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Executives

Kamal Hamid - Vice President, Investor Relations

Tony Aquila - Founder, Chairman and CEO

Renato Giger - Chief Financial Officer

Analysts

Andrew Steinerman - JP Morgan

Andrew Jeffrey - SunTrust

Peter Appert - Piper Jaffray

Eric Boyer - Wells Fargo

Tim McHugh - William Blair & Company

Manav Patnaik - Barclays

Gary Prestopino - Barrington Research

Brian Karimzad - Goldman Sachs

Solera Holdings Inc. (SLH) F2Q2013 Results Earnings Call February 7, 2013 5:00 PM ET

Operator

Good afternoon, everyone. And welcome to Solera’s Second Quarter Fiscal Year 2013 Earnings Call. Following today’s remarks, we’ll hold a question-and-answer session. As a reminder, this call is being recorded and will be available for replay. Details for accessing the replay will be made available at the end of the call.

At this time, I’d like to turn the call over to Kamal Hamid, Solera’s Vice President of Investor Relations.

Kamal Hamid

Good afternoon, everyone. Thank you all for joining us and welcome to Solera’s second quarter fiscal year 2013 conference call. With me here today are Tony Aquila, Solera’s Founder, Chairman and CEO; and Renato Giger, Solera’s Chief Financial Officer.

Tony will begin today’s call with a summary of our financial results for the quarter ended December 31, 2012, followed by comments on the factors driving those results, as well as business trends. Renato will then provide you with information about our financial results that is not described in today’s press release and finish with the discussion about the company’s updated fiscal year 2013 guidance. We’ll then open up the call for questions.

I’d like to remind everyone that our remarks during this conference call will contain forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are neither promises nor guarantees, but involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including without limitation, those risks detailed on Solera’s filings with the SEC, including our most recent quarterly report on Form 10-Q for the quarter ended September 30, 2012.

We disclaim any obligation to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

We also plan to discuss certain non-GAAP financial measures on this call. A reconciliation of Solera’s non-GAAP financial measures to GAAP financial measures is included in today’s press release, which is available on the Investor Relations section of our company’s website at solerainc.com.

We measure constant currency or the effects on our results that are attributable to changes in foreign currency exchange rates by measuring the incremental difference between translating the current and prior period results at the monthly average rates for the same period from the prior year.

Unless otherwise stated, all period-to-period revenue, adjusted EBITDA and margin comparisons are made on a constant currency basis. When we refer to run rate, waste savings or synergies, we mean savings to be realized over each 12-month period following the execution of these efforts.

When we refer to analyst consensus during this call, we mean the consensus results on an actually currency basis of certain analysts that cover the company as reported on Thomson First Call.

Our fiscal year 2013 outlook assumes constant currency exchange rates from those currently prevailing, no acquisitions of businesses, no stock repurchases, and an assumed 28% tax rate to calculate adjusted net income.

Consistent with our guidance policy, we do not plan to update guidance during the quarter, but only at our regularly scheduled quarterly or annual conference calls. To help those of you who track and factor in the impact of a strengthening or weakening dollar throughout the remainder of the year we would approximate by using the following formula.

For each 1% change in the U.S. dollar versus all of foreign currencies in which we transact business, the negative or positive impact to fiscal year ‘13 revenues will be approximately seven-tenth of a percent and the negative or positive impact to adjusted EBITDA will be approximately eight-tenth of a percent.

Amounts and percentages throughout our remarks reflect rounding adjustments. All information discussed during this call webcast is protected by United States Copyright Law, may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Solera Holdings, Inc.

I would now like to introduce Tony Aquila, our Founder, Chairman and CEO.

Tony Aquila

Thank you, Kamal. Good afternoon, everyone and thanks for joining us today. Today I’ll provide you with a mid-year update as we continue to execute on Phase I of Mission 2020. I’m pleased to report a good second quarter with continued steady progress across our global business. In the second quarter, we exceeded consensus estimates for revenue, adjusted EBITDA and cash EPS.

On a constant currency, revenue growth came in at 9%, above the 5.5% to 6.5% growth rate implied in our November 2012 full year guidance which factored in the non-renewal of the top 10 U.S. customer, minimal revenue contribution from Hurricane Sandy and no benefit from our ongoing revenue remediation initiatives.

On a constant currency basis, our adjusted EBITDA margin came in at 43.4%, in line with our fiscal year 2012 second quarter. We achieved this margin while absorbing recently completed acquisitions and accelerated investments in R3PI, which means rapid 3 points of profitable innovation.

Since 2006, we have successfully diversified from a business in which 95% of our revenue was linked to claims volumes to a business in which only 70% of our revenue is linked to claims volume.

Today, 30% of our revenue is driven by other transactions in the global automotive decision support industry, such as violation checks on policies in-force, fleet driver monitoring and parts ordering and procurement.

This has expanded our addressable market, created additional opportunities for leverage across businesses, customers and products and in addition, reduced our exposure to macro volatility.

Many of you will recall that in August 2010 we created HEMI, our Highly Established Markets Initiative. HEMI was designed to break through market maturity in the U.S. and other advanced markets by leveraging our core and diversifying our business around our key customers.

Consistent with this strategy and 18 months after acquiring Explore, we have launched [AudaExplore], which combines our Audatex U.S. claims-related business and our Explore reunderwriting business and leverages the synergies between them.

[AudaExplore’s] platform, Automobile Behavior and Loss Experiences services, or ABLE, contributed almost 16% to our revenue growth for the quarter, even after accounting for the non-renewal of a top 10 U.S. customer.

HEMI and [AudaExplore] demonstrate that diversification in advanced markets is having its intended effects, driving growth and further positioning us to achieve our mission 2020.

Taking a look at our business, businesses that are more directly linked to transactions related to claims, until the recovery in Europe becomes wide-spread. Our outlook will remain cautiously conservative.

In Europe, we saw modest improvements in some hard hit countries, such as the U.K. and France, offset by deterioration in other countries such as Germany and the Netherlands.

Nonetheless, transactions related to claims in our advance markets improved slightly from a year-over-year decline of 5.4%, in the first quarter to a decline of 4.5% in the second quarter.

Global transactions related to claims grew year-over-year by 3.7% in the second quarter versus 3% in the first quarter, reflecting continued strong growth in our evolving and emerging markets, which were up 15.4% and 51.3%, respectively. This demonstrated our ability to leverage the growing middle class and the car park in these markets.

To give you some background on the conditions we are operating in, global light vehicle assembly grew by 3.4% in 2012, reaching 79 million units. Expectations are for 5.1% growth to 83 million units in 2013, with growth projected for all regions except Japan and Western Europe. Asia and the BRIC countries are the main drivers of this growth, highlighting the secular growth opportunities where we are actively doing business and expanding.

In the EU countries, for instance, in France, there are efforts to reduce the number of cars on the road and to reduce speed limits up to 20 kilometers per hour. Hence creating an opportunity for HEMI like initiatives.

In the Netherland, the tax rate on insurance was reset to 21% from 9.7% as favorable tax treatment on insurance was allowed to lapse. And the average age of vehicles continues to rise across Europe. While they should eventually result in a replacement cycle similar to the one we are currently experiencing in the U.S.

In the short-term, increasing vehicle ages further pressure claims, but present opportunities for other services that we are now beginning to offer. Such as part procurement and salvage disposition.

Despite the above, our eight-quarter trailing average growth and revenue per transaction related to claims was 6.3%, at the high end of our range of 4% to 6%, demonstrating continued steady adoption of our high ROI products and services.

In addition to growing revenue per transaction by adding high ROI services, diversification is an important part of mission 2020. During fiscal ‘13, we have made a number of diversifying acquisitions in high growth sectors that link to our core. These include CarweB in the U.K., which extends our transaction reach into mechanical parts searches.

APU in the U.S., which extends our transaction reach into non-OEM parts ordering and procurement. And LMI and Title Tech in the U.S., bolt-ons to our [AudaExplore] business that now brings consumer and fleet monitoring and electric vehicle title transfer transactions. With nearly $450 million in cash and projected free cash flow of over $200 million this year, we are positioned to continue to execute on fiscal ‘13 and our Mission 2020.

With that, I’ll turn the call over to Renato. Renato?

Renato Giger

Thanks, Tony. On a constant currency basis, our second quarter revenue grew by 9% or 7.2% on a GAAP basis after subtracting the minus 1.8% FX headwind due to the strengthening of the U.S. dollar.

Turning to movements effect affecting cash, we entered the quarter with $448.2 million in cash, which reflects $110 million in purchase price consideration for the acquisition of CarweB, Mensaelect, Title Tech and APU. $14.1 million to purchase the remaining AUTOonline shares held by minority owners, $2.5 million in stock repurchases, and $8.7 millions in dividends paid during the second quarter.

Since our Board of Directors authorized our stock repurchase program in November 2011, we have purchased 2.5 million shares, or about 3.6% of the total outstanding, at an average price of $46.66 per share, giving us a cumulative return of 19% based on today’s prevailing stock price. We have about $65.5 million remaining in the $118 million program. Based on our long-term outlook, we intend to continue our repurchase program.

Second quarter cash flow from operations was $45.6 million and capital expenditures were $6.7 million, resulting in free cash flow of $38.9 million. Our trailing eight-quarter free cash flow conversion rate is 58.3%. Our trailing eight-quarter incremental margin is 51.7%.

Our net debt-to-EBITDA ratio was 2.2 times, up from 1.8 times in the first quarter of fiscal 2013, primarily due to the 110 million in conservation we paid for acquisitions. Aided by synergies, we generated from acquisitions completed in fiscal year 2012, we achieved approximately $3 million in run rate waste reduction during the second quarter. For fiscal year 2013, we are now targeting about 10 million in waste reduction, up from our previous target of $8 million.

Turning to our updated guidance, as Tony mentioned, we are raising our guidance for revenue, adjusted EBITDA and cash EPS. Our updated fiscal 2013 guidance comprised revenue growth rate of 7% at the mid point, up from the previous midpoint of 6%.

The midpoint of our guidance implies a 42.8% adjusted EBITDA margin and includes margin impacts of over 200 basis points due to increased investment and rapid profitable innovation, and geographic expansion to take advantage of our global opportunities. The non-renewal of a Top 10 U.S. customer, and our last eight acquisitions as most of those businesses currently have lower margins than our consolidated margin.

Consistent with our MMC, management margin core acquisition criteria, we expect the margins of the required businesses to approach our consolidated margin within approximately 24 months from the acquisition closing date. As Tony mentioned earlier, we believe these additional investments and profitable innovation, geographic expansion, and strategic M&A support our Mission 2020.

That concludes our prepared remarks. We will not take your questions. Operator, please open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions) And your first question is from the line of Andrew Steinerman with JP Morgan. Please go ahead.

Andrew Steinerman - JP Morgan

Good evening, gentlemen. Congratulations. When you are looking at the midpoint of your growth rate being 7%, is that 7% constant currency or is there an FX effect? And then also could you tell us from the 7%, how much your past acquisitions contribute to the 7%?

Tony Aquila

Yeah. So 7% is on a constant currency basis, and there is a couple of percent coming in there from some acquisition activities. That, of course, depends on quarter-by-quarter, the previous quarter didn’t have any really to speak of. So it’s a couple percent in this particular one.

Andrew Steinerman - JP Morgan

Okay. And could you just mention the acquisitions that you did over the past quarter, if they fell into your usual range of multiples.

Tony Aquila

They did. They fell into our usual range and very much in the line with our MMC criteria, which is pretty much the discipline. And they are mainly accretive directly to the core and/or the HEMI initiative that’s operating in the U.S. market.

Andrew Steinerman - JP Morgan

Perfect. Thank you very much.

Operator

Your next question is from the line of Andrew Jeffrey with SunTrust. Please go ahead.

Andrew Jeffrey - SunTrust

Hey, guys. Thanks for taking the question. Tony, a couple of things. Can you comment on the acquisition pipeline. I know you’ve made some smaller deals but we haven’t seen sort of the customary large placeholder deal?

And I’m also wondering, as you evaluate quarterly, how far along you are in the investment process? Maybe, just some thoughts on, perhaps, as we get out into fiscal ‘14, whether or not, we should think about the possibility of more margin expansion or if we’re going to be on this trajectory for a while?

Tony Aquila

If you really think -- let me go backwards on this or we’ll start with the last one on the margin. In reality, margin is really above what we’re reporting because we’re shifting that into investing in rapid profitable innovation. And we believe that to be a better yield for us than letting a couple more points flow through to the bottom line. It’s putting a lot of green chutes in the ground.

We’ve got 30 new products and services in the pipeline that are in the organic category, which will fuel revenue growth per transaction. And in any given time, we have the ability to kind of throttle and let margins move. But that with the inbound M&A targets, which have been to the smaller size in this quarter and it’s very consistent to what we’ve done. What you see us do is, we tend to do a medium-size one and then we’ll do some small bolt-ons.

We’ll get that piece in, as you can see, we’ve now took the Explore business and the Audatex business, and we’re bringing them together as Audatex/Explore. We’re now starting to do some bolt-ons to that. And that business is now performing better than planned.

And so now we will start to prepare for another like-sized type acquisition. And we have plenty of these in our pipeline. We are price sensitive. We walk from two or three deals over the multiple, because we have a big enough pipeline and a big enough geography in which to execute them on.

So, yeah, will there be some more stuff coming down the line, yeah, we’re kind of signaling that, I’m sure, that’s fair to say.

Andrew Jeffrey - SunTrust

Okay. So it’s any deals that haven’t happened, have been a function of -- more a function of price sensitivity than anything else is how you’d characterize it?

Tony Aquila

Yeah. There have been price security, because they’re not the only option we have in each of those categories. We’re kind of hunting on a set of categories, which are different around the world based on our strategic initiatives in those parts of the world and how we see those markets operating. And we’ve got enough targets in each of the categories. We don’t feel compelled to make an aggressive move at this point.

Andrew Jeffrey - SunTrust

Okay. And just to be clear, you said organic revenue growth this quarter was about 5% constant currency.

Tony Aquila

Yeah.

Andrew Jeffrey - SunTrust

Okay. Thank you.

Tony Aquila

Yeah. It is a little higher, 5.7, but yeah, approximately.

Operator

Okay. Your next question is from the line of Peter Appert with Piper Jaffray. Please go ahead.

Peter Appert - Piper Jaffray

Thanks. So this might be for Renato but I’m just noticing that the level of restructuring charge, acquisition charge, et cetera this quarter is relatively high rate versus the last few quarters. Can you just speak to that, Renato, and help us think about how those numbers could go over the next few quarters?

Renato Giger

Yeah. As we said, it is higher this quarter and it’s linked to -- mainly the maturity of the increase, is linked to contingent configuration. And for now, that is what it is going forward it might be about the same type of figure.

Tony Aquila

I mean, it depends on whether there is earn outs or other elements that kind of stuff.

Peter Appert - Piper Jaffray

Okay.

Tony Aquila

That kind of stuff.

Peter Appert - Piper Jaffray

So earn outs there -- and maybe you have talked about this, and I have forgotten it, litigation expense, what is that?

Tony Aquila

You know, I think we had maybe close to $1 million in the quarter, roughly.

Peter Appert - Piper Jaffray

And why do you pull that out, though? Why isn’t that just a normal operating expense?

Tony Aquila

Because it’s not normal.

Peter Appert - Piper Jaffray

Okay. And then, Tony, can you give us any sense -- the increase in guidance, how much is a function of the acquisitions you’ve done versus seeing some visibility in terms of underlying growth rates improving in the business?

Renato Giger

Its’ about one third of it is coming from them and two-thirds is coming from the business overall geographic expansion and roll outs with new clients expansion and various parts of the world.

Tony Aquila

Peter, if you look at our growth rate in the second quarter, and adjust for the non-renewable of the top 10 U.S. customer, our growth rate actually accelerated from that in the first quarter, excluding acquisitions.

Peter Appert - Piper Jaffray

Can you give me a specific number?

Tony Aquila

Well, we did -- I think we reported 5.8 last quarter, and it was up -- higher than that rate.

Peter Appert

Okay. Thanks.

Operator

Okay. Thanks. Your next question is from the line of Eric Boyer with Wells Fargo. Please go ahead.

Eric Boyer - Wells Fargo

Yeah. Hi. Sorry, if I missed this. Did you talk about any impact of Sandy or did you see any this quarter? And also, does your forward guidance also not include any impact -- like it was presented or any material impact like was presented last quarter?

Tony Aquila

Yeah. So we did say there were some impact in the quarter, about 700-ish thousand dollars came in from Sandy. And we’re really kind of taking a very conservative view on catastrophic-related revenue growth. It’s kind of hard to say when the claims get settled. So there will be some more flowing in this quarter for sure.

Eric Boyer - Wells Fargo

So are we still thinking about 100 basis points to the overall growth rate for the year?

Tony Aquila

It will be coming in probably, roughly, maybe, three quarters or something like that.

Eric Boyer - Wells Fargo

Okay. Great. And then any update on the State Farm deal, any clarity there if they’re still going forward with the SolSource deal?

Tony Aquila

Not a lot being said about that other than they have their agreements on a shorter-term span, so that if they figure out how to execute that, then they have the ability with all their suppliers in order to consolidate that. So we continued to show them all the new technology, the new platform, and no decision really has come forth from them and communication has steadied.

Eric Boyer - Wells Fargo

Okay. And then just, in terms of the competitive environment, since one of your U.S. competitors has recently acquired, any change there on what you’re seeing in the U.S.?

Tony Aquila

We’re optimistic that that’s good for the market. We think competition continues to increase, kind of globally. That’s all rolled into our view and how our Mission 2020 operates. We didn’t see much change in the quarter, frankly, but we’re hoping that change in ownership, the rotation.

It’s probably going to continue rotation. Usually these things kind of move in multiple transactions and we’re hoping that the leverage is high on those businesses. So hopefully, the appropriate behavior will occur. But we do believe competition continues to be aggressive worldwide.

Eric Boyer - Wells Fargo

I’m sorry. I missed the transaction volume growth in the quarter, what was that?

Tony Aquila

3.9.

Eric Boyer - Wells Fargo

3.9. Okay. And then the revenue per claim?

Tony Aquila

6.3.

Eric Boyer - Wells Fargo

Okay. Thanks a lot.

Tony Aquila

You bet.

Operator

Your next question is from the line of Tim McHugh with William Blair & Company. Please go ahead.

Tim McHugh - William Blair & Company

Yeah. Just, first, I want to ask, can you talk a little bit more, you mentioned Explore, I didn’t catch those numbers and so just what’s the growth rate now for that business and how big a part of the U.S. is that at this point?

Tony Aquila

Yeah. We’re combining those businesses together. So the platforms are -- we are doing more and more stuff with the clients on a consolidated basis. So we are offering the same clients and you would probably remember when we made the acquisitions, the two had very different client basis, which were targets for each other. And so we are now starting to see that come together and work very nicely, but the growth in there was -- they contributed approximately 16%.

Tim McHugh - William Blair & Company

So that’s 16 percentage point of the U.S. growth rate, is that the right way?

Tony Aquila

The total growth.

Tim McHugh - William Blair & Company

Total growth. Okay. And then just in terms of the other products, I think in the last couple of quarters you’ve talked about AutoVIN and AUTOonline, is kind of the two of the faster-growing products. Is that still the case, or are there any others that are standing out right now?

Tony Aquila

AutoVIN continues to be a nice steady adoption around the world. AUTOonline is continuing, and in part is doing well. We’ve got quite a few that are starting to roll out now. We have got move so quick which is catching traction and crossing borders.

We’ve got multiple initiatives and that’s why we are growing revenue per transaction steadily because our customers have multiple options. But we are -- we do have -- and each of those that I mentioned cross border initiatives, which are actively expanding right now.

Tim McHugh - William Blair & Company

Okay. Great. Thank you.

Operator

Your next question is from the line of Manav Patnaik with Barclays. Please go ahead.

Manav Patnaik - Barclays

Hey. Good evening, gentlemen. So, I guess, you guys said the total organic constant currency growth was 5.7%, and how does that break out between EMEA and Americas?

Tony Aquila

It is about 60-40.

Manav Patnaik - Barclays

Okay. All right. Fair enough. And then just sort of a big-picture question, I mean, we keep reading about all these collision shops getting consolidated, and I think it’s been going around for quite some time now. But I was just curious how you guys view that? Like is it -- is there a plan based on what’s happening there or is it just there is just so many of them and it should not really impact too much?

Tony Aquila

Well, if you kind of look at -- for us, the body shop industry worldwide for us was a smaller revenue percentage. We just did about $65 million from them. But in the insurance side, which is doing better, 117-ish million came out of there. So we’re not as heavily weighted as some of our competitors with respect to the way that distribution is.

Plus, the revenue shift in the new services are focused on helping insurers with lots of adjustment expense if you look at the acquisitions, as well as helping insurers with the re-underwriting aspect. So that does have good net profit gains for them when they use it. And so it’s kind of softening our effect to the consolidation that’s happening in the body shops.

Now, we do have a few countries where we have a little bit more weight there like in the U.K., which, as you could see, we bought CarweB and other things. And we’re diversifying there, and we’re shifting that as well because we think that their body shop industry will continue to consolidate in the advanced markets until a full recovery.

And then we think it will bottom out. And of course, it’s expanding into the evolving and emerging markets. We’re actually seeing a very sophisticated generation of operators entering the market in the evolving markets, which are actually even surpassing what we see in the advanced markets.

So, long term, our outlook is, that will be a continued good strong line for us as we shift and expand in the evolving and emerging markets. And then, of course, the diversification and disruptive initiatives we have for and you could see it in the effect, because if you measure body shops with us three or four years ago, you would have saw them in more concentrated, higher percentage of revenue.

Manav Patnaik - Barclays

Okay. All right. Thank you, guys.

Tony Aquila

You bet.

Operator

(Operator Instructions) And your next question is from the line of Gary Prestopino with Barrington Research. Please go ahead.

Gary Prestopino - Barrington Research

Could you give me the breakdown of the claims volume increase between evolving and emerging in the advance markets?

Tony Aquila

We don’t give that information, Gary. But, let’s just say that the advanced markets, the decline is shrinking. The situation is improving. And we think that some of it is weather related, probably one-third and two-thirds is the markets that are starting to show signs of recovery.

We saw in the quarter, Germany and Netherlands, for the first time showed a little bit of pain, but they have held their head above the waterline for so long, we had anticipated them having some dislocation and there’s probably will be very short lived is most likely the situation now.

And in the emerging markets, and the evolving markets where we had double-digit growth in the evolving margin, and we had 50-ish percent kind of growth in the emerging markets where we are starting to see some good signs of maturity. And one of those drivers is that inflation rates are hitting them, which makes our software more compelling as we compete with the labor arbitrage issue. So there is some positive trends mounting there as you can see, inflation rates in those environments. It had some pretty steady growth.

Gary Prestopino - Barrington Research

And then, I just want to be clear on this auto explore. Is that just strictly U.S. product at this point?

Tony Aquila

So that was the HEMI initiative, where we told everybody that look, the advance markets claims volumes eventually, even in good times there’s some compression there. And we outstripped that by a multiple of six to seven times by adding additional services, which help insurers deal with either loss adjustment expense or actual severity expense, so severity costs. So we have a dual track of innovations that are coming out to deal with that.

We launched it in the U.S. because it was the market that needed it the most. And we now see positive signs. We have invested a lot of money into it. And now we will be starting, probably later in this fiscal year, we will start that initiative for the first time to go into some other regions because we now think it can cross borders. And if you look at many of the products and services, they are now starting to cross borders.

With all the acquisitions we’ve done, we continue to operate and prove those businesses, bring them into the Solera way. We tend to start to cross borders. And so, yeah, but they will be different in some cases, right. Some of the business lines don’t fit in all of the countries, but we line them up to the countries they do.

Gary Prestopino - Barrington Research

Okay. Thanks.

Operator

And your next question is from the line of Brian Karimzad with Goldman Sachs. Please go ahead.

Brian Karimzad - Goldman Sachs

Hi. So you’re not breaking out the claims volume growth for advanced versus the others, but are you able to shed some color on the revenue growth rate for the evolving plus emerging versus the advanced?

Tony Aquila

Yeah. So we saw a pretty steady growth in additional services. And that’s due to the fact that I was talking about the cross-border initiatives, which are starting to go out. We were a little more disjointed before and all of the initiatives we’ve been working and creating regional alliances and getting all these various acquisitions we’ve brought and/or the innovations we’ve made, getting them fully multicultural. And then selling them to the global clients and then getting those initiatives to cross borders. But it’s starting to be pretty steady.

Brian Karimzad - Goldman Sachs

Okay. Thanks.

Operator

And we have no other questions at this time.

Kamal Hamid

Thank you all for joining us. And, Operator, could you read the replay information, please?

Operator

Certainly. A webcast of this replay will be available until 11:59 p.m. Eastern, on February 21st, 2013. To access the replay, dial 888-286-8010 or from outside the U.S., 617-801-6888 and enter the follow access code when prompted, 96058846. And that will conclude today’s call. Thank you very much for joining us and you may now disconnect. Have a good day, everyone.

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