98da19b317b4928c3572_4.wav", "duration": 6.18}, {"text": "Based on this outlook, we expect to generate positive cash flow from operations for the full year.", "audio_length_s": 6.18, "path": "0b2059114216fe9195b6a4256ed84843_21.wav", "duration": 6.18}, {"text": "scenario is an increase of margin on the back of increased possibly", "audio_length_s": 6.18, "path": "bf99037f89cd485f95f097842619a0c7_262.wav", "duration": 6.18}, {"text": "Moving on to our funding and liquidity. We were very active in the debt markets in the fourth quarter.", "audio_length_s": 6.18, "path": "7e198f4b8da8fc367e2bca0fd1595633_42.wav", "duration": 6.18}, {"text": "that is absolutely true and the proof of thesis that, that is the case is the fact", "audio_length_s": 6.18, "path": "32283c24ad18239efb166db8422560b2_144.wav", "duration": 6.18}, {"text": "As it has been the case for since we've spun the company, we are always looking at what the liquidity position of the company is.", "audio_length_s": 6.18, "path": "1096d26129c469524041c969a684f8ae_212.wav", "duration": 6.18}, {"text": "At the same time, we will continue our strong focus on the many other areas that we scored well.", "audio_length_s": 6.18, "path": "3ae068efa03cd088f4d3edea682f199f_113.wav", "duration": 6.18}, {"text": "do what I would call traditional -- make traditional acquisitions. So we're not looking, for example, for the next", "audio_length_s": 6.18, "path": "365c360aff42713cef71a7d026eeeb6d_150.wav", "duration": 6.18}, {"text": "or other similar terms or variations on those terms or the negative of those terms.", "audio_length_s": 6.18, "path": "3fb901e6b501ddced60226a13ebef4af_29.wav", "duration": 6.18}, {"text": "For 2017 annual dividend in light of record high operating profit following the previous year,", "audio_length_s": 6.18, "path": "cd94f09ed5b897feb733def490ba4630_5.wav", "duration": 6.18}, {"text": "There are signs our initiatives are taking hold, and we're very encouraged by our performance.", "audio_length_s": 6.18, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_59.wav", "duration": 6.18}, {"text": "we're working on all of those things at a really brisk pace. I think the biggest thing that we can do", "audio_length_s": 6.18, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_90.wav", "duration": 6.18}, {"text": "Increases were also announced on plate and long products which represents our largest product exposure,", "audio_length_s": 6.1799375, "path": "67716cee321d117b0318930dd142f06a_75.wav", "duration": 6.1799375}, {"text": "This is one of our largest opportunities to increase overall profitability.", "audio_length_s": 6.1799375, "path": "47546a57a865bca0f4e677dc3b485053_151.wav", "duration": 6.1799375}, {"text": "to provide our external stakeholders a better understanding of our business and the country.", "audio_length_s": 6.1500625, "path": "7974a5134807f46a1484a8adf81505be_104.wav", "duration": 6.1500625}, {"text": "If not, we look forward to speaking with you next when we report our fourth quarter results in March.", "audio_length_s": 6.1500625, "path": "003356e698453d6b74f19a8e02587605_44.wav", "duration": 6.1500625}, {"text": "and then take questions. I would like to remind you that some of the comments made during this call", "audio_length_s": 6.15, "path": "d162113e3aface010baec17bd408736b_97.wav", "duration": 6.15}, {"text": "last year specifically related to the completion of that joint venture TS program.", "audio_length_s": 6.15, "path": "8ad0d5b5df75415c56ba590cad29489a_108.wav", "duration": 6.15}, {"text": "Bruce will give specific details in a moment about where we are in each study, but I want to talk briefly about our strategy,", "audio_length_s": 6.15, "path": "e2b2a746a7a2cd752c92ccfab257cfca_4.wav", "duration": 6.15}, {"text": "Please turn to Slide 14. We also want to tell you about our new corporate headquarters.", "audio_length_s": 6.15, "path": "a20052a04bcb5b7b8d242a21c859550d_49.wav", "duration": 6.15}, {"text": "we feel it's a prudent decision to keep our full year guidance at the levels that we outlined in February.", "audio_length_s": 6.15, "path": "7eebbbc069b4bf8367aa748751df9bc7_58.wav", "duration": 6.15}, {"text": "which was still ongoing in the year ago quarter but subsequently completed this year,", "audio_length_s": 6.15, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_129.wav", "duration": 6.15}, {"text": "Secondly, due to the strong OLED growth that we have experienced in the third quarter of", "audio_length_s": 6.15, "path": "a95a220f118ae793c89d6d708e62cf8a_247.wav", "duration": 6.15}, {"text": "Through our leadership position in the ultimate user unused medication management,", "audio_length_s": 6.15, "path": "b40ab385cca0095fc17f5310045ca5d2_72.wav", "duration": 6.15}, {"text": "And then my second question is from the perspective of your shareholders.", "audio_length_s": 6.15, "path": "9014ac9cbc2cff30468f1bcb659c0f66_170.wav", "duration": 6.15}, {"text": "As you say, innovation is a key element for the company since forever.", "audio_length_s": 6.15, "path": "9014ac9cbc2cff30468f1bcb659c0f66_180.wav", "duration": 6.15}, {"text": "Having said that, we now see that the rates are going down and things are quite difficult from our perspective.", "audio_length_s": 6.15, "path": "19eed824fc629ea7d3f8ea7572c7abb7_33.wav", "duration": 6.15}, {"text": "This concludes today's conference call, you may now disconnect.", "audio_length_s": 6.15, "path": "6b45877b719000e47adfd1ec118c376a_79.wav", "duration": 6.15}, {"text": "the usage of equal parts for different models help to reduce complexity and to save money,", "audio_length_s": 6.15, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_142.wav", "duration": 6.15}, {"text": "And this is why we are investing on Fetekro because we believe that there is", "audio_length_s": 6.15, "path": "b39cea5bd7ec94a7f24e7481716ac2b7_127.wav", "duration": 6.15}, {"text": "but also how the integration of activity and mindset will more holistically support our members.", "audio_length_s": 6.15, "path": "7e14890193df4b10e1eeab6ab886529f_182.wav", "duration": 6.15}, {"text": "the 800 million a day that was anticipated on the power up project.", "audio_length_s": 6.15, "path": "c96b5ae4ffe20d946daec67e2b0917b2_211.wav", "duration": 6.15}, {"text": "The market is still an attractive market and -- where we intend to be", "audio_length_s": 6.15, "path": "123a9a590195f61aa739ee9b2dec4952_38.wav", "duration": 6.15}, {"text": "There may be much less -- many more permits that are required in some markets.", "audio_length_s": 6.15, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_147.wav", "duration": 6.15}, {"text": "while RevPAR at our luxury hotels in Hawaii benefited from renovations and greater air lift", "audio_length_s": 6.15, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_240.wav", "duration": 6.15}, {"text": "Consistent with prior years, we expect our margin expansion will be weighted towards the second half", "audio_length_s": 6.15, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_25.wav", "duration": 6.15}, {"text": "And we still have to perform all the quality measures and report those to the state.", "audio_length_s": 6.15, "path": "3121e8f4a75758834d32a9e4e0555221_156.wav", "duration": 6.15}, {"text": "Second, we are making solid progress in executing our incremental revenue growth drivers.", "audio_length_s": 6.15, "path": "c4dc8f962a85aa47af50f82845f550e2_59.wav", "duration": 6.15}, {"text": "we have a lot of new communities opening in the second half and really into the first half of next year", "audio_length_s": 6.15, "path": "1d2f3c74735a986131e7b219d9eff713_137.wav", "duration": 6.15}, {"text": "From a team standpoint, I am very pleased that we continue to hire and promote top talent,", "audio_length_s": 6.15, "path": "54240e38051f2a3bb6a4e58fe55344cd_80.wav", "duration": 6.15}, {"text": "sort of tangible transition will be when we emerge out of the safety run-in", "audio_length_s": 6.15, "path": "7503d7356c13f095c26bfad29c5390c6_63.wav", "duration": 6.15}, {"text": "Let's start with a few highlights, and then we'll take a closer look at the quarterly performance drivers.", "audio_length_s": 6.15, "path": "01502edf6cda82061f1f45d6b0e8e189_60.wav", "duration": 6.15}, {"text": "on event-free survival, a clinically relevant decrease in the need for pulmonary and nutritional support", "audio_length_s": 6.15, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_70.wav", "duration": 6.15}, {"text": "what's sort of the backdrop out there of some of the excess product, of some of the liquidations and so forth.", "audio_length_s": 6.15, "path": "2fc915b996c687200d995736980aae9a_31.wav", "duration": 6.15}, {"text": "which is being impacted by both the political environment and an excess of sale priced product.", "audio_length_s": 6.15, "path": "2fc915b996c687200d995736980aae9a_8.wav", "duration": 6.15}, {"text": "That's their decision, their board's decision. But what I think it did change potentially", "audio_length_s": 6.15, "path": "833f98dbc79997580b24335033aac5d2_40.wav", "duration": 6.15}, {"text": "Second, our modern micro-services platform for large to very large enterprises,", "audio_length_s": 6.15, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_10.wav", "duration": 6.15}, {"text": "so that as these volumes pick up we're in a great position to take advantage of it. So that's something that's", "audio_length_s": 6.15, "path": "392ca3d1e388c6d7a35f6d0db390c359_201.wav", "duration": 6.15}, {"text": "might be treated versus the way it appears at least at the outset transmission and gas are being treated.", "audio_length_s": 6.15, "path": "a212b77ae2b2452093665a4e179ed3a3_181.wav", "duration": 6.15}, {"text": "This is because we believe this gives a more accurate view of the underlying performance of our company.", "audio_length_s": 6.15, "path": "e26b501c6e000fdaa11edde97cc71436_2.wav", "duration": 6.15}, {"text": "not you, but the industry too heavy in one end market, and therefore too susceptible to any kind of", "audio_length_s": 6.15, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_98.wav", "duration": 6.15}, {"text": "the salability of some of the usable ancillary spaces we haven't used in the past,", "audio_length_s": 6.15, "path": "4032bfdd59881fc6506c082737cb5a99_176.wav", "duration": 6.15}, {"text": "and increasingly, landlords are looking for a customer offer that meets their healthy eating requirements.", "audio_length_s": 6.15, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_24.wav", "duration": 6.15}, {"text": "While we made progress in Q4, our working capital levels have remained frustratingly high through this downturn", "audio_length_s": 6.15, "path": "8957425799e5ce0200bfacf204d0acde_17.wav", "duration": 6.15}, {"text": "Importantly, all major subregions were higher. As we discussed in the past,", "audio_length_s": 6.15, "path": "73ba4ff250b62745e03880e75b9a1581_78.wav", "duration": 6.15}, {"text": "These are just 2 examples out of many, demonstrating how our technologies are leading the way to new insights within tissue,", "audio_length_s": 6.15, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_53.wav", "duration": 6.15}, {"text": "and how that compared to the cost side of the equation.", "audio_length_s": 6.15, "path": "a5aee620f2ef348884bdc8fa3e0cee19_100.wav", "duration": 6.15}, {"text": "This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.", "audio_length_s": 6.15, "path": "47a303604df9f9fc9f2f89a9280c3a79_263.wav", "duration": 6.15}, {"text": "Secondly, most of our clients already have a dedicated budget for learning content.", "audio_length_s": 6.15, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_88.wav", "duration": 6.15}, {"text": "As the industry moves to 96 layers and above, can you give us a little bit of an update", "audio_length_s": 6.15, "path": "f46ae0a04d60dea8a759f07333ed37e2_186.wav", "duration": 6.15}, {"text": "This communication does not constitute an offer to sell or the solicitation of an offer to buy these securities.", "audio_length_s": 6.15, "path": "8b6b51842af008f5f437f53cc2e71835_86.wav", "duration": 6.15}, {"text": "and that the prior episodes of consistently inconsistent performance are a thing of the past.", "audio_length_s": 6.15, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_97.wav", "duration": 6.15}, {"text": "We continue to expect our revenue mix to evolve by drawing on our domain expertise,", "audio_length_s": 6.15, "path": "1244d2b5a259c3bc73742830d60d53fc_2.wav", "duration": 6.15}, {"text": "we have reached the end of our question-and-answer session. I would like to turn the call back over to management for closing remarks.", "audio_length_s": 6.15, "path": "a965bbd76f3d449c86e8c27d03ac192f_95.wav", "duration": 6.15}, {"text": "On top of our unique offerings of technology solutions for advanced features", "audio_length_s": 6.15, "path": "bc5fa7fe146f7b14353ebd573809b0a1_252.wav", "duration": 6.15}, {"text": "due to the increase in our average stock price during the third quarter as well as higher health insurance costs.", "audio_length_s": 6.15, "path": "07d30eec04a77191950ef0992d097daf_9.wav", "duration": 6.15}, {"text": "And so this is one of the areas where we're actively looking for the", "audio_length_s": 6.15, "path": "38b2f94da12bbf2d32246763aab8265a_67.wav", "duration": 6.15}, {"text": "And really the major issue for us now, especially in Middle East, is to be selective", "audio_length_s": 6.15, "path": "e60f6485243932b9280d864cb17a6ba8_47.wav", "duration": 6.15}, {"text": "Finally, our Supply Response on Demand capability continues to gain recognition", "audio_length_s": 6.15, "path": "1bba27cac9495fe57f623973383d6948_41.wav", "duration": 6.15}, {"text": "Yes. So the only restriction on distribution is that we cannot increase the distribution", "audio_length_s": 6.15, "path": "7394bde65e000fbb7b528c6c65bd099d_76.wav", "duration": 6.15}, {"text": "Even though we don't report these wins in backlog, we will benefit from the profitability of this work.", "audio_length_s": 6.15, "path": "bab12f620df0f367e74acdcc467686f1_71.wav", "duration": 6.15}, {"text": "Midstream continues to be our largest sector, fueled by the development of the prolific shale plays", "audio_length_s": 6.15, "path": "40e11288ea7cb86fdf307dbe648142e3_6.wav", "duration": 6.15}, {"text": "and a desire for increased spending, which will drive future growth and demand for critical road safety products.", "audio_length_s": 6.15, "path": "1d2ff648e4a30fa5555a7ab85bf60190_117.wav", "duration": 6.15}, {"text": "So in summary, I think we're really pleased with our performance and the results across the business for the first half of the year.", "audio_length_s": 6.15, "path": "5664a96b7f1182d037b901d84eeb4fd6_130.wav", "duration": 6.15}, {"text": "Calvin will review procedure trends and Marshall, our progress in Japan in greater detail later in the call.", "audio_length_s": 6.15, "path": "58ff8a727ec4f3859407b64f08246759_190.wav", "duration": 6.15}, {"text": "What we don't want to do is give any color around the rest of the industry.", "audio_length_s": 6.15, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_187.wav", "duration": 6.15}, {"text": "considering the volatility that we've had over the last few years, we're really ready for any kind of outcome.", "audio_length_s": 6.15, "path": "8fd0d858dd99b5b6291eafc83e9a604d_77.wav", "duration": 6.15}, {"text": "the strength of the merger as you've seen by the diversity of the flows has been around", "audio_length_s": 6.15, "path": "be8b554309f7632bc9ebbd967764001e_166.wav", "duration": 6.15}, {"text": "We also think this will further strengthen the appeal of the independent channel and our model.", "audio_length_s": 6.15, "path": "8a77ceadd7e4729abc9102d38be3a227_109.wav", "duration": 6.15}, {"text": "No other material items affected the capital ratio in this quarter.", "audio_length_s": 6.15, "path": "6b3df032b804a1a371d25e1eef019c4a_111.wav", "duration": 6.15}, {"text": "Let me provide you with a brief overview of our current product channel inventory levels", "audio_length_s": 6.15, "path": "dd28a387ccc9575df47840b850647c7f_135.wav", "duration": 6.15}, {"text": "among all the countries. And second, lower expenses and that's mostly in Japan.", "audio_length_s": 6.15, "path": "98f10f0935e5b778e888a1b8130a3d31_118.wav", "duration": 6.15}, {"text": "And I was very pleased to see that after we have realized that purchase,", "audio_length_s": 6.15, "path": "98f10f0935e5b778e888a1b8130a3d31_14.wav", "duration": 6.15}, {"text": "And that's why you see these large deals. They really represent the customer's endorsement and trust of us", "audio_length_s": 6.15, "path": "16ed973148ce103dc95fdcfaf35bbe7b_237.wav", "duration": 6.15}, {"text": "I kindly ask the participants here in the room to wait for the microphone, to mention your name", "audio_length_s": 6.15, "path": "664ce6f8ad7864e2844f637e7a1b48d7_97.wav", "duration": 6.15}, {"text": "and make sure that you're not going away from that, and that you continue to work at that.", "audio_length_s": 6.15, "path": "0794a2f02bbe89feb49651735bba77c5_160.wav", "duration": 6.15}, {"text": "Therefore, we are now projecting consistent populations from California through the end of the year.", "audio_length_s": 6.15, "path": "c5c7a9f409241412b160a93cde7ef630_182.wav", "duration": 6.15}, {"text": "a backlog basis where we have major, major contracts. However, we do have one with Best Buy right now, which we did", "audio_length_s": 6.15, "path": "f77935c4693e4d33252c9c76993e9c8b_125.wav", "duration": 6.15}, {"text": "and not only outgrow the categories that we compete in, but also continue to outpace private label.", "audio_length_s": 6.15, "path": "915bdcf0edfec49b928ca4010cbb40ca_69.wav", "duration": 6.15}, {"text": "allowing us to deliver new value proposition to our clients.", "audio_length_s": 6.15, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_72.wav", "duration": 6.15}, {"text": "We continue to feel very strongly that snacking categories will grow faster than the rest of food,", "audio_length_s": 6.15, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_220.wav", "duration": 6.15}, {"text": "And I just -- I can't go into this year thinking that we're going to see that kind of kick up again.", "audio_length_s": 6.15, "path": "9e8690a521142359001a137074905535_62.wav", "duration": 6.15}, {"text": "market to market. But certainly, as we think about some of our infrastructure investments, I'll give you the", "audio_length_s": 6.15, "path": "9b697782ea80be97854f35d6fc62c93a_128.wav", "duration": 6.15}, {"text": "These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted.", "audio_length_s": 6.15, "path": "48f4f350c0636fa0c7acf339cfccb869_47.wav", "duration": 6.15}, {"text": "that's the prudent thing for them to do. Now, will there be a time where they change their buying patterns?", "audio_length_s": 6.15, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_56.wav", "duration": 6.15}, {"text": "We believe that we are progressing that plan with MSHA and hope to gain plan approval by mid-November.", "audio_length_s": 6.15, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_12.wav", "duration": 6.15}, {"text": "Thanks, Derek. Good morning to everyone, and thanks for joining us. Before I begin", "audio_length_s": 6.15, "path": "1949bd0c9c4c23d495d880c4c552bfe1_216.wav", "duration": 6.15}, {"text": "The broad range of retail placement for Gaiam speaks to the versatility of the brand.", "audio_length_s": 6.15, "path": "741526dd2a3db996d2f22f4bcdae4be6_35.wav", "duration": 6.15}, {"text": "while we did not incur the onetime separation cost we were expecting below the segment income line.", "audio_length_s": 6.15, "path": "fb817a6cc685a3fd0f003456dd641c01_4.wav", "duration": 6.15}, {"text": "We want to make certain that we can provide kind of the best", "audio_length_s": 6.15, "path": "5330f07390a3c14fc49f24ac98bf1eab_106.wav", "duration": 6.15}, {"text": "So a heartfelt welcome to Federico as he joins the Titan board.", "audio_length_s": 6.15, "path": "5330f07390a3c14fc49f24ac98bf1eab_6.wav", "duration": 6.15}, {"text": "and then for just additional capacity growth to do the activities we've been talking about in China.", "audio_length_s": 6.15, "path": "b3d7bc295d09d9927e465213612c0192_45.wav", "duration": 6.15}, {"text": "strong relationship with Dell prior to the introduction of that program, so I don't know that", "audio_length_s": 6.15, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_44.wav", "duration": 6.15}, {"text": "create rewarding careers for employees and provide value to our shareholders.", "audio_length_s": 6.15, "path": "9e07401011239a074ff66741ee557224_21.wav", "duration": 6.15}, {"text": "Retail outlook also is difficult to comment. Let me tell you this that", "audio_length_s": 6.15, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_71.wav", "duration": 6.15}, {"text": "To support these growth opportunities, both today and in the future, we are investing in our processes", "audio_length_s": 6.15, "path": "da879f8ea1c23aa6565cccaacac271fc_101.wav", "duration": 6.15}, {"text": "because it was only a few years ago, we had 10% share of the new housing market. So we're not just going to chase share for share's sake,", "audio_length_s": 6.15, "path": "33fd8a867dbd88a837e541b1d2b25ea5_40.wav", "duration": 6.15}, {"text": "is the person that's running that restaurant. And I think they see that.", "audio_length_s": 6.15, "path": "416ebb7a4160f7cd2f98361cbd1cb769_88.wav", "duration": 6.15}, {"text": "We'll present the exact data at the ESMO meeting coming up in a few months.", "audio_length_s": 6.15, "path": "f542ab325f47ed150e28888da2f85871_25.wav", "duration": 6.15}, {"text": "this is a great place for us to invest our capital into this patient access program.", "audio_length_s": 6.15, "path": "e42f90eacf0e766ff39973c6aca06c93_67.wav", "duration": 6.15}, {"text": "would become a significant customer for Fiserv. So it's not a smart thing for you to", "audio_length_s": 6.15, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_203.wav", "duration": 6.15}, {"text": "Third, going the other way and partially offsetting these incremental costs", "audio_length_s": 6.15, "path": "3b2908426357bb8269c3a01469865cd6_57.wav", "duration": 6.15}, {"text": "This is a nice business that -- there's a number of -- there's a few businesses that do this, but nobody", "audio_length_s": 6.15, "path": "0dec9a606303da3039d11eec4ec9bd86_91.wav", "duration": 6.15}, {"text": "From an industry perspective, the pressure for companies to become more sustainable continues to grow.", "audio_length_s": 6.15, "path": "c20824ea6f927fe380f48a904cf4821b_4.wav", "duration": 6.15}, {"text": "we will stay disciplined and return the cash to our shareholders.", "audio_length_s": 6.15, "path": "e33785a294553de2a12d4463bf786744_142.wav", "duration": 6.15}, {"text": "whether it can lift returns by another means?", "audio_length_s": 6.15, "path": "e33785a294553de2a12d4463bf786744_251.wav", "duration": 6.15}, {"text": "these unprecedented results, we are exploring potential fast-to-patient opportunities with regulators", "audio_length_s": 6.15, "path": "c36ef43210d40b0d1ad8f2acc597c76b_111.wav", "duration": 6.15}, {"text": "associates, focused on trends and styles as well as making sure", "audio_length_s": 6.15, "path": "7498a6630302a038bd537d192c3a44f4_57.wav", "duration": 6.15}, {"text": "These comments constitute forward-looking statements within the meaning of the Securities and Exchange Act.", "audio_length_s": 6.15, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_24.wav", "duration": 6.15}, {"text": "and enable them to scale up or down quickly based on consumer reaction to new product offerings.", "audio_length_s": 6.15, "path": "af00f4e7b63ee843a3d203f982fac701_29.wav", "duration": 6.15}, {"text": "I can tell you with certainty that our payment terms have not shifted or changed.", "audio_length_s": 6.15, "path": "80a2ca14358172366acab4e80f3fa33b_220.wav", "duration": 6.15}, {"text": "be very positive about Sandpiper. I mentioned earlier in the call how", "audio_length_s": 6.15, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_100.wav", "duration": 6.15}, {"text": "We were largely unaffected in October, because we didn't have a lot of exposure to tight spread commoditized sectors.", "audio_length_s": 6.15, "path": "a0d537badd260e2071136602e3b73b26_18.wav", "duration": 6.15}, {"text": "they are subject to a number of conditions that sometime are not met entirely. So", "audio_length_s": 6.15, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_77.wav", "duration": 6.15}, {"text": "and we're encouraged with the results, which demonstrates that our shortage initiatives are working.", "audio_length_s": 6.15, "path": "9908957f60adff5efc1c8692a0f5ab38_14.wav", "duration": 6.15}, {"text": "happened? Looks like he may have declined to ask a question.", "audio_length_s": 6.15, "path": "82ccbfb62e125b146fba0f8e4347cc62_49.wav", "duration": 6.15}, {"text": "Having said that, we've really been encouraged by the way the business has trended throughout the year,", "audio_length_s": 6.15, "path": "1353031386f884a821e7e9bab449727d_128.wav", "duration": 6.15}, {"text": "And I'd start off on the mining side with Coral, which was unique in its own right because of", "audio_length_s": 6.15, "path": "e0d1342ad3d27fd648b708837de08797_131.wav", "duration": 6.15}, {"text": "In addition, we are introducing larger canisters on a promotional basis.", "audio_length_s": 6.15, "path": "34b4c03bbd8e9d5fceb8c8af89388197_216.wav", "duration": 6.15}, {"text": "So I think that's a good place for us to wrap up, and that's a good topic that I'm sure we'll be talking more about", "audio_length_s": 6.15, "path": "95303f68781d6fb58e19ec1dc7785a7c_223.wav", "duration": 6.15}, {"text": "Earlier this week, we also entered into an agreement for the sale of our Panhandle assets.", "audio_length_s": 6.15, "path": "95303f68781d6fb58e19ec1dc7785a7c_58.wav", "duration": 6.15}, {"text": "The supplemental data on our website provides additional segment financial detail.", "audio_length_s": 6.15, "path": "95303f68781d6fb58e19ec1dc7785a7c_8.wav", "duration": 6.15}, {"text": "And if that is the case, does that extend into the second half of the year, or are there changes afoot there?", "audio_length_s": 6.15, "path": "407fee9910ab57874978cf85a89b1d9d_294.wav", "duration": 6.15}, {"text": "really getting ready to attack that market with a tremendous amount of enthusiasm. And I think", "audio_length_s": 6.15, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_44.wav", "duration": 6.15}, {"text": "become a user later on? Is there any way to sort of quantify the impact of those events?", "audio_length_s": 6.15, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_57.wav", "duration": 6.15}, {"text": "I would say we're not counting on it that fundamentally what we're working to do is", "audio_length_s": 6.15, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_99.wav", "duration": 6.15}, {"text": "And we're taking our new Subscription ACV, or annual contract value,", "audio_length_s": 6.15, "path": "9826162bc1bb67bf8d65e4cf50e656e9_171.wav", "duration": 6.15}, {"text": "And we don't want to jump into the market and compete head-to-head. That's not our value proposition.", "audio_length_s": 6.15, "path": "9826162bc1bb67bf8d65e4cf50e656e9_53.wav", "duration": 6.15}, {"text": "rain 15 days out of a month or 14 days out of a month and is spread out,", "audio_length_s": 6.15, "path": "902872913863de98d38e2936b846cf66_128.wav", "duration": 6.15}, {"text": "At Famous Footwear, we expect the success we have had with casual athletic product to continue.", "audio_length_s": 6.15, "path": "6cbf592846662213258684c3049e4592_67.wav", "duration": 6.15}, {"text": "we would expect this allocation to continue to weight heavier to the SCOOP over time.", "audio_length_s": 6.15, "path": "c71a6ab1a0697010811c89200ab21613_57.wav", "duration": 6.15}, {"text": "And what we're seeing is the laggards are -- continue to be Eastern Europe and Russia.", "audio_length_s": 6.15, "path": "e69e64683a56cdadf1c95192e753f27e_43.wav", "duration": 6.15}, {"text": "We've got a lot of opportunities ahead of us, and I look forward to reporting on our progress throughout the year.", "audio_length_s": 6.15, "path": "dbf6a9009ea60e2e96772ee3ccea7226_90.wav", "duration": 6.15}, {"text": "and in America because that's where we see the bulk of the growth.", "audio_length_s": 6.15, "path": "e21fc19597d349bcd86de1329167659b_119.wav", "duration": 6.15}, {"text": "At the same time, we raised the bar on our already industry-leading quality metrics", "audio_length_s": 6.15, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_94.wav", "duration": 6.15}, {"text": "Any capital acceleration for FedEx would primarily be for replacement of equipment and technology.", "audio_length_s": 6.15, "path": "f268a8174f58c93ad6b45b7f151fe896_211.wav", "duration": 6.15}, {"text": "pushing more on trying to reduce the growth in product costs? Or should we expect", "audio_length_s": 6.15, "path": "abd571ccf777ac4b0a43a7487031bc8a_64.wav", "duration": 6.15}, {"text": "nurse coaches, everything is designed to get people to the best care providers", "audio_length_s": 6.15, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_190.wav", "duration": 6.15}, {"text": "That restlessness fuels the pace and intensity with which we are moving this enterprise forward on our mission.", "audio_length_s": 6.15, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_284.wav", "duration": 6.15}, {"text": "that we want to prudently grow the company over time while still", "audio_length_s": 6.15, "path": "77423f08f0208d476dea73c639f6293a_97.wav", "duration": 6.15}, {"text": "excluding redevelopment assets where we might not be renewing people because we're completing something bigger", "audio_length_s": 6.15, "path": "1cfd7da6c2da11f7e3f7102a6265146b_41.wav", "duration": 6.15}, {"text": "And the trading companies were holding on to their volumes", "audio_length_s": 6.15, "path": "f15a674bdbbc461872000604216ae071_26.wav", "duration": 6.15}, {"text": "or circumstances that may arise after today's date except as required by applicable law.", "audio_length_s": 6.15, "path": "f388f8ab8a5751d4efc504090d00ca64_17.wav", "duration": 6.15}, {"text": "you have encouraged us to maintain that discipline and to even make sure we've got cash", "audio_length_s": 6.15, "path": "32283c24ad18239efb166db8422560b2_37.wav", "duration": 6.15}, {"text": "The performance of this product category was mixed as strong sales in Europe", "audio_length_s": 6.15, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_3.wav", "duration": 6.15}, {"text": "which resulted in that charge. I think for IPL, given that we've achieved first fire,", "audio_length_s": 6.15, "path": "3ae068efa03cd088f4d3edea682f199f_234.wav", "duration": 6.15}, {"text": "based on the investments that we made last year, just from the equipment that we installed.", "audio_length_s": 6.15, "path": "24a2aec67e247f9c4d4cc89d6dbab525_33.wav", "duration": 6.15}, {"text": "A transcript and replay of this call will be available on our website later today. Thank you all for listening.", "audio_length_s": 6.15, "path": "a85c54c77dd2524eedab1287ea3ceff4_36.wav", "duration": 6.15}, {"text": "teens and -- which means we had really an overall", "audio_length_s": 6.15, "path": "365c360aff42713cef71a7d026eeeb6d_31.wav", "duration": 6.15}, {"text": "partially due to the delta volume with the business win we had for Delta Airlines there,", "audio_length_s": 6.15, "path": "8dd740d83ff1c7319a82eeba6047633d_4.wav", "duration": 6.15}, {"text": "is under threat from some of the other airports going direct in and out of China.", "audio_length_s": 6.15, "path": "8dd740d83ff1c7319a82eeba6047633d_174.wav", "duration": 6.15}, {"text": "And so combining now four carrier -- combining four different spectrums together,", "audio_length_s": 6.15, "path": "6f73dbce90cb2d313480b437f0c51bbc_73.wav", "duration": 6.15}, {"text": "Integration expenses and restructuring costs will continue to be adjusted from our GAAP measures.", "audio_length_s": 6.15, "path": "9cd9b67e289e807d677aabc5765fec6a_68.wav", "duration": 6.15}, {"text": "So the plan, going forward, is that dependent upon how the situation and the financial markets change", "audio_length_s": 6.15, "path": "5478e14c30a7a53219de2176fdba0d4a_41.wav", "duration": 6.15}, {"text": "We're continuing to improve our position for growth based on our leading market position,", "audio_length_s": 6.15, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_170.wav", "duration": 6.15}, {"text": "And after paying out most of our cash on our Q2 balance sheet as dividends", "audio_length_s": 6.15, "path": "976a5489fe4d30c2e1ebb237ec62398a_81.wav", "duration": 6.15}, {"text": "We are proud of our quick reaction to the significant decline in sales volumes to the energy market.", "audio_length_s": 6.15, "path": "97ddc19ecb28bab2d19fd3b181182062_31.wav", "duration": 6.15}, {"text": "Management will provide a brief overview of the quarter and then open the call up to your questions.", "audio_length_s": 6.15, "path": "ff59c33225941d4025bcecc8fe1a4b32_25.wav", "duration": 6.15}, {"text": "This success is driven by the strength of our business strategy, which leverages numerous sources of revenue", "audio_length_s": 6.15, "path": "3a1ba1b79a8a016390f98ab3ffe71340_152.wav", "duration": 6.15}, {"text": "We discussed main areas of focus to help us increase sales and profitability.", "audio_length_s": 6.15, "path": "47546a57a865bca0f4e677dc3b485053_2.wav", "duration": 6.15}, {"text": "generating earnings and cash flow well in excess of what we need to meet our capital requirements", "audio_length_s": 6.1499375, "path": "f15966ae82e18b472ad78dd961f8e5e8_156.wav", "duration": 6.1499375}, {"text": "due mainly to a greater proportion of lower-margin maintenance services with longer completion times.", "audio_length_s": 6.1200625, "path": "89499eed4dff3bd184e91cd496111f22_116.wav", "duration": 6.1200625}, {"text": "And we think that we are involved in a number of interesting applications to benefit", "audio_length_s": 6.12, "path": "118b6e5a6077bedf5081ed70425b6866_12.wav", "duration": 6.12}, {"text": "Why now? Firstly, we've replaced the majority of our IT systems.", "audio_length_s": 6.12, "path": "214dcdc435ef3259490466447858fa56_115.wav", "duration": 6.12}, {"text": "Our business model remains highly cash generative and of increasing quality.", "audio_length_s": 6.12, "path": "214dcdc435ef3259490466447858fa56_256.wav", "duration": 6.12}, {"text": "and our strategic supply chain partners to scale production output over the coming quarters.", "audio_length_s": 6.12, "path": "ab5b4ea5cd86e4f7deafe9814024fada_8.wav", "duration": 6.12}, {"text": "But with over 25 million Canadians with a credit score and very few of them tracking it, there's a clear opportunity in front of us.", "audio_length_s": 6.12, "path": "f3ea353a6c918bc1fd311a9cad6b9777_73.wav", "duration": 6.12}, {"text": "As we continue to invest in our commercialization activities and in our clinical and research pipeline,", "audio_length_s": 6.12, "path": "5111fdad778749872c23e78c9b0d653b_113.wav", "duration": 6.12}, {"text": "but anyway. So I think the Board considered the options and thought that, that was the right level.", "audio_length_s": 6.12, "path": "f0dd7e4dad969b480d0d2a70609aedba_184.wav", "duration": 6.12}, {"text": "Over the coming weeks and months, I will be delving deeper into our product portfolio, financial structure", "audio_length_s": 6.12, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_140.wav", "duration": 6.12}, {"text": "putting through price increases against those commodity cost raises in that segment in particular is nominal. If", "audio_length_s": 6.12, "path": "22ad97a95501a08f15c06605cd277fec_83.wav", "duration": 6.12}, {"text": "A lot of things going on around this business. So we are seeing more cattle available", "audio_length_s": 6.12, "path": "6c7cc87ae188a5ad707fc0e523dea753_114.wav", "duration": 6.12}, {"text": "we obviously want to maintain our business. We want to make sure, if the rules change,", "audio_length_s": 6.12, "path": "c68c15299b67173c7ae163cc5938f3c1_64.wav", "duration": 6.12}, {"text": "late in the quarter. Now I will turn the call back over to Michael Collins for closing remarks.", "audio_length_s": 6.12, "path": "249b7b83531140105343e2a0e89150fa_50.wav", "duration": 6.12}, {"text": "several months for us to figure out. But right now, if we look at where we are today, we have a pretty", "audio_length_s": 6.12, "path": "13220986bf30f26076a674e2a9edc89c_234.wav", "duration": 6.12}, {"text": "a couple of months and a quarter going forward with higher inventory levels as an effect of this.", "audio_length_s": 6.12, "path": "55d548325797d638567669cd75444301_157.wav", "duration": 6.12}, {"text": "The path ahead has never been clear, and our commitment to this journey never greater.", "audio_length_s": 6.12, "path": "d70a57dd52d0e4cf86a6225dca186bc2_75.wav", "duration": 6.12}, {"text": "now, I want to talk about how we are going to achieve our growth objectives over the next 3 to 5 years.", "audio_length_s": 6.12, "path": "d70a57dd52d0e4cf86a6225dca186bc2_57.wav", "duration": 6.12}, {"text": "Going forward, we will be tailoring this approach to address other stores. Second,", "audio_length_s": 6.12, "path": "d70a57dd52d0e4cf86a6225dca186bc2_100.wav", "duration": 6.12}, {"text": "And at the same time, delivered a very strong result in terms of both", "audio_length_s": 6.12, "path": "65d5a09c659f6809931dc62aa7a9eaad_162.wav", "duration": 6.12}, {"text": "I'll begin with aerospace, which continues to be a very strong end market for Reliance.", "audio_length_s": 6.12, "path": "67716cee321d117b0318930dd142f06a_134.wav", "duration": 6.12}, {"text": "and increasing the mix of marketing solutions and other services revenues.", "audio_length_s": 6.12, "path": "04f29bc02d1e2ef65077ca67bf41f475_136.wav", "duration": 6.12}, {"text": "more in innovation and less in maintenance of buildings and old equipment.", "audio_length_s": 6.12, "path": "14f3d2486b21e639a953afb7ad03d90c_88.wav", "duration": 6.12}, {"text": "Yes. Okay. And so when I look at the low pricing relative to others", "audio_length_s": 6.12, "path": "3121e8f4a75758834d32a9e4e0555221_90.wav", "duration": 6.12}, {"text": "pretty insulated from market gyrations, based on the longevity of the capital,", "audio_length_s": 6.12, "path": "1b91eb82f5211000e711424657cc2484_158.wav", "duration": 6.12}, {"text": "where they're bringing some kind of a capability or perspective to us that we don't have.", "audio_length_s": 6.12, "path": "1b91eb82f5211000e711424657cc2484_311.wav", "duration": 6.12}, {"text": "and say it will fall evenly across all technology fields. So", "audio_length_s": 6.12, "path": "a45510e526a5935c1f8d4f039149ff3b_130.wav", "duration": 6.12}, {"text": "Additionally, today's remarks will include a discussion of certain financial measures that are not presented in conformity with U.S.", "audio_length_s": 6.12, "path": "54240e38051f2a3bb6a4e58fe55344cd_1.wav", "duration": 6.12}, {"text": "in the number 5 recovery boiler. Unit manufacturing costs were consistent with the previous quarter.", "audio_length_s": 6.12, "path": "088b4c55add5ff0e667bdbdd22187fc3_8.wav", "duration": 6.12}, {"text": "To adapt to these industry trends, I will add 2 more core businesses.", "audio_length_s": 6.12, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_132.wav", "duration": 6.12}, {"text": "This was due mainly to the solid rent increases we are achieving across the portfolio", "audio_length_s": 6.12, "path": "0ee490f8688669984ae17a737590f7b5_38.wav", "duration": 6.12}, {"text": "thank you all for joining this call today. We're looking forward to reporting data", "audio_length_s": 6.12, "path": "2a5b0a6532fa2b71915a2930be02621a_171.wav", "duration": 6.12}, {"text": "And that is that we can create a reliable, accessible and affordable postal service for the future", "audio_length_s": 6.12, "path": "fa45af64ef25007f998c655347bfbecb_404.wav", "duration": 6.12}, {"text": "slow approach to integrating acquisitions, and why we do that is because you got to preserve the customer relationships", "audio_length_s": 6.12, "path": "5308c910fb34c8291b372e7a94521e9b_46.wav", "duration": 6.12}, {"text": "has a lower total cost of ownership and is a little more durable for land operations and", "audio_length_s": 6.12, "path": "8957425799e5ce0200bfacf204d0acde_111.wav", "duration": 6.12}, {"text": "Operating income for other regions, which include South America, the Near and Middle East,", "audio_length_s": 6.12, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_96.wav", "duration": 6.12}, {"text": "Next, we would like to review power product group unit sales for the second quarter.", "audio_length_s": 6.12, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_10.wav", "duration": 6.12}, {"text": "Today, I'll review our progress in the quarter that gives us further confidence that our growth strategy is on track", "audio_length_s": 6.12, "path": "403903eb119bfc1cec44d86ec907077a_140.wav", "duration": 6.12}, {"text": "Each revenue type continues to grow double digits, reflecting strength across the entire business.", "audio_length_s": 6.12, "path": "0f4370b614f29bd596e4f6871cc77864_19.wav", "duration": 6.12}, {"text": "Page 11 of the earnings presentation displays net flows by investment vehicle.", "audio_length_s": 6.12, "path": "8b6b51842af008f5f437f53cc2e71835_51.wav", "duration": 6.12}, {"text": "of the company and the value prop associated with that identity in the eyes of our employees,", "audio_length_s": 6.12, "path": "575d21e05ceda8f95fc54e0292c2d99f_27.wav", "duration": 6.12}, {"text": "Second, the transition to the new Ascension agreement is starting to contribute to the top line.", "audio_length_s": 6.12, "path": "575d21e05ceda8f95fc54e0292c2d99f_93.wav", "duration": 6.12}, {"text": "We are very happy with our current development progress in this area.", "audio_length_s": 6.12, "path": "bc5fa7fe146f7b14353ebd573809b0a1_110.wav", "duration": 6.12}, {"text": "and as such leads to lower overall reported cost of sales during these quarters.", "audio_length_s": 6.12, "path": "2905366dcf0eb60a22b63a1b3d9adf95_143.wav", "duration": 6.12}, {"text": "As far as the 2 voluntary departure plans are concerned, please note that in", "audio_length_s": 6.12, "path": "e60f6485243932b9280d864cb17a6ba8_91.wav", "duration": 6.12}, {"text": "to get our people together. We've removed 3 million square feet of space and brought our people together.", "audio_length_s": 6.12, "path": "bab12f620df0f367e74acdcc467686f1_215.wav", "duration": 6.12}, {"text": "as well as gas integrity projects being undertaken by gas utilities across the country.", "audio_length_s": 6.12, "path": "40e11288ea7cb86fdf307dbe648142e3_105.wav", "duration": 6.12}, {"text": "and strong performance fees for the quarter. We were clearly beneficiaries from the strong equity markets,", "audio_length_s": 6.12, "path": "0899e07f70a6e5be842fb6e22a3fafe9_136.wav", "duration": 6.12}, {"text": "Our ability to repeatedly go above and beyond for our customers is a key differentiator for us.", "audio_length_s": 6.12, "path": "ade68f8add7249890d086ecf4b5b8cab_146.wav", "duration": 6.12}, {"text": "we brought in some wrong product and I would say that the weighting of the categories of the businesses that we had", "audio_length_s": 6.12, "path": "a001f4c808bdc9a395ee7d3f9288fc50_54.wav", "duration": 6.12}, {"text": "opportunities, competitors and interest is being generated. And we want to make sure that", "audio_length_s": 6.12, "path": "58ff8a727ec4f3859407b64f08246759_166.wav", "duration": 6.12}, {"text": "where do we see differentiated clinical value by procedure given what we can bring and", "audio_length_s": 6.12, "path": "58ff8a727ec4f3859407b64f08246759_99.wav", "duration": 6.12}, {"text": "hundreds of billions left in that market to transfer yet, so we're well away from reaching that point.", "audio_length_s": 6.12, "path": "be8b554309f7632bc9ebbd967764001e_98.wav", "duration": 6.12}, {"text": "and mosquito and bed bug services in each of the 5 states in which they operate.", "audio_length_s": 6.12, "path": "0360a780927a31fb0bec9e79dac878a2_49.wav", "duration": 6.12}, {"text": "As cost increases are put through, there's often a reduction in promotional activity for a period of time.", "audio_length_s": 6.12, "path": "47b1a118c53956b23f1d687a75f3e5ba_105.wav", "duration": 6.12}, {"text": "and given they're early adopters, they wanted to kind of go out to their customer base on a -- quite a gentle basis", "audio_length_s": 6.12, "path": "9b93af1e7019959620214c387f283d8e_21.wav", "duration": 6.12}, {"text": "This concludes my comments regarding our first quarter financial performance. We will now take your questions.", "audio_length_s": 6.12, "path": "f23036451aab1cb9d659c3ac9a23825c_71.wav", "duration": 6.12}, {"text": "pretty much comparable with quarter 1. So we did not see any impact there", "audio_length_s": 6.12, "path": "9c3a67f574514131f1f506b2f9905bed_63.wav", "duration": 6.12}, {"text": "what are the constraints for the group to lift the payout ratio to the top end of the range or, indeed,", "audio_length_s": 6.12, "path": "98f10f0935e5b778e888a1b8130a3d31_79.wav", "duration": 6.12}, {"text": "are -- which smooths the performance making that in the end", "audio_length_s": 6.12, "path": "98f10f0935e5b778e888a1b8130a3d31_335.wav", "duration": 6.12}, {"text": "description of exactly what adjustments were made to the real numbers,", "audio_length_s": 6.12, "path": "1968062b387ef01efed18108be2dc264_39.wav", "duration": 6.12}, {"text": "in. This has an impact on Southeast Asia, which is the second region of the world which is important to us", "audio_length_s": 6.12, "path": "664ce6f8ad7864e2844f637e7a1b48d7_141.wav", "duration": 6.12}, {"text": "And I would note, for everyone on the call, that we have never sold a share in any of our daughter companies.", "audio_length_s": 6.12, "path": "10dfe5270a7e4216d68614041d2a9bbe_161.wav", "duration": 6.12}, {"text": "We have been aggressively engaging in various customers and branded", "audio_length_s": 6.12, "path": "e271ed845347e9c930ab0a44eb7785da_35.wav", "duration": 6.12}, {"text": "But we've really come to appreciate here in the last 12 months, there is a lot of old, antiquated facilities out there", "audio_length_s": 6.12, "path": "c5c7a9f409241412b160a93cde7ef630_142.wav", "duration": 6.12}, {"text": "we have a few points of emphasis in fiscal '17. Growing our scotch business.", "audio_length_s": 6.12, "path": "c3567809c19ce6a800677544cd84f88b_146.wav", "duration": 6.12}, {"text": "I will take you through some of the initiatives that have been delivered to date.", "audio_length_s": 6.12, "path": "ab4dae37361262d727d1d2f8f78765d5_164.wav", "duration": 6.12}, {"text": "have, kind of changed strategy through the year thus far in terms of grouping up. I mean,", "audio_length_s": 6.12, "path": "b1da16cba24af8e472573c4c9caf17c7_149.wav", "duration": 6.12}, {"text": "And what we've seen in New York for example is that the pricing power has decreased as it gets closer to the day of arrival.", "audio_length_s": 6.12, "path": "b1da16cba24af8e472573c4c9caf17c7_156.wav", "duration": 6.12}, {"text": "please refer to the company's earnings release and reports filed with the Securities and Exchange Commission,", "audio_length_s": 6.12, "path": "08f219f6cb65bd0ed50cb8444a3884f8_164.wav", "duration": 6.12}, {"text": "Our press release also includes non-GAAP financial measures that may be discussed during today's call.", "audio_length_s": 6.12, "path": "246876171ef2f408df10ee0816f9db83_72.wav", "duration": 6.12}, {"text": "With that, I'd like to look forward and take a moment to discuss our 2016 financial guidance,", "audio_length_s": 6.12, "path": "626da68f2b245869534a0316b8b6139a_113.wav", "duration": 6.12}, {"text": "And at the end of the day, the more that we're able to execute our business model and being able to provide", "audio_length_s": 6.12, "path": "1949bd0c9c4c23d495d880c4c552bfe1_265.wav", "duration": 6.12}, {"text": "The third quarter brought more than its fair share of weather and operational challenges, and our team delivered.", "audio_length_s": 6.12, "path": "1949bd0c9c4c23d495d880c4c552bfe1_74.wav", "duration": 6.12}, {"text": "of upside in our ability to do that. What we expect -- what you should expect from us over time is an airline", "audio_length_s": 6.12, "path": "1949bd0c9c4c23d495d880c4c552bfe1_168.wav", "duration": 6.12}, {"text": "Like most BDCs, we've operated as a regulated investment company, or RIC, for tax purposes", "audio_length_s": 6.12, "path": "6318dda27b3e36d76533c048c64a3014_5.wav", "duration": 6.12}, {"text": "across the country. So, it was more in line with that than it was hunting for additional partners.", "audio_length_s": 6.12, "path": "21f21433851eb7c7f7dbc710309341bb_106.wav", "duration": 6.12}, {"text": "Motivation for customers to push out projects and commitments shows no signs of stopping by the end of the year.", "audio_length_s": 6.12, "path": "fb817a6cc685a3fd0f003456dd641c01_67.wav", "duration": 6.12}, {"text": "although it's not a necessity under IFRS. So unlike some of our peers,", "audio_length_s": 6.12, "path": "d8db289a641593a1934fbb6407eede02_42.wav", "duration": 6.12}, {"text": "as I tell my staff, one quarter does not a trend make, and there remains a fair amount of uncertainty both", "audio_length_s": 6.12, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_130.wav", "duration": 6.12}, {"text": "Looking ahead to our full year financial guidance. In addition to increasing our EXPAREL sales guidance,", "audio_length_s": 6.12, "path": "450a5dc6eb19b82da8dfc68127f6e79d_89.wav", "duration": 6.12}, {"text": "So I can't tell you that it's -- that we can get a full grasp on exactly what the issue is", "audio_length_s": 6.12, "path": "450a5dc6eb19b82da8dfc68127f6e79d_188.wav", "duration": 6.12}, {"text": "thereby reducing the H1 loss to be a smaller loss by the time we get to year-end.", "audio_length_s": 6.12, "path": "dffe8257f781608bb17bb637249e4d2a_309.wav", "duration": 6.12}, {"text": "and expect continued strong demand for Precision Device products across most end markets.", "audio_length_s": 6.12, "path": "61a1812ea55a4d676119b4f3d7cd6c10_47.wav", "duration": 6.12}, {"text": "This quarter, we demonstrated the impact of rapidly increasing volumes on our cost of goods sold.", "audio_length_s": 6.12, "path": "7551ffae17aa39dd4ea962a43f96bf04_103.wav", "duration": 6.12}, {"text": "to continue to be a headwind in Q1. We expect non-GAAP earnings per share", "audio_length_s": 6.12, "path": "49e533a8449f6b9b6c806458e73338e1_31.wav", "duration": 6.12}, {"text": "We presell most of our Switch hardware before it hits our warehouse through our Web in Store process", "audio_length_s": 6.12, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_144.wav", "duration": 6.12}, {"text": "of our first quarter numbers and at the upper end of our Capital Markets Day guidance. And", "audio_length_s": 6.12, "path": "b24e0b37987585f3c63f28df67e6a1f6_56.wav", "duration": 6.12}, {"text": "The previous guidance also excluded the purchase of the stake in Alliance Aviation,", "audio_length_s": 6.12, "path": "01f88a67f39af3a74d5f23b095615d39_180.wav", "duration": 6.12}, {"text": "Throughout our other businesses we continue to see considerable earnings growth opportunities over the coming years,", "audio_length_s": 6.12, "path": "757695924b5e43c7d44e29dc141cc035_146.wav", "duration": 6.12}, {"text": "We also continue to make progress in our Leadership Development Grant or LDG program.", "audio_length_s": 6.12, "path": "1e32d5e01ff61f70b37850c473b9876a_68.wav", "duration": 6.12}, {"text": "at a ratio of 1-for-7, effective as of the opening of trading", "audio_length_s": 6.12, "path": "48506cde3e4f077b7fb4c226d0cd0c7e_25.wav", "duration": 6.12}, {"text": "we will continue to evaluate our cost structure very closely and take the appropriate actions.", "audio_length_s": 6.12, "path": "3b2908426357bb8269c3a01469865cd6_148.wav", "duration": 6.12}, {"text": "And United Airlines has suspended flights to New Delhi due to such unhealthy air.", "audio_length_s": 6.12, "path": "77d2dd6d5e46cc8a8e80809305b60208_12.wav", "duration": 6.12}, {"text": "in the quarter, I would have liked to have rather seen that at the midpoint, and it ended up a tick above the high end of the range.", "audio_length_s": 6.12, "path": "8b3fb852b7afa89068326fa10e2e7563_31.wav", "duration": 6.12}, {"text": "and the only thing that is affecting commercial revenue is the mix of international passengers?", "audio_length_s": 6.12, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_90.wav", "duration": 6.12}, {"text": "what we can expect it to see is what we're seeing during the third quarter.", "audio_length_s": 6.12, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_15.wav", "duration": 6.12}, {"text": "I believe this will take some time. So probably, for the first quarter next year,", "audio_length_s": 6.12, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_121.wav", "duration": 6.12}, {"text": "has been fully deployed in an organic way, adding new antennas to our existing towers.", "audio_length_s": 6.12, "path": "ea45464984232d301c70cc7a9afdbc65_9.wav", "duration": 6.12}, {"text": "It seems to me that China is still -- was down in the reported quarter", "audio_length_s": 6.12, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_134.wav", "duration": 6.12}, {"text": "What I can notice here is there are two possible positive impacts for us.", "audio_length_s": 6.12, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_84.wav", "duration": 6.12}, {"text": "There are some data points I can share with you starting with wage pressure in the stores.", "audio_length_s": 6.12, "path": "9908957f60adff5efc1c8692a0f5ab38_187.wav", "duration": 6.12}, {"text": "to make sure that as many cells as possible can actually survive the trip to the clinic and be infused to the patient", "audio_length_s": 6.12, "path": "5efe4589d80ac1232c2958182c188903_78.wav", "duration": 6.12}, {"text": "So in summary, we are well down the path of transforming our company", "audio_length_s": 6.12, "path": "34b4c03bbd8e9d5fceb8c8af89388197_156.wav", "duration": 6.12}, {"text": "and they offer hundreds of thousands of square meters of development potential, which we plan to realize.", "audio_length_s": 6.12, "path": "24a133abc343c813233d416b0cef96cd_195.wav", "duration": 6.12}, {"text": "Firstly, we saw some significant negative media coverage of the sector around June last year", "audio_length_s": 6.12, "path": "24a133abc343c813233d416b0cef96cd_107.wav", "duration": 6.12}, {"text": "which benefited from the pantry stocking behavior that typically takes place around a major storm.", "audio_length_s": 6.12, "path": "b0d88c0f1efca89ecb928172341dc75d_102.wav", "duration": 6.12}, {"text": "That concludes my formal remarks, and I will now turn the call back to Claude for some brief closing remarks.", "audio_length_s": 6.12, "path": "0b21f953a7ae9970ef3a4c30b267927c_92.wav", "duration": 6.12}, {"text": "And then more broadly on the construction side, after the warning, maybe a month after the warning,", "audio_length_s": 6.12, "path": "6d41a81b648d81660c0d65523086346b_153.wav", "duration": 6.12}, {"text": "in the roles, but they were still learning their products. We filled the rest of those roles in the second -- in the first", "audio_length_s": 6.12, "path": "72b117fb1330bda9f954a219bb5a675e_163.wav", "duration": 6.12}, {"text": "the levels of 2018 should be the levels to be expected looking forward?", "audio_length_s": 6.12, "path": "ffe22f8bcf153b8b51f6e52039686c1e_47.wav", "duration": 6.12}, {"text": "And in the Pacific, we saw continued strength in New Zealand, while Australia showed modest growth.", "audio_length_s": 6.12, "path": "e0555e30370c43189a1136fb7ef17d20_156.wav", "duration": 6.12}, {"text": "Thank you. And ladies and gentlemen, that concludes today's conference call. We thank you for your participation.", "audio_length_s": 6.12, "path": "3412b2f7aef0615537779e312cf984c3_30.wav", "duration": 6.12}, {"text": "Revenues in the quarter were down 1%, with organic sales flat", "audio_length_s": 6.12, "path": "9fb4423a70358ef22be9982299969f7a_65.wav", "duration": 6.12}, {"text": "and we expect that into next year based on the number of programs that they're currently in negotiations on.", "audio_length_s": 6.12, "path": "711d9abe4399e7184d7dd8e3273f8a71_98.wav", "duration": 6.12}, {"text": "total revenue and a slightly decreasing situation license, so our market was matured.", "audio_length_s": 6.12, "path": "9826162bc1bb67bf8d65e4cf50e656e9_178.wav", "duration": 6.12}, {"text": "the small sizes which is given out in the market to test the product, he's very happy with the product", "audio_length_s": 6.12, "path": "b20564a6da1bcfc7b80552299d9e002a_101.wav", "duration": 6.12}, {"text": "Okay. In terms of like percent of your cost base, do you have an idea of like how much is euro, how much is yen?", "audio_length_s": 6.12, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_164.wav", "duration": 6.12}, {"text": "Before going on, we would like to let you know that any statements made during this conference call", "audio_length_s": 6.12, "path": "e3d039c554f5cc556071f83c93609e76_36.wav", "duration": 6.12}, {"text": "that our capacity is increasing,", "audio_length_s": 6.12, "path": "e3d039c554f5cc556071f83c93609e76_31.wav", "duration": 6.12}, {"text": "for the longer-term trend. I think it's too early to draw a strong conclusion as to", "audio_length_s": 6.12, "path": "b478d2808e90233ed994884e644a3d34_196.wav", "duration": 6.12}, {"text": "In a manufacturing process with a global supply chain, not everything is going to go as planned.", "audio_length_s": 6.12, "path": "ee824d23bd881a3dc5ee8be881b7d18b_52.wav", "duration": 6.12}, {"text": "Good morning. My name is Crystal, and I will be your conference operator today.", "audio_length_s": 6.12, "path": "af146425f68dd8e32f31878389746637_0.wav", "duration": 6.12}, {"text": "And so, you won't always see recruits in licenses grow in exactly the same percent in any one quarter.", "audio_length_s": 6.12, "path": "bcb3aac2c7cc035961d9ee8cfd330044_106.wav", "duration": 6.12}, {"text": "offer my best wishes to Rob. Rob, I've really enjoyed working with you and appreciate all your help over the years.", "audio_length_s": 6.12, "path": "6fe1a71311b4937268b4c0332dc7c11f_138.wav", "duration": 6.12}, {"text": "to be the seasonally lowest revenue quarter, and then to build up in each successive quarter.", "audio_length_s": 6.12, "path": "0b2059114216fe9195b6a4256ed84843_145.wav", "duration": 6.12}, {"text": "We along with many public companies have chosen not to go back and restate our prior year financial statements or its impact.", "audio_length_s": 6.12, "path": "eed99fefac02f862b3ee31c4748cb9b5_42.wav", "duration": 6.12}, {"text": "Now for the guidance. As a result of credit tightening across the board,", "audio_length_s": 6.12, "path": "5a85c98fc5e3d596bc18741b744f9ea5_186.wav", "duration": 6.12}, {"text": "Please be advised that actual results could differ materially from those stated or implied by our forward-looking statements", "audio_length_s": 6.12, "path": "a968612b5d51d3df12aad60dde8e1e41_93.wav", "duration": 6.12}, {"text": "And we're investing in our owned brands. And that kind of awareness of the", "audio_length_s": 6.12, "path": "c88e296697cd72c891ffb7bf5a1a60bb_78.wav", "duration": 6.12}, {"text": "improving our strategic market management, improving our product and category segmentation and positioning", "audio_length_s": 6.12, "path": "7a80c3e91e5a2693cdaef5f716808317_130.wav", "duration": 6.12}, {"text": "Therefore, we expect our average selling prices and overall ticket to increase.", "audio_length_s": 6.12, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_59.wav", "duration": 6.12}, {"text": "is important to note that given the cash consideration of the assets is dollar-based,", "audio_length_s": 6.12, "path": "9b84dc4409f4ecccd173c2f81a4460cc_42.wav", "duration": 6.12}, {"text": "operational excellence and mine optimization and price can extend the life considerably", "audio_length_s": 6.12, "path": "9b84dc4409f4ecccd173c2f81a4460cc_26.wav", "duration": 6.12}, {"text": "and spent several weeks realigning our sales force and transitioning customer accounts.", "audio_length_s": 6.12, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_14.wav", "duration": 6.12}, {"text": "primarily due to effective cost control throughout the company, including reductions in workforce", "audio_length_s": 6.12, "path": "97ddc19ecb28bab2d19fd3b181182062_248.wav", "duration": 6.12}, {"text": "but it's always good to go out on top. I've known a lot of you for as", "audio_length_s": 6.12, "path": "1bc08759c84df9d3f656cf53f5bb6d35_22.wav", "duration": 6.12}, {"text": "its annual reports on Form 10-K and its current reports on Form 8-K.", "audio_length_s": 6.12, "path": "027d36b67ee5bba934695b2d0c47eb08_33.wav", "duration": 6.12}, {"text": "and support that plan with a capital infusion and new strategic partnerships.", "audio_length_s": 6.1199375, "path": "6a372ea97b0b130a4d37f16b54d97909_177.wav", "duration": 6.1199375}, {"text": "of what occurs when you see rapid price increases like this. We've seen similar events in the past.", "audio_length_s": 6.0900625, "path": "f5875d033110e66b5aafc3c0003babdf_71.wav", "duration": 6.0900625}, {"text": "Key to franchisee profitability is actually putting more guests through our restaurants.", "audio_length_s": 6.0900625, "path": "416ebb7a4160f7cd2f98361cbd1cb769_5.wav", "duration": 6.0900625}, {"text": "and the board and the entire NCI team are excited about the potential this project holds for us.", "audio_length_s": 6.09, "path": "f5875d033110e66b5aafc3c0003babdf_86.wav", "duration": 6.09}, {"text": "First of all, we think this is a fair price for the assets which we discussed at length", "audio_length_s": 6.09, "path": "5833763223d8d85b6fcb5fe90e821c77_8.wav", "duration": 6.09}, {"text": "Earnings for both first quarter periods include the impact of valuing interest rate swap at fair value.", "audio_length_s": 6.09, "path": "bc6534f8d32e757d120eaa7fa1b3a952_10.wav", "duration": 6.09}, {"text": "in terms of intermodal as this market continues to", "audio_length_s": 6.09, "path": "94fdf7b24748a7706b1097482a0f363a_203.wav", "duration": 6.09}, {"text": "Despite these challenging conditions, we are pleased with our investment performance, specifically,", "audio_length_s": 6.09, "path": "6388da88b00ebc88af59435bdac74132_157.wav", "duration": 6.09}, {"text": "showing them the value of moving to SmartConnect and showing them again", "audio_length_s": 6.09, "path": "55cbaf368288111ebc2ccadb61e3bd34_264.wav", "duration": 6.09}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.09, "path": "aaf7e3a1cc8cf65ccf788923cb583954_199.wav", "duration": 6.09}, {"text": "And they will be seen in -- the revenues will be seen in the second half of this year.", "audio_length_s": 6.09, "path": "14e9ab3b38cd3029b8aff693a105dbfb_2.wav", "duration": 6.09}, {"text": "particularly in the club channel, which more than offset the decline on our base business.", "audio_length_s": 6.09, "path": "d28b2b09c127b5be033738aa3cd380b3_79.wav", "duration": 6.09}, {"text": "in achieving both our growth and profit targets in a sustainable way.", "audio_length_s": 6.09, "path": "9014ac9cbc2cff30468f1bcb659c0f66_354.wav", "duration": 6.09}, {"text": "We have also made changes to our fleet composition and are now focused more on Caterpillar products.", "audio_length_s": 6.09, "path": "264e575b73bc2a485bee416c1ac10cee_136.wav", "duration": 6.09}, {"text": "As our fintech and online lending customers look to expand lending to near and subprime customers", "audio_length_s": 6.09, "path": "0755f4b74dda585f3975c7d8208b1598_191.wav", "duration": 6.09}, {"text": "but even though is very significant improvement from where we stand now.", "audio_length_s": 6.09, "path": "2152c3428458312cf3da4cab3f8db5ca_40.wav", "duration": 6.09}, {"text": "Before we start, let me mention the tragic fatality we had at South Deep today.", "audio_length_s": 6.09, "path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_18.wav", "duration": 6.09}, {"text": "Of course, many of you will be interested in the net sales performance of Asset Strategy,", "audio_length_s": 6.09, "path": "8cb24daf76784487ad63780546dc4ba4_181.wav", "duration": 6.09}, {"text": "I don't know how you can look at it any other way, that we are positioning ourselves for", "audio_length_s": 6.09, "path": "c96b5ae4ffe20d946daec67e2b0917b2_144.wav", "duration": 6.09}, {"text": "And ladies and gentlemen, that concludes today's conference call. We thank you for your participation.", "audio_length_s": 6.09, "path": "c96b5ae4ffe20d946daec67e2b0917b2_117.wav", "duration": 6.09}, {"text": "execute against significant volumes as well as expenses related to closing and servicing costs.", "audio_length_s": 6.09, "path": "3180572bc2da758668c19200930e1bc4_8.wav", "duration": 6.09}, {"text": "and providing the commitment to service and quality that is not typical in this space.", "audio_length_s": 6.09, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_91.wav", "duration": 6.09}, {"text": "and of our life insurance operations in Jamaica, and Trinidad and Tobago.", "audio_length_s": 6.09, "path": "7974a5134807f46a1484a8adf81505be_7.wav", "duration": 6.09}, {"text": "the ability to receive and deliver segregated batches at these rates,", "audio_length_s": 6.09, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_9.wav", "duration": 6.09}, {"text": "And again, that leads you to some changes and some investments in what you need to have", "audio_length_s": 6.09, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_208.wav", "duration": 6.09}, {"text": "with a focus on the customer and on realizing the synergies that will deliver sustainable shareholder value.", "audio_length_s": 6.09, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_122.wav", "duration": 6.09}, {"text": "I think what you'll see is about half of that growth will come from new business, and", "audio_length_s": 6.09, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_169.wav", "duration": 6.09}, {"text": "is can you successfully run a study with medicine administered by the patient and collect the data you need", "audio_length_s": 6.09, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_22.wav", "duration": 6.09}, {"text": "to keep up with increasing fragmentation of viewing in the marketplace, but it's also to better enable us", "audio_length_s": 6.09, "path": "8b71a232d7fe61e6232807b635977c31_103.wav", "duration": 6.09}, {"text": "So there have been no changes to our legal structure or corporate governance.", "audio_length_s": 6.09, "path": "1b91eb82f5211000e711424657cc2484_132.wav", "duration": 6.09}, {"text": "And we believe that will make it more attractive to potential sellers of businesses we may want to buy.", "audio_length_s": 6.09, "path": "1b91eb82f5211000e711424657cc2484_227.wav", "duration": 6.09}, {"text": "much less send them to inventory at the OEM and wait to be integrated. So", "audio_length_s": 6.09, "path": "c4dc8f962a85aa47af50f82845f550e2_170.wav", "duration": 6.09}, {"text": "where we also try to go for further growth, where, of course, mainly the", "audio_length_s": 6.09, "path": "1f686a09cf3566a34f04f39fde02460e_78.wav", "duration": 6.09}, {"text": "Thank you for your time today. We appreciate your support and your interest in Erie.", "audio_length_s": 6.09, "path": "6d02f116f1ae8575d9b916f1429454eb_44.wav", "duration": 6.09}, {"text": "for businesses and we have improved our performance compared to last year because last year,", "audio_length_s": 6.09, "path": "39e5706898dcaf14a280b3a123877cd6_161.wav", "duration": 6.09}, {"text": "forced outages. But more important to me is, you can start to create safety issues.", "audio_length_s": 6.09, "path": "833f98dbc79997580b24335033aac5d2_292.wav", "duration": 6.09}, {"text": "The primary endpoint is the proportion of patients who achieve transfusion independence.", "audio_length_s": 6.09, "path": "2a5b0a6532fa2b71915a2930be02621a_133.wav", "duration": 6.09}, {"text": "We are also encouraged by the growing pipeline from our recently added Avaya channel partners.", "audio_length_s": 6.09, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_166.wav", "duration": 6.09}, {"text": "That will cause some delay in the implementation of those cost savings. In the end,", "audio_length_s": 6.09, "path": "fa45af64ef25007f998c655347bfbecb_409.wav", "duration": 6.09}, {"text": "it. And we're always looking for ways to increase the -- mostly the return on capital we put into the business.", "audio_length_s": 6.09, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_75.wav", "duration": 6.09}, {"text": "In October, we mentioned the trial that we're doing in our Holborn and Redding stores", "audio_length_s": 6.09, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_128.wav", "duration": 6.09}, {"text": "Both the prepared commentary and discussion during this call may contain forward-looking statements", "audio_length_s": 6.09, "path": "73ba4ff250b62745e03880e75b9a1581_147.wav", "duration": 6.09}, {"text": "First, please look at the gray bars, which indicate underlying operating cash flows.", "audio_length_s": 6.09, "path": "8011d82cf2151421d3dfacce65adde30_8.wav", "duration": 6.09}, {"text": "We'd look at that as a use of capital, depending on where we are with other uses of cash for transactions at the time.", "audio_length_s": 6.09, "path": "403903eb119bfc1cec44d86ec907077a_138.wav", "duration": 6.09}, {"text": "might have edged out a bit. We're not. We think we have the leading restructuring group on the Street.", "audio_length_s": 6.09, "path": "dbafd430cf189ffeffd96a06da8ba37d_124.wav", "duration": 6.09}, {"text": "with costly and time-consuming correlations making our accurate data available earlier", "audio_length_s": 6.09, "path": "e56726c7aedd69029957c84128050700_44.wav", "duration": 6.09}, {"text": "Are there any areas that are causing some concerns in the business or things that we may", "audio_length_s": 6.09, "path": "d9a3d28bdd36864c63b02659cc8870a8_89.wav", "duration": 6.09}, {"text": "and continued earnings growth as well as operating cash.", "audio_length_s": 6.09, "path": "a965bbd76f3d449c86e8c27d03ac192f_123.wav", "duration": 6.09}, {"text": "Our own terminals will be able to market directly to companies looking to source their sand needs locally.", "audio_length_s": 6.09, "path": "2905366dcf0eb60a22b63a1b3d9adf95_87.wav", "duration": 6.09}, {"text": "relative to the strip. But that's just where the market has been for the most part. And so we just try to stay", "audio_length_s": 6.09, "path": "07d30eec04a77191950ef0992d097daf_52.wav", "duration": 6.09}, {"text": "while also delivering the most reliable call experience every time.", "audio_length_s": 6.09, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_40.wav", "duration": 6.09}, {"text": "so that all of the erosion that you would expect post the patent expiry has happened?", "audio_length_s": 6.09, "path": "0c1ba087943ffa875ee4e4c1c42a458f_12.wav", "duration": 6.09}, {"text": "even if it impacts our ability to get that modest expansion we've been talking about in 2019 for margin.", "audio_length_s": 6.09, "path": "b96165244f010b3f1e61cbbc5e504d96_211.wav", "duration": 6.09}, {"text": "And then, just kind of more broadly in terms of organic growth in Florida,", "audio_length_s": 6.09, "path": "3068d678d3331b8f0a10ea4fa92361f2_84.wav", "duration": 6.09}, {"text": "down earlier in the week or the weekend. So that means less gasoline produced.", "audio_length_s": 6.09, "path": "7394bde65e000fbb7b528c6c65bd099d_83.wav", "duration": 6.09}, {"text": "Certain of the infrastructure practices, some of that's reactive work, but there's a fair amount of that", "audio_length_s": 6.09, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_100.wav", "duration": 6.09}, {"text": "In both cases, the first couple of quarters were marked by little new business but normal client attrition.", "audio_length_s": 6.09, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_63.wav", "duration": 6.09}, {"text": "And as we look at the tax rates even most recently, there's no change from our perspective. We really can't", "audio_length_s": 6.09, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_88.wav", "duration": 6.09}, {"text": "We've got a bunch of plants that we could deep cut, but looks like Swanson is next up on the list.", "audio_length_s": 6.09, "path": "8fd0d858dd99b5b6291eafc83e9a604d_126.wav", "duration": 6.09}, {"text": "the segregated mandates don't tend to work on lead tables, they tend to work relative to benchmark.", "audio_length_s": 6.09, "path": "be8b554309f7632bc9ebbd967764001e_116.wav", "duration": 6.09}, {"text": "Their revenue and customer base will significantly increase our market share in the South East.", "audio_length_s": 6.09, "path": "0360a780927a31fb0bec9e79dac878a2_131.wav", "duration": 6.09}, {"text": "We've been reading all the reports that you guys have written to understand the real strategy behind", "audio_length_s": 6.09, "path": "3df0981a2d94ed56170b78330aa72ee9_83.wav", "duration": 6.09}, {"text": "enabling us to streamline costs and mitigate our operational impact in the communities we serve.", "audio_length_s": 6.09, "path": "3df0981a2d94ed56170b78330aa72ee9_128.wav", "duration": 6.09}, {"text": "We will also use a portion of this investment to retire our existing convertible debt.", "audio_length_s": 6.09, "path": "6a372ea97b0b130a4d37f16b54d97909_64.wav", "duration": 6.09}, {"text": "to be with us for a very long time. And these are the financial targets. As I mentioned earlier,", "audio_length_s": 6.09, "path": "b2c4be32355b99e1a66809bd36e83dd2_153.wav", "duration": 6.09}, {"text": "as we continue to focus on delivering for our customers and partners and driving significant shareholder value.", "audio_length_s": 6.09, "path": "6c43a32379bfc34fc8cfe84ff94d6498_65.wav", "duration": 6.09}, {"text": "are subject to a series of risks and uncertainties that may cause actual results to differ materially from those statements.", "audio_length_s": 6.09, "path": "6d97c63e754383663561baada77c7354_53.wav", "duration": 6.09}, {"text": "there may come a point where we say okay, it's so strong, what are we going to do with the extra amount of money. But", "audio_length_s": 6.09, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_365.wav", "duration": 6.09}, {"text": "Let me focus my Health Segment commentary today on our HAAS contract,", "audio_length_s": 6.09, "path": "b94d748876ddf8e881d4191dec45baf3_186.wav", "duration": 6.09}, {"text": "our own data from the NEWTON study showed that those patients that receive the current standard of care,", "audio_length_s": 6.09, "path": "73f474b631c43567329cad1bb76ff4fe_43.wav", "duration": 6.09}, {"text": "We worked with ICE to adjust the contract to make the unused capacity available to other partners.", "audio_length_s": 6.09, "path": "c5c7a9f409241412b160a93cde7ef630_107.wav", "duration": 6.09}, {"text": "We continue to believe our private label business uniquely positions us in the marketplace,", "audio_length_s": 6.09, "path": "003356e698453d6b74f19a8e02587605_9.wav", "duration": 6.09}, {"text": "Well, the only thing significant to add is that they have completed their process,", "audio_length_s": 6.09, "path": "974a2d744cd3d9acf42d74816de91f7f_24.wav", "duration": 6.09}, {"text": "We continue to invest in the business for strategic growth and value creation in the quarter.", "audio_length_s": 6.09, "path": "191c819db03c2dfd0207cd1f42e278a4_3.wav", "duration": 6.09}, {"text": "but we see a very good opportunity to just have another nice contributor", "audio_length_s": 6.09, "path": "ab4dae37361262d727d1d2f8f78765d5_192.wav", "duration": 6.09}, {"text": "In essence, capital allocation for these purposes will not be subject to any financial metric.", "audio_length_s": 6.09, "path": "ab4dae37361262d727d1d2f8f78765d5_228.wav", "duration": 6.09}, {"text": "specialty products that were close to being commercialized. I'm wondering", "audio_length_s": 6.09, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_122.wav", "duration": 6.09}, {"text": "We have completed dosing for both healthy volunteers and patients with PH type 1 and", "audio_length_s": 6.09, "path": "e78997e6a75a2243292b2b54750bb3cb_8.wav", "duration": 6.09}, {"text": "making sales. There's the problem. If you do the sales, you won't have a problem.", "audio_length_s": 6.09, "path": "f77935c4693e4d33252c9c76993e9c8b_119.wav", "duration": 6.09}, {"text": "It is also an opportunity from our national strategy.", "audio_length_s": 6.09, "path": "75eb5b75bb8587b63c318714ea956b9e_110.wav", "duration": 6.09}, {"text": "wondering, if you could take us back to your initial discussions with Gibson to acquire the business and", "audio_length_s": 6.09, "path": "c92a9ecd2741326fd8625841a07f74f9_28.wav", "duration": 6.09}, {"text": "mean someone has to pay those costs to get it from the producing area to the refinery. And it's just how those", "audio_length_s": 6.09, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_246.wav", "duration": 6.09}, {"text": "kind of using the Vetri model away from a lot of the competitive intensity", "audio_length_s": 6.09, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_131.wav", "duration": 6.09}, {"text": "We're continuing to prioritize our spending to generate the best overall returns.", "audio_length_s": 6.09, "path": "9b697782ea80be97854f35d6fc62c93a_18.wav", "duration": 6.09}, {"text": "They're very active. They've already gotten a number of contracts done in over 40 states.", "audio_length_s": 6.09, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_57.wav", "duration": 6.09}, {"text": "The offsetting factor is that the contracts tend to be shorter term in nature than our end-to-end offerings.", "audio_length_s": 6.09, "path": "f1da65edd5f2026ffd647d496bb96ce7_14.wav", "duration": 6.09}, {"text": "so that we can go to, in particular, the automotive clients and make sure that we're serving them", "audio_length_s": 6.09, "path": "262bc21196721c5ff9114acbd2ff03c3_267.wav", "duration": 6.09}, {"text": "companies understood the risk and we needed to talk about a lot of operational efficiencies around it.", "audio_length_s": 6.09, "path": "52976c4bc9a150b3c85d5d6f1b3febb1_141.wav", "duration": 6.09}, {"text": "taking that opportunity to the next level after having made some of these investments and kind of getting things kind of in place", "audio_length_s": 6.09, "path": "21f21433851eb7c7f7dbc710309341bb_104.wav", "duration": 6.09}, {"text": "No, that's what I'm talking about. So there's growth from the fourth quarter -- just on that calculation,", "audio_length_s": 6.09, "path": "b3d7bc295d09d9927e465213612c0192_117.wav", "duration": 6.09}, {"text": "the associated parts and maintenance revenue and a few targeted domestic system sales.", "audio_length_s": 6.09, "path": "33ed8514914fae6825997843290fe049_56.wav", "duration": 6.09}, {"text": "Targeted growth of business and personal deposits raised through our branches remains a key focus.", "audio_length_s": 6.09, "path": "87045996e7446329f1d98c909c6ca7fe_76.wav", "duration": 6.09}, {"text": "required to address the challenges of the convergence of technology and applications,", "audio_length_s": 6.09, "path": "9e07401011239a074ff66741ee557224_2.wav", "duration": 6.09}, {"text": "still a lot of runway when it comes to net new actives. And I believe", "audio_length_s": 6.09, "path": "49e533a8449f6b9b6c806458e73338e1_102.wav", "duration": 6.09}, {"text": "You've talked about the Auto and Home business and the improvement needed there to maybe pursue something?", "audio_length_s": 6.09, "path": "ab3354b86be920cde18291112bf8a70a_121.wav", "duration": 6.09}, {"text": "The fundamentals of the coalition business remain strong with positive momentum.", "audio_length_s": 6.09, "path": "01f88a67f39af3a74d5f23b095615d39_26.wav", "duration": 6.09}, {"text": "or is it due to the excipients. So typically, we would expect it will take about 2 weeks in total", "audio_length_s": 6.09, "path": "8c1b4f4af2af2847a240041390e31399_33.wav", "duration": 6.09}, {"text": "but also because in Colombia, we took a more conservative approach to underwriting certain opportunities.", "audio_length_s": 6.09, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_115.wav", "duration": 6.09}, {"text": "We're proud the institution offers a program that creates so much value for its students.", "audio_length_s": 6.09, "path": "1e32d5e01ff61f70b37850c473b9876a_69.wav", "duration": 6.09}, {"text": "And in particular, is there a mix shift within the floating rate bucket driving that to come down so much?", "audio_length_s": 6.09, "path": "6709c061d39d0e433079f84160f11c80_218.wav", "duration": 6.09}, {"text": "which was higher than our guidance of 70 basis points as a result of over-performance of the pathology business.", "audio_length_s": 6.09, "path": "8b3fb852b7afa89068326fa10e2e7563_106.wav", "duration": 6.09}, {"text": "It is tough out there, but our teams in the field and in our offices are creating a lot of value.", "audio_length_s": 6.09, "path": "3c80de013154b028ecdc6354d16c6fbc_63.wav", "duration": 6.09}, {"text": "That's very important. But equally important in my opinion is the high quality of our net investment income.", "audio_length_s": 6.09, "path": "a0d537badd260e2071136602e3b73b26_151.wav", "duration": 6.09}, {"text": "the idea is that we need to be pushing the entire tool product line through those locations.", "audio_length_s": 6.09, "path": "18e82b076319ac52f8a4b391ea345abd_31.wav", "duration": 6.09}, {"text": "but we understand that our heads are down. We still have a lot of work to do, and we're going to keep making this incremental progress that hopefully", "audio_length_s": 6.09, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_111.wav", "duration": 6.09}, {"text": "And we've got a couple of other RFPs with some smaller financial institutions that we're currently working on as well.", "audio_length_s": 6.09, "path": "382e3c8eda678694c6368e00f19c8881_65.wav", "duration": 6.09}, {"text": "We have partnered with a customer analytics firm to provide market segmentation and demographic data", "audio_length_s": 6.09, "path": "884400c829f179d8cf68b767f45f03a4_17.wav", "duration": 6.09}, {"text": "we have an interest that we give that excess liquidity back to the shareholders.", "audio_length_s": 6.09, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_170.wav", "duration": 6.09}, {"text": "and so but we do have extra capacity now to get a transaction done, and we will continue to search for transactions, as we do every day.", "audio_length_s": 6.09, "path": "09b5b62d328d3d0719b6825357fdfb48_161.wav", "duration": 6.09}, {"text": "The barriers to entry are very low. Anyone could put a brand on vegetable oil, call it premium.", "audio_length_s": 6.09, "path": "34b4c03bbd8e9d5fceb8c8af89388197_193.wav", "duration": 6.09}, {"text": "in the business, and we are going to be looking at ways -- even though we will have growth,", "audio_length_s": 6.09, "path": "b6688f44b91606fbd75a6d66e94d4e4b_210.wav", "duration": 6.09}, {"text": "We're continuing to invest to expand our technology leadership into adjacent markets,", "audio_length_s": 6.09, "path": "ecc871b8f89a858d952f554f1ca8f7da_133.wav", "duration": 6.09}, {"text": "to go faster by making more use of third-party manufacturing where it makes sense.", "audio_length_s": 6.09, "path": "e35fae1d3df1f7aeda409f90f200ec7b_199.wav", "duration": 6.09}, {"text": "Thank you very much indeed for joining us for this conference call out of your busy schedules.", "audio_length_s": 6.09, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_1.wav", "duration": 6.09}, {"text": "and other cost actions, have resulted in that business being able to continue to deliver", "audio_length_s": 6.09, "path": "64364105b816dd0b6a029e9cd210e65b_308.wav", "duration": 6.09}, {"text": "and affordable communities that attract owner occupiers, and this is the most resilient part of the market.", "audio_length_s": 6.09, "path": "24a133abc343c813233d416b0cef96cd_177.wav", "duration": 6.09}, {"text": "is that we have made some decisions to pull low ROI programs, which", "audio_length_s": 6.09, "path": "b0d88c0f1efca89ecb928172341dc75d_245.wav", "duration": 6.09}, {"text": "explain why you think you're doing so much better than competitors and where you think you're taking subscribers from?", "audio_length_s": 6.09, "path": "6d41a81b648d81660c0d65523086346b_29.wav", "duration": 6.09}, {"text": "We don't think this is by any means set up for a V recovery. I'm talking about the overall energy market.", "audio_length_s": 6.09, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_65.wav", "duration": 6.09}, {"text": "I think, when rates first tick up, they think they're going to go back down. There seems to be some acceptance in that.", "audio_length_s": 6.09, "path": "3bc6d3e1c0a117340d288c289bf7f679_64.wav", "duration": 6.09}, {"text": "the comments made during this conference call in the Risk Factors section of the accompanying presentations", "audio_length_s": 6.09, "path": "2cd5b184c2ef6624ce219830182927c9_1.wav", "duration": 6.09}, {"text": "highly productive and we look forward to continuing to work together with their excellent team.", "audio_length_s": 6.09, "path": "6daa2d0829057899b014b06c36e1d54b_7.wav", "duration": 6.09}, {"text": "and we are taking corrective actions and should get these numbers back to first quartile shortly.", "audio_length_s": 6.09, "path": "5b331cf4e6f62ec9a9c30a4728e36054_5.wav", "duration": 6.09}, {"text": "we now forecast full year sales to decline low single digits for the reasons just cited.", "audio_length_s": 6.09, "path": "711d9abe4399e7184d7dd8e3273f8a71_138.wav", "duration": 6.09}, {"text": "in the later part of Q2. And finally, we finish with the Other Businesses,", "audio_length_s": 6.09, "path": "49dfadfb9a3d4d27ac250602928cf9ea_99.wav", "duration": 6.09}, {"text": "let me level set first as far as where we're at, then I'll walk you through sort of how you can see the rest of the year. But", "audio_length_s": 6.09, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_162.wav", "duration": 6.09}, {"text": "With a continuing resolution, the only way that you're able to start a new program is under an urgent operational need,", "audio_length_s": 6.09, "path": "1378aabd380e63d3f89fe0e445fc8b06_31.wav", "duration": 6.09}, {"text": "but with continued volatility which will keep investor flows muted and transactional activity light.", "audio_length_s": 6.09, "path": "09eebad8f3c529b4c7d916c5f7766f7f_235.wav", "duration": 6.09}, {"text": "and get those wells producing here. Most of that spend is going to be in the first part of the year.", "audio_length_s": 6.09, "path": "c71a6ab1a0697010811c89200ab21613_71.wav", "duration": 6.09}, {"text": "I think there there is a good chance to maintain a good rate of growth.", "audio_length_s": 6.09, "path": "e21fc19597d349bcd86de1329167659b_155.wav", "duration": 6.09}, {"text": "with strong order books and innovations do contribute to margin increases,", "audio_length_s": 6.09, "path": "e21fc19597d349bcd86de1329167659b_99.wav", "duration": 6.09}, {"text": "but they don't sell it like to national campaigns for a campaign for 2 or 3 weeks.", "audio_length_s": 6.09, "path": "411bdacf05f84134fc80b874a15cf3b7_144.wav", "duration": 6.09}, {"text": "they wake up in the morning and they have certain -- negative mix is a certain range of", "audio_length_s": 6.09, "path": "abd571ccf777ac4b0a43a7487031bc8a_118.wav", "duration": 6.09}, {"text": "I've mentioned earlier that we secured a significant order for battery plate cooling with an existing customer in Europe.", "audio_length_s": 6.09, "path": "10ad32c5e0559c879e032faaf3148ab4_123.wav", "duration": 6.09}, {"text": "we feel we are in the position to work out at the same pace we are doing in the first 2 years.", "audio_length_s": 6.09, "path": "9f434d15965cc67967f8d08fca44ce82_18.wav", "duration": 6.09}, {"text": "What we're doing right now is making those changes without trying to go in and", "audio_length_s": 6.09, "path": "b478d2808e90233ed994884e644a3d34_86.wav", "duration": 6.09}, {"text": "not only to develop some new aroma chemicals, but to also emphasize the fragrance compound portion of the business", "audio_length_s": 6.09, "path": "24c7526f6daca8e16ab91bea6124148a_109.wav", "duration": 6.09}, {"text": "Steve will now provide you with additional details on the fourth quarter and full year financial results.", "audio_length_s": 6.09, "path": "24c7526f6daca8e16ab91bea6124148a_141.wav", "duration": 6.09}, {"text": "that would be a threat to us in the way that perhaps that concern might have risen.", "audio_length_s": 6.09, "path": "bcb3aac2c7cc035961d9ee8cfd330044_34.wav", "duration": 6.09}, {"text": "I think a lot of improvement have been done there, but we still need to train the channel properly. And", "audio_length_s": 6.09, "path": "4fd138e27f5f375945332eacefa15b62_237.wav", "duration": 6.09}, {"text": "clients need us to guide them through these markets. We need to understand how the new", "audio_length_s": 6.09, "path": "bf99037f89cd485f95f097842619a0c7_13.wav", "duration": 6.09}, {"text": "some details on what kind of interest expenses you're using, and what kind of maintenance capital spending?", "audio_length_s": 6.09, "path": "0702a77635d50ec3b154df61456c1b63_75.wav", "duration": 6.09}, {"text": "With this, I would like to conclude my part of the presentation and hand back to Gilles.", "audio_length_s": 6.09, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_67.wav", "duration": 6.09}, {"text": "We've had many sessions with those 2 teams coming together, having joint new product development efforts", "audio_length_s": 6.09, "path": "7a80c3e91e5a2693cdaef5f716808317_222.wav", "duration": 6.09}, {"text": "I think that the reception that we've seen in the marketplace, the momentum and the growth", "audio_length_s": 6.09, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_21.wav", "duration": 6.09}, {"text": "This new antibody is aimed at lowering tau and slowing progressive diseases, such as Alzheimer's disease", "audio_length_s": 6.09, "path": "b1a98885c1d81414cdc122e807760faf_60.wav", "duration": 6.09}, {"text": "severe winter weather, at least not in those parts of the continent where most of the people live.", "audio_length_s": 6.09, "path": "976a5489fe4d30c2e1ebb237ec62398a_137.wav", "duration": 6.09}, {"text": "We are also in contract negotiations with several more, which will add to our base of business", "audio_length_s": 6.09, "path": "c2a4f7aacf0036edc5b94457c0d8329a_4.wav", "duration": 6.09}, {"text": "For the remainder of 2016, we look forward to continuing to execute on higher production and delivery rates", "audio_length_s": 6.09, "path": "9b83a4dcac688347e3b13ca7c55660ed_20.wav", "duration": 6.09}, {"text": "that all was done at the beginning of the year. So we wanted to be positioned so we could hit the ground running,", "audio_length_s": 6.09, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_107.wav", "duration": 6.09}, {"text": "We have come a long way in 4 quarters, but there is still more work to be done.", "audio_length_s": 6.0899375, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_4.wav", "duration": 6.0899375}, {"text": "And also looking at each of those in turn, you can see that both divisions are also well diversified within themselves.", "audio_length_s": 6.0600625, "path": "5664a96b7f1182d037b901d84eeb4fd6_120.wav", "duration": 6.0600625}, {"text": "and while we had a good start to the year, we have not made significant changes to our full year expectations.", "audio_length_s": 6.0600625, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_77.wav", "duration": 6.0600625}, {"text": "The top line growth was fueled by rate increases and strong renewals, yet moderated by control new business.", "audio_length_s": 6.0600625, "path": "7ebbb41dcefeb482191f8bc22031b5d9_55.wav", "duration": 6.0600625}, {"text": "The purchase program is the most recent example of ArcLight's significant and ongoing support of American Midstream,", "audio_length_s": 6.0600625, "path": "f388f8ab8a5751d4efc504090d00ca64_20.wav", "duration": 6.0600625}, {"text": "Tom will provide more details on the financial results in his section.", "audio_length_s": 6.06, "path": "118b6e5a6077bedf5081ed70425b6866_4.wav", "duration": 6.06}, {"text": "We could see a slightly higher -- well, actually much higher inflation in", "audio_length_s": 6.06, "path": "2ddcbcc22b1b6524d53dab890b104647_19.wav", "duration": 6.06}, {"text": "that it would be reimbursed and there would be limited sort of challenges in relation to access to", "audio_length_s": 6.06, "path": "070a939ddb72d87ed87e4b863da14a89_124.wav", "duration": 6.06}, {"text": "and some of the answers in response to your questions by management may contain forward-looking statement.", "audio_length_s": 6.06, "path": "d162113e3aface010baec17bd408736b_145.wav", "duration": 6.06}, {"text": "it's accelerating. So as we go through the year that probably -- number will accelerate.", "audio_length_s": 6.06, "path": "d819fc602f924dd226fb27a9d26007d2_7.wav", "duration": 6.06}, {"text": "that was surprising to us about how much demand came in and our ability to continue to push rates.", "audio_length_s": 6.06, "path": "d819fc602f924dd226fb27a9d26007d2_14.wav", "duration": 6.06}, {"text": "particularly institutional verticals where activity appears to be much earlier in a cyclical recovery.", "audio_length_s": 6.06, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_41.wav", "duration": 6.06}, {"text": "In the third quarter, we announced a new partnership with Mavenir to bring to market a rich,", "audio_length_s": 6.06, "path": "139f0a6300f504b3e8673e39b0429161_140.wav", "duration": 6.06}, {"text": "Our strong credit discipline and low loan-to-values have resulted in consistently low credit losses and servicing costs.", "audio_length_s": 6.06, "path": "b7050f62f52a3d2803beea21404f7af6_129.wav", "duration": 6.06}, {"text": "Triangle Capital Corporation issued a press release yesterday with details of the company's quarterly financial and operating results. A", "audio_length_s": 6.06, "path": "ab861b81968e1b5fcb606ed886919d68_90.wav", "duration": 6.06}, {"text": "We may need to review the dividend when we have clearer prospect.", "audio_length_s": 6.06, "path": "3cb802f8fba7d33603c29387ccdaf817_199.wav", "duration": 6.06}, {"text": "In both, we could confirm the persistent reduction of the number of bleeds", "audio_length_s": 6.06, "path": "3cb802f8fba7d33603c29387ccdaf817_187.wav", "duration": 6.06}, {"text": "This is the last time for me to make presentations on performance.", "audio_length_s": 6.06, "path": "3cb802f8fba7d33603c29387ccdaf817_125.wav", "duration": 6.06}, {"text": "There was no notable change in other financial income.", "audio_length_s": 6.06, "path": "3cb802f8fba7d33603c29387ccdaf817_60.wav", "duration": 6.06}, {"text": "But we believe that we do have the design capability.", "audio_length_s": 6.06, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_55.wav", "duration": 6.06}, {"text": "strong financial performance and the Lattice acquisition ready for financial close today.", "audio_length_s": 6.06, "path": "309554ae886fe4911da6e3329b631fe6_120.wav", "duration": 6.06}, {"text": "based on a strong reception from consumers and customers.", "audio_length_s": 6.06, "path": "d28b2b09c127b5be033738aa3cd380b3_146.wav", "duration": 6.06}, {"text": "but it's very tightly linked to our corporate functions and very tightly linked to our business units.", "audio_length_s": 6.06, "path": "d28b2b09c127b5be033738aa3cd380b3_184.wav", "duration": 6.06}, {"text": "it's a good point. And we do a pretty good visibility and what I would tell you is", "audio_length_s": 6.06, "path": "264e575b73bc2a485bee416c1ac10cee_168.wav", "duration": 6.06}, {"text": "for the company, on new equipment side. Now that is going to get better as we go through the year. I think we said", "audio_length_s": 6.06, "path": "264e575b73bc2a485bee416c1ac10cee_17.wav", "duration": 6.06}, {"text": "a rate which outpaces the growth of the global economy by more than 3x over the same period.", "audio_length_s": 6.06, "path": "223f05c0b9b116532e9af84afa76cac7_137.wav", "duration": 6.06}, {"text": "Of course, we are also try to increase commissions by developing different business lines,", "audio_length_s": 6.06, "path": "2152c3428458312cf3da4cab3f8db5ca_81.wav", "duration": 6.06}, {"text": "they have driven our success to date, and will enable our success going forward.", "audio_length_s": 6.06, "path": "280baf1d10cd27b78eae4bf2574b9c98_158.wav", "duration": 6.06}, {"text": "geography and life stage. So you will see that continue in our marketing", "audio_length_s": 6.06, "path": "7e14890193df4b10e1eeab6ab886529f_220.wav", "duration": 6.06}, {"text": "The way we show up consistently across the globe is an essential part of how we move forward.", "audio_length_s": 6.06, "path": "7e14890193df4b10e1eeab6ab886529f_28.wav", "duration": 6.06}, {"text": "and we will do nothing but encourage their participation in design. But we're not waiting for them.", "audio_length_s": 6.06, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_135.wav", "duration": 6.06}, {"text": "that may cause actual results to differ from management's projections, forecasts, estimates and expectations.", "audio_length_s": 6.06, "path": "c96b5ae4ffe20d946daec67e2b0917b2_176.wav", "duration": 6.06}, {"text": "This decrease is attributable to a decrease in earnings from our share of the BOSTCO facility,", "audio_length_s": 6.06, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_117.wav", "duration": 6.06}, {"text": "There has been and will be other changes to improve our presence", "audio_length_s": 6.06, "path": "a27b6a158b524914d94b0a407a41ef82_39.wav", "duration": 6.06}, {"text": "after accounting for corporate costs. We anticipate we will have positive operating income in the fourth quarter.", "audio_length_s": 6.06, "path": "dd3166f311a5f12a25103a0295e8ac3e_78.wav", "duration": 6.06}, {"text": "those are the kinds of things that will go into our board's decision about", "audio_length_s": 6.06, "path": "918de179148bbfe18b95415ee0065a3d_103.wav", "duration": 6.06}, {"text": "Let me update you on the status of our remaining tax benefit related to the support payment we made in connection", "audio_length_s": 6.06, "path": "1b91eb82f5211000e711424657cc2484_95.wav", "duration": 6.06}, {"text": "We have created the right plan, focused on the most important objectives", "audio_length_s": 6.06, "path": "75fa1bebed0b858c76cc7058477e40e2_23.wav", "duration": 6.06}, {"text": "but it is a -- what's important about it is that you aren't just doing", "audio_length_s": 6.06, "path": "91422f85dbf838639b3cb9dd9da364eb_170.wav", "duration": 6.06}, {"text": "Over the next year or so, we plan to deliver a steady cadence of clinical data across key indications", "audio_length_s": 6.06, "path": "46906afb4e1ee1fef09b5908e76beefa_58.wav", "duration": 6.06}, {"text": "I say we've been watching because we've been in this market for a long time,", "audio_length_s": 6.06, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_204.wav", "duration": 6.06}, {"text": "and provide clear contrasts of the mechanism of action for each of these agents.", "audio_length_s": 6.06, "path": "2a5b0a6532fa2b71915a2930be02621a_4.wav", "duration": 6.06}, {"text": "Canadian Natural is in a great position and is now more robust and sustainable,", "audio_length_s": 6.06, "path": "c1f9276ae4068aca63163adff502b818_26.wav", "duration": 6.06}, {"text": "for processing controlled substances. And we think that there are significant", "audio_length_s": 6.06, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_173.wav", "duration": 6.06}, {"text": "And the CapEx pattern for '17 is going to be also a mild one.", "audio_length_s": 6.06, "path": "d261e09fa176510406c0d05eeedfc8f8_147.wav", "duration": 6.06}, {"text": "I hope that you had a chance to review the press release that was issued earlier this morning via Business Wire.", "audio_length_s": 6.06, "path": "224a41b247c04842c2998802d67c8123_28.wav", "duration": 6.06}, {"text": "The technology now enable solutions that were not necessarily possible 5 years ago. It is attracting", "audio_length_s": 6.06, "path": "0f4370b614f29bd596e4f6871cc77864_224.wav", "duration": 6.06}, {"text": "While we're talking about geographies, let me add a little color to Steve's comments on trade and tariffs related to China.", "audio_length_s": 6.06, "path": "0f4370b614f29bd596e4f6871cc77864_212.wav", "duration": 6.06}, {"text": "create new, I'll call it, new, new solutions based on integrating the data that we have available from what's in the portfolio.", "audio_length_s": 6.06, "path": "0f4370b614f29bd596e4f6871cc77864_184.wav", "duration": 6.06}, {"text": "This higher end line is part of our strategy to appeal to the more discerning wellness consumer.", "audio_length_s": 6.06, "path": "276392c471c063580869aec014a1feda_151.wav", "duration": 6.06}, {"text": "the distribution channels. Another good benefit with this for us is that", "audio_length_s": 6.06, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_60.wav", "duration": 6.06}, {"text": "From an adoption standpoint, I'm assuming it's fair to say that", "audio_length_s": 6.06, "path": "e56726c7aedd69029957c84128050700_117.wav", "duration": 6.06}, {"text": "I think, are the supply and demand. As I said in my color comments, I think that's really going to dictate", "audio_length_s": 6.06, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_139.wav", "duration": 6.06}, {"text": "And then the final thing I would say, and I think we have to emphasize this more and more in our dialogue with the capital markets", "audio_length_s": 6.06, "path": "575d21e05ceda8f95fc54e0292c2d99f_148.wav", "duration": 6.06}, {"text": "to drive improved financial performance as we are beginning to see this play through in our financial results.", "audio_length_s": 6.06, "path": "575d21e05ceda8f95fc54e0292c2d99f_126.wav", "duration": 6.06}, {"text": "And if -- to be a fitter for those, even though you're self-employed, you have to now come in and be tested.", "audio_length_s": 6.06, "path": "9c1272d9d120c5bfafd6e6b566f89b62_175.wav", "duration": 6.06}, {"text": "Ladies and gentlemen, we would like to welcome you very warmly", "audio_length_s": 6.06, "path": "38b2f94da12bbf2d32246763aab8265a_0.wav", "duration": 6.06}, {"text": "There is nothing out there at the present time that would be a whole team lift-out.", "audio_length_s": 6.06, "path": "f2a2ba46b242698577188259de23de31_57.wav", "duration": 6.06}, {"text": "In an environment business, activity is accelerating, which is contributing to an improved growth outlook.", "audio_length_s": 6.06, "path": "bab12f620df0f367e74acdcc467686f1_123.wav", "duration": 6.06}, {"text": "Great. Thank you operator, and thanks in particular for your assist on the technical issues earlier in the call.", "audio_length_s": 6.06, "path": "49a78c1ec143d9ac46e893e77198c0e3_154.wav", "duration": 6.06}, {"text": "we think it's a drug that we want to do some work on to figure out where it could go.", "audio_length_s": 6.06, "path": "49a78c1ec143d9ac46e893e77198c0e3_29.wav", "duration": 6.06}, {"text": "The mix between our transmission and gathering customers and gas utility customers", "audio_length_s": 6.06, "path": "40e11288ea7cb86fdf307dbe648142e3_111.wav", "duration": 6.06}, {"text": "we might favor the international transaction. Simply because it's a nice opportunity to use our international cash.", "audio_length_s": 6.06, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_122.wav", "duration": 6.06}, {"text": "We expect cash flow before financing activities to be positive this year but substantially lower than last year.", "audio_length_s": 6.06, "path": "08ed60a546bd48af9db028c4e3c8af26_9.wav", "duration": 6.06}, {"text": "what we observe is that while this is on the very, very long term", "audio_length_s": 6.06, "path": "23417803b1a8115806b8e604b8b2bb83_306.wav", "duration": 6.06}, {"text": "have it picked up by the regulator. I expect another year at least before we see that coming.", "audio_length_s": 6.06, "path": "23417803b1a8115806b8e604b8b2bb83_308.wav", "duration": 6.06}, {"text": "At the heart of Connected 4 Growth is the organizational and core process changes", "audio_length_s": 6.06, "path": "47b1a118c53956b23f1d687a75f3e5ba_247.wav", "duration": 6.06}, {"text": "The other important factor that will drive our revenue growth is end customer adoption.", "audio_length_s": 6.06, "path": "9b93af1e7019959620214c387f283d8e_97.wav", "duration": 6.06}, {"text": "We will continue to focus on this market segment and trust in our long term growth trend.", "audio_length_s": 6.06, "path": "9c3a67f574514131f1f506b2f9905bed_58.wav", "duration": 6.06}, {"text": "looking at those inventories right now, they're still low as compared to historically what they have been.", "audio_length_s": 6.06, "path": "9c3a67f574514131f1f506b2f9905bed_92.wav", "duration": 6.06}, {"text": "big things we're focusing on here is building the total subscriber base, which is driving the voice story", "audio_length_s": 6.06, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_298.wav", "duration": 6.06}, {"text": "that's just not a big number right now. But you go into the year with just wage inflation", "audio_length_s": 6.06, "path": "02deeb29574f1571812a11f66bb8fda1_97.wav", "duration": 6.06}, {"text": "really translate for the franchisees making a lot more money, even when you have", "audio_length_s": 6.06, "path": "7aeefd3f7f36ea98354844517c1f012d_26.wav", "duration": 6.06}, {"text": "report on the complete TV set in terms of its progress and development.", "audio_length_s": 6.06, "path": "e271ed845347e9c930ab0a44eb7785da_8.wav", "duration": 6.06}, {"text": "How are you addressing the value equation to the customer who is not the My Starbucks Rewards customer?", "audio_length_s": 6.06, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_124.wav", "duration": 6.06}, {"text": "We believe this will transform the quality and effectiveness of brand building to drive growth.", "audio_length_s": 6.06, "path": "c3567809c19ce6a800677544cd84f88b_171.wav", "duration": 6.06}, {"text": "And now moving to Slide 18 and our outlook. We are maintaining an outlook", "audio_length_s": 6.06, "path": "6ad1d7c855ceb3eb830c365e357e4510_24.wav", "duration": 6.06}, {"text": "This growth rate significantly exceeded our internal expectations, and we're really proud of these results.", "audio_length_s": 6.06, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_193.wav", "duration": 6.06}, {"text": "They are constantly looking, but the attention will shift to Japan more.", "audio_length_s": 6.06, "path": "58d5f604300a30c0c5bd9aa57d207478_20.wav", "duration": 6.06}, {"text": "large site in the Gothenburg area and the traditional rebalancing of the contract", "audio_length_s": 6.06, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_57.wav", "duration": 6.06}, {"text": "And we are excited to have the opportunity to deploy our success team to help.", "audio_length_s": 6.06, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_93.wav", "duration": 6.06}, {"text": "Underlying manufacturing efficiencies continued to improve in the quarter as our EBITDA margin improved", "audio_length_s": 6.06, "path": "08f219f6cb65bd0ed50cb8444a3884f8_115.wav", "duration": 6.06}, {"text": "We've always known it was there. We've known that we were doing the right things to get it to come true. But", "audio_length_s": 6.06, "path": "08f219f6cb65bd0ed50cb8444a3884f8_138.wav", "duration": 6.06}, {"text": "any size acquisition, continue to return money to our shareholders on a regular basis", "audio_length_s": 6.06, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_135.wav", "duration": 6.06}, {"text": "as opposed to shifting economics more towards the tail of attractive royalty streams?", "audio_length_s": 6.06, "path": "e78997e6a75a2243292b2b54750bb3cb_23.wav", "duration": 6.06}, {"text": "to ensure we continue to consistently grow the top and bottom lines and ultimately create", "audio_length_s": 6.06, "path": "82131762fc1c2b2358ac3a167666ab87_138.wav", "duration": 6.06}, {"text": "Well -- and I'm not -- look, I think you guys are doing a great job and you're trying your best.", "audio_length_s": 6.06, "path": "f77935c4693e4d33252c9c76993e9c8b_181.wav", "duration": 6.06}, {"text": "So all of that was contained in the last week and essentially most of it was contained in the first 3 days of the week.", "audio_length_s": 6.06, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_76.wav", "duration": 6.06}, {"text": "I don't think it's driven by a size component. It's actually driven by the", "audio_length_s": 6.06, "path": "63d825666ef6527fd7e4f26e728a4e61_47.wav", "duration": 6.06}, {"text": "These improvements and others drove meaningful increases in customer satisfaction.", "audio_length_s": 6.06, "path": "52a4e3ebf7e968a783401230c3f69a9d_119.wav", "duration": 6.06}, {"text": "We believe we can create significant value for our customers and our shareholders.", "audio_length_s": 6.06, "path": "0ec0a75c1800bac01520dcac5b8992fb_161.wav", "duration": 6.06}, {"text": "With that, I will now be pleased to take your questions. Thank you very much for", "audio_length_s": 6.06, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_121.wav", "duration": 6.06}, {"text": "Despite the continued commodity downturn, we believe we are now in a stronger position than we have ever been before", "audio_length_s": 6.06, "path": "ea7f210b3c08271afbdb6d434b8394e9_52.wav", "duration": 6.06}, {"text": "there was kind of no heads up of that when you reported November 19. So", "audio_length_s": 6.06, "path": "9e8690a521142359001a137074905535_305.wav", "duration": 6.06}, {"text": "early in April versus what was going on at the beginning of the quarter?", "audio_length_s": 6.06, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_61.wav", "duration": 6.06}, {"text": "to invent social media, but when we recognize something can help our business, we fold in pretty quick.", "audio_length_s": 6.06, "path": "e2c17247ae2f5d4fa8dd8814cc801198_42.wav", "duration": 6.06}, {"text": "that reflects both the opportunities and challenges in the evolving China pharmaceuticals market.", "audio_length_s": 6.06, "path": "0e52a74a184c92ad0c336af764aa0796_89.wav", "duration": 6.06}, {"text": "And we'll actually start to see some restructuring benefits in Industrial Controls in particular,", "audio_length_s": 6.06, "path": "262bc21196721c5ff9114acbd2ff03c3_179.wav", "duration": 6.06}, {"text": "we believe we're well positioned for future growth. And with that, I'd like to open the floor", "audio_length_s": 6.06, "path": "e00fd35e201a8607d264b803a5130c59_208.wav", "duration": 6.06}, {"text": "It's been done in the past by other BDCs. We didn't want to do that. So we kind of felt painted into a corner.", "audio_length_s": 6.06, "path": "6318dda27b3e36d76533c048c64a3014_158.wav", "duration": 6.06}, {"text": "We also have several equity investments in C corporations which have contributed to our dividend income.", "audio_length_s": 6.06, "path": "6318dda27b3e36d76533c048c64a3014_141.wav", "duration": 6.06}, {"text": "And then do you have -- is the amortization requirement lower than it was on the previous", "audio_length_s": 6.06, "path": "741526dd2a3db996d2f22f4bcdae4be6_47.wav", "duration": 6.06}, {"text": "We're particularly excited about the opportunity that exists for the brand in the beauty space.", "audio_length_s": 6.06, "path": "741526dd2a3db996d2f22f4bcdae4be6_12.wav", "duration": 6.06}, {"text": "a warehouse full of inventory across all the categories just sitting there I mean", "audio_length_s": 6.06, "path": "21f21433851eb7c7f7dbc710309341bb_194.wav", "duration": 6.06}, {"text": "relief that tax reform is here and excitement about a more favorable investment", "audio_length_s": 6.06, "path": "1e756fc5d265eea3ff8e2e31c29826ae_231.wav", "duration": 6.06}, {"text": "Our ongoing strategy work continues to emphasize the vast opportunities in our pharmaceutical business,", "audio_length_s": 6.06, "path": "1e756fc5d265eea3ff8e2e31c29826ae_5.wav", "duration": 6.06}, {"text": "The first few products resulting from this accelerated effort are already in the market", "audio_length_s": 6.06, "path": "059024560d9d1039cf08746ee7393114_15.wav", "duration": 6.06}, {"text": "where we think we will be able to effectively compete in managing our own operations.", "audio_length_s": 6.06, "path": "dffe8257f781608bb17bb637249e4d2a_76.wav", "duration": 6.06}, {"text": "price realization in both developed and emerging markets and commodity deflation", "audio_length_s": 6.06, "path": "92bf6fe090b6bc565cb500b688fd9173_61.wav", "duration": 6.06}, {"text": "One Touch seller sign-up significantly reduces the friction of signing up to sell in a new marketplace", "audio_length_s": 6.06, "path": "49e533a8449f6b9b6c806458e73338e1_136.wav", "duration": 6.06}, {"text": "going from weighted average interest rate of 2.7% at the end of the second quarter", "audio_length_s": 6.06, "path": "5b0a12e70a31041016a008c29a6d2bb1_54.wav", "duration": 6.06}, {"text": "with the new pipeline, with the implementations that we just had, that's extremely valuable to us.", "audio_length_s": 6.06, "path": "7cc11de7f206c637e6293da0d956405e_52.wav", "duration": 6.06}, {"text": "During the third quarter we gained considerably more insight into what it's going to take to complete this project.", "audio_length_s": 6.06, "path": "757695924b5e43c7d44e29dc141cc035_82.wav", "duration": 6.06}, {"text": "were you assuming in terms of people who were not going to buy a home at all then that were", "audio_length_s": 6.06, "path": "130e8e56c1afa2419fd0c08708261824_83.wav", "duration": 6.06}, {"text": "so what we try to do is only bring back that cash that is needed to cover our", "audio_length_s": 6.06, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_199.wav", "duration": 6.06}, {"text": "Before we take your questions, I would like to make a few comments about our outlook.", "audio_length_s": 6.06, "path": "e33785a294553de2a12d4463bf786744_229.wav", "duration": 6.06}, {"text": "And so I think that there's kind of multiple decision points that we go through when we're thinking about", "audio_length_s": 6.06, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_168.wav", "duration": 6.06}, {"text": "but not only by the carryover impact of the selling price increase of 2018, but also", "audio_length_s": 6.06, "path": "a0f5944a79ea5150378d21e6a9ac05d8_114.wav", "duration": 6.06}, {"text": "fully bake as it relates to what I told you what happened in the month of November. So", "audio_length_s": 6.06, "path": "7498a6630302a038bd537d192c3a44f4_281.wav", "duration": 6.06}, {"text": "and lot of strategic work that we've already started on, we do see great growth potential in areas such as Medicare Advantage,", "audio_length_s": 6.06, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_76.wav", "duration": 6.06}, {"text": "All such factors should be considered in evaluating any forward-looking statements that may be made.", "audio_length_s": 6.06, "path": "d74cec1fb73e1b1134bfa7152762ad80_66.wav", "duration": 6.06}, {"text": "because we don't operate in China. We don't have a license to operate in China, but there are a number of those customers that we have saved", "audio_length_s": 6.06, "path": "fe3a8419e2f120643bff5e9e80190ed5_97.wav", "duration": 6.06}, {"text": "And we have like -- we believe that we have a very good, solid", "audio_length_s": 6.06, "path": "7e2ebcd981f5b5ecb18c04906f87d768_44.wav", "duration": 6.06}, {"text": "And there will be some startup costs. But we'll try to do the best we can in terms of identifying those for you and then giving you a sense", "audio_length_s": 6.06, "path": "0fa398ef99a7a936fc1e509dacaaadde_237.wav", "duration": 6.06}, {"text": "as kind of comparable to your thinking in terms of your 2019 guidance", "audio_length_s": 6.06, "path": "ab29ac574f423764c40f2d2eec696623_139.wav", "duration": 6.06}, {"text": "These laboratory programs employ specialized analytical devices that are proprietary to Core Lab.", "audio_length_s": 6.06, "path": "5633fe3600ee04237bbb918c56341864_66.wav", "duration": 6.06}, {"text": "I'll begin the call with some brief comments and then Ken will review the financial results for the quarter.", "audio_length_s": 6.06, "path": "799c15a4a6e9e3c86374761fec31c00a_34.wav", "duration": 6.06}, {"text": "principle requirements, this change does not reflect our commitment", "audio_length_s": 6.06, "path": "0cfaeed8cd93dc274845d450e921aeb6_7.wav", "duration": 6.06}, {"text": "either with their mobile in our packs where we offer more data or", "audio_length_s": 6.06, "path": "a76bedec950d8af557e451e58416d028_192.wav", "duration": 6.06}, {"text": "and increased personnel costs from filling global positions to support our growth and diversification strategy.", "audio_length_s": 6.06, "path": "ee00ebd8d782e8f124b3e142cbb74f37_123.wav", "duration": 6.06}, {"text": "We will continue to invest in these segments of our customers and", "audio_length_s": 6.06, "path": "4abafd22e11b6ea5b43048d805ea115f_55.wav", "duration": 6.06}, {"text": "probably be the lead in the industry among the top 10 or 15 banks", "audio_length_s": 6.06, "path": "4abafd22e11b6ea5b43048d805ea115f_34.wav", "duration": 6.06}, {"text": "Salaries and benefits and other real estate expenses account for most of the change in each period.", "audio_length_s": 6.06, "path": "b01b8f0fa0baf54952151c2e767b6f77_37.wav", "duration": 6.06}, {"text": "Please refer to the detailed note in the company's press release regarding forward-looking statements.", "audio_length_s": 6.06, "path": "fd5d61fef2374d3a3c1d7818eb73b463_88.wav", "duration": 6.06}, {"text": "incentive comp reversals either in the third or the fourth quarter last year that we should keep in mind", "audio_length_s": 6.06, "path": "9908957f60adff5efc1c8692a0f5ab38_32.wav", "duration": 6.06}, {"text": "then take that product in our trip plan and make it transparent to our customers", "audio_length_s": 6.06, "path": "71ea3ed1436c2759a95f8d629963db2e_204.wav", "duration": 6.06}, {"text": "We're seeing an increasing pipeline and the deal flow for the company as a result of this focus.", "audio_length_s": 6.06, "path": "d62cc3a0dfe3492ed16dfc17c028071e_134.wav", "duration": 6.06}, {"text": "We've been looking to expand our sales channel for payment processing beyond our traditional financial institutions.", "audio_length_s": 6.06, "path": "382e3c8eda678694c6368e00f19c8881_22.wav", "duration": 6.06}, {"text": "Similarly, we continue to believe we are well positioned to achieve our diluted earnings per share guidance", "audio_length_s": 6.06, "path": "884400c829f179d8cf68b767f45f03a4_219.wav", "duration": 6.06}, {"text": "just given -- actually, let me ask this guidance one first. Matt, did you go over how much of the", "audio_length_s": 6.06, "path": "11f02fb2db5d9fb5ff82f0374376f759_22.wav", "duration": 6.06}, {"text": "then you can have a soft profiting on the merchant. So anything that happens in the physical store", "audio_length_s": 6.06, "path": "75b064acca5b532722510ac0b9b0822e_144.wav", "duration": 6.06}, {"text": "Whatever earnings are gained through this will be given to the institution.", "audio_length_s": 6.06, "path": "0f9d6e24171bc068e7ff7a11e7e44060_3.wav", "duration": 6.06}, {"text": "by owning the supply that goes into at least a piece of that terminal, and then using our", "audio_length_s": 6.06, "path": "09b5b62d328d3d0719b6825357fdfb48_101.wav", "duration": 6.06}, {"text": "may include forward-looking statements regarding the company's financial and operating performance.", "audio_length_s": 6.06, "path": "8d71e62af8c57a752b0e04f6546bf622_56.wav", "duration": 6.06}, {"text": "ads in market, marketing on the card. We actually haven't focused on marketing the card really at all over the last few quarters.", "audio_length_s": 6.06, "path": "66b25c60d952bd002c7ab20da9248086_82.wav", "duration": 6.06}, {"text": "This facility leads to provide needed floor space to support the expanding product line", "audio_length_s": 6.06, "path": "64364105b816dd0b6a029e9cd210e65b_14.wav", "duration": 6.06}, {"text": "really driven by better uptime and some better well performance. We were plus 10,000 in Malaysia.", "audio_length_s": 6.06, "path": "95303f68781d6fb58e19ec1dc7785a7c_211.wav", "duration": 6.06}, {"text": "And we'll continue to use the tools within the Nordson Business System to drive operating improvement across the enterprise.", "audio_length_s": 6.06, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_15.wav", "duration": 6.06}, {"text": "Before we start, I want to remind you that certain statements made in this conference call may be considered forward looking.", "audio_length_s": 6.06, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_124.wav", "duration": 6.06}, {"text": "that they expect the pipeline to be repaired and operating as normal by the end of August.", "audio_length_s": 6.06, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_9.wav", "duration": 6.06}, {"text": "And that was all possible because of our team, with the support of our shareholders, and", "audio_length_s": 6.06, "path": "ffe22f8bcf153b8b51f6e52039686c1e_107.wav", "duration": 6.06}, {"text": "This call contains statements that may constitute forward-looking statements, which are based on information currently available.", "audio_length_s": 6.06, "path": "14fa9d7635caae6483af62a4bfe1b9d6_180.wav", "duration": 6.06}, {"text": "You can see our reliability numbers reflect the investment that's been made,", "audio_length_s": 6.06, "path": "5b331cf4e6f62ec9a9c30a4728e36054_27.wav", "duration": 6.06}, {"text": "A number of factors were in play, including mixed performance across our varied end markets", "audio_length_s": 6.06, "path": "711d9abe4399e7184d7dd8e3273f8a71_130.wav", "duration": 6.06}, {"text": "we and our customers, entering next year with strong and healthy backlogs and strong and healthy outlook.", "audio_length_s": 6.06, "path": "902872913863de98d38e2936b846cf66_292.wav", "duration": 6.06}, {"text": "as well as the increase in fat. This study is also expected", "audio_length_s": 6.06, "path": "0f8a61f667edd9a400d7abe2a7908a9e_35.wav", "duration": 6.06}, {"text": "And so the question that we have to answer is where do our particular producers", "audio_length_s": 6.06, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_83.wav", "duration": 6.06}, {"text": "and the progress in network and services as well as customer demand for the new portfolio.", "audio_length_s": 6.06, "path": "b4072ee178832ecf3d2a0f25fd8b8387_17.wav", "duration": 6.06}, {"text": "is it driven more by the larger guys who are trying to reactivate a lot of older tired equipment?", "audio_length_s": 6.06, "path": "3c17ad8c6709cbb1a8f7190f567a445f_34.wav", "duration": 6.06}, {"text": "and a cost structure twice as high as we had so. Now there is some pain involved in doing these things. But", "audio_length_s": 6.06, "path": "d5f5f4efd41927526b14fc2c353cb4e3_6.wav", "duration": 6.06}, {"text": "We achieved another important second quarter milestone with the completion of the", "audio_length_s": 6.06, "path": "910a1a60a0549a5973f42bb19b66a0ae_144.wav", "duration": 6.06}, {"text": "on the acquisition underwriting just to kind of see how things shake out and how things change? Or is it kind of", "audio_length_s": 6.06, "path": "0536b57caa15ae9f7338c4e58f9f62b6_53.wav", "duration": 6.06}, {"text": "and other culling activities which will be largely completed by the end of the year.", "audio_length_s": 6.06, "path": "24c7526f6daca8e16ab91bea6124148a_13.wav", "duration": 6.06}, {"text": "that you would really rely on for a significant part of your business within the Color group.", "audio_length_s": 6.06, "path": "24c7526f6daca8e16ab91bea6124148a_113.wav", "duration": 6.06}, {"text": "you have some nice exposure. It's probably one of the smaller items within the", "audio_length_s": 6.06, "path": "24c7526f6daca8e16ab91bea6124148a_45.wav", "duration": 6.06}, {"text": "I will now turn the call back to Vic to further discuss the current business environment. Thanks, Nancy.", "audio_length_s": 6.06, "path": "a766b08317742c952705018a899f3998_104.wav", "duration": 6.06}, {"text": "possibly doing something which is not the optimal solution after the few", "audio_length_s": 6.06, "path": "538323cb37246bc97d1253b369a7414a_135.wav", "duration": 6.06}, {"text": "there is a lot of publication and a lot of communication on those topics,", "audio_length_s": 6.06, "path": "4fd138e27f5f375945332eacefa15b62_255.wav", "duration": 6.06}, {"text": "has been introduced for the Swiss platform. And the vast majority of clients booked in Switzerland now", "audio_length_s": 6.06, "path": "bf99037f89cd485f95f097842619a0c7_86.wav", "duration": 6.06}, {"text": "In summary, the outside engineering studies and review affirmed our internal assessments.", "audio_length_s": 6.06, "path": "eed99fefac02f862b3ee31c4748cb9b5_2.wav", "duration": 6.06}, {"text": "you did mention that in some parts of AP, where you are present, you are kind of going a little slow, because it's cash economy.", "audio_length_s": 6.06, "path": "572e6ab7be8019f17eae9857e4e8e2ae_21.wav", "duration": 6.06}, {"text": "We're on track with our target to receive late fourth quarter regulatory clearances for each product,", "audio_length_s": 6.06, "path": "a968612b5d51d3df12aad60dde8e1e41_69.wav", "duration": 6.06}, {"text": "Our performance benefited from continued improvements in our infrastructure and sales spend", "audio_length_s": 6.06, "path": "365c360aff42713cef71a7d026eeeb6d_165.wav", "duration": 6.06}, {"text": "who continue to be an integral part of our efforts to drive change and ensure our successful transformation.", "audio_length_s": 6.06, "path": "365c360aff42713cef71a7d026eeeb6d_164.wav", "duration": 6.06}, {"text": "That is what we're experiencing at this time, and we can't say with certainty when our new initiative will gain traction.", "audio_length_s": 6.06, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_180.wav", "duration": 6.06}, {"text": "and expand our operations into targeted regional territories, all of which will ultimately drive shareholder value.", "audio_length_s": 6.06, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_108.wav", "duration": 6.06}, {"text": "by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act", "audio_length_s": 6.06, "path": "f1b53f83640f7ea0160087ae63818af2_0.wav", "duration": 6.06}, {"text": "error rate providers would be referred to the RACs, which I don't believe we've had any referrals to date.", "audio_length_s": 6.06, "path": "97b02b7a41ecb22cb04e7331052cefc8_85.wav", "duration": 6.06}, {"text": "at 7%. Flat-rolled pricing has been under pressure for over a year now with", "audio_length_s": 6.06, "path": "97ddc19ecb28bab2d19fd3b181182062_92.wav", "duration": 6.06}, {"text": "This may seem like a silly question, but I'm kind of wondering what you think is", "audio_length_s": 6.06, "path": "6064088db0200b32f3f3e848047c5ab6_88.wav", "duration": 6.06}, {"text": "giving them the flexibility and seamless experience that they expect and hope for when shopping online.", "audio_length_s": 6.06, "path": "1bc08759c84df9d3f656cf53f5bb6d35_7.wav", "duration": 6.06}, {"text": "As George mentioned, the focus on improving cash flow is our company's top priority,", "audio_length_s": 6.06, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_90.wav", "duration": 6.06}, {"text": "of First Defense and any competing products out there, which seems very low.", "audio_length_s": 6.06, "path": "027d36b67ee5bba934695b2d0c47eb08_73.wav", "duration": 6.06}, {"text": "down at WVO, as well as to a degree the opening of the new sales offices. Some of our sales offices", "audio_length_s": 6.0599375, "path": "968913c3f9111fc67f1d9956c56dec3b_84.wav", "duration": 6.0599375}, {"text": "working to help bring TMX much closer to our clients and enable us to build a better understanding of their needs.", "audio_length_s": 6.0300625, "path": "92d6249907f14e4011cf1b08d2f298d9_29.wav", "duration": 6.0300625}, {"text": "In 3 months, we more than tripled the number of advertisers spending in our auction.", "audio_length_s": 6.0300625, "path": "30a142fac5a62ab00227cb6a339a6226_132.wav", "duration": 6.0300625}, {"text": "Thank you, Jim. I'll first discuss a review of the", "audio_length_s": 6.03, "path": "5833763223d8d85b6fcb5fe90e821c77_128.wav", "duration": 6.03}, {"text": "I think there's a lot of opportunity for that. I personally see some upside to our conservative guidance.", "audio_length_s": 6.03, "path": "8ad0d5b5df75415c56ba590cad29489a_55.wav", "duration": 6.03}, {"text": "how orders get processed under Milestone C, which was a first time for going through that process for us.", "audio_length_s": 6.03, "path": "8ad0d5b5df75415c56ba590cad29489a_160.wav", "duration": 6.03}, {"text": "We partnered with Special Situations Fund, a fund that we have a high degree of respect for.", "audio_length_s": 6.03, "path": "db6c253ba433d9a247219bb3f15da199_107.wav", "duration": 6.03}, {"text": "So all of these large companies and I've mentioned by the way, those four companies in the session", "audio_length_s": 6.03, "path": "10a419054cf3cc5d4ca00b7f338cc73b_34.wav", "duration": 6.03}, {"text": "and then trade them on later on into cruise ships and so on. You can't do that if you miss sell", "audio_length_s": 6.03, "path": "214dcdc435ef3259490466447858fa56_199.wav", "duration": 6.03}, {"text": "And with that, I will turn the call over to Steven for some comments on our financial and operational results.", "audio_length_s": 6.03, "path": "ab861b81968e1b5fcb606ed886919d68_6.wav", "duration": 6.03}, {"text": "helps offset the elevated price environment. Let me walk you through a few recent transactions.", "audio_length_s": 6.03, "path": "6388da88b00ebc88af59435bdac74132_88.wav", "duration": 6.03}, {"text": "No, we do look at them together, Paul. And I think you're right on there in terms of your initial", "audio_length_s": 6.03, "path": "8b6c481f7fe797353fefe886e205bbaa_38.wav", "duration": 6.03}, {"text": "Or is it more really based that you think there's a much bigger opportunity for the group,", "audio_length_s": 6.03, "path": "9014ac9cbc2cff30468f1bcb659c0f66_164.wav", "duration": 6.03}, {"text": "by both executing our plan to approval and successfully competing in the marketplace.", "audio_length_s": 6.03, "path": "2602edddc3363eadcaafe1c33271f3e4_57.wav", "duration": 6.03}, {"text": "We are spending a lot of time trying to figure out which assets are on the one hand", "audio_length_s": 6.03, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_41.wav", "duration": 6.03}, {"text": "Hatteras shareholders are urged to read these documents, as they may be amended from time to time,", "audio_length_s": 6.03, "path": "223f05c0b9b116532e9af84afa76cac7_87.wav", "duration": 6.03}, {"text": "We fell behind. We didn't have new products. We didn't have the contacts to develop those new products,", "audio_length_s": 6.03, "path": "c68c15299b67173c7ae163cc5938f3c1_144.wav", "duration": 6.03}, {"text": "Those programs are obviously designed for remaining in place for a couple of years' time.", "audio_length_s": 6.03, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_82.wav", "duration": 6.03}, {"text": "meaningful size for us and they've performed consistent with our modeling and", "audio_length_s": 6.03, "path": "2d7efae3f89647d6468deed3b73bf98a_72.wav", "duration": 6.03}, {"text": "We see this strength and consistency in new store performance", "audio_length_s": 6.03, "path": "280baf1d10cd27b78eae4bf2574b9c98_146.wav", "duration": 6.03}, {"text": "He was instrumental in both creating and realizing the vision for Five Below,", "audio_length_s": 6.03, "path": "280baf1d10cd27b78eae4bf2574b9c98_65.wav", "duration": 6.03}, {"text": "Given our recent announcements of strategic acquisitions, organic growth projects and other", "audio_length_s": 6.03, "path": "c96b5ae4ffe20d946daec67e2b0917b2_177.wav", "duration": 6.03}, {"text": "carbon market came down a little bit, but you're not seeing that as any kind of real change in trend?", "audio_length_s": 6.03, "path": "67716cee321d117b0318930dd142f06a_103.wav", "duration": 6.03}, {"text": "And from that perspective, we look forward to lots of folks signing up and using the card. But", "audio_length_s": 6.03, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_66.wav", "duration": 6.03}, {"text": "and review our key revenue growth area, marketing solutions and other services.", "audio_length_s": 6.03, "path": "04f29bc02d1e2ef65077ca67bf41f475_16.wav", "duration": 6.03}, {"text": "So as we continue to grow the parts of our portfolio that have better margin", "audio_length_s": 6.03, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_18.wav", "duration": 6.03}, {"text": "So the impact of the Cures Act was an immediate reimbursement cut", "audio_length_s": 6.03, "path": "56e05107e391476d11fe1f637733f028_116.wav", "duration": 6.03}, {"text": "are able to participate in the diagnostic process and be relevant to their", "audio_length_s": 6.03, "path": "8bbc2f54137b794265dfb01f1559868d_29.wav", "duration": 6.03}, {"text": "We currently plan to maintain our capital at the level necessary to retain our current ratings.", "audio_length_s": 6.03, "path": "6838b008f3efe8575b83cde089459d33_86.wav", "duration": 6.03}, {"text": "is going to offset anything happening in Marketplace. So that's really where you should look for it.", "audio_length_s": 6.03, "path": "3121e8f4a75758834d32a9e4e0555221_167.wav", "duration": 6.03}, {"text": "our mega carry readiness have yet again proven to be right.", "audio_length_s": 6.03, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_11.wav", "duration": 6.03}, {"text": "Yes, Scott. I feel really good about our liquidity position at the end of first quarter. If you think about where we were at the end of the year,", "audio_length_s": 6.03, "path": "66c9091ba849cdb6d64987642ced64d2_77.wav", "duration": 6.03}, {"text": "In the midterm, we expect to leverage additional tech transfer resources", "audio_length_s": 6.03, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_68.wav", "duration": 6.03}, {"text": "In the past few years, it has been more difficult for existing products to achieve growth.", "audio_length_s": 6.03, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_86.wav", "duration": 6.03}, {"text": "Owning generation assets is a necessity for a retail electricity provider of our size", "audio_length_s": 6.03, "path": "833f98dbc79997580b24335033aac5d2_190.wav", "duration": 6.03}, {"text": "Intel notes that over 50% of the people who want to lose weight are looking for food that has low sugar.", "audio_length_s": 6.03, "path": "957e0f876f9a4af9b498c19843675474_124.wav", "duration": 6.03}, {"text": "has been the upward trend of guideline increases in our British Columbia and Ontario markets.", "audio_length_s": 6.03, "path": "0ee490f8688669984ae17a737590f7b5_39.wav", "duration": 6.03}, {"text": "After a competitive process involving other cloud vendors, Five9 was selected for multiple reasons,", "audio_length_s": 6.03, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_114.wav", "duration": 6.03}, {"text": "into one network. So this is not a transaction where you value", "audio_length_s": 6.03, "path": "fa45af64ef25007f998c655347bfbecb_407.wav", "duration": 6.03}, {"text": "frankly, from when we started to actually get things done and usable. Now what we have", "audio_length_s": 6.03, "path": "5308c910fb34c8291b372e7a94521e9b_237.wav", "duration": 6.03}, {"text": "and get ahead of the curve and dominate that market in the coming years. Now", "audio_length_s": 6.03, "path": "beb9b090a2850e9f9feb4f00ee472d07_52.wav", "duration": 6.03}, {"text": "What we do need to do for them is go through those databases, though, and link up", "audio_length_s": 6.03, "path": "a24a661c2eb55542903c72391ec09f9b_101.wav", "duration": 6.03}, {"text": "lots of annuitants are very difficult to be placed in the market because I mentioned", "audio_length_s": 6.03, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_88.wav", "duration": 6.03}, {"text": "new partners added to that side for this season.", "audio_length_s": 6.03, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_106.wav", "duration": 6.03}, {"text": "with the deployment capability, we've expanded over the past quarter, that gives us a lot of confidence", "audio_length_s": 6.03, "path": "575d21e05ceda8f95fc54e0292c2d99f_112.wav", "duration": 6.03}, {"text": "very convenient for people because they could get their order", "audio_length_s": 6.03, "path": "e52e6870e8a04339ef969543fc0f0329_70.wav", "duration": 6.03}, {"text": "that it's an interesting phenomenon facing the civil works industry today,", "audio_length_s": 6.03, "path": "a965bbd76f3d449c86e8c27d03ac192f_148.wav", "duration": 6.03}, {"text": "we are no longer seeking a risk-sharing collaborator to develop this product candidate prior to clinical entry.", "audio_length_s": 6.03, "path": "01ebdadb81d0e5a57270957c0cbe83fc_67.wav", "duration": 6.03}, {"text": "One of the things that we tried to stress, and maybe I didn't do it well enough, is that", "audio_length_s": 6.03, "path": "bbe852c8c3f7827e31f31a56bc72b7da_115.wav", "duration": 6.03}, {"text": "This slide compares our Frozen Desserts business with the overall market.", "audio_length_s": 6.03, "path": "f4d0f1362716be33f02690dd1a8df663_10.wav", "duration": 6.03}, {"text": "I'm wondering if you could give us some idea of where rates would actually need to go", "audio_length_s": 6.03, "path": "4e04d3229b988f1db5b842ac5b993894_86.wav", "duration": 6.03}, {"text": "with a broad selection of affordable course materials and operate as the official", "audio_length_s": 6.03, "path": "da14df2e02d11f6f8599533d9d57faee_154.wav", "duration": 6.03}, {"text": "I would also say that given the fact that we have the ADITC extension,", "audio_length_s": 6.03, "path": "a7e7a1621af9b4e850260f9824ee8746_59.wav", "duration": 6.03}, {"text": "will put us in a favorable position once our additional capacity comes online.", "audio_length_s": 6.03, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_56.wav", "duration": 6.03}, {"text": "Excluding this favorable tax benefit, our effective tax rate was a bit artificially high", "audio_length_s": 6.03, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_24.wav", "duration": 6.03}, {"text": "something -- if you're starting from the midpoint of the range, something higher than the midpoint of the range. But when", "audio_length_s": 6.03, "path": "bab12f620df0f367e74acdcc467686f1_142.wav", "duration": 6.03}, {"text": "The company undertakes no duty to update any forward-looking statements that are made during the course of this call.", "audio_length_s": 6.03, "path": "ade68f8add7249890d086ecf4b5b8cab_42.wav", "duration": 6.03}, {"text": "And at the end of the day, our teams are compensated for their performance on a transaction.", "audio_length_s": 6.03, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_173.wav", "duration": 6.03}, {"text": "to reward and recognize their dedication and contribution to making our business better and stronger.", "audio_length_s": 6.03, "path": "3df0981a2d94ed56170b78330aa72ee9_132.wav", "duration": 6.03}, {"text": "At one point, we had 5 segments and it was very difficult to focus on what we needed to do.", "audio_length_s": 6.03, "path": "a02b735de681c682fbb8025edecca271_16.wav", "duration": 6.03}, {"text": "the energy sale gain and a tax charge, both of which were realized at the very end of the fourth quarter.", "audio_length_s": 6.03, "path": "6d97c63e754383663561baada77c7354_91.wav", "duration": 6.03}, {"text": "are you seeing some of those potential Enterprise CRM customers look at NXT instead?", "audio_length_s": 6.03, "path": "29426a77336443eedde7eaa29e9c2852_163.wav", "duration": 6.03}, {"text": "that don't have a unique advantage today that really need some kind of relative competitive scale.", "audio_length_s": 6.03, "path": "02deeb29574f1571812a11f66bb8fda1_55.wav", "duration": 6.03}, {"text": "To close, we delivered a strong first quarter. It positioned us well for another year of durable growth.", "audio_length_s": 6.03, "path": "16ed973148ce103dc95fdcfaf35bbe7b_19.wav", "duration": 6.03}, {"text": "So while the price points are lower than premium core scotch, the margins are still favorable.", "audio_length_s": 6.03, "path": "c3567809c19ce6a800677544cd84f88b_96.wav", "duration": 6.03}, {"text": "Operating profit was marginally down as a result of planned investment in price to restore lost market share.", "audio_length_s": 6.03, "path": "ea60900258f99d1003ab247c506e42d9_85.wav", "duration": 6.03}, {"text": "Although, Thai and Indian origin price dynamics is expected to impact category mix,", "audio_length_s": 6.03, "path": "ea60900258f99d1003ab247c506e42d9_92.wav", "duration": 6.03}, {"text": "into the business via our library and digital acquisition efforts.", "audio_length_s": 6.03, "path": "20097e37747ec7bc3734246e83798fb1_153.wav", "duration": 6.03}, {"text": "be able to ensure 0 harm. We have a responsibility to our people", "audio_length_s": 6.03, "path": "ab4dae37361262d727d1d2f8f78765d5_1.wav", "duration": 6.03}, {"text": "Our outlook assumes that the current business transient trends continue for the balance of the year.", "audio_length_s": 6.03, "path": "b1da16cba24af8e472573c4c9caf17c7_186.wav", "duration": 6.03}, {"text": "I'm going to provide some general perspective on the business as a whole and our reporting segments as to the third quarter.", "audio_length_s": 6.03, "path": "2c3945f11b4d91727b1ce00d490e11b6_8.wav", "duration": 6.03}, {"text": "to increase customers and increase the penetration of those customers, I think that's what we're seeing", "audio_length_s": 6.03, "path": "246876171ef2f408df10ee0816f9db83_123.wav", "duration": 6.03}, {"text": "Or because that's lower than this year's originations, would you expect that to be on maybe the lower end of that range?", "audio_length_s": 6.03, "path": "63d825666ef6527fd7e4f26e728a4e61_20.wav", "duration": 6.03}, {"text": "an extensive discussion on this, on the different bills that will be passed through Congress.", "audio_length_s": 6.03, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_36.wav", "duration": 6.03}, {"text": "the fact that with respect to the organizational restructuring that you still have the merchandising piece", "audio_length_s": 6.03, "path": "5ea42ed8ea9a65bd01aaabb678685483_145.wav", "duration": 6.03}, {"text": "in a way that we mentioned to you that we selected customers we wanted to grow with. And by using", "audio_length_s": 6.03, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_268.wav", "duration": 6.03}, {"text": "You should not consider the presentation of this additional information in isolation or as a substitute for", "audio_length_s": 6.03, "path": "d4b51176b605646e70b37d07a7c19599_2.wav", "duration": 6.03}, {"text": "So to launch this process, we'll be asking our board to increase our second quarter regular dividend payout rate", "audio_length_s": 6.03, "path": "6318dda27b3e36d76533c048c64a3014_8.wav", "duration": 6.03}, {"text": "all of which are difficult or impossible to predict and may of which are beyond the company's control.", "audio_length_s": 6.03, "path": "741526dd2a3db996d2f22f4bcdae4be6_0.wav", "duration": 6.03}, {"text": "The revenue impact varies based on where we are in the term of each particular contract.", "audio_length_s": 6.03, "path": "741526dd2a3db996d2f22f4bcdae4be6_3.wav", "duration": 6.03}, {"text": "have a lot of initiatives going on there all at once. And the market's certainly not helping you out. But", "audio_length_s": 6.03, "path": "fb817a6cc685a3fd0f003456dd641c01_50.wav", "duration": 6.03}, {"text": "And three, our relationships with our plastic surgeon customers remain as strong as ever", "audio_length_s": 6.03, "path": "c40b5d1a13169c5acf69590932a56f98_63.wav", "duration": 6.03}, {"text": "my reaction to the reception that we received in San Diego", "audio_length_s": 6.03, "path": "c40b5d1a13169c5acf69590932a56f98_109.wav", "duration": 6.03}, {"text": "The company also produces a line of manual and electric material handling equipment marketed under the Lifter brand.", "audio_length_s": 6.03, "path": "82f5253b62614161333b038f5f9700f8_90.wav", "duration": 6.03}, {"text": "constant year-over-year, and we were hoping to see a little bit more of an increase, but I think the reality is setting in that", "audio_length_s": 6.03, "path": "82f5253b62614161333b038f5f9700f8_121.wav", "duration": 6.03}, {"text": "Also as a reminder, our dividend is largely based on the performance of our managed operations.", "audio_length_s": 6.03, "path": "dffe8257f781608bb17bb637249e4d2a_188.wav", "duration": 6.03}, {"text": "and automating and streamlining many aspects of our production processes, billings and other functions.", "audio_length_s": 6.03, "path": "7551ffae17aa39dd4ea962a43f96bf04_59.wav", "duration": 6.03}, {"text": "explain the regulatory approvals that are required under the arrangement agreement?", "audio_length_s": 6.03, "path": "d223c88e8d5b658f28749ce0db145daf_38.wav", "duration": 6.03}, {"text": "We've chosen to acquire additional land to provide flexibility for future expansion.", "audio_length_s": 6.03, "path": "33fd8a867dbd88a837e541b1d2b25ea5_148.wav", "duration": 6.03}, {"text": "early on in the year, even though it's a smaller part of the volume of the market and a tiny part of price.", "audio_length_s": 6.03, "path": "33fd8a867dbd88a837e541b1d2b25ea5_165.wav", "duration": 6.03}, {"text": "We hope our investor presentation on our website and that call answered any questions that you have", "audio_length_s": 6.03, "path": "433a6e203f9db93835c27ff83e86c801_221.wav", "duration": 6.03}, {"text": "credit quality is the primary reason we believe that we have such a unique value proposition.", "audio_length_s": 6.03, "path": "5b0a12e70a31041016a008c29a6d2bb1_53.wav", "duration": 6.03}, {"text": "This was on top of a long list of innovations we have already introduced in previous years.", "audio_length_s": 6.03, "path": "28d675c77a4b2269c1c1460ad3e56250_39.wav", "duration": 6.03}, {"text": "many of the customers pay up. And that's not the case when it used to be when they get seriously delinquent in the past.", "audio_length_s": 6.03, "path": "3d3b327645f62f252bb876e5bb4a9259_60.wav", "duration": 6.03}, {"text": "investors looking for ways to diversify their duration and exposure, to reduce their duration exposure", "audio_length_s": 6.03, "path": "6709c061d39d0e433079f84160f11c80_30.wav", "duration": 6.03}, {"text": "feel those 2 teams are working together, and that may have an impact on where you see us source from in the future. But", "audio_length_s": 6.03, "path": "7498a6630302a038bd537d192c3a44f4_137.wav", "duration": 6.03}, {"text": "We are taking share in this important segment of the market, leveraging the full breadth of our solutions,", "audio_length_s": 6.03, "path": "4721d5a2e7061d90a4e4e4768adc2486_116.wav", "duration": 6.03}, {"text": "And we're going to continue to be disciplined and patient about our capital allocation. Thank you.", "audio_length_s": 6.03, "path": "4721d5a2e7061d90a4e4e4768adc2486_219.wav", "duration": 6.03}, {"text": "along with that from GE Capital and feel very good about the prospects of that business as we look into", "audio_length_s": 6.03, "path": "8635f950dc44da3fcad542b2c066bedf_62.wav", "duration": 6.03}, {"text": "Our emphasis on improving economic profitability as an organization is proving", "audio_length_s": 6.03, "path": "8635f950dc44da3fcad542b2c066bedf_15.wav", "duration": 6.03}, {"text": "which was driven largely by the continued conversion of new customer accounts onto our cloud solutions.", "audio_length_s": 6.03, "path": "af00f4e7b63ee843a3d203f982fac701_12.wav", "duration": 6.03}, {"text": "We will continue to acquire and expand our footprint.", "audio_length_s": 6.03, "path": "80a2ca14358172366acab4e80f3fa33b_195.wav", "duration": 6.03}, {"text": "the channel mix you have for the individual products, and that will evolve over time.", "audio_length_s": 6.03, "path": "9c67fafcb51925dcbaa570283fe01701_28.wav", "duration": 6.03}, {"text": "And we believe Knife River operations in California are well positioned to benefit from this bill.", "audio_length_s": 6.03, "path": "3e29586725757a72d8c143f3da2658f5_92.wav", "duration": 6.03}, {"text": "to service Anthem's patients or our commitment to renew the contract at the end of the term.", "audio_length_s": 6.03, "path": "0cfaeed8cd93dc274845d450e921aeb6_75.wav", "duration": 6.03}, {"text": "As Eric noted, our financial results are strong, and we have a great foundation upon which to build.", "audio_length_s": 6.03, "path": "0cfaeed8cd93dc274845d450e921aeb6_213.wav", "duration": 6.03}, {"text": "The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.03, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_47.wav", "duration": 6.03}, {"text": "In the first 9 months of 2017, we have nearly achieved those results and anticipate", "audio_length_s": 6.03, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_3.wav", "duration": 6.03}, {"text": "from an entrepreneurial work at your home. So we're able to keep our", "audio_length_s": 6.03, "path": "82ccbfb62e125b146fba0f8e4347cc62_101.wav", "duration": 6.03}, {"text": "rewarding them faster and building and strengthening future sales leadership.", "audio_length_s": 6.03, "path": "1353031386f884a821e7e9bab449727d_76.wav", "duration": 6.03}, {"text": "let's say, confident as well that we found a way that we can grow in the future", "audio_length_s": 6.03, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_210.wav", "duration": 6.03}, {"text": "to achieve or evoke whatever therapeutic response they're after. So I think over the next several quarters", "audio_length_s": 6.03, "path": "5efe4589d80ac1232c2958182c188903_105.wav", "duration": 6.03}, {"text": "And when those are live, because they're in SKY, there is no integration work to do", "audio_length_s": 6.03, "path": "a9ff9f85f03afdd2d13b76e14060b31d_233.wav", "duration": 6.03}, {"text": "Before we begin the conference, let me give you some reminders. In the briefing, future projections", "audio_length_s": 6.03, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_101.wav", "duration": 6.03}, {"text": "On a non-GAAP adjusted basis, after adjusting for expenses related to the impairment of intangibles", "audio_length_s": 6.03, "path": "64364105b816dd0b6a029e9cd210e65b_242.wav", "duration": 6.03}, {"text": "And of course, we are responding to the tense market situation by constantly adjusting", "audio_length_s": 6.03, "path": "407fee9910ab57874978cf85a89b1d9d_97.wav", "duration": 6.03}, {"text": "operating margins at some point. Is that the way to characterize what's about to happen? Or is it", "audio_length_s": 6.03, "path": "f5e9c69a92eb9179062673e044f8a53b_220.wav", "duration": 6.03}, {"text": "This negatively impacted capital sales and device installations early in the year.", "audio_length_s": 6.03, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_127.wav", "duration": 6.03}, {"text": "Higher costs in these plants have offset our productivity gains and impacted or margins.", "audio_length_s": 6.03, "path": "e552924838fe493d3cc967dd0c5c4563_73.wav", "duration": 6.03}, {"text": "So we want to make sure that we have sort of price-competitive that we've got equipment on hand going into the", "audio_length_s": 6.03, "path": "ee17f090e669ff9029bd1dc57db6e43e_163.wav", "duration": 6.03}, {"text": "what meets the FERC definition of maintenance, and then everything else goes into other, except for fuel.", "audio_length_s": 6.03, "path": "f17bd619f65ff0b31c5103503bd56fdb_111.wav", "duration": 6.03}, {"text": "have created a foundation to a successful turnaround of Digital Services.", "audio_length_s": 6.03, "path": "323193895e800e72960d98dd5fb64cf5_138.wav", "duration": 6.03}, {"text": "there, we always wanted to maximize our ownership stake without providing more capital actually", "audio_length_s": 6.03, "path": "323193895e800e72960d98dd5fb64cf5_198.wav", "duration": 6.03}, {"text": "Do you think it has to be a part of like an executive action or is this a part of a larger infrastructure bill?", "audio_length_s": 6.03, "path": "902872913863de98d38e2936b846cf66_309.wav", "duration": 6.03}, {"text": "All of our categories continue to post positive organic revenue growth.", "audio_length_s": 6.03, "path": "49dfadfb9a3d4d27ac250602928cf9ea_43.wav", "duration": 6.03}, {"text": "Third, we look for acquisitions to be accretive by their second full year with us", "audio_length_s": 6.03, "path": "ffa357a084f4deb64797a0a32b8c5e33_138.wav", "duration": 6.03}, {"text": "A transcript of this conference call will be added to our Website and the IR app within the next", "audio_length_s": 6.03, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_191.wav", "duration": 6.03}, {"text": "As we indicated earlier in the call, we are extraordinarily focused on managing expenses in this challenging revenue environment.", "audio_length_s": 6.03, "path": "09eebad8f3c529b4c7d916c5f7766f7f_230.wav", "duration": 6.03}, {"text": "Of course, our future burn rate will be dependent on whether we partner the D5 technology", "audio_length_s": 6.03, "path": "0411a1a45741648616bbfd7ca8dd3fd4_37.wav", "duration": 6.03}, {"text": "and we are now seeing the kind of activity levels we have been hoping for since the first of the year.", "audio_length_s": 6.03, "path": "3c17ad8c6709cbb1a8f7190f567a445f_79.wav", "duration": 6.03}, {"text": "But on the other end of the spectrum, to some degree, is Europe. Now Europe is", "audio_length_s": 6.03, "path": "24c7526f6daca8e16ab91bea6124148a_28.wav", "duration": 6.03}, {"text": "some of the opportunities that are coming together. We needed to build out more of our", "audio_length_s": 6.03, "path": "a756bd9ba43faae4d9d0f059925e39e9_37.wav", "duration": 6.03}, {"text": "The key elements of our transformation plan are simplifying our company,", "audio_length_s": 6.03, "path": "af146425f68dd8e32f31878389746637_12.wav", "duration": 6.03}, {"text": "West Coast of Africa and Indonesia, to name a few of them.", "audio_length_s": 6.03, "path": "538323cb37246bc97d1253b369a7414a_7.wav", "duration": 6.03}, {"text": "I think, not just our industry, but everybody in the country has seen a deterioration of rail services", "audio_length_s": 6.03, "path": "eed99fefac02f862b3ee31c4748cb9b5_96.wav", "duration": 6.03}, {"text": "and our efforts to expand distribution are working well, particularly in Asia.", "audio_length_s": 6.03, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_55.wav", "duration": 6.03}, {"text": "And that's been a disappointment in the second quarter, and we certainly revised our outlook for the rest of the", "audio_length_s": 6.03, "path": "b154f7c33e567e453cb765f4ac03dd2f_23.wav", "duration": 6.03}, {"text": "the way that the quarter unfolded. And so certainly, this was part of what", "audio_length_s": 6.03, "path": "bc5018861ccb5380fbe71ad789a6d4b0_166.wav", "duration": 6.03}, {"text": "I never whine to just enjoy a good thing, I will remind you that this growth comes at a price", "audio_length_s": 6.03, "path": "c88e296697cd72c891ffb7bf5a1a60bb_18.wav", "duration": 6.03}, {"text": "Should we assume that is a reasonable quarter as a baseline?", "audio_length_s": 6.03, "path": "1096d26129c469524041c969a684f8ae_201.wav", "duration": 6.03}, {"text": "we've included new information that we felt would be useful to the users of our financial statements,", "audio_length_s": 6.03, "path": "a85c54c77dd2524eedab1287ea3ceff4_129.wav", "duration": 6.03}, {"text": "to leverage our leadership in multiple sclerosis, to capture broad opportunities in neuroscience.", "audio_length_s": 6.03, "path": "b1a98885c1d81414cdc122e807760faf_11.wav", "duration": 6.03}, {"text": "acceleration of the effort which bodes well for competitiveness. It just happened to be that we had to fix this", "audio_length_s": 6.03, "path": "365c360aff42713cef71a7d026eeeb6d_108.wav", "duration": 6.03}, {"text": "Both rental demand and utilization trends have been positive for the first few weeks of October.", "audio_length_s": 6.03, "path": "eb93e70cdf7a839a69546250fb3646fb_79.wav", "duration": 6.03}, {"text": "And so when you talk about the accounts being fixed or at least the new one,", "audio_length_s": 6.03, "path": "eb93e70cdf7a839a69546250fb3646fb_210.wav", "duration": 6.03}, {"text": "And how many deals are you working on at the moment? So we have", "audio_length_s": 6.03, "path": "726bad4d5d1a6b2f62034eb8dc843450_32.wav", "duration": 6.03}, {"text": "Our expectation is that over time we will generate a higher level of revenues in China", "audio_length_s": 6.03, "path": "ff59c33225941d4025bcecc8fe1a4b32_12.wav", "duration": 6.03}, {"text": "Over the years, we have continued to incur losses in transitioning the retail network.", "audio_length_s": 6.03, "path": "47546a57a865bca0f4e677dc3b485053_105.wav", "duration": 6.03}, {"text": "love working with Five Below, love the opportunity to really grow their business as our business is growing.", "audio_length_s": 6.0299375, "path": "c67af59ea29f4e80b8eeede6e730658e_7.wav", "duration": 6.0299375}, {"text": "leading to a 20 basis point improvement in our operating margin during the fourth quarter.", "audio_length_s": 6.0299375, "path": "70c92ab88d38f489d5074f2859e0290e_9.wav", "duration": 6.0299375}, {"text": "and we've got the distribution and we have the right advertising, we should be able to do that with", "audio_length_s": 6.0, "path": "2ddcbcc22b1b6524d53dab890b104647_88.wav", "duration": 6.0}, {"text": "in order to enable investors to better understand and assess our continuing core operating results.", "audio_length_s": 6.0, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_2.wav", "duration": 6.0}, {"text": "And if you could give any sort of update on what you've seen there if that is possible to measure.", "audio_length_s": 6.0, "path": "364a769967b9b1a7cd069e2ce95c6e25_76.wav", "duration": 6.0}, {"text": "who will take you through our upcoming priorities, along with our business and funding plans going forward.", "audio_length_s": 6.0, "path": "569834a5cb8a33dfeac20dfa8e03afb3_0.wav", "duration": 6.0}, {"text": "We will continue on Will's side of the world to grow our Energy Coal franchise,", "audio_length_s": 6.0, "path": "569834a5cb8a33dfeac20dfa8e03afb3_94.wav", "duration": 6.0}, {"text": "the thing that's materially different from before the downturn a couple of years ago, and now is", "audio_length_s": 6.0, "path": "ab5b4ea5cd86e4f7deafe9814024fada_110.wav", "duration": 6.0}, {"text": "where Huawei before internalized a lot of the production of TOSAs and transceivers and things,", "audio_length_s": 6.0, "path": "ab5b4ea5cd86e4f7deafe9814024fada_177.wav", "duration": 6.0}, {"text": "I want to again thank our employees around the globe for their hard work this quarter.", "audio_length_s": 6.0, "path": "0d631e444d1c22f0be99a69f5deaff94_14.wav", "duration": 6.0}, {"text": "as we presented last year, when we started last year, there was no J code", "audio_length_s": 6.0, "path": "5111fdad778749872c23e78c9b0d653b_134.wav", "duration": 6.0}, {"text": "So they are linear in the way they are done, so you shouldn't read anything into that.", "audio_length_s": 6.0, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_157.wav", "duration": 6.0}, {"text": "That completes my review for the quarter. And I'll now turn it back over to Jack for some additional comments.", "audio_length_s": 6.0, "path": "3557b21a45c35e71e82cc43b19977855_189.wav", "duration": 6.0}, {"text": "are kind of in and around some of those. I think that what we see though is the opportunity internationally,", "audio_length_s": 6.0, "path": "3557b21a45c35e71e82cc43b19977855_167.wav", "duration": 6.0}, {"text": "And we wanted to also work with our customers to minimize the burden", "audio_length_s": 6.0, "path": "95962e0f754f9e2f786778c85d0913b8_140.wav", "duration": 6.0}, {"text": "We've been expanding our presence and drive both markets and brand penetration.", "audio_length_s": 6.0, "path": "9014ac9cbc2cff30468f1bcb659c0f66_328.wav", "duration": 6.0}, {"text": "This plant meets a critical need for additional processing capacity and is currently running near capacity.", "audio_length_s": 6.0, "path": "718a89dc503706eae0091bcd9410d567_58.wav", "duration": 6.0}, {"text": "Either the overall valuation or execution of something more strategic in nature", "audio_length_s": 6.0, "path": "abd0f750609f1263b566f0c09b981a16_67.wav", "duration": 6.0}, {"text": "protecting the resources and technology resources around NPI was critical to us", "audio_length_s": 6.0, "path": "0755f4b74dda585f3975c7d8208b1598_109.wav", "duration": 6.0}, {"text": "I said how do you know we're not going to get it again. I said that they liked us last year, they'll love us this year.", "audio_length_s": 6.0, "path": "232edaebd93a3d8673bce183d269ad6d_111.wav", "duration": 6.0}, {"text": "What do you think drove that increase? That's my first question.", "audio_length_s": 6.0, "path": "54558afacef9ab3010d5a57ac4feb664_39.wav", "duration": 6.0}, {"text": "funding directly some of the energy efficiency measures, actually it slowed down the process", "audio_length_s": 6.0, "path": "81430c39b7b202d05644e419e2a01a65_102.wav", "duration": 6.0}, {"text": "And all the initiatives I've talked about on every call have been setting us up to have a great December.", "audio_length_s": 6.0, "path": "280baf1d10cd27b78eae4bf2574b9c98_133.wav", "duration": 6.0}, {"text": "to accelerate growth that are still being consumed by buyers of active", "audio_length_s": 6.0, "path": "8cb24daf76784487ad63780546dc4ba4_108.wav", "duration": 6.0}, {"text": "We have completed our first round of investments now in Belgrade. We were down there last week -- 2 weeks ago", "audio_length_s": 6.0, "path": "75b0b010cea5a159f55403f51894b1ae_144.wav", "duration": 6.0}, {"text": "and he can also answer, but I will answer on his behalf. So regarding the normalized level of their", "audio_length_s": 6.0, "path": "1c60a3d37d43a43d5851722212ddcd71_50.wav", "duration": 6.0}, {"text": "having history, are important and the reason that they're important are a couple fold. One is", "audio_length_s": 6.0, "path": "c96b5ae4ffe20d946daec67e2b0917b2_193.wav", "duration": 6.0}, {"text": "A portion of revenue associated with new and expansion unit shipment was deferred", "audio_length_s": 6.0, "path": "123a9a590195f61aa739ee9b2dec4952_161.wav", "duration": 6.0}, {"text": "Interest expense declined versus prior year due to the impact of our recent refinancing.", "audio_length_s": 6.0, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_135.wav", "duration": 6.0}, {"text": "then the key is volume. If you have the volume, then you can offer more lower cost.", "audio_length_s": 6.0, "path": "a4e84e293bde7191186ae3a7a0b34024_45.wav", "duration": 6.0}, {"text": "there is an opportunity for NOV Tuboscope to inspect the pipe to assure its new owner that it is fit for purpose.", "audio_length_s": 6.0, "path": "dd3166f311a5f12a25103a0295e8ac3e_8.wav", "duration": 6.0}, {"text": "Operating cash flow grew for the eighth straight year,", "audio_length_s": 6.0, "path": "04f29bc02d1e2ef65077ca67bf41f475_194.wav", "duration": 6.0}, {"text": "Our teams have been working very hard, and I'm incredibly proud of them and the work that they're doing.", "audio_length_s": 6.0, "path": "8b71a232d7fe61e6232807b635977c31_135.wav", "duration": 6.0}, {"text": "It is now my pleasure to turn the conference over to your host, Mr. Doug VanOort. Please begin.", "audio_length_s": 6.0, "path": "8bbc2f54137b794265dfb01f1559868d_0.wav", "duration": 6.0}, {"text": "The remaining net assets reflected on the balance sheet related to discontinued operations", "audio_length_s": 6.0, "path": "6838b008f3efe8575b83cde089459d33_57.wav", "duration": 6.0}, {"text": "conservatism in guidance right now? Or did some of the cost improvements in Ohio and Texas", "audio_length_s": 6.0, "path": "3121e8f4a75758834d32a9e4e0555221_27.wav", "duration": 6.0}, {"text": "right around where we expected it to. The new news, which I covered", "audio_length_s": 6.0, "path": "82218f543c9a546c4baa5323f250b39f_43.wav", "duration": 6.0}, {"text": "We continue to forecast", "audio_length_s": 6.0, "path": "1f43e30e245ed30be41602d8423db99e_72.wav", "duration": 6.0}, {"text": "this year, the Dynasil management took a look at the time that we've invested", "audio_length_s": 6.0, "path": "91422f85dbf838639b3cb9dd9da364eb_183.wav", "duration": 6.0}, {"text": "What essentially happened in the Contract Research business in 2016 was", "audio_length_s": 6.0, "path": "91422f85dbf838639b3cb9dd9da364eb_137.wav", "duration": 6.0}, {"text": "but that was set up for the early 2020s, knowing that we've got a number of products to launch in the next", "audio_length_s": 6.0, "path": "46906afb4e1ee1fef09b5908e76beefa_203.wav", "duration": 6.0}, {"text": "Most of it's equipment. There are a few property sales in there, but those are the minority of that. Most of that is", "audio_length_s": 6.0, "path": "66c9091ba849cdb6d64987642ced64d2_102.wav", "duration": 6.0}, {"text": "that will provide us an opportunity to further increase our generic product revenues.", "audio_length_s": 6.0, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_155.wav", "duration": 6.0}, {"text": "it's simply a matter of time for things to come into place. Also, like I said,", "audio_length_s": 6.0, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_189.wav", "duration": 6.0}, {"text": "the additional capacity measures are taken to absorb the daily swings in volume.", "audio_length_s": 6.0, "path": "fa45af64ef25007f998c655347bfbecb_320.wav", "duration": 6.0}, {"text": "provide our gaming customers with tremendous operational and cash efficiency.", "audio_length_s": 6.0, "path": "1b1699497be56330b3ed833f22bc63f6_63.wav", "duration": 6.0}, {"text": "We are fortunate that our large OEM customers in the Ag market are performing well.", "audio_length_s": 6.0, "path": "a0006b7891ead9bdb76273f555b6f1c8_105.wav", "duration": 6.0}, {"text": "Consumer sliding profitability upwards which then is reflected also on the", "audio_length_s": 6.0, "path": "8475d4f528174aebabcb109487bee3f3_41.wav", "duration": 6.0}, {"text": "spot cases here and there of having to take some pricing actions. But the broad", "audio_length_s": 6.0, "path": "23eff4c724ee00f56319fcc47add3441_57.wav", "duration": 6.0}, {"text": "Otherwise, the year-to-date changes were either anticipated in our original forecast", "audio_length_s": 6.0, "path": "1133b8984db446b9c963a09eaf0785a4_225.wav", "duration": 6.0}, {"text": "and we think that opportunity is going to continue to grow. It", "audio_length_s": 6.0, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_146.wav", "duration": 6.0}, {"text": "Today's results reflect another solid quarter and a strong finish to the year.", "audio_length_s": 6.0, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_1.wav", "duration": 6.0}, {"text": "with the goal to drive incremental sales for our distributors and provide a healthier option for their customers.", "audio_length_s": 6.0, "path": "276392c471c063580869aec014a1feda_6.wav", "duration": 6.0}, {"text": "everyone is pulling in the same direction. And as we do so, I expect our best days are ahead.", "audio_length_s": 6.0, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_148.wav", "duration": 6.0}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 6.0, "path": "e56726c7aedd69029957c84128050700_89.wav", "duration": 6.0}, {"text": "On an organic basis, after adjusting for the impact of the new revenue recognition standard,", "audio_length_s": 6.0, "path": "1244d2b5a259c3bc73742830d60d53fc_51.wav", "duration": 6.0}, {"text": "and looking forward, give us confidence in our ability to effectively scale the business.", "audio_length_s": 6.0, "path": "575d21e05ceda8f95fc54e0292c2d99f_41.wav", "duration": 6.0}, {"text": "getting involved in the efficiency of truck movements because we think that's the real big important part of this.", "audio_length_s": 6.0, "path": "2905366dcf0eb60a22b63a1b3d9adf95_40.wav", "duration": 6.0}, {"text": "At the end, net-net, it ends up being a relatively stable kind of flat environment.", "audio_length_s": 6.0, "path": "132abea68f255eb89160dde90b6d3b80_147.wav", "duration": 6.0}, {"text": "and we are evaluating the Woodford and other formations in this emerging Arkoma STACK play.", "audio_length_s": 6.0, "path": "c433164f6d189e18b1e4784e376b6ecb_96.wav", "duration": 6.0}, {"text": "And just wanted to get a sense for with the added capital generation power,", "audio_length_s": 6.0, "path": "f2a2ba46b242698577188259de23de31_85.wav", "duration": 6.0}, {"text": "which is a brand-new information is that we have just signed an agreement", "audio_length_s": 6.0, "path": "e60f6485243932b9280d864cb17a6ba8_67.wav", "duration": 6.0}, {"text": "This is due to the higher upfront marketing expenses and provision for loan losses in such a scenario.", "audio_length_s": 6.0, "path": "ea97a179f1be386d6cd36637ae70a1fc_102.wav", "duration": 6.0}, {"text": "Today's discussion of organic growth represents the year-on-year change for the entire company on a constant currency basis.", "audio_length_s": 6.0, "path": "bab12f620df0f367e74acdcc467686f1_176.wav", "duration": 6.0}, {"text": "With strength in our more moderate Department Store Group, we performed extremely well given market conditions,", "audio_length_s": 6.0, "path": "65b48a7260ef038ff1bec3cc200331c3_183.wav", "duration": 6.0}, {"text": "we will start seeing or hearing or having questions coming back and forth on those applications.", "audio_length_s": 6.0, "path": "b092d2be33ad52beefab208355b18235_21.wav", "duration": 6.0}, {"text": "new things that we can bring to the benefit of the shareholders at Ares Capital Corporation,", "audio_length_s": 6.0, "path": "8aa1aa8317783203344434f855535c25_140.wav", "duration": 6.0}, {"text": "When you think of increasing internal leverage, is that going to go into its own", "audio_length_s": 6.0, "path": "8aa1aa8317783203344434f855535c25_100.wav", "duration": 6.0}, {"text": "Before we leave retail, I'll provide a brief update on industry regulation.", "audio_length_s": 6.0, "path": "b8cbc11bbdc49ca206588e2a99b0f733_7.wav", "duration": 6.0}, {"text": "Sales of road safety products in U.S. increased modestly during the quarter over the same period last year.", "audio_length_s": 6.0, "path": "1d2ff648e4a30fa5555a7ab85bf60190_40.wav", "duration": 6.0}, {"text": "that, we haven't been hit by that because our energy switching is not dependent on one-off events like", "audio_length_s": 6.0, "path": "5664a96b7f1182d037b901d84eeb4fd6_219.wav", "duration": 6.0}, {"text": "So our former American Chartered bankers were doing the right thing in helping their clients through the integration.", "audio_length_s": 6.0, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_10.wav", "duration": 6.0}, {"text": "and we did come out strong early season with great promotions.", "audio_length_s": 6.0, "path": "87ba56e8ff82d5e181ee5d6d66543c51_87.wav", "duration": 6.0}, {"text": "In Q2, we've continued to demonstrate our ability to efficiently operate", "audio_length_s": 6.0, "path": "16e51362df94379ea33a24334015f385_3.wav", "duration": 6.0}, {"text": "We think that if we would have to do this without our own", "audio_length_s": 6.0, "path": "23417803b1a8115806b8e604b8b2bb83_419.wav", "duration": 6.0}, {"text": "and the margin normalization in Spain related to the increase in power purchase costs", "audio_length_s": 6.0, "path": "23417803b1a8115806b8e604b8b2bb83_28.wav", "duration": 6.0}, {"text": "if you get below that level, that leaves you some room to start addressing the dividend?", "audio_length_s": 6.0, "path": "39eee2eb09766cf1717c05e39c7db798_121.wav", "duration": 6.0}, {"text": "We have refined our business model to reduce management layers and accelerate decision making,", "audio_length_s": 6.0, "path": "3df0981a2d94ed56170b78330aa72ee9_127.wav", "duration": 6.0}, {"text": "We were also better able to flow in our spring transitional goods. As a result,", "audio_length_s": 6.0, "path": "e2c02e1788cb10703d7611ef157f8135_182.wav", "duration": 6.0}, {"text": "The first of our 5 strategies is what we call integrated and open solutions in the cloud.", "audio_length_s": 6.0, "path": "29426a77336443eedde7eaa29e9c2852_3.wav", "duration": 6.0}, {"text": "and these incredible results are because of our relentless focus on customer success.", "audio_length_s": 6.0, "path": "16ed973148ce103dc95fdcfaf35bbe7b_129.wav", "duration": 6.0}, {"text": "Yet your guidance for next year really hasn't changed that much and almost implied like a", "audio_length_s": 6.0, "path": "6ad1d7c855ceb3eb830c365e357e4510_58.wav", "duration": 6.0}, {"text": "what do you see on the market following the launch of the Alliance offer", "audio_length_s": 6.0, "path": "cbe35890789046e75f27f5fa8645494c_25.wav", "duration": 6.0}, {"text": "And then, we're starting to make investments in things like data", "audio_length_s": 6.0, "path": "28404e399cb043d390aa70bceb339dd4_55.wav", "duration": 6.0}, {"text": "and we currently have a pending application for new market tax credits.", "audio_length_s": 6.0, "path": "28404e399cb043d390aa70bceb339dd4_63.wav", "duration": 6.0}, {"text": "This is the annual meeting of the nation's pathologists scheduled for September in Las Vegas.", "audio_length_s": 6.0, "path": "75eb5b75bb8587b63c318714ea956b9e_19.wav", "duration": 6.0}, {"text": "interested in looking of what is going to be the announcement, which will come out", "audio_length_s": 6.0, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_33.wav", "duration": 6.0}, {"text": "really enjoys that, having the extra product portfolio. And the same is true with", "audio_length_s": 6.0, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_40.wav", "duration": 6.0}, {"text": "Over the past few years, we've laid out our vision to be the best snacking company in the world.", "audio_length_s": 6.0, "path": "9b697782ea80be97854f35d6fc62c93a_66.wav", "duration": 6.0}, {"text": "and we expect to reach more than 500 markets by the end of the year.", "audio_length_s": 6.0, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_23.wav", "duration": 6.0}, {"text": "To better understand these risk factors, please refer to the documents that SciClone filed", "audio_length_s": 6.0, "path": "0e52a74a184c92ad0c336af764aa0796_30.wav", "duration": 6.0}, {"text": "Well, there's a couple of things that I would say there. One is that in most of the countries we operate in,", "audio_length_s": 6.0, "path": "333d478ab06fd400afafa68f4a952191_205.wav", "duration": 6.0}, {"text": "differentiated and compelling capability and drive that into the market with passion.", "audio_length_s": 6.0, "path": "f1da65edd5f2026ffd647d496bb96ce7_133.wav", "duration": 6.0}, {"text": "The team continues to execute a strategy with financial discipline. We expect", "audio_length_s": 6.0, "path": "48f4f350c0636fa0c7acf339cfccb869_18.wav", "duration": 6.0}, {"text": "But I believe we are in a strong position to capitalize on our Lithium Ion battery technology,", "audio_length_s": 6.0, "path": "e97d1655ebabb8403ac0449eadb48f9b_105.wav", "duration": 6.0}, {"text": "and as a company, that you're not overly leverage by any single movement within the market.", "audio_length_s": 6.0, "path": "b3d7bc295d09d9927e465213612c0192_37.wav", "duration": 6.0}, {"text": "both representing historically strong numbers, but down from projections just a couple months ago.", "audio_length_s": 6.0, "path": "8eaca8d8a419f74540f69ade8defabbd_229.wav", "duration": 6.0}, {"text": "There can be no assurant that our -- assurance that our beliefs or expectations will be achieved.", "audio_length_s": 6.0, "path": "33ed8514914fae6825997843290fe049_44.wav", "duration": 6.0}, {"text": "In addition, our new MUSCLE MILK bars have been well received in the marketplace.", "audio_length_s": 6.0, "path": "af2718cdc0b3b856f9a0b3da3d527d18_124.wav", "duration": 6.0}, {"text": "Symphony Health for a long time kind of correlated with EXPAREL and then", "audio_length_s": 6.0, "path": "450a5dc6eb19b82da8dfc68127f6e79d_35.wav", "duration": 6.0}, {"text": "prospecting. So I think for us, this is all about leverage now, and we see a very distinct", "audio_length_s": 6.0, "path": "450a5dc6eb19b82da8dfc68127f6e79d_60.wav", "duration": 6.0}, {"text": "result from our managed operations and solid organic capital generation", "audio_length_s": 6.0, "path": "dffe8257f781608bb17bb637249e4d2a_87.wav", "duration": 6.0}, {"text": "So if we look at what that means in terms of our operating cash flow numbers.", "audio_length_s": 6.0, "path": "b24e0b37987585f3c63f28df67e6a1f6_125.wav", "duration": 6.0}, {"text": "both our peak frequency and capacity share in markets like the Sydney market. So", "audio_length_s": 6.0, "path": "01f88a67f39af3a74d5f23b095615d39_114.wav", "duration": 6.0}, {"text": "things are moving slowly. One of the things we thought would be that a lot of the folks that haven't done things the right way", "audio_length_s": 6.0, "path": "3d3b327645f62f252bb876e5bb4a9259_56.wav", "duration": 6.0}, {"text": "introduction of the low sulphur that implementation we have seen and also the", "audio_length_s": 6.0, "path": "89a894c2c6440d41510f0b009c0cd03b_114.wav", "duration": 6.0}, {"text": "then obviously it's going to get pushed out from there. So in all honesty, until we have some experience,", "audio_length_s": 6.0, "path": "e42f90eacf0e766ff39973c6aca06c93_150.wav", "duration": 6.0}, {"text": "yes, I mean, our associates and our managers have done an extremely good job in the first half", "audio_length_s": 6.0, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_180.wav", "duration": 6.0}, {"text": "We have a long-term agreement in place today with First Data that includes pricing and service level agreements and so on.", "audio_length_s": 6.0, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_14.wav", "duration": 6.0}, {"text": "we feel good about our volume growth that we had. You see the headline looking at overall Americas.", "audio_length_s": 6.0, "path": "e33785a294553de2a12d4463bf786744_44.wav", "duration": 6.0}, {"text": "While I'm proud of Diageo's track record in this area, there is more we can do.", "audio_length_s": 6.0, "path": "3877b1983229ec488c6349a188bccf92_96.wav", "duration": 6.0}, {"text": "Before we move on to questions, I want to thank our employees for their commitment to Groupon and for embracing our strategy.", "audio_length_s": 6.0, "path": "50e17cbbbef8897681cc5f8ae110aae2_60.wav", "duration": 6.0}, {"text": "And also, just touch on the issue of this year's seaweed outbreak in the region.", "audio_length_s": 6.0, "path": "bff5e6c47b0b7b9c6ee5c001d0231508_79.wav", "duration": 6.0}, {"text": "So okay, I will stop here and conclude by saying we feel very good about where we are.", "audio_length_s": 6.0, "path": "7e2ebcd981f5b5ecb18c04906f87d768_73.wav", "duration": 6.0}, {"text": "I think it serves as confirmation around our capital requirements, what we said about that for both the", "audio_length_s": 6.0, "path": "fe80c1056f21701e41cf3489c450f5ae_184.wav", "duration": 6.0}, {"text": "Kevin will begin with the legal disclaimer, and then I will summarize the operating results for each of the operating units.", "audio_length_s": 6.0, "path": "f706bdb8b0a3f86e52419138fd2da20a_44.wav", "duration": 6.0}, {"text": "competitive bankruptcy at the end of last year, and you mentioned some of the attrition in China this year. If we have another year", "audio_length_s": 6.0, "path": "01b376669d5ea40acc7fb5a87503586e_133.wav", "duration": 6.0}, {"text": "Well, thanks again for joining us today. We wish all of the Happy Thanksgiving", "audio_length_s": 6.0, "path": "9908957f60adff5efc1c8692a0f5ab38_53.wav", "duration": 6.0}, {"text": "I think provides a huge opportunity for us. OTT is clearly", "audio_length_s": 6.0, "path": "d62cc3a0dfe3492ed16dfc17c028071e_33.wav", "duration": 6.0}, {"text": "don't exist with a lot of the local suppliers. And that's why the market is", "audio_length_s": 6.0, "path": "ff898f396d49760343d08575ea773b54_127.wav", "duration": 6.0}, {"text": "and we like what we've got and we'll continue to look for ways to", "audio_length_s": 6.0, "path": "e0d1342ad3d27fd648b708837de08797_294.wav", "duration": 6.0}, {"text": "How does it work with each other? And what is the additional benefit that you get because of this framework?", "audio_length_s": 6.0, "path": "75b064acca5b532722510ac0b9b0822e_139.wav", "duration": 6.0}, {"text": "the way I'm reading it, that certainly has played a role. And as soon as you", "audio_length_s": 6.0, "path": "34b4c03bbd8e9d5fceb8c8af89388197_110.wav", "duration": 6.0}, {"text": "We now cover approximately 11 point million lives in our medical pharmacy program.", "audio_length_s": 6.0, "path": "a2ba164f019804628c07b36de47cd464_4.wav", "duration": 6.0}, {"text": "These attributes are ideal for memory applications, which require faster performance", "audio_length_s": 6.0, "path": "ecc871b8f89a858d952f554f1ca8f7da_76.wav", "duration": 6.0}, {"text": "Maybe just walk through some of the biggest moving parts in terms of that step-up, please?", "audio_length_s": 6.0, "path": "ed2810b765143f8341dcc8e8c14c27f1_23.wav", "duration": 6.0}, {"text": "opportunity with it, and with that comes more opportunity. So we feel good about the opportunities in front of us,", "audio_length_s": 6.0, "path": "ed2810b765143f8341dcc8e8c14c27f1_230.wav", "duration": 6.0}, {"text": "So we have built into our plan some disruption", "audio_length_s": 6.0, "path": "64364105b816dd0b6a029e9cd210e65b_255.wav", "duration": 6.0}, {"text": "We begin this call by reviewing our results for the third quarter and our guidance for the fourth quarter.", "audio_length_s": 6.0, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_140.wav", "duration": 6.0}, {"text": "As a result, we have continued to maintain a very strong balance sheet and are pleased to reward our shareholders", "audio_length_s": 6.0, "path": "9dc19bfa451bc1278b7136420493f84d_44.wav", "duration": 6.0}, {"text": "The second one was the question to see if this domestic traffic", "audio_length_s": 6.0, "path": "eee941d0314b4b6864bf3cabc5a5caff_65.wav", "duration": 6.0}, {"text": "During today's call, we will make certain forward-looking statements as defined by the Federal Security laws.", "audio_length_s": 6.0, "path": "92287986b332deec2c9712d7c89eef08_70.wav", "duration": 6.0}, {"text": "in line with the segment profitability we see? Just general color in the China business would be nice. Well,", "audio_length_s": 6.0, "path": "1f142ea668261ba963d47aac6bab69dd_147.wav", "duration": 6.0}, {"text": "And we have an intercompany money pool that allows us to move money around to where it's needed.", "audio_length_s": 6.0, "path": "2cd5b184c2ef6624ce219830182927c9_150.wav", "duration": 6.0}, {"text": "as a result of the increase in LIBOR. If you look at our", "audio_length_s": 6.0, "path": "02242ceddfeb4bcc65f04552b63fe80e_193.wav", "duration": 6.0}, {"text": "The next step that we're going to do is just in a couple of weeks, doing the same thing,", "audio_length_s": 6.0, "path": "9826162bc1bb67bf8d65e4cf50e656e9_145.wav", "duration": 6.0}, {"text": "is covered under the safe harbor provisions of the Private Securities Litigation Reform Act.", "audio_length_s": 6.0, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_123.wav", "duration": 6.0}, {"text": "that doesn't mean that the shareholders will decide to distribute the entire balance of the reserve.", "audio_length_s": 6.0, "path": "1758a982f596e3033f062a5b9f011361_130.wav", "duration": 6.0}, {"text": "My thanks goes to our highly effective team, who threw themselves into the massive challenge", "audio_length_s": 6.0, "path": "b4072ee178832ecf3d2a0f25fd8b8387_67.wav", "duration": 6.0}, {"text": "it's been only half a month, so I can't say anything definitively.", "audio_length_s": 6.0, "path": "1530acc3242f0ee1713e757ee06f6aa1_65.wav", "duration": 6.0}, {"text": "even fairly right on what the penetration rate can or should be,", "audio_length_s": 6.0, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_141.wav", "duration": 6.0}, {"text": "In addition, we expect to discuss certain financial measures and information that are non-GAAP financial measures", "audio_length_s": 6.0, "path": "1378aabd380e63d3f89fe0e445fc8b06_83.wav", "duration": 6.0}, {"text": "is going to be also dependent on our ability to execute new contracts. And we have a number of opportunities that we're pursuing", "audio_length_s": 6.0, "path": "1378aabd380e63d3f89fe0e445fc8b06_64.wav", "duration": 6.0}, {"text": "I think what happens is what happens to the competition for the deposits in the banking system.", "audio_length_s": 6.0, "path": "09eebad8f3c529b4c7d916c5f7766f7f_399.wav", "duration": 6.0}, {"text": "We anticipate the full company revenue for Q2 is likely to be 7% to 11% higher", "audio_length_s": 6.0, "path": "3c17ad8c6709cbb1a8f7190f567a445f_57.wav", "duration": 6.0}, {"text": "in the second quarter from the good start 2016. One of the key reasons", "audio_length_s": 6.0, "path": "411bdacf05f84134fc80b874a15cf3b7_113.wav", "duration": 6.0}, {"text": "In line with the previous quarter, the depreciation and amortization expenses", "audio_length_s": 6.0, "path": "411bdacf05f84134fc80b874a15cf3b7_185.wav", "duration": 6.0}, {"text": "much of that deferred volume back to market at a much stronger pricing. So we're happy to", "audio_length_s": 6.0, "path": "93e134910b4a7c587bc461da0c9a2083_102.wav", "duration": 6.0}, {"text": "and most recently by a health technology assessment report published by NICE", "audio_length_s": 6.0, "path": "62658bb0c3307b2b10e3668b8df73b0d_67.wav", "duration": 6.0}, {"text": "based on the pilot results, even with a smaller set of subjects", "audio_length_s": 6.0, "path": "6c929ddddb79b887458ae21f1a3aa09d_65.wav", "duration": 6.0}, {"text": "We believe these investments will give us a strategic advantage and support our customer needs.", "audio_length_s": 6.0, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_57.wav", "duration": 6.0}, {"text": "by the holiday shift and resulting closures of branches on Christmas Eve and New Year's Eve.", "audio_length_s": 6.0, "path": "ef7e77f6a5983826d0eefe75f7832ce6_83.wav", "duration": 6.0}, {"text": "that as we shrink the size of the group, we actually shrink the size of the organization accordingly.", "audio_length_s": 6.0, "path": "6f1b092b312410065d308541be46da95_48.wav", "duration": 6.0}, {"text": "there is a moderate optimism in the domestic market.", "audio_length_s": 6.0, "path": "f15a674bdbbc461872000604216ae071_79.wav", "duration": 6.0}, {"text": "it's not significant, but nonetheless, it's visible -- how that might or might not be", "audio_length_s": 6.0, "path": "f15a674bdbbc461872000604216ae071_31.wav", "duration": 6.0}, {"text": "in other cases similar to that, you see that you have to have -- we adopted", "audio_length_s": 6.0, "path": "f15a674bdbbc461872000604216ae071_18.wav", "duration": 6.0}, {"text": "and have completed changes in our sales management structure, which I fully expect", "audio_length_s": 6.0, "path": "0807d606b6cf98da19b317b4928c3572_34.wav", "duration": 6.0}, {"text": "which is somewhat impacted by the continuing suspension of drilling in Mid-Continent during the sales process.", "audio_length_s": 6.0, "path": "0702a77635d50ec3b154df61456c1b63_83.wav", "duration": 6.0}, {"text": "that the prices we'll get for this will allow us to essentially pay off all the existing lenders", "audio_length_s": 6.0, "path": "3ae068efa03cd088f4d3edea682f199f_230.wav", "duration": 6.0}, {"text": "but our early observations support the thesis behind the new architecture and the many growth opportunities that it provides.", "audio_length_s": 6.0, "path": "30a142fac5a62ab00227cb6a339a6226_181.wav", "duration": 6.0}, {"text": "Second, we are very pleased with the favorable outcome of the IPR proceeding", "audio_length_s": 6.0, "path": "b1a98885c1d81414cdc122e807760faf_100.wav", "duration": 6.0}, {"text": "to have a direct and meaningful impact on the performance of the roughly 13 stores that each of them oversee.", "audio_length_s": 6.0, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_71.wav", "duration": 6.0}, {"text": "We look forward to bringing our team together and the efficiencies of our new office.", "audio_length_s": 6.0, "path": "b35398859e534e471fb1cd60f5baac20_9.wav", "duration": 6.0}, {"text": "We are definitely interested in pushing the edge of the scientific frontier in addiction", "audio_length_s": 6.0, "path": "9097dcbaf554d635920c6274b1de4997_84.wav", "duration": 6.0}, {"text": "and have direct discussions. But that's probably later this year, early '19 before we engage in that.", "audio_length_s": 6.0, "path": "16c235a53fc719ec92ef3b3c3b371150_187.wav", "duration": 6.0}, {"text": "Yes. So we don't have -- so I just want to make sure I understand the question. So", "audio_length_s": 6.0, "path": "16c235a53fc719ec92ef3b3c3b371150_198.wav", "duration": 6.0}, {"text": "engaging with customers and prospects in regional channel partners from Asia, Latin America and Europe,", "audio_length_s": 6.0, "path": "726bad4d5d1a6b2f62034eb8dc843450_8.wav", "duration": 6.0}, {"text": "you have told us that there will be an increase,", "audio_length_s": 5.9700625, "path": "0db71632fa65f1d166f14cb8593c4690_8.wav", "duration": 5.9700625}, {"text": "it's a combination of all those variables that has underpinned that result.", "audio_length_s": 5.9700625, "path": "33fd8a867dbd88a837e541b1d2b25ea5_62.wav", "duration": 5.9700625}, {"text": "to break that down and give you a sense, we tend to go off of", "audio_length_s": 5.97, "path": "5833763223d8d85b6fcb5fe90e821c77_104.wav", "duration": 5.97}, {"text": "Outside of hematology, we continue to make strong progress in the neuromuscular and pulmonary programs.", "audio_length_s": 5.97, "path": "070a939ddb72d87ed87e4b863da14a89_33.wav", "duration": 5.97}, {"text": "this is an interesting program that we have an ability and expertise in.", "audio_length_s": 5.97, "path": "92b48b365197c65ebf545a4c9dd1200d_217.wav", "duration": 5.97}, {"text": "categorized as unusual, nonrecurring and outside of the", "audio_length_s": 5.97, "path": "139f0a6300f504b3e8673e39b0429161_72.wav", "duration": 5.97}, {"text": "Finally, we will aim to line how we report the market with the way we run the business.", "audio_length_s": 5.97, "path": "157264c339727a26726e2e28dd7ce445_238.wav", "duration": 5.97}, {"text": "you think about the incremental cost of funds for Triangle as we", "audio_length_s": 5.97, "path": "ab861b81968e1b5fcb606ed886919d68_82.wav", "duration": 5.97}, {"text": "We also recently added a meaningful piece of new business, which begins this sailing season.", "audio_length_s": 5.97, "path": "e274d02ea943c0a74779950fe28e839d_48.wav", "duration": 5.97}, {"text": "renewable energy and our social commitments, some of these highlights you can see on the chart.", "audio_length_s": 5.97, "path": "9014ac9cbc2cff30468f1bcb659c0f66_146.wav", "duration": 5.97}, {"text": "led by our field leaders. Our teams are more aligned than ever on the priorities for 2017, and", "audio_length_s": 5.97, "path": "1f1b29266d2cede9b8f0f06ca57aae17_110.wav", "duration": 5.97}, {"text": "as you have displaced residents and you have responders", "audio_length_s": 5.97, "path": "abd0f750609f1263b566f0c09b981a16_63.wav", "duration": 5.97}, {"text": "has impacted all the channels in the organization. But I'll talk to that before I close.", "audio_length_s": 5.97, "path": "c68c15299b67173c7ae163cc5938f3c1_55.wav", "duration": 5.97}, {"text": "Good afternoon. My name is Christina, and I will be your conference operator today.", "audio_length_s": 5.97, "path": "6b45877b719000e47adfd1ec118c376a_0.wav", "duration": 5.97}, {"text": "Due to quiet period restrictions, we will not be able to comment on the secondary offering on today's call.", "audio_length_s": 5.97, "path": "249b7b83531140105343e2a0e89150fa_66.wav", "duration": 5.97}, {"text": "This is due to a reduction in the forecast for Services outside Japan.", "audio_length_s": 5.97, "path": "2a59b9df2de5248e64727f10185a8423_20.wav", "duration": 5.97}, {"text": "As always, we look forward to updating you on our progress when we report again.", "audio_length_s": 5.97, "path": "a069e0992c2083f0f53eaa4f7a02e47d_30.wav", "duration": 5.97}, {"text": "on one hand, the increase of the capacity of our German facilities and", "audio_length_s": 5.97, "path": "65d5a09c659f6809931dc62aa7a9eaad_169.wav", "duration": 5.97}, {"text": "This mindset will be critical to our future success. I will now turn it over to Tom.", "audio_length_s": 5.97, "path": "8cb24daf76784487ad63780546dc4ba4_122.wav", "duration": 5.97}, {"text": "New cobranded credit cards from Chase and Amex should enrich guest loyalty even further.", "audio_length_s": 5.97, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_165.wav", "duration": 5.97}, {"text": "Our strategy of building a company that brings to market oral drugs for rare diseases is coming together.", "audio_length_s": 5.97, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_47.wav", "duration": 5.97}, {"text": "Our discipline as well as the realization of our additional synergies allowed us to keep", "audio_length_s": 5.97, "path": "570faeed3dcfa26c6246dc42309025ad_79.wav", "duration": 5.97}, {"text": "For the second quarter in a row, I want to begin by congratulating and thanking our associates.", "audio_length_s": 5.97, "path": "54240e38051f2a3bb6a4e58fe55344cd_2.wav", "duration": 5.97}, {"text": "So yes, I'm excited about the prospects of the company, and I believe that", "audio_length_s": 5.97, "path": "91422f85dbf838639b3cb9dd9da364eb_178.wav", "duration": 5.97}, {"text": "We are confident that we have turned the corner in this segment and that we are on the right path.", "audio_length_s": 5.97, "path": "145244b0378e6657d456cffca8bbc982_115.wav", "duration": 5.97}, {"text": "In the remaining time that we have, we may entertain one last question.", "audio_length_s": 5.97, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_139.wav", "duration": 5.97}, {"text": "So we should see the effective tax rate coming down starting next financial year.", "audio_length_s": 5.97, "path": "2e3470778d787bc7db14a62eeaefd902_19.wav", "duration": 5.97}, {"text": "And we also expect to be able to convert the sub,", "audio_length_s": 5.97, "path": "8292bdb9af87f10627c044f3842b2c76_148.wav", "duration": 5.97}, {"text": "How do we weigh that -- how should we weight that in terms of assuming", "audio_length_s": 5.97, "path": "392ca3d1e388c6d7a35f6d0db390c359_102.wav", "duration": 5.97}, {"text": "those people that already have our products and know the reliability of our products.", "audio_length_s": 5.97, "path": "1b1699497be56330b3ed833f22bc63f6_83.wav", "duration": 5.97}, {"text": "we refer to our financial results. Here, we still see", "audio_length_s": 5.97, "path": "cc82e791c065bdc271addf355bac274f_112.wav", "duration": 5.97}, {"text": "We've won 7 units in total, and we expect them all to open later this year.", "audio_length_s": 5.97, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_73.wav", "duration": 5.97}, {"text": "Let me start by thanking our team for delivering first half results, which met the midpoint of our guidance", "audio_length_s": 5.97, "path": "1133b8984db446b9c963a09eaf0785a4_88.wav", "duration": 5.97}, {"text": "in my earlier comments and we'll go into much further detail on our special call,", "audio_length_s": 5.97, "path": "47a303604df9f9fc9f2f89a9280c3a79_221.wav", "duration": 5.97}, {"text": "In contrast, the situation on the market in Poland is becoming bleaker.", "audio_length_s": 5.97, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_8.wav", "duration": 5.97}, {"text": "The other thing they have asked us to do and which DUET did not do for us", "audio_length_s": 5.97, "path": "a24a661c2eb55542903c72391ec09f9b_99.wav", "duration": 5.97}, {"text": "operations that we are looking for but we analyze everything", "audio_length_s": 5.97, "path": "c6447babe88f061184d64309eebb8629_47.wav", "duration": 5.97}, {"text": "Also I want to elaborate on a few of the details of our revenue for the first quarter.", "audio_length_s": 5.97, "path": "e56726c7aedd69029957c84128050700_96.wav", "duration": 5.97}, {"text": "another buyer might try to step in with a better offer? Or Zenium might try to ask for a higher price, given its performance?", "audio_length_s": 5.97, "path": "171fd9df333ddd814c764843ed624121_116.wav", "duration": 5.97}, {"text": "pricing and volume improvement in the more specialty applications. Obviously, there's a positive impact", "audio_length_s": 5.97, "path": "bb9c0d60d15efa53cedac31e079e9ae6_102.wav", "duration": 5.97}, {"text": "their distribution strategies and their customer interactions by investing significantly", "audio_length_s": 5.97, "path": "7ec19aea307c76d4a57fa87368305630_13.wav", "duration": 5.97}, {"text": "The direct commodity exposure accounts for a significant portion of our coverage variance.", "audio_length_s": 5.97, "path": "2ad9555a64eaa3f45bef5581adeecb9c_32.wav", "duration": 5.97}, {"text": "we could really defer the equity issuance on an ongoing basis beyond that, we're picking this point in time", "audio_length_s": 5.97, "path": "2ad9555a64eaa3f45bef5581adeecb9c_157.wav", "duration": 5.97}, {"text": "I'm very comfortable with where we are with respect to our implementation time line. We will start", "audio_length_s": 5.97, "path": "b022fc1979ef416dd25317a4c062328e_242.wav", "duration": 5.97}, {"text": "In fact, we've gone in some places, in many cases, we're able to actually do upgrades overnight instead of over a weekend", "audio_length_s": 5.97, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_76.wav", "duration": 5.97}, {"text": "We are now launching the integrated solution selling programs we've been developing over the past several quarters.", "audio_length_s": 5.97, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_5.wav", "duration": 5.97}, {"text": "for executing against our business plan and for continuing to deliver strong results.", "audio_length_s": 5.97, "path": "bbe852c8c3f7827e31f31a56bc72b7da_159.wav", "duration": 5.97}, {"text": "Next, let's look at sales and income by business segment.", "audio_length_s": 5.97, "path": "f4d0f1362716be33f02690dd1a8df663_35.wav", "duration": 5.97}, {"text": "great. Credit performance has been really good. Unit economics continue to improve. So", "audio_length_s": 5.97, "path": "ea97a179f1be386d6cd36637ae70a1fc_147.wav", "duration": 5.97}, {"text": "This continues to place us on the conservative end of our industry with regard to balance sheet leverage.", "audio_length_s": 5.97, "path": "ade68f8add7249890d086ecf4b5b8cab_19.wav", "duration": 5.97}, {"text": "And last question is with respect to investment", "audio_length_s": 5.97, "path": "b8cbc11bbdc49ca206588e2a99b0f733_111.wav", "duration": 5.97}, {"text": "And while inflationary pressure masks some of the cost improvements we have made within our operations,", "audio_length_s": 5.97, "path": "c1d916407f390d20e9d8f9b453e22435_73.wav", "duration": 5.97}, {"text": "And as I mentioned, we're now adding the internal audit group to her responsibilities.", "audio_length_s": 5.97, "path": "0360a780927a31fb0bec9e79dac878a2_48.wav", "duration": 5.97}, {"text": "and the risk factors that could cause actual results to differ. Thank you, Eddie.", "audio_length_s": 5.97, "path": "0360a780927a31fb0bec9e79dac878a2_43.wav", "duration": 5.97}, {"text": "I'm trying to marry that dynamic with the other comment that you made", "audio_length_s": 5.97, "path": "3cc0a4a6f1b08b522c732ad8944e8624_81.wav", "duration": 5.97}, {"text": "Continue to be a lot of acres planted going forward. So we think that", "audio_length_s": 5.97, "path": "a02b735de681c682fbb8025edecca271_106.wav", "duration": 5.97}, {"text": "as well as the availability of the Marvel.", "audio_length_s": 5.97, "path": "b305bff75f28d238f0bd7da5bd4f13b8_233.wav", "duration": 5.97}, {"text": "So that helps us not lose people. We have intensified our recruiting efforts", "audio_length_s": 5.97, "path": "b305bff75f28d238f0bd7da5bd4f13b8_204.wav", "duration": 5.97}, {"text": "we believe we're well positioned to continue to pursue our mission to help cure cancer.", "audio_length_s": 5.97, "path": "66f8c62a56dfd5c78625e220e4be83bc_59.wav", "duration": 5.97}, {"text": "The strategy of the company is to own top-tier assets and to develop top-tier inventory.", "audio_length_s": 5.97, "path": "9952903822d3aabb9a8a8fdd41f23bc2_75.wav", "duration": 5.97}, {"text": "As of the beginning of August, all aspects of Proposition 57 were in effect.", "audio_length_s": 5.97, "path": "c5c7a9f409241412b160a93cde7ef630_122.wav", "duration": 5.97}, {"text": "Now before I turn the call over to Dave, I'd like to briefly discuss last week's announcement", "audio_length_s": 5.97, "path": "c5c7a9f409241412b160a93cde7ef630_75.wav", "duration": 5.97}, {"text": "And that's balancing then the experience we create in our stores around the third place around community.", "audio_length_s": 5.97, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_62.wav", "duration": 5.97}, {"text": "through sampling. It anchors Johnnie Walker in a long mixed serve for the summer.", "audio_length_s": 5.97, "path": "c3567809c19ce6a800677544cd84f88b_211.wav", "duration": 5.97}, {"text": "the first wireless sensor to alert Axon cameras when a firearm is removed from an officer's holster.", "audio_length_s": 5.97, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_120.wav", "duration": 5.97}, {"text": "As a reminder, these collaboration revenues do not have a significant impact on our cash flows", "audio_length_s": 5.97, "path": "bd40628b97efec198825ccf910c7e27e_97.wav", "duration": 5.97}, {"text": "Not interested in being the third vendor in a box RFP. But there are a couple that", "audio_length_s": 5.97, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_56.wav", "duration": 5.97}, {"text": "primarily due to a reduced project backlog at the beginning of the current fiscal year.", "audio_length_s": 5.97, "path": "505ccbd6e857cad05a179a5ed5419d1b_8.wav", "duration": 5.97}, {"text": "Now as we look forward, what I would probably say is that the price", "audio_length_s": 5.97, "path": "ab4dae37361262d727d1d2f8f78765d5_112.wav", "duration": 5.97}, {"text": "With that, we would now be happy to answer any questions that you might have.", "audio_length_s": 5.97, "path": "b1da16cba24af8e472573c4c9caf17c7_135.wav", "duration": 5.97}, {"text": "Our guidance for the second quarter is up from the same quarter a year ago in a challenging environment.", "audio_length_s": 5.97, "path": "051c23cc7bacc5c9df9312ac0fd431a9_10.wav", "duration": 5.97}, {"text": "that we did not extend by mutual agreement at the end of 2015. Second,", "audio_length_s": 5.97, "path": "2a059b2b192b8e972ca7664ddfed8a20_151.wav", "duration": 5.97}, {"text": "Regarding DCR-HBVS, we continue to dose healthy volunteers", "audio_length_s": 5.97, "path": "e78997e6a75a2243292b2b54750bb3cb_14.wav", "duration": 5.97}, {"text": "probably as good as our current bank credit line.", "audio_length_s": 5.97, "path": "82131762fc1c2b2358ac3a167666ab87_45.wav", "duration": 5.97}, {"text": "how that number -- what the sort of factors around that percentage going up", "audio_length_s": 5.97, "path": "968913c3f9111fc67f1d9956c56dec3b_148.wav", "duration": 5.97}, {"text": "The order book was strong, as our paper continues to be well received by the market.", "audio_length_s": 5.97, "path": "968913c3f9111fc67f1d9956c56dec3b_75.wav", "duration": 5.97}, {"text": "The lab revenue increase reflects its growing focus on higher-margin molecular testing services.", "audio_length_s": 5.97, "path": "75eb5b75bb8587b63c318714ea956b9e_87.wav", "duration": 5.97}, {"text": "some sort of guidance, be that as revenue or EBITDA, with respect to any or all of your", "audio_length_s": 5.97, "path": "63eaf9677d7577484a1557ae6bfbb585_133.wav", "duration": 5.97}, {"text": "That's one piece of the go-to-market. The other piece looks more like traditional", "audio_length_s": 5.97, "path": "52a4e3ebf7e968a783401230c3f69a9d_106.wav", "duration": 5.97}, {"text": "We just bought the propane division of that and the acquisition is our fourth tuck-in", "audio_length_s": 5.97, "path": "c92a9ecd2741326fd8625841a07f74f9_1.wav", "duration": 5.97}, {"text": "In terms of combination, the data that was presented was actually supporting", "audio_length_s": 5.97, "path": "7f0b365cacc47c00a8284b0070994e4a_20.wav", "duration": 5.97}, {"text": "continue to focus on maintaining the integrity of our assets. That is absolutely", "audio_length_s": 5.97, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_33.wav", "duration": 5.97}, {"text": "the competency of blending Nubiola products with our products and creating", "audio_length_s": 5.97, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_176.wav", "duration": 5.97}, {"text": "is something that I think we're getting better at and we've got some better processes in place to do that proactively", "audio_length_s": 5.97, "path": "9b697782ea80be97854f35d6fc62c93a_64.wav", "duration": 5.97}, {"text": "in this challenging environment, we're being a lot more prudent in terms of those kinds of investments.", "audio_length_s": 5.97, "path": "9b697782ea80be97854f35d6fc62c93a_237.wav", "duration": 5.97}, {"text": "While that was gratifying and confirmed our own assumptions about our business,", "audio_length_s": 5.97, "path": "0e52a74a184c92ad0c336af764aa0796_64.wav", "duration": 5.97}, {"text": "physician business that we're absorbing with our current capabilities and organic", "audio_length_s": 5.97, "path": "f1da65edd5f2026ffd647d496bb96ce7_126.wav", "duration": 5.97}, {"text": "on certain assets to reflect our greater costs of funding those assets. So", "audio_length_s": 5.97, "path": "40b1895fcd5116b51eb97573544b3afd_82.wav", "duration": 5.97}, {"text": "will give that much of activity or tumor melting at the end? We have to know exactly", "audio_length_s": 5.97, "path": "48f4f350c0636fa0c7acf339cfccb869_135.wav", "duration": 5.97}, {"text": "just go back to the regular monthly dividends, not have specials. And", "audio_length_s": 5.97, "path": "6318dda27b3e36d76533c048c64a3014_153.wav", "duration": 5.97}, {"text": "Retirement had a solid quarter, reporting good earnings and net flows.", "audio_length_s": 5.97, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_174.wav", "duration": 5.97}, {"text": "However, we do not expect to be able to maintain this elevated level as a baseline in the future.", "audio_length_s": 5.97, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_16.wav", "duration": 5.97}, {"text": "we believe we have a solid foundation and the available capital to grow our investment income.", "audio_length_s": 5.97, "path": "73c60e60043b8775dac929320839a8c6_89.wav", "duration": 5.97}, {"text": "the North Sea and the Barents Sea seems to have a pickup", "audio_length_s": 5.97, "path": "939c2eaaa171907197a14e58cea3514d_140.wav", "duration": 5.97}, {"text": "Related to the Pramac acquisition, recall we are acquiring a majority ownership position in that company.", "audio_length_s": 5.97, "path": "82f5253b62614161333b038f5f9700f8_190.wav", "duration": 5.97}, {"text": "For oriented strand board, second quarter to date realizations are comparable to the first quarter average,", "audio_length_s": 5.97, "path": "735a523f1ef6500b7aa97a2536d9c4fd_22.wav", "duration": 5.97}, {"text": "I have a question on Jennie-O. And I was just wondering if you could give us a sense of", "audio_length_s": 5.97, "path": "af2718cdc0b3b856f9a0b3da3d527d18_45.wav", "duration": 5.97}, {"text": "This study is approaching full enrollment with top line results expected near the end of this year.", "audio_length_s": 5.97, "path": "450a5dc6eb19b82da8dfc68127f6e79d_18.wav", "duration": 5.97}, {"text": "This is our usual slide of the key drivers of shareholder value creation.", "audio_length_s": 5.97, "path": "dffe8257f781608bb17bb637249e4d2a_252.wav", "duration": 5.97}, {"text": "we obviously tried to recoup as much as that as possible through pricing actions in the local market.", "audio_length_s": 5.97, "path": "92bf6fe090b6bc565cb500b688fd9173_27.wav", "duration": 5.97}, {"text": "we certainly will look to do acquisitions as exchanges", "audio_length_s": 5.97, "path": "9ba83ac067a98f8b12cc480ff0691e91_27.wav", "duration": 5.97}, {"text": "So I'm going to ask Mike Pizzi to take the first part of your question, but I will hit the second part of your question first.", "audio_length_s": 5.97, "path": "7cc11de7f206c637e6293da0d956405e_231.wav", "duration": 5.97}, {"text": "The new Singapore first lounge is set to open towards the end of 2019. And", "audio_length_s": 5.97, "path": "01f88a67f39af3a74d5f23b095615d39_165.wav", "duration": 5.97}, {"text": "driven by a combination of both our strong Las Vegas results and growth in our Native American management fees.", "audio_length_s": 5.97, "path": "1e850c2f72078279ebafea4edcbb3aa4_14.wav", "duration": 5.97}, {"text": "and will support a higher growth rate in this region in comparison to the first half.", "audio_length_s": 5.97, "path": "f74a9d06236a0e937a6e98bfacc85eb7_1.wav", "duration": 5.97}, {"text": "Our first quarter earnings reflect improved realized margins and positive inventory impacts.", "audio_length_s": 5.97, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_10.wav", "duration": 5.97}, {"text": "We've made good progress in each of the 5 work streams, and you can see it in our results.", "audio_length_s": 5.97, "path": "3877b1983229ec488c6349a188bccf92_21.wav", "duration": 5.97}, {"text": "this is another strong set of results. Let me take you through the numbers in more detail.", "audio_length_s": 5.97, "path": "3877b1983229ec488c6349a188bccf92_7.wav", "duration": 5.97}, {"text": "and have expanded the Guinness portfolio with beers from The Brewers Project.", "audio_length_s": 5.97, "path": "3877b1983229ec488c6349a188bccf92_105.wav", "duration": 5.97}, {"text": "benefiting from the new media campaign and increased investment in sampling activities.", "audio_length_s": 5.97, "path": "3877b1983229ec488c6349a188bccf92_141.wav", "duration": 5.97}, {"text": "Mobile remains our focus with nearly 60% of transactions completed on our mobile platforms.", "audio_length_s": 5.97, "path": "50e17cbbbef8897681cc5f8ae110aae2_15.wav", "duration": 5.97}, {"text": "At the same time, we focused on our training efforts this past quarter to ensure that we had our associates", "audio_length_s": 5.97, "path": "7498a6630302a038bd537d192c3a44f4_83.wav", "duration": 5.97}, {"text": "from the Canadian government and also from our customers, including Delta.", "audio_length_s": 5.97, "path": "7e2ebcd981f5b5ecb18c04906f87d768_118.wav", "duration": 5.97}, {"text": "Remember, these systems are at the heart of billing for and collecting an operator's cash flows.", "audio_length_s": 5.97, "path": "af00f4e7b63ee843a3d203f982fac701_52.wav", "duration": 5.97}, {"text": "much like MTN South Africa is having us do for them with both their wholesale and residential businesses.", "audio_length_s": 5.97, "path": "af00f4e7b63ee843a3d203f982fac701_77.wav", "duration": 5.97}, {"text": "what the credit of those parties are, how well contracted it is, and get comfortable that the overall", "audio_length_s": 5.97, "path": "f7c059b1312a5f1fc017ece069fddee2_59.wav", "duration": 5.97}, {"text": "and so we're going to be in a really good shape. Our -- but I would say that our development plans", "audio_length_s": 5.97, "path": "838af8ffae77ce8ff59c77b1985f8fc5_100.wav", "duration": 5.97}, {"text": "we have increased some specific reserves to reflect the reality of the ongoing negotiations.", "audio_length_s": 5.97, "path": "d5fb88dba0740bc906c5127e05592f95_4.wav", "duration": 5.97}, {"text": "Early-season conditions in Colorado have been outstanding with great skiing conditions over the Thanksgiving holiday.", "audio_length_s": 5.97, "path": "078b27aa69b10aa01f2eab2aa681bdd8_110.wav", "duration": 5.97}, {"text": "in that light. All right. Because I assume that's kind of your game plan. I mean, your stock", "audio_length_s": 5.97, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_88.wav", "duration": 5.97}, {"text": "that much better at Grand Canyon Education to which you're able to continue to", "audio_length_s": 5.97, "path": "4311782968e936c378fdee8946cd9cca_82.wav", "duration": 5.97}, {"text": "We expect our online campus to grow between 6% and 7% on an annual basis.", "audio_length_s": 5.97, "path": "4311782968e936c378fdee8946cd9cca_34.wav", "duration": 5.97}, {"text": "Longer term, we remain on track on our cost savings initiatives,", "audio_length_s": 5.97, "path": "34b4c03bbd8e9d5fceb8c8af89388197_147.wav", "duration": 5.97}, {"text": "Regarding our cash use in the quarter, you can see that our total cash flow from operations and investing activities,", "audio_length_s": 5.97, "path": "66b25c60d952bd002c7ab20da9248086_64.wav", "duration": 5.97}, {"text": "On a constant exchange rate basis, our Africa, India and Middle East businesses", "audio_length_s": 5.97, "path": "b6688f44b91606fbd75a6d66e94d4e4b_174.wav", "duration": 5.97}, {"text": "of our current rights offering on diluted EPS, there is no change to the guidance we presented.", "audio_length_s": 5.97, "path": "1300495cfa53748f732f54277d5a8cea_49.wav", "duration": 5.97}, {"text": "and growth in that market on the back of increased interstate migration, which has doubled", "audio_length_s": 5.97, "path": "24a133abc343c813233d416b0cef96cd_182.wav", "duration": 5.97}, {"text": "Growth at the service companies only partly compensated for these declines.", "audio_length_s": 5.97, "path": "407fee9910ab57874978cf85a89b1d9d_83.wav", "duration": 5.97}, {"text": "watch out, we will continue to prove you wrong with operational aggressiveness and financial prudence.", "audio_length_s": 5.97, "path": "92287986b332deec2c9712d7c89eef08_113.wav", "duration": 5.97}, {"text": "new customers. And we just think over time, that's going to become a bigger and bigger piece of our business as our installed base gets bigger.", "audio_length_s": 5.97, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_156.wav", "duration": 5.97}, {"text": "So that's basically it. The performance of the team has been very good.", "audio_length_s": 5.97, "path": "ffe22f8bcf153b8b51f6e52039686c1e_117.wav", "duration": 5.97}, {"text": "and then that will dissipate as the year goes on. We do not view this as a lasting impact.", "audio_length_s": 5.97, "path": "c2bad61ce58687fad602549f6048004b_42.wav", "duration": 5.97}, {"text": "We continually evaluate strategic options for this business to unlock shareholder value.", "audio_length_s": 5.97, "path": "648ddbbaa83d8a627c7ab752f63a80bd_6.wav", "duration": 5.97}, {"text": "I just want to go over a couple of numbers. Comparing fourth quarter of last year,", "audio_length_s": 5.97, "path": "14fa9d7635caae6483af62a4bfe1b9d6_71.wav", "duration": 5.97}, {"text": "I think as we showed in the one chart that if you have the", "audio_length_s": 5.97, "path": "2cd5b184c2ef6624ce219830182927c9_97.wav", "duration": 5.97}, {"text": "or at least not including the Gas Storage business. We're reviewing what we're going to do with that at this point.", "audio_length_s": 5.97, "path": "2cd5b184c2ef6624ce219830182927c9_329.wav", "duration": 5.97}, {"text": "The charge relates to the amortization of an intangible asset and other balance sheet adjustments.", "audio_length_s": 5.97, "path": "711d9abe4399e7184d7dd8e3273f8a71_143.wav", "duration": 5.97}, {"text": "This increase in sustainable cash flow enhances our ability to return capital to our shareholders through dividends.", "audio_length_s": 5.97, "path": "96488f25af54f91198b444e5eff8e878_128.wav", "duration": 5.97}, {"text": "there is a lot of newness in some of the trends and sell-throughs and products that we're seeing right now", "audio_length_s": 5.97, "path": "6cbf592846662213258684c3049e4592_135.wav", "duration": 5.97}, {"text": "We continue to have the best end-to-end solutions that deliver the most secure", "audio_length_s": 5.97, "path": "dbf6a9009ea60e2e96772ee3ccea7226_53.wav", "duration": 5.97}, {"text": "Well, we'll end what may be the shortest conference call in history. Thank you very much.", "audio_length_s": 5.97, "path": "20b57e356503ba757b93170edb7fee63_1.wav", "duration": 5.97}, {"text": "just ask a question, what does an ideal target for you guys look like", "audio_length_s": 5.97, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_34.wav", "duration": 5.97}, {"text": "This net leverage ratio when adjusted for the closing of the January station acquisitions", "audio_length_s": 5.97, "path": "77423f08f0208d476dea73c639f6293a_4.wav", "duration": 5.97}, {"text": "I would rather say that the fixed costs of the company had actually been", "audio_length_s": 5.97, "path": "538323cb37246bc97d1253b369a7414a_27.wav", "duration": 5.97}, {"text": "with list prices that are slightly higher than others.", "audio_length_s": 5.97, "path": "f15a674bdbbc461872000604216ae071_63.wav", "duration": 5.97}, {"text": "Can you talk about some of the regions? Is that really chasing some of the higher-growth regions like China? Or is that broad based?", "audio_length_s": 5.97, "path": "4fd138e27f5f375945332eacefa15b62_182.wav", "duration": 5.97}, {"text": "which are used as an extender filler in paint and plastics applications.", "audio_length_s": 5.97, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_54.wav", "duration": 5.97}, {"text": "However, in accordance with GAAP, Mercury Intelligence Systems isn't -- is reflected in our statement of cash flows", "audio_length_s": 5.97, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_122.wav", "duration": 5.97}, {"text": "We do not undertake to update any of these statements in light of new information or future events.", "audio_length_s": 5.97, "path": "0b7afb66a39a4c81151309bacc830c60_63.wav", "duration": 5.97}, {"text": "The sales pipeline in the stand-alone Dedicated segment has significantly grown", "audio_length_s": 5.97, "path": "eb93e70cdf7a839a69546250fb3646fb_69.wav", "duration": 5.97}, {"text": "results that exceeded our expectations for the quarter primarily as a result of higher realized prices,", "audio_length_s": 5.97, "path": "16c235a53fc719ec92ef3b3c3b371150_3.wav", "duration": 5.97}, {"text": "may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act", "audio_length_s": 5.97, "path": "744f5859c7d9a0567b387ae84326d940_168.wav", "duration": 5.97}, {"text": "The third quarter results reflect favorably on our off-season productivity of our staff.", "audio_length_s": 5.97, "path": "1bb9219ad31877175e18e8e48ff2f63c_58.wav", "duration": 5.97}, {"text": "in their volumes this year. So we benefited from that. And then certainly the", "audio_length_s": 5.97, "path": "97ddc19ecb28bab2d19fd3b181182062_144.wav", "duration": 5.97}, {"text": "Finally, the company's capital deployment program started the year on fast pace,", "audio_length_s": 5.97, "path": "9b83a4dcac688347e3b13ca7c55660ed_28.wav", "duration": 5.97}, {"text": "is that no one has given the customers a fantastic option.", "audio_length_s": 5.9699375, "path": "5ea42ed8ea9a65bd01aaabb678685483_132.wav", "duration": 5.9699375}, {"text": "explore that with our component suppliers of major components for those types of products.", "audio_length_s": 5.9699375, "path": "82f5253b62614161333b038f5f9700f8_117.wav", "duration": 5.9699375}, {"text": "This measure removes the effect of discontinued products and the shutting of less accretive products throughout the year.", "audio_length_s": 5.9699375, "path": "6fe1a71311b4937268b4c0332dc7c11f_46.wav", "duration": 5.9699375}, {"text": "the best type of buildings in the right locations with the right type of tenants", "audio_length_s": 5.9400625, "path": "be4840dddb9ee8ea5102590be83badbd_62.wav", "duration": 5.9400625}, {"text": "insurance products cover how and where our business is moving.", "audio_length_s": 5.9400625, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_202.wav", "duration": 5.9400625}, {"text": "Before we turn the call back to the operator to take any questions you may have, I'll make a few final comments on our outlook.", "audio_length_s": 5.94, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_118.wav", "duration": 5.94}, {"text": "we probably had more of an impact in 2017. But we do still have products", "audio_length_s": 5.94, "path": "139f0a6300f504b3e8673e39b0429161_175.wav", "duration": 5.94}, {"text": "our customers do retro synthesis. And this is allowing many of our customers to come in and", "audio_length_s": 5.94, "path": "a95a220f118ae793c89d6d708e62cf8a_53.wav", "duration": 5.94}, {"text": "I think a lot of people were concerned that we seem to have taken prices up while the rest of the competition did not.", "audio_length_s": 5.94, "path": "f262bb6a5f222326e1fd4cf3c5adee66_150.wav", "duration": 5.94}, {"text": "who are ultimately responsible for the solid fourth quarter results.", "audio_length_s": 5.94, "path": "94fdf7b24748a7706b1097482a0f363a_73.wav", "duration": 5.94}, {"text": "We do appreciate your participation, and you may now disconnect. Everyone, have a wonderful day.", "audio_length_s": 5.94, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_35.wav", "duration": 5.94}, {"text": "The slow start was due to high inventory levels at certain of our customers' location.", "audio_length_s": 5.94, "path": "e274d02ea943c0a74779950fe28e839d_141.wav", "duration": 5.94}, {"text": "We don't expect any inventory level revision this time,", "audio_length_s": 5.94, "path": "3cb802f8fba7d33603c29387ccdaf817_160.wav", "duration": 5.94}, {"text": "And they also signed up for additional services such as broadband and cloud,", "audio_length_s": 5.94, "path": "2f888e63a31b86cc2f4f97710e8eed79_163.wav", "duration": 5.94}, {"text": "and therefore, recorded negligible sales from the country in the second quarter of this year.", "audio_length_s": 5.94, "path": "f0ce0d97cf62c9076226e0aeeb550493_6.wav", "duration": 5.94}, {"text": "we use the expression, adaptive learning platform, others refer to it in different ways. But it really does", "audio_length_s": 5.94, "path": "10ad172801ac8cd3a21e4355d7349eb5_77.wav", "duration": 5.94}, {"text": "refined product and NGL inventories associated with the legacy SXL business", "audio_length_s": 5.94, "path": "718a89dc503706eae0091bcd9410d567_63.wav", "duration": 5.94}, {"text": "I think -- we started the quarter not looking at that strong of a book.", "audio_length_s": 5.94, "path": "232edaebd93a3d8673bce183d269ad6d_167.wav", "duration": 5.94}, {"text": "additional information on what's going on with Rich Media in terms of e-books?", "audio_length_s": 5.94, "path": "ed1006cd88de67e8fe53ea86ad6862d7_65.wav", "duration": 5.94}, {"text": "Outside Japan, the effect of the weaker yen contributed to increased revenue.", "audio_length_s": 5.94, "path": "2a59b9df2de5248e64727f10185a8423_33.wav", "duration": 5.94}, {"text": "Last summer, we formed a new joint venture with Alibaba to improve service and sales for Chinese guests.", "audio_length_s": 5.94, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_243.wav", "duration": 5.94}, {"text": "I will now provide some specific comments on the outlook for each of our business lines.", "audio_length_s": 5.94, "path": "7974a5134807f46a1484a8adf81505be_32.wav", "duration": 5.94}, {"text": "doesn't leave us with the same sort of exposure that historically was the case when you look to the portfolio.", "audio_length_s": 5.94, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_155.wav", "duration": 5.94}, {"text": "of acquisitions during that period as well as dispositions and capital markets activities.", "audio_length_s": 5.94, "path": "1927f9c722093d1d64b610c4227ccf59_19.wav", "duration": 5.94}, {"text": "companies. I think it's within the capability of the land drilling contractors", "audio_length_s": 5.94, "path": "dd3166f311a5f12a25103a0295e8ac3e_56.wav", "duration": 5.94}, {"text": "continues to pay big dividends , and I think sets an impressive standard for our future activities.", "audio_length_s": 5.94, "path": "918de179148bbfe18b95415ee0065a3d_7.wav", "duration": 5.94}, {"text": "We already have a lot of set-top box data in hand, we use it every day to drive our analytics business.", "audio_length_s": 5.94, "path": "8b71a232d7fe61e6232807b635977c31_159.wav", "duration": 5.94}, {"text": "We expect to see additional gains when the lab information systems and lab facilities", "audio_length_s": 5.94, "path": "8bbc2f54137b794265dfb01f1559868d_156.wav", "duration": 5.94}, {"text": "who have been in a tougher spot? And do you expect to keep that share as they get back on their feet? Yes, thank you", "audio_length_s": 5.94, "path": "044da592acc01ff7baacb3dbf2a302a9_140.wav", "duration": 5.94}, {"text": "These opportunities include further energy network modernization investments across the group", "audio_length_s": 5.94, "path": "9589f919b51ea96f732c4fe7fd180d7e_96.wav", "duration": 5.94}, {"text": "expanded options, the new tools and services designed to help them succeed every step of the way.", "audio_length_s": 5.94, "path": "957e0f876f9a4af9b498c19843675474_110.wav", "duration": 5.94}, {"text": "We continued fueling our leadership engine and expanded training and leadership development programs,", "audio_length_s": 5.94, "path": "5308c910fb34c8291b372e7a94521e9b_86.wav", "duration": 5.94}, {"text": "And so from the perspective of being down in the quarter, we don't read too much into that. Again, I go back to", "audio_length_s": 5.94, "path": "5eb57224d167f55747e3ea5aab8a91cf_48.wav", "duration": 5.94}, {"text": "parts of our business. The remainder being the effects we talked about with Summer Market, New York Now", "audio_length_s": 5.94, "path": "4032bfdd59881fc6506c082737cb5a99_137.wav", "duration": 5.94}, {"text": "it's spent changing from one patient to the other. So is this change time", "audio_length_s": 5.94, "path": "d5c338a956681dbb2170472253a29b85_82.wav", "duration": 5.94}, {"text": "You can see an example of one of these refits in our store in the Trafford Centre on the screen.", "audio_length_s": 5.94, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_39.wav", "duration": 5.94}, {"text": "that this is being employed to fix. It's a broad, a pretty wide number", "audio_length_s": 5.94, "path": "8957425799e5ce0200bfacf204d0acde_56.wav", "duration": 5.94}, {"text": "changes to our corporate governance structure and our proposed strategic plan to strengthen our business.", "audio_length_s": 5.94, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_154.wav", "duration": 5.94}, {"text": "we see a scarcity of resources and their unnatural limits for the size of the output, which you can't", "audio_length_s": 5.94, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_148.wav", "duration": 5.94}, {"text": "and assembly of dispensers and caps for the food and beverage and health, beauty and home care end markets.", "audio_length_s": 5.94, "path": "e743ddc0caabaebf5e9a6568eaef8334_95.wav", "duration": 5.94}, {"text": "Also impacting net income was higher depreciation and amortization of expense.", "audio_length_s": 5.94, "path": "0f06227be4dd36d9329849eda96196aa_10.wav", "duration": 5.94}, {"text": "And we believe that's the likely ultimate outcome. Relative to Applied,", "audio_length_s": 5.94, "path": "f46ae0a04d60dea8a759f07333ed37e2_38.wav", "duration": 5.94}, {"text": "Turning to the balance sheet. Gary talked about the many initiatives we're driving to accelerate innovation.", "audio_length_s": 5.94, "path": "f46ae0a04d60dea8a759f07333ed37e2_64.wav", "duration": 5.94}, {"text": "Although these activities have been incremental and generally fall below the materiality radar screen,", "audio_length_s": 5.94, "path": "0f4370b614f29bd596e4f6871cc77864_137.wav", "duration": 5.94}, {"text": "Our preferred markets would be the metro markets that we're currently in, so Orlando, Tampa", "audio_length_s": 5.94, "path": "15ac383479a7c990aab7b155e4d42053_16.wav", "duration": 5.94}, {"text": "These expenses were not included in our guidance for the quarter and are not included in our future guidance.", "audio_length_s": 5.94, "path": "276392c471c063580869aec014a1feda_11.wav", "duration": 5.94}, {"text": "higher than others in the market who already have a defined network this year.", "audio_length_s": 5.94, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_80.wav", "duration": 5.94}, {"text": "the ladies who are doing the sewing. It takes about 6 months for them to get up to standard,", "audio_length_s": 5.94, "path": "a44c74bdc01aa7e317addc11f2274e11_178.wav", "duration": 5.94}, {"text": "Good morning. My name is James, and I'll be your conference operator today. At this time, I'd like to welcome everyone", "audio_length_s": 5.94, "path": "9da45cfd4472699ef05d887adce01223_0.wav", "duration": 5.94}, {"text": "All the leasing success we have had would not be possible without the efforts of our construction team.", "audio_length_s": 5.94, "path": "171fd9df333ddd814c764843ed624121_187.wav", "duration": 5.94}, {"text": "Last year, the market provided strong support for the utilization of our 2 vessels.", "audio_length_s": 5.94, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_62.wav", "duration": 5.94}, {"text": "idea of getting lease certificates also in other buildings in our portfolio.", "audio_length_s": 5.94, "path": "eb4fd38da7ae1a347630ef447dfe9abe_12.wav", "duration": 5.94}, {"text": "As I've said the last 2 quarters, changes in revenues is not a good predictor of our performance.", "audio_length_s": 5.94, "path": "2ad9555a64eaa3f45bef5581adeecb9c_27.wav", "duration": 5.94}, {"text": "we may be with the platforms and not just one, multiple platforms,", "audio_length_s": 5.94, "path": "bbe852c8c3f7827e31f31a56bc72b7da_111.wav", "duration": 5.94}, {"text": "for your attention and now I am available for any questions you may have.", "audio_length_s": 5.94, "path": "0c1ba087943ffa875ee4e4c1c42a458f_90.wav", "duration": 5.94}, {"text": "bring it up to speed and qualify it. So we look for that more later in the year.", "audio_length_s": 5.94, "path": "1ddc944827b99caf8c7867ceeed0ec20_101.wav", "duration": 5.94}, {"text": "to both the commercial customers as well as the Defense Ministry of India.", "audio_length_s": 5.94, "path": "1ddc944827b99caf8c7867ceeed0ec20_122.wav", "duration": 5.94}, {"text": "and 70 years of history and understanding this segment. So getting our hands around that", "audio_length_s": 5.94, "path": "aeb50c6146f90bd32d147c5d4775c21d_67.wav", "duration": 5.94}, {"text": "These tools are a logical extension of our core Recovery Audit Services,", "audio_length_s": 5.94, "path": "bf07ba925d6e5f568f66bb89b00a9463_25.wav", "duration": 5.94}, {"text": "It will probably even be a little bit weighted to the front part of the year as some of it ramps up.", "audio_length_s": 5.94, "path": "ade68f8add7249890d086ecf4b5b8cab_40.wav", "duration": 5.94}, {"text": "We're trying to make a committed effort to being really competitively priced from a fee standpoint", "audio_length_s": 5.94, "path": "b8cbc11bbdc49ca206588e2a99b0f733_69.wav", "duration": 5.94}, {"text": "new store openings and other matters that are based on the company's current forecast of aspects of its future business.", "audio_length_s": 5.94, "path": "a001f4c808bdc9a395ee7d3f9288fc50_30.wav", "duration": 5.94}, {"text": "And so we've done a lot of work around even existing centers to optimize our layout.", "audio_length_s": 5.94, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_137.wav", "duration": 5.94}, {"text": "In Personal Care, our priorities are to grow the core whilst building the premium segment.", "audio_length_s": 5.94, "path": "47b1a118c53956b23f1d687a75f3e5ba_85.wav", "duration": 5.94}, {"text": "before, I think it was to Warren, what I mentioned in terms of managing our portfolio", "audio_length_s": 5.94, "path": "47b1a118c53956b23f1d687a75f3e5ba_147.wav", "duration": 5.94}, {"text": "If we see the growth in more panel-like products, that would", "audio_length_s": 5.94, "path": "dd28a387ccc9575df47840b850647c7f_167.wav", "duration": 5.94}, {"text": "people will always talk to you at AXA about a focus in Health,", "audio_length_s": 5.94, "path": "98f10f0935e5b778e888a1b8130a3d31_236.wav", "duration": 5.94}, {"text": "Today, I'd like to introduce myself and speak briefly about my plans for the next few months.", "audio_length_s": 5.94, "path": "6d97c63e754383663561baada77c7354_29.wav", "duration": 5.94}, {"text": "So I think it's not really a major trend going through it. I think some of it I've touched on.", "audio_length_s": 5.94, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_115.wav", "duration": 5.94}, {"text": "of the local currency weaknesses that are embedded in the translation to group earnings.", "audio_length_s": 5.94, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_340.wav", "duration": 5.94}, {"text": "I would lump them largely into 4 categories. One is the area of beneficiary support services", "audio_length_s": 5.94, "path": "b94d748876ddf8e881d4191dec45baf3_160.wav", "duration": 5.94}, {"text": "To say that you're going to have this fully anonymized relationship with your customer", "audio_length_s": 5.94, "path": "16ed973148ce103dc95fdcfaf35bbe7b_184.wav", "duration": 5.94}, {"text": "only as of today and should not be relied upon as representing our views as of any subsequent date.", "audio_length_s": 5.94, "path": "b281eff988085e0776dc8a10223f1048_2.wav", "duration": 5.94}, {"text": "In parallel, we are driving operating efficiencies and cost reductions.", "audio_length_s": 5.94, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_132.wav", "duration": 5.94}, {"text": "I wish to confirm that all major product categories performed and improved on the prior year.", "audio_length_s": 5.94, "path": "ea60900258f99d1003ab247c506e42d9_148.wav", "duration": 5.94}, {"text": "This reduction is simply due to a higher sustaining capital spend", "audio_length_s": 5.94, "path": "ab4dae37361262d727d1d2f8f78765d5_230.wav", "duration": 5.94}, {"text": "The graph at the bottom shows transitions in operating income and operating margin.", "audio_length_s": 5.94, "path": "b0b83ac66a31c5096a75bb1927c557e2_46.wav", "duration": 5.94}, {"text": "in patients with no existing evidence of disease but high risk of relapse.", "audio_length_s": 5.94, "path": "17f54a9938f35a4bde713fb3eb33a80e_28.wav", "duration": 5.94}, {"text": "relative cost advantage of manufacturing all the world's glass in China and shipping it all over the world.", "audio_length_s": 5.94, "path": "2a059b2b192b8e972ca7664ddfed8a20_114.wav", "duration": 5.94}, {"text": "is at that point in time and in comparison with the carrying value of the assets on the books in that comparison.", "audio_length_s": 5.94, "path": "13141efea197b407280701081390f0ce_21.wav", "duration": 5.94}, {"text": "As Steve mentioned, we continue to be disciplined in our underwriting cost and credit line assignments,", "audio_length_s": 5.94, "path": "63eaf9677d7577484a1557ae6bfbb585_88.wav", "duration": 5.94}, {"text": "Let me illustrate the power of our strategy with the following examples.", "audio_length_s": 5.94, "path": "52a4e3ebf7e968a783401230c3f69a9d_59.wav", "duration": 5.94}, {"text": "And these initiatives are driving results. In the fourth quarter,", "audio_length_s": 5.94, "path": "52a4e3ebf7e968a783401230c3f69a9d_67.wav", "duration": 5.94}, {"text": "The semiconductor industry is transforming many industries and the world we live in.", "audio_length_s": 5.94, "path": "0ec0a75c1800bac01520dcac5b8992fb_110.wav", "duration": 5.94}, {"text": "We're also planning to invest an additional NF3 capacity in Asia.", "audio_length_s": 5.94, "path": "0ec0a75c1800bac01520dcac5b8992fb_18.wav", "duration": 5.94}, {"text": "quantify right now as to whether it's hundreds of millions of dollars or tens of millions of dollars", "audio_length_s": 5.94, "path": "785be95695b063f97a17e4dea4a0529a_112.wav", "duration": 5.94}, {"text": "We refer you to our public filings in the press release we issued this morning for a summary of such factors.", "audio_length_s": 5.94, "path": "741526dd2a3db996d2f22f4bcdae4be6_52.wav", "duration": 5.94}, {"text": "to close this and move and continue operations without disruption.", "audio_length_s": 5.94, "path": "e97d1655ebabb8403ac0449eadb48f9b_77.wav", "duration": 5.94}, {"text": "It is a mature industry. And these companies are driven by efficiency considerations.", "audio_length_s": 5.94, "path": "e97d1655ebabb8403ac0449eadb48f9b_16.wav", "duration": 5.94}, {"text": "is the platform qualifications that were truly organic developments", "audio_length_s": 5.94, "path": "b3d7bc295d09d9927e465213612c0192_163.wav", "duration": 5.94}, {"text": "as well as an increase in allocated capital. Taking a look at our divisional performance,", "audio_length_s": 5.94, "path": "dffe8257f781608bb17bb637249e4d2a_208.wav", "duration": 5.94}, {"text": "patient group and the disease area that we've been operating in. And so I'm afraid, right now, there's no one clean kind of", "audio_length_s": 5.94, "path": "7551ffae17aa39dd4ea962a43f96bf04_36.wav", "duration": 5.94}, {"text": "I give a ton of credit to Bill and his team for creating those experiences", "audio_length_s": 5.94, "path": "49e533a8449f6b9b6c806458e73338e1_39.wav", "duration": 5.94}, {"text": "as well as a new financial reporting system and a new HR or human resources system.", "audio_length_s": 5.94, "path": "ec298d3b4d5979aa8c64bf222562e259_100.wav", "duration": 5.94}, {"text": "In terms of the project itself, there are many benefits for our market-leading Paints business.", "audio_length_s": 5.94, "path": "33fd8a867dbd88a837e541b1d2b25ea5_215.wav", "duration": 5.94}, {"text": "It's clear that the increase of the ARPU is also coming from the fact that we are increasing -- we are starting to increase", "audio_length_s": 5.94, "path": "a46647751ef690279d96126395de42d5_24.wav", "duration": 5.94}, {"text": "Do you expect the momentum generally to continue? And then will the service offering be meaningful enough next year", "audio_length_s": 5.94, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_123.wav", "duration": 5.94}, {"text": "And then once the sections are ready, then we'll start more houses than we normally would, and closings will catch up.", "audio_length_s": 5.94, "path": "bc3fa49aaccfacb1392855627864851e_51.wav", "duration": 5.94}, {"text": "dump the product that they're required to purchase and then collect royalties from Herbalife, and that's how they make their living.", "audio_length_s": 5.94, "path": "94f913b974baab79fb636f6521170dd7_272.wav", "duration": 5.94}, {"text": "Return on invested capital improvement was primarily driven by operating profit growth.", "audio_length_s": 5.94, "path": "3877b1983229ec488c6349a188bccf92_198.wav", "duration": 5.94}, {"text": "And then across generations or across models, if we can have some kind of common platform,", "audio_length_s": 5.94, "path": "472c8876d3d729a35b2d00133efbb029_66.wav", "duration": 5.94}, {"text": "in a positioning that stays around the home. It's important for us to give", "audio_length_s": 5.94, "path": "642a235ab4ebc57d132a2e32c83c793c_202.wav", "duration": 5.94}, {"text": "that comment. So how do you define the cost base when you make that comment?", "audio_length_s": 5.94, "path": "a1e1e6f86dead4f43a363d0877cb4979_92.wav", "duration": 5.94}, {"text": "margin enhancement, and operational improvements across all our lines of business.", "audio_length_s": 5.94, "path": "2a7af3c66762ce608379005a3d7bfa96_116.wav", "duration": 5.94}, {"text": "the kind of the recovery, which continues in kind of government spending from the last several years", "audio_length_s": 5.94, "path": "3c80de013154b028ecdc6354d16c6fbc_164.wav", "duration": 5.94}, {"text": "maybe a question for Randy. I'm trying to understand some of the movement in the", "audio_length_s": 5.94, "path": "af00f4e7b63ee843a3d203f982fac701_46.wav", "duration": 5.94}, {"text": "We also have a very big opportunity, in my opinion, on material cost.", "audio_length_s": 5.94, "path": "e522eff219f3eaa2c9b090dc12cad420_80.wav", "duration": 5.94}, {"text": "the number of patients who receive therapy because we know doctors tell us today", "audio_length_s": 5.94, "path": "299bad77345d2e44fa5768f4416f7b97_172.wav", "duration": 5.94}, {"text": "It's a protracted process on all of these, as we've witnessed in the past.", "audio_length_s": 5.94, "path": "97b9c8b95449565c1f280a2b61a65b31_140.wav", "duration": 5.94}, {"text": "Trying to get a better sense for what normal incrementals will look like going forward.", "audio_length_s": 5.94, "path": "18e82b076319ac52f8a4b391ea345abd_24.wav", "duration": 5.94}, {"text": "Some of that was a little bit better promotional cadence and running less promotions, et cetera, and still being able to drive through.", "audio_length_s": 5.94, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_87.wav", "duration": 5.94}, {"text": "So we were at the bottom of the rung. I'm telling you, the very bottom of the rung. So we've got plenty of room to grow,", "audio_length_s": 5.94, "path": "82ccbfb62e125b146fba0f8e4347cc62_228.wav", "duration": 5.94}, {"text": "The third quarter had 89 selling days compared to 90 in the prior year period.", "audio_length_s": 5.94, "path": "884400c829f179d8cf68b767f45f03a4_25.wav", "duration": 5.94}, {"text": "as well as on our website and will be repeated by the operator at the end of the call.", "audio_length_s": 5.94, "path": "ea80970d6b8e6fab10c4500aa7298914_119.wav", "duration": 5.94}, {"text": "We think we can gain share in markets where we don't have a cost advantage today", "audio_length_s": 5.94, "path": "b126c31149f1cadf1d891082a187d6fc_220.wav", "duration": 5.94}, {"text": "that's coming to fruition. So productivity in general has been a massive focus of ours.", "audio_length_s": 5.94, "path": "a9ff9f85f03afdd2d13b76e14060b31d_227.wav", "duration": 5.94}, {"text": "Again, we believe these are necessary investments that were made across the corporate centers in the businesses", "audio_length_s": 5.94, "path": "b6688f44b91606fbd75a6d66e94d4e4b_257.wav", "duration": 5.94}, {"text": "All areas of the business contributed to achieving the financial records, which Dick previously mentioned.", "audio_length_s": 5.94, "path": "64364105b816dd0b6a029e9cd210e65b_230.wav", "duration": 5.94}, {"text": "Next page shows how we are expanding the OpEx project.", "audio_length_s": 5.94, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_43.wav", "duration": 5.94}, {"text": "In view of the globally difficult environment, the first half year was", "audio_length_s": 5.94, "path": "407fee9910ab57874978cf85a89b1d9d_78.wav", "duration": 5.94}, {"text": "and we're going to be investing a lot of time and efforts making sure that we deliver", "audio_length_s": 5.94, "path": "52ea66e70853eaa0c1183ddfa31b760a_11.wav", "duration": 5.94}, {"text": "we don't have a clear crystal ball on which projects are going ahead. Now, outside of the electronics", "audio_length_s": 5.94, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_23.wav", "duration": 5.94}, {"text": "pretty conservative or pragmatic about how we think about what the growth expectations can be", "audio_length_s": 5.94, "path": "72b117fb1330bda9f954a219bb5a675e_111.wav", "duration": 5.94}, {"text": "and to generate growth by taking advantage of the productivity opportunities I just described", "audio_length_s": 5.94, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_132.wav", "duration": 5.94}, {"text": "Given that we installed roughly the same number of devices in Q4 as we sold,", "audio_length_s": 5.94, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_5.wav", "duration": 5.94}, {"text": "You are assuming then going forward that that pipeline will continue to be operational?", "audio_length_s": 5.94, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_105.wav", "duration": 5.94}, {"text": "Maybe a little bit of color on how those markets are doing or how they performed in the quarter.", "audio_length_s": 5.94, "path": "9fb4423a70358ef22be9982299969f7a_212.wav", "duration": 5.94}, {"text": "This is exemplified by the efforts of our employees who worked to restore power during a recent windstorm that hit our region.", "audio_length_s": 5.94, "path": "f17bd619f65ff0b31c5103503bd56fdb_36.wav", "duration": 5.94}, {"text": "The excellent reliability we provided to our customers over a hot summer reinforces", "audio_length_s": 5.94, "path": "5b331cf4e6f62ec9a9c30a4728e36054_51.wav", "duration": 5.94}, {"text": "have my numbers in terms of the quarter and the sequential aspect of the quarter more so than the months within.", "audio_length_s": 5.94, "path": "711d9abe4399e7184d7dd8e3273f8a71_35.wav", "duration": 5.94}, {"text": "Well, yes, I want to correct that. I don't think we take a little more credit risk. I think we take a little more liquidity risk", "audio_length_s": 5.94, "path": "c334e290beb657ee3efcb6b2f734c81e_29.wav", "duration": 5.94}, {"text": "demonstrating the important role dividends have played as part of our capital allocation strategy.", "audio_length_s": 5.94, "path": "96488f25af54f91198b444e5eff8e878_76.wav", "duration": 5.94}, {"text": "In contrast, our sales are centered on older aircraft, where investor demand has been particularly strong.", "audio_length_s": 5.94, "path": "96488f25af54f91198b444e5eff8e878_7.wav", "duration": 5.94}, {"text": "We find it interesting to remark that we observe -- when we observe the quarterly performance of service revenues", "audio_length_s": 5.94, "path": "1758a982f596e3033f062a5b9f011361_73.wav", "duration": 5.94}, {"text": "I will tell you the net margins on them, which we are heavily focused on as a company right now are very strong.", "audio_length_s": 5.94, "path": "ffa357a084f4deb64797a0a32b8c5e33_188.wav", "duration": 5.94}, {"text": "I'm really happy to share with everybody that as we have gone through the full data set, it is even better", "audio_length_s": 5.94, "path": "8f92dfb06900be4f209f31f24cb885fb_99.wav", "duration": 5.94}, {"text": "then do some of the part valuation of our company and when you do that you got to believe like I do,", "audio_length_s": 5.94, "path": "429bcf63d57c11ea4d8864560f521dba_57.wav", "duration": 5.94}, {"text": "Furthermore, many programs are progressing into our Safety Assessment business.", "audio_length_s": 5.94, "path": "50eb350badadec6e4272b90684741c25_16.wav", "duration": 5.94}, {"text": "We issued our fourth quarter results this morning. Excluding the effects of special items from both periods,", "audio_length_s": 5.94, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_15.wav", "duration": 5.94}, {"text": "supported by growth in our core offerings at the branches, including direct lube sales.", "audio_length_s": 5.94, "path": "712bbcab5338e07dd63dad97bb652018_4.wav", "duration": 5.94}, {"text": "we've noted that the environment has been fairly stable. The", "audio_length_s": 5.94, "path": "099475edf8f9944537773b1d0a2aaea6_17.wav", "duration": 5.94}, {"text": "Our community and state care managers and community health workers evaluate, prioritize", "audio_length_s": 5.94, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_277.wav", "duration": 5.94}, {"text": "This is something that has been", "audio_length_s": 5.94, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_44.wav", "duration": 5.94}, {"text": "Scott will provide you with more detail of the performance later on in the call.", "audio_length_s": 5.94, "path": "83c003be6ac012b814cfecef95459f02_10.wav", "duration": 5.94}, {"text": "try to continue the current one and continue along the same tracks in immediate years", "audio_length_s": 5.94, "path": "e97326d6a8951550e363f2be6ec489ba_91.wav", "duration": 5.94}, {"text": "In 2017, the level of capital deployment may be modestly lower due to several factors,", "audio_length_s": 5.94, "path": "bcb3aac2c7cc035961d9ee8cfd330044_40.wav", "duration": 5.94}, {"text": "We have never considered a transformational deal in the North Sea. Period.", "audio_length_s": 5.94, "path": "0e410ca71e50235e520d5af32ce0f54a_5.wav", "duration": 5.94}, {"text": "Looking forward, I'd address our aspirations in each aspect of the customer experience separately.", "audio_length_s": 5.94, "path": "c88e296697cd72c891ffb7bf5a1a60bb_67.wav", "duration": 5.94}, {"text": "Good day, and welcome to the Anworth Mortgage", "audio_length_s": 5.94, "path": "3fb901e6b501ddced60226a13ebef4af_0.wav", "duration": 5.94}, {"text": "All the other categories in noninterest expense are in line with prior quarters and our expectations.", "audio_length_s": 5.94, "path": "f1b53f83640f7ea0160087ae63818af2_36.wav", "duration": 5.94}, {"text": "And as you undertake your rationalization of the portfolio of assets that you own, there", "audio_length_s": 5.94, "path": "cd94f09ed5b897feb733def490ba4630_43.wav", "duration": 5.94}, {"text": "of setting the pace and tone in how they could address these various current assets,", "audio_length_s": 5.94, "path": "bece1ee458b65656b484de51021c5219_95.wav", "duration": 5.94}, {"text": "We're particularly excited about their strong positions in wire and cable and textile applications.", "audio_length_s": 5.94, "path": "744f5859c7d9a0567b387ae84326d940_80.wav", "duration": 5.94}, {"text": "Between Labor Day and December, we plan to access debt markets to refinance maturing debt", "audio_length_s": 5.94, "path": "1bc08759c84df9d3f656cf53f5bb6d35_79.wav", "duration": 5.94}, {"text": "our best cash flow quarter. And so there is a little bit of,", "audio_length_s": 5.94, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_236.wav", "duration": 5.94}, {"text": "Passport was still in the relaxed category as strong elements of a global attitude", "audio_length_s": 5.94, "path": "47546a57a865bca0f4e677dc3b485053_61.wav", "duration": 5.94}, {"text": "although there is potential for scrap to decline, we believe increased customer demand and fewer imports", "audio_length_s": 5.9100625, "path": "67716cee321d117b0318930dd142f06a_133.wav", "duration": 5.9100625}, {"text": "We like that because it's very similar to our business model that we run for other segments in Industrial.", "audio_length_s": 5.91, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_42.wav", "duration": 5.91}, {"text": "for which we had received prepayments in an earlier period, in which we had discussed earlier in the year.", "audio_length_s": 5.91, "path": "8ad0d5b5df75415c56ba590cad29489a_217.wav", "duration": 5.91}, {"text": "As you see in the Statement of Cash Flows, which appears on Page 19 of our press release schedules,", "audio_length_s": 5.91, "path": "62d981deed6d5128615c99d1597178b6_24.wav", "duration": 5.91}, {"text": "and the opportunity in the next couple of years really seems to be driving that utilization up as you talked about.", "audio_length_s": 5.91, "path": "5111fdad778749872c23e78c9b0d653b_81.wav", "duration": 5.91}, {"text": "there additional questions that are being discussed but into the microphone so we will not be able to interpret?", "audio_length_s": 5.91, "path": "95962e0f754f9e2f786778c85d0913b8_43.wav", "duration": 5.91}, {"text": "global product to imagine that we would have the capability to launch and market that ourselves.", "audio_length_s": 5.91, "path": "14e9ab3b38cd3029b8aff693a105dbfb_147.wav", "duration": 5.91}, {"text": "in turnover and how you think that may be influencing your execution at the store level?", "audio_length_s": 5.91, "path": "1f1b29266d2cede9b8f0f06ca57aae17_185.wav", "duration": 5.91}, {"text": "The increase was a result of higher sales of both residential and commercial meters and related technologies.", "audio_length_s": 5.91, "path": "55d05334bdde612eb9dd102bb41d216e_68.wav", "duration": 5.91}, {"text": "even though the slowdown in Massachusetts is not going to hurt as much as some other people that they have all their", "audio_length_s": 5.91, "path": "81430c39b7b202d05644e419e2a01a65_76.wav", "duration": 5.91}, {"text": "to realize more operating leverage later in the year as we hold our expense growth below our revenue growth.", "audio_length_s": 5.91, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_52.wav", "duration": 5.91}, {"text": "and we are excited to be able to support our aerospace customers on a more global basis.", "audio_length_s": 5.91, "path": "67716cee321d117b0318930dd142f06a_194.wav", "duration": 5.91}, {"text": "to say that we're going to be sustainable at 30% is probably a little bit of a reach,", "audio_length_s": 5.91, "path": "67716cee321d117b0318930dd142f06a_206.wav", "duration": 5.91}, {"text": "To capitalize on these trends, we've continued to scale our business development team.", "audio_length_s": 5.91, "path": "1b91eb82f5211000e711424657cc2484_264.wav", "duration": 5.91}, {"text": "and largely because we see the opportunity for incremental market share there going forward.", "audio_length_s": 5.91, "path": "c4dc8f962a85aa47af50f82845f550e2_71.wav", "duration": 5.91}, {"text": "And we are very, very conscious of the fact that we have", "audio_length_s": 5.91, "path": "9e937c87ad87f354d42a688156853a30_46.wav", "duration": 5.91}, {"text": "we can conclude that the underlying performance is well above the guidance indicated", "audio_length_s": 5.91, "path": "1f686a09cf3566a34f04f39fde02460e_6.wav", "duration": 5.91}, {"text": "we believe that it would likely be in the form of a branded device as opposed to a substitutable generic.", "audio_length_s": 5.91, "path": "46906afb4e1ee1fef09b5908e76beefa_168.wav", "duration": 5.91}, {"text": "But the government funding cycle in Europe has been really challenging, and it's creating a whole lot of uncertainty", "audio_length_s": 5.91, "path": "01502edf6cda82061f1f45d6b0e8e189_27.wav", "duration": 5.91}, {"text": "This instrument synthetically fixes the interest rate we pay on this portion of our debt structure", "audio_length_s": 5.91, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_65.wav", "duration": 5.91}, {"text": "Forward-looking statements are protected by the safe harbor contained in the Private Securities Litigation Reform Act", "audio_length_s": 5.91, "path": "957e0f876f9a4af9b498c19843675474_37.wav", "duration": 5.91}, {"text": "we branded or we're in the process of branding gasoline offerings at 17 locations.", "audio_length_s": 5.91, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_52.wav", "duration": 5.91}, {"text": "In addition, we continue to see ongoing disruption in the upgrading of the network.", "audio_length_s": 5.91, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_17.wav", "duration": 5.91}, {"text": "And then in the second half of next year, I expect that we'll start to see a more normalized", "audio_length_s": 5.91, "path": "23eff4c724ee00f56319fcc47add3441_63.wav", "duration": 5.91}, {"text": "we will make forward-looking statements about events and circumstances that have not yet occurred,", "audio_length_s": 5.91, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_36.wav", "duration": 5.91}, {"text": "This quarter, there were robust instrument placements across translational research and cancer centers,", "audio_length_s": 5.91, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_40.wav", "duration": 5.91}, {"text": "that our system of papering and then subcontracting services imposed upon them.", "audio_length_s": 5.91, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_84.wav", "duration": 5.91}, {"text": "There are 4 aspects that make the training content market interesting for Cornerstone.", "audio_length_s": 5.91, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_239.wav", "duration": 5.91}, {"text": "Our results serve as proof of our unmatched offering and high demand from advertisers.", "audio_length_s": 5.91, "path": "403903eb119bfc1cec44d86ec907077a_8.wav", "duration": 5.91}, {"text": "Good morning, and welcome to the Star Group Fourth Quarter Earnings Conference Call.", "audio_length_s": 5.91, "path": "0f06227be4dd36d9329849eda96196aa_0.wav", "duration": 5.91}, {"text": "reflects that the net number of people who left the island from September 2017 to", "audio_length_s": 5.91, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_9.wav", "duration": 5.91}, {"text": "and the really -- the long term -- the difficulty of it is hiring and training", "audio_length_s": 5.91, "path": "a44c74bdc01aa7e317addc11f2274e11_130.wav", "duration": 5.91}, {"text": "We've also spent the last year really focusing on marketing", "audio_length_s": 5.91, "path": "d9a3d28bdd36864c63b02659cc8870a8_23.wav", "duration": 5.91}, {"text": "We have certain assumptions in here given the difficulties that we've had in the past.", "audio_length_s": 5.91, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_119.wav", "duration": 5.91}, {"text": "for the shareholders that if we are approved to keep the control of this company", "audio_length_s": 5.91, "path": "eb4fd38da7ae1a347630ef447dfe9abe_67.wav", "duration": 5.91}, {"text": "Before turning to the segments and the project backlog, there's an issue I'll try to address up front.", "audio_length_s": 5.91, "path": "2ad9555a64eaa3f45bef5581adeecb9c_15.wav", "duration": 5.91}, {"text": "on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release", "audio_length_s": 5.91, "path": "2ad9555a64eaa3f45bef5581adeecb9c_259.wav", "duration": 5.91}, {"text": "that they would like us to perform. So obviously, those are very positive.", "audio_length_s": 5.91, "path": "a965bbd76f3d449c86e8c27d03ac192f_184.wav", "duration": 5.91}, {"text": "be likely to release some sort of a guide on CECL implications?", "audio_length_s": 5.91, "path": "b022fc1979ef416dd25317a4c062328e_59.wav", "duration": 5.91}, {"text": "All this leads to smaller deployments scattered across a larger number of locations.", "audio_length_s": 5.91, "path": "bbe852c8c3f7827e31f31a56bc72b7da_28.wav", "duration": 5.91}, {"text": "and appointed us to provide full logistics supply auditing services across this new operations.", "audio_length_s": 5.91, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_157.wav", "duration": 5.91}, {"text": "We've always been partners with the publishers and", "audio_length_s": 5.91, "path": "da14df2e02d11f6f8599533d9d57faee_91.wav", "duration": 5.91}, {"text": "telecommunications and hosting, transportation and travel and global government more than doubled.", "audio_length_s": 5.91, "path": "b2d6357f46f3a82cff6625277f9a20f6_57.wav", "duration": 5.91}, {"text": "and we decided not to do that. So we slowed down new customer marketing,", "audio_length_s": 5.91, "path": "ea97a179f1be386d6cd36637ae70a1fc_64.wav", "duration": 5.91}, {"text": "sort of your fundamental growth rate there, absent the recession years?", "audio_length_s": 5.91, "path": "a7e7a1621af9b4e850260f9824ee8746_34.wav", "duration": 5.91}, {"text": "And then you add on top of that the private sector money that's coming into the market", "audio_length_s": 5.91, "path": "bab12f620df0f367e74acdcc467686f1_149.wav", "duration": 5.91}, {"text": "And we saw a continued stable credit quality metrics in nearly every area reported.", "audio_length_s": 5.91, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_180.wav", "duration": 5.91}, {"text": "all that value proposition that it will continue to be a solid product for us. And", "audio_length_s": 5.91, "path": "87ba56e8ff82d5e181ee5d6d66543c51_92.wav", "duration": 5.91}, {"text": "the new active to their risk budgets. And of course, a focus on investment outcomes", "audio_length_s": 5.91, "path": "be8b554309f7632bc9ebbd967764001e_208.wav", "duration": 5.91}, {"text": "we also instituted a comprehensive review of investment performance.", "audio_length_s": 5.91, "path": "be8b554309f7632bc9ebbd967764001e_81.wav", "duration": 5.91}, {"text": "Surviving a downturn is always challenging. But it also creates many opportunities for improvement.", "audio_length_s": 5.91, "path": "a8b43081254547419da7462d9c957d61_197.wav", "duration": 5.91}, {"text": "In fact, Nielsen estimates that the rural market over October, November and December was down", "audio_length_s": 5.91, "path": "47b1a118c53956b23f1d687a75f3e5ba_125.wav", "duration": 5.91}, {"text": "The extent the durability of our business, while strengthening cash returns to our owners,", "audio_length_s": 5.91, "path": "3df0981a2d94ed56170b78330aa72ee9_133.wav", "duration": 5.91}, {"text": "Finally, I'd like to announce that we plan to attend several upcoming investor conferences this quarter", "audio_length_s": 5.91, "path": "6a372ea97b0b130a4d37f16b54d97909_37.wav", "duration": 5.91}, {"text": "And we have really implemented what we set, a clear and decisive", "audio_length_s": 5.91, "path": "98f10f0935e5b778e888a1b8130a3d31_134.wav", "duration": 5.91}, {"text": "Thinking back, we have 6 countries where we are very strong in Health,", "audio_length_s": 5.91, "path": "98f10f0935e5b778e888a1b8130a3d31_331.wav", "duration": 5.91}, {"text": "Thank you very much for your attention. And we will now go over to your questions.", "audio_length_s": 5.91, "path": "98f10f0935e5b778e888a1b8130a3d31_39.wav", "duration": 5.91}, {"text": "Just wanted to be careful with regard to the momentum in the independents that had its impact on the top line,", "audio_length_s": 5.91, "path": "b305bff75f28d238f0bd7da5bd4f13b8_14.wav", "duration": 5.91}, {"text": "On Page 14, you can see the breakdown of the revenue. You can see that", "audio_length_s": 5.91, "path": "b305bff75f28d238f0bd7da5bd4f13b8_15.wav", "duration": 5.91}, {"text": "Furthermore, our hedging approach does not attempt to fully offset the impact", "audio_length_s": 5.91, "path": "567a41009710fa1568bb8125213bf9eb_51.wav", "duration": 5.91}, {"text": "and can build and defend a price premium over time. So it's a very core part of what we're trying to do in the strategy.", "audio_length_s": 5.91, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_296.wav", "duration": 5.91}, {"text": "it's more over on the side of, they have a really solid platform to go to,", "audio_length_s": 5.91, "path": "29426a77336443eedde7eaa29e9c2852_165.wav", "duration": 5.91}, {"text": "And we think that'll play out over some time while demand continues to grow.", "audio_length_s": 5.91, "path": "815f65663b3982554e82806de0cbd918_93.wav", "duration": 5.91}, {"text": "And so you'd expect to see across them really improvements in working capital over time,", "audio_length_s": 5.91, "path": "02deeb29574f1571812a11f66bb8fda1_168.wav", "duration": 5.91}, {"text": "on that side of it. So just to let you know, kind of think about the full picture of the year is the view that we're taking.", "audio_length_s": 5.91, "path": "16ed973148ce103dc95fdcfaf35bbe7b_105.wav", "duration": 5.91}, {"text": "and our response to Hurricane Irma in September that affected portions of Florida and Georgia.", "audio_length_s": 5.91, "path": "c5c7a9f409241412b160a93cde7ef630_4.wav", "duration": 5.91}, {"text": "This brings us to Slide 10, where you can see that scrapping activity is, indeed, on the rise.", "audio_length_s": 5.91, "path": "62246783cdfc5083ebb32cff71ccd38b_45.wav", "duration": 5.91}, {"text": "I would note that we will continue to invest in sales and other business initiatives going forward,", "audio_length_s": 5.91, "path": "7a29e2dcd505f944b16d1e3173cb1c01_59.wav", "duration": 5.91}, {"text": "At the bottom of this slide, we show transitions in unit costs based on this policy.", "audio_length_s": 5.91, "path": "b0b83ac66a31c5096a75bb1927c557e2_112.wav", "duration": 5.91}, {"text": "This concludes my presentation. Thank you for your attention.", "audio_length_s": 5.91, "path": "b0b83ac66a31c5096a75bb1927c557e2_32.wav", "duration": 5.91}, {"text": "Thank you all who have taken the time to participate on today's conference call.", "audio_length_s": 5.91, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_33.wav", "duration": 5.91}, {"text": "So there was going to come a point in time where it made more sense for us to have our capacity available to us", "audio_length_s": 5.91, "path": "2a059b2b192b8e972ca7664ddfed8a20_40.wav", "duration": 5.91}, {"text": "related to a decrease in prepayment fees, partially offset by an increase in origination fee.", "audio_length_s": 5.91, "path": "4479886907c2a9ec843d6ea1e5e0cacc_16.wav", "duration": 5.91}, {"text": "on your comment about the impact of the tax law change. I think in your prepared remarks you said,", "audio_length_s": 5.91, "path": "4479886907c2a9ec843d6ea1e5e0cacc_119.wav", "duration": 5.91}, {"text": "And if we cut much more, then we cut into the real meat that we need to go forward", "audio_length_s": 5.91, "path": "f77935c4693e4d33252c9c76993e9c8b_63.wav", "duration": 5.91}, {"text": "Before we begin, I would like to note that we have provided a slide presentation to help guide our discussion.", "audio_length_s": 5.91, "path": "424fdc81768acd6ef533530db383f5a5_63.wav", "duration": 5.91}, {"text": "During tonight's call, we may use a non-GAAP financial measure if we believe it is useful to investors", "audio_length_s": 5.91, "path": "9098e5640309f25da0d4dfa04789a36f_88.wav", "duration": 5.91}, {"text": "behind why that claim for medical necessity was necessary. All that", "audio_length_s": 5.91, "path": "75eb5b75bb8587b63c318714ea956b9e_162.wav", "duration": 5.91}, {"text": "Thanks Andy, and thanks to everyone for joining us on the call this morning to discuss our company's first quarter results.", "audio_length_s": 5.91, "path": "63eaf9677d7577484a1557ae6bfbb585_38.wav", "duration": 5.91}, {"text": "and they're very receptive in trying to help us get through with the bureaucrats to get these things done.", "audio_length_s": 5.91, "path": "ceeedf178333db4c586311e4f43bdfd1_147.wav", "duration": 5.91}, {"text": "And as we said in the quarter, we saw the shale business for us and now I'm talking about demand to us", "audio_length_s": 5.91, "path": "c4c82b9f0d0167137949864b86e2a812_58.wav", "duration": 5.91}, {"text": "We should have some insight into which pathway is most feasible in coming months.", "audio_length_s": 5.91, "path": "0e52a74a184c92ad0c336af764aa0796_14.wav", "duration": 5.91}, {"text": "but we would note that there is probably a H1 or we expect there to be a H1 weighting in the financial performance,", "audio_length_s": 5.91, "path": "e00fd35e201a8607d264b803a5130c59_89.wav", "duration": 5.91}, {"text": "are you going to be homogenizing the returns as well? And", "audio_length_s": 5.91, "path": "e00fd35e201a8607d264b803a5130c59_305.wav", "duration": 5.91}, {"text": "our investment in credit risk and our investment in collections and those activities is", "audio_length_s": 5.91, "path": "21f21433851eb7c7f7dbc710309341bb_157.wav", "duration": 5.91}, {"text": "in the West, which is the much bigger piece from an earnings perspective, we haven't really seen", "audio_length_s": 5.91, "path": "735a523f1ef6500b7aa97a2536d9c4fd_58.wav", "duration": 5.91}, {"text": "We expect to draw on our revolving credit facility to fund the cash portion of the special distribution.", "audio_length_s": 5.91, "path": "9ba83ac067a98f8b12cc480ff0691e91_57.wav", "duration": 5.91}, {"text": "We are winding down the operations of Neonet, and we are stopping the bleeding in Europe and Asia.", "audio_length_s": 5.91, "path": "f15966ae82e18b472ad78dd961f8e5e8_122.wav", "duration": 5.91}, {"text": "And if I think about our position in there just to go one level down, we've obviously got the Dulux brand.", "audio_length_s": 5.91, "path": "33fd8a867dbd88a837e541b1d2b25ea5_254.wav", "duration": 5.91}, {"text": "now extending to nearly all parts of the restaurant franchisor business.", "audio_length_s": 5.91, "path": "416ebb7a4160f7cd2f98361cbd1cb769_79.wav", "duration": 5.91}, {"text": "For example, the hedges that we have for lead, and we traditionally will", "audio_length_s": 5.91, "path": "433a6e203f9db93835c27ff83e86c801_29.wav", "duration": 5.91}, {"text": "In addition, the group retains a significant pool of unencumbered aircraft.", "audio_length_s": 5.91, "path": "01f88a67f39af3a74d5f23b095615d39_176.wav", "duration": 5.91}, {"text": "But that doesn't mean we are not working to improve the speed of our 4G network.", "audio_length_s": 5.91, "path": "a46647751ef690279d96126395de42d5_85.wav", "duration": 5.91}, {"text": "from a revenue perspective, in whatever way we sell the phone, the revenue profile is similar.", "audio_length_s": 5.91, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_248.wav", "duration": 5.91}, {"text": "unexpected. We even talked about bringing in some of our inventory a little earlier so we could support some of these earlier", "audio_length_s": 5.91, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_53.wav", "duration": 5.91}, {"text": "a share that you've decided on of things that have happened already?", "audio_length_s": 5.91, "path": "757695924b5e43c7d44e29dc141cc035_112.wav", "duration": 5.91}, {"text": "In our rail end markets, we are seeing a continuation of growth as we capture some market share.", "audio_length_s": 5.91, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_82.wav", "duration": 5.91}, {"text": "We're already seeing delighted business customers subscribing at a brisk pace.", "audio_length_s": 5.91, "path": "1689b94530eca82b7758c86b4cf3125f_5.wav", "duration": 5.91}, {"text": "It is definitely a differentiated solution. So when you think about price, it's not like we're trying to line up", "audio_length_s": 5.91, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_100.wav", "duration": 5.91}, {"text": "In closing, these continue to be good times at Eaton Vance. Our business has strong current momentum", "audio_length_s": 5.91, "path": "6709c061d39d0e433079f84160f11c80_79.wav", "duration": 5.91}, {"text": "Yes, so all other things being equal, I mean, we should end up seeing total services revenue", "audio_length_s": 5.91, "path": "0dec9a606303da3039d11eec4ec9bd86_186.wav", "duration": 5.91}, {"text": "throughout this year. And I imagine a big slug of those in the back end of this year. So we'll begin to ramp up.", "audio_length_s": 5.91, "path": "c20824ea6f927fe380f48a904cf4821b_63.wav", "duration": 5.91}, {"text": "With major capital spending now complete and contributions from the new petrochemicals project,", "audio_length_s": 5.91, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_62.wav", "duration": 5.91}, {"text": "have you been able to grow, have you been able to combine distributors, is there a bit of overlap there? What's happening around that?", "audio_length_s": 5.91, "path": "f6ce013decc49462849265711e8c93fc_71.wav", "duration": 5.91}, {"text": "When it comes to business management, instead of business investment,", "audio_length_s": 5.91, "path": "254f3c2175c8e11d6da7d44a221e1bff_41.wav", "duration": 5.91}, {"text": "Turning to legal matters for a moment. Last year, the company received from the Attorney General of the Commonwealth of Massachusetts,", "audio_length_s": 5.91, "path": "561ad2552e8f7fab8126e9ca75cf8c89_55.wav", "duration": 5.91}, {"text": "Specifically, organizational restructuring and other actions associated with the new strategy,", "audio_length_s": 5.91, "path": "4721d5a2e7061d90a4e4e4768adc2486_17.wav", "duration": 5.91}, {"text": "by increasing our penetration into the growing financial planning and retirement markets.", "audio_length_s": 5.91, "path": "fe80c1056f21701e41cf3489c450f5ae_91.wav", "duration": 5.91}, {"text": "We are extremely optimistic of the performance and growth aspects of the Serbian division.", "audio_length_s": 5.91, "path": "f706bdb8b0a3f86e52419138fd2da20a_49.wav", "duration": 5.91}, {"text": "for the fabric supplier and the cut-and-sew company to be one and the same.", "audio_length_s": 5.91, "path": "799c15a4a6e9e3c86374761fec31c00a_53.wav", "duration": 5.91}, {"text": "and that's where much of our effort is currently engaged in the immunovirology space.", "audio_length_s": 5.91, "path": "1270f7f67f406b52a2ee86584b452bff_89.wav", "duration": 5.91}, {"text": "We will not be aggressive where it doesn't make sense, where we see other ways to achieve a similar result", "audio_length_s": 5.91, "path": "0cfaeed8cd93dc274845d450e921aeb6_253.wav", "duration": 5.91}, {"text": "I think that sums it up. And to the extent this mix shift has run its course", "audio_length_s": 5.91, "path": "d5fb88dba0740bc906c5127e05592f95_76.wav", "duration": 5.91}, {"text": "policy like this is relatively new and recent. We haven't had this conversation in a while.", "audio_length_s": 5.91, "path": "ee00ebd8d782e8f124b3e142cbb74f37_199.wav", "duration": 5.91}, {"text": "Finally, we expect to continue to achieve meaningful operating leverage in the periods ahead,", "audio_length_s": 5.91, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_162.wav", "duration": 5.91}, {"text": "As reflected in our outlook, we expect occupancy to improve by year-end.", "audio_length_s": 5.91, "path": "97b9c8b95449565c1f280a2b61a65b31_78.wav", "duration": 5.91}, {"text": "While still in the early innings, we are very excited about the results we have seen at our pilot stores.", "audio_length_s": 5.91, "path": "884400c829f179d8cf68b767f45f03a4_135.wav", "duration": 5.91}, {"text": "allude to provisioning being particularly strong in the second quarter and", "audio_length_s": 5.91, "path": "ea80970d6b8e6fab10c4500aa7298914_97.wav", "duration": 5.91}, {"text": "completely be offset by the cost measures that we are implementing.", "audio_length_s": 5.91, "path": "1862ee2f84dc77a40dde64b34f3ab94e_92.wav", "duration": 5.91}, {"text": "it's always difficult to build energy infrastructure. So just any insights you can have in that regard.", "audio_length_s": 5.91, "path": "3f6641f7d8f1ab845ad4f637cfb35109_189.wav", "duration": 5.91}, {"text": "Well, I want to thank everybody for joining us on our first conference call. And I'd also like", "audio_length_s": 5.91, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_58.wav", "duration": 5.91}, {"text": "We continued to maintain competitive brand levels of marketing and brand spend.", "audio_length_s": 5.91, "path": "e35fae1d3df1f7aeda409f90f200ec7b_158.wav", "duration": 5.91}, {"text": "Moving to operations. We continued to run well during the quarter.", "audio_length_s": 5.91, "path": "95303f68781d6fb58e19ec1dc7785a7c_172.wav", "duration": 5.91}, {"text": "we launch our OMS Lite, I don't know whether this will be the name,", "audio_length_s": 5.91, "path": "ffe22f8bcf153b8b51f6e52039686c1e_132.wav", "duration": 5.91}, {"text": "The gain relating to the sale of our recruitment process outsourcing business was recorded in other income.", "audio_length_s": 5.91, "path": "e0555e30370c43189a1136fb7ef17d20_164.wav", "duration": 5.91}, {"text": "This decrease was primarily due to a decrease in the level of interest-bearing inventory", "audio_length_s": 5.91, "path": "ee17f090e669ff9029bd1dc57db6e43e_56.wav", "duration": 5.91}, {"text": "military defense but there was also a little bit of weakness in commercial deliveries as well in the first half of the year.", "audio_length_s": 5.91, "path": "9fb4423a70358ef22be9982299969f7a_105.wav", "duration": 5.91}, {"text": "Our new business to go -- our new business in total -- or the business we're going to create in total", "audio_length_s": 5.91, "path": "5b331cf4e6f62ec9a9c30a4728e36054_25.wav", "duration": 5.91}, {"text": "And they will try in their own interest to employ those structures in the private market.", "audio_length_s": 5.91, "path": "02242ceddfeb4bcc65f04552b63fe80e_206.wav", "duration": 5.91}, {"text": "and we even see that to gradually increase over the next 5 years.", "audio_length_s": 5.91, "path": "323193895e800e72960d98dd5fb64cf5_2.wav", "duration": 5.91}, {"text": "our Q2 result showed a continuation of our solid business development", "audio_length_s": 5.91, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_97.wav", "duration": 5.91}, {"text": "The supplementary information includes current and historical supporting data on our homebuilding return on inventory,", "audio_length_s": 5.91, "path": "933faa5ac159ab158506e2bc0f714977_53.wav", "duration": 5.91}, {"text": "Less obvious is the ephemeral benefit of rebasing the accruals for the gross to net items.", "audio_length_s": 5.91, "path": "e69e64683a56cdadf1c95192e753f27e_170.wav", "duration": 5.91}, {"text": "a gross number that you're thinking about for the year or a rate or something that we can use?", "audio_length_s": 5.91, "path": "4fafe8c628e676ca508b37756da75419_93.wav", "duration": 5.91}, {"text": "I don't want to give you guidance and an expectation until I can deliver. And let's let those results kind of form our view in the future.", "audio_length_s": 5.91, "path": "62658bb0c3307b2b10e3668b8df73b0d_229.wav", "duration": 5.91}, {"text": "spectrum to more expensive homes at this point in the cycle? Or is that remaining relatively flat still?", "audio_length_s": 5.91, "path": "5be70acf701b7a6c9322f8feeaca63cd_21.wav", "duration": 5.91}, {"text": "size of the decline, given the levels that they've already been at and as we consider the more", "audio_length_s": 5.91, "path": "712bbcab5338e07dd63dad97bb652018_86.wav", "duration": 5.91}, {"text": "we're going to have to figure out the right structure. I think that is possible Eric.", "audio_length_s": 5.91, "path": "81c03e2c15e8fe8213fbd40368b49581_60.wav", "duration": 5.91}, {"text": "You saw our first move here with the closure in Austria.", "audio_length_s": 5.91, "path": "10ad32c5e0559c879e032faaf3148ab4_59.wav", "duration": 5.91}, {"text": "and our residential construction market estimate is for flat to low single-digit growth.", "audio_length_s": 5.91, "path": "ef7e77f6a5983826d0eefe75f7832ce6_88.wav", "duration": 5.91}, {"text": "I would say that as you've heard from other broadcasters, there is a very strong", "audio_length_s": 5.91, "path": "77423f08f0208d476dea73c639f6293a_244.wav", "duration": 5.91}, {"text": "but it was always part of our expectation for the rest of the year.", "audio_length_s": 5.91, "path": "a766b08317742c952705018a899f3998_113.wav", "duration": 5.91}, {"text": "The upside for us will be when some of these big initiatives start to land.", "audio_length_s": 5.91, "path": "a756bd9ba43faae4d9d0f059925e39e9_113.wav", "duration": 5.91}, {"text": "Our engineering team continues to deliver great new enhancements and capabilities to our platform.", "audio_length_s": 5.91, "path": "0807d606b6cf98da19b317b4928c3572_13.wav", "duration": 5.91}, {"text": "to gain a deeper understanding of the surgeons' assessment of the overall cartilage repair market", "audio_length_s": 5.91, "path": "4d7256bec87696f6c5defa8f37db1b48_77.wav", "duration": 5.91}, {"text": "you think you can get that expansion beyond the early retirement", "audio_length_s": 5.91, "path": "365c360aff42713cef71a7d026eeeb6d_141.wav", "duration": 5.91}, {"text": "But then when we start to look at the WSE growth for the third quarter relative to the other quarters this year, it seems like it slowed down a little bit.", "audio_length_s": 5.91, "path": "0b7afb66a39a4c81151309bacc830c60_110.wav", "duration": 5.91}, {"text": "test the product, get comfortable with it and then convert away from one of their current partners.", "audio_length_s": 5.91, "path": "ec81096e007f2e89de94b49db12d11bb_72.wav", "duration": 5.91}, {"text": "even as we reinvest into the business and see outside cost pressures creeping in.", "audio_length_s": 5.91, "path": "9b84dc4409f4ecccd173c2f81a4460cc_15.wav", "duration": 5.91}, {"text": "Well, the one thing I'd just offer as a quick passing comment on that is that", "audio_length_s": 5.91, "path": "744f5859c7d9a0567b387ae84326d940_92.wav", "duration": 5.91}, {"text": "After 3 quarters here at Visa, I'm quite pleased with our business progress and our high level of execution.", "audio_length_s": 5.91, "path": "1bc08759c84df9d3f656cf53f5bb6d35_119.wav", "duration": 5.91}, {"text": "as well as all domains, including insulation and service.", "audio_length_s": 5.91, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_12.wav", "duration": 5.91}, {"text": "Strong organic growth reflects strong market performance driven by our new product and channel initiatives.", "audio_length_s": 5.91, "path": "77f146e76d89a5be785a39ab23dfa763_171.wav", "duration": 5.91}, {"text": "Those REITs that did get involved in jumbo originations have by now largely exited the sector.", "audio_length_s": 5.9099375, "path": "a0d537badd260e2071136602e3b73b26_17.wav", "duration": 5.9099375}, {"text": "such as Xingyun and super VIP service,", "audio_length_s": 5.88, "path": "118b6e5a6077bedf5081ed70425b6866_39.wav", "duration": 5.88}, {"text": "The question for us and the question for shareholders is what kind of fund do you want us to run.", "audio_length_s": 5.88, "path": "db6c253ba433d9a247219bb3f15da199_119.wav", "duration": 5.88}, {"text": "in our history as a company where we are better positioned either strategically,", "audio_length_s": 5.88, "path": "62d981deed6d5128615c99d1597178b6_230.wav", "duration": 5.88}, {"text": "based on operational excellence and a single-minded focus on the consumer.", "audio_length_s": 5.88, "path": "157264c339727a26726e2e28dd7ce445_42.wav", "duration": 5.88}, {"text": "I'm wondering if you can contextualize this observation and say if what you're seeing is anecdotal from a few patients,", "audio_length_s": 5.88, "path": "e2b2a746a7a2cd752c92ccfab257cfca_63.wav", "duration": 5.88}, {"text": "when do you think you hit kind of a full penetration in a sense on that activity? Is there", "audio_length_s": 5.88, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_120.wav", "duration": 5.88}, {"text": "We believe these additional hiring requirements will have a short-term impact on our driver count,", "audio_length_s": 5.88, "path": "94fdf7b24748a7706b1097482a0f363a_126.wav", "duration": 5.88}, {"text": "So we have been working the teams on a set of requirements that", "audio_length_s": 5.88, "path": "55cbaf368288111ebc2ccadb61e3bd34_71.wav", "duration": 5.88}, {"text": "is a real asset, complementing our strong knowledge of skincare in Europe", "audio_length_s": 5.88, "path": "9014ac9cbc2cff30468f1bcb659c0f66_339.wav", "duration": 5.88}, {"text": "original revenue was recorded, and how we adjusted it there in the fourth quarter.", "audio_length_s": 5.88, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_86.wav", "duration": 5.88}, {"text": "This service work includes component rebuilds and new equipment preparation.", "audio_length_s": 5.88, "path": "264e575b73bc2a485bee416c1ac10cee_56.wav", "duration": 5.88}, {"text": "our business continues to perform well. We are moving forward with the strategic alternative process", "audio_length_s": 5.88, "path": "4bf5e132b2f3d6aab97932e977a3fa7e_34.wav", "duration": 5.88}, {"text": "we have a U.S. entity and we got global operating subsidiaries, right?", "audio_length_s": 5.88, "path": "ed1006cd88de67e8fe53ea86ad6862d7_59.wav", "duration": 5.88}, {"text": "Got it. And the other question I just had was regard to flow instrumentation, I mean,", "audio_length_s": 5.88, "path": "55d05334bdde612eb9dd102bb41d216e_14.wav", "duration": 5.88}, {"text": "Fourth quarter also contained adjustments for expenses related to our ongoing efforts", "audio_length_s": 5.88, "path": "8cb24daf76784487ad63780546dc4ba4_15.wav", "duration": 5.88}, {"text": "However, we are optimistic that we will return to notable growth next year.", "audio_length_s": 5.88, "path": "a27b6a158b524914d94b0a407a41ef82_19.wav", "duration": 5.88}, {"text": "you could give me a little more detail -- give us a little more detail on", "audio_length_s": 5.88, "path": "a27b6a158b524914d94b0a407a41ef82_84.wav", "duration": 5.88}, {"text": "it could be elevated for another quarter or two, but that,", "audio_length_s": 5.88, "path": "56e05107e391476d11fe1f637733f028_92.wav", "duration": 5.88}, {"text": "It's not an attractive model to the customers, so we absolutely see the pendulum swinging towards", "audio_length_s": 5.88, "path": "78c85dc9a16f82b09d3a2363004e658d_19.wav", "duration": 5.88}, {"text": "and there was meaningful contributions from each of the regions.", "audio_length_s": 5.88, "path": "84d2b192c2dd9cdcf24bacf3788a5322_166.wav", "duration": 5.88}, {"text": "and connection with one of the largest, fast and growing demographics in the nation.", "audio_length_s": 5.88, "path": "75fa1bebed0b858c76cc7058477e40e2_64.wav", "duration": 5.88}, {"text": "You have to have the good spec, you get the right ingredients, and you can sell them to", "audio_length_s": 5.88, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_135.wav", "duration": 5.88}, {"text": "the appreciation of consumers. And of course, each category is different.", "audio_length_s": 5.88, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_117.wav", "duration": 5.88}, {"text": "continues to contribute to our ability to maximize revenues in all of our markets.", "audio_length_s": 5.88, "path": "0ee490f8688669984ae17a737590f7b5_107.wav", "duration": 5.88}, {"text": "which was issued in December, does not apply to the electricity distribution network operators,", "audio_length_s": 5.88, "path": "a212b77ae2b2452093665a4e179ed3a3_12.wav", "duration": 5.88}, {"text": "And we think there will likely be some level of carryover budget for multiyear 8, so we're not expecting to see", "audio_length_s": 5.88, "path": "a827180c08c11f2e53c6966fceaabf5b_154.wav", "duration": 5.88}, {"text": "a change that is here to stay. Maybe we will see some changes here and there in terms of", "audio_length_s": 5.88, "path": "cc82e791c065bdc271addf355bac274f_76.wav", "duration": 5.88}, {"text": "even making changes in their capital structure. And there is another", "audio_length_s": 5.88, "path": "cc82e791c065bdc271addf355bac274f_170.wav", "duration": 5.88}, {"text": "now, some companies are trying to", "audio_length_s": 5.88, "path": "cc82e791c065bdc271addf355bac274f_190.wav", "duration": 5.88}, {"text": "and that the back half of the year comps will be much easier", "audio_length_s": 5.88, "path": "73ba4ff250b62745e03880e75b9a1581_28.wav", "duration": 5.88}, {"text": "Two important advances were made through our imaging mass cytometry user group meetings.", "audio_length_s": 5.88, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_14.wav", "duration": 5.88}, {"text": "Nothing major. So we're not that far down the line in that process, Brian.", "audio_length_s": 5.88, "path": "1133b8984db446b9c963a09eaf0785a4_126.wav", "duration": 5.88}, {"text": "And the good news is I believe the combination of the brand visibility,", "audio_length_s": 5.88, "path": "47a303604df9f9fc9f2f89a9280c3a79_193.wav", "duration": 5.88}, {"text": "With developments such as these, we are adjusting our outlook also regarding", "audio_length_s": 5.88, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_70.wav", "duration": 5.88}, {"text": "This plus was attributable especially to a large project in South America.", "audio_length_s": 5.88, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_66.wav", "duration": 5.88}, {"text": "The real estate development business should continue to make very positive earnings contributions", "audio_length_s": 5.88, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_119.wav", "duration": 5.88}, {"text": "of more than 5%. This exceeded the cost savings projections I provided last quarter", "audio_length_s": 5.88, "path": "bc7dbd6e321b4df22db9270b69b89c11_54.wav", "duration": 5.88}, {"text": "We intend to build on that momentum and update you on our progress in April. Thank you.", "audio_length_s": 5.88, "path": "9c5bc3e66dc0c7ac4a559a1d71e70c85_155.wav", "duration": 5.88}, {"text": "Our robust international supply chain will enable us to flex and mitigate the effects.", "audio_length_s": 5.88, "path": "0f4370b614f29bd596e4f6871cc77864_69.wav", "duration": 5.88}, {"text": "and we plan to see the cost savings materialize in the second quarter of next year.", "audio_length_s": 5.88, "path": "15ac383479a7c990aab7b155e4d42053_72.wav", "duration": 5.88}, {"text": "This quarter, we started testing a small volume point value change in a few products, some of our bars", "audio_length_s": 5.88, "path": "276392c471c063580869aec014a1feda_110.wav", "duration": 5.88}, {"text": "It's been a busy 3 months since our strategy presentation, and I'm very pleased to be here today", "audio_length_s": 5.88, "path": "6e3037e770ba5e0dfc98e3223986aad2_39.wav", "duration": 5.88}, {"text": "lumpy borrowings rolling off at higher rates? Is that going to be a focus this year at all?", "audio_length_s": 5.88, "path": "b022fc1979ef416dd25317a4c062328e_118.wav", "duration": 5.88}, {"text": "Much more around training and that whole team working together in each area.", "audio_length_s": 5.88, "path": "9c1272d9d120c5bfafd6e6b566f89b62_23.wav", "duration": 5.88}, {"text": "We continue to have an active divestment program with multiple work streams running in parallel.", "audio_length_s": 5.88, "path": "c433164f6d189e18b1e4784e376b6ecb_91.wav", "duration": 5.88}, {"text": "The innovation in food is obvious to everyone no matter where you are in the world, and it is good for us.", "audio_length_s": 5.88, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_164.wav", "duration": 5.88}, {"text": "We have a few Professional Lab Services agreements we expect to close in the second half.", "audio_length_s": 5.88, "path": "e3d70ecdb6aaed843dd059c121962e45_86.wav", "duration": 5.88}, {"text": "as well as the reversal of a portion of the earn-out accrual associated with our acquisition of The Business Backer.", "audio_length_s": 5.88, "path": "ea97a179f1be386d6cd36637ae70a1fc_58.wav", "duration": 5.88}, {"text": "from licensing and collaboration revenue from the agreement with Elanco, inventory valuation adjustment", "audio_length_s": 5.88, "path": "49a78c1ec143d9ac46e893e77198c0e3_18.wav", "duration": 5.88}, {"text": "These are some of the variables that we will be watching and discussing with you over the coming quarters.", "audio_length_s": 5.88, "path": "49a78c1ec143d9ac46e893e77198c0e3_164.wav", "duration": 5.88}, {"text": "which was offset by the tax benefit from remeasurement of associated tax-deferred liabilities.", "audio_length_s": 5.88, "path": "0899e07f70a6e5be842fb6e22a3fafe9_208.wav", "duration": 5.88}, {"text": "all integrated with and driven from the core recovery audit data we know so well.", "audio_length_s": 5.88, "path": "bf07ba925d6e5f568f66bb89b00a9463_80.wav", "duration": 5.88}, {"text": "Having said that, we think there's probably a secular decline going on with regard to NSF fees,", "audio_length_s": 5.88, "path": "2f52e3495f64a67b885c0d35be2e8dce_18.wav", "duration": 5.88}, {"text": "As Jeff detailed, the positive mix shift was due to a combination of factors,", "audio_length_s": 5.88, "path": "c1d916407f390d20e9d8f9b453e22435_76.wav", "duration": 5.88}, {"text": "I think you would expect to see a marginal decline in high street branches.", "audio_length_s": 5.88, "path": "5664a96b7f1182d037b901d84eeb4fd6_100.wav", "duration": 5.88}, {"text": "To conclude, we are very confident that the successful execution of the strategy and the flexibility", "audio_length_s": 5.88, "path": "23417803b1a8115806b8e604b8b2bb83_52.wav", "duration": 5.88}, {"text": "once again, if there is no consolidation in the short term in France, at least,", "audio_length_s": 5.88, "path": "d8eb5522db0e51d75ea6518462954c52_276.wav", "duration": 5.88}, {"text": "Siding or Engineered Wood would be something that we're interested in pursuing.", "audio_length_s": 5.88, "path": "dd28a387ccc9575df47840b850647c7f_178.wav", "duration": 5.88}, {"text": "Thanks, Alex, and thank you to everyone for joining us today. We have a lot of news to share.", "audio_length_s": 5.88, "path": "6a372ea97b0b130a4d37f16b54d97909_61.wav", "duration": 5.88}, {"text": "that does not affect your confidence in the ability of the group", "audio_length_s": 5.88, "path": "7bc22aba9bc29d69ee10cc60db7903d8_141.wav", "duration": 5.88}, {"text": "Last year, in November, on the 14 of November, we have announced that we have changed our organization", "audio_length_s": 5.88, "path": "98f10f0935e5b778e888a1b8130a3d31_7.wav", "duration": 5.88}, {"text": "And finally, if that is all executed, we regard ourselves as well positioned for the long term. We'll have", "audio_length_s": 5.88, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_261.wav", "duration": 5.88}, {"text": "What kind of returns can we generate out of the business? What kind of a long cycle investment do we need?", "audio_length_s": 5.88, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_203.wav", "duration": 5.88}, {"text": "while minimizing the reliance on funding from the Central Bank of Russia and other sources.", "audio_length_s": 5.88, "path": "e9fb03f263f117a9fe607d74602fa9b0_55.wav", "duration": 5.88}, {"text": "Ivan will talk more about our outlook for U.S. spirits in fiscal '17 later.", "audio_length_s": 5.88, "path": "c3567809c19ce6a800677544cd84f88b_70.wav", "duration": 5.88}, {"text": "a year ago at this time, how those are performing versus the store model", "audio_length_s": 5.88, "path": "e6c0fa1068c28557c3e17e0d02b831b1_116.wav", "duration": 5.88}, {"text": "All 3 are critical, and we now have achieved a uniquely powerful combination of these 3 elements.", "audio_length_s": 5.88, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_122.wav", "duration": 5.88}, {"text": "Each of them will be able to stand on their own from a profitability perspective. Now in terms of how we end up", "audio_length_s": 5.88, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_163.wav", "duration": 5.88}, {"text": "The differences between active and placebo groups were statistically significant.", "audio_length_s": 5.88, "path": "1be44822d16f85bd501a5f19876895b1_91.wav", "duration": 5.88}, {"text": "Then we'll open the call for your questions. Now I'll turn the call over to Andrea.", "audio_length_s": 5.88, "path": "191c819db03c2dfd0207cd1f42e278a4_2.wav", "duration": 5.88}, {"text": "I'll have some closing comments after Glenn provides more detail on the financial results. Glenn?", "audio_length_s": 5.88, "path": "53889f50eda8b316a01a3df89d226e7f_11.wav", "duration": 5.88}, {"text": "But I would say that certainly, every region is rich with opportunities.", "audio_length_s": 5.88, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_136.wav", "duration": 5.88}, {"text": "So I look at place like Brazil when I see some of that happening", "audio_length_s": 5.88, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_178.wav", "duration": 5.88}, {"text": "Ladies and gentlemen, that does conclude your conference. Thank you for your participation. You may now disconnect.", "audio_length_s": 5.88, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_68.wav", "duration": 5.88}, {"text": "as well as 1 additional month of the Providence Health System that we acquired effective", "audio_length_s": 5.88, "path": "b43c001c5af465d220ab0b69a95202ae_127.wav", "duration": 5.88}, {"text": "The campaign is designed to drive direct bookings by promoting our richest consumer offer ever.", "audio_length_s": 5.88, "path": "968913c3f9111fc67f1d9956c56dec3b_159.wav", "duration": 5.88}, {"text": "sort of the scope of what those opportunities might be like and how you're approaching", "audio_length_s": 5.88, "path": "ba5f13bb75329629d0c070c9014ff4f0_148.wav", "duration": 5.88}, {"text": "Our spreads have firmed and are growing in dollar terms, and our credit quality remains very strong.", "audio_length_s": 5.88, "path": "40b1895fcd5116b51eb97573544b3afd_26.wav", "duration": 5.88}, {"text": "not surprisingly given some of the macro trends there on oil prices and also what's happening", "audio_length_s": 5.88, "path": "262bc21196721c5ff9114acbd2ff03c3_200.wav", "duration": 5.88}, {"text": "Our increased total investment income and the continued leverage of our efficient operating structure", "audio_length_s": 5.88, "path": "6318dda27b3e36d76533c048c64a3014_103.wav", "duration": 5.88}, {"text": "Thank you, Mark. I'm going to provide a brief update on key balance sheet items and financial measures,", "audio_length_s": 5.88, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_198.wav", "duration": 5.88}, {"text": "During the fourth quarter, the company recognized a loss on a piece of property acquired from legacy United in the merger", "audio_length_s": 5.88, "path": "f13362f70e41d74f3fda8d7dfb19f09e_90.wav", "duration": 5.88}, {"text": "things like agriculture coming back, the crop spray business and some of the other businesses there.", "audio_length_s": 5.88, "path": "fb817a6cc685a3fd0f003456dd641c01_132.wav", "duration": 5.88}, {"text": "And in terms of the proposed JV, have you already started working on who", "audio_length_s": 5.88, "path": "da34a7b460e520db0401de3ce860187c_75.wav", "duration": 5.88}, {"text": "Process design kits were released, and we are closely working with selected early adopters on products,", "audio_length_s": 5.88, "path": "b3d7bc295d09d9927e465213612c0192_195.wav", "duration": 5.88}, {"text": "the math that I just gave, the arithmetic I just gave, you'd see that the fourth quarter of '18 is", "audio_length_s": 5.88, "path": "b3d7bc295d09d9927e465213612c0192_240.wav", "duration": 5.88}, {"text": "and anticipated supply needs for a more comprehensive and aggressive launch", "audio_length_s": 5.88, "path": "c40b5d1a13169c5acf69590932a56f98_53.wav", "duration": 5.88}, {"text": "While it is still too early to put any firm numbers around 2017 trailer projections", "audio_length_s": 5.88, "path": "8eaca8d8a419f74540f69ade8defabbd_232.wav", "duration": 5.88}, {"text": "Are you on track, and are you going to reach those targets, your internal targets,", "audio_length_s": 5.88, "path": "dffe8257f781608bb17bb637249e4d2a_322.wav", "duration": 5.88}, {"text": "Our sustainability measures around waste generation and water consumption are in good shape.", "audio_length_s": 5.88, "path": "33fd8a867dbd88a837e541b1d2b25ea5_3.wav", "duration": 5.88}, {"text": "As you know, on October 30th, we announced our agreement to acquire the Alpha Technologies Group.", "audio_length_s": 5.88, "path": "433a6e203f9db93835c27ff83e86c801_74.wav", "duration": 5.88}, {"text": "Last evening, we posted slides on our website that we will be referencing during the call this morning.", "audio_length_s": 5.88, "path": "433a6e203f9db93835c27ff83e86c801_130.wav", "duration": 5.88}, {"text": "With that, let me turn it over to Chris to walk us through operating results in more detail.", "audio_length_s": 5.88, "path": "5b0a12e70a31041016a008c29a6d2bb1_56.wav", "duration": 5.88}, {"text": "After that, Chris will speak more granularly about our operating performance for the quarter.", "audio_length_s": 5.88, "path": "5b0a12e70a31041016a008c29a6d2bb1_4.wav", "duration": 5.88}, {"text": "Thank you for the way analysts and the press have followed the great evolution of TIM.", "audio_length_s": 5.88, "path": "a46647751ef690279d96126395de42d5_51.wav", "duration": 5.88}, {"text": "Now I'll move into a brief update on initiatives in our segments.", "audio_length_s": 5.88, "path": "757695924b5e43c7d44e29dc141cc035_7.wav", "duration": 5.88}, {"text": "Also, we have one claim in Australia in which there was no significant development.", "audio_length_s": 5.88, "path": "f74a9d06236a0e937a6e98bfacc85eb7_90.wav", "duration": 5.88}, {"text": "This slowing trend may be somewhat exacerbated by the recently announced mortgage rule changes.", "audio_length_s": 5.88, "path": "130e8e56c1afa2419fd0c08708261824_144.wav", "duration": 5.88}, {"text": "This decrease was largely due to an increase in the discount rate used to value the obligations.", "audio_length_s": 5.88, "path": "3b2908426357bb8269c3a01469865cd6_24.wav", "duration": 5.88}, {"text": "that gives us enough confidence for us to pursue an asset. We've looked at a number of different things,", "audio_length_s": 5.88, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_265.wav", "duration": 5.88}, {"text": "to become activated and seek treatment when there weren't previous alternatives", "audio_length_s": 5.88, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_191.wav", "duration": 5.88}, {"text": "Later this year, we are also expecting additional data readouts from Phase II studies", "audio_length_s": 5.88, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_225.wav", "duration": 5.88}, {"text": "we thought it was a reasonable price for the prospects of the business. It is fairly rare, I would say that. Yes.", "audio_length_s": 5.88, "path": "0dec9a606303da3039d11eec4ec9bd86_188.wav", "duration": 5.88}, {"text": "situation around the world, and that is the reason for our cautious approach.", "audio_length_s": 5.88, "path": "e33785a294553de2a12d4463bf786744_38.wav", "duration": 5.88}, {"text": "The second takeaway is that we pursue the development of the group.", "audio_length_s": 5.88, "path": "49d1f0821d7f9a848e9b07a239c47074_97.wav", "duration": 5.88}, {"text": "And I don't know if you've gone through the budgeting process, but it's a question that's coming up fairly frequently now. And", "audio_length_s": 5.88, "path": "4721d5a2e7061d90a4e4e4768adc2486_32.wav", "duration": 5.88}, {"text": "As we said previously, we expect to recognize revenue for this product in the second half of this year.", "audio_length_s": 5.88, "path": "41e5f97c6d94e8f87bb5fb602fe25500_14.wav", "duration": 5.88}, {"text": "This was driven by a favorable product mix and by our transformation plan.", "audio_length_s": 5.88, "path": "7e2ebcd981f5b5ecb18c04906f87d768_68.wav", "duration": 5.88}, {"text": "higher than we anticipated earlier, mostly for the reason of the high growth of the gross loan portfolio.", "audio_length_s": 5.88, "path": "ab29ac574f423764c40f2d2eec696623_71.wav", "duration": 5.88}, {"text": "our expectations for next year would be a continued development compared to what we have seen", "audio_length_s": 5.88, "path": "9c67fafcb51925dcbaa570283fe01701_200.wav", "duration": 5.88}, {"text": "So I think one of our focuses will certainly be shortening those lead times.", "audio_length_s": 5.88, "path": "799c15a4a6e9e3c86374761fec31c00a_123.wav", "duration": 5.88}, {"text": "Given the importance of these guidelines, we believe these recommendations provide further validation of our data", "audio_length_s": 5.88, "path": "299bad77345d2e44fa5768f4416f7b97_188.wav", "duration": 5.88}, {"text": "and mostly it will be due to factors without our -- outside our control.", "audio_length_s": 5.88, "path": "29f56972971325265e4a53485f49793e_66.wav", "duration": 5.88}, {"text": "adding to the seasonal slowdown in business activity that we usually see during this", "audio_length_s": 5.88, "path": "d5fb88dba0740bc906c5127e05592f95_89.wav", "duration": 5.88}, {"text": "At the same time, we've made HAY products more widely available throughout our Design Within Reach retail studios.", "audio_length_s": 5.88, "path": "94f601dc7b34ad38667e3b714aa89d35_74.wav", "duration": 5.88}, {"text": "material science company that has a fairly nice growing med piece.", "audio_length_s": 5.88, "path": "18e82b076319ac52f8a4b391ea345abd_30.wav", "duration": 5.88}, {"text": "I'll now make a few comments on guidance before turning the call back to the operator for questions.", "audio_length_s": 5.88, "path": "11f02fb2db5d9fb5ff82f0374376f759_131.wav", "duration": 5.88}, {"text": "Right. And that is what we are planning", "audio_length_s": 5.88, "path": "ea80970d6b8e6fab10c4500aa7298914_171.wav", "duration": 5.88}, {"text": "We believe it is important to present our results in this way as the finance -- adjusted financial measures", "audio_length_s": 5.88, "path": "ea80970d6b8e6fab10c4500aa7298914_11.wav", "duration": 5.88}, {"text": "The company does not expect to execute any definitive agreements until the HLC process has concluded.", "audio_length_s": 5.88, "path": "4311782968e936c378fdee8946cd9cca_103.wav", "duration": 5.88}, {"text": "but we don't know specifically when they'll line up. We'll need to add resources in advance of those becoming live,", "audio_length_s": 5.88, "path": "b126c31149f1cadf1d891082a187d6fc_55.wav", "duration": 5.88}, {"text": "a lot of people kind of question, well, why are you guys making such a big investment in an", "audio_length_s": 5.88, "path": "b126c31149f1cadf1d891082a187d6fc_60.wav", "duration": 5.88}, {"text": "Bob, when you mentioned kind of whenever you start to see slowness or different elements in your business and you start to see", "audio_length_s": 5.88, "path": "812d8f09b72b4d410d138d3b24caebbc_207.wav", "duration": 5.88}, {"text": "of the services for the installed base. So there is an opportunity there for us.", "audio_length_s": 5.88, "path": "ecc871b8f89a858d952f554f1ca8f7da_102.wav", "duration": 5.88}, {"text": "Core revenue for the sensing technologies platform decreased low single digits in the quarter.", "audio_length_s": 5.88, "path": "ed2810b765143f8341dcc8e8c14c27f1_11.wav", "duration": 5.88}, {"text": "And also, our aim here is clear. We want to further extend our leading position", "audio_length_s": 5.88, "path": "407fee9910ab57874978cf85a89b1d9d_177.wav", "duration": 5.88}, {"text": "occupancy turnover and rent growth for all of our renewals and we're going to continue to do that. As Gary mentioned,", "audio_length_s": 5.88, "path": "692de133aab90ff6681b2c45b433b32b_84.wav", "duration": 5.88}, {"text": "analyzed the test results and provided that information to the market.", "audio_length_s": 5.88, "path": "ebd59e21db89edb92205e012427cd9db_206.wav", "duration": 5.88}, {"text": "And is this a situation where they can only do that for so long, and then we'd expect to see the usage rebound?", "audio_length_s": 5.88, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_203.wav", "duration": 5.88}, {"text": "on your questions on Guatiquia and Quifa, I'm going to hand over in a second", "audio_length_s": 5.88, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_45.wav", "duration": 5.88}, {"text": "Perhaps that is why I struggle to accept the public market's view of our current value.", "audio_length_s": 5.88, "path": "7d74e5d733ec60a1be27a556e7689961_82.wav", "duration": 5.88}, {"text": "The presentation is directly below the webcast information in the middle of the page.", "audio_length_s": 5.88, "path": "ee17f090e669ff9029bd1dc57db6e43e_43.wav", "duration": 5.88}, {"text": "And it has performed very well in the hands of key opinion leaders going through very tough lesions.", "audio_length_s": 5.88, "path": "3e42c35588dc721e96280bc039e96c8d_11.wav", "duration": 5.88}, {"text": "looking at growth is to put our foot on the best exploration ground in Africa.", "audio_length_s": 5.88, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_40.wav", "duration": 5.88}, {"text": "Is there a thought to going back to issuing '17 guidance or annual guidance", "audio_length_s": 5.88, "path": "f17bd619f65ff0b31c5103503bd56fdb_17.wav", "duration": 5.88}, {"text": "And on the other side, we look for acquisitions that principally give us a scope,", "audio_length_s": 5.88, "path": "6299a010c7bb84feaf14b263750dbd1a_194.wav", "duration": 5.88}, {"text": "The acquisition of Atrium Innovations provided additional growth in the second quarter,", "audio_length_s": 5.88, "path": "49dfadfb9a3d4d27ac250602928cf9ea_17.wav", "duration": 5.88}, {"text": "mainly explained by the expected recoveries in income tax related to the payments that we mentioned before.", "audio_length_s": 5.88, "path": "1758a982f596e3033f062a5b9f011361_169.wav", "duration": 5.88}, {"text": "is the continued investment of shareholders capital is required and then getting returns.", "audio_length_s": 5.88, "path": "bc1efb704df9c180935803c70a315597_130.wav", "duration": 5.88}, {"text": "We continue to work with payers to secure favorable reimbursement and are making incremental progress.", "audio_length_s": 5.88, "path": "0f8a61f667edd9a400d7abe2a7908a9e_6.wav", "duration": 5.88}, {"text": "lots of great flats out there right now. So when we look at some of the trends,", "audio_length_s": 5.88, "path": "6cbf592846662213258684c3049e4592_24.wav", "duration": 5.88}, {"text": "having entry into that basin and seeing success. And we see a lot insight", "audio_length_s": 5.88, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_36.wav", "duration": 5.88}, {"text": "So I think it's just a good opportunity to remind everyone of what we've been telling you for a couple of quarters now", "audio_length_s": 5.88, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_220.wav", "duration": 5.88}, {"text": "or typically the market leader in mobile. So we have a massive market income already in market.", "audio_length_s": 5.88, "path": "429bcf63d57c11ea4d8864560f521dba_12.wav", "duration": 5.88}, {"text": "Or is it a bigger problem with the new startups just trying to undercut to build a business? Can you distinguish", "audio_length_s": 5.88, "path": "3c17ad8c6709cbb1a8f7190f567a445f_73.wav", "duration": 5.88}, {"text": "that we will continue to pursue the merger of equals with Terex Corporation.", "audio_length_s": 5.88, "path": "538323cb37246bc97d1253b369a7414a_171.wav", "duration": 5.88}, {"text": "Your comment is a fair comment, it's a balancing act between", "audio_length_s": 5.88, "path": "bf99037f89cd485f95f097842619a0c7_130.wav", "duration": 5.88}, {"text": "I think that's where our statement of being well in the range is justified.", "audio_length_s": 5.88, "path": "bf99037f89cd485f95f097842619a0c7_225.wav", "duration": 5.88}, {"text": "that level of productivity? Or is that roughly what we should think about in terms of what you can do going forward?", "audio_length_s": 5.88, "path": "4e5c4493f72e781905efa4dd73460ff6_141.wav", "duration": 5.88}, {"text": "And that is also one of the benefits of this investment. Now", "audio_length_s": 5.88, "path": "48bcc356a89059f921765f872bfe293c_51.wav", "duration": 5.88}, {"text": "and that it will now look ahead with plans to begin resettlement which will allow construction of the project.", "audio_length_s": 5.88, "path": "3ae068efa03cd088f4d3edea682f199f_106.wav", "duration": 5.88}, {"text": "So quite a few in the IFRS business, for example. So as you would expect, we keep a very good", "audio_length_s": 5.88, "path": "7a80c3e91e5a2693cdaef5f716808317_206.wav", "duration": 5.88}, {"text": "I have a question about some of the data that was presented at AAN. And", "audio_length_s": 5.88, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_30.wav", "duration": 5.88}, {"text": "forms of risks to take. And I think that the clients are becoming", "audio_length_s": 5.88, "path": "76b892bf017891d7028256847747227c_44.wav", "duration": 5.88}, {"text": "Without going too far, I might say we're more happy with our competitive position in the first quarter,", "audio_length_s": 5.88, "path": "b35398859e534e471fb1cd60f5baac20_221.wav", "duration": 5.88}, {"text": "There was an immaterial impact to our first quarter revenues due to the timing of our latest acquisition of Medallion Plastics,", "audio_length_s": 5.88, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_59.wav", "duration": 5.88}, {"text": "Lower lease spending was offset by higher planned investments to refresh the rental fleet.", "audio_length_s": 5.88, "path": "eb93e70cdf7a839a69546250fb3646fb_72.wav", "duration": 5.88}, {"text": "While new funding and initiatives to improve access to treatment continued to be rolled out across the country.", "audio_length_s": 5.88, "path": "9097dcbaf554d635920c6274b1de4997_60.wav", "duration": 5.88}, {"text": "Finally, we may refer to certain non-GAAP measures during the call, and our earnings release and investor presentation", "audio_length_s": 5.88, "path": "97b02b7a41ecb22cb04e7331052cefc8_59.wav", "duration": 5.88}, {"text": "Reliance is very well-positioned to further grow our participation in this area.", "audio_length_s": 5.88, "path": "97ddc19ecb28bab2d19fd3b181182062_222.wav", "duration": 5.88}, {"text": "in order to participate in the China domestic market as a bankcard clearing institution.", "audio_length_s": 5.88, "path": "1bc08759c84df9d3f656cf53f5bb6d35_67.wav", "duration": 5.88}, {"text": "This healthy growth is the result of the business development activity in the markets we serve abroad.", "audio_length_s": 5.88, "path": "ff59c33225941d4025bcecc8fe1a4b32_27.wav", "duration": 5.88}, {"text": "I will now turn the call over to Mark to comment on our second quarter financial results and third quarter guidance.", "audio_length_s": 5.85, "path": "f5875d033110e66b5aafc3c0003babdf_7.wav", "duration": 5.85}, {"text": "That's not clear yet. So those customers, which are testing these technologies,", "audio_length_s": 5.85, "path": "d162113e3aface010baec17bd408736b_62.wav", "duration": 5.85}, {"text": "do not offer better growth in future cycles.", "audio_length_s": 5.85, "path": "d162113e3aface010baec17bd408736b_120.wav", "duration": 5.85}, {"text": "The group has seen improvements in claims frequency over the last year.", "audio_length_s": 5.85, "path": "214dcdc435ef3259490466447858fa56_93.wav", "duration": 5.85}, {"text": "Also want to point out that increased mining activity and rebound in China", "audio_length_s": 5.85, "path": "6388da88b00ebc88af59435bdac74132_97.wav", "duration": 5.85}, {"text": "the pace of change in your businesses and the markets you serve has accelerated or is accelerating.", "audio_length_s": 5.85, "path": "3557b21a45c35e71e82cc43b19977855_88.wav", "duration": 5.85}, {"text": "capacity is also much higher. So there will be a lot of cost savings and spend savings", "audio_length_s": 5.85, "path": "2f888e63a31b86cc2f4f97710e8eed79_129.wav", "duration": 5.85}, {"text": "The decline was driven by higher marketing expenses and higher direct costs in business.", "audio_length_s": 5.85, "path": "2f888e63a31b86cc2f4f97710e8eed79_16.wav", "duration": 5.85}, {"text": "and we are seeing increased uptake and utilization of our HPV vaccine around the world.", "audio_length_s": 5.85, "path": "f0ce0d97cf62c9076226e0aeeb550493_126.wav", "duration": 5.85}, {"text": "which we've evaluated not to be useful to evaluate vaccine efficacy.", "audio_length_s": 5.85, "path": "14e9ab3b38cd3029b8aff693a105dbfb_150.wav", "duration": 5.85}, {"text": "and it's been relatively stable. Certainly, there's a lot of talk about German discounters and", "audio_length_s": 5.85, "path": "d28b2b09c127b5be033738aa3cd380b3_173.wav", "duration": 5.85}, {"text": "defining precisely the individual contribution and the opportunity.", "audio_length_s": 5.85, "path": "9014ac9cbc2cff30468f1bcb659c0f66_82.wav", "duration": 5.85}, {"text": "Good morning from my side as well, and thank you all for joining us here today.", "audio_length_s": 5.85, "path": "9014ac9cbc2cff30468f1bcb659c0f66_313.wav", "duration": 5.85}, {"text": "And we are further expanding, planning this year Bangladesh and Myanmar.", "audio_length_s": 5.85, "path": "9014ac9cbc2cff30468f1bcb659c0f66_34.wav", "duration": 5.85}, {"text": "Overall, our progress on our key priorities provides me with confidence in the year ahead.", "audio_length_s": 5.85, "path": "264e575b73bc2a485bee416c1ac10cee_50.wav", "duration": 5.85}, {"text": "In that calculation, we include the expense on nonrecurring security and technology transformation", "audio_length_s": 5.85, "path": "0755f4b74dda585f3975c7d8208b1598_281.wav", "duration": 5.85}, {"text": "We are improving our overall compensation and benefits programs for our employees.", "audio_length_s": 5.85, "path": "d70a57dd52d0e4cf86a6225dca186bc2_128.wav", "duration": 5.85}, {"text": "really a very positive development in terms of assets and deposit growing", "audio_length_s": 5.85, "path": "7974a5134807f46a1484a8adf81505be_187.wav", "duration": 5.85}, {"text": "So if you add that all up, where is the group shaping for the end of the year?", "audio_length_s": 5.85, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_154.wav", "duration": 5.85}, {"text": "In fulfillment, we expect to continue our lean direct and indirect spend reductions,", "audio_length_s": 5.85, "path": "04f29bc02d1e2ef65077ca67bf41f475_192.wav", "duration": 5.85}, {"text": "while undertaking curtailed activity, we really made that activity count", "audio_length_s": 5.85, "path": "918de179148bbfe18b95415ee0065a3d_30.wav", "duration": 5.85}, {"text": "if that income were to be reversed, then a reversing deferred tax benefit would be recorded.", "audio_length_s": 5.85, "path": "1b91eb82f5211000e711424657cc2484_122.wav", "duration": 5.85}, {"text": "If you start out at a small percentage, even if you're doubling every year and", "audio_length_s": 5.85, "path": "c4dc8f962a85aa47af50f82845f550e2_78.wav", "duration": 5.85}, {"text": "we're considering that most of the growth will come from that data in the", "audio_length_s": 5.85, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_100.wav", "duration": 5.85}, {"text": "In the past, you may be scared by such a story, and you spend more,", "audio_length_s": 5.85, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_55.wav", "duration": 5.85}, {"text": "I'd like to have your opinion about the", "audio_length_s": 5.85, "path": "39e5706898dcaf14a280b3a123877cd6_241.wav", "duration": 5.85}, {"text": "The increased uncertainty around Avaya's future is causing more and more enterprises to look at alternatives.", "audio_length_s": 5.85, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_116.wav", "duration": 5.85}, {"text": "into internal turnover to use this fiber in our own cable manufacturing", "audio_length_s": 5.85, "path": "cfbe91105113db7a5784f77e411b7a3f_159.wav", "duration": 5.85}, {"text": "And with the vacancy where it's at some of them have sort of come up against constraints and even taken up space in", "audio_length_s": 5.85, "path": "8292bdb9af87f10627c044f3842b2c76_222.wav", "duration": 5.85}, {"text": "that allows us to train all individuals on a real culture of taking care of each other.", "audio_length_s": 5.85, "path": "5308c910fb34c8291b372e7a94521e9b_110.wav", "duration": 5.85}, {"text": "and operational synergies as well, as we integrate the facility in the Czech Republic", "audio_length_s": 5.85, "path": "a827180c08c11f2e53c6966fceaabf5b_39.wav", "duration": 5.85}, {"text": "any overall softness? Or is that just because those -- you're looking at those events as if they were flat?", "audio_length_s": 5.85, "path": "4032bfdd59881fc6506c082737cb5a99_169.wav", "duration": 5.85}, {"text": "have declined to a more normalized level", "audio_length_s": 5.85, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_180.wav", "duration": 5.85}, {"text": "in improving and enhancing both diagnosis, but have also of course addressing misdiagnosis. And", "audio_length_s": 5.85, "path": "0dbbae27d7055ecc04cc25e14e4de12d_236.wav", "duration": 5.85}, {"text": "So turning now to look at profit from trading operations in a bit more detail.", "audio_length_s": 5.85, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_8.wav", "duration": 5.85}, {"text": "This also explains the growth of the noncurrent financial liabilities.", "audio_length_s": 5.85, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_3.wav", "duration": 5.85}, {"text": "Let me continue with more details on the premium and fee income development.", "audio_length_s": 5.85, "path": "99dcd9ce8ec3aa7509b9395d3da2ff0c_64.wav", "duration": 5.85}, {"text": "Looking at the individual months and excluding our stations in Los Angeles and Terre Haute,", "audio_length_s": 5.85, "path": "6b5a6b4dce64e7db04bee7d7b7d37aba_53.wav", "duration": 5.85}, {"text": "The decrease in tax expense was a result of higher operating income", "audio_length_s": 5.85, "path": "a44c74bdc01aa7e317addc11f2274e11_67.wav", "duration": 5.85}, {"text": "We have an excellent brand name, leading technology and reputation in the automotive industry.", "audio_length_s": 5.85, "path": "e56726c7aedd69029957c84128050700_48.wav", "duration": 5.85}, {"text": "We are in the midst of selecting an exchange and plan to relist after launching our new brand.", "audio_length_s": 5.85, "path": "575d21e05ceda8f95fc54e0292c2d99f_82.wav", "duration": 5.85}, {"text": "Based on current exchange rates and the positive currency impact realized year-to-date,", "audio_length_s": 5.85, "path": "7ec19aea307c76d4a57fa87368305630_27.wav", "duration": 5.85}, {"text": "and it's created a situation where we can access alternative forms of capital at a lower,", "audio_length_s": 5.85, "path": "2ad9555a64eaa3f45bef5581adeecb9c_215.wav", "duration": 5.85}, {"text": "as we've highlighted in the past, we continue to have one of the lowest leveraged balance sheets in the industry.", "audio_length_s": 5.85, "path": "2905366dcf0eb60a22b63a1b3d9adf95_65.wav", "duration": 5.85}, {"text": "I think they're all going to have to change their comp plans. I think there's a possibility", "audio_length_s": 5.85, "path": "07d30eec04a77191950ef0992d097daf_55.wav", "duration": 5.85}, {"text": "we feel that the economy is doing very well. We don't see any cracks in any part of our business", "audio_length_s": 5.85, "path": "b022fc1979ef416dd25317a4c062328e_130.wav", "duration": 5.85}, {"text": "but underlying constant currency results are more reflective of the actual growth trends.", "audio_length_s": 5.85, "path": "bbe852c8c3f7827e31f31a56bc72b7da_193.wav", "duration": 5.85}, {"text": "And while we're continuing that at a healthy pace of over 100 basis points", "audio_length_s": 5.85, "path": "616e9ba16db091317ae4d96e877a9bbe_213.wav", "duration": 5.85}, {"text": "As we discussed during last quarter's conference call, on 2 of the 5 projects,", "audio_length_s": 5.85, "path": "1bba27cac9495fe57f623973383d6948_88.wav", "duration": 5.85}, {"text": "the resources are attained, and we're going to move this thing forward. So again, I don't want to comment on anything specifically.", "audio_length_s": 5.85, "path": "b96165244f010b3f1e61cbbc5e504d96_190.wav", "duration": 5.85}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 5.85, "path": "49a78c1ec143d9ac46e893e77198c0e3_207.wav", "duration": 5.85}, {"text": "On a per share basis, this represents an increase of 4% over the first quarter of this year", "audio_length_s": 5.85, "path": "b092d2be33ad52beefab208355b18235_4.wav", "duration": 5.85}, {"text": "We're seeing a number of promising opportunities and continue to add targets to our pipeline.", "audio_length_s": 5.85, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_103.wav", "duration": 5.85}, {"text": "wouldn't be able to comment unless such time we had a client who wanted us to comment on that.", "audio_length_s": 5.85, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_85.wav", "duration": 5.85}, {"text": "any indication as to what momentum is in terms of flows during the first half of the year? Campbell?", "audio_length_s": 5.85, "path": "be8b554309f7632bc9ebbd967764001e_245.wav", "duration": 5.85}, {"text": "We are also collecting at record levels through the legal channel because of operational enhancements we've made.", "audio_length_s": 5.85, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_10.wav", "duration": 5.85}, {"text": "on Q3, we may have gotten our balance a little bit off. And we're course correcting that balance. So", "audio_length_s": 5.85, "path": "3df0981a2d94ed56170b78330aa72ee9_225.wav", "duration": 5.85}, {"text": "Growth was driven by insecticides, including the return of Vydate volumes.", "audio_length_s": 5.85, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_179.wav", "duration": 5.85}, {"text": "and expanded our federal footprint with the addition of the Defense Acquisition University,", "audio_length_s": 5.85, "path": "6a372ea97b0b130a4d37f16b54d97909_78.wav", "duration": 5.85}, {"text": "We are in the early stages of evaluating opportunities and we will keep you updated as they unfold.", "audio_length_s": 5.85, "path": "f23036451aab1cb9d659c3ac9a23825c_4.wav", "duration": 5.85}, {"text": "We are also continuing our relentless focus on the productivity of capital employed in our business.", "audio_length_s": 5.85, "path": "eb2d5f51a30310576bce5993533dab79_41.wav", "duration": 5.85}, {"text": "And my second question is just a point of confirmation. So as you recover the profit,", "audio_length_s": 5.85, "path": "b2c4be32355b99e1a66809bd36e83dd2_251.wav", "duration": 5.85}, {"text": "anniversary the program, you have to make it more enticing to the customer that's been with you", "audio_length_s": 5.85, "path": "e2c02e1788cb10703d7611ef157f8135_162.wav", "duration": 5.85}, {"text": "Everywhere else, where we are not strong yet, there is a growth focus on Health.", "audio_length_s": 5.85, "path": "98f10f0935e5b778e888a1b8130a3d31_42.wav", "duration": 5.85}, {"text": "All of the KPIs that we have published this year are either", "audio_length_s": 5.85, "path": "98f10f0935e5b778e888a1b8130a3d31_114.wav", "duration": 5.85}, {"text": "Moving to dividends. The board has declared, as Rob mentioned earlier,", "audio_length_s": 5.85, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_67.wav", "duration": 5.85}, {"text": "in the form of new work versus the form of rebid. And I think as I might have mentioned on my call notes,", "audio_length_s": 5.85, "path": "b94d748876ddf8e881d4191dec45baf3_119.wav", "duration": 5.85}, {"text": "The one thing we do say about our cash burn is that we anticipate our cash", "audio_length_s": 5.85, "path": "73f474b631c43567329cad1bb76ff4fe_58.wav", "duration": 5.85}, {"text": "and you've got this movement from call it the lab space into more of a commercial application.", "audio_length_s": 5.85, "path": "02deeb29574f1571812a11f66bb8fda1_254.wav", "duration": 5.85}, {"text": "with potential infusion reactions. So from our early data, we were able to define the", "audio_length_s": 5.85, "path": "b281eff988085e0776dc8a10223f1048_25.wav", "duration": 5.85}, {"text": "Although we continue to pursue a number of attractive investment opportunities, specifically in the reentry space", "audio_length_s": 5.85, "path": "c5c7a9f409241412b160a93cde7ef630_86.wav", "duration": 5.85}, {"text": "Excluding this impact, we continue to expect CAP operating margin to be moderately higher year-over-year.", "audio_length_s": 5.85, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_228.wav", "duration": 5.85}, {"text": "you talked about you've got content in so many different moving pieces and so many different areas.", "audio_length_s": 5.85, "path": "20097e37747ec7bc3734246e83798fb1_25.wav", "duration": 5.85}, {"text": "With our existing Axon capabilities, we have been able to reduce the time it takes to redact 1 hour of video", "audio_length_s": 5.85, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_10.wav", "duration": 5.85}, {"text": "The company ranked highest among large Electric Utilities in the Eastern United States.", "audio_length_s": 5.85, "path": "526e0d5398a516831b49936c31a8ea1c_154.wav", "duration": 5.85}, {"text": "Just given some of the implied diversification, either in terms of customer or product sales mix within", "audio_length_s": 5.85, "path": "051c23cc7bacc5c9df9312ac0fd431a9_160.wav", "duration": 5.85}, {"text": "is reasonably good and there's good Roofing activity, which typically supports a little bit more stable pricing. And as a result,", "audio_length_s": 5.85, "path": "2a059b2b192b8e972ca7664ddfed8a20_35.wav", "duration": 5.85}, {"text": "kind of had a double effect on the negative for us, needless to say, because of this Rhine River effect", "audio_length_s": 5.85, "path": "809e26eaacb31ffdee78d3f41a6ce90a_26.wav", "duration": 5.85}, {"text": "So this is a constant effort on our part. And we survey our customers.", "audio_length_s": 5.85, "path": "968913c3f9111fc67f1d9956c56dec3b_201.wav", "duration": 5.85}, {"text": "To be very clear, this is all behind us. We resumed normal operations globally. We're going full speed.", "audio_length_s": 5.85, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_151.wav", "duration": 5.85}, {"text": "I think if you look at the cash being generated from", "audio_length_s": 5.85, "path": "75eb5b75bb8587b63c318714ea956b9e_75.wav", "duration": 5.85}, {"text": "how we allocate capital to the growth of TLLP that creates the most value, whether it be through", "audio_length_s": 5.85, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_29.wav", "duration": 5.85}, {"text": "These increases were partially offset by increased gains on the conveyances of mineral interests.", "audio_length_s": 5.85, "path": "626da68f2b245869534a0316b8b6139a_41.wav", "duration": 5.85}, {"text": "I wonder also about narrow bodies, if anything positive is going on there or if that's flat also.", "audio_length_s": 5.85, "path": "9e8690a521142359001a137074905535_237.wav", "duration": 5.85}, {"text": "during the late holiday season in the fourth quarter and continuing into the first quarter.", "audio_length_s": 5.85, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_211.wav", "duration": 5.85}, {"text": "whether we can maybe assume it's going to continue for the rest of the year, or whether this is kind of a transitory effect.", "audio_length_s": 5.85, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_51.wav", "duration": 5.85}, {"text": "But I do expect we'll continue to look at things on a regular basis as we've been doing even here in April.", "audio_length_s": 5.85, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_186.wav", "duration": 5.85}, {"text": "going through H1, both of these will flip, once our investment program has been completed.", "audio_length_s": 5.85, "path": "e2c17247ae2f5d4fa8dd8814cc801198_11.wav", "duration": 5.85}, {"text": "okay, and they're doing well. But I just -- I don't want to be ahead of the game,", "audio_length_s": 5.85, "path": "c8124cdb821d04f0e585420c128d76c7_140.wav", "duration": 5.85}, {"text": "I really have very few. I appreciate everyone's interest in listening to the progress of First Merchants.", "audio_length_s": 5.85, "path": "532e653f6aa6c3bf43a5b256bb4c1254_143.wav", "duration": 5.85}, {"text": "value we see in that scheduling process and that underlying scheduling technology.", "audio_length_s": 5.85, "path": "f1da65edd5f2026ffd647d496bb96ce7_127.wav", "duration": 5.85}, {"text": "Given the runup in the markets and the benefit we're seeing from our assumption updates, we see this as a good opportunity to revisit", "audio_length_s": 5.85, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_33.wav", "duration": 5.85}, {"text": "the tax reform and the impacts on the margin and then the first quarter also has a lower day count,", "audio_length_s": 5.85, "path": "f13362f70e41d74f3fda8d7dfb19f09e_115.wav", "duration": 5.85}, {"text": "As part of our introductory launch, we have conducted extensive sales force training", "audio_length_s": 5.85, "path": "c40b5d1a13169c5acf69590932a56f98_97.wav", "duration": 5.85}, {"text": "This is an ideal first product for them to have since it does so many different things. So", "audio_length_s": 5.85, "path": "33ed8514914fae6825997843290fe049_61.wav", "duration": 5.85}, {"text": "In general, we require larger down payments on more expensive homes to manage our exposures.", "audio_length_s": 5.85, "path": "87045996e7446329f1d98c909c6ca7fe_226.wav", "duration": 5.85}, {"text": "product has to compete against. And so those things all play together to come up ultimately with what", "audio_length_s": 5.85, "path": "735a523f1ef6500b7aa97a2536d9c4fd_49.wav", "duration": 5.85}, {"text": "One can only talk about the spectacular improvements to these operations.", "audio_length_s": 5.85, "path": "369789f0d39dbf62298be2aa807ff8ee_45.wav", "duration": 5.85}, {"text": "and we've also seen an acceleration of early repayments, particularly in certain sectors.", "audio_length_s": 5.85, "path": "dffe8257f781608bb17bb637249e4d2a_89.wav", "duration": 5.85}, {"text": "so things are moving forward very much according to plan that we laid out at Investor Day.", "audio_length_s": 5.85, "path": "433a6e203f9db93835c27ff83e86c801_62.wav", "duration": 5.85}, {"text": "And as we look at how this business gets incorporated into our", "audio_length_s": 5.85, "path": "433a6e203f9db93835c27ff83e86c801_186.wav", "duration": 5.85}, {"text": "a pickup in order activity in the International business. And I'm", "audio_length_s": 5.85, "path": "9ec35a7809acb51486076e302028ba33_83.wav", "duration": 5.85}, {"text": "at Cedar Bayou, which is one of the largest and most energy-efficient crackers in the world.", "audio_length_s": 5.85, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_177.wav", "duration": 5.85}, {"text": "Let me share with you why we have confidence that our plans on the core brands are working.", "audio_length_s": 5.85, "path": "3877b1983229ec488c6349a188bccf92_247.wav", "duration": 5.85}, {"text": "Based on this, we aim at rebalancing the resource and non-resource businesses.", "audio_length_s": 5.85, "path": "254f3c2175c8e11d6da7d44a221e1bff_16.wav", "duration": 5.85}, {"text": "For profit, some upside, Avionics and Solutions", "audio_length_s": 5.85, "path": "472c8876d3d729a35b2d00133efbb029_2.wav", "duration": 5.85}, {"text": "Most important though for this presentation, I think is that we continue to deliver on our strategy,", "audio_length_s": 5.85, "path": "47b5defd6e2c5724f6dc3b80859c281c_62.wav", "duration": 5.85}, {"text": "But I -- predicting where the values will fall out on the value chain is always hard.", "audio_length_s": 5.85, "path": "80a2ca14358172366acab4e80f3fa33b_59.wav", "duration": 5.85}, {"text": "after considering the current situation and our future objectives, we must", "audio_length_s": 5.85, "path": "80a2ca14358172366acab4e80f3fa33b_35.wav", "duration": 5.85}, {"text": "We will also enhance business scale in Europe through acquiring new capacity.", "audio_length_s": 5.85, "path": "80a2ca14358172366acab4e80f3fa33b_215.wav", "duration": 5.85}, {"text": "and that has a lot to do with, again, just a lot more meat and a lot more hogs", "audio_length_s": 5.85, "path": "80a2ca14358172366acab4e80f3fa33b_58.wav", "duration": 5.85}, {"text": "Our Engineering division continues to do very well. Revenues and gross profit", "audio_length_s": 5.85, "path": "f706bdb8b0a3f86e52419138fd2da20a_70.wav", "duration": 5.85}, {"text": "our Canadian business is really doing a great job and continues to grow clients as well", "audio_length_s": 5.85, "path": "0cfaeed8cd93dc274845d450e921aeb6_66.wav", "duration": 5.85}, {"text": "Together, these improvements will dramatically improve the guest experience this season and for years to come.", "audio_length_s": 5.85, "path": "078b27aa69b10aa01f2eab2aa681bdd8_75.wav", "duration": 5.85}, {"text": "by designing and developing product to support our customers ahead of the technology curve.", "audio_length_s": 5.85, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_6.wav", "duration": 5.85}, {"text": "We feel that we have the right level of inventory. We have the right plans in place.", "audio_length_s": 5.85, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_166.wav", "duration": 5.85}, {"text": "we all survived them. All governments have again a ruling", "audio_length_s": 5.85, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_183.wav", "duration": 5.85}, {"text": "The room and board payments of ground students continue to drive up the annual revenue per student number.", "audio_length_s": 5.85, "path": "4311782968e936c378fdee8946cd9cca_97.wav", "duration": 5.85}, {"text": "I'd now like to talk more about our indirect sales channel of domestic and international distributors.", "audio_length_s": 5.85, "path": "5efe4589d80ac1232c2958182c188903_6.wav", "duration": 5.85}, {"text": "We remain committed to our shareholders, as demonstrated by our reliable and growing dividend.", "audio_length_s": 5.85, "path": "e0d1342ad3d27fd648b708837de08797_21.wav", "duration": 5.85}, {"text": "broadening your search for what kind of assets you would have partners invest in? Or can you give any", "audio_length_s": 5.85, "path": "09b5b62d328d3d0719b6825357fdfb48_218.wav", "duration": 5.85}, {"text": "The chart below shows the third quarter performance for our California merchant combined cycle fleet.", "audio_length_s": 5.85, "path": "3f6641f7d8f1ab845ad4f637cfb35109_149.wav", "duration": 5.85}, {"text": "The composites business is also realizing nice growth in its mobile solutions product line", "audio_length_s": 5.85, "path": "64364105b816dd0b6a029e9cd210e65b_305.wav", "duration": 5.85}, {"text": "on 7 of those 8 pads, we've seen production uplift in those parent wells.", "audio_length_s": 5.85, "path": "243e9a046160bfbf82be702927a4df22_31.wav", "duration": 5.85}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 5.85, "path": "f5e9c69a92eb9179062673e044f8a53b_239.wav", "duration": 5.85}, {"text": "Our net pension and OPEB liability on our balance sheet decreased", "audio_length_s": 5.85, "path": "52446e909611115f34d7b34bf7c09c99_20.wav", "duration": 5.85}, {"text": "our customers in getting energy to their customers and operations across the country.", "audio_length_s": 5.85, "path": "4ee3c79ebc57c9870b221b9479d52436_2.wav", "duration": 5.85}, {"text": "But then on the capital side, we think that it is just seasonality that will pull us back a little bit and then start", "audio_length_s": 5.85, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_26.wav", "duration": 5.85}, {"text": "we think there's more upside than downside in the event that the administration", "audio_length_s": 5.85, "path": "9fb4423a70358ef22be9982299969f7a_57.wav", "duration": 5.85}, {"text": "and how big is that margin potential over time. And then lastly, I just note that this builds on", "audio_length_s": 5.85, "path": "1f142ea668261ba963d47aac6bab69dd_145.wav", "duration": 5.85}, {"text": "If they change something then yes, the commissions will decide how fast the tax benefits do get", "audio_length_s": 5.85, "path": "2cd5b184c2ef6624ce219830182927c9_184.wav", "duration": 5.85}, {"text": "Therefore, it has been determined that the current collaboration will focus solely", "audio_length_s": 5.85, "path": "6daa2d0829057899b014b06c36e1d54b_55.wav", "duration": 5.85}, {"text": "We are optimizing the fleet. All of this brings us back to the value proposition.", "audio_length_s": 5.85, "path": "5b331cf4e6f62ec9a9c30a4728e36054_116.wav", "duration": 5.85}, {"text": "This, combined with the significant investments we have made in internal process and analytical development,", "audio_length_s": 5.85, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_8.wav", "duration": 5.85}, {"text": "We remain on track with our long-term pricing and margin improvement expectations.", "audio_length_s": 5.85, "path": "902872913863de98d38e2936b846cf66_96.wav", "duration": 5.85}, {"text": "Our prior infrastructure would have been harder to change and also more expensive.", "audio_length_s": 5.85, "path": "21abf3409d34eea6f33336ad93662cfd_59.wav", "duration": 5.85}, {"text": "We are actively managing operating expenses and demonstrating significant operating leverage.", "audio_length_s": 5.85, "path": "21abf3409d34eea6f33336ad93662cfd_131.wav", "duration": 5.85}, {"text": "I know we're hearing from a lot of folks, it's just a struggle to find good people and at the right price. And", "audio_length_s": 5.85, "path": "ffa357a084f4deb64797a0a32b8c5e33_183.wav", "duration": 5.85}, {"text": "the relevance of the project in -- 6 weeks ago at one of the", "audio_length_s": 5.85, "path": "b20564a6da1bcfc7b80552299d9e002a_179.wav", "duration": 5.85}, {"text": "And then you've got the -- both the South Korean market as well as the India market", "audio_length_s": 5.85, "path": "93e134910b4a7c587bc461da0c9a2083_86.wav", "duration": 5.85}, {"text": "and are providing information on these activities in connection with the Twirla review process.", "audio_length_s": 5.85, "path": "6c929ddddb79b887458ae21f1a3aa09d_32.wav", "duration": 5.85}, {"text": "The team achieved this while maintaining a 0 pay average per gallon.", "audio_length_s": 5.85, "path": "712bbcab5338e07dd63dad97bb652018_98.wav", "duration": 5.85}, {"text": "From our perspective, we've started our stakeholder engagement to make sure that we're feeding into that strategy document in a timely fashion.", "audio_length_s": 5.85, "path": "6f1b092b312410065d308541be46da95_288.wav", "duration": 5.85}, {"text": "to hire an outside psychometrician, a third party to evaluate this process. Now", "audio_length_s": 5.85, "path": "bcb3aac2c7cc035961d9ee8cfd330044_27.wav", "duration": 5.85}, {"text": "On Thursday last week, I was named to the newly created role of Executive Chairman.", "audio_length_s": 5.85, "path": "bc5018861ccb5380fbe71ad789a6d4b0_2.wav", "duration": 5.85}, {"text": "so if you imagine we have this layer of all these disparate systems, different platforms and all our businesses,", "audio_length_s": 5.85, "path": "7a80c3e91e5a2693cdaef5f716808317_204.wav", "duration": 5.85}, {"text": "So it should be a good idea to come to Humana. Okay,", "audio_length_s": 5.85, "path": "e43b90b4488b47b5e2cc96b57863bc19_34.wav", "duration": 5.85}, {"text": "and well equipped to compete in an increasingly crowded market.", "audio_length_s": 5.85, "path": "b1a98885c1d81414cdc122e807760faf_5.wav", "duration": 5.85}, {"text": "we are happy to see a continued overall improvement in our client satisfaction scores this quarter.", "audio_length_s": 5.85, "path": "365c360aff42713cef71a7d026eeeb6d_236.wav", "duration": 5.85}, {"text": "The quarter saw a very successful implementation of the new TRID regulations in all our regions.", "audio_length_s": 5.85, "path": "f1b53f83640f7ea0160087ae63818af2_10.wav", "duration": 5.85}, {"text": "The decrease reflects lower used vehicle pricing, partially offset by higher volumes.", "audio_length_s": 5.85, "path": "eb93e70cdf7a839a69546250fb3646fb_186.wav", "duration": 5.85}, {"text": "in our top-tier retail business, in addition to low cost of debt from a very strong balance sheet.", "audio_length_s": 5.85, "path": "16c235a53fc719ec92ef3b3c3b371150_91.wav", "duration": 5.85}, {"text": "honestly, it was kind of a nice surprise coming out of the fourth quarter and hopefully continues to be", "audio_length_s": 5.85, "path": "744f5859c7d9a0567b387ae84326d940_110.wav", "duration": 5.85}, {"text": "We anticipate raw material costs could further increase in the first quarter", "audio_length_s": 5.85, "path": "744f5859c7d9a0567b387ae84326d940_179.wav", "duration": 5.85}, {"text": "add a little bit more color as to how we should think about the cost challenge as it relates to", "audio_length_s": 5.85, "path": "523cf294ec146d5411972168b1c10f09_19.wav", "duration": 5.85}, {"text": "As I discussed on our last investor call, the company has embarked on several", "audio_length_s": 5.85, "path": "9b83a4dcac688347e3b13ca7c55660ed_88.wav", "duration": 5.85}, {"text": "which is in line with normal seasonal patterns and consistent with our plan and expectations.", "audio_length_s": 5.85, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_217.wav", "duration": 5.85}, {"text": "that we're deploying our resources where we can accelerate and we can ultimately get the returns", "audio_length_s": 5.85, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_163.wav", "duration": 5.85}, {"text": "in the first part of the quarter and we're encouraged by that.", "audio_length_s": 5.8499375, "path": "bc6534f8d32e757d120eaa7fa1b3a952_33.wav", "duration": 5.8499375}, {"text": "The EBIT more than doubled as did the income tax level, which left a net income", "audio_length_s": 5.8200625, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_106.wav", "duration": 5.8200625}, {"text": "And so -- and part of that is, we've also built databases and", "audio_length_s": 5.8200625, "path": "0794a2f02bbe89feb49651735bba77c5_149.wav", "duration": 5.8200625}, {"text": "and we expect to close the first transactions either late this quarter or early in the fourth quarter.", "audio_length_s": 5.8200625, "path": "73c60e60043b8775dac929320839a8c6_4.wav", "duration": 5.8200625}, {"text": "there are definitely more companies for sale than in the first half of a cycle.", "audio_length_s": 5.82, "path": "d162113e3aface010baec17bd408736b_137.wav", "duration": 5.82}, {"text": "which had caused considerable increases in trading volume in the FX market.", "audio_length_s": 5.82, "path": "c459f473b2c99662c3e29eeb2df74043_11.wav", "duration": 5.82}, {"text": "And so that's something that we will need to address and will need to improve upon,", "audio_length_s": 5.82, "path": "13aa6c0669adb5544a0d62beef677189_115.wav", "duration": 5.82}, {"text": "a substantially higher quality of earnings, more diversified earnings.", "audio_length_s": 5.82, "path": "214dcdc435ef3259490466447858fa56_187.wav", "duration": 5.82}, {"text": "and senior investments across both lower middle market and middle market companies.", "audio_length_s": 5.82, "path": "ab861b81968e1b5fcb606ed886919d68_3.wav", "duration": 5.82}, {"text": "and I don't see Swift probably ever having as big a", "audio_length_s": 5.82, "path": "94fdf7b24748a7706b1097482a0f363a_142.wav", "duration": 5.82}, {"text": "So am I thinking about the commercial impact of that publication,", "audio_length_s": 5.82, "path": "f0ce0d97cf62c9076226e0aeeb550493_93.wav", "duration": 5.82}, {"text": "the backlog in our Aerospace business tends to be impacted quite a bit from timing.", "audio_length_s": 5.82, "path": "22ad97a95501a08f15c06605cd277fec_60.wav", "duration": 5.82}, {"text": "These 3 pillars are also the areas in which external growth opportunities", "audio_length_s": 5.82, "path": "9014ac9cbc2cff30468f1bcb659c0f66_211.wav", "duration": 5.82}, {"text": "So I guess my question is, in the context of you talking about white space and acquisitions,", "audio_length_s": 5.82, "path": "9014ac9cbc2cff30468f1bcb659c0f66_371.wav", "duration": 5.82}, {"text": "had, then this puts the whole thing into a relation which is understandable.", "audio_length_s": 5.82, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_105.wav", "duration": 5.82}, {"text": "That's why it's so crucial to elevate the quality of the customer service in all of our restaurants.", "audio_length_s": 5.82, "path": "1f1b29266d2cede9b8f0f06ca57aae17_103.wav", "duration": 5.82}, {"text": "that we made clear on the last call the strategic review process is well advanced.", "audio_length_s": 5.82, "path": "4bf5e132b2f3d6aab97932e977a3fa7e_29.wav", "duration": 5.82}, {"text": "And so what happens is the cream in the milk is much more valuable than it was a year or so ago.", "audio_length_s": 5.82, "path": "54558afacef9ab3010d5a57ac4feb664_171.wav", "duration": 5.82}, {"text": "looking at various ways of reporting this business separately for a long time.", "audio_length_s": 5.82, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_33.wav", "duration": 5.82}, {"text": "than we did because of the customer base that we call on.", "audio_length_s": 5.82, "path": "67716cee321d117b0318930dd142f06a_107.wav", "duration": 5.82}, {"text": "Previously, Ray was instrumental in establishing a turnaround strategy for E-Systems,", "audio_length_s": 5.82, "path": "ec0ecc8e73cce4598def6cfff6f7c598_108.wav", "duration": 5.82}, {"text": "Thank you to everyone for attending today. This will conclude today's call, and you may now disconnect.", "audio_length_s": 5.82, "path": "ec0ecc8e73cce4598def6cfff6f7c598_146.wav", "duration": 5.82}, {"text": "so that we can once again quickly delever back to our targeted leverage range.", "audio_length_s": 5.82, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_22.wav", "duration": 5.82}, {"text": "Our TrojanLabel team is excited that we now have a way to enter into this dynamic market.", "audio_length_s": 5.82, "path": "e8a2a593282199ea052f788b8fead64b_26.wav", "duration": 5.82}, {"text": "which I talked about earlier today, and I referred to in the last few calls.", "audio_length_s": 5.82, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_17.wav", "duration": 5.82}, {"text": "with a single test menu and a uniform service offering by the fourth quarter.", "audio_length_s": 5.82, "path": "8bbc2f54137b794265dfb01f1559868d_11.wav", "duration": 5.82}, {"text": "But I would say that, for the most part, they are all performing as expected.", "audio_length_s": 5.82, "path": "3121e8f4a75758834d32a9e4e0555221_40.wav", "duration": 5.82}, {"text": "Can you talk about what do you expect the relative growth rate between your gas panels and chemical delivery products", "audio_length_s": 5.82, "path": "c4dc8f962a85aa47af50f82845f550e2_122.wav", "duration": 5.82}, {"text": "We will stay within our strategic strengths of fluid dynamics in the semiconductor market space,", "audio_length_s": 5.82, "path": "c4dc8f962a85aa47af50f82845f550e2_102.wav", "duration": 5.82}, {"text": "to decide what works best for each one of -- for their individual accounts.", "audio_length_s": 5.82, "path": "46906afb4e1ee1fef09b5908e76beefa_160.wav", "duration": 5.82}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 5.82, "path": "66c9091ba849cdb6d64987642ced64d2_85.wav", "duration": 5.82}, {"text": "and what we do is if something looks like the acquisition cost per order", "audio_length_s": 5.82, "path": "957e0f876f9a4af9b498c19843675474_64.wav", "duration": 5.82}, {"text": "it is always a little bit choppy, especially when you're talking about large projects,", "audio_length_s": 5.82, "path": "23eff4c724ee00f56319fcc47add3441_118.wav", "duration": 5.82}, {"text": "longer-term kind of perspective on how you're thinking about your raw material chain? Because", "audio_length_s": 5.82, "path": "73ba4ff250b62745e03880e75b9a1581_141.wav", "duration": 5.82}, {"text": "Both were one-off the events compensating for the continued pressure from the low interest rate environment,", "audio_length_s": 5.82, "path": "bddc15938bdcc3085f19b0851e74c2c0_43.wav", "duration": 5.82}, {"text": "We did fail to come through the CCAR process for our small trust bank successfully,", "audio_length_s": 5.82, "path": "bddc15938bdcc3085f19b0851e74c2c0_4.wav", "duration": 5.82}, {"text": "but the fact that we already have the second make-line physically there in all our restaurants", "audio_length_s": 5.82, "path": "47a303604df9f9fc9f2f89a9280c3a79_46.wav", "duration": 5.82}, {"text": "done at that speed and then we can innovate on that foundation or that platform.", "audio_length_s": 5.82, "path": "47a303604df9f9fc9f2f89a9280c3a79_176.wav", "duration": 5.82}, {"text": "This market environment led to a group revenue", "audio_length_s": 5.82, "path": "cfe2656d9b742e3743835cfde245c60a_1.wav", "duration": 5.82}, {"text": "A brand new Acura model named the CDX was launched in China in July.", "audio_length_s": 5.82, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_3.wav", "duration": 5.82}, {"text": "They were no issues related to safety that came up in the meeting.", "audio_length_s": 5.82, "path": "a24a661c2eb55542903c72391ec09f9b_78.wav", "duration": 5.82}, {"text": "I'm just wondering what you're seeing in apparel, which has obviously been a more difficult category for everyone globally.", "audio_length_s": 5.82, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_126.wav", "duration": 5.82}, {"text": "which pay fees in excess of our firm average and 1 less day in the quarter.", "audio_length_s": 5.82, "path": "8b6b51842af008f5f437f53cc2e71835_4.wav", "duration": 5.82}, {"text": "We appreciate you taking the time to pay attention to our business on which we continue to make improvements.", "audio_length_s": 5.82, "path": "e56726c7aedd69029957c84128050700_2.wav", "duration": 5.82}, {"text": "Let me now make a few points on the third quarter before handing it over to Stan.", "audio_length_s": 5.82, "path": "6864081f83959f4b49e25e597f28af66_116.wav", "duration": 5.82}, {"text": "However, we're going to do the best we can here to give you an estimate of the range of that impact,", "audio_length_s": 5.82, "path": "2ad9555a64eaa3f45bef5581adeecb9c_198.wav", "duration": 5.82}, {"text": "and we have successfully established a reputation as one of the very best in this space.", "audio_length_s": 5.82, "path": "9ab2e6eb9debfae2de541ba645bfd265_113.wav", "duration": 5.82}, {"text": "the impact of the step down in third quarter of this year and in third quarter of next year,", "audio_length_s": 5.82, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_81.wav", "duration": 5.82}, {"text": "in terms of costs despite the fact that", "audio_length_s": 5.82, "path": "38b2f94da12bbf2d32246763aab8265a_25.wav", "duration": 5.82}, {"text": "its privileged users, providing us with meaningful expansion opportunity over the coming quarters and years.", "audio_length_s": 5.82, "path": "b2d6357f46f3a82cff6625277f9a20f6_7.wav", "duration": 5.82}, {"text": "and we've been, as we've previously stated, making changes within the dental organization to senior management.", "audio_length_s": 5.82, "path": "b96165244f010b3f1e61cbbc5e504d96_103.wav", "duration": 5.82}, {"text": "In U.K., we continue to demonstrate our ability to grow a profitable business", "audio_length_s": 5.82, "path": "ea97a179f1be386d6cd36637ae70a1fc_47.wav", "duration": 5.82}, {"text": "policies versus wind versus other, and then the average premiums in each of those buckets?", "audio_length_s": 5.82, "path": "3068d678d3331b8f0a10ea4fa92361f2_41.wav", "duration": 5.82}, {"text": "While our Depositary Receipts revenue was lower due to volumes and the timing of corporate actions,", "audio_length_s": 5.82, "path": "0899e07f70a6e5be842fb6e22a3fafe9_73.wav", "duration": 5.82}, {"text": "We would expect to be in a position to provide more commentary around our growth opportunities then as well.", "audio_length_s": 5.82, "path": "0899e07f70a6e5be842fb6e22a3fafe9_205.wav", "duration": 5.82}, {"text": "I think the key thing if you look at it against the comparators, I think the previous year was particularly strong,", "audio_length_s": 5.82, "path": "5664a96b7f1182d037b901d84eeb4fd6_151.wav", "duration": 5.82}, {"text": "hopefully that provides a lot of insight to everyone on the phone because like I said, I", "audio_length_s": 5.82, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_151.wav", "duration": 5.82}, {"text": "In terms of the current fleet composition, is there any particular segment that you'd like to continue to enhance", "audio_length_s": 5.82, "path": "39eee2eb09766cf1717c05e39c7db798_117.wav", "duration": 5.82}, {"text": "and the balance was the result of solid performance in EMEA and favorable currency.", "audio_length_s": 5.82, "path": "6a372ea97b0b130a4d37f16b54d97909_141.wav", "duration": 5.82}, {"text": "It has shares on all our key engine programs, particularly the newer engine programs", "audio_length_s": 5.82, "path": "7bc22aba9bc29d69ee10cc60db7903d8_291.wav", "duration": 5.82}, {"text": "We look carefully at repricing risk in our loan portfolio and the securities portfolio.", "audio_length_s": 5.82, "path": "2a7d7f3eb6960e631743ca5a0d86461f_85.wav", "duration": 5.82}, {"text": "November this year, which will bring some more international points within range.", "audio_length_s": 5.82, "path": "815f65663b3982554e82806de0cbd918_4.wav", "duration": 5.82}, {"text": "So -- and you mentioned something about not being in the market for distressed assets.", "audio_length_s": 5.82, "path": "10dfe5270a7e4216d68614041d2a9bbe_152.wav", "duration": 5.82}, {"text": "However, we expect to leverage these investments as we lap initial cost and grow sales.", "audio_length_s": 5.82, "path": "e6c0fa1068c28557c3e17e0d02b831b1_11.wav", "duration": 5.82}, {"text": "Robert will discuss the details of the higher incentive revenues in his prepared remarks.", "audio_length_s": 5.82, "path": "526e0d5398a516831b49936c31a8ea1c_6.wav", "duration": 5.82}, {"text": "and the ships are therefore in the further phase of their construction.", "audio_length_s": 5.82, "path": "ca67cef56548d21bf5c1669beebf3cb0_40.wav", "duration": 5.82}, {"text": "I'm pleased to share with you that we now have made further improvements, making sure we can double", "audio_length_s": 5.82, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_48.wav", "duration": 5.82}, {"text": "As is the case each year, we said that we would continue to make progress toward our goal of creating an injury-free workplace.", "audio_length_s": 5.82, "path": "2a059b2b192b8e972ca7664ddfed8a20_5.wav", "duration": 5.82}, {"text": "fund organic growth through customer acquisition and technology innovation", "audio_length_s": 5.82, "path": "52a4e3ebf7e968a783401230c3f69a9d_27.wav", "duration": 5.82}, {"text": "that will increase the supply of natural gas to the New York City area by about 400 million a day.", "audio_length_s": 5.82, "path": "74d0910b4af16f82a812bddbb151d966_58.wav", "duration": 5.82}, {"text": "But obviously, the bank will be significantly more profitable as a result of tax reform", "audio_length_s": 5.82, "path": "532e653f6aa6c3bf43a5b256bb4c1254_115.wav", "duration": 5.82}, {"text": "because it's really there starting in the fourth quarter here that we'll start to see the opportunity", "audio_length_s": 5.82, "path": "3898a5c021167b8169287fc8bb59f753_105.wav", "duration": 5.82}, {"text": "we think that the rest of the country will probably have a good performance during the calendar year.", "audio_length_s": 5.82, "path": "333d478ab06fd400afafa68f4a952191_76.wav", "duration": 5.82}, {"text": "We view this as an opportunity to begin relationships and deepen them over time.", "audio_length_s": 5.82, "path": "f1da65edd5f2026ffd647d496bb96ce7_148.wav", "duration": 5.82}, {"text": "You can see the key metrics in terms of where the actual results have landed for the first 6 months.", "audio_length_s": 5.82, "path": "e00fd35e201a8607d264b803a5130c59_245.wav", "duration": 5.82}, {"text": "in this time. Because of high prices in China, which there's a difference of about", "audio_length_s": 5.82, "path": "9b1931e93dfb0391fb948924a93be5ff_27.wav", "duration": 5.82}, {"text": "I think the investments we've been making to, if you will, put these capabilities", "audio_length_s": 5.82, "path": "21f21433851eb7c7f7dbc710309341bb_188.wav", "duration": 5.82}, {"text": "income and margins were down only modestly as the segment delivered on better internal execution.", "audio_length_s": 5.82, "path": "fb817a6cc685a3fd0f003456dd641c01_166.wav", "duration": 5.82}, {"text": "and secondly, providing superior cost effectiveness due to a very low mask count,", "audio_length_s": 5.82, "path": "b3d7bc295d09d9927e465213612c0192_73.wav", "duration": 5.82}, {"text": "The majority of the advertising reductions came from the Jennie-O Turkey Store segment.", "audio_length_s": 5.82, "path": "af2718cdc0b3b856f9a0b3da3d527d18_67.wav", "duration": 5.82}, {"text": "Accordingly, in the quarter, we ramped our spend in several key strategic investment areas", "audio_length_s": 5.82, "path": "49e533a8449f6b9b6c806458e73338e1_207.wav", "duration": 5.82}, {"text": "Our expectation is that the second half of the year will be significantly stronger than the first", "audio_length_s": 5.82, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_17.wav", "duration": 5.82}, {"text": "This is a market Stanley is very familiar with and I cannot think of a better person qualified", "audio_length_s": 5.82, "path": "416ebb7a4160f7cd2f98361cbd1cb769_116.wav", "duration": 5.82}, {"text": "As you may know, we do not register an inflow until there is activity in the account.", "audio_length_s": 5.82, "path": "7cc11de7f206c637e6293da0d956405e_13.wav", "duration": 5.82}, {"text": "we feel comfortable with where we are in that position, so I have no assumption on using excess capital at all.", "audio_length_s": 5.82, "path": "ab3354b86be920cde18291112bf8a70a_24.wav", "duration": 5.82}, {"text": "but also being aware of the time when you will enter this narrative in the clinic,", "audio_length_s": 5.82, "path": "8c1b4f4af2af2847a240041390e31399_21.wav", "duration": 5.82}, {"text": "probably more research, which will probably help the pharmacists better counsel on them.", "audio_length_s": 5.82, "path": "068bea67ac01942fafb955a1116b29dd_92.wav", "duration": 5.82}, {"text": "As expected, our home, appliance and personal care business started slowly.", "audio_length_s": 5.82, "path": "c47a92e006b54d014a79b447528c55a7_65.wav", "duration": 5.82}, {"text": "is the recurring-revenue type of agreement. So you don't see a revenue pop in the quarter. You see that come", "audio_length_s": 5.82, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_50.wav", "duration": 5.82}, {"text": "did not achieve their primary endpoints, and therefore, we won't be moving forward with these indications.", "audio_length_s": 5.82, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_219.wav", "duration": 5.82}, {"text": "because this doesn't only work one way. One of the beauties of derivatives is", "audio_length_s": 5.82, "path": "6709c061d39d0e433079f84160f11c80_257.wav", "duration": 5.82}, {"text": "the nature of our business is that fee rates go down within mandates as they grow out to scale,", "audio_length_s": 5.82, "path": "6709c061d39d0e433079f84160f11c80_49.wav", "duration": 5.82}, {"text": "Now to begin a review of our business segment results, I'll turn the call over to Corning.", "audio_length_s": 5.82, "path": "e33785a294553de2a12d4463bf786744_220.wav", "duration": 5.82}, {"text": "certain key elements of intellectual property that they bring to the table", "audio_length_s": 5.82, "path": "77d2dd6d5e46cc8a8e80809305b60208_23.wav", "duration": 5.82}, {"text": "We have 2 main priorities when we look into operation, the most important one is within safety.", "audio_length_s": 5.82, "path": "be1d9f57faececddb1cdbf5e831bcbf9_18.wav", "duration": 5.82}, {"text": "We took decisive action in the first quarter on things we can control, including our balance sheet,", "audio_length_s": 5.82, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_52.wav", "duration": 5.82}, {"text": "We've hired a lot of talented bankers across all of our businesses and see great opportunities.", "audio_length_s": 5.82, "path": "8635f950dc44da3fcad542b2c066bedf_4.wav", "duration": 5.82}, {"text": "What about the acquisition of the asset in Poland? What was the consideration?", "audio_length_s": 5.82, "path": "80a2ca14358172366acab4e80f3fa33b_185.wav", "duration": 5.82}, {"text": "for the many trucks that we got across the gas and the liquid systems, we're looking at that and looking to", "audio_length_s": 5.82, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_197.wav", "duration": 5.82}, {"text": "We are currently evaluating our refinancing options and expect to provide updates on future calls.", "audio_length_s": 5.82, "path": "98bbf1693b5a53e7f02d890a8dca876a_64.wav", "duration": 5.82}, {"text": "And to the best of my knowledge, it's dependent on", "audio_length_s": 5.82, "path": "01b376669d5ea40acc7fb5a87503586e_36.wav", "duration": 5.82}, {"text": "I would now like to provide an overview of the comparable store sales trends we experienced during the quarter.", "audio_length_s": 5.82, "path": "884400c829f179d8cf68b767f45f03a4_126.wav", "duration": 5.82}, {"text": "Tires are an important part of Monro's business, given that they represent half of our sales,", "audio_length_s": 5.82, "path": "884400c829f179d8cf68b767f45f03a4_143.wav", "duration": 5.82}, {"text": "Once integrated, this acquisition will more than double Calpine's existing retail load nationally.", "audio_length_s": 5.82, "path": "3f6641f7d8f1ab845ad4f637cfb35109_209.wav", "duration": 5.82}, {"text": "At the same time, there remains a high level of uncertainty in many countries.", "audio_length_s": 5.82, "path": "e35fae1d3df1f7aeda409f90f200ec7b_70.wav", "duration": 5.82}, {"text": "The ASP change was attributed to customer and product mix, including a smaller percentage", "audio_length_s": 5.82, "path": "64364105b816dd0b6a029e9cd210e65b_233.wav", "duration": 5.82}, {"text": "We're managing in a prudent way and we're confident about our ability to continue to achieve earnings growth", "audio_length_s": 5.82, "path": "24a133abc343c813233d416b0cef96cd_153.wav", "duration": 5.82}, {"text": "So it's a good time for us, and we expect things to ramp up at an accelerated pace.", "audio_length_s": 5.82, "path": "fb03ff65af8e5f80abd090abeaf767cf_25.wav", "duration": 5.82}, {"text": "we are focusing more on short-term trade finance, we do not expect a major negative", "audio_length_s": 5.82, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_64.wav", "duration": 5.82}, {"text": "I would also like to remind everyone that all figures are being quoted in U.S. dollars, unless otherwise stated.", "audio_length_s": 5.82, "path": "692de133aab90ff6681b2c45b433b32b_1.wav", "duration": 5.82}, {"text": "These include the full effect of changes in the fair market value of warrants we issued to Amazon", "audio_length_s": 5.82, "path": "89499eed4dff3bd184e91cd496111f22_56.wav", "duration": 5.82}, {"text": "Looking ahead, we will not take our foot off the gas in the Legacy Conagra business.", "audio_length_s": 5.82, "path": "b0d88c0f1efca89ecb928172341dc75d_205.wav", "duration": 5.82}, {"text": "and will deliver new revenues in FY '19 and beyond as these projects are commissioned.", "audio_length_s": 5.82, "path": "4ee3c79ebc57c9870b221b9479d52436_24.wav", "duration": 5.82}, {"text": "And we probability weigh what we think is going to happen and the time frame we think it's going to happen in. And", "audio_length_s": 5.82, "path": "4ee3c79ebc57c9870b221b9479d52436_210.wav", "duration": 5.82}, {"text": "Well, since earlier this year, we've had a change", "audio_length_s": 5.82, "path": "ffe22f8bcf153b8b51f6e52039686c1e_80.wav", "duration": 5.82}, {"text": "We have reduced our annual operating expenses from fiscal 2014 to", "audio_length_s": 5.82, "path": "ee17f090e669ff9029bd1dc57db6e43e_143.wav", "duration": 5.82}, {"text": "that? And do you have any plans for how much you will own?", "audio_length_s": 5.82, "path": "c970172984efb506be92ce3c89691354_71.wav", "duration": 5.82}, {"text": "So we have significant capital investments and growth opportunities and a commitment to increase the dividend now.", "audio_length_s": 5.82, "path": "2cd5b184c2ef6624ce219830182927c9_124.wav", "duration": 5.82}, {"text": "I think this is a reasonably balanced estimate actually from what we see from customers.", "audio_length_s": 5.82, "path": "323193895e800e72960d98dd5fb64cf5_197.wav", "duration": 5.82}, {"text": "Adjusted operating margins are anticipated to remain in the mid- to high teens", "audio_length_s": 5.82, "path": "711d9abe4399e7184d7dd8e3273f8a71_198.wav", "duration": 5.82}, {"text": "And the other one was, we are struggling to maintain the skills", "audio_length_s": 5.82, "path": "9826162bc1bb67bf8d65e4cf50e656e9_191.wav", "duration": 5.82}, {"text": "The second positive influence on the margin will be with the reduction in our cost of money. The CoCo is a very obvious example,", "audio_length_s": 5.82, "path": "bc1efb704df9c180935803c70a315597_264.wav", "duration": 5.82}, {"text": "your assessment is correct. Strategic investment that is made", "audio_length_s": 5.82, "path": "1530acc3242f0ee1713e757ee06f6aa1_106.wav", "duration": 5.82}, {"text": "So we will build more homes passed and add more home subscriber than initially targeted for this year.", "audio_length_s": 5.82, "path": "429bcf63d57c11ea4d8864560f521dba_52.wav", "duration": 5.82}, {"text": "net interest expense in the first quarter was essentially unchanged on a sequential basis.", "audio_length_s": 5.82, "path": "50eb350badadec6e4272b90684741c25_249.wav", "duration": 5.82}, {"text": "Our hunters have gone from just a handful a few years back", "audio_length_s": 5.82, "path": "abd571ccf777ac4b0a43a7487031bc8a_219.wav", "duration": 5.82}, {"text": "We expect these cost pressures to ease as we go through the remainder of the year.", "audio_length_s": 5.82, "path": "910a1a60a0549a5973f42bb19b66a0ae_15.wav", "duration": 5.82}, {"text": "nowadays. So that's not our threshold. Our threshold is, can we return", "audio_length_s": 5.82, "path": "24c7526f6daca8e16ab91bea6124148a_160.wav", "duration": 5.82}, {"text": "We also believe the Catarina transaction provides a solid foundation for next year's business activity.", "audio_length_s": 5.82, "path": "0702a77635d50ec3b154df61456c1b63_29.wav", "duration": 5.82}, {"text": "over the last 3, 4 years, there have been a lot of global commencing factories which have shut down,", "audio_length_s": 5.82, "path": "e45bd91347da3c6cbd1fca37e8c0215d_74.wav", "duration": 5.82}, {"text": "the owned brands, are they now at a level in terms of penetration where you're getting a margin benefit from", "audio_length_s": 5.82, "path": "c88e296697cd72c891ffb7bf5a1a60bb_94.wav", "duration": 5.82}, {"text": "not trying to dismiss your point, but not much I can do about it now because it's just too much good news.", "audio_length_s": 5.82, "path": "365c360aff42713cef71a7d026eeeb6d_56.wav", "duration": 5.82}, {"text": "But so much of the cash and earnings contribution comes from the renewal commissions.", "audio_length_s": 5.82, "path": "7e018402f521eec8ce7a9df8cd61e144_36.wav", "duration": 5.82}, {"text": "Let me comment on each of these factors and what we are doing to improve our performance.", "audio_length_s": 5.82, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_112.wav", "duration": 5.82}, {"text": "We continue to seek new opportunities in the aviation business outside of Singapore", "audio_length_s": 5.82, "path": "8dd740d83ff1c7319a82eeba6047633d_5.wav", "duration": 5.82}, {"text": "and as well capitalize on the commercial and industrial synergies in selected regions to support the growth of our company.", "audio_length_s": 5.82, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_152.wav", "duration": 5.82}, {"text": "I will begin with the overall earnings results starting with sales and operating profit.", "audio_length_s": 5.82, "path": "cd94f09ed5b897feb733def490ba4630_18.wav", "duration": 5.82}, {"text": "We are seeing steady progress with digital payments despite the recent remonetization of cash.", "audio_length_s": 5.82, "path": "1bc08759c84df9d3f656cf53f5bb6d35_126.wav", "duration": 5.82}, {"text": "Fiscal 2017 turned out to be a pivotal year for us in terms of realizing gains", "audio_length_s": 5.82, "path": "ff59c33225941d4025bcecc8fe1a4b32_16.wav", "duration": 5.82}, {"text": "Acquisition, retention and training of talent is a major focus.", "audio_length_s": 5.82, "path": "47546a57a865bca0f4e677dc3b485053_62.wav", "duration": 5.82}, {"text": "So now we are down to the final machinations of the deal, which we expect to close within the next couple of weeks.", "audio_length_s": 5.7900625, "path": "0668081864383eb57919b99c85649753_42.wav", "duration": 5.7900625}, {"text": "and it's at the right price, and I emphasize, it's at the right price, fair value or even higher,", "audio_length_s": 5.79, "path": "db6c253ba433d9a247219bb3f15da199_30.wav", "duration": 5.79}, {"text": "of cash that's restricted or trapped in countries. When you think about the point to trigger", "audio_length_s": 5.79, "path": "364a769967b9b1a7cd069e2ce95c6e25_78.wav", "duration": 5.79}, {"text": "I'd like to caution all participants that today's call may contain statements related to our business", "audio_length_s": 5.79, "path": "139f0a6300f504b3e8673e39b0429161_45.wav", "duration": 5.79}, {"text": "Looking ahead, we anticipate refinancing 2 commercial mortgages as part of a transaction", "audio_length_s": 5.79, "path": "a20052a04bcb5b7b8d242a21c859550d_117.wav", "duration": 5.79}, {"text": "And we continued executing the restructuring that was announced in early January.", "audio_length_s": 5.79, "path": "0d631e444d1c22f0be99a69f5deaff94_74.wav", "duration": 5.79}, {"text": "In this slide, we have presented a picture of where we sit today and the revenue potential as we increase our product.", "audio_length_s": 5.79, "path": "f3ea353a6c918bc1fd311a9cad6b9777_57.wav", "duration": 5.79}, {"text": "These much-improved results are reflected in our financials in a number of different ways.", "audio_length_s": 5.79, "path": "48954c357d5ad754c29ea1c28dbdad2a_35.wav", "duration": 5.79}, {"text": "a decent top line upgrade driven primarily by the temporary benefits in China for liquid crystals.", "audio_length_s": 5.79, "path": "a95a220f118ae793c89d6d708e62cf8a_20.wav", "duration": 5.79}, {"text": "whereby there's a huge opportunity focusing on growing segments", "audio_length_s": 5.79, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_30.wav", "duration": 5.79}, {"text": "the original virulence and if we've overcome the issue of growing it in Vero cells", "audio_length_s": 5.79, "path": "14e9ab3b38cd3029b8aff693a105dbfb_28.wav", "duration": 5.79}, {"text": "flight to quality market, we would have seen more price stability, tighter spreads", "audio_length_s": 5.79, "path": "223f05c0b9b116532e9af84afa76cac7_167.wav", "duration": 5.79}, {"text": "I know you mentioned that the -- that one large credit was energy-related. Are there any other energy", "audio_length_s": 5.79, "path": "2d7efae3f89647d6468deed3b73bf98a_75.wav", "duration": 5.79}, {"text": "that we took on October 15. So in the third quarter, we have 30 days", "audio_length_s": 5.79, "path": "54558afacef9ab3010d5a57ac4feb664_126.wav", "duration": 5.79}, {"text": "driving consistent and sustainable sales growth and improving our operating results.", "audio_length_s": 5.79, "path": "a069e0992c2083f0f53eaa4f7a02e47d_82.wav", "duration": 5.79}, {"text": "We are very encouraged by this award and the associated support.", "audio_length_s": 5.79, "path": "81430c39b7b202d05644e419e2a01a65_49.wav", "duration": 5.79}, {"text": "I do not want to say that they don't care about numbers. They do, but it's not just the number on the scale.", "audio_length_s": 5.79, "path": "7e14890193df4b10e1eeab6ab886529f_143.wav", "duration": 5.79}, {"text": "announced some time ago and is now commissioned and moving a lot of water.", "audio_length_s": 5.79, "path": "c96b5ae4ffe20d946daec67e2b0917b2_4.wav", "duration": 5.79}, {"text": "Well, I think that we've certainly got the fairway", "audio_length_s": 5.79, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_126.wav", "duration": 5.79}, {"text": "The decrease between years related mainly to the 3 noncash charges I've just discussed.", "audio_length_s": 5.79, "path": "1927f9c722093d1d64b610c4227ccf59_153.wav", "duration": 5.79}, {"text": "to prior year, as modest rate declines were more than offset by new business opportunities.", "audio_length_s": 5.79, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_7.wav", "duration": 5.79}, {"text": "done everything we can from a science perspective", "audio_length_s": 5.79, "path": "918de179148bbfe18b95415ee0065a3d_83.wav", "duration": 5.79}, {"text": "or the Washington Capital Stanley Cup champion to make dedicated products for a given event", "audio_length_s": 5.79, "path": "4b7945dd823dcbc0b2724efa66393673_76.wav", "duration": 5.79}, {"text": "Puerto Rico will begin to improve but slowly and towards the end of the year.", "audio_length_s": 5.79, "path": "3121e8f4a75758834d32a9e4e0555221_106.wav", "duration": 5.79}, {"text": "by tightly integrating our computing, storage and virtualization resources.", "audio_length_s": 5.79, "path": "3121e8f4a75758834d32a9e4e0555221_95.wav", "duration": 5.79}, {"text": "And so the plan that we put in place are to get us at that point", "audio_length_s": 5.79, "path": "3121e8f4a75758834d32a9e4e0555221_28.wav", "duration": 5.79}, {"text": "Bear in mind that this is something that we started to evaluate well before tax reform seemed imminent.", "audio_length_s": 5.79, "path": "1b91eb82f5211000e711424657cc2484_24.wav", "duration": 5.79}, {"text": "in terms of revenue per quarter, we're not going to break out the growth rates by quarter, either.", "audio_length_s": 5.79, "path": "c4dc8f962a85aa47af50f82845f550e2_35.wav", "duration": 5.79}, {"text": "a company committed to providing our communities with connectivity that enriches their world.", "audio_length_s": 5.79, "path": "54240e38051f2a3bb6a4e58fe55344cd_33.wav", "duration": 5.79}, {"text": "We have been looking to multiple files in the past and", "audio_length_s": 5.79, "path": "1f686a09cf3566a34f04f39fde02460e_41.wav", "duration": 5.79}, {"text": "overall and hopefully put ourselves in a position to have multiple -- potential alternatives", "audio_length_s": 5.79, "path": "bad55d25c1222682bd893d97dc5cbb27_146.wav", "duration": 5.79}, {"text": "and second half prior year comparables that were positively impacted by the improving market.", "audio_length_s": 5.79, "path": "145244b0378e6657d456cffca8bbc982_11.wav", "duration": 5.79}, {"text": "So far, I haven't delivered anything yet in Taiwan, but I will try my best", "audio_length_s": 5.79, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_274.wav", "duration": 5.79}, {"text": "intensifying our actions in terms of development CapEx. It might add", "audio_length_s": 5.79, "path": "39e5706898dcaf14a280b3a123877cd6_102.wav", "duration": 5.79}, {"text": "But we're certainly watching them and certainly continue to develop to be more competitive, even within those price points.", "audio_length_s": 5.79, "path": "2fc915b996c687200d995736980aae9a_205.wav", "duration": 5.79}, {"text": "and the milestones you guys are tracking to figure out whether that makes sense?", "audio_length_s": 5.79, "path": "c1f9276ae4068aca63163adff502b818_113.wav", "duration": 5.79}, {"text": "The most important development start is King Toronto, which Hugh will discuss shortly.", "audio_length_s": 5.79, "path": "8292bdb9af87f10627c044f3842b2c76_179.wav", "duration": 5.79}, {"text": "quite a lot and we've been maintaining that reduction steady since the end of last year.", "audio_length_s": 5.79, "path": "cc82e791c065bdc271addf355bac274f_114.wav", "duration": 5.79}, {"text": "and position us for our longer-term success and move us toward our greater vision.", "audio_length_s": 5.79, "path": "0dbbae27d7055ecc04cc25e14e4de12d_29.wav", "duration": 5.79}, {"text": "And like all of our other shops in Spain, we will run Madrid directly ourselves.", "audio_length_s": 5.79, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_117.wav", "duration": 5.79}, {"text": "potential IPO, your optionality around that and what you think", "audio_length_s": 5.79, "path": "bddc15938bdcc3085f19b0851e74c2c0_310.wav", "duration": 5.79}, {"text": "I talk to our customers regularly and make certain that our team is on the right track.", "audio_length_s": 5.79, "path": "a5aee620f2ef348884bdc8fa3e0cee19_7.wav", "duration": 5.79}, {"text": "Understandably, the Department of Labor's fiduciary rule has triggered a number of questions from investors.", "audio_length_s": 5.79, "path": "bc7dbd6e321b4df22db9270b69b89c11_31.wav", "duration": 5.79}, {"text": "And I've really got 2 choices that we're thinking about. One is we squeeze it in before the end of the year.", "audio_length_s": 5.79, "path": "f46ae0a04d60dea8a759f07333ed37e2_188.wav", "duration": 5.79}, {"text": "And then just looking further ahead. I know you said you'll elaborate more, but maybe just give us", "audio_length_s": 5.79, "path": "655d592e9d1b1027f1824b1554d8b131_199.wav", "duration": 5.79}, {"text": "Over the course of the year, we've also accelerated returns to our shareholders.", "audio_length_s": 5.79, "path": "655d592e9d1b1027f1824b1554d8b131_3.wav", "duration": 5.79}, {"text": "partners closely with our operations team to drive operational and financial excellence.", "audio_length_s": 5.79, "path": "575d21e05ceda8f95fc54e0292c2d99f_13.wav", "duration": 5.79}, {"text": "other tissues. We have not been doing work internally in the neuro space,", "audio_length_s": 5.79, "path": "01ebdadb81d0e5a57270957c0cbe83fc_94.wav", "duration": 5.79}, {"text": "If for some reason it doesn't sell, then we will just clear that stock, we've given them no volume commitment.", "audio_length_s": 5.79, "path": "9c1272d9d120c5bfafd6e6b566f89b62_165.wav", "duration": 5.79}, {"text": "and as you know over the last 3 years Fleetwood has been substantially restructured.", "audio_length_s": 5.79, "path": "3416f142ad06359966636184f66e87c5_27.wav", "duration": 5.79}, {"text": "when you're growing rapidly, it will take cash to be able to grow it,", "audio_length_s": 5.79, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_68.wav", "duration": 5.79}, {"text": "As we continued our conversations with hospital systems CEOs from around the country,", "audio_length_s": 5.79, "path": "e3d70ecdb6aaed843dd059c121962e45_209.wav", "duration": 5.79}, {"text": "It did look really crowded for a while with a lot of money flowing in and not always smart money.", "audio_length_s": 5.79, "path": "ea97a179f1be386d6cd36637ae70a1fc_38.wav", "duration": 5.79}, {"text": "to allow educators to begin their customer journey with us through their desired channel", "audio_length_s": 5.79, "path": "aeb50c6146f90bd32d147c5d4775c21d_117.wav", "duration": 5.79}, {"text": "including better traction on presales and using price to carefully manage pace.", "audio_length_s": 5.79, "path": "ade68f8add7249890d086ecf4b5b8cab_90.wav", "duration": 5.79}, {"text": "material changes in any certain regions or just any color there would be great?", "audio_length_s": 5.79, "path": "1d2ff648e4a30fa5555a7ab85bf60190_92.wav", "duration": 5.79}, {"text": "We believe that magicJack for Business represents another new organic revenue stream", "audio_length_s": 5.79, "path": "16e51362df94379ea33a24334015f385_84.wav", "duration": 5.79}, {"text": "in previous years there had been a point where you had gotten to a certain level,", "audio_length_s": 5.79, "path": "3cc0a4a6f1b08b522c732ad8944e8624_115.wav", "duration": 5.79}, {"text": "we look forward to having some things to share with you probably as we move into the net fiscal year. So", "audio_length_s": 5.79, "path": "3cc0a4a6f1b08b522c732ad8944e8624_57.wav", "duration": 5.79}, {"text": "the power of premium has placed us among the low-cost producers in the global oil market.", "audio_length_s": 5.79, "path": "a8b43081254547419da7462d9c957d61_97.wav", "duration": 5.79}, {"text": "continues to increase in its appeal, and so we've invested last year in both", "audio_length_s": 5.79, "path": "8a77ceadd7e4729abc9102d38be3a227_96.wav", "duration": 5.79}, {"text": "While OSB continues to be the largest revenue contributor on a consolidated basis", "audio_length_s": 5.79, "path": "dd28a387ccc9575df47840b850647c7f_125.wav", "duration": 5.79}, {"text": "technology group, really focused around beyond the investment horizon of our businesses,", "audio_length_s": 5.79, "path": "7bc22aba9bc29d69ee10cc60db7903d8_92.wav", "duration": 5.79}, {"text": "is there a scenario next quarter or the coming quarters where", "audio_length_s": 5.79, "path": "2a7d7f3eb6960e631743ca5a0d86461f_97.wav", "duration": 5.79}, {"text": "This knowledge of the market has been a key factor in our successful underwriting over the years", "audio_length_s": 5.79, "path": "2a7d7f3eb6960e631743ca5a0d86461f_49.wav", "duration": 5.79}, {"text": "with distressed whole loans decreasing over time and CRT investments increasing.", "audio_length_s": 5.79, "path": "567a41009710fa1568bb8125213bf9eb_124.wav", "duration": 5.79}, {"text": "just to show the progress on the modernization of the entire portfolio and the speed", "audio_length_s": 5.79, "path": "29426a77336443eedde7eaa29e9c2852_93.wav", "duration": 5.79}, {"text": "Now I will speak to segment results, starting with Health Services.", "audio_length_s": 5.79, "path": "b94d748876ddf8e881d4191dec45baf3_185.wav", "duration": 5.79}, {"text": "one of the big strategic issues that we have on the table this year.", "audio_length_s": 5.79, "path": "664ce6f8ad7864e2844f637e7a1b48d7_93.wav", "duration": 5.79}, {"text": "I was under the impression that body cameras would obsolete the need for in-car cameras.", "audio_length_s": 5.79, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_111.wav", "duration": 5.79}, {"text": "As a reminder, we began recognition of service revenue in the month following the shipment of the camera.", "audio_length_s": 5.79, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_137.wav", "duration": 5.79}, {"text": "Well, Frank, that's a reference to the fact that we did see strong volumes with that client in the quarter,", "audio_length_s": 5.79, "path": "191c819db03c2dfd0207cd1f42e278a4_17.wav", "duration": 5.79}, {"text": "and getting the project over the goal line for final design and implementation. So", "audio_length_s": 5.79, "path": "505ccbd6e857cad05a179a5ed5419d1b_83.wav", "duration": 5.79}, {"text": "from restriking existing hedges, which as you know, we've been successfully doing throughout the year.", "audio_length_s": 5.79, "path": "526e0d5398a516831b49936c31a8ea1c_23.wav", "duration": 5.79}, {"text": "continuously trying to drive down our cost structure to have the lowest possible cost structure. So I think", "audio_length_s": 5.79, "path": "051c23cc7bacc5c9df9312ac0fd431a9_50.wav", "duration": 5.79}, {"text": "So if the markets go where we think the markets go and with our position in the marketplace,", "audio_length_s": 5.79, "path": "08f219f6cb65bd0ed50cb8444a3884f8_155.wav", "duration": 5.79}, {"text": "The decrease primarily reflects reductions in litigation costs", "audio_length_s": 5.79, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_18.wav", "duration": 5.79}, {"text": "Looking ahead, there are a number of important inflection points on the horizon.", "audio_length_s": 5.79, "path": "e78997e6a75a2243292b2b54750bb3cb_55.wav", "duration": 5.79}, {"text": "And so we won't pursue anything that doesn't meet our internal ROA targets. So", "audio_length_s": 5.79, "path": "82131762fc1c2b2358ac3a167666ab87_54.wav", "duration": 5.79}, {"text": "And David's right, the plan -- we have put plans in place to mitigate that trend,", "audio_length_s": 5.79, "path": "b43c001c5af465d220ab0b69a95202ae_92.wav", "duration": 5.79}, {"text": "Now let me turn the call over to Tom for the details on the quarter's results. Thanks, Steve, and good morning, everyone.", "audio_length_s": 5.79, "path": "968913c3f9111fc67f1d9956c56dec3b_66.wav", "duration": 5.79}, {"text": "In the future, we will continue", "audio_length_s": 5.79, "path": "b126e11520fd54843c67f70f15cd30cc_187.wav", "duration": 5.79}, {"text": "to improve our service efficiency and operation capability. At the same time,", "audio_length_s": 5.79, "path": "b126e11520fd54843c67f70f15cd30cc_7.wav", "duration": 5.79}, {"text": "country political risk is certainly a factor in these projects.", "audio_length_s": 5.79, "path": "9abfcc6b57650e0b300aa243cb8336e8_91.wav", "duration": 5.79}, {"text": "that is useful to understand the consumption trends that our customers have.", "audio_length_s": 5.79, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_124.wav", "duration": 5.79}, {"text": "Below the line, while we expect a lower share count to provide a modest benefit,", "audio_length_s": 5.79, "path": "9b697782ea80be97854f35d6fc62c93a_94.wav", "duration": 5.79}, {"text": "Overall, we expect the drivers of our margin expansion to be similar to last year.", "audio_length_s": 5.79, "path": "9b697782ea80be97854f35d6fc62c93a_220.wav", "duration": 5.79}, {"text": "This is entirely consistent with the operating efficiency and the cost of operating that we saw", "audio_length_s": 5.79, "path": "e2c17247ae2f5d4fa8dd8814cc801198_179.wav", "duration": 5.79}, {"text": "Okay. And is this like a couple of year process to do all that stuff and", "audio_length_s": 5.79, "path": "c8124cdb821d04f0e585420c128d76c7_219.wav", "duration": 5.79}, {"text": "even exceeded the very strong comparable base of the previous year.", "audio_length_s": 5.79, "path": "9aeced6a84c2436e62dd21d1441d0bb4_154.wav", "duration": 5.79}, {"text": "one of the reasons we wanted to do the deal was because we were already working with them and partnering with them", "audio_length_s": 5.79, "path": "d4b51176b605646e70b37d07a7c19599_53.wav", "duration": 5.79}, {"text": "from buying back equity. So that clearly was a factor entering into our decisions.", "audio_length_s": 5.79, "path": "1fd097fa0bd05da0e7af03521e23bc68_22.wav", "duration": 5.79}, {"text": "Earlier this afternoon, we issued a press release providing an update on the company's product development programs", "audio_length_s": 5.79, "path": "aed770c98113f594e36325a5822547e4_0.wav", "duration": 5.79}, {"text": "with the way that we are investing, the way that we are scrutinizing it, the places that we", "audio_length_s": 5.79, "path": "52976c4bc9a150b3c85d5d6f1b3febb1_66.wav", "duration": 5.79}, {"text": "we hold at that level such that we can sustain it through a level of cyclical stress.", "audio_length_s": 5.79, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_146.wav", "duration": 5.79}, {"text": "The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 5.79, "path": "f13362f70e41d74f3fda8d7dfb19f09e_125.wav", "duration": 5.79}, {"text": "contributing to a doubling of our total silicon germanium capacity at the end of the first phase qualification", "audio_length_s": 5.79, "path": "b3d7bc295d09d9927e465213612c0192_191.wav", "duration": 5.79}, {"text": "Our guidance regarding capital allocation assumes continuation of our share repurchase program", "audio_length_s": 5.79, "path": "1e756fc5d265eea3ff8e2e31c29826ae_90.wav", "duration": 5.79}, {"text": "All of these market trends point to customer needs that can be well served by Waters' core technologies", "audio_length_s": 5.79, "path": "1e756fc5d265eea3ff8e2e31c29826ae_11.wav", "duration": 5.79}, {"text": "We also made further progress during the year in building out and expanding our capabilities for larger industrial generators,", "audio_length_s": 5.79, "path": "82f5253b62614161333b038f5f9700f8_241.wav", "duration": 5.79}, {"text": "Our key priority is to convert the investments into revenue growth", "audio_length_s": 5.79, "path": "dffe8257f781608bb17bb637249e4d2a_217.wav", "duration": 5.79}, {"text": "with 6% organic growth and record operating margin levels that expanded 70 basis points", "audio_length_s": 5.79, "path": "92bf6fe090b6bc565cb500b688fd9173_189.wav", "duration": 5.79}, {"text": "we are confident in our ability to offset these headwinds through new sources of growth,", "audio_length_s": 5.79, "path": "49e533a8449f6b9b6c806458e73338e1_29.wav", "duration": 5.79}, {"text": "And I will also say, my expectation for Alpha in the first", "audio_length_s": 5.79, "path": "433a6e203f9db93835c27ff83e86c801_96.wav", "duration": 5.79}, {"text": "I think they're not done yet. We -- I would expect,", "audio_length_s": 5.79, "path": "189b20e7b975130ca5abd0e419e54908_13.wav", "duration": 5.79}, {"text": "There have been a lot of discussions about the challenges of the South Africa projects in previous quarters.", "audio_length_s": 5.79, "path": "757695924b5e43c7d44e29dc141cc035_68.wav", "duration": 5.79}, {"text": "We are on a journey to excellence, and we have defined excellence on operational terms across the business.", "audio_length_s": 5.79, "path": "45ab782035fdb06f5ec710d0845bc18f_49.wav", "duration": 5.79}, {"text": "Third, we will continue to aggressively pursue the transactional activity within the global capital markets.", "audio_length_s": 5.79, "path": "3b2908426357bb8269c3a01469865cd6_9.wav", "duration": 5.79}, {"text": "We remain focused on driving further improvement as we move forward.", "audio_length_s": 5.79, "path": "e33785a294553de2a12d4463bf786744_208.wav", "duration": 5.79}, {"text": "We will now raise the goal to collect 50 million pledges.", "audio_length_s": 5.79, "path": "3877b1983229ec488c6349a188bccf92_225.wav", "duration": 5.79}, {"text": "These are the things that will help us further scale our marketplace and capitalize on the vast opportunity in local,", "audio_length_s": 5.79, "path": "50e17cbbbef8897681cc5f8ae110aae2_84.wav", "duration": 5.79}, {"text": "We believe in the power of our value enhancement programs enabling our businesses to reach their full potential.", "audio_length_s": 5.79, "path": "9b64cf7bd80b5f16bf1c68440d023e8a_61.wav", "duration": 5.79}, {"text": "The company is devoted to cutting costs to remain competitive. We will leave no stone unturned.", "audio_length_s": 5.79, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_86.wav", "duration": 5.79}, {"text": "specifies or prescribes more how to recognize revenue. It doesn't change our revenues very much.", "audio_length_s": 5.79, "path": "fe3a8419e2f120643bff5e9e80190ed5_30.wav", "duration": 5.79}, {"text": "the dynamics between volume and pricing and kind of", "audio_length_s": 5.79, "path": "01b376669d5ea40acc7fb5a87503586e_26.wav", "duration": 5.79}, {"text": "any color on where you think the controlled substance designation will shake out?", "audio_length_s": 5.79, "path": "299bad77345d2e44fa5768f4416f7b97_98.wav", "duration": 5.79}, {"text": "that we have uploaded to our website together with the earnings release and which is being webcast as we speak.", "audio_length_s": 5.79, "path": "d5fb88dba0740bc906c5127e05592f95_35.wav", "duration": 5.79}, {"text": "And Mark, I think that concludes the call from our side.", "audio_length_s": 5.79, "path": "82ccbfb62e125b146fba0f8e4347cc62_117.wav", "duration": 5.79}, {"text": "An integrated asset team is in place to manage these newly acquired properties.", "audio_length_s": 5.79, "path": "e0d1342ad3d27fd648b708837de08797_97.wav", "duration": 5.79}, {"text": "This in part reflected our ability to put the proceeds from our July equity offering to work accretively. We", "audio_length_s": 5.79, "path": "5c601f5318d5dcbe20fdd78f19c2b277_5.wav", "duration": 5.79}, {"text": "to make sure that these people understand that they deliver value to customers", "audio_length_s": 5.79, "path": "fafa1b848af567bcaf8764d35acf2b04_97.wav", "duration": 5.79}, {"text": "We look forward to sharing more detail about our progress when we're together at our investor conference in May.", "audio_length_s": 5.79, "path": "ed2810b765143f8341dcc8e8c14c27f1_190.wav", "duration": 5.79}, {"text": "they actually pull better and testing by with some pilot units", "audio_length_s": 5.79, "path": "64364105b816dd0b6a029e9cd210e65b_75.wav", "duration": 5.79}, {"text": "which is also accompanied by an increase in frac fluid, so the wells take a little longer to clean up.", "audio_length_s": 5.79, "path": "243e9a046160bfbf82be702927a4df22_116.wav", "duration": 5.79}, {"text": "We take steps to mitigate that, and we started doing that even with the hybrids by loading", "audio_length_s": 5.79, "path": "243e9a046160bfbf82be702927a4df22_67.wav", "duration": 5.79}, {"text": "So using this royalty income, the partnership paid administrative expenses", "audio_length_s": 5.79, "path": "7847510c8c1280e54583ff033a9decb2_111.wav", "duration": 5.79}, {"text": "was a business -- one of the businesses that was beginning to show challenges. But as you can see in your own charts,", "audio_length_s": 5.79, "path": "b0d88c0f1efca89ecb928172341dc75d_233.wav", "duration": 5.79}, {"text": "and that was a business that we always intended to divest even when we bought it.", "audio_length_s": 5.79, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_162.wav", "duration": 5.79}, {"text": "I know the fundamental challenge or issue we're trying to address, which is how do you help an enterprise", "audio_length_s": 5.79, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_50.wav", "duration": 5.79}, {"text": "And while ServiceNow has done a nice start with our Service Portal, there's ample opportunity", "audio_length_s": 5.79, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_161.wav", "duration": 5.79}, {"text": "In both many of our businesses, I'd say, more than anything are really tied to industrial production.", "audio_length_s": 5.79, "path": "9fb4423a70358ef22be9982299969f7a_102.wav", "duration": 5.79}, {"text": "So the underlying price moves pretty closely with spot,", "audio_length_s": 5.79, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_35.wav", "duration": 5.79}, {"text": "Right. If you think about our plastic molding solutions as we refer to it now,", "audio_length_s": 5.79, "path": "711d9abe4399e7184d7dd8e3273f8a71_52.wav", "duration": 5.79}, {"text": "So in any event, I think it was maybe a little bit of distraction for some DOTs early in the year. I think we felt that", "audio_length_s": 5.79, "path": "902872913863de98d38e2936b846cf66_223.wav", "duration": 5.79}, {"text": "where we saw the results and how those play through into CCAR so we had a good understanding of the kind of the", "audio_length_s": 5.79, "path": "09eebad8f3c529b4c7d916c5f7766f7f_202.wav", "duration": 5.79}, {"text": "on revenue as I get that and then real commitments on the expenses", "audio_length_s": 5.79, "path": "09eebad8f3c529b4c7d916c5f7766f7f_38.wav", "duration": 5.79}, {"text": "we'll maintain our pretty conservative position to be fully hedged as we move our program forward.", "audio_length_s": 5.79, "path": "c71a6ab1a0697010811c89200ab21613_154.wav", "duration": 5.79}, {"text": "enabling the combined entity to provide an enhanced level of service to our clients.", "audio_length_s": 5.79, "path": "50eb350badadec6e4272b90684741c25_165.wav", "duration": 5.79}, {"text": "and we continue to identify areas for further efficiency gains and cost reductions.", "audio_length_s": 5.79, "path": "dbf6a9009ea60e2e96772ee3ccea7226_51.wav", "duration": 5.79}, {"text": "and extended competitive advantage. So it's going to be a pretty simple story going forward.", "audio_length_s": 5.79, "path": "ef7e77f6a5983826d0eefe75f7832ce6_237.wav", "duration": 5.79}, {"text": "On last year's fourth quarter earnings call, we shared that dry conditions in California", "audio_length_s": 5.79, "path": "ef7e77f6a5983826d0eefe75f7832ce6_87.wav", "duration": 5.79}, {"text": "on the capital that we're putting to work. And importantly, I think we're also creating a lot of", "audio_length_s": 5.79, "path": "1cfd7da6c2da11f7e3f7102a6265146b_197.wav", "duration": 5.79}, {"text": "And now if we take a look at Konecranes as a stand-alone company, so what we have been doing is that we have", "audio_length_s": 5.79, "path": "538323cb37246bc97d1253b369a7414a_158.wav", "duration": 5.79}, {"text": "And then obviously, the second criteria is the quality, and what we've seen is that not everything that is big is beautiful.", "audio_length_s": 5.79, "path": "bf99037f89cd485f95f097842619a0c7_33.wav", "duration": 5.79}, {"text": "Thank you to the entire Surmodics team for your hard work and outstanding results.", "audio_length_s": 5.79, "path": "a968612b5d51d3df12aad60dde8e1e41_50.wav", "duration": 5.79}, {"text": "They're chasing the sales line, and they know that we're going to be there for them in the event that they take too much risk. So", "audio_length_s": 5.79, "path": "c88e296697cd72c891ffb7bf5a1a60bb_80.wav", "duration": 5.79}, {"text": "to unapproved change orders, which has been a focal point for many investors in recent quarters.", "audio_length_s": 5.79, "path": "3ae068efa03cd088f4d3edea682f199f_123.wav", "duration": 5.79}, {"text": "Fast-forward through several acquisitions and extensive management and operational improvements", "audio_length_s": 5.79, "path": "76b892bf017891d7028256847747227c_147.wav", "duration": 5.79}, {"text": "Yes. Salvator, I'll just point you to our track record with the Alabama rebuild.", "audio_length_s": 5.79, "path": "976a5489fe4d30c2e1ebb237ec62398a_78.wav", "duration": 5.79}, {"text": "right now, there's no expectation of any change in ownership among that group", "audio_length_s": 5.79, "path": "a4d3f12bcd4bd2b79c885714ce84ab4f_69.wav", "duration": 5.79}, {"text": "We are making good progress in resetting our commercial terms for key clients post removal of rebates. We", "audio_length_s": 5.79, "path": "1bc08759c84df9d3f656cf53f5bb6d35_16.wav", "duration": 5.79}, {"text": "You referenced pricing in '18 and sort of not being terribly different from where it was in the first quarter.", "audio_length_s": 5.79, "path": "4b5d33b9c200403f2d4633e47f1d4110_181.wav", "duration": 5.79}, {"text": "The investment to increase our First Defense liquid processing capacity", "audio_length_s": 5.79, "path": "027d36b67ee5bba934695b2d0c47eb08_97.wav", "duration": 5.79}, {"text": "On the other hand, we are ready to support that business with steel grades, which will make a difference in the future", "audio_length_s": 5.76, "path": "d22830e34d4f069487310864ec17789f_140.wav", "duration": 5.76}, {"text": "primarily temporary production personnel, once we saw that market conditions were weakening.", "audio_length_s": 5.76, "path": "d162113e3aface010baec17bd408736b_56.wav", "duration": 5.76}, {"text": "for 5 engines to power buses in Palm Desert, and those engines were shipped last year.", "audio_length_s": 5.76, "path": "8ad0d5b5df75415c56ba590cad29489a_141.wav", "duration": 5.76}, {"text": "I think there's going to be a lot of conversation about cost-out execution", "audio_length_s": 5.76, "path": "8ad0d5b5df75415c56ba590cad29489a_99.wav", "duration": 5.76}, {"text": "our oil rate is growing, our EBITDA is growing, LOE is continuing to work lower", "audio_length_s": 5.76, "path": "7d2a9151826f1fbcf538ffbf85924ed2_160.wav", "duration": 5.76}, {"text": "public Internet. And as a result, it's very, very attractive to some of the", "audio_length_s": 5.76, "path": "139f0a6300f504b3e8673e39b0429161_23.wav", "duration": 5.76}, {"text": "As I mentioned, the studies are moving forward rapidly, so we should have robust datasets at that time.", "audio_length_s": 5.76, "path": "e2b2a746a7a2cd752c92ccfab257cfca_121.wav", "duration": 5.76}, {"text": "And we've also done some work on revisiting our menu psychology, making sure the menus are laid out in the optimum way.", "audio_length_s": 5.76, "path": "bc605e9d69e921f4f61a508a448ad0dd_21.wav", "duration": 5.76}, {"text": "As part of our new office project, we will implement a major accounting technology upgrade.", "audio_length_s": 5.76, "path": "a20052a04bcb5b7b8d242a21c859550d_85.wav", "duration": 5.76}, {"text": "New accounting rules will require publicly traded companies to capitalize leases on their balance sheet as debt.", "audio_length_s": 5.76, "path": "a20052a04bcb5b7b8d242a21c859550d_50.wav", "duration": 5.76}, {"text": "This new path requires that we make important choices in terms of our talent across the company,", "audio_length_s": 5.76, "path": "92d6249907f14e4011cf1b08d2f298d9_45.wav", "duration": 5.76}, {"text": "So what you're seeing is the tail of those deals being closed off", "audio_length_s": 5.76, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_119.wav", "duration": 5.76}, {"text": "give us confidence, we continue to face a challenging driver environment.", "audio_length_s": 5.76, "path": "94fdf7b24748a7706b1097482a0f363a_187.wav", "duration": 5.76}, {"text": "interactions with our customers on the bids, there seems to be", "audio_length_s": 5.76, "path": "94fdf7b24748a7706b1097482a0f363a_16.wav", "duration": 5.76}, {"text": "things that are somewhat difficult to avoid to keep a project on track and on time.", "audio_length_s": 5.76, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_68.wav", "duration": 5.76}, {"text": "although continuous growth is expected on quantity basis.", "audio_length_s": 5.76, "path": "3cb802f8fba7d33603c29387ccdaf817_121.wav", "duration": 5.76}, {"text": "I don't know that it ever goes from maintenance -- from build to maintenance,", "audio_length_s": 5.76, "path": "aaf7e3a1cc8cf65ccf788923cb583954_91.wav", "duration": 5.76}, {"text": "and the embedded operating system that we deliver as part of PCF is preconfigured to those standards.", "audio_length_s": 5.76, "path": "47d77b15189fadcc76113a2f7800ba28_15.wav", "duration": 5.76}, {"text": "lower end of the quality spectrum and whether that be tertiary or secondary market or just a poorer asset,", "audio_length_s": 5.76, "path": "6b45877b719000e47adfd1ec118c376a_105.wav", "duration": 5.76}, {"text": "of over-a-period-of-time averaging so that you can show comfort to the reader that your reserve is in line.", "audio_length_s": 5.76, "path": "6b45877b719000e47adfd1ec118c376a_100.wav", "duration": 5.76}, {"text": "At the bottom of the page is Slide 10, System Platforms.", "audio_length_s": 5.76, "path": "2a59b9df2de5248e64727f10185a8423_35.wav", "duration": 5.76}, {"text": "mostly on the back of the goodwill from the BackWerk acquisition, which is now", "audio_length_s": 5.76, "path": "65d5a09c659f6809931dc62aa7a9eaad_5.wav", "duration": 5.76}, {"text": "And if you think that you are going to need to increase provisions to this clients in the future.", "audio_length_s": 5.76, "path": "5c0c5def50979a53baeb6bb6c0ba53dc_19.wav", "duration": 5.76}, {"text": "Yes. We're currently trying to figure out a way to do a 9-day week.", "audio_length_s": 5.76, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_142.wav", "duration": 5.76}, {"text": "we may build for a specified contracted amount of term contracts", "audio_length_s": 5.76, "path": "c96b5ae4ffe20d946daec67e2b0917b2_154.wav", "duration": 5.76}, {"text": "which could cause future results to differ materially from those expressed in or implied by our comments.", "audio_length_s": 5.76, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_231.wav", "duration": 5.76}, {"text": "in framework for all the reasons that we've talked about previously, and I would expect us to be", "audio_length_s": 5.76, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_161.wav", "duration": 5.76}, {"text": "with respect to digital and what that means to their ability to market to consumers. And a lot of", "audio_length_s": 5.76, "path": "8b71a232d7fe61e6232807b635977c31_120.wav", "duration": 5.76}, {"text": "as to the type of what's in the bid, what's not in the bid. And what we really want to do", "audio_length_s": 5.76, "path": "b34f680a9162805e0188170d6272a356_149.wav", "duration": 5.76}, {"text": "but believe that meaningful opportunities still lie ahead of us. Over the last 5 years,", "audio_length_s": 5.76, "path": "1b91eb82f5211000e711424657cc2484_263.wav", "duration": 5.76}, {"text": "offering business customers the freedom and flexibility of the latest cloud-based virtual PBX technology.", "audio_length_s": 5.76, "path": "54240e38051f2a3bb6a4e58fe55344cd_8.wav", "duration": 5.76}, {"text": "In today's market, we must be able to create value outside of just the purchase multiples in these acquisitions.", "audio_length_s": 5.76, "path": "6616e76da46baea11d6032fc063716c1_25.wav", "duration": 5.76}, {"text": "So at this point, I'd like to hand over to Onno to start the talk of the prepared remarks.", "audio_length_s": 5.76, "path": "0c18e4de44a4c891690654ba38479935_1.wav", "duration": 5.76}, {"text": "I'm wondering if you can kind of highlight how you think about redevelopment of existing building versus", "audio_length_s": 5.76, "path": "0ee490f8688669984ae17a737590f7b5_64.wav", "duration": 5.76}, {"text": "Now I'd like to spend a couple of minutes revisiting some of the key aspects of our business.", "audio_length_s": 5.76, "path": "5308c910fb34c8291b372e7a94521e9b_188.wav", "duration": 5.76}, {"text": "Our cash taxes are relatively stable. So I don't see any major headwinds in there.", "audio_length_s": 5.76, "path": "5308c910fb34c8291b372e7a94521e9b_40.wav", "duration": 5.76}, {"text": "address existing customers with those new products, and hope to be able to sell into", "audio_length_s": 5.76, "path": "1b1699497be56330b3ed833f22bc63f6_37.wav", "duration": 5.76}, {"text": "on higher organic sales, favorable mix and the lower effective tax rate.", "audio_length_s": 5.76, "path": "23eff4c724ee00f56319fcc47add3441_90.wav", "duration": 5.76}, {"text": "but also what was considered to be some economically driven pickup in Western Europe as well.", "audio_length_s": 5.76, "path": "1133b8984db446b9c963a09eaf0785a4_213.wav", "duration": 5.76}, {"text": "to what our audience share of viewing is compared to what our share of subscriber revenues are,", "audio_length_s": 5.76, "path": "403903eb119bfc1cec44d86ec907077a_119.wav", "duration": 5.76}, {"text": "In Australia and New Zealand, we introduced our first ever Formula 1 Select product.", "audio_length_s": 5.76, "path": "276392c471c063580869aec014a1feda_55.wav", "duration": 5.76}, {"text": "And I believe that was my last slide. Thank you very much.", "audio_length_s": 5.76, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_67.wav", "duration": 5.76}, {"text": "for those companies. And yet, there just seems to be this disconnect between", "audio_length_s": 5.76, "path": "171fd9df333ddd814c764843ed624121_110.wav", "duration": 5.76}, {"text": "This tool increases efficiency, reduces costs and substantially improves the client experience.", "audio_length_s": 5.76, "path": "1244d2b5a259c3bc73742830d60d53fc_9.wav", "duration": 5.76}, {"text": "but nevertheless because of -- we try to maintain the", "audio_length_s": 5.76, "path": "eb4fd38da7ae1a347630ef447dfe9abe_107.wav", "duration": 5.76}, {"text": "I believe an interesting package of technologies that are around", "audio_length_s": 5.76, "path": "863512efd537ffd31c094dd9bfd5ebd3_229.wav", "duration": 5.76}, {"text": "It's probably our best -- not probably, it's our best sponsor in the entire portfolio.", "audio_length_s": 5.76, "path": "07d30eec04a77191950ef0992d097daf_17.wav", "duration": 5.76}, {"text": "Private equity and institutional capital have entered the single-family rental market over the past several years,", "audio_length_s": 5.76, "path": "9ab2e6eb9debfae2de541ba645bfd265_156.wav", "duration": 5.76}, {"text": "Well, I think it was just timing. A lot of this stuff came on right at the end of the quarter,", "audio_length_s": 5.76, "path": "bbe852c8c3f7827e31f31a56bc72b7da_100.wav", "duration": 5.76}, {"text": "On the cost front, one concern has been the rising price of milk ingredients.", "audio_length_s": 5.76, "path": "f4d0f1362716be33f02690dd1a8df663_109.wav", "duration": 5.76}, {"text": "I think our volume of testing is not related in the Product sector, which is the majority of our earnings,", "audio_length_s": 5.76, "path": "c4138e2179e3fba907f3ea7c12cf2b8a_114.wav", "duration": 5.76}, {"text": "which is a modest lowering of the bottom end of the range and a tightening of the entire range.", "audio_length_s": 5.76, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_53.wav", "duration": 5.76}, {"text": "they were able to find that higher wage rate in a relatively quick time given the market conditions that", "audio_length_s": 5.76, "path": "30710391b8ab4cb549180602d31d4f4a_130.wav", "duration": 5.76}, {"text": "what percentage of your capital markets business is in office versus other property types?", "audio_length_s": 5.76, "path": "616e9ba16db091317ae4d96e877a9bbe_220.wav", "duration": 5.76}, {"text": "maybe it is related to the NIM contraction. And if we will see", "audio_length_s": 5.76, "path": "909945f04ac355656384777136995c9b_63.wav", "duration": 5.76}, {"text": "which is the measurement of our investment properties,", "audio_length_s": 5.76, "path": "38b2f94da12bbf2d32246763aab8265a_61.wav", "duration": 5.76}, {"text": "along with a superior service and system support.", "audio_length_s": 5.76, "path": "da14df2e02d11f6f8599533d9d57faee_17.wav", "duration": 5.76}, {"text": "on the origination front. And I appreciate all the color, and I recall how", "audio_length_s": 5.76, "path": "ea97a179f1be386d6cd36637ae70a1fc_23.wav", "duration": 5.76}, {"text": "Our initial objective is to assess the clinic, detail the therapeutic and take an order.", "audio_length_s": 5.76, "path": "49a78c1ec143d9ac46e893e77198c0e3_162.wav", "duration": 5.76}, {"text": "This is what we mean when we talk about our real estate providing us financial flexibility.", "audio_length_s": 5.76, "path": "65b48a7260ef038ff1bec3cc200331c3_182.wav", "duration": 5.76}, {"text": "The increase in insurance commission revenue compared to the second quarter of last year was driven primarily", "audio_length_s": 5.76, "path": "b092d2be33ad52beefab208355b18235_87.wav", "duration": 5.76}, {"text": "Our sales mix was strong during the quarter, with several factors driving our performance.", "audio_length_s": 5.76, "path": "c1d916407f390d20e9d8f9b453e22435_71.wav", "duration": 5.76}, {"text": "estimates of what we think will happen in the next year. We look at them", "audio_length_s": 5.76, "path": "08ed60a546bd48af9db028c4e3c8af26_130.wav", "duration": 5.76}, {"text": "And the third one would, obviously, be continuing to deploy our financial assistance or transition assistance", "audio_length_s": 5.76, "path": "8a77ceadd7e4729abc9102d38be3a227_85.wav", "duration": 5.76}, {"text": "And so we think we can meet the target of supply of gas by", "audio_length_s": 5.76, "path": "e6de31490ad8586707fe58e7fb6edd0d_68.wav", "duration": 5.76}, {"text": "And we expect the fourth quarter to have the largest year-on-year core tax rate benefit.", "audio_length_s": 5.76, "path": "3df0981a2d94ed56170b78330aa72ee9_138.wav", "duration": 5.76}, {"text": "I'll give you one example that we have made public as well together with the European Space Agency. We are providing a very", "audio_length_s": 5.76, "path": "d8eb5522db0e51d75ea6518462954c52_111.wav", "duration": 5.76}, {"text": "We're also starting to see better results in our private brands as our speed initiatives take hold.", "audio_length_s": 5.76, "path": "e2c02e1788cb10703d7611ef157f8135_127.wav", "duration": 5.76}, {"text": "smart home devices that are connected to the Internet and new consumer wireless devices.", "audio_length_s": 5.76, "path": "9c3a67f574514131f1f506b2f9905bed_9.wav", "duration": 5.76}, {"text": "Cash flows from PMT's existing investment portfolio remain strong,", "audio_length_s": 5.76, "path": "567a41009710fa1568bb8125213bf9eb_41.wav", "duration": 5.76}, {"text": "what was your previous revenue expectation for the HAAS contract for", "audio_length_s": 5.76, "path": "b94d748876ddf8e881d4191dec45baf3_108.wav", "duration": 5.76}, {"text": "basically a function of capacity. I mean, there's a hell of a lot of capacity on that sector.", "audio_length_s": 5.76, "path": "815f65663b3982554e82806de0cbd918_157.wav", "duration": 5.76}, {"text": "that we have reached out to, and we have opportunities under our right of first refusal.", "audio_length_s": 5.76, "path": "7aeefd3f7f36ea98354844517c1f012d_104.wav", "duration": 5.76}, {"text": "Thank you very much. That's a tough one because it depends on a couple of things.", "audio_length_s": 5.76, "path": "664ce6f8ad7864e2844f637e7a1b48d7_79.wav", "duration": 5.76}, {"text": "products that we run on different types of equipment that we can run more efficiently,", "audio_length_s": 5.76, "path": "974a2d744cd3d9acf42d74816de91f7f_136.wav", "duration": 5.76}, {"text": "increased from the prior quarter and year-ago quarter due to the larger contribution to the charitable foundation.", "audio_length_s": 5.76, "path": "6ad1d7c855ceb3eb830c365e357e4510_81.wav", "duration": 5.76}, {"text": "Together, we see these offerings more than doubling the potential value of each customer seat.", "audio_length_s": 5.76, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_18.wav", "duration": 5.76}, {"text": "Okay. It just seems a little more severe than in previous years, the sequential", "audio_length_s": 5.76, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_102.wav", "duration": 5.76}, {"text": "Specifically, we received a CHMP positive opinion", "audio_length_s": 5.76, "path": "bd40628b97efec198825ccf910c7e27e_5.wav", "duration": 5.76}, {"text": "I mean, if you're trying to kind of highlight the shift in the business, I mean, that would be a great way to do it, certainly.", "audio_length_s": 5.76, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_42.wav", "duration": 5.76}, {"text": "particularly from a lumber perspective and the question comes back as how much of that can you get back in the market through pricing?", "audio_length_s": 5.76, "path": "9184da1d688425307afed800044d28d6_18.wav", "duration": 5.76}, {"text": "in the past, we had marketed to a range of customers using FICO as a proxy", "audio_length_s": 5.76, "path": "82131762fc1c2b2358ac3a167666ab87_211.wav", "duration": 5.76}, {"text": "The telecom cost reduction resulted from a negotiated credit with the vendor.", "audio_length_s": 5.76, "path": "82131762fc1c2b2358ac3a167666ab87_74.wav", "duration": 5.76}, {"text": "as well as the benefit of the reversal of a previously established tax reserve.", "audio_length_s": 5.76, "path": "b43c001c5af465d220ab0b69a95202ae_135.wav", "duration": 5.76}, {"text": "in the whole world. In Fosun Fashion", "audio_length_s": 5.76, "path": "b126e11520fd54843c67f70f15cd30cc_91.wav", "duration": 5.76}, {"text": "and it's not a sales tool or anything, but we make every", "audio_length_s": 5.76, "path": "948f025c16fce2bcb2909e610c9be557_234.wav", "duration": 5.76}, {"text": "market is higher price. So on the margin side,", "audio_length_s": 5.76, "path": "948f025c16fce2bcb2909e610c9be557_37.wav", "duration": 5.76}, {"text": "We saw strong construction activity and good demand for our rental equipment throughout our network of branches,", "audio_length_s": 5.76, "path": "e16c49bab0eeda53f9fd5b3d0f599149_37.wav", "duration": 5.76}, {"text": "So that concludes my prepared remarks. Now I would like to pass it over to the operator so we can address your questions.", "audio_length_s": 5.76, "path": "74d0910b4af16f82a812bddbb151d966_110.wav", "duration": 5.76}, {"text": "And it also shows the investment agility that our model allows us. The", "audio_length_s": 5.76, "path": "e2c17247ae2f5d4fa8dd8814cc801198_66.wav", "duration": 5.76}, {"text": "We intend to focus on our cost strategies to grow our commercial business,", "audio_length_s": 5.76, "path": "0e52a74a184c92ad0c336af764aa0796_74.wav", "duration": 5.76}, {"text": "These 2 events should continue to enhance our real estate revenues going forward.", "audio_length_s": 5.76, "path": "e2225d612a954a24e7e91c08215d7b51_13.wav", "duration": 5.76}, {"text": "to enhance operations and reduce expenses surrounding the delayed DEXTENZA launch,", "audio_length_s": 5.76, "path": "aed770c98113f594e36325a5822547e4_103.wav", "duration": 5.76}, {"text": "The other main issue is we've been hoping that MRO would recover throughout this year,", "audio_length_s": 5.76, "path": "fb817a6cc685a3fd0f003456dd641c01_22.wav", "duration": 5.76}, {"text": "After a good second quarter, we did see overall Infrastructure sales decline modestly in the third quarter.", "audio_length_s": 5.76, "path": "fb817a6cc685a3fd0f003456dd641c01_113.wav", "duration": 5.76}, {"text": "We ended the year with a strong cash position and no debt, having repaid", "audio_length_s": 5.76, "path": "a1329d5014382fed182ec42276821868_55.wav", "duration": 5.76}, {"text": "In our more traditional trailer space, we continue to believe that molded structural composite technology", "audio_length_s": 5.76, "path": "8eaca8d8a419f74540f69ade8defabbd_19.wav", "duration": 5.76}, {"text": "We continue to support our solid operating performance with a very strong capital position.", "audio_length_s": 5.76, "path": "87045996e7446329f1d98c909c6ca7fe_135.wav", "duration": 5.76}, {"text": "Forestry spending in the South is expected to increase, which is typical coming into the spring.", "audio_length_s": 5.76, "path": "735a523f1ef6500b7aa97a2536d9c4fd_19.wav", "duration": 5.76}, {"text": "in being that way, as we do. I think there are a lot of similarities in the companies", "audio_length_s": 5.76, "path": "da879f8ea1c23aa6565cccaacac271fc_55.wav", "duration": 5.76}, {"text": "a lot of what's being done between the 2 organizations is being driven by", "audio_length_s": 5.76, "path": "450a5dc6eb19b82da8dfc68127f6e79d_28.wav", "duration": 5.76}, {"text": "These headcount reductions have not and will not adversely impact revenue.", "audio_length_s": 5.76, "path": "f15966ae82e18b472ad78dd961f8e5e8_114.wav", "duration": 5.76}, {"text": "that's ultimately what helps us continue to win in that space.", "audio_length_s": 5.76, "path": "33fd8a867dbd88a837e541b1d2b25ea5_46.wav", "duration": 5.76}, {"text": "the profitability of a pure retail franchise away from the larger institutional books.", "audio_length_s": 5.76, "path": "7cc11de7f206c637e6293da0d956405e_41.wav", "duration": 5.76}, {"text": "in order to identify a dose that would be expected to deliver a therapeutic exposure level", "audio_length_s": 5.76, "path": "8c1b4f4af2af2847a240041390e31399_9.wav", "duration": 5.76}, {"text": "Recruiting rather than retail sales is the natural focus of successful participants in defendant's business opportunity.", "audio_length_s": 5.76, "path": "94f913b974baab79fb636f6521170dd7_42.wav", "duration": 5.76}, {"text": "a strategy which we believe is serving both Cable ONE customers and our shareholders well.", "audio_length_s": 5.76, "path": "1689b94530eca82b7758c86b4cf3125f_26.wav", "duration": 5.76}, {"text": "forcing them to buy further out in the suburbs or target more affordable property types such as condos.", "audio_length_s": 5.76, "path": "130e8e56c1afa2419fd0c08708261824_140.wav", "duration": 5.76}, {"text": "We appreciate the open and constructive dialogue we have had with our shareholders.", "audio_length_s": 5.76, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_14.wav", "duration": 5.76}, {"text": "cycle has at least a couple more years, if not more. But one of the things that I would note", "audio_length_s": 5.76, "path": "b4fc31ae6403a17b15c30d3ec3b82487_138.wav", "duration": 5.76}, {"text": "And in addition to that, there is a possibility that some assets will come", "audio_length_s": 5.76, "path": "e33785a294553de2a12d4463bf786744_119.wav", "duration": 5.76}, {"text": "and that they are not currently planning to hold an advisory committee meeting as part of their review process.", "audio_length_s": 5.76, "path": "c36ef43210d40b0d1ad8f2acc597c76b_110.wav", "duration": 5.76}, {"text": "with the best product knowledge, sales expertise and tools to enhance the customer experience.", "audio_length_s": 5.76, "path": "7498a6630302a038bd537d192c3a44f4_156.wav", "duration": 5.76}, {"text": "This has enhanced our ability to source product, and I believe we'll continue to improve.", "audio_length_s": 5.76, "path": "7498a6630302a038bd537d192c3a44f4_152.wav", "duration": 5.76}, {"text": "And then on the effective tax rate", "audio_length_s": 5.76, "path": "472c8876d3d729a35b2d00133efbb029_30.wav", "duration": 5.76}, {"text": "In terms of market presence, a bigger fleet can provide more flexibility.", "audio_length_s": 5.76, "path": "e7d23208b973f7998b2fb21a00d87849_28.wav", "duration": 5.76}, {"text": "and we see a clear path to the upper half of our EBIT guidance.", "audio_length_s": 5.76, "path": "7e2ebcd981f5b5ecb18c04906f87d768_66.wav", "duration": 5.76}, {"text": "tied to foreign currency movements such that our EPS guidance remains unchanged for the year.", "audio_length_s": 5.76, "path": "af00f4e7b63ee843a3d203f982fac701_17.wav", "duration": 5.76}, {"text": "to competing pipelines. We also offer much greater market flexibility than our competitors.", "audio_length_s": 5.76, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_60.wav", "duration": 5.76}, {"text": "Our dynamic hedging strategies, along with a commitment to maintaining moderate leverage and a strong balance sheet,", "audio_length_s": 5.76, "path": "a0d537badd260e2071136602e3b73b26_141.wav", "duration": 5.76}, {"text": "with rising rents and steady demand from existing customers and new prospects.", "audio_length_s": 5.76, "path": "97b9c8b95449565c1f280a2b61a65b31_39.wav", "duration": 5.76}, {"text": "Have you already leveraged the acquired team to promote the new product and what have you done", "audio_length_s": 5.76, "path": "3adc9e6519f60857f5e39e422e1300b6_55.wav", "duration": 5.76}, {"text": "As always, our guidance does not assume any future acquisitions or greenfield store openings.", "audio_length_s": 5.76, "path": "884400c829f179d8cf68b767f45f03a4_99.wav", "duration": 5.76}, {"text": "isn't really going to have a dramatic effect. I think the bigger question is what have we seen since then.", "audio_length_s": 5.76, "path": "11f02fb2db5d9fb5ff82f0374376f759_57.wav", "duration": 5.76}, {"text": "which is more representative of the earnings of each business on a stand-alone basis.", "audio_length_s": 5.76, "path": "a2ba164f019804628c07b36de47cd464_48.wav", "duration": 5.76}, {"text": "Now as I did last quarter, I plan to spend some time going over the numbers themselves", "audio_length_s": 5.76, "path": "b6688f44b91606fbd75a6d66e94d4e4b_181.wav", "duration": 5.76}, {"text": "Revenues in business continued to be impacted by rationalization in traditional fixed services", "audio_length_s": 5.76, "path": "ae5a41fe3b3d515713608c5ac878eed3_158.wav", "duration": 5.76}, {"text": "As a result, we continue to be very competitive in our media share of voice.", "audio_length_s": 5.76, "path": "e35fae1d3df1f7aeda409f90f200ec7b_27.wav", "duration": 5.76}, {"text": "slow down a fair bit from an order entry perspective and so we're factored in sort of our historical", "audio_length_s": 5.76, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_114.wav", "duration": 5.76}, {"text": "We value the firm based on free cash flow and allocate capital to maximize free cash flow returns.", "audio_length_s": 5.76, "path": "e0555e30370c43189a1136fb7ef17d20_167.wav", "duration": 5.76}, {"text": "which delayed construction activity and therefore the use of many of our product offerings.", "audio_length_s": 5.76, "path": "ee17f090e669ff9029bd1dc57db6e43e_12.wav", "duration": 5.76}, {"text": "peg the right point of how do you offset that with a combination of cost out", "audio_length_s": 5.76, "path": "9fb4423a70358ef22be9982299969f7a_21.wav", "duration": 5.76}, {"text": "Another highlight that I'd like to mention is the construction of Montana Unit 4. It remains on schedule,", "audio_length_s": 5.76, "path": "f17bd619f65ff0b31c5103503bd56fdb_67.wav", "duration": 5.76}, {"text": "in land development drilling work for both PEMEX and a number of local operators due to the absence", "audio_length_s": 5.76, "path": "20489859070c48218db6ab0f5b6d2b05_65.wav", "duration": 5.76}, {"text": "Well the fourth quarter results were impacted by several things, slightly lower gaming volumes,", "audio_length_s": 5.76, "path": "5fa40a5d21ed133986a4fdce163ca3eb_18.wav", "duration": 5.76}, {"text": "in terms of outlook, look, we maintain our outlook for the year", "audio_length_s": 5.76, "path": "05dd495370eec8168a564fd9eac0ea5d_41.wav", "duration": 5.76}, {"text": "The first half of this year has been another profitable period for Bank of Ireland.", "audio_length_s": 5.76, "path": "bc1efb704df9c180935803c70a315597_9.wav", "duration": 5.76}, {"text": "And you might view that as our investment into client loyalty", "audio_length_s": 5.76, "path": "d383beeae6efd0a411a453f90412d8d3_22.wav", "duration": 5.76}, {"text": "During the last several months, we won multiple new mandates for both contingent staffing and direct hire programs", "audio_length_s": 5.76, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_18.wav", "duration": 5.76}, {"text": "If I look at the distribution of free cash flow this year, it's kind of second half weighted because we're spending", "audio_length_s": 5.76, "path": "c71a6ab1a0697010811c89200ab21613_86.wav", "duration": 5.76}, {"text": "assumes sequential expansion of our operating margin in the Manufacturing and DSA segments.", "audio_length_s": 5.76, "path": "50eb350badadec6e4272b90684741c25_37.wav", "duration": 5.76}, {"text": "and a lot of the product that we're seeing on the Senior Housing side is not stabilized product.", "audio_length_s": 5.76, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_3.wav", "duration": 5.76}, {"text": "In addition, with improving domestic activity, software sales should benefit in the second quarter.", "audio_length_s": 5.76, "path": "bf8646ad61e3857d4cf46e592c18f685_14.wav", "duration": 5.76}, {"text": "The quarter was highlighted by strong earnings, margin expansion and improved efficiency", "audio_length_s": 5.76, "path": "f88c5f000050c9f72aa383f71d97ffe7_101.wav", "duration": 5.76}, {"text": "so a couple of things. Obviously, we've continued to be active and will continue to be in the supply chain,", "audio_length_s": 5.76, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_145.wav", "duration": 5.76}, {"text": "The profit growth and higher margins over the last few quarters are very encouraging signs.", "audio_length_s": 5.76, "path": "24c7526f6daca8e16ab91bea6124148a_198.wav", "duration": 5.76}, {"text": "Project execution, of course, we are fully focused on delivering on the projects that we have", "audio_length_s": 5.76, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_2.wav", "duration": 5.76}, {"text": "optimal outcome is for those. And that sort of plays into the first question you had about do we term out", "audio_length_s": 5.76, "path": "1cfd7da6c2da11f7e3f7102a6265146b_97.wav", "duration": 5.76}, {"text": "I'd note is that we dealt with a lot of the bottom of the portfolio,", "audio_length_s": 5.76, "path": "1cfd7da6c2da11f7e3f7102a6265146b_200.wav", "duration": 5.76}, {"text": "I don't want to say concentrated nature of the securities license reps, but it's a relatively", "audio_length_s": 5.76, "path": "bcb3aac2c7cc035961d9ee8cfd330044_70.wav", "duration": 5.76}, {"text": "which offset some weakness in Latin America and Central and Eastern Europe.", "audio_length_s": 5.76, "path": "bf99037f89cd485f95f097842619a0c7_6.wav", "duration": 5.76}, {"text": "And lastly, the additional contribution margin that we'll pick up from 13 additional production days.", "audio_length_s": 5.76, "path": "eed99fefac02f862b3ee31c4748cb9b5_23.wav", "duration": 5.76}, {"text": "and also available by telephone at the replay number noted on our release.", "audio_length_s": 5.76, "path": "b49c3cda0bcd26bab06abdd492274a3e_78.wav", "duration": 5.76}, {"text": "And most recently, we took a big step in helping brands with augmented reality.", "audio_length_s": 5.76, "path": "30a142fac5a62ab00227cb6a339a6226_19.wav", "duration": 5.76}, {"text": "and I think that is very important because I think we have still a lot of work to do to educate the market", "audio_length_s": 5.76, "path": "30a142fac5a62ab00227cb6a339a6226_169.wav", "duration": 5.76}, {"text": "So this is what we see. This is very early days. The label is in line with what we did assume.", "audio_length_s": 5.76, "path": "b1a98885c1d81414cdc122e807760faf_91.wav", "duration": 5.76}, {"text": "We have always been proud of the fact that being a sales associate at The Tile Shop is not like other retail jobs.", "audio_length_s": 5.76, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_177.wav", "duration": 5.76}, {"text": "Flights handled again includes Hong Kong and Singapore", "audio_length_s": 5.76, "path": "8dd740d83ff1c7319a82eeba6047633d_147.wav", "duration": 5.76}, {"text": "looking forward to the future and the opportunities that are in front of us. So we expect these things", "audio_length_s": 5.76, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_28.wav", "duration": 5.76}, {"text": "for the fourth quarter holiday selling season and the additional revenue from the delayed third quarter shipments.", "audio_length_s": 5.76, "path": "ec81096e007f2e89de94b49db12d11bb_63.wav", "duration": 5.76}, {"text": "The second question that I would like to ask you is that if you look at your second quarter overall", "audio_length_s": 5.76, "path": "5478e14c30a7a53219de2176fdba0d4a_15.wav", "duration": 5.76}, {"text": "Our platforms are well ahead of what's there now. And I think we could make a difference.", "audio_length_s": 5.76, "path": "3043e7527da9e59e29b7412cafeb9d80_69.wav", "duration": 5.76}, {"text": "So it's been too high. Some of the actions we've taken are really", "audio_length_s": 5.76, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_157.wav", "duration": 5.76}, {"text": "if not, will most of the cost to come out be in the COGS line?", "audio_length_s": 5.76, "path": "726bad4d5d1a6b2f62034eb8dc843450_155.wav", "duration": 5.76}, {"text": "We set ourselves the objective based on the remittance ratio, that is quite high,", "audio_length_s": 5.7599375, "path": "98f10f0935e5b778e888a1b8130a3d31_294.wav", "duration": 5.7599375}, {"text": "Our safety and operating performance continue to be strong.", "audio_length_s": 5.7599375, "path": "e33785a294553de2a12d4463bf786744_35.wav", "duration": 5.7599375}, {"text": "We're off to a strong start on our initiative to increase sales capacity.", "audio_length_s": 5.7599375, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_132.wav", "duration": 5.7599375}, {"text": "and making it very easy for consumers to shop either online or in a store.", "audio_length_s": 5.7300625, "path": "9c1272d9d120c5bfafd6e6b566f89b62_20.wav", "duration": 5.7300625}, {"text": "In our banking with enterprises, we continue to focus in all products and services", "audio_length_s": 5.7300625, "path": "3f42280b77b93c90b893930aeb7eac53_150.wav", "duration": 5.7300625}, {"text": "I would like to turn the conference back over to Darcey Matthews for closing comments.", "audio_length_s": 5.73, "path": "f5875d033110e66b5aafc3c0003babdf_108.wav", "duration": 5.73}, {"text": "at least on that order of magnitude to develop the same amount of reserves. So if we peek back to", "audio_length_s": 5.73, "path": "7d2a9151826f1fbcf538ffbf85924ed2_26.wav", "duration": 5.73}, {"text": "But in no way are we satisfied. There's still more work to do and we are dedicated to making this happen.", "audio_length_s": 5.73, "path": "a20052a04bcb5b7b8d242a21c859550d_21.wav", "duration": 5.73}, {"text": "we're pretty comfortable where we're getting to now and in the knowledge of the ore body. Now", "audio_length_s": 5.73, "path": "b7d4858dcc1d9cf454416082b75a3429_44.wav", "duration": 5.73}, {"text": "At the conclusion of our report, there will be an opportunity for you to ask any questions you may have.", "audio_length_s": 5.73, "path": "48954c357d5ad754c29ea1c28dbdad2a_33.wav", "duration": 5.73}, {"text": "is the -- would you say the legal environment is more challenging today than maybe 2, 3 years ago?", "audio_length_s": 5.73, "path": "aaf7e3a1cc8cf65ccf788923cb583954_48.wav", "duration": 5.73}, {"text": "Including the market value of our equity investment in Ashford Inc., we ended the quarter with net working capital", "audio_length_s": 5.73, "path": "abd0f750609f1263b566f0c09b981a16_136.wav", "duration": 5.73}, {"text": "We continue to look at ideas to monetize those assets, but one of the", "audio_length_s": 5.73, "path": "abd0f750609f1263b566f0c09b981a16_153.wav", "duration": 5.73}, {"text": "And because of this, what do you see are prebuying and where you see the scrappage will come", "audio_length_s": 5.73, "path": "0018ad922e541b415ae60e175160b976_21.wav", "duration": 5.73}, {"text": "But I would like to highlight our performance as for", "audio_length_s": 5.73, "path": "ac2317620b37fe65aac46aea3c31e67e_86.wav", "duration": 5.73}, {"text": "Investments such as these do not mean that our strategy has changed.", "audio_length_s": 5.73, "path": "0bd1a2daa99e7a5cfa0bf1cb0064857f_24.wav", "duration": 5.73}, {"text": "and we are going to take a hard look at our manufacturing strategy", "audio_length_s": 5.73, "path": "54558afacef9ab3010d5a57ac4feb664_151.wav", "duration": 5.73}, {"text": "closing and funding in the last few days of the third quarter in our private equity", "audio_length_s": 5.73, "path": "13220986bf30f26076a674e2a9edc89c_74.wav", "duration": 5.73}, {"text": "There is no impact on the business other than that. The business stays the same.", "audio_length_s": 5.73, "path": "65d5a09c659f6809931dc62aa7a9eaad_19.wav", "duration": 5.73}, {"text": "share some of the thinking and rationale that's going on here. But you probably got an asset that", "audio_length_s": 5.73, "path": "c96b5ae4ffe20d946daec67e2b0917b2_148.wav", "duration": 5.73}, {"text": "This is after significant interest and cash tax payments in the third quarter.", "audio_length_s": 5.73, "path": "123a9a590195f61aa739ee9b2dec4952_70.wav", "duration": 5.73}, {"text": "Our commitment to growing our system business was also on display,", "audio_length_s": 5.73, "path": "123a9a590195f61aa739ee9b2dec4952_158.wav", "duration": 5.73}, {"text": "Overall, demand in the aerospace market continues to be solid, especially for aluminum plate,", "audio_length_s": 5.73, "path": "67716cee321d117b0318930dd142f06a_77.wav", "duration": 5.73}, {"text": "And the value of the program really is about both points-earning and where can I use those points.", "audio_length_s": 5.73, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_125.wav", "duration": 5.73}, {"text": "Over time, you should expect to see this business grow and grow as a contributor to the group.", "audio_length_s": 5.73, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_207.wav", "duration": 5.73}, {"text": "Note that the current year included 6 months of Medicare competitive bidding price reduction", "audio_length_s": 5.73, "path": "56e05107e391476d11fe1f637733f028_159.wav", "duration": 5.73}, {"text": "We have also doubled our business in painting tools through the acquisition of Harris", "audio_length_s": 5.73, "path": "14f3d2486b21e639a953afb7ad03d90c_91.wav", "duration": 5.73}, {"text": "This is purely an accounting effect, and we don't expect a meaningful impact in future years.", "audio_length_s": 5.73, "path": "4b7945dd823dcbc0b2724efa66393673_101.wav", "duration": 5.73}, {"text": "lower channel discount on AutoCAD LP and an increase for multiuser subscriptions.", "audio_length_s": 5.73, "path": "78c85dc9a16f82b09d3a2363004e658d_151.wav", "duration": 5.73}, {"text": "Turning to the fourth quarter, we're very pleased with our operating and financial results.", "audio_length_s": 5.73, "path": "de3b766a868da918e499f407dbf5d716_39.wav", "duration": 5.73}, {"text": "That rolls off in the third quarter of 2019, and so there will be a step function change", "audio_length_s": 5.73, "path": "1b91eb82f5211000e711424657cc2484_70.wav", "duration": 5.73}, {"text": "This is reflective of our continued focus on developing and enhancing our business services product set.", "audio_length_s": 5.73, "path": "54240e38051f2a3bb6a4e58fe55344cd_56.wav", "duration": 5.73}, {"text": "Well, thanks everyone for being on the call. We will talk to everyone next quarter.", "audio_length_s": 5.73, "path": "82218f543c9a546c4baa5323f250b39f_179.wav", "duration": 5.73}, {"text": "And that was -- in addition to the marketplace issue that we were dealing with,", "audio_length_s": 5.73, "path": "91422f85dbf838639b3cb9dd9da364eb_84.wav", "duration": 5.73}, {"text": "Second question is actually the other side of the same coin.", "audio_length_s": 5.73, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_17.wav", "duration": 5.73}, {"text": "all in all this year, we would be at a similar level of last year, with slightly up as we have increased", "audio_length_s": 5.73, "path": "cfbe91105113db7a5784f77e411b7a3f_183.wav", "duration": 5.73}, {"text": "and to that point how does this relate to your funding requirements for your development", "audio_length_s": 5.73, "path": "8292bdb9af87f10627c044f3842b2c76_142.wav", "duration": 5.73}, {"text": "I think the holistic approach that we bring from both a financial planning and investing", "audio_length_s": 5.73, "path": "8b2314627d54755a15c55244bb862225_26.wav", "duration": 5.73}, {"text": "And our target for working capital remains to be single digit within the next 18 months.", "audio_length_s": 5.73, "path": "8475d4f528174aebabcb109487bee3f3_35.wav", "duration": 5.73}, {"text": "but they do provide a more sustainable financial outcome for these stores going forward.", "audio_length_s": 5.73, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_85.wav", "duration": 5.73}, {"text": "we haven't changed that one, but we need to explain. This is above the", "audio_length_s": 5.73, "path": "d261e09fa176510406c0d05eeedfc8f8_238.wav", "duration": 5.73}, {"text": "With all of their oil and gas flowing through a flexible pipe, there's a lot riding on the performance of this technology.", "audio_length_s": 5.73, "path": "8957425799e5ce0200bfacf204d0acde_11.wav", "duration": 5.73}, {"text": "If I could start with the Clear Lam. Can you give us a sense as to", "audio_length_s": 5.73, "path": "1133b8984db446b9c963a09eaf0785a4_180.wav", "duration": 5.73}, {"text": "In light of the continued stable order situation at Deutsche Telekom and the volume of new orders,", "audio_length_s": 5.73, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_120.wav", "duration": 5.73}, {"text": "but it would be premature to have any -- there is no correlation to the distribution structure in the first", "audio_length_s": 5.73, "path": "acac17023d3f7225f1d7a0cbc8e5b7d3_194.wav", "duration": 5.73}, {"text": "an operating working capital in line with or just above last year.", "audio_length_s": 5.73, "path": "2f8bdc3cf1d9a9bef5b62b15afde93b1_75.wav", "duration": 5.73}, {"text": "the factors described in our historical filings with the New York State Department of Financial Services", "audio_length_s": 5.73, "path": "9da45cfd4472699ef05d887adce01223_2.wav", "duration": 5.73}, {"text": "Turning to our second quarter segment results, starting with Medical and Healthcare.", "audio_length_s": 5.73, "path": "43942582edfb20599f3e7456137f8deb_95.wav", "duration": 5.73}, {"text": "you will see that revenues are down significantly versus the corresponding period last year.", "audio_length_s": 5.73, "path": "2ad9555a64eaa3f45bef5581adeecb9c_285.wav", "duration": 5.73}, {"text": "Meanwhile, as I think most of us know, Mexico's gas production continues to decline.", "audio_length_s": 5.73, "path": "2ad9555a64eaa3f45bef5581adeecb9c_95.wav", "duration": 5.73}, {"text": "where do you see the spending going? And what areas of your business would most likely have the opportunity to benefit from this?", "audio_length_s": 5.73, "path": "a965bbd76f3d449c86e8c27d03ac192f_80.wav", "duration": 5.73}, {"text": "In addition, we completed implementation of our revenue management system in July,", "audio_length_s": 5.73, "path": "93d3e5be9cf75e0921d47f10d4178939_71.wav", "duration": 5.73}, {"text": "we now have something that we can identify the population that needs the most help.", "audio_length_s": 5.73, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_43.wav", "duration": 5.73}, {"text": "today, we can say that this provision", "audio_length_s": 5.73, "path": "38b2f94da12bbf2d32246763aab8265a_31.wav", "duration": 5.73}, {"text": "Finally, the transaction will deliver compelling financial benefits,", "audio_length_s": 5.73, "path": "da14df2e02d11f6f8599533d9d57faee_109.wav", "duration": 5.73}, {"text": "motivated and dedicated. They have a deep understanding of their customers", "audio_length_s": 5.73, "path": "da14df2e02d11f6f8599533d9d57faee_16.wav", "duration": 5.73}, {"text": "how you -- the flexibility of having that spend depending on what type of volume the market gives you.", "audio_length_s": 5.73, "path": "40e11288ea7cb86fdf307dbe648142e3_177.wav", "duration": 5.73}, {"text": "In addition, we've updated our auto frequency and severity loss estimates for the fourth quarter", "audio_length_s": 5.73, "path": "aeb50c6146f90bd32d147c5d4775c21d_92.wav", "duration": 5.73}, {"text": "Our focus is on building advocacy and loyalty for the Benchmark Communities brand.", "audio_length_s": 5.73, "path": "ade68f8add7249890d086ecf4b5b8cab_150.wav", "duration": 5.73}, {"text": "per your question, by the various specific environmental regulations and deadlines", "audio_length_s": 5.73, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_110.wav", "duration": 5.73}, {"text": "it's wildly different in terms of what we can expect. And I think historical", "audio_length_s": 5.73, "path": "58ff8a727ec4f3859407b64f08246759_102.wav", "duration": 5.73}, {"text": "We don't want to be in a model where we have this race to the bottom where we can go out and buy business.", "audio_length_s": 5.73, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_104.wav", "duration": 5.73}, {"text": "as you know, we made a deliberate decision to retain as part of the", "audio_length_s": 5.73, "path": "be8b554309f7632bc9ebbd967764001e_132.wav", "duration": 5.73}, {"text": "And I have to say that in spite of all the disruption caused, our customers", "audio_length_s": 5.73, "path": "7bc22aba9bc29d69ee10cc60db7903d8_6.wav", "duration": 5.73}, {"text": "the first one we call the value strategy, this is mostly about the kind of people that are in this room.", "audio_length_s": 5.73, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_201.wav", "duration": 5.73}, {"text": "Thanks for your continued interest, and now I will turn the call over to Rich.", "audio_length_s": 5.73, "path": "b94d748876ddf8e881d4191dec45baf3_197.wav", "duration": 5.73}, {"text": "is this a function of higher production? Or are there other factors in play?", "audio_length_s": 5.73, "path": "9952903822d3aabb9a8a8fdd41f23bc2_66.wav", "duration": 5.73}, {"text": "For details about these risks, please see the earnings release that accompanies this call", "audio_length_s": 5.73, "path": "885b465648704d8a5d15bd00078e2160_1.wav", "duration": 5.73}, {"text": "and also establishes the validity of these Codexis patents for purposes of the case.", "audio_length_s": 5.73, "path": "885b465648704d8a5d15bd00078e2160_99.wav", "duration": 5.73}, {"text": "the need for lighter weight components and quieter interiors is becoming increasingly important.", "audio_length_s": 5.73, "path": "974a2d744cd3d9acf42d74816de91f7f_105.wav", "duration": 5.73}, {"text": "should be sustainably higher than a lot of the other sort of similar size peers? Because a lot of the banks", "audio_length_s": 5.73, "path": "6ad1d7c855ceb3eb830c365e357e4510_172.wav", "duration": 5.73}, {"text": "So we are certainly looking -- one of these that -- I think if you look at", "audio_length_s": 5.73, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_219.wav", "duration": 5.73}, {"text": "We also need to ensure we have a scalable platform to support where the business", "audio_length_s": 5.73, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_71.wav", "duration": 5.73}, {"text": "The proceeds will be used to repay the -- most of the outstanding balance on our line of credit", "audio_length_s": 5.73, "path": "b1da16cba24af8e472573c4c9caf17c7_184.wav", "duration": 5.73}, {"text": "We expect another year of earnings growth, as our business should continue to benefit from growth in new construction,", "audio_length_s": 5.73, "path": "2a059b2b192b8e972ca7664ddfed8a20_150.wav", "duration": 5.73}, {"text": "We believe the RPO market has tremendous potential on a worldwide scale,", "audio_length_s": 5.73, "path": "13141efea197b407280701081390f0ce_48.wav", "duration": 5.73}, {"text": "So it's really just kind of a recycling program for those people who have kind of reached their term.", "audio_length_s": 5.73, "path": "968913c3f9111fc67f1d9956c56dec3b_49.wav", "duration": 5.73}, {"text": "technology and innovation. Global technology development", "audio_length_s": 5.73, "path": "b126e11520fd54843c67f70f15cd30cc_149.wav", "duration": 5.73}, {"text": "as well as to provide you with our operational and commercial update.", "audio_length_s": 5.73, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_94.wav", "duration": 5.73}, {"text": "Probably what was expected to be a formal outcome by mid of next year", "audio_length_s": 5.73, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_139.wav", "duration": 5.73}, {"text": "we need to be able to create value or we just won't pursue those opportunities. So", "audio_length_s": 5.73, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_17.wav", "duration": 5.73}, {"text": "When we cycle out of this tough farmer environment,", "audio_length_s": 5.73, "path": "948f025c16fce2bcb2909e610c9be557_45.wav", "duration": 5.73}, {"text": "in the fourth quarter. Much of the investment that we made would have hit the market", "audio_length_s": 5.73, "path": "9b697782ea80be97854f35d6fc62c93a_181.wav", "duration": 5.73}, {"text": "We'll talk more about our strong cash flow generation at the upcoming CAGNY conference.", "audio_length_s": 5.73, "path": "9b697782ea80be97854f35d6fc62c93a_32.wav", "duration": 5.73}, {"text": "So I was just trying to understand that if we remove the raw material cost and even on lower sales,", "audio_length_s": 5.73, "path": "baf4cec43f02cba3a0e2e83192f98380_71.wav", "duration": 5.73}, {"text": "for what it takes in areas you're competitive into bringing new money in the door as far as rate goes.", "audio_length_s": 5.73, "path": "f13362f70e41d74f3fda8d7dfb19f09e_120.wav", "duration": 5.73}, {"text": "By paying close attention to changes in economic environment,", "audio_length_s": 5.73, "path": "828ec1416eb7fa95846b5137752b3ff9_33.wav", "duration": 5.73}, {"text": "So these are all cash and equivalent, ready", "audio_length_s": 5.73, "path": "d8db289a641593a1934fbb6407eede02_76.wav", "duration": 5.73}, {"text": "for a patent covering methods and use claims for treating opioid use disorder", "audio_length_s": 5.73, "path": "5330f07390a3c14fc49f24ac98bf1eab_36.wav", "duration": 5.73}, {"text": "Good morning, everyone. It's a pleasure to be with you today and to report our first quarter results.", "audio_length_s": 5.73, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_57.wav", "duration": 5.73}, {"text": "as we've seen the Q3 results over the last couple of weeks, most of the banks have had", "audio_length_s": 5.73, "path": "87045996e7446329f1d98c909c6ca7fe_116.wav", "duration": 5.73}, {"text": "You can find more information about risks, uncertainties and other factors that could affect our results", "audio_length_s": 5.73, "path": "49e533a8449f6b9b6c806458e73338e1_183.wav", "duration": 5.73}, {"text": "just give us a little more color, if you don't mind, on the breakdown of that. How much of that is Venmo? And then", "audio_length_s": 5.73, "path": "49e533a8449f6b9b6c806458e73338e1_98.wav", "duration": 5.73}, {"text": "at each rate. I think that's exactly what we've done in terms of the value that we've created", "audio_length_s": 5.73, "path": "7cc11de7f206c637e6293da0d956405e_151.wav", "duration": 5.73}, {"text": "give us some color and context for that statement and what kind of things you're thinking about there?", "audio_length_s": 5.73, "path": "41c28201e80491c91e34488556721756_92.wav", "duration": 5.73}, {"text": "The work we're doing in the smart home space is a great example of how we are expanding what we sell.", "audio_length_s": 5.73, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_196.wav", "duration": 5.73}, {"text": "Additionally, we also intend to grow these platforms through bolt-on acquisitions.", "audio_length_s": 5.73, "path": "757695924b5e43c7d44e29dc141cc035_6.wav", "duration": 5.73}, {"text": "And there are some people out there who think this could be the best drug to treat psoriasis.", "audio_length_s": 5.73, "path": "94f913b974baab79fb636f6521170dd7_162.wav", "duration": 5.73}, {"text": "with materially increased financial strength and flexibility to drive our long-term growth ambitions.", "audio_length_s": 5.73, "path": "c47a92e006b54d014a79b447528c55a7_32.wav", "duration": 5.73}, {"text": "To address this, as you know, we made some trial modifications to patient entry criteria", "audio_length_s": 5.73, "path": "f542ab325f47ed150e28888da2f85871_70.wav", "duration": 5.73}, {"text": "We don't have a whole lot of customers live with that yet because there's still a lot of development work going on in the partnership.", "audio_length_s": 5.73, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_62.wav", "duration": 5.73}, {"text": "Even as we support strong business growth, we maintained significant financial flexibility.", "audio_length_s": 5.73, "path": "6709c061d39d0e433079f84160f11c80_88.wav", "duration": 5.73}, {"text": "Is there any further room to cut that even more?", "audio_length_s": 5.73, "path": "c20824ea6f927fe380f48a904cf4821b_20.wav", "duration": 5.73}, {"text": "gasoline supply and that it might make it somewhat of a zero-sum game. And so", "audio_length_s": 5.73, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_195.wav", "duration": 5.73}, {"text": "The increased guidance reflects interest expense associated with our first quarter issuance of debt.", "audio_length_s": 5.73, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_135.wav", "duration": 5.73}, {"text": "We've covered a lot of ground, yet we remain in the early days across all 4 of our strategic initiatives.", "audio_length_s": 5.73, "path": "50e17cbbbef8897681cc5f8ae110aae2_142.wav", "duration": 5.73}, {"text": "This was actually somewhat compensated by higher volumes in Tibnor and in Ruukki Construction.", "audio_length_s": 5.73, "path": "be1d9f57faececddb1cdbf5e831bcbf9_46.wav", "duration": 5.73}, {"text": "Natural gas revenue was impacted by a 40% decrease in AECO during the quarter.", "audio_length_s": 5.73, "path": "1438feb8661785c9d0182f4adfc439f0_4.wav", "duration": 5.73}, {"text": "These decreases were partially offset by continued strength in our Life Sciences product lines.", "audio_length_s": 5.73, "path": "01b376669d5ea40acc7fb5a87503586e_54.wav", "duration": 5.73}, {"text": "those 2, which were a result of acquisitions, not a result of losing a client per se.", "audio_length_s": 5.73, "path": "0cfaeed8cd93dc274845d450e921aeb6_128.wav", "duration": 5.73}, {"text": "the revenue from new lines will be meaningfully more than that of our earlier expectations.", "audio_length_s": 5.73, "path": "ee00ebd8d782e8f124b3e142cbb74f37_163.wav", "duration": 5.73}, {"text": "As you know, actual events and results can differ materially from these forward-looking statements.", "audio_length_s": 5.73, "path": "97b9c8b95449565c1f280a2b61a65b31_114.wav", "duration": 5.73}, {"text": "nice improvement versus underwriting models across the board in that cohort. We feel very good about it.", "audio_length_s": 5.73, "path": "9908957f60adff5efc1c8692a0f5ab38_88.wav", "duration": 5.73}, {"text": "that are working for us and people know that and it's very important that we keep them here.", "audio_length_s": 5.73, "path": "4311782968e936c378fdee8946cd9cca_31.wav", "duration": 5.73}, {"text": "Just to be clear, in terms of sort of the lower end on the revenue side,", "audio_length_s": 5.73, "path": "a9ff9f85f03afdd2d13b76e14060b31d_163.wav", "duration": 5.73}, {"text": "It's a little harder to buy cattle in the beginning of the years that are going to get marketed in the half of the year", "audio_length_s": 5.73, "path": "09b5b62d328d3d0719b6825357fdfb48_86.wav", "duration": 5.73}, {"text": "as the ultimate measure of financial health is your net worth and key to increasing that is saving and investing over the long term.", "audio_length_s": 5.73, "path": "66b25c60d952bd002c7ab20da9248086_102.wav", "duration": 5.73}, {"text": "Our first quarter MLR in Florida was approximately 90% on a reported basis.", "audio_length_s": 5.73, "path": "a2ba164f019804628c07b36de47cd464_51.wav", "duration": 5.73}, {"text": "With the relocation complete and the new offerings up and running and available to the marketplace,", "audio_length_s": 5.73, "path": "64364105b816dd0b6a029e9cd210e65b_112.wav", "duration": 5.73}, {"text": "and the subsequent recovery of inventory in each of the third and fourth quarters", "audio_length_s": 5.73, "path": "1300495cfa53748f732f54277d5a8cea_112.wav", "duration": 5.73}, {"text": "from television to other areas but an absence of money being spent.", "audio_length_s": 5.73, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_82.wav", "duration": 5.73}, {"text": "During the second quarter, we completed the expansion of our OTT commercial channel.", "audio_length_s": 5.73, "path": "72b117fb1330bda9f954a219bb5a675e_183.wav", "duration": 5.73}, {"text": "Despite these changes, it is important to remember that at the end of the day,", "audio_length_s": 5.73, "path": "6aad408f4bb1930cf10f445115f6ed3d_162.wav", "duration": 5.73}, {"text": "in this quarter, we saw some significant growth from the Philippines, driven a lot", "audio_length_s": 5.73, "path": "6aad408f4bb1930cf10f445115f6ed3d_112.wav", "duration": 5.73}, {"text": "And so to the extent that the pound becomes weaker because of this, it actually benefits us.", "audio_length_s": 5.73, "path": "e0555e30370c43189a1136fb7ef17d20_191.wav", "duration": 5.73}, {"text": "But also Scott, just keep in mind that once we're through this major waste-stripping campaign", "audio_length_s": 5.73, "path": "a2245a8522589003f9c235a48c0197f0_63.wav", "duration": 5.73}, {"text": "And is a straight equity offering on the table as one of those possibilities?", "audio_length_s": 5.73, "path": "1378aabd380e63d3f89fe0e445fc8b06_115.wav", "duration": 5.73}, {"text": "Our balanced capital approach is centered on being flexible, opportunistic and disciplined.", "audio_length_s": 5.73, "path": "933faa5ac159ab158506e2bc0f714977_165.wav", "duration": 5.73}, {"text": "in good times actually, more operating leverage than we have in the past. Okay.", "audio_length_s": 5.73, "path": "09eebad8f3c529b4c7d916c5f7766f7f_391.wav", "duration": 5.73}, {"text": "and further vendor management savings, and the continued tackling of our real estate footprint.", "audio_length_s": 5.73, "path": "09eebad8f3c529b4c7d916c5f7766f7f_233.wav", "duration": 5.73}, {"text": "As you see on the left side of this page, we delivered on this commitment, but we know we need to do more.", "audio_length_s": 5.73, "path": "09eebad8f3c529b4c7d916c5f7766f7f_18.wav", "duration": 5.73}, {"text": "Additionally, we are focused on addressing inefficiencies across our entire expense base", "audio_length_s": 5.73, "path": "09eebad8f3c529b4c7d916c5f7766f7f_114.wav", "duration": 5.73}, {"text": "At this time, I'd like to turn back to Mr. Kolstad for any closing remarks.", "audio_length_s": 5.73, "path": "bf8646ad61e3857d4cf46e592c18f685_17.wav", "duration": 5.73}, {"text": "recovered well from some of these avalanches, which have been", "audio_length_s": 5.73, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_74.wav", "duration": 5.73}, {"text": "and on top of that, the fact that the media coverage he got was not because he was a", "audio_length_s": 5.73, "path": "77423f08f0208d476dea73c639f6293a_200.wav", "duration": 5.73}, {"text": "We have just eliminated some of the older new product that we were working on.", "audio_length_s": 5.73, "path": "af146425f68dd8e32f31878389746637_57.wav", "duration": 5.73}, {"text": "And you just look at that. And you look at what do you think is the right decision for the partnership", "audio_length_s": 5.73, "path": "f388f8ab8a5751d4efc504090d00ca64_46.wav", "duration": 5.73}, {"text": "It's the time of closure, which is not yet fully established", "audio_length_s": 5.73, "path": "4fd138e27f5f375945332eacefa15b62_115.wav", "duration": 5.73}, {"text": "just the increase in relationship managers? Or is it the type of money you're attracting?", "audio_length_s": 5.73, "path": "bf99037f89cd485f95f097842619a0c7_231.wav", "duration": 5.73}, {"text": "These earnings does not reflect any significant benefit from the cost reduction program", "audio_length_s": 5.73, "path": "3ae068efa03cd088f4d3edea682f199f_297.wav", "duration": 5.73}, {"text": "section. Where do you see the gaps? Where do you think you're a bit underweight? Where would you like to", "audio_length_s": 5.73, "path": "7a80c3e91e5a2693cdaef5f716808317_103.wav", "duration": 5.73}, {"text": "And we're seeing customers really moving towards doing that. So we're not seeing, I think, a hesitation on the part of", "audio_length_s": 5.73, "path": "eb93e70cdf7a839a69546250fb3646fb_104.wav", "duration": 5.73}, {"text": "by the vast number of patients needing new medicines and the dearth of companies innovating in this area.", "audio_length_s": 5.73, "path": "9097dcbaf554d635920c6274b1de4997_24.wav", "duration": 5.73}, {"text": "any sort of uptake in ARISTADA on the heels of the ALPINE study results for this year?", "audio_length_s": 5.73, "path": "9097dcbaf554d635920c6274b1de4997_86.wav", "duration": 5.73}, {"text": "On -- one advantage of having the existing plant is that the metallurgy and", "audio_length_s": 5.73, "path": "9b84dc4409f4ecccd173c2f81a4460cc_113.wav", "duration": 5.73}, {"text": "the remaining amount of the purchase price is then recorded as goodwill.", "audio_length_s": 5.73, "path": "19e7822c0e829faf25355c16b830cf39_4.wav", "duration": 5.73}, {"text": "However, we continue to be mindful of the situation and are carefully managing our exposure", "audio_length_s": 5.7000625, "path": "333d478ab06fd400afafa68f4a952191_172.wav", "duration": 5.7000625}, {"text": "at any high level. So eventually they need to start to buy. But we call it", "audio_length_s": 5.7000625, "path": "be1d9f57faececddb1cdbf5e831bcbf9_134.wav", "duration": 5.7000625}, {"text": "We delivered on important customer fuel trials and business development activities,", "audio_length_s": 5.7, "path": "8ad0d5b5df75415c56ba590cad29489a_82.wav", "duration": 5.7}, {"text": "picking up the best ones that make the most sense for our shareholders and that", "audio_length_s": 5.7, "path": "92b48b365197c65ebf545a4c9dd1200d_73.wav", "duration": 5.7}, {"text": "Hyper-convergent technologies and the changes that are going to occur in the IT world", "audio_length_s": 5.7, "path": "92b48b365197c65ebf545a4c9dd1200d_32.wav", "duration": 5.7}, {"text": "and came despite the restructuring charges at Marsh and Mercer during the year.", "audio_length_s": 5.7, "path": "62d981deed6d5128615c99d1597178b6_140.wav", "duration": 5.7}, {"text": "and I think the capital growth program is increasingly becoming the engine room and driver of growth that it should be.", "audio_length_s": 5.7, "path": "bc605e9d69e921f4f61a508a448ad0dd_67.wav", "duration": 5.7}, {"text": "as you can see from the WWW graphs,", "audio_length_s": 5.7, "path": "b7d4858dcc1d9cf454416082b75a3429_2.wav", "duration": 5.7}, {"text": "For example, we see through our ARCH program", "audio_length_s": 5.7, "path": "5111fdad778749872c23e78c9b0d653b_162.wav", "duration": 5.7}, {"text": "you think this is something that you're going to continue to work with and you think it gets a little bit better?", "audio_length_s": 5.7, "path": "48954c357d5ad754c29ea1c28dbdad2a_12.wav", "duration": 5.7}, {"text": "Notwithstanding, this is an extremely important step in our recovery.", "audio_length_s": 5.7, "path": "55cbaf368288111ebc2ccadb61e3bd34_149.wav", "duration": 5.7}, {"text": "on Syndicate and reinsurance business that is offsetting strong growth in Europe and Latin America.", "audio_length_s": 5.7, "path": "aaf7e3a1cc8cf65ccf788923cb583954_105.wav", "duration": 5.7}, {"text": "Just to be clear, we don't run our business based on the existence of a pricing cycle.", "audio_length_s": 5.7, "path": "aaf7e3a1cc8cf65ccf788923cb583954_152.wav", "duration": 5.7}, {"text": "This means that revenues can only be recognized when classified as highly probable,", "audio_length_s": 5.7, "path": "2f888e63a31b86cc2f4f97710e8eed79_178.wav", "duration": 5.7}, {"text": "Management believes that providing insights on these measures enable investors to better understand", "audio_length_s": 5.7, "path": "d28b2b09c127b5be033738aa3cd380b3_2.wav", "duration": 5.7}, {"text": "could you quantify how much of your implicit guide for December is already accounted for", "audio_length_s": 5.7, "path": "80bbfd75ab074e9faf2d1b31118f1cfc_110.wav", "duration": 5.7}, {"text": "whether that number's still in play in your mind or whether that's changed since the last time you commented?", "audio_length_s": 5.7, "path": "1f1b29266d2cede9b8f0f06ca57aae17_22.wav", "duration": 5.7}, {"text": "and have brought in a lot of competitive product, just need some attendance and attention,", "audio_length_s": 5.7, "path": "c68c15299b67173c7ae163cc5938f3c1_139.wav", "duration": 5.7}, {"text": "I know some of my colleagues in the market might suggest that there is", "audio_length_s": 5.7, "path": "3bdb43dc1bcef6eff76f45efedb6a211_78.wav", "duration": 5.7}, {"text": "This outcome does not reflect our view on the outlook and current performance of that business.", "audio_length_s": 5.7, "path": "3bdb43dc1bcef6eff76f45efedb6a211_61.wav", "duration": 5.7}, {"text": "in the current year. And in turn, that's actually going to be beneficial for us.", "audio_length_s": 5.7, "path": "3bdb43dc1bcef6eff76f45efedb6a211_139.wav", "duration": 5.7}, {"text": "So the plan is that these expenses we more than offset", "audio_length_s": 5.7, "path": "8cb24daf76784487ad63780546dc4ba4_214.wav", "duration": 5.7}, {"text": "But even though people are thinking in a healthier way, they aren't getting healthier.", "audio_length_s": 5.7, "path": "7e14890193df4b10e1eeab6ab886529f_141.wav", "duration": 5.7}, {"text": "This represents an important use case for our data and integrated offering,", "audio_length_s": 5.7, "path": "e824f4380f8203a1e3ed60e7da1e39e5_6.wav", "duration": 5.7}, {"text": "particularly on the asset side of the balance sheet. And we are focused on", "audio_length_s": 5.7, "path": "4c0e38d8d88c73a7a01dc542a85b2604_66.wav", "duration": 5.7}, {"text": "patients who see predominantly a GI attack and how you would", "audio_length_s": 5.7, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_19.wav", "duration": 5.7}, {"text": "accelerate in terms of higher level of orders and larger orders in that part of the world.", "audio_length_s": 5.7, "path": "e8a2a593282199ea052f788b8fead64b_14.wav", "duration": 5.7}, {"text": "By delivering excellent service, we expect to maintain this rapport with our customers.", "audio_length_s": 5.7, "path": "8bbc2f54137b794265dfb01f1559868d_105.wav", "duration": 5.7}, {"text": "we believe that the financial impact to our business would be minimal for a variety of reasons.", "audio_length_s": 5.7, "path": "de3b766a868da918e499f407dbf5d716_78.wav", "duration": 5.7}, {"text": "around the strategic rationale and the synergy potential of this merger", "audio_length_s": 5.7, "path": "82218f543c9a546c4baa5323f250b39f_140.wav", "duration": 5.7}, {"text": "improve our gas selling activities through an active commercial policy", "audio_length_s": 5.7, "path": "f33d9363bbcea655df52468555d358d0_52.wav", "duration": 5.7}, {"text": "Personnel costs for the first 9 months of 2018 were impacted by additional bonuses", "audio_length_s": 5.7, "path": "6d02f116f1ae8575d9b916f1429454eb_8.wav", "duration": 5.7}, {"text": "I would tell you that we still have the bias to the upside, as we did in the first and second quarter.", "audio_length_s": 5.7, "path": "2fc915b996c687200d995736980aae9a_204.wav", "duration": 5.7}, {"text": "We are confident that we will continue to execute at that high level as we have demonstrated consistently.", "audio_length_s": 5.7, "path": "a212b77ae2b2452093665a4e179ed3a3_166.wav", "duration": 5.7}, {"text": "and do not represent the core areas of focus for Endo. Accordingly,", "audio_length_s": 5.7, "path": "5f38ce681d4413a793d34a0650c59bf2_78.wav", "duration": 5.7}, {"text": "whether you believe that now there is", "audio_length_s": 5.7, "path": "cc82e791c065bdc271addf355bac274f_121.wav", "duration": 5.7}, {"text": "Also, could you please elaborate on the fee structure of the company", "audio_length_s": 5.7, "path": "cc82e791c065bdc271addf355bac274f_141.wav", "duration": 5.7}, {"text": "And let me close with the normal health warning to pay particular attention to the cautionary statements", "audio_length_s": 5.7, "path": "bddc15938bdcc3085f19b0851e74c2c0_252.wav", "duration": 5.7}, {"text": "Please turn to the next slide for information on Honda's second quarter sales.", "audio_length_s": 5.7, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_82.wav", "duration": 5.7}, {"text": "to stay competitive in your industry, your career and your job.", "audio_length_s": 5.7, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_90.wav", "duration": 5.7}, {"text": "tanker fleet that is taking scrubbers closely. Have you done any work around", "audio_length_s": 5.7, "path": "2063e78dbcf34b0ffd9d058a3a4ef6f2_72.wav", "duration": 5.7}, {"text": "characterize us as being in the early innings of really getting after the", "audio_length_s": 5.7, "path": "0f4370b614f29bd596e4f6871cc77864_247.wav", "duration": 5.7}, {"text": "Given this, our current view for the full year is that cigarette volumes will be down", "audio_length_s": 5.7, "path": "655d592e9d1b1027f1824b1554d8b131_162.wav", "duration": 5.7}, {"text": "And I think that's probably the best indicator on actually where the industry is.", "audio_length_s": 5.7, "path": "655d592e9d1b1027f1824b1554d8b131_88.wav", "duration": 5.7}, {"text": "driven by a combination of improved market activity and market share gains.", "audio_length_s": 5.7, "path": "1244d2b5a259c3bc73742830d60d53fc_123.wav", "duration": 5.7}, {"text": "This will allow us to build our global filing platform on a single data warehouse", "audio_length_s": 5.7, "path": "1244d2b5a259c3bc73742830d60d53fc_81.wav", "duration": 5.7}, {"text": "and we typically have a slowdown in our mining activities in the winter months in Oakdale, Wisconsin", "audio_length_s": 5.7, "path": "2905366dcf0eb60a22b63a1b3d9adf95_81.wav", "duration": 5.7}, {"text": "The revolving line of credit piece of our credit facility still has a variable interest rate,", "audio_length_s": 5.7, "path": "2b87d263eaf2464f275a48fa005b16c7_14.wav", "duration": 5.7}, {"text": "more junior members of the team a cost of living wage increase in the year.", "audio_length_s": 5.7, "path": "9c1272d9d120c5bfafd6e6b566f89b62_209.wav", "duration": 5.7}, {"text": "due to a combination of increased benefits from our supply chain centers of expertise", "audio_length_s": 5.7, "path": "002d12258ff802d65f79ae2eef99e4ab_83.wav", "duration": 5.7}, {"text": "I'd like to share with you the progress we have made in each of these areas since our last call.", "audio_length_s": 5.7, "path": "bda4b365d7a8386d5d2e6b4575d08a57_94.wav", "duration": 5.7}, {"text": "A complete replay will be available from the end of the day for a period of 12 months on the company's website", "audio_length_s": 5.7, "path": "a7e7a1621af9b4e850260f9824ee8746_39.wav", "duration": 5.7}, {"text": "This guidance is fully qualified by the forward-looking statements contained in yesterday's press release", "audio_length_s": 5.7, "path": "65b48a7260ef038ff1bec3cc200331c3_75.wav", "duration": 5.7}, {"text": "have they been coming back a tiny bit? And what is the mood in Europe that you're seeing?", "audio_length_s": 5.7, "path": "65b48a7260ef038ff1bec3cc200331c3_87.wav", "duration": 5.7}, {"text": "our joint venture with Simon Property Group. This transaction provided a significant portion", "audio_length_s": 5.7, "path": "65b48a7260ef038ff1bec3cc200331c3_5.wav", "duration": 5.7}, {"text": "very, very hard to put specifics around that. When it comes to product development spend,", "audio_length_s": 5.7, "path": "0899e07f70a6e5be842fb6e22a3fafe9_125.wav", "duration": 5.7}, {"text": "We therefore anticipate that our production of physician samples will return in the second half of the year.", "audio_length_s": 5.7, "path": "79afc92245f71d37a9adafb6f8d50e4f_63.wav", "duration": 5.7}, {"text": "That concludes our prepared comments. We will now open the call to your questions.", "audio_length_s": 5.7, "path": "58ff8a727ec4f3859407b64f08246759_34.wav", "duration": 5.7}, {"text": "is maybe less volatile, we might have a decision on that, but not in this", "audio_length_s": 5.7, "path": "23417803b1a8115806b8e604b8b2bb83_160.wav", "duration": 5.7}, {"text": "related to higher commodity prices during production and increased royalties.", "audio_length_s": 5.7, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_183.wav", "duration": 5.7}, {"text": "We expect to complete the sale by the end of the year subject to customary closing conditions.", "audio_length_s": 5.7, "path": "6a372ea97b0b130a4d37f16b54d97909_32.wav", "duration": 5.7}, {"text": "Now before I turn over the call to Tim, let me address the other news we announced today.", "audio_length_s": 5.7, "path": "6c43a32379bfc34fc8cfe84ff94d6498_116.wav", "duration": 5.7}, {"text": "which is really the reason why we've seen so many customers recommit to us over the years, is because", "audio_length_s": 5.7, "path": "16ed973148ce103dc95fdcfaf35bbe7b_241.wav", "duration": 5.7}, {"text": "multiple public clouds because many of our customers are now using multiple public clouds", "audio_length_s": 5.7, "path": "16ed973148ce103dc95fdcfaf35bbe7b_21.wav", "duration": 5.7}, {"text": "put it on the market. So we'd like to have the buildings substantially leased with some term.", "audio_length_s": 5.7, "path": "b9b40b0c1e92fb226067bdceacbdab5c_9.wav", "duration": 5.7}, {"text": "will come from an anticipated major new deal that we expect to announce in the near future.", "audio_length_s": 5.7, "path": "885b465648704d8a5d15bd00078e2160_12.wav", "duration": 5.7}, {"text": "We demonstrated the strength of our execution, and we finished the year with momentum.", "audio_length_s": 5.7, "path": "c3567809c19ce6a800677544cd84f88b_117.wav", "duration": 5.7}, {"text": "These study designs will be presented at ASCO this year.", "audio_length_s": 5.7, "path": "58d5f604300a30c0c5bd9aa57d207478_103.wav", "duration": 5.7}, {"text": "and we've seen a couple of competitors do some things that were a little off market.", "audio_length_s": 5.7, "path": "191c819db03c2dfd0207cd1f42e278a4_150.wav", "duration": 5.7}, {"text": "is primarily driven by the increase in the incentive revenues that we now expect to earn", "audio_length_s": 5.7, "path": "526e0d5398a516831b49936c31a8ea1c_171.wav", "duration": 5.7}, {"text": "that deliver both competitive returns to shareowners and significant benefits to customers.", "audio_length_s": 5.7, "path": "526e0d5398a516831b49936c31a8ea1c_57.wav", "duration": 5.7}, {"text": "Before providing our outlook, I'll ask Sean to provide more details on our first quarter results", "audio_length_s": 5.7, "path": "b1da16cba24af8e472573c4c9caf17c7_9.wav", "duration": 5.7}, {"text": "And I was also wondering if you can just give us a little bit more granularity in terms of", "audio_length_s": 5.7, "path": "4567936d89925d1a3b983274b11ecae5_86.wav", "duration": 5.7}, {"text": "The 410 basis point improvement in operating margin over the same quarter last year", "audio_length_s": 5.7, "path": "051c23cc7bacc5c9df9312ac0fd431a9_13.wav", "duration": 5.7}, {"text": "second only to the day we wrote our first mortgage insurance policy just 3 years ago.", "audio_length_s": 5.7, "path": "53889f50eda8b316a01a3df89d226e7f_64.wav", "duration": 5.7}, {"text": "and part of a protocol that these patients can go into a multi-dose study.", "audio_length_s": 5.7, "path": "e78997e6a75a2243292b2b54750bb3cb_119.wav", "duration": 5.7}, {"text": "What are your guys' thoughts on as far as shareholders? Have you done the math on", "audio_length_s": 5.7, "path": "f77935c4693e4d33252c9c76993e9c8b_132.wav", "duration": 5.7}, {"text": "opportunities, and we expect to put on a good show. We'll tell you all what's", "audio_length_s": 5.7, "path": "c92a9ecd2741326fd8625841a07f74f9_151.wav", "duration": 5.7}, {"text": "but it's really a waste of money. You would perform so much better. So the big problem", "audio_length_s": 5.7, "path": "948f025c16fce2bcb2909e610c9be557_330.wav", "duration": 5.7}, {"text": "the cost to produce gives us that advantage without causing profit disruption", "audio_length_s": 5.7, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_270.wav", "duration": 5.7}, {"text": "If the questions on direct marketing expansion, i.e., the operating costs,", "audio_length_s": 5.7, "path": "e2c17247ae2f5d4fa8dd8814cc801198_214.wav", "duration": 5.7}, {"text": "Just moving on to look at that capital investment in a little bit more detail on the next slide.", "audio_length_s": 5.7, "path": "e00fd35e201a8607d264b803a5130c59_174.wav", "duration": 5.7}, {"text": "And we do think for a relatively inexpensive investment, we can get a fair amount of interest", "audio_length_s": 5.7, "path": "fb817a6cc685a3fd0f003456dd641c01_141.wav", "duration": 5.7}, {"text": "similar to historic numbers, they do underscore the balance that we see in our business right now. So", "audio_length_s": 5.7, "path": "1e756fc5d265eea3ff8e2e31c29826ae_132.wav", "duration": 5.7}, {"text": "And right now, there are absolutely no conclusions as to", "audio_length_s": 5.7, "path": "c40b5d1a13169c5acf69590932a56f98_70.wav", "duration": 5.7}, {"text": "This belief is based on a number of factors that continue to be positive trailer demand drivers.", "audio_length_s": 5.7, "path": "8eaca8d8a419f74540f69ade8defabbd_21.wav", "duration": 5.7}, {"text": "which positions Microbial Solutions as the only provider that can offer a unique", "audio_length_s": 5.7, "path": "da879f8ea1c23aa6565cccaacac271fc_162.wav", "duration": 5.7}, {"text": "providing Tribune's shareholders with immediate liquidity at a significant premium", "audio_length_s": 5.7, "path": "059024560d9d1039cf08746ee7393114_45.wav", "duration": 5.7}, {"text": "that tells us that they are short and they are looking for alternatives and we put programs in place.", "audio_length_s": 5.7, "path": "450a5dc6eb19b82da8dfc68127f6e79d_61.wav", "duration": 5.7}, {"text": "And although we recognize that there is more to be done, we continue to lead in transformation,", "audio_length_s": 5.7, "path": "dffe8257f781608bb17bb637249e4d2a_13.wav", "duration": 5.7}, {"text": "the construction loan in which we are a participant. So we feel very good about that investment.", "audio_length_s": 5.7, "path": "9ba83ac067a98f8b12cc480ff0691e91_140.wav", "duration": 5.7}, {"text": "ultimately making the digital economy more accessible for consumers and merchants around the world.", "audio_length_s": 5.7, "path": "49e533a8449f6b9b6c806458e73338e1_77.wav", "duration": 5.7}, {"text": "together with the supply chain projects. I'll then conclude with comments on our strategy and outlook.", "audio_length_s": 5.7, "path": "33fd8a867dbd88a837e541b1d2b25ea5_0.wav", "duration": 5.7}, {"text": "Our actual results may differ materially from the forward-looking statements for a number of reasons.", "audio_length_s": 5.7, "path": "433a6e203f9db93835c27ff83e86c801_1.wav", "duration": 5.7}, {"text": "custom options grouping, to deliver greater control and visibility to complex strategies,", "audio_length_s": 5.7, "path": "7cc11de7f206c637e6293da0d956405e_64.wav", "duration": 5.7}, {"text": "and we will continue to do that. We think that will be appropriate for us to continue to build out rather than", "audio_length_s": 5.7, "path": "ab3354b86be920cde18291112bf8a70a_127.wav", "duration": 5.7}, {"text": "both of which are not incorporated into our current reserve methodology.", "audio_length_s": 5.7, "path": "ab3354b86be920cde18291112bf8a70a_151.wav", "duration": 5.7}, {"text": "has now kind of stabilized versus what it was like, again, in the past 5 years?", "audio_length_s": 5.7, "path": "41c28201e80491c91e34488556721756_167.wav", "duration": 5.7}, {"text": "Sure. Well, just for Bridgepoint, I mean, we really haven't gone out there and offered", "audio_length_s": 5.7, "path": "1e32d5e01ff61f70b37850c473b9876a_40.wav", "duration": 5.7}, {"text": "We will continue to add additional sites in new countries in the coming months to support enrollment.", "audio_length_s": 5.7, "path": "f542ab325f47ed150e28888da2f85871_9.wav", "duration": 5.7}, {"text": "these other regions? If there's any more color you can give us on those things that might be helpful.", "audio_length_s": 5.7, "path": "f74a9d06236a0e937a6e98bfacc85eb7_113.wav", "duration": 5.7}, {"text": "Are there any timing issues around when flows came in and out or strange nuances you would point out?", "audio_length_s": 5.7, "path": "6709c061d39d0e433079f84160f11c80_153.wav", "duration": 5.7}, {"text": "Thanks for your attention, and I'm going to hand it over to Greg for a little bit more on taxes, cash flow and the balance sheet.", "audio_length_s": 5.7, "path": "7498a6630302a038bd537d192c3a44f4_239.wav", "duration": 5.7}, {"text": "But we do have experience in these fields", "audio_length_s": 5.7, "path": "472c8876d3d729a35b2d00133efbb029_53.wav", "duration": 5.7}, {"text": "like your ability to drive your coater at higher line speeds and also your ability to", "audio_length_s": 5.7, "path": "4721d5a2e7061d90a4e4e4768adc2486_210.wav", "duration": 5.7}, {"text": "on my part, maybe it was a mistake that we got pinned down to a range of numbers.", "audio_length_s": 5.7, "path": "8635f950dc44da3fcad542b2c066bedf_24.wav", "duration": 5.7}, {"text": "although I have learned over time to", "audio_length_s": 5.7, "path": "01b376669d5ea40acc7fb5a87503586e_40.wav", "duration": 5.7}, {"text": "And we will continue to work very hard to create access for their products at fair prices", "audio_length_s": 5.7, "path": "0cfaeed8cd93dc274845d450e921aeb6_56.wav", "duration": 5.7}, {"text": "at this point, we would anticipate you'd have to go through a competitive RFP to do that.", "audio_length_s": 5.7, "path": "919fd6c04cca92ecdf503e32f884435d_43.wav", "duration": 5.7}, {"text": "and as customers increasingly require their maintenance providers to be of substantial scale.", "audio_length_s": 5.7, "path": "68862e23c71ce741719b7bd99a6c44d6_54.wav", "duration": 5.7}, {"text": "and achieve scale by offering it at a very exciting price to customers,", "audio_length_s": 5.7, "path": "75b064acca5b532722510ac0b9b0822e_281.wav", "duration": 5.7}, {"text": "to have that become a smaller part of the total revenue. Happened a little bit faster than planned, which we're fine with.", "audio_length_s": 5.7, "path": "a9ff9f85f03afdd2d13b76e14060b31d_237.wav", "duration": 5.7}, {"text": "And so I think continuing with a strong gasoline demand numbers at least keeps the market", "audio_length_s": 5.7, "path": "09b5b62d328d3d0719b6825357fdfb48_76.wav", "duration": 5.7}, {"text": "which are similar to the one they run in their data centers, just because people are not", "audio_length_s": 5.7, "path": "1862ee2f84dc77a40dde64b34f3ab94e_23.wav", "duration": 5.7}, {"text": "I believe we have a great portfolio of global businesses and strong commercial leadership.", "audio_length_s": 5.7, "path": "b6688f44b91606fbd75a6d66e94d4e4b_86.wav", "duration": 5.7}, {"text": "We believe this data is representative of our entire operations.", "audio_length_s": 5.7, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_11.wav", "duration": 5.7}, {"text": "But just because you're successful in any given window doesn't mean that, that brand is entitled for that success", "audio_length_s": 5.7, "path": "b0d88c0f1efca89ecb928172341dc75d_88.wav", "duration": 5.7}, {"text": "Turning to the breakdown of operations, Slide 7. You can observe that", "audio_length_s": 5.7, "path": "6d41a81b648d81660c0d65523086346b_51.wav", "duration": 5.7}, {"text": "The implication of recurring revenue growth exceeding capital sales growth", "audio_length_s": 5.7, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_65.wav", "duration": 5.7}, {"text": "I think, last time we spoke in connection with first quarter earnings, we talked about the fixed income markets being constructive.", "audio_length_s": 5.7, "path": "92287986b332deec2c9712d7c89eef08_25.wav", "duration": 5.7}, {"text": "as well as the areas like Affinity and health and benefits as well as in net new areas we're investing in beyond that.", "audio_length_s": 5.7, "path": "e0555e30370c43189a1136fb7ef17d20_26.wav", "duration": 5.7}, {"text": "And assuming all the stars aligned and everything went perfect with this acquisition, we", "audio_length_s": 5.7, "path": "14fa9d7635caae6483af62a4bfe1b9d6_73.wav", "duration": 5.7}, {"text": "When I sort of tried to do the implicit math for the margin then in the fourth quarter,", "audio_length_s": 5.7, "path": "6a45749d272884d2809fa70f7807250c_34.wav", "duration": 5.7}, {"text": "Do they have a material economic risk or incentive", "audio_length_s": 5.7, "path": "6daa2d0829057899b014b06c36e1d54b_36.wav", "duration": 5.7}, {"text": "We believe we are uniquely qualified for continued success for several reasons. First,", "audio_length_s": 5.7, "path": "02242ceddfeb4bcc65f04552b63fe80e_12.wav", "duration": 5.7}, {"text": "And we are able to offset those with some other situations, whereby, a function of getting", "audio_length_s": 5.7, "path": "02242ceddfeb4bcc65f04552b63fe80e_194.wav", "duration": 5.7}, {"text": "precision. We're really just articulating that we continue to believe that through new product development", "audio_length_s": 5.7, "path": "1d021dfadd51998ac079e1df49929c60_132.wav", "duration": 5.7}, {"text": "transactions that can be more of an opportunity.", "audio_length_s": 5.7, "path": "41c3c459f45afbc36231434c6798bbaf_25.wav", "duration": 5.7}, {"text": "Operational synergies will include planned efficiencies due to balancing product mix.", "audio_length_s": 5.7, "path": "902872913863de98d38e2936b846cf66_177.wav", "duration": 5.7}, {"text": "John said it best, when it comes to costs, the biggest impact was weather. And it was impact for the volume of weather", "audio_length_s": 5.7, "path": "902872913863de98d38e2936b846cf66_184.wav", "duration": 5.7}, {"text": "kind of increases we showed this quarter obviously would be tough for any business to sustain.", "audio_length_s": 5.7, "path": "125388f1b45117acde70abc39e0f7d04_177.wav", "duration": 5.7}, {"text": "The final effect has been an expansion of margins of approximately 30 basis points.", "audio_length_s": 5.7, "path": "1758a982f596e3033f062a5b9f011361_29.wav", "duration": 5.7}, {"text": "is our ability to decommission. Though I would suspect that a lot of what we have", "audio_length_s": 5.7, "path": "bc1efb704df9c180935803c70a315597_56.wav", "duration": 5.7}, {"text": "provide a great service, provide a cost competitive service and to do what we say we're going to do.", "audio_length_s": 5.7, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_154.wav", "duration": 5.7}, {"text": "Our next step is to take Riptide to a 200 million a day plant.", "audio_length_s": 5.7, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_148.wav", "duration": 5.7}, {"text": "as well as continuing to have robust interruptible volumes mowing through our system.", "audio_length_s": 5.7, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_230.wav", "duration": 5.7}, {"text": "When we look at our smaller Generics customers, which is over half of the market unit sales,", "audio_length_s": 5.7, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_98.wav", "duration": 5.7}, {"text": "We've really worked hard to maintain the compliance and", "audio_length_s": 5.7, "path": "712bbcab5338e07dd63dad97bb652018_182.wav", "duration": 5.7}, {"text": "It is important to note that our earnings level is a reflection of our risk posture.", "audio_length_s": 5.7, "path": "81c03e2c15e8fe8213fbd40368b49581_64.wav", "duration": 5.7}, {"text": "bring anything new in terms of price competition to the category because those price points", "audio_length_s": 5.7, "path": "b478d2808e90233ed994884e644a3d34_76.wav", "duration": 5.7}, {"text": "what some would describe as a lot of challenges in the market. And so it's the culmination of", "audio_length_s": 5.7, "path": "24c7526f6daca8e16ab91bea6124148a_162.wav", "duration": 5.7}, {"text": "During the second quarter call, we discussed the fact that we are in the arbitration process with Sony,", "audio_length_s": 5.7, "path": "a766b08317742c952705018a899f3998_8.wav", "duration": 5.7}, {"text": "cautious and clear about the alternatives that we have in the Italian market.", "audio_length_s": 5.7, "path": "e97326d6a8951550e363f2be6ec489ba_178.wav", "duration": 5.7}, {"text": "And this step creates a lot of value to all shareholders.", "audio_length_s": 5.7, "path": "f15a674bdbbc461872000604216ae071_55.wav", "duration": 5.7}, {"text": "Or do you intend to have the spot price in practice", "audio_length_s": 5.7, "path": "f15a674bdbbc461872000604216ae071_107.wav", "duration": 5.7}, {"text": "Doug and I are working closely with the new sales team and I am convinced", "audio_length_s": 5.7, "path": "0807d606b6cf98da19b317b4928c3572_94.wav", "duration": 5.7}, {"text": "The European community is showing signs of recovery, with rising", "audio_length_s": 5.7, "path": "0b2059114216fe9195b6a4256ed84843_138.wav", "duration": 5.7}, {"text": "So maybe now we take the last question, one more question?", "audio_length_s": 5.7, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_45.wav", "duration": 5.7}, {"text": "that may help to explain some of the views that I'm stating right now as well.", "audio_length_s": 5.7, "path": "3ae068efa03cd088f4d3edea682f199f_68.wav", "duration": 5.7}, {"text": "Any such forward-looking statements are intended to be covered by the safe harbor provisions", "audio_length_s": 5.7, "path": "3ae068efa03cd088f4d3edea682f199f_1.wav", "duration": 5.7}, {"text": "those. Do you have any particular contingency plans around improving flexibility in the", "audio_length_s": 5.7, "path": "7a80c3e91e5a2693cdaef5f716808317_90.wav", "duration": 5.7}, {"text": "unwrap a few of those questions. So typically in the application set that we're playing in, in particular in the Far East,", "audio_length_s": 5.7, "path": "7a80c3e91e5a2693cdaef5f716808317_156.wav", "duration": 5.7}, {"text": "Last year, we talked a lot about our investments in Android and the importance of improving our Android application.", "audio_length_s": 5.7, "path": "30a142fac5a62ab00227cb6a339a6226_174.wav", "duration": 5.7}, {"text": "The other area is that we will continue to remain really focused to buying ad on Snapchat, absolutely easy.", "audio_length_s": 5.7, "path": "30a142fac5a62ab00227cb6a339a6226_96.wav", "duration": 5.7}, {"text": "we now do have the advantage that we didn't have before of not having to", "audio_length_s": 5.7, "path": "a85c54c77dd2524eedab1287ea3ceff4_32.wav", "duration": 5.7}, {"text": "the idea was to strengthen the brand positioning in the lubricants market in Brazil and abroad.", "audio_length_s": 5.7, "path": "153ca64e1ddbb5b38a71827429635d48_2.wav", "duration": 5.7}, {"text": "will help us to get through these challenging times", "audio_length_s": 5.7, "path": "525a3d59e4a319ddd41c161ec0e67f93_85.wav", "duration": 5.7}, {"text": "environment in the transactional used vehicle sales and rental business -- businesses.", "audio_length_s": 5.7, "path": "eb93e70cdf7a839a69546250fb3646fb_20.wav", "duration": 5.7}, {"text": "but I also think a better mix is helping to drive that forward longer term. So at", "audio_length_s": 5.7, "path": "744f5859c7d9a0567b387ae84326d940_36.wav", "duration": 5.7}, {"text": "so that in and of itself throws off cash from working capital reduction. So", "audio_length_s": 5.7, "path": "97ddc19ecb28bab2d19fd3b181182062_213.wav", "duration": 5.7}, {"text": "last quarter. And we thought this would be a useful reference point for you as we talk through our segment results.", "audio_length_s": 5.7, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_15.wav", "duration": 5.7}, {"text": "Our anchor shipper is Anadarko, and Western Gas has an option to buy into this project.", "audio_length_s": 5.6700625, "path": "718a89dc503706eae0091bcd9410d567_111.wav", "duration": 5.6700625}, {"text": "weakening in the last month or actually where you thought it would be, roughly?", "audio_length_s": 5.6700625, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_79.wav", "duration": 5.6700625}, {"text": "the inclusion criteria of COMMAND, and those are patients with EPO levels", "audio_length_s": 5.67, "path": "070a939ddb72d87ed87e4b863da14a89_107.wav", "duration": 5.67}, {"text": "In addition, customers are always improving", "audio_length_s": 5.67, "path": "d162113e3aface010baec17bd408736b_171.wav", "duration": 5.67}, {"text": "to that proposition. Fourthly, to invest to update", "audio_length_s": 5.67, "path": "214dcdc435ef3259490466447858fa56_6.wav", "duration": 5.67}, {"text": "and this is arguably the first GaN supply chain that can actually operate with the same", "audio_length_s": 5.67, "path": "ab5b4ea5cd86e4f7deafe9814024fada_40.wav", "duration": 5.67}, {"text": "But we have a target to get those costs -- our first stop", "audio_length_s": 5.67, "path": "b7d4858dcc1d9cf454416082b75a3429_200.wav", "duration": 5.67}, {"text": "Right. Thank you very much, everybody. If you have anything else which you'd like to", "audio_length_s": 5.67, "path": "b7d4858dcc1d9cf454416082b75a3429_53.wav", "duration": 5.67}, {"text": "that leverages new technologies in order to reduce time to market and create competitive advantages.", "audio_length_s": 5.67, "path": "92d6249907f14e4011cf1b08d2f298d9_25.wav", "duration": 5.67}, {"text": "of Q1, this product will be kind of fully rolled out to -- available to all of our members", "audio_length_s": 5.67, "path": "f3ea353a6c918bc1fd311a9cad6b9777_129.wav", "duration": 5.67}, {"text": "Before Greg discusses financials, let me spend a few minutes of our strategic and operational progress.", "audio_length_s": 5.67, "path": "f3ea353a6c918bc1fd311a9cad6b9777_67.wav", "duration": 5.67}, {"text": "dividend recaps would be another category that we often and obviously track. So", "audio_length_s": 5.67, "path": "ab861b81968e1b5fcb606ed886919d68_44.wav", "duration": 5.67}, {"text": "with the additional capacity finding its way into", "audio_length_s": 5.67, "path": "94fdf7b24748a7706b1097482a0f363a_228.wav", "duration": 5.67}, {"text": "I mean, is that just again something that we should think about in terms of", "audio_length_s": 5.67, "path": "b40ab385cca0095fc17f5310045ca5d2_56.wav", "duration": 5.67}, {"text": "wholesale client continued to do its business on our network in the Netherlands,", "audio_length_s": 5.67, "path": "2f888e63a31b86cc2f4f97710e8eed79_206.wav", "duration": 5.67}, {"text": "On Slide 9, we've laid out the investment portfolio composition for the quarter.", "audio_length_s": 5.67, "path": "6f3e90ad68b9b074ad827efdcaf6630d_10.wav", "duration": 5.67}, {"text": "Secondly, our ambition to outperform each area in which", "audio_length_s": 5.67, "path": "9014ac9cbc2cff30468f1bcb659c0f66_285.wav", "duration": 5.67}, {"text": "optimistic as well as we will continue with the implementation of our strategy towards our vision.", "audio_length_s": 5.67, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_11.wav", "duration": 5.67}, {"text": "and start working with them to be much more proactive in converting those over to VIP shops.", "audio_length_s": 5.67, "path": "c68c15299b67173c7ae163cc5938f3c1_24.wav", "duration": 5.67}, {"text": "Under which, we will be maintaining data repositories for provider of information to insurance companies.", "audio_length_s": 5.67, "path": "ed1006cd88de67e8fe53ea86ad6862d7_127.wav", "duration": 5.67}, {"text": "I would like to offer additional information about profits outside Japan.", "audio_length_s": 5.67, "path": "2a59b9df2de5248e64727f10185a8423_83.wav", "duration": 5.67}, {"text": "We will continue to invest in these growth opportunities where and when appropriate.", "audio_length_s": 5.67, "path": "a069e0992c2083f0f53eaa4f7a02e47d_175.wav", "duration": 5.67}, {"text": "Today's call may also involve forward-looking statements regarding the company and its businesses.", "audio_length_s": 5.67, "path": "a069e0992c2083f0f53eaa4f7a02e47d_54.wav", "duration": 5.67}, {"text": "to ensure that we continue to serve customers and continue to support", "audio_length_s": 5.67, "path": "13220986bf30f26076a674e2a9edc89c_236.wav", "duration": 5.67}, {"text": "I now go to the slide implementation of sCORE.", "audio_length_s": 5.67, "path": "55d548325797d638567669cd75444301_140.wav", "duration": 5.67}, {"text": "That's why the launch of our new purpose and our Impact Manifesto is a big step.", "audio_length_s": 5.67, "path": "7e14890193df4b10e1eeab6ab886529f_199.wav", "duration": 5.67}, {"text": "More people are engaging with Weight Watchers, sharing their experiences and inspiring others.", "audio_length_s": 5.67, "path": "7e14890193df4b10e1eeab6ab886529f_122.wav", "duration": 5.67}, {"text": "as they get to use the product and understand where it has highest utility.", "audio_length_s": 5.67, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_64.wav", "duration": 5.67}, {"text": "These statements are subject to numerous risks and uncertainties as described in our SEC filings,", "audio_length_s": 5.67, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_154.wav", "duration": 5.67}, {"text": "but we still have fairly good visibility to those separate results for the first quarter.", "audio_length_s": 5.67, "path": "8bbc2f54137b794265dfb01f1559868d_141.wav", "duration": 5.67}, {"text": "In previous quarters, we had seen a higher trend in policy obligations,", "audio_length_s": 5.67, "path": "6838b008f3efe8575b83cde089459d33_54.wav", "duration": 5.67}, {"text": "Also, our new margin forecast for the year represents nearly 17 points of improvement over last year.", "audio_length_s": 5.67, "path": "78c85dc9a16f82b09d3a2363004e658d_110.wav", "duration": 5.67}, {"text": "One of the challenges with alternative managers has been inconsistent distributions.", "audio_length_s": 5.67, "path": "1b91eb82f5211000e711424657cc2484_109.wav", "duration": 5.67}, {"text": "in that, and there is no guarantee how long this will take. But the", "audio_length_s": 5.67, "path": "1f43e30e245ed30be41602d8423db99e_54.wav", "duration": 5.67}, {"text": "for 26 consecutive years and we're very proud of our track record of annual dividend increases.", "audio_length_s": 5.67, "path": "3d4b9cfcb489a54bda65e749b7b79b15_19.wav", "duration": 5.67}, {"text": "a customer we dearly value. I prefer not to give you any more details other than that.", "audio_length_s": 5.67, "path": "9e937c87ad87f354d42a688156853a30_172.wav", "duration": 5.67}, {"text": "And once you're in the Presentations section, go to the", "audio_length_s": 5.67, "path": "91422f85dbf838639b3cb9dd9da364eb_69.wav", "duration": 5.67}, {"text": "which will enable us to efficiently fund the remainder of our equity commitment.", "audio_length_s": 5.67, "path": "07f580f6f7be50000b90caa25fcd2661_39.wav", "duration": 5.67}, {"text": "And could you again remind us of specific impacts you expect at the Telkomsel level", "audio_length_s": 5.67, "path": "2ab48b66e1cc1f2acc7d7a666a1d8541_98.wav", "duration": 5.67}, {"text": "Our acquisition of WellSpring is an important building block towards the continued", "audio_length_s": 5.67, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_169.wav", "duration": 5.67}, {"text": "We are likewise pleased with the first half 2018 results from our International segment,", "audio_length_s": 5.67, "path": "145244b0378e6657d456cffca8bbc982_16.wav", "duration": 5.67}, {"text": "helpful in their consideration of granting a conditional approval pathway for us.", "audio_length_s": 5.67, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_82.wav", "duration": 5.67}, {"text": "What we can do now is gradual improvement. It's not as exciting as you think.", "audio_length_s": 5.67, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_241.wav", "duration": 5.67}, {"text": "but we also need to work with local hospital networks. So how did we go about this? Well,", "audio_length_s": 5.67, "path": "39e5706898dcaf14a280b3a123877cd6_142.wav", "duration": 5.67}, {"text": "but it's a kind of headache for ourselves to get to that performance.", "audio_length_s": 5.67, "path": "cfbe91105113db7a5784f77e411b7a3f_172.wav", "duration": 5.67}, {"text": "getting their first vehicle up and running to be able to demonstrate to various customers.", "audio_length_s": 5.67, "path": "392ca3d1e388c6d7a35f6d0db390c359_162.wav", "duration": 5.67}, {"text": "It seems that you guys have pretty strong momentum with new partner signings in the non-tolls part.", "audio_length_s": 5.67, "path": "839852ec8452dbd90e9341d15cbba7c5_204.wav", "duration": 5.67}, {"text": "Looking ahead, we continue to remain confident in both our strategy and financial plan.", "audio_length_s": 5.67, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_49.wav", "duration": 5.67}, {"text": "and that may be different from non-GAAP financial measures used by other companies.", "audio_length_s": 5.67, "path": "5f38ce681d4413a793d34a0650c59bf2_171.wav", "duration": 5.67}, {"text": "But since those loans were really originated over there, we just felt like we needed to reserve more at", "audio_length_s": 5.67, "path": "8b2314627d54755a15c55244bb862225_16.wav", "duration": 5.67}, {"text": "Accordingly, we will shift our financial metric disclosure to focus on recurring revenue.", "audio_length_s": 5.67, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_254.wav", "duration": 5.67}, {"text": "Three things really happened. So number one, some of our partners became competitors.", "audio_length_s": 5.67, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_217.wav", "duration": 5.67}, {"text": "in Czechia. In Hungary, the challenge in the coming months and years", "audio_length_s": 5.67, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_13.wav", "duration": 5.67}, {"text": "There is also a very successful minority stake in", "audio_length_s": 5.67, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_150.wav", "duration": 5.67}, {"text": "have them interact for years with all their -- with people around the globe.", "audio_length_s": 5.67, "path": "dbafd430cf189ffeffd96a06da8ba37d_67.wav", "duration": 5.67}, {"text": "We had a lot of the growth in China, which is probably our highest margin part of that business.", "audio_length_s": 5.67, "path": "e1da48985804bd3d99dffc5e33b6124b_57.wav", "duration": 5.67}, {"text": "So that's what we're working on right now is making sure that we derive the order rates in the flow business", "audio_length_s": 5.67, "path": "e1da48985804bd3d99dffc5e33b6124b_49.wav", "duration": 5.67}, {"text": "When combined with operating expense management, this enabled us to expand our operating margins.", "audio_length_s": 5.67, "path": "0f4370b614f29bd596e4f6871cc77864_150.wav", "duration": 5.67}, {"text": "I think it's something that the model was likely missing earlier.", "audio_length_s": 5.67, "path": "276392c471c063580869aec014a1feda_124.wav", "duration": 5.67}, {"text": "Is there a consideration that maybe you still need to think again about how much you buy?", "audio_length_s": 5.67, "path": "8ce8f3144deb1adb52f969fb5a653beb_164.wav", "duration": 5.67}, {"text": "The changes that we have made are not easy and there are many more positive changes coming.", "audio_length_s": 5.67, "path": "e56726c7aedd69029957c84128050700_77.wav", "duration": 5.67}, {"text": "On a full year basis, we expect the impact of the new revenue standard to have no impact.", "audio_length_s": 5.67, "path": "1244d2b5a259c3bc73742830d60d53fc_22.wav", "duration": 5.67}, {"text": "As it is, it's my opinion that the market has at least put in a bottom.", "audio_length_s": 5.67, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_65.wav", "duration": 5.67}, {"text": "I think, importantly, given my first results presentation was in the half year last year, and we had a window cleaning rig", "audio_length_s": 5.67, "path": "6e3037e770ba5e0dfc98e3223986aad2_38.wav", "duration": 5.67}, {"text": "Thanks, Mays. Needless to say, we are pleased with how well we are executing on our strategy.", "audio_length_s": 5.67, "path": "07d30eec04a77191950ef0992d097daf_69.wav", "duration": 5.67}, {"text": "So in all instances, we have had the money for that goods before we've paid our suppliers.", "audio_length_s": 5.67, "path": "9c1272d9d120c5bfafd6e6b566f89b62_81.wav", "duration": 5.67}, {"text": "I'll then review some highlights from the quarter and provide an update on our platform as a service strategy.", "audio_length_s": 5.67, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_48.wav", "duration": 5.67}, {"text": "we have decided to dissolve our local joint venture in Indonesia.", "audio_length_s": 5.67, "path": "f4d0f1362716be33f02690dd1a8df663_22.wav", "duration": 5.67}, {"text": "that we weren't happy with last year, but that we think will grow this year.", "audio_length_s": 5.67, "path": "a8034762296368c60571fcde382c3274_109.wav", "duration": 5.67}, {"text": "This new APEX-XC is expected to be delivered in the second half of this year.", "audio_length_s": 5.67, "path": "4e04d3229b988f1db5b842ac5b993894_109.wav", "duration": 5.67}, {"text": "a new -- I have made a new split of the international", "audio_length_s": 5.67, "path": "e60f6485243932b9280d864cb17a6ba8_107.wav", "duration": 5.67}, {"text": "and who are actively looking for investment opportunities into this new type of asset.", "audio_length_s": 5.67, "path": "1bba27cac9495fe57f623973383d6948_61.wav", "duration": 5.67}, {"text": "Except for -- except as otherwise required by the federal securities law,", "audio_length_s": 5.67, "path": "1bba27cac9495fe57f623973383d6948_27.wav", "duration": 5.67}, {"text": "the lieutenant governor has also been in that administration for quite some time also.", "audio_length_s": 5.67, "path": "a7e7a1621af9b4e850260f9824ee8746_141.wav", "duration": 5.67}, {"text": "So it's very much part of the investments that we're making in what we've talked to you about,", "audio_length_s": 5.67, "path": "0899e07f70a6e5be842fb6e22a3fafe9_188.wav", "duration": 5.67}, {"text": "In this particular instance, when we look at the return on capital for this strategy,", "audio_length_s": 5.67, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_21.wav", "duration": 5.67}, {"text": "There will be a replay of the call, which will begin 1 hour after the call and run for 1 week.", "audio_length_s": 5.67, "path": "0360a780927a31fb0bec9e79dac878a2_82.wav", "duration": 5.67}, {"text": "Our overheads increased by 40 basis points. Now there are 2 reasons for this.", "audio_length_s": 5.67, "path": "47b1a118c53956b23f1d687a75f3e5ba_257.wav", "duration": 5.67}, {"text": "The Prestige that we are now adding to it is a good example of that. So we keep these categories fresh.", "audio_length_s": 5.67, "path": "47b1a118c53956b23f1d687a75f3e5ba_57.wav", "duration": 5.67}, {"text": "So we are very focused on CapEx, very much focused on CapEx. But please", "audio_length_s": 5.67, "path": "d8eb5522db0e51d75ea6518462954c52_216.wav", "duration": 5.67}, {"text": "or the revenue share. But beyond that, if you think about it from an operating perspective,", "audio_length_s": 5.67, "path": "6a372ea97b0b130a4d37f16b54d97909_47.wav", "duration": 5.67}, {"text": "window price. And we felt like it was good to highlight. We've been talking for a number of years about how", "audio_length_s": 5.67, "path": "cd1773ea94a046c0a36b679e2efcee9f_93.wav", "duration": 5.67}, {"text": "The second thing is about the demographic opportunity in the markets. We cover", "audio_length_s": 5.67, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_257.wav", "duration": 5.67}, {"text": "And this was despite the weaker macro and tough FX environment in key markets", "audio_length_s": 5.67, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_336.wav", "duration": 5.67}, {"text": "We are maintaining our revenue guidance and still expect to be in the range", "audio_length_s": 5.67, "path": "b94d748876ddf8e881d4191dec45baf3_75.wav", "duration": 5.67}, {"text": "The same can be said for our entrance into the long-term services and supports market,", "audio_length_s": 5.67, "path": "b94d748876ddf8e881d4191dec45baf3_206.wav", "duration": 5.67}, {"text": "things may be out of balance a little bit in the short term, but with that pace of demand growth,", "audio_length_s": 5.67, "path": "815f65663b3982554e82806de0cbd918_26.wav", "duration": 5.67}, {"text": "So on Page 7, let's review some of our highlights before we get into the more detailed review of our results.", "audio_length_s": 5.67, "path": "1968062b387ef01efed18108be2dc264_82.wav", "duration": 5.67}, {"text": "The solid first quarter was supported by favorable weather conditions and strong selling", "audio_length_s": 5.67, "path": "f330a0aa0ab658fcd59051ffb22f14de_18.wav", "duration": 5.67}, {"text": "The improvements are primarily related to System Sales increasing faster than Central overhead cost,", "audio_length_s": 5.67, "path": "0794a2f02bbe89feb49651735bba77c5_89.wav", "duration": 5.67}, {"text": "And so we prefer to wait until Q3 in order to understand", "audio_length_s": 5.67, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_153.wav", "duration": 5.67}, {"text": "and this has been exacerbated by the competition for the SA vine crop.", "audio_length_s": 5.67, "path": "ea60900258f99d1003ab247c506e42d9_103.wav", "duration": 5.67}, {"text": "for the 2 vessels previously coming off charter at the end of next year.", "audio_length_s": 5.67, "path": "62246783cdfc5083ebb32cff71ccd38b_92.wav", "duration": 5.67}, {"text": "It's probably a little back to the question you just asked before. I think when you take a sales team in,", "audio_length_s": 5.67, "path": "10728656364812338b7417b035dae4c4_56.wav", "duration": 5.67}, {"text": "which makes this year our best first quarter in our over 20-year history. The", "audio_length_s": 5.67, "path": "10728656364812338b7417b035dae4c4_38.wav", "duration": 5.67}, {"text": "You can see the issues on safety of having to put all of these", "audio_length_s": 5.67, "path": "ab4dae37361262d727d1d2f8f78765d5_31.wav", "duration": 5.67}, {"text": "Then we'll enhance shareholder returns in order to meet the expectations of our investors.", "audio_length_s": 5.67, "path": "b0b83ac66a31c5096a75bb1927c557e2_20.wav", "duration": 5.67}, {"text": "However, shareholders' equity increased due to building up of the profit during the period,", "audio_length_s": 5.67, "path": "b0b83ac66a31c5096a75bb1927c557e2_121.wav", "duration": 5.67}, {"text": "And do you feel like the brand's greater push for direct bookings is having any", "audio_length_s": 5.67, "path": "b1da16cba24af8e472573c4c9caf17c7_155.wav", "duration": 5.67}, {"text": "over the course of the last 3 or 4 years. When an industry is going through a very challenged time,", "audio_length_s": 5.67, "path": "2a059b2b192b8e972ca7664ddfed8a20_106.wav", "duration": 5.67}, {"text": "In addition, Alexion has the right to exercise options for additional payments", "audio_length_s": 5.67, "path": "e78997e6a75a2243292b2b54750bb3cb_138.wav", "duration": 5.67}, {"text": "on task and replaced our former account manager. She's making good progress,", "audio_length_s": 5.67, "path": "2c3945f11b4d91727b1ce00d490e11b6_56.wav", "duration": 5.67}, {"text": "Got it. And then when you think about '19, and granted I", "audio_length_s": 5.67, "path": "809e26eaacb31ffdee78d3f41a6ce90a_110.wav", "duration": 5.67}, {"text": "Is this something that we should consider could be", "audio_length_s": 5.67, "path": "9098e5640309f25da0d4dfa04789a36f_12.wav", "duration": 5.67}, {"text": "to investing in capital projects that add value", "audio_length_s": 5.67, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_31.wav", "duration": 5.67}, {"text": "we were facing the fifth lot that was expected to be", "audio_length_s": 5.67, "path": "4cbd8989dd9406e1f08c19a5ce9f8014_178.wav", "duration": 5.67}, {"text": "how much of it now is going to seeding sort of white space opportunities", "audio_length_s": 5.67, "path": "9b697782ea80be97854f35d6fc62c93a_107.wav", "duration": 5.67}, {"text": "And now let's move on and discuss some of the project and operational developments for the first quarter.", "audio_length_s": 5.67, "path": "74d0910b4af16f82a812bddbb151d966_152.wav", "duration": 5.67}, {"text": "and you can go buy them off the shelf and then Google do things like that and others will.", "audio_length_s": 5.67, "path": "e2c17247ae2f5d4fa8dd8814cc801198_155.wav", "duration": 5.67}, {"text": "So no matter how you look at December, it's still the best comp you've had in years.", "audio_length_s": 5.67, "path": "333d478ab06fd400afafa68f4a952191_178.wav", "duration": 5.67}, {"text": "In addition to Central Maine, we also had a few other modular service wins in the quarter.", "audio_length_s": 5.67, "path": "f1da65edd5f2026ffd647d496bb96ce7_150.wav", "duration": 5.67}, {"text": "And that has led to that whole thinking around solutions, around service provision.", "audio_length_s": 5.67, "path": "262bc21196721c5ff9114acbd2ff03c3_303.wav", "duration": 5.67}, {"text": "Today's coal markets emphasize the importance of low cost production and market discipline.", "audio_length_s": 5.67, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_66.wav", "duration": 5.67}, {"text": "and we think we have the product at a stage where these partnerships can be quite attractive for us", "audio_length_s": 5.67, "path": "1ad54837f74515ad7caa2a50d70459c9_139.wav", "duration": 5.67}, {"text": "most of our customers are having better demand, they're putting paper prices up", "audio_length_s": 5.67, "path": "9b1931e93dfb0391fb948924a93be5ff_78.wav", "duration": 5.67}, {"text": "When you look at the cost of deposits in our business banking, commercial banking,", "audio_length_s": 5.67, "path": "f13362f70e41d74f3fda8d7dfb19f09e_63.wav", "duration": 5.67}, {"text": "we have a problem with that. I think we're confident that we have enough equity in the domestic market, and we have", "audio_length_s": 5.67, "path": "da34a7b460e520db0401de3ce860187c_19.wav", "duration": 5.67}, {"text": "gain more than our fair share of the market opportunity that sits there. And so", "audio_length_s": 5.67, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_99.wav", "duration": 5.67}, {"text": "another year or 2 to adopt that before -- the other banks are moving to it more quickly.", "audio_length_s": 5.67, "path": "87045996e7446329f1d98c909c6ca7fe_184.wav", "duration": 5.67}, {"text": "I will now turn it over to Russell to discuss some financial items and our second quarter outlook.", "audio_length_s": 5.67, "path": "735a523f1ef6500b7aa97a2536d9c4fd_136.wav", "duration": 5.67}, {"text": "And clearly, that could be accelerated by others in the industry doing the same.", "audio_length_s": 5.67, "path": "af2718cdc0b3b856f9a0b3da3d527d18_213.wav", "duration": 5.67}, {"text": "Another key highlight from our partnership network is our innovative -- is our innovation", "audio_length_s": 5.67, "path": "450a5dc6eb19b82da8dfc68127f6e79d_77.wav", "duration": 5.67}, {"text": "and once again, retail and business banking continued to expand their return on equity.", "audio_length_s": 5.67, "path": "dffe8257f781608bb17bb637249e4d2a_91.wav", "duration": 5.67}, {"text": "the plans to improve this and more aggressively expand sales points.", "audio_length_s": 5.67, "path": "416ebb7a4160f7cd2f98361cbd1cb769_145.wav", "duration": 5.67}, {"text": "I will just say that not all the corporate stores are run profitably.", "audio_length_s": 5.67, "path": "416ebb7a4160f7cd2f98361cbd1cb769_103.wav", "duration": 5.67}, {"text": "so far we haven't really felt much there. I would say what impacted us a little bit more up in Canada,", "audio_length_s": 5.67, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_92.wav", "duration": 5.67}, {"text": "in your footprint for broadband was probably a bit lower because of demographics.", "audio_length_s": 5.67, "path": "1689b94530eca82b7758c86b4cf3125f_71.wav", "duration": 5.67}, {"text": "On an organic basis, excluding the unfavorable impact of changes in foreign exchange rates,", "audio_length_s": 5.67, "path": "3b2908426357bb8269c3a01469865cd6_156.wav", "duration": 5.67}, {"text": "the profile really is not significantly different", "audio_length_s": 5.67, "path": "0dec9a606303da3039d11eec4ec9bd86_109.wav", "duration": 5.67}, {"text": "of all nuclear plants built today or under construction adjusted for inflation.", "audio_length_s": 5.67, "path": "77d2dd6d5e46cc8a8e80809305b60208_212.wav", "duration": 5.67}, {"text": "Pricing continues to be muted with net sales being driven by volume and mix.", "audio_length_s": 5.67, "path": "3877b1983229ec488c6349a188bccf92_9.wav", "duration": 5.67}, {"text": "about the performance of the triplet. Of course, there's a lot of evidence of what the control arm", "audio_length_s": 5.67, "path": "c36ef43210d40b0d1ad8f2acc597c76b_94.wav", "duration": 5.67}, {"text": "that over half of future development cost could be offset by contributions from our partners.", "audio_length_s": 5.67, "path": "c36ef43210d40b0d1ad8f2acc597c76b_113.wav", "duration": 5.67}, {"text": "In addition, we aim to shift from investing in businesses to managing them", "audio_length_s": 5.67, "path": "254f3c2175c8e11d6da7d44a221e1bff_26.wav", "duration": 5.67}, {"text": "thereby proactively creating value by making use of our management skills.", "audio_length_s": 5.67, "path": "254f3c2175c8e11d6da7d44a221e1bff_29.wav", "duration": 5.67}, {"text": "Ladies and gentlemen, good afternoon. First of all, let me introduce our", "audio_length_s": 5.67, "path": "ea45464984232d301c70cc7a9afdbc65_25.wav", "duration": 5.67}, {"text": "We undertake no obligation to publicly update or revise any forward-looking statements", "audio_length_s": 5.67, "path": "5633fe3600ee04237bbb918c56341864_3.wav", "duration": 5.67}, {"text": "High quality H qualified MH assets continue to command best financing terms.", "audio_length_s": 5.67, "path": "98bbf1693b5a53e7f02d890a8dca876a_13.wav", "duration": 5.67}, {"text": "I'm very pleased that these results are very supportive of", "audio_length_s": 5.67, "path": "e29584f9f829602cacebcce71c2a4fb9_99.wav", "duration": 5.67}, {"text": "in the last quarter of the year. This is a very strong trend that we've had for many years.", "audio_length_s": 5.67, "path": "29f56972971325265e4a53485f49793e_18.wav", "duration": 5.67}, {"text": "with the reduction driven by careful management of cash operating costs and working capital.", "audio_length_s": 5.67, "path": "00dcacc7fe3cab64b14aff04a9cd0284_21.wav", "duration": 5.67}, {"text": "I want to reiterate that all of our work at MD Anderson is already paid for", "audio_length_s": 5.67, "path": "c5120d9702331edaf23bb6e639df0a70_46.wav", "duration": 5.67}, {"text": "and that's the most important thing that you can have because if they're happy, they tell people about it.", "audio_length_s": 5.67, "path": "82ccbfb62e125b146fba0f8e4347cc62_159.wav", "duration": 5.67}, {"text": "This was partially offset by the impact of sales mix from the Free Service Tire acquisition.", "audio_length_s": 5.67, "path": "884400c829f179d8cf68b767f45f03a4_26.wav", "duration": 5.67}, {"text": "Given our size and scale, we're using this as an opportunity to kind of reassess our product assortment", "audio_length_s": 5.67, "path": "884400c829f179d8cf68b767f45f03a4_168.wav", "duration": 5.67}, {"text": "Social selling is transforming our industry, and we are working to be a global leader in this space.", "audio_length_s": 5.67, "path": "1353031386f884a821e7e9bab449727d_78.wav", "duration": 5.67}, {"text": "They are all exposed to a growing", "audio_length_s": 5.67, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_184.wav", "duration": 5.67}, {"text": "And I think what we have done over the past couple of years now, at least, is to establish, I think,", "audio_length_s": 5.67, "path": "bfb0fac9575cd0820a660f2577199468_45.wav", "duration": 5.67}, {"text": "Tax is also an area where we are continuing to dedicate significant attention and resources.", "audio_length_s": 5.67, "path": "b6688f44b91606fbd75a6d66e94d4e4b_189.wav", "duration": 5.67}, {"text": "And this burst out much better than the expected year.", "audio_length_s": 5.67, "path": "70495e47bf69dc2e7d778a790679f347_121.wav", "duration": 5.67}, {"text": "Maintaining a strong balance sheet and dividends remains at the top of our priorities.", "audio_length_s": 5.67, "path": "383cf39e54475c8a25af2af7b35c6f2e_109.wav", "duration": 5.67}, {"text": "all at once. It's easier for them. They're running a big job, they want us to take it all at once.", "audio_length_s": 5.67, "path": "fb03ff65af8e5f80abd090abeaf767cf_22.wav", "duration": 5.67}, {"text": "The business enjoyed a firm trend on other areas as well.", "audio_length_s": 5.67, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_86.wav", "duration": 5.67}, {"text": "So if there is no new surprises in the market for whatever reason,", "audio_length_s": 5.67, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_36.wav", "duration": 5.67}, {"text": "kind of the first half of Pinnacle. Having said that, that forecast reflects", "audio_length_s": 5.67, "path": "b0d88c0f1efca89ecb928172341dc75d_246.wav", "duration": 5.67}, {"text": "And this weakness accounts for the vast majority of Pinnacle's current challenges.", "audio_length_s": 5.67, "path": "b0d88c0f1efca89ecb928172341dc75d_16.wav", "duration": 5.67}, {"text": "And I think that some of that just comes from the very effect that you're talking about.", "audio_length_s": 5.67, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_48.wav", "duration": 5.67}, {"text": "In certain situations, a better decision means better clinical outcome.", "audio_length_s": 5.67, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_197.wav", "duration": 5.67}, {"text": "And so as a consequence, we divested it. We thought we'd be able to divest that a lot quicker than we did.", "audio_length_s": 5.67, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_51.wav", "duration": 5.67}, {"text": "Before we begin, I would like to remind you that during this call, we will make forward-looking statements.", "audio_length_s": 5.67, "path": "3e42c35588dc721e96280bc039e96c8d_62.wav", "duration": 5.67}, {"text": "Our investments in our utilities are needed to improve the customer experience and create value for customers.", "audio_length_s": 5.67, "path": "5b331cf4e6f62ec9a9c30a4728e36054_61.wav", "duration": 5.67}, {"text": "Right now, the administration is gathering suggestions on what needs to be done to speed this up,", "audio_length_s": 5.67, "path": "902872913863de98d38e2936b846cf66_75.wav", "duration": 5.67}, {"text": "And then secondly, on VR. It seems like it would be the case. This is probably obvious that gamers would", "audio_length_s": 5.67, "path": "125388f1b45117acde70abc39e0f7d04_175.wav", "duration": 5.67}, {"text": "We're strengthening our corporate governance processes, including the appointment of new independent directors,", "audio_length_s": 5.67, "path": "ddabb30d106a115232a49981d62da464_19.wav", "duration": 5.67}, {"text": "and after 24 months, the customers don't have to pay any more", "audio_length_s": 5.67, "path": "1530acc3242f0ee1713e757ee06f6aa1_18.wav", "duration": 5.67}, {"text": "in the glass business was not just capacity utilization but an improvement of product quality.", "audio_length_s": 5.67, "path": "b20564a6da1bcfc7b80552299d9e002a_132.wav", "duration": 5.67}, {"text": "really benefit from the ability to get a better sense of perspective on how to interpret that.", "audio_length_s": 5.67, "path": "8f92dfb06900be4f209f31f24cb885fb_62.wav", "duration": 5.67}, {"text": "There are 4 unique features to Remodulin as it is today", "audio_length_s": 5.67, "path": "8f92dfb06900be4f209f31f24cb885fb_5.wav", "duration": 5.67}, {"text": "Our app continues to have new features to make it easier for customers", "audio_length_s": 5.67, "path": "00a36b039cb49e6b99bb6d17635a3c25_191.wav", "duration": 5.67}, {"text": "We have done so by focusing on portfolio expansion, scientific expertise,", "audio_length_s": 5.67, "path": "50eb350badadec6e4272b90684741c25_22.wav", "duration": 5.67}, {"text": "in line with what we expected. We did expect them to take a lot of product, go through regression testing and then", "audio_length_s": 5.67, "path": "0668081864383eb57919b99c85649753_140.wav", "duration": 5.67}, {"text": "This is critical because it is allowing us to have more flexibility take on business that we could not", "audio_length_s": 5.67, "path": "0668081864383eb57919b99c85649753_13.wav", "duration": 5.67}, {"text": "due to the lack of compression, and would not expect that until probably the first week", "audio_length_s": 5.67, "path": "5f4034bd1c0669186fcee6909c5d59e7_43.wav", "duration": 5.67}, {"text": "Our presence has never been stronger during peak than it is today.", "audio_length_s": 5.67, "path": "f268a8174f58c93ad6b45b7f151fe896_218.wav", "duration": 5.67}, {"text": "We've tracked and closed tens of millions of gaps in care in the last year alone", "audio_length_s": 5.67, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_106.wav", "duration": 5.67}, {"text": "We're also launching within our research business expansion into both payer market", "audio_length_s": 5.67, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_69.wav", "duration": 5.67}, {"text": "I'd like to turn the conference back to your speaker for any additional or closing remarks.", "audio_length_s": 5.67, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_73.wav", "duration": 5.67}, {"text": "Our GAAP numbers also improved and would have been even better except for", "audio_length_s": 5.67, "path": "0807d606b6cf98da19b317b4928c3572_33.wav", "duration": 5.67}, {"text": "But as we expand our portfolio of clinically complex products, we want to make sure the Europeans are", "audio_length_s": 5.67, "path": "6fe1a71311b4937268b4c0332dc7c11f_65.wav", "duration": 5.67}, {"text": "And as -- not only are we doing it within the banners through consumer brands,", "audio_length_s": 5.67, "path": "c88e296697cd72c891ffb7bf5a1a60bb_220.wav", "duration": 5.67}, {"text": "Overall, we generated significant momentum over the course of the year.", "audio_length_s": 5.67, "path": "365c360aff42713cef71a7d026eeeb6d_14.wav", "duration": 5.67}, {"text": "In a while, they'll be taking you through our second quarter performance and outlook in the near term.", "audio_length_s": 5.67, "path": "8dd740d83ff1c7319a82eeba6047633d_2.wav", "duration": 5.67}, {"text": "there are -- is a lot of standardization of the lines or commonalities between the lines", "audio_length_s": 5.67, "path": "5478e14c30a7a53219de2176fdba0d4a_99.wav", "duration": 5.67}, {"text": "type of vehicles being sold, but we really haven't finalized all that yet. But generally, it's a flat environment probably.", "audio_length_s": 5.67, "path": "eb93e70cdf7a839a69546250fb3646fb_197.wav", "duration": 5.67}, {"text": "These new programs will be a bigger and better assortment of Funko products to create a more compelling", "audio_length_s": 5.67, "path": "19bfb8daeb6e43d59415df478017d5c3_44.wav", "duration": 5.67}, {"text": "But that works well when you look at annual averages, less well when you look at", "audio_length_s": 5.67, "path": "976a5489fe4d30c2e1ebb237ec62398a_64.wav", "duration": 5.67}, {"text": "Outside of the energy market, demand for stainless steel products has continued to be good", "audio_length_s": 5.67, "path": "97ddc19ecb28bab2d19fd3b181182062_170.wav", "duration": 5.67}, {"text": "and through price reductions, with the remainder contributing to increased competitiveness and to the bottom line.", "audio_length_s": 5.67, "path": "9b83a4dcac688347e3b13ca7c55660ed_82.wav", "duration": 5.67}, {"text": "we believe that KORSUVA has the potential to address pruritus across a range of medical conditions", "audio_length_s": 5.67, "path": "6064088db0200b32f3f3e848047c5ab6_4.wav", "duration": 5.67}, {"text": "significant or incremental pricing pressure that's compared to what you've seen in the past.", "audio_length_s": 5.67, "path": "78cf0d3e40caba622d8914916f0f9146_211.wav", "duration": 5.67}, {"text": "We're in the process of ramping up. We would like to have the next 6 months", "audio_length_s": 5.67, "path": "19e7822c0e829faf25355c16b830cf39_53.wav", "duration": 5.67}, {"text": "Okay, so just to put words around that, the incrementals might keep pace with", "audio_length_s": 5.67, "path": "47546a57a865bca0f4e677dc3b485053_180.wav", "duration": 5.67}, {"text": "litigation charges in the second half of the year.", "audio_length_s": 5.6699375, "path": "bddc15938bdcc3085f19b0851e74c2c0_235.wav", "duration": 5.6699375}, {"text": "There will be more work to come. With that, I'll turn it over to Jeff for some comments on the financials.", "audio_length_s": 5.6699375, "path": "3412b2f7aef0615537779e312cf984c3_96.wav", "duration": 5.6699375}, {"text": "In addition to a solid fourth quarter at Famous, we also wrapped up a great year,", "audio_length_s": 5.6699375, "path": "6cbf592846662213258684c3049e4592_115.wav", "duration": 5.6699375}, {"text": "So just first a few comments on the quarter.", "audio_length_s": 5.64, "path": "5833763223d8d85b6fcb5fe90e821c77_3.wav", "duration": 5.64}, {"text": "Does that -- can that break 60% by the end of the year, or is that going to take a little bit longer to get there?", "audio_length_s": 5.64, "path": "c272c3032aa56f99fd19c220786b0636_96.wav", "duration": 5.64}, {"text": "because you've created a pressure sink at that parent well and you end up retreating the same rock. So", "audio_length_s": 5.64, "path": "7d2a9151826f1fbcf538ffbf85924ed2_30.wav", "duration": 5.64}, {"text": "So in the first instance, the balance sheet would remain unchanged because it reflects those contributions.", "audio_length_s": 5.64, "path": "bc605e9d69e921f4f61a508a448ad0dd_85.wav", "duration": 5.64}, {"text": "This new technology will automatically connect our accounting, POS and banking systems.", "audio_length_s": 5.64, "path": "a20052a04bcb5b7b8d242a21c859550d_119.wav", "duration": 5.64}, {"text": "by the improving freight environment, cost controls and synergies we have begun to implement.", "audio_length_s": 5.64, "path": "94fdf7b24748a7706b1097482a0f363a_8.wav", "duration": 5.64}, {"text": "David will review the company's business performance operations and growth strategies while Diana will review the financials.", "audio_length_s": 5.64, "path": "b40ab385cca0095fc17f5310045ca5d2_66.wav", "duration": 5.64}, {"text": "We don't have any particular updates. That is all for me.", "audio_length_s": 5.64, "path": "3cb802f8fba7d33603c29387ccdaf817_83.wav", "duration": 5.64}, {"text": "the performance of the company relative to some of the markets it served. And as you can see, a lot of the", "audio_length_s": 5.64, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_159.wav", "duration": 5.64}, {"text": "to connect new customers were related to increased order intake.", "audio_length_s": 5.64, "path": "2f888e63a31b86cc2f4f97710e8eed79_241.wav", "duration": 5.64}, {"text": "But this is also a question of market availability because with the higher copper prices,", "audio_length_s": 5.64, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_66.wav", "duration": 5.64}, {"text": "We're also working aggressively to continue to attract and convert more new and lapsed customers.", "audio_length_s": 5.64, "path": "1f1b29266d2cede9b8f0f06ca57aae17_102.wav", "duration": 5.64}, {"text": "as we look at it. But you're exactly right. We have taken a lot of steps to do everything we can to", "audio_length_s": 5.64, "path": "718a89dc503706eae0091bcd9410d567_189.wav", "duration": 5.64}, {"text": "I always say that whenever we have", "audio_length_s": 5.64, "path": "17ee868a7ed8656d69e6888ee4a6d550_42.wav", "duration": 5.64}, {"text": "The interest on our bond is scheduled to be paid in the first quarter and third quarter of each year.", "audio_length_s": 5.64, "path": "4bf5e132b2f3d6aab97932e977a3fa7e_5.wav", "duration": 5.64}, {"text": "with customers responding positively to the newness they have seen in our stores this year.", "audio_length_s": 5.64, "path": "280baf1d10cd27b78eae4bf2574b9c98_148.wav", "duration": 5.64}, {"text": "in the second half. We will continue on with our efforts to", "audio_length_s": 5.64, "path": "1c60a3d37d43a43d5851722212ddcd71_65.wav", "duration": 5.64}, {"text": "And we think by having that loyalty program and that breadth of choice, we drive", "audio_length_s": 5.64, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_214.wav", "duration": 5.64}, {"text": "our Collins terminal is strategically located for the bulk storage market", "audio_length_s": 5.64, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_44.wav", "duration": 5.64}, {"text": "But if you did the same -- if you asked the same question last year, which I think is your second question,", "audio_length_s": 5.64, "path": "ec0ecc8e73cce4598def6cfff6f7c598_45.wav", "duration": 5.64}, {"text": "the comprehensive testing that we've developed. That takes a lot of time, it takes a lot of effort.", "audio_length_s": 5.64, "path": "8bbc2f54137b794265dfb01f1559868d_78.wav", "duration": 5.64}, {"text": "So far for looking backwards, now let's look at the numbers", "audio_length_s": 5.64, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_3.wav", "duration": 5.64}, {"text": "Is it as simple as that? Or do you have other moving pieces we should keep in mind?", "audio_length_s": 5.64, "path": "b34f680a9162805e0188170d6272a356_218.wav", "duration": 5.64}, {"text": "of advancement beyond what we believe might be the Praxair device.", "audio_length_s": 5.64, "path": "46906afb4e1ee1fef09b5908e76beefa_197.wav", "duration": 5.64}, {"text": "resources to the Sherman plant and just going to let that one run as it is?", "audio_length_s": 5.64, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_48.wav", "duration": 5.64}, {"text": "over the life of the SCBA, which is obviously a key value proposition for us.", "audio_length_s": 5.64, "path": "01502edf6cda82061f1f45d6b0e8e189_106.wav", "duration": 5.64}, {"text": "that our second half revenue comparable could decline year-on-year. However,", "audio_length_s": 5.64, "path": "145244b0378e6657d456cffca8bbc982_77.wav", "duration": 5.64}, {"text": "And we have a growing network of franchise SKECHERS stores in countries where we handle the distribution of our product.", "audio_length_s": 5.64, "path": "2fc915b996c687200d995736980aae9a_173.wav", "duration": 5.64}, {"text": "So any changes that are in process there have already been baked into your", "audio_length_s": 5.64, "path": "ca2bc8d693d4751cc88444d2e715f645_23.wav", "duration": 5.64}, {"text": "But because of the reason that we want to give you some insight in our financials,", "audio_length_s": 5.64, "path": "fa45af64ef25007f998c655347bfbecb_12.wav", "duration": 5.64}, {"text": "So do we hold back growth a little bit when labor market becomes even more tight?", "audio_length_s": 5.64, "path": "fa45af64ef25007f998c655347bfbecb_119.wav", "duration": 5.64}, {"text": "Thank you, Ron. Good morning everyone and welcome to our conference call.", "audio_length_s": 5.64, "path": "8292bdb9af87f10627c044f3842b2c76_116.wav", "duration": 5.64}, {"text": "it's a very high retail base. But as we grow as a company, the real key is going to be starting to bring", "audio_length_s": 5.64, "path": "392ca3d1e388c6d7a35f6d0db390c359_116.wav", "duration": 5.64}, {"text": "certainly don't believe at this point that the majority of it would go away.", "audio_length_s": 5.64, "path": "a212b77ae2b2452093665a4e179ed3a3_31.wav", "duration": 5.64}, {"text": "Last year, we introduced our ATM services into Canada.", "audio_length_s": 5.64, "path": "1b1699497be56330b3ed833f22bc63f6_152.wav", "duration": 5.64}, {"text": "Second, we plan to launch new shows each year, primarily in our existing sectors.", "audio_length_s": 5.64, "path": "4032bfdd59881fc6506c082737cb5a99_55.wav", "duration": 5.64}, {"text": "How would you characterize them versus your own expectations? And you mentioned 3 things as far as", "audio_length_s": 5.64, "path": "73ba4ff250b62745e03880e75b9a1581_41.wav", "duration": 5.64}, {"text": "This reflects again strict cost discipline in a pretty weak revenue environment.", "audio_length_s": 5.64, "path": "bddc15938bdcc3085f19b0851e74c2c0_289.wav", "duration": 5.64}, {"text": "and I'm not going to specify that anymore, in relation to some antitrust matters where", "audio_length_s": 5.64, "path": "bddc15938bdcc3085f19b0851e74c2c0_246.wav", "duration": 5.64}, {"text": "kindly like to refer people to, rather than us speculating on what ECB, EBA are going to do.", "audio_length_s": 5.64, "path": "bddc15938bdcc3085f19b0851e74c2c0_167.wav", "duration": 5.64}, {"text": "even though the second quarter of the year always suffers from a low seasonal impact.", "audio_length_s": 5.64, "path": "11ca275b0bd65060f43ae2d28e1c489f_32.wav", "duration": 5.64}, {"text": "for our salespeople are now entirely based on growing recurring revenue.", "audio_length_s": 5.64, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_157.wav", "duration": 5.64}, {"text": "and expect to maintain at that relative level to feed revenue growth and operating leverage.", "audio_length_s": 5.64, "path": "0f4370b614f29bd596e4f6871cc77864_77.wav", "duration": 5.64}, {"text": "With that said, it is important to note that we are seeing healthy pipeline growth in our business,", "audio_length_s": 5.64, "path": "ddf51a035f75b2e145a283edfd51fffc_117.wav", "duration": 5.64}, {"text": "As usual, I will provide an overview of the company's insurance operations,", "audio_length_s": 5.64, "path": "fc066133a3e40a7d270f2dff3e44fd58_1.wav", "duration": 5.64}, {"text": "We're going to provide opening statements on the status of operations and then our financial results.", "audio_length_s": 5.64, "path": "a44c74bdc01aa7e317addc11f2274e11_99.wav", "duration": 5.64}, {"text": "Therefore, the investment is intended to address a part of this large and growing market.", "audio_length_s": 5.64, "path": "f314d55f20e7186f4cd0e41e32ec144b_14.wav", "duration": 5.64}, {"text": "In addition, there have been press reports of lawmakers mentioning the possibility of finding a way", "audio_length_s": 5.64, "path": "9da45cfd4472699ef05d887adce01223_65.wav", "duration": 5.64}, {"text": "This was a tremendous quarter, especially for the sales organization as the company set numerous leasing records.", "audio_length_s": 5.64, "path": "171fd9df333ddd814c764843ed624121_182.wav", "duration": 5.64}, {"text": "In turn, this means more documents uploaded to Venue per transaction.", "audio_length_s": 5.64, "path": "1244d2b5a259c3bc73742830d60d53fc_79.wav", "duration": 5.64}, {"text": "which leads to more cost being absorbed and capitalized into inventory during these times periods,", "audio_length_s": 5.64, "path": "2905366dcf0eb60a22b63a1b3d9adf95_102.wav", "duration": 5.64}, {"text": "the pathway to getting back toward maybe those normalized", "audio_length_s": 5.64, "path": "2b87d263eaf2464f275a48fa005b16c7_135.wav", "duration": 5.64}, {"text": "will look like. So we expect to come out of this meeting", "audio_length_s": 5.64, "path": "01ebdadb81d0e5a57270957c0cbe83fc_51.wav", "duration": 5.64}, {"text": "As we have integrated employees on to the platform and increased the company's overall productivity,", "audio_length_s": 5.64, "path": "9ab2e6eb9debfae2de541ba645bfd265_69.wav", "duration": 5.64}, {"text": "We are fully cooperating with the request and will provide updates as soon as we are able.", "audio_length_s": 5.64, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_7.wav", "duration": 5.64}, {"text": "and execute on our channel inventory destocking in Agricultural Equipment segment.", "audio_length_s": 5.64, "path": "132abea68f255eb89160dde90b6d3b80_39.wav", "duration": 5.64}, {"text": "Again, not that we don't have a great team already, but we're adding additional capabilities that I think will only help.", "audio_length_s": 5.64, "path": "b96165244f010b3f1e61cbbc5e504d96_147.wav", "duration": 5.64}, {"text": "which is part of a broad-based effort to improve the efficiency and effectiveness across the company.", "audio_length_s": 5.64, "path": "0899e07f70a6e5be842fb6e22a3fafe9_134.wav", "duration": 5.64}, {"text": "and third, the core underlying franchise performance excluding these 2 items.", "audio_length_s": 5.64, "path": "0899e07f70a6e5be842fb6e22a3fafe9_151.wav", "duration": 5.64}, {"text": "Identifying the right partner, allowing them to complete an appropriate market assessment and diligence review,", "audio_length_s": 5.64, "path": "79afc92245f71d37a9adafb6f8d50e4f_4.wav", "duration": 5.64}, {"text": "We also made good progress on several strategic initiatives during the year.", "audio_length_s": 5.64, "path": "c1d916407f390d20e9d8f9b453e22435_37.wav", "duration": 5.64}, {"text": "And I guess, what is the structure of these partnerships? Is it possible to,", "audio_length_s": 5.64, "path": "87ba56e8ff82d5e181ee5d6d66543c51_94.wav", "duration": 5.64}, {"text": "Brazil is probably is a practical matter coming along more slowly than we would have hoped.", "audio_length_s": 5.64, "path": "08ed60a546bd48af9db028c4e3c8af26_12.wav", "duration": 5.64}, {"text": "it's a contact sport, it's spending time with clients and talking about those opportunities.", "audio_length_s": 5.64, "path": "be8b554309f7632bc9ebbd967764001e_237.wav", "duration": 5.64}, {"text": "And then, as you think about the Delaware Basin, with our transportation capacity that we have,", "audio_length_s": 5.64, "path": "a8b43081254547419da7462d9c957d61_119.wav", "duration": 5.64}, {"text": "So you will see some additional production coming in later on the long-term guidance.", "audio_length_s": 5.64, "path": "e5040d02fba73a359d3f7cb346517ce1_143.wav", "duration": 5.64}, {"text": "because a large number of your potential sources of new talent", "audio_length_s": 5.64, "path": "8a77ceadd7e4729abc9102d38be3a227_41.wav", "duration": 5.64}, {"text": "First, the increase in commodity costs is likely to be higher in the first half of the year.", "audio_length_s": 5.64, "path": "47b1a118c53956b23f1d687a75f3e5ba_112.wav", "duration": 5.64}, {"text": "which will allow us to make incremental investments to further fortify our business.", "audio_length_s": 5.64, "path": "3df0981a2d94ed56170b78330aa72ee9_14.wav", "duration": 5.64}, {"text": "Sure. And just by the way, Robin, as you were asking the question, I looked up our metrics. So", "audio_length_s": 5.64, "path": "9b93af1e7019959620214c387f283d8e_153.wav", "duration": 5.64}, {"text": "Why do you feel it's not the right thing to replace the talent more broadly?", "audio_length_s": 5.64, "path": "b305bff75f28d238f0bd7da5bd4f13b8_199.wav", "duration": 5.64}, {"text": "and we believe that we have achieved a stabilized level of operations.", "audio_length_s": 5.64, "path": "b94d748876ddf8e881d4191dec45baf3_188.wav", "duration": 5.64}, {"text": "for the first 6 months, I think that in many aspects of our industry, we've been going through a crisis of trust", "audio_length_s": 5.64, "path": "16ed973148ce103dc95fdcfaf35bbe7b_243.wav", "duration": 5.64}, {"text": "And you can see that gas will increase while oil and coal should decrease.", "audio_length_s": 5.64, "path": "ca67cef56548d21bf5c1669beebf3cb0_19.wav", "duration": 5.64}, {"text": "highlight that we did say that the working capital will go down and come back up", "audio_length_s": 5.64, "path": "ab4dae37361262d727d1d2f8f78765d5_202.wav", "duration": 5.64}, {"text": "Well, opportunistic share repurchases are clearly at the top of that list", "audio_length_s": 5.64, "path": "b1da16cba24af8e472573c4c9caf17c7_78.wav", "duration": 5.64}, {"text": "but you need the productive immune response, which the virus", "audio_length_s": 5.64, "path": "e78997e6a75a2243292b2b54750bb3cb_124.wav", "duration": 5.64}, {"text": "Because we have global industrial operation and industrial", "audio_length_s": 5.64, "path": "b126e11520fd54843c67f70f15cd30cc_198.wav", "duration": 5.64}, {"text": "Well, we have a structure in place that we validated with OFAC that they", "audio_length_s": 5.64, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_90.wav", "duration": 5.64}, {"text": "Okay. So I mean, would you expect them to go back up from here or.", "audio_length_s": 5.64, "path": "75eb5b75bb8587b63c318714ea956b9e_74.wav", "duration": 5.64}, {"text": "Well, if you look what is embedded and what", "audio_length_s": 5.64, "path": "52a4e3ebf7e968a783401230c3f69a9d_141.wav", "duration": 5.64}, {"text": "Is there any metrics or any things that we should be looking for in order to kind of", "audio_length_s": 5.64, "path": "ceeedf178333db4c586311e4f43bdfd1_61.wav", "duration": 5.64}, {"text": "as you would do in the spring and summer and fall months.", "audio_length_s": 5.64, "path": "ba5f13bb75329629d0c070c9014ff4f0_143.wav", "duration": 5.64}, {"text": "generation of clinical programs, which represent the insight and innovation at the heart of our company.", "audio_length_s": 5.64, "path": "571b0d30d88945a981006f24faa72cf7_76.wav", "duration": 5.64}, {"text": "Looking across our businesses, I'll mention a few highlights of results compared to a year ago.", "audio_length_s": 5.64, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_180.wav", "duration": 5.64}, {"text": "One of the clear highlights of Q4 is our net new active number.", "audio_length_s": 5.64, "path": "49e533a8449f6b9b6c806458e73338e1_6.wav", "duration": 5.64}, {"text": "And I guess, are some of the promotions centered around getting back to that type of growth rate?", "audio_length_s": 5.64, "path": "1689b94530eca82b7758c86b4cf3125f_45.wav", "duration": 5.64}, {"text": "do a determination of coverage. They would get the notification that they're not covered.", "audio_length_s": 5.64, "path": "e42f90eacf0e766ff39973c6aca06c93_13.wav", "duration": 5.64}, {"text": "start accelerating up to double digits, you'd have really have a period of -- a multiyear period of", "audio_length_s": 5.64, "path": "0dec9a606303da3039d11eec4ec9bd86_51.wav", "duration": 5.64}, {"text": "I'd say we have made great progress in this area and the outage that we took this last quarter in Europe,", "audio_length_s": 5.64, "path": "e33785a294553de2a12d4463bf786744_124.wav", "duration": 5.64}, {"text": "We are not just enamored with spending money to become bigger.", "audio_length_s": 5.64, "path": "e33785a294553de2a12d4463bf786744_139.wav", "duration": 5.64}, {"text": "Now please turn to Slide 13 for a review of our Gases Americas results.", "audio_length_s": 5.64, "path": "e33785a294553de2a12d4463bf786744_27.wav", "duration": 5.64}, {"text": "They're on the ground talking to customers, looking for new opportunities,", "audio_length_s": 5.64, "path": "8635f950dc44da3fcad542b2c066bedf_149.wav", "duration": 5.64}, {"text": "The overall development trend is quite stable.", "audio_length_s": 5.64, "path": "80a2ca14358172366acab4e80f3fa33b_229.wav", "duration": 5.64}, {"text": "All growth rates and revenue and expense projections represent midpoints in our guidance range.", "audio_length_s": 5.64, "path": "98bbf1693b5a53e7f02d890a8dca876a_59.wav", "duration": 5.64}, {"text": "these CMOs are literally audited by", "audio_length_s": 5.64, "path": "e29584f9f829602cacebcce71c2a4fb9_62.wav", "duration": 5.64}, {"text": "client specifics. We only did in this instance because that was such a large impact from", "audio_length_s": 5.64, "path": "0cfaeed8cd93dc274845d450e921aeb6_60.wav", "duration": 5.64}, {"text": "we are raising our full year 2017 crude oil production guidance", "audio_length_s": 5.64, "path": "838af8ffae77ce8ff59c77b1985f8fc5_72.wav", "duration": 5.64}, {"text": "a wonderful holiday season. So have a great day and be well. Thank you.", "audio_length_s": 5.64, "path": "94f601dc7b34ad38667e3b714aa89d35_131.wav", "duration": 5.64}, {"text": "or breakeven on the kits. And so if somebody signs up to sell and all they do is read the books and", "audio_length_s": 5.64, "path": "82ccbfb62e125b146fba0f8e4347cc62_74.wav", "duration": 5.64}, {"text": "that has very, very good knowledge of the market and is running", "audio_length_s": 5.64, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_89.wav", "duration": 5.64}, {"text": "hardware there that didn't fit the lines at Rock Cut. So what will be", "audio_length_s": 5.64, "path": "ea80970d6b8e6fab10c4500aa7298914_116.wav", "duration": 5.64}, {"text": "we are encouraged by the fact that the response to our updated report was very positive,", "audio_length_s": 5.64, "path": "4311782968e936c378fdee8946cd9cca_72.wav", "duration": 5.64}, {"text": "So if you had to take a view that other than what we have", "audio_length_s": 5.64, "path": "75b064acca5b532722510ac0b9b0822e_313.wav", "duration": 5.64}, {"text": "therefore, the real results can differ from those signaled.", "audio_length_s": 5.64, "path": "0f9d6e24171bc068e7ff7a11e7e44060_34.wav", "duration": 5.64}, {"text": "Our sales account executives now lead with a total solution selling strategy by vertical,", "audio_length_s": 5.64, "path": "a9ff9f85f03afdd2d13b76e14060b31d_78.wav", "duration": 5.64}, {"text": "and has really taken the market a bit out of whack this year and out of balance. And so", "audio_length_s": 5.64, "path": "09b5b62d328d3d0719b6825357fdfb48_31.wav", "duration": 5.64}, {"text": "In terms of farmer marketing, this is very interesting because we are", "audio_length_s": 5.64, "path": "09b5b62d328d3d0719b6825357fdfb48_174.wav", "duration": 5.64}, {"text": "by utilizing the same number of manufacturing line shifts and staffing levels.", "audio_length_s": 5.64, "path": "64364105b816dd0b6a029e9cd210e65b_21.wav", "duration": 5.64}, {"text": "So it's those types of assets that have lower total return profiles into the future.", "audio_length_s": 5.64, "path": "24a133abc343c813233d416b0cef96cd_211.wav", "duration": 5.64}, {"text": "with most of the improvement coming from lower depreciation and lower exploration expenses.", "audio_length_s": 5.64, "path": "95303f68781d6fb58e19ec1dc7785a7c_7.wav", "duration": 5.64}, {"text": "And obviously, the signing of gas agreements is the trigger for progressing that further.", "audio_length_s": 5.64, "path": "ebd59e21db89edb92205e012427cd9db_82.wav", "duration": 5.64}, {"text": "and are spending more than what we originally anticipated is largely in our Electrical Products segment.", "audio_length_s": 5.64, "path": "9fb4423a70358ef22be9982299969f7a_170.wav", "duration": 5.64}, {"text": "Moving now to an update on our pipeline program, I will focus today", "audio_length_s": 5.64, "path": "6daa2d0829057899b014b06c36e1d54b_9.wav", "duration": 5.64}, {"text": "which offers an increased potential for monotherapy and combination treatment.", "audio_length_s": 5.64, "path": "6daa2d0829057899b014b06c36e1d54b_158.wav", "duration": 5.64}, {"text": "to differ materially from results and events contemplated by such forward-looking statements.", "audio_length_s": 5.64, "path": "e9970d55b0ac8bddede7f337c0f94d36_1.wav", "duration": 5.64}, {"text": "So which regions do you see at that high end of the volume range and which regions do you expect to lag?", "audio_length_s": 5.64, "path": "902872913863de98d38e2936b846cf66_108.wav", "duration": 5.64}, {"text": "First, I would say it would have been higher. So you had -- you did have weather impacts", "audio_length_s": 5.64, "path": "902872913863de98d38e2936b846cf66_224.wav", "duration": 5.64}, {"text": "but when we look at the quarterly performance, we can see that there is a consolidated trend", "audio_length_s": 5.64, "path": "1758a982f596e3033f062a5b9f011361_28.wav", "duration": 5.64}, {"text": "Okay. And then just a little bigger picture. I know you've talked a bit about", "audio_length_s": 5.64, "path": "09eebad8f3c529b4c7d916c5f7766f7f_165.wav", "duration": 5.64}, {"text": "And I think the Woodford and the Sycamore, both have quite a bit of running room in our footprint.", "audio_length_s": 5.64, "path": "c71a6ab1a0697010811c89200ab21613_23.wav", "duration": 5.64}, {"text": "Our commitment to capital discipline and the shift to funding our future activities within cash flow", "audio_length_s": 5.64, "path": "c71a6ab1a0697010811c89200ab21613_94.wav", "duration": 5.64}, {"text": "of the values and behaviors we live to every day across our company.", "audio_length_s": 5.64, "path": "d0941c09d7e22322692aaab253c0b914_96.wav", "duration": 5.64}, {"text": "is of tremendous value, and we intend to maintain our position with our key accounts.", "audio_length_s": 5.64, "path": "dbf6a9009ea60e2e96772ee3ccea7226_34.wav", "duration": 5.64}, {"text": "earnings release and supplement can also be accessed in the Investors section of our website.", "audio_length_s": 5.64, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_70.wav", "duration": 5.64}, {"text": "And this is actually our first client in the Finnish market, something that we think is significant because,", "audio_length_s": 5.64, "path": "16614fa848b6601733f9eb4b2ee4da71_11.wav", "duration": 5.64}, {"text": "is strong, and I think the strategy they put in place at the outset of the year", "audio_length_s": 5.64, "path": "62658bb0c3307b2b10e3668b8df73b0d_50.wav", "duration": 5.64}, {"text": "more moderating sales in manufacturing in particular", "audio_length_s": 5.64, "path": "abd571ccf777ac4b0a43a7487031bc8a_46.wav", "duration": 5.64}, {"text": "how you feel about the pace of volume and the mix", "audio_length_s": 5.64, "path": "712bbcab5338e07dd63dad97bb652018_177.wav", "duration": 5.64}, {"text": "beliefs of the company's management and rely on information currently available.", "audio_length_s": 5.64, "path": "e3d039c554f5cc556071f83c93609e76_1.wav", "duration": 5.64}, {"text": "How does that work? How does such a small charge generate such a large cost savings?", "audio_length_s": 5.64, "path": "b478d2808e90233ed994884e644a3d34_202.wav", "duration": 5.64}, {"text": "The company's return on invested capital has increased steadily over the last 5 years.", "audio_length_s": 5.64, "path": "24c7526f6daca8e16ab91bea6124148a_15.wav", "duration": 5.64}, {"text": "It can be. If you're only in product sales, probably not.", "audio_length_s": 5.64, "path": "a756bd9ba43faae4d9d0f059925e39e9_118.wav", "duration": 5.64}, {"text": "over the next 6 to 8 quarters. And so for us from an execution standpoint,", "audio_length_s": 5.64, "path": "1cfd7da6c2da11f7e3f7102a6265146b_92.wav", "duration": 5.64}, {"text": "on the front end, where the exam continues to be marked as we review the quality of questions", "audio_length_s": 5.64, "path": "bcb3aac2c7cc035961d9ee8cfd330044_28.wav", "duration": 5.64}, {"text": "sort of the Gulf pricing that I track and generally historically that's been sort of mixed.", "audio_length_s": 5.64, "path": "eed99fefac02f862b3ee31c4748cb9b5_60.wav", "duration": 5.64}, {"text": "are they now co-located in your headquarters? Or are they still where their previous location was?", "audio_length_s": 5.64, "path": "32283c24ad18239efb166db8422560b2_24.wav", "duration": 5.64}, {"text": "The strong financial performance gives us the confidence that we are on the right business trajectory.", "audio_length_s": 5.64, "path": "5a85c98fc5e3d596bc18741b744f9ea5_70.wav", "duration": 5.64}, {"text": "This evolution has resulted in increased vehicle intelligence and driver efficiency and safety.", "audio_length_s": 5.64, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_97.wav", "duration": 5.64}, {"text": "and what the credit and underwriting looks like. We have and will remain cautious", "audio_length_s": 5.64, "path": "bc5018861ccb5380fbe71ad789a6d4b0_37.wav", "duration": 5.64}, {"text": "which will also be an integrated project with heater supply and storage included.", "audio_length_s": 5.64, "path": "3ae068efa03cd088f4d3edea682f199f_104.wav", "duration": 5.64}, {"text": "But we'll continue to get additional capacity benefits as we", "audio_length_s": 5.64, "path": "24a2aec67e247f9c4d4cc89d6dbab525_68.wav", "duration": 5.64}, {"text": "not just for '19, but I think it's the way we think about the business, which is to have kind of,", "audio_length_s": 5.64, "path": "365c360aff42713cef71a7d026eeeb6d_288.wav", "duration": 5.64}, {"text": "When we look at what impacted our performance and we try to trace it,", "audio_length_s": 5.64, "path": "b35398859e534e471fb1cd60f5baac20_35.wav", "duration": 5.64}, {"text": "We are very well situated to be able to take advantage of that. We've got available capacity", "audio_length_s": 5.64, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_163.wav", "duration": 5.64}, {"text": "our expectation is that the ongoing tax rate will continue to be", "audio_length_s": 5.64, "path": "a98061f951c1b2c7a915e296098bc4de_14.wav", "duration": 5.64}, {"text": "to see if there's any type of irrational build. But I think it's a combination of those 2 factors.", "audio_length_s": 5.64, "path": "16c235a53fc719ec92ef3b3c3b371150_65.wav", "duration": 5.64}, {"text": "We haven't yet put it in full use, but that is a matter of days or weeks.", "audio_length_s": 5.64, "path": "976a5489fe4d30c2e1ebb237ec62398a_100.wav", "duration": 5.64}, {"text": "So we think that's one of the reasons we believe as a company we're still in the early innings,", "audio_length_s": 5.64, "path": "97b02b7a41ecb22cb04e7331052cefc8_226.wav", "duration": 5.64}, {"text": "as a result of the developments occurring after today's call, except as required by law.", "audio_length_s": 5.64, "path": "97b02b7a41ecb22cb04e7331052cefc8_2.wav", "duration": 5.64}, {"text": "I would now like to turn the conference over to Lori Novickis, Director of Corporate Relations. Please go ahead.", "audio_length_s": 5.64, "path": "1bb9219ad31877175e18e8e48ff2f63c_0.wav", "duration": 5.64}, {"text": "China is one of the world's fastest growing payments markets and is leading the way in payments innovation.", "audio_length_s": 5.64, "path": "1bc08759c84df9d3f656cf53f5bb6d35_125.wav", "duration": 5.64}, {"text": "because for semiconductor, the capacity and funding", "audio_length_s": 5.64, "path": "19e7822c0e829faf25355c16b830cf39_42.wav", "duration": 5.64}, {"text": "I guess can you share what you've learned so far and what has been selling better through that site?", "audio_length_s": 5.64, "path": "47546a57a865bca0f4e677dc3b485053_79.wav", "duration": 5.64}, {"text": "margin during the first quarter primarily due to higher deposit costs.", "audio_length_s": 5.6399375, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_110.wav", "duration": 5.6399375}, {"text": "where existing rental levels allow us to profitably transition to this different use.", "audio_length_s": 5.6399375, "path": "6e3037e770ba5e0dfc98e3223986aad2_110.wav", "duration": 5.6399375}, {"text": "Although we have not seen much of it, we still expect some increase in portfolio impairments in the second half.", "audio_length_s": 5.6399375, "path": "dffe8257f781608bb17bb637249e4d2a_30.wav", "duration": 5.6399375}, {"text": "Well, when we roll out a product, we roll that product out in all markets. So we're not", "audio_length_s": 5.6399375, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_140.wav", "duration": 5.6399375}, {"text": "has been no balance sheet deployment in over 10 years. And of course, this is the second", "audio_length_s": 5.6100625, "path": "9014ac9cbc2cff30468f1bcb659c0f66_372.wav", "duration": 5.6100625}, {"text": "getting the wood business and then excited to talk to you a little bit more about it once we close.", "audio_length_s": 5.61, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_189.wav", "duration": 5.61}, {"text": "the higher margins are in other applications,", "audio_length_s": 5.61, "path": "d162113e3aface010baec17bd408736b_140.wav", "duration": 5.61}, {"text": "We opened up 3 new properties in London in the back half", "audio_length_s": 5.61, "path": "d819fc602f924dd226fb27a9d26007d2_35.wav", "duration": 5.61}, {"text": "faster growth, especially through digital transformation, that continues to be the reason", "audio_length_s": 5.61, "path": "6e6da7f810609ce64857373f11984455_61.wav", "duration": 5.61}, {"text": "It would be -- not anything of any significance.", "audio_length_s": 5.61, "path": "b7050f62f52a3d2803beea21404f7af6_31.wav", "duration": 5.61}, {"text": "I would remind you that we also amended our senior credit agreement in July.", "audio_length_s": 5.61, "path": "07d2c762b6e3c4a59486baba2c8f0639_63.wav", "duration": 5.61}, {"text": "and second, the transition of realized performance revenues from one generation of funds to the next.", "audio_length_s": 5.61, "path": "6388da88b00ebc88af59435bdac74132_149.wav", "duration": 5.61}, {"text": "we expect to report material weaknesses in our internal controls over financial reporting", "audio_length_s": 5.61, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_52.wav", "duration": 5.61}, {"text": "And the second question is coming under the Brazilian discussions again", "audio_length_s": 5.61, "path": "a683f40be39761f8e66786d7c0b64134_245.wav", "duration": 5.61}, {"text": "improvements in the product. You can go to the website and see some of the things that are going on with it.", "audio_length_s": 5.61, "path": "3557b21a45c35e71e82cc43b19977855_93.wav", "duration": 5.61}, {"text": "But for the time being, we're pretty confident that we'll move pending the IPT results,", "audio_length_s": 5.61, "path": "309554ae886fe4911da6e3329b631fe6_106.wav", "duration": 5.61}, {"text": "Can you give us any help with where you think that will end up at the end of the year?", "audio_length_s": 5.61, "path": "22ad97a95501a08f15c06605cd277fec_40.wav", "duration": 5.61}, {"text": "and factors underlying this outlook and other expectations discussed on today's call.", "audio_length_s": 5.61, "path": "10ad172801ac8cd3a21e4355d7349eb5_109.wav", "duration": 5.61}, {"text": "in accessing the dead capital markets to both improve our liquidity and lower our cost of capital.", "audio_length_s": 5.61, "path": "abd0f750609f1263b566f0c09b981a16_140.wav", "duration": 5.61}, {"text": "Analyses can be conducted when needed during this period to support regulatory submissions.", "audio_length_s": 5.61, "path": "2602edddc3363eadcaafe1c33271f3e4_63.wav", "duration": 5.61}, {"text": "We believe that both the fundamental and technical landscape in residential credit will remain favorable,", "audio_length_s": 5.61, "path": "223f05c0b9b116532e9af84afa76cac7_145.wav", "duration": 5.61}, {"text": "I've not talked much about these. I haven't put out a whole bunch of press releases, and you'll hear a whole bunch of things in the next", "audio_length_s": 5.61, "path": "c68c15299b67173c7ae163cc5938f3c1_58.wav", "duration": 5.61}, {"text": "They're always not sure of an investor-owned utility's motive in wanting to do something together.", "audio_length_s": 5.61, "path": "55d05334bdde612eb9dd102bb41d216e_97.wav", "duration": 5.61}, {"text": "with varying population densities, age and income demographics.", "audio_length_s": 5.61, "path": "280baf1d10cd27b78eae4bf2574b9c98_144.wav", "duration": 5.61}, {"text": "So very difficult to give you a good idea about what the number will be next quarter.", "audio_length_s": 5.61, "path": "9b42adffcf2518fd04e7d8df8f449e73_25.wav", "duration": 5.61}, {"text": "The key focus as discussed on the last several calls has been our advisory programs", "audio_length_s": 5.61, "path": "8cb24daf76784487ad63780546dc4ba4_126.wav", "duration": 5.61}, {"text": "if you could box it in of, do you still have AUM in those channels?", "audio_length_s": 5.61, "path": "8cb24daf76784487ad63780546dc4ba4_77.wav", "duration": 5.61}, {"text": "We're also creating a third MAP program, which we'll call MAP Direct,", "audio_length_s": 5.61, "path": "8cb24daf76784487ad63780546dc4ba4_186.wav", "duration": 5.61}, {"text": "that the bulk of the increased CapEx that is basically that", "audio_length_s": 5.61, "path": "75b0b010cea5a159f55403f51894b1ae_22.wav", "duration": 5.61}, {"text": "And we therefore see the CASA journey continuing to be pretty robust and strong", "audio_length_s": 5.61, "path": "4c0e38d8d88c73a7a01dc542a85b2604_104.wav", "duration": 5.61}, {"text": "just to be a little clearer, you're assuming it's coming on. And", "audio_length_s": 5.61, "path": "c96b5ae4ffe20d946daec67e2b0917b2_218.wav", "duration": 5.61}, {"text": "notwithstanding that you still have history here. History lets you be in the queue so that you know that you can", "audio_length_s": 5.61, "path": "c96b5ae4ffe20d946daec67e2b0917b2_18.wav", "duration": 5.61}, {"text": "We are largely doing this by increasing our retirement savings match of associate contributions", "audio_length_s": 5.61, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_175.wav", "duration": 5.61}, {"text": "these are always hard because it depends on what happens with which currency. But just most broadly,", "audio_length_s": 5.61, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_216.wav", "duration": 5.61}, {"text": "pulling 2 big companies like this together and 2 sales forces and the uncertainty that comes from that,", "audio_length_s": 5.61, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_284.wav", "duration": 5.61}, {"text": "retail space to have a very strong service and experiential component to the business.", "audio_length_s": 5.61, "path": "1927f9c722093d1d64b610c4227ccf59_36.wav", "duration": 5.61}, {"text": "In this segment, our home infusion customers become a type of", "audio_length_s": 5.61, "path": "56e05107e391476d11fe1f637733f028_168.wav", "duration": 5.61}, {"text": "At the state and local levels, funding trends are improving. And now we are increasingly optimistic", "audio_length_s": 5.61, "path": "b34f680a9162805e0188170d6272a356_111.wav", "duration": 5.61}, {"text": "and that's the extent of it. There's no exaggerated impact due to inventory corrections", "audio_length_s": 5.61, "path": "c4dc8f962a85aa47af50f82845f550e2_136.wav", "duration": 5.61}, {"text": "Thank you for the question. We don't", "audio_length_s": 5.61, "path": "1f43e30e245ed30be41602d8423db99e_67.wav", "duration": 5.61}, {"text": "and can be found in the Investors section under the heading Events and Presentations.", "audio_length_s": 5.61, "path": "3d4b9cfcb489a54bda65e749b7b79b15_1.wav", "duration": 5.61}, {"text": "will position the company to build upon this momentum through the balance of the year.", "audio_length_s": 5.61, "path": "75fa1bebed0b858c76cc7058477e40e2_55.wav", "duration": 5.61}, {"text": "Are you also realizing some benefits from the restructuring? And can you update us on", "audio_length_s": 5.61, "path": "95b678c2b11d1ded2d9e9ba839aaee06_244.wav", "duration": 5.61}, {"text": "The first half is -- your question was asking", "audio_length_s": 5.61, "path": "145244b0378e6657d456cffca8bbc982_31.wav", "duration": 5.61}, {"text": "leading to the financial consequences we've seen before, and that's the reason why we've", "audio_length_s": 5.61, "path": "fa45af64ef25007f998c655347bfbecb_441.wav", "duration": 5.61}, {"text": "it also can assist them in capturing more data about their patrons' spending habits.", "audio_length_s": 5.61, "path": "1b1699497be56330b3ed833f22bc63f6_14.wav", "duration": 5.61}, {"text": "either through an alliance or through setting up a different model to service them internally", "audio_length_s": 5.61, "path": "1133b8984db446b9c963a09eaf0785a4_103.wav", "duration": 5.61}, {"text": "So could you maybe speak to what's changed in the market over the last year that's allowing for these improved win rates?", "audio_length_s": 5.61, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_292.wav", "duration": 5.61}, {"text": "company that did not -- was not able to use international tax systems to defer tax", "audio_length_s": 5.61, "path": "dbafd430cf189ffeffd96a06da8ba37d_74.wav", "duration": 5.61}, {"text": "we have also invested significantly by adding capacity for future growth.", "audio_length_s": 5.61, "path": "e743ddc0caabaebf5e9a6568eaef8334_135.wav", "duration": 5.61}, {"text": "there's tremendous value in accelerating that whole process, going from materials", "audio_length_s": 5.61, "path": "f46ae0a04d60dea8a759f07333ed37e2_36.wav", "duration": 5.61}, {"text": "beginning with the decision to terminate all of our property reinsurance programs,", "audio_length_s": 5.61, "path": "fc066133a3e40a7d270f2dff3e44fd58_5.wav", "duration": 5.61}, {"text": "approximately 0 currency impact that was included in our previous guidance estimate.", "audio_length_s": 5.61, "path": "276392c471c063580869aec014a1feda_112.wav", "duration": 5.61}, {"text": "And I think you mentioned it before, but just to get a little bit more color on it.", "audio_length_s": 5.61, "path": "171fd9df333ddd814c764843ed624121_216.wav", "duration": 5.61}, {"text": "Net proceeds after expected taxes and transaction-related payments", "audio_length_s": 5.61, "path": "1244d2b5a259c3bc73742830d60d53fc_19.wav", "duration": 5.61}, {"text": "and to have some cash for new acquisitions.", "audio_length_s": 5.61, "path": "eb4fd38da7ae1a347630ef447dfe9abe_13.wav", "duration": 5.61}, {"text": "The operating income reduction in the quarter was primarily driven by lower revenue.", "audio_length_s": 5.61, "path": "43942582edfb20599f3e7456137f8deb_99.wav", "duration": 5.61}, {"text": "The range of capital spend in the fourth quarter will be dependent on timing of completing projects at Oakdale and Van Hook", "audio_length_s": 5.61, "path": "2905366dcf0eb60a22b63a1b3d9adf95_64.wav", "duration": 5.61}, {"text": "also provide us with greater insight into the requirements of our key shopper groups.", "audio_length_s": 5.61, "path": "6e3037e770ba5e0dfc98e3223986aad2_101.wav", "duration": 5.61}, {"text": "And their customers who are on 3G are going to have a worse experience. So", "audio_length_s": 5.61, "path": "ebecd7e874a9b3998b70ec3200f71e89_115.wav", "duration": 5.61}, {"text": "What NextGen offers our clients today compared to 2 years ago is worlds apart.", "audio_length_s": 5.61, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_53.wav", "duration": 5.61}, {"text": "And so yes, we would hope that as they put their network nodes in some of these other countries", "audio_length_s": 5.61, "path": "bbe852c8c3f7827e31f31a56bc72b7da_39.wav", "duration": 5.61}, {"text": "The new agreement does not contain changes to the material terms such as pricing terms, renewal rights,", "audio_length_s": 5.61, "path": "92ac600c52fc9590be50475bd4065ae8_17.wav", "duration": 5.61}, {"text": "And finally, transfer of operatorship is likely to complete by year-end,", "audio_length_s": 5.61, "path": "c3ac3b05413d9a9caee0626d57fee77f_18.wav", "duration": 5.61}, {"text": "including solid contributions from our new Franchise and Transportation origination platforms.", "audio_length_s": 5.61, "path": "bda4b365d7a8386d5d2e6b4575d08a57_90.wav", "duration": 5.61}, {"text": "So we're in a competitive market. Price is very important, but we're getting better", "audio_length_s": 5.61, "path": "bab12f620df0f367e74acdcc467686f1_39.wav", "duration": 5.61}, {"text": "And in many cases, veterinarians and even pet owners approach us with heartwarming stories", "audio_length_s": 5.61, "path": "49a78c1ec143d9ac46e893e77198c0e3_109.wav", "duration": 5.61}, {"text": "Increased midstream sales were fueled by several large transmission projects,", "audio_length_s": 5.61, "path": "40e11288ea7cb86fdf307dbe648142e3_109.wav", "duration": 5.61}, {"text": "both internally in terms of the things that we spoke about, the efficiencies in the back office and the trading", "audio_length_s": 5.61, "path": "0899e07f70a6e5be842fb6e22a3fafe9_113.wav", "duration": 5.61}, {"text": "than the industry from an auto perspective, and I am confident that when you do the sum of the tapes", "audio_length_s": 5.61, "path": "aeb50c6146f90bd32d147c5d4775c21d_29.wav", "duration": 5.61}, {"text": "This transaction was in line with our strategy to diversify our product portfolio and revenue streams.", "audio_length_s": 5.61, "path": "79afc92245f71d37a9adafb6f8d50e4f_21.wav", "duration": 5.61}, {"text": "corruption allegations and things that were going on was basically funding getting tied up and money,", "audio_length_s": 5.61, "path": "1d2ff648e4a30fa5555a7ab85bf60190_126.wav", "duration": 5.61}, {"text": "That's the tops of the trees type comments. And now if you want me to get into the specifics,", "audio_length_s": 5.61, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_42.wav", "duration": 5.61}, {"text": "and we feel like that we've provided the details and tables necessary to understand our performance.", "audio_length_s": 5.61, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_67.wav", "duration": 5.61}, {"text": "continued growth in urology in Europe and Japan and multispecialty growth in Korea and China.", "audio_length_s": 5.61, "path": "58ff8a727ec4f3859407b64f08246759_189.wav", "duration": 5.61}, {"text": "is where we have taken action to implement a saving, but it hasn't actually begun", "audio_length_s": 5.61, "path": "be8b554309f7632bc9ebbd967764001e_32.wav", "duration": 5.61}, {"text": "is it more of a kind of do smaller deals and kind of creep up", "audio_length_s": 5.61, "path": "1c89bbe35013b8f40511ac9ba8824242_13.wav", "duration": 5.61}, {"text": "Currency is not expected to impact the first half guidance.", "audio_length_s": 5.61, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_123.wav", "duration": 5.61}, {"text": "But because of the nature of that service line, we do not expect it to impact the bottom line", "audio_length_s": 5.61, "path": "6a372ea97b0b130a4d37f16b54d97909_212.wav", "duration": 5.61}, {"text": "And we may lose 1 or 2 and replace them, so we don't really see that there's a lot of", "audio_length_s": 5.61, "path": "b9b40b0c1e92fb226067bdceacbdab5c_4.wav", "duration": 5.61}, {"text": "where most of our competitors can only generate a single OTT revenue stream.", "audio_length_s": 5.61, "path": "20097e37747ec7bc3734246e83798fb1_154.wav", "duration": 5.61}, {"text": "safely assume that you expect that business, that segment, I should say, to grow", "audio_length_s": 5.61, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_154.wav", "duration": 5.61}, {"text": "For many, Windstream represents one of the most challenging hands to play.", "audio_length_s": 5.61, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_6.wav", "duration": 5.61}, {"text": "profitable growth for the group. That is a very key element in our discussions.", "audio_length_s": 5.61, "path": "4567936d89925d1a3b983274b11ecae5_143.wav", "duration": 5.61}, {"text": "my question would be, your technology and its efficiency and speed", "audio_length_s": 5.61, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_130.wav", "duration": 5.61}, {"text": "So next year in South America, we can see that as a growth driver for", "audio_length_s": 5.61, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_49.wav", "duration": 5.61}, {"text": "It's more just about an inflection of it not being as high as it used to be. So it's", "audio_length_s": 5.61, "path": "13141efea197b407280701081390f0ce_29.wav", "duration": 5.61}, {"text": "these are products that aren't even fully defined by the prospective customers.", "audio_length_s": 5.61, "path": "f77935c4693e4d33252c9c76993e9c8b_130.wav", "duration": 5.61}, {"text": "If everybody had been sitting around doing nothing last week, which certainly wasn't the case, because we were", "audio_length_s": 5.61, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_17.wav", "duration": 5.61}, {"text": "The remaining 7 topside models and jacket are planned to be removed", "audio_length_s": 5.61, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_152.wav", "duration": 5.61}, {"text": "you'll probably get a little tick up again in margins. Then what happens is, as it starts to go up,", "audio_length_s": 5.61, "path": "948f025c16fce2bcb2909e610c9be557_131.wav", "duration": 5.61}, {"text": "the lower-end customers that don't use all the high products, but they like a nice mid-cut.", "audio_length_s": 5.61, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_134.wav", "duration": 5.61}, {"text": "We also told you that if we didn't do it, you should have lowered your revenues in the future because", "audio_length_s": 5.61, "path": "1949bd0c9c4c23d495d880c4c552bfe1_242.wav", "duration": 5.61}, {"text": "We believe that this transition will make our dividend policy easier to understand and follow,", "audio_length_s": 5.61, "path": "6318dda27b3e36d76533c048c64a3014_93.wav", "duration": 5.61}, {"text": "Growth in demand came largely out of China, which accounted for all of the growth in the market", "audio_length_s": 5.61, "path": "9b1931e93dfb0391fb948924a93be5ff_16.wav", "duration": 5.61}, {"text": "And the reason for that is all the things Greg just articulated. I mean in addition to", "audio_length_s": 5.61, "path": "21f21433851eb7c7f7dbc710309341bb_100.wav", "duration": 5.61}, {"text": "As you know, Titan received a Notice of Allowance from the European Patent Office", "audio_length_s": 5.61, "path": "5330f07390a3c14fc49f24ac98bf1eab_8.wav", "duration": 5.61}, {"text": "should be given to us is 50% of the capacity of the factory.", "audio_length_s": 5.61, "path": "b3d7bc295d09d9927e465213612c0192_119.wav", "duration": 5.61}, {"text": "As we have stated, we will seek to balance growth, operating leverage and investment in the business.", "audio_length_s": 5.61, "path": "1e756fc5d265eea3ff8e2e31c29826ae_159.wav", "duration": 5.61}, {"text": "I think Dime has given itself a great opportunity not to have to get back into that game if we choose not to this year.", "audio_length_s": 5.61, "path": "1c7b9fe66120faecd8217e1df394005c_23.wav", "duration": 5.61}, {"text": "Yes. So let me just start off with a few comments on cash flow and then I'll move to the dividend.", "audio_length_s": 5.61, "path": "735a523f1ef6500b7aa97a2536d9c4fd_159.wav", "duration": 5.61}, {"text": "This charge for early extinguishment of debt is included in our results as a special item.", "audio_length_s": 5.61, "path": "735a523f1ef6500b7aa97a2536d9c4fd_203.wav", "duration": 5.61}, {"text": "we continue to keep pace through innovative product developments and external investments.", "audio_length_s": 5.61, "path": "059024560d9d1039cf08746ee7393114_95.wav", "duration": 5.61}, {"text": "So many of the big payers would tell you that they believe that they pay for EXPAREL today.", "audio_length_s": 5.61, "path": "450a5dc6eb19b82da8dfc68127f6e79d_94.wav", "duration": 5.61}, {"text": "when you can get the cost in line, it's going to displace its predecessor.", "audio_length_s": 5.61, "path": "92bf6fe090b6bc565cb500b688fd9173_220.wav", "duration": 5.61}, {"text": "Without this additional stock build, our metrics would have been at least in line with the prior year.", "audio_length_s": 5.61, "path": "33fd8a867dbd88a837e541b1d2b25ea5_78.wav", "duration": 5.61}, {"text": "is to make sure that we run those operations with the highest productivity.", "audio_length_s": 5.61, "path": "433a6e203f9db93835c27ff83e86c801_37.wav", "duration": 5.61}, {"text": "being very interested in how this management team and prior management teams, for that matter,", "audio_length_s": 5.61, "path": "7cc11de7f206c637e6293da0d956405e_229.wav", "duration": 5.61}, {"text": "And over the coming months, our marketing team will bolster our renewed investing vigor.", "audio_length_s": 5.61, "path": "7cc11de7f206c637e6293da0d956405e_186.wav", "duration": 5.61}, {"text": "For the year, the share of our home closings on -- in our divisions outside of Texas", "audio_length_s": 5.61, "path": "bc3fa49aaccfacb1392855627864851e_65.wav", "duration": 5.61}, {"text": "We continue to evaluate the marketplace dynamics and adjust our strategies as needed.", "audio_length_s": 5.61, "path": "9ec35a7809acb51486076e302028ba33_99.wav", "duration": 5.61}, {"text": "As we did our market research and talk to physicians about this opportunity they said, hey, if there was a program like that,", "audio_length_s": 5.61, "path": "e42f90eacf0e766ff39973c6aca06c93_56.wav", "duration": 5.61}, {"text": "as we prepare for full scale deployment of our fuel designs in Asia and around the world.", "audio_length_s": 5.61, "path": "77d2dd6d5e46cc8a8e80809305b60208_75.wav", "duration": 5.61}, {"text": "As far as the sponsorship and Bristol, we'll continue to work with them to put the data out in the right", "audio_length_s": 5.61, "path": "c36ef43210d40b0d1ad8f2acc597c76b_56.wav", "duration": 5.61}, {"text": "Let me also touch on a few financial aspects outside of the execution on our key priorities.", "audio_length_s": 5.61, "path": "50e17cbbbef8897681cc5f8ae110aae2_17.wav", "duration": 5.61}, {"text": "The Air Force recently experienced delays in processing military tuition assistance", "audio_length_s": 5.61, "path": "561ad2552e8f7fab8126e9ca75cf8c89_54.wav", "duration": 5.61}, {"text": "We've continued to be diligent in managing our balance sheet while maintaining financial flexibility.", "audio_length_s": 5.61, "path": "f7c059b1312a5f1fc017ece069fddee2_9.wav", "duration": 5.61}, {"text": "Simply put, our clients are working with us to create the future of pharmacy.", "audio_length_s": 5.61, "path": "0cfaeed8cd93dc274845d450e921aeb6_148.wav", "duration": 5.61}, {"text": "Our operational efficiencies continue to improve. During the second quarter alone,", "audio_length_s": 5.61, "path": "838af8ffae77ce8ff59c77b1985f8fc5_10.wav", "duration": 5.61}, {"text": "some likely or known moves as you think about rolling from the fourth quarter", "audio_length_s": 5.61, "path": "97b9c8b95449565c1f280a2b61a65b31_34.wav", "duration": 5.61}, {"text": "Secondly, Energy is now stabilized and should see easier comparisons as we move forward.", "audio_length_s": 5.61, "path": "18e82b076319ac52f8a4b391ea345abd_14.wav", "duration": 5.61}, {"text": "Those are the things that we see lessening going forward", "audio_length_s": 5.61, "path": "18e82b076319ac52f8a4b391ea345abd_153.wav", "duration": 5.61}, {"text": "when you've been in a down trod for a while, you got to build it back up, and it just the nature of the beast.", "audio_length_s": 5.61, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_56.wav", "duration": 5.61}, {"text": "So a bit earlier in the second half of the year, yet no change to how we see the full year playing out.", "audio_length_s": 5.61, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_189.wav", "duration": 5.61}, {"text": "starting with the sales force, merchandising, going on with logistics", "audio_length_s": 5.61, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_234.wav", "duration": 5.61}, {"text": "the bar could be higher for comparative purposes and that shareholders may be better served if it were.", "audio_length_s": 5.61, "path": "e0d1342ad3d27fd648b708837de08797_195.wav", "duration": 5.61}, {"text": "As I have said previously, we will keep alert to opportunities around the globe,", "audio_length_s": 5.61, "path": "e0d1342ad3d27fd648b708837de08797_227.wav", "duration": 5.61}, {"text": "our plan here is that we're going to make one final attempt and approach over the coming weeks.", "audio_length_s": 5.61, "path": "bfb0fac9575cd0820a660f2577199468_140.wav", "duration": 5.61}, {"text": "and so we're starting to sell some of our analytics services and some of the other high-value training and other services", "audio_length_s": 5.61, "path": "a9ff9f85f03afdd2d13b76e14060b31d_106.wav", "duration": 5.61}, {"text": "As Chris described, we will continue to manage the business in anticipation of increased overall competition", "audio_length_s": 5.61, "path": "5c601f5318d5dcbe20fdd78f19c2b277_64.wav", "duration": 5.61}, {"text": "These are subscriptions for business -- for employees and customers that we work with.", "audio_length_s": 5.61, "path": "1862ee2f84dc77a40dde64b34f3ab94e_78.wav", "duration": 5.61}, {"text": "On the next slide, we provide a little more background on the Noble acquisition.", "audio_length_s": 5.61, "path": "3f6641f7d8f1ab845ad4f637cfb35109_201.wav", "duration": 5.61}, {"text": "wholly owned by Rosemore Inc., and we were an early mover into the Delaware Basin.", "audio_length_s": 5.61, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_62.wav", "duration": 5.61}, {"text": "Further evidence of the superior execution achieved during the first -- during fourth quarter,", "audio_length_s": 5.61, "path": "64364105b816dd0b6a029e9cd210e65b_311.wav", "duration": 5.61}, {"text": "to try and build a more -- a better foundation and more profitable brand in the future. And so", "audio_length_s": 5.61, "path": "1300495cfa53748f732f54277d5a8cea_20.wav", "duration": 5.61}, {"text": "you can see that the increased number of settlements from our strong", "audio_length_s": 5.61, "path": "24a133abc343c813233d416b0cef96cd_25.wav", "duration": 5.61}, {"text": "Now let me turn it over to Al to review the quarter's operations in more detail.", "audio_length_s": 5.61, "path": "95303f68781d6fb58e19ec1dc7785a7c_122.wav", "duration": 5.61}, {"text": "business focus, not only on oil, but moving into gas, and that has alleviated a lot of the problems for them.", "audio_length_s": 5.61, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_219.wav", "duration": 5.61}, {"text": "largely due to the 10 additional aircraft we leased and improved results from our airlines.", "audio_length_s": 5.61, "path": "89499eed4dff3bd184e91cd496111f22_51.wav", "duration": 5.61}, {"text": "Yes, it was our decision, based on -- we took a look at our initial plans", "audio_length_s": 5.61, "path": "72b117fb1330bda9f954a219bb5a675e_165.wav", "duration": 5.61}, {"text": "more commodity price inflation in our businesses than we originally anticipated,", "audio_length_s": 5.61, "path": "9fb4423a70358ef22be9982299969f7a_99.wav", "duration": 5.61}, {"text": "while also improving current safety and driver retention and other initiatives.", "audio_length_s": 5.61, "path": "14fa9d7635caae6483af62a4bfe1b9d6_42.wav", "duration": 5.61}, {"text": "we maintain our design basis but look at everything possible we can to be more efficient.", "audio_length_s": 5.61, "path": "5b331cf4e6f62ec9a9c30a4728e36054_138.wav", "duration": 5.61}, {"text": "in terms of exactly when we're going to be shipping to the job.", "audio_length_s": 5.61, "path": "902872913863de98d38e2936b846cf66_232.wav", "duration": 5.61}, {"text": "is return capital to our common equity holders, right. We're quite conscious of the", "audio_length_s": 5.61, "path": "09eebad8f3c529b4c7d916c5f7766f7f_312.wav", "duration": 5.61}, {"text": "As to what are the various vectors on which we can improve quality, you referred to some of them,", "audio_length_s": 5.61, "path": "00a36b039cb49e6b99bb6d17635a3c25_47.wav", "duration": 5.61}, {"text": "we have confirmed the rights we have under our existing license agreement to the extended", "audio_length_s": 5.61, "path": "e69e64683a56cdadf1c95192e753f27e_126.wav", "duration": 5.61}, {"text": "Combining these midstream interruptions and the earlier delays of our Vaughn and Baird pads,", "audio_length_s": 5.61, "path": "5f4034bd1c0669186fcee6909c5d59e7_22.wav", "duration": 5.61}, {"text": "automation at that site. So there are lots of things that needs to start to work together.", "audio_length_s": 5.61, "path": "d5f5f4efd41927526b14fc2c353cb4e3_59.wav", "duration": 5.61}, {"text": "what kind of number do you think would be in a broad sense", "audio_length_s": 5.61, "path": "712bbcab5338e07dd63dad97bb652018_41.wav", "duration": 5.61}, {"text": "Gray accumulated a tremendous amount of political through the course of the year,", "audio_length_s": 5.61, "path": "77423f08f0208d476dea73c639f6293a_197.wav", "duration": 5.61}, {"text": "basically aren't going to sell it in markets where they don't have linear network.", "audio_length_s": 5.61, "path": "77423f08f0208d476dea73c639f6293a_260.wav", "duration": 5.61}, {"text": "large volumes of LNG available at competitive prices.", "audio_length_s": 5.61, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_46.wav", "duration": 5.61}, {"text": "and we hope to be able to make the FID on the infrastructure shortly.", "audio_length_s": 5.61, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_4.wav", "duration": 5.61}, {"text": "As you may recall, we had been working hard to improve utilization of our assets.", "audio_length_s": 5.61, "path": "83c003be6ac012b814cfecef95459f02_144.wav", "duration": 5.61}, {"text": "From our perspective, these items hide the fact that the underlying performance of the group has been solid.", "audio_length_s": 5.61, "path": "83c003be6ac012b814cfecef95459f02_25.wav", "duration": 5.61}, {"text": "Beginning last year, we have worked to make it easier for investors", "audio_length_s": 5.61, "path": "af146425f68dd8e32f31878389746637_70.wav", "duration": 5.61}, {"text": "I think if that factor was not there, there'll still be lots of puts and takes.", "audio_length_s": 5.61, "path": "594b7b614804475e4ab8ab4c405ecf40_112.wav", "duration": 5.61}, {"text": "And generally, what we look for when we talk about the experienced relationship manager", "audio_length_s": 5.61, "path": "bf99037f89cd485f95f097842619a0c7_252.wav", "duration": 5.61}, {"text": "on key business outcome metrics and to plan cross-functionally all the way through", "audio_length_s": 5.61, "path": "c88e296697cd72c891ffb7bf5a1a60bb_195.wav", "duration": 5.61}, {"text": "When looking at kind of a possible Speedway separation, do you view", "audio_length_s": 5.61, "path": "1096d26129c469524041c969a684f8ae_113.wav", "duration": 5.61}, {"text": "back in over the next couple of quarters. Is there any way you can quantify or give us a range of", "audio_length_s": 5.61, "path": "3ae068efa03cd088f4d3edea682f199f_308.wav", "duration": 5.61}, {"text": "if the market gets more interesting here, I think we still feel very comfortable with the product that we're offering.", "audio_length_s": 5.61, "path": "b35398859e534e471fb1cd60f5baac20_219.wav", "duration": 5.61}, {"text": "And I guess that's different by market, but I think that's been a benefit to all carriers in Canada. Is", "audio_length_s": 5.61, "path": "6f73dbce90cb2d313480b437f0c51bbc_33.wav", "duration": 5.61}, {"text": "A quick look at the table that's before you shows that all of our key metrics are moving in the right direction,", "audio_length_s": 5.61, "path": "9b84dc4409f4ecccd173c2f81a4460cc_132.wav", "duration": 5.61}, {"text": "and I'm happy to report we've covered good ground in fulfilling these obligations.", "audio_length_s": 5.61, "path": "9b84dc4409f4ecccd173c2f81a4460cc_173.wav", "duration": 5.61}, {"text": "There could be significant settlement negotiations with providers in", "audio_length_s": 5.61, "path": "97b02b7a41ecb22cb04e7331052cefc8_222.wav", "duration": 5.61}, {"text": "All of these elements are critical in enabling us to return the company to profitability", "audio_length_s": 5.61, "path": "726bad4d5d1a6b2f62034eb8dc843450_160.wav", "duration": 5.61}, {"text": "Can you size that at all in terms of revenue dollar?", "audio_length_s": 5.61, "path": "9b83a4dcac688347e3b13ca7c55660ed_52.wav", "duration": 5.61}, {"text": "It's a little bit early, but I think we're going in the right direction. In fact, we just", "audio_length_s": 5.61, "path": "47546a57a865bca0f4e677dc3b485053_176.wav", "duration": 5.61}, {"text": "and speak to the opportunity we have to continue to deepen our penetration of season passes", "audio_length_s": 5.6099375, "path": "078b27aa69b10aa01f2eab2aa681bdd8_70.wav", "duration": 5.6099375}, {"text": "Actually, the people working in the kiosks weren't really impressed with having a new", "audio_length_s": 5.5800625, "path": "c68c15299b67173c7ae163cc5938f3c1_97.wav", "duration": 5.5800625}, {"text": "that goes up and down and the industrial municipality environments are strong on the drilling side.", "audio_length_s": 5.5800625, "path": "b34f680a9162805e0188170d6272a356_118.wav", "duration": 5.5800625}, {"text": "Our effective tax rate for federal and state income taxes for the fourth quarter", "audio_length_s": 5.5800625, "path": "70c92ab88d38f489d5074f2859e0290e_31.wav", "duration": 5.5800625}, {"text": "and we are well into that process of getting there.", "audio_length_s": 5.5800625, "path": "1862ee2f84dc77a40dde64b34f3ab94e_17.wav", "duration": 5.5800625}, {"text": "And the bigger pictures are typically discussed more in", "audio_length_s": 5.58, "path": "d162113e3aface010baec17bd408736b_186.wav", "duration": 5.58}, {"text": "This guidance includes all businesses acquired to date. The majority of these", "audio_length_s": 5.58, "path": "9d8c8f4a41008455665fd243ed99b642_150.wav", "duration": 5.58}, {"text": "I just think that it also underpins it. When we come to the CapEx situation,", "audio_length_s": 5.58, "path": "364a769967b9b1a7cd069e2ce95c6e25_22.wav", "duration": 5.58}, {"text": "okay, but that's going to come in at a portfolio company and would wind up", "audio_length_s": 5.58, "path": "92b48b365197c65ebf545a4c9dd1200d_157.wav", "duration": 5.58}, {"text": "going forward and some of the opportunities that it presents", "audio_length_s": 5.58, "path": "139f0a6300f504b3e8673e39b0429161_25.wav", "duration": 5.58}, {"text": "Once again, thank you for your interest in Calix, and thank you for joining us today. Goodbye for now.", "audio_length_s": 5.58, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_125.wav", "duration": 5.58}, {"text": "During the coming quarters as we invest the committed capital which has been entrusted to us,", "audio_length_s": 5.58, "path": "ab861b81968e1b5fcb606ed886919d68_60.wav", "duration": 5.58}, {"text": "Yes, so these are measures that we would consider if we see that", "audio_length_s": 5.58, "path": "a95a220f118ae793c89d6d708e62cf8a_150.wav", "duration": 5.58}, {"text": "and we are tracking towards a meaningfully higher level of FRE by year-end.", "audio_length_s": 5.58, "path": "6388da88b00ebc88af59435bdac74132_94.wav", "duration": 5.58}, {"text": "by providing a convenient method for residences to properly dispose of unused medications,", "audio_length_s": 5.58, "path": "b40ab385cca0095fc17f5310045ca5d2_6.wav", "duration": 5.58}, {"text": "and the infrastructure in place to drive growth in all these markets, and we're ready to meet the challenges ahead.", "audio_length_s": 5.58, "path": "b40ab385cca0095fc17f5310045ca5d2_13.wav", "duration": 5.58}, {"text": "it be a possibility concerning FMI business?", "audio_length_s": 5.58, "path": "3cb802f8fba7d33603c29387ccdaf817_157.wav", "duration": 5.58}, {"text": "in 2017, a straight line going forward, but we are confident that we will", "audio_length_s": 5.58, "path": "2f888e63a31b86cc2f4f97710e8eed79_188.wav", "duration": 5.58}, {"text": "so how should we think about the stake going forward? Are you just planning to dribble it out onto the market? Or", "audio_length_s": 5.58, "path": "2f888e63a31b86cc2f4f97710e8eed79_259.wav", "duration": 5.58}, {"text": "And that is a very positive result that we see here,", "audio_length_s": 5.58, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_80.wav", "duration": 5.58}, {"text": "please see the documents we file from time to time with the Securities and Exchange Commission.", "audio_length_s": 5.58, "path": "80bbfd75ab074e9faf2d1b31118f1cfc_135.wav", "duration": 5.58}, {"text": "But having said that, it was a relatively small test. So these were 3 markets,", "audio_length_s": 5.58, "path": "1f1b29266d2cede9b8f0f06ca57aae17_29.wav", "duration": 5.58}, {"text": "So as a result of that, while we have still I think outperformed the peer group", "audio_length_s": 5.58, "path": "abd0f750609f1263b566f0c09b981a16_165.wav", "duration": 5.58}, {"text": "While we continue to project a modest improvement in our product support revenues from last year,", "audio_length_s": 5.58, "path": "264e575b73bc2a485bee416c1ac10cee_53.wav", "duration": 5.58}, {"text": "for fixed asset impairments related to the upcoming relocation of the corporate headquarters,", "audio_length_s": 5.58, "path": "d70a57dd52d0e4cf86a6225dca186bc2_6.wav", "duration": 5.58}, {"text": "With the improvement in performance, we saw an increase in the number of funds receiving an overall ranking", "audio_length_s": 5.58, "path": "8cb24daf76784487ad63780546dc4ba4_178.wav", "duration": 5.58}, {"text": "We have no reason to believe it will not, and we believe it just still be firmly in the queue.", "audio_length_s": 5.58, "path": "8cb24daf76784487ad63780546dc4ba4_137.wav", "duration": 5.58}, {"text": "get an update, make sure that we're on track here. What we should expect in terms of progress,", "audio_length_s": 5.58, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_66.wav", "duration": 5.58}, {"text": "nice explanation why it dropped in terms of bringing in new", "audio_length_s": 5.58, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_68.wav", "duration": 5.58}, {"text": "Metal pricing continues to trend higher for almost all of the products we sell.", "audio_length_s": 5.58, "path": "67716cee321d117b0318930dd142f06a_87.wav", "duration": 5.58}, {"text": "today. Are you running ahead of where you were this time last year?", "audio_length_s": 5.58, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_39.wav", "duration": 5.58}, {"text": "At this time, I would like to turn the call over to Mr. David Calusdian from the company's Investor", "audio_length_s": 5.58, "path": "e8a2a593282199ea052f788b8fead64b_21.wav", "duration": 5.58}, {"text": "So far, we've had very strong client retention and very positive feedback from clients.", "audio_length_s": 5.58, "path": "8bbc2f54137b794265dfb01f1559868d_59.wav", "duration": 5.58}, {"text": "what that is in a little bit more detail? And how should we think about that? Is that just a function of", "audio_length_s": 5.58, "path": "84d2b192c2dd9cdcf24bacf3788a5322_87.wav", "duration": 5.58}, {"text": "familiar and very experienced with the overall European market, they are the", "audio_length_s": 5.58, "path": "de3b766a868da918e499f407dbf5d716_27.wav", "duration": 5.58}, {"text": "until cash proceeds from the sale of Employee Benefits are received at the holding company.", "audio_length_s": 5.58, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_92.wav", "duration": 5.58}, {"text": "We highlight the distinction between current and deferred taxes, since we find this to be important.", "audio_length_s": 5.58, "path": "1b91eb82f5211000e711424657cc2484_204.wav", "duration": 5.58}, {"text": "Our sales team is excited to have the new product to sell, and we are seeing an increase in take rates.", "audio_length_s": 5.58, "path": "54240e38051f2a3bb6a4e58fe55344cd_32.wav", "duration": 5.58}, {"text": "Along with new sites and maturing markets, we have also begun our remodel program.", "audio_length_s": 5.58, "path": "75fa1bebed0b858c76cc7058477e40e2_122.wav", "duration": 5.58}, {"text": "We also recently announced the delivery of our first aileron and flap assemblies", "audio_length_s": 5.58, "path": "bad55d25c1222682bd893d97dc5cbb27_115.wav", "duration": 5.58}, {"text": "all with an eye toward creating the strongest possible ongoing value to our customers.", "audio_length_s": 5.58, "path": "145244b0378e6657d456cffca8bbc982_82.wav", "duration": 5.58}, {"text": "refurbishing and compliance with the new regulations in Germany", "audio_length_s": 5.58, "path": "39e5706898dcaf14a280b3a123877cd6_120.wav", "duration": 5.58}, {"text": "But just you shipped less, because they want to see how it actually plays out,", "audio_length_s": 5.58, "path": "2fc915b996c687200d995736980aae9a_200.wav", "duration": 5.58}, {"text": "As America strives to become healthier, the first step for many is to embark on a weight loss journey.", "audio_length_s": 5.58, "path": "957e0f876f9a4af9b498c19843675474_38.wav", "duration": 5.58}, {"text": "These tools also provide additional data that we use to improve the overall customer experience.", "audio_length_s": 5.58, "path": "957e0f876f9a4af9b498c19843675474_84.wav", "duration": 5.58}, {"text": "compared to a net usage during the same period last year, despite lower reported net income.", "audio_length_s": 5.58, "path": "797946494c2985a20aa50823e8723c44_98.wav", "duration": 5.58}, {"text": "We continue to see strong sales growth from several new and existing customers.", "audio_length_s": 5.58, "path": "392ca3d1e388c6d7a35f6d0db390c359_11.wav", "duration": 5.58}, {"text": "I would say excluding brands that we own,", "audio_length_s": 5.58, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_27.wav", "duration": 5.58}, {"text": "We continue to move forward with our other restructuring efforts outside of Germany,", "audio_length_s": 5.58, "path": "bddc15938bdcc3085f19b0851e74c2c0_256.wav", "duration": 5.58}, {"text": "and proof that all the profitability measures implemented in the region have become structural,", "audio_length_s": 5.58, "path": "11ca275b0bd65060f43ae2d28e1c489f_45.wav", "duration": 5.58}, {"text": "driven by growth in most of our major end markets and regions.", "audio_length_s": 5.58, "path": "e1da48985804bd3d99dffc5e33b6124b_73.wav", "duration": 5.58}, {"text": "to ensure we fully involve and leverage the resources of the broader nephrology community.", "audio_length_s": 5.58, "path": "a24a661c2eb55542903c72391ec09f9b_89.wav", "duration": 5.58}, {"text": "but they also felt that they would like to see a longer observation period than the 8 weeks,", "audio_length_s": 5.58, "path": "a24a661c2eb55542903c72391ec09f9b_18.wav", "duration": 5.58}, {"text": "So kind of taking your last point first. I continue to think that a comment we made very early in last year about", "audio_length_s": 5.58, "path": "ddf51a035f75b2e145a283edfd51fffc_25.wav", "duration": 5.58}, {"text": "with the intention of building stronger customer loyalty and sustainable market share gains.", "audio_length_s": 5.58, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_158.wav", "duration": 5.58}, {"text": "Because of this platform, we are able to start to pull in new apps to our clients.", "audio_length_s": 5.58, "path": "6864081f83959f4b49e25e597f28af66_161.wav", "duration": 5.58}, {"text": "but don't take our word from that, here is some direct feedback from a number of newly secured", "audio_length_s": 5.58, "path": "6e3037e770ba5e0dfc98e3223986aad2_36.wav", "duration": 5.58}, {"text": "We're doing all the things necessary to deliver a great result to our clients on top of our technology", "audio_length_s": 5.58, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_31.wav", "duration": 5.58}, {"text": "so that we know that this -- what we put into you data center is sticky. We know we want them to be contiguous.", "audio_length_s": 5.58, "path": "bbe852c8c3f7827e31f31a56bc72b7da_108.wav", "duration": 5.58}, {"text": "which I think actually serves us very well. And even those customers that are", "audio_length_s": 5.58, "path": "bbe852c8c3f7827e31f31a56bc72b7da_50.wav", "duration": 5.58}, {"text": "We continue to experience the positive momentum in our Europe business that began last quarter.", "audio_length_s": 5.58, "path": "30710391b8ab4cb549180602d31d4f4a_59.wav", "duration": 5.58}, {"text": "talk about what we need to do to potentially serve them in a broader way.", "audio_length_s": 5.58, "path": "e3d70ecdb6aaed843dd059c121962e45_20.wav", "duration": 5.58}, {"text": "June and fully coming in effect in the middle of July.", "audio_length_s": 5.58, "path": "5a55e28476e46aabc8571a60134e8b4d_26.wav", "duration": 5.58}, {"text": "and to successfully integrate and operate assets in businesses that are built or acquired.", "audio_length_s": 5.58, "path": "7394bde65e000fbb7b528c6c65bd099d_97.wav", "duration": 5.58}, {"text": "or we're buying our stock back. Those are all investment decisions, and we look at what all of those things", "audio_length_s": 5.58, "path": "0899e07f70a6e5be842fb6e22a3fafe9_116.wav", "duration": 5.58}, {"text": "we haven't told you what we think revenue growth will exactly be", "audio_length_s": 5.58, "path": "0899e07f70a6e5be842fb6e22a3fafe9_64.wav", "duration": 5.58}, {"text": "As a result, we would not be required to have our independent orders complete their report", "audio_length_s": 5.58, "path": "ade68f8add7249890d086ecf4b5b8cab_103.wav", "duration": 5.58}, {"text": "So that gave us an opportunity to take advantage of that. We have", "audio_length_s": 5.58, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_135.wav", "duration": 5.58}, {"text": "as a result of the withdrawal of troops from Afghanistan in the fourth quarter", "audio_length_s": 5.58, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_8.wav", "duration": 5.58}, {"text": "so the shift in the early season is typically greater, and then moderates in the second half.", "audio_length_s": 5.58, "path": "87ba56e8ff82d5e181ee5d6d66543c51_105.wav", "duration": 5.58}, {"text": "and that rate change is going to mean that we're paying", "audio_length_s": 5.58, "path": "16e51362df94379ea33a24334015f385_71.wav", "duration": 5.58}, {"text": "in this market because what has definitely changed is that the consumers", "audio_length_s": 5.58, "path": "47b1a118c53956b23f1d687a75f3e5ba_281.wav", "duration": 5.58}, {"text": "that would allow us to execute quickly as opportunities arise to garner share.", "audio_length_s": 5.58, "path": "e2c02e1788cb10703d7611ef157f8135_79.wav", "duration": 5.58}, {"text": "as strategic opportunities come up. So I would note that this is the seasonal low", "audio_length_s": 5.58, "path": "cd1773ea94a046c0a36b679e2efcee9f_139.wav", "duration": 5.58}, {"text": "They're becoming unique in the space in K-12, where our historic competitors", "audio_length_s": 5.58, "path": "29426a77336443eedde7eaa29e9c2852_20.wav", "duration": 5.58}, {"text": "we haven't historically seen from clients that maybe haven't even historically outsourced this function.", "audio_length_s": 5.58, "path": "b94d748876ddf8e881d4191dec45baf3_51.wav", "duration": 5.58}, {"text": "but we do want to always think about positioning our product portfolio as we go forward.", "audio_length_s": 5.58, "path": "02deeb29574f1571812a11f66bb8fda1_142.wav", "duration": 5.58}, {"text": "the new wave of digital transformation is all about the customer. Everything starts and begins", "audio_length_s": 5.58, "path": "16ed973148ce103dc95fdcfaf35bbe7b_39.wav", "duration": 5.58}, {"text": "A reconciliation to comparable GAAP measures is available with our earnings release.", "audio_length_s": 5.58, "path": "7aeefd3f7f36ea98354844517c1f012d_1.wav", "duration": 5.58}, {"text": "These documents can be accessed on our website selectabio.com. In particular,", "audio_length_s": 5.58, "path": "b281eff988085e0776dc8a10223f1048_63.wav", "duration": 5.58}, {"text": "very excited by all of our new hires and look forward to working with them over the years ahead.", "audio_length_s": 5.58, "path": "3278114d0e939eef0c3ec96dbed0f49b_49.wav", "duration": 5.58}, {"text": "And over the next 5 years, I am confident this will unlock greater growth.", "audio_length_s": 5.58, "path": "c3567809c19ce6a800677544cd84f88b_104.wav", "duration": 5.58}, {"text": "from each deal. The deals that we've already closed and then a dozen or so deals that we have in the", "audio_length_s": 5.58, "path": "20097e37747ec7bc3734246e83798fb1_39.wav", "duration": 5.58}, {"text": "from vendors and lowered the cost of its direct mail campaigns.", "audio_length_s": 5.58, "path": "82131762fc1c2b2358ac3a167666ab87_135.wav", "duration": 5.58}, {"text": "Okay. So does that mean then that from your perspective, the run rate margin", "audio_length_s": 5.58, "path": "b43c001c5af465d220ab0b69a95202ae_170.wav", "duration": 5.58}, {"text": "We intend to leverage the improved operating performance", "audio_length_s": 5.58, "path": "2c3945f11b4d91727b1ce00d490e11b6_28.wav", "duration": 5.58}, {"text": "The goal of this innovative program is to ensure a simple, safe and secure exit path", "audio_length_s": 5.58, "path": "968913c3f9111fc67f1d9956c56dec3b_117.wav", "duration": 5.58}, {"text": "we can optimize that. But more importantly, the fact that we are having opportunities", "audio_length_s": 5.58, "path": "5e766700b74bbeb1d21bc7a91100faca_40.wav", "duration": 5.58}, {"text": "For details of the fourth quarter and 2015, I'm going to hand the microphone over to my partner,", "audio_length_s": 5.58, "path": "9098e5640309f25da0d4dfa04789a36f_32.wav", "duration": 5.58}, {"text": "sustainable alliances that generate value for the company and for the OTT players", "audio_length_s": 5.58, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_10.wav", "duration": 5.58}, {"text": "We're on pace to do that. We haven't said they're going to be in BC. We haven't said where they're going to be in the West,", "audio_length_s": 5.58, "path": "5ea42ed8ea9a65bd01aaabb678685483_130.wav", "duration": 5.58}, {"text": "deep value creating inventory of growth and modernization investments.", "audio_length_s": 5.58, "path": "626da68f2b245869534a0316b8b6139a_81.wav", "duration": 5.58}, {"text": "and you didn't seem to have any capacity issues. What sort of capacity do you have? Because", "audio_length_s": 5.58, "path": "785be95695b063f97a17e4dea4a0529a_77.wav", "duration": 5.58}, {"text": "So that's a nice plus for us, but pretty flat overall. We will have", "audio_length_s": 5.58, "path": "9e8690a521142359001a137074905535_320.wav", "duration": 5.58}, {"text": "Looking ahead, we do not expect conditions to improve in Brazil in the near term", "audio_length_s": 5.58, "path": "9b697782ea80be97854f35d6fc62c93a_74.wav", "duration": 5.58}, {"text": "focused on something that's not at the whims of oil prices in terms of development.", "audio_length_s": 5.58, "path": "74d0910b4af16f82a812bddbb151d966_36.wav", "duration": 5.58}, {"text": "We will also continue to open new taverns when and where we have an opportunity to generate strong returns", "audio_length_s": 5.58, "path": "a7228e39e0d5f04dfba28fe3477e034a_95.wav", "duration": 5.58}, {"text": "slightly better terms on the chain stores, which I think should improve margins and be a positive,", "audio_length_s": 5.58, "path": "a7228e39e0d5f04dfba28fe3477e034a_49.wav", "duration": 5.58}, {"text": "We received a few questions looking for clarification about this acquisition.", "audio_length_s": 5.58, "path": "e2225d612a954a24e7e91c08215d7b51_55.wav", "duration": 5.58}, {"text": "As part of this acquisition of the remaining shares in the Body Corporate,", "audio_length_s": 5.58, "path": "e2225d612a954a24e7e91c08215d7b51_57.wav", "duration": 5.58}, {"text": "but interestingly and quite excitingly, we are now ready to push out on our energy reservoirs.", "audio_length_s": 5.58, "path": "e00fd35e201a8607d264b803a5130c59_205.wav", "duration": 5.58}, {"text": "please feel free to contact us. Thank you, and have a good evening, everyone.", "audio_length_s": 5.58, "path": "f875d701e5a9dd5ab745c8380c02cc3a_56.wav", "duration": 5.58}, {"text": "give us the ability, still we need the volume and we need the density but also to be more", "audio_length_s": 5.58, "path": "52976c4bc9a150b3c85d5d6f1b3febb1_177.wav", "duration": 5.58}, {"text": "at what our business struggled with back in the last downturn.", "audio_length_s": 5.58, "path": "8eaca8d8a419f74540f69ade8defabbd_202.wav", "duration": 5.58}, {"text": "early stages, it's not going to be of the same scale that we would see in our van or tank businesses,", "audio_length_s": 5.58, "path": "8eaca8d8a419f74540f69ade8defabbd_192.wav", "duration": 5.58}, {"text": "Okay. And as we kind of work towards that 3-year time horizon, in terms of", "audio_length_s": 5.58, "path": "1c7b9fe66120faecd8217e1df394005c_111.wav", "duration": 5.58}, {"text": "and it's an organization that we have respected for an awfully long time.", "audio_length_s": 5.58, "path": "da879f8ea1c23aa6565cccaacac271fc_131.wav", "duration": 5.58}, {"text": "the opportunity to use the drug in that kind of a way, then we see it move pretty rapidly", "audio_length_s": 5.58, "path": "450a5dc6eb19b82da8dfc68127f6e79d_234.wav", "duration": 5.58}, {"text": "and overall developing market performance in a more than challenging and volatile environment.", "audio_length_s": 5.58, "path": "92bf6fe090b6bc565cb500b688fd9173_10.wav", "duration": 5.58}, {"text": "And then my second question is largely on exome. Could you give you -- give us a sense of the mix there?", "audio_length_s": 5.58, "path": "7551ffae17aa39dd4ea962a43f96bf04_71.wav", "duration": 5.58}, {"text": "as has been true for others who have gotten into the exome game,", "audio_length_s": 5.58, "path": "7551ffae17aa39dd4ea962a43f96bf04_73.wav", "duration": 5.58}, {"text": "which adds another essential avenue of access to capital markets in building out our new capital structure.", "audio_length_s": 5.58, "path": "5b0a12e70a31041016a008c29a6d2bb1_11.wav", "duration": 5.58}, {"text": "all the operator are losing market share", "audio_length_s": 5.58, "path": "a46647751ef690279d96126395de42d5_136.wav", "duration": 5.58}, {"text": "and so that's why, okay, we will make sure before we make the move", "audio_length_s": 5.58, "path": "068bea67ac01942fafb955a1116b29dd_182.wav", "duration": 5.58}, {"text": "We also promoted the new role of the pharmacist linked with travel health.", "audio_length_s": 5.58, "path": "068bea67ac01942fafb955a1116b29dd_53.wav", "duration": 5.58}, {"text": "They don't install anything, they don't support anything. They never talk to a Jack Henry customer. The model was", "audio_length_s": 5.58, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_13.wav", "duration": 5.58}, {"text": "Based on these data, we expect a regulatory decision in the second half of the year.", "audio_length_s": 5.58, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_82.wav", "duration": 5.58}, {"text": "But we also need to ensure we don't make the process more complicated than it needs to be.", "audio_length_s": 5.58, "path": "7498a6630302a038bd537d192c3a44f4_85.wav", "duration": 5.58}, {"text": "Note, this comparison is to restated segment margins due to changes in our constant currency reporting.", "audio_length_s": 5.58, "path": "8b3fb852b7afa89068326fa10e2e7563_15.wav", "duration": 5.58}, {"text": "initially expected. But we do not really have exact figures to share with you at this point in time.", "audio_length_s": 5.58, "path": "472c8876d3d729a35b2d00133efbb029_12.wav", "duration": 5.58}, {"text": "We will also keep on improving the efficiency of our marketing investment", "audio_length_s": 5.58, "path": "642a235ab4ebc57d132a2e32c83c793c_109.wav", "duration": 5.58}, {"text": "Thank you for your time this morning. I'd like to turn the call back over to Hal, and we look forward to your questions.", "audio_length_s": 5.58, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_20.wav", "duration": 5.58}, {"text": "of the new gasoline spec, which has driven increased butane blending demand", "audio_length_s": 5.58, "path": "e7d23208b973f7998b2fb21a00d87849_35.wav", "duration": 5.58}, {"text": "which provides flexibility to capitalize on new growth opportunities,", "audio_length_s": 5.58, "path": "799c15a4a6e9e3c86374761fec31c00a_101.wav", "duration": 5.58}, {"text": "going forward and if anything, we could see it reverse.", "audio_length_s": 5.58, "path": "799c15a4a6e9e3c86374761fec31c00a_125.wav", "duration": 5.58}, {"text": "small but they're -- which aren't huge, but they are mighty in terms of it and they don't create any scripts for all practical purposes", "audio_length_s": 5.58, "path": "0cfaeed8cd93dc274845d450e921aeb6_201.wav", "duration": 5.58}, {"text": "Our strategy of investing across a diversified mix of assets based on favorable risk-reward,", "audio_length_s": 5.58, "path": "a0d537badd260e2071136602e3b73b26_111.wav", "duration": 5.58}, {"text": "Okay. And is it something we could see this year? Or probably wouldn't be until next year", "audio_length_s": 5.58, "path": "299bad77345d2e44fa5768f4416f7b97_115.wav", "duration": 5.58}, {"text": "In addition to the well-accepted relationship between dietary sodium and high blood pressure,", "audio_length_s": 5.58, "path": "299bad77345d2e44fa5768f4416f7b97_196.wav", "duration": 5.58}, {"text": "and profitable growth over the long term. And with that, I'll hand it over to Dave to talk through the financials.", "audio_length_s": 5.58, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_132.wav", "duration": 5.58}, {"text": "real estate and related intangibles to a newly formed nonprofit corporation,", "audio_length_s": 5.58, "path": "4311782968e936c378fdee8946cd9cca_68.wav", "duration": 5.58}, {"text": "This, in turn, has impacted admission and episode growth in these markets.", "audio_length_s": 5.58, "path": "b126c31149f1cadf1d891082a187d6fc_9.wav", "duration": 5.58}, {"text": "And so we certainly are digesting that and spending a considerable amount of time to make sure we do that right,", "audio_length_s": 5.58, "path": "ed2810b765143f8341dcc8e8c14c27f1_44.wav", "duration": 5.58}, {"text": "This is an important metric for us. Now let's move to business.", "audio_length_s": 5.58, "path": "ae5a41fe3b3d515713608c5ac878eed3_105.wav", "duration": 5.58}, {"text": "The quarterly trend improvement is partly related to phasing in project benefits.", "audio_length_s": 5.58, "path": "ae5a41fe3b3d515713608c5ac878eed3_157.wav", "duration": 5.58}, {"text": "and we've seen impact from that on the chemical side demand", "audio_length_s": 5.58, "path": "64364105b816dd0b6a029e9cd210e65b_84.wav", "duration": 5.58}, {"text": "With regards to our derisking activities, in addition to the reinsurance transaction discussed earlier,", "audio_length_s": 5.58, "path": "0b21f953a7ae9970ef3a4c30b267927c_55.wav", "duration": 5.58}, {"text": "We are impressed with that attention that the Europeans are paying to our technology.", "audio_length_s": 5.58, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_17.wav", "duration": 5.58}, {"text": "it's imperative that we practice art, science and a heck a lot of common sense.", "audio_length_s": 5.58, "path": "92287986b332deec2c9712d7c89eef08_75.wav", "duration": 5.58}, {"text": "continued progress. You saw it and you've seen this grow in each of the last number of years. But if you think about", "audio_length_s": 5.58, "path": "e0555e30370c43189a1136fb7ef17d20_119.wav", "duration": 5.58}, {"text": "Thank you. Good morning, and thank you, everyone, for taking the time out to join us this morning", "audio_length_s": 5.58, "path": "648ddbbaa83d8a627c7ab752f63a80bd_56.wav", "duration": 5.58}, {"text": "The second quarter was more back-end loaded than usual, causing us to bump above the normal range.", "audio_length_s": 5.58, "path": "8611e088fa81dc9b999c382b62641dfc_75.wav", "duration": 5.58}, {"text": "And I think it may be premature for us to speculate on what kind of disruption", "audio_length_s": 5.58, "path": "14fa9d7635caae6483af62a4bfe1b9d6_32.wav", "duration": 5.58}, {"text": "absorb more capacity, so the entire infrastructure in the factory is ready to", "audio_length_s": 5.58, "path": "6a45749d272884d2809fa70f7807250c_85.wav", "duration": 5.58}, {"text": "Let me now provide more detail on the key operational trends we experienced during the second quarter.", "audio_length_s": 5.58, "path": "1d021dfadd51998ac079e1df49929c60_4.wav", "duration": 5.58}, {"text": "creating a new business and wanted to launch a full brand and a full business in less than 4 months,", "audio_length_s": 5.58, "path": "9826162bc1bb67bf8d65e4cf50e656e9_78.wav", "duration": 5.58}, {"text": "our offerings and we're working with the customer with the offering. So we're putting some", "audio_length_s": 5.58, "path": "9826162bc1bb67bf8d65e4cf50e656e9_182.wav", "duration": 5.58}, {"text": "I will now pass you to Jim, who will take you through our financial results in greater detail.", "audio_length_s": 5.58, "path": "6299a010c7bb84feaf14b263750dbd1a_111.wav", "duration": 5.58}, {"text": "obviously, no final decisions made yet, but any sort of new concepts being considered?", "audio_length_s": 5.58, "path": "a2245a8522589003f9c235a48c0197f0_65.wav", "duration": 5.58}, {"text": "I don't think it's a surprise at this point. The worst pricing, what I'm curious about is", "audio_length_s": 5.58, "path": "09eebad8f3c529b4c7d916c5f7766f7f_26.wav", "duration": 5.58}, {"text": "At the same time, we continued to reinvest in our business for future growth.", "audio_length_s": 5.58, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_145.wav", "duration": 5.58}, {"text": "but we are quite convinced that it's possible to compensate", "audio_length_s": 5.58, "path": "411bdacf05f84134fc80b874a15cf3b7_136.wav", "duration": 5.58}, {"text": "what you saw there in that level of activity and then the full year guidance? Like was it contemplated", "audio_length_s": 5.58, "path": "a766b08317742c952705018a899f3998_20.wav", "duration": 5.58}, {"text": "We are already seeing benefits of greater focus and discipline in this area.", "audio_length_s": 5.58, "path": "af146425f68dd8e32f31878389746637_49.wav", "duration": 5.58}, {"text": "Sales of Canadian retail mutual funds were modestly lower, even on a Canadian dollar basis.", "audio_length_s": 5.58, "path": "bcb3aac2c7cc035961d9ee8cfd330044_82.wav", "duration": 5.58}, {"text": "that should be more in line with its asset and investment appetite.", "audio_length_s": 5.58, "path": "bf99037f89cd485f95f097842619a0c7_89.wav", "duration": 5.58}, {"text": "will provide a good base for copper prices to hold", "audio_length_s": 5.58, "path": "48bcc356a89059f921765f872bfe293c_125.wav", "duration": 5.58}, {"text": "And so we see lots of opportunity. But we're not getting to the point where we're being careless and,", "audio_length_s": 5.58, "path": "c88e296697cd72c891ffb7bf5a1a60bb_87.wav", "duration": 5.58}, {"text": "improvement in the earnings per share and our strong cash flow position.", "audio_length_s": 5.58, "path": "8dd740d83ff1c7319a82eeba6047633d_158.wav", "duration": 5.58}, {"text": "Positive demographics, strong retail trends and demands in the leisure and recreational lifestyle markets", "audio_length_s": 5.58, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_151.wav", "duration": 5.58}, {"text": "It is you that drive our business every day, and we are fortunate to have such a passionate group of supporters.", "audio_length_s": 5.58, "path": "19bfb8daeb6e43d59415df478017d5c3_82.wav", "duration": 5.58}, {"text": "I don't want to throw out a specific number at this point in time.", "audio_length_s": 5.58, "path": "a98061f951c1b2c7a915e296098bc4de_36.wav", "duration": 5.58}, {"text": "will be sufficient to fund our operating expenses and capital expenditure requirements", "audio_length_s": 5.58, "path": "6064088db0200b32f3f3e848047c5ab6_86.wav", "duration": 5.58}, {"text": "as well as the revenue being stronger than we had thought at the beginning of the year. So", "audio_length_s": 5.58, "path": "1bc08759c84df9d3f656cf53f5bb6d35_148.wav", "duration": 5.58}, {"text": "and our ability to take advantage of incremental opportunities, we are well positioned.", "audio_length_s": 5.58, "path": "4b5d33b9c200403f2d4633e47f1d4110_119.wav", "duration": 5.58}, {"text": "so on an assumption of a flat volume for some of our main businesses,", "audio_length_s": 5.58, "path": "78cf0d3e40caba622d8914916f0f9146_195.wav", "duration": 5.58}, {"text": "I have stated before that today you'd better be a disrupter or you will be disrupted.", "audio_length_s": 5.58, "path": "47546a57a865bca0f4e677dc3b485053_97.wav", "duration": 5.58}, {"text": "we have not had a chance on our quarterly calls to talk very much about our oncology", "audio_length_s": 5.5500625, "path": "8f92dfb06900be4f209f31f24cb885fb_71.wav", "duration": 5.5500625}, {"text": "We'll just have to see how the pace of the work is going. The demand is high, as you can see.", "audio_length_s": 5.55, "path": "6e6da7f810609ce64857373f11984455_22.wav", "duration": 5.55}, {"text": "As mentioned on previous calls, there was a significant impact from Zika, which is more than we expected.", "audio_length_s": 5.55, "path": "7eebbbc069b4bf8367aa748751df9bc7_166.wav", "duration": 5.55}, {"text": "Actually, we are well positioned to win new contracts in the coming months.", "audio_length_s": 5.55, "path": "ebb371780b97ae7f2172f242fbdc5c7c_18.wav", "duration": 5.55}, {"text": "But for the most part, that decline relates to the decline in the value of the peso against the dollar.", "audio_length_s": 5.55, "path": "48954c357d5ad754c29ea1c28dbdad2a_9.wav", "duration": 5.55}, {"text": "We look forward to continuing to report on the progress that we are making in achieving these objectives.", "audio_length_s": 5.55, "path": "e274d02ea943c0a74779950fe28e839d_22.wav", "duration": 5.55}, {"text": "and it has to meet certain requirements for us. We're not going to just go do a deal to go do a deal.", "audio_length_s": 5.55, "path": "b40ab385cca0095fc17f5310045ca5d2_52.wav", "duration": 5.55}, {"text": "and is consistent with our overall objective of sustainable and responsible growth.", "audio_length_s": 5.55, "path": "10ad172801ac8cd3a21e4355d7349eb5_137.wav", "duration": 5.55}, {"text": "and the prior period amounts have been adjusted for those amounts previously reported.", "audio_length_s": 5.55, "path": "718a89dc503706eae0091bcd9410d567_166.wav", "duration": 5.55}, {"text": "when we converted to dollars in Mexico due to the depreciation of the Mexican", "audio_length_s": 5.55, "path": "6c7cc87ae188a5ad707fc0e523dea753_78.wav", "duration": 5.55}, {"text": "history will tell us that fourth quarter will be good. So the insurance company will end up with a good year. So", "audio_length_s": 5.55, "path": "3180572bc2da758668c19200930e1bc4_23.wav", "duration": 5.55}, {"text": "Thank you for attending today's presentation. You may now disconnect.", "audio_length_s": 5.55, "path": "3180572bc2da758668c19200930e1bc4_58.wav", "duration": 5.55}, {"text": "all while maintaining a conservative distribution coverage ratio", "audio_length_s": 5.55, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_3.wav", "duration": 5.55}, {"text": "that's the kind of I think growth rate you should expect as we think about 2018 going forward.", "audio_length_s": 5.55, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_42.wav", "duration": 5.55}, {"text": "who potentially we can provide additional technologies and products and equipment to, to let them expand", "audio_length_s": 5.55, "path": "dd3166f311a5f12a25103a0295e8ac3e_174.wav", "duration": 5.55}, {"text": "drive hard and make enough progress where they can at least have that clear framework in place. So", "audio_length_s": 5.55, "path": "8b71a232d7fe61e6232807b635977c31_173.wav", "duration": 5.55}, {"text": "Is that all pretty much addressed? And can we be confident that there won't be something like this", "audio_length_s": 5.55, "path": "3121e8f4a75758834d32a9e4e0555221_124.wav", "duration": 5.55}, {"text": "are those baked into kind of the overall rate adjustment that you may have already gotten?", "audio_length_s": 5.55, "path": "3121e8f4a75758834d32a9e4e0555221_84.wav", "duration": 5.55}, {"text": "These efforts, along with steady contributions from vehicle protection and pre-need,", "audio_length_s": 5.55, "path": "8c09d9bd7dd7a6c0ade9ddba6a7a6a10_5.wav", "duration": 5.55}, {"text": "So we're now aggregating some of our software costs where we can lower", "audio_length_s": 5.55, "path": "82218f543c9a546c4baa5323f250b39f_230.wav", "duration": 5.55}, {"text": "but based on what we now know of how Corficolombiana should perform,", "audio_length_s": 5.55, "path": "d085781ecd776da8a9c4d31ad547606b_39.wav", "duration": 5.55}, {"text": "denial of any requirement to provide compensation,", "audio_length_s": 5.55, "path": "ada4e338c266148264077e06bac68005_42.wav", "duration": 5.55}, {"text": "earlier, you talked about more precise spending of", "audio_length_s": 5.55, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_264.wav", "duration": 5.55}, {"text": "When you cannot grasp the language, you cannot", "audio_length_s": 5.55, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_205.wav", "duration": 5.55}, {"text": "Our second quarter results were in line with our expectations and our full year remain", "audio_length_s": 5.55, "path": "ca2bc8d693d4751cc88444d2e715f645_73.wav", "duration": 5.55}, {"text": "Perhaps, the key phrase for last quarter and last year was inflection point.", "audio_length_s": 5.55, "path": "e26b501c6e000fdaa11edde97cc71436_56.wav", "duration": 5.55}, {"text": "where we continue to see benefits and continue to be able to raise prices", "audio_length_s": 5.55, "path": "a0006b7891ead9bdb76273f555b6f1c8_60.wav", "duration": 5.55}, {"text": "due to the difficult economic and political situation in many markets in the world.", "audio_length_s": 5.55, "path": "8475d4f528174aebabcb109487bee3f3_30.wav", "duration": 5.55}, {"text": "you guys are becoming a pretty big restaurant operator", "audio_length_s": 5.55, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_124.wav", "duration": 5.55}, {"text": "We have weathered a great deal together and your talent and perseverance and grit have got us to a better place.", "audio_length_s": 5.55, "path": "8957425799e5ce0200bfacf204d0acde_70.wav", "duration": 5.55}, {"text": "As it relates to sort of cash flow freed up from that endeavor,", "audio_length_s": 5.55, "path": "8957425799e5ce0200bfacf204d0acde_221.wav", "duration": 5.55}, {"text": "And we don't want to give any guidance here on the sizing of any of", "audio_length_s": 5.55, "path": "bddc15938bdcc3085f19b0851e74c2c0_334.wav", "duration": 5.55}, {"text": "but do you think there's going to be a big step-up in expenses related to that? And then", "audio_length_s": 5.55, "path": "47a303604df9f9fc9f2f89a9280c3a79_156.wav", "duration": 5.55}, {"text": "of any product reform that we implement", "audio_length_s": 5.55, "path": "cfe2656d9b742e3743835cfde245c60a_126.wav", "duration": 5.55}, {"text": "that might be a speculation that you can get price increases after you've taken the contract.", "audio_length_s": 5.55, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_89.wav", "duration": 5.55}, {"text": "just to put some more context around Jason, your concern about us not", "audio_length_s": 5.55, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_174.wav", "duration": 5.55}, {"text": "right now. And as I think I mentioned before, and we checked the map again this morning,", "audio_length_s": 5.55, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_27.wav", "duration": 5.55}, {"text": "it's easy to kind of get overly enamored with equipment sales and all those kinds of things.", "audio_length_s": 5.55, "path": "6864081f83959f4b49e25e597f28af66_190.wav", "duration": 5.55}, {"text": "Please refer to the detailed note in the company's earnings release regarding forward-looking statements.", "audio_length_s": 5.55, "path": "eb4fd38da7ae1a347630ef447dfe9abe_51.wav", "duration": 5.55}, {"text": "We've not yet moved this project into the backlog pending some further progress on additional commitments,", "audio_length_s": 5.55, "path": "2ad9555a64eaa3f45bef5581adeecb9c_278.wav", "duration": 5.55}, {"text": "Even after what will be rather significant investments", "audio_length_s": 5.55, "path": "911d447bcdcedb4e0cf5230de225921c_5.wav", "duration": 5.55}, {"text": "This liability was recorded in the second quarter at discounted present value.", "audio_length_s": 5.55, "path": "01ebdadb81d0e5a57270957c0cbe83fc_189.wav", "duration": 5.55}, {"text": "So while the capital structure of our Indonesian business has changed,", "audio_length_s": 5.55, "path": "f4d0f1362716be33f02690dd1a8df663_61.wav", "duration": 5.55}, {"text": "fair to say that it's still sort of in that incubation stage? Or maybe you can give us an update there?", "audio_length_s": 5.55, "path": "a8034762296368c60571fcde382c3274_139.wav", "duration": 5.55}, {"text": "as well as some of the elevated non-recurring costs associated with the ramping up of the traffic.", "audio_length_s": 5.55, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_15.wav", "duration": 5.55}, {"text": "Our commercial team has already begun proactively reaching out to physician customers", "audio_length_s": 5.55, "path": "e3d70ecdb6aaed843dd059c121962e45_75.wav", "duration": 5.55}, {"text": "Risks and uncertainties that may affect Quest Diagnostics future results include, but are not limited to,", "audio_length_s": 5.55, "path": "e3d70ecdb6aaed843dd059c121962e45_1.wav", "duration": 5.55}, {"text": "Thank you for your participation and have a wonderful day. You may all disconnect.", "audio_length_s": 5.55, "path": "7394bde65e000fbb7b528c6c65bd099d_143.wav", "duration": 5.55}, {"text": "Now let me turn the call over to Penni to provide some more detail on the financials and the balance sheet.", "audio_length_s": 5.55, "path": "8aa1aa8317783203344434f855535c25_61.wav", "duration": 5.55}, {"text": "to sort of get moving, that when these locations are fully mature,", "audio_length_s": 5.55, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_93.wav", "duration": 5.55}, {"text": "from government regulation and taxes that are driving up the cost of our business.", "audio_length_s": 5.55, "path": "8fd0d858dd99b5b6291eafc83e9a604d_7.wav", "duration": 5.55}, {"text": "growing inventory when everybody thought we didn't have any land to grow it off of.", "audio_length_s": 5.55, "path": "8fd0d858dd99b5b6291eafc83e9a604d_60.wav", "duration": 5.55}, {"text": "As the tenure of our collectors continues to increase, it will have a direct and positive impact", "audio_length_s": 5.55, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_152.wav", "duration": 5.55}, {"text": "we would think of that as cash that should be returned to our shareholders in some form.", "audio_length_s": 5.55, "path": "dd28a387ccc9575df47840b850647c7f_58.wav", "duration": 5.55}, {"text": "the premier corporate learning university for the defense acquisition workforce.", "audio_length_s": 5.55, "path": "6a372ea97b0b130a4d37f16b54d97909_136.wav", "duration": 5.55}, {"text": "offering and sort of what you're seeing around the entire pad?", "audio_length_s": 5.55, "path": "e2c02e1788cb10703d7611ef157f8135_212.wav", "duration": 5.55}, {"text": "in the underlying metrics that personalization is the path we should be on", "audio_length_s": 5.55, "path": "e2c02e1788cb10703d7611ef157f8135_161.wav", "duration": 5.55}, {"text": "We did experience a modest decline in total international visitation compared to the prior year.", "audio_length_s": 5.55, "path": "cd1773ea94a046c0a36b679e2efcee9f_121.wav", "duration": 5.55}, {"text": "The third one is, many of you might say, well, on the revenue side you have been flat,", "audio_length_s": 5.55, "path": "98f10f0935e5b778e888a1b8130a3d31_195.wav", "duration": 5.55}, {"text": "With regard to the store opening and what we expect from those,", "audio_length_s": 5.55, "path": "b305bff75f28d238f0bd7da5bd4f13b8_253.wav", "duration": 5.55}, {"text": "but also driving for continued improvements of the commercial execution.", "audio_length_s": 5.55, "path": "b305bff75f28d238f0bd7da5bd4f13b8_76.wav", "duration": 5.55}, {"text": "much more of a requirement to ensure that there's a single point of entry, for example, for choice counseling, that", "audio_length_s": 5.55, "path": "b94d748876ddf8e881d4191dec45baf3_161.wav", "duration": 5.55}, {"text": "over multiple economic cycles and governmental administrations that will span the 10-year term of the notes.", "audio_length_s": 5.55, "path": "c5c7a9f409241412b160a93cde7ef630_178.wav", "duration": 5.55}, {"text": "And then lastly, I will tell you, we're seeing strong performance of our new stores that we just talked about", "audio_length_s": 5.55, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_113.wav", "duration": 5.55}, {"text": "It hasn't really affected the marketplace, per se, one way or another,", "audio_length_s": 5.55, "path": "974a2d744cd3d9acf42d74816de91f7f_171.wav", "duration": 5.55}, {"text": "Year-to-date, direct operating expenses are also lower compared to last year", "audio_length_s": 5.55, "path": "20097e37747ec7bc3734246e83798fb1_115.wav", "duration": 5.55}, {"text": "enabling us to focus our efforts and capital on strengthening the company for the long term.", "audio_length_s": 5.55, "path": "62246783cdfc5083ebb32cff71ccd38b_113.wav", "duration": 5.55}, {"text": "Yes, I would echo that. I would also say that one of the reasons", "audio_length_s": 5.55, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_157.wav", "duration": 5.55}, {"text": "believing that we were saying something about our capital spending when we talked about the higher maintenance expenditure,", "audio_length_s": 5.55, "path": "08f219f6cb65bd0ed50cb8444a3884f8_207.wav", "duration": 5.55}, {"text": "We're kind of excited because we started up some of our new specialty capacity around the world that allows us to ship", "audio_length_s": 5.55, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_238.wav", "duration": 5.55}, {"text": "and it's all about value for them and value creation for us.", "audio_length_s": 5.55, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_263.wav", "duration": 5.55}, {"text": "better uses of cash earlier on. And so those are the priorities, how I think about it. Jack, I know that", "audio_length_s": 5.55, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_134.wav", "duration": 5.55}, {"text": "they've been cutting back, and so that's been dampening the sales trend to a certain degree.", "audio_length_s": 5.55, "path": "13141efea197b407280701081390f0ce_148.wav", "duration": 5.55}, {"text": "we continued to make more investment in scientific innovation.", "audio_length_s": 5.55, "path": "b126e11520fd54843c67f70f15cd30cc_57.wav", "duration": 5.55}, {"text": "The diesel cracks have been relatively weak until recently, and they have actually started", "audio_length_s": 5.55, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_38.wav", "duration": 5.55}, {"text": "and greatly enhance this operation's adoption of the Esterline operating system.", "audio_length_s": 5.55, "path": "9e8690a521142359001a137074905535_269.wav", "duration": 5.55}, {"text": "With that, I'd like to turn the call back to Peter for an additional comment.", "audio_length_s": 5.55, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_21.wav", "duration": 5.55}, {"text": "We remain very confident in our ability to execute our transformation agenda", "audio_length_s": 5.55, "path": "9b697782ea80be97854f35d6fc62c93a_97.wav", "duration": 5.55}, {"text": "set of initiatives that are going to get us there. We have increasing confidence and we're going to execute things that are in front of us.", "audio_length_s": 5.55, "path": "9b697782ea80be97854f35d6fc62c93a_103.wav", "duration": 5.55}, {"text": "But when you have these fully contracted pipelines like Transco, Northwest and Gulfstream, you", "audio_length_s": 5.55, "path": "74d0910b4af16f82a812bddbb151d966_134.wav", "duration": 5.55}, {"text": "On the back of stronger sales and efficiency gains in all business areas,", "audio_length_s": 5.55, "path": "9aeced6a84c2436e62dd21d1441d0bb4_54.wav", "duration": 5.55}, {"text": "I would characterize the backlog as being similar as we have in the past with the exception of the", "audio_length_s": 5.55, "path": "d4b51176b605646e70b37d07a7c19599_104.wav", "duration": 5.55}, {"text": "that tends to run at lower margins than the recurring revenue than the service side. So", "audio_length_s": 5.55, "path": "262bc21196721c5ff9114acbd2ff03c3_313.wav", "duration": 5.55}, {"text": "And the quarter included a reimbursement of our legal fees as the prevailing party in that matter.", "audio_length_s": 5.55, "path": "e2225d612a954a24e7e91c08215d7b51_52.wav", "duration": 5.55}, {"text": "The increase was primarily driven by a greater contribution from policy charges and fee income,", "audio_length_s": 5.55, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_15.wav", "duration": 5.55}, {"text": "that Probuphine has an important role to play in combating the epidemic of opioid addiction,", "audio_length_s": 5.55, "path": "5330f07390a3c14fc49f24ac98bf1eab_34.wav", "duration": 5.55}, {"text": "or any changes in events, conditions or circumstances on which any such statement is based,", "audio_length_s": 5.55, "path": "5330f07390a3c14fc49f24ac98bf1eab_3.wav", "duration": 5.55}, {"text": "I'd like to give you some crisp, perfect answer, but the truth be known, each quarter feels different,", "audio_length_s": 5.55, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_169.wav", "duration": 5.55}, {"text": "I want to emphasize that we will, however, continue to remain selective in these efforts", "audio_length_s": 5.55, "path": "8eaca8d8a419f74540f69ade8defabbd_209.wav", "duration": 5.55}, {"text": "The average price of detached homes softened within parts of the GTA during the third quarter.", "audio_length_s": 5.55, "path": "87045996e7446329f1d98c909c6ca7fe_224.wav", "duration": 5.55}, {"text": "that is included in our tax return, resulting in a very low cash tax rate in the current year.", "audio_length_s": 5.55, "path": "82f5253b62614161333b038f5f9700f8_24.wav", "duration": 5.55}, {"text": "that are coming under increasing financial strain in the context of our weakening economy.", "audio_length_s": 5.55, "path": "dffe8257f781608bb17bb637249e4d2a_205.wav", "duration": 5.55}, {"text": "Just wondered if you could kind of give us a little bit more granular lay of the land on how you think", "audio_length_s": 5.55, "path": "92bf6fe090b6bc565cb500b688fd9173_155.wav", "duration": 5.55}, {"text": "The footprint of the factory is approximately the size of 2 very large Bunnings stores.", "audio_length_s": 5.55, "path": "33fd8a867dbd88a837e541b1d2b25ea5_17.wav", "duration": 5.55}, {"text": "what I would expect the market clearing multiples to be in the larger transactions.", "audio_length_s": 5.55, "path": "189b20e7b975130ca5abd0e419e54908_22.wav", "duration": 5.55}, {"text": "which gives me confidence in our ability to realize our vision of improving patients' lives.", "audio_length_s": 5.55, "path": "45ab782035fdb06f5ec710d0845bc18f_99.wav", "duration": 5.55}, {"text": "and our newest release of our Crown Royal Noble Collection in the second half.", "audio_length_s": 5.55, "path": "3877b1983229ec488c6349a188bccf92_184.wav", "duration": 5.55}, {"text": "we haven't been in the strongest negotiating position as it relates to acquiring product.", "audio_length_s": 5.55, "path": "7498a6630302a038bd537d192c3a44f4_255.wav", "duration": 5.55}, {"text": "So this is a new level of efficacy which is why we are already now planning", "audio_length_s": 5.55, "path": "9c67fafcb51925dcbaa570283fe01701_187.wav", "duration": 5.55}, {"text": "Quality control and comparability testing of the engineering and clinical batches are ongoing.", "audio_length_s": 5.55, "path": "e29584f9f829602cacebcce71c2a4fb9_7.wav", "duration": 5.55}, {"text": "Although we're in the early stages, I'm encouraged with the progress we're making.", "audio_length_s": 5.55, "path": "1353031386f884a821e7e9bab449727d_74.wav", "duration": 5.55}, {"text": "cost reductions and the learning curves, and that's how you'd get to the top end of that range.", "audio_length_s": 5.55, "path": "ea80970d6b8e6fab10c4500aa7298914_52.wav", "duration": 5.55}, {"text": "We will also invest in additional faculty, primarily in the College of Engineering and Technology.", "audio_length_s": 5.55, "path": "4311782968e936c378fdee8946cd9cca_74.wav", "duration": 5.55}, {"text": "We manage the quality of the online student body by keeping the percent of graduate students", "audio_length_s": 5.55, "path": "4311782968e936c378fdee8946cd9cca_66.wav", "duration": 5.55}, {"text": "if we could, this is a ton of information and all of it is very high quality and very helpful.", "audio_length_s": 5.55, "path": "b126c31149f1cadf1d891082a187d6fc_154.wav", "duration": 5.55}, {"text": "Okay. And just a quick follow-up. On the seating, it sounds like you still have", "audio_length_s": 5.55, "path": "ff898f396d49760343d08575ea773b54_258.wav", "duration": 5.55}, {"text": "to get some benefit of increased scale, which I think gives us an opportunity to go north of that number.", "audio_length_s": 5.55, "path": "ff898f396d49760343d08575ea773b54_246.wav", "duration": 5.55}, {"text": "So I think looking at our quantity growth is really the true way to measure our success.", "audio_length_s": 5.55, "path": "8518e7d2073cc2898bd145e2e84ea482_79.wav", "duration": 5.55}, {"text": "which increasingly center around premiumization, snacking", "audio_length_s": 5.55, "path": "34b4c03bbd8e9d5fceb8c8af89388197_79.wav", "duration": 5.55}, {"text": "and we believe it will become a real alternative to a credit card, especially alongside the new cash-back program.", "audio_length_s": 5.55, "path": "66b25c60d952bd002c7ab20da9248086_58.wav", "duration": 5.55}, {"text": "And I look forward to updating you on our progress on our future earnings calls", "audio_length_s": 5.55, "path": "b6688f44b91606fbd75a6d66e94d4e4b_163.wav", "duration": 5.55}, {"text": "At these levels, the percentage modeling for taxes does not really work.", "audio_length_s": 5.55, "path": "ecc871b8f89a858d952f554f1ca8f7da_150.wav", "duration": 5.55}, {"text": "maintenance shutdown factor is", "audio_length_s": 5.55, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_99.wav", "duration": 5.55}, {"text": "to do other things like share repurchase that will reward shareholders", "audio_length_s": 5.55, "path": "64364105b816dd0b6a029e9cd210e65b_68.wav", "duration": 5.55}, {"text": "and decreasing our leverage, in addition to being overall good stewards of the company's capital", "audio_length_s": 5.55, "path": "64364105b816dd0b6a029e9cd210e65b_149.wav", "duration": 5.55}, {"text": "This repurposed production space has been retooled to support future production", "audio_length_s": 5.55, "path": "64364105b816dd0b6a029e9cd210e65b_119.wav", "duration": 5.55}, {"text": "In summary, we are seeing strong growth in the fee revenues and expect this trend to continue going forward.", "audio_length_s": 5.55, "path": "692de133aab90ff6681b2c45b433b32b_8.wav", "duration": 5.55}, {"text": "observations about the environment around Cancun in terms of", "audio_length_s": 5.55, "path": "eee941d0314b4b6864bf3cabc5a5caff_64.wav", "duration": 5.55}, {"text": "how we do in terms of keeping our people, developing our people and promoting our people,", "audio_length_s": 5.55, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_41.wav", "duration": 5.55}, {"text": "our operating expenses when industry conditions recover and revenues increase.", "audio_length_s": 5.55, "path": "ee17f090e669ff9029bd1dc57db6e43e_20.wav", "duration": 5.55}, {"text": "We do expect better results from program in the future. We have a new leadership for this segment.", "audio_length_s": 5.55, "path": "648ddbbaa83d8a627c7ab752f63a80bd_116.wav", "duration": 5.55}, {"text": "We believe MobileIron Access is the only solution in the market that solves the cloud app security challenge", "audio_length_s": 5.55, "path": "8611e088fa81dc9b999c382b62641dfc_67.wav", "duration": 5.55}, {"text": "it is very tough to see how you would have any realistic balance sheet risk at this point.", "audio_length_s": 5.55, "path": "14fa9d7635caae6483af62a4bfe1b9d6_166.wav", "duration": 5.55}, {"text": "and profitability to the additional carrying and processing costs of the backlog equipment.", "audio_length_s": 5.55, "path": "14fa9d7635caae6483af62a4bfe1b9d6_88.wav", "duration": 5.55}, {"text": "To be honest, I feel this negativity has been way overblown.", "audio_length_s": 5.55, "path": "14fa9d7635caae6483af62a4bfe1b9d6_186.wav", "duration": 5.55}, {"text": "to put them on advantaged assets through the work we're doing and supply chain reinvention. And so", "audio_length_s": 5.55, "path": "1f142ea668261ba963d47aac6bab69dd_149.wav", "duration": 5.55}, {"text": "it's -- nothing's really changed in terms of what we're doing. The activity and the initiative is on track.", "audio_length_s": 5.55, "path": "1f142ea668261ba963d47aac6bab69dd_33.wav", "duration": 5.55}, {"text": "We're also assuming we have normal wind according to some of the historical averages", "audio_length_s": 5.55, "path": "2cd5b184c2ef6624ce219830182927c9_318.wav", "duration": 5.55}, {"text": "For clarity, we have shown the value generated from management actions separately.", "audio_length_s": 5.55, "path": "6299a010c7bb84feaf14b263750dbd1a_116.wav", "duration": 5.55}, {"text": "That said -- even if it's small at the beginning, if you see it being able to grow rapidly, that will be", "audio_length_s": 5.55, "path": "e9970d55b0ac8bddede7f337c0f94d36_24.wav", "duration": 5.55}, {"text": "very healthy livers. But there's more data from our work, and this trial in particular,", "audio_length_s": 5.55, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_110.wav", "duration": 5.55}, {"text": "is to make sure that people are able to experience that. And that's what we've seen. As people experience this", "audio_length_s": 5.55, "path": "125388f1b45117acde70abc39e0f7d04_81.wav", "duration": 5.55}, {"text": "And we expect to complete our relationship with them", "audio_length_s": 5.55, "path": "ddabb30d106a115232a49981d62da464_22.wav", "duration": 5.55}, {"text": "not because you are intending to do anything wrong, but because", "audio_length_s": 5.55, "path": "0f8a61f667edd9a400d7abe2a7908a9e_61.wav", "duration": 5.55}, {"text": "Unfortunately, these positive results could not offset the negative impact", "audio_length_s": 5.55, "path": "6cbf592846662213258684c3049e4592_116.wav", "duration": 5.55}, {"text": "So we're actually tracking fairly close to our internal expectations so far through the quarter.", "audio_length_s": 5.55, "path": "1378aabd380e63d3f89fe0e445fc8b06_29.wav", "duration": 5.55}, {"text": "exactly how the test is run, what the timing is of the various market factors and so forth. But", "audio_length_s": 5.55, "path": "09eebad8f3c529b4c7d916c5f7766f7f_271.wav", "duration": 5.55}, {"text": "our sales do get hit in the first day, first week with all the activity.", "audio_length_s": 5.55, "path": "d0941c09d7e22322692aaab253c0b914_46.wav", "duration": 5.55}, {"text": "To summarize, all 4 of our segments grew organically for the first time in the third quarter.", "audio_length_s": 5.55, "path": "e69e64683a56cdadf1c95192e753f27e_185.wav", "duration": 5.55}, {"text": "Excluding the impact related to the noncash deferred tax asset recognition,", "audio_length_s": 5.55, "path": "4fafe8c628e676ca508b37756da75419_57.wav", "duration": 5.55}, {"text": "but have put a lot of emphasis on them in the last couple of years as the oilfield demand weakened.", "audio_length_s": 5.55, "path": "bf8646ad61e3857d4cf46e592c18f685_41.wav", "duration": 5.55}, {"text": "We have been focused on converting existing renters to owners and are pleased with the trend we are seeing.", "audio_length_s": 5.55, "path": "5be70acf701b7a6c9322f8feeaca63cd_80.wav", "duration": 5.55}, {"text": "and similar expressions identify forward-looking statements that are inherently subject to risks", "audio_length_s": 5.55, "path": "81c03e2c15e8fe8213fbd40368b49581_61.wav", "duration": 5.55}, {"text": "the risk that some of these initiatives that you've outlined, specifically the promotional activity, doesn't", "audio_length_s": 5.55, "path": "b478d2808e90233ed994884e644a3d34_28.wav", "duration": 5.55}, {"text": "We expect that disposition volume will be lower, and the use of proceeds from such activity", "audio_length_s": 5.55, "path": "1cfd7da6c2da11f7e3f7102a6265146b_131.wav", "duration": 5.55}, {"text": "We are still expecting services to grow. We have certain", "audio_length_s": 5.55, "path": "538323cb37246bc97d1253b369a7414a_148.wav", "duration": 5.55}, {"text": "A lot of that was on working capital in terms of the swing in cash flow.", "audio_length_s": 5.55, "path": "f15a674bdbbc461872000604216ae071_74.wav", "duration": 5.55}, {"text": "Just wondering if you have seen that and what your outlook is on that going forward.", "audio_length_s": 5.55, "path": "bf99037f89cd485f95f097842619a0c7_106.wav", "duration": 5.55}, {"text": "The market offered us significantly more than we expected because", "audio_length_s": 5.55, "path": "0e410ca71e50235e520d5af32ce0f54a_155.wav", "duration": 5.55}, {"text": "Should we expect any sort of cost, I guess, related to the credit card news?", "audio_length_s": 5.55, "path": "c88e296697cd72c891ffb7bf5a1a60bb_198.wav", "duration": 5.55}, {"text": "and a more disciplined and programmatic approach bringing additional functions into our development efforts.", "audio_length_s": 5.55, "path": "7a80c3e91e5a2693cdaef5f716808317_133.wav", "duration": 5.55}, {"text": "This demonstrates that our platform can deliver value and efficiency at scale for our advertisers.", "audio_length_s": 5.55, "path": "30a142fac5a62ab00227cb6a339a6226_62.wav", "duration": 5.55}, {"text": "Moving on to the remainder of our outlook. We expect", "audio_length_s": 5.55, "path": "365c360aff42713cef71a7d026eeeb6d_177.wav", "duration": 5.55}, {"text": "But we did enter into a partnership with one of the large suppliers", "audio_length_s": 5.55, "path": "7e018402f521eec8ce7a9df8cd61e144_23.wav", "duration": 5.55}, {"text": "And we are unique in having the license as a private", "audio_length_s": 5.55, "path": "76b892bf017891d7028256847747227c_161.wav", "duration": 5.55}, {"text": "throughout the portfolio that were vacant and available for lease-up", "audio_length_s": 5.55, "path": "b35398859e534e471fb1cd60f5baac20_19.wav", "duration": 5.55}, {"text": "early benefits. And of course the other side from our perspective is to bring to Manitoba", "audio_length_s": 5.55, "path": "6f73dbce90cb2d313480b437f0c51bbc_55.wav", "duration": 5.55}, {"text": "put the majority of that capital to work or over what time frame would be your hope or expectation?", "audio_length_s": 5.55, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_165.wav", "duration": 5.55}, {"text": "In the quarter, commercial rental revenue was unchanged from the prior year,", "audio_length_s": 5.55, "path": "eb93e70cdf7a839a69546250fb3646fb_66.wav", "duration": 5.55}, {"text": "And then on the working capital in terms of the progress, is progress", "audio_length_s": 5.55, "path": "49256d3015fbd8542019b3fc989473f4_31.wav", "duration": 5.55}, {"text": "including progress on our product road map, status of our revenue pipeline", "audio_length_s": 5.55, "path": "726bad4d5d1a6b2f62034eb8dc843450_83.wav", "duration": 5.55}, {"text": "In addition, emerging wireless technologies are driving significant wireline deployments.", "audio_length_s": 5.55, "path": "523cf294ec146d5411972168b1c10f09_78.wav", "duration": 5.55}, {"text": "and we are just getting started launching stronger marketing in conjunction with Amazon.", "audio_length_s": 5.55, "path": "47546a57a865bca0f4e677dc3b485053_160.wav", "duration": 5.55}, {"text": "I will now turn the call over to Steve to discuss our financial results in greater detail.", "audio_length_s": 5.5499375, "path": "383cf39e54475c8a25af2af7b35c6f2e_7.wav", "duration": 5.5499375}, {"text": "and the Information business segment has been renamed Data Services.", "audio_length_s": 5.52, "path": "c459f473b2c99662c3e29eeb2df74043_28.wav", "duration": 5.52}, {"text": "getting our paper mills to make high quality lightweight paper that we use", "audio_length_s": 5.52, "path": "9d8c8f4a41008455665fd243ed99b642_74.wav", "duration": 5.52}, {"text": "continue to believe our shares represent a compelling value at current levels,", "audio_length_s": 5.52, "path": "a0e8f9500edc41a227b8d67235bf7753_76.wav", "duration": 5.52}, {"text": "as a marker between now and the end of the year. We may be making adjustments to that.", "audio_length_s": 5.52, "path": "92b48b365197c65ebf545a4c9dd1200d_154.wav", "duration": 5.52}, {"text": "to seamlessly match risk and capital in the small commercial and consumer segment.", "audio_length_s": 5.52, "path": "62d981deed6d5128615c99d1597178b6_66.wav", "duration": 5.52}, {"text": "is that our bonus arrangements are driven off of earnings.", "audio_length_s": 5.52, "path": "62d981deed6d5128615c99d1597178b6_209.wav", "duration": 5.52}, {"text": "Yes, we keep our eyes open for those kind of deals, but I can tell you, we're looking for the", "audio_length_s": 5.52, "path": "e23e3aabab4b12e359bc92a480c2d294_87.wav", "duration": 5.52}, {"text": "that I think are going to distort that number as far as just being a pure", "audio_length_s": 5.52, "path": "f3ea353a6c918bc1fd311a9cad6b9777_126.wav", "duration": 5.52}, {"text": "who needs complex IC design to solve their challenges.", "audio_length_s": 5.52, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_163.wav", "duration": 5.52}, {"text": "resources around. We've had to adapt to that with the new org structure. So", "audio_length_s": 5.52, "path": "3557b21a45c35e71e82cc43b19977855_173.wav", "duration": 5.52}, {"text": "of which we may get some funding on that we are looking at", "audio_length_s": 5.52, "path": "22ad97a95501a08f15c06605cd277fec_41.wav", "duration": 5.52}, {"text": "where we've gone from half the number of subjects in the booster compared to", "audio_length_s": 5.52, "path": "14e9ab3b38cd3029b8aff693a105dbfb_29.wav", "duration": 5.52}, {"text": "as well as some residual expenses associated with the closed schools.", "audio_length_s": 5.52, "path": "10ad172801ac8cd3a21e4355d7349eb5_63.wav", "duration": 5.52}, {"text": "I will tell you that what we're seeing is some aspirational prices being asked", "audio_length_s": 5.52, "path": "abd0f750609f1263b566f0c09b981a16_154.wav", "duration": 5.52}, {"text": "we will be extending its mandate to include other digital services and solutions as well.", "audio_length_s": 5.52, "path": "ed1006cd88de67e8fe53ea86ad6862d7_91.wav", "duration": 5.52}, {"text": "Deposit specials or money market specials or something in order to bring in", "audio_length_s": 5.52, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_69.wav", "duration": 5.52}, {"text": "The third point I'd like to make is that pipe failure in the oilfield is a serious matter.", "audio_length_s": 5.52, "path": "dd3166f311a5f12a25103a0295e8ac3e_7.wav", "duration": 5.52}, {"text": "Almost all trends were positive in the quarter and each incremental positive movement, however small,", "audio_length_s": 5.52, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_10.wav", "duration": 5.52}, {"text": "We do believe there will be a flattening of fuel demand over", "audio_length_s": 5.52, "path": "570faeed3dcfa26c6246dc42309025ad_42.wav", "duration": 5.52}, {"text": "and we're finding through best practices as our teams get together", "audio_length_s": 5.52, "path": "8bbc2f54137b794265dfb01f1559868d_162.wav", "duration": 5.52}, {"text": "This is still a main regulatory pushback for organic growth.", "audio_length_s": 5.52, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_55.wav", "duration": 5.52}, {"text": "And it's really interesting to watch when these markets get healthy,", "audio_length_s": 5.52, "path": "b34f680a9162805e0188170d6272a356_312.wav", "duration": 5.52}, {"text": "As described in the supplemental income provided in our operating results disclosure,", "audio_length_s": 5.52, "path": "a45510e526a5935c1f8d4f039149ff3b_148.wav", "duration": 5.52}, {"text": "they could -- they won't have to necessarily go to fiber. They could continue to deploy", "audio_length_s": 5.52, "path": "a45510e526a5935c1f8d4f039149ff3b_120.wav", "duration": 5.52}, {"text": "As most of you know, we do not manufacture any of our products in China.", "audio_length_s": 5.52, "path": "c4dc8f962a85aa47af50f82845f550e2_95.wav", "duration": 5.52}, {"text": "and it is not the best argument for reducing our cost of risk, but when you're not growing", "audio_length_s": 5.52, "path": "d085781ecd776da8a9c4d31ad547606b_133.wav", "duration": 5.52}, {"text": "And that's why I believe our opportunities are expanding moving forward.", "audio_length_s": 5.52, "path": "66c9091ba849cdb6d64987642ced64d2_116.wav", "duration": 5.52}, {"text": "Thus we are able to keep most of our expiring customers unless they outgrow the portfolio.", "audio_length_s": 5.52, "path": "6fa080ad3d32111b4490d1c7e30874f3_82.wav", "duration": 5.52}, {"text": "combined with the fact that we got the royalty agreement, sort of, out with the operator this year", "audio_length_s": 5.52, "path": "ada4e338c266148264077e06bac68005_22.wav", "duration": 5.52}, {"text": "realize that this transaction closed yesterday. And so from a guidance perspective,", "audio_length_s": 5.52, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_47.wav", "duration": 5.52}, {"text": "In addition, revenues of our contract manufacturing services", "audio_length_s": 5.52, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_10.wav", "duration": 5.52}, {"text": "It is remarkable for all patients to reach this key time point of 20 months", "audio_length_s": 5.52, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_189.wav", "duration": 5.52}, {"text": "We are dedicated to that process and continue to make significant investments in that regard.", "audio_length_s": 5.52, "path": "6f2c2a55736c5c47a19eca807ec60e33_46.wav", "duration": 5.52}, {"text": "And then also coming back to vision and security system, despite the fact that you have carved out some business,", "audio_length_s": 5.52, "path": "cfbe91105113db7a5784f77e411b7a3f_70.wav", "duration": 5.52}, {"text": "to confirm that conclusion because of all the items that Bill talked about before. So", "audio_length_s": 5.52, "path": "a212b77ae2b2452093665a4e179ed3a3_91.wav", "duration": 5.52}, {"text": "So in this particularly disease category, that's rather significant when you look at the fact that", "audio_length_s": 5.52, "path": "dd5492732b46e270047f9b368d4fde11_101.wav", "duration": 5.52}, {"text": "You know the -- we have a very, very broad window within our", "audio_length_s": 5.52, "path": "dd5492732b46e270047f9b368d4fde11_107.wav", "duration": 5.52}, {"text": "In addition, we expect to discuss certain financial measures and information that are non-GAAP measures", "audio_length_s": 5.52, "path": "a827180c08c11f2e53c6966fceaabf5b_127.wav", "duration": 5.52}, {"text": "I just wanted to understand if you expect the competitive", "audio_length_s": 5.52, "path": "ab3ba3e2b11d2ba165b5f2533a55130f_124.wav", "duration": 5.52}, {"text": "So in summary, we're very pleased with the progress that we're making on our efficiency initiative", "audio_length_s": 5.52, "path": "8475d4f528174aebabcb109487bee3f3_63.wav", "duration": 5.52}, {"text": "companies as they continue to place automation within their operations. So", "audio_length_s": 5.52, "path": "23eff4c724ee00f56319fcc47add3441_78.wav", "duration": 5.52}, {"text": "Let's turn now to a discussion of our revenue performance in our geographic regions.", "audio_length_s": 5.52, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_76.wav", "duration": 5.52}, {"text": "all of our investments in broadcast assets have provided nearly immediate value to shareholders.", "audio_length_s": 5.52, "path": "403903eb119bfc1cec44d86ec907077a_145.wav", "duration": 5.52}, {"text": "It's comparable to the project which we currently already have in Colombia.", "audio_length_s": 5.52, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_41.wav", "duration": 5.52}, {"text": "send us an e-mail and we will be delighted to respond if time permits.", "audio_length_s": 5.52, "path": "c6447babe88f061184d64309eebb8629_183.wav", "duration": 5.52}, {"text": "for our shareholders. We're looking forward to seeing many of you tomorrow. Now I'll turn it over to John.", "audio_length_s": 5.52, "path": "276392c471c063580869aec014a1feda_57.wav", "duration": 5.52}, {"text": "Or we're spending money on that? Or we're not looking or paying attention to this? So there's a lot of opportunity.", "audio_length_s": 5.52, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_144.wav", "duration": 5.52}, {"text": "There's no way to avoid this. The only way that you could avoid it would be if you chose to take more risk,", "audio_length_s": 5.52, "path": "8ce8f3144deb1adb52f969fb5a653beb_184.wav", "duration": 5.52}, {"text": "the biggest single element is we need to make a very substantial reduction.", "audio_length_s": 5.52, "path": "a965bbd76f3d449c86e8c27d03ac192f_46.wav", "duration": 5.52}, {"text": "When you can comfortably pursue material growth opportunities", "audio_length_s": 5.52, "path": "911d447bcdcedb4e0cf5230de225921c_59.wav", "duration": 5.52}, {"text": "we have today initiated a material and sustainable dividend policy.", "audio_length_s": 5.52, "path": "911d447bcdcedb4e0cf5230de225921c_107.wav", "duration": 5.52}, {"text": "As you aware, we focus on local value being highly relevant, having a quality offer", "audio_length_s": 5.52, "path": "6e3037e770ba5e0dfc98e3223986aad2_80.wav", "duration": 5.52}, {"text": "We do continue to press just as aggressively as we've been pressing for the last couple of years on costs.", "audio_length_s": 5.52, "path": "ebecd7e874a9b3998b70ec3200f71e89_280.wav", "duration": 5.52}, {"text": "That's really enabled us to work very closely with them on developing new product.", "audio_length_s": 5.52, "path": "9c1272d9d120c5bfafd6e6b566f89b62_29.wav", "duration": 5.52}, {"text": "For the remainder of 2018, we expect to participate only in vertical wells", "audio_length_s": 5.52, "path": "c433164f6d189e18b1e4784e376b6ecb_38.wav", "duration": 5.52}, {"text": "We'll take a closer look at each product segment's results later on.", "audio_length_s": 5.52, "path": "f4d0f1362716be33f02690dd1a8df663_38.wav", "duration": 5.52}, {"text": "And with all of these new employees, we also ramped up our training efforts at the same time.", "audio_length_s": 5.52, "path": "4e04d3229b988f1db5b842ac5b993894_113.wav", "duration": 5.52}, {"text": "has demonstrated anything like the brightness we have in full color with high-pixel density.", "audio_length_s": 5.52, "path": "1ddc944827b99caf8c7867ceeed0ec20_17.wav", "duration": 5.52}, {"text": "If you exclude the PPA impact to get an economic view on our profitability,", "audio_length_s": 5.52, "path": "e60f6485243932b9280d864cb17a6ba8_21.wav", "duration": 5.52}, {"text": "And we additionally filed applications in Georgia, Alabama and Mississippi.", "audio_length_s": 5.52, "path": "3068d678d3331b8f0a10ea4fa92361f2_3.wav", "duration": 5.52}, {"text": "And so as we begin that process, we'll be looking at all aspects of", "audio_length_s": 5.52, "path": "a7e7a1621af9b4e850260f9824ee8746_21.wav", "duration": 5.52}, {"text": "And that's probably the best way to think about it as we enter the more inflationary environment.", "audio_length_s": 5.52, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_179.wav", "duration": 5.52}, {"text": "I will discuss the early experience with ENTYCE in more detail in a few moments.", "audio_length_s": 5.52, "path": "49a78c1ec143d9ac46e893e77198c0e3_158.wav", "duration": 5.52}, {"text": "We are pleased with these accomplishments and the continued expansion of our benchmark homebuilding brand.", "audio_length_s": 5.52, "path": "ade68f8add7249890d086ecf4b5b8cab_85.wav", "duration": 5.52}, {"text": "working the inventory down and how should we think about margins in the back half of the year?", "audio_length_s": 5.52, "path": "e8ea90cb8d68cf6b1b75c6c1ae60e64d_39.wav", "duration": 5.52}, {"text": "if you've had any learning now in going through this where you're really", "audio_length_s": 5.52, "path": "c67af59ea29f4e80b8eeede6e730658e_111.wav", "duration": 5.52}, {"text": "I think it also should make it more predictable for you guys to figure out the model,", "audio_length_s": 5.52, "path": "c67af59ea29f4e80b8eeede6e730658e_58.wav", "duration": 5.52}, {"text": "a big part of our -- a component of our collections in Europe and now it's becoming so.", "audio_length_s": 5.52, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_141.wav", "duration": 5.52}, {"text": "And we're seeing the benefit from localization in a big way", "audio_length_s": 5.52, "path": "e2c02e1788cb10703d7611ef157f8135_217.wav", "duration": 5.52}, {"text": "But on its own way, that's good news because it demonstrates the progress that we're making on the restructuring.", "audio_length_s": 5.52, "path": "7bc22aba9bc29d69ee10cc60db7903d8_109.wav", "duration": 5.52}, {"text": "These forward-looking statements speak as of today, and you should not rely upon them as representing our views in the future.", "audio_length_s": 5.52, "path": "6d97c63e754383663561baada77c7354_79.wav", "duration": 5.52}, {"text": "speaking the language of the customer, having a global scale and painting a vision for the future.", "audio_length_s": 5.52, "path": "16ed973148ce103dc95fdcfaf35bbe7b_174.wav", "duration": 5.52}, {"text": "the cold beverages that we're driving around afternoon made, I think we're feeling good about that. And let me", "audio_length_s": 5.52, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_51.wav", "duration": 5.52}, {"text": "return on assets and return on tangible common equity. Return on assets", "audio_length_s": 5.52, "path": "6ad1d7c855ceb3eb830c365e357e4510_69.wav", "duration": 5.52}, {"text": "the securities yield bouncing back higher. Could you walk through that again and some of the reasons why you're starting to see", "audio_length_s": 5.52, "path": "6ad1d7c855ceb3eb830c365e357e4510_150.wav", "duration": 5.52}, {"text": "from revenue recognition change based on the sell into the channel?", "audio_length_s": 5.52, "path": "26119288a71567b572f1d8b551e397cb_129.wav", "duration": 5.52}, {"text": "for Orica. Nothing is more important than safety, and that is why it's so regrettable", "audio_length_s": 5.52, "path": "ab4dae37361262d727d1d2f8f78765d5_139.wav", "duration": 5.52}, {"text": "and now the second quarter is the opposite phenomenon. So plate was high first quarter,", "audio_length_s": 5.52, "path": "08f219f6cb65bd0ed50cb8444a3884f8_107.wav", "duration": 5.52}, {"text": "So 1 is our ecosystem. And N means", "audio_length_s": 5.52, "path": "b126e11520fd54843c67f70f15cd30cc_129.wav", "duration": 5.52}, {"text": "the jetty and related facilities for refined products.", "audio_length_s": 5.52, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_159.wav", "duration": 5.52}, {"text": "I don't think that is going to be something holding back. I think it's more going to be related to", "audio_length_s": 5.52, "path": "3d278a2ed905799fa07e009f431603e1_109.wav", "duration": 5.52}, {"text": "Healthcare reform and minimum wage continue to be hot topics in the industry today.", "audio_length_s": 5.52, "path": "5ea42ed8ea9a65bd01aaabb678685483_113.wav", "duration": 5.52}, {"text": "it came out really, really weak and I think that's from the standpoint", "audio_length_s": 5.52, "path": "948f025c16fce2bcb2909e610c9be557_189.wav", "duration": 5.52}, {"text": "was driven by robust demand for new 3D inspection systems and sensors.", "audio_length_s": 5.52, "path": "785be95695b063f97a17e4dea4a0529a_91.wav", "duration": 5.52}, {"text": "amendments to their contracted position that's resulting in this margin pressure?", "audio_length_s": 5.52, "path": "e00fd35e201a8607d264b803a5130c59_303.wav", "duration": 5.52}, {"text": "with a recognition that we have to be able to make changes", "audio_length_s": 5.52, "path": "03b9bb6c861e205653c9c22f11f9ef1f_161.wav", "duration": 5.52}, {"text": "In closing, I would like to express my sincere thanks to our shareholders and supporters", "audio_length_s": 5.52, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_139.wav", "duration": 5.52}, {"text": "and it's very obvious that Allergan is making a significant commitment", "audio_length_s": 5.52, "path": "c40b5d1a13169c5acf69590932a56f98_117.wav", "duration": 5.52}, {"text": "In short, these events did not meaningfully disrupt our operations or affect our margins.", "audio_length_s": 5.52, "path": "87045996e7446329f1d98c909c6ca7fe_150.wav", "duration": 5.52}, {"text": "the best quarterly organic net new active number in PayPal's history.", "audio_length_s": 5.52, "path": "49e533a8449f6b9b6c806458e73338e1_188.wav", "duration": 5.52}, {"text": "Let me also apologize for the delay in our press release crossing the wire this afternoon.", "audio_length_s": 5.52, "path": "5b0a12e70a31041016a008c29a6d2bb1_68.wav", "duration": 5.52}, {"text": "a good way to think about the full year or should we think about being maybe above that range?", "audio_length_s": 5.52, "path": "ab3354b86be920cde18291112bf8a70a_74.wav", "duration": 5.52}, {"text": "We note that this guidance raise is inclusive of the impact of some of the tariffs", "audio_length_s": 5.52, "path": "8cfc2a9aace5078f22a83c782b9d41f7_98.wav", "duration": 5.52}, {"text": "That continues the trend that we've seen now for a number of years with the Qantas Group", "audio_length_s": 5.52, "path": "01f88a67f39af3a74d5f23b095615d39_14.wav", "duration": 5.52}, {"text": "ball sports seasons. So maybe you could just talk a little bit about some of these", "audio_length_s": 5.52, "path": "9ec35a7809acb51486076e302028ba33_45.wav", "duration": 5.52}, {"text": "What we see is customers -- our customers do not want to expand their manufacturing footprint.", "audio_length_s": 5.52, "path": "45ab782035fdb06f5ec710d0845bc18f_24.wav", "duration": 5.52}, {"text": "but I don't see us having an issue with hanging in the 2% range", "audio_length_s": 5.52, "path": "1689b94530eca82b7758c86b4cf3125f_21.wav", "duration": 5.52}, {"text": "wanted to see if you could give a little bit more color in terms of the relative", "audio_length_s": 5.52, "path": "3b2908426357bb8269c3a01469865cd6_32.wav", "duration": 5.52}, {"text": "in our revenue mix to one that's more recurring in nature and, therefore, more predictable over the long run.", "audio_length_s": 5.52, "path": "3b2908426357bb8269c3a01469865cd6_96.wav", "duration": 5.52}, {"text": "We do not expect this filing to provide any new material information for investors.", "audio_length_s": 5.52, "path": "e33785a294553de2a12d4463bf786744_67.wav", "duration": 5.52}, {"text": "I am very proud to be a member of this winning team.", "audio_length_s": 5.52, "path": "e33785a294553de2a12d4463bf786744_169.wav", "duration": 5.52}, {"text": "is in a relatively low earnings quarter, it has a slightly bigger impact.", "audio_length_s": 5.52, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_86.wav", "duration": 5.52}, {"text": "with somewhat a softer approach in terms of the look and feel of our marketing campaigns.", "audio_length_s": 5.52, "path": "7498a6630302a038bd537d192c3a44f4_114.wav", "duration": 5.52}, {"text": "This is, of course, very important and something that we're going to continue really drive going forward.", "audio_length_s": 5.52, "path": "47b5defd6e2c5724f6dc3b80859c281c_63.wav", "duration": 5.52}, {"text": "and relatively less when the share price is higher. Now looking at the segments.", "audio_length_s": 5.52, "path": "4721d5a2e7061d90a4e4e4768adc2486_124.wav", "duration": 5.52}, {"text": "But we are also confident in being able to grow share with not only the existing customers", "audio_length_s": 5.52, "path": "2a7af3c66762ce608379005a3d7bfa96_146.wav", "duration": 5.52}, {"text": "We expect to announce significant improvements to the performance specifications", "audio_length_s": 5.52, "path": "7e2ebcd981f5b5ecb18c04906f87d768_134.wav", "duration": 5.52}, {"text": "we need to make our offerings more convenient.", "audio_length_s": 5.52, "path": "80a2ca14358172366acab4e80f3fa33b_55.wav", "duration": 5.52}, {"text": "amount of money and capacity in time to develop. But either way, we don't see anything", "audio_length_s": 5.52, "path": "0fa398ef99a7a936fc1e509dacaaadde_255.wav", "duration": 5.52}, {"text": "Extensive proprietary studies and joint industry projects have shown great promise", "audio_length_s": 5.52, "path": "5633fe3600ee04237bbb918c56341864_91.wav", "duration": 5.52}, {"text": "These loans can be repaid without penalty a few months in advance of maturity later in the year.", "audio_length_s": 5.52, "path": "98bbf1693b5a53e7f02d890a8dca876a_38.wav", "duration": 5.52}, {"text": "Growth at all levels. This is precisely the position we're working to put ourselves in,", "audio_length_s": 5.52, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_125.wav", "duration": 5.52}, {"text": "That concludes our prepared remarks. So with that, I'll turn it back to the operator for your questions.", "audio_length_s": 5.52, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_200.wav", "duration": 5.52}, {"text": "During today's call, representatives of the company will make a number of statements that are forward-looking,", "audio_length_s": 5.52, "path": "c5120d9702331edaf23bb6e639df0a70_114.wav", "duration": 5.52}, {"text": "yes. I mean, it's never a good idea to force investors to", "audio_length_s": 5.52, "path": "82ccbfb62e125b146fba0f8e4347cc62_146.wav", "duration": 5.52}, {"text": "We probably have 2 or 3 other ones that we think will be involved in RFPs sometime between", "audio_length_s": 5.52, "path": "382e3c8eda678694c6368e00f19c8881_31.wav", "duration": 5.52}, {"text": "will then be put on audio and video in the Internet.", "audio_length_s": 5.52, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_181.wav", "duration": 5.52}, {"text": "Okay. And just maybe a last one on Aerospace.", "audio_length_s": 5.52, "path": "ea80970d6b8e6fab10c4500aa7298914_82.wav", "duration": 5.52}, {"text": "assumed neutral on essentially a 0 change in working capital requirements.", "audio_length_s": 5.52, "path": "ff898f396d49760343d08575ea773b54_29.wav", "duration": 5.52}, {"text": "In the government fee for service market, we implemented a new state preferred drug list program.", "audio_length_s": 5.52, "path": "a2ba164f019804628c07b36de47cd464_106.wav", "duration": 5.52}, {"text": "coming back to your question concerning internationalization,", "audio_length_s": 5.52, "path": "70495e47bf69dc2e7d778a790679f347_132.wav", "duration": 5.52}, {"text": "It's important to note that while we have a strong order book, there are pockets of weakness in the economy,", "audio_length_s": 5.52, "path": "64364105b816dd0b6a029e9cd210e65b_205.wav", "duration": 5.52}, {"text": "strong and systematic efforts and good work in Brazil.", "audio_length_s": 5.52, "path": "6e741dde9f96f20227b467204b93b6b2_82.wav", "duration": 5.52}, {"text": "First, as you saw in the release, we posted record levels of revenue and broadcast cash flow", "audio_length_s": 5.52, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_49.wav", "duration": 5.52}, {"text": "Basic strategy was also presented when we announced a mid-term plan.", "audio_length_s": 5.52, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_75.wav", "duration": 5.52}, {"text": "And I think it opens up for very interesting potential additional income ideas.", "audio_length_s": 5.52, "path": "407fee9910ab57874978cf85a89b1d9d_99.wav", "duration": 5.52}, {"text": "Is there any way you can quantify what that might be or give us a range or anything like", "audio_length_s": 5.52, "path": "a7b69d0f77cd4d6a684399e12b066e39_37.wav", "duration": 5.52}, {"text": "second half bumps along the way or do you think you really started to get your footing here?", "audio_length_s": 5.52, "path": "72b117fb1330bda9f954a219bb5a675e_23.wav", "duration": 5.52}, {"text": "In other words, if demand for capacity is expected to remain sluggish and pricing improvement is muted,", "audio_length_s": 5.52, "path": "14fa9d7635caae6483af62a4bfe1b9d6_19.wav", "duration": 5.52}, {"text": "Then on fuel, can you repeat specifically what your question is?", "audio_length_s": 5.52, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_14.wav", "duration": 5.52}, {"text": "Let me now provide some color on regional performance for both revenue and margins.", "audio_length_s": 5.52, "path": "1f142ea668261ba963d47aac6bab69dd_12.wav", "duration": 5.52}, {"text": "So without getting into specific details on where we might be cutting trade spend or", "audio_length_s": 5.52, "path": "1f142ea668261ba963d47aac6bab69dd_38.wav", "duration": 5.52}, {"text": "and potential of Compugen. Since this is one of the pillars", "audio_length_s": 5.52, "path": "6daa2d0829057899b014b06c36e1d54b_34.wav", "duration": 5.52}, {"text": "because of the allocation of our operation companies instead of the holding.", "audio_length_s": 5.52, "path": "41c3c459f45afbc36231434c6798bbaf_9.wav", "duration": 5.52}, {"text": "And so we did not buy into that space. It's overpriced significantly.", "audio_length_s": 5.52, "path": "9826162bc1bb67bf8d65e4cf50e656e9_110.wav", "duration": 5.52}, {"text": "which was delayed slightly in the first quarter and has now begun shipping.", "audio_length_s": 5.52, "path": "902872913863de98d38e2936b846cf66_87.wav", "duration": 5.52}, {"text": "one is development fee and the second one is a management fee", "audio_length_s": 5.52, "path": "05dd495370eec8168a564fd9eac0ea5d_65.wav", "duration": 5.52}, {"text": "We've also had the benefit of adding", "audio_length_s": 5.52, "path": "0f8a61f667edd9a400d7abe2a7908a9e_134.wav", "duration": 5.52}, {"text": "will be gradually widening as we continue to improve our profitability.", "audio_length_s": 5.52, "path": "d383beeae6efd0a411a453f90412d8d3_44.wav", "duration": 5.52}, {"text": "And we will keep building and operating best-in-class infrastructure in the best places in the country.", "audio_length_s": 5.52, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_17.wav", "duration": 5.52}, {"text": "And then also while we're at it, the timing and ramping of the one but not yet funded pipeline", "audio_length_s": 5.52, "path": "09eebad8f3c529b4c7d916c5f7766f7f_351.wav", "duration": 5.52}, {"text": "have occurred and started in earnest with a combination of", "audio_length_s": 5.52, "path": "09eebad8f3c529b4c7d916c5f7766f7f_153.wav", "duration": 5.52}, {"text": "in terms of looking at the -- how well a company is doing in terms of revenue", "audio_length_s": 5.52, "path": "8f92dfb06900be4f209f31f24cb885fb_142.wav", "duration": 5.52}, {"text": "the driver behind that were these factors that I saw and it was particularly in February,", "audio_length_s": 5.52, "path": "abd571ccf777ac4b0a43a7487031bc8a_248.wav", "duration": 5.52}, {"text": "I would like to turn the conference back over to John Chironna for any closing remarks.", "audio_length_s": 5.52, "path": "abd571ccf777ac4b0a43a7487031bc8a_69.wav", "duration": 5.52}, {"text": "Well, you know how important Las Vegas is to Southwest. And", "audio_length_s": 5.52, "path": "910a1a60a0549a5973f42bb19b66a0ae_197.wav", "duration": 5.52}, {"text": "As an organization, our purpose is to bring energy to life. So what does this mean?", "audio_length_s": 5.52, "path": "6f1b092b312410065d308541be46da95_262.wav", "duration": 5.52}, {"text": "Thanks, Vic. And I'd like to take this opportunity to say how excited I am to be joining Immersion.", "audio_length_s": 5.52, "path": "a766b08317742c952705018a899f3998_35.wav", "duration": 5.52}, {"text": "We already have the strategy practically in place. And our process of", "audio_length_s": 5.52, "path": "f15a674bdbbc461872000604216ae071_110.wav", "duration": 5.52}, {"text": "It's difficult to see all the evidence of that just yet,", "audio_length_s": 5.52, "path": "bf99037f89cd485f95f097842619a0c7_36.wav", "duration": 5.52}, {"text": "the productivity of the front office. And we have last year substantially enlarged", "audio_length_s": 5.52, "path": "bf99037f89cd485f95f097842619a0c7_82.wav", "duration": 5.52}, {"text": "Gross profit decreased slightly as a percentage of adjusted net sales, primarily from", "audio_length_s": 5.52, "path": "eed99fefac02f862b3ee31c4748cb9b5_12.wav", "duration": 5.52}, {"text": "pretty rapidly right now, and I would imagine you'll be talking to your investors in the coming weeks and months.", "audio_length_s": 5.52, "path": "bc5018861ccb5380fbe71ad789a6d4b0_35.wav", "duration": 5.52}, {"text": "Now I will turn the call over to Gary Heminger for opening remarks and highlights. Gary?", "audio_length_s": 5.52, "path": "1096d26129c469524041c969a684f8ae_1.wav", "duration": 5.52}, {"text": "Whilst water and industrial grew in line with the division as a whole, power declined.", "audio_length_s": 5.52, "path": "7a80c3e91e5a2693cdaef5f716808317_125.wav", "duration": 5.52}, {"text": "I believe we had lost our way on many of these factors over the last year or so and are", "audio_length_s": 5.52, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_4.wav", "duration": 5.52}, {"text": "that shows the accretiveness of that transaction of 5% to 10%. But beyond that can't give you any", "audio_length_s": 5.52, "path": "6f73dbce90cb2d313480b437f0c51bbc_93.wav", "duration": 5.52}, {"text": "as the net decline in fair value more than offset the core earnings for the quarter.", "audio_length_s": 5.52, "path": "3fb901e6b501ddced60226a13ebef4af_90.wav", "duration": 5.52}, {"text": "Based on industry data for the months of January and February and our company estimates for the month of March,", "audio_length_s": 5.52, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_94.wav", "duration": 5.52}, {"text": "advantage of the current environment. But overall, we are seeing a more challenging environment, which I think will", "audio_length_s": 5.52, "path": "eb93e70cdf7a839a69546250fb3646fb_146.wav", "duration": 5.52}, {"text": "and the value is really difficult for us to get our hands on.", "audio_length_s": 5.52, "path": "726bad4d5d1a6b2f62034eb8dc843450_113.wav", "duration": 5.52}, {"text": "So is there a bit of this project selectivity playbook that you're running?", "audio_length_s": 5.52, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_35.wav", "duration": 5.52}, {"text": "in -- for price this year for the business where it's relevant? I think it's probably", "audio_length_s": 5.52, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_242.wav", "duration": 5.52}, {"text": "beyond what we're willing to pay because they have other reasons to try to get bigger via that route.", "audio_length_s": 5.5199375, "path": "32283c24ad18239efb166db8422560b2_36.wav", "duration": 5.5199375}, {"text": "current active pipeline and work on the current portfolio", "audio_length_s": 5.4900625, "path": "24a133abc343c813233d416b0cef96cd_68.wav", "duration": 5.4900625}, {"text": "And the emergence of white box transceivers promises to fill that void.", "audio_length_s": 5.49, "path": "ab5b4ea5cd86e4f7deafe9814024fada_156.wav", "duration": 5.49}, {"text": "it's just one of those that has a little more leakage to it than I would like to do, so that's why we call it kind of", "audio_length_s": 5.49, "path": "0d631e444d1c22f0be99a69f5deaff94_23.wav", "duration": 5.49}, {"text": "The automation also frees up more time for our compliance staff to focus on more complex tasks.", "audio_length_s": 5.49, "path": "b7050f62f52a3d2803beea21404f7af6_17.wav", "duration": 5.49}, {"text": "Based on this initial strong demand, we expect great things in the immediate future.", "audio_length_s": 5.49, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_142.wav", "duration": 5.49}, {"text": "As those equity proceeds are invested and as we move to utilize at least a portion", "audio_length_s": 5.49, "path": "ab861b81968e1b5fcb606ed886919d68_53.wav", "duration": 5.49}, {"text": "some investments are needed, and I've talked about these in the past. Just to outline a few of them.", "audio_length_s": 5.49, "path": "a95a220f118ae793c89d6d708e62cf8a_110.wav", "duration": 5.49}, {"text": "clinically meaningful reduction in the number of bleeds.", "audio_length_s": 5.49, "path": "3cb802f8fba7d33603c29387ccdaf817_25.wav", "duration": 5.49}, {"text": "Isn't -- in reality, isn't the reason you're doing that because you need the cash to pay the hybrid?", "audio_length_s": 5.49, "path": "2f888e63a31b86cc2f4f97710e8eed79_146.wav", "duration": 5.49}, {"text": "although we expect CapEx to be some tens of millions lower again.", "audio_length_s": 5.49, "path": "2f888e63a31b86cc2f4f97710e8eed79_104.wav", "duration": 5.49}, {"text": "of the booster vaccine at Week 0. And these are the data that we've previously reported.", "audio_length_s": 5.49, "path": "14e9ab3b38cd3029b8aff693a105dbfb_49.wav", "duration": 5.49}, {"text": "who had a weak immune response, for those who were lower than the median", "audio_length_s": 5.49, "path": "14e9ab3b38cd3029b8aff693a105dbfb_10.wav", "duration": 5.49}, {"text": "If you just look at the core business back on the topic of green shoots,", "audio_length_s": 5.49, "path": "d28b2b09c127b5be033738aa3cd380b3_116.wav", "duration": 5.49}, {"text": "key indicators are you waiting for that might suggest that pricing pressures are finally lifting?", "audio_length_s": 5.49, "path": "280817d93f79714585d82b9c2dbecab3_52.wav", "duration": 5.49}, {"text": "that the evolution of the core operating income was very sustainable", "audio_length_s": 5.49, "path": "2152c3428458312cf3da4cab3f8db5ca_84.wav", "duration": 5.49}, {"text": "I would like to make a few comments on operating profit at the bottom.", "audio_length_s": 5.49, "path": "2a59b9df2de5248e64727f10185a8423_18.wav", "duration": 5.49}, {"text": "Thank you, Sandra, and thanks to all of you for taking the time to participate on our call today.", "audio_length_s": 5.49, "path": "2d7efae3f89647d6468deed3b73bf98a_61.wav", "duration": 5.49}, {"text": "so that had an impact. So all of those things kind of pull together to make a perfect storm.", "audio_length_s": 5.49, "path": "55d05334bdde612eb9dd102bb41d216e_48.wav", "duration": 5.49}, {"text": "So the engagement is extremely high globally.", "audio_length_s": 5.49, "path": "7e14890193df4b10e1eeab6ab886529f_155.wav", "duration": 5.49}, {"text": "Connect is such a powerful platform, and we have seen the positive impact on retention.", "audio_length_s": 5.49, "path": "7e14890193df4b10e1eeab6ab886529f_92.wav", "duration": 5.49}, {"text": "Third quarter is typically a stronger quarter, and it's pretty consistent with what it was last year.", "audio_length_s": 5.49, "path": "3180572bc2da758668c19200930e1bc4_225.wav", "duration": 5.49}, {"text": "We also announced key leadership and organizational changes. Alan White and I", "audio_length_s": 5.49, "path": "3180572bc2da758668c19200930e1bc4_3.wav", "duration": 5.49}, {"text": "any impact on the market from the new supply out of Big River Steel at this point?", "audio_length_s": 5.49, "path": "67716cee321d117b0318930dd142f06a_228.wav", "duration": 5.49}, {"text": "And despite the product challenges that we have had with Physio-Control and Sage,", "audio_length_s": 5.49, "path": "044da592acc01ff7baacb3dbf2a302a9_115.wav", "duration": 5.49}, {"text": "We expect working capital to improve in the coming quarters", "audio_length_s": 5.49, "path": "82218f543c9a546c4baa5323f250b39f_149.wav", "duration": 5.49}, {"text": "or you start reducing that from your net interest income line", "audio_length_s": 5.49, "path": "d085781ecd776da8a9c4d31ad547606b_201.wav", "duration": 5.49}, {"text": "some of the tax laws and some of the other things going on, and some of depreciation and", "audio_length_s": 5.49, "path": "6fa080ad3d32111b4490d1c7e30874f3_108.wav", "duration": 5.49}, {"text": "our overall fall protection backlog was about 40% higher at the end of the first quarter", "audio_length_s": 5.49, "path": "01502edf6cda82061f1f45d6b0e8e189_152.wav", "duration": 5.49}, {"text": "These statements are not guarantees of our future performance, financial condition or results", "audio_length_s": 5.49, "path": "07f580f6f7be50000b90caa25fcd2661_26.wav", "duration": 5.49}, {"text": "a home appliance company we invested in underwent restructuring,", "audio_length_s": 5.49, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_6.wav", "duration": 5.49}, {"text": "foreign players cannot dominate.", "audio_length_s": 5.49, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_280.wav", "duration": 5.49}, {"text": "Here's just a few of the specifics to give you a feel for where our confidence is coming from.", "audio_length_s": 5.49, "path": "957e0f876f9a4af9b498c19843675474_90.wav", "duration": 5.49}, {"text": "Second, we expect to grow in our traditional customer groups and we will move beyond them.", "audio_length_s": 5.49, "path": "957e0f876f9a4af9b498c19843675474_16.wav", "duration": 5.49}, {"text": "I would say that we are pleasantly surprised at the cultural", "audio_length_s": 5.49, "path": "ca2bc8d693d4751cc88444d2e715f645_110.wav", "duration": 5.49}, {"text": "I have a question about your segmented reporting. So you have the Jamieson Brands", "audio_length_s": 5.49, "path": "ca2bc8d693d4751cc88444d2e715f645_55.wav", "duration": 5.49}, {"text": "that we will be doing shortly. This will lead to discussions with", "audio_length_s": 5.49, "path": "2a5b0a6532fa2b71915a2930be02621a_144.wav", "duration": 5.49}, {"text": "a big trough model we have today to an equal flow model,", "audio_length_s": 5.49, "path": "fa45af64ef25007f998c655347bfbecb_208.wav", "duration": 5.49}, {"text": "While it's not clear how incentives will be structured for electric distribution networks at this time,", "audio_length_s": 5.49, "path": "a212b77ae2b2452093665a4e179ed3a3_157.wav", "duration": 5.49}, {"text": "We have implemented the provisions of the accounting standard under the modified retrospective method. The", "audio_length_s": 5.49, "path": "1b1699497be56330b3ed833f22bc63f6_65.wav", "duration": 5.49}, {"text": "in the fourth quarter of last year. Our first phase was back during the big recession,", "audio_length_s": 5.49, "path": "a0006b7891ead9bdb76273f555b6f1c8_19.wav", "duration": 5.49}, {"text": "stemming from actions we are taking to shape the business for our long-term success.", "audio_length_s": 5.49, "path": "23eff4c724ee00f56319fcc47add3441_52.wav", "duration": 5.49}, {"text": "Advisory business, where we have seen some bigger transactions", "audio_length_s": 5.49, "path": "bddc15938bdcc3085f19b0851e74c2c0_308.wav", "duration": 5.49}, {"text": "cost development for the remainder of the year are on the one hand,", "audio_length_s": 5.49, "path": "bddc15938bdcc3085f19b0851e74c2c0_134.wav", "duration": 5.49}, {"text": "And having deeper integrations, better access to that", "audio_length_s": 5.49, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_132.wav", "duration": 5.49}, {"text": "Behind the scenes, somebody could be thinking that way, but we don't see it as a dominant factor.", "audio_length_s": 5.49, "path": "dbafd430cf189ffeffd96a06da8ba37d_108.wav", "duration": 5.49}, {"text": "As many of you know, this definition was derived in conjunction with the NEPTUNE Consortium", "audio_length_s": 5.49, "path": "a24a661c2eb55542903c72391ec09f9b_6.wav", "duration": 5.49}, {"text": "While we are proud of the significant progress we have made in our margins in the past several quarters,", "audio_length_s": 5.49, "path": "e56726c7aedd69029957c84128050700_69.wav", "duration": 5.49}, {"text": "In the left, we can see the international activity. Main building in the international", "audio_length_s": 5.49, "path": "eb4fd38da7ae1a347630ef447dfe9abe_71.wav", "duration": 5.49}, {"text": "and the statistics regarding the portfolio. With that, let me turn the call over to Mays.", "audio_length_s": 5.49, "path": "07d30eec04a77191950ef0992d097daf_7.wav", "duration": 5.49}, {"text": "We believe we've made great progress on the strategy that we've implemented.", "audio_length_s": 5.49, "path": "9c1272d9d120c5bfafd6e6b566f89b62_245.wav", "duration": 5.49}, {"text": "And so you should have the ability to identify where the specific credit risks are.", "audio_length_s": 5.49, "path": "a8034762296368c60571fcde382c3274_89.wav", "duration": 5.49}, {"text": "a lot of variable costs associated with the termination portion of it.", "audio_length_s": 5.49, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_90.wav", "duration": 5.49}, {"text": "But really, when you get into managing the business and understanding how that eventually yields margins,", "audio_length_s": 5.49, "path": "e3d70ecdb6aaed843dd059c121962e45_29.wav", "duration": 5.49}, {"text": "So I think we put on something like 300 loans in the third quarter", "audio_length_s": 5.49, "path": "bda4b365d7a8386d5d2e6b4575d08a57_35.wav", "duration": 5.49}, {"text": "throughout the whole year. We're not seeing price compression in the core channel. So it really came from the new channels.", "audio_length_s": 5.49, "path": "bda4b365d7a8386d5d2e6b4575d08a57_72.wav", "duration": 5.49}, {"text": "The other effect is I think you see that we have actually run down our commercial paper,", "audio_length_s": 5.49, "path": "9022bae942674c0b1de53d169ee4da9f_3.wav", "duration": 5.49}, {"text": "wind generation for the remainder of the year based on 5 years of historic levels", "audio_length_s": 5.49, "path": "636d6909fbd8656f88f72f66a3a162ff_166.wav", "duration": 5.49}, {"text": "and will be the same thing there, which is preclude them from being a part of the arbitration", "audio_length_s": 5.49, "path": "636d6909fbd8656f88f72f66a3a162ff_139.wav", "duration": 5.49}, {"text": "And gas utilities should continue with their modernization and integrity projects.", "audio_length_s": 5.49, "path": "40e11288ea7cb86fdf307dbe648142e3_22.wav", "duration": 5.49}, {"text": "I'm happy to say that in the third quarter, we made progress in all 3 areas.", "audio_length_s": 5.49, "path": "65b48a7260ef038ff1bec3cc200331c3_62.wav", "duration": 5.49}, {"text": "Airlines throughout the world are experiencing growing demand and reporting strong profits.", "audio_length_s": 5.49, "path": "30e94343ee663488872ae176b419a163_70.wav", "duration": 5.49}, {"text": "but we understand that the Ministry is going to", "audio_length_s": 5.49, "path": "fcabfedf41ab18064a96d393869e4d4e_9.wav", "duration": 5.49}, {"text": "limited number of depository institutions in the Chicago marketplace", "audio_length_s": 5.49, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_44.wav", "duration": 5.49}, {"text": "I need to remind you that certain comments made during this call may constitute forward-looking statements", "audio_length_s": 5.49, "path": "c67af59ea29f4e80b8eeede6e730658e_62.wav", "duration": 5.49}, {"text": "So we're very careful. Everything we do in the company is driven by", "audio_length_s": 5.49, "path": "a8b43081254547419da7462d9c957d61_106.wav", "duration": 5.49}, {"text": "away from a very complex regional and line of business organization", "audio_length_s": 5.49, "path": "98f10f0935e5b778e888a1b8130a3d31_104.wav", "duration": 5.49}, {"text": "And with that, I'll turn the discussion back over to Stan for some closing remarks.", "audio_length_s": 5.49, "path": "567a41009710fa1568bb8125213bf9eb_35.wav", "duration": 5.49}, {"text": "accelerate that with our amazing distribution team and all the deep customer relationships we've had", "audio_length_s": 5.49, "path": "16ed973148ce103dc95fdcfaf35bbe7b_225.wav", "duration": 5.49}, {"text": "are attracted to having Teekay own and operate their infrastructure assets", "audio_length_s": 5.49, "path": "10dfe5270a7e4216d68614041d2a9bbe_99.wav", "duration": 5.49}, {"text": "just a matter of getting vehicles there that can use the LNG infrastructure that's already in place.", "audio_length_s": 5.49, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_35.wav", "duration": 5.49}, {"text": "Expanding our product categories is another component of our retail growth strategy.", "audio_length_s": 5.49, "path": "e6c0fa1068c28557c3e17e0d02b831b1_130.wav", "duration": 5.49}, {"text": "the embedded supply chain benefits and sustained investment in the Spekko brand will support", "audio_length_s": 5.49, "path": "ea60900258f99d1003ab247c506e42d9_132.wav", "duration": 5.49}, {"text": "However, Hanjin's travails may also serve as a useful wake-up call for the industry", "audio_length_s": 5.49, "path": "62246783cdfc5083ebb32cff71ccd38b_42.wav", "duration": 5.49}, {"text": "outstanding customer and vendor relationships and excellent customer service.", "audio_length_s": 5.49, "path": "7a29e2dcd505f944b16d1e3173cb1c01_62.wav", "duration": 5.49}, {"text": "On point one, many cancers have a high mutational burden,", "audio_length_s": 5.49, "path": "17f54a9938f35a4bde713fb3eb33a80e_63.wav", "duration": 5.49}, {"text": "As noted in the Form 10-K, we have taken a number of steps to alleviate our liquidity situation,", "audio_length_s": 5.49, "path": "f77935c4693e4d33252c9c76993e9c8b_58.wav", "duration": 5.49}, {"text": "although we are still confident they may soon turn into awards.", "audio_length_s": 5.49, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_158.wav", "duration": 5.49}, {"text": "As you well know, the sector is going through a severe crisis,", "audio_length_s": 5.49, "path": "4cbd8989dd9406e1f08c19a5ce9f8014_59.wav", "duration": 5.49}, {"text": "once we go to the market. We believe that this is going to be an event that's probably going to", "audio_length_s": 5.49, "path": "c8124cdb821d04f0e585420c128d76c7_199.wav", "duration": 5.49}, {"text": "we settled some claims in Q1 of this year that relates to the past", "audio_length_s": 5.49, "path": "c8124cdb821d04f0e585420c128d76c7_33.wav", "duration": 5.49}, {"text": "an attractive proposition over current standard of care based on the market research we've completed.", "audio_length_s": 5.49, "path": "571b0d30d88945a981006f24faa72cf7_179.wav", "duration": 5.49}, {"text": "this category. And I think the reason I mention all that is if you take that blueprint", "audio_length_s": 5.49, "path": "21f21433851eb7c7f7dbc710309341bb_54.wav", "duration": 5.49}, {"text": "is sort of an achievable aspiration given the areas of the business where you want to continue to invest?", "audio_length_s": 5.49, "path": "21f21433851eb7c7f7dbc710309341bb_73.wav", "duration": 5.49}, {"text": "Factors that could cause actual results to differ materially from management's current expectations", "audio_length_s": 5.49, "path": "5330f07390a3c14fc49f24ac98bf1eab_30.wav", "duration": 5.49}, {"text": "These statements are not guarantees of our future performance, financial condition or results", "audio_length_s": 5.49, "path": "73c60e60043b8775dac929320839a8c6_1.wav", "duration": 5.49}, {"text": "as well as with new opportunities for integrating multiple dies into a single die", "audio_length_s": 5.49, "path": "b3d7bc295d09d9927e465213612c0192_196.wav", "duration": 5.49}, {"text": "in order to accomplish that, we're going to need to improve across all of our businesses within claims.", "audio_length_s": 5.49, "path": "7ebbb41dcefeb482191f8bc22031b5d9_90.wav", "duration": 5.49}, {"text": "since we believe a significant portion of our customers are below target utilization levels.", "audio_length_s": 5.49, "path": "33ed8514914fae6825997843290fe049_10.wav", "duration": 5.49}, {"text": "to mitigate the continued impact of competitive factors on net interest margin over the near term.", "audio_length_s": 5.49, "path": "87045996e7446329f1d98c909c6ca7fe_152.wav", "duration": 5.49}, {"text": "The power outage severity environment remained very low during the quarter, but was consistent with our previous guidance.", "audio_length_s": 5.49, "path": "82f5253b62614161333b038f5f9700f8_233.wav", "duration": 5.49}, {"text": "we believe that pharma will continue to fund them aggressively. We think that they have", "audio_length_s": 5.49, "path": "da879f8ea1c23aa6565cccaacac271fc_279.wav", "duration": 5.49}, {"text": "These declines were partially offset by positive revenue trends in Gannett's digital products,", "audio_length_s": 5.49, "path": "059024560d9d1039cf08746ee7393114_22.wav", "duration": 5.49}, {"text": "Just with the throughput, can you see that going up to the 60,000 tons", "audio_length_s": 5.49, "path": "369789f0d39dbf62298be2aa807ff8ee_134.wav", "duration": 5.49}, {"text": "even though for these clients we may choose to remain their primary, in fact,", "audio_length_s": 5.49, "path": "dffe8257f781608bb17bb637249e4d2a_281.wav", "duration": 5.49}, {"text": "Recent actuarial valuation reviews have resulted in a reserve release,", "audio_length_s": 5.49, "path": "dffe8257f781608bb17bb637249e4d2a_50.wav", "duration": 5.49}, {"text": "Distribution for this product is building with trials now in place at a growing number of Bunnings stores.", "audio_length_s": 5.49, "path": "33fd8a867dbd88a837e541b1d2b25ea5_24.wav", "duration": 5.49}, {"text": "I am very pleased to report that we returned to growth this quarter.", "audio_length_s": 5.49, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_1.wav", "duration": 5.49}, {"text": "licensed merchandise and accessories to all major retailers across the region.", "audio_length_s": 5.49, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_222.wav", "duration": 5.49}, {"text": "This is especially impressive since Mikes renovated 7 restaurants during the quarter.", "audio_length_s": 5.49, "path": "416ebb7a4160f7cd2f98361cbd1cb769_110.wav", "duration": 5.49}, {"text": "may -- which might be spent in the second half of this year and which were not spent", "audio_length_s": 5.49, "path": "b24e0b37987585f3c63f28df67e6a1f6_181.wav", "duration": 5.49}, {"text": "Now if we look at the full year fiscal '19 outlook and you can turn to Slide 8 for that.", "audio_length_s": 5.49, "path": "c47a92e006b54d014a79b447528c55a7_9.wav", "duration": 5.49}, {"text": "At some future time, it might be the time to do that. So I just wanted to", "audio_length_s": 5.49, "path": "e33785a294553de2a12d4463bf786744_186.wav", "duration": 5.49}, {"text": "The first one is the fact of increasing geopolitical risks.", "audio_length_s": 5.49, "path": "254f3c2175c8e11d6da7d44a221e1bff_23.wav", "duration": 5.49}, {"text": "is the tax rate you are expecting for this financial year -- for the final year of the medium-term", "audio_length_s": 5.49, "path": "472c8876d3d729a35b2d00133efbb029_11.wav", "duration": 5.49}, {"text": "relative performance or is this actually a tangible driver of your Asian sales?", "audio_length_s": 5.49, "path": "47b5defd6e2c5724f6dc3b80859c281c_19.wav", "duration": 5.49}, {"text": "We have a significant amount of above market rates and unused commitments back if restructured,", "audio_length_s": 5.49, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_9.wav", "duration": 5.49}, {"text": "offset some of the cost of that as customers are changing their behavior. So", "audio_length_s": 5.49, "path": "8635f950dc44da3fcad542b2c066bedf_148.wav", "duration": 5.49}, {"text": "while committing to further net cost reductions at the same time,", "audio_length_s": 5.49, "path": "fe80c1056f21701e41cf3489c450f5ae_81.wav", "duration": 5.49}, {"text": "Like what should we think about in terms of the additional interest ENB would have in that project?", "audio_length_s": 5.49, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_48.wav", "duration": 5.49}, {"text": "to finish up some of the smaller items and tankage and some other things on our Eastern Access project", "audio_length_s": 5.49, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_128.wav", "duration": 5.49}, {"text": "that then informs a strategy that cuts across our entire organization. And so while", "audio_length_s": 5.49, "path": "0cfaeed8cd93dc274845d450e921aeb6_109.wav", "duration": 5.49}, {"text": "we are running our business debt-free and with a considerable cash position,", "audio_length_s": 5.49, "path": "e522eff219f3eaa2c9b090dc12cad420_30.wav", "duration": 5.49}, {"text": "will be lowered to a range of 17% to 19% based on our current business profile.", "audio_length_s": 5.49, "path": "299bad77345d2e44fa5768f4416f7b97_21.wav", "duration": 5.49}, {"text": "we can say that the number and quality of third-party inbound inquiries and discussions", "audio_length_s": 5.49, "path": "c5120d9702331edaf23bb6e639df0a70_5.wav", "duration": 5.49}, {"text": "or discoveries, and the acreage capture that we've been able to pick up", "audio_length_s": 5.49, "path": "e0d1342ad3d27fd648b708837de08797_219.wav", "duration": 5.49}, {"text": "Each of these services are offered on the cloud. In other words,", "audio_length_s": 5.49, "path": "75b064acca5b532722510ac0b9b0822e_93.wav", "duration": 5.49}, {"text": "significant lead, if you will, because of the existing components that are deployed,", "audio_length_s": 5.49, "path": "a9ff9f85f03afdd2d13b76e14060b31d_35.wav", "duration": 5.49}, {"text": "and Kirk serves as the President of Brand Solutions at Google.", "audio_length_s": 5.49, "path": "34b4c03bbd8e9d5fceb8c8af89388197_16.wav", "duration": 5.49}, {"text": "So we are going to be taking a look at it across where our growth targets are,", "audio_length_s": 5.49, "path": "812d8f09b72b4d410d138d3b24caebbc_212.wav", "duration": 5.49}, {"text": "I will go into more detail on my initial observations later in the call.", "audio_length_s": 5.49, "path": "b6688f44b91606fbd75a6d66e94d4e4b_77.wav", "duration": 5.49}, {"text": "which is generally consistent with the 3-year-out figures we typically present on this call each year.", "audio_length_s": 5.49, "path": "3f6641f7d8f1ab845ad4f637cfb35109_217.wav", "duration": 5.49}, {"text": "Our priority now will be to reinvest to further savings behind improved volume growth.", "audio_length_s": 5.49, "path": "e35fae1d3df1f7aeda409f90f200ec7b_205.wav", "duration": 5.49}, {"text": "the first quarter is consistently the weakest quarter performance of the year.", "audio_length_s": 5.49, "path": "64364105b816dd0b6a029e9cd210e65b_323.wav", "duration": 5.49}, {"text": "we just want to make sure that it's in environments and we're surrounded by", "audio_length_s": 5.49, "path": "1300495cfa53748f732f54277d5a8cea_96.wav", "duration": 5.49}, {"text": "So there are some risks though none of them have materialized yet.", "audio_length_s": 5.49, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_97.wav", "duration": 5.49}, {"text": "diligence process and preclose. But then you're saying", "audio_length_s": 5.49, "path": "b0d88c0f1efca89ecb928172341dc75d_338.wav", "duration": 5.49}, {"text": "As far as the sort of charges, I think we're largely beyond the charges. As far as the benefits,", "audio_length_s": 5.49, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_77.wav", "duration": 5.49}, {"text": "and the continued expansion of our installed base and higher device utilization.", "audio_length_s": 5.49, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_195.wav", "duration": 5.49}, {"text": "The strength of our platform provides customers with a full range of service options", "audio_length_s": 5.49, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_63.wav", "duration": 5.49}, {"text": "Last but not least, we also here are communicating on", "audio_length_s": 5.49, "path": "6a45749d272884d2809fa70f7807250c_51.wav", "duration": 5.49}, {"text": "taking all comers, and perhaps stratifying for presence or absence", "audio_length_s": 5.49, "path": "6daa2d0829057899b014b06c36e1d54b_80.wav", "duration": 5.49}, {"text": "And so far, our approach has been more to create a good place to stay versus", "audio_length_s": 5.49, "path": "02242ceddfeb4bcc65f04552b63fe80e_181.wav", "duration": 5.49}, {"text": "We have completed our review of Media, and I'll come back to that later", "audio_length_s": 5.49, "path": "323193895e800e72960d98dd5fb64cf5_160.wav", "duration": 5.49}, {"text": "integration or data flows can be registered as services in the catalog.", "audio_length_s": 5.49, "path": "9826162bc1bb67bf8d65e4cf50e656e9_73.wav", "duration": 5.49}, {"text": "In addition, Phoenix Life continues to execute value-added", "audio_length_s": 5.49, "path": "6299a010c7bb84feaf14b263750dbd1a_56.wav", "duration": 5.49}, {"text": "and their people are very professional and very good. So we're", "audio_length_s": 5.49, "path": "902872913863de98d38e2936b846cf66_307.wav", "duration": 5.49}, {"text": "We've been focusing on locking in new leases earlier on to take advantage of the good terms currently available.", "audio_length_s": 5.49, "path": "96488f25af54f91198b444e5eff8e878_171.wav", "duration": 5.49}, {"text": "expense that we need to keep in mind with AIS? Or are we all done with that next quarter?", "audio_length_s": 5.49, "path": "ffa357a084f4deb64797a0a32b8c5e33_51.wav", "duration": 5.49}, {"text": "under our expectations, and I think you're right in terms of the kind of gap", "audio_length_s": 5.49, "path": "ffa357a084f4deb64797a0a32b8c5e33_95.wav", "duration": 5.49}, {"text": "whereas both market and counterparty risk benefited from lower volatility in the financial markets.", "audio_length_s": 5.49, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_15.wav", "duration": 5.49}, {"text": "And so we have seen, as we've gone back for half a decade, a decade or more,", "audio_length_s": 5.49, "path": "09eebad8f3c529b4c7d916c5f7766f7f_50.wav", "duration": 5.49}, {"text": "And so we clearly do that to protect what I see as the downside.", "audio_length_s": 5.49, "path": "c71a6ab1a0697010811c89200ab21613_63.wav", "duration": 5.49}, {"text": "basically made whole for many lower purchase price we get because", "audio_length_s": 5.49, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_246.wav", "duration": 5.49}, {"text": "an example of which you see on the right side of the slide.", "audio_length_s": 5.49, "path": "e21fc19597d349bcd86de1329167659b_87.wav", "duration": 5.49}, {"text": "In addition, we have identified new opportunities to improve our integrated business capabilities", "audio_length_s": 5.49, "path": "f268a8174f58c93ad6b45b7f151fe896_144.wav", "duration": 5.49}, {"text": "to move forward in some of these initiatives that we're talking about today or we're talking about right now", "audio_length_s": 5.49, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_244.wav", "duration": 5.49}, {"text": "So we're being more aggressive there and delivering our value proposition.", "audio_length_s": 5.49, "path": "a756bd9ba43faae4d9d0f059925e39e9_19.wav", "duration": 5.49}, {"text": "and provide a personalized experience for each subscribers and leverage", "audio_length_s": 5.49, "path": "76c04b0646e881995fdd48aa58abee4c_2.wav", "duration": 5.49}, {"text": "Selling cheap at early days has been a bad habit of the industry for numerous years.", "audio_length_s": 5.49, "path": "eed99fefac02f862b3ee31c4748cb9b5_90.wav", "duration": 5.49}, {"text": "And I'm just wondering, assuming there is no global recession in the next few years,", "audio_length_s": 5.49, "path": "d94578c7341e48604746c6aab6967911_145.wav", "duration": 5.49}, {"text": "Similarly, we are adjusting our gross and operating margin ranges up 50 basis points,", "audio_length_s": 5.49, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_44.wav", "duration": 5.49}, {"text": "be further catalyst to generate meaningful customer account and receivables growth.", "audio_length_s": 5.49, "path": "c88e296697cd72c891ffb7bf5a1a60bb_191.wav", "duration": 5.49}, {"text": "For July, we hope to provide you with clarity on our priorities and plan.", "audio_length_s": 5.49, "path": "b1a98885c1d81414cdc122e807760faf_169.wav", "duration": 5.49}, {"text": "continues to attract brokers and prospective tenants.", "audio_length_s": 5.49, "path": "b35398859e534e471fb1cd60f5baac20_139.wav", "duration": 5.49}, {"text": "will be a game changer for our company going forward. Turning to Media,", "audio_length_s": 5.49, "path": "6f73dbce90cb2d313480b437f0c51bbc_8.wav", "duration": 5.49}, {"text": "coincidence on timing than anything else that some of the bigger deals have happened when they have.", "audio_length_s": 5.49, "path": "744f5859c7d9a0567b387ae84326d940_50.wav", "duration": 5.49}, {"text": "So I think we're going to take care of our customers and the growth opportunities,", "audio_length_s": 5.49, "path": "523cf294ec146d5411972168b1c10f09_22.wav", "duration": 5.49}, {"text": "can you guys give us a sense, do you have the numbers available of", "audio_length_s": 5.49, "path": "7f85288e472b08575b33943f4c718070_202.wav", "duration": 5.49}, {"text": "Brian will provide more color by segment in just a few minutes.", "audio_length_s": 5.49, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_76.wav", "duration": 5.49}, {"text": "And what does demand look like and what is the profile of patients being treated,", "audio_length_s": 5.49, "path": "3a1ba1b79a8a016390f98ab3ffe71340_32.wav", "duration": 5.49}, {"text": "all products available to reduce the scours incidence on the farm.", "audio_length_s": 5.49, "path": "027d36b67ee5bba934695b2d0c47eb08_14.wav", "duration": 5.49}, {"text": "Our focus on marketing to expand our reach to more consumers.", "audio_length_s": 5.49, "path": "47546a57a865bca0f4e677dc3b485053_111.wav", "duration": 5.49}, {"text": "Last week, we announced our support of the DEA's National Drug Take Back", "audio_length_s": 5.4600625, "path": "b40ab385cca0095fc17f5310045ca5d2_70.wav", "duration": 5.4600625}, {"text": "This concludes today's teleconference. You may disconnect your lines at this time, and have a great day.", "audio_length_s": 5.46, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_63.wav", "duration": 5.46}, {"text": "Okay. And then as far as what you're going to be adding to their bags some of these", "audio_length_s": 5.46, "path": "5833763223d8d85b6fcb5fe90e821c77_33.wav", "duration": 5.46}, {"text": "And just by the nature of their business, the numbers of", "audio_length_s": 5.46, "path": "55cbaf368288111ebc2ccadb61e3bd34_142.wav", "duration": 5.46}, {"text": "And so I'm kind of back to more of a normal mid-cycle in my own thinking in terms of that.", "audio_length_s": 5.46, "path": "8b6c481f7fe797353fefe886e205bbaa_97.wav", "duration": 5.46}, {"text": "I realize that there's a lot of negativity around manufacturing,", "audio_length_s": 5.46, "path": "3557b21a45c35e71e82cc43b19977855_207.wav", "duration": 5.46}, {"text": "Now I'll turn it over to Steve to provide more details on our fiscal '17 performance", "audio_length_s": 5.46, "path": "d28b2b09c127b5be033738aa3cd380b3_156.wav", "duration": 5.46}, {"text": "you have quite a bit of an aggressive plan to hire additional headcount. And from", "audio_length_s": 5.46, "path": "19eed824fc629ea7d3f8ea7572c7abb7_25.wav", "duration": 5.46}, {"text": "which will be referred to as cash balances for the remainder of today's discussion.", "audio_length_s": 5.46, "path": "10ad172801ac8cd3a21e4355d7349eb5_145.wav", "duration": 5.46}, {"text": "Refined products transportation volumes on our wholly-owned and joint venture pipelines", "audio_length_s": 5.46, "path": "718a89dc503706eae0091bcd9410d567_169.wav", "duration": 5.46}, {"text": "What has changed since early this year is the general sentiment of the market", "audio_length_s": 5.46, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_11.wav", "duration": 5.46}, {"text": "and will allow us to attract and retain higher caliber managers in the future.", "audio_length_s": 5.46, "path": "d70a57dd52d0e4cf86a6225dca186bc2_91.wav", "duration": 5.46}, {"text": "Our sales and marketing campaigns around our enhanced capabilities have just begun,", "audio_length_s": 5.46, "path": "e824f4380f8203a1e3ed60e7da1e39e5_7.wav", "duration": 5.46}, {"text": "how do we build our platforms in each of those verticals to give us more scale benefits", "audio_length_s": 5.46, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_24.wav", "duration": 5.46}, {"text": "with where we are. And certainly, as you think about the base growth and our ability to effectively", "audio_length_s": 5.46, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_114.wav", "duration": 5.46}, {"text": "while continuing to improve profitability and operating cash flow.", "audio_length_s": 5.46, "path": "04f29bc02d1e2ef65077ca67bf41f475_157.wav", "duration": 5.46}, {"text": "all with a focus on improving our margin and creating a more customer-centric environment.", "audio_length_s": 5.46, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_56.wav", "duration": 5.46}, {"text": "Our new combined sales team is performing even better than we expected.", "audio_length_s": 5.46, "path": "8bbc2f54137b794265dfb01f1559868d_96.wav", "duration": 5.46}, {"text": "in the teams that we have out there. So these are very good businesses. We're very pleased to have acquired them.", "audio_length_s": 5.46, "path": "044da592acc01ff7baacb3dbf2a302a9_150.wav", "duration": 5.46}, {"text": "We have adopted a dividend policy effective March 1 that we believe achieves the following.", "audio_length_s": 5.46, "path": "1b91eb82f5211000e711424657cc2484_197.wav", "duration": 5.46}, {"text": "Our expectations haven't changed. We still have a lot of work that we're doing with them.", "audio_length_s": 5.46, "path": "a45510e526a5935c1f8d4f039149ff3b_68.wav", "duration": 5.46}, {"text": "Looking at the land and land development bucket on the balance sheet,", "audio_length_s": 5.46, "path": "1d2f3c74735a986131e7b219d9eff713_195.wav", "duration": 5.46}, {"text": "Finally, I'd like to thank all of our team members for a job well done this quarter.", "audio_length_s": 5.46, "path": "1d2f3c74735a986131e7b219d9eff713_18.wav", "duration": 5.46}, {"text": "As for the life cycle of beverage products,", "audio_length_s": 5.46, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_38.wav", "duration": 5.46}, {"text": "Looking ahead, we continue to evaluate strategies to grow in the Netherlands.", "audio_length_s": 5.46, "path": "0ee490f8688669984ae17a737590f7b5_76.wav", "duration": 5.46}, {"text": "So there's still confidence and lots of confidence in this strategy announced", "audio_length_s": 5.46, "path": "fa45af64ef25007f998c655347bfbecb_346.wav", "duration": 5.46}, {"text": "Distributions sales are expected to be down slightly for the year, given current market conditions.", "audio_length_s": 5.46, "path": "a827180c08c11f2e53c6966fceaabf5b_147.wav", "duration": 5.46}, {"text": "we will be reporting non-GAAP adjusted revenue and related measures for the prior-year periods.", "audio_length_s": 5.46, "path": "1b1699497be56330b3ed833f22bc63f6_139.wav", "duration": 5.46}, {"text": "But has that changed at all to include maybe Atlanta or something like that?", "audio_length_s": 5.46, "path": "8b2314627d54755a15c55244bb862225_43.wav", "duration": 5.46}, {"text": "I mean today, you have an advantage that not all competitors have.", "audio_length_s": 5.46, "path": "cc82e791c065bdc271addf355bac274f_181.wav", "duration": 5.46}, {"text": "on the excellent e-commerce performance of the company.", "audio_length_s": 5.46, "path": "cc82e791c065bdc271addf355bac274f_18.wav", "duration": 5.46}, {"text": "I think that the large part of that decline", "audio_length_s": 5.46, "path": "d4ad91ac3b9c1832b95aa346c8c84b46_85.wav", "duration": 5.46}, {"text": "Market penetration of our technology at least in the hands of one consortia member, if not more", "audio_length_s": 5.46, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_133.wav", "duration": 5.46}, {"text": "priority one. From more specifics at the integration level, think about it at a", "audio_length_s": 5.46, "path": "0f4370b614f29bd596e4f6871cc77864_235.wav", "duration": 5.46}, {"text": "And the fact of the matter is an owner today is fortunate if he gets 2 bids", "audio_length_s": 5.46, "path": "a965bbd76f3d449c86e8c27d03ac192f_31.wav", "duration": 5.46}, {"text": "We need to constantly question our business model and how we operate.", "audio_length_s": 5.46, "path": "6e3037e770ba5e0dfc98e3223986aad2_9.wav", "duration": 5.46}, {"text": "The increase in net loss attributable to common stockholders for the 9 month period", "audio_length_s": 5.46, "path": "01ebdadb81d0e5a57270957c0cbe83fc_18.wav", "duration": 5.46}, {"text": "and walk them through the new strategic direction of our company.", "audio_length_s": 5.46, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_101.wav", "duration": 5.46}, {"text": "So that is a natural buffer and one of the strengths of having the brands positioned", "audio_length_s": 5.46, "path": "132abea68f255eb89160dde90b6d3b80_150.wav", "duration": 5.46}, {"text": "in terms of the power projects that you referenced, are those", "audio_length_s": 5.46, "path": "bab12f620df0f367e74acdcc467686f1_228.wav", "duration": 5.46}, {"text": "Order activity accelerated into the fourth quarter in the West and Southeast.", "audio_length_s": 5.46, "path": "ade68f8add7249890d086ecf4b5b8cab_87.wav", "duration": 5.46}, {"text": "So if diesel is a big component of that", "audio_length_s": 5.46, "path": "08ed60a546bd48af9db028c4e3c8af26_68.wav", "duration": 5.46}, {"text": "We have begun to see the contribution from the launch of our new magicJack Connect app.", "audio_length_s": 5.46, "path": "16e51362df94379ea33a24334015f385_79.wav", "duration": 5.46}, {"text": "acquired NPH, stayed disciplined on expenses to drive operating leverage", "audio_length_s": 5.46, "path": "8a77ceadd7e4729abc9102d38be3a227_11.wav", "duration": 5.46}, {"text": "The 2 challenges that we have, if I may say, which are not surprising, I think any business", "audio_length_s": 5.46, "path": "47b1a118c53956b23f1d687a75f3e5ba_133.wav", "duration": 5.46}, {"text": "Those end customers that have signed up and responded have responded positively,", "audio_length_s": 5.46, "path": "9b93af1e7019959620214c387f283d8e_138.wav", "duration": 5.46}, {"text": "This season highlighted the importance and success of our increasingly sophisticated marketing efforts.", "audio_length_s": 5.46, "path": "cd1773ea94a046c0a36b679e2efcee9f_42.wav", "duration": 5.46}, {"text": "So please, if you correct that in your notes. It's still a good ASP increase,", "audio_length_s": 5.46, "path": "b305bff75f28d238f0bd7da5bd4f13b8_183.wav", "duration": 5.46}, {"text": "to shift over time, as we redeploy capital into these new strategies.", "audio_length_s": 5.46, "path": "567a41009710fa1568bb8125213bf9eb_8.wav", "duration": 5.46}, {"text": "and we also had professional fees coming through to support the delivery of the IGNITE program.", "audio_length_s": 5.46, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_227.wav", "duration": 5.46}, {"text": "We continue to see favorable trends as demonstrated by the strength of our pipeline,", "audio_length_s": 5.46, "path": "b94d748876ddf8e881d4191dec45baf3_29.wav", "duration": 5.46}, {"text": "So the way to look at this from a clean perspective on the operating power of the business in the quarter", "audio_length_s": 5.46, "path": "02deeb29574f1571812a11f66bb8fda1_80.wav", "duration": 5.46}, {"text": "you should have a good contractor on whom the banks can bank for completing the project.", "audio_length_s": 5.46, "path": "98dd38fe77c24da55bc482b504ae3cc3_111.wav", "duration": 5.46}, {"text": "Good morning. My name is Sharon, and I will be your conference operator today.", "audio_length_s": 5.46, "path": "0794a2f02bbe89feb49651735bba77c5_0.wav", "duration": 5.46}, {"text": "So I take it that these expenditures come out of the advertising funds?", "audio_length_s": 5.46, "path": "0794a2f02bbe89feb49651735bba77c5_62.wav", "duration": 5.46}, {"text": "which amendments reduced our midterm exposure to the spot market", "audio_length_s": 5.46, "path": "62246783cdfc5083ebb32cff71ccd38b_2.wav", "duration": 5.46}, {"text": "after the date of this conference call. Now I'd like to turn the call over to Steve.", "audio_length_s": 5.46, "path": "1be44822d16f85bd501a5f19876895b1_2.wav", "duration": 5.46}, {"text": "stay at about the same level, which you can keep competing for the same amount of revenue contribution?", "audio_length_s": 5.46, "path": "526e0d5398a516831b49936c31a8ea1c_35.wav", "duration": 5.46}, {"text": "and providing solid returns to build capital and reward shareholders.", "audio_length_s": 5.46, "path": "53889f50eda8b316a01a3df89d226e7f_3.wav", "duration": 5.46}, {"text": "We continue our focus on all executable activities of the business.", "audio_length_s": 5.46, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_143.wav", "duration": 5.46}, {"text": "services are not affected by that. Our own staff costs are not affected by that.", "audio_length_s": 5.46, "path": "8cd753ed00aeee0ed32d03823eef3f7e_22.wav", "duration": 5.46}, {"text": "We expect margins to improve over time as our investments drive revenue growth.", "audio_length_s": 5.46, "path": "9098e5640309f25da0d4dfa04789a36f_65.wav", "duration": 5.46}, {"text": "With that, I will turn the call back over to Guillermo for closing remarks.", "audio_length_s": 5.46, "path": "0ec0a75c1800bac01520dcac5b8992fb_125.wav", "duration": 5.46}, {"text": "to the domestic growth rate from all of the currency", "audio_length_s": 5.46, "path": "5e95976c2c94d24ba7df09eb05e3a3b0_65.wav", "duration": 5.46}, {"text": "These results demonstrate the value of our highly integrated business model,", "audio_length_s": 5.46, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_191.wav", "duration": 5.46}, {"text": "Thank you for your time today. Let me hand you back to Graham before we take questions.", "audio_length_s": 5.46, "path": "e16c49bab0eeda53f9fd5b3d0f599149_43.wav", "duration": 5.46}, {"text": "foreign exchange headwinds? Should we be looking at sort of more like low single digits and potentially even", "audio_length_s": 5.46, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_104.wav", "duration": 5.46}, {"text": "your home as well as we possibly can. How to get a frozen shake to your home", "audio_length_s": 5.46, "path": "3898a5c021167b8169287fc8bb59f753_157.wav", "duration": 5.46}, {"text": "However, the integration between the acute and physician environments is often weak.", "audio_length_s": 5.46, "path": "f1da65edd5f2026ffd647d496bb96ce7_142.wav", "duration": 5.46}, {"text": "The sales cycle for a modular solution is much shorter than for end-to-end.", "audio_length_s": 5.46, "path": "f1da65edd5f2026ffd647d496bb96ce7_103.wav", "duration": 5.46}, {"text": "As a management team, we've been in the memory business for a very long time and we understand it well.", "audio_length_s": 5.46, "path": "998be8edc26e9b2c4dc0a06a5b42a887_45.wav", "duration": 5.46}, {"text": "These patients started from a lower than normal baseline systolic blood pressure.", "audio_length_s": 5.46, "path": "571b0d30d88945a981006f24faa72cf7_7.wav", "duration": 5.46}, {"text": "but we'll also be really rigorous in ensuring that these are patients who are able to report those symptoms with accuracy.", "audio_length_s": 5.46, "path": "571b0d30d88945a981006f24faa72cf7_210.wav", "duration": 5.46}, {"text": "I'll provide the usual walks and commentary on the sales operating profit and operating cash", "audio_length_s": 5.46, "path": "262bc21196721c5ff9114acbd2ff03c3_85.wav", "duration": 5.46}, {"text": "On disclosure of certain details, so what is the dialogue happening on that front?", "audio_length_s": 5.46, "path": "da34a7b460e520db0401de3ce860187c_66.wav", "duration": 5.46}, {"text": "a very big difference than the RF SOI, but on the margin side, it's a very big difference.", "audio_length_s": 5.46, "path": "b3d7bc295d09d9927e465213612c0192_51.wav", "duration": 5.46}, {"text": "really need our capabilities and technology to enable their own business goals.", "audio_length_s": 5.46, "path": "b3d7bc295d09d9927e465213612c0192_44.wav", "duration": 5.46}, {"text": "The claims issues I just described add some pressure and will take a few quarters to resolve.", "audio_length_s": 5.46, "path": "7ebbb41dcefeb482191f8bc22031b5d9_54.wav", "duration": 5.46}, {"text": "Cloud security was a major contributor to overall security spend,", "audio_length_s": 5.46, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_179.wav", "duration": 5.46}, {"text": "In summary, we're very pleased with the company's overall strong performance for the third quarter.", "audio_length_s": 5.46, "path": "8eaca8d8a419f74540f69ade8defabbd_39.wav", "duration": 5.46}, {"text": "There isn't a clear rule of thumb.", "audio_length_s": 5.46, "path": "87045996e7446329f1d98c909c6ca7fe_122.wav", "duration": 5.46}, {"text": "And then what kind of profitability levels are we thinking about relative to the current portfolio?", "audio_length_s": 5.46, "path": "82f5253b62614161333b038f5f9700f8_116.wav", "duration": 5.46}, {"text": "as we get into the back half of the year, early part of next year, we'll provide more guidance on that.", "audio_length_s": 5.46, "path": "735a523f1ef6500b7aa97a2536d9c4fd_236.wav", "duration": 5.46}, {"text": "The RMS operating margin is expected to be relatively flat", "audio_length_s": 5.46, "path": "da879f8ea1c23aa6565cccaacac271fc_111.wav", "duration": 5.46}, {"text": "produce some continuity to the mineralization in this area it will", "audio_length_s": 5.46, "path": "369789f0d39dbf62298be2aa807ff8ee_102.wav", "duration": 5.46}, {"text": "We continue to evaluate and advance planning also for other new projects to add to this list.", "audio_length_s": 5.46, "path": "9ba83ac067a98f8b12cc480ff0691e91_9.wav", "duration": 5.46}, {"text": "Masters and based on import statistics, we make our best view around all those sort of things. So", "audio_length_s": 5.46, "path": "33fd8a867dbd88a837e541b1d2b25ea5_175.wav", "duration": 5.46}, {"text": "I will also point out that for the year-over-year comparisons that we will provide,", "audio_length_s": 5.46, "path": "416ebb7a4160f7cd2f98361cbd1cb769_16.wav", "duration": 5.46}, {"text": "Final slide for me, this just sets the movement in our share price relative", "audio_length_s": 5.46, "path": "b24e0b37987585f3c63f28df67e6a1f6_29.wav", "duration": 5.46}, {"text": "But look, I would say if there's anything that changed from the last time we spoke till now,", "audio_length_s": 5.46, "path": "c47a92e006b54d014a79b447528c55a7_84.wav", "duration": 5.46}, {"text": "brings to them, and have also communicated opportunities to further expand our relationships.", "audio_length_s": 5.46, "path": "3b2908426357bb8269c3a01469865cd6_93.wav", "duration": 5.46}, {"text": "partially offset by increased EBITDA. Moving now to exchange.", "audio_length_s": 5.46, "path": "3877b1983229ec488c6349a188bccf92_220.wav", "duration": 5.46}, {"text": "As you have heard us say, we are focused on improving our operations as they stand today.", "audio_length_s": 5.46, "path": "7498a6630302a038bd537d192c3a44f4_15.wav", "duration": 5.46}, {"text": "We plan to continue to do everything within our power to return value to our stakeholders.", "audio_length_s": 5.46, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_19.wav", "duration": 5.46}, {"text": "how far you have come and when we can start to see the positive impacts from these investments?", "audio_length_s": 5.46, "path": "a1e1e6f86dead4f43a363d0877cb4979_68.wav", "duration": 5.46}, {"text": "We have successfully delivered against a number of key initiatives,", "audio_length_s": 5.46, "path": "fe80c1056f21701e41cf3489c450f5ae_221.wav", "duration": 5.46}, {"text": "which will push the total business line into small minus for this year.", "audio_length_s": 5.46, "path": "ab29ac574f423764c40f2d2eec696623_128.wav", "duration": 5.46}, {"text": "Also, operationally, we had a very safe and successful second quarter.", "audio_length_s": 5.46, "path": "f7c059b1312a5f1fc017ece069fddee2_2.wav", "duration": 5.46}, {"text": "this year and sort of this one-time noncash charge that we had for the onerous lease,", "audio_length_s": 5.46, "path": "f7c059b1312a5f1fc017ece069fddee2_80.wav", "duration": 5.46}, {"text": "Our Production Enhancement segment is expected to experience continued growth", "audio_length_s": 5.46, "path": "5633fe3600ee04237bbb918c56341864_20.wav", "duration": 5.46}, {"text": "and employing new Core Lab technologies like our Digital Rock Characterization services,", "audio_length_s": 5.46, "path": "5633fe3600ee04237bbb918c56341864_5.wav", "duration": 5.46}, {"text": "A, where we've seen over the last 6 months or so a bunch of interesting assets trade in specialty space,", "audio_length_s": 5.46, "path": "0cfaeed8cd93dc274845d450e921aeb6_184.wav", "duration": 5.46}, {"text": "And since January 1, how many of them have actually rolled back to being commercial patients?", "audio_length_s": 5.46, "path": "299bad77345d2e44fa5768f4416f7b97_33.wav", "duration": 5.46}, {"text": "I found it appropriate to open with a few comments describing how I had spent my first 100 days in the role.", "audio_length_s": 5.46, "path": "94f601dc7b34ad38667e3b714aa89d35_2.wav", "duration": 5.46}, {"text": "And then on the Hydratight distribution, this is something that Jeff and I are pretty passionate about. Because", "audio_length_s": 5.46, "path": "18e82b076319ac52f8a4b391ea345abd_73.wav", "duration": 5.46}, {"text": "In summary, this was a good quarter for our teams and a great basis for the balance of the year.", "audio_length_s": 5.46, "path": "18e82b076319ac52f8a4b391ea345abd_88.wav", "duration": 5.46}, {"text": "And on the other side, Roger is running a very good diversified Industrial business.", "audio_length_s": 5.46, "path": "18e82b076319ac52f8a4b391ea345abd_20.wav", "duration": 5.46}, {"text": "But we see significant growth there. We really have not commented on what kind of penetration we feel that we can have there,", "audio_length_s": 5.46, "path": "9908957f60adff5efc1c8692a0f5ab38_101.wav", "duration": 5.46}, {"text": "personally like having the optionality that we have with that business.", "audio_length_s": 5.46, "path": "ff898f396d49760343d08575ea773b54_179.wav", "duration": 5.46}, {"text": "The global economy started the year with modest growth.", "audio_length_s": 5.46, "path": "e0d1342ad3d27fd648b708837de08797_2.wav", "duration": 5.46}, {"text": "The next slide provides additional detail on sources and uses of cash.", "audio_length_s": 5.46, "path": "e0d1342ad3d27fd648b708837de08797_5.wav", "duration": 5.46}, {"text": "And -- but obviously, he's trying to win Pennsylvania as well, and I think that -- so we have to deal with that.", "audio_length_s": 5.46, "path": "09b5b62d328d3d0719b6825357fdfb48_36.wav", "duration": 5.46}, {"text": "but it's a little difficult to get people with the skills.", "audio_length_s": 5.46, "path": "1862ee2f84dc77a40dde64b34f3ab94e_73.wav", "duration": 5.46}, {"text": "We have a robust pipeline of Commercial Behavioral Health, advanced imaging,", "audio_length_s": 5.46, "path": "a2ba164f019804628c07b36de47cd464_44.wav", "duration": 5.46}, {"text": "and we don't intend to keep filling this vital role without receiving commensurate compensation.", "audio_length_s": 5.46, "path": "3f6641f7d8f1ab845ad4f637cfb35109_22.wav", "duration": 5.46}, {"text": "we have yet to fully realize the benefits given many of the reductions occurred in the fourth quarter.", "audio_length_s": 5.46, "path": "383cf39e54475c8a25af2af7b35c6f2e_98.wav", "duration": 5.46}, {"text": "So in summary, we've delivered the expected group profitability.", "audio_length_s": 5.46, "path": "24a133abc343c813233d416b0cef96cd_85.wav", "duration": 5.46}, {"text": "and we have made investments to position the company for future success.", "audio_length_s": 5.46, "path": "fb03ff65af8e5f80abd090abeaf767cf_56.wav", "duration": 5.46}, {"text": "for the first phases of that infrastructure and it's moving forward to be built.", "audio_length_s": 5.46, "path": "95303f68781d6fb58e19ec1dc7785a7c_91.wav", "duration": 5.46}, {"text": "You may disconnect your lines at this time. Thank you for your participation.", "audio_length_s": 5.46, "path": "0b21f953a7ae9970ef3a4c30b267927c_24.wav", "duration": 5.46}, {"text": "a risk to revenues that might not come because other customers decide to do", "audio_length_s": 5.46, "path": "4ee3c79ebc57c9870b221b9479d52436_279.wav", "duration": 5.46}, {"text": "total segment that we haven't seen in some time starting here in the second half of the year.", "audio_length_s": 5.46, "path": "72b117fb1330bda9f954a219bb5a675e_145.wav", "duration": 5.46}, {"text": "just because oil was down. I mean, we were driving margin when oil was up", "audio_length_s": 5.46, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_179.wav", "duration": 5.46}, {"text": "much longer than we anticipated and some other things because that's where that business is going to run out of.", "audio_length_s": 5.46, "path": "f6f99bbbb32ae59d3fca5bd1c88f0eb6_163.wav", "duration": 5.46}, {"text": "all with the aim of preserving or expanding current operating margins.", "audio_length_s": 5.46, "path": "711d9abe4399e7184d7dd8e3273f8a71_126.wav", "duration": 5.46}, {"text": "In order to protect this valuable contribution of revenue and employment for the state, it's our hope", "audio_length_s": 5.46, "path": "5fa40a5d21ed133986a4fdce163ca3eb_2.wav", "duration": 5.46}, {"text": "As you can see from the regulatory effects that we have seen in Q4, you can see", "audio_length_s": 5.46, "path": "b4072ee178832ecf3d2a0f25fd8b8387_80.wav", "duration": 5.46}, {"text": "We had a strong year capped by record quarterly shipments of our self-lube bearings.", "audio_length_s": 5.46, "path": "1378aabd380e63d3f89fe0e445fc8b06_90.wav", "duration": 5.46}, {"text": "any comments you might be able to offer on how April is feeling right now?", "audio_length_s": 5.46, "path": "933faa5ac159ab158506e2bc0f714977_101.wav", "duration": 5.46}, {"text": "Before I start though, I'd like to first share some of the assumptions underlying our current views.", "audio_length_s": 5.46, "path": "09eebad8f3c529b4c7d916c5f7766f7f_21.wav", "duration": 5.46}, {"text": "we believe we need to manage the company with this", "audio_length_s": 5.46, "path": "09eebad8f3c529b4c7d916c5f7766f7f_145.wav", "duration": 5.46}, {"text": "Before I finish, I wanted to share with you an important update.", "audio_length_s": 5.46, "path": "00a36b039cb49e6b99bb6d17635a3c25_13.wav", "duration": 5.46}, {"text": "we do compete against all of the players that are in the microwave business,", "audio_length_s": 5.46, "path": "dbf6a9009ea60e2e96772ee3ccea7226_69.wav", "duration": 5.46}, {"text": "but what we're going to ask in return is we don't take any risk on selling assets. We're going to be", "audio_length_s": 5.46, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_178.wav", "duration": 5.46}, {"text": "I think where we're at today is as we think about what's going to differentiate us further", "audio_length_s": 5.46, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_124.wav", "duration": 5.46}, {"text": "We expect yield and volume growth at all of our transportation segments will support", "audio_length_s": 5.46, "path": "f268a8174f58c93ad6b45b7f151fe896_137.wav", "duration": 5.46}, {"text": "In Medicaid we continue to expect strong revenue growth in 2018. And", "audio_length_s": 5.46, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_187.wav", "duration": 5.46}, {"text": "We want to help as many of our patients as possible to be treated by these doctors.", "audio_length_s": 5.46, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_20.wav", "duration": 5.46}, {"text": "If you look at the picture on the left side,", "audio_length_s": 5.46, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_40.wav", "duration": 5.46}, {"text": "they can be in the low teens. We've had a couple in the high single digits. It's kind of across the board.", "audio_length_s": 5.46, "path": "1cfd7da6c2da11f7e3f7102a6265146b_42.wav", "duration": 5.46}, {"text": "In addition to strong financial performance, we also experienced very positive distribution results.", "audio_length_s": 5.46, "path": "bcb3aac2c7cc035961d9ee8cfd330044_3.wav", "duration": 5.46}, {"text": "Now the challenges have been mitigated in terms of resizing the business.", "audio_length_s": 5.46, "path": "594b7b614804475e4ab8ab4c405ecf40_35.wav", "duration": 5.46}, {"text": "During the third quarter, we continue to advance on the required preconstruction activities,", "audio_length_s": 5.46, "path": "48bcc356a89059f921765f872bfe293c_169.wav", "duration": 5.46}, {"text": "Our bookings and revenue are coming from a broader set of key programs than in the past.", "audio_length_s": 5.46, "path": "ec9a5ef8abdaa14007f86d64e2cf49c1_45.wav", "duration": 5.46}, {"text": "In addition, our underlying business engines are not running at full speed.", "audio_length_s": 5.46, "path": "7bac04f03928ee8894ab00007116400b_43.wav", "duration": 5.46}, {"text": "in the second half of 2017. With that, I will turn the call back over to Matthew.", "audio_length_s": 5.46, "path": "85edb0a846d9e1cfa542b893eed4a0f3_13.wav", "duration": 5.46}, {"text": "And apart from new capital sources, we continue to benefit from reinvestments on the platform.", "audio_length_s": 5.46, "path": "bc5018861ccb5380fbe71ad789a6d4b0_137.wav", "duration": 5.46}, {"text": "And not only does that bring a significant amount of definition", "audio_length_s": 5.46, "path": "3ae068efa03cd088f4d3edea682f199f_159.wav", "duration": 5.46}, {"text": "we have not included such receipts in our cash estimates for the year.", "audio_length_s": 5.46, "path": "3ae068efa03cd088f4d3edea682f199f_209.wav", "duration": 5.46}, {"text": "So there is still a way to go, but it's unlocking and progressing week after week.", "audio_length_s": 5.46, "path": "b1a98885c1d81414cdc122e807760faf_143.wav", "duration": 5.46}, {"text": "through an appeal process or medical necessity request.", "audio_length_s": 5.46, "path": "b1a98885c1d81414cdc122e807760faf_151.wav", "duration": 5.46}, {"text": "out of strategic credit, and more interest on the part of clients as well.", "audio_length_s": 5.46, "path": "76b892bf017891d7028256847747227c_165.wav", "duration": 5.46}, {"text": "and the loss of simultaneous substitution advertising rights for the Super Bowl.", "audio_length_s": 5.46, "path": "6f73dbce90cb2d313480b437f0c51bbc_9.wav", "duration": 5.46}, {"text": "as this solution takes hold. I am looking for increased margins on these products", "audio_length_s": 5.46, "path": "0b7afb66a39a4c81151309bacc830c60_30.wav", "duration": 5.46}, {"text": "and the second factor is the appropriateness of the various accounting treatment that is being done.", "audio_length_s": 5.46, "path": "5478e14c30a7a53219de2176fdba0d4a_50.wav", "duration": 5.46}, {"text": "I will now turn the call over to Russell to take you through the first quarter financial highlights in more detail.", "audio_length_s": 5.46, "path": "19bfb8daeb6e43d59415df478017d5c3_118.wav", "duration": 5.46}, {"text": "of 2018 to prove this out, so please stay tuned for further updates on this topic.", "audio_length_s": 5.46, "path": "16c235a53fc719ec92ef3b3c3b371150_238.wav", "duration": 5.46}, {"text": "We will keep you apprised of these potential future benefits as they are identified.", "audio_length_s": 5.46, "path": "16c235a53fc719ec92ef3b3c3b371150_10.wav", "duration": 5.46}, {"text": "Thank you, ladies and gentlemen. This does conclude today's teleconference. You may disconnect your lines at this time,", "audio_length_s": 5.46, "path": "97ddc19ecb28bab2d19fd3b181182062_291.wav", "duration": 5.46}, {"text": "and the contribution of the efficiency program", "audio_length_s": 5.46, "path": "7f85288e472b08575b33943f4c718070_196.wav", "duration": 5.46}, {"text": "ensuring we are allocating resources in areas where we can generate the highest returns", "audio_length_s": 5.46, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_70.wav", "duration": 5.46}, {"text": "In today's environment, supply chains are incredibly flexible.", "audio_length_s": 5.46, "path": "19e7822c0e829faf25355c16b830cf39_138.wav", "duration": 5.46}, {"text": "You can see here that, as the second quarter ramped up, we started picking up operating leverage.", "audio_length_s": 5.46, "path": "19e7822c0e829faf25355c16b830cf39_73.wav", "duration": 5.46}, {"text": "The assets added to the already attractive characteristics of our existing portfolio", "audio_length_s": 5.4300625, "path": "de3b766a868da918e499f407dbf5d716_76.wav", "duration": 5.4300625}, {"text": "Overall, we continue to see a favorable global business climate driving stable demand for our products", "audio_length_s": 5.43, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_66.wav", "duration": 5.43}, {"text": "and set up pretty much from scratch new plants in Eastern Europe.", "audio_length_s": 5.43, "path": "9d8c8f4a41008455665fd243ed99b642_68.wav", "duration": 5.43}, {"text": "I would say that overall, the patient populations in the ADVOCATE trial", "audio_length_s": 5.43, "path": "485e97686e9a27d2df5b3fc02106e3d4_166.wav", "duration": 5.43}, {"text": "This doesn't mean we wouldn't do so at this time, but again, there would have to be a compelling reason to do so.", "audio_length_s": 5.43, "path": "a20052a04bcb5b7b8d242a21c859550d_40.wav", "duration": 5.43}, {"text": "all while offering their subscribers a sensational experience.", "audio_length_s": 5.43, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_144.wav", "duration": 5.43}, {"text": "the documents to manage the buildings, they can use it. That is for the built space.", "audio_length_s": 5.43, "path": "07d2c762b6e3c4a59486baba2c8f0639_90.wav", "duration": 5.43}, {"text": "But of course, the overall magnitude is much less pronounced than you see in Healthcare.", "audio_length_s": 5.43, "path": "a95a220f118ae793c89d6d708e62cf8a_160.wav", "duration": 5.43}, {"text": "the fact that there are some large pharma and emerging biotechs also getting into the area. So", "audio_length_s": 5.43, "path": "a95a220f118ae793c89d6d708e62cf8a_274.wav", "duration": 5.43}, {"text": "and returns for our fund investors have been very good, even by our historical standards.", "audio_length_s": 5.43, "path": "6388da88b00ebc88af59435bdac74132_163.wav", "duration": 5.43}, {"text": "Now as you may expect, the whales are characterized by longer sales cycles and complex deal structures", "audio_length_s": 5.43, "path": "55cbaf368288111ebc2ccadb61e3bd34_13.wav", "duration": 5.43}, {"text": "and it's the area where Marvell has the greatest expertise.", "audio_length_s": 5.43, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_32.wav", "duration": 5.43}, {"text": "There's a lot more workload potential in all of those customers. Some of them are", "audio_length_s": 5.43, "path": "47d77b15189fadcc76113a2f7800ba28_39.wav", "duration": 5.43}, {"text": "as we go through the year. As I think about biosimilars in the future, I think", "audio_length_s": 5.43, "path": "f0ce0d97cf62c9076226e0aeeb550493_213.wav", "duration": 5.43}, {"text": "either more hiring or a little more investment and be more back-end-weighted in the year?", "audio_length_s": 5.43, "path": "54cde38ae040b5e2c4e1f3c85691f907_55.wav", "duration": 5.43}, {"text": "and how many apartments we have that fall into these guidelines,", "audio_length_s": 5.43, "path": "54cde38ae040b5e2c4e1f3c85691f907_34.wav", "duration": 5.43}, {"text": "to around half of the expected market growth over the next years.", "audio_length_s": 5.43, "path": "9014ac9cbc2cff30468f1bcb659c0f66_25.wav", "duration": 5.43}, {"text": "of course, will also put some additional", "audio_length_s": 5.43, "path": "a45d8b57fe6b8199bca7aec4d022bbb3_106.wav", "duration": 5.43}, {"text": "last year as well? And because you are reporting it for the first time. So I'm just trying to understand whether", "audio_length_s": 5.43, "path": "9e96eba622384178ee4a588731eb9b1f_117.wav", "duration": 5.43}, {"text": "through the increase of financing expenses due to the revaluation of losses of hedging instruments.", "audio_length_s": 5.43, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_118.wav", "duration": 5.43}, {"text": "In addition, as depicted in our investor presentation we filed as well,", "audio_length_s": 5.43, "path": "223f05c0b9b116532e9af84afa76cac7_11.wav", "duration": 5.43}, {"text": "We're excited about our future and the opportunities ahead. With that, let me turn it over to John.", "audio_length_s": 5.43, "path": "0755f4b74dda585f3975c7d8208b1598_112.wav", "duration": 5.43}, {"text": "In addition to the fact that we spent a large amount on data centers in the previous year,", "audio_length_s": 5.43, "path": "2a59b9df2de5248e64727f10185a8423_89.wav", "duration": 5.43}, {"text": "and we'll continue to strengthen our infrastructure and risk management.", "audio_length_s": 5.43, "path": "13220986bf30f26076a674e2a9edc89c_72.wav", "duration": 5.43}, {"text": "the cessation of our operations in Spain, the reversal of certain tax reserves,", "audio_length_s": 5.43, "path": "7e14890193df4b10e1eeab6ab886529f_129.wav", "duration": 5.43}, {"text": "one of the biggest competitive advantages that all lenders, for example, are trying to get", "audio_length_s": 5.43, "path": "e824f4380f8203a1e3ed60e7da1e39e5_31.wav", "duration": 5.43}, {"text": "yes, so I think we will watch the first few set of transactions,", "audio_length_s": 5.43, "path": "4c0e38d8d88c73a7a01dc542a85b2604_26.wav", "duration": 5.43}, {"text": "due to its market diversity and due to its supply diversity.", "audio_length_s": 5.43, "path": "c96b5ae4ffe20d946daec67e2b0917b2_137.wav", "duration": 5.43}, {"text": "Ladies and gentlemen, thank you for standing by,", "audio_length_s": 5.43, "path": "3c211ab9236e508ad4a5ee63e29324e3_0.wav", "duration": 5.43}, {"text": "this is a prelude to a big event that we're going to have", "audio_length_s": 5.43, "path": "3180572bc2da758668c19200930e1bc4_52.wav", "duration": 5.43}, {"text": "have anything to do with that. Most of what we do in energy is in the completion end", "audio_length_s": 5.43, "path": "67716cee321d117b0318930dd142f06a_30.wav", "duration": 5.43}, {"text": "are not contributing much in fees, in part because they are", "audio_length_s": 5.43, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_261.wav", "duration": 5.43}, {"text": "for our business as usual. Their work inspires me. Thanks for all you do.", "audio_length_s": 5.43, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_249.wav", "duration": 5.43}, {"text": "rather than in the Investing Activities section, as in the past.", "audio_length_s": 5.43, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_259.wav", "duration": 5.43}, {"text": "that has a dilutive impact in our earnings right now because we continue to invest in it,", "audio_length_s": 5.43, "path": "4b7945dd823dcbc0b2724efa66393673_79.wav", "duration": 5.43}, {"text": "decided to capitalize on that. We did a very large integrated campaign that was", "audio_length_s": 5.43, "path": "54240e38051f2a3bb6a4e58fe55344cd_39.wav", "duration": 5.43}, {"text": "We will continue to pursue these diversification opportunities going forward.", "audio_length_s": 5.43, "path": "3d4b9cfcb489a54bda65e749b7b79b15_38.wav", "duration": 5.43}, {"text": "Keep in mind customers are quite aware that competition may be coming,", "audio_length_s": 5.43, "path": "46906afb4e1ee1fef09b5908e76beefa_204.wav", "duration": 5.43}, {"text": "though we continue to see rental rates resetting when leasing and renewing.", "audio_length_s": 5.43, "path": "6fa080ad3d32111b4490d1c7e30874f3_2.wav", "duration": 5.43}, {"text": "due in part to the beneficial impact of our 2017 acquisitions.", "audio_length_s": 5.43, "path": "145244b0378e6657d456cffca8bbc982_114.wav", "duration": 5.43}, {"text": "So when it comes to newborn screening, there has been a lot of work done, both at the federal level and state level", "audio_length_s": 5.43, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_48.wav", "duration": 5.43}, {"text": "with the demonstrated ability to scale to big project opportunities when they are presented to us.", "audio_length_s": 5.43, "path": "6f2c2a55736c5c47a19eca807ec60e33_31.wav", "duration": 5.43}, {"text": "In line with our commitment to allocate capital effectively and in the best interest of our shareholders,", "audio_length_s": 5.43, "path": "6f2c2a55736c5c47a19eca807ec60e33_23.wav", "duration": 5.43}, {"text": "We're always mindful of our total leverage and we'll continue to be diligent", "audio_length_s": 5.43, "path": "833f98dbc79997580b24335033aac5d2_115.wav", "duration": 5.43}, {"text": "So even some of the big-name guys have found that they need what we do.", "audio_length_s": 5.43, "path": "e26b501c6e000fdaa11edde97cc71436_73.wav", "duration": 5.43}, {"text": "As we add suppliers as hubs, they might only have 30 suppliers.", "audio_length_s": 5.43, "path": "e26b501c6e000fdaa11edde97cc71436_186.wav", "duration": 5.43}, {"text": "And the Parts and Accessories businesses have been restructured into a much leaner organization.", "audio_length_s": 5.43, "path": "beb9b090a2850e9f9feb4f00ee472d07_99.wav", "duration": 5.43}, {"text": "all of our marketing and pricing strategies and", "audio_length_s": 5.43, "path": "cc82e791c065bdc271addf355bac274f_102.wav", "duration": 5.43}, {"text": "So you had an inversion from companies that were bringing us business", "audio_length_s": 5.43, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_293.wav", "duration": 5.43}, {"text": "Currency headwinds have worsened since the guidance provided a quarter ago", "audio_length_s": 5.43, "path": "276392c471c063580869aec014a1feda_113.wav", "duration": 5.43}, {"text": "a good estimate. And what was the second part of your question?", "audio_length_s": 5.43, "path": "171fd9df333ddd814c764843ed624121_48.wav", "duration": 5.43}, {"text": "and the wind doesn't blow all the time. But some people have apparently neglected that understanding.", "audio_length_s": 5.43, "path": "2ad9555a64eaa3f45bef5581adeecb9c_179.wav", "duration": 5.43}, {"text": "We are participating down the credit stack with our mezzanine and preferred equity.", "audio_length_s": 5.43, "path": "baf97ac5f6cc21f1387a53f2755e60d7_83.wav", "duration": 5.43}, {"text": "we have not experienced any other meaningful impact from Brexit on our business.", "audio_length_s": 5.43, "path": "bbe852c8c3f7827e31f31a56bc72b7da_6.wav", "duration": 5.43}, {"text": "Meanwhile, we do continue to search for additional compelling opportunities", "audio_length_s": 5.43, "path": "c3ac3b05413d9a9caee0626d57fee77f_154.wav", "duration": 5.43}, {"text": "And so if we invoke our dividend policy,", "audio_length_s": 5.43, "path": "38b2f94da12bbf2d32246763aab8265a_83.wav", "duration": 5.43}, {"text": "We have invested a lot those recent years. We are happy now", "audio_length_s": 5.43, "path": "e60f6485243932b9280d864cb17a6ba8_7.wav", "duration": 5.43}, {"text": "Please also take note of the safe harbor paragraph that appears at the end of the press release", "audio_length_s": 5.43, "path": "1bba27cac9495fe57f623973383d6948_1.wav", "duration": 5.43}, {"text": "And in the second quarter, the S.E.T. business was pressured a little more than the large joints", "audio_length_s": 5.43, "path": "b96165244f010b3f1e61cbbc5e504d96_86.wav", "duration": 5.43}, {"text": "A portion of the proceeds from that bond were used for the early redemption in April", "audio_length_s": 5.43, "path": "a7e7a1621af9b4e850260f9824ee8746_48.wav", "duration": 5.43}, {"text": "which is a key objective of how we decide to participate.", "audio_length_s": 5.43, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_60.wav", "duration": 5.43}, {"text": "Our discussion of financial results excludes the impact of acquisition and integration-related expenses,", "audio_length_s": 5.43, "path": "bab12f620df0f367e74acdcc467686f1_60.wav", "duration": 5.43}, {"text": "allowing us to tightly manage our sales and marketing spend in light of this demand.", "audio_length_s": 5.43, "path": "ade68f8add7249890d086ecf4b5b8cab_134.wav", "duration": 5.43}, {"text": "Having said that, I think we -- the way we are thinking about this is", "audio_length_s": 5.43, "path": "fcabfedf41ab18064a96d393869e4d4e_62.wav", "duration": 5.43}, {"text": "which would have driven more Q4 business had we been in better shape in those businesses.", "audio_length_s": 5.43, "path": "a001f4c808bdc9a395ee7d3f9288fc50_19.wav", "duration": 5.43}, {"text": "who benefit from either their marketing, software or data relationships with us.", "audio_length_s": 5.43, "path": "5664a96b7f1182d037b901d84eeb4fd6_117.wav", "duration": 5.43}, {"text": "use certainly in the first few quarters is to hold the hands of their clients", "audio_length_s": 5.43, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_145.wav", "duration": 5.43}, {"text": "We continue to see significant premium inventory potential in the Powder River Basin.", "audio_length_s": 5.43, "path": "a8b43081254547419da7462d9c957d61_24.wav", "duration": 5.43}, {"text": "really make sure that we grow carefully by selecting high-quality customers", "audio_length_s": 5.43, "path": "6b3df032b804a1a371d25e1eef019c4a_58.wav", "duration": 5.43}, {"text": "pretty much exclusively going to be making OSB this year in the Siding segment.", "audio_length_s": 5.43, "path": "dd28a387ccc9575df47840b850647c7f_224.wav", "duration": 5.43}, {"text": "of the company in the free market through its commercialization companies.", "audio_length_s": 5.43, "path": "cc5ce88cbccddf8e99408418e7749a7d_69.wav", "duration": 5.43}, {"text": "the hit we took in Q1 comparatively to the prior year really equated to", "audio_length_s": 5.43, "path": "29426a77336443eedde7eaa29e9c2852_79.wav", "duration": 5.43}, {"text": "at the same time as we make meaningful progress against our commitments to deliver sustainable growth at scale.", "audio_length_s": 5.43, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_95.wav", "duration": 5.43}, {"text": "This outlook assumes the impact from the change in the tax law on municipal loans and securities,", "audio_length_s": 5.43, "path": "6ad1d7c855ceb3eb830c365e357e4510_22.wav", "duration": 5.43}, {"text": "We have a very granular deposit base, with a very high ratio of small balance accounts", "audio_length_s": 5.43, "path": "6ad1d7c855ceb3eb830c365e357e4510_200.wav", "duration": 5.43}, {"text": "here currently? The main piece in that is the new equipment that was flowing through for us", "audio_length_s": 5.43, "path": "9979d7fef684b8cac613c934b6229791_135.wav", "duration": 5.43}, {"text": "business model and our ability to sell and grow that. And I see that", "audio_length_s": 5.43, "path": "191c819db03c2dfd0207cd1f42e278a4_21.wav", "duration": 5.43}, {"text": "whether as a result of new information, future events or otherwise, except as required by law.", "audio_length_s": 5.43, "path": "959dcc8fe47eb1aa44183740e1a46ad5_55.wav", "duration": 5.43}, {"text": "much less impact on the manufacturing, and we've had some commercial wins", "audio_length_s": 5.43, "path": "ab4dae37361262d727d1d2f8f78765d5_107.wav", "duration": 5.43}, {"text": "Following their remarks, we will open the line for questions. With that, I'm pleased to turn the call over to Mark.", "audio_length_s": 5.43, "path": "b1da16cba24af8e472573c4c9caf17c7_57.wav", "duration": 5.43}, {"text": "threatening a growing adverse impact in the future at the current growth rate.", "audio_length_s": 5.43, "path": "08f219f6cb65bd0ed50cb8444a3884f8_116.wav", "duration": 5.43}, {"text": "reflecting improved pricing and the continued benefits of lower contained metal costs.", "audio_length_s": 5.43, "path": "08f219f6cb65bd0ed50cb8444a3884f8_167.wav", "duration": 5.43}, {"text": "given the uncertainty we see in the global economy today and the volatility of some of the markets.", "audio_length_s": 5.43, "path": "2a059b2b192b8e972ca7664ddfed8a20_133.wav", "duration": 5.43}, {"text": "But part of being back to normal is to take the time to introduce our new CFO, who", "audio_length_s": 5.43, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_1.wav", "duration": 5.43}, {"text": "and what we saw last week is that international bank was not willing to transfer the shares,", "audio_length_s": 5.43, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_64.wav", "duration": 5.43}, {"text": "Please note that the call is being recorded and will be available for replay from the company's Investor website", "audio_length_s": 5.43, "path": "63d825666ef6527fd7e4f26e728a4e61_0.wav", "duration": 5.43}, {"text": "they have an understanding that you guys are a competent group of people and", "audio_length_s": 5.43, "path": "75eb5b75bb8587b63c318714ea956b9e_123.wav", "duration": 5.43}, {"text": "like cloud computing, artificial intelligence, Internet of Things and virtual reality", "audio_length_s": 5.43, "path": "0ec0a75c1800bac01520dcac5b8992fb_59.wav", "duration": 5.43}, {"text": "I think in the press release, that you could do 24 tires a day", "audio_length_s": 5.43, "path": "948f025c16fce2bcb2909e610c9be557_171.wav", "duration": 5.43}, {"text": "Jeff and I will then be available to answer your questions at the conclusion of our remarks.", "audio_length_s": 5.43, "path": "785be95695b063f97a17e4dea4a0529a_60.wav", "duration": 5.43}, {"text": "that we're beta testing right now and expect to roll out soon.", "audio_length_s": 5.43, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_150.wav", "duration": 5.43}, {"text": "Probably, we may close the quarter with no loan growth because of the appreciation of the currency.", "audio_length_s": 5.43, "path": "d8db289a641593a1934fbb6407eede02_175.wav", "duration": 5.43}, {"text": "potential approaches that can be meaningful, and so we're looking at both.", "audio_length_s": 5.43, "path": "5330f07390a3c14fc49f24ac98bf1eab_24.wav", "duration": 5.43}, {"text": "I hope that answered your question, but we can talk about this for some time.", "audio_length_s": 5.43, "path": "c40b5d1a13169c5acf69590932a56f98_71.wav", "duration": 5.43}, {"text": "kind of the economy, what happens with some of the policies", "audio_length_s": 5.43, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_162.wav", "duration": 5.43}, {"text": "We can certainly operate effectively in that environment.", "audio_length_s": 5.43, "path": "8eaca8d8a419f74540f69ade8defabbd_28.wav", "duration": 5.43}, {"text": "when you look, you kind of have to peal the covers back, and we're not going to give too much detail on the call here. But", "audio_length_s": 5.43, "path": "82f5253b62614161333b038f5f9700f8_56.wav", "duration": 5.43}, {"text": "Before we get started with the results of the quarter, I need to reference the safe harbor statement.", "audio_length_s": 5.43, "path": "af2718cdc0b3b856f9a0b3da3d527d18_59.wav", "duration": 5.43}, {"text": "The core SFS principles require agility to respond when business conditions change,", "audio_length_s": 5.43, "path": "92bf6fe090b6bc565cb500b688fd9173_75.wav", "duration": 5.43}, {"text": "Management will be referring to non-GAAP financial measures during our call today.", "audio_length_s": 5.43, "path": "9ba83ac067a98f8b12cc480ff0691e91_39.wav", "duration": 5.43}, {"text": "and we've gotten comfort around what that looks like throughout the quarters", "audio_length_s": 5.43, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_242.wav", "duration": 5.43}, {"text": "you have to look at everything that is going on around your business.", "audio_length_s": 5.43, "path": "416ebb7a4160f7cd2f98361cbd1cb769_35.wav", "duration": 5.43}, {"text": "for enclosures for electronics. Alpha does more. Alpha does more than we do.", "audio_length_s": 5.43, "path": "433a6e203f9db93835c27ff83e86c801_232.wav", "duration": 5.43}, {"text": "Central America will expand faster than Colombia due to its more robust economic performance,", "audio_length_s": 5.43, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_163.wav", "duration": 5.43}, {"text": "The call will be available online for approximately 45 days following today.", "audio_length_s": 5.43, "path": "130e8e56c1afa2419fd0c08708261824_93.wav", "duration": 5.43}, {"text": "In the first quarter, we continued to demonstrate our commitment to returning capital to investors.", "audio_length_s": 5.43, "path": "7f8f04a414dbef2f3adbb2b33bbcda66_63.wav", "duration": 5.43}, {"text": "Our confidence in the growth potential of our active strategies was born out in the second quarter.", "audio_length_s": 5.43, "path": "6709c061d39d0e433079f84160f11c80_10.wav", "duration": 5.43}, {"text": "was a nice acquisition. But I would say, as I've been saying now for a number of months, and finally, we have some", "audio_length_s": 5.43, "path": "0dec9a606303da3039d11eec4ec9bd86_216.wav", "duration": 5.43}, {"text": "As you know, Air Products has a significant amount of cash,", "audio_length_s": 5.43, "path": "e33785a294553de2a12d4463bf786744_71.wav", "duration": 5.43}, {"text": "Slide 5 compares first quarter and fourth quarter adjusted earnings by segment.", "audio_length_s": 5.43, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_68.wav", "duration": 5.43}, {"text": "technically evaluating the fuel prior to being willing to make the commitment to us.", "audio_length_s": 5.43, "path": "77d2dd6d5e46cc8a8e80809305b60208_104.wav", "duration": 5.43}, {"text": "As a consequence, we are pleased to see that the margin is progressing", "audio_length_s": 5.43, "path": "a0f5944a79ea5150378d21e6a9ac05d8_129.wav", "duration": 5.43}, {"text": "and for how long we're going to have that small investment drag on the profitability.", "audio_length_s": 5.43, "path": "49d1f0821d7f9a848e9b07a239c47074_19.wav", "duration": 5.43}, {"text": "the case for all companies for their local business.", "audio_length_s": 5.43, "path": "49d1f0821d7f9a848e9b07a239c47074_138.wav", "duration": 5.43}, {"text": "a significant component of which is making sure that we have an appropriate cost structure.", "audio_length_s": 5.43, "path": "d74cec1fb73e1b1134bfa7152762ad80_121.wav", "duration": 5.43}, {"text": "at the very beginning. And I think the organization's responded very nicely and all of those", "audio_length_s": 5.43, "path": "7e2ebcd981f5b5ecb18c04906f87d768_242.wav", "duration": 5.43}, {"text": "quarter. Because the Chinese New Year", "audio_length_s": 5.43, "path": "80a2ca14358172366acab4e80f3fa33b_118.wav", "duration": 5.43}, {"text": "The group's solid results were achieved in the environment when the average", "audio_length_s": 5.43, "path": "96c3f0e60125ead2cbba78807920fe07_1.wav", "duration": 5.43}, {"text": "break out what percentage of your EMS sales are driven by that market in particular.", "audio_length_s": 5.43, "path": "a616ba8be6ee1b5fba020f8e4ccd9691_16.wav", "duration": 5.43}, {"text": "is the fact that it actually begins with segmentation. So we feel that", "audio_length_s": 5.43, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_37.wav", "duration": 5.43}, {"text": "just curious then what's the rationale behind that, you don't go ahead on your own", "audio_length_s": 5.43, "path": "e0d1342ad3d27fd648b708837de08797_222.wav", "duration": 5.43}, {"text": "at a processing value level, so the company earns", "audio_length_s": 5.43, "path": "75b064acca5b532722510ac0b9b0822e_21.wav", "duration": 5.43}, {"text": "Excluding stock compensation expense and changes in fair value of contingent liabilities,", "audio_length_s": 5.43, "path": "a2ba164f019804628c07b36de47cd464_52.wav", "duration": 5.43}, {"text": "during the current period as compared to the same period a year ago.", "audio_length_s": 5.43, "path": "fb03ff65af8e5f80abd090abeaf767cf_43.wav", "duration": 5.43}, {"text": "However, it is apparent that volumes have already started to decline", "audio_length_s": 5.43, "path": "407fee9910ab57874978cf85a89b1d9d_244.wav", "duration": 5.43}, {"text": "As a result, we completed the year with strong growth in adjusted revenues and earnings,", "audio_length_s": 5.43, "path": "89499eed4dff3bd184e91cd496111f22_64.wav", "duration": 5.43}, {"text": "And on top of it, we're seeing our business deliver very disappointing results. So", "audio_length_s": 5.43, "path": "52ea66e70853eaa0c1183ddfa31b760a_38.wav", "duration": 5.43}, {"text": "We do want to time that investment with demand in the region.", "audio_length_s": 5.43, "path": "e552924838fe493d3cc967dd0c5c4563_235.wav", "duration": 5.43}, {"text": "And so the way we think about it, it's a little bit more of a continuum", "audio_length_s": 5.43, "path": "02242ceddfeb4bcc65f04552b63fe80e_95.wav", "duration": 5.43}, {"text": "In this context, let me briefly comment on our corporate strategy.", "audio_length_s": 5.43, "path": "49dfadfb9a3d4d27ac250602928cf9ea_113.wav", "duration": 5.43}, {"text": "through its deep operational focus that is based upon bringing together the best of the company's capabilities", "audio_length_s": 5.43, "path": "5e06fc5f2ce45feafe6706f5fa8f4413_23.wav", "duration": 5.43}, {"text": "Okay. And just sort of thinking a little bit further here because", "audio_length_s": 5.43, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_167.wav", "duration": 5.43}, {"text": "why you're seeking the delay and how long you think this will take to resolve?", "audio_length_s": 5.43, "path": "b4072ee178832ecf3d2a0f25fd8b8387_75.wav", "duration": 5.43}, {"text": "And that does not necessarily reflect what a fair market value of the asset is today.", "audio_length_s": 5.43, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_30.wav", "duration": 5.43}, {"text": "very engaged conversation. To the extent that we can drive some amount of volume growth,", "audio_length_s": 5.43, "path": "09eebad8f3c529b4c7d916c5f7766f7f_398.wav", "duration": 5.43}, {"text": "different types of technology that are allowing us to have a little bit better value add.", "audio_length_s": 5.43, "path": "1d6a34325b07bf47ed643b143c941234_107.wav", "duration": 5.43}, {"text": "and we can look ahead here over the next few quarters and see what's happening and it really looks like it's peaking out", "audio_length_s": 5.43, "path": "f88c5f000050c9f72aa383f71d97ffe7_54.wav", "duration": 5.43}, {"text": "So we have a number of questions now on", "audio_length_s": 5.43, "path": "f268a8174f58c93ad6b45b7f151fe896_37.wav", "duration": 5.43}, {"text": "We've identified a number of candidates that represent substantial market opportunities", "audio_length_s": 5.43, "path": "6c929ddddb79b887458ae21f1a3aa09d_56.wav", "duration": 5.43}, {"text": "we're not sure how that's going to impact the markets. But I can tell you that", "audio_length_s": 5.43, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_62.wav", "duration": 5.43}, {"text": "to improve the efficiency of our company", "audio_length_s": 5.43, "path": "e3d039c554f5cc556071f83c93609e76_10.wav", "duration": 5.43}, {"text": "updating you again when we release our first quarter results. Thank you.", "audio_length_s": 5.43, "path": "099475edf8f9944537773b1d0a2aaea6_47.wav", "duration": 5.43}, {"text": "But I don't know. I mean, the truth is we're just very focused on", "audio_length_s": 5.43, "path": "099475edf8f9944537773b1d0a2aaea6_63.wav", "duration": 5.43}, {"text": "As we look to the future, we will continue to execute initiatives to grow distribution capabilities,", "audio_length_s": 5.43, "path": "bcb3aac2c7cc035961d9ee8cfd330044_17.wav", "duration": 5.43}, {"text": "challenges on basically maintaining the productivity levels that we've seen recently", "audio_length_s": 5.43, "path": "3ae068efa03cd088f4d3edea682f199f_149.wav", "duration": 5.43}, {"text": "And so that's the visibility that we have comfort with at this point, and so that's why we shared those thoughts.", "audio_length_s": 5.43, "path": "30a142fac5a62ab00227cb6a339a6226_109.wav", "duration": 5.43}, {"text": "where we want our actions to speak louder than our words.", "audio_length_s": 5.43, "path": "b1a98885c1d81414cdc122e807760faf_97.wav", "duration": 5.43}, {"text": "there's so much focus on the weight data by necessity and", "audio_length_s": 5.43, "path": "9097dcbaf554d635920c6274b1de4997_55.wav", "duration": 5.43}, {"text": "of growth, opportunities that we project will satisfy our return threshold.", "audio_length_s": 5.43, "path": "16c235a53fc719ec92ef3b3c3b371150_242.wav", "duration": 5.43}, {"text": "including a weakening Chinese market and high inventory levels throughout the supply chain.", "audio_length_s": 5.43, "path": "97ddc19ecb28bab2d19fd3b181182062_18.wav", "duration": 5.43}, {"text": "and the continued product investments is what ultimately contributed to that. So we got strong", "audio_length_s": 5.43, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_56.wav", "duration": 5.43}, {"text": "With that, I will turn it over to Brian to discuss the performance within the segments.", "audio_length_s": 5.43, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_206.wav", "duration": 5.43}, {"text": "This is, of course, the first earnings release for the new holding company.", "audio_length_s": 5.43, "path": "19e7822c0e829faf25355c16b830cf39_175.wav", "duration": 5.43}, {"text": "This will allow us to continue deploying cash to organic growth opportunities and strategic acquisitions.", "audio_length_s": 5.4299375, "path": "1378aabd380e63d3f89fe0e445fc8b06_57.wav", "duration": 5.4299375}, {"text": "and for each of our segments to be within their respective annual ranges.", "audio_length_s": 5.4000625, "path": "50eb350badadec6e4272b90684741c25_253.wav", "duration": 5.4000625}, {"text": "And I think the way to think about that trial is", "audio_length_s": 5.4, "path": "070a939ddb72d87ed87e4b863da14a89_111.wav", "duration": 5.4}, {"text": "I'm excited to be presenting the first set of results following our recent acquisitions.", "audio_length_s": 5.4, "path": "9d8c8f4a41008455665fd243ed99b642_98.wav", "duration": 5.4}, {"text": "The costs roughly the same. The benefit is the same. The impact the next year is the same,", "audio_length_s": 5.4, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_88.wav", "duration": 5.4}, {"text": "over the course of the last year -- and obviously, this has been going on for a number of years, but", "audio_length_s": 5.4, "path": "139f0a6300f504b3e8673e39b0429161_109.wav", "duration": 5.4}, {"text": "as a result of implementing new electronic medical record systems.", "audio_length_s": 5.4, "path": "e23e3aabab4b12e359bc92a480c2d294_99.wav", "duration": 5.4}, {"text": "Now I finish with different views on our specific", "audio_length_s": 5.4, "path": "a683f40be39761f8e66786d7c0b64134_29.wav", "duration": 5.4}, {"text": "produced the entire quarter and we saw an increase of 6% production over the previous quarter.", "audio_length_s": 5.4, "path": "309554ae886fe4911da6e3329b631fe6_133.wav", "duration": 5.4}, {"text": "We need to become fast and simple in order to capture the opportunities", "audio_length_s": 5.4, "path": "9014ac9cbc2cff30468f1bcb659c0f66_43.wav", "duration": 5.4}, {"text": "the pipeline also this year is very rich to fuel the growth.", "audio_length_s": 5.4, "path": "9014ac9cbc2cff30468f1bcb659c0f66_342.wav", "duration": 5.4}, {"text": "and has the complete focus of the entire leadership team. This is not a technology project.", "audio_length_s": 5.4, "path": "0755f4b74dda585f3975c7d8208b1598_260.wav", "duration": 5.4}, {"text": "and the action has been very, very vivid and moving forward.", "audio_length_s": 5.4, "path": "c68c15299b67173c7ae163cc5938f3c1_93.wav", "duration": 5.4}, {"text": "In addition to the effect of lower revenue from mobile phone base stations in Japan,", "audio_length_s": 5.4, "path": "2a59b9df2de5248e64727f10185a8423_11.wav", "duration": 5.4}, {"text": "And they don't like the idea of working off of somebody else's system.", "audio_length_s": 5.4, "path": "55d05334bdde612eb9dd102bb41d216e_129.wav", "duration": 5.4}, {"text": "But we are seeing this thing bottoming out now, and we believe we're going to be able to drive some growth", "audio_length_s": 5.4, "path": "55d05334bdde612eb9dd102bb41d216e_81.wav", "duration": 5.4}, {"text": "and this is something that we actually expected from the past because the duration", "audio_length_s": 5.4, "path": "1c60a3d37d43a43d5851722212ddcd71_11.wav", "duration": 5.4}, {"text": "in the sweet spot for enhancing our capabilities in those areas. And as I mentioned,", "audio_length_s": 5.4, "path": "ec0ecc8e73cce4598def6cfff6f7c598_175.wav", "duration": 5.4}, {"text": "there's a couple of other things I might point you to, One was", "audio_length_s": 5.4, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_91.wav", "duration": 5.4}, {"text": "And I'd like to congratulate our newest class of service stars that we honored last month.", "audio_length_s": 5.4, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_185.wav", "duration": 5.4}, {"text": "And now that we're sort of during the budgeting cycle for pretty much all companies in the industry,", "audio_length_s": 5.4, "path": "dd3166f311a5f12a25103a0295e8ac3e_159.wav", "duration": 5.4}, {"text": "There are several key factors that contribute to our full year outlook, including", "audio_length_s": 5.4, "path": "04f29bc02d1e2ef65077ca67bf41f475_186.wav", "duration": 5.4}, {"text": "product offering and any color you can add around that, and then if I can, add a couple of others.", "audio_length_s": 5.4, "path": "8bbc2f54137b794265dfb01f1559868d_22.wav", "duration": 5.4}, {"text": "Now in terms of the manufacturing integration, I think one of the things you're probably aware of", "audio_length_s": 5.4, "path": "78c85dc9a16f82b09d3a2363004e658d_21.wav", "duration": 5.4}, {"text": "That's going to take place over the course of the rest of the year, I think.", "audio_length_s": 5.4, "path": "3121e8f4a75758834d32a9e4e0555221_76.wav", "duration": 5.4}, {"text": "And then typically, we're able to get a little bit more amendment revenue on top of that.", "audio_length_s": 5.4, "path": "de3b766a868da918e499f407dbf5d716_30.wav", "duration": 5.4}, {"text": "very nice bidding months for the State of California. I don't see it slowing down at all", "audio_length_s": 5.4, "path": "b34f680a9162805e0188170d6272a356_128.wav", "duration": 5.4}, {"text": "This morning, we also announced that we've submitted an election to the IRS to be treated as a corporation", "audio_length_s": 5.4, "path": "1b91eb82f5211000e711424657cc2484_251.wav", "duration": 5.4}, {"text": "And as I mentioned previously, this equates to total revenue being up", "audio_length_s": 5.4, "path": "82218f543c9a546c4baa5323f250b39f_81.wav", "duration": 5.4}, {"text": "or will crystallize as we get into the second half of the year, is making us feel very comfortable", "audio_length_s": 5.4, "path": "82218f543c9a546c4baa5323f250b39f_228.wav", "duration": 5.4}, {"text": "And again, the comparison gets significantly easier as you go through the balance of the quarter.", "audio_length_s": 5.4, "path": "75fa1bebed0b858c76cc7058477e40e2_147.wav", "duration": 5.4}, {"text": "Let me remind you of these priorities and update you on some of the advances we've made.", "audio_length_s": 5.4, "path": "46906afb4e1ee1fef09b5908e76beefa_166.wav", "duration": 5.4}, {"text": "sector globally, and we want to be prepared for that. So this is very much", "audio_length_s": 5.4, "path": "ada4e338c266148264077e06bac68005_94.wav", "duration": 5.4}, {"text": "Earlier, we talked about changing the pace of shipments.", "audio_length_s": 5.4, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_92.wav", "duration": 5.4}, {"text": "has leveraged the increase in consumer and patient interest in the branded anti-obesity category", "audio_length_s": 5.4, "path": "18b396ddd443d84d12477c42e31cdf0e_45.wav", "duration": 5.4}, {"text": "This concludes today's conference. Thank you for your participation. You may disconnect your lines at this time.", "audio_length_s": 5.4, "path": "2fc915b996c687200d995736980aae9a_107.wav", "duration": 5.4}, {"text": "And I think what gives the regulators and the lawmakers comfort is that it's working.", "audio_length_s": 5.4, "path": "833f98dbc79997580b24335033aac5d2_267.wav", "duration": 5.4}, {"text": "Our focus on bringing therapies to patients who do not have adequate treatment options", "audio_length_s": 5.4, "path": "2a5b0a6532fa2b71915a2930be02621a_56.wav", "duration": 5.4}, {"text": "The last well in the program is currently being drilled and will be on production this quarter.", "audio_length_s": 5.4, "path": "c1f9276ae4068aca63163adff502b818_54.wav", "duration": 5.4}, {"text": "But I think you stated on a previous call that there's many, many ways to get into China.", "audio_length_s": 5.4, "path": "392ca3d1e388c6d7a35f6d0db390c359_154.wav", "duration": 5.4}, {"text": "doing and how we've been recognized as a quality producer over there?", "audio_length_s": 5.4, "path": "392ca3d1e388c6d7a35f6d0db390c359_203.wav", "duration": 5.4}, {"text": "is contained in our earnings press release issued prior to today's call.", "audio_length_s": 5.4, "path": "5f38ce681d4413a793d34a0650c59bf2_116.wav", "duration": 5.4}, {"text": "I didn't hear the last part of the question, Chris. Can you ask it one more time, please?", "audio_length_s": 5.4, "path": "8b2314627d54755a15c55244bb862225_19.wav", "duration": 5.4}, {"text": "And we continue to drive very good results from our cost savings initiatives.", "audio_length_s": 5.4, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_165.wav", "duration": 5.4}, {"text": "irrespective of the kind of market that we're in because there are, I think, good opportunities to enhance what we do", "audio_length_s": 5.4, "path": "8957425799e5ce0200bfacf204d0acde_47.wav", "duration": 5.4}, {"text": "have caused market prices on resource commodities to further decrease since the beginning of this year.", "audio_length_s": 5.4, "path": "8011d82cf2151421d3dfacce65adde30_3.wav", "duration": 5.4}, {"text": "remains at the lower end of Western European peers.", "audio_length_s": 5.4, "path": "cfe2656d9b742e3743835cfde245c60a_134.wav", "duration": 5.4}, {"text": "no incremental desire to get something done quick before rates go up too much more?", "audio_length_s": 5.4, "path": "dbafd430cf189ffeffd96a06da8ba37d_107.wav", "duration": 5.4}, {"text": "So heading into our end of Phase II meeting with the agency in late January,", "audio_length_s": 5.4, "path": "a24a661c2eb55542903c72391ec09f9b_31.wav", "duration": 5.4}, {"text": "As a reminder, our current guidance excludes any future spending from this program.", "audio_length_s": 5.4, "path": "276392c471c063580869aec014a1feda_111.wav", "duration": 5.4}, {"text": "And completed the last tasks of many open projects, especially in Europe.", "audio_length_s": 5.4, "path": "e56726c7aedd69029957c84128050700_50.wav", "duration": 5.4}, {"text": "At which point, we expect to start seeing a meaningful contribution to our top line.", "audio_length_s": 5.4, "path": "575d21e05ceda8f95fc54e0292c2d99f_79.wav", "duration": 5.4}, {"text": "I remind you that none of these communities is a part of our same-store portfolio, and", "audio_length_s": 5.4, "path": "93d3e5be9cf75e0921d47f10d4178939_4.wav", "duration": 5.4}, {"text": "reflecting increased activities associated with our DCR-PHXC program", "audio_length_s": 5.4, "path": "01ebdadb81d0e5a57270957c0cbe83fc_186.wav", "duration": 5.4}, {"text": "These slides serve as a reference point for some of what Willy and Steve will touch on this morning.", "audio_length_s": 5.4, "path": "9ab2e6eb9debfae2de541ba645bfd265_145.wav", "duration": 5.4}, {"text": "In advance of this, especially with a lot of the traffic that we were during the second quarter,", "audio_length_s": 5.4, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_92.wav", "duration": 5.4}, {"text": "in that bank distorts a little bit", "audio_length_s": 5.4, "path": "38b2f94da12bbf2d32246763aab8265a_143.wav", "duration": 5.4}, {"text": "the crude group is working closely with our water team to provide multiple services to producers.", "audio_length_s": 5.4, "path": "7394bde65e000fbb7b528c6c65bd099d_13.wav", "duration": 5.4}, {"text": "We plan to continue to reinvest in the business for growth as our top priority.", "audio_length_s": 5.4, "path": "40e11288ea7cb86fdf307dbe648142e3_151.wav", "duration": 5.4}, {"text": "it feels like sharing that portion with our employees", "audio_length_s": 5.4, "path": "0899e07f70a6e5be842fb6e22a3fafe9_26.wav", "duration": 5.4}, {"text": "but we're very much willing to rethink it if circumstances warrant it.", "audio_length_s": 5.4, "path": "0899e07f70a6e5be842fb6e22a3fafe9_231.wav", "duration": 5.4}, {"text": "Looking ahead, we're feeling very positive about how Capital Bank is positioned.", "audio_length_s": 5.4, "path": "2f52e3495f64a67b885c0d35be2e8dce_107.wav", "duration": 5.4}, {"text": "we are interested in getting more partners to engage more and buy more products", "audio_length_s": 5.4, "path": "5664a96b7f1182d037b901d84eeb4fd6_224.wav", "duration": 5.4}, {"text": "Thank you, and welcome all to Ship Financial International and our Third Quarter Conference Call.", "audio_length_s": 5.4, "path": "39eee2eb09766cf1717c05e39c7db798_65.wav", "duration": 5.4}, {"text": "So it's still a mechanized approach, but it's directed towards more narrow vein mining.", "audio_length_s": 5.4, "path": "e5040d02fba73a359d3f7cb346517ce1_22.wav", "duration": 5.4}, {"text": "Expected increases in compensation expenses due to higher collector staffing levels", "audio_length_s": 5.4, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_13.wav", "duration": 5.4}, {"text": "and we don't give any guidance specifically how we expect that to", "audio_length_s": 5.4, "path": "6b3df032b804a1a371d25e1eef019c4a_114.wav", "duration": 5.4}, {"text": "focused on content not software, and then we quickly learned that the clients were", "audio_length_s": 5.4, "path": "6a372ea97b0b130a4d37f16b54d97909_218.wav", "duration": 5.4}, {"text": "Marketing has to be more personalized. So it can't just be a blanket offer.", "audio_length_s": 5.4, "path": "e2c02e1788cb10703d7611ef157f8135_45.wav", "duration": 5.4}, {"text": "As soon as we have the save the date, we will send it to all of you, okay?", "audio_length_s": 5.4, "path": "2b626b620ef42f716c6028c74ee4187b_135.wav", "duration": 5.4}, {"text": "and hampers the development of numerous promising new medicines and novel modalities.", "audio_length_s": 5.4, "path": "b281eff988085e0776dc8a10223f1048_3.wav", "duration": 5.4}, {"text": "that we're placing in these markets of Middle America and in the south. So", "audio_length_s": 5.4, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_177.wav", "duration": 5.4}, {"text": "Together with Allergan, we intend to vigorously protect the linaclotide franchise", "audio_length_s": 5.4, "path": "265e62fc569e790d8b3e58698aaab701_182.wav", "duration": 5.4}, {"text": "We went through an organization change in April.", "audio_length_s": 5.4, "path": "58d5f604300a30c0c5bd9aa57d207478_29.wav", "duration": 5.4}, {"text": "as an increased level of off-hire from regulatory dry-docking during the quarter", "audio_length_s": 5.4, "path": "62246783cdfc5083ebb32cff71ccd38b_50.wav", "duration": 5.4}, {"text": "The prepared comments management will cover here are the same as those covered on the earlier call.", "audio_length_s": 5.4, "path": "6f6b3823ec396bec0ca694282a6c7452_43.wav", "duration": 5.4}, {"text": "compelling clinical profile and because through our", "audio_length_s": 5.4, "path": "17f54a9938f35a4bde713fb3eb33a80e_75.wav", "duration": 5.4}, {"text": "from the law? And then the second question on the dynamics of the free cash flow.", "audio_length_s": 5.4, "path": "cbe35890789046e75f27f5fa8645494c_5.wav", "duration": 5.4}, {"text": "Did you get any color from them in terms of receiving", "audio_length_s": 5.4, "path": "151a08a0353f92bc3a78bbf8a17b52aa_58.wav", "duration": 5.4}, {"text": "The financial results we have delivered are roughly 1 year ahead of schedule.", "audio_length_s": 5.4, "path": "2a059b2b192b8e972ca7664ddfed8a20_221.wav", "duration": 5.4}, {"text": "That's a bracket of something that I was looking for.", "audio_length_s": 5.4, "path": "f77935c4693e4d33252c9c76993e9c8b_26.wav", "duration": 5.4}, {"text": "We also saw some softness in the foundry demand during the quarter.", "audio_length_s": 5.4, "path": "0ec0a75c1800bac01520dcac5b8992fb_8.wav", "duration": 5.4}, {"text": "This will deliver additional benefits to our cost base", "audio_length_s": 5.4, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_97.wav", "duration": 5.4}, {"text": "So it's really good to have John in this role, not because the tire plants need help building better tires or", "audio_length_s": 5.4, "path": "948f025c16fce2bcb2909e610c9be557_302.wav", "duration": 5.4}, {"text": "Our consumer segment was particularly challenging this quarter and I'll talk about that here shortly.", "audio_length_s": 5.4, "path": "948f025c16fce2bcb2909e610c9be557_215.wav", "duration": 5.4}, {"text": "A lot of them have applied for permits and are being turned down by their cities and municipalities. And", "audio_length_s": 5.4, "path": "ceeedf178333db4c586311e4f43bdfd1_110.wav", "duration": 5.4}, {"text": "contracts that you're getting and therefore building the backlog and revenue,", "audio_length_s": 5.4, "path": "ba5f13bb75329629d0c070c9014ff4f0_160.wav", "duration": 5.4}, {"text": "We believe these dynamics provide a substantial market opportunity for our modular solutions.", "audio_length_s": 5.4, "path": "f1da65edd5f2026ffd647d496bb96ce7_149.wav", "duration": 5.4}, {"text": "Certain information discussed on this call, including information related to portfolio companies,", "audio_length_s": 5.4, "path": "6318dda27b3e36d76533c048c64a3014_131.wav", "duration": 5.4}, {"text": "So I would say that the fourth quarter was especially", "audio_length_s": 5.4, "path": "9b1931e93dfb0391fb948924a93be5ff_105.wav", "duration": 5.4}, {"text": "and we will continue to keep you updated as we move forward.", "audio_length_s": 5.4, "path": "5330f07390a3c14fc49f24ac98bf1eab_83.wav", "duration": 5.4}, {"text": "So at a minimum, we expect to be at the midpoint toward that high end for the year.", "audio_length_s": 5.4, "path": "369789f0d39dbf62298be2aa807ff8ee_92.wav", "duration": 5.4}, {"text": "in our line of sight and not predicting as we move forward where it could go.", "audio_length_s": 5.4, "path": "7551ffae17aa39dd4ea962a43f96bf04_24.wav", "duration": 5.4}, {"text": "You can get a whole lot of special effects that we've now got doors with insulation. You can get the Dulux Color", "audio_length_s": 5.4, "path": "33fd8a867dbd88a837e541b1d2b25ea5_236.wav", "duration": 5.4}, {"text": "and converted a total of 11 restaurants to the Grand Saladier program.", "audio_length_s": 5.4, "path": "416ebb7a4160f7cd2f98361cbd1cb769_9.wav", "duration": 5.4}, {"text": "we need to be successful outside the province. That's not new, I've been saying that for", "audio_length_s": 5.4, "path": "416ebb7a4160f7cd2f98361cbd1cb769_132.wav", "duration": 5.4}, {"text": "In addition, past results are not necessarily an indication of future performance.", "audio_length_s": 5.4, "path": "189b20e7b975130ca5abd0e419e54908_48.wav", "duration": 5.4}, {"text": "momentum we have in all our businesses and customer retention and traction and expansion strategies.", "audio_length_s": 5.4, "path": "28d675c77a4b2269c1c1460ad3e56250_116.wav", "duration": 5.4}, {"text": "but it may not. And it really depends on the circumstance at the time. And it might different if it's 1 year from now", "audio_length_s": 5.4, "path": "41c28201e80491c91e34488556721756_224.wav", "duration": 5.4}, {"text": "the point that I made earlier about the number of customers that we now have live on the new platform.", "audio_length_s": 5.4, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_32.wav", "duration": 5.4}, {"text": "that will evaluate the risk profile of the opportunity and then bring it to underwriting.", "audio_length_s": 5.4, "path": "0dec9a606303da3039d11eec4ec9bd86_175.wav", "duration": 5.4}, {"text": "voice of the customer as to what are their needs and desires and how can that fuel", "audio_length_s": 5.4, "path": "77d2dd6d5e46cc8a8e80809305b60208_153.wav", "duration": 5.4}, {"text": "Actual results may differ materially from those expressed or implied in our forward-looking statements.", "audio_length_s": 5.4, "path": "50e17cbbbef8897681cc5f8ae110aae2_82.wav", "duration": 5.4}, {"text": "to try and get that cost performance better than what's shown there.", "audio_length_s": 5.4, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_186.wav", "duration": 5.4}, {"text": "Page 15 of our supplemental package shows aggregate revenues generated by our Thousand Trails properties.", "audio_length_s": 5.4, "path": "98bbf1693b5a53e7f02d890a8dca876a_35.wav", "duration": 5.4}, {"text": "As we see new challenges emerge in the market, Ellington Financial's focus remains the same.", "audio_length_s": 5.4, "path": "a0d537badd260e2071136602e3b73b26_65.wav", "duration": 5.4}, {"text": "market gives you a sense for the potential of the molecule longer term", "audio_length_s": 5.4, "path": "299bad77345d2e44fa5768f4416f7b97_29.wav", "duration": 5.4}, {"text": "the negative trend observed in the last quarters of reduction in the balances of our portfolio.", "audio_length_s": 5.4, "path": "d5fb88dba0740bc906c5127e05592f95_87.wav", "duration": 5.4}, {"text": "create a picture. But you're right, we don't have a perfect window into the international guests.", "audio_length_s": 5.4, "path": "078b27aa69b10aa01f2eab2aa681bdd8_84.wav", "duration": 5.4}, {"text": "In addition, we're pleased to report the following accomplishments.", "audio_length_s": 5.4, "path": "9908957f60adff5efc1c8692a0f5ab38_57.wav", "duration": 5.4}, {"text": "really better than industry growth, and that's primarily because we think that there's advantage to", "audio_length_s": 5.4, "path": "ff898f396d49760343d08575ea773b54_128.wav", "duration": 5.4}, {"text": "result for us as well, which are driving nice bookings productivity also.", "audio_length_s": 5.4, "path": "a9ff9f85f03afdd2d13b76e14060b31d_176.wav", "duration": 5.4}, {"text": "This call is being webcast live and will be available on our website and on telephone taped replay.", "audio_length_s": 5.4, "path": "9dc19bfa451bc1278b7136420493f84d_13.wav", "duration": 5.4}, {"text": "against competing projects. I think you're aware we have a number of factors we think that", "audio_length_s": 5.4, "path": "ebd59e21db89edb92205e012427cd9db_37.wav", "duration": 5.4}, {"text": "new product can be in place by September? Or is this really a much deeper", "audio_length_s": 5.4, "path": "b0d88c0f1efca89ecb928172341dc75d_147.wav", "duration": 5.4}, {"text": "While it is possible that we will have some catalyst sales to this customer next year,", "audio_length_s": 5.4, "path": "e552924838fe493d3cc967dd0c5c4563_126.wav", "duration": 5.4}, {"text": "and so we had to put more money into working capital in this second quarter. So", "audio_length_s": 5.4, "path": "9fb4423a70358ef22be9982299969f7a_85.wav", "duration": 5.4}, {"text": "This is driven by the increased relative size of our businesses in Russia and the North Sea,", "audio_length_s": 5.4, "path": "20489859070c48218db6ab0f5b6d2b05_182.wav", "duration": 5.4}, {"text": "and has quickly been established as a revolutionary treatment to cancer patients", "audio_length_s": 5.4, "path": "6daa2d0829057899b014b06c36e1d54b_155.wav", "duration": 5.4}, {"text": "Can you help me and tell me where you think the 10 year is going to be in that period of time?", "audio_length_s": 5.4, "path": "c334e290beb657ee3efcb6b2f734c81e_62.wav", "duration": 5.4}, {"text": "We had to have it, so we're rolling that out in Q1 and announcing that here", "audio_length_s": 5.4, "path": "9826162bc1bb67bf8d65e4cf50e656e9_13.wav", "duration": 5.4}, {"text": "it will actually be the positive income -- impact rather than negative impact", "audio_length_s": 5.4, "path": "d383beeae6efd0a411a453f90412d8d3_94.wav", "duration": 5.4}, {"text": "on its operational and financial achievements of the last 3 integration years.", "audio_length_s": 5.4, "path": "b4072ee178832ecf3d2a0f25fd8b8387_145.wav", "duration": 5.4}, {"text": "and the better for the shareholder over the long run. So that's really the answer on why now.", "audio_length_s": 5.4, "path": "ffa357a084f4deb64797a0a32b8c5e33_99.wav", "duration": 5.4}, {"text": "Actual results may differ materially from those statements due to a variety of important factors", "audio_length_s": 5.4, "path": "09eebad8f3c529b4c7d916c5f7766f7f_215.wav", "duration": 5.4}, {"text": "We believe that the success of our strategy and value that we provide to clients", "audio_length_s": 5.4, "path": "50eb350badadec6e4272b90684741c25_167.wav", "duration": 5.4}, {"text": "much better about going down the path with this particular buyer rather than the previous buyer.", "audio_length_s": 5.4, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_213.wav", "duration": 5.4}, {"text": "and quite frankly the level of progress we have made transforming the company in such a short period of time.", "audio_length_s": 5.4, "path": "0668081864383eb57919b99c85649753_43.wav", "duration": 5.4}, {"text": "so we have a strong emphasis on that. It's too small a percentage of our business and we need to grow", "audio_length_s": 5.4, "path": "2c4d64ba9a75dff613a83aa6f145f4b7_84.wav", "duration": 5.4}, {"text": "to the benefit of all consumers and payers across the spectrum of health care.", "audio_length_s": 5.4, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_260.wav", "duration": 5.4}, {"text": "Despite the increased competition, Austin continues to be a great opportunity for us.", "audio_length_s": 5.4, "path": "45c2e7788c29cc5f1c183ec742511c6f_73.wav", "duration": 5.4}, {"text": "as we run line hauls between Atlanta and several other smaller markets in the Southeast,", "audio_length_s": 5.4, "path": "ef7e77f6a5983826d0eefe75f7832ce6_51.wav", "duration": 5.4}, {"text": "I think one of the big questions on people's mind is how long can we keep this up?", "audio_length_s": 5.4, "path": "b478d2808e90233ed994884e644a3d34_99.wav", "duration": 5.4}, {"text": "broadcast company. In particular, Gray posted its highest ever totals", "audio_length_s": 5.4, "path": "77423f08f0208d476dea73c639f6293a_147.wav", "duration": 5.4}, {"text": "There is a lot of needs in electromagnetic simulation", "audio_length_s": 5.4, "path": "4fd138e27f5f375945332eacefa15b62_17.wav", "duration": 5.4}, {"text": "our new investment approach. So if I look at our total assets under management,", "audio_length_s": 5.4, "path": "bf99037f89cd485f95f097842619a0c7_22.wav", "duration": 5.4}, {"text": "introducing new and innovative categories, incorporating digital experiences", "audio_length_s": 5.4, "path": "c88e296697cd72c891ffb7bf5a1a60bb_68.wav", "duration": 5.4}, {"text": "flowing over the island and causing severe erosion to roadways, foundations", "audio_length_s": 5.4, "path": "3ae068efa03cd088f4d3edea682f199f_261.wav", "duration": 5.4}, {"text": "Okay. And can you tell us the proportion of scripts that are coming from Medicare?", "audio_length_s": 5.4, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_108.wav", "duration": 5.4}, {"text": "We come out well ahead of the national averages for both public and private providers.", "audio_length_s": 5.4, "path": "e43b90b4488b47b5e2cc96b57863bc19_37.wav", "duration": 5.4}, {"text": "Our efforts to delever the company by reducing the amount of debt outstanding", "audio_length_s": 5.4, "path": "a85c54c77dd2524eedab1287ea3ceff4_6.wav", "duration": 5.4}, {"text": "We also need technology to support and manage their relationships with The Tile Shop in a seamless way,", "audio_length_s": 5.4, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_178.wav", "duration": 5.4}, {"text": "I believe we are galvanized around a plan that will return the company to higher growth and profitability.", "audio_length_s": 5.4, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_68.wav", "duration": 5.4}, {"text": "in this year. We -- I really don't want to give a lot of color around details like that.", "audio_length_s": 5.4, "path": "1bee232b4d03ce3a6f424bb7891581a2_62.wav", "duration": 5.4}, {"text": "Likewise, broader Commercial Vehicle demand appear supportive overall in recent months.", "audio_length_s": 5.37, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_85.wav", "duration": 5.37}, {"text": "We are well positioned to win more business with these programs.", "audio_length_s": 5.37, "path": "8ad0d5b5df75415c56ba590cad29489a_139.wav", "duration": 5.37}, {"text": "And how do we make the business -- continue to make it better?", "audio_length_s": 5.37, "path": "9d8c8f4a41008455665fd243ed99b642_108.wav", "duration": 5.37}, {"text": "And for certain elements of membership in one of the schemes,", "audio_length_s": 5.37, "path": "bc605e9d69e921f4f61a508a448ad0dd_41.wav", "duration": 5.37}, {"text": "In summary, we expect our various Optical, GaN and FEM products", "audio_length_s": 5.37, "path": "ab5b4ea5cd86e4f7deafe9814024fada_155.wav", "duration": 5.37}, {"text": "and cannot be compensated by the good performance we continue to expect for the 3 other", "audio_length_s": 5.37, "path": "a95a220f118ae793c89d6d708e62cf8a_168.wav", "duration": 5.37}, {"text": "What is also important is to see that we have shifted", "audio_length_s": 5.37, "path": "a683f40be39761f8e66786d7c0b64134_237.wav", "duration": 5.37}, {"text": "we can call it maybe a niche position in a specific market", "audio_length_s": 5.37, "path": "9014ac9cbc2cff30468f1bcb659c0f66_179.wav", "duration": 5.37}, {"text": "Let me touch on this latter point. When we look at the current market today for", "audio_length_s": 5.37, "path": "abd0f750609f1263b566f0c09b981a16_68.wav", "duration": 5.37}, {"text": "I will then provide a review of Crombie's financial position as well as our first quarter operating results.", "audio_length_s": 5.37, "path": "6b45877b719000e47adfd1ec118c376a_41.wav", "duration": 5.37}, {"text": "In addition, we are excited for the opportunity to expand our industrial footprint", "audio_length_s": 5.37, "path": "a069e0992c2083f0f53eaa4f7a02e47d_121.wav", "duration": 5.37}, {"text": "Some of the factors that influence margin, we talked a little bit about the investment", "audio_length_s": 5.37, "path": "ec0ecc8e73cce4598def6cfff6f7c598_171.wav", "duration": 5.37}, {"text": "and the cameras come out only when they are used.", "audio_length_s": 5.37, "path": "a4e84e293bde7191186ae3a7a0b34024_5.wav", "duration": 5.37}, {"text": "We also implemented a small price increase at the start of this year.", "audio_length_s": 5.37, "path": "04f29bc02d1e2ef65077ca67bf41f475_150.wav", "duration": 5.37}, {"text": "Does it really make the most sense to be putting all this debt towards", "audio_length_s": 5.37, "path": "56e05107e391476d11fe1f637733f028_178.wav", "duration": 5.37}, {"text": "increasing the size of that panel as this year has gone along. By the end of the year, we will have, in fact,", "audio_length_s": 5.37, "path": "8b71a232d7fe61e6232807b635977c31_102.wav", "duration": 5.37}, {"text": "primarily due to higher than originally expected claims related to policies issued", "audio_length_s": 5.37, "path": "6838b008f3efe8575b83cde089459d33_89.wav", "duration": 5.37}, {"text": "with expected cash flows. We have also substantially reduced our cost structure", "audio_length_s": 5.37, "path": "e1f462455d6c826d9c173c35d4844383_106.wav", "duration": 5.37}, {"text": "In the event a second field in the Hawler license area is discovered as declared commercial", "audio_length_s": 5.37, "path": "e1f462455d6c826d9c173c35d4844383_84.wav", "duration": 5.37}, {"text": "how much of that do you think is really aimed at the transportation market", "audio_length_s": 5.37, "path": "84d2b192c2dd9cdcf24bacf3788a5322_94.wav", "duration": 5.37}, {"text": "Before we acquired these companies, they each basically served one customer.", "audio_length_s": 5.37, "path": "c4dc8f962a85aa47af50f82845f550e2_10.wav", "duration": 5.37}, {"text": "And finally, the other rationale from Aval was that it did not want to use", "audio_length_s": 5.37, "path": "d085781ecd776da8a9c4d31ad547606b_110.wav", "duration": 5.37}, {"text": "The underlying performance continues to be strong. And", "audio_length_s": 5.37, "path": "1f686a09cf3566a34f04f39fde02460e_184.wav", "duration": 5.37}, {"text": "And despite the ongoing market dynamics that challenge specialty products across the sector,", "audio_length_s": 5.37, "path": "46906afb4e1ee1fef09b5908e76beefa_112.wav", "duration": 5.37}, {"text": "You need to give resources to the new product.", "audio_length_s": 5.37, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_244.wav", "duration": 5.37}, {"text": "When you need to rely on interpreters for everything,", "audio_length_s": 5.37, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_277.wav", "duration": 5.37}, {"text": "The annual effective tax rate is significantly lower than our previous guidance,", "audio_length_s": 5.37, "path": "2fc915b996c687200d995736980aae9a_112.wav", "duration": 5.37}, {"text": "in Europe, so half of the countries in Europe are above", "audio_length_s": 5.37, "path": "fa45af64ef25007f998c655347bfbecb_264.wav", "duration": 5.37}, {"text": "Secondly, we have a lot of specific programs to hire enough people.", "audio_length_s": 5.37, "path": "fa45af64ef25007f998c655347bfbecb_118.wav", "duration": 5.37}, {"text": "a lot of the people who have approached us are very interested", "audio_length_s": 5.37, "path": "8292bdb9af87f10627c044f3842b2c76_159.wav", "duration": 5.37}, {"text": "I was wondering how many employees have you hired? And", "audio_length_s": 5.37, "path": "392ca3d1e388c6d7a35f6d0db390c359_106.wav", "duration": 5.37}, {"text": "other ways to execute on their business plan, we have not given up on them. But", "audio_length_s": 5.37, "path": "392ca3d1e388c6d7a35f6d0db390c359_159.wav", "duration": 5.37}, {"text": "of helping people cope with all of this kind of stuff. Here's another example.", "audio_length_s": 5.37, "path": "e26b501c6e000fdaa11edde97cc71436_170.wav", "duration": 5.37}, {"text": "and the growth of approximately 100 trial units also set another record at the end of the first quarter.", "audio_length_s": 5.37, "path": "1b1699497be56330b3ed833f22bc63f6_119.wav", "duration": 5.37}, {"text": "The quarter was also positively impacted by a reduction in income tax expense,", "audio_length_s": 5.37, "path": "8b2314627d54755a15c55244bb862225_65.wav", "duration": 5.37}, {"text": "We continue to see our revenue base diversify broadly across our business segments.", "audio_length_s": 5.37, "path": "b4874109876c9f165eef4be112d9f30d_2.wav", "duration": 5.37}, {"text": "that are driving us toward our vision, beginning with our commercial organization on this call.", "audio_length_s": 5.37, "path": "0dbbae27d7055ecc04cc25e14e4de12d_26.wav", "duration": 5.37}, {"text": "We continue to see the cash generative nature of the High Street and Travel businesses as one of the", "audio_length_s": 5.37, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_56.wav", "duration": 5.37}, {"text": "And we expect all of the units to be open ahead of the summer peak.", "audio_length_s": 5.37, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_72.wav", "duration": 5.37}, {"text": "sometimes we have bigger installations, which makes the number go down,", "audio_length_s": 5.37, "path": "a5aee620f2ef348884bdc8fa3e0cee19_74.wav", "duration": 5.37}, {"text": "to match our capacity to demand on the automotive side of that business.", "audio_length_s": 5.37, "path": "1133b8984db446b9c963a09eaf0785a4_234.wav", "duration": 5.37}, {"text": "and we delivered once again on our promise to be a defensive dividend stock.", "audio_length_s": 5.37, "path": "cfe2656d9b742e3743835cfde245c60a_86.wav", "duration": 5.37}, {"text": "So with that, I'd like to turn the call back over to Mr. Peter Salkowski for closing remarks.", "audio_length_s": 5.37, "path": "ddf51a035f75b2e145a283edfd51fffc_152.wav", "duration": 5.37}, {"text": "Now, I'd like to address the current downward trend we're seeing in the marketplace.", "audio_length_s": 5.37, "path": "2905366dcf0eb60a22b63a1b3d9adf95_50.wav", "duration": 5.37}, {"text": "and that puts an occupancy rate now at -- ahead of where it was prior to", "audio_length_s": 5.37, "path": "6e3037e770ba5e0dfc98e3223986aad2_97.wav", "duration": 5.37}, {"text": "captures the flavor of the project that we set out in the Evaluation Report.", "audio_length_s": 5.37, "path": "c3ac3b05413d9a9caee0626d57fee77f_59.wav", "duration": 5.37}, {"text": "your fleet in terms of putting rigs back to work, do you expect we'll see", "audio_length_s": 5.37, "path": "4e04d3229b988f1db5b842ac5b993894_127.wav", "duration": 5.37}, {"text": "These ratios should improve every quarter after the first quarter throughout the year.", "audio_length_s": 5.37, "path": "f2a2ba46b242698577188259de23de31_28.wav", "duration": 5.37}, {"text": "We also expect that every quarter will have an increase over the prior year same quarter.", "audio_length_s": 5.37, "path": "40e11288ea7cb86fdf307dbe648142e3_23.wav", "duration": 5.37}, {"text": "Thank you all for attending this morning, and we look forward to talking to you", "audio_length_s": 5.37, "path": "bf07ba925d6e5f568f66bb89b00a9463_71.wav", "duration": 5.37}, {"text": "We are focused on creating a simple operating environment for our advisers. To do that,", "audio_length_s": 5.37, "path": "8a77ceadd7e4729abc9102d38be3a227_108.wav", "duration": 5.37}, {"text": "We see the impact of this particularly in categories like skin cleansing and laundry.", "audio_length_s": 5.37, "path": "47b1a118c53956b23f1d687a75f3e5ba_104.wav", "duration": 5.37}, {"text": "would say that a lot of the contribution probably came from", "audio_length_s": 5.37, "path": "dd28a387ccc9575df47840b850647c7f_173.wav", "duration": 5.37}, {"text": "and developing new relationships through centers of influence in our community.", "audio_length_s": 5.37, "path": "2a7d7f3eb6960e631743ca5a0d86461f_113.wav", "duration": 5.37}, {"text": "So I would say from here around the market share,", "audio_length_s": 5.37, "path": "b305bff75f28d238f0bd7da5bd4f13b8_197.wav", "duration": 5.37}, {"text": "frankly, haven't done a great job in managing and driving that", "audio_length_s": 5.37, "path": "29426a77336443eedde7eaa29e9c2852_100.wav", "duration": 5.37}, {"text": "maybe subcontracting is going to levels which are not comfortable, that is what I was just trying to clarify.", "audio_length_s": 5.37, "path": "98dd38fe77c24da55bc482b504ae3cc3_151.wav", "duration": 5.37}, {"text": "With the anticipated sale of the remaining 6 offshore and shipping assets,", "audio_length_s": 5.37, "path": "10dfe5270a7e4216d68614041d2a9bbe_125.wav", "duration": 5.37}, {"text": "Our concrete plants are built on the Energy Group, and quoting activity is very good for our plants.", "audio_length_s": 5.37, "path": "9979d7fef684b8cac613c934b6229791_166.wav", "duration": 5.37}, {"text": "Those increases were offset by decreases in South America and in Africa.", "audio_length_s": 5.37, "path": "9979d7fef684b8cac613c934b6229791_50.wav", "duration": 5.37}, {"text": "as we move down the path of obtaining approval for our product candidates.", "audio_length_s": 5.37, "path": "bd40628b97efec198825ccf910c7e27e_96.wav", "duration": 5.37}, {"text": "Recent choppy business transient trends continued during the first quarter,", "audio_length_s": 5.37, "path": "b1da16cba24af8e472573c4c9caf17c7_178.wav", "duration": 5.37}, {"text": "does have an impact on determinations that", "audio_length_s": 5.37, "path": "b43c001c5af465d220ab0b69a95202ae_167.wav", "duration": 5.37}, {"text": "we will build a platform of global working partners.", "audio_length_s": 5.37, "path": "b126e11520fd54843c67f70f15cd30cc_22.wav", "duration": 5.37}, {"text": "So that's about our safety of our debts.", "audio_length_s": 5.37, "path": "b126e11520fd54843c67f70f15cd30cc_182.wav", "duration": 5.37}, {"text": "These consultations with investors are ongoing. We are aware of investors", "audio_length_s": 5.37, "path": "0d4d72439cb1522ed5ee19fca1eb4de0_16.wav", "duration": 5.37}, {"text": "does a title need to be done on the underlying properties or not because they're just basically buying the corporate equity?", "audio_length_s": 5.37, "path": "63d825666ef6527fd7e4f26e728a4e61_76.wav", "duration": 5.37}, {"text": "projects that strengthen our position in Korea and China.", "audio_length_s": 5.37, "path": "0ec0a75c1800bac01520dcac5b8992fb_163.wav", "duration": 5.37}, {"text": "In Q1, top line performance of the business was in line with our expectation,", "audio_length_s": 5.37, "path": "915bdcf0edfec49b928ca4010cbb40ca_55.wav", "duration": 5.37}, {"text": "All these factors have caused us to reassess our financial outlook for the year.", "audio_length_s": 5.37, "path": "9e8690a521142359001a137074905535_250.wav", "duration": 5.37}, {"text": "First, this morning, we announced the appointment of Gary Long as our Chief Commercial Officer.", "audio_length_s": 5.37, "path": "f1da65edd5f2026ffd647d496bb96ce7_145.wav", "duration": 5.37}, {"text": "on the floating rate loans but get a better quality credit.", "audio_length_s": 5.37, "path": "cac9bb252b7974b7044423e714c2f054_69.wav", "duration": 5.37}, {"text": "So how much do you think that is? Is that a few million? I mean, just could you give us a little bit of a range on that?", "audio_length_s": 5.37, "path": "8d9efef3c305ec549fb15daa27107c83_123.wav", "duration": 5.37}, {"text": "in restructuring and other costs associated with the company's recent initiative", "audio_length_s": 5.37, "path": "aed770c98113f594e36325a5822547e4_74.wav", "duration": 5.37}, {"text": "And we now open up the floor for any questions. And I would like to extend", "audio_length_s": 5.37, "path": "828ec1416eb7fa95846b5137752b3ff9_34.wav", "duration": 5.37}, {"text": "As we disclosed on our last call, we submitted our PMA Supplement", "audio_length_s": 5.37, "path": "c40b5d1a13169c5acf69590932a56f98_48.wav", "duration": 5.37}, {"text": "but I have a high degree of confidence that we can achieve it in that time period.", "audio_length_s": 5.37, "path": "7ebbb41dcefeb482191f8bc22031b5d9_62.wav", "duration": 5.37}, {"text": "The second driver of our results was our broad product and solutions suite.", "audio_length_s": 5.37, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_175.wav", "duration": 5.37}, {"text": "enabling us to be better partners and support our local clients.", "audio_length_s": 5.37, "path": "059024560d9d1039cf08746ee7393114_16.wav", "duration": 5.37}, {"text": "has resulted in many successful restructures and subsequent positive re-writings.", "audio_length_s": 5.37, "path": "dffe8257f781608bb17bb637249e4d2a_191.wav", "duration": 5.37}, {"text": "we are already well placed on costs. This will step change things further.", "audio_length_s": 5.37, "path": "33fd8a867dbd88a837e541b1d2b25ea5_149.wav", "duration": 5.37}, {"text": "It's really not the biggest strategy there, but we are actively in discussions with a lot of our", "audio_length_s": 5.37, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_233.wav", "duration": 5.37}, {"text": "As we look into the entirety of the second half", "audio_length_s": 5.37, "path": "01f88a67f39af3a74d5f23b095615d39_43.wav", "duration": 5.37}, {"text": "Like many other companies, we made decisions to support our employees, our customers", "audio_length_s": 5.37, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_18.wav", "duration": 5.37}, {"text": "due to our strategic decision to bring in more inventory early, ahead of the holiday quarter.", "audio_length_s": 5.37, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_149.wav", "duration": 5.37}, {"text": "And how much of a headwind could that loss be to your capacity utilization?", "audio_length_s": 5.37, "path": "e33785a294553de2a12d4463bf786744_254.wav", "duration": 5.37}, {"text": "And the shipments were lower than compared to a year ago. And that's not because of", "audio_length_s": 5.37, "path": "be1d9f57faececddb1cdbf5e831bcbf9_2.wav", "duration": 5.37}, {"text": "we've altered the company's structure in response to the changes in the world at large.", "audio_length_s": 5.37, "path": "254f3c2175c8e11d6da7d44a221e1bff_24.wav", "duration": 5.37}, {"text": "technology or digital platform with branch", "audio_length_s": 5.37, "path": "8635f950dc44da3fcad542b2c066bedf_224.wav", "duration": 5.37}, {"text": "Let's start with the portfolio and market performance and then return to capital allocation.", "audio_length_s": 5.37, "path": "3c80de013154b028ecdc6354d16c6fbc_125.wav", "duration": 5.37}, {"text": "Thank you, and then I will just see if there are any questions still here in the room,", "audio_length_s": 5.37, "path": "29f56972971325265e4a53485f49793e_154.wav", "duration": 5.37}, {"text": "I'd say that ratio is probably pretty close for the wells that we've turned online so far this year.", "audio_length_s": 5.37, "path": "838af8ffae77ce8ff59c77b1985f8fc5_15.wav", "duration": 5.37}, {"text": "the ability for us to deliver on time and really being able to just get those metrics in order.", "audio_length_s": 5.37, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_203.wav", "duration": 5.37}, {"text": "going to take me off the personal guarantee, which I don't really mind because it's on this building,", "audio_length_s": 5.37, "path": "82ccbfb62e125b146fba0f8e4347cc62_124.wav", "duration": 5.37}, {"text": "More details on the specifics for each of our business lines are included in the Redwood Review.", "audio_length_s": 5.37, "path": "5c601f5318d5dcbe20fdd78f19c2b277_120.wav", "duration": 5.37}, {"text": "an area of housing that we believe offers accretable and scalable returns to our shareholders.", "audio_length_s": 5.37, "path": "5c601f5318d5dcbe20fdd78f19c2b277_104.wav", "duration": 5.37}, {"text": "I will also discuss the acquisition in the context of our broader capital allocation outlook", "audio_length_s": 5.37, "path": "3f6641f7d8f1ab845ad4f637cfb35109_156.wav", "duration": 5.37}, {"text": "and we expect our exit rate for the year to jump to around 10,000 BOEs per day.", "audio_length_s": 5.37, "path": "ec6bcc27bd7d6a428dc5b2be7ae7d93b_34.wav", "duration": 5.37}, {"text": "My comments earlier about customers already coming back to us,", "audio_length_s": 5.37, "path": "64364105b816dd0b6a029e9cd210e65b_77.wav", "duration": 5.37}, {"text": "in Anchorage. And if you look at the total experience that we have there", "audio_length_s": 5.37, "path": "ebd59e21db89edb92205e012427cd9db_74.wav", "duration": 5.37}, {"text": "We are leaving our segment revenue growth assumptions constant for Agriculture,", "audio_length_s": 5.37, "path": "ee17f090e669ff9029bd1dc57db6e43e_28.wav", "duration": 5.37}, {"text": "we look at the earnings per share for the quarter were actually flat,", "audio_length_s": 5.37, "path": "2cd5b184c2ef6624ce219830182927c9_108.wav", "duration": 5.37}, {"text": "Subsequently, Chinese steel mills continuing to enjoy high margins.", "audio_length_s": 5.37, "path": "e2cf6bb5b288d37102468fe05807e41c_39.wav", "duration": 5.37}, {"text": "and we report today a shareholder capital coverage ratio", "audio_length_s": 5.37, "path": "6299a010c7bb84feaf14b263750dbd1a_57.wav", "duration": 5.37}, {"text": "and supports Lucara's reputation as an industry leader in the adoption of new technology.", "audio_length_s": 5.37, "path": "a2245a8522589003f9c235a48c0197f0_55.wav", "duration": 5.37}, {"text": "coming out yesterday and calling down slightly the growth in the economy somewhat", "audio_length_s": 5.37, "path": "bc1efb704df9c180935803c70a315597_215.wav", "duration": 5.37}, {"text": "We don't expect any more outflows at this stage otherwise we would have", "audio_length_s": 5.37, "path": "29262b03ab2581af83aaa5abd6acd0bd_52.wav", "duration": 5.37}, {"text": "I do want to note, based on some questions that have been raised by investors over the past few months,", "audio_length_s": 5.37, "path": "dbf6a9009ea60e2e96772ee3ccea7226_18.wav", "duration": 5.37}, {"text": "thanks to new products like the COOL-FIT range launched end of last year", "audio_length_s": 5.37, "path": "e21fc19597d349bcd86de1329167659b_128.wav", "duration": 5.37}, {"text": "Only questions submitted by e-mail will be discussed on the call today.", "audio_length_s": 5.37, "path": "f268a8174f58c93ad6b45b7f151fe896_132.wav", "duration": 5.37}, {"text": "in the second quarter of this year and then the life sciences market in Q4. So", "audio_length_s": 5.37, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_154.wav", "duration": 5.37}, {"text": "we probably should be able to cover around half of that.", "audio_length_s": 5.37, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_59.wav", "duration": 5.37}, {"text": "office in Italy as it relates to demand coming out of Europe and the Middle East?", "audio_length_s": 5.37, "path": "0b2059114216fe9195b6a4256ed84843_159.wav", "duration": 5.37}, {"text": "new market environment, which again will present plenty of opportunities.", "audio_length_s": 5.37, "path": "bf99037f89cd485f95f097842619a0c7_150.wav", "duration": 5.37}, {"text": "I'd say for the most part, expect business as there is, as she goes.", "audio_length_s": 5.37, "path": "7e198f4b8da8fc367e2bca0fd1595633_52.wav", "duration": 5.37}, {"text": "Net cash used for financing primarily reflects regularly scheduled debt payments in our insurance", "audio_length_s": 5.37, "path": "eed99fefac02f862b3ee31c4748cb9b5_21.wav", "duration": 5.37}, {"text": "which sometimes we order in larger quantities than normal to save costs.", "audio_length_s": 5.37, "path": "9b7d3cbcfbcf14d70a241700c869bd8d_33.wav", "duration": 5.37}, {"text": "I would say, though, Frank, that the good news about this is that we're seeing the prices stabilize,", "audio_length_s": 5.37, "path": "b154f7c33e567e453cb765f4ac03dd2f_82.wav", "duration": 5.37}, {"text": "supported by our continued improvement in our Employer Services retention.", "audio_length_s": 5.37, "path": "365c360aff42713cef71a7d026eeeb6d_11.wav", "duration": 5.37}, {"text": "increment of the acquired MTS assets that related mainly to customer relationships", "audio_length_s": 5.37, "path": "6f73dbce90cb2d313480b437f0c51bbc_84.wav", "duration": 5.37}, {"text": "What we are about to present is yet to be audited by an independent auditor,", "audio_length_s": 5.37, "path": "cd94f09ed5b897feb733def490ba4630_50.wav", "duration": 5.37}, {"text": "We see potential for VIVITROL to become an increasingly utilized treatment option for patients.", "audio_length_s": 5.37, "path": "9097dcbaf554d635920c6274b1de4997_61.wav", "duration": 5.37}, {"text": "Both test Alkermes' medicines alongside efficacious standards of care.", "audio_length_s": 5.37, "path": "9097dcbaf554d635920c6274b1de4997_23.wav", "duration": 5.37}, {"text": "Secondly, in terms of the grades which are there, which have been proven, and which can actually be developed,", "audio_length_s": 5.37, "path": "9b84dc4409f4ecccd173c2f81a4460cc_232.wav", "duration": 5.37}, {"text": "Highlights at this point in the year include the following. First,", "audio_length_s": 5.37, "path": "c2a4f7aacf0036edc5b94457c0d8329a_92.wav", "duration": 5.37}, {"text": "I know you said 75% to 80% is the goal for the end of the year, but just looking for a mark for today.", "audio_length_s": 5.37, "path": "1bc08759c84df9d3f656cf53f5bb6d35_104.wav", "duration": 5.37}, {"text": "the next round of share buybacks, which sort of feels like it could come as soon as the second half this year,", "audio_length_s": 5.3699375, "path": "364a769967b9b1a7cd069e2ce95c6e25_132.wav", "duration": 5.3699375}, {"text": "we want to ensure that we, kind of, really execute something whatever we do appropriately", "audio_length_s": 5.3699375, "path": "ab3354b86be920cde18291112bf8a70a_112.wav", "duration": 5.3699375}, {"text": "So is that an indication that in that particular market,", "audio_length_s": 5.34, "path": "d162113e3aface010baec17bd408736b_75.wav", "duration": 5.34}, {"text": "that the money market and the secured money market in particular", "audio_length_s": 5.34, "path": "c459f473b2c99662c3e29eeb2df74043_81.wav", "duration": 5.34}, {"text": "And if we look at what is going to drive the synergies afterwards.", "audio_length_s": 5.34, "path": "364a769967b9b1a7cd069e2ce95c6e25_89.wav", "duration": 5.34}, {"text": "with respect to 504 loans. The junior debt is taken out", "audio_length_s": 5.34, "path": "92b48b365197c65ebf545a4c9dd1200d_195.wav", "duration": 5.34}, {"text": "And we also said that our view was over long stretches of time,", "audio_length_s": 5.34, "path": "62d981deed6d5128615c99d1597178b6_90.wav", "duration": 5.34}, {"text": "And we're doing a much better job of planning these together with our customers,", "audio_length_s": 5.34, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_160.wav", "duration": 5.34}, {"text": "If you add that into your services, then you can figure out how you get to a mix.", "audio_length_s": 5.34, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_165.wav", "duration": 5.34}, {"text": "that book of business and expect that you will be pleased", "audio_length_s": 5.34, "path": "94fdf7b24748a7706b1097482a0f363a_141.wav", "duration": 5.34}, {"text": "for actually less money because of the different economics that we have now compared to the past.", "audio_length_s": 5.34, "path": "55cbaf368288111ebc2ccadb61e3bd34_113.wav", "duration": 5.34}, {"text": "are you going to implement measures that users will grow substantially,", "audio_length_s": 5.34, "path": "a93681c92a0b9c04743f541a54b180c7_42.wav", "duration": 5.34}, {"text": "And when the construction of buildings in Yokohama starts,", "audio_length_s": 5.34, "path": "3cb802f8fba7d33603c29387ccdaf817_93.wav", "duration": 5.34}, {"text": "Pursue our initiatives, real focused on ensuring levels of service are maintained.", "audio_length_s": 5.34, "path": "f0dd7e4dad969b480d0d2a70609aedba_128.wav", "duration": 5.34}, {"text": "It also helps with innovating our network technologies and service offerings.", "audio_length_s": 5.34, "path": "2f888e63a31b86cc2f4f97710e8eed79_152.wav", "duration": 5.34}, {"text": "it doesn't change how we think of investment decisions, which is really about investing for the long term", "audio_length_s": 5.34, "path": "d28b2b09c127b5be033738aa3cd380b3_63.wav", "duration": 5.34}, {"text": "Alex has done a great job on the tech side of bringing on a very strong team of technologists.", "audio_length_s": 5.34, "path": "c9ecd6e0347cbf5fe881201a5e803fb3_128.wav", "duration": 5.34}, {"text": "But generally we feel well-positioned. And we feel like we actually adapt very quickly once things change. So", "audio_length_s": 5.34, "path": "6b45877b719000e47adfd1ec118c376a_109.wav", "duration": 5.34}, {"text": "We are working toward concluding the transfer of our mobile phone business during this fiscal year.", "audio_length_s": 5.34, "path": "2a59b9df2de5248e64727f10185a8423_24.wav", "duration": 5.34}, {"text": "We have no designs right now on taking our Industrial business into Europe,", "audio_length_s": 5.34, "path": "a069e0992c2083f0f53eaa4f7a02e47d_104.wav", "duration": 5.34}, {"text": "worry. But as I see it what will happen is that as funding rates go up a bit", "audio_length_s": 5.34, "path": "4c0e38d8d88c73a7a01dc542a85b2604_162.wav", "duration": 5.34}, {"text": "Now let me provide some insights into recent market activities.", "audio_length_s": 5.34, "path": "123a9a590195f61aa739ee9b2dec4952_154.wav", "duration": 5.34}, {"text": "where should we see evidence of that? Is it mostly just the RevPAR line? And", "audio_length_s": 5.34, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_51.wav", "duration": 5.34}, {"text": "on the margin doing better than it had been in the past, still not where we'd like for it to be from a scale standpoint.", "audio_length_s": 5.34, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_77.wav", "duration": 5.34}, {"text": "Digital Content Ratings is the latest part of our measurement system moving through this phase.", "audio_length_s": 5.34, "path": "8b71a232d7fe61e6232807b635977c31_73.wav", "duration": 5.34}, {"text": "The other thing that we mentioned in the script was we have", "audio_length_s": 5.34, "path": "8bbc2f54137b794265dfb01f1559868d_79.wav", "duration": 5.34}, {"text": "We will be tackling challenges decisively and I hope that despite what we showed you right here,", "audio_length_s": 5.34, "path": "4b7945dd823dcbc0b2724efa66393673_32.wav", "duration": 5.34}, {"text": "Those are the things that are going into these large portalized detectors. We make", "audio_length_s": 5.34, "path": "91422f85dbf838639b3cb9dd9da364eb_26.wav", "duration": 5.34}, {"text": "we believe that there are greater opportunities to expand the business. And", "audio_length_s": 5.34, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_125.wav", "duration": 5.34}, {"text": "and having the customer spend the money exactly where it needs to be, even using engineering and", "audio_length_s": 5.34, "path": "145244b0378e6657d456cffca8bbc982_32.wav", "duration": 5.34}, {"text": "survey of our staff,", "audio_length_s": 5.34, "path": "39e5706898dcaf14a280b3a123877cd6_167.wav", "duration": 5.34}, {"text": "carries about that there's probably for the year", "audio_length_s": 5.34, "path": "797946494c2985a20aa50823e8723c44_28.wav", "duration": 5.34}, {"text": "We have a very motivated team, very experienced team, we had a fantastic", "audio_length_s": 5.34, "path": "0dbbae27d7055ecc04cc25e14e4de12d_169.wav", "duration": 5.34}, {"text": "or is there a big opportunity to get more process oriented in terms of how you go to market? Just", "audio_length_s": 5.34, "path": "23eff4c724ee00f56319fcc47add3441_158.wav", "duration": 5.34}, {"text": "whether this is perhaps accelerating some discussions?", "audio_length_s": 5.34, "path": "1133b8984db446b9c963a09eaf0785a4_193.wav", "duration": 5.34}, {"text": "Yes. I want to do this on a real broad basis because we've just started the process.", "audio_length_s": 5.34, "path": "1133b8984db446b9c963a09eaf0785a4_93.wav", "duration": 5.34}, {"text": "in government and education as well as we recently moved health care", "audio_length_s": 5.34, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_215.wav", "duration": 5.34}, {"text": "and will allow us to continue paying down debt to create additional future flexibility.", "audio_length_s": 5.34, "path": "403903eb119bfc1cec44d86ec907077a_19.wav", "duration": 5.34}, {"text": "very well positioned. In addition, as we've", "audio_length_s": 5.34, "path": "8b6b51842af008f5f437f53cc2e71835_161.wav", "duration": 5.34}, {"text": "We also have sites in process across London, Dublin, Frankfurt and Amsterdam,", "audio_length_s": 5.34, "path": "171fd9df333ddd814c764843ed624121_190.wav", "duration": 5.34}, {"text": "not that informative is that there are many things that we do where we're delivering", "audio_length_s": 5.34, "path": "171fd9df333ddd814c764843ed624121_213.wav", "duration": 5.34}, {"text": "our commitment to driving a lean cost structure will remain the top priority in the present market environment.", "audio_length_s": 5.34, "path": "fb4897e3d1bfc0d92ab28688ecb5abd5_7.wav", "duration": 5.34}, {"text": "the new Ascension contract structure, and we have a high degree of visibility into this.", "audio_length_s": 5.34, "path": "575d21e05ceda8f95fc54e0292c2d99f_97.wav", "duration": 5.34}, {"text": "Let me repeat that, it means not having to sell common equity at all for that period.", "audio_length_s": 5.34, "path": "2ad9555a64eaa3f45bef5581adeecb9c_14.wav", "duration": 5.34}, {"text": "is if we reach a point to where it's close to what we want", "audio_length_s": 5.34, "path": "a965bbd76f3d449c86e8c27d03ac192f_76.wav", "duration": 5.34}, {"text": "This targeted deployment of capital will add contribution margin.", "audio_length_s": 5.34, "path": "2905366dcf0eb60a22b63a1b3d9adf95_135.wav", "duration": 5.34}, {"text": "reflects our success at being able to closely match our supply with projected customer demand,", "audio_length_s": 5.34, "path": "bbe852c8c3f7827e31f31a56bc72b7da_85.wav", "duration": 5.34}, {"text": "It might be helpful to look at companies such as a", "audio_length_s": 5.34, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_137.wav", "duration": 5.34}, {"text": "within 3M. And that was part of what we also laid out in December", "audio_length_s": 5.34, "path": "002d12258ff802d65f79ae2eef99e4ab_125.wav", "duration": 5.34}, {"text": "Okay. So let me take the first part of the question. I'll let Steve take the second part of the question.", "audio_length_s": 5.34, "path": "bab12f620df0f367e74acdcc467686f1_139.wav", "duration": 5.34}, {"text": "on our future calls about our progress and our continued success. Thank you.", "audio_length_s": 5.34, "path": "bab12f620df0f367e74acdcc467686f1_58.wav", "duration": 5.34}, {"text": "While growing backlog is a good thing, especially when it grows as much as it did in the quarter,", "audio_length_s": 5.34, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_163.wav", "duration": 5.34}, {"text": "So if we see something coming, we'll be in front of it, not behind it.", "audio_length_s": 5.34, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_177.wav", "duration": 5.34}, {"text": "as well as the perceived value of da Vinci relative to alternative surgical approaches.", "audio_length_s": 5.34, "path": "58ff8a727ec4f3859407b64f08246759_17.wav", "duration": 5.34}, {"text": "Our plan right now is to open the Atlanta DC in the spring", "audio_length_s": 5.34, "path": "c67af59ea29f4e80b8eeede6e730658e_19.wav", "duration": 5.34}, {"text": "Additionally, we will continue investing in our brokerage and advisory platforms", "audio_length_s": 5.34, "path": "8a77ceadd7e4729abc9102d38be3a227_7.wav", "duration": 5.34}, {"text": "Speed of implementation is key to ensure that we deliver competitive growth.", "audio_length_s": 5.34, "path": "47b1a118c53956b23f1d687a75f3e5ba_173.wav", "duration": 5.34}, {"text": "In developed markets, the bigger impact generally comes from the retail dynamics.", "audio_length_s": 5.34, "path": "47b1a118c53956b23f1d687a75f3e5ba_29.wav", "duration": 5.34}, {"text": "Fourth, it will allow for a much greater mobility of our international cash going forward.", "audio_length_s": 5.34, "path": "3df0981a2d94ed56170b78330aa72ee9_17.wav", "duration": 5.34}, {"text": "Our growth in season pass revenue was primarily driven by higher sales to our destination guests,", "audio_length_s": 5.34, "path": "cd1773ea94a046c0a36b679e2efcee9f_82.wav", "duration": 5.34}, {"text": "An important one to think the year through", "audio_length_s": 5.34, "path": "b305bff75f28d238f0bd7da5bd4f13b8_148.wav", "duration": 5.34}, {"text": "The estimated book value of the shares repurchased during the second quarter", "audio_length_s": 5.34, "path": "567a41009710fa1568bb8125213bf9eb_10.wav", "duration": 5.34}, {"text": "as well as a need to maintain competitive compensation levels in order to retain staff.", "audio_length_s": 5.34, "path": "6d97c63e754383663561baada77c7354_7.wav", "duration": 5.34}, {"text": "And as you look through the table further, you can see the depreciation of the assets previous previously written up", "audio_length_s": 5.34, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_337.wav", "duration": 5.34}, {"text": "from one state, which was responsible for DSOs of 3 days", "audio_length_s": 5.34, "path": "b94d748876ddf8e881d4191dec45baf3_132.wav", "duration": 5.34}, {"text": "On the other hand, what we are seeing is governments shift their emphasis from the classic", "audio_length_s": 5.34, "path": "b94d748876ddf8e881d4191dec45baf3_111.wav", "duration": 5.34}, {"text": "And the ability to have great relationships and great alliances with companies like Amazon or with Google", "audio_length_s": 5.34, "path": "16ed973148ce103dc95fdcfaf35bbe7b_242.wav", "duration": 5.34}, {"text": "So that was already initiated by the previous board.", "audio_length_s": 5.34, "path": "b9b40b0c1e92fb226067bdceacbdab5c_44.wav", "duration": 5.34}, {"text": "In terms of overall economic development and market demand,", "audio_length_s": 5.34, "path": "e271ed845347e9c930ab0a44eb7785da_61.wav", "duration": 5.34}, {"text": "We will be even more disciplined in how we measure and evaluate our brand spend.", "audio_length_s": 5.34, "path": "c3567809c19ce6a800677544cd84f88b_101.wav", "duration": 5.34}, {"text": "fastest growing companies among all of the commercial biopharma companies. And if you look at", "audio_length_s": 5.34, "path": "265e62fc569e790d8b3e58698aaab701_166.wav", "duration": 5.34}, {"text": "are forced to do it because of the hurricane. So you get some pull forward of demand", "audio_length_s": 5.34, "path": "e6c0fa1068c28557c3e17e0d02b831b1_152.wav", "duration": 5.34}, {"text": "At this point, I'll turn the call over to David to summarize our financial results for the second quarter.", "audio_length_s": 5.34, "path": "9979d7fef684b8cac613c934b6229791_1.wav", "duration": 5.34}, {"text": "Today, we have amended our presentation and reclassified those costs to within operating expenses", "audio_length_s": 5.34, "path": "7a29e2dcd505f944b16d1e3173cb1c01_46.wav", "duration": 5.34}, {"text": "we believe that order intake -- we expect order intake to pick up during the second half", "audio_length_s": 5.34, "path": "f7df5ecab61eca575f169a8298318eca_66.wav", "duration": 5.34}, {"text": "We are expecting to be making a public disclosure in the fourth quarter.", "audio_length_s": 5.34, "path": "e78997e6a75a2243292b2b54750bb3cb_147.wav", "duration": 5.34}, {"text": "that there is a difference between how you market and how you attract and how you", "audio_length_s": 5.34, "path": "82131762fc1c2b2358ac3a167666ab87_239.wav", "duration": 5.34}, {"text": "In Fosun, we are making investment in operation in 30 countries", "audio_length_s": 5.34, "path": "b126e11520fd54843c67f70f15cd30cc_33.wav", "duration": 5.34}, {"text": "As the flow of diagnostic products from our research and development group grows more robust,", "audio_length_s": 5.34, "path": "75eb5b75bb8587b63c318714ea956b9e_5.wav", "duration": 5.34}, {"text": "On a final note, I would like to mention Superior will be hosting an Investor Day", "audio_length_s": 5.34, "path": "c92a9ecd2741326fd8625841a07f74f9_89.wav", "duration": 5.34}, {"text": "in inks and frits and glazes have been under pressure over the past couple of years.", "audio_length_s": 5.34, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_198.wav", "duration": 5.34}, {"text": "As we ramp up shared services and eliminate these redundant transition costs,", "audio_length_s": 5.34, "path": "9b697782ea80be97854f35d6fc62c93a_221.wav", "duration": 5.34}, {"text": "We've also started the heavy lifting of putting Band 14 on our towers.", "audio_length_s": 5.34, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_90.wav", "duration": 5.34}, {"text": "some of the technology priorities we've talked about starting with", "audio_length_s": 5.34, "path": "f1da65edd5f2026ffd647d496bb96ce7_86.wav", "duration": 5.34}, {"text": "these are large projects that we are providing our little piece of equipment into.", "audio_length_s": 5.34, "path": "262bc21196721c5ff9114acbd2ff03c3_219.wav", "duration": 5.34}, {"text": "And now I'll turn the call over to Chad for a few additional comments. Chad?", "audio_length_s": 5.34, "path": "1fd097fa0bd05da0e7af03521e23bc68_59.wav", "duration": 5.34}, {"text": "This pace of contracts and installations is going faster than we had originally anticipated.", "audio_length_s": 5.34, "path": "1ad54837f74515ad7caa2a50d70459c9_154.wav", "duration": 5.34}, {"text": "getting products back on customers' shelves just a few business days after our call in July.", "audio_length_s": 5.34, "path": "1ad54837f74515ad7caa2a50d70459c9_150.wav", "duration": 5.34}, {"text": "This is one of our most important strategic initiatives in the past few years.", "audio_length_s": 5.34, "path": "828ec1416eb7fa95846b5137752b3ff9_47.wav", "duration": 5.34}, {"text": "We have also signed a definitive agreement with Usha Martin to acquire their steel business.", "audio_length_s": 5.34, "path": "da34a7b460e520db0401de3ce860187c_32.wav", "duration": 5.34}, {"text": "you even alluded to you needed to reevaluate -- might need to reevaluate your own", "audio_length_s": 5.34, "path": "af2718cdc0b3b856f9a0b3da3d527d18_197.wav", "duration": 5.34}, {"text": "can you just help us understand your base case for '17? Is that", "audio_length_s": 5.34, "path": "af2718cdc0b3b856f9a0b3da3d527d18_207.wav", "duration": 5.34}, {"text": "on a stand-alone basis as the industry continues to face its challenges.", "audio_length_s": 5.34, "path": "059024560d9d1039cf08746ee7393114_127.wav", "duration": 5.34}, {"text": "independent journalism on all platforms to diverse communities.", "audio_length_s": 5.34, "path": "059024560d9d1039cf08746ee7393114_133.wav", "duration": 5.34}, {"text": "subject to being permitted by not later than the beginning of next year", "audio_length_s": 5.34, "path": "369789f0d39dbf62298be2aa807ff8ee_58.wav", "duration": 5.34}, {"text": "and are enabling us to expand our total available market and grow our business.", "audio_length_s": 5.34, "path": "61a1812ea55a4d676119b4f3d7cd6c10_50.wav", "duration": 5.34}, {"text": "and transitioning to the sales of the entertainment products.", "audio_length_s": 5.34, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_187.wav", "duration": 5.34}, {"text": "this year, next year and maybe over the next 5 years? If you can kind of give us a sense for that.", "audio_length_s": 5.34, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_106.wav", "duration": 5.34}, {"text": "very strong third quarter and better second half in terms of the margin performance.", "audio_length_s": 5.34, "path": "8cfc2a9aace5078f22a83c782b9d41f7_90.wav", "duration": 5.34}, {"text": "If you look back in a couple of years ago in fiscal '14, your script", "audio_length_s": 5.34, "path": "068bea67ac01942fafb955a1116b29dd_154.wav", "duration": 5.34}, {"text": "as well as repositioning our business towards more profitable market segments.", "audio_length_s": 5.34, "path": "757695924b5e43c7d44e29dc141cc035_178.wav", "duration": 5.34}, {"text": "and the expiration of the company's option to acquire an additional 26% ownership interest", "audio_length_s": 5.34, "path": "6709c061d39d0e433079f84160f11c80_16.wav", "duration": 5.34}, {"text": "in China to really slow down. We do expect to see", "audio_length_s": 5.34, "path": "4721d5a2e7061d90a4e4e4768adc2486_191.wav", "duration": 5.34}, {"text": "gaining market share from existing customers and picking up new relationships.", "audio_length_s": 5.34, "path": "8635f950dc44da3fcad542b2c066bedf_136.wav", "duration": 5.34}, {"text": "There has also been a lot of pricing pressure from our model competitors in this soft freight market.", "audio_length_s": 5.34, "path": "2a7af3c66762ce608379005a3d7bfa96_115.wav", "duration": 5.34}, {"text": "We think that for the whole year, they will be up low single digit.", "audio_length_s": 5.34, "path": "2a7af3c66762ce608379005a3d7bfa96_95.wav", "duration": 5.34}, {"text": "Because we believe the company is undervalued, we have been aggressively repurchasing shares.", "audio_length_s": 5.34, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_29.wav", "duration": 5.34}, {"text": "from our major retail partners with regard to the", "audio_length_s": 5.34, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_118.wav", "duration": 5.34}, {"text": "We look forward to executing those deals before year-end.", "audio_length_s": 5.34, "path": "97b9c8b95449565c1f280a2b61a65b31_88.wav", "duration": 5.34}, {"text": "First, we continue to look to drive comparable store sales growth.", "audio_length_s": 5.34, "path": "9908957f60adff5efc1c8692a0f5ab38_5.wav", "duration": 5.34}, {"text": "Let me touch on that and let my partner pick up the other side of that.", "audio_length_s": 5.34, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_208.wav", "duration": 5.34}, {"text": "those types of data and analytics into a service.", "audio_length_s": 5.34, "path": "d62cc3a0dfe3492ed16dfc17c028071e_77.wav", "duration": 5.34}, {"text": "I would now like to turn the conference back over to Mr. Goldman for any closing remarks.", "audio_length_s": 5.34, "path": "2b1611c25a098f87dd7623d00d53eeea_27.wav", "duration": 5.34}, {"text": "a strategic move contemplated when we evaluated the Reliant acquisition.", "audio_length_s": 5.34, "path": "b126c31149f1cadf1d891082a187d6fc_192.wav", "duration": 5.34}, {"text": "So A.J., it's Doug. I think that you're looking at it the right way in terms of the pricing impact.", "audio_length_s": 5.34, "path": "b126c31149f1cadf1d891082a187d6fc_238.wav", "duration": 5.34}, {"text": "as always, you have to be cautious. This number is impacted by the changes of the resin.", "audio_length_s": 5.34, "path": "8518e7d2073cc2898bd145e2e84ea482_54.wav", "duration": 5.34}, {"text": "Additionally, as we can observe in the graph located in the lower left side of the slide,", "audio_length_s": 5.34, "path": "0f9d6e24171bc068e7ff7a11e7e44060_59.wav", "duration": 5.34}, {"text": "how much of that is recurring? And your view of recurring revenue changing versus", "audio_length_s": 5.34, "path": "a9ff9f85f03afdd2d13b76e14060b31d_229.wav", "duration": 5.34}, {"text": "pursuing investments that drive higher net interest income and overall returns for shareholders.", "audio_length_s": 5.34, "path": "5c601f5318d5dcbe20fdd78f19c2b277_22.wav", "duration": 5.34}, {"text": "which were partially offset by the loss of revenues associated with contract termination.", "audio_length_s": 5.34, "path": "a2ba164f019804628c07b36de47cd464_79.wav", "duration": 5.34}, {"text": "and on top of that, profitability improvement for our customers in order to", "audio_length_s": 5.34, "path": "ecc871b8f89a858d952f554f1ca8f7da_85.wav", "duration": 5.34}, {"text": "in the end. So we don't have a lot of direct visibility. I'm starting to see the products", "audio_length_s": 5.34, "path": "ecc871b8f89a858d952f554f1ca8f7da_35.wav", "duration": 5.34}, {"text": "Allow me to give you more background on the strategic initiatives", "audio_length_s": 5.34, "path": "70495e47bf69dc2e7d778a790679f347_79.wav", "duration": 5.34}, {"text": "For DPG, we need to accelerate our initiatives to grow aluminum tank market share,", "audio_length_s": 5.34, "path": "64364105b816dd0b6a029e9cd210e65b_35.wav", "duration": 5.34}, {"text": "in both our wholesale partners and our own stores. And I think as they", "audio_length_s": 5.34, "path": "1300495cfa53748f732f54277d5a8cea_123.wav", "duration": 5.34}, {"text": "a real confident feel about where Ireland is heading?", "audio_length_s": 5.34, "path": "71c8aba809b2c3334e487f92f9009647_40.wav", "duration": 5.34}, {"text": "While today's comments regarding Pinnacle will be preliminary, we will have much more to say about", "audio_length_s": 5.34, "path": "b0d88c0f1efca89ecb928172341dc75d_184.wav", "duration": 5.34}, {"text": "This is a significant development for one of Ambac's largest adversely classified credits.", "audio_length_s": 5.34, "path": "0b21f953a7ae9970ef3a4c30b267927c_27.wav", "duration": 5.34}, {"text": "Chris, let me stop there and check to see if that gave you the color you wanted.", "audio_length_s": 5.34, "path": "e552924838fe493d3cc967dd0c5c4563_25.wav", "duration": 5.34}, {"text": "relates to Linx Pay. We understand that one of the", "audio_length_s": 5.34, "path": "ffe22f8bcf153b8b51f6e52039686c1e_133.wav", "duration": 5.34}, {"text": "primarily resulting from significant devaluation of the exchange rate in Venezuela.", "audio_length_s": 5.34, "path": "e0555e30370c43189a1136fb7ef17d20_62.wav", "duration": 5.34}, {"text": "in those channels as well as the nature of the consumption occasions", "audio_length_s": 5.34, "path": "1f142ea668261ba963d47aac6bab69dd_151.wav", "duration": 5.34}, {"text": "spend a lot of effort and take some additional actions then on working capital to continuously improve.", "audio_length_s": 5.34, "path": "323193895e800e72960d98dd5fb64cf5_50.wav", "duration": 5.34}, {"text": "we will show a small net growth for the first time in the last few years.", "audio_length_s": 5.34, "path": "3f42280b77b93c90b893930aeb7eac53_41.wav", "duration": 5.34}, {"text": "In the last quarter, we have introduced a new cost planning function for clients,", "audio_length_s": 5.34, "path": "3f42280b77b93c90b893930aeb7eac53_64.wav", "duration": 5.34}, {"text": "We will continue to focus on delivering value to customers and shareholders alike.", "audio_length_s": 5.34, "path": "6299a010c7bb84feaf14b263750dbd1a_84.wav", "duration": 5.34}, {"text": "seems a little preliminary until we talk to them. But I can tell you, as I said in the script, that", "audio_length_s": 5.34, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_94.wav", "duration": 5.34}, {"text": "with an understanding of how change needs to happen in a way that optimizes value,", "audio_length_s": 5.34, "path": "49dfadfb9a3d4d27ac250602928cf9ea_72.wav", "duration": 5.34}, {"text": "was curious if you could provide some color on what you're kind of thoughts are with respect to capital spending,", "audio_length_s": 5.34, "path": "96488f25af54f91198b444e5eff8e878_97.wav", "duration": 5.34}, {"text": "and I think there's been an exaggerated sense of hysteria over that in the market.", "audio_length_s": 5.34, "path": "96488f25af54f91198b444e5eff8e878_27.wav", "duration": 5.34}, {"text": "And we very consciously took a step back so that we could focus on", "audio_length_s": 5.34, "path": "1378aabd380e63d3f89fe0e445fc8b06_76.wav", "duration": 5.34}, {"text": "trying to find something to buy where they would have a home close to their grandchildren.", "audio_length_s": 5.34, "path": "933faa5ac159ab158506e2bc0f714977_150.wav", "duration": 5.34}, {"text": "and completed our first offering of common stock held by Mammoth Energy Services.", "audio_length_s": 5.34, "path": "c71a6ab1a0697010811c89200ab21613_5.wav", "duration": 5.34}, {"text": "engaged with attempting to win that work and secure that work this year.", "audio_length_s": 5.34, "path": "1e82002540bb3371dcda874a3ce114b2_85.wav", "duration": 5.34}, {"text": "that these numbers we should be able to increase in the coming years.", "audio_length_s": 5.34, "path": "00a36b039cb49e6b99bb6d17635a3c25_221.wav", "duration": 5.34}, {"text": "This has a compoundingly -- a negative effect on margins", "audio_length_s": 5.34, "path": "3c17ad8c6709cbb1a8f7190f567a445f_116.wav", "duration": 5.34}, {"text": "So we were just wondering whether you have actually allocated that to print and publishing", "audio_length_s": 5.34, "path": "d8652861ccebce254205bf463b404401_13.wav", "duration": 5.34}, {"text": "if you go back to the fiscal second quarter as you looked at sort of the trends within your accounts, Erik, that", "audio_length_s": 5.34, "path": "abd571ccf777ac4b0a43a7487031bc8a_265.wav", "duration": 5.34}, {"text": "which supports our current international flying as well as future growth opportunity.", "audio_length_s": 5.34, "path": "910a1a60a0549a5973f42bb19b66a0ae_89.wav", "duration": 5.34}, {"text": "A strong focus on internal costs and continued productivity gains", "audio_length_s": 5.34, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_16.wav", "duration": 5.34}, {"text": "that our confidence in going into relatively", "audio_length_s": 5.34, "path": "4d7256bec87696f6c5defa8f37db1b48_88.wav", "duration": 5.34}, {"text": "Chairman and CEO position, I think the board will", "audio_length_s": 5.34, "path": "bc5018861ccb5380fbe71ad789a6d4b0_113.wav", "duration": 5.34}, {"text": "For the quarter, there are several safety milestones and accomplishments that I want to highlight.", "audio_length_s": 5.34, "path": "3ae068efa03cd088f4d3edea682f199f_195.wav", "duration": 5.34}, {"text": "which obviously creates a more favorable environment from a pricing standpoint.", "audio_length_s": 5.34, "path": "24a2aec67e247f9c4d4cc89d6dbab525_51.wav", "duration": 5.34}, {"text": "primarily reflecting a modest mix shift towards higher residential construction spending.", "audio_length_s": 5.34, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_138.wav", "duration": 5.34}, {"text": "Approximately 54% of our industrial revenue base was directly tied to the residential housing market", "audio_length_s": 5.34, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_10.wav", "duration": 5.34}, {"text": "Burton will begin with an overview of our third quarter operating and financial performance.", "audio_length_s": 5.34, "path": "0b7afb66a39a4c81151309bacc830c60_62.wav", "duration": 5.34}, {"text": "As the release said, fourth quarter at the bank and even the entire year can best be described as solid.", "audio_length_s": 5.34, "path": "f1b53f83640f7ea0160087ae63818af2_42.wav", "duration": 5.34}, {"text": "and properties across an expanding base of products, categories and distribution.", "audio_length_s": 5.34, "path": "19bfb8daeb6e43d59415df478017d5c3_4.wav", "duration": 5.34}, {"text": "However, we do not believe our stock price reflects the favorable attributes of our business.", "audio_length_s": 5.34, "path": "16c235a53fc719ec92ef3b3c3b371150_243.wav", "duration": 5.34}, {"text": "So I think the person that has done the most", "audio_length_s": 5.34, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_153.wav", "duration": 5.34}, {"text": "We typically just give the origin, which is one international, one domestic.", "audio_length_s": 5.3399375, "path": "a45510e526a5935c1f8d4f039149ff3b_122.wav", "duration": 5.3399375}, {"text": "it's part of a larger wood business that they had. So you'd have to go back in there and dig that out.", "audio_length_s": 5.31, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_47.wav", "duration": 5.31}, {"text": "that will provide capital to support the company's domestic and international expansion efforts.", "audio_length_s": 5.31, "path": "db6c253ba433d9a247219bb3f15da199_49.wav", "duration": 5.31}, {"text": "with relapse after the transplant all too tragically common.", "audio_length_s": 5.31, "path": "485e97686e9a27d2df5b3fc02106e3d4_104.wav", "duration": 5.31}, {"text": "with and without the effect of such lines of credit and subscription lines.", "audio_length_s": 5.31, "path": "6388da88b00ebc88af59435bdac74132_200.wav", "duration": 5.31}, {"text": "These statements involve risks and uncertainties that could cause actual results to differ materially.", "audio_length_s": 5.31, "path": "55cbaf368288111ebc2ccadb61e3bd34_2.wav", "duration": 5.31}, {"text": "surprised about this. So he also tries to pay a little bit more in front.", "audio_length_s": 5.31, "path": "2f888e63a31b86cc2f4f97710e8eed79_120.wav", "duration": 5.31}, {"text": "So it was a lot of work that we did to reduce our expenses", "audio_length_s": 5.31, "path": "6d943ecc16a745032247da12a1062b88_71.wav", "duration": 5.31}, {"text": "So have you noticed a higher degree", "audio_length_s": 5.31, "path": "6d943ecc16a745032247da12a1062b88_68.wav", "duration": 5.31}, {"text": "a lot of large companies and larger brands", "audio_length_s": 5.31, "path": "d28b2b09c127b5be033738aa3cd380b3_72.wav", "duration": 5.31}, {"text": "while giving us the necessary financial and operating confidence to continue investing in our universities.", "audio_length_s": 5.31, "path": "10ad172801ac8cd3a21e4355d7349eb5_13.wav", "duration": 5.31}, {"text": "give any more detail on that? And just the expected that it should be", "audio_length_s": 5.31, "path": "8efbf78365acddb6289e9e48925c09eb_113.wav", "duration": 5.31}, {"text": "While revenues were down we posted a considerable increase in product support.", "audio_length_s": 5.31, "path": "264e575b73bc2a485bee416c1ac10cee_2.wav", "duration": 5.31}, {"text": "We are maintaining our dividend and have just renewed our share repurchase program", "audio_length_s": 5.31, "path": "264e575b73bc2a485bee416c1ac10cee_13.wav", "duration": 5.31}, {"text": "starting in the second quarter, the items that I just mentioned should not be in there.", "audio_length_s": 5.31, "path": "2d7efae3f89647d6468deed3b73bf98a_79.wav", "duration": 5.31}, {"text": "and again, our base case would be 30 and 30 and you can toggle up and down from there.", "audio_length_s": 5.31, "path": "8cb24daf76784487ad63780546dc4ba4_209.wav", "duration": 5.31}, {"text": "opportunities we have together to grow this program. And obviously, we'll be talking about", "audio_length_s": 5.31, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_285.wav", "duration": 5.31}, {"text": "awareness of what we're doing in addition to the overall brand awareness work that we're doing.", "audio_length_s": 5.31, "path": "04f29bc02d1e2ef65077ca67bf41f475_221.wav", "duration": 5.31}, {"text": "But before I finish, I'd like to show you a selection of our new innovations.", "audio_length_s": 5.31, "path": "14f3d2486b21e639a953afb7ad03d90c_27.wav", "duration": 5.31}, {"text": "that would -- you would have to foresee the ability to do something in a strategic context as far as that goes.", "audio_length_s": 5.31, "path": "7ec9d2889f6012c7058eb766f6de38e2_101.wav", "duration": 5.31}, {"text": "This is a critical milestone that we established earlier in the year, and we met our goals.", "audio_length_s": 5.31, "path": "8b71a232d7fe61e6232807b635977c31_205.wav", "duration": 5.31}, {"text": "It doesn't sound like litigation is the major driver here. Is there some reason why", "audio_length_s": 5.31, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_11.wav", "duration": 5.31}, {"text": "is not too long for our customers and that we're pacing things appropriately. But so far, extremely pleased.", "audio_length_s": 5.31, "path": "044da592acc01ff7baacb3dbf2a302a9_185.wav", "duration": 5.31}, {"text": "again perhaps in another state that is large enough for you to make a difference?", "audio_length_s": 5.31, "path": "3121e8f4a75758834d32a9e4e0555221_169.wav", "duration": 5.31}, {"text": "earnings. We are happy to be able to put this to rest for a while.", "audio_length_s": 5.31, "path": "3121e8f4a75758834d32a9e4e0555221_11.wav", "duration": 5.31}, {"text": "So with these targets, we combine both a financial play", "audio_length_s": 5.31, "path": "3d2a6b6fb3bd6590fccc401d58e7942d_18.wav", "duration": 5.31}, {"text": "Our dividend policy reflects our intention to retain net performance fees.", "audio_length_s": 5.31, "path": "1b91eb82f5211000e711424657cc2484_198.wav", "duration": 5.31}, {"text": "If you turn to the next slide, I wanted to make a few comments about how we are executing on that strategy.", "audio_length_s": 5.31, "path": "6616e76da46baea11d6032fc063716c1_62.wav", "duration": 5.31}, {"text": "we still would have another big flood or storms or whatever, that would mean", "audio_length_s": 5.31, "path": "1f686a09cf3566a34f04f39fde02460e_90.wav", "duration": 5.31}, {"text": "Thanks for your time. I would like to wish you a very nice day. And for those who still", "audio_length_s": 5.31, "path": "1f686a09cf3566a34f04f39fde02460e_231.wav", "duration": 5.31}, {"text": "And I think what we want to do is step back and evaluate the success or failure of that", "audio_length_s": 5.31, "path": "46906afb4e1ee1fef09b5908e76beefa_42.wav", "duration": 5.31}, {"text": "combination is to your business historically. But just wondering if that's still", "audio_length_s": 5.31, "path": "95b678c2b11d1ded2d9e9ba839aaee06_175.wav", "duration": 5.31}, {"text": "As Chairman said, the baseline is already very high.", "audio_length_s": 5.31, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_270.wav", "duration": 5.31}, {"text": "Take our food and beverage for example. We rely on a lot of agricultural products.", "audio_length_s": 5.31, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_250.wav", "duration": 5.31}, {"text": "because we see that we are in the -- even in the second half year, limited with our output", "audio_length_s": 5.31, "path": "cfbe91105113db7a5784f77e411b7a3f_5.wav", "duration": 5.31}, {"text": "Delivery of the defined plan continues, and our teams remain focused on growing value for our shareholders.", "audio_length_s": 5.31, "path": "c1f9276ae4068aca63163adff502b818_105.wav", "duration": 5.31}, {"text": "Before that, I would like to remind everyone that certain information discussed", "audio_length_s": 5.31, "path": "e081f678e77792e5c5762fa425c49e56_51.wav", "duration": 5.31}, {"text": "From an expectation perspective for next year, we're obviously in the middle of the budget", "audio_length_s": 5.31, "path": "839852ec8452dbd90e9341d15cbba7c5_187.wav", "duration": 5.31}, {"text": "but also has the potential for some upside if the Port Hedland market were to improve in the future.", "audio_length_s": 5.31, "path": "beb9b090a2850e9f9feb4f00ee472d07_11.wav", "duration": 5.31}, {"text": "Thank you for all your hard work and for your continued dedication to taking care of each other and our customers.", "audio_length_s": 5.31, "path": "8957425799e5ce0200bfacf204d0acde_127.wav", "duration": 5.31}, {"text": "uptick we're seeing in the containerboard market and particularly over in the medium business,", "audio_length_s": 5.31, "path": "1133b8984db446b9c963a09eaf0785a4_124.wav", "duration": 5.31}, {"text": "service projects, particularly in the tech area, that we do for clients.", "audio_length_s": 5.31, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_135.wav", "duration": 5.31}, {"text": "and we're now seeing the ability to win more often than not in those deals.", "audio_length_s": 5.31, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_147.wav", "duration": 5.31}, {"text": "So you might want to pull that back a couple of percent, couple of points", "audio_length_s": 5.31, "path": "e1da48985804bd3d99dffc5e33b6124b_90.wav", "duration": 5.31}, {"text": "for drivers will help mitigate that and make it not be as big of an issue.", "audio_length_s": 5.31, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_132.wav", "duration": 5.31}, {"text": "and we are still carrying a high level", "audio_length_s": 5.31, "path": "76646f078ba47fcdb7edfaa25362f41b_32.wav", "duration": 5.31}, {"text": "to predict when they might be done. And of course, regarding any large deal, we have to make sure that", "audio_length_s": 5.31, "path": "2ad9555a64eaa3f45bef5581adeecb9c_238.wav", "duration": 5.31}, {"text": "As many of you know, our natural gas operations produce over half of our cash flow,", "audio_length_s": 5.31, "path": "2ad9555a64eaa3f45bef5581adeecb9c_177.wav", "duration": 5.31}, {"text": "As previously announced, we also entered into an agreement with certain lenders", "audio_length_s": 5.31, "path": "4e04d3229b988f1db5b842ac5b993894_4.wav", "duration": 5.31}, {"text": "is sort of kind of where they seem to do that. And so they're just looking for available capacity on our system", "audio_length_s": 5.31, "path": "a7e7a1621af9b4e850260f9824ee8746_31.wav", "duration": 5.31}, {"text": "in '17. So if we think about '18, what's a reasonable kind of gross profit", "audio_length_s": 5.31, "path": "49a78c1ec143d9ac46e893e77198c0e3_178.wav", "duration": 5.31}, {"text": "We're very proud of this accomplishment, and we're excited to build upon that foundation from here.", "audio_length_s": 5.31, "path": "49a78c1ec143d9ac46e893e77198c0e3_3.wav", "duration": 5.31}, {"text": "When you provided the prior guidance at the end of September, did that include the", "audio_length_s": 5.31, "path": "65b48a7260ef038ff1bec3cc200331c3_229.wav", "duration": 5.31}, {"text": "This includes the 2 significant actions we took since we last spoke,", "audio_length_s": 5.31, "path": "0899e07f70a6e5be842fb6e22a3fafe9_199.wav", "duration": 5.31}, {"text": "of the things that you're investing in, do you believe some of them will get explicit pricing", "audio_length_s": 5.31, "path": "0899e07f70a6e5be842fb6e22a3fafe9_95.wav", "duration": 5.31}, {"text": "taking advantage of scale and efficiency, and we think that will serve", "audio_length_s": 5.31, "path": "58ff8a727ec4f3859407b64f08246759_167.wav", "duration": 5.31}, {"text": "driven by our continued focus on innovation and sustained investment.", "audio_length_s": 5.31, "path": "47b1a118c53956b23f1d687a75f3e5ba_144.wav", "duration": 5.31}, {"text": "This is what we have constantly said and explained to the market,", "audio_length_s": 5.31, "path": "d8eb5522db0e51d75ea6518462954c52_71.wav", "duration": 5.31}, {"text": "or online demand picked up in store will all play a factor in this.", "audio_length_s": 5.31, "path": "e2c02e1788cb10703d7611ef157f8135_73.wav", "duration": 5.31}, {"text": "A significant portion of these deposits are compensating balances,", "audio_length_s": 5.31, "path": "2a7d7f3eb6960e631743ca5a0d86461f_47.wav", "duration": 5.31}, {"text": "improving pricing and to a lesser extent, passing through elevated DRAM costs.", "audio_length_s": 5.31, "path": "6c43a32379bfc34fc8cfe84ff94d6498_21.wav", "duration": 5.31}, {"text": "What would be -- if you sort of flow the numbers through that you provided at the Analyst Day for Next", "audio_length_s": 5.31, "path": "6c43a32379bfc34fc8cfe84ff94d6498_39.wav", "duration": 5.31}, {"text": "necessary steps to recover and once those -- all necessary steps have been exhausted", "audio_length_s": 5.31, "path": "e9fb03f263f117a9fe607d74602fa9b0_107.wav", "duration": 5.31}, {"text": "Subsequent to the end of the third quarter, we completed the acquisition of", "audio_length_s": 5.31, "path": "c5c7a9f409241412b160a93cde7ef630_162.wav", "duration": 5.31}, {"text": "number of actions have already been instituted, notably, the closure of the Fuel Systems", "audio_length_s": 5.31, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_117.wav", "duration": 5.31}, {"text": "We will continue to take appropriate steps needed to align costs and revenues.", "audio_length_s": 5.31, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_18.wav", "duration": 5.31}, {"text": "and continued investments in product development we are making to drive further growth.", "audio_length_s": 5.31, "path": "974a2d744cd3d9acf42d74816de91f7f_57.wav", "duration": 5.31}, {"text": "The integration of any acquisition needs to be done", "audio_length_s": 5.31, "path": "974a2d744cd3d9acf42d74816de91f7f_92.wav", "duration": 5.31}, {"text": "Are you talking about the OTT revenues? What's your specific question?", "audio_length_s": 5.31, "path": "20097e37747ec7bc3734246e83798fb1_174.wav", "duration": 5.31}, {"text": "We continue to have strong momentum in the Axon bookings in our target international markets.", "audio_length_s": 5.31, "path": "473563af2a4ff2c3457f1e6fbd3c42b4_22.wav", "duration": 5.31}, {"text": "the nonclinical section fairly shortly and then to follow that up at some point during the summer", "audio_length_s": 5.31, "path": "1be44822d16f85bd501a5f19876895b1_107.wav", "duration": 5.31}, {"text": "And I'm looking back into the model and I looked at pricing and volume, and they held up pretty well through the last cycle.", "audio_length_s": 5.31, "path": "08f219f6cb65bd0ed50cb8444a3884f8_182.wav", "duration": 5.31}, {"text": "in the second half of the year. And there were some", "audio_length_s": 5.31, "path": "dc61068601388a9e02fd3155c1eab59a_16.wav", "duration": 5.31}, {"text": "Another important news item for regional in the third quarter was the renewal of our credit facility,", "audio_length_s": 5.31, "path": "82131762fc1c2b2358ac3a167666ab87_6.wav", "duration": 5.31}, {"text": "Are you able to provide any more detail as to", "audio_length_s": 5.31, "path": "968913c3f9111fc67f1d9956c56dec3b_92.wav", "duration": 5.31}, {"text": "But the problem is that isn't the problem. The problem is we have to start", "audio_length_s": 5.31, "path": "f77935c4693e4d33252c9c76993e9c8b_66.wav", "duration": 5.31}, {"text": "And when I start seeing things that are actually getting awarded that are new projects.", "audio_length_s": 5.31, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_109.wav", "duration": 5.31}, {"text": "And we have some exciting plans in that space over time but still", "audio_length_s": 5.31, "path": "9098e5640309f25da0d4dfa04789a36f_56.wav", "duration": 5.31}, {"text": "and a shift of certain sales operations expense into product development.", "audio_length_s": 5.31, "path": "52a4e3ebf7e968a783401230c3f69a9d_24.wav", "duration": 5.31}, {"text": "Those lines of distinction are blowing for all communication suppliers,", "audio_length_s": 5.31, "path": "52a4e3ebf7e968a783401230c3f69a9d_125.wav", "duration": 5.31}, {"text": "We certainly have more cash generation than that as we look forward.", "audio_length_s": 5.31, "path": "0ec0a75c1800bac01520dcac5b8992fb_195.wav", "duration": 5.31}, {"text": "We continue to expect to deliver double-digit EPS growth for the full year.", "audio_length_s": 5.31, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_26.wav", "duration": 5.31}, {"text": "You've got an expectation that margins can further improve in the years thereafter.", "audio_length_s": 5.31, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_204.wav", "duration": 5.31}, {"text": "as well, there is a short summary document outlining the points of our quarter available on our website.", "audio_length_s": 5.31, "path": "5ea42ed8ea9a65bd01aaabb678685483_149.wav", "duration": 5.31}, {"text": "As you move into the second and subsequent quarters, are we pretty much done with these types of", "audio_length_s": 5.31, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_36.wav", "duration": 5.31}, {"text": "announced maybe within the next couple of years? Or is that very hazy longer term?", "audio_length_s": 5.31, "path": "74d0910b4af16f82a812bddbb151d966_126.wav", "duration": 5.31}, {"text": "And there have been discussions about whether you may be looking to sell or piece out the business and", "audio_length_s": 5.31, "path": "c8124cdb821d04f0e585420c128d76c7_202.wav", "duration": 5.31}, {"text": "This does conclude today's program. Thank you for your participation. You may disconnect at any time.", "audio_length_s": 5.31, "path": "1949bd0c9c4c23d495d880c4c552bfe1_68.wav", "duration": 5.31}, {"text": "Now we're going to bring back the focus to reintegrating ourselves, if you will, to our Pentair standards", "audio_length_s": 5.31, "path": "fb817a6cc685a3fd0f003456dd641c01_32.wav", "duration": 5.31}, {"text": "By now, the entire portfolio in Hong Kong has adopted this model from October", "audio_length_s": 5.31, "path": "828ec1416eb7fa95846b5137752b3ff9_66.wav", "duration": 5.31}, {"text": "We continue to have no direct exposure to the oil and gas or commodity sectors.", "audio_length_s": 5.31, "path": "73c60e60043b8775dac929320839a8c6_10.wav", "duration": 5.31}, {"text": "We have continued to see strong demand for our breast tissue expander portfolio", "audio_length_s": 5.31, "path": "c40b5d1a13169c5acf69590932a56f98_7.wav", "duration": 5.31}, {"text": "Looking at the chart in the upper right, you can see our insurance groups continue to be well capitalized.", "audio_length_s": 5.31, "path": "7ebbb41dcefeb482191f8bc22031b5d9_57.wav", "duration": 5.31}, {"text": "Well, Matt, we did see an increase in what I would call", "audio_length_s": 5.31, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_199.wav", "duration": 5.31}, {"text": "as well as our platform, which -- Infrastructure as a Service, which is just like raw compute.", "audio_length_s": 5.31, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_91.wav", "duration": 5.31}, {"text": "margin improvement is expected to be largely offset by higher corporate costs", "audio_length_s": 5.31, "path": "da879f8ea1c23aa6565cccaacac271fc_183.wav", "duration": 5.31}, {"text": "There's a big trade show in Chicago that we're trying to get everything launched for.", "audio_length_s": 5.31, "path": "433a6e203f9db93835c27ff83e86c801_61.wav", "duration": 5.31}, {"text": "Please turn to Slide 5. From a business point of view,", "audio_length_s": 5.31, "path": "28d675c77a4b2269c1c1460ad3e56250_72.wav", "duration": 5.31}, {"text": "And we will be at the stay front of that. We will definitely invest to make sure", "audio_length_s": 5.31, "path": "068bea67ac01942fafb955a1116b29dd_27.wav", "duration": 5.31}, {"text": "My second question was on the contracting cycle we're entering into. Just any more granularity on what", "audio_length_s": 5.31, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_109.wav", "duration": 5.31}, {"text": "our market is the existing fleet in the world of hundreds of reactors,", "audio_length_s": 5.31, "path": "77d2dd6d5e46cc8a8e80809305b60208_252.wav", "duration": 5.31}, {"text": "We are confident in our improving capability to invest in effective marketing activity,", "audio_length_s": 5.31, "path": "3877b1983229ec488c6349a188bccf92_17.wav", "duration": 5.31}, {"text": "I'd say that the conversation about possible early paths to patient", "audio_length_s": 5.31, "path": "c36ef43210d40b0d1ad8f2acc597c76b_21.wav", "duration": 5.31}, {"text": "This progress is consistent with the strategy we laid out earlier this year.", "audio_length_s": 5.31, "path": "7498a6630302a038bd537d192c3a44f4_4.wav", "duration": 5.31}, {"text": "are focused on training between customers. There's generally not a day goes by when", "audio_length_s": 5.31, "path": "7498a6630302a038bd537d192c3a44f4_206.wav", "duration": 5.31}, {"text": "Moving then over to our region. We can see that the picture is", "audio_length_s": 5.31, "path": "47b5defd6e2c5724f6dc3b80859c281c_49.wav", "duration": 5.31}, {"text": "Yes, so I think -- David, this is Gregg. I think what you ought to be thinking about is maybe", "audio_length_s": 5.31, "path": "d74cec1fb73e1b1134bfa7152762ad80_64.wav", "duration": 5.31}, {"text": "so really, the combination of the complexity of the billing system", "audio_length_s": 5.31, "path": "f706bdb8b0a3f86e52419138fd2da20a_41.wav", "duration": 5.31}, {"text": "country makes us well positioned for any infrastructure upside we may see in the future.", "audio_length_s": 5.31, "path": "3e29586725757a72d8c143f3da2658f5_38.wav", "duration": 5.31}, {"text": "talking with retailers and we will grow", "audio_length_s": 5.31, "path": "799c15a4a6e9e3c86374761fec31c00a_30.wav", "duration": 5.31}, {"text": "the rationale behind that. And then the Board has decided to propose", "audio_length_s": 5.31, "path": "29f56972971325265e4a53485f49793e_4.wav", "duration": 5.31}, {"text": "So we could extend our distribution, and that made definitely a big difference.", "audio_length_s": 5.31, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_139.wav", "duration": 5.31}, {"text": "Your comments around a partner or", "audio_length_s": 5.31, "path": "ff898f396d49760343d08575ea773b54_190.wav", "duration": 5.31}, {"text": "in your mind that you really need some sort of change on the tariff structure in the export market", "audio_length_s": 5.31, "path": "09b5b62d328d3d0719b6825357fdfb48_193.wav", "duration": 5.31}, {"text": "We are determining the next several locations where we would deploy technology to increase the value of our products.", "audio_length_s": 5.31, "path": "09b5b62d328d3d0719b6825357fdfb48_131.wav", "duration": 5.31}, {"text": "capabilities in place to adapt to the changing environment that we find ourselves in.", "audio_length_s": 5.31, "path": "34b4c03bbd8e9d5fceb8c8af89388197_211.wav", "duration": 5.31}, {"text": "I have a few comments on our guidance before we open it up to questions.", "audio_length_s": 5.31, "path": "812d8f09b72b4d410d138d3b24caebbc_15.wav", "duration": 5.31}, {"text": "Our pipeline of healthcare opportunities in support of this strategy is growing steadily.", "audio_length_s": 5.31, "path": "a2ba164f019804628c07b36de47cd464_111.wav", "duration": 5.31}, {"text": "Return on investment would have been low, if possible at all. On", "audio_length_s": 5.31, "path": "ae5a41fe3b3d515713608c5ac878eed3_156.wav", "duration": 5.31}, {"text": "in this case to e-commerce, it takes a little bit for companies like ours to adjust to that,", "audio_length_s": 5.31, "path": "e35fae1d3df1f7aeda409f90f200ec7b_103.wav", "duration": 5.31}, {"text": "and achieved the top line objective we have set for ourselves just 2 years ago.", "audio_length_s": 5.31, "path": "64364105b816dd0b6a029e9cd210e65b_102.wav", "duration": 5.31}, {"text": "because then we don't have to pay for it until we're absolutely ready to use those materials.", "audio_length_s": 5.31, "path": "fb03ff65af8e5f80abd090abeaf767cf_75.wav", "duration": 5.31}, {"text": "if you see the market take a further step down or capacity fail to come out,", "audio_length_s": 5.31, "path": "407fee9910ab57874978cf85a89b1d9d_141.wav", "duration": 5.31}, {"text": "So what we're focused on is really just maintaining that inventory", "audio_length_s": 5.31, "path": "243e9a046160bfbf82be702927a4df22_104.wav", "duration": 5.31}, {"text": "that the tracking solution, given the real strong efficiencies in the energy harvest", "audio_length_s": 5.31, "path": "f5e9c69a92eb9179062673e044f8a53b_113.wav", "duration": 5.31}, {"text": "primarily due to the inclusion of the Calhoun operations for the first time.", "audio_length_s": 5.31, "path": "52446e909611115f34d7b34bf7c09c99_118.wav", "duration": 5.31}, {"text": "And we'll continue to play our part in rebuilding with government some of that infrastructure.", "audio_length_s": 5.31, "path": "ebd59e21db89edb92205e012427cd9db_31.wav", "duration": 5.31}, {"text": "For those of you looking for a succinct external summary of our Investor Day event,", "audio_length_s": 5.31, "path": "125388f1b45117acde70abc39e0f7d04_53.wav", "duration": 5.31}, {"text": "The high activity level had a positive effect on trade income,", "audio_length_s": 5.31, "path": "2313d1644b53f7bf5e70d2ff4db8e6e6_147.wav", "duration": 5.31}, {"text": "propose we take it as read into the records for the purpose of this conference call.", "audio_length_s": 5.31, "path": "b20564a6da1bcfc7b80552299d9e002a_153.wav", "duration": 5.31}, {"text": "which will require us to dedicate production capacity to the Air Force in the first part of the year.", "audio_length_s": 5.31, "path": "1378aabd380e63d3f89fe0e445fc8b06_55.wav", "duration": 5.31}, {"text": "This is the initial phase of a multi-phase project with the option for future work.", "audio_length_s": 5.31, "path": "3d0f5785f81125b6efa2339a4aef56aa_10.wav", "duration": 5.31}, {"text": "suggesting that the presence of these synthetic colors was not in the consumers' best interest.", "audio_length_s": 5.31, "path": "24c7526f6daca8e16ab91bea6124148a_154.wav", "duration": 5.31}, {"text": "These intangible assets are being recorded within other long-term assets on the balance sheet.", "audio_length_s": 5.31, "path": "a756bd9ba43faae4d9d0f059925e39e9_13.wav", "duration": 5.31}, {"text": "comment on that right now. First, we have to turn this plan into a reality. And probably,", "audio_length_s": 5.31, "path": "f15a674bdbbc461872000604216ae071_122.wav", "duration": 5.31}, {"text": "so we don't necessarily release new phones, we release new capabilities for the phones.", "audio_length_s": 5.31, "path": "0807d606b6cf98da19b317b4928c3572_51.wav", "duration": 5.31}, {"text": "that we have our cost and processes under control.", "audio_length_s": 5.31, "path": "0807d606b6cf98da19b317b4928c3572_92.wav", "duration": 5.31}, {"text": "the natural extracts, this is not just meant to service", "audio_length_s": 5.31, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_188.wav", "duration": 5.31}, {"text": "And it consisted of installing a primary crusher at the Toquepala mine pit", "audio_length_s": 5.31, "path": "48bcc356a89059f921765f872bfe293c_120.wav", "duration": 5.31}, {"text": "in close collaboration with our customers. We welcome him to this important role.", "audio_length_s": 5.31, "path": "3ae068efa03cd088f4d3edea682f199f_259.wav", "duration": 5.31}, {"text": "Meanwhile, primary aluminum prices have been trending steadily higher over the past 2 years.", "audio_length_s": 5.31, "path": "24a2aec67e247f9c4d4cc89d6dbab525_112.wav", "duration": 5.31}, {"text": "On our November earnings call, we mentioned that we have heard a range of views", "audio_length_s": 5.31, "path": "a85c54c77dd2524eedab1287ea3ceff4_42.wav", "duration": 5.31}, {"text": "shift in climate that required a retooling of the Salesforce that had", "audio_length_s": 5.31, "path": "365c360aff42713cef71a7d026eeeb6d_278.wav", "duration": 5.31}, {"text": "you also have an economy that is incredibly strong and has picked up momentum from a GDP standpoint,", "audio_length_s": 5.31, "path": "365c360aff42713cef71a7d026eeeb6d_209.wav", "duration": 5.31}, {"text": "accomplishments still go back to superior judgment.", "audio_length_s": 5.31, "path": "76b892bf017891d7028256847747227c_38.wav", "duration": 5.31}, {"text": "that we believe will attract excellent candidates and incentivize them to stay with us", "audio_length_s": 5.31, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_8.wav", "duration": 5.31}, {"text": "We are now operating just 2 platforms with our SOI platform", "audio_length_s": 5.31, "path": "0b7afb66a39a4c81151309bacc830c60_74.wav", "duration": 5.31}, {"text": "The continued and sustained improvement in symptoms in the stable population is important", "audio_length_s": 5.31, "path": "9097dcbaf554d635920c6274b1de4997_184.wav", "duration": 5.31}, {"text": "Our financials have been impacted by some significant one-off charges", "audio_length_s": 5.31, "path": "9b84dc4409f4ecccd173c2f81a4460cc_280.wav", "duration": 5.31}, {"text": "We're making progress with our initiatives to optimize our asset footprint", "audio_length_s": 5.31, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_175.wav", "duration": 5.31}, {"text": "Our margins and working capital productivity improved in the first quarter.", "audio_length_s": 5.31, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_189.wav", "duration": 5.31}, {"text": "but that gives you at least some context as to how we're thinking about this going forward as well.", "audio_length_s": 5.3099375, "path": "09eebad8f3c529b4c7d916c5f7766f7f_284.wav", "duration": 5.3099375}, {"text": "expect to continue. And then we see actually an acceleration of the revenue performance", "audio_length_s": 5.3099375, "path": "365c360aff42713cef71a7d026eeeb6d_149.wav", "duration": 5.3099375}, {"text": "as well as the noncash amortization that's burdening that to really show", "audio_length_s": 5.2800625, "path": "8cfc2a9aace5078f22a83c782b9d41f7_158.wav", "duration": 5.2800625}, {"text": "The revenue is all from our Celgene partnership and is primarily related", "audio_length_s": 5.28, "path": "070a939ddb72d87ed87e4b863da14a89_69.wav", "duration": 5.28}, {"text": "to already try to understand what's within the art of the possible of finding a development cost of rate of return there", "audio_length_s": 5.28, "path": "7d2a9151826f1fbcf538ffbf85924ed2_69.wav", "duration": 5.28}, {"text": "resulting from distribution elections made by participants in our U.K. plan.", "audio_length_s": 5.28, "path": "62d981deed6d5128615c99d1597178b6_194.wav", "duration": 5.28}, {"text": "cost of service is because those were also variable costs that came out of the business", "audio_length_s": 5.28, "path": "139f0a6300f504b3e8673e39b0429161_89.wav", "duration": 5.28}, {"text": "As Cory just reviewed, our financial performance in the third quarter was solid,", "audio_length_s": 5.28, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_15.wav", "duration": 5.28}, {"text": "These statements are based on various underlying assumptions and are subject to numerous uncertainties and risks,", "audio_length_s": 5.28, "path": "ab861b81968e1b5fcb606ed886919d68_1.wav", "duration": 5.28}, {"text": "The use of color in architectural and engineering drawings continues to grow.", "audio_length_s": 5.28, "path": "07d2c762b6e3c4a59486baba2c8f0639_9.wav", "duration": 5.28}, {"text": "moved some people there to help a handful of people.", "audio_length_s": 5.28, "path": "94fdf7b24748a7706b1097482a0f363a_213.wav", "duration": 5.28}, {"text": "As I talked about on the market trends, we've seen strong demand in the ultra", "audio_length_s": 5.28, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_66.wav", "duration": 5.28}, {"text": "These opportunities cover a wide and surprising range of use cases,", "audio_length_s": 5.28, "path": "55cbaf368288111ebc2ccadb61e3bd34_19.wav", "duration": 5.28}, {"text": "And without PayPay, we cannot track whether that coupon has been used or not.", "audio_length_s": 5.28, "path": "a93681c92a0b9c04743f541a54b180c7_106.wav", "duration": 5.28}, {"text": "And we emphasize the most", "audio_length_s": 5.28, "path": "a93681c92a0b9c04743f541a54b180c7_30.wav", "duration": 5.28}, {"text": "as well as total increase in net working capital reducing the cash", "audio_length_s": 5.28, "path": "3cb802f8fba7d33603c29387ccdaf817_13.wav", "duration": 5.28}, {"text": "are you seeing particular uptake from? Anything from verticals that you can point out?", "audio_length_s": 5.28, "path": "47d77b15189fadcc76113a2f7800ba28_139.wav", "duration": 5.28}, {"text": "in the first and second quarter, eased a little and MRO strengthened of it.", "audio_length_s": 5.28, "path": "22ad97a95501a08f15c06605cd277fec_17.wav", "duration": 5.28}, {"text": "We had already identified that the migration of heat", "audio_length_s": 5.28, "path": "6d943ecc16a745032247da12a1062b88_17.wav", "duration": 5.28}, {"text": "of doing this and doing this well and having the pricing stick in the market. But it's the smallest piece of the", "audio_length_s": 5.28, "path": "d28b2b09c127b5be033738aa3cd380b3_30.wav", "duration": 5.28}, {"text": "that there is a good base in order to be able to further accelerate,", "audio_length_s": 5.28, "path": "9014ac9cbc2cff30468f1bcb659c0f66_279.wav", "duration": 5.28}, {"text": "And our data shows that customers become more frequent in restaurants that are delivering a great experience.", "audio_length_s": 5.28, "path": "1f1b29266d2cede9b8f0f06ca57aae17_56.wav", "duration": 5.28}, {"text": "model a proportion of subjects whose trough level of drug", "audio_length_s": 5.28, "path": "2602edddc3363eadcaafe1c33271f3e4_143.wav", "duration": 5.28}, {"text": "in the level of executive support and the level of executive understanding,", "audio_length_s": 5.28, "path": "6b45877b719000e47adfd1ec118c376a_141.wav", "duration": 5.28}, {"text": "I now go to the next slide, new store formats being tested.", "audio_length_s": 5.28, "path": "55d548325797d638567669cd75444301_52.wav", "duration": 5.28}, {"text": "developed projects that will provide further accretive growth", "audio_length_s": 5.28, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_46.wav", "duration": 5.28}, {"text": "As our sponsor continues to acquire significant numbers of assets,", "audio_length_s": 5.28, "path": "de3b766a868da918e499f407dbf5d716_46.wav", "duration": 5.28}, {"text": "come out of the first quarter. And really it's a combination of all those events. It doesn't really change", "audio_length_s": 5.28, "path": "b34f680a9162805e0188170d6272a356_307.wav", "duration": 5.28}, {"text": "are not people that we compete with on a day-to-day basis in the Transportation segment", "audio_length_s": 5.28, "path": "b34f680a9162805e0188170d6272a356_284.wav", "duration": 5.28}, {"text": "Strong demand trends also are evidence of growth opportunities for our growing Water segment.", "audio_length_s": 5.28, "path": "b34f680a9162805e0188170d6272a356_29.wav", "duration": 5.28}, {"text": "So therefore, you can imagine that we would like to", "audio_length_s": 5.28, "path": "1f43e30e245ed30be41602d8423db99e_9.wav", "duration": 5.28}, {"text": "we have different content levels from a year ago, substantially, as I pointed out.", "audio_length_s": 5.28, "path": "9e937c87ad87f354d42a688156853a30_19.wav", "duration": 5.28}, {"text": "therefore, I will keep my segment comments focused on a few key first quarter stats.", "audio_length_s": 5.28, "path": "66c9091ba849cdb6d64987642ced64d2_8.wav", "duration": 5.28}, {"text": "can you just speak to how confident you are that you can sustain operating margins in the 40% range?", "audio_length_s": 5.28, "path": "95b678c2b11d1ded2d9e9ba839aaee06_166.wav", "duration": 5.28}, {"text": "And so instead of choosing what product we want to advance next", "audio_length_s": 5.28, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_22.wav", "duration": 5.28}, {"text": "and that's what you should expect to see from enterprise subscription revenue growth", "audio_length_s": 5.28, "path": "f5ebbbfd39f9227dd73a6d31db4f6201_44.wav", "duration": 5.28}, {"text": "and that means that we have to adjust the organization and that we have to adjust the workforce. So", "audio_length_s": 5.28, "path": "fa45af64ef25007f998c655347bfbecb_161.wav", "duration": 5.28}, {"text": "I'll give you my view. You may have to qualify it", "audio_length_s": 5.28, "path": "8292bdb9af87f10627c044f3842b2c76_92.wav", "duration": 5.28}, {"text": "Over the last few months, we have conducted a significant subscription cancellation review process,", "audio_length_s": 5.28, "path": "0b0a24d47ae2ed9e019d874793c8684b_2.wav", "duration": 5.28}, {"text": "Now I'd like to turn it over to Rob to provide you with some additional details. Rob?", "audio_length_s": 5.28, "path": "a827180c08c11f2e53c6966fceaabf5b_17.wav", "duration": 5.28}, {"text": "This is partly due to modest changes in show mix and additional compensation costs.", "audio_length_s": 5.28, "path": "4032bfdd59881fc6506c082737cb5a99_113.wav", "duration": 5.28}, {"text": "And with the strength of our clinical development in patient advocacy and medical affairs team,", "audio_length_s": 5.28, "path": "0dbbae27d7055ecc04cc25e14e4de12d_210.wav", "duration": 5.28}, {"text": "all diagnoses that could have been treated", "audio_length_s": 5.28, "path": "d5c338a956681dbb2170472253a29b85_88.wav", "duration": 5.28}, {"text": "there were definite achievements and some frustrating setbacks.", "audio_length_s": 5.28, "path": "224a41b247c04842c2998802d67c8123_2.wav", "duration": 5.28}, {"text": "I would anticipate that we'll have at least a year of drilling,", "audio_length_s": 5.28, "path": "43028740644ea81c42c672416be4926e_59.wav", "duration": 5.28}, {"text": "In tunneling, on the other hand, new markets are not a focus at this time.", "audio_length_s": 5.28, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_68.wav", "duration": 5.28}, {"text": "a lot tomorrow. The only other thing I saw that I had a question about was", "audio_length_s": 5.28, "path": "276392c471c063580869aec014a1feda_168.wav", "duration": 5.28}, {"text": "And our logistics business has got to gain market share if we are to reach our potential.", "audio_length_s": 5.28, "path": "ee640f0dcb9928c0bdd795eddbeac7c0_16.wav", "duration": 5.28}, {"text": "The vessel ended the year completing the first well of a 4-well campaign for another client.", "audio_length_s": 5.28, "path": "21c2451cb9f5fbf43e4e2e3d3d23325d_56.wav", "duration": 5.28}, {"text": "And so there's every reasons to stay -- for them to stay connected with the program.", "audio_length_s": 5.28, "path": "6933d49d1af6eb4613a4f75bf37d00e1_125.wav", "duration": 5.28}, {"text": "And so what we're saying is that as we go forward,", "audio_length_s": 5.28, "path": "2ad9555a64eaa3f45bef5581adeecb9c_341.wav", "duration": 5.28}, {"text": "by the load and let them be responsible for all the demerger and all that kind of stuff", "audio_length_s": 5.28, "path": "2905366dcf0eb60a22b63a1b3d9adf95_118.wav", "duration": 5.28}, {"text": "depending on what loan growth does and the warehouse does for this quarter, it may go down from where it is.", "audio_length_s": 5.28, "path": "07d30eec04a77191950ef0992d097daf_148.wav", "duration": 5.28}, {"text": "With that, I'd now like to turn the call back to Doug for closing remarks.", "audio_length_s": 5.28, "path": "01ebdadb81d0e5a57270957c0cbe83fc_136.wav", "duration": 5.28}, {"text": "so we truly want our customers to have a really excellent experience,", "audio_length_s": 5.28, "path": "9c1272d9d120c5bfafd6e6b566f89b62_217.wav", "duration": 5.28}, {"text": "Again, they now know our customer very well, so we can work closely with them.", "audio_length_s": 5.28, "path": "9c1272d9d120c5bfafd6e6b566f89b62_96.wav", "duration": 5.28}, {"text": "we have built it into the forecast because it seems very real.", "audio_length_s": 5.28, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_136.wav", "duration": 5.28}, {"text": "with cloud platform providers continuing to expand the distributed European platforms", "audio_length_s": 5.28, "path": "bbe852c8c3f7827e31f31a56bc72b7da_190.wav", "duration": 5.28}, {"text": "we have a good -- they're good relationship bankers just like us, so we feel good about their customers. I think that's helping", "audio_length_s": 5.28, "path": "b092d2be33ad52beefab208355b18235_65.wav", "duration": 5.28}, {"text": "That brings me to our investment in Ivy Hill that we made during this quarter.", "audio_length_s": 5.28, "path": "8aa1aa8317783203344434f855535c25_175.wav", "duration": 5.28}, {"text": "often reflect the timing of shipments in the final month of each comparative period.", "audio_length_s": 5.28, "path": "3cc0a4a6f1b08b522c732ad8944e8624_97.wav", "duration": 5.28}, {"text": "and the vessels are currently not employed on subcharters. In light of the depressed market,", "audio_length_s": 5.28, "path": "39eee2eb09766cf1717c05e39c7db798_106.wav", "duration": 5.28}, {"text": "one of the factors was we wanted to keep the agglomerated ore kind of on the edges where we would,", "audio_length_s": 5.28, "path": "e5040d02fba73a359d3f7cb346517ce1_17.wav", "duration": 5.28}, {"text": "a small software growth rate in keeping with the early days of SaaS businesses", "audio_length_s": 5.28, "path": "9b93af1e7019959620214c387f283d8e_91.wav", "duration": 5.28}, {"text": "So a big part of it is that prep as well as the mix effect.", "audio_length_s": 5.28, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_212.wav", "duration": 5.28}, {"text": "So it's encouraging to see a balance of growth across the group and not just in one particular area.", "audio_length_s": 5.28, "path": "7bc22aba9bc29d69ee10cc60db7903d8_187.wav", "duration": 5.28}, {"text": "pricing getting better and getting through launch customer pricing, if that's applicable or how much of that is applicable?", "audio_length_s": 5.28, "path": "7bc22aba9bc29d69ee10cc60db7903d8_61.wav", "duration": 5.28}, {"text": "And we do see fourth quarter as a rebound on the automotive and the emissions issues", "audio_length_s": 5.28, "path": "9c3a67f574514131f1f506b2f9905bed_51.wav", "duration": 5.28}, {"text": "as far as any kind of price increases or price reductions.", "audio_length_s": 5.28, "path": "9c3a67f574514131f1f506b2f9905bed_89.wav", "duration": 5.28}, {"text": "We did not repurchase any shares during the second quarter.", "audio_length_s": 5.28, "path": "b94d748876ddf8e881d4191dec45baf3_133.wav", "duration": 5.28}, {"text": "This increase is due to the additional borrowings for the St-Hubert and Original Joe's transactions.", "audio_length_s": 5.28, "path": "0794a2f02bbe89feb49651735bba77c5_45.wav", "duration": 5.28}, {"text": "the operation results have been enhanced and the financial figures have been upgraded.", "audio_length_s": 5.28, "path": "e271ed845347e9c930ab0a44eb7785da_3.wav", "duration": 5.28}, {"text": "Let me take a moment to update you on our 4 key drivers for future growth.", "audio_length_s": 5.28, "path": "191c819db03c2dfd0207cd1f42e278a4_126.wav", "duration": 5.28}, {"text": "into how they interact with their customers from either a sales or a servicing perspective.", "audio_length_s": 5.28, "path": "191c819db03c2dfd0207cd1f42e278a4_158.wav", "duration": 5.28}, {"text": "is now on track to become a significant contributor to the business.", "audio_length_s": 5.28, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_62.wav", "duration": 5.28}, {"text": "We are proud of how these initiatives have played out in our portfolio so far.", "audio_length_s": 5.28, "path": "b1da16cba24af8e472573c4c9caf17c7_169.wav", "duration": 5.28}, {"text": "showing an individual's immune response to their cancer in the lab.", "audio_length_s": 5.28, "path": "17f54a9938f35a4bde713fb3eb33a80e_25.wav", "duration": 5.28}, {"text": "And so we continue to put together solutions, and texture,", "audio_length_s": 5.28, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_175.wav", "duration": 5.28}, {"text": "the majority of our cardiology claims that were accrued", "audio_length_s": 5.28, "path": "b43c001c5af465d220ab0b69a95202ae_173.wav", "duration": 5.28}, {"text": "costs at a production level and to", "audio_length_s": 5.28, "path": "2c3945f11b4d91727b1ce00d490e11b6_20.wav", "duration": 5.28}, {"text": "So are you seeing some of those local distribution centers really pick up at this point?", "audio_length_s": 5.28, "path": "13141efea197b407280701081390f0ce_106.wav", "duration": 5.28}, {"text": "up 25% last year with no indication that growth is slowing yet this year.", "audio_length_s": 5.28, "path": "63eaf9677d7577484a1557ae6bfbb585_77.wav", "duration": 5.28}, {"text": "in the regions of the world who are calling on larger enterprises who are", "audio_length_s": 5.28, "path": "52a4e3ebf7e968a783401230c3f69a9d_214.wav", "duration": 5.28}, {"text": "doing all we need to do in terms of streamlining the organization", "audio_length_s": 5.28, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_172.wav", "duration": 5.28}, {"text": "We're not concerned, but yes, it is a strong focus of ours to bring working capital down as we go through the year.", "audio_length_s": 5.28, "path": "ceeedf178333db4c586311e4f43bdfd1_126.wav", "duration": 5.28}, {"text": "Maybe you could just give us a little bit more color about that and what sort of timing we have around that.", "audio_length_s": 5.28, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_172.wav", "duration": 5.28}, {"text": "for National Fuels also turned the heat up a little bit on this issue as well.", "audio_length_s": 5.28, "path": "74d0910b4af16f82a812bddbb151d966_76.wav", "duration": 5.28}, {"text": "Apart from the increase due to this transaction, our ongoing business performed very well,", "audio_length_s": 5.28, "path": "74d0910b4af16f82a812bddbb151d966_147.wav", "duration": 5.28}, {"text": "the various revenue cycle touch points from both the patient and provider standpoint.", "audio_length_s": 5.28, "path": "f1da65edd5f2026ffd647d496bb96ce7_52.wav", "duration": 5.28}, {"text": "sort of an ongoing basis. It's not like there's a fixed term or someone uses it for a few months and then", "audio_length_s": 5.28, "path": "f1da65edd5f2026ffd647d496bb96ce7_169.wav", "duration": 5.28}, {"text": "As current quarter sales were lower due to the elevated level of sales in the first half of this year", "audio_length_s": 5.28, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_196.wav", "duration": 5.28}, {"text": "But that's obviously not the point if you're in the game for the long term.", "audio_length_s": 5.28, "path": "21f21433851eb7c7f7dbc710309341bb_115.wav", "duration": 5.28}, {"text": "Andy will then go through financial highlights and operating performance of our Hong Kong portfolio.", "audio_length_s": 5.28, "path": "828ec1416eb7fa95846b5137752b3ff9_59.wav", "duration": 5.28}, {"text": "incorporating our customers' demand and focusing at the most challenging applications.", "audio_length_s": 5.28, "path": "b3d7bc295d09d9927e465213612c0192_133.wav", "duration": 5.28}, {"text": "We expect strong exports of both branded and fresh pork products.", "audio_length_s": 5.28, "path": "af2718cdc0b3b856f9a0b3da3d527d18_184.wav", "duration": 5.28}, {"text": "with the aim of gaining transactional market share and lifting returns on equity", "audio_length_s": 5.28, "path": "dffe8257f781608bb17bb637249e4d2a_70.wav", "duration": 5.28}, {"text": "Having more scale is becoming increasingly more important", "audio_length_s": 5.28, "path": "416ebb7a4160f7cd2f98361cbd1cb769_182.wav", "duration": 5.28}, {"text": "The brand today with franchisees excited about their future,", "audio_length_s": 5.28, "path": "416ebb7a4160f7cd2f98361cbd1cb769_10.wav", "duration": 5.28}, {"text": "So it does vary based upon the time of year that they've actually executed those.", "audio_length_s": 5.28, "path": "ab3354b86be920cde18291112bf8a70a_158.wav", "duration": 5.28}, {"text": "a safe quarter with no material incidents to report.", "audio_length_s": 5.28, "path": "b24e0b37987585f3c63f28df67e6a1f6_153.wav", "duration": 5.28}, {"text": "generating in terms of revenues. It doesn't take much to make a difference", "audio_length_s": 5.28, "path": "068bea67ac01942fafb955a1116b29dd_46.wav", "duration": 5.28}, {"text": "And then I was curious on the new product launches.", "audio_length_s": 5.28, "path": "f74a9d06236a0e937a6e98bfacc85eb7_120.wav", "duration": 5.28}, {"text": "We now estimate average shares outstanding at the high end of our previous range.", "audio_length_s": 5.28, "path": "4721d5a2e7061d90a4e4e4768adc2486_184.wav", "duration": 5.28}, {"text": "with the variation since March, mainly on the account of stronger Global deliveries.", "audio_length_s": 5.28, "path": "7e2ebcd981f5b5ecb18c04906f87d768_208.wav", "duration": 5.28}, {"text": "With respect to Blue Mountain, we continue to be excited about its future growth prospects.", "audio_length_s": 5.28, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_13.wav", "duration": 5.28}, {"text": "where the interest rates are higher than in financing in other currencies,", "audio_length_s": 5.28, "path": "29f56972971325265e4a53485f49793e_91.wav", "duration": 5.28}, {"text": "that have a free rent component and were not included in our original outlook.", "audio_length_s": 5.28, "path": "97b9c8b95449565c1f280a2b61a65b31_19.wav", "duration": 5.28}, {"text": "as a bank. And so the emphasis at the branches is very much", "audio_length_s": 5.28, "path": "4abafd22e11b6ea5b43048d805ea115f_44.wav", "duration": 5.28}, {"text": "We are very excited about the Michigan business acquired, and we think", "audio_length_s": 5.28, "path": "2b1611c25a098f87dd7623d00d53eeea_44.wav", "duration": 5.28}, {"text": "Thank you. Hello everyone and thank you for joining us on this morning's call.", "audio_length_s": 5.28, "path": "884400c829f179d8cf68b767f45f03a4_123.wav", "duration": 5.28}, {"text": "Also, please note that we've reduced our assumption for capital rider recovery", "audio_length_s": 5.28, "path": "919fd6c04cca92ecdf503e32f884435d_87.wav", "duration": 5.28}, {"text": "and will deliver improved financial performance and increase shareholder return as we move forward.", "audio_length_s": 5.28, "path": "ea80970d6b8e6fab10c4500aa7298914_69.wav", "duration": 5.28}, {"text": "digesting the data that has been provided, are just now", "audio_length_s": 5.28, "path": "b126c31149f1cadf1d891082a187d6fc_111.wav", "duration": 5.28}, {"text": "We would like to thank you for your continued support as we advance our strategic priorities.", "audio_length_s": 5.28, "path": "0b21f953a7ae9970ef3a4c30b267927c_62.wav", "duration": 5.28}, {"text": "We're clearly seeing the benefits of prior investments in growth and margin enhancement initiatives,", "audio_length_s": 5.28, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_107.wav", "duration": 5.28}, {"text": "where we are right now, we're in the middle of December, a lot of our customers shut down. I'd say it's probably", "audio_length_s": 5.28, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_27.wav", "duration": 5.28}, {"text": "Now let me turn the call over to Christian. Thank you, Philippe.", "audio_length_s": 5.28, "path": "6d41a81b648d81660c0d65523086346b_142.wav", "duration": 5.28}, {"text": "Let's discuss operations, and then I'll turn the call to Tom.", "audio_length_s": 5.28, "path": "e552924838fe493d3cc967dd0c5c4563_190.wav", "duration": 5.28}, {"text": "So now I just give the floor to Ney so he can say hello.", "audio_length_s": 5.28, "path": "ffe22f8bcf153b8b51f6e52039686c1e_39.wav", "duration": 5.28}, {"text": "The increase in new is a result of seasonal equipment stocking", "audio_length_s": 5.28, "path": "ee17f090e669ff9029bd1dc57db6e43e_63.wav", "duration": 5.28}, {"text": "Because -- and then you also said you're increasing trade promotion in certain areas.", "audio_length_s": 5.28, "path": "1f142ea668261ba963d47aac6bab69dd_87.wav", "duration": 5.28}, {"text": "We're very proud with the success rate of our predicted discovery capabilities,", "audio_length_s": 5.28, "path": "6daa2d0829057899b014b06c36e1d54b_56.wav", "duration": 5.28}, {"text": "If you step back and look at Illinois, and remember, demand is driven by population", "audio_length_s": 5.28, "path": "902872913863de98d38e2936b846cf66_71.wav", "duration": 5.28}, {"text": "Really just a question of getting the product on the ground in the balance of the year.", "audio_length_s": 5.28, "path": "902872913863de98d38e2936b846cf66_261.wav", "duration": 5.28}, {"text": "The main highlight in the global acquisition team was in marketing.", "audio_length_s": 5.28, "path": "21abf3409d34eea6f33336ad93662cfd_137.wav", "duration": 5.28}, {"text": "clarification on all the questions around the options to", "audio_length_s": 5.28, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_53.wav", "duration": 5.28}, {"text": "So that means also that we are satisfied with the retail development that we have seen.", "audio_length_s": 5.28, "path": "b4072ee178832ecf3d2a0f25fd8b8387_83.wav", "duration": 5.28}, {"text": "and I'd like to walk you through some of those to better understand 2016 and", "audio_length_s": 5.28, "path": "1378aabd380e63d3f89fe0e445fc8b06_50.wav", "duration": 5.28}, {"text": "So the footfall and the anchor tenant also backed out at the last minute. So very local reasons like this", "audio_length_s": 5.28, "path": "00a36b039cb49e6b99bb6d17635a3c25_211.wav", "duration": 5.28}, {"text": "I'll cover a few other recent and upcoming launches in more detail later in the call.", "audio_length_s": 5.28, "path": "e69e64683a56cdadf1c95192e753f27e_56.wav", "duration": 5.28}, {"text": "We also faced significant weather interruptions and some customer delays to begin the year.", "audio_length_s": 5.28, "path": "3c17ad8c6709cbb1a8f7190f567a445f_78.wav", "duration": 5.28}, {"text": "On the deposit side, again, excluding merger and branch divestiture activity,", "audio_length_s": 5.28, "path": "f88c5f000050c9f72aa383f71d97ffe7_104.wav", "duration": 5.28}, {"text": "The cost structure, everything will remain the same for all the 3 publications.", "audio_length_s": 5.28, "path": "d8652861ccebce254205bf463b404401_119.wav", "duration": 5.28}, {"text": "And this year, we experienced significant storm activity, particularly in Upstate New York.", "audio_length_s": 5.28, "path": "6f1b092b312410065d308541be46da95_3.wav", "duration": 5.28}, {"text": "ensuring our equipment is properly maintained and planning for more frequent outages.", "audio_length_s": 5.28, "path": "ee824d23bd881a3dc5ee8be881b7d18b_3.wav", "duration": 5.28}, {"text": "Now to go through some of the macroeconomic indicators.", "audio_length_s": 5.28, "path": "538323cb37246bc97d1253b369a7414a_5.wav", "duration": 5.28}, {"text": "a lot of user industries. We also focus", "audio_length_s": 5.28, "path": "4fd138e27f5f375945332eacefa15b62_81.wav", "duration": 5.28}, {"text": "at the beginning of a new phase. We're talking here about", "audio_length_s": 5.28, "path": "bf99037f89cd485f95f097842619a0c7_144.wav", "duration": 5.28}, {"text": "below 1 million that is not directly connected to a bigger relationship and", "audio_length_s": 5.28, "path": "bf99037f89cd485f95f097842619a0c7_259.wav", "duration": 5.28}, {"text": "At this time, I would like to go ahead and turn the call over to Dan for opening remarks.", "audio_length_s": 5.28, "path": "eed99fefac02f862b3ee31c4748cb9b5_98.wav", "duration": 5.28}, {"text": "as in the process -- we are in the process of hiring an experienced reliability engineer.", "audio_length_s": 5.28, "path": "eed99fefac02f862b3ee31c4748cb9b5_8.wav", "duration": 5.28}, {"text": "Wondering how this business performs in a rising rate environment, and if there's", "audio_length_s": 5.28, "path": "c88e296697cd72c891ffb7bf5a1a60bb_90.wav", "duration": 5.28}, {"text": "We remain confident in MPLX's compelling value proposition to our investors.", "audio_length_s": 5.28, "path": "1096d26129c469524041c969a684f8ae_122.wav", "duration": 5.28}, {"text": "Is this in the both -- the New York market? Or is it more related to the Florida market?", "audio_length_s": 5.28, "path": "f1b53f83640f7ea0160087ae63818af2_12.wav", "duration": 5.28}, {"text": "but we're not there yet. So I don't really -- I have not seen -- I don't think we have seen any", "audio_length_s": 5.28, "path": "eb93e70cdf7a839a69546250fb3646fb_208.wav", "duration": 5.28}, {"text": "This led to an approximately 50% increase in construction material operating income", "audio_length_s": 5.28, "path": "1bee232b4d03ce3a6f424bb7891581a2_6.wav", "duration": 5.28}, {"text": "but the accounting does impact the reported operating expense and the reported", "audio_length_s": 5.28, "path": "1bb9219ad31877175e18e8e48ff2f63c_66.wav", "duration": 5.28}, {"text": "I will now turn the call over to Karla to review our third quarter financial results.", "audio_length_s": 5.28, "path": "97ddc19ecb28bab2d19fd3b181182062_26.wav", "duration": 5.28}, {"text": "I am very encouraged on the progress we have made in expanding our services.", "audio_length_s": 5.28, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_197.wav", "duration": 5.28}, {"text": "Can you remind us what else is in here besides trucking cost, and is that primarily what's driving it?", "audio_length_s": 5.2799375, "path": "1215cf00a11992ec74743f92026af2e9_112.wav", "duration": 5.2799375}, {"text": "We feel well positioned with the right product entering our seasonally biggest quarters.", "audio_length_s": 5.2500625, "path": "10728656364812338b7417b035dae4c4_82.wav", "duration": 5.2500625}, {"text": "along with the impact of a stronger euro on our euro principal debt balances.", "audio_length_s": 5.25, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_149.wav", "duration": 5.25}, {"text": "reduced the number of cores we're buying. But we've found ways to improve the efficiency of the business.", "audio_length_s": 5.25, "path": "4fdbfd9eec396928550d0c799e170d34_124.wav", "duration": 5.25}, {"text": "At the meeting of the American Society of Nephrology last month,", "audio_length_s": 5.25, "path": "485e97686e9a27d2df5b3fc02106e3d4_63.wav", "duration": 5.25}, {"text": "we do want to be selective. We want to pick the best credits that we have.", "audio_length_s": 5.25, "path": "92b48b365197c65ebf545a4c9dd1200d_208.wav", "duration": 5.25}, {"text": "what you don't need to do and what you can do to continue to optimize and improve those dollars spent. Matter of fact, that's", "audio_length_s": 5.25, "path": "7d2a9151826f1fbcf538ffbf85924ed2_89.wav", "duration": 5.25}, {"text": "rationalizing of our London office, and further closure of satellite offices.", "audio_length_s": 5.25, "path": "569834a5cb8a33dfeac20dfa8e03afb3_54.wav", "duration": 5.25}, {"text": "Now let me take you through the details of our fourth quarter guidance.", "audio_length_s": 5.25, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_53.wav", "duration": 5.25}, {"text": "we are continuing to see synchronized growth kind of around the globe.", "audio_length_s": 5.25, "path": "6388da88b00ebc88af59435bdac74132_237.wav", "duration": 5.25}, {"text": "This compares to national brands that were down 60 basis points over the same period.", "audio_length_s": 5.25, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_22.wav", "duration": 5.25}, {"text": "they believe we're here for the long term as well. And I think Matt will have", "audio_length_s": 5.25, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_101.wav", "duration": 5.25}, {"text": "and thousands more employed in credit lending positions across other businesses.", "audio_length_s": 5.25, "path": "3bdb43dc1bcef6eff76f45efedb6a211_64.wav", "duration": 5.25}, {"text": "and an increased emphasis on both retail pharmacy and specialty pharmacy growth.", "audio_length_s": 5.25, "path": "d70a57dd52d0e4cf86a6225dca186bc2_49.wav", "duration": 5.25}, {"text": "so they can spend as much time as possible, inspiring and coaching our members.", "audio_length_s": 5.25, "path": "7e14890193df4b10e1eeab6ab886529f_149.wav", "duration": 5.25}, {"text": "within the app, not just only on Connect but with the entire member journey.", "audio_length_s": 5.25, "path": "7e14890193df4b10e1eeab6ab886529f_213.wav", "duration": 5.25}, {"text": "Maximizing gross profit margin has always been a priority at Reliance,", "audio_length_s": 5.25, "path": "67716cee321d117b0318930dd142f06a_3.wav", "duration": 5.25}, {"text": "the acquisition of the West Coast stuff really pushed those debt levels up to what", "audio_length_s": 5.25, "path": "7909dfb87fb4102d9f9ba8e99f751ee5_32.wav", "duration": 5.25}, {"text": "mark in a year, tripling the frequency of coiled tubing unit overhauls.", "audio_length_s": 5.25, "path": "dd3166f311a5f12a25103a0295e8ac3e_75.wav", "duration": 5.25}, {"text": "We saw continued stability in our core check and product businesses", "audio_length_s": 5.25, "path": "04f29bc02d1e2ef65077ca67bf41f475_75.wav", "duration": 5.25}, {"text": "in relation to the bad debt? Or what was the initial comment there?", "audio_length_s": 5.25, "path": "56e05107e391476d11fe1f637733f028_48.wav", "duration": 5.25}, {"text": "with respect to reinvesting in their businesses and looking at the real estate market as well.", "audio_length_s": 5.25, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_89.wav", "duration": 5.25}, {"text": "I wanted to talk a little bit about earnings progression. So", "audio_length_s": 5.25, "path": "3121e8f4a75758834d32a9e4e0555221_162.wav", "duration": 5.25}, {"text": "Restoring coverage on the distribution will depend on the timing of acquisitions", "audio_length_s": 5.25, "path": "de3b766a868da918e499f407dbf5d716_125.wav", "duration": 5.25}, {"text": "The decision ended solar net metering in TEP's service territory.", "audio_length_s": 5.25, "path": "9589f919b51ea96f732c4fe7fd180d7e_14.wav", "duration": 5.25}, {"text": "We mitigated most of these issues and succeeded to", "audio_length_s": 5.25, "path": "f33d9363bbcea655df52468555d358d0_36.wav", "duration": 5.25}, {"text": "In fact, to help our customers appreciate and see the potential of this new technology,", "audio_length_s": 5.25, "path": "01502edf6cda82061f1f45d6b0e8e189_156.wav", "duration": 5.25}, {"text": "Turning now to some of the developments we see unfolding in the fiber industry.", "audio_length_s": 5.25, "path": "6f2c2a55736c5c47a19eca807ec60e33_9.wav", "duration": 5.25}, {"text": "Our distributor sales were impacted by Latin America and Central Eastern Europe transitioning", "audio_length_s": 5.25, "path": "2fc915b996c687200d995736980aae9a_66.wav", "duration": 5.25}, {"text": "and we'll look at that. We'll continue to look at brands and how we fill out", "audio_length_s": 5.25, "path": "833f98dbc79997580b24335033aac5d2_125.wav", "duration": 5.25}, {"text": "we're able to charge such high margins, because these intermediates are very complex.", "audio_length_s": 5.25, "path": "2e3470778d787bc7db14a62eeaefd902_38.wav", "duration": 5.25}, {"text": "In summary, we continue to see a lot of momentum in the market.", "audio_length_s": 5.25, "path": "392ca3d1e388c6d7a35f6d0db390c359_4.wav", "duration": 5.25}, {"text": "So that's on the high end of the peer group. So we'd like to work that down", "audio_length_s": 5.25, "path": "a212b77ae2b2452093665a4e179ed3a3_176.wav", "duration": 5.25}, {"text": "both in our stores and across our distribution and supply chain network.", "audio_length_s": 5.25, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_81.wav", "duration": 5.25}, {"text": "This development is also attributable to Austria and Hungary.", "audio_length_s": 5.25, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_11.wav", "duration": 5.25}, {"text": "does that reflect the moderation based on some of the lapping effects that were mentioned earlier?", "audio_length_s": 5.25, "path": "ddf51a035f75b2e145a283edfd51fffc_130.wav", "duration": 5.25}, {"text": "most importantly is the sports nutrition category", "audio_length_s": 5.25, "path": "276392c471c063580869aec014a1feda_187.wav", "duration": 5.25}, {"text": "and as a discontinued operation within the consolidated statements of operations.", "audio_length_s": 5.25, "path": "9da45cfd4472699ef05d887adce01223_99.wav", "duration": 5.25}, {"text": "And the construction will be paid -- and the remaining -- the rest of the price", "audio_length_s": 5.25, "path": "eb4fd38da7ae1a347630ef447dfe9abe_110.wav", "duration": 5.25}, {"text": "without commenting directly on the -- on your specific question, I think I'd say", "audio_length_s": 5.25, "path": "6933d49d1af6eb4613a4f75bf37d00e1_33.wav", "duration": 5.25}, {"text": "We will not proceed at the current equity levels, and so the licenses offer up", "audio_length_s": 5.25, "path": "911d447bcdcedb4e0cf5230de225921c_130.wav", "duration": 5.25}, {"text": "to a large degree, is one that's well directed towards the operator on their expectations of", "audio_length_s": 5.25, "path": "911d447bcdcedb4e0cf5230de225921c_185.wav", "duration": 5.25}, {"text": "I would like to make another point here that our portfolio is", "audio_length_s": 5.25, "path": "b022fc1979ef416dd25317a4c062328e_44.wav", "duration": 5.25}, {"text": "that patients follow in PH. And being able to eliminate that", "audio_length_s": 5.25, "path": "01ebdadb81d0e5a57270957c0cbe83fc_91.wav", "duration": 5.25}, {"text": "web team, who would now be able to be much more nimble and do a number of things.", "audio_length_s": 5.25, "path": "9c1272d9d120c5bfafd6e6b566f89b62_36.wav", "duration": 5.25}, {"text": "extensive competitive advantage and we have declined to participate.", "audio_length_s": 5.25, "path": "bbe852c8c3f7827e31f31a56bc72b7da_107.wav", "duration": 5.25}, {"text": "I think when we came up with that target,", "audio_length_s": 5.25, "path": "1bba27cac9495fe57f623973383d6948_99.wav", "duration": 5.25}, {"text": "around the globe. That would be a unique capability that we can offer, and we think that should", "audio_length_s": 5.25, "path": "0899e07f70a6e5be842fb6e22a3fafe9_97.wav", "duration": 5.25}, {"text": "And it's not only our trend, but it's the industry trend. And when you go look back several quarters,", "audio_length_s": 5.25, "path": "aeb50c6146f90bd32d147c5d4775c21d_98.wav", "duration": 5.25}, {"text": "Our expectations are that our conversion rates will improve as will our customer experience.", "audio_length_s": 5.25, "path": "ade68f8add7249890d086ecf4b5b8cab_27.wav", "duration": 5.25}, {"text": "the goal to get your debt cost lower, yet you're talking about increasing leverage", "audio_length_s": 5.25, "path": "30e94343ee663488872ae176b419a163_28.wav", "duration": 5.25}, {"text": "are able to selectively invest in what we believe are more attractive situations", "audio_length_s": 5.25, "path": "8aa1aa8317783203344434f855535c25_59.wav", "duration": 5.25}, {"text": "and when we look at other financial institutions that invest in these types of", "audio_length_s": 5.25, "path": "8aa1aa8317783203344434f855535c25_190.wav", "duration": 5.25}, {"text": "answered at this point. But I was just curious if you had any updates on the newer ABL business in Toronto?", "audio_length_s": 5.25, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_99.wav", "duration": 5.25}, {"text": "Alright, that's helpful. And then, one last question in regard to Review and Go.", "audio_length_s": 5.25, "path": "87ba56e8ff82d5e181ee5d6d66543c51_130.wav", "duration": 5.25}, {"text": "We certainly are spending time looking at ways that we could expand that business", "audio_length_s": 5.25, "path": "08ed60a546bd48af9db028c4e3c8af26_65.wav", "duration": 5.25}, {"text": "We have long admired Northwest, their management team and accomplishments,", "audio_length_s": 5.25, "path": "0360a780927a31fb0bec9e79dac878a2_45.wav", "duration": 5.25}, {"text": "executing with excellence and capitalizing on market consolidation opportunities.", "audio_length_s": 5.25, "path": "8a77ceadd7e4729abc9102d38be3a227_52.wav", "duration": 5.25}, {"text": "We would like to continue to work on customer return measures improvement to curb churns going forward.", "audio_length_s": 5.25, "path": "b2c4be32355b99e1a66809bd36e83dd2_3.wav", "duration": 5.25}, {"text": "down very well inside the business, and we're making good progress on that.", "audio_length_s": 5.25, "path": "7bc22aba9bc29d69ee10cc60db7903d8_250.wav", "duration": 5.25}, {"text": "so was our acceleration of the time line to be able to start human trials.", "audio_length_s": 5.25, "path": "885b465648704d8a5d15bd00078e2160_65.wav", "duration": 5.25}, {"text": "we don't have a direct engagement with customer yet,", "audio_length_s": 5.25, "path": "e271ed845347e9c930ab0a44eb7785da_106.wav", "duration": 5.25}, {"text": "We expect Ironwood to deliver continued strong top-line growth", "audio_length_s": 5.25, "path": "265e62fc569e790d8b3e58698aaab701_115.wav", "duration": 5.25}, {"text": "and two, suggested modifications to the directions for use.", "audio_length_s": 5.25, "path": "bd40628b97efec198825ccf910c7e27e_3.wav", "duration": 5.25}, {"text": "and give you enough sort of breadcrumbs to get after this.", "audio_length_s": 5.25, "path": "8a93698d03a48d42fc7d7e50cb67dc2b_73.wav", "duration": 5.25}, {"text": "are trained and educated to follow the money.", "audio_length_s": 5.25, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_102.wav", "duration": 5.25}, {"text": "This followed a clean sheet exercise that highlighted the ammonia cost being more competitive", "audio_length_s": 5.25, "path": "ab4dae37361262d727d1d2f8f78765d5_26.wav", "duration": 5.25}, {"text": "We are grateful to our employees for all of their efforts in making this possible.", "audio_length_s": 5.25, "path": "53889f50eda8b316a01a3df89d226e7f_65.wav", "duration": 5.25}, {"text": "for the different products. A lot of the branches, even though we've trained all the branches already", "audio_length_s": 5.25, "path": "82131762fc1c2b2358ac3a167666ab87_209.wav", "duration": 5.25}, {"text": "These increases were partially offset by productivity improvements in certain of our markets.", "audio_length_s": 5.25, "path": "b43c001c5af465d220ab0b69a95202ae_70.wav", "duration": 5.25}, {"text": "are not only from China. Some are from Japan and France.", "audio_length_s": 5.25, "path": "b126e11520fd54843c67f70f15cd30cc_34.wav", "duration": 5.25}, {"text": "which are also available on our website. Now, let me turn the call over to Mark.", "audio_length_s": 5.25, "path": "246876171ef2f408df10ee0816f9db83_109.wav", "duration": 5.25}, {"text": "Capacity increases are required for the industry to grow.", "audio_length_s": 5.25, "path": "0ec0a75c1800bac01520dcac5b8992fb_62.wav", "duration": 5.25}, {"text": "We would expect that to rebound fairly quickly here in the next quarter.", "audio_length_s": 5.25, "path": "0ec0a75c1800bac01520dcac5b8992fb_79.wav", "duration": 5.25}, {"text": "We are making the difficult decisions necessary to turn around our business in the West.", "audio_length_s": 5.25, "path": "5ea42ed8ea9a65bd01aaabb678685483_56.wav", "duration": 5.25}, {"text": "under probably any measure for a while before we'd actually have to pay", "audio_length_s": 5.25, "path": "785be95695b063f97a17e4dea4a0529a_114.wav", "duration": 5.25}, {"text": "that they're solid in the fourth quarter and might slip out.", "audio_length_s": 5.25, "path": "9e8690a521142359001a137074905535_153.wav", "duration": 5.25}, {"text": "and the value prop behind that. Now, as we said always in the past, it's hard for us", "audio_length_s": 5.25, "path": "f1da65edd5f2026ffd647d496bb96ce7_26.wav", "duration": 5.25}, {"text": "What are those costs for? And I guess kind of, have you got any idea", "audio_length_s": 5.25, "path": "262bc21196721c5ff9114acbd2ff03c3_223.wav", "duration": 5.25}, {"text": "So we try to strip out the effect of Uplift in the first half. We'll continue to do that for the year.", "audio_length_s": 5.25, "path": "262bc21196721c5ff9114acbd2ff03c3_5.wav", "duration": 5.25}, {"text": "not least because, as we know, on the water side of the business, revenues tend to be weighted", "audio_length_s": 5.25, "path": "e00fd35e201a8607d264b803a5130c59_168.wav", "duration": 5.25}, {"text": "but is it mattering a little bit less? And if you could talk a little bit about what might be changing there, that will be great.", "audio_length_s": 5.25, "path": "1949bd0c9c4c23d495d880c4c552bfe1_119.wav", "duration": 5.25}, {"text": "as we think about that partnership, I'm guessing it would be -- we'd be expecting kind of", "audio_length_s": 5.25, "path": "1ad54837f74515ad7caa2a50d70459c9_81.wav", "duration": 5.25}, {"text": "to build out the business process that will allow United to be responsive to this market segment.", "audio_length_s": 5.25, "path": "f13362f70e41d74f3fda8d7dfb19f09e_94.wav", "duration": 5.25}, {"text": "In December, we opened a new office in Dallas as the home of the Altium cyber pod.", "audio_length_s": 5.25, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_113.wav", "duration": 5.25}, {"text": "and a greater breadth of applications optimized with our particular strengths in chemistry,", "audio_length_s": 5.25, "path": "1e756fc5d265eea3ff8e2e31c29826ae_78.wav", "duration": 5.25}, {"text": "followed by the typical manufacturing ramp up leading to subsequent supply chain optimization.", "audio_length_s": 5.25, "path": "c40b5d1a13169c5acf69590932a56f98_103.wav", "duration": 5.25}, {"text": "We've implemented several placement programs to meet customer needs and volumes.", "audio_length_s": 5.25, "path": "33ed8514914fae6825997843290fe049_73.wav", "duration": 5.25}, {"text": "And there are papers out there that are written by economists that suggest", "audio_length_s": 5.25, "path": "450a5dc6eb19b82da8dfc68127f6e79d_42.wav", "duration": 5.25}, {"text": "net new active accounts and engagement across our platform.", "audio_length_s": 5.25, "path": "49e533a8449f6b9b6c806458e73338e1_184.wav", "duration": 5.25}, {"text": "you'll start to see them have a little bit of a revenue contraction as those lower lead costs", "audio_length_s": 5.25, "path": "433a6e203f9db93835c27ff83e86c801_188.wav", "duration": 5.25}, {"text": "The protocol requires only 1 patient at each of the 2 lowest dose levels,", "audio_length_s": 5.25, "path": "8c1b4f4af2af2847a240041390e31399_81.wav", "duration": 5.25}, {"text": "Many of these decisions came at a cost, but they were definitely the right thing to do.", "audio_length_s": 5.25, "path": "a009c5f14d4d0bb5ca875164cffbd6ab_144.wav", "duration": 5.25}, {"text": "to execute these projects and reduce risk going forward", "audio_length_s": 5.25, "path": "757695924b5e43c7d44e29dc141cc035_94.wav", "duration": 5.25}, {"text": "growing at a decent rate and as profitable as you are?", "audio_length_s": 5.25, "path": "0dec9a606303da3039d11eec4ec9bd86_54.wav", "duration": 5.25}, {"text": "Not only is it we're selling more of a complete bundle, but also the clients", "audio_length_s": 5.25, "path": "0dec9a606303da3039d11eec4ec9bd86_124.wav", "duration": 5.25}, {"text": "Even if it's not been proven to be viable?", "audio_length_s": 5.25, "path": "77d2dd6d5e46cc8a8e80809305b60208_36.wav", "duration": 5.25}, {"text": "And can continue to provide low carbon and reliable electricity.", "audio_length_s": 5.25, "path": "77d2dd6d5e46cc8a8e80809305b60208_205.wav", "duration": 5.25}, {"text": "really focused on the execution and selling installation in the stores.", "audio_length_s": 5.25, "path": "7498a6630302a038bd537d192c3a44f4_26.wav", "duration": 5.25}, {"text": "just as you've known us to do over time. We'll look selectively and very carefully", "audio_length_s": 5.25, "path": "0fa398ef99a7a936fc1e509dacaaadde_42.wav", "duration": 5.25}, {"text": "and the tremendous efficiency in our manufacturing and organizational infrastructure.", "audio_length_s": 5.25, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_158.wav", "duration": 5.25}, {"text": "but -- because I don't know how that revenue is going to flow into those quarters yet. It's very hard for us", "audio_length_s": 5.25, "path": "d62cc3a0dfe3492ed16dfc17c028071e_27.wav", "duration": 5.25}, {"text": "with the new technology, we are shipping so much faster and more efficiently.", "audio_length_s": 5.25, "path": "82ccbfb62e125b146fba0f8e4347cc62_121.wav", "duration": 5.25}, {"text": "Although the partnership believes that the expectations reflected in such forward-looking statements are reasonable,", "audio_length_s": 5.25, "path": "2b1611c25a098f87dd7623d00d53eeea_41.wav", "duration": 5.25}, {"text": "Actual results may differ materially from those suggested by our comments today.", "audio_length_s": 5.25, "path": "884400c829f179d8cf68b767f45f03a4_63.wav", "duration": 5.25}, {"text": "We ended the quarter with strong leverage ratios and have ample room under our financial covenant.", "audio_length_s": 5.25, "path": "884400c829f179d8cf68b767f45f03a4_217.wav", "duration": 5.25}, {"text": "and then replicating that as you continue to expand", "audio_length_s": 5.25, "path": "e0d1342ad3d27fd648b708837de08797_225.wav", "duration": 5.25}, {"text": "When you look at the competitive landscape today, most of the consumer's financial wallet is with the big banks.", "audio_length_s": 5.25, "path": "66b25c60d952bd002c7ab20da9248086_3.wav", "duration": 5.25}, {"text": "The total number of fixed mobile additions this quarter was in line with last quarter.", "audio_length_s": 5.25, "path": "ae5a41fe3b3d515713608c5ac878eed3_101.wav", "duration": 5.25}, {"text": "but there was no change in the main trends compared with the first quarter.", "audio_length_s": 5.25, "path": "407fee9910ab57874978cf85a89b1d9d_155.wav", "duration": 5.25}, {"text": "and we have the strength and flexibility to support our business over the long term.", "audio_length_s": 5.25, "path": "f5e9c69a92eb9179062673e044f8a53b_131.wav", "duration": 5.25}, {"text": "Asia results were also down on lower current crop sales and delayed shipment timing.", "audio_length_s": 5.25, "path": "9dc19bfa451bc1278b7136420493f84d_41.wav", "duration": 5.25}, {"text": "And that directly had an impact on the conversion rate, which rebounded", "audio_length_s": 5.25, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_99.wav", "duration": 5.25}, {"text": "Oil Search has seen a very positive response from Northeast Asian buyers in particular.", "audio_length_s": 5.25, "path": "ebd59e21db89edb92205e012427cd9db_72.wav", "duration": 5.25}, {"text": "as we sit right now and we'll progress it as a matter of urgency over the coming weeks.", "audio_length_s": 5.25, "path": "ebd59e21db89edb92205e012427cd9db_209.wav", "duration": 5.25}, {"text": "with pluses and negatives across the customer base and within any given customer across", "audio_length_s": 5.25, "path": "b0d88c0f1efca89ecb928172341dc75d_348.wav", "duration": 5.25}, {"text": "for serving our customers at the highest level and for continuing to optimize our business.", "audio_length_s": 5.25, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_14.wav", "duration": 5.25}, {"text": "per year, they could all happen at the same time or not.", "audio_length_s": 5.25, "path": "ffe22f8bcf153b8b51f6e52039686c1e_106.wav", "duration": 5.25}, {"text": "now looking at the adjusted earnings. With all those adjustments,", "audio_length_s": 5.25, "path": "2cd5b184c2ef6624ce219830182927c9_5.wav", "duration": 5.25}, {"text": "primarily in 14 investments, most of which were senior secured loans.", "audio_length_s": 5.25, "path": "02242ceddfeb4bcc65f04552b63fe80e_162.wav", "duration": 5.25}, {"text": "So we're independent vendors. So we're able to play with all the different", "audio_length_s": 5.25, "path": "9826162bc1bb67bf8d65e4cf50e656e9_211.wav", "duration": 5.25}, {"text": "And also if you can give a little more color on your comments about the age limits that you're seeing and", "audio_length_s": 5.25, "path": "96488f25af54f91198b444e5eff8e878_185.wav", "duration": 5.25}, {"text": "That's not the case right now. Now if you're asking me to kind of hypothesize about looking out", "audio_length_s": 5.25, "path": "ffa357a084f4deb64797a0a32b8c5e33_50.wav", "duration": 5.25}, {"text": "and the market increasingly focused on shareholder returns and free cash flow generation,", "audio_length_s": 5.25, "path": "c71a6ab1a0697010811c89200ab21613_18.wav", "duration": 5.25}, {"text": "In addition, references will be made during this call to non-GAAP financial results.", "audio_length_s": 5.25, "path": "19714a7d42d471e3bb7f7e1f18c8fe9b_205.wav", "duration": 5.25}, {"text": "and recently received sales for a large infrastructure project as mentioned in our press release.", "audio_length_s": 5.25, "path": "bf8646ad61e3857d4cf46e592c18f685_24.wav", "duration": 5.25}, {"text": "and the established recruitment and training processes really start to scale now.", "audio_length_s": 5.25, "path": "411bdacf05f84134fc80b874a15cf3b7_94.wav", "duration": 5.25}, {"text": "The second quarter was the last full quarter of Morpheus impact year-over-year.", "audio_length_s": 5.25, "path": "62658bb0c3307b2b10e3668b8df73b0d_184.wav", "duration": 5.25}, {"text": "year. Shouldn't the company be thinking about cash deployment", "audio_length_s": 5.25, "path": "d8652861ccebce254205bf463b404401_63.wav", "duration": 5.25}, {"text": "And so we continue to think -- we don't have any specific target for it.", "audio_length_s": 5.25, "path": "81c03e2c15e8fe8213fbd40368b49581_57.wav", "duration": 5.25}, {"text": "I think the Trump campaign is a unique and special", "audio_length_s": 5.25, "path": "77423f08f0208d476dea73c639f6293a_54.wav", "duration": 5.25}, {"text": "In partnership with Teads, a global outstream video advertising network,", "audio_length_s": 5.25, "path": "a766b08317742c952705018a899f3998_45.wav", "duration": 5.25}, {"text": "So before opening up the call to questions, a few final comments from me.", "audio_length_s": 5.25, "path": "83c003be6ac012b814cfecef95459f02_174.wav", "duration": 5.25}, {"text": "whereas then in the industrial cranes and crane components business units,", "audio_length_s": 5.25, "path": "538323cb37246bc97d1253b369a7414a_178.wav", "duration": 5.25}, {"text": "I understand some of the things that you've discussed regarding", "audio_length_s": 5.25, "path": "0807d606b6cf98da19b317b4928c3572_105.wav", "duration": 5.25}, {"text": "countries and languages. So we've been focusing on that and trying to simplify the offering", "audio_length_s": 5.25, "path": "76c04b0646e881995fdd48aa58abee4c_23.wav", "duration": 5.25}, {"text": "having some extra costs in connection with the acquisition of SCALES.", "audio_length_s": 5.25, "path": "3c01ad6de1eb32de94f246387918fa2b_7.wav", "duration": 5.25}, {"text": "So we continue to monitor market developments. But simply put, it's all good", "audio_length_s": 5.25, "path": "b49c3cda0bcd26bab06abdd492274a3e_16.wav", "duration": 5.25}, {"text": "I'm not going to set through in too much detail on the cash flow that I have", "audio_length_s": 5.25, "path": "46da27f1bffbf5846a44ff26677341f1_135.wav", "duration": 5.25}, {"text": "and we will leverage our brand vision into a much stronger consumer offering.", "audio_length_s": 5.25, "path": "7bac04f03928ee8894ab00007116400b_85.wav", "duration": 5.25}, {"text": "by the institution that we referenced. And", "audio_length_s": 5.25, "path": "bc5018861ccb5380fbe71ad789a6d4b0_167.wav", "duration": 5.25}, {"text": "We've spent a lot of time working on the productivity of our promo planning, which you've heard a lot about.", "audio_length_s": 5.25, "path": "c88e296697cd72c891ffb7bf5a1a60bb_20.wav", "duration": 5.25}, {"text": "At the conclusion of the company's presentation, we will open the call for questions.", "audio_length_s": 5.25, "path": "24a2aec67e247f9c4d4cc89d6dbab525_37.wav", "duration": 5.25}, {"text": "So those do represent a good portion of the backlog as well. So", "audio_length_s": 5.25, "path": "9dcce10786aa9db4cdc6cc4649adacdd_99.wav", "duration": 5.25}, {"text": "delayed replacement in rentals. So just curious how we should be thinking about next year.", "audio_length_s": 5.25, "path": "eb93e70cdf7a839a69546250fb3646fb_155.wav", "duration": 5.25}, {"text": "Turning to expenses. Overall, our expenses for the first quarter were in line with expectations.", "audio_length_s": 5.25, "path": "9097dcbaf554d635920c6274b1de4997_120.wav", "duration": 5.25}, {"text": "and we're excited to help address the unmet needs of veterans struggling with schizophrenia.", "audio_length_s": 5.25, "path": "9097dcbaf554d635920c6274b1de4997_175.wav", "duration": 5.25}, {"text": "Those projects all stayed well on track and within our budgeted projections.", "audio_length_s": 5.25, "path": "9b84dc4409f4ecccd173c2f81a4460cc_171.wav", "duration": 5.25}, {"text": "to offer favorable finance or payment terms", "audio_length_s": 5.25, "path": "49256d3015fbd8542019b3fc989473f4_120.wav", "duration": 5.25}, {"text": "based on the plan implementation schedule for new business signed in the latter half of last year.", "audio_length_s": 5.25, "path": "97b02b7a41ecb22cb04e7331052cefc8_74.wav", "duration": 5.25}, {"text": "and shifted some of our professional services capacity to third parties.", "audio_length_s": 5.25, "path": "726bad4d5d1a6b2f62034eb8dc843450_95.wav", "duration": 5.25}, {"text": "We expect to reinvest some of the additional contribution from this revenue growth", "audio_length_s": 5.25, "path": "726bad4d5d1a6b2f62034eb8dc843450_68.wav", "duration": 5.25}, {"text": "To sum up the quarter, I'm extremely proud of our performance.", "audio_length_s": 5.25, "path": "97ddc19ecb28bab2d19fd3b181182062_10.wav", "duration": 5.25}, {"text": "takes place under the current EC framework, and the last time", "audio_length_s": 5.2200625, "path": "2f888e63a31b86cc2f4f97710e8eed79_32.wav", "duration": 5.2200625}, {"text": "In China, there is a saying, fit the appetite to the dishes.", "audio_length_s": 5.2200625, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_31.wav", "duration": 5.2200625}, {"text": "that this number will also increase over the next months.", "audio_length_s": 5.2200625, "path": "c12aea8267b41c1b0347ac04aaa4f789_124.wav", "duration": 5.2200625}, {"text": "As you can see, with this growth, we're also steadily widening the aperture over time", "audio_length_s": 5.22, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_199.wav", "duration": 5.22}, {"text": "we're choosing to adopt a broadly more cautious outlook for the second half of our fiscal year.", "audio_length_s": 5.22, "path": "3fdd473d50d412b8ff0b4fd51b3e97eb_111.wav", "duration": 5.22}, {"text": "is to take a base that has been declining gently over several years and tip into gentle growth.", "audio_length_s": 5.22, "path": "214dcdc435ef3259490466447858fa56_56.wav", "duration": 5.22}, {"text": "where we increased occupancy slightly, but we saw a continued pressure on rate.", "audio_length_s": 5.22, "path": "7eebbbc069b4bf8367aa748751df9bc7_4.wav", "duration": 5.22}, {"text": "than we tend to be at Knight, and we don't really have any plans to", "audio_length_s": 5.22, "path": "94fdf7b24748a7706b1097482a0f363a_81.wav", "duration": 5.22}, {"text": "Now last quarter, you may recall I talked about Elo, the largest credit card in Brazil,", "audio_length_s": 5.22, "path": "55cbaf368288111ebc2ccadb61e3bd34_153.wav", "duration": 5.22}, {"text": "due to the rate revisions that we did and", "audio_length_s": 5.22, "path": "a93681c92a0b9c04743f541a54b180c7_116.wav", "duration": 5.22}, {"text": "It's got a different type of recess membrane and it's going to bring some new packaging ideas that", "audio_length_s": 5.22, "path": "3557b21a45c35e71e82cc43b19977855_95.wav", "duration": 5.22}, {"text": "Based on our performance year-to-date, taking into account current market conditions", "audio_length_s": 5.22, "path": "22ad97a95501a08f15c06605cd277fec_98.wav", "duration": 5.22}, {"text": "And for the existing orders that we received prior to this", "audio_length_s": 5.22, "path": "95962e0f754f9e2f786778c85d0913b8_36.wav", "duration": 5.22}, {"text": "We always said that 1 quarter in this business is not really important.", "audio_length_s": 5.22, "path": "ed97f2737cc8edb9635f0f5d4e21bdac_37.wav", "duration": 5.22}, {"text": "had fallen behind over the last year. The brand holds a very high share", "audio_length_s": 5.22, "path": "c68c15299b67173c7ae163cc5938f3c1_101.wav", "duration": 5.22}, {"text": "is actually part of the basis on which the bonus is", "audio_length_s": 5.22, "path": "17ee868a7ed8656d69e6888ee4a6d550_14.wav", "duration": 5.22}, {"text": "as well as good working capital management by the end of the year.", "audio_length_s": 5.22, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_68.wav", "duration": 5.22}, {"text": "We operate for the long-term, so we look at -- don't look at daily fluctuations and", "audio_length_s": 5.22, "path": "2d7efae3f89647d6468deed3b73bf98a_55.wav", "duration": 5.22}, {"text": "creating sustainable, expandable and profitable customer relationships.", "audio_length_s": 5.22, "path": "13220986bf30f26076a674e2a9edc89c_134.wav", "duration": 5.22}, {"text": "Further moderations in the funds net outflows is evident in January.", "audio_length_s": 5.22, "path": "8cb24daf76784487ad63780546dc4ba4_8.wav", "duration": 5.22}, {"text": "infer any effect size from the information that Amgen have yet published", "audio_length_s": 5.22, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_132.wav", "duration": 5.22}, {"text": "We are in a rising interest rate environment, which is positive for margins.", "audio_length_s": 5.22, "path": "7974a5134807f46a1484a8adf81505be_31.wav", "duration": 5.22}, {"text": "Yet our industry-leading technology has driven much of the recent growth we've seen in this business.", "audio_length_s": 5.22, "path": "dd3166f311a5f12a25103a0295e8ac3e_207.wav", "duration": 5.22}, {"text": "the sheer quality and energy and commitment of the Saudi workforce there.", "audio_length_s": 5.22, "path": "7ec9d2889f6012c7058eb766f6de38e2_81.wav", "duration": 5.22}, {"text": "complementing and enhancing the value of the other. They'll work as a system together", "audio_length_s": 5.22, "path": "8b71a232d7fe61e6232807b635977c31_52.wav", "duration": 5.22}, {"text": "We are -- continue to invest in a disciplined way through this latest cycle.", "audio_length_s": 5.22, "path": "8b71a232d7fe61e6232807b635977c31_151.wav", "duration": 5.22}, {"text": "We will be able to scale the respective supply over time, but it will have this impact,", "audio_length_s": 5.22, "path": "4b7945dd823dcbc0b2724efa66393673_173.wav", "duration": 5.22}, {"text": "We intend to grow the dividend in line with the growth of our fee-related earnings.", "audio_length_s": 5.22, "path": "1b91eb82f5211000e711424657cc2484_115.wav", "duration": 5.22}, {"text": "with a shrinking component in open-ended funds in traded liquid assets.", "audio_length_s": 5.22, "path": "1b91eb82f5211000e711424657cc2484_102.wav", "duration": 5.22}, {"text": "I was very proud of our associates who expressed the desire to help those recently impacted,", "audio_length_s": 5.22, "path": "54240e38051f2a3bb6a4e58fe55344cd_58.wav", "duration": 5.22}, {"text": "expanded its presence globally and set the stage for continued growth going forward.", "audio_length_s": 5.22, "path": "3d4b9cfcb489a54bda65e749b7b79b15_6.wav", "duration": 5.22}, {"text": "we have known that the first half of this year would have more year-over-year earnings pressure,", "audio_length_s": 5.22, "path": "75fa1bebed0b858c76cc7058477e40e2_171.wav", "duration": 5.22}, {"text": "we see attractive opportunities to expand clinical development activity in the near term.", "audio_length_s": 5.22, "path": "2a5b0a6532fa2b71915a2930be02621a_69.wav", "duration": 5.22}, {"text": "maintaining a strong financial foundation, and engaging and developing our people.", "audio_length_s": 5.22, "path": "a212b77ae2b2452093665a4e179ed3a3_51.wav", "duration": 5.22}, {"text": "In that consultation document, the proposed returns for gas and transmission", "audio_length_s": 5.22, "path": "a212b77ae2b2452093665a4e179ed3a3_156.wav", "duration": 5.22}, {"text": "I'll use that as a base in explaining the year-over-year drivers for comparability purposes.", "audio_length_s": 5.22, "path": "a212b77ae2b2452093665a4e179ed3a3_20.wav", "duration": 5.22}, {"text": "Does that reinforce your confidence? And how should we think about the contribution to the growth?", "audio_length_s": 5.22, "path": "839852ec8452dbd90e9341d15cbba7c5_89.wav", "duration": 5.22}, {"text": "an increase of more than 50% that is largely due to the impact of our acquisitions.", "audio_length_s": 5.22, "path": "a827180c08c11f2e53c6966fceaabf5b_105.wav", "duration": 5.22}, {"text": "kind of superior on the service and quality, delivery to our customers and try to", "audio_length_s": 5.22, "path": "bc6881d8e985e0b9dc1683b8bbdb066a_19.wav", "duration": 5.22}, {"text": "This excludes the impact of consolidating franchisees during the quarter.", "audio_length_s": 5.22, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_3.wav", "duration": 5.22}, {"text": "We are also even more confident now with our pathway to drive Galafold sales", "audio_length_s": 5.22, "path": "0dbbae27d7055ecc04cc25e14e4de12d_67.wav", "duration": 5.22}, {"text": "environment as far as we see in our legacy business in Europe has", "audio_length_s": 5.22, "path": "23eff4c724ee00f56319fcc47add3441_145.wav", "duration": 5.22}, {"text": "seems like your store business is growing at or better than the market.", "audio_length_s": 5.22, "path": "73ba4ff250b62745e03880e75b9a1581_108.wav", "duration": 5.22}, {"text": "We are forever indebted to the people who made Cornerstone what it is today.", "audio_length_s": 5.22, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_95.wav", "duration": 5.22}, {"text": "I'll now turn the call back over to Tom for his closing remarks. Thanks, Bruce.", "audio_length_s": 5.22, "path": "e1da48985804bd3d99dffc5e33b6124b_79.wav", "duration": 5.22}, {"text": "in that case you move like a commodity, we manage in that case margin. And", "audio_length_s": 5.22, "path": "e1da48985804bd3d99dffc5e33b6124b_130.wav", "duration": 5.22}, {"text": "But we had also", "audio_length_s": 5.22, "path": "c6447babe88f061184d64309eebb8629_186.wav", "duration": 5.22}, {"text": "but now that we've got a couple of years of history behind us, we've targeted them", "audio_length_s": 5.22, "path": "8b6b51842af008f5f437f53cc2e71835_148.wav", "duration": 5.22}, {"text": "The volatile investment market had a huge impact on the result for this quarter.", "audio_length_s": 5.22, "path": "3e714a49937be1672aa48244ba7254ce_82.wav", "duration": 5.22}, {"text": "So any such transaction would be contemplated only if it created value", "audio_length_s": 5.22, "path": "ebc4bc2cb3902901aff809c685db42ae_33.wav", "duration": 5.22}, {"text": "If we look at the mobile market share of this quarter, it seems to have", "audio_length_s": 5.22, "path": "e649ca4cf7eeb63f0bc30b231a94a014_53.wav", "duration": 5.22}, {"text": "which gets offset by some of the content management that we're doing in that space.", "audio_length_s": 5.22, "path": "1244d2b5a259c3bc73742830d60d53fc_24.wav", "duration": 5.22}, {"text": "in more and more automotive and industrial applications.", "audio_length_s": 5.22, "path": "863512efd537ffd31c094dd9bfd5ebd3_77.wav", "duration": 5.22}, {"text": "production, in much the same way as we've been doing again at Peshkabir for the last 18 months.", "audio_length_s": 5.22, "path": "911d447bcdcedb4e0cf5230de225921c_187.wav", "duration": 5.22}, {"text": "what origination volumes are, where our producers are in their annual splits et cetera, et cetera.", "audio_length_s": 5.22, "path": "9ab2e6eb9debfae2de541ba645bfd265_185.wav", "duration": 5.22}, {"text": "So that's probably going to take the balance of the year. But I mean, we took", "audio_length_s": 5.22, "path": "132abea68f255eb89160dde90b6d3b80_27.wav", "duration": 5.22}, {"text": "primarily due to lower sales in the first quarter.", "audio_length_s": 5.22, "path": "f4d0f1362716be33f02690dd1a8df663_107.wav", "duration": 5.22}, {"text": "A complete summary of the amendment was included in our 8-K filing in early June", "audio_length_s": 5.22, "path": "7394bde65e000fbb7b528c6c65bd099d_23.wav", "duration": 5.22}, {"text": "the price of fuel and general economic conditions.", "audio_length_s": 5.22, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_155.wav", "duration": 5.22}, {"text": "is it fair to say that if the year breaks the way you think it will, you should do better than that?", "audio_length_s": 5.22, "path": "40e11288ea7cb86fdf307dbe648142e3_31.wav", "duration": 5.22}, {"text": "We're also building out in our tri-party operations an automated rules engine so that", "audio_length_s": 5.22, "path": "0899e07f70a6e5be842fb6e22a3fafe9_227.wav", "duration": 5.22}, {"text": "certainly from our own statements, from the comps we've heard from a number of our", "audio_length_s": 5.22, "path": "b8cbc11bbdc49ca206588e2a99b0f733_27.wav", "duration": 5.22}, {"text": "want to make sure that we've got the capability to deliver the best cancer treatment", "audio_length_s": 5.22, "path": "cdfa14ed43d00710c35d9d0bf8c31886_177.wav", "duration": 5.22}, {"text": "products, product categories that could be significant sales drivers between", "audio_length_s": 5.22, "path": "3cc0a4a6f1b08b522c732ad8944e8624_14.wav", "duration": 5.22}, {"text": "and full revenue price points that are consistent between ourselves and our competitors.", "audio_length_s": 5.22, "path": "3df0981a2d94ed56170b78330aa72ee9_97.wav", "duration": 5.22}, {"text": "Another is an ERP vendor, a vendor to some of our existing ARC customers.", "audio_length_s": 5.22, "path": "9b93af1e7019959620214c387f283d8e_101.wav", "duration": 5.22}, {"text": "And then two, can you give us a sense as to what -- it has been about a year since", "audio_length_s": 5.22, "path": "a02b735de681c682fbb8025edecca271_49.wav", "duration": 5.22}, {"text": "And then my final question was just on the operating variances within the AFR, because", "audio_length_s": 5.22, "path": "98f10f0935e5b778e888a1b8130a3d31_342.wav", "duration": 5.22}, {"text": "including the transition periods we have with the current leaders there.", "audio_length_s": 5.22, "path": "b305bff75f28d238f0bd7da5bd4f13b8_198.wav", "duration": 5.22}, {"text": "Correspondent Production should continue to generate significant income,", "audio_length_s": 5.22, "path": "567a41009710fa1568bb8125213bf9eb_53.wav", "duration": 5.22}, {"text": "Then you can really make a lot of progress in implementing and executing the strategy.", "audio_length_s": 5.22, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_106.wav", "duration": 5.22}, {"text": "in the investment community had interpreted our revision as a cut.", "audio_length_s": 5.22, "path": "55ef6cc9e37dcb36c1a42ad5ef1670fe_161.wav", "duration": 5.22}, {"text": "and the fact that the rule really does emphasize the importance of choice counseling for beneficiaries,", "audio_length_s": 5.22, "path": "b94d748876ddf8e881d4191dec45baf3_220.wav", "duration": 5.22}, {"text": "study and also begin our cisternal study in order to really drive", "audio_length_s": 5.22, "path": "73f474b631c43567329cad1bb76ff4fe_39.wav", "duration": 5.22}, {"text": "if there was anything in terms of a price impact in there as well?", "audio_length_s": 5.22, "path": "1968062b387ef01efed18108be2dc264_21.wav", "duration": 5.22}, {"text": "when you think about it, what we did is,", "audio_length_s": 5.22, "path": "0794a2f02bbe89feb49651735bba77c5_159.wav", "duration": 5.22}, {"text": "for subordinate and voting common shares and multiple voting shares outstanding.", "audio_length_s": 5.22, "path": "0794a2f02bbe89feb49651735bba77c5_90.wav", "duration": 5.22}, {"text": "Gains will continue to come from driving efficiency in every aspect of the business", "audio_length_s": 5.22, "path": "c3567809c19ce6a800677544cd84f88b_204.wav", "duration": 5.22}, {"text": "the increase in our domestic productivity -- the domestic production activity deduction", "audio_length_s": 5.22, "path": "9979d7fef684b8cac613c934b6229791_154.wav", "duration": 5.22}, {"text": "Infrastructure backlog was down mainly due to not having a large pellet plant on order.", "audio_length_s": 5.22, "path": "9979d7fef684b8cac613c934b6229791_161.wav", "duration": 5.22}, {"text": "we do expect some uptick on the net one. That's what we've guided to.", "audio_length_s": 5.22, "path": "ab4dae37361262d727d1d2f8f78765d5_117.wav", "duration": 5.22}, {"text": "we can't say anything until there's something to talk about specifically, but", "audio_length_s": 5.22, "path": "17f54a9938f35a4bde713fb3eb33a80e_16.wav", "duration": 5.22}, {"text": "We have also posted a PDF version of the slide presentation for this call.", "audio_length_s": 5.22, "path": "08f219f6cb65bd0ed50cb8444a3884f8_109.wav", "duration": 5.22}, {"text": "Next, I will provide you with an opportunity to ask questions.", "audio_length_s": 5.22, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_120.wav", "duration": 5.22}, {"text": "When you think about the California plants and the changes in that market,", "audio_length_s": 5.22, "path": "151a08a0353f92bc3a78bbf8a17b52aa_183.wav", "duration": 5.22}, {"text": "On Slide 5, we can start with a review of the Polymer segment financial results.", "audio_length_s": 5.22, "path": "809e26eaacb31ffdee78d3f41a6ce90a_124.wav", "duration": 5.22}, {"text": "It will expand our digital capabilities to further improve our personalization.", "audio_length_s": 5.22, "path": "968913c3f9111fc67f1d9956c56dec3b_9.wav", "duration": 5.22}, {"text": "Great. And does that usually close in one big chunk or like a series of different closings over time?", "audio_length_s": 5.22, "path": "63d825666ef6527fd7e4f26e728a4e61_15.wav", "duration": 5.22}, {"text": "and we are currently in the beginning of executing on it", "audio_length_s": 5.22, "path": "75eb5b75bb8587b63c318714ea956b9e_26.wav", "duration": 5.22}, {"text": "And with our new Vetri model, we're targeting the higher-end customers", "audio_length_s": 5.22, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_23.wav", "duration": 5.22}, {"text": "as a result of their strategic actions to better position the company for long-term success.", "audio_length_s": 5.22, "path": "9b697782ea80be97854f35d6fc62c93a_160.wav", "duration": 5.22}, {"text": "Equally, I'm delighted with the velocity in all aspects of our business,", "audio_length_s": 5.22, "path": "e2c17247ae2f5d4fa8dd8814cc801198_2.wav", "duration": 5.22}, {"text": "along with acquisitions during the past year allowed us to grow revenue just slightly", "audio_length_s": 5.22, "path": "c8124cdb821d04f0e585420c128d76c7_5.wav", "duration": 5.22}, {"text": "So as -- this year, the long end came down when the short end came up,", "audio_length_s": 5.22, "path": "532e653f6aa6c3bf43a5b256bb4c1254_68.wav", "duration": 5.22}, {"text": "as we can now provide a complete integrated steering solution to our customers.", "audio_length_s": 5.22, "path": "d4b51176b605646e70b37d07a7c19599_98.wav", "duration": 5.22}, {"text": "we like that balance. We really think it's a good thing for the brand and for our national expansion.", "audio_length_s": 5.22, "path": "3898a5c021167b8169287fc8bb59f753_88.wav", "duration": 5.22}, {"text": "We believe that our initial efforts in this regard are helping drive our performance.", "audio_length_s": 5.22, "path": "e2225d612a954a24e7e91c08215d7b51_8.wav", "duration": 5.22}, {"text": "The thing that gets lost sometimes in translation is we train people to do things the Main Street way.", "audio_length_s": 5.22, "path": "6318dda27b3e36d76533c048c64a3014_77.wav", "duration": 5.22}, {"text": "On the capital resources front, our liquidity and overall capitalization remained strong.", "audio_length_s": 5.22, "path": "6318dda27b3e36d76533c048c64a3014_105.wav", "duration": 5.22}, {"text": "using all the available data we have from the first trial, from the completers of the first trial.", "audio_length_s": 5.22, "path": "aed770c98113f594e36325a5822547e4_114.wav", "duration": 5.22}, {"text": "Martha is also currently a guest judge on Chopped.", "audio_length_s": 5.22, "path": "741526dd2a3db996d2f22f4bcdae4be6_94.wav", "duration": 5.22}, {"text": "we have flexibility to ensure that we take advantage of optimal market conditions.", "audio_length_s": 5.22, "path": "7ebbb41dcefeb482191f8bc22031b5d9_35.wav", "duration": 5.22}, {"text": "So -- and the third one that I mentioned was that", "audio_length_s": 5.22, "path": "87045996e7446329f1d98c909c6ca7fe_177.wav", "duration": 5.22}, {"text": "we have plenty of tools and levers that we can pull ultimately to make sure that we're continuing", "audio_length_s": 5.22, "path": "735a523f1ef6500b7aa97a2536d9c4fd_42.wav", "duration": 5.22}, {"text": "for instance, and really want to engage with us on that and it leads to something else. So", "audio_length_s": 5.22, "path": "da879f8ea1c23aa6565cccaacac271fc_75.wav", "duration": 5.22}, {"text": "overseas and the implementation of surgical pricing actions domestically,", "audio_length_s": 5.22, "path": "92bf6fe090b6bc565cb500b688fd9173_179.wav", "duration": 5.22}, {"text": "that? And then maybe what are the steps you plan to maybe turn around that?", "audio_length_s": 5.22, "path": "416ebb7a4160f7cd2f98361cbd1cb769_82.wav", "duration": 5.22}, {"text": "making a good point in that there certainly is an offsetting", "audio_length_s": 5.22, "path": "189b20e7b975130ca5abd0e419e54908_134.wav", "duration": 5.22}, {"text": "and will be able to work with all the efficiency needed.", "audio_length_s": 5.22, "path": "068bea67ac01942fafb955a1116b29dd_41.wav", "duration": 5.22}, {"text": "on a journey towards delivering profit growth at twice the rate of revenue growth.", "audio_length_s": 5.22, "path": "45ab782035fdb06f5ec710d0845bc18f_18.wav", "duration": 5.22}, {"text": "Turning to guidance. Looking forward to the remainder of the year,", "audio_length_s": 5.22, "path": "b4fc31ae6403a17b15c30d3ec3b82487_123.wav", "duration": 5.22}, {"text": "of conversion from natural grass field to artificial turf", "audio_length_s": 5.22, "path": "a0f5944a79ea5150378d21e6a9ac05d8_152.wav", "duration": 5.22}, {"text": "to their expertise in introducing our product in this important geography.", "audio_length_s": 5.22, "path": "c36ef43210d40b0d1ad8f2acc597c76b_41.wav", "duration": 5.22}, {"text": "With the drilling and with our work on the base that includes", "audio_length_s": 5.22, "path": "a80e75fbf2fe24eaca12461f2d88d5c6_22.wav", "duration": 5.22}, {"text": "we believe the ability to make an investment of this size,", "audio_length_s": 5.22, "path": "fe80c1056f21701e41cf3489c450f5ae_7.wav", "duration": 5.22}, {"text": "We expect to have around 3 million customers using this service by the year-end.", "audio_length_s": 5.22, "path": "fe80c1056f21701e41cf3489c450f5ae_18.wav", "duration": 5.22}, {"text": "And then Larry will go over Core's 2 operating segments, detailing our progress", "audio_length_s": 5.22, "path": "5633fe3600ee04237bbb918c56341864_85.wav", "duration": 5.22}, {"text": "which tends to focus your attention on looking at those businesses.", "audio_length_s": 5.22, "path": "01b376669d5ea40acc7fb5a87503586e_76.wav", "duration": 5.22}, {"text": "when will these be paid out and will they, in fact, be paid out at all?", "audio_length_s": 5.22, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_35.wav", "duration": 5.22}, {"text": "what are you personally most proud of? And what are you looking forward to in terms of continuing to kind of", "audio_length_s": 5.22, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_23.wav", "duration": 5.22}, {"text": "But we're looking forward to painting a picture for you guys when you get here", "audio_length_s": 5.22, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_231.wav", "duration": 5.22}, {"text": "I had a couple of questions for you. First of all, could you tell me", "audio_length_s": 5.22, "path": "82ccbfb62e125b146fba0f8e4347cc62_229.wav", "duration": 5.22}, {"text": "There is nothing you can do. It smells a little bit there for", "audio_length_s": 5.22, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_152.wav", "duration": 5.22}, {"text": "part of the university and obviously the public company has a publicly", "audio_length_s": 5.22, "path": "4311782968e936c378fdee8946cd9cca_90.wav", "duration": 5.22}, {"text": "We continue to evidence the strong cash flow generating capacity of our business", "audio_length_s": 5.22, "path": "b126c31149f1cadf1d891082a187d6fc_82.wav", "duration": 5.22}, {"text": "I mean, that is exactly what we're doing. We want the exploration folks to know that,", "audio_length_s": 5.22, "path": "e0d1342ad3d27fd648b708837de08797_137.wav", "duration": 5.22}, {"text": "is inclusive of our new Church Management solution investment, which is being developed internally.", "audio_length_s": 5.22, "path": "a9ff9f85f03afdd2d13b76e14060b31d_86.wav", "duration": 5.22}, {"text": "And I think what's happened is our customers -- and again, I think everything has to be put in perspective.", "audio_length_s": 5.22, "path": "812d8f09b72b4d410d138d3b24caebbc_30.wav", "duration": 5.22}, {"text": "And as we make further progress on our network, fraud, waste and abuse and care management initiatives,", "audio_length_s": 5.22, "path": "a2ba164f019804628c07b36de47cd464_85.wav", "duration": 5.22}, {"text": "your level of prices in Latin America or in Brazil specifically", "audio_length_s": 5.22, "path": "b6688f44b91606fbd75a6d66e94d4e4b_66.wav", "duration": 5.22}, {"text": "After separation, refining, it is transported either through the pipeline", "audio_length_s": 5.22, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_16.wav", "duration": 5.22}, {"text": "it's not a big issue either way because we have very small cash balance, and we don't really have", "audio_length_s": 5.22, "path": "f79f1ca6b2b7c1ff4e2c0ca0b03db817_137.wav", "duration": 5.22}, {"text": "that will be a good cultural fit for us that we can easily digest. So", "audio_length_s": 5.22, "path": "6aad408f4bb1930cf10f445115f6ed3d_205.wav", "duration": 5.22}, {"text": "the piece of the business in that segment had a 7%, I guess, negative", "audio_length_s": 5.22, "path": "e0555e30370c43189a1136fb7ef17d20_187.wav", "duration": 5.22}, {"text": "people paying down on overall ticket value instead of suspending trips?", "audio_length_s": 5.22, "path": "b08d602a938cc263402d9d2db56f2490_39.wav", "duration": 5.22}, {"text": "getting to the point where we generate cash at the operating level on a full year basis as well.", "audio_length_s": 5.22, "path": "8611e088fa81dc9b999c382b62641dfc_56.wav", "duration": 5.22}, {"text": "And so the other thing we mentioned already but we are exploring strategic options", "audio_length_s": 5.22, "path": "2cd5b184c2ef6624ce219830182927c9_226.wav", "duration": 5.22}, {"text": "to total cap ratio, we've got room to absorb some of that without jeopardizing", "audio_length_s": 5.22, "path": "2cd5b184c2ef6624ce219830182927c9_393.wav", "duration": 5.22}, {"text": "that we were able to finally close in the third quarter.", "audio_length_s": 5.22, "path": "6a45749d272884d2809fa70f7807250c_20.wav", "duration": 5.22}, {"text": "We have historically followed a process of", "audio_length_s": 5.22, "path": "02242ceddfeb4bcc65f04552b63fe80e_29.wav", "duration": 5.22}, {"text": "we feel like, by doing so, we're helping our new competitors more than we", "audio_length_s": 5.22, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_39.wav", "duration": 5.22}, {"text": "the Tennessee DOT is trying to accelerate that spending, but it always takes a little time.", "audio_length_s": 5.22, "path": "902872913863de98d38e2936b846cf66_187.wav", "duration": 5.22}, {"text": "people who didn't know this was an opportunity, customers who didn't know they could actually", "audio_length_s": 5.22, "path": "125388f1b45117acde70abc39e0f7d04_181.wav", "duration": 5.22}, {"text": "we are implementing a number of initiatives to expand au Economic Zone.", "audio_length_s": 5.22, "path": "1530acc3242f0ee1713e757ee06f6aa1_64.wav", "duration": 5.22}, {"text": "The first airframe manufactured in Jacksonville arrived in Bloomfield in the fourth quarter,", "audio_length_s": 5.22, "path": "1378aabd380e63d3f89fe0e445fc8b06_9.wav", "duration": 5.22}, {"text": "manner. So the expenses for CRD will ramp during the year", "audio_length_s": 5.22, "path": "09eebad8f3c529b4c7d916c5f7766f7f_35.wav", "duration": 5.22}, {"text": "Turning to Slide 8. This is a snapshot of our Innovation and Technology pipeline.", "audio_length_s": 5.22, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_57.wav", "duration": 5.22}, {"text": "And we are rapidly building the Infrastructure to support those efforts in a cost effective and prudent manner.", "audio_length_s": 5.22, "path": "0668081864383eb57919b99c85649753_118.wav", "duration": 5.22}, {"text": "In terms of color on that, I would say it was no one thing,", "audio_length_s": 5.22, "path": "abd571ccf777ac4b0a43a7487031bc8a_33.wav", "duration": 5.22}, {"text": "facility lookup and full price transparency directly to the consumer", "audio_length_s": 5.22, "path": "6bf8d2b43ba49d927fe52cc62ce2eccb_263.wav", "duration": 5.22}, {"text": "Productivity enhancements also contributed to the operating leverage experienced in the segment", "audio_length_s": 5.22, "path": "af146425f68dd8e32f31878389746637_63.wav", "duration": 5.22}, {"text": "Our improved performance led to significantly higher returns on invested capital", "audio_length_s": 5.22, "path": "af146425f68dd8e32f31878389746637_95.wav", "duration": 5.22}, {"text": "service providers are still moving cautiously in terms of commercial traffic and actual spending.", "audio_length_s": 5.22, "path": "594b7b614804475e4ab8ab4c405ecf40_9.wav", "duration": 5.22}, {"text": "emission control systems and then the technology and advanced materials components of the revenue?", "audio_length_s": 5.22, "path": "85edb0a846d9e1cfa542b893eed4a0f3_73.wav", "duration": 5.22}, {"text": "event that the order intake doesn't pick up as early as you hope?", "audio_length_s": 5.22, "path": "7a80c3e91e5a2693cdaef5f716808317_146.wav", "duration": 5.22}, {"text": "Before discussing our outlook, I'll turn to Dan for additional color on the first quarter. Dan?", "audio_length_s": 5.22, "path": "24a2aec67e247f9c4d4cc89d6dbab525_106.wav", "duration": 5.22}, {"text": "And by delivering this vertical product and technology strategy,", "audio_length_s": 5.22, "path": "0b7afb66a39a4c81151309bacc830c60_91.wav", "duration": 5.22}, {"text": "including those related to the company's outlook, are based on management's current expectations,", "audio_length_s": 5.22, "path": "523cf294ec146d5411972168b1c10f09_1.wav", "duration": 5.22}, {"text": "generally the subject of discussion, which is, what are we seeing in the market, what are we seeing from our clients,", "audio_length_s": 5.22, "path": "1bb9219ad31877175e18e8e48ff2f63c_25.wav", "duration": 5.22}, {"text": "so far this year, and I think that's likely to continue in the second quarter,", "audio_length_s": 5.22, "path": "9b83a4dcac688347e3b13ca7c55660ed_33.wav", "duration": 5.22}, {"text": "But they've kind of sat in their own little silos and", "audio_length_s": 5.2199375, "path": "0794a2f02bbe89feb49651735bba77c5_26.wav", "duration": 5.2199375}, {"text": "and we continue to look at possibly monetizing the mobile traffic.", "audio_length_s": 5.19, "path": "118b6e5a6077bedf5081ed70425b6866_88.wav", "duration": 5.19}, {"text": "And after the call, a replay will be available for you.", "audio_length_s": 5.19, "path": "d22830e34d4f069487310864ec17789f_50.wav", "duration": 5.19}, {"text": "open up new territories in terms of new utility geographies that we serve.", "audio_length_s": 5.19, "path": "7ad622c38e1f0e472ca166e2ad70844d_41.wav", "duration": 5.19}, {"text": "and then utilize one of the other projects that we're working on to continue to deploy capital for the long term.", "audio_length_s": 5.19, "path": "7d2a9151826f1fbcf538ffbf85924ed2_43.wav", "duration": 5.19}, {"text": "Therefore, the company claims the safe harbor protection and forward-looking statements contained in the Private", "audio_length_s": 5.19, "path": "b7050f62f52a3d2803beea21404f7af6_42.wav", "duration": 5.19}, {"text": "from a standpoint of not only providing hardware, but also software.", "audio_length_s": 5.19, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_168.wav", "duration": 5.19}, {"text": "We continue to see high single-digit local currency growth in our European credit operations.", "audio_length_s": 5.19, "path": "0755f4b74dda585f3975c7d8208b1598_250.wav", "duration": 5.19}, {"text": "related to employee share-based payments through the income statement.", "audio_length_s": 5.19, "path": "8cb24daf76784487ad63780546dc4ba4_132.wav", "duration": 5.19}, {"text": "Moving to the income statement, I'll start by talking you through the results by division.", "audio_length_s": 5.19, "path": "5ec58f6f87d68d0f33a2fa7f8e00c531_134.wav", "duration": 5.19}, {"text": "We have implementation programs in progress with a growing number of major media players.", "audio_length_s": 5.19, "path": "8b71a232d7fe61e6232807b635977c31_140.wav", "duration": 5.19}, {"text": "A lot of young people own a lot of options in something that could be very valuable.", "audio_length_s": 5.19, "path": "82b66739c0d2b8a47f19a5acbe3b90ed_27.wav", "duration": 5.19}, {"text": "as well as the Total Hip Application, and is supporting the growth we are seeing in both franchises.", "audio_length_s": 5.19, "path": "044da592acc01ff7baacb3dbf2a302a9_6.wav", "duration": 5.19}, {"text": "and the resulting network would continue to use many of the acquired sites.", "audio_length_s": 5.19, "path": "de3b766a868da918e499f407dbf5d716_7.wav", "duration": 5.19}, {"text": "but I would love to hear your thoughts about the medium and the long-term, how do you think that", "audio_length_s": 5.19, "path": "d085781ecd776da8a9c4d31ad547606b_188.wav", "duration": 5.19}, {"text": "we're getting a good outcome to accelerate some of our objectives there.", "audio_length_s": 5.19, "path": "75fa1bebed0b858c76cc7058477e40e2_84.wav", "duration": 5.19}, {"text": "but up sequentially from the second quarter, and we posted positive operating income.", "audio_length_s": 5.19, "path": "bad55d25c1222682bd893d97dc5cbb27_81.wav", "duration": 5.19}, {"text": "In summary, we are pleased with the first half results from our Services segment.", "audio_length_s": 5.19, "path": "145244b0378e6657d456cffca8bbc982_48.wav", "duration": 5.19}, {"text": "So what I would say is that my team is working diligently with", "audio_length_s": 5.19, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_50.wav", "duration": 5.19}, {"text": "It's very difficult to change that. You have to start with infants.", "audio_length_s": 5.19, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_253.wav", "duration": 5.19}, {"text": "as people move from, just like in the rest of the world, as they move onto mobile, and", "audio_length_s": 5.19, "path": "957e0f876f9a4af9b498c19843675474_68.wav", "duration": 5.19}, {"text": "for quite some time, as I mentioned earlier. But what we see as well right now is that", "audio_length_s": 5.19, "path": "cfbe91105113db7a5784f77e411b7a3f_279.wav", "duration": 5.19}, {"text": "But it basically means that if the clients decides to", "audio_length_s": 5.19, "path": "cfbe91105113db7a5784f77e411b7a3f_287.wav", "duration": 5.19}, {"text": "we've always indicated that we'd see an increase in working capital requirements.", "audio_length_s": 5.19, "path": "fa45af64ef25007f998c655347bfbecb_92.wav", "duration": 5.19}, {"text": "fairly good at recovering what those costs might be on the paper side of the business.", "audio_length_s": 5.19, "path": "1133b8984db446b9c963a09eaf0785a4_252.wav", "duration": 5.19}, {"text": "And on top of that, of course, we have another very important factor which is the language problem.", "audio_length_s": 5.19, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_48.wav", "duration": 5.19}, {"text": "Our Healthcare team evaluated many financing opportunities during the quarter,", "audio_length_s": 5.19, "path": "257e4e92036da9582a8a288c88332ff3_116.wav", "duration": 5.19}, {"text": "expanding our ETF platform and new product launches as well as new technology.", "audio_length_s": 5.19, "path": "bc7dbd6e321b4df22db9270b69b89c11_42.wav", "duration": 5.19}, {"text": "was partially mitigated by the high interest rate environment in Brazil.", "audio_length_s": 5.19, "path": "c6447babe88f061184d64309eebb8629_174.wav", "duration": 5.19}, {"text": "In the current environment, with many adult smokers trading up into premium brands,", "audio_length_s": 5.19, "path": "655d592e9d1b1027f1824b1554d8b131_115.wav", "duration": 5.19}, {"text": "to be a reliable future stream with partners that have significant reach.", "audio_length_s": 5.19, "path": "6864081f83959f4b49e25e597f28af66_169.wav", "duration": 5.19}, {"text": "We are beginning to see results such as the acceleration of the Red Lake development.", "audio_length_s": 5.19, "path": "c433164f6d189e18b1e4784e376b6ecb_72.wav", "duration": 5.19}, {"text": "We also continue to expand our long-standing presence in emerging markets", "audio_length_s": 5.19, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_143.wav", "duration": 5.19}, {"text": "And are you going to break that out for us at some point?", "audio_length_s": 5.19, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_133.wav", "duration": 5.19}, {"text": "Is that probably the operational changes you made that maybe allowed you to buy a little bit more?", "audio_length_s": 5.19, "path": "c3af5ef871fb87eee698a7a6e8e1d41e_189.wav", "duration": 5.19}, {"text": "I also want to provide an update on our overall asset expectations for NPH. When", "audio_length_s": 5.19, "path": "8a77ceadd7e4729abc9102d38be3a227_162.wav", "duration": 5.19}, {"text": "and uncertainties that may cause actual results to differ materially.", "audio_length_s": 5.19, "path": "8a77ceadd7e4729abc9102d38be3a227_1.wav", "duration": 5.19}, {"text": "we will refranchise the business. And that's what we did in Jordan. That's what we did in Thailand.", "audio_length_s": 5.19, "path": "3df0981a2d94ed56170b78330aa72ee9_218.wav", "duration": 5.19}, {"text": "What I can tell you is that today, we have the best possible offer", "audio_length_s": 5.19, "path": "d8eb5522db0e51d75ea6518462954c52_101.wav", "duration": 5.19}, {"text": "some of the Northern European cereal crops were a little bit slower, and I think you'll", "audio_length_s": 5.19, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_150.wav", "duration": 5.19}, {"text": "There will be potentially an increase in capital requirements", "audio_length_s": 5.19, "path": "98f10f0935e5b778e888a1b8130a3d31_171.wav", "duration": 5.19}, {"text": "Please note that non-GAAP financial measures should not be considered in isolation from,", "audio_length_s": 5.19, "path": "29426a77336443eedde7eaa29e9c2852_170.wav", "duration": 5.19}, {"text": "Let me just take a minute and talk about divestitures as a general topic.", "audio_length_s": 5.19, "path": "9952903822d3aabb9a8a8fdd41f23bc2_6.wav", "duration": 5.19}, {"text": "We are very excited and pleased with our team's solid progress in this new arena.", "audio_length_s": 5.19, "path": "885b465648704d8a5d15bd00078e2160_97.wav", "duration": 5.19}, {"text": "independents operating at scale that's actually acquiring and releasing these films. So", "audio_length_s": 5.19, "path": "20097e37747ec7bc3734246e83798fb1_171.wav", "duration": 5.19}, {"text": "What's most important is to maximize sales", "audio_length_s": 5.19, "path": "58d5f604300a30c0c5bd9aa57d207478_34.wav", "duration": 5.19}, {"text": "along with our ability to earn incentive revenues are 2 very strong reasons", "audio_length_s": 5.19, "path": "526e0d5398a516831b49936c31a8ea1c_15.wav", "duration": 5.19}, {"text": "So if we would -- therefore we thought really keeping them", "audio_length_s": 5.19, "path": "e78997e6a75a2243292b2b54750bb3cb_156.wav", "duration": 5.19}, {"text": "repeat those successes. And it's something that's doable", "audio_length_s": 5.19, "path": "f77935c4693e4d33252c9c76993e9c8b_200.wav", "duration": 5.19}, {"text": "Should we read that it could be down sequentially in the second quarter versus the first quarter?", "audio_length_s": 5.19, "path": "915bdcf0edfec49b928ca4010cbb40ca_32.wav", "duration": 5.19}, {"text": "and potentially worsen, which will weigh on category and revenue growth.", "audio_length_s": 5.19, "path": "9b697782ea80be97854f35d6fc62c93a_161.wav", "duration": 5.19}, {"text": "We'll continue to look for ways to unlock the value of those properties for investors", "audio_length_s": 5.19, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_156.wav", "duration": 5.19}, {"text": "okay? So it's not like these are customers we didn't know before.", "audio_length_s": 5.19, "path": "ba5f13bb75329629d0c070c9014ff4f0_69.wav", "duration": 5.19}, {"text": "Actual results may differ materially from those expressed from these forward-looking statements.", "audio_length_s": 5.19, "path": "998be8edc26e9b2c4dc0a06a5b42a887_21.wav", "duration": 5.19}, {"text": "And two, most of our focus on this is frankly going to be on the implications to product and wanting to ensure that", "audio_length_s": 5.19, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_153.wav", "duration": 5.19}, {"text": "on the average cost of our investment. This is consistent with the prior quarter.", "audio_length_s": 5.19, "path": "73c60e60043b8775dac929320839a8c6_37.wav", "duration": 5.19}, {"text": "These Materials Handling and logistics focused companies are massive", "audio_length_s": 5.19, "path": "e97d1655ebabb8403ac0449eadb48f9b_102.wav", "duration": 5.19}, {"text": "In particular, we will provide guidance regarding possible future income statement results", "audio_length_s": 5.19, "path": "1e756fc5d265eea3ff8e2e31c29826ae_201.wav", "duration": 5.19}, {"text": "but our expectation at this point is one of caution with those particular customers.", "audio_length_s": 5.19, "path": "9e07401011239a074ff66741ee557224_54.wav", "duration": 5.19}, {"text": "what are the categories that you are looking for to moderate more fully then", "audio_length_s": 5.19, "path": "059024560d9d1039cf08746ee7393114_110.wav", "duration": 5.19}, {"text": "The share gains in the quarter have been broad, with almost all markets showing a positive performance.", "audio_length_s": 5.19, "path": "92bf6fe090b6bc565cb500b688fd9173_9.wav", "duration": 5.19}, {"text": "while being agile to changing market conditions to ensure we meet our customers' needs.", "audio_length_s": 5.19, "path": "92bf6fe090b6bc565cb500b688fd9173_191.wav", "duration": 5.19}, {"text": "we provide certain information and database on traffic flow in and out of the stores,", "audio_length_s": 5.19, "path": "92bf6fe090b6bc565cb500b688fd9173_223.wav", "duration": 5.19}, {"text": "cancer test growth in the reproductive health segment, but I think that's just more of a matter of the", "audio_length_s": 5.19, "path": "7551ffae17aa39dd4ea962a43f96bf04_91.wav", "duration": 5.19}, {"text": "In addition, we closed on an additional 4 properties shortly after the quarter closed", "audio_length_s": 5.19, "path": "5b0a12e70a31041016a008c29a6d2bb1_29.wav", "duration": 5.19}, {"text": "so you get some of that impact. Also, when we sold the catering business,", "audio_length_s": 5.19, "path": "01f88a67f39af3a74d5f23b095615d39_271.wav", "duration": 5.19}, {"text": "We observed strong margins in the quarter as our GAAP operating margin", "audio_length_s": 5.19, "path": "54c8e2e08c60dfe9b4bafc3938ccf332_9.wav", "duration": 5.19}, {"text": "but we do have a very clear understanding of our own program, our own data", "audio_length_s": 5.19, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_176.wav", "duration": 5.19}, {"text": "if it tucks right in, whether we can expect it to be sort of in line with the company average.", "audio_length_s": 5.19, "path": "0dec9a606303da3039d11eec4ec9bd86_84.wav", "duration": 5.19}, {"text": "to discuss our results in detail. Then I will come back", "audio_length_s": 5.19, "path": "e33785a294553de2a12d4463bf786744_210.wav", "duration": 5.19}, {"text": "Let me share with you what we're doing in each, starting with scotch.", "audio_length_s": 5.19, "path": "3877b1983229ec488c6349a188bccf92_45.wav", "duration": 5.19}, {"text": "the negative impact of the currency devaluation of last year", "audio_length_s": 5.19, "path": "a0f5944a79ea5150378d21e6a9ac05d8_98.wav", "duration": 5.19}, {"text": "I would say, maybe slightly longer lead times than average on the market,", "audio_length_s": 5.19, "path": "be1d9f57faececddb1cdbf5e831bcbf9_153.wav", "duration": 5.19}, {"text": "how loaded is the cost base when you make that comment? So does that include investment costs,", "audio_length_s": 5.19, "path": "a1e1e6f86dead4f43a363d0877cb4979_26.wav", "duration": 5.19}, {"text": "So it all depends on how we choose to -- what we choose to do with our customer offering", "audio_length_s": 5.19, "path": "a1e1e6f86dead4f43a363d0877cb4979_74.wav", "duration": 5.19}, {"text": "You've heard from several of our peers already, it's definitely choppy out there.", "audio_length_s": 5.19, "path": "3c80de013154b028ecdc6354d16c6fbc_183.wav", "duration": 5.19}, {"text": "your primary competitor at the global level saw a decent demand in the quarter.", "audio_length_s": 5.19, "path": "7e2ebcd981f5b5ecb18c04906f87d768_38.wav", "duration": 5.19}, {"text": "Much like how one of the world's leading family entertainment and media enterprises is doing", "audio_length_s": 5.19, "path": "af00f4e7b63ee843a3d203f982fac701_6.wav", "duration": 5.19}, {"text": "similar to where it was before the accelerated program. And then", "audio_length_s": 5.19, "path": "af00f4e7b63ee843a3d203f982fac701_22.wav", "duration": 5.19}, {"text": "For the portion we singled out in artificial insemination,", "audio_length_s": 5.19, "path": "01b376669d5ea40acc7fb5a87503586e_178.wav", "duration": 5.19}, {"text": "Matt will talk about those in greater detail later on the call.", "audio_length_s": 5.19, "path": "838af8ffae77ce8ff59c77b1985f8fc5_39.wav", "duration": 5.19}, {"text": "Having just completed business to many of our locations,", "audio_length_s": 5.19, "path": "9908957f60adff5efc1c8692a0f5ab38_24.wav", "duration": 5.19}, {"text": "this transaction would trigger an obligation to repay all amounts outstanding on our credit facility,", "audio_length_s": 5.19, "path": "4311782968e936c378fdee8946cd9cca_13.wav", "duration": 5.19}, {"text": "for new GCU to enter into a shared services agreement with the company.", "audio_length_s": 5.19, "path": "4311782968e936c378fdee8946cd9cca_5.wav", "duration": 5.19}, {"text": "Now clearly, when you bring on the number of new hospitals that we did last year with Reliant,", "audio_length_s": 5.19, "path": "b126c31149f1cadf1d891082a187d6fc_47.wav", "duration": 5.19}, {"text": "as we benefited from tax credits in relation to pretax operating results.", "audio_length_s": 5.19, "path": "68862e23c71ce741719b7bd99a6c44d6_152.wav", "duration": 5.19}, {"text": "with our own brands which will be identified and differentiated. As well as, as", "audio_length_s": 5.19, "path": "0f9d6e24171bc068e7ff7a11e7e44060_15.wav", "duration": 5.19}, {"text": "But the stronger market still has remained one of the weaker spots while everything else has been", "audio_length_s": 5.19, "path": "09b5b62d328d3d0719b6825357fdfb48_200.wav", "duration": 5.19}, {"text": "and authentic brands that support a cause or higher purpose.", "audio_length_s": 5.19, "path": "34b4c03bbd8e9d5fceb8c8af89388197_150.wav", "duration": 5.19}, {"text": "As noted in our press release, we expect our earnings per share for the third quarter,", "audio_length_s": 5.19, "path": "812d8f09b72b4d410d138d3b24caebbc_71.wav", "duration": 5.19}, {"text": "seems like just phenomenally strong performance, given all the other stuff we've seen in ag.", "audio_length_s": 5.19, "path": "b6688f44b91606fbd75a6d66e94d4e4b_53.wav", "duration": 5.19}, {"text": "You are talking about completion bond.", "audio_length_s": 5.19, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_126.wav", "duration": 5.19}, {"text": "what is the -- could you elaborate on the profit", "audio_length_s": 5.19, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_31.wav", "duration": 5.19}, {"text": "Good morning. My name is Lindsey, and I will be your conference operator today.", "audio_length_s": 5.19, "path": "692de133aab90ff6681b2c45b433b32b_0.wav", "duration": 5.19}, {"text": "any of that to actually happen or are we just going to see more related party transactions?", "audio_length_s": 5.19, "path": "1215cf00a11992ec74743f92026af2e9_120.wav", "duration": 5.19}, {"text": "I think that if we can execute, I think certainly LUNA will definitely start to produce", "audio_length_s": 5.19, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_222.wav", "duration": 5.19}, {"text": "business automation, mobility and robotic process automation", "audio_length_s": 5.19, "path": "6aad408f4bb1930cf10f445115f6ed3d_78.wav", "duration": 5.19}, {"text": "These benefits were partially offset by the quarterly impact", "audio_length_s": 5.19, "path": "6aad408f4bb1930cf10f445115f6ed3d_240.wav", "duration": 5.19}, {"text": "These new capabilities will help drive the next slate of growth, and we expect we'll extend the record", "audio_length_s": 5.19, "path": "b08d602a938cc263402d9d2db56f2490_65.wav", "duration": 5.19}, {"text": "it is certainly something that we continue to watch and our distributor partners continue to watch. And", "audio_length_s": 5.19, "path": "9fb4423a70358ef22be9982299969f7a_234.wav", "duration": 5.19}, {"text": "this is our current thinking and really, just to kind of answer your question, we think it will be higher.", "audio_length_s": 5.19, "path": "3e42c35588dc721e96280bc039e96c8d_116.wav", "duration": 5.19}, {"text": "Foolproof is doing very well to win and position us differently", "audio_length_s": 5.19, "path": "a4f81a27f0c6d07b56208e16121b9896_101.wav", "duration": 5.19}, {"text": "and continually going to focus on ways to streamline the operations", "audio_length_s": 5.19, "path": "711d9abe4399e7184d7dd8e3273f8a71_171.wav", "duration": 5.19}, {"text": "I felt like the price estimate had credibility and deserved further discussion.", "audio_length_s": 5.19, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_18.wav", "duration": 5.19}, {"text": "what products are available. They're wanting to understand what games are available with those products.", "audio_length_s": 5.19, "path": "125388f1b45117acde70abc39e0f7d04_44.wav", "duration": 5.19}, {"text": "But it sounds like maybe the disruption from that has been greater than what you expected.", "audio_length_s": 5.19, "path": "ffa357a084f4deb64797a0a32b8c5e33_184.wav", "duration": 5.19}, {"text": "that there shouldn't be a surprise coming out of that because we have done here a good job", "audio_length_s": 5.19, "path": "b20564a6da1bcfc7b80552299d9e002a_46.wav", "duration": 5.19}, {"text": "Additionally, our realized prices continue to be supported by our hedge position,", "audio_length_s": 5.19, "path": "c71a6ab1a0697010811c89200ab21613_61.wav", "duration": 5.19}, {"text": "And pleasingly, given we are investing in growth, the cost of doing business percentage", "audio_length_s": 5.19, "path": "d0941c09d7e22322692aaab253c0b914_87.wav", "duration": 5.19}, {"text": "But to the first part of your question, the benefits of having new homes", "audio_length_s": 5.19, "path": "5be70acf701b7a6c9322f8feeaca63cd_62.wav", "duration": 5.19}, {"text": "I'll now turn from the top line to our pricing actions.", "audio_length_s": 5.19, "path": "abd571ccf777ac4b0a43a7487031bc8a_221.wav", "duration": 5.19}, {"text": "So we do have some principles in which we are making our decisions. And I hope this helps you", "audio_length_s": 5.19, "path": "81c03e2c15e8fe8213fbd40368b49581_89.wav", "duration": 5.19}, {"text": "broken it down on product portfolio basis for us, and we see a significant improvement opportunity there", "audio_length_s": 5.19, "path": "10ad32c5e0559c879e032faaf3148ab4_134.wav", "duration": 5.19}, {"text": "The information that we are discussing today reflects our expectations as of today and are subject to change.", "audio_length_s": 5.19, "path": "099475edf8f9944537773b1d0a2aaea6_48.wav", "duration": 5.19}, {"text": "As we continue to manage through the retirement of these aircraft,", "audio_length_s": 5.19, "path": "910a1a60a0549a5973f42bb19b66a0ae_154.wav", "duration": 5.19}, {"text": "but there's nothing that is going to be announced in the next 2 weeks, that's for sure.", "audio_length_s": 5.19, "path": "77423f08f0208d476dea73c639f6293a_118.wav", "duration": 5.19}, {"text": "A general meeting to approve the necessary resolutions will take place tomorrow.", "audio_length_s": 5.19, "path": "6f1b092b312410065d308541be46da95_163.wav", "duration": 5.19}, {"text": "It's more like how much of the content that's out there we really want to have. So", "audio_length_s": 5.19, "path": "76c04b0646e881995fdd48aa58abee4c_51.wav", "duration": 5.19}, {"text": "So just trying to understand outside of Tamil Nadu, what are the challenges to growth?", "audio_length_s": 5.19, "path": "572e6ab7be8019f17eae9857e4e8e2ae_15.wav", "duration": 5.19}, {"text": "to increase our investment to capture greater market share as a platform.", "audio_length_s": 5.19, "path": "5a85c98fc5e3d596bc18741b744f9ea5_9.wav", "duration": 5.19}, {"text": "and there's still lots of productivity opportunity ahead of us. And I know Greg and team", "audio_length_s": 5.19, "path": "c88e296697cd72c891ffb7bf5a1a60bb_211.wav", "duration": 5.19}, {"text": "and expect to finalize our selection of the successful bidder by late November.", "audio_length_s": 5.19, "path": "3ae068efa03cd088f4d3edea682f199f_25.wav", "duration": 5.19}, {"text": "We also recently began field work on the Total ethylene plant in Port Arthur, Texas,", "audio_length_s": 5.19, "path": "3ae068efa03cd088f4d3edea682f199f_266.wav", "duration": 5.19}, {"text": "Reduction of operating expenses on a run-rate basis continues to be a focus", "audio_length_s": 5.19, "path": "a85c54c77dd2524eedab1287ea3ceff4_83.wav", "duration": 5.19}, {"text": "basically getting good terms on cash and getting good terms on profitability.", "audio_length_s": 5.19, "path": "49256d3015fbd8542019b3fc989473f4_83.wav", "duration": 5.19}, {"text": "I'm curious if you can maybe put a little more revenue color on that? Should we be thinking of the magnitude of", "audio_length_s": 5.19, "path": "97b02b7a41ecb22cb04e7331052cefc8_201.wav", "duration": 5.19}, {"text": "This investment took the form of facilities, people and services,", "audio_length_s": 5.19, "path": "ff59c33225941d4025bcecc8fe1a4b32_55.wav", "duration": 5.19}, {"text": "summarize, we continue to execute on the 2 core components of our business strategy.", "audio_length_s": 5.19, "path": "027d36b67ee5bba934695b2d0c47eb08_9.wav", "duration": 5.19}, {"text": "A normal life to them is an effective and convenient prophylactic therapy.", "audio_length_s": 5.1899375, "path": "2602edddc3363eadcaafe1c33271f3e4_114.wav", "duration": 5.1899375}, {"text": "And finally, we enable you to find and form inspired communities.", "audio_length_s": 5.1899375, "path": "7e14890193df4b10e1eeab6ab886529f_10.wav", "duration": 5.1899375}, {"text": "Our second step is that all hands at Oculus will be focused on breaking even.", "audio_length_s": 5.16, "path": "5833763223d8d85b6fcb5fe90e821c77_49.wav", "duration": 5.16}, {"text": "Good afternoon, and thank you for joining us for our first quarter earnings call.", "audio_length_s": 5.16, "path": "d819fc602f924dd226fb27a9d26007d2_20.wav", "duration": 5.16}, {"text": "In institutions that create the government guaranteed bonds tend to sell them", "audio_length_s": 5.16, "path": "92b48b365197c65ebf545a4c9dd1200d_25.wav", "duration": 5.16}, {"text": "in the markets you're in or sort of what you're looking at as you move through this year.", "audio_length_s": 5.16, "path": "7ad622c38e1f0e472ca166e2ad70844d_84.wav", "duration": 5.16}, {"text": "If the entire lateral is not landed directly or is not all communicating", "audio_length_s": 5.16, "path": "7d2a9151826f1fbcf538ffbf85924ed2_170.wav", "duration": 5.16}, {"text": "rather than something that we are more concerned by.", "audio_length_s": 5.16, "path": "13aa6c0669adb5544a0d62beef677189_29.wav", "duration": 5.16}, {"text": "These statements represent management's current expectations and are inherently uncertain,", "audio_length_s": 5.16, "path": "e2b2a746a7a2cd752c92ccfab257cfca_76.wav", "duration": 5.16}, {"text": "something that we're assessing right now. It is still too early", "audio_length_s": 5.16, "path": "0db71632fa65f1d166f14cb8593c4690_41.wav", "duration": 5.16}, {"text": "healthiness of the pipeline, meaning the quality of the opportunities we see", "audio_length_s": 5.16, "path": "ab861b81968e1b5fcb606ed886919d68_110.wav", "duration": 5.16}, {"text": "somewhat semantics on how we're starting up the machine. We're really taking a very", "audio_length_s": 5.16, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_135.wav", "duration": 5.16}, {"text": "Our Consumer Products business continues to bring us a mix of opportunities and challenges.", "audio_length_s": 5.16, "path": "f5df26ebe478dc7dc4802b6ef5fe1dbf_57.wav", "duration": 5.16}, {"text": "And we also have the first full year of operation of our new media team.", "audio_length_s": 5.16, "path": "f0dd7e4dad969b480d0d2a70609aedba_175.wav", "duration": 5.16}, {"text": "increased regulation around privacy in 2016. It does take a couple of years for", "audio_length_s": 5.16, "path": "f0dd7e4dad969b480d0d2a70609aedba_190.wav", "duration": 5.16}, {"text": "For additional discussion of these risks and uncertainties and other factors,", "audio_length_s": 5.16, "path": "80bbfd75ab074e9faf2d1b31118f1cfc_91.wav", "duration": 5.16}, {"text": "a brave person right now that would want to sit there guessing the markets for the next few months.", "audio_length_s": 5.16, "path": "3bdb43dc1bcef6eff76f45efedb6a211_35.wav", "duration": 5.16}, {"text": "We meet these challenges with an elevated speed according to our REinvent program.", "audio_length_s": 5.16, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_146.wav", "duration": 5.16}, {"text": "for a full discussion of the company's risk factors. I will now turn the call over to Michael Collins.", "audio_length_s": 5.16, "path": "249b7b83531140105343e2a0e89150fa_35.wav", "duration": 5.16}, {"text": "The bank continues to maintain a highly liquid and conservative balance sheet.", "audio_length_s": 5.16, "path": "249b7b83531140105343e2a0e89150fa_81.wav", "duration": 5.16}, {"text": "We are launching new platforms to improve merchandising operations on a weekly basis.", "audio_length_s": 5.16, "path": "d70a57dd52d0e4cf86a6225dca186bc2_32.wav", "duration": 5.16}, {"text": "Next, we help you build powerful habits rooted in science.", "audio_length_s": 5.16, "path": "7e14890193df4b10e1eeab6ab886529f_67.wav", "duration": 5.16}, {"text": "and the excess liquidity that results in a temporary drag on our interest earning asset yield.", "audio_length_s": 5.16, "path": "f3f1b7c8f174b4be50981a0f85d6a30b_47.wav", "duration": 5.16}, {"text": "is it just optimism or are you actually seeing improved business conditions?", "audio_length_s": 5.16, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_194.wav", "duration": 5.16}, {"text": "in strengthening the balance sheet since the company went public 4 years ago.", "audio_length_s": 5.16, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_2.wav", "duration": 5.16}, {"text": "We also benefited from favorable currency exchange rates in Brazil in the third quarter.", "audio_length_s": 5.16, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_62.wav", "duration": 5.16}, {"text": "income is going to come in the second half. So I think we're being pretty consistent on that.", "audio_length_s": 5.16, "path": "3121e8f4a75758834d32a9e4e0555221_163.wav", "duration": 5.16}, {"text": "so that everything that we get today is value creation. It's not a revenue driver,", "audio_length_s": 5.16, "path": "b34f680a9162805e0188170d6272a356_78.wav", "duration": 5.16}, {"text": "and revenue by geographic region to the Investors section of our website.", "audio_length_s": 5.16, "path": "c4dc8f962a85aa47af50f82845f550e2_106.wav", "duration": 5.16}, {"text": "put the margin under pressure going forward? Or is it fair to assume that these margins levels", "audio_length_s": 5.16, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_59.wav", "duration": 5.16}, {"text": "At the end of the third quarter, the pipeline emerging from our Partnered Discovery activities", "audio_length_s": 5.16, "path": "7503d7356c13f095c26bfad29c5390c6_49.wav", "duration": 5.16}, {"text": "We will post the most relevant questions and answers in the For Investors section of our website.", "audio_length_s": 5.16, "path": "6f2c2a55736c5c47a19eca807ec60e33_64.wav", "duration": 5.16}, {"text": "and your losses will be covered by other people. Then, of course,", "audio_length_s": 5.16, "path": "85adbfaed0d5f20c30a8e71cfa7c97ac_236.wav", "duration": 5.16}, {"text": "And we are also expecting -- this is very important and I will come back to it,", "audio_length_s": 5.16, "path": "39e5706898dcaf14a280b3a123877cd6_9.wav", "duration": 5.16}, {"text": "in keeping with our company's commitment to what we call positive care,", "audio_length_s": 5.16, "path": "39e5706898dcaf14a280b3a123877cd6_189.wav", "duration": 5.16}, {"text": "as opposed to looking at some of the smaller savings opportunities that will come later.", "audio_length_s": 5.16, "path": "ca2bc8d693d4751cc88444d2e715f645_50.wav", "duration": 5.16}, {"text": "The format for today's call will include remarks from FibroGen's management team", "audio_length_s": 5.16, "path": "2a5b0a6532fa2b71915a2930be02621a_60.wav", "duration": 5.16}, {"text": "And then on a reactive basis, either by means of just the normal course calls that we get", "audio_length_s": 5.16, "path": "0b0a24d47ae2ed9e019d874793c8684b_74.wav", "duration": 5.16}, {"text": "In the past, we have not considered license agreements as part of our development plan.", "audio_length_s": 5.16, "path": "a3c389b6f737603969fd26408544747f_82.wav", "duration": 5.16}, {"text": "our collective belief in the combination of wellness driven by nutrition", "audio_length_s": 5.16, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_121.wav", "duration": 5.16}, {"text": "flavored milk and ice cream reported solid sales growth and market share gains.", "audio_length_s": 5.16, "path": "ab3ba3e2b11d2ba165b5f2533a55130f_9.wav", "duration": 5.16}, {"text": "individually with just the Outdoor Retailer brand. And so we're going to have to work through some", "audio_length_s": 5.16, "path": "4032bfdd59881fc6506c082737cb5a99_26.wav", "duration": 5.16}, {"text": "trying to bring back sales among existing customers at some points and finding new customers at some points.", "audio_length_s": 5.16, "path": "47a303604df9f9fc9f2f89a9280c3a79_194.wav", "duration": 5.16}, {"text": "We have also spent a great deal of time assessing structural aspects of our organization.", "audio_length_s": 5.16, "path": "0f06227be4dd36d9329849eda96196aa_32.wav", "duration": 5.16}, {"text": "Our internal measures of success are, therefore, focused on progress and market penetration,", "audio_length_s": 5.16, "path": "0f4370b614f29bd596e4f6871cc77864_136.wav", "duration": 5.16}, {"text": "In the last year, if you include Harbor and Sunshine, we've increased fee income", "audio_length_s": 5.16, "path": "15ac383479a7c990aab7b155e4d42053_74.wav", "duration": 5.16}, {"text": "It's aligned with the expectation, but nevertheless, a little bit higher than we have seen", "audio_length_s": 5.16, "path": "3e714a49937be1672aa48244ba7254ce_48.wav", "duration": 5.16}, {"text": "to make sure that we invest it very, very well and that we get the returns.", "audio_length_s": 5.16, "path": "a44c74bdc01aa7e317addc11f2274e11_80.wav", "duration": 5.16}, {"text": "This will require a level of systemization, which we have been diligently working through.", "audio_length_s": 5.16, "path": "d9a3d28bdd36864c63b02659cc8870a8_49.wav", "duration": 5.16}, {"text": "is doing equity between now and the end of the year, would you consider that opportunistic?", "audio_length_s": 5.16, "path": "171fd9df333ddd814c764843ed624121_103.wav", "duration": 5.16}, {"text": "and refinance in the market. I think that will be the main source", "audio_length_s": 5.16, "path": "eb4fd38da7ae1a347630ef447dfe9abe_192.wav", "duration": 5.16}, {"text": "This means getting to a debt balance that is suitable for our core growth assets,", "audio_length_s": 5.16, "path": "c433164f6d189e18b1e4784e376b6ecb_109.wav", "duration": 5.16}, {"text": "and they will expand as the customers migrate and we're, again, constantly focused on", "audio_length_s": 5.16, "path": "bbe852c8c3f7827e31f31a56bc72b7da_165.wav", "duration": 5.16}, {"text": "The decrease was primarily due to lower average loan balances on the year.", "audio_length_s": 5.16, "path": "a8034762296368c60571fcde382c3274_118.wav", "duration": 5.16}, {"text": "cleaning up to make sure that in case something happens in the future, you're covered. And", "audio_length_s": 5.16, "path": "a8034762296368c60571fcde382c3274_60.wav", "duration": 5.16}, {"text": "particularly in our Industrial and Electronics and Energy businesses.", "audio_length_s": 5.16, "path": "002d12258ff802d65f79ae2eef99e4ab_10.wav", "duration": 5.16}, {"text": "And finally is be prepared to ramp this up as quickly as possible.", "audio_length_s": 5.16, "path": "e3d70ecdb6aaed843dd059c121962e45_88.wav", "duration": 5.16}, {"text": "And do you know whether you have received a priority review?", "audio_length_s": 5.16, "path": "0c1ba087943ffa875ee4e4c1c42a458f_25.wav", "duration": 5.16}, {"text": "As a reminder, we have decided to increase the expected return of Compass", "audio_length_s": 5.16, "path": "e60f6485243932b9280d864cb17a6ba8_212.wav", "duration": 5.16}, {"text": "We have a lot of customers which are in the", "audio_length_s": 5.16, "path": "e60f6485243932b9280d864cb17a6ba8_163.wav", "duration": 5.16}, {"text": "This increase in gross profit dollars was primarily related to the inclusion of HBC Europe", "audio_length_s": 5.16, "path": "65b48a7260ef038ff1bec3cc200331c3_188.wav", "duration": 5.16}, {"text": "Additional details on our share repurchases are available on the study database.", "audio_length_s": 5.16, "path": "79afc92245f71d37a9adafb6f8d50e4f_59.wav", "duration": 5.16}, {"text": "In the second quarter, all of our business lines experienced good growth", "audio_length_s": 5.16, "path": "0360a780927a31fb0bec9e79dac878a2_44.wav", "duration": 5.16}, {"text": "And while we certainly talk about comp and look at it, a lot of our", "audio_length_s": 5.16, "path": "c67af59ea29f4e80b8eeede6e730658e_60.wav", "duration": 5.16}, {"text": "We also have some zones of high zinc and I think I've mentioned in previous quarters,", "audio_length_s": 5.16, "path": "e5040d02fba73a359d3f7cb346517ce1_44.wav", "duration": 5.16}, {"text": "So we plan to stay in the protocol and we hope to see other members stay in as well.", "audio_length_s": 5.16, "path": "8a77ceadd7e4729abc9102d38be3a227_10.wav", "duration": 5.16}, {"text": "Looking forward, if today's exchange rates were to remain unchanged for the rest of", "audio_length_s": 5.16, "path": "47b1a118c53956b23f1d687a75f3e5ba_101.wav", "duration": 5.16}, {"text": "and I know you know this, is to see an acceleration of", "audio_length_s": 5.16, "path": "d8eb5522db0e51d75ea6518462954c52_204.wav", "duration": 5.16}, {"text": "This is important work and will lay the foundation for our future ag company.", "audio_length_s": 5.16, "path": "a48d6b74a0a1d8cc519ae4f7bd9cbeac_78.wav", "duration": 5.16}, {"text": "This is only done if the first 2 options don't provide a better solution.", "audio_length_s": 5.16, "path": "e2c02e1788cb10703d7611ef157f8135_19.wav", "duration": 5.16}, {"text": "have been lower than both the client and vendors anticipated.", "audio_length_s": 5.16, "path": "b94d748876ddf8e881d4191dec45baf3_70.wav", "duration": 5.16}, {"text": "And we launched Cannon Blast to compete successfully in the shot occasion.", "audio_length_s": 5.16, "path": "c3567809c19ce6a800677544cd84f88b_10.wav", "duration": 5.16}, {"text": "And these are also the physicians who are most likely to move quickly.", "audio_length_s": 5.16, "path": "265e62fc569e790d8b3e58698aaab701_27.wav", "duration": 5.16}, {"text": "As we increase new store investment, control sales of new locations,", "audio_length_s": 5.16, "path": "e6c0fa1068c28557c3e17e0d02b831b1_135.wav", "duration": 5.16}, {"text": "and wiser perspective at a faster pace with a flatter learning curve.", "audio_length_s": 5.16, "path": "e3fb2719bc9a37659c5e3ae54a06e8a7_123.wav", "duration": 5.16}, {"text": "as we continue to strengthen and modernize our Pennsylvania delivery network.", "audio_length_s": 5.16, "path": "526e0d5398a516831b49936c31a8ea1c_104.wav", "duration": 5.16}, {"text": "And the results of these actions are starting to pay results.", "audio_length_s": 5.16, "path": "fe4ae1578ebe1882856eb2ea0c1cbe5f_83.wav", "duration": 5.16}, {"text": "And at this time, that's the priority for us as opposed to", "audio_length_s": 5.16, "path": "5ea42ed8ea9a65bd01aaabb678685483_67.wav", "duration": 5.16}, {"text": "We expect this increase to be driven primarily by operating gains.", "audio_length_s": 5.16, "path": "9b697782ea80be97854f35d6fc62c93a_29.wav", "duration": 5.16}, {"text": "We do not undertake any obligation to update these statements after the date of this call.", "audio_length_s": 5.16, "path": "40b1895fcd5116b51eb97573544b3afd_63.wav", "duration": 5.16}, {"text": "And obviously those end markets we believe", "audio_length_s": 5.16, "path": "262bc21196721c5ff9114acbd2ff03c3_281.wav", "duration": 5.16}, {"text": "The transformation of the team has been truly additive, and the quality of the people we've been able to attract and retain", "audio_length_s": 5.16, "path": "aed770c98113f594e36325a5822547e4_64.wav", "duration": 5.16}, {"text": "These favorable unlockings were mainly driven by the performance of equities in our customer accounts", "audio_length_s": 5.16, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_13.wav", "duration": 5.16}, {"text": "and divested business results and other items outside of adjusted operating income", "audio_length_s": 5.16, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_184.wav", "duration": 5.16}, {"text": "And to our knowledge, pulp prices in Asia for March", "audio_length_s": 5.16, "path": "9b1931e93dfb0391fb948924a93be5ff_109.wav", "duration": 5.16}, {"text": "below what we've been planning in the year and again reflecting", "audio_length_s": 5.16, "path": "21f21433851eb7c7f7dbc710309341bb_217.wav", "duration": 5.16}, {"text": "the result of which should be margin expansion from all 3 segments next year.", "audio_length_s": 5.16, "path": "fb817a6cc685a3fd0f003456dd641c01_75.wav", "duration": 5.16}, {"text": "as you have heard from Marc and Kate, we remain confident", "audio_length_s": 5.16, "path": "5330f07390a3c14fc49f24ac98bf1eab_15.wav", "duration": 5.16}, {"text": "However, it is important to note that this segment is still solidly profitable", "audio_length_s": 5.16, "path": "8eaca8d8a419f74540f69ade8defabbd_171.wav", "duration": 5.16}, {"text": "We expect belly prices to be above last year as the industry continues to experience", "audio_length_s": 5.16, "path": "af2718cdc0b3b856f9a0b3da3d527d18_73.wav", "duration": 5.16}, {"text": "your capacity to do another small bank deal? Or maybe another larger deal?", "audio_length_s": 5.16, "path": "ec298d3b4d5979aa8c64bf222562e259_81.wav", "duration": 5.16}, {"text": "So -- but if something were to come along that was a product extension or was something that", "audio_length_s": 5.16, "path": "7cc11de7f206c637e6293da0d956405e_164.wav", "duration": 5.16}, {"text": "the situation will certainly get resolved, but we do feel that there is sort of a positive", "audio_length_s": 5.16, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_41.wav", "duration": 5.16}, {"text": "would tell you that the opioid use in this population is relatively high,", "audio_length_s": 5.16, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_119.wav", "duration": 5.16}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 5.16, "path": "f6ce013decc49462849265711e8c93fc_80.wav", "duration": 5.16}, {"text": "Human Resources are what matters most to our company.", "audio_length_s": 5.16, "path": "254f3c2175c8e11d6da7d44a221e1bff_25.wav", "duration": 5.16}, {"text": "These and other attributes have helped AMU to become a leader in serving military and veteran communities.", "audio_length_s": 5.16, "path": "561ad2552e8f7fab8126e9ca75cf8c89_82.wav", "duration": 5.16}, {"text": "when you would expect those volumes to inflect or be positive.", "audio_length_s": 5.16, "path": "4721d5a2e7061d90a4e4e4768adc2486_96.wav", "duration": 5.16}, {"text": "You're including the share repurchase activity done to date in that number.", "audio_length_s": 5.16, "path": "2a7af3c66762ce608379005a3d7bfa96_79.wav", "duration": 5.16}, {"text": "I can confirm we will have continuity on the key drivers on the plan,", "audio_length_s": 5.16, "path": "ea45464984232d301c70cc7a9afdbc65_55.wav", "duration": 5.16}, {"text": "class. And that is also one of the reason why it's taking a little bit of time.", "audio_length_s": 5.16, "path": "7e2ebcd981f5b5ecb18c04906f87d768_185.wav", "duration": 5.16}, {"text": "Our mobile offers give us great flexibility and leverage to grow and retain customers.", "audio_length_s": 5.16, "path": "0fa398ef99a7a936fc1e509dacaaadde_134.wav", "duration": 5.16}, {"text": "As it relates to the kind of relationship we need to have, I think we have the kind of relationships with", "audio_length_s": 5.16, "path": "0cfaeed8cd93dc274845d450e921aeb6_19.wav", "duration": 5.16}, {"text": "which contributes to the finished product that is sold in stores.", "audio_length_s": 5.16, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_52.wav", "duration": 5.16}, {"text": "take a little bit more risk so that you can grow volumes faster? Thanks.", "audio_length_s": 5.16, "path": "f3ef7b587ef19092f28a7c1ece1d46fe_80.wav", "duration": 5.16}, {"text": "We'll also study the potential for supplying materials for purposes other than concrete.", "audio_length_s": 5.16, "path": "00dcacc7fe3cab64b14aff04a9cd0284_11.wav", "duration": 5.16}, {"text": "you really begin to see the cadence build, and our partnership with Stephen is one that we're learning how to do this.", "audio_length_s": 5.16, "path": "9ca3ddf11f0e32620dc4a92b5d8f2766_50.wav", "duration": 5.16}, {"text": "we need to be able to attract and retain the talent necessary to expand and manage the business.", "audio_length_s": 5.16, "path": "2b1611c25a098f87dd7623d00d53eeea_32.wav", "duration": 5.16}, {"text": "We expect all these product innovations to support customer growth moving forward.", "audio_length_s": 5.16, "path": "1353031386f884a821e7e9bab449727d_80.wav", "duration": 5.16}, {"text": "but it is the journey for most of our customers", "audio_length_s": 5.16, "path": "1862ee2f84dc77a40dde64b34f3ab94e_49.wav", "duration": 5.16}, {"text": "which were partially offset by other net favorable working capital changes.", "audio_length_s": 5.16, "path": "a2ba164f019804628c07b36de47cd464_88.wav", "duration": 5.16}, {"text": "the capacity may move, but we would like to see utilization pick up,", "audio_length_s": 5.16, "path": "ecc871b8f89a858d952f554f1ca8f7da_31.wav", "duration": 5.16}, {"text": "everyone's reading. We're certainly looking through a lot of the other peer company filings to get a read on that,", "audio_length_s": 5.16, "path": "ed2810b765143f8341dcc8e8c14c27f1_244.wav", "duration": 5.16}, {"text": "This is not unexpected from our standpoint and has been built into the guidance.", "audio_length_s": 5.16, "path": "1300495cfa53748f732f54277d5a8cea_37.wav", "duration": 5.16}, {"text": "rather than a failure of execution by our stations.", "audio_length_s": 5.16, "path": "a0fe48ba783b94dc7e5b0201aba7c1cb_98.wav", "duration": 5.16}, {"text": "We're doing very well in a difficult region, but we know how to do it.", "audio_length_s": 5.16, "path": "387e37f77b5e6be4e5ab2b00e95e38f1_55.wav", "duration": 5.16}, {"text": "is reflective in many different examples. And you're starting to see that evidence itself", "audio_length_s": 5.16, "path": "f5e9c69a92eb9179062673e044f8a53b_85.wav", "duration": 5.16}, {"text": "That may have ticked up somewhat, right, with the competition for feedstock out there.", "audio_length_s": 5.16, "path": "89499eed4dff3bd184e91cd496111f22_130.wav", "duration": 5.16}, {"text": "Please keep in mind that these forward-looking statements are subject to known and unknown", "audio_length_s": 5.16, "path": "6aad408f4bb1930cf10f445115f6ed3d_1.wav", "duration": 5.16}, {"text": "where the audio recording of the webcast will also be archived for future reference.", "audio_length_s": 5.16, "path": "3e42c35588dc721e96280bc039e96c8d_32.wav", "duration": 5.16}, {"text": "I guess, post the changes and broken down into the individual assets?", "audio_length_s": 5.16, "path": "d1c4d16bfe8ceadd0ab1356305ca749b_28.wav", "duration": 5.16}, {"text": "I did not. Okay. And would you tell us what platform it was on?", "audio_length_s": 5.16, "path": "711d9abe4399e7184d7dd8e3273f8a71_102.wav", "duration": 5.16}, {"text": "that we continue to enhance our value proposition in the mobile business in Argentina.", "audio_length_s": 5.16, "path": "1758a982f596e3033f062a5b9f011361_23.wav", "duration": 5.16}, {"text": "We think that gives certainty for the customer and gives us certainty as well.", "audio_length_s": 5.16, "path": "bc1efb704df9c180935803c70a315597_108.wav", "duration": 5.16}, {"text": "exactly. That -- and that's why we called out a couple of things continuing into the first quarter.", "audio_length_s": 5.16, "path": "6cbf592846662213258684c3049e4592_141.wav", "duration": 5.16}, {"text": "Do you need to start thinking about it more in the second half of this year?", "audio_length_s": 5.16, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_234.wav", "duration": 5.16}, {"text": "and I cannot calculate right away. But", "audio_length_s": 5.16, "path": "1530acc3242f0ee1713e757ee06f6aa1_24.wav", "duration": 5.16}, {"text": "If you look into our first quarter, the short version of the message is", "audio_length_s": 5.16, "path": "b20564a6da1bcfc7b80552299d9e002a_52.wav", "duration": 5.16}, {"text": "was 34% as we secured more contracts and executed at a better level.", "audio_length_s": 5.16, "path": "1e82002540bb3371dcda874a3ce114b2_121.wav", "duration": 5.16}, {"text": "opportunities or challenges does this present to West?", "audio_length_s": 5.16, "path": "eea41cba1f90b280bbd96fdaa9d0f4bf_177.wav", "duration": 5.16}, {"text": "driven in large part by very strong performance in Credit trading and Macro,", "audio_length_s": 5.16, "path": "18312cfa47f1a58a275a66ed44a87d3f_123.wav", "duration": 5.16}, {"text": "It makes for a very uncertain environment to predict the policy given the", "audio_length_s": 5.16, "path": "81c03e2c15e8fe8213fbd40368b49581_13.wav", "duration": 5.16}, {"text": "a stronger presence in South America and Brazil.", "audio_length_s": 5.16, "path": "f15a674bdbbc461872000604216ae071_66.wav", "duration": 5.16}, {"text": "who also improved the outlook from negative to stable.", "audio_length_s": 5.16, "path": "bf99037f89cd485f95f097842619a0c7_208.wav", "duration": 5.16}, {"text": "Lower yarn volume was due to trade issues impacting our customers.", "audio_length_s": 5.16, "path": "b154f7c33e567e453cb765f4ac03dd2f_124.wav", "duration": 5.16}, {"text": "So with that, I will turn it over to the operator to take your questions.", "audio_length_s": 5.16, "path": "365c360aff42713cef71a7d026eeeb6d_101.wav", "duration": 5.16}, {"text": "So I think from a weather standpoint, we gave you the number of bad weather days", "audio_length_s": 5.16, "path": "b35398859e534e471fb1cd60f5baac20_158.wav", "duration": 5.16}, {"text": "How are you dealing with the current scenario?", "audio_length_s": 5.16, "path": "525a3d59e4a319ddd41c161ec0e67f93_147.wav", "duration": 5.16}, {"text": "There's plenty of scope for optimization and life extension during that period.", "audio_length_s": 5.16, "path": "9b84dc4409f4ecccd173c2f81a4460cc_196.wav", "duration": 5.16}, {"text": "These changes have some impact on our income statements and our cash flows.", "audio_length_s": 5.1599375, "path": "cf3d2ee8d3c89ab6c2e7743bbfec4538_2.wav", "duration": 5.1599375}, {"text": "Can we get some color on the flow of revenues in the upcoming quarters? I think you mentioned the first quarter", "audio_length_s": 5.1300625, "path": "6aad408f4bb1930cf10f445115f6ed3d_34.wav", "duration": 5.1300625}, {"text": "how much more do you think you have in terms of capacity of your existing staff?", "audio_length_s": 5.13, "path": "0d631e444d1c22f0be99a69f5deaff94_127.wav", "duration": 5.13}, {"text": "comment on your revenue growth", "audio_length_s": 5.13, "path": "0db71632fa65f1d166f14cb8593c4690_50.wav", "duration": 5.13}, {"text": "discuss them historically and then obviously being sure that we think", "audio_length_s": 5.13, "path": "ab861b81968e1b5fcb606ed886919d68_164.wav", "duration": 5.13}, {"text": "No, I think that we'll be able to do the drill and do what we need to do.", "audio_length_s": 5.13, "path": "8b6c481f7fe797353fefe886e205bbaa_39.wav", "duration": 5.13}, {"text": "Our restaurant teams and field leaders are quickly embracing this new focus with enthusiasm.", "audio_length_s": 5.13, "path": "1f1b29266d2cede9b8f0f06ca57aae17_51.wav", "duration": 5.13}, {"text": "The share of international revenues has increased", "audio_length_s": 5.13, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_62.wav", "duration": 5.13}, {"text": "compared to the adjusted EBIT and caused particularly by lower interest costs.", "audio_length_s": 5.13, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_19.wav", "duration": 5.13}, {"text": "usually on an annual basis starting January 1, but we've continued to move up. And as our", "audio_length_s": 5.13, "path": "249b7b83531140105343e2a0e89150fa_87.wav", "duration": 5.13}, {"text": "So as long as all that operational activity continues in such a good way, I don't think there are any", "audio_length_s": 5.13, "path": "8544fcd40dacf31ad0ddf2cd1fc3c420_143.wav", "duration": 5.13}, {"text": "have lifted our gross profit margin expectations to a new level.", "audio_length_s": 5.13, "path": "67716cee321d117b0318930dd142f06a_4.wav", "duration": 5.13}, {"text": "then the margin should come up to a double.", "audio_length_s": 5.13, "path": "a4e84e293bde7191186ae3a7a0b34024_238.wav", "duration": 5.13}, {"text": "Moving on to capital management. Our philosophy is not changed.", "audio_length_s": 5.13, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_63.wav", "duration": 5.13}, {"text": "But that's the amount of gain that we would expect to see out of that portfolio", "audio_length_s": 5.13, "path": "25411ff16eb3ca72b6e736eb0fe0cafb_49.wav", "duration": 5.13}, {"text": "foreign currency impact and the impact of the accounting change for stock compensation.", "audio_length_s": 5.13, "path": "044da592acc01ff7baacb3dbf2a302a9_71.wav", "duration": 5.13}, {"text": "are able to compare in a better way our capital levels to the ones of our international peers.", "audio_length_s": 5.13, "path": "d085781ecd776da8a9c4d31ad547606b_221.wav", "duration": 5.13}, {"text": "But many companies themselves kind of move in the goalposts in terms of thinking about their cushions for", "audio_length_s": 5.13, "path": "1f686a09cf3566a34f04f39fde02460e_202.wav", "duration": 5.13}, {"text": "as well as storage and transmission opportunities in Arizona.", "audio_length_s": 5.13, "path": "9589f919b51ea96f732c4fe7fd180d7e_7.wav", "duration": 5.13}, {"text": "Thank you very much for your questions.", "audio_length_s": 5.13, "path": "ecd8e1f1c0fa27dfdd24b358cb65012f_21.wav", "duration": 5.13}, {"text": "In addition to the funding, all Xcede notes have been converted to equity,", "audio_length_s": 5.13, "path": "91422f85dbf838639b3cb9dd9da364eb_4.wav", "duration": 5.13}, {"text": "The effects of this devaluation are continuing into our current year.", "audio_length_s": 5.13, "path": "91422f85dbf838639b3cb9dd9da364eb_8.wav", "duration": 5.13}, {"text": "we have very little vacancy in our Seattle parks, and options are limited in the market.", "audio_length_s": 5.13, "path": "6fa080ad3d32111b4490d1c7e30874f3_46.wav", "duration": 5.13}, {"text": "We will post the presentation on our website for information purposes in the coming days.", "audio_length_s": 5.13, "path": "ada4e338c266148264077e06bac68005_14.wav", "duration": 5.13}, {"text": "We continue to seek opportunities from new and recurring customers,", "audio_length_s": 5.13, "path": "bad55d25c1222682bd893d97dc5cbb27_118.wav", "duration": 5.13}, {"text": "and welcome to the AveXis conference call to discuss third quarter financial and operating results", "audio_length_s": 5.13, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_61.wav", "duration": 5.13}, {"text": "wherein the profitability parameters have again shown a remarkable improvement.", "audio_length_s": 5.13, "path": "2e3470778d787bc7db14a62eeaefd902_5.wav", "duration": 5.13}, {"text": "This leads to a strengthening balance sheet while increasing liquidity and flexibility moving forward.", "audio_length_s": 5.13, "path": "c1f9276ae4068aca63163adff502b818_161.wav", "duration": 5.13}, {"text": "So we don't foreclose small markets if we see some unique opportunities or", "audio_length_s": 5.13, "path": "403903eb119bfc1cec44d86ec907077a_163.wav", "duration": 5.13}, {"text": "building the company to grow everything good in the company 10% a year through a cycle.", "audio_length_s": 5.13, "path": "15ac383479a7c990aab7b155e4d42053_57.wav", "duration": 5.13}, {"text": "This increased activity in the quarter more than offset a reduction compared to the previous year", "audio_length_s": 5.13, "path": "f314d55f20e7186f4cd0e41e32ec144b_38.wav", "duration": 5.13}, {"text": "We are optimistic that a refinancing will occur and, if it does,", "audio_length_s": 5.13, "path": "9da45cfd4472699ef05d887adce01223_38.wav", "duration": 5.13}, {"text": "it seems like -- I didn't calc the high end of the guide, but it's probably like", "audio_length_s": 5.13, "path": "6864081f83959f4b49e25e597f28af66_184.wav", "duration": 5.13}, {"text": "especially in the Permian have yet to be fully evaluated by the market.", "audio_length_s": 5.13, "path": "2905366dcf0eb60a22b63a1b3d9adf95_96.wav", "duration": 5.13}, {"text": "But at the same time, we remain optimistic and the business continues with its momentum.", "audio_length_s": 5.13, "path": "b022fc1979ef416dd25317a4c062328e_9.wav", "duration": 5.13}, {"text": "You should not consider the presentation of this additional information in isolation", "audio_length_s": 5.13, "path": "2b87d263eaf2464f275a48fa005b16c7_2.wav", "duration": 5.13}, {"text": "What JCR allows us to do is to focus on providing that type of capital to the rest of the market,", "audio_length_s": 5.13, "path": "9ab2e6eb9debfae2de541ba645bfd265_179.wav", "duration": 5.13}, {"text": "Organic volume and utilization was neutral to margins in the quarter,", "audio_length_s": 5.13, "path": "002d12258ff802d65f79ae2eef99e4ab_220.wav", "duration": 5.13}, {"text": "was primarily due to our decision to invest in the customer", "audio_length_s": 5.13, "path": "2c60feed630360c28b14ab90dcc50f63_50.wav", "duration": 5.13}, {"text": "And the intention would be to refinance it.", "audio_length_s": 5.13, "path": "550ef3fcaf67ca1df87136acfdfa9d19_129.wav", "duration": 5.13}, {"text": "My last one's really around the shape of the yield curve. Obviously the 5 and 10 years backed up quite a bit,", "audio_length_s": 5.13, "path": "f2a2ba46b242698577188259de23de31_17.wav", "duration": 5.13}, {"text": "This operation is important for different reasons that you will certainly appreciate.", "audio_length_s": 5.13, "path": "e60f6485243932b9280d864cb17a6ba8_189.wav", "duration": 5.13}, {"text": "This system is intended to be the beginning of a broader collaboration.", "audio_length_s": 5.13, "path": "1bba27cac9495fe57f623973383d6948_15.wav", "duration": 5.13}, {"text": "So we shouldn't have these problems that we had this summer.", "audio_length_s": 5.13, "path": "c8ba00f442f07177594bfec3ac8a8d8d_21.wav", "duration": 5.13}, {"text": "continuously on execution to drive the project margins. And you can tell from", "audio_length_s": 5.13, "path": "bab12f620df0f367e74acdcc467686f1_98.wav", "duration": 5.13}, {"text": "maybe which banners you might be seeing some of the impact and that might be causing the downward revision? And", "audio_length_s": 5.13, "path": "65b48a7260ef038ff1bec3cc200331c3_20.wav", "duration": 5.13}, {"text": "We help guide educators through a federal student loan forgiveness and repayment programs", "audio_length_s": 5.13, "path": "aeb50c6146f90bd32d147c5d4775c21d_80.wav", "duration": 5.13}, {"text": "This does conclude the call. You may now disconnect. Everyone, have a wonderful day.", "audio_length_s": 5.13, "path": "bf07ba925d6e5f568f66bb89b00a9463_95.wav", "duration": 5.13}, {"text": "So we still see some of those unique opportunities in the marketplace. They're still there.", "audio_length_s": 5.13, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_124.wav", "duration": 5.13}, {"text": "I think this is an incredible achievement especially in the Chicago marketplace.", "audio_length_s": 5.13, "path": "8fbfa6ca2fe8141fd75ae42fd998149f_113.wav", "duration": 5.13}, {"text": "We expect this item to be in nearly full distribution by the middle of the summer.", "audio_length_s": 5.13, "path": "3cc0a4a6f1b08b522c732ad8944e8624_40.wav", "duration": 5.13}, {"text": "we did actually mine overall probably a higher gold grade than what we fed through the plant", "audio_length_s": 5.13, "path": "e5040d02fba73a359d3f7cb346517ce1_177.wav", "duration": 5.13}, {"text": "With that, thank you everybody for being on this call and have a good day.", "audio_length_s": 5.13, "path": "e5040d02fba73a359d3f7cb346517ce1_164.wav", "duration": 5.13}, {"text": "leveraging on the synergistic platforms that we are using together. There is one cloud", "audio_length_s": 5.13, "path": "d8eb5522db0e51d75ea6518462954c52_188.wav", "duration": 5.13}, {"text": "and our value approach is illustrated also in Spain as in France", "audio_length_s": 5.13, "path": "d8eb5522db0e51d75ea6518462954c52_242.wav", "duration": 5.13}, {"text": "assist customers easier to look at things in the store and online.", "audio_length_s": 5.13, "path": "e2c02e1788cb10703d7611ef157f8135_203.wav", "duration": 5.13}, {"text": "And I don't think -- I think all of us are pretty occupied with", "audio_length_s": 5.13, "path": "7bc22aba9bc29d69ee10cc60db7903d8_75.wav", "duration": 5.13}, {"text": "and continued to message our clear differentiation from the competition.", "audio_length_s": 5.13, "path": "70c92ab88d38f489d5074f2859e0290e_25.wav", "duration": 5.13}, {"text": "in terms of the low hanging fruit, how far does that actually get you?", "audio_length_s": 5.13, "path": "6d97c63e754383663561baada77c7354_76.wav", "duration": 5.13}, {"text": "Yes. Yes, and I don't think it's a fact that it's a shift to", "audio_length_s": 5.13, "path": "b94d748876ddf8e881d4191dec45baf3_47.wav", "duration": 5.13}, {"text": "of laws throughout Europe. Now it may be necessary to have some state-by", "audio_length_s": 5.13, "path": "16ed973148ce103dc95fdcfaf35bbe7b_187.wav", "duration": 5.13}, {"text": "the lowering of dose levels to reduce the ultimate cost to administer to patients", "audio_length_s": 5.13, "path": "885b465648704d8a5d15bd00078e2160_66.wav", "duration": 5.13}, {"text": "largely driven by increased demand and a slight increase in rates.", "audio_length_s": 5.13, "path": "b1da16cba24af8e472573c4c9caf17c7_71.wav", "duration": 5.13}, {"text": "established an exchangeable bond based on the VEON shares.", "audio_length_s": 5.13, "path": "4567936d89925d1a3b983274b11ecae5_28.wav", "duration": 5.13}, {"text": "So if the Navy chooses not to", "audio_length_s": 5.13, "path": "151a08a0353f92bc3a78bbf8a17b52aa_109.wav", "duration": 5.13}, {"text": "Let me briefly recap each of the new portfolio company investments.", "audio_length_s": 5.13, "path": "4479886907c2a9ec843d6ea1e5e0cacc_135.wav", "duration": 5.13}, {"text": "Turning to Page 7. You'll see the things we're focusing on in response to these challenges.", "audio_length_s": 5.13, "path": "63eaf9677d7577484a1557ae6bfbb585_115.wav", "duration": 5.13}, {"text": "that is we consider business a single segment", "audio_length_s": 5.13, "path": "52a4e3ebf7e968a783401230c3f69a9d_17.wav", "duration": 5.13}, {"text": "and also taken into consideration the fact that the cost are currently decreasing", "audio_length_s": 5.13, "path": "aefbce6ef3fec2bcc7535dc0272aac8c_35.wav", "duration": 5.13}, {"text": "how many of our units in the market that we are actually servicing and overhauling in the market,", "audio_length_s": 5.13, "path": "3d278a2ed905799fa07e009f431603e1_25.wav", "duration": 5.13}, {"text": "think about exiting some of those businesses at a favorable point in the cycle?", "audio_length_s": 5.13, "path": "3d278a2ed905799fa07e009f431603e1_123.wav", "duration": 5.13}, {"text": "The impact of these incidents masked solid results in a number of areas.", "audio_length_s": 5.13, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_129.wav", "duration": 5.13}, {"text": "successful growth that we had in our branded retail network on a year-over-year basis.", "audio_length_s": 5.13, "path": "8a667cb70a23d30d6c624ef7ab9bcbbb_19.wav", "duration": 5.13}, {"text": "So as you can see, we made good progress on many fronts this year.", "audio_length_s": 5.13, "path": "9b697782ea80be97854f35d6fc62c93a_200.wav", "duration": 5.13}, {"text": "Okay. That sounds good. And then the other question I had was", "audio_length_s": 5.13, "path": "c8124cdb821d04f0e585420c128d76c7_42.wav", "duration": 5.13}, {"text": "We're increasing our focus more actively on partnership for new product development activities", "audio_length_s": 5.13, "path": "1ad54837f74515ad7caa2a50d70459c9_11.wav", "duration": 5.13}, {"text": "you might come up with a number that might be different than what we're coming up with. But,", "audio_length_s": 5.13, "path": "f13362f70e41d74f3fda8d7dfb19f09e_152.wav", "duration": 5.13}, {"text": "into ZTE that have an impact sit among our customer base.", "audio_length_s": 5.13, "path": "b3d7bc295d09d9927e465213612c0192_216.wav", "duration": 5.13}, {"text": "improving ventilation and other working conditions and supporting future underground exploration.", "audio_length_s": 5.13, "path": "a1329d5014382fed182ec42276821868_165.wav", "duration": 5.13}, {"text": "The complexity associated with the development of 5G and its prototypes", "audio_length_s": 5.13, "path": "9e07401011239a074ff66741ee557224_12.wav", "duration": 5.13}, {"text": "are as important as the investments we make to expand and enhance our portfolio.", "audio_length_s": 5.13, "path": "da879f8ea1c23aa6565cccaacac271fc_248.wav", "duration": 5.13}, {"text": "And oil prices have declined from the peaks we saw late last year.", "audio_length_s": 5.13, "path": "01f88a67f39af3a74d5f23b095615d39_111.wav", "duration": 5.13}, {"text": "we used cash this part of the year across all of our businesses, as we're investing in inventory for", "audio_length_s": 5.13, "path": "c47a92e006b54d014a79b447528c55a7_109.wav", "duration": 5.13}, {"text": "I'd like to focus for a minute on one of Nick's last comments regarding our cash generation.", "audio_length_s": 5.13, "path": "6760f7edfb883104c8c655c4671646e5_60.wav", "duration": 5.13}, {"text": "I don't think we've ever mentioned it on one of these calls, but we were partnering with them for years on their CashEdge solution.", "audio_length_s": 5.13, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_202.wav", "duration": 5.13}, {"text": "prudent move for them to try to do something like what you're suggesting. But", "audio_length_s": 5.13, "path": "22a55e362dd67dc8f7cd40f7ec8d62c1_109.wav", "duration": 5.13}, {"text": "And that the evidence, while reasonable from a preclinical and early clinical", "audio_length_s": 5.13, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_142.wav", "duration": 5.13}, {"text": "Operating margins were higher than expected at the time of the AGM trading statement,", "audio_length_s": 5.13, "path": "3877b1983229ec488c6349a188bccf92_19.wav", "duration": 5.13}, {"text": "so we don't put ourselves in a position where we have a large amount of obsolete inventory", "audio_length_s": 5.13, "path": "7498a6630302a038bd537d192c3a44f4_195.wav", "duration": 5.13}, {"text": "The credit facility provides flexibility for royalty acquisitions which meet our criteria.", "audio_length_s": 5.13, "path": "1438feb8661785c9d0182f4adfc439f0_34.wav", "duration": 5.13}, {"text": "With volumes increasing and as we experience step changes to production curve", "audio_length_s": 5.13, "path": "7e2ebcd981f5b5ecb18c04906f87d768_211.wav", "duration": 5.13}, {"text": "I think we can triple the profits there on that sort of nominal basis or regular basis.", "audio_length_s": 5.13, "path": "80a2ca14358172366acab4e80f3fa33b_46.wav", "duration": 5.13}, {"text": "we have made targeted investments in both public and private cloud solutions.", "audio_length_s": 5.13, "path": "fe80c1056f21701e41cf3489c450f5ae_234.wav", "duration": 5.13}, {"text": "situations are of the customers in terms of timing and so forth. So it's a little hard to really pin down", "audio_length_s": 5.13, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_127.wav", "duration": 5.13}, {"text": "Strong operational performance in our core liquids pipelines business is the key reason.", "audio_length_s": 5.13, "path": "523a7b1c62d1e2ac2fc0440bca0d020c_104.wav", "duration": 5.13}, {"text": "for us. You are right to point out other parts of the machine would have more of an impact.", "audio_length_s": 5.13, "path": "ee00ebd8d782e8f124b3e142cbb74f37_198.wav", "duration": 5.13}, {"text": "the flip side of that is we hear from most of our customers, is they are also in the work for talent and space.", "audio_length_s": 5.13, "path": "94f601dc7b34ad38667e3b714aa89d35_96.wav", "duration": 5.13}, {"text": "The quarter included meaningful progress in our Buckhead portfolio.", "audio_length_s": 5.13, "path": "97b9c8b95449565c1f280a2b61a65b31_12.wav", "duration": 5.13}, {"text": "kind of the low and high ends of the range. So to be honest, I'd say, last quarter,", "audio_length_s": 5.13, "path": "18e82b076319ac52f8a4b391ea345abd_80.wav", "duration": 5.13}, {"text": "So they have to hit certain free cash flow numbers historically", "audio_length_s": 5.13, "path": "121ff035b7c98d6e48d7ca377d850dda_128.wav", "duration": 5.13}, {"text": "which was expected due to the upcoming commercial launch of our new platform, Nexus.", "audio_length_s": 5.13, "path": "cd331fa6dd24e811af3c0529212bfbb8_6.wav", "duration": 5.13}, {"text": "So I would say, this past quarter, they were slanted a little bit more towards", "audio_length_s": 5.13, "path": "382e3c8eda678694c6368e00f19c8881_10.wav", "duration": 5.13}, {"text": "do those syndications and the securitizations and are involved in that market, they will tell you that", "audio_length_s": 5.13, "path": "11f02fb2db5d9fb5ff82f0374376f759_106.wav", "duration": 5.13}, {"text": "really a very nice picture on the free cash flow side. So that has been the main driver", "audio_length_s": 5.13, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_166.wav", "duration": 5.13}, {"text": "on a consolidated basis, overall the numbers are up.", "audio_length_s": 5.13, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_20.wav", "duration": 5.13}, {"text": "And that's the big driver in addition to that lack of", "audio_length_s": 5.13, "path": "383cf39e54475c8a25af2af7b35c6f2e_18.wav", "duration": 5.13}, {"text": "Several slides in the appendix give more granularity on all the guidance updates.", "audio_length_s": 5.13, "path": "95303f68781d6fb58e19ec1dc7785a7c_16.wav", "duration": 5.13}, {"text": "And I think, where we are it's quite clearly that the growth is coming through the south", "audio_length_s": 5.13, "path": "71c8aba809b2c3334e487f92f9009647_83.wav", "duration": 5.13}, {"text": "Orders and sales were up, thanks to firm results of the control segment.", "audio_length_s": 5.13, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_85.wav", "duration": 5.13}, {"text": "logistics special lists this morning as well.", "audio_length_s": 5.13, "path": "e5e8ebcd06ca1f1d5b43b50e5d31123b_103.wav", "duration": 5.13}, {"text": "through higher production, improving efficiency and reducing costs.", "audio_length_s": 5.13, "path": "dd1b5d8b62882dbf2ce5e06cf5678ced_86.wav", "duration": 5.13}, {"text": "There are areas that are outside that as we continue to evolve and develop. By the way, that's in HR Solutions", "audio_length_s": 5.13, "path": "e0555e30370c43189a1136fb7ef17d20_95.wav", "duration": 5.13}, {"text": "primarily attributable to the inventory investment we made during the quarter,", "audio_length_s": 5.13, "path": "ee17f090e669ff9029bd1dc57db6e43e_147.wav", "duration": 5.13}, {"text": "pretty broadly across the company. The places where we've accelerated our investment", "audio_length_s": 5.13, "path": "9fb4423a70358ef22be9982299969f7a_109.wav", "duration": 5.13}, {"text": "Finally, Constellation really hit a sweet spot in the third quarter.", "audio_length_s": 5.13, "path": "5b331cf4e6f62ec9a9c30a4728e36054_145.wav", "duration": 5.13}, {"text": "whether we would deploy it over time. For a long time, we've responded no.", "audio_length_s": 5.13, "path": "02242ceddfeb4bcc65f04552b63fe80e_135.wav", "duration": 5.13}, {"text": "and this coverage of manufacturers positions us strategically in relation to some new product launches,", "audio_length_s": 5.13, "path": "e9970d55b0ac8bddede7f337c0f94d36_100.wav", "duration": 5.13}, {"text": "This was largely due to weather and its impact on project timing.", "audio_length_s": 5.13, "path": "902872913863de98d38e2936b846cf66_160.wav", "duration": 5.13}, {"text": "And then in the meantime, on the stores that are coming up, we have a", "audio_length_s": 5.13, "path": "6cbf592846662213258684c3049e4592_95.wav", "duration": 5.13}, {"text": "Bell is very encouraged by the reception of the aircraft", "audio_length_s": 5.13, "path": "1378aabd380e63d3f89fe0e445fc8b06_80.wav", "duration": 5.13}, {"text": "were relatively consistent with the same period of last year, although on a bit of a different job mix.", "audio_length_s": 5.13, "path": "3d0f5785f81125b6efa2339a4aef56aa_80.wav", "duration": 5.13}, {"text": "Our plans that we have built for this year that we've rolled out and that we shared with you on the last call", "audio_length_s": 5.13, "path": "00a36b039cb49e6b99bb6d17635a3c25_227.wav", "duration": 5.13}, {"text": "Finally, before I turn the call over to Jeff, I wanted to revisit our priorities.", "audio_length_s": 5.13, "path": "1d6a34325b07bf47ed643b143c941234_38.wav", "duration": 5.13}, {"text": "On the next page, we have the net interest margin progression.", "audio_length_s": 5.13, "path": "01162e33e5dda8aa154d9a8659da4495_93.wav", "duration": 5.13}, {"text": "to get people to really understand what we have and what we offer at the property level.", "audio_length_s": 5.13, "path": "5be70acf701b7a6c9322f8feeaca63cd_77.wav", "duration": 5.13}, {"text": "without the impact of a central bank or a government sponsored enterprise", "audio_length_s": 5.13, "path": "81c03e2c15e8fe8213fbd40368b49581_111.wav", "duration": 5.13}, {"text": "that could cause actual results to differ materially from those projected by us.", "audio_length_s": 5.13, "path": "45c2e7788c29cc5f1c183ec742511c6f_58.wav", "duration": 5.13}, {"text": "Well, I think you know that Apple keeps things very close to their chest", "audio_length_s": 5.13, "path": "a756bd9ba43faae4d9d0f059925e39e9_146.wav", "duration": 5.13}, {"text": "We are working hard and we are improving and", "audio_length_s": 5.13, "path": "ee824d23bd881a3dc5ee8be881b7d18b_24.wav", "duration": 5.13}, {"text": "If you are asking about the cost of this process, if I understood well of your question,", "audio_length_s": 5.13, "path": "538323cb37246bc97d1253b369a7414a_105.wav", "duration": 5.13}, {"text": "So we were dedicated in the past years", "audio_length_s": 5.13, "path": "f15a674bdbbc461872000604216ae071_168.wav", "duration": 5.13}, {"text": "So understanding the relationship is small from an economic impact.", "audio_length_s": 5.13, "path": "32283c24ad18239efb166db8422560b2_79.wav", "duration": 5.13}, {"text": "Good morning, everyone, and thank you for joining us to discuss our first quarter.", "audio_length_s": 5.13, "path": "e5eb29123d69fdbc74dbc529dfe6c6cc_30.wav", "duration": 5.13}, {"text": "comes together as well as the more recent changes that you've made in the management team,", "audio_length_s": 5.13, "path": "c88e296697cd72c891ffb7bf5a1a60bb_215.wav", "duration": 5.13}, {"text": "is it something that's going to take time to develop relationships with these new accounts", "audio_length_s": 5.13, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_36.wav", "duration": 5.13}, {"text": "As a reminder, although both gas costs and tariffs to the customers were reduced,", "audio_length_s": 5.13, "path": "153ca64e1ddbb5b38a71827429635d48_39.wav", "duration": 5.13}, {"text": "In addition, it is the extreme talent, dedication, strength and abilities of our team members", "audio_length_s": 5.13, "path": "1dc9a88d7f1aa3877f317b59e2724c8e_110.wav", "duration": 5.13}, {"text": "The reason for that is because in the first half of the year, we did do some capital raising activities", "audio_length_s": 5.13, "path": "5478e14c30a7a53219de2176fdba0d4a_39.wav", "duration": 5.13}, {"text": "We are preparing a new drug application and plan to submit the file later this year.", "audio_length_s": 5.13, "path": "9097dcbaf554d635920c6274b1de4997_73.wav", "duration": 5.13}, {"text": "We are supporting several larger scale projects with engineering designs and cost estimates.", "audio_length_s": 5.1299375, "path": "505ccbd6e857cad05a179a5ed5419d1b_47.wav", "duration": 5.1299375}, {"text": "we believe this will be a measure that will contribute to the increase.", "audio_length_s": 5.1000625, "path": "a93681c92a0b9c04743f541a54b180c7_22.wav", "duration": 5.1000625}, {"text": "So that gives us the flexibility to do,", "audio_length_s": 5.1, "path": "d162113e3aface010baec17bd408736b_135.wav", "duration": 5.1}, {"text": "the one situation we're looking at is sort of the unique area of lending", "audio_length_s": 5.1, "path": "92b48b365197c65ebf545a4c9dd1200d_109.wav", "duration": 5.1}, {"text": "With that, let me turn it over to Mark for a more detailed review of our results.", "audio_length_s": 5.1, "path": "62d981deed6d5128615c99d1597178b6_72.wav", "duration": 5.1}, {"text": "Going forward, our customers and partners can expect Syniverse to be more bold,", "audio_length_s": 5.1, "path": "139f0a6300f504b3e8673e39b0429161_9.wav", "duration": 5.1}, {"text": "trustee to start using CPI to index pensions for those people.", "audio_length_s": 5.1, "path": "bc605e9d69e921f4f61a508a448ad0dd_127.wav", "duration": 5.1}, {"text": "are you looking for within your next couple acquisitions?", "audio_length_s": 5.1, "path": "e23e3aabab4b12e359bc92a480c2d294_72.wav", "duration": 5.1}, {"text": "We will continue to slowly expand this business in Southern California and other strong markets.", "audio_length_s": 5.1, "path": "b7050f62f52a3d2803beea21404f7af6_15.wav", "duration": 5.1}, {"text": "For the online application", "audio_length_s": 5.1, "path": "a93681c92a0b9c04743f541a54b180c7_81.wav", "duration": 5.1}, {"text": "And the commerce ads, how much that is being accounted for?", "audio_length_s": 5.1, "path": "a93681c92a0b9c04743f541a54b180c7_98.wav", "duration": 5.1}, {"text": "And I didn't say that the current price is low,", "audio_length_s": 5.1, "path": "3cb802f8fba7d33603c29387ccdaf817_47.wav", "duration": 5.1}, {"text": "the company is going to continue to invest in the semiconductor business", "audio_length_s": 5.1, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_157.wav", "duration": 5.1}, {"text": "Have had -- made tremendous progress with the customer. We've done some further test marketing,", "audio_length_s": 5.1, "path": "3557b21a45c35e71e82cc43b19977855_175.wav", "duration": 5.1}, {"text": "fiber already, there is no real push from the government to", "audio_length_s": 5.1, "path": "2f888e63a31b86cc2f4f97710e8eed79_122.wav", "duration": 5.1}, {"text": "We are a stronger bank today than when we completed the second step 5 years ago.", "audio_length_s": 5.1, "path": "54cde38ae040b5e2c4e1f3c85691f907_49.wav", "duration": 5.1}, {"text": "These factors were partially offset by about 1 point of unfavorable mix.", "audio_length_s": 5.1, "path": "d28b2b09c127b5be033738aa3cd380b3_9.wav", "duration": 5.1}, {"text": "We continue to see strong returns on our demand-creation investments,", "audio_length_s": 5.1, "path": "d28b2b09c127b5be033738aa3cd380b3_241.wav", "duration": 5.1}, {"text": "it might only lead to worsening the challenges and miss the opportunities.", "audio_length_s": 5.1, "path": "9014ac9cbc2cff30468f1bcb659c0f66_226.wav", "duration": 5.1}, {"text": "like it happened so we'll -- our guys will have to be staying closer to our dealers and with", "audio_length_s": 5.1, "path": "0018ad922e541b415ae60e175160b976_92.wav", "duration": 5.1}, {"text": "also on our performance, especially at the beginning of this year.", "audio_length_s": 5.1, "path": "a6f6cb3405d8a18e23d133aa8f4f6390_148.wav", "duration": 5.1}, {"text": "the combination of some surprises on costs", "audio_length_s": 5.1, "path": "54558afacef9ab3010d5a57ac4feb664_149.wav", "duration": 5.1}, {"text": "necessary so that East West Bank would always be", "audio_length_s": 5.1, "path": "13220986bf30f26076a674e2a9edc89c_186.wav", "duration": 5.1}, {"text": "The provision for income taxes as a percentage of earnings before taxes", "audio_length_s": 5.1, "path": "55d05334bdde612eb9dd102bb41d216e_71.wav", "duration": 5.1}, {"text": "If something doesn't fulfill our purpose, we shouldn't be doing it. And third,", "audio_length_s": 5.1, "path": "7e14890193df4b10e1eeab6ab886529f_66.wav", "duration": 5.1}, {"text": "a lot of different things around scale and increased competitiveness and", "audio_length_s": 5.1, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_88.wav", "duration": 5.1}, {"text": "the combination has the potential to offer patients something that could change their lives.", "audio_length_s": 5.1, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_115.wav", "duration": 5.1}, {"text": "now a closely geosteered well that lands in the sweet spot in the formations", "audio_length_s": 5.1, "path": "dd3166f311a5f12a25103a0295e8ac3e_234.wav", "duration": 5.1}, {"text": "yet another example of how we help our customers lower their marginal cost per barrel.", "audio_length_s": 5.1, "path": "dd3166f311a5f12a25103a0295e8ac3e_36.wav", "duration": 5.1}, {"text": "value of returns in these new contracts as we just start working smaller and smaller down the list,", "audio_length_s": 5.1, "path": "56e05107e391476d11fe1f637733f028_73.wav", "duration": 5.1}, {"text": "on behalf of the whole NeoGenomics team, I want to thank you for your time, joining us this morning", "audio_length_s": 5.1, "path": "8bbc2f54137b794265dfb01f1559868d_138.wav", "duration": 5.1}, {"text": "highlighting strong execution as well as adoption and expansion of EBA contracts.", "audio_length_s": 5.1, "path": "78c85dc9a16f82b09d3a2363004e658d_106.wav", "duration": 5.1}, {"text": "We will continue to emphasize bidding discipline and the critical earnings leverage it creates.", "audio_length_s": 5.1, "path": "b34f680a9162805e0188170d6272a356_6.wav", "duration": 5.1}, {"text": "for definitions and reconciliations of the measures to the most directly comparable GAAP measures.", "audio_length_s": 5.1, "path": "1b91eb82f5211000e711424657cc2484_2.wav", "duration": 5.1}, {"text": "Actual events and results can differ materially from any forward-looking statements.", "audio_length_s": 5.1, "path": "ff2d1613ef8b55cc55bec6e266f6cfc2_80.wav", "duration": 5.1}, {"text": "The fire service is a very, very demanding environment. And so", "audio_length_s": 5.1, "path": "01502edf6cda82061f1f45d6b0e8e189_42.wav", "duration": 5.1}, {"text": "importance of a drug that can break a", "audio_length_s": 5.1, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_48.wav", "duration": 5.1}, {"text": "where we have invested in major capital projects.", "audio_length_s": 5.1, "path": "0ee490f8688669984ae17a737590f7b5_74.wav", "duration": 5.1}, {"text": "Because is any part of it linked to the -- linked to crude or something?", "audio_length_s": 5.1, "path": "2e3470778d787bc7db14a62eeaefd902_80.wav", "duration": 5.1}, {"text": "the right sizing of overheads to match market demand and multiple leadership changes.", "audio_length_s": 5.1, "path": "797946494c2985a20aa50823e8723c44_118.wav", "duration": 5.1}, {"text": "elements of the restructuring plan, it looks like you still maintained the kind of", "audio_length_s": 5.1, "path": "797946494c2985a20aa50823e8723c44_111.wav", "duration": 5.1}, {"text": "requirements. And of course, with that additional volume, we can optimize", "audio_length_s": 5.1, "path": "fa45af64ef25007f998c655347bfbecb_18.wav", "duration": 5.1}, {"text": "an improvement in cost savings compared to the first part of the year.", "audio_length_s": 5.1, "path": "fa45af64ef25007f998c655347bfbecb_478.wav", "duration": 5.1}, {"text": "And what happens is, every week, a guy has to march around,", "audio_length_s": 5.1, "path": "e26b501c6e000fdaa11edde97cc71436_77.wav", "duration": 5.1}, {"text": "And on top of all of that, we have several new suites of applications that we'll be bringing to market.", "audio_length_s": 5.1, "path": "e26b501c6e000fdaa11edde97cc71436_157.wav", "duration": 5.1}, {"text": "taking a very targeted and disciplined approach to making these investments is", "audio_length_s": 5.1, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_152.wav", "duration": 5.1}, {"text": "as far as how you're going to approach the market based on the recent downturn. Or is it", "audio_length_s": 5.1, "path": "b4874109876c9f165eef4be112d9f30d_158.wav", "duration": 5.1}, {"text": "The combination of good revenue development and cost discipline were the core", "audio_length_s": 5.1, "path": "cfe2656d9b742e3743835cfde245c60a_130.wav", "duration": 5.1}, {"text": "right? And I think that wholesale rate continues to be undervalued relative", "audio_length_s": 5.1, "path": "403903eb119bfc1cec44d86ec907077a_73.wav", "duration": 5.1}, {"text": "strongly diversified business will allow us also to keep a", "audio_length_s": 5.1, "path": "b7943f4a2b95d2bc2ce102e3af9b5d22_84.wav", "duration": 5.1}, {"text": "reflecting the quality of our programs and solid student outcomes.", "audio_length_s": 5.1, "path": "43942582edfb20599f3e7456137f8deb_142.wav", "duration": 5.1}, {"text": "We believe we're making the right moves to position ourselves well for the long-haul.", "audio_length_s": 5.1, "path": "2905366dcf0eb60a22b63a1b3d9adf95_57.wav", "duration": 5.1}, {"text": "Other companies may calculate such a leverage metric differently.", "audio_length_s": 5.1, "path": "2b87d263eaf2464f275a48fa005b16c7_52.wav", "duration": 5.1}, {"text": "would result in normalization of oxalate levels in all patients treated.", "audio_length_s": 5.1, "path": "01ebdadb81d0e5a57270957c0cbe83fc_144.wav", "duration": 5.1}, {"text": "The agreement contemplates collaboration on more than 10 targets in total.", "audio_length_s": 5.1, "path": "01ebdadb81d0e5a57270957c0cbe83fc_69.wav", "duration": 5.1}, {"text": "we would take advantage of those opportunities if, again, they made economic sense", "audio_length_s": 5.1, "path": "b96165244f010b3f1e61cbbc5e504d96_194.wav", "duration": 5.1}, {"text": "We are seeing generally positive macro environments throughout our regions", "audio_length_s": 5.1, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_17.wav", "duration": 5.1}, {"text": "All this is a starting point with a caveat that our customers' plans can change quickly", "audio_length_s": 5.1, "path": "40e11288ea7cb86fdf307dbe648142e3_73.wav", "duration": 5.1}, {"text": "so we can accelerate our transformation into a diversified industrial company.", "audio_length_s": 5.1, "path": "07cd398e5e5304c22d3d2ccc0abe7fb5_14.wav", "duration": 5.1}, {"text": "As a reminder, Broadsmart is among the very few highly profitable,", "audio_length_s": 5.1, "path": "16e51362df94379ea33a24334015f385_44.wav", "duration": 5.1}, {"text": "addition of the Nova system expansion work to be done.", "audio_length_s": 5.1, "path": "8fd0d858dd99b5b6291eafc83e9a604d_107.wav", "duration": 5.1}, {"text": "sort of like historical discipline the way we think about it?", "audio_length_s": 5.1, "path": "0360a780927a31fb0bec9e79dac878a2_30.wav", "duration": 5.1}, {"text": "to move that to the premium segment out of home. And that has really done very well for us.", "audio_length_s": 5.1, "path": "47b1a118c53956b23f1d687a75f3e5ba_132.wav", "duration": 5.1}, {"text": "and we do not undertake to update any forward-looking statement that may be made from time to time", "audio_length_s": 5.1, "path": "3b0718945e9c427873c1f34fa49b15aa_50.wav", "duration": 5.1}, {"text": "and we've announced also the successful closing of a big contract,", "audio_length_s": 5.1, "path": "d8eb5522db0e51d75ea6518462954c52_37.wav", "duration": 5.1}, {"text": "what is going on strategically in the industry", "audio_length_s": 5.1, "path": "6a372ea97b0b130a4d37f16b54d97909_41.wav", "duration": 5.1}, {"text": "Our credit area was the only area to leverage our expenses versus last year.", "audio_length_s": 5.1, "path": "e2c02e1788cb10703d7611ef157f8135_120.wav", "duration": 5.1}, {"text": "The first one is, you have seen that we have published excellent results.", "audio_length_s": 5.1, "path": "98f10f0935e5b778e888a1b8130a3d31_291.wav", "duration": 5.1}, {"text": "On the next slide, we provide details about our free cash flow and our capital returns to shareholders", "audio_length_s": 5.1, "path": "6d97c63e754383663561baada77c7354_64.wav", "duration": 5.1}, {"text": "and subject to any corporate activity, which may necessitate alternative uses of capital.", "audio_length_s": 5.1, "path": "6d97c63e754383663561baada77c7354_13.wav", "duration": 5.1}, {"text": "the ability to have that deep engagement like I just mentioned, the level of intelligence", "audio_length_s": 5.1, "path": "16ed973148ce103dc95fdcfaf35bbe7b_34.wav", "duration": 5.1}, {"text": "intelligence. We saw that recently with an AI demonstration from our industry", "audio_length_s": 5.1, "path": "16ed973148ce103dc95fdcfaf35bbe7b_119.wav", "duration": 5.1}, {"text": "This work has led us to begin planning with NCI for a potential combination", "audio_length_s": 5.1, "path": "b281eff988085e0776dc8a10223f1048_79.wav", "duration": 5.1}, {"text": "And we don't do it in just one location. We'll probably do it in 4 before we'll draw a conclusion,", "audio_length_s": 5.1, "path": "9952903822d3aabb9a8a8fdd41f23bc2_82.wav", "duration": 5.1}, {"text": "providing more detail on that as we move through the rest of this year.", "audio_length_s": 5.1, "path": "885b465648704d8a5d15bd00078e2160_82.wav", "duration": 5.1}, {"text": "that enables previously unachievable performance attributes quickly.", "audio_length_s": 5.1, "path": "885b465648704d8a5d15bd00078e2160_78.wav", "duration": 5.1}, {"text": "little bit different than what you said. We have developed our first enzyme", "audio_length_s": 5.1, "path": "885b465648704d8a5d15bd00078e2160_109.wav", "duration": 5.1}, {"text": "Reference to the company's website does not constitute the corporation of any of the information.", "audio_length_s": 5.1, "path": "974a2d744cd3d9acf42d74816de91f7f_51.wav", "duration": 5.1}, {"text": "We continue to actively monitor both our partners and overall insurance performance.", "audio_length_s": 5.1, "path": "e6c0fa1068c28557c3e17e0d02b831b1_18.wav", "duration": 5.1}, {"text": "and are optimistic related to expanded opportunities in this space.", "audio_length_s": 5.1, "path": "7cf9ea093ccaf8fe8af51c4e00832372_44.wav", "duration": 5.1}, {"text": "And of course, we are trying to work with them in order to see", "audio_length_s": 5.1, "path": "ca67cef56548d21bf5c1669beebf3cb0_132.wav", "duration": 5.1}, {"text": "particularly with COF. We are also encouraged", "audio_length_s": 5.1, "path": "6f6b3823ec396bec0ca694282a6c7452_73.wav", "duration": 5.1}, {"text": "It has to be something that's complementary to this core business that we have.", "audio_length_s": 5.1, "path": "08f219f6cb65bd0ed50cb8444a3884f8_92.wav", "duration": 5.1}, {"text": "Yes. Well I would say, when you think about the fixed cost spreading over", "audio_length_s": 5.1, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_51.wav", "duration": 5.1}, {"text": "The reconciliation of these measures to GAAP is provided in the tables to the press release.", "audio_length_s": 5.1, "path": "968913c3f9111fc67f1d9956c56dec3b_52.wav", "duration": 5.1}, {"text": "insist on value investment. So through investment we can", "audio_length_s": 5.1, "path": "b126e11520fd54843c67f70f15cd30cc_79.wav", "duration": 5.1}, {"text": "in the second quarter, but we have great confidence as we look to the back half of the year,", "audio_length_s": 5.1, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_90.wav", "duration": 5.1}, {"text": "positioning us to thrill our customers and take customers from our competition.", "audio_length_s": 5.1, "path": "5ea42ed8ea9a65bd01aaabb678685483_154.wav", "duration": 5.1}, {"text": "And that's what we're doing. That's the new part for us, right there.", "audio_length_s": 5.1, "path": "948f025c16fce2bcb2909e610c9be557_157.wav", "duration": 5.1}, {"text": "magnitude of change in dizziness comes from a baseline that was significant to begin with.", "audio_length_s": 5.1, "path": "571b0d30d88945a981006f24faa72cf7_48.wav", "duration": 5.1}, {"text": "opportunities do you foresee for the platform itself?", "audio_length_s": 5.1, "path": "aed770c98113f594e36325a5822547e4_50.wav", "duration": 5.1}, {"text": "between 8 and 10 years of data exclusivity from the date of approval.", "audio_length_s": 5.1, "path": "5330f07390a3c14fc49f24ac98bf1eab_92.wav", "duration": 5.1}, {"text": "There was a focus that we had in the first half really around new logo development", "audio_length_s": 5.1, "path": "bc4b465c8862422ce02ffe9b79e6e1c7_18.wav", "duration": 5.1}, {"text": "there is this idea of tax reform out there, which may or may not make our", "audio_length_s": 5.1, "path": "f91bdd9aa4cb7edde771c40669ab4fa9_93.wav", "duration": 5.1}, {"text": "We are also closely monitoring the potential impact of the wildfires on our business.", "audio_length_s": 5.1, "path": "87045996e7446329f1d98c909c6ca7fe_205.wav", "duration": 5.1}, {"text": "that we will have pilot programs with those folks going mimicking the Aetna experience here.", "audio_length_s": 5.1, "path": "450a5dc6eb19b82da8dfc68127f6e79d_176.wav", "duration": 5.1}, {"text": "Good progress has been made on our target operating model initiatives,", "audio_length_s": 5.1, "path": "dffe8257f781608bb17bb637249e4d2a_267.wav", "duration": 5.1}, {"text": "to end customers on a single purchase order with literally one throat to choke.", "audio_length_s": 5.1, "path": "433a6e203f9db93835c27ff83e86c801_12.wav", "duration": 5.1}, {"text": "Our adjusted effective income tax rate of 19% for the second quarter", "audio_length_s": 5.1, "path": "433a6e203f9db93835c27ff83e86c801_87.wav", "duration": 5.1}, {"text": "is we do a significant amount of contract manufacturing purchases", "audio_length_s": 5.1, "path": "433a6e203f9db93835c27ff83e86c801_167.wav", "duration": 5.1}, {"text": "Our pipeline, which I'll touch on in a minute -- in a moment, which remains full,", "audio_length_s": 5.1, "path": "5b0a12e70a31041016a008c29a6d2bb1_52.wav", "duration": 5.1}, {"text": "as we moved into the second quarter in Canada and we did also see the differential", "audio_length_s": 5.1, "path": "b24e0b37987585f3c63f28df67e6a1f6_123.wav", "duration": 5.1}, {"text": "look to test extension of those reservoirs on the western flank of the field. And", "audio_length_s": 5.1, "path": "b24e0b37987585f3c63f28df67e6a1f6_23.wav", "duration": 5.1}, {"text": "In the case of other sectors, a better domestic outlook should grow investments levels as well.", "audio_length_s": 5.1, "path": "2f2c93c1fdfb31ebb02111de502a4e7c_153.wav", "duration": 5.1}, {"text": "and we anticipate that, that cash flow is sustainable over the long term.", "audio_length_s": 5.1, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_171.wav", "duration": 5.1}, {"text": "the market potential and the timing of specific", "audio_length_s": 5.1, "path": "3c58d0a3d7f90ca85160dbe08337a1d1_269.wav", "duration": 5.1}, {"text": "Performance fees, which are excluded from the calculation of our average management fee rates,", "audio_length_s": 5.1, "path": "6709c061d39d0e433079f84160f11c80_82.wav", "duration": 5.1}, {"text": "I am very pleased to say that his idea carries on.", "audio_length_s": 5.1, "path": "e33785a294553de2a12d4463bf786744_199.wav", "duration": 5.1}, {"text": "the most profitable industrial gas company in the world", "audio_length_s": 5.1, "path": "e33785a294553de2a12d4463bf786744_80.wav", "duration": 5.1}, {"text": "our understanding of the market dynamics when that second entrant came in is that there was really no", "audio_length_s": 5.1, "path": "c36ef43210d40b0d1ad8f2acc597c76b_66.wav", "duration": 5.1}, {"text": "and the sensitivity to the forecast for this fiscal year", "audio_length_s": 5.1, "path": "472c8876d3d729a35b2d00133efbb029_56.wav", "duration": 5.1}, {"text": "And for all of our senior leaders in our business, some of them are going to do well beyond that.", "audio_length_s": 5.1, "path": "8635f950dc44da3fcad542b2c066bedf_152.wav", "duration": 5.1}, {"text": "Our Courtyard in Los Angeles West Side continues to deliver impressive results.", "audio_length_s": 5.1, "path": "3c80de013154b028ecdc6354d16c6fbc_126.wav", "duration": 5.1}, {"text": "made a big leap forward in the meat business.", "audio_length_s": 5.1, "path": "80a2ca14358172366acab4e80f3fa33b_104.wav", "duration": 5.1}, {"text": "So in our expectation of free capital generation over the plan period,", "audio_length_s": 5.1, "path": "fe80c1056f21701e41cf3489c450f5ae_47.wav", "duration": 5.1}, {"text": "of an acquisition, while maintaining continuity of our normal business activities.", "audio_length_s": 5.1, "path": "aa14e40ba684ff629fa9635314cea11e_43.wav", "duration": 5.1}, {"text": "the physician activity engaged in switching patients from one product to the other.", "audio_length_s": 5.1, "path": "9c67fafcb51925dcbaa570283fe01701_88.wav", "duration": 5.1}, {"text": "Before I turn the call back to Steve, I'd also like to highlight our disclosure in the 10-K", "audio_length_s": 5.1, "path": "ee00ebd8d782e8f124b3e142cbb74f37_127.wav", "duration": 5.1}, {"text": "related to the timing and amount of revenue recognized for products in the production process.", "audio_length_s": 5.1, "path": "ee00ebd8d782e8f124b3e142cbb74f37_76.wav", "duration": 5.1}, {"text": "and refining our trade strategies in order to drive profitable growth.", "audio_length_s": 5.1, "path": "fd5d61fef2374d3a3c1d7818eb73b463_6.wav", "duration": 5.1}, {"text": "open it back up assuming this customer may have been waiting this year to see how the weather played out?", "audio_length_s": 5.1, "path": "078b27aa69b10aa01f2eab2aa681bdd8_85.wav", "duration": 5.1}, {"text": "And related to that, do you think you'll capture any market share from sort of ski resorts in the Northeast which", "audio_length_s": 5.1, "path": "078b27aa69b10aa01f2eab2aa681bdd8_93.wav", "duration": 5.1}, {"text": "The Midwest and Southeast underperformed the company average.", "audio_length_s": 5.1, "path": "9908957f60adff5efc1c8692a0f5ab38_3.wav", "duration": 5.1}, {"text": "I think we've learned a number of lessons in the last year. It certainly does take longer", "audio_length_s": 5.1, "path": "cd331fa6dd24e811af3c0529212bfbb8_78.wav", "duration": 5.1}, {"text": "to better serve our customers with a simplified in-store selling process.", "audio_length_s": 5.1, "path": "884400c829f179d8cf68b767f45f03a4_74.wav", "duration": 5.1}, {"text": "So when we look into '18, we definitely will go back.", "audio_length_s": 5.1, "path": "0e3a8ec83aa5d01f4307d6f6567feccd_118.wav", "duration": 5.1}, {"text": "And the estimated enrollment of that again is somewhere around 1,000 patients or so.", "audio_length_s": 5.1, "path": "5efe4589d80ac1232c2958182c188903_48.wav", "duration": 5.1}, {"text": "and we have several potential outliers that greatly exceed this annual revenue range.", "audio_length_s": 5.1, "path": "5efe4589d80ac1232c2958182c188903_33.wav", "duration": 5.1}, {"text": "We view this as a path to sustainable and profitable growth for our shareholders.", "audio_length_s": 5.1, "path": "5c601f5318d5dcbe20fdd78f19c2b277_101.wav", "duration": 5.1}, {"text": "that the net financial cost increased significantly, and this is mainly", "audio_length_s": 5.1, "path": "8d71e62af8c57a752b0e04f6546bf622_100.wav", "duration": 5.1}, {"text": "had a strong year, driven by continued robust growth in private market sales", "audio_length_s": 5.1, "path": "b6688f44b91606fbd75a6d66e94d4e4b_246.wav", "duration": 5.1}, {"text": "This builds on the investments we've made in the last few years in new capabilities in digital,", "audio_length_s": 5.1, "path": "e35fae1d3df1f7aeda409f90f200ec7b_188.wav", "duration": 5.1}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 5.1, "path": "7847510c8c1280e54583ff033a9decb2_32.wav", "duration": 5.1}, {"text": "But it's not our strategy to use the tax asset just for the sake of using it. The aim is", "audio_length_s": 5.1, "path": "b0d88c0f1efca89ecb928172341dc75d_72.wav", "duration": 5.1}, {"text": "patients into the hospital system. And they buy into the whole story beyond sort of", "audio_length_s": 5.1, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_161.wav", "duration": 5.1}, {"text": "there's also that component of the business that shifts to technology and automation", "audio_length_s": 5.1, "path": "6aad408f4bb1930cf10f445115f6ed3d_71.wav", "duration": 5.1}, {"text": "where we segmented our sales force between commercial and enterprise, but we further segmented it", "audio_length_s": 5.1, "path": "9ae54e663cb4dce1f3d3211b9a43a57d_209.wav", "duration": 5.1}, {"text": "The cost of serving these residential customers will be addressed in a future proceeding.", "audio_length_s": 5.1, "path": "f17bd619f65ff0b31c5103503bd56fdb_6.wav", "duration": 5.1}, {"text": "to be something worth paying attention to in the next decade, and we are going to position ourselves to make sure", "audio_length_s": 5.1, "path": "2cd5b184c2ef6624ce219830182927c9_178.wav", "duration": 5.1}, {"text": "looking to be as focused on that core part of our business as we could.", "audio_length_s": 5.1, "path": "2cd5b184c2ef6624ce219830182927c9_15.wav", "duration": 5.1}, {"text": "Turning to Slide 15. With all the major economies around the world growing,", "audio_length_s": 5.1, "path": "e2cf6bb5b288d37102468fe05807e41c_96.wav", "duration": 5.1}, {"text": "when you're -- I think if you're looking at it the way you were just looking at it on a per-ton basis.", "audio_length_s": 5.1, "path": "1d021dfadd51998ac079e1df49929c60_36.wav", "duration": 5.1}, {"text": "and took it all the way to a business that was doing hundreds of millions of dollars", "audio_length_s": 5.1, "path": "0f8a61f667edd9a400d7abe2a7908a9e_137.wav", "duration": 5.1}, {"text": "as you know, those come in, in large chunks. We've been working down the last", "audio_length_s": 5.1, "path": "1378aabd380e63d3f89fe0e445fc8b06_143.wav", "duration": 5.1}, {"text": "We raised our full year adjusted EBITDA guidance range for the third time this year.", "audio_length_s": 5.1, "path": "e69e64683a56cdadf1c95192e753f27e_80.wav", "duration": 5.1}, {"text": "This strategy reflects our view of global risk and return opportunities.", "audio_length_s": 5.1, "path": "81c03e2c15e8fe8213fbd40368b49581_5.wav", "duration": 5.1}, {"text": "And for our part, we believe this is a very solid project. It's a good", "audio_length_s": 5.1, "path": "06dc7804f9beda6e9c0ab3bb47010ab1_43.wav", "duration": 5.1}, {"text": "I have a question about", "audio_length_s": 5.1, "path": "f15a674bdbbc461872000604216ae071_128.wav", "duration": 5.1}, {"text": "In line with that, I think you've seen over the last 2 years, we've started", "audio_length_s": 5.1, "path": "bf99037f89cd485f95f097842619a0c7_117.wav", "duration": 5.1}, {"text": "Garrett was unaware of that action prior to Honeywell's disclosure in its 10-Q.", "audio_length_s": 5.1, "path": "4e5c4493f72e781905efa4dd73460ff6_19.wav", "duration": 5.1}, {"text": "I think this is where we are coming from and this is -- will be -- always be", "audio_length_s": 5.1, "path": "c44bd68e2a8cbf4241b4b30b81fda1d4_142.wav", "duration": 5.1}, {"text": "We believe the nitrogen industry will further consolidate over time.", "audio_length_s": 5.1, "path": "eed99fefac02f862b3ee31c4748cb9b5_68.wav", "duration": 5.1}, {"text": "The need for technology combined with demanding existing customers and manufacturing capacity", "audio_length_s": 5.1, "path": "85edb0a846d9e1cfa542b893eed4a0f3_95.wav", "duration": 5.1}, {"text": "as I said, big opportunity, right, to take those learnings and take them on the road, right, and apply them", "audio_length_s": 5.1, "path": "c88e296697cd72c891ffb7bf5a1a60bb_50.wav", "duration": 5.1}, {"text": "area that they would have picked up, say, in the last 6 or 9 months to be in charge of all", "audio_length_s": 5.1, "path": "c88e296697cd72c891ffb7bf5a1a60bb_216.wav", "duration": 5.1}, {"text": "the value of those customers. We want to make sure that we're reaching them with the right frequency", "audio_length_s": 5.1, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_124.wav", "duration": 5.1}, {"text": "be difference makers for our clients and to our growth rates, but that also fit", "audio_length_s": 5.1, "path": "365c360aff42713cef71a7d026eeeb6d_228.wav", "duration": 5.1}, {"text": "We've got accounting ability that I never had in the past.", "audio_length_s": 5.1, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_49.wav", "duration": 5.1}, {"text": "And the impacts of these updates are far off with respect to our business.", "audio_length_s": 5.1, "path": "b35398859e534e471fb1cd60f5baac20_105.wav", "duration": 5.1}, {"text": "we've been looking at the distribution channel that is increasingly more", "audio_length_s": 5.1, "path": "525a3d59e4a319ddd41c161ec0e67f93_67.wav", "duration": 5.1}, {"text": "to include additional expenses related to a cost savings program.", "audio_length_s": 5.1, "path": "eb93e70cdf7a839a69546250fb3646fb_138.wav", "duration": 5.1}, {"text": "because our view still based on all the lead indicators that we have seen is", "audio_length_s": 5.1, "path": "bece1ee458b65656b484de51021c5219_106.wav", "duration": 5.1}, {"text": "is the primary rationale for these migration decisions.", "audio_length_s": 5.1, "path": "726bad4d5d1a6b2f62034eb8dc843450_46.wav", "duration": 5.1}, {"text": "capacity to support the increased automotive activity in that area.", "audio_length_s": 5.1, "path": "97ddc19ecb28bab2d19fd3b181182062_14.wav", "duration": 5.1}, {"text": "The main highlights of our convention last week included", "audio_length_s": 5.1, "path": "47546a57a865bca0f4e677dc3b485053_150.wav", "duration": 5.1}, {"text": "derive what kind of spending we need to support those businesses", "audio_length_s": 5.0999375, "path": "113eb1a9ffcdb6dad55991b58fdbd56c_205.wav", "duration": 5.0999375}, {"text": "due to the fact that there were -- there was a lax in the approval of the", "audio_length_s": 5.0999375, "path": "c6447babe88f061184d64309eebb8629_205.wav", "duration": 5.0999375}, {"text": "last quarter of the year ended December have generally been the strongest.", "audio_length_s": 5.0700625, "path": "7847510c8c1280e54583ff033a9decb2_52.wav", "duration": 5.0700625}, {"text": "Our mobility effort is anchored around 2 broad fronts.", "audio_length_s": 5.07, "path": "118b6e5a6077bedf5081ed70425b6866_85.wav", "duration": 5.07}, {"text": "And the other comment I would add is that in the second quarter of last year,", "audio_length_s": 5.07, "path": "f5875d033110e66b5aafc3c0003babdf_15.wav", "duration": 5.07}, {"text": "will be based on growth in our net assets rather than further reductions in our expenses.", "audio_length_s": 5.07, "path": "db6c253ba433d9a247219bb3f15da199_115.wav", "duration": 5.07}, {"text": "Finally, on the next page, you'll see our public company performance since we started.", "audio_length_s": 5.07, "path": "db6c253ba433d9a247219bb3f15da199_72.wav", "duration": 5.07}, {"text": "in that particular area that you've brought on recently are probably among the highest", "audio_length_s": 5.07, "path": "7d2a9151826f1fbcf538ffbf85924ed2_93.wav", "duration": 5.07}, {"text": "and hopefully to help you better understand this debt profile going forwards.", "audio_length_s": 5.07, "path": "214dcdc435ef3259490466447858fa56_30.wav", "duration": 5.07}, {"text": "Following the completion of a strategic review, we announced the realignment of the organization,", "audio_length_s": 5.07, "path": "92d6249907f14e4011cf1b08d2f298d9_64.wav", "duration": 5.07}, {"text": "to step back and look at our relationships and confirm", "audio_length_s": 5.07, "path": "ab861b81968e1b5fcb606ed886919d68_167.wav", "duration": 5.07}, {"text": "All I can say is that the company has been doing well.", "audio_length_s": 5.07, "path": "f262bb6a5f222326e1fd4cf3c5adee66_75.wav", "duration": 5.07}, {"text": "Well, I don't have the number with me right now. So we will look into the matter and get back to you later.", "audio_length_s": 5.07, "path": "a93681c92a0b9c04743f541a54b180c7_111.wav", "duration": 5.07}, {"text": "in the coming year for these segments.", "audio_length_s": 5.07, "path": "a683f40be39761f8e66786d7c0b64134_241.wav", "duration": 5.07}, {"text": "as much as the urgency on the part to act on", "audio_length_s": 5.07, "path": "9014ac9cbc2cff30468f1bcb659c0f66_66.wav", "duration": 5.07}, {"text": "Sure. Let me rephrase the question. Do you think this is a change", "audio_length_s": 5.07, "path": "80bbfd75ab074e9faf2d1b31118f1cfc_36.wav", "duration": 5.07}, {"text": "and execute firmly against its objective of sustainable and responsible growth.", "audio_length_s": 5.07, "path": "10ad172801ac8cd3a21e4355d7349eb5_8.wav", "duration": 5.07}, {"text": "that we should have coordinated with our used business to maximize residuals.", "audio_length_s": 5.07, "path": "264e575b73bc2a485bee416c1ac10cee_155.wav", "duration": 5.07}, {"text": "would you guys assume if you had a similar amount of loan growth or a similar pace of loan growth", "audio_length_s": 5.07, "path": "13220986bf30f26076a674e2a9edc89c_124.wav", "duration": 5.07}, {"text": "Thank you for joining Fred's to review the company's financial and operating results for the third quarter", "audio_length_s": 5.07, "path": "d70a57dd52d0e4cf86a6225dca186bc2_38.wav", "duration": 5.07}, {"text": "the liquidity situation is not as plush as it was", "audio_length_s": 5.07, "path": "4c0e38d8d88c73a7a01dc542a85b2604_149.wav", "duration": 5.07}, {"text": "And all these investment products at this stage", "audio_length_s": 5.07, "path": "4c0e38d8d88c73a7a01dc542a85b2604_49.wav", "duration": 5.07}, {"text": "Is there any real -- when can we start to see that", "audio_length_s": 5.07, "path": "123a9a590195f61aa739ee9b2dec4952_48.wav", "duration": 5.07}, {"text": "the reduction to our pretax income from our lower sales levels.", "audio_length_s": 5.07, "path": "67716cee321d117b0318930dd142f06a_118.wav", "duration": 5.07}, {"text": "Given our scale, we are excited to think about what we can accomplish once integration is complete.", "audio_length_s": 5.07, "path": "9f7dc62dbe80ba08b982936e1ca13f6c_171.wav", "duration": 5.07}, {"text": "the positive commentary and everything but Sports growing. So I guess, I'm just wondering is there any more", "audio_length_s": 5.07, "path": "eeb0eabacd602c4436b6a6e565ebc9b0_211.wav", "duration": 5.07}, {"text": "That's it for our prepared remarks. We'll now open it up for your questions.", "audio_length_s": 5.07, "path": "f2cd7d3ddaf92ab9c64154d74b2d118a_48.wav", "duration": 5.07}, {"text": "While we expect our Ohio and Texas health plans will continue to perform well,", "audio_length_s": 5.07, "path": "3121e8f4a75758834d32a9e4e0555221_15.wav", "duration": 5.07}, {"text": "show improvement in Colorado and consistently throughout the rest of the year.", "audio_length_s": 5.07, "path": "75fa1bebed0b858c76cc7058477e40e2_148.wav", "duration": 5.07}, {"text": "stock compensation and legal expense related to the insurance recovery program.", "audio_length_s": 5.07, "path": "01502edf6cda82061f1f45d6b0e8e189_159.wav", "duration": 5.07}, {"text": "we feel particularly good about the floating rate structure of our portfolio.", "audio_length_s": 5.07, "path": "07f580f6f7be50000b90caa25fcd2661_62.wav", "duration": 5.07}, {"text": "or are getting better at it, certainly, in a lot of places. So I think it's where it's supposed to be.", "audio_length_s": 5.07, "path": "2fc915b996c687200d995736980aae9a_142.wav", "duration": 5.07}, {"text": "Okay. So would it be fair to say that Q4 would be the heaviest", "audio_length_s": 5.07, "path": "ca2bc8d693d4751cc88444d2e715f645_84.wav", "duration": 5.07}, {"text": "between now and the point of sale, which we expect that run rate of losses", "audio_length_s": 5.07, "path": "fa45af64ef25007f998c655347bfbecb_514.wav", "duration": 5.07}, {"text": "This is an important proof point for the effectiveness of our Managed Exit initiative.", "audio_length_s": 5.07, "path": "5308c910fb34c8291b372e7a94521e9b_136.wav", "duration": 5.07}, {"text": "So I know that there's a bunch of bids that were sitting in a backlog, were kind of stuck,", "audio_length_s": 5.07, "path": "839852ec8452dbd90e9341d15cbba7c5_147.wav", "duration": 5.07}, {"text": "sounds like you're not necessarily including it yet? And just if you can remind us the building blocks", "audio_length_s": 5.07, "path": "839852ec8452dbd90e9341d15cbba7c5_31.wav", "duration": 5.07}, {"text": "Thank you for your participation. You may now disconnect your lines at this time.", "audio_length_s": 5.07, "path": "839852ec8452dbd90e9341d15cbba7c5_53.wav", "duration": 5.07}, {"text": "are you seeing any opportunities there for bringing new people on board?", "audio_length_s": 5.07, "path": "8b2314627d54755a15c55244bb862225_85.wav", "duration": 5.07}, {"text": "the members of the association were benefited. And they are now", "audio_length_s": 5.07, "path": "cc82e791c065bdc271addf355bac274f_78.wav", "duration": 5.07}, {"text": "We're excited to have begun to see the results of these efforts in the first half of the year.", "audio_length_s": 5.07, "path": "a0006b7891ead9bdb76273f555b6f1c8_69.wav", "duration": 5.07}, {"text": "every projection we've done, it shows that, that should be enough to get", "audio_length_s": 5.07, "path": "a5aee620f2ef348884bdc8fa3e0cee19_27.wav", "duration": 5.07}, {"text": "facility by constructing more. This is one of the big investments that we have", "audio_length_s": 5.07, "path": "224a41b247c04842c2998802d67c8123_98.wav", "duration": 5.07}, {"text": "teach them how you want them to approach clients, teach them your culture,", "audio_length_s": 5.07, "path": "dbafd430cf189ffeffd96a06da8ba37d_28.wav", "duration": 5.07}, {"text": "So I guess here's the comments that I would make on the NAND market.", "audio_length_s": 5.07, "path": "f46ae0a04d60dea8a759f07333ed37e2_171.wav", "duration": 5.07}, {"text": "or the guidance in variable rate technologies today. That would be a real opportunity", "audio_length_s": 5.07, "path": "0f4370b614f29bd596e4f6871cc77864_183.wav", "duration": 5.07}, {"text": "and enabled us to regard the map as part of a unique and differentiated solution.", "audio_length_s": 5.07, "path": "0f4370b614f29bd596e4f6871cc77864_203.wav", "duration": 5.07}, {"text": "as to how fast an economy will come back. But I was just down there a few weeks ago,", "audio_length_s": 5.07, "path": "bb9c0d60d15efa53cedac31e079e9ae6_20.wav", "duration": 5.07}, {"text": "we had an improvement in our performance with our client metrics", "audio_length_s": 5.07, "path": "575d21e05ceda8f95fc54e0292c2d99f_138.wav", "duration": 5.07}, {"text": "I think as we've talked about and others have talked about in the market for some time now,", "audio_length_s": 5.07, "path": "7ec19aea307c76d4a57fa87368305630_91.wav", "duration": 5.07}, {"text": "was a Friday going into the Fourth of July weekend, and a lot of folks just got out of town", "audio_length_s": 5.07, "path": "07d30eec04a77191950ef0992d097daf_11.wav", "duration": 5.07}, {"text": "Well, ladies and gentlemen, thank you for participating in today's conference.", "audio_length_s": 5.07, "path": "a8034762296368c60571fcde382c3274_110.wav", "duration": 5.07}, {"text": "changing the conversation around doors and making the door category more relevant.", "audio_length_s": 5.07, "path": "30710391b8ab4cb549180602d31d4f4a_48.wav", "duration": 5.07}, {"text": "we are and who we are going to continue to be. One of the primary principles talks about", "audio_length_s": 5.07, "path": "b96165244f010b3f1e61cbbc5e504d96_134.wav", "duration": 5.07}, {"text": "even if actual results or future expectations change materially.", "audio_length_s": 5.07, "path": "b96165244f010b3f1e61cbbc5e504d96_167.wav", "duration": 5.07}, {"text": "we will not be stuck with the length that we had last year.", "audio_length_s": 5.07, "path": "7394bde65e000fbb7b528c6c65bd099d_32.wav", "duration": 5.07}, {"text": "as well as modest increases to general inflation in the latter portion of the year.", "audio_length_s": 5.07, "path": "3aba3f0bef57d2f71dcc573a0fb198ed_21.wav", "duration": 5.07}, {"text": "Finally, trends in our power and civil construction markets are turning the corner.", "audio_length_s": 5.07, "path": "bab12f620df0f367e74acdcc467686f1_179.wav", "duration": 5.07}, {"text": "That concludes my updates on the individual therapeutics and therapeutic candidates.", "audio_length_s": 5.07, "path": "49a78c1ec143d9ac46e893e77198c0e3_14.wav", "duration": 5.07}, {"text": "And we expect this to increase given the fourth quarter impacts of Hurricane Matthew.", "audio_length_s": 5.07, "path": "aeb50c6146f90bd32d147c5d4775c21d_3.wav", "duration": 5.07}, {"text": "and a 16% increase in the average selling price versus the prior year.", "audio_length_s": 5.07, "path": "ade68f8add7249890d086ecf4b5b8cab_4.wav", "duration": 5.07}, {"text": "in line with how we had estimated and evaluated.", "audio_length_s": 5.07, "path": "fcabfedf41ab18064a96d393869e4d4e_76.wav", "duration": 5.07}, {"text": "a little conservative here because we don't have great clarity on what the rest of the year will be.", "audio_length_s": 5.07, "path": "2f52e3495f64a67b885c0d35be2e8dce_100.wav", "duration": 5.07}, {"text": "the macro front, have you seen anything on the proactive side that's changed as far as like the demand environment?", "audio_length_s": 5.07, "path": "2ba5b22f61cfe7a74dddc9be783aaa84_131.wav", "duration": 5.07}, {"text": "Wells are drilled year round, then completed mostly during the summer.", "audio_length_s": 5.07, "path": "a8b43081254547419da7462d9c957d61_215.wav", "duration": 5.07}, {"text": "filling techniques and marking techniques to improve on that.", "audio_length_s": 5.07, "path": "e5040d02fba73a359d3f7cb346517ce1_42.wav", "duration": 5.07}, {"text": "although the full effect of some of these examples will be seen", "audio_length_s": 5.07, "path": "47b1a118c53956b23f1d687a75f3e5ba_91.wav", "duration": 5.07}, {"text": "because of our full portfolio and long presence, we see strong market share gains", "audio_length_s": 5.07, "path": "47b1a118c53956b23f1d687a75f3e5ba_68.wav", "duration": 5.07}, {"text": "We both work in the recruiting space. We both now work in the learning space,", "audio_length_s": 5.07, "path": "6a372ea97b0b130a4d37f16b54d97909_45.wav", "duration": 5.07}, {"text": "which should enable us to stabilize our business and position us for longer-term growth.", "audio_length_s": 5.07, "path": "f23036451aab1cb9d659c3ac9a23825c_53.wav", "duration": 5.07}, {"text": "in so many different areas of our company whether it was wage, changes or bonuses to", "audio_length_s": 5.07, "path": "cd1773ea94a046c0a36b679e2efcee9f_76.wav", "duration": 5.07}, {"text": "And in that space, we see the opportunity to bring what we call edge computing", "audio_length_s": 5.07, "path": "6c43a32379bfc34fc8cfe84ff94d6498_101.wav", "duration": 5.07}, {"text": "We are terribly busy building out what we have set out to build.", "audio_length_s": 5.07, "path": "815f65663b3982554e82806de0cbd918_48.wav", "duration": 5.07}, {"text": "We have elevated our commitment through enhanced communication, time and resources.", "audio_length_s": 5.07, "path": "1968062b387ef01efed18108be2dc264_29.wav", "duration": 5.07}, {"text": "Everybody waits for the decisions, for the outcome of the trade war.", "audio_length_s": 5.07, "path": "664ce6f8ad7864e2844f637e7a1b48d7_57.wav", "duration": 5.07}, {"text": "working against their list of improved drug manufacturing process targets.", "audio_length_s": 5.07, "path": "885b465648704d8a5d15bd00078e2160_34.wav", "duration": 5.07}, {"text": "Thank you. And I'll now turn the call over to Scott. Scott?", "audio_length_s": 5.07, "path": "3c180e2434e4a2d67d5e3acfd85bbe60_94.wav", "duration": 5.07}, {"text": "So we're very pleased with where we are on that front, but we've got to get", "audio_length_s": 5.07, "path": "ed93b88b63d3dba4c5ed78d463a77bdd_115.wav", "duration": 5.07}, {"text": "There are a variety of reasons for this. So let me elaborate.", "audio_length_s": 5.07, "path": "20097e37747ec7bc3734246e83798fb1_55.wav", "duration": 5.07}, {"text": "has some negative effect. And in addition, I would say, we have", "audio_length_s": 5.07, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_45.wav", "duration": 5.07}, {"text": "And how much cash do you need to keep overseas on an operational level? And if we see some", "audio_length_s": 5.07, "path": "191c819db03c2dfd0207cd1f42e278a4_112.wav", "duration": 5.07}, {"text": "Our teams have begun to renew our existing U.S. and international service center capabilities", "audio_length_s": 5.07, "path": "505ccbd6e857cad05a179a5ed5419d1b_49.wav", "duration": 5.07}, {"text": "And we do expect our deposit and investment growth to continue to grow at", "audio_length_s": 5.07, "path": "ef44080b170ca6366a6d3132d0baf11a_26.wav", "duration": 5.07}, {"text": "Before we begin, I'd like to refer you to the first 2 slides of our presentation", "audio_length_s": 5.07, "path": "08f219f6cb65bd0ed50cb8444a3884f8_1.wav", "duration": 5.07}, {"text": "We expect this impact will be partially offset by incremental pricing.", "audio_length_s": 5.07, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_92.wav", "duration": 5.07}, {"text": "And again, we were pleased that our bank group expressed their confidence in the company and the management team", "audio_length_s": 5.07, "path": "82131762fc1c2b2358ac3a167666ab87_16.wav", "duration": 5.07}, {"text": "on an average basis not to have a meaningful impact from the tax law changes.", "audio_length_s": 5.07, "path": "4479886907c2a9ec843d6ea1e5e0cacc_120.wav", "duration": 5.07}, {"text": "But you should know that any approval that is granted by New York state", "audio_length_s": 5.07, "path": "75eb5b75bb8587b63c318714ea956b9e_154.wav", "duration": 5.07}, {"text": "We did see a 60 basis point improvement in credit operating cost during the quarter", "audio_length_s": 5.07, "path": "63eaf9677d7577484a1557ae6bfbb585_124.wav", "duration": 5.07}, {"text": "Sure. I mean, we want to be a supportive sponsor as we can be", "audio_length_s": 5.07, "path": "626da68f2b245869534a0316b8b6139a_22.wav", "duration": 5.07}, {"text": "in new applications and new product releases moving forward.", "audio_length_s": 5.07, "path": "eed1c5ed3c323766706ad8a5ae45bb5d_201.wav", "duration": 5.07}, {"text": "Our Montana operations benefited from our ongoing investments in new game product", "audio_length_s": 5.07, "path": "a7228e39e0d5f04dfba28fe3477e034a_59.wav", "duration": 5.07}, {"text": "However, I want to provide some basic information as we best understand it.", "audio_length_s": 5.07, "path": "333d478ab06fd400afafa68f4a952191_19.wav", "duration": 5.07}, {"text": "but we certainly will be bringing that material -- those data to future scientific meetings.", "audio_length_s": 5.07, "path": "571b0d30d88945a981006f24faa72cf7_196.wav", "duration": 5.07}, {"text": "and then we will establish the maintenance regimes to give us reliable 25-year income", "audio_length_s": 5.07, "path": "e00fd35e201a8607d264b803a5130c59_120.wav", "duration": 5.07}, {"text": "The majority of adverse events reported by the investigators have been mild to moderate", "audio_length_s": 5.07, "path": "f875d701e5a9dd5ab745c8380c02cc3a_42.wav", "duration": 5.07}, {"text": "Project orientation makes that a little bit harder or otherwise.", "audio_length_s": 5.07, "path": "fb817a6cc685a3fd0f003456dd641c01_40.wav", "duration": 5.07}, {"text": "that the new capacity is now installed and we are beginning to utilize it.", "audio_length_s": 5.07, "path": "b3d7bc295d09d9927e465213612c0192_6.wav", "duration": 5.07}, {"text": "We do not plan to update predictions regarding possible future income statement results,", "audio_length_s": 5.07, "path": "1e756fc5d265eea3ff8e2e31c29826ae_202.wav", "duration": 5.07}, {"text": "is a return to normal for what has traditionally been expected for this time of year,", "audio_length_s": 5.07, "path": "8eaca8d8a419f74540f69ade8defabbd_25.wav", "duration": 5.07}, {"text": "General commercial activity represents the largest segment of Canada's economy,", "audio_length_s": 5.07, "path": "87045996e7446329f1d98c909c6ca7fe_140.wav", "duration": 5.07}, {"text": "a little bit of margin compression, higher expenses but a lower tax rate,", "audio_length_s": 5.07, "path": "1c7b9fe66120faecd8217e1df394005c_38.wav", "duration": 5.07}, {"text": "in many of these scenarios, the profit margins are quite thin.", "audio_length_s": 5.07, "path": "450a5dc6eb19b82da8dfc68127f6e79d_96.wav", "duration": 5.07}, {"text": "gives us flexibility to adapt to changing economic, tax and trade conditions,", "audio_length_s": 5.07, "path": "433a6e203f9db93835c27ff83e86c801_26.wav", "duration": 5.07}, {"text": "That's not something that we ever intend to use as a profit leader for us who's trying to drive", "audio_length_s": 5.07, "path": "7cc11de7f206c637e6293da0d956405e_158.wav", "duration": 5.07}, {"text": "Second, while we continue to operate in a difficult external environment,", "audio_length_s": 5.07, "path": "1e32d5e01ff61f70b37850c473b9876a_3.wav", "duration": 5.07}, {"text": "And with that, let me turn the call back over to Julie for just some final words.", "audio_length_s": 5.07, "path": "1689b94530eca82b7758c86b4cf3125f_73.wav", "duration": 5.07}, {"text": "As a reminder, this Parametric offering applies financial futures and other derivative instruments", "audio_length_s": 5.07, "path": "6709c061d39d0e433079f84160f11c80_137.wav", "duration": 5.07}, {"text": "other than the funding piece of it that we think they do exceptionally well.", "audio_length_s": 5.07, "path": "0dec9a606303da3039d11eec4ec9bd86_176.wav", "duration": 5.07}, {"text": "Bob, we call it raw materials but it is all power.", "audio_length_s": 5.07, "path": "e33785a294553de2a12d4463bf786744_45.wav", "duration": 5.07}, {"text": "I think there's a lot of talk on the crude side. And when you look at", "audio_length_s": 5.07, "path": "ef7916fa2eb0da8e0ecf6b98afeb68f6_25.wav", "duration": 5.07}, {"text": "to drive our strong growth and profitability in a seasonally strong quarter for the industry.", "audio_length_s": 5.07, "path": "c9c6437fdff6eb69b8bca5fb3b2f14df_68.wav", "duration": 5.07}, {"text": "and it's a tremendous amount of information not only related to comparability", "audio_length_s": 5.07, "path": "e29584f9f829602cacebcce71c2a4fb9_26.wav", "duration": 5.07}, {"text": "While medical professionals are the driving force behind successful outcomes,", "audio_length_s": 5.07, "path": "cd331fa6dd24e811af3c0529212bfbb8_36.wav", "duration": 5.07}, {"text": "This is because they can be directly influenced by the management team.", "audio_length_s": 5.07, "path": "c12aea8267b41c1b0347ac04aaa4f789_12.wav", "duration": 5.07}, {"text": "contingency into our expectations to make sure that we're not overpromising anything. So", "audio_length_s": 5.07, "path": "11f02fb2db5d9fb5ff82f0374376f759_104.wav", "duration": 5.07}, {"text": "So this year, there's only going to be a partial benefit. And the reason we say we'll have a better rate", "audio_length_s": 5.07, "path": "ff898f396d49760343d08575ea773b54_184.wav", "duration": 5.07}, {"text": "But there are signs of improvements underway. So film type", "audio_length_s": 5.07, "path": "b3e9a3bbebcc4111afca87b4cadf58bf_55.wav", "duration": 5.07}, {"text": "As the capital projects start following that, you'll get a little bit more efficiency,", "audio_length_s": 5.07, "path": "1215cf00a11992ec74743f92026af2e9_78.wav", "duration": 5.07}, {"text": "All in all, while our products are in different stages of adoption,", "audio_length_s": 5.07, "path": "0b989ddfd2b5a1fa7b0b6b38b4679e68_81.wav", "duration": 5.07}, {"text": "and EBIT and EBITDA to be in the lower half of their respective ranges.", "audio_length_s": 5.07, "path": "e552924838fe493d3cc967dd0c5c4563_138.wav", "duration": 5.07}, {"text": "We completed and integrated 10 acquisitions, which broadened our diversified platform.", "audio_length_s": 5.07, "path": "648ddbbaa83d8a627c7ab752f63a80bd_2.wav", "duration": 5.07}, {"text": "in the fourth quarter to help with seasonal surge needs of some of our Dedicated accounts.", "audio_length_s": 5.07, "path": "14fa9d7635caae6483af62a4bfe1b9d6_35.wav", "duration": 5.07}, {"text": "in accident frequency and severity and our commitment to continue safety improvements,", "audio_length_s": 5.07, "path": "14fa9d7635caae6483af62a4bfe1b9d6_150.wav", "duration": 5.07}, {"text": "We thank our team for their ongoing efforts and our shareholders for your continued confidence in our company.", "audio_length_s": 5.07, "path": "3bc6d3e1c0a117340d288c289bf7f679_52.wav", "duration": 5.07}, {"text": "that becomes our revenue when it's reported to us in the first quarter of the following year.", "audio_length_s": 5.07, "path": "e9970d55b0ac8bddede7f337c0f94d36_122.wav", "duration": 5.07}, {"text": "during an oral presentation at the annual meeting of the World Muscle Society in Mendoza, Argentina.", "audio_length_s": 5.07, "path": "d55a8ee5fdfc3f99a77e2d64df8f0c31_125.wav", "duration": 5.07}, {"text": "The number of common shares to be issued at the end of every 6-month interest period", "audio_length_s": 5.07, "path": "c8236c1645c0d49837800e24a77e14a8_65.wav", "duration": 5.07}, {"text": "or that were thwarted by planning approvals that we were not able to achieve.", "audio_length_s": 5.07, "path": "ddabb30d106a115232a49981d62da464_25.wav", "duration": 5.07}, {"text": "of reconfiguring his organization to be much more effective", "audio_length_s": 5.07, "path": "e69e64683a56cdadf1c95192e753f27e_95.wav", "duration": 5.07}, {"text": "None of our forecast reflect any potential changes from tax reform.", "audio_length_s": 5.07, "path": "f268a8174f58c93ad6b45b7f151fe896_13.wav", "duration": 5.07}, {"text": "those figures as an indication of the passing rent on those properties", "audio_length_s": 5.07, "path": "268717db3804942c4ba9b5cb6912b558_76.wav", "duration": 5.07}, {"text": "some of the new reorganizations and I think that would really impact really all of the business.", "audio_length_s": 5.07, "path": "a756bd9ba43faae4d9d0f059925e39e9_161.wav", "duration": 5.07}, {"text": "similar to our entire portfolio. I mean, when you think about our portfolio as an asset,", "audio_length_s": 5.07, "path": "1cfd7da6c2da11f7e3f7102a6265146b_234.wav", "duration": 5.07}, {"text": "I think next year will be much better than this year. And", "audio_length_s": 5.07, "path": "ee824d23bd881a3dc5ee8be881b7d18b_49.wav", "duration": 5.07}, {"text": "the measures to improve the fixed costs are more important then in priority.", "audio_length_s": 5.07, "path": "538323cb37246bc97d1253b369a7414a_206.wav", "duration": 5.07}, {"text": "earlier in 2015. We actually got authority from our board to", "audio_length_s": 5.07, "path": "bcb3aac2c7cc035961d9ee8cfd330044_144.wav", "duration": 5.07}, {"text": "while those legacy products move closer to the end of their respective life cycles.", "audio_length_s": 5.07, "path": "594b7b614804475e4ab8ab4c405ecf40_91.wav", "duration": 5.07}, {"text": "we going to decline further compared to the lower comparison base last year", "audio_length_s": 5.07, "path": "3c01ad6de1eb32de94f246387918fa2b_123.wav", "duration": 5.07}, {"text": "I would like to turn the conference back over to management for any additional or closing comments.", "audio_length_s": 5.07, "path": "5a85c98fc5e3d596bc18741b744f9ea5_111.wav", "duration": 5.07}, {"text": "and actual results may differ materially from those contemplated by these forward-looking statements.", "audio_length_s": 5.07, "path": "bc5018861ccb5380fbe71ad789a6d4b0_43.wav", "duration": 5.07}, {"text": "This increase was offset by several unfavorable impacts during the quarter.", "audio_length_s": 5.07, "path": "1096d26129c469524041c969a684f8ae_185.wav", "duration": 5.07}, {"text": "Before we begin, I'd like to refer you to the first 2 slides of our presentation", "audio_length_s": 5.07, "path": "24a2aec67e247f9c4d4cc89d6dbab525_1.wav", "duration": 5.07}, {"text": "Last year, we discussed the market environment that drove our sales margins to a level", "audio_length_s": 5.07, "path": "24a2aec67e247f9c4d4cc89d6dbab525_45.wav", "duration": 5.07}, {"text": "the training initiatives that we have. So to answer that, right now", "audio_length_s": 5.07, "path": "dbc5b7a2aca13803a2c2c99fd5b3da21_157.wav", "duration": 5.07}, {"text": "as swap rates decreased more than other asset yields during the third quarter.", "audio_length_s": 5.07, "path": "3fb901e6b501ddced60226a13ebef4af_35.wav", "duration": 5.07}, {"text": "that's always been a little spotty and I think you need to look at a broader trend than a single quarter", "audio_length_s": 5.07, "path": "9097dcbaf554d635920c6274b1de4997_102.wav", "duration": 5.07}, {"text": "I think we're very comfortable with our -- with the portfolio of services that we provide.", "audio_length_s": 5.07, "path": "523cf294ec146d5411972168b1c10f09_131.wav", "duration": 5.07}, {"text": "and we are also expanding our service offerings related to the federal Medicare programs.", "audio_length_s": 5.07, "path": "1bb9219ad31877175e18e8e48ff2f63c_5.wav", "duration": 5.07}, {"text": "we should be able to get a bit of a bump in that gross profit margin,", "audio_length_s": 5.07, "path": "97ddc19ecb28bab2d19fd3b181182062_265.wav", "duration": 5.07}, {"text": "extremely focused on. We started off knowing that the first quarter was going to be the most difficult,", "audio_length_s": 5.07, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_252.wav", "duration": 5.07}, {"text": "in some cases. So you can see in some of the", "audio_length_s": 5.07, "path": "78cf0d3e40caba622d8914916f0f9146_194.wav", "duration": 5.07}, {"text": "Before taking into account the realization of the lower effective tax rate,", "audio_length_s": 5.07, "path": "77f146e76d89a5be785a39ab23dfa763_108.wav", "duration": 5.07}, {"text": "story there is how do we get these horizontal wells landed and completed", "audio_length_s": 5.0699375, "path": "309554ae886fe4911da6e3329b631fe6_32.wav", "duration": 5.0699375}, {"text": "there's been no change in terms of our direct customers for the brand business.", "audio_length_s": 5.0699375, "path": "d4d2bcc69eeb01cb739c3c86ba8816df_187.wav", "duration": 5.0699375}, {"text": "The city gets multiple benefits from this project. The new lights", "audio_length_s": 5.0400625, "path": "81430c39b7b202d05644e419e2a01a65_43.wav", "duration": 5.0400625}, {"text": "Let me first comment on cloud computing business,", "audio_length_s": 5.04, "path": "118b6e5a6077bedf5081ed70425b6866_30.wav", "duration": 5.04}, {"text": "China Refinish market actually last year was flat overall as the new insurance", "audio_length_s": 5.04, "path": "8fde6a4ab2de2ba6bbd0b4196ef82454_116.wav", "duration": 5.04}, {"text": "As a reminder, we believe that our existing cash, cash equivalents, and investments", "audio_length_s": 5.04, "path": "070a939ddb72d87ed87e4b863da14a89_37.wav", "duration": 5.04}, {"text": "How much of that do you actually need to run the business on an ongoing basis? And I", "audio_length_s": 5.04, "path": "d162113e3aface010baec17bd408736b_128.wav", "duration": 5.04}, {"text": "This is normal when we transfer volumes from one platform on to another.", "audio_length_s": 5.04, "path": "364a769967b9b1a7cd069e2ce95c6e25_175.wav", "duration": 5.04}, {"text": "I would use more we were over the last few years which has been pretty consistent", "audio_length_s": 5.04, "path": "bc6534f8d32e757d120eaa7fa1b3a952_32.wav", "duration": 5.04}, {"text": "that will allow us to move to a higher level of production", "audio_length_s": 5.04, "path": "13aa6c0669adb5544a0d62beef677189_81.wav", "duration": 5.04}, {"text": "some of the performance we've had in the current year in our uninvested estates.", "audio_length_s": 5.04, "path": "bc605e9d69e921f4f61a508a448ad0dd_49.wav", "duration": 5.04}, {"text": "The market's peak impact from Porter Ranch was January through April, thus", "audio_length_s": 5.04, "path": "7eebbbc069b4bf8367aa748751df9bc7_21.wav", "duration": 5.04}, {"text": "credit facilities to absorb these financing requirements.", "audio_length_s": 5.04, "path": "ebb371780b97ae7f2172f242fbdc5c7c_15.wav", "duration": 5.04}, {"text": "So we're making better choices about where we go and where we do not go,", "audio_length_s": 5.04, "path": "0f9fe6c3b9d2bdc4b769ab5094f198c0_154.wav", "duration": 5.04}, {"text": "Indeed, since then, we have seen a recovery of the Brazilian real", "audio_length_s": 5.04, "path": "a95a220f118ae793c89d6d708e62cf8a_169.wav", "duration": 5.04}, {"text": "While the teamwork we are witnessing and the opportunities ahead of us", "audio_length_s": 5.04, "path": "94fdf7b24748a7706b1097482a0f363a_129.wav", "duration": 5.04}, {"text": "Kew and I are keenly focused on growing our fee-related earnings.", "audio_length_s": 5.04, "path": "6388da88b00ebc88af59435bdac74132_86.wav", "duration": 5.04}, {"text": "so that we could generate more revenue with video ads throughout the year.", "audio_length_s": 5.04, "path": "a93681c92a0b9c04743f541a54b180c7_233.wav", "duration": 5.04}, {"text": "we have the service piece and the monetization piece. The base", "audio_length_s": 5.04, "path": "a93681c92a0b9c04743f541a54b180c7_5.wav", "duration": 5.04}, {"text": "Operating expenses is expected to increase slightly", "audio_length_s": 5.04, "path": "3cb802f8fba7d33603c29387ccdaf817_14.wav", "duration": 5.04}, {"text": "for that products and that part of the market I would anticipate we would", "audio_length_s": 5.04, "path": "f0dd7e4dad969b480d0d2a70609aedba_45.wav", "duration": 5.04}, {"text": "with the application representing an enormous improvement over the first quarter average,", "audio_length_s": 5.04, "path": "aaf7e3a1cc8cf65ccf788923cb583954_9.wav", "duration": 5.04}, {"text": "drive unexpected loss emergence at an industry level.", "audio_length_s": 5.04, "path": "aaf7e3a1cc8cf65ccf788923cb583954_94.wav", "duration": 5.04}, {"text": "So we are encouraged by the traction we're seeing in the broader", "audio_length_s": 5.04, "path": "47d77b15189fadcc76113a2f7800ba28_72.wav", "duration": 5.04}, {"text": "no explanation is needed. For those who don't, none will do.", "audio_length_s": 5.04, "path": "22ad97a95501a08f15c06605cd277fec_45.wav", "duration": 5.04}, {"text": "I would say that it doesn't really make a material difference,", "audio_length_s": 5.04, "path": "2152c3428458312cf3da4cab3f8db5ca_112.wav", "duration": 5.04}, {"text": "we find it harder and harder to identify banks out there", "audio_length_s": 5.04, "path": "13220986bf30f26076a674e2a9edc89c_42.wav", "duration": 5.04}, {"text": "and MAP Navigator thereafter when it becomes available.", "audio_length_s": 5.04, "path": "8cb24daf76784487ad63780546dc4ba4_70.wav", "duration": 5.04}, {"text": "Now I'd like to also mention some disclosure enhancements that we telegraphed last quarter.", "audio_length_s": 5.04, "path": "1927f9c722093d1d64b610c4227ccf59_112.wav", "duration": 5.04}, {"text": "are your expectation for putting this program into the CST location?", "audio_length_s": 5.04, "path": "570faeed3dcfa26c6246dc42309025ad_48.wav", "duration": 5.04}, {"text": "We continue to deliver strong free cash flow, which remains our key focus,", "audio_length_s": 5.04, "path": "7ec9d2889f6012c7058eb766f6de38e2_32.wav", "duration": 5.04}, {"text": "we encourage you to read the partnerships earnings release and documents on file with the SEC.", "audio_length_s": 5.04, "path": "de3b766a868da918e499f407dbf5d716_1.wav", "duration": 5.04}, {"text": "financial constraint within the alternative space because of the structure.", "audio_length_s": 5.04, "path": "1b91eb82f5211000e711424657cc2484_53.wav", "duration": 5.04}, {"text": "The quarter also demonstrated a significant accretive growth", "audio_length_s": 5.04, "path": "0ee490f8688669984ae17a737590f7b5_71.wav", "duration": 5.04}, {"text": "And that project should hopefully be validated by the end of this fiscal year.", "audio_length_s": 5.04, "path": "2e3470778d787bc7db14a62eeaefd902_25.wav", "duration": 5.04}, {"text": "and I just don't see that the story is being told. You're talking to us, and", "audio_length_s": 5.04, "path": "392ca3d1e388c6d7a35f6d0db390c359_232.wav", "duration": 5.04}, {"text": "It should be a solid year for the petroleum additives segment and the company as we", "audio_length_s": 5.04, "path": "5eb57224d167f55747e3ea5aab8a91cf_32.wav", "duration": 5.04}, {"text": "Customers responded well to our lower prices and we continue to grow the top line.", "audio_length_s": 5.04, "path": "f686be4a39a5c75b5f3a03a1aed5d9b6_6.wav", "duration": 5.04}, {"text": "The group produced a good performance in the 6 months period to the end of February.", "audio_length_s": 5.04, "path": "4e623dcc7ccb3cd8c9b6bc83051b3e12_137.wav", "duration": 5.04}, {"text": "as we work through the fourth quarter and into the first half of next year.", "audio_length_s": 5.04, "path": "23eff4c724ee00f56319fcc47add3441_61.wav", "duration": 5.04}, {"text": "The differences between GAAP and base earnings are summarized on this slide.", "audio_length_s": 5.04, "path": "1133b8984db446b9c963a09eaf0785a4_71.wav", "duration": 5.04}, {"text": "We have discussed at length the reasons why we are exiting the services delivery business,", "audio_length_s": 5.04, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_42.wav", "duration": 5.04}, {"text": "of whether it's by geographic region or industrial versus consumer,", "audio_length_s": 5.04, "path": "e743ddc0caabaebf5e9a6568eaef8334_115.wav", "duration": 5.04}, {"text": "Bill brings a well-proven ability to lead successful research and development organizations", "audio_length_s": 5.04, "path": "a24a661c2eb55542903c72391ec09f9b_37.wav", "duration": 5.04}, {"text": "which indicates the market attractiveness of the capabilities in this business.", "audio_length_s": 5.04, "path": "6864081f83959f4b49e25e597f28af66_14.wav", "duration": 5.04}, {"text": "These 2 measures are primarily how we internally measure our financial performance.", "audio_length_s": 5.04, "path": "575d21e05ceda8f95fc54e0292c2d99f_16.wav", "duration": 5.04}, {"text": "On a full year basis, we'd expect margins to be", "audio_length_s": 5.04, "path": "43942582edfb20599f3e7456137f8deb_71.wav", "duration": 5.04}, {"text": "and they have compact footprints compared to the rest of the proppant storage industry.", "audio_length_s": 5.04, "path": "2905366dcf0eb60a22b63a1b3d9adf95_48.wav", "duration": 5.04}, {"text": "in particular to better match our cost structure with current activity levels.", "audio_length_s": 5.04, "path": "2905366dcf0eb60a22b63a1b3d9adf95_20.wav", "duration": 5.04}, {"text": "of paydowns we were anticipating by the end of June that just didn't occur.", "audio_length_s": 5.04, "path": "07d30eec04a77191950ef0992d097daf_4.wav", "duration": 5.04}, {"text": "So there is no magic to it. It really was just those 2 things.", "audio_length_s": 5.04, "path": "b022fc1979ef416dd25317a4c062328e_224.wav", "duration": 5.04}, {"text": "We actually had a great bookings quarter just this last quarter. And so", "audio_length_s": 5.04, "path": "70e6c7aa44b3ec7ad9e579bdf5cc201e_33.wav", "duration": 5.04}, {"text": "we tried to increase sales of candies to the younger generation.", "audio_length_s": 5.04, "path": "f4d0f1362716be33f02690dd1a8df663_126.wav", "duration": 5.04}, {"text": "consistent with the projections we have provided during the last few quarterly calls.", "audio_length_s": 5.04, "path": "24f52bc1a1dc6e69bcf59be0d1f5fae5_120.wav", "duration": 5.04}, {"text": "to reduce laboratory spend and bring down the cost of care.", "audio_length_s": 5.04, "path": "e3d70ecdb6aaed843dd059c121962e45_74.wav", "duration": 5.04}, {"text": "On our first quarter call, I changed my perspective to a more balanced view of risk and opportunity.", "audio_length_s": 5.04, "path": "b96165244f010b3f1e61cbbc5e504d96_2.wav", "duration": 5.04}, {"text": "This concludes today's conference call. You may now disconnect.", "audio_length_s": 5.04, "path": "79afc92245f71d37a9adafb6f8d50e4f_53.wav", "duration": 5.04}, {"text": "With that, I'll now turn the call over to John Scribante. John?", "audio_length_s": 5.04, "path": "1ff8311c3ce9c68a0077a0d4e10a82ac_2.wav", "duration": 5.04}, {"text": "Average in-store inventories were down slightly versus last year.", "audio_length_s": 5.04, "path": "a001f4c808bdc9a395ee7d3f9288fc50_34.wav", "duration": 5.04}, {"text": "We anticipate the project will be completed in the fourth quarter of this year or early next year.", "audio_length_s": 5.04, "path": "3b0718945e9c427873c1f34fa49b15aa_54.wav", "duration": 5.04}, {"text": "information about what has happened so far during the year, so they have a quite", "audio_length_s": 5.04, "path": "6b3df032b804a1a371d25e1eef019c4a_133.wav", "duration": 5.04}, {"text": "along with the improvement of the customer mix", "audio_length_s": 5.04, "path": "d8eb5522db0e51d75ea6518462954c52_163.wav", "duration": 5.04}, {"text": "as well as increased activity in the distribution channel in the Americas.", "audio_length_s": 5.04, "path": "9c3a67f574514131f1f506b2f9905bed_54.wav", "duration": 5.04}, {"text": "is pretty consistent to what we heard in market research when we evaluated the compound.", "audio_length_s": 5.04, "path": "265e62fc569e790d8b3e58698aaab701_192.wav", "duration": 5.04}, {"text": "so a lot of geographical restructuring going on in that contract.", "audio_length_s": 5.04, "path": "3f4e6cda7d58dbd80e1b05a73c3c6fc6_3.wav", "duration": 5.04}, {"text": "and believe that our asset management platform is among the best in the industry.", "audio_length_s": 5.04, "path": "b1da16cba24af8e472573c4c9caf17c7_171.wav", "duration": 5.04}, {"text": "premiums are you getting to your regular rate?", "audio_length_s": 5.04, "path": "b1da16cba24af8e472573c4c9caf17c7_161.wav", "duration": 5.04}, {"text": "And as we mentioned last quarter, we continued to optimize our network.", "audio_length_s": 5.04, "path": "9fa682952e2f13b0c9ad1d86cb3c3ccb_83.wav", "duration": 5.04}, {"text": "had some in it. But it really got more dramatically pronounced in the third and fourth quarter.", "audio_length_s": 5.04, "path": "968913c3f9111fc67f1d9956c56dec3b_194.wav", "duration": 5.04}, {"text": "This increase was driven by a rebound in orders from oil and gas upstream, which were", "audio_length_s": 5.04, "path": "f3d3dd7a0c4f4b0ca4f7638cf215e73f_206.wav", "duration": 5.04}, {"text": "is also growing consistently with our expectations.", "audio_length_s": 5.04, "path": "8cd753ed00aeee0ed32d03823eef3f7e_69.wav", "duration": 5.04}, {"text": "We have all of the homes that we are planning to occupy this year", "audio_length_s": 5.04, "path": "ed82cf2624a4a7e6cf5f575b33630256_14.wav", "duration": 5.04}, {"text": "Our Europe business continues to demonstrate solid operating performance,", "audio_length_s": 5.04, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_189.wav", "duration": 5.04}, {"text": "you're in a high tax area. Did you hear what Illinois was trying to pass?", "audio_length_s": 5.04, "path": "948f025c16fce2bcb2909e610c9be557_374.wav", "duration": 5.04}, {"text": "We'll update you on its impact to our financials after the closing.", "audio_length_s": 5.04, "path": "9b697782ea80be97854f35d6fc62c93a_31.wav", "duration": 5.04}, {"text": "in the power generation market. So we think very positive things in terms of", "audio_length_s": 5.04, "path": "74d0910b4af16f82a812bddbb151d966_41.wav", "duration": 5.04}, {"text": "We have instead served customers largely in response to inbound requests.", "audio_length_s": 5.04, "path": "f1da65edd5f2026ffd647d496bb96ce7_57.wav", "duration": 5.04}, {"text": "and will report detailed results from the full study at a future scientific meeting.", "audio_length_s": 5.04, "path": "571b0d30d88945a981006f24faa72cf7_119.wav", "duration": 5.04}, {"text": "And with that, I will turn it over to the operator and we will open up the call", "audio_length_s": 5.04, "path": "cbdc44c5f09baa21b5979beaf7f1e1e4_105.wav", "duration": 5.04}, {"text": "Derek will then walk us through the details on the quarter, provide some additional information on our guidance", "audio_length_s": 5.04, "path": "1949bd0c9c4c23d495d880c4c552bfe1_1.wav", "duration": 5.04}, {"text": "Because I think you guys have been focused on this for at least the last year. And", "audio_length_s": 5.04, "path": "fb817a6cc685a3fd0f003456dd641c01_159.wav", "duration": 5.04}, {"text": "There are indications that market sentiment may be gradually improving in the segment,", "audio_length_s": 5.04, "path": "939c2eaaa171907197a14e58cea3514d_13.wav", "duration": 5.04}, {"text": "As Patrick has said many times, we are going to ramp our way up", "audio_length_s": 5.04, "path": "c40b5d1a13169c5acf69590932a56f98_168.wav", "duration": 5.04}, {"text": "As the problems become less defined, the design tools must be more flexible", "audio_length_s": 5.04, "path": "9e07401011239a074ff66741ee557224_18.wav", "duration": 5.04}, {"text": "The comment period with respect to the draft advisory ended on October 21, and", "audio_length_s": 5.04, "path": "130e8e56c1afa2419fd0c08708261824_114.wav", "duration": 5.04}, {"text": "to be that big of a benefit. But they certainly are all positive for the overall business environment.", "audio_length_s": 5.04, "path": "0dec9a606303da3039d11eec4ec9bd86_105.wav", "duration": 5.04}, {"text": "Thank you very much for your attendance and questions, and I wish you a good day.", "audio_length_s": 5.04, "path": "a0f5944a79ea5150378d21e6a9ac05d8_42.wav", "duration": 5.04}, {"text": "to make sure that the people will really focus on this very good opportunity.", "audio_length_s": 5.04, "path": "49d1f0821d7f9a848e9b07a239c47074_72.wav", "duration": 5.04}, {"text": "but I think it's more than the vertical integration. It's our geographic diversification as well.", "audio_length_s": 5.04, "path": "80a2ca14358172366acab4e80f3fa33b_196.wav", "duration": 5.04}, {"text": "specifically, things have not been looking so well.", "audio_length_s": 5.04, "path": "80a2ca14358172366acab4e80f3fa33b_92.wav", "duration": 5.04}, {"text": "and superior and sustainable returns for our shareholders.", "audio_length_s": 5.04, "path": "fe80c1056f21701e41cf3489c450f5ae_158.wav", "duration": 5.04}, {"text": "We do anticipate some quarterly fluctuations in our growth rates during the year.", "audio_length_s": 5.04, "path": "98bbf1693b5a53e7f02d890a8dca876a_36.wav", "duration": 5.04}, {"text": "Thank you all very much for joining us. We look forward to updating you on our next earnings call.", "audio_length_s": 5.04, "path": "98bbf1693b5a53e7f02d890a8dca876a_51.wav", "duration": 5.04}, {"text": "Blue Mountain has an excellent existing footprint and attractive growth prospects.", "audio_length_s": 5.04, "path": "99f2d58a7b9ce1e9fec57ce20494a0c6_25.wav", "duration": 5.04}, {"text": "especially once we get to the point of releasing the acreage and showing everybody where it is. But", "audio_length_s": 5.04, "path": "838af8ffae77ce8ff59c77b1985f8fc5_63.wav", "duration": 5.04}, {"text": "Fourth, New product development remains a priority.", "audio_length_s": 5.04, "path": "4b4a9a7033a1e795b843cc5cfb7a8a8a_114.wav", "duration": 5.04}, {"text": "is provided in the tables included with our press release and in our quarterly report on Form 10-Q filed this morning", "audio_length_s": 5.04, "path": "078b27aa69b10aa01f2eab2aa681bdd8_1.wav", "duration": 5.04}, {"text": "This probably represents the closest potential new resource that might be developed.", "audio_length_s": 5.04, "path": "00dcacc7fe3cab64b14aff04a9cd0284_40.wav", "duration": 5.04}, {"text": "and then, we've got to go live and then we start to see revenue hit. So", "audio_length_s": 5.04, "path": "d62cc3a0dfe3492ed16dfc17c028071e_66.wav", "duration": 5.04}, {"text": "We are also maintaining our commitment to returning capital to shareholders through our dividend program", "audio_length_s": 5.04, "path": "884400c829f179d8cf68b767f45f03a4_95.wav", "duration": 5.04}, {"text": "With that, I'll hand the call over to Matt for some comments on our balance sheet and guidance.", "audio_length_s": 5.04, "path": "11f02fb2db5d9fb5ff82f0374376f759_14.wav", "duration": 5.04}, {"text": "This is a line that is very important for the city of Lima", "audio_length_s": 5.04, "path": "0f9d6e24171bc068e7ff7a11e7e44060_64.wav", "duration": 5.04}, {"text": "Finally, we managed our receivables very well", "audio_length_s": 5.04, "path": "b6688f44b91606fbd75a6d66e94d4e4b_29.wav", "duration": 5.04}, {"text": "or as LNG after cooling and compression process.", "audio_length_s": 5.04, "path": "dd85c205eb4aedd5ecd5be2c37c4d1b9_44.wav", "duration": 5.04}, {"text": "of additional projects as applicable. With that, I'll turn the call over to Al.", "audio_length_s": 5.04, "path": "1215cf00a11992ec74743f92026af2e9_51.wav", "duration": 5.04}, {"text": "increase in adjusted cash flow used for operating activities", "audio_length_s": 5.04, "path": "ee17f090e669ff9029bd1dc57db6e43e_25.wav", "duration": 5.04}, {"text": "It's also a confirmation of the criticality of our systems, our services", "audio_length_s": 5.04, "path": "b08d602a938cc263402d9d2db56f2490_161.wav", "duration": 5.04}, {"text": "Has KPMG completed its work on your reserves?", "audio_length_s": 5.04, "path": "648ddbbaa83d8a627c7ab752f63a80bd_136.wav", "duration": 5.04}, {"text": "Let me spend a moment providing a few highlights by category.", "audio_length_s": 5.04, "path": "1f142ea668261ba963d47aac6bab69dd_172.wav", "duration": 5.04}, {"text": "We are actively working with partners on implementation, and we are going to manage this transition", "audio_length_s": 5.04, "path": "bc1efb704df9c180935803c70a315597_8.wav", "duration": 5.04}, {"text": "We are confident that we will continue to benefit as that market grows.", "audio_length_s": 5.04, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_69.wav", "duration": 5.04}, {"text": "It's now our definition so everybody can work with that. And that's the reason why I also said in our speech", "audio_length_s": 5.04, "path": "b20564a6da1bcfc7b80552299d9e002a_92.wav", "duration": 5.04}, {"text": "We've got an operational focus and a leader in that division today", "audio_length_s": 5.04, "path": "933faa5ac159ab158506e2bc0f714977_125.wav", "duration": 5.04}, {"text": "the causes of disease and successfully discover new drug candidates.", "audio_length_s": 5.04, "path": "50eb350badadec6e4272b90684741c25_224.wav", "duration": 5.04}, {"text": "as well as a meaningful increase in deferred revenue during the September quarter.", "audio_length_s": 5.04, "path": "a766b08317742c952705018a899f3998_42.wav", "duration": 5.04}, {"text": "So what is -- what gives you so much more confidence this time than many other times?", "audio_length_s": 5.04, "path": "538323cb37246bc97d1253b369a7414a_139.wav", "duration": 5.04}, {"text": "Okay, great. And then last one. Obviously saw some nice sequential growth in the", "audio_length_s": 5.04, "path": "6fe1a71311b4937268b4c0332dc7c11f_142.wav", "duration": 5.04}, {"text": "As we execute on these priorities, we will build a more resilient and profitable business.", "audio_length_s": 5.04, "path": "7e198f4b8da8fc367e2bca0fd1595633_106.wav", "duration": 5.04}, {"text": "We believe our second quarter UAN prices will be much higher.", "audio_length_s": 5.04, "path": "eed99fefac02f862b3ee31c4748cb9b5_36.wav", "duration": 5.04}, {"text": "And if I could, Alex, the margins you're seeing from the businesses are the kind of margins you would expect", "audio_length_s": 5.04, "path": "b154f7c33e567e453cb765f4ac03dd2f_208.wav", "duration": 5.04}, {"text": "We remain intently focused on improving our project execution and risk management,", "audio_length_s": 5.04, "path": "3ae068efa03cd088f4d3edea682f199f_253.wav", "duration": 5.04}, {"text": "But I'll be very mindful that our inventory program didn't even kick off until the end of November.", "audio_length_s": 5.04, "path": "7a80c3e91e5a2693cdaef5f716808317_97.wav", "duration": 5.04}, {"text": "the north star really has been add to the front of house and leverage the back of the house as much as we can.", "audio_length_s": 5.04, "path": "30a142fac5a62ab00227cb6a339a6226_227.wav", "duration": 5.04}, {"text": "Regarding payer coverage, we are very pleased with the access we have seen thus far.", "audio_length_s": 5.04, "path": "0db5ec7ab57d41c0bea4a8ee98a083eb_5.wav", "duration": 5.04}, {"text": "hybrid combination contract coming out in the market where municipalities", "audio_length_s": 5.04, "path": "e43b90b4488b47b5e2cc96b57863bc19_15.wav", "duration": 5.04}, {"text": "I strongly believe that this will serve our shareholders very well in the future.", "audio_length_s": 5.04, "path": "3fb901e6b501ddced60226a13ebef4af_42.wav", "duration": 5.04}, {"text": "So what we're doing is we're basically reinvesting some of those", "audio_length_s": 5.04, "path": "726bad4d5d1a6b2f62034eb8dc843450_110.wav", "duration": 5.04}, {"text": "We have provided a reconciliation of these measures to the most directly comparable GAAP measures", "audio_length_s": 5.04, "path": "726bad4d5d1a6b2f62034eb8dc843450_42.wav", "duration": 5.04}, {"text": "calculated on our September 30 inventory levels and year-to-date shipment levels", "audio_length_s": 5.04, "path": "97ddc19ecb28bab2d19fd3b181182062_254.wav", "duration": 5.04}, {"text": "about 5 are expected to be addressable by our product line.", "audio_length_s": 5.04, "path": "9b83a4dcac688347e3b13ca7c55660ed_31.wav", "duration": 5.04}, {"text": "with an effective interest rate of essentially 0% for a term of 3 years.", "audio_length_s": 5.04, "path": "d2be4aa35e3df9fe75656adfd3b0d6e3_155.wav", "duration": 5.04}, {"text": "For today's event, I will be going over a few key accounting treatments", "audio_length_s": 5.04, "path": "19e7822c0e829faf25355c16b830cf39_1.wav", "duration": 5.04}, {"text": "We are comparing result on a sequential basis in some places of our presentation today.", "audio_length_s": 5.0100625, "path": "a20052a04bcb5b7b8d242a21c859550d_37.wav", "duration": 5.0100625}, {"text": "a sense of what can change so dramatically in the space of 3 months", "audio_length_s": 5.01, "path": "d22830e34d4f069487310864ec17789f_163.wav", "duration": 5.01}, {"text": "opportunities. We have a large number of discussions in process.", "audio_length_s": 5.01, "path": "4fdbfd9eec396928550d0c799e170d34_40.wav", "duration": 5.01}, {"text": "It has been my utmost honor to share this time with you", "audio_length_s": 5.01, "path": "3cb802f8fba7d33603c29387ccdaf817_179.wav", "duration": 5.01}, {"text": "historically or traditionally have invested in the multi-family space who are", "audio_length_s": 5.01, "path": "54cde38ae040b5e2c4e1f3c85691f907_90.wav", "duration": 5.01}, {"text": "by opening the enrollment to a less frequent attack rate,", "audio_length_s": 5.01, "path": "2602edddc3363eadcaafe1c33271f3e4_187.wav", "duration": 5.01}, {"text": "And I think we're basically, hopefully getting through that, whereby we will be,", "audio_length_s": 5.01, "path": "3bdb43dc1bcef6eff76f45efedb6a211_30.wav", "duration": 5.01}, {"text": "and 8 basis points of average loans for the full year", "audio_length_s": 5.01, "path": "13220986bf30f26076a674e2a9edc89c_69.wav", "duration": 5.01}, {"text": "obviously we're going to carefully evaluate any opportunities that come our way, but", "audio_length_s": 5.01, "path": "8cb24daf76784487ad63780546dc4ba4_114.wav", "duration": 5.01}, {"text": "and fraud, security and risk management and operational services", "audio_length_s": 5.01, "path": "04f29bc02d1e2ef65077ca67bf41f475_37.wav", "duration": 5.01}, {"text": "Yes, I'll start by saying that we believe our scale and focus in the space", "audio_length_s": 5.01, "path": "570faeed3dcfa26c6246dc42309025ad_44.wav", "duration": 5.01}, {"text": "this quarter, we are prioritizing investment to make sure that the waiting list", "audio_length_s": 5.01, "path": "044da592acc01ff7baacb3dbf2a302a9_129.wav", "duration": 5.01}, {"text": "On the bottom of the page, we present other operating income. Other operating for the quarter", "audio_length_s": 5.01, "path": "d085781ecd776da8a9c4d31ad547606b_32.wav", "duration": 5.01}, {"text": "I would like to provide a few modeling assumptions for the second half of the year. As a reminder,", "audio_length_s": 5.01, "path": "95b678c2b11d1ded2d9e9ba839aaee06_86.wav", "duration": 5.01}, {"text": "I will now turn the call over to him to give third quarter financial updates. Phil?", "audio_length_s": 5.01, "path": "b1f9fdf47a849c3e9c95b6d3efa9f8ed_193.wav", "duration": 5.01}, {"text": "Although the top line hasn't grown significantly, the bottom line has grown massively.", "audio_length_s": 5.01, "path": "2e3470778d787bc7db14a62eeaefd902_68.wav", "duration": 5.01}, {"text": "what we expect that the amount of dose", "audio_length_s": 5.01, "path": "2a5b0a6532fa2b71915a2930be02621a_89.wav", "duration": 5.01}, {"text": "and partly, of course, only during peak seasons like additional storage", "audio_length_s": 5.01, "path": "fa45af64ef25007f998c655347bfbecb_451.wav", "duration": 5.01}, {"text": "So the good news is, I think, The Home Depot team", "audio_length_s": 5.01, "path": "73ba4ff250b62745e03880e75b9a1581_206.wav", "duration": 5.01}, {"text": "First, we announced an exciting partnership with Visiopharm at the recent user group meeting,", "audio_length_s": 5.01, "path": "8c2a1ed5f38f38ea5b3f0bab83b44d1f_49.wav", "duration": 5.01}, {"text": "Please turn to Slide 9 for information on the dividend.", "audio_length_s": 5.01, "path": "6a927d8b7734e7ddd8ffd264fa1020a6_86.wav", "duration": 5.01}, {"text": "and we believe we're back to normal. So I would not say", "audio_length_s": 5.01, "path": "290bb33f4ce748a8e2cc8e7c5d6c9a81_279.wav", "duration": 5.01}, {"text": "Important factors that could cause actual results to differ materially from the company's expectations", "audio_length_s": 5.01, "path": "0f06227be4dd36d9329849eda96196aa_15.wav", "duration": 5.01}, {"text": "and this is mainly driven by Spain.", "audio_length_s": 5.01, "path": "c6447babe88f061184d64309eebb8629_71.wav", "duration": 5.01}, {"text": "In terms of international manufacturing capacity, we have already sprung into action.", "audio_length_s": 5.01, "path": "a44c74bdc01aa7e317addc11f2274e11_55.wav", "duration": 5.01}, {"text": "So we would really be looking in other countries that have a lot of cash,", "audio_length_s": 5.01, "path": "a44c74bdc01aa7e317addc11f2274e11_94.wav", "duration": 5.01}, {"text": "And since we have not observed that yet in the trial while we do observe,", "audio_length_s": 5.01, "path": "01ebdadb81d0e5a57270957c0cbe83fc_200.wav", "duration": 5.01}, {"text": "So this process has its own pace,", "audio_length_s": 5.01, "path": "38b2f94da12bbf2d32246763aab8265a_151.wav", "duration": 5.01}, {"text": "After a merger of equals, the organization was using both CyberArk and the competitive product.", "audio_length_s": 5.01, "path": "b2d6357f46f3a82cff6625277f9a20f6_54.wav", "duration": 5.01}, {"text": "Our business plan continues to produce strong financial results for our shareholders.", "audio_length_s": 5.01, "path": "3068d678d3331b8f0a10ea4fa92361f2_70.wav", "duration": 5.01}, {"text": "you're sort of kind of a little bit stuck in no man's land with the unsecured strategy from the standpoint of", "audio_length_s": 5.01, "path": "30e94343ee663488872ae176b419a163_64.wav", "duration": 5.01}, {"text": "along with the new data that was generated in Russia", "audio_length_s": 5.01, "path": "79afc92245f71d37a9adafb6f8d50e4f_12.wav", "duration": 5.01}, {"text": "The increase compared with the third quarter reflects increased variable compensation.", "audio_length_s": 5.01, "path": "58ff8a727ec4f3859407b64f08246759_142.wav", "duration": 5.01}, {"text": "And so we've given you the range that we think will", "audio_length_s": 5.01, "path": "58ff8a727ec4f3859407b64f08246759_178.wav", "duration": 5.01}, {"text": "And second is, the good news is the portfolio works. Any which way you look at it,", "audio_length_s": 5.01, "path": "3df0981a2d94ed56170b78330aa72ee9_216.wav", "duration": 5.01}, {"text": "And we continue to execute on our capital deployment strategy to maintain a strong balance sheet,", "audio_length_s": 5.01, "path": "29426a77336443eedde7eaa29e9c2852_186.wav", "duration": 5.01}, {"text": "While inflationary pressures typically result in higher margins in the short term,", "audio_length_s": 5.01, "path": "1968062b387ef01efed18108be2dc264_5.wav", "duration": 5.01}, {"text": "As a result of this new policy, we announced earlier the approval of a capital plan,", "audio_length_s": 5.01, "path": "2b0b79fa03313a4e9261734dd728b622_30.wav", "duration": 5.01}, {"text": "We expect oil and gas loans to stabilize or possibly increase somewhat.", "audio_length_s": 5.01, "path": "6ad1d7c855ceb3eb830c365e357e4510_135.wav", "duration": 5.01}, {"text": "Prior to dosing, scamp scores are not", "audio_length_s": 5.01, "path": "58d5f604300a30c0c5bd9aa57d207478_42.wav", "duration": 5.01}, {"text": "We finalized our acquisition of the Dr. Organic brand in December.", "audio_length_s": 5.01, "path": "bb2ca5b87982b2388d82cd64a73f08cf_40.wav", "duration": 5.01}, {"text": "So there's all kinds of things in discussions and negotiations we're having", "audio_length_s": 5.01, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_32.wav", "duration": 5.01}, {"text": "Our many accomplishments since then confirm that we're making solid progress", "audio_length_s": 5.01, "path": "bbb4adabb4fce8ad4d11962c46f59a1f_39.wav", "duration": 5.01}, {"text": "recently was Morris, which was a good deal for them and a good deal for us,", "audio_length_s": 5.01, "path": "151a08a0353f92bc3a78bbf8a17b52aa_187.wav", "duration": 5.01}, {"text": "What I can tell you at this point is that, similar to our strategy around PH,", "audio_length_s": 5.01, "path": "e78997e6a75a2243292b2b54750bb3cb_94.wav", "duration": 5.01}, {"text": "is the opportunity to have more flexible packaging formats available,", "audio_length_s": 5.01, "path": "a65ee48a06c7ba35b3ae3810319c6dc0_171.wav", "duration": 5.01}, {"text": "We continue to evaluate our assumptions on commercial OE in general.", "audio_length_s": 5.01, "path": "9e8690a521142359001a137074905535_173.wav", "duration": 5.01}, {"text": "cautious in terms of sizing the prize within the broader snacking space,", "audio_length_s": 5.01, "path": "9b697782ea80be97854f35d6fc62c93a_109.wav", "duration": 5.01}, {"text": "The solid cash flow allowed us to maintain a healthy financial position.", "audio_length_s": 5.01, "path": "ba5f13bb75329629d0c070c9014ff4f0_86.wav", "duration": 5.01}, {"text": "and we would expect no disruption to our shareholder distribution plans.", "audio_length_s": 5.01, "path": "d64ea0c7a15e866cd8f6571aa1ea6548_40.wav", "duration": 5.01}, {"text": "and more about -- excuse me -- how we're going to bring the categories to life. So", "audio_length_s": 5.01, "path": "21f21433851eb7c7f7dbc710309341bb_135.wav", "duration": 5.01}, {"text": "So on behalf of our entire management team, I would like to thank you for your support and interest in Waters.", "audio_length_s": 5.01, "path": "1e756fc5d265eea3ff8e2e31c29826ae_133.wav", "duration": 5.01}, {"text": "Realization plans for impaired loans are monitored closely by a specialized team.", "audio_length_s": 5.01, "path": "87045996e7446329f1d98c909c6ca7fe_157.wav", "duration": 5.01}, {"text": "As far as regular runoff out of the portfolio, we've seen it fall to the", "audio_length_s": 5.01, "path": "1c7b9fe66120faecd8217e1df394005c_69.wav", "duration": 5.01}, {"text": "So I think we need to stop thinking about it from that perspective.", "audio_length_s": 5.01, "path": "5485ec124a9d4b08efd2bd4f8398ffc5_74.wav", "duration": 5.01}, {"text": "the pullback in oil prices, but also some of the early guidance issued by", "audio_length_s": 5.01, "path": "82f5253b62614161333b038f5f9700f8_145.wav", "duration": 5.01}, {"text": "Growth in these expenses was affected by both the lapping of the held-for-sale accounting changes,", "audio_length_s": 5.01, "path": "49e533a8449f6b9b6c806458e73338e1_86.wav", "duration": 5.01}, {"text": "There are literally dozens of trading integration products underway across the firm", "audio_length_s": 5.01, "path": "f15966ae82e18b472ad78dd961f8e5e8_60.wav", "duration": 5.01}, {"text": "there's been activity going on, so we try and strip that out as much as we can.", "audio_length_s": 5.01, "path": "33fd8a867dbd88a837e541b1d2b25ea5_242.wav", "duration": 5.01}, {"text": "how much did it change the guidance you presented today versus what it would've been if it were still in the year?", "audio_length_s": 5.01, "path": "f59c58fb8e31f0e0f1e03199b9d39a02_41.wav", "duration": 5.01}, {"text": "So that's a key component, I think, for your modeling", "audio_length_s": 5.01, "path": "416ebb7a4160f7cd2f98361cbd1cb769_155.wav", "duration": 5.01}, {"text": "There are business opportunity participants, and that's what you would think of as the current", "audio_length_s": 5.01, "path": "94f913b974baab79fb636f6521170dd7_48.wav", "duration": 5.01}, {"text": "continuing on the group theme. You mentioned that you are taking some market share.", "audio_length_s": 5.01, "path": "b4fc31ae6403a17b15c30d3ec3b82487_145.wav", "duration": 5.01}, {"text": "We continue to see solid growth in our 3 focus areas.", "audio_length_s": 5.01, "path": "3877b1983229ec488c6349a188bccf92_67.wav", "duration": 5.01}, {"text": "These new customer on-boardings and aggressive organic growth plan", "audio_length_s": 5.01, "path": "2a7af3c66762ce608379005a3d7bfa96_121.wav", "duration": 5.01}, {"text": "So we feel that we have multiple options in front of us", "audio_length_s": 5.01, "path": "7e2ebcd981f5b5ecb18c04906f87d768_231.wav", "duration": 5.01}, {"text": "And thirdly, we have innovative management", "audio_length_s": 5.01, "path": "80a2ca14358172366acab4e80f3fa33b_162.wav", "duration": 5.01}, {"text": "But we remain comfortable given the quality of our underlying cable cash flow stream,", "audio_length_s": 5.01, "path": "0fa398ef99a7a936fc1e509dacaaadde_27.wav", "duration": 5.01}, {"text": "in a really rational way, but that doesn't mean that we can't -- we shouldn't work with the physicians", "audio_length_s": 5.01, "path": "0cfaeed8cd93dc274845d450e921aeb6_99.wav", "duration": 5.01}, {"text": "Now I would like to turn the call over to Matt to address our third quarter financial results.", "audio_length_s": 5.01, "path": "e522eff219f3eaa2c9b090dc12cad420_63.wav", "duration": 5.01}, {"text": "This whole company is in the hands of the Wallonia regions.", "audio_length_s": 5.01, "path": "a76bedec950d8af557e451e58416d028_71.wav", "duration": 5.01}, {"text": "in a couple of the businesses. We shut down some of the unperforming businesses,", "audio_length_s": 5.01, "path": "18e82b076319ac52f8a4b391ea345abd_61.wav", "duration": 5.01}, {"text": "And we will continue to execute on our capital deployment strategy to maintain a strong balance sheet,", "audio_length_s": 5.01, "path": "a9ff9f85f03afdd2d13b76e14060b31d_88.wav", "duration": 5.01}, {"text": "Time frame, we will have -- first of all, we have a lot of customers", "audio_length_s": 5.01, "path": "a9ff9f85f03afdd2d13b76e14060b31d_159.wav", "duration": 5.01}, {"text": "are now hard at work doing the same with our subsequent equity raised in January.", "audio_length_s": 5.01, "path": "5c601f5318d5dcbe20fdd78f19c2b277_54.wav", "duration": 5.01}, {"text": "Segment profit is equal to net revenues less the sum of cost of care,", "audio_length_s": 5.01, "path": "a2ba164f019804628c07b36de47cd464_1.wav", "duration": 5.01}, {"text": "was to speed up our growth, and I already alluded to how we're going to do that.", "audio_length_s": 5.01, "path": "52ea66e70853eaa0c1183ddfa31b760a_26.wav", "duration": 5.01}, {"text": "pricing methodologies, cost of service and average prices paid by current shippers.", "audio_length_s": 5.01, "path": "4ee3c79ebc57c9870b221b9479d52436_175.wav", "duration": 5.01}, {"text": "As you know, we sold one business to NASDAQ and we sold another business to The New York Stock Exchange.", "audio_length_s": 5.01, "path": "c2bad61ce58687fad602549f6048004b_24.wav", "duration": 5.01}, {"text": "And we do experience in this segment as well some commodity price pressures.", "audio_length_s": 5.01, "path": "9fb4423a70358ef22be9982299969f7a_8.wav", "duration": 5.01}, {"text": "As a reminder, last year's third quarter adjusted income from continuing operations", "audio_length_s": 5.01, "path": "711d9abe4399e7184d7dd8e3273f8a71_19.wav", "duration": 5.01}, {"text": "These risks and uncertainties include those set forth in our earnings release published this morning", "audio_length_s": 5.01, "path": "e9970d55b0ac8bddede7f337c0f94d36_34.wav", "duration": 5.01}, {"text": "What this means is we have the right partners. And third,", "audio_length_s": 5.01, "path": "dcb4d22071fc63c0c5ec8b1531b4e068_65.wav", "duration": 5.01}, {"text": "Could you talk a little bit about the drivers and how sustainable", "audio_length_s": 5.01, "path": "429bcf63d57c11ea4d8864560f521dba_175.wav", "duration": 5.01}, {"text": "That is not to say that we haven't seen a decrease in the 24-hour packages", "audio_length_s": 5.01, "path": "3c17ad8c6709cbb1a8f7190f567a445f_42.wav", "duration": 5.01}, {"text": "when we look at -- if you're building off of the base from the fourth quarter,", "audio_length_s": 5.01, "path": "f88c5f000050c9f72aa383f71d97ffe7_91.wav", "duration": 5.01}, {"text": "and we had forecast a little bit more growth originally at the beginning of the year.", "audio_length_s": 5.01, "path": "62658bb0c3307b2b10e3668b8df73b0d_220.wav", "duration": 5.01}, {"text": "Most of the time it's a question of when the seller is willing to part with their asset,", "audio_length_s": 5.01, "path": "5be70acf701b7a6c9322f8feeaca63cd_16.wav", "duration": 5.01}, {"text": "And while we've had no difficulty replacing", "audio_length_s": 5.01, "path": "1096d26129c469524041c969a684f8ae_32.wav", "duration": 5.01}, {"text": "we made some moves to capture some of the metal on April.", "audio_length_s": 5.01, "path": "24a2aec67e247f9c4d4cc89d6dbab525_56.wav", "duration": 5.01}, {"text": "We plan to update our annual financial guidance on the second quarter earnings call.", "audio_length_s": 5.01, "path": "b1a98885c1d81414cdc122e807760faf_25.wav", "duration": 5.01}, {"text": "But this is really a new opportunity for us in the VA but it is going to take some time because", "audio_length_s": 5.01, "path": "9097dcbaf554d635920c6274b1de4997_160.wav", "duration": 5.01}, {"text": "we see dividend really as a way of instilling capital discipline into the business,", "audio_length_s": 5.01, "path": "9b84dc4409f4ecccd173c2f81a4460cc_91.wav", "duration": 5.01}, {"text": "We've ignited positive momentum now and intend to capitalize on that.", "audio_length_s": 5.01, "path": "5ddc8fa3224da008c9d5cbf2788e38f2_81.wav", "duration": 5.01}, {"text": "So you did ask earlier if we", "audio_length_s": 5.01, "path": "97b02b7a41ecb22cb04e7331052cefc8_142.wav", "duration": 5.01}, {"text": "into marketing other than some of the things I mentioned in my comments about", "audio_length_s": 5.01, "path": "726bad4d5d1a6b2f62034eb8dc843450_78.wav", "duration": 5.01}, {"text": "contracting with some outside resources that can help us make sure that", "audio_length_s": 5.01, "path": "1bb9219ad31877175e18e8e48ff2f63c_24.wav", "duration": 5.01}, {"text": "later this year. And we have a number of options available", "audio_length_s": 5.01, "path": "3a1ba1b79a8a016390f98ab3ffe71340_34.wav", "duration": 5.01}, {"text": "has sort of put a little bit of sand in the gears in the near short term", "audio_length_s": 5.0099375, "path": "403903eb119bfc1cec44d86ec907077a_123.wav", "duration": 5.0099375}]