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» Noah Education Holdings, Ltd. F3Q10 (Qtr End 03/31/2010) Earnings Call Transcript
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The company's actual results could differ materially from those contained in the Risk Factors section of the company's final prospectus or recent filings filed with the Securities and Exchange Commission. Unless required by law, the company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.I would now like to turn the call over to Noah's Chairman and CEO, Mr. Dong Xu. Sir, please go ahead. Dong Xu Good morning and to some good evening. Thank you for joining us today for our fourth quarter and fiscal year 2010 results conference call. As you have seen from our earnings release our results this quarter were impacted by disruptions in our channel realignment initiative, as well as by increasing competition in China’s ELP space. Although, revenue for the fourth quarter declined 71.9% over the same period last year and we recorded a net loss of 83.5 million Renminbi, we have actively responded to the challenges we encountered by adjusting our approach, implementing new relationship building interactions with our distributors and introducing costs reduction initiative to support our bottom line as we work through this traditional – transitional period. Jerry will provide you with additional details on this initiative in a little while. Despite the current challenges in our ELP business, we remain committed to keeping our business healthy and seeking out avenues to maximize revenue opportunities and reach our target customers. In addition to our assets to expedite the recovery of the ELP business, we are heavily focused on driving growth from our education services business. Little New Star continues to meet or exceed our expectations and we believe its ever expanding network of schools will provide meaningful growth to our business going forward. Yesterday, we completed our acquisition of Wentai Education, which provides an additional revenue stream and further boost the growth prospect of our education services business. Wentai’s unique business model and reputation for academic excellence are at the forefront of the trend in China towards top quality education and we believe that Wentai’s experienced management team supported by the funds from the acquisition will fully capitalize on this trend in order to drive business expansion.
The LNS and Wentai businesses put us in a good position in China’s education services space, and we are committed to further solidifying this position through the acquisition of additional complimentary business going forward.Although, we have encountered various challenges in recent months, I believe we have a sound strategy in place, as well as management team committed to stabilizing our business and restoring growth. We are focused on the stabilization of our ELP business and believe the measures we have taken thus far will lead to a recovery. At the same time, we understand the dynamics of the increasingly competitive and maturing ELP industry, and as such, we are actively working to extract and drive growth from our education services business, which continues to show robust growth prospect as a highly resilient and visibility industry and offers attractive margin profile. With that, I will now turn the call over to Dora Li to walk you through our financial performance for the quarter. Dora Li Thank you, Chairman. As you’ve seen from our release, net revenue in the fourth quarter declined 71.9% year-over-year to RMB33.5 million, as we experienced disruptions from our distribution channel realignment in each area, and we saw increase competitive pressure in the ELP space. Our actual revenue for the fourth quarter was also below our estimated revenue figure reported on July 26th due to returns recorded from discontinued distributors. DLD sales were hardest hit by these disruptions and by the increasing competition in student’s notebook. And as a result, net revenue in this segment declined to RMB0.08 million. KLD sales fell 87.9% to RMB4 million and E-dictionary revenue declined 40.2% to RMB18.9 million. E-dictionary sales held up comparatively well due to revenue we received from ODM contracts from our partnership with Franklin Electronic Publishers. For the full 2010 fiscal year, net revenue was up 1.4% to RMB680.3 million, although, DLD and E-dictionary revenue were down 37.2% and 5.1%, respectively. KLD revenue did rise 78.2% over fiscal year 2009 to RMB278.7 million, which reflect the ongoing popularity of KLD product in marketplace, despite the challenge we had this quarter with our distribution channel.
Slide five offers the breakdown of our revenue this quarter. Our ELP business contributed RMB23.2 million, down 18.5% from last year. LNS contribution – contributed RMB10.3 million, which was above our initial guidance of RMB8 to RMB9 million and the business reached our target of 30% of topline growth.Moving to slide six, our gross loss in the first quarter was RMB3.8 million, compared to gross profit of RMB6.5 million in the first quarter of fiscal 2009. For fiscal 2010 gross profit declined to RMB311.5 million, gross margin for the year was 45.8%, compared to 51.4% in fiscal year 2009, due to the impact of challenges encountered in our ELP segment this quarter, as well as the overall shift in our product mix towards lower price KLD. During the first quarter, we did experience some increase in G&A expenses, sales and marketing and other expenses, which cost total operating expenses to increase 43% year-over-year to RMB87.8 million. This same factors cause operating expenses for the full fiscal year to rise 12.7% to RMB367 million. As our Chairman mentioned and as Jerry fed more light on in just a few minutes. We do recognize the need to proactive reduce spending and implement tight costs control and as such have developed an active costs saving plans that will help support our margins going forward. R&D expenses was down 3.7% to RMB12.9 million in the quarter and 6.3% for the full fiscal year as we cut down our third-party content and software development costs. Sales and marketing expenses for the fourth quarter were up 6.8% to RMB36.9 million and up 4.2% to RMB219.5 million for the full year. G&A expenses increased 163.7% to RMB35.6 million in the quarter due to an increase in bad debt provision as well as prices in staff cost and real estate tax.
For the full fiscal year, G&A expenses were up almost 57% to RMB91.8 million due to increase in staff cost, professional fees associated with our M&A activity and real estate and other business taxes. It is important to note that our fourth quarter and full year 2010 expenses included the operating cost associated with the LNS business, which were not presented in the 2009 comparable. Excluding LNS, the full year increase in G&A expenses were 31%.Net loss for the fourth quarter was RMB83.6 million or RMB2.19 and RMB2.15 for basic and diluted share respectively compared to net income of RMB17.9 million in year ago period. Net income for the full year was RMB5.7 million or RMB0.15 and RMB0.14 respectively down from RMB97 million in fiscal 2009. Despite the operational challenges in our ELP business this quarter which impacted our financial results. We remain well-funded and fundamentally strong with cash and cash equivalents, short-term bank deposits and investments of RMB572.2 million as of June 30, 2010. This compares with cash and cash equivalents, short-term bank deposits and investments of RMB714 million as of March 31, 2010. This sound cash position, enable us to continue to pursue our objective of organic and acquisitive growth even as we work through our recovery period of the ELP business. In addition, it provide us with the flexibility to return value to our shareholder to our share repurchase program pursuant to the share repurchase program authorized by the Board of Directors in May 2010. As of June 30, 2010, we have repurchased 737,900 ADS on the open market, representing a consideration of US$3 million. This program reflects our confidence in our long-term outlook and valuation potential. And we will continue executing purchasing shares as allowed under the open trading window. I will now turn the call over to Jerry, who will talk about our strategy and operational programs in a bit more detail.
Jerry HeThank you, Dora. Those performances of our ELP business in the fourth quarter was a considerably weak due to the challenges encountered in aligning our distribution net channels. We believe that maintaining our customer focus development and the marketing strategy will allow us to stabilize and recover this business. By strategically targeting selective market segments, we will be able to hold in other features in the price point that will best appear to each demographic. Our popular NE350 remains competitive and is one of the best selling KLD in the space. Therefore we were not be releasing any new KLD devices until at least second half of fiscal 2011, which will allow the NE350 to continue reaching its targeted customers and will give us more time to stabilize our sales channels before moving forward with a new KLD launch. Our DLD segment was the most severely impacted by this quarter and we plan to introduce a new student notebook and a flat panel DLD targeting the higher-end segment in early fiscal 2011 to better compete in the marketplace. Our e-dictionary sales were comparably more resilient as we continue to benefit from our relationship with Franklin Electronic Publishers and fulfill their ODM requests. Given the recent developments in the ELP business, we’ve also made a strategic decision to focus on reducing our account receivable and inventory levels. Our, say, next few quarters in order to maintain a healthy business and a center stage for growth for the launch of new products in the second half of fiscal ‘11. Moving to slide 10, as we have already discussed, much of our performance this quarter was due to interruptions encountered in the implementation of our channel realignment initiative as we aim to add new distributor into our network. This initiative affected our working relationships with existing distributors and created constraints in overall distribution capability and capacity.
While we hope that our decision to strategically realign our channel distribution network in order to increase penetration in our target market and enhance geographical reach was correct. We had adjusted our approach by maintaining the effectiveness of our current distribution network while simultaneously working with selective new distributors to expand our network.We have also appointed our President and COO, Mr. Tang Benguo to oversee the process to ensure that relationships with our distributors remain intact and that our sales team is appropriately structured. While all these challenges were unanticipated, we believe we have made necessary adjustment and set our sales back on the path to achieve the desired results. To better understand how to improve our relationship with our distributors, we have began offering monthly meetings which will provide distributors with a forum to voice their concerns, suggestions or encourage and allow us to address any issues as necessary. We believe that this [makes] relationships with our distributors and help faster royalty and optimized our sales network. This effort have already shown positive results as ELP sales are showing modest improvement and we have retained most of legacy distributors or that we have added ounce on new distributors, we do recognize that due to their latency period fall in the peak season, this new distributors would likely assess their overall product portfolios and decide what products to keep in their line-up. We anticipate having more visibility at the end of this calendar year as what our overall distribution network would look like going forward. As we walk through the transitional period in our ELP business, we are very encouraged by this strong performance and the expanding presence in the education services industry and believe this progress our business exhibits the most promising growth prospects. We see great potential in this highly-fragmented market and believe Little New Star and our newly acquired Wentai Education would be four components of our growth going forward. Little New Star progressed nicely in the fourth quarter exceeding our guidance and reach our target of 30% top line growth for the fiscal year.
We remain focus on enhancing this strong LNS brand name in the network. In the fourth quarter, we added 39 franchised schools and the four LNS network now includes 14 direct owned and 725 franchise schools. The Dudu Happy Reading Program has received a high praise from participating schools and we are seeing growth demand to rolling programs out in other locations in China.Adhering on our strategic initiatives, accretive expansion, yesterday we have completed our acquisition of a 70% interest in Wentai Education, a company focused on early childhood, primary and secondary education services in China, the addition of Wentai School which are known for the superior service and education excellence. As to our portfolio of education services offerings, the bilingual nature of the school is an ideal complement our LNS tutoring centers and paves the way for international partnership opportunities. It will also serve as attractive platform for us to test our new content and device in order to stretch our ELP offerings. Wentai Education recorded a revenue of approximately RMB49 million in calendar year 2009 and we currently expect it to generate RMB43 million to RMB46 million on a pro forma basis in Noah’s fiscal year 2011 excluding additional growth from acquisitions of new school. With Wentai’s experienced management team remaining on-board, we are confident they would capitalized on the increase in demand for top quality education in China in order to expand the number of schools under management and drive growth. The capital to fund acquisition provide them with their resources and their flexibility necessary to identify target and start the process of converting targeted schools in coming months in time for the start of 2011 to 2012 school year. Our expansion roadmap for Wentai centers around increasing enrollment in newly opened schools, securing new sites for new schools by working with real estate developers nationwide, acquiring these to a higher end, primary schools and kindergartens, and developing international programs offering dual diplomas that would allow student to advance their education in China or abroad.
Therefore, in fiscal 2011, Wentai would lay groundwork for meaningful growth starting in fiscal 2012 and beyond. We’re excited to work on Wentai into their Noah family and look forward to further executing on our strategy of acquisitive growth in education services base by uncovering additional attractive business to add to our portfolio.Turning to slide three, we are also ardently focused on streamline -- streamlining cost base in order to preserve modern hours. To achieve this, we have identified several initiatives to reduce operational spending. We would institute tighter cost controls and select headcount reductions across various departments, including sales and marketing, back office administration, production and research. In order to align our available resources with demand and performance, new addition, we plan to review our current advertising and marketing programs and identify areas that we can more efficiently and cost effectively reach our target audience. We expect to achieve RMB20 million in cost savings in fiscal year 2011 through this initiative. I would like to point out that this RMB20 million will not be evenly distributed through the four quarters of fiscal 2011. Given the first fiscal quarter is our seasonally strongest, we will retain many resources to meet demand and intend to ask you to more actively on this cost saving plan, starting in the fiscal second quarter. Looking ahead to our new fiscal year and taking you into account, the aforementioned competitive environment, recovery process of our ELP business and on going expansion in the education service business. Our guidance is outlined on slide 14 for the first of fiscal quarter of 2011. We anticipate total revenue to be in the range of RMB123 to RMB129 million. Within this range, the ELP portion of our business should contribute approximately on RMB102.5 to 106.5 million, with additional RMB12.5 to 13.5 million for Little New Star and RMB8 to 9 million from Wentai Education during the quarter, following the completion of the acquisition.
This guidance is flat. They continue to impact further realignment of our sales terms. Our decision to focus on achieving [tertiary] accounts receivable and the inventory levels in the next two quarters. And our focus on driving growth for the education services on of our business. We also expect basic loss per share in the first quarter to be in the range of RMB0.32 to RMB0.38.In summary, we remain committed to fostering a healthy and a growing business. We did experienced disruptions in our core ELP business this quarter, which were carried over into the first half of fiscal 2011. We believe we have responded to these setbacks by implementing a sound strategy to restore their capability in the capacity of our distribution network and to reduce cost or to preserve margin levels. We also hope to see substantial growth from our education services space through the addition of Wentai Education and the expansion of Little New Star. We recognize the attractive and fragmented and a high margin nature of the education service space in China and are well positioned to further penetrate the entire space. Thank you, again. Mr. Xu Dong and I will now be happy to take our questions. Operator? Question-and-Answer Session Operator Thank you. (Operator Instructions) And our first question comes from the line of Ella Ji with Oppenheimer. Please proceed. Ella Ji – Oppenheimer Good evening, Xu Dong, Jerry and Dora. Thanks for taking my questions. I want to ask Xu Dong about your view of the current market situation for the ELP business. I noticed that some of your competitor’s recent performance was also not satisfying, so I’m wondering if you know or do you think the market is still growing or is it deteriorating? And also could you -- you mentioned the intense competition on the market. Could you also elaborate on that? Thank you.
Jerry HeJust give me one second to explain that to Mr. Xu. I will put on mute for now. I will try to say that as -- for most of the audience, Mr. Xu said, now the industry actually is at a turning point which they -- advent of new technologies, specially the smartphones. Our smartphones, our ELP’s are stating a lot of changes because of the lower cost of the smartphones and the mobile devices alike. For the industry to grow, especially the ELP business, we need to have a breakthrough in providing attractive functions and also attractive patents or so value added service. As you have seen in the market, our Shenzhen top competitors are facing similar changes. This is a common problem for us. We need to solve those problems otherwise it’s very likely for the industry to have more challenges going forward. Ella Ji – Oppenheimer Okay. Thank you. Just a quick follow up on that -- considering your ELP business right now is going through with some problems. What is Xu Dong’s strategic view of the segment? Do you still want to operate in this segment, although you will likely cost to use money and expenses, or will you consider strategic alternatives if appropriate opportunities arise? Thank you. Jerry He We are [preparing on the] from both sides. Actually, we have a development team in our Chengdu office. We are actively looking for new ideas and developing new interactive learning assistance and try to provide innovative service and content into future. And at the same time, we are taking merits to stabilize the ELP business. As we are taking steps to adjust our distributor network, we are also taking initiatives to reduce our costs including sales and marketing operations. And more importantly going forward, we are refocusing our business and education service business. Thank you.
Ella Ji – OppenheimerAll right. How many distributors did you have, historically and how many do you have right now and what’s your target for the FY ’11? Jerry He We have first year, second year -- of course first year distributors. Mostly, we counted it. The first year distributors, we had -- historically, we had about four year also. And recent with primary realignment strategy, we terminated about eight of them and we added 11. So overall we have somewhere between 40 to 50. We still got major of competitors. Going forward, as you know that each of distributors have a territory and mostly likely that we have maintained the number of the distributors going forward. It’s just that we need to be selective and looking for stronger -- stronger partners but interest members is going to be relatively stable. Operator And our next question comes from the line of Tony Kamin with Eastwood Partners. Please proceed. Tony Kamin – Eastwood Partners Hi. Could you talk about -- I wanted to get some greater visibility as you’ve reengaged with your legacy distributors. Is it possible in your forecast for this quarter that they have pulled forward purchases and can you also talk about how that might effect accounts receivable? Jerry He You are saying that for the quarter, I presume? Tony Kamin – Eastwood Partners The current quarter where you forecasted, going back to 18, 19 million in revenue as legacy distributors have comeback on it and I’m wondering whether they might have pulled forward some of their purchasing? Jerry He Pulled forward, you mean to buy -- they bought before they actually -- the sales sees it. Tony Kamin – Eastwood Partners Yeah. Jerry He No. We have not seen that yet. Tony Kamin – Eastwood Partners Okay. And will that effect account receivables at all or?
Jerry HeThat will not affect account receivable. Because right now the policy is that -- we don’t really give much credit for the distributors now. Tony Kamin – Eastwood Partners Okay. Jerry He Given the high level of our account receivable. Tony Kamin – Eastwood Partners Right. And second question would be in terms of what’s happened and the learning that management and the board can take from the challenges you faced, can you talk about how that might affect your choice of the replacement board members for those who resigned? It seems to me it’s a chance to really add some impeccable new members, but can you talk about what your process will be? Jerry He Well, as we were looking for new directors who will be more helpful to our education service business. Tony Kamin – Eastwood Partners I see, okay. And then just as a follow up on your earlier, you mentioned the accounts receivable were already large. Can you -- what’s your confidence on collection of those? Dong Xu The economy civil is a higher then historic of LIBOR, that’s what is shown up, actually of the March quarter balance sheet. It was higher mostly for two reasons. One, because the Chinese New Year was later then normal, it’s about a one month later then normal. And two, as the primary and secondly, we were expecting actually, the account receivable would go down significantly in June quarter. However, because of the disruption of our distributor network and they own the distributors, they are confident they have to find and still effected, so they delayed their buying, they are paying on tax, so our June quarter account receivable remained relatively high. But we expect going forward -- expect for the next two quarter. We have tighter, much tighter policy for crisis of sales, we expect that to go down materially.
Tony Kamin – Eastwood PartnersThank you very much. Dong Xu You’re welcome. Operator (Operator Instructions) And our next question comes from the line of Ella Ji with Oppenheimer. Please proceed. Ella Ji – Oppenheimer Yeah. Just two follow-up with the prior question on -- in terms of accounts receivable. You’ve incurred about over US$2 million of bad debt provision for the quarter, do you think that’s just for this quarter or shall we expect some more account receivable write-off going forward? Dong Xu If you look at our historic numbers for development of fiscal 2009 the entire year, we actually have a less debt provision than we had for the June quarter. So this is quite on euro for us. Given the disruptions we have in our distributor network we do expect there may be more bad debt write-off in the future, but in terms of the LIBOR’s we don’t expect it’s going to be very high. Ella Ji – Oppenheimer Have you conservatively assumed this bad debt in your next quarter’s guidance? Dong Xu Yeah. Ella Ji – Oppenheimer Okay. Dong Xu We have accounting policy that is, if the account receivable is more than 10 months old we write it down. Ella Ji – Oppenheimer Okay. All right. And in terms of your cash flow generation, I want to know, what is your daily operation, cash flow need for each quarter? How much does that amount to? And on top of that, how much more cash do you expect to suspend in fixing your ELP business and also in business development for the 10 years time of entire location? Dora Li Hi, Ella. This is Dora. I think, if I -- my answer is correct, your first question is regarding about how our working capital needs for each months or for each quarter. And basically it depends, especially in the ELP side, for instance if we have a very high production forecast then our cash flow needs for raw material and inventory will be higher. And if we’re expecting the sales level is going lower and then the working capital needs will purposely lower. So I don’t know whether this will answer your question.
And in terms of for the LNS working capital needs they are -- their working capital need is relatively in a lower level because what they are spending primarily on purchasing some computer or desk, the property at fixed assets and that spending is relatively stable for this quarter and... Ella Ji – OppenheimerYeah. Actually, I just want, Dora -- I just want to know if management has did any budgeting for the cash flow needs for maybe next two quarter or next fiscal year? Dora Li You know, the big capital expenditure for the company, of course, we do have the plan like Jerry mentioned, we have a lot of target in the pipe, acquisition pipeline, actually in our service side and this will generate major capital expenditure for the full fiscal year... Jerry He And I think, to kind of put as simple for, yeah, we have budgeted for our cash flow. Excluding of course, we have a lot of cash on our balance sheet, one thing that Dora mentioned is, we budgeted for acquisitions of course. Other than that for normal operating especially for the reality business, looking back and look at our financials, historical financials, for example for fiscal 2009, which is, I would say a good benchmark, our cash flow generated for an operating is about RMB53 million, which is very close to the net income generated for the business. If we keep the account receivable and inventory at normal levels, the cash flow generated from the operating will be very much close to the income we generated from our operation. So for the next two quarters, especially for the first quarter of 2011, we anticipate a lot therefore, as you can image at a per day, cash flow generated from operation in fiscal 2011 Q1 there would be -- we expect it would be in negative, slightly negative somewhere at about RMB10 million or so. So that -- for the full year, we do expect a profit for the full year and therefore, we do expect a positive cash flow for an operation for the full fiscal year.
Ella Ji – OppenheimerOkay. Thanks, Jerry. And switching gears to the Little New Star and Wentai. For Little New Star you may share your long-term growth rate 30%, however, if I take a look at your next two quarters revenue guidance, it’s RMB12.5 million to RMB13.5 million and last year it was RMB12.9 million, so its like, its about flat year-over-year, was there any special for reason for that? Jerry He I want to clarify, 30% topline growth was for fiscal 2010, which I’m talking about comparing fiscal 2010 to what they have done the year before to acquisition, right now the target of gross rate going in forward on the topline. If you look at this particular quarter because the accounting adjustment for the first quarter of fiscal 2010, so that quarter may not be the best quarter for a comparison but for a whole fiscal year which is more normalized we do expect 20% plus percent bottom line growth. Ella Ji – Oppenheimer Okay. Thank you. And for the Wentai, I want to clarify first that you mentioned, your expectation for FY ’11, which is RMB53 to RMB56 million in revenue, that does not include any new schools. Is that right? Jerry He I want to clarify this. There are two components of the growth. The first component is organic growth, so you simply put the RMB53 to RMB56 would be the organic, that would include the new schools that are already build and just open say in September, that will be include. But that number does not include the potential schools coming from new acquisitions, because we invest about -- we put RMB90 million on their balance sheet, which they intend to use that for acquisitions. So if you, in other words, the RMB53 to RMB56, about 10% of topline growth is just pure organic and on top of that there would be potential new acquisitions.
Ella Ji – OppenheimerGot it. Could you comment on its acquisition pipeline, I mean, they have six kindergartens and four primary schools as of now? Jerry He Right. Ella Ji – Oppenheimer Yeah. Is there a target number of kindergarten or primary schools by next fiscal year? Jerry He For the fiscal 2011, we already [viewed to one] opening, I guess, right about now, so in September. And there is another one planned to be open in March, so by the end of fiscal '11 we would have at least eight kindergartens and four schools, that’s just pure organic. And we have very strong pipeline for pre -- for kindergartens and potentially a primary schools as well. So our goal is to add significant number of more kindergarten, I can’t say exactly how many because of course, it’s really depends what deal we close by the end of fiscal '11. But I’m pleased to report that we do have a very strong pipeline. It’s very likely that we will have a good number of new kindergartens to be added by the end of fiscal '11. Ella Ji – Oppenheimer Okay. Thank you. And then go back to your ELP business. I just notice that for this quarter, if I do an average revenue per unit, I got only RMB19 [billion] for DLD and why was that? Jerry He 19 DLD, because your -- there were -- the number if you compare what we have reported today versus what we pre-announced back in July 26th, it’s down about RMB22 million or so, the difference of RMB22 million is mostly from the returns. So that would have effect, because when you say, that would have affected when you do the calculation. So if you take -- you add returns back, it’s not going to be RMB19 at least.
Ella Ji – OppenheimerAll right. Got it. Thank you very much. And I’ll turn it over. Thank you. Jerry He Thank you. Operator Ladies and gentlemen this concludes today’s question-and-answer session. I would now like to turn the call over to Mr. Jerry He for closing remarks. Jerry He Thank you very much for joining us today. We appreciated your continuing support and interest in us. And we look forward to see you next time. Thank you. Operator Ladies and gentlemen, we thank you for your participation in today’s conference. This concludes the presentation and you may now disconnect. Have a great day. Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows : You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited. THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY’S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY’S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY’S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
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