Tangoe Management Presents at Raymond James 34th Annual Institutional Investors Conference (Transcript)

Mar. 6.13 | About: Tangoe (TNGO)


Presentation at Raymond James 34th Annual Institutional Investors Conference

March 6, 2013 12:45 p.m. ET


Al Subbloie - President and CEO

Gary Martino - CFO



Unidentified Presenter

Good afternoon. We have truly saved the best for last. I think is the very last presentation. That’s an honor. We’ve got Tangoe here. Very pleased to introduce Tangoe. This is a company I have been following for a long time as a private company, and then obviously when they went public. I’m really pleased to have, from Tangoe, Al Subbloie, who is the chief executive officer, and Gary Martino, who’s the chief financial officer.

They’re going to spend probably 15 to 20 minutes going through a business overview and talk about the model, and we’ll definitely have some time for Q&A as well. So thanks for being here. I’m going to turn it over to Al.

Al Subbloie

Thanks, [Terry]. Appreciate that. I think we’re probably standing in the way of people leaving after a great conference, and I know there’s weather issues up in the Northeast, but I’m going to spend about 15 or 20 minutes and give a general background. I think we have a mixed group here. We probably have some existing shareholders who understand the business.

I apologize ahead of time if I’m a little bit repetitive on some of the topics, but I probably have also some folks that don’t know our story as well, so I’ll do my best to at least get through some of these items.

I’ll also do my best where I see any insights in the market that may have changed in the last six months to give a little bit of color to those existing investors that we may have, if we see any trend changes, etc. in the market.

By way of introduction, very quickly, Terry introduced me. I’m Al Subbloie. I did found the company back in the year 2000. It’s been about 12.5 years altogether. We’ve seen some interesting times through those years economically.

One of the things you’re going to hear about today about Tangoe is we save companies quite a bit of money, and that’s served us incredibly well in frankly good times and in bad times, one of the big advantages of our market. So we sort of [unintelligible], through all the issues of the last decade.

Very quickly, we provide technology enabled solutions for mostly large companies. We target typically companies that are greater than about $700 million in annual revenue that have spend sizes on a low end of about $5 million and upwards of $500 million altogether.

Again, I founded the company in the year 2000. We have 15 offices throughout the globe at this point. We presently have just under $24 billion in annual communications spend, fixed and mobile, running on our platform. We very consistently quarterly have increased that spend under management. We do actually disclose that to the Street. We’ve done that for quite a while.

That spend under management grows in a very consistent manner to our revenue. It’s not exact. There are times we sell product into existing spend and get more revenue with no additional spend, but overall that trend has been very consistent. We’ve never missed a year of exciting revenue growth from the day I founded the company back in the year 2000.

A couple of terms, CLM, communication lifecycle management. In the world we live in today, you all carry smart devices, some of you carry tablets. More and more will be doing that. We also handle, on the fixed side, typical voice and data expenses. We handle the entire lifecycle of those assets and the expenses.

There’s also a lot of heat around the market mobile device management. We acquired a company a couple of years ago. We are the bundled offering we believe that MDM should be in a total CLM solution, maybe different from some of the point solution providers that are in the marketplace today. We believe most markets move in that direction historically. That’s been our vision, and we continue to invest in our technology along those lines.

A couple of key investment highlights. We’re in a great market. I’m going to cover the stats with you in a couple of minutes. There’s a huge greenfield opportunity, about 80%, of the addressable market in our space. It is an opportunity for Tangoe.

We are the leading COM global provider. When we went public, we mentioned that we were about more than 3 times larger than our next nearest competitor. Today, we’re more than 7-8, even 9 times larger. We’ve distanced ourselves pretty dramatically from the competitive playing field.

We also offer a very strong return on investment. It can be anywhere from 3-10x the amount they spend on us on an annual basis, 300-1000% ROI. That’s one of the reasons why we have done well when the economy was bad. We do well in good times or bad.

We have 13 patents. We have more in the queue. We’re very patent-heavy. We believe in patenting our advantages. We have that on our fixed and our mobile and our MDM solutions across the board.

We’ve got a great customer base. I think one takeaway, it’s a blue chip customer base. We are about 30% penetrated within our customer, so we have a big upsell opportunity within our customer base itself. We are a cross-industry offering, and we don’t have any major dependencies within our customer base.

About 90% of our revenue is recurring. It makes our model a highly predictable model. We’ve had a great track record as a public company, and certainly feel good about our predictability moving forward.

I’ll be very brief here. When I founded the company back in the year 2000, it was obvious to me that there was a major problem in the spend category. Let me put it in perspective for all of you if I can. On average, first of all, this spend is within the IT budget.

So if you ask me where does this fall in the company, it’s typically under the CIO. It represents on average about 15% of a large corporation’s IT budget. So when you think of Tangoe, think of us as the infrastructure play to help companies manage about 15% of the IT budget. That can range. It can be a little lower for some industries and much higher for others, but that’s a good average.

I’m going to be kind. Generally, this category is a mess. When we meet companies, about one out of four bills have errors on them. That’s an industry statistic. Companies get thousands of bills monthly. They show up to many different locations throughout the world. They have difficulty tracking it. With that mess on their hands, they have about three days every month to get it processed in the accounting systems, bucketed into cost centers so their P&L reporting is accurate.

Essentially what Tangoe did is we built specialized software. We’ve wrapped services around it to be able to automate that process for big corporations. It is a large spend. It’s one of the largest non-payroll expenses within large corporations globally. That problem has been there for a number of years. It’s only exacerbated recently with the advent of mobile. Mobile has made it even more complex. And that’s in the heart, obviously, of our value proposition.

I will make a comment to some of you, I’ll give you a few insights. You’re going to see a slight shift from Gartner happening as we speak. When I say a shift, they’ve been following this market, and there’s a term called telecom expense management, which has been sort of the core of our revenue. You’re going to see Gartner begin to initiate a term called MMS, managed mobility services. They’ll be doing a magic quadrant probably within a couple of months. I am very confident we’ll be positioned quite well there, with the focus on mobile.

I think there’s a general view that our distance from where Tangoe is relative to the competition, given that distance, we’ve done so well in the telecom expense management market, and with mobile being what it is, MMS is going to be a hot term and a hot topic. I think that plays very positively for our outlook moving forward. There’s an awful lot of inbounds on mobile right now in how mobile device management fits into the total solution model that we provide.

Again, I’ll remind everybody we’re not a point solution provider. We believe in going after the big problem that a corporation has, which is managing the entire lifecycle of these assets.

Very quickly, it’s an interesting slide. We have the luxury to be able to size our market. We have statistics that are third-party oriented. About $425 billion of annual fixed and mobile communications spend exists in our target market, which is roughly greater than $700 million in revenue.

We presently have just under $24 billion of that target market, represents in the mid-fives of percentage. If you take all of our competitors and Tangoe together, represents about a 20-25% penetration in this market. That leaves about 75% to 80% basically underpenetrated. Our goal very simply is to execute towards really land-grab within that 80% and go after those markets, and again, this is a global market opportunity.

I’m not going to spend a lot of time on this. If you go around the circle, these are a lot of the software components that we provide. Around the outer ring you’ll see that we do expense management. At the upper right, we do asset management, and the upper left, we do usage management.

I’ll give you a few quick views of how this works. When we meet a company, they may have as many as 50 to 100 unique custom negotiated carrier contracts, fixed and mobile. We built a specialized software component that allows you to key that into our system. We then reroute what is typically paper bills to an EDI feed that’s available from these 50 to 100 carriers per customer.

They go through a super middleware product, technology, that we’ve developed. We normalize that data. It allows the system to then go through and reconcile contracts and bills automatically. We call that our audit component. It puts it over to dispute management on the bottom. That allows a collection and reduction in those costs with the carriers.

We have an allocation engine. When you have $100 million that has to find its way to the P&L, it typically needs to get allocated to cost centers in SAP and Oracle accounting systems. We almost always integrate to the general ledger, to accounts payable for payment, and to the HR systems, to loop in the employee base from a mobile perspective with the HR database so when people are terminated, they’re able to end and link those with the corporate systems.

We also supply asset management, so a good mobile example, if you work for a company and you have Tangoe, you will go to a Tangoe mobile portal to get your device. If you lose it, to replace it. If you want to get accessories, you can do that, again, through our portals. That runs through our entire system, goes into inventory, and when the bill shows up, that all runs through expense management.

The last example I’ll give you, we added, about a year ago, the concept of real time expense management. We have special software that now runs right on devices, tablets, smart devices. It can do roaming detection, so if people are landing in foreign countries and about ready to spend too much money, because your plan is not optimized, we have special alerts that stop those expenses from happening. The company can take action ahead of time as opposed to wait a month for the bill to come and find that you have a $5,000 bill, and you’re surprised and shocked by that event.

We do geofencing, so we have the ability to have those devices protected. If they go outside a certain range or zone, alerts can go off, and people can actually manage these assets more productively.

We’ve got a very diversified customer base I mentioned to you before. Keep in mind that we’ve widened our product spectrum in the last three years. We do fixed and mobile. Roughly half the time a new customer will buy both on the same agreement. But the other half of the time, they’ll buy either fixed or they’ll buy mobile.

We also offer our capabilities globally today. I often will use an example, Oracle is a big Tangoe customer. We have Oracle as a fixed customer throughout the globe. We hope to get them someday as a mobile customer. That would be an upsell.

Same thing, I give the example of a Price Waterhouse. They’re a big Tangoe mobile customer. Again, we hope to have Price Waterhouse as a fixed customer. They’re in the U.S. only.

We also have regional expansion opportunities to be able to sell customers like that, if we’re just U.S. based, to go into EMEA, Latin America, and Asia-Pacific. We’ve grown our sales organization pretty dramatically in the last year and a half. We have disclosed to the Street those numbers, which in Q&A we can talk about. We’ve added resources directly in Asia-Pacific, recently in Latin America, and we’ve really been ramping heavily in the EMEA marketplace, both organically and through acquisition.

Really quick, I’ll cover our growth strategy, from the bottom to the top. We’re in a grow and expansion phase. I think we will be for many years. We plan on growing our new and existing customers through increased investments in our sales and marketing and distribution channels. We plan on continuing to expand our international presence.

We have given guidance to people when we would expand into regions, and we’ve done everything that we’ve said we would do, when we would do it. I told the world we would Get Asia-Pacific second half of last year. We did it. I told them we would hit Latin America. We started that about 60 days ago, successfully. We’ve made great inroads in EMEA, and other places.

We also will extend our technology leadership. We’ll talk a little bit about the numbers, but we probably have more innovation going on at Tangoe in 2013 and 2014 than we have in the last three or four years. The mobile market has presented great opportunities for us, and we’re investing heavily to essentially capitalize on that.

We’ll continue to leverage strategic alliances. We have alliances today with some very large companies. We are the white label CLM model behind IBM, HP, Dell, Xerox ACS, and AT&T. I will let you know that I think we’ll add several new partnerships in the next 24 months at that level. It’s proof in point that they don’t have the ability to do this internally. Therefore, they’re relying on a partner like us to be able to handle that.

We have historically been active from an acquisition perspective. We did about five acquisitions up until August of last year, for about 18 months prior to that. We have made it quite public that we’re slowing that down. We’ll continue with that slowdown. I never would want to say never, of course.

But we’ve done acquisitions for three reasons. One is scale, and scale is just that. We’ll be buying a competitor for customers, for process, for financial reasons. We’ve bought companies for technology reasons, and also geographic expansion. So we will be much quieter on the acquisition front. I’ve stated that before, and we’re sticking with that guidance and that message.

And obviously exploiting the mobile device revolution. There’s huge change going on. These devices are coming in as a BYOD opportunity. They’re coming in as corporate liable. There’s a mix of both. Tangoe provides technology to help large corporations manage all of those environments ubiquitously. We’re going to continue to invest in those capabilities.

It’s a great opportunity for us. We think the moves that Gartner will be making and talking about in the next couple of months play heavily in our favor for where we’re positioned, for some very large mobile fleets throughout the globe, and companies’ inability and difficulty being able to manage this tough area.

I’ve got a couple of quick slides on the financials, and then we’ll open up for questions. Terry asked me to be brief. I do want to give you just a quick overview. This is our execution since 2010. You can see we’ve got a great hockey stick from a revenue perspective. 41% CAGR. That’s in 2010.

We’re also showing you, in orange, our 2013 midpoint of the range revenue guidance. We’ve had incredible and exciting expansion on the EBITDA front as well, at 66% CAGR. We’ve had very, very consistent quarterly expansion and annual expansion on the EBITDA line, and we’ve also had the same on the unlevered free cash flow, as you can see, at 68% growth.

I will tell you that our philosophy has not changed from before going public. While the economy has sometimes delivered, whether we should be more growth or more bottom line expansion, we are a well-balanced model. We will continue with that focus. We feel we’re investing quite heavily in our sales and marketing and distribution to fuel growth, but we will also continue to expand our operating margins.

Last, if I could finalize with the long term target model. If we start at the top and move down, we’ve grown our recurring revenue, which is obviously the predictable part of our business, upwards close to about 90%, with about 10% of our revenue being one-time, what we call strategic consulting. That may raise a little bit to the 90-92% level in the long term target model.

If we look at the gross margin, you’ll see we had went up to 2010 then dipped a little bit. We did a number of acquisitions. Those acquisitions had gross margins that were way below us that pulled it down. You’ll also see that as we’ve migrated those customers to the Tangoe model, we’ve seen that come back up. So we’ll see that continue through 2013 into ’14, and obviously we’re on our way to the target model long term of the low 60s.

We also have operating expenses that will be coming down as a percentage of revenue. Most of that is coming from G&A being lower, as we assimilate some of those expenses. You’ll see our R&D number as a percent come down.

I would like to state that within that number we have double digit increase going on in our innovation budget, because we’re sunsetting products from some of the acquired companies. As we migrate those customer bases, we’re able to repurpose those funds into innovation. So we’re pretty excited about the increase in innovation dollars within that budget. And you’ll see the one that is increasing, as it should, is sales and marketing, and that’s obviously to capitalize on the greenfield market opportunity that we talked about earlier.

And we see a long term adjusted EBITDA line in the mid 20s. You see almost a straight line increase over the last couple of years. You’ll see a consistent increase toward that long term operating goal over the next several years, again, to the long term model in the mid-20s.

And our unlevered free cash flow follows very closely to our EBITDA margins. We’re a bit of a what you see is what you get kind of company as it relates to that.

So, with that, I think I’ll conclude. Terry, are we going to open it up to you for questions at this point?

Question-and-Answer Session


Yeah, well, I’m kind of selfish. I was going to ask a question or two and then turn it over to others. But thank you. Thank you, Al and Gary.

You know, one of the questions, and I can’t help myself, I’m going to ask this, your fourth quarter numbers were solid. You beat my numbers. The cash flow was a little light, but you more than accounted for that in the outlook. Overall, it was a really good quarter, and I think you had 39 new customer [unintelligible], which is a record.

The first trade, not that I’m watching the stock minute by minute, was higher, and then right after that, the stock’s been kind of trading off. You get the benefit of seeing and talking to lots of investors. Any sticking points that come up in some of your meetings? Or any perspective you might have on what’s kind of been ailing the stock more recently, post a quarter that I thought was good?

Al Subbloie

You know, it’s a good question. Let me comment a little bit on the results. You brought them up. We’ve had good quarters, frankly, since going public. We’ve really done everything we’ve said we were going to do, and more, across the board very consistently. And as you know, Terry, our job is to run the company and build the business long term.

I’ve been doing this 12.5 years, and I’ve got at least another 12 in me, and there’s a big market opportunity for us. So we have to be in this for the long term. I know that can be frustrating sometimes, and believe me, even as a company some of us can get frustrated at what happened to our stock. But I’ve learned, I’m a better CEO than I am a stock picker. It’s not my job in life to do that.

We meet with a lot of investors. We were doing that in the last two days. Gary and I spent a lot of time on the road last year, and we’re pretty up front with the business opportunity. We feel very good about our position in the market. We distance ourselves dramatically with the competitive playing field.

It’s a complex area, so the barrier to entry of anyone to come into our space is very difficult. I think we’ve got a lot of good upside in our model in the longer term. The mobile market is not getting easier for enterprises to manage. It’s getting tougher. The technology aspects of what we do and the amount of years and the size of our company is a distinct advantage.

I can’t point to any one thing or another that people are concerned with, and our job is just to continue to execute and hopefully good things will accrue to the stock.



Al Subbloie

The one part of our business that can fluctuate, we’ve been up front about this, is we do have about 10% of our revenue that’s one-time. And you’ll see, if you watch quarter to quarter, that one-time revenue can fluctuate in either direction. We don’t have a huge focus on growth in that line item, and we’ve said that from the time we’ve gone public.

Our big focus is on recurring revenue. So you can see that fluctuate from quarter to quarter. It may not quite be seasonal, but you can see quarter to quarter that fluctuate. Some of it just depends on [unintelligible], timing of deals, etc.

We try to manage the business, and I think you don’t blame us, to get to about a 90-10 ratio of recurring the one-time. So those fluctuations don’t really have a huge impact on the top line of the company, but they do have a small impact on it.

Gary Martino

[unintelligible] that’s generally run the 4 to 4.5 range [unintelligible]. So we had this unusual [unintelligible] Q4 for nonrecurring. And in our call, we talked about the fact that our nonrecurring would actually be less in Q1, back to that 4 to 4.5 range. So what’s really happening is recurring is going up, quarter to quarter, and we have nonrecurring actually going down. But overall, for the year, we have kind of generally guided for nonrecurring to be $17 to $18 million. So just think about that, $4.25 to $4.5 million. It might move around a little bit, but [unintelligible]. Whereas, with recurring, we would expect every quarter for recurring to go up.


And with respect to the balance sheet, the days sales outstanding [unintelligible] up above 70 days. [unintelligible] efficiency-wise, that seems to be [unintelligible].

Gary Martino

Yeah, our days sales outstanding generally ranges in the 50-70 day range. We deal with large enterprises. Their [unintelligible]. Big business [unintelligible], and never have the flexibility to, but big companies, basically stay with that cycle. Now, in Q4 was slightly higher than it had been. We talked about the fact that we had one partner that had a large amount due at the end of the year that [unintelligible] to pay. [unintelligible] at the end of the year, we shared in our call, we actually virtually collected all of that by the time of the earnings call. As Terry touched on, our guidance kind of was actually a little higher this year because of that [unintelligible]. But we would expect to see a 50-70 day range. The class of enterprise [unintelligible] we have, that’s what it’s going to be. They don’t pay in 30 days anymore. [unintelligible].

Unidentified Audience Member


Al Subbloie

No, and it’s not just Fortune 500. It comes down a notch. It’s typically companies that are roughly about $700 million in annual revenue and above. So it’s not the SMB market. We have not really gone after the SMB market as you would define SMB. And the reason for that is that we have such a big opportunity, such a big greenfield, I don’t want to defocus us too much on yet another market, when we have so much opportunity within the core market that we go after. That represents a spend minimum roughly of $3 million to $5 million on the low end, which gets to a deal size minimum for us.

Unidentified Audience Member


Al Subbloie

First of all, I’ll be forgiving to call a home-grown solution a series of spreadsheets, a series of people who look at accruing and expense because they don’t have the time to process it, and maybe an eyeball on a bill once and a while. That’s a home-grown solution for the most part. Rarely do you have a company that’s actually put energy into building any technologies to do the things that we do. So that being the case, almost all of them have a home-grown solution. But I’m loosely defining it. In today’s world, it could be a database, a spreadsheet, a process. That’s about it for the most part.

Unidentified Audience Member

Historically speaking, what is the success rate on a [per-contact] [unintelligible]?

Al Subbloie

We don’t quote the percentages. What we do give is generally it takes a sales person about 6-9 months to get productive. I will tell you that our pipelines continue to increase on a quarterly basis. We’re heavy duty users of Salesforce. We’re one of the probably heaviest users of Salesforce you’re going to find. We have five bolt-on products to it. So we run statistics very heavily internally, but we haven’t reported the close rate to the Street. So I’ll hold that back from you.

But overall, that close rate has gone up a small amount over the last couple of years. It continues to trend to the positive. I would attribute that to a couple of things. Our sales organization, as it’s gotten larger, has gotten better. So for example, they separated last year some very talented people into a training department. We require heavy duty certification at this point, not just for the sales people but for the sales support.

When you get the number of 60 quota-carrying, that doesn’t count the account managers, the pre-sales, the regenerators, you need some very formal training programs. We’ve done that. I also would say that our position in the marketplace has helped us.

The fact that a global purchase, are you’re going to buy from Tangoe, at our size and balance sheet, or from an $8 million competitor who’s in one region, has not hurt our position in the marketplace. One of the reasons why we thought building the market leader and gaining scale made sense.

Unidentified Audience Member

What was your ROI again?

Al Subbloie

300% to 1,000%, every year, annually.

Gary Martino

Actually what that is is [unintelligible] what they’re paying out and what they’re saving. So [unintelligible] 10x, they’re saving that much [unintelligible].

Al Subbloie

You know, I’ll give you a perspective. If it’s a $50 million spend customer, and let’s just assume that we charge $1 million a year even that, you would expect they would save $3-5 million, $3-6 million, $3-7 million, numbers like that. That’s typically what ends up happening. So the inefficiency in the spend translates to an ability to have a cost reduction, which then relative to our fee comes out to about a 3-10x on an annual basis. We’ve gotten better at reporting those metrics on a quarterly basis to our customers. We do that to make sure that everybody is aware of the ROI on an ongoing basis.

Unidentified Audience Member

Can you update us on the assimilation [buyback position], where it stands, what’s the customer base, [attrition] there was during [unintelligible].

Al Subbloie

So the question was talking about the progress on the acquisitions. Let me give you the process as it works. We buy a company, we close it. Typically the first three months is spent meeting with customers. For the scale ones, not all of them have been scale, the plan is simple, to migrate them over to the Tangoe technology. That typically takes 12-18 months.

But again, the first three is probably a big scheduling in terms of putting people in a slot and where they’re going to be, and gaining requirements. We then take a year to a year and a half to migrate all those customers over to our platform. At that point, we’ve got a better ability to upsell/cross-sell. That doesn’t happen overnight. And we have a sales cycle attached to what we do, we also have an implementation cycle. So you can get an idea of those lead times.

We are complete with one of the first ones we did. We’re just about complete with one of the second ones that we did, and we’re headlong into Profitline and Symphony, which one we did about 5 months ago and the other one we did about a year and a month or two ago. Making good progress on it.

I do want to remind everybody, we posted 145 new logos last year. That’s 145 implementations. And we acquired probably more than 150 customers. And those migrations are like implementations. So here we are doing over about 300 implementations. But the scale we created in order to be able to handle that, some people don’t call the acquisition growth. Put that aside. As a company, we’ve got to execute successfully through that. And we’re certainly on course, as I expected, through the entire migration process of all the acquisitions that we did.


I wanted to ask about the AT&T relationship. Kind of two-fold. [unintelligible] an inherited relationship on the mobile side, and then what about the organic development [unintelligible] on the fixed side? Are you starting to see revenue flow from the new relationship with AT&T [unintelligible]?

Al Subbloie

We are starting to see revenue flow from the AT&T fixed portion. I’ll remind everybody this was by design. We were headlong in an RFP with AT&T on the fixed side. So AT&T has, believe it or not, a book of customers that they were doing this for, using the home-grown stitched approach, even though they’re a carrier. And they decided I’m going to actually pick somebody to do this on our behalf. And we went through about a nine-month RFP process.

So we were in that process when we decided we were going to buy Symphony. We knew that Symphony, the one we bought, had the mobile side of AT&T. So there was a synergy we were aware of at that time. We won the AT&T deal on the fixed side. That was primarily to replace that book of business that they already had. It wasn’t yet to resell a lot of additional business on the fixed side. It’s parlaying into that. It’s always been the plan to do it, and we expect that that will happen.

The mobile side with Symphony, we picked up a book of business that continues to sell new mobile deals. That’s on the mobile side. Since then, AT&T has reorged to put them under one roof, which is good for us.

So overall, the AT&T relationship is very healthy. It’s robust, and we’re doing deals with AT&T. On the fixed side, not yet, new deals, other than what we sold and what we’re implementing, but we see that that will happen in a relatively short period of time.



Al Subbloie

I do believe that that will happen in 2013. I say that cautiously. One of the advantages of a smaller company is that we move quick. After working with the likes of these large companies, they don’t move as fast in go-to-market strategies. One of the advantages of small companies. But I do believe within 2013 timeframe that that will come to fruition.

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