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Lionbridge Technologies, Inc. (NASDAQ:LIOX)

Q2 2013 Earnings Conference Call

August 06, 2013, 09:00 AM, ET

Executives

Sara Buda - VP-Investor Relations and Corporate Development

Rory J. Cowan - Chairman, President and Chief Executive Officer

Donald M. Muir, Chief Financial Officer and Senior Vice President

Analysts

Richard Baldry - Wunderlich Securities

George Sutton - Craig Hallum

Ben Rose - Battleroad Research Ltd

Kevin Liu - B. Riley & Co. LLC

Vincent Colicchio - Noble Financial

Operator

Welcome and thank you for standing by. At this time all participants are in a listen-only mode until the question-and-answer portion of the conference. (Operator Instructions). This conference is also being recorded, if you have any objection you may disconnect.

Now, I’ll turn the call over to your host, Ms Sara Buda. Thank you, ma’am. You may begin.

Sara Buda

Thank you and welcome everybody to the Lionbridge Investor Call to discuss financial results for the second quarter of 2013.

During this call we may make certain statements that may be considered forward-looking statements under Federal Securities laws and which involve risks and uncertainties. Our actual future results may differ significantly from the matters discussed in any forward-looking statements. We’ve disclosed in greater detail in our Form 10-K filed with the Securities and Exchange Commission on March 15, 2013, the factors that may cause such differences.

And now I’ll turn the call over to Lionbridge’s Chairman and CEO, Rory Cowan.

Rory J. Cowan

Thank you, Sara and welcome everyone. Today I'll talk about our positive Q2 results, which really show the strong sequential revenue growth and margin expansion that we forecasted in the last call. I'll also update you on our strengthening demand environment and I think our better execution as well, and the progress of our growth initiatives as well our outlook for a positive second half.

But first let's start with an overview of the quarter. As we said in our last call, our focus for Q2 was really threefold. First, we want to drive some revenue growth to get back on path. Second, improve gross margins. Third, was to buy back some stocks. So I am pleased with the results in all three areas as you can see from this morning's announcement.

We grew revenue about $10 million sequentially. We improved gross margins about 370 basis points from Q1 and we bought back 3.9, or about $4 million of stock during the quarter. So the hesitation we saw really in Q1 is behind us and Q2 rebounded solidly as we expected. So the business is improving further as we head into the second half.

So let’s talk little about the details of the quarter. Our revenue was about 123.4 million, yes, that’s one, two, three, four million. This marks an increase of 9.7 million from last quarter. The sequential quarter increase was largely driven by our GLC translation business, which is where we saw solid improvements from large accounts and our ramping of the new business we won over the past couple of quarters, which you’ll begin to see, of course, in Q3 and four as well.

We’ll talk more about the demand environment in a few minutes, but in short, it seems that clients are really starting to spend again and it appears that the recovery is starting to take hold, particularly in Europe.

Total company gross margins improved sequentially as well to about 32%. Once again this is driven by volume growth in our GLC language business and Don will talk about our initiatives to really accelerate margins further in half two and beyond.

Operating profit, of course also improved from last quarter. In fact, the 9.7 million of sequential revenue growth drove over 7 million of operating profit growth ex-restructuring. So almost $10 million drove almost 7 million of operating profit.

While we still have room for improvement you can see the benefit of incremental volume in our language business. As expected we did initiate some restructuring in the quarter with expense of about $1.3 million and this restructuring will continue to about at that level in the second half as we align our cost structure to maximize profitability.

On a GAAP basis we delivered profit of 3.5 million or about $0.06 a share, an increase of our $6.5 million or $0.10 a share sequentially from Q1, again a strong sequential conversion.

Looking at the business year-on-year we grew top-line about 4%. And I’ll remind you that last year’s Q2 was a very strong quarter, mostly driven by our GDT testing business and our earnings improved over last year by about $0.02 per share. So all-in-all I think it’s a great year-on-year and sequential quarter compares.

In sum Q2 was a solid quarter with sequential improvement across the business. Both revenue and margins came in above our guidance. We initiated new restructuring programs to align our cost structure and to maximize profitability. And we used our cash to buyback stock during the quarter. But most importantly Q3 looks solid as well with far less seasonality than we see traditionally in the Q3 quarter given that in Europe of course things traditionally have tended to slow down during the month of August.

So it feels just the recovery is sustainable and we expect to see our year-on-year growth to accelerate further in the second half of 2013 and beyond.

So now let me provide a few details about our strengthening demand environment our growth initiatives and our strategy for evolving Lionbridge over the coming 18 to 24 months.

Now first our Q2 revenue growth was driven by several positive factors, the most important of which was our relationship with Microsoft. Our largest client continues to grow with us as they continue their transformation from a software company into global leader of devices and cloud service which is really the world we’ve been designing Microsoft -- that we’ve been designing Lionbridge for.

About two years ago we reconfigured our Microsoft teams to align with their strategic growth initiatives and this clearly was the right move because in addition to growing our existing recurring relationships with Microsoft we’ve been successful in winning new multi-year programs that are central to their long-term strategy. And we work to get the solutions that encompass capabilities and services to bring them [inaudible] via new innovation that are based around globalization, based around translation, utilize our global infrastructure but have a variety of more services embedded in them. So I am really quite proud of our Microsoft team.

The other positive trend in Q2 was the recovery from several of our large tech accounts. Like many companies demand in the first quarter was challenging for us, as many clients delayed programs until they got a clear sense of what was happening in Europe.

In the second quarter we started to see many of these accounts return; Cannon, Adobe, Dell, Lenovo even the well know Westcoast personal device manufacturer all improved notably up from the last quarter. So it’s really too early to tell whether this was catch up from delays or a solid return to growth in the tech center but it appears as these clients are continuing to spend well into the second half.

The third impact on Q2 was our vertical market expansion. Several of our manufacturing clients were strong in the quarter including Rolls Royce, Caterpillar and Air Bus. Life sciences grew solidly as well. So the vertical strategy we put in place 18 months ago as well is really beginning to work. In sum demand is returning and we expect positive momentum for the rest of 2013 as the economic environment improves.

Now let’s talk about our growth initiatives and how we are transforming the business for longer term. Even as the product translation business improves its clear that we need to build on this foundation to address a broader globalization market opportunities. So this is what we’ve been doing for the past couple of quarters.

First is our GMO, or Global Marketing Operations Offering. This solution addresses client needs to manage a variety of digital marking programs across channels and geographies. GMO continues to be one of our fastest growing offerings on track to grow about 40 or 50 this year. And we’re driving demand for GMO using two parallel strategies, both high-end and low-end. At the high-end we’re using our enterprise sales force to secure these new wins with existing enterprise accounts. Most of our relationships have been in the product area. We are now moving those relationships into front office where the CMO lives or in their web and marketing operations.

And the second way we are growing this offering is through using an online on demand model to market, sell and deliver packaged point solutions such as video translation, global SEO or Search Engine Optimization and global email campaigns.

So I am pleased with our ongoing progress with GMO. And I look forward to 2014 in particular with this combination of high-end and low-end go-to-market strategies around a common bundle of services.

The second growth offering is the business process cloud sourcing that's business process cloud sourcing. As we have e mentioned our strategy for 2013 is to take the global cloud management skills we developed for translational testing and apply these capabilities to other end-markets. And this isn’t the low level of cloud meeting places or venture back startups. This is about enterprise scale, business processes that can be delivered using dedicated highly qualified cloud professionals, just we’ve been doing in the search relevance business.

This offering is starting to gain momentum. In the past few months, we’ve taken the task management platform we built from our -- we acquired with our Virtual Solutions acquisitions and when coupled that with a global platform for managing these tasks.

We’ve also refined our market strategy and launched solutions for data cleansing and data enrichment. The market response has been very positive. We’ve recently converted two proof-of-concept programs into contracts. We’ve established a strong pipeline of new opportunities, particularly in a new end-market for us which is the information services market.

It looks we can scale many of these programs in to $700,000 to $1 million per year recurring revenue programs. It’s clear that large enterprises are looking for this as a new alternative to traditional offshore BPO solutions. For enterprises, we deliver compelling output based productivity at a much lower cost. For Lionbridge this is a powerful offering that will further our growth in '14 and beyond.

Finally let me update you on some of our technology initiatives, GeoFluent, our real-time translation offering for chat and forums. As we know this offering has been little slower to get off the ground than we thought, but today we have about 15 active GeoFluent clients and recently secured two additional multi-year programs.

The first program is to plan multilingual chat for Intuit as they take QuickBooks global. So they don’t have to setup call centers around the world. They can support the world from one technical support or one contact center.

The other new program is helping HP build global communities for their wide format imaging products. So they too don’t have to build multilingual contact centers. This technology works and it works very well and our examples are showing that there is no fall off in CSAT or customer service satisfaction scores, yet the savings are very, very substantial.

So we’re delivering real values to these clients and helping them significantly reduce their support cost in global markets. We have the right technology, the right partnerships and the right sales model to start scaling GeoFluent further. So these three offerings are beginning to scale. GMO and our GLT language business, business process crowdsourcing and our GDT business where you see that in our public statements and real time translation.

These offerings reflect the underlying transformation of Lionbridge. Over the past years we've migrated from a translation company to a globalization services company with integrated crowd-in-the-cloud solutions. This is not just a marketing slogan. This is a change in a way we market, sell and deliver our services. And this shift is beginning to have significant positive impact on our business.

So in sum Q2 is a good quarter and certainly a strong rebound from Q1. The positive momentum should continue to accelerate in second half and I think we are driving further growth with these new offerings.

So now I turn it over to Don for the numbers.

Donald M. Muir

Thanks, Rory, and hello everyone. Today, I’m going to walk through our Q2 results and some of the positive improvements in the business. I’ll also provide an update on our outlook for Q3 and our expectations for ongoing improvement in the second half of 2013.

Let me begin with an overview of Q2. In the second quarter we delivered revenue of $123.4 million exceeding the high end of our previous revenue guidance and solidly above expectations. Looking at the business sequentially from last quarter total company revenue increased 9.7 million. The strong increase was driven largely by our GLC language segment which improved almost 8 million from Q1 as many accounts returned to growth.

So we are delighted to see the rebound in that business after a challenging start to the year. On year-on-year basis total company revenue grew 4.2 million primarily driven by a large Microsoft program in our GDT testing business. So in short, total company revenue showed very strong sequential quarter growth and a year-on-year revenue began to strengthen as well. And this momentum seems to be continuing as we head into the second half of the year.

Total company gross margins were 31.7%, a decrease of 370 basis points from Q1 and slightly lower than last year by about 70 basis points. On a segment basis gross margins in GLC were 32.5%, GDT margins were 31.9% and Interpretations was 20%. All segments showed strong sequential improvement.

When we spoke to you in our last call we had visibility to strong revenue and margin improvement as we headed into Q2, and both came in above plan. So we’re moving in the right direction. We kept second quarter operating expenses flat sequentially from Q1, despite the strong increase in revenue. This is driven largely by lower G&A expense as we continue to trim cost in that area.

On a year-on-year basis our operating expenses were up about 1 million, mostly driven by increases in sales and marketing and R&D. As expected we incurred about $1.3 million in restructuring expense during the quarter as we continue to move toward a more efficient class model.

Going forward we expect to incur additional restructuring class likely in the $2 million to $3 million range for the rest of 2013.

Moving down the income statement, our other expense line was about $600 k this quarter, better than last year by about $100 k. As many of you know, this is largely related to the currency effect of balance sheet reevaluations.

Our tax provision was about $700,000 in the quarter, in line with what we expected. On a GAAP basis we reported a net income of $3.5 million or $0.06 per share, again, well above expectations. This is a sequential quarter increase of $0.10 and year-on-year increase of $0.02. Adjusted earnings were $0.12 per share during the quarter.

Moving to the balance sheet we generated $2.9 million of cash flow from operations during the quarter despite finding strong sequential quarter revenue growth. Our Q2 cash flow and prudent working capital management enabled us to repurchase $3.9 million of stock and support investing activity of $2.1 million including $1.5 million of capital spending during the quarter. \

So even after funding $6 million of investment and financing activity and supporting our strong sequential growth and funding some restructuring we maintained a healthy cash balance of $17.6 million and kept debt flat at $26.7 million. As we have demonstrated, we can run this business with cash in the mid-teens and comfortably maintain our debt at current levels.

Second quarter DSOs did increase about five days sequentially and one day year-over-year to 55 days. This is primarily a timing issue as we received payments from a couple of large customers in the first week of Q3. So we expect DSOs to return to more normalized levels in Q3 much as they did last year. So the balance sheet remains solid.

Let me wrap up by talking about our outlook for Q3. In the third quarter we are estimating revenue in a range between $118 million and $121 million. Let me remind you that traditionally Q3 is down sequentially from Q2 due to the seasonal summer slowdown in Europe. This year we expect the seasonal decline to be less pronounced.

So we’re delighted to have visibility to a very solid third quarter, following improvements in Q2. Looking ahead we see the Q4 tends to be roughly flat with Q3 historically. So it looks like we will return to strong year-on-year growth in the second half of the year.

As I warp up the call let me summarize the business at a high level. We delivered strong Q2 revenue above expectations as business approved across the board. Q2 gross margins improved 370 basis points sequentially with strong revenue volume in our GLC language business. We used our cash to fund almost 4 million in share repurchases. Our third quarter and second half look positive and we continue to reduce our cost structure to drive further profit growth.

So Rory, back to you.

Rory J. Cowan

Great. Thanks Don. I don’t think there’s much more to say. It was a good quarter, momentum seems to be continuing. Business is strengthening and we are well positioned for a solid second half and further the revenue and profit acceleration in 2014. So Sara, now let’s take some questions.

Sara Buda

Great. Operator, we can open up the call to questions.

Question-and-Answer Session

Operator: Thank you, Ms. Buda. (Operator Instructions) And we do have questions waiting, just one moment. Our first question comes from Richard Baldry.

Richard Baldry - Wunderlich Securities

Thanks. With revenues in the second half roughly in line with second quarter, can you talk a little bit about what you expect for that trend on the gross margin side? And share count didn’t really move much in the quarter, was the buyback done late in the quarter and so should we expect that share count coming down in the second half, thanks?

Rory J. Cowan

Yeah, hi, Rich. Our guidance for Q3 is 118 to 121. That’s a tad below what we saw in Q2 although we do expect gross margins to be around 32% in the second half. So that’s pretty consistent with where we are now maybe up slightly.

Regarding share repurchase, yes, it was done towards the end of the quarter and we should see the effect of those repurchases impacting share count certainly in Q3. You'll probably see Q3 share count down a million shares or so sequentially from where we are in Q2.

Richard Baldry - Wunderlich Securities

Great, thanks for the good quarter.

Rory J. Cowan

Thank you.

Operator

Our next question comes from George Sutton, your line is open, sir.

George Sutton - Craig Hallum

Thank you. Guys it feels a lot better this quarter. So when you talk Rory about far less seasonality than normal, can you just walk through exactly what you’re seeing relative to the normal seasonality that’s different this year?

Rory J. Cowan

Yeah, I think a couple of things seem to be happening. First generally Europe, purchase orders and even if -- even if it’s a U.S. company, buying services that have to be delivered in Europe, there is just a hesitation in August with translators to get things done with purchase orders flowing. So it’s a -- it just softens for us in Q3. We’ve traditionally been down with 5%, 6%, 7% sequential quarters.

I think what’s happening is, as we broaden our services we are getting into more recurrent relationships with some of our larger accounts which are softening these sort of episodic project-based activity that we used to see in Q3 in August. So it’s too early to clear victory that the business is moving to a full BPO model. But certainly over the next couple of years if the trends continue this whole sort of seasonality idea should be less of a factor.

George Sutton - Craig Hallum

Okay. You briefly mentioned your vertical market strategy and I think discussed manufacturing. Can you just give us an update of where you are focused from a vertical perspective?

Rory J. Cowan

Yes. We’re really focused on two or -- two basic industries, and I would say, two or maybe two and a half geographies here. The two basic industries are aerospace and heavy manufacturing. And the geographic areas we’re concentrating on are really the UK with our Rolls Royce relationship and some of the other aerospace providers there, the Midwest in the United States. So we’ve reconfigured our go-to-market group, so both the translation activities and the content activities both under one sales force in the Midwestern part of United States, that's sort of Detroit, all way down to Cincinnati in that part of the world.

The half that I talked about is we do have some things with the Air Bus consortium and that is sort of France and Germany. Now that’s were the sales activity is happening. But I have to remind you all of those initiatives are supported by our offshore capabilities in India.

George Sutton - Craig Hallum

Okay, great. Last question from me. You mentioned two proof-of-concepts sort of turn into deals on your crowdsourcing business, and you mentioned that those would turn into nicely recurring opportunities. Can you just walk us through an example not obviously using company names, but exactly how that’s working?

Rory J. Cowan

So think about what’s going on in the BPO world today. Wages are increasing, but more importantly, I have a rule wherever there is low wage, there’s high infrastructure and high tax. So as those begin to scale, the infrastructure cost, rent cost, management cost and tax costs begin to scale companies are looking for the next breakthrough model for BPO.

So we took our knowledge from the crowd business in translation and applied it to the data management business. So let's assume you are a private information services publisher and there are many of them in New York that sell databases. Well, these databases have to be maintained. And in many cases these are now global databases; environmental compliance of large companies, corporate directories of who the officers are, all their sub -- list of all their subsidiaries by country. All of these are sort of things that used to be done offshore in a facility.

We're finding that using our crowd management capabilities from our search relevance business is global, coupled with the technology we acquired late last year from Virtual Solutions. You put that together and then you can end up doing all of these activities, that used to be done offshore, an Indian offshore provider for significantly less cost and as high it's a higher reliability with less turnover.

So we've done a couple of these pilots and the results have been, they really exceed our expectations in terms of quality and cost. So we're feeling very positive about this offering in 2014.

George Sutton - Craig Hallum

Perfect. Thanks guys.

Operator

Ben Rose, you may ask your question.

Ben Rose - Battleroad Research Ltd

Good morning. Question for Rory, which is what do you think accounts for the strong come back and follow through particularly amongst your technology customers and I guess looking back on the first quarter in hindsight, would you say that the weakness was more or less seasonal, were there other sort of factors going on?

Rory J. Cowan

Yeah, I think what accounts for -- look we in many cases are the canary in the coal mine. I mean, we tend to and people reduce their spend with us and often say that they are having some trouble themselves and if you look at a lot of people in Q1 you're of course less than robust.

Now you are looking at half two and '14 for Europe, people are expecting a recovery across all areas and people are spending with us again. I think it's as simple as that. You'll recall we had a strong March. We generally do have a tough first half of first quarter but it comes back a lot more strongly and as you know our issue in Q1 was just everything slipped about six weeks or so and so we are back where we thought we would be.

Ben Rose - Battleroad Research Ltd

Okay. And on the GMO my question is you described two opportunities broadly-based at the high end and at the low end to the market the latter with packaged solutions which do you feel is the greater growth opportunity for the company within that GMO segment?

Rory J. Cowan

Right now -- that's a great question and we are still trying to figure that out. I think what we are finding is that the purchase behavior of large enterprises is now defusing. It used to be centralized shared services but as things like video now begins to pervade the organization and things like technical support or things like emails or contracts or other activities pervade the organization. You need to have a common portal that you can contract with a corporation so your procurement approves it but everybody can just drag and drop their content from around the enterprise rather than moving a truly shared service.

So that's the low end, so an aggregation portal for things like video. And then that's pretty much an on demand capability, telemarketing getting touch with procurement or someone they will buy credits they will approve us as a supplier and people just drag and drop their content. So not a lot of selling expense there beyond the first telemarketing call.

At the other side offering those same services many companies still have very strict centralized shared services that make the purchase decision. So for them we are using our enterprise sales force to call on them, be that GMO in the marketing area or be that in their traditional localization area, but we are building customized portals for them. So at the same back office the difference then is how you go to market.

One is telemarketing for low-end distributed enterprises. One is our enterprise sales force for high-end focused enterprises. And the largest clients there, let me remind you there, it’s Microsoft, Intel, Cisco, PCC and we are saying, well we should have lot of new names for you in early ’14 as well because there are growing -- lot of other names growing nicely.

Ben Rose - Battleroad Research Ltd

Okay. Thank you very much.

Operator

We have a question from Kevin Liu. Your line is now open sir.

Kevin Liu - B. Riley & Co. LLC

Hi, good morning. I want you to touch some of the new service lines you mentioned. So first I guess a follow-up on GMO, and just curious is that 48% or 50% increase in dollars is primarily from some of the accounts you’d already secured last year or if you are seeing more traction either in the packed solutions you talked about or new client wins this year.

Rory J. Cowan

Right, so I think two things, Kevin, right. Most of the scaling in GMO on the older offerings is from existing accounts that we are growing. We are seeing lots of new logos come into that space but they always start small because this is a new outsourcing model for people. They are not necessarily used to unbundling from their agency. And as we get more skilled and as they get more confidence instead of having a Publicist or Omnicom or someone else do the creative and the execution, they are contracting with their digital agencies for the creative and unbundling the execution and giving it to us.

So that requires there is some learning on the part of the customer here to achieve the savings that we offer them.

Kevin Liu - B. Riley & Co. LLC

And then on the information services front I was wondering if those POCs discussed earlier I guess those give you the data points you need to assume you got about 700,000 million or so per client here?

Rory J. Cowan

They do. In fact, some of the pilots we have been working on, some of them are just actually in India with crowd in India. Some of them are global crowds, because you need to test directors, subsidiary directors and officers of our companies in 10, 20, 30 countries. So it's a combination of both of our skills. What we like about these is its moving us more towards a recurring revenue model from that project-based model, that's been so common in the translation business.

Kevin Liu - B. Riley & Co. LLC

And with respect to some of the new customer wins announced in your press release and I think you've just alluded to the fact that you guys had couple more accounts ramping over the course of this year. I was just wondering if you expect most of those to be at least off in four quarters with the contribution say in Q4 or a lot of these programs contribute more meaningfully next year?

Rory J. Cowan

That's a good question. We're crunching a lot of numbers here to see from when a win is to when people achieve scale and that will be that sort of $0.25 million a quarter kind of customers. Some customers it's book and ramp within the quarter, some other customers it's booked and it ramps two or three quarters out. It really depends on the underlying demand profile. And it would be inappropriate of me to try to give you a specific closed revenue cycle, Kevin.

Kevin Liu - B. Riley & Co. LLC

Fair enough. And then just lastly given the pace of buybacks in Q2, should we expect that pace to continue as we move forward here?

Rory J. Cowan

I think the best way we look at this Kevin as you may recall when we announced the program it was an $18 million program. So if it gets us to take about three years it maybe a little bit more or little bit less, but you we do that rough map of about 6 million repurchase a year, we’ve done about 4 million, so that leaves a balance of probably 2 million for this year.

So as we said in the release we will be in the market from time to time, as conditions warrant. So we’ll do anywhere between maybe another 1 million to 2 million this year.

Kevin Liu - B. Riley & Co. LLC

Great. Thanks and congratulations on a sound quarter.

Rory J. Cowan

Great, thanks.

Operator

Vince Colicchio, your line is open.

Vincent Colicchio - Noble Financial

Yes. A nice quarter, guys. So Rory has management taken any steps to better manage the Street expectations. I know, last quarter, you talked about maybe getting a COO for example, any color there would be helpful?

Rory J. Cowan

Great. I did mention that I don't know whether a COO or – I think you’ve got two questions embedded there. One is management of street expectations and one is management of the business. I think I am adding another senior leader. We’re down to couple of very strong candidates here from outside the industries to the existing sort of globalization industry as I really want someone that can bring some new thinking to us here.

So we should see something there pretty soon. I am feeling comfortable along those lines. On managing Street expectations, I guess that what Sara and Don and I do everyday. I think that we try to call as we see them for events and I know Q1 is a disappointment to others. I hope the Q2 really went a long way toward soothing those wounds.

Vincent Colicchio - Noble Financial

Yeah. It does feel better today. What portion of the revenue delayed in the first quarter was recaptured if you will in the second quarter?

Rory J. Cowan

That’s a question and I missed that in the script, we still trying to sort of unbundle, what was just pent-up demand versus what is better execution and new programs and it feels more of the latter than the former. I think as we mentioned as business when people see a tough quarter coming they just delay product releases and they delay some of the more discretionary spends like e-learning or some marketing campaign and I think simply that’s what we saw in Q1.

Vincent Colicchio - Noble Financial

Okay. And couple of data points. The top client in the quarter and the top ten, do you have the percentage of that Don?

Donald M. Muir

Yeah, Microsoft was again the top client in the quarter. And they represent above just north of 20% of the revenue.

Rory J. Cowan

How about top ten?

Rory J. Cowan

The top 10 was again just north of 55.

Donald M. Muir

It's between 55 and 60 it was probably around 57, 58 in the quarter.

Vincent Colicchio - Noble Financial

And Don I apologize but I missed breakdown by segment, do you have that?

Donald M. Muir

Sure, do yeah. GLC was 80.2 million; GDT, 37.1 and interpretation was the balance of 6.

Vincent Colicchio - Noble Financial

Thanks. I’ll go back in the queue.

Rory J. Cowan

Yeah, great thanks.

Operator

(Operator Instructions).

Sara Buda

Great, well if anybody has any further question please feel free to reach out to us. And we will be happy to follow-up with you after the call.

Rory J. Cowan

Great. Thanks very much.

Operator

This does conclude today's conference call. Thank you for your participation. All parties may disconnect at this time.

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