Christopher O'Brien - Senior Vice President, Global Sales and Marketing
Tim Gagnon - Director, Investor Relations
CH Robinson Worldwide Inc. (CHRW) Citi Global Industrials Conference September 18, 2013 11:00 AM ET
Thank you for coming. I'm going to start and cover a little bit on the company's background and our business model and some of our competitive advantages. Tim is going to follow-up with a little bit on where we are in the marketplace and some of our financials.
So I wanted to start with our business model, our mission statement here. This is relatively new, although a lot of our services and our approach has been consistent over the years. We did consolidate in our mission statement recently and in many ways that we go-to-market.
So first off is people, processes and technology that is what we invest in as a company versus the physical assets in transportation. People is our largest expense, technologies are second largest, and then increasingly what we do is bring industry-leading processes together for our customers.
The next part of that is the world's transportation and supply chain market. So that is where we both limit ourselves as well as where we are growing. So when we are -- a key differentiator for us is the global component. We've been building out a global network, transportation management and all modes around the world for the last 25 years.
We are a services company in transportation and supply chain. So we're an intermediary, working with a network of assets in all modes of transportation around the world. But all of our services are in that transportation and supply chain services business.
And then the last part is delivering exceptional value to customers and suppliers. So we are in between the shipper and the carrier -- steamship and the manufacturer, and we're always trying to add value, and to be both a preferred customer of theirs as well as a preferred supplier.
These are our core services. So truckload is the largest part of C.H. Robinson. We started over 100 years ago in the truckload in the food sourcing businesses in North America. North American truck is about the biggest part of Robinson and about 65% of our business. European truckload businesses are significant and growing part of our company, that's about 3% of the company, as our third-party truck transportation in Europe and North America we're the largest provider of transportation services.
These services that we tend to sell together are the service-based transportation services or truckload, LTL and intermodal. LTL, again, we believe we are the largest integrator or consolidator for third-party standpoint of LTL transportation in North America and a growing LTL network in Europe.
On the right you have our global forwarding services. So air, ocean and customs are primarily through -- are part of our 230 offices around the world that are dedicated to those three services in particular, that is last year we doubled the size of our ocean services by the acquisition of Phoenix International, to about 15% of our business today being one of those global forwarding services.
Sourcing is the origin of the company and that is trade of in logistics of fresh fruit and vegetable. That's where the company started in 1905, and then led into transportation services. It's still a pretty meaningful part of the business. That's a stable food and recession-proof business on the food side. It is a little bit different and it gives us kind of a unique advantage as a third-party transportation company, because we do have our own inventory, our own products, our own label, our own marketing on the fresh fruit and vegetable side.
We are one of the largest distributors and wholesalers and retailers of services to the retail and food service industry on the fresh produce side. So it keeps us in a very high demand, high growth, high technology part of the business. It keeps us connected with the consumer and gives us the unique window and to our shippers, being somebody who can actually walk in our footsteps and has a freight on the road and almost all of that business we provide the transportation and supply chain for as well.
If you followed Robinson, you would have seen that our management and consulting services has been a higher growth area for the company than any other part. So that is where we are providing supply chain management. We are an extension of our customer's transportation department through a division called TMC.
As well as some other parts of the company, we are handling their route guides, handling optimizing, consulting onsite and really running their supply chain and routing freight to Robinson or other carriers. But really that is a place of the business where we compete with technology companies in the transportation management or TMS software business. That and consulting increasingly as we get deeper into our customer relationships, it becomes more about what we know, how to do and the specific things that we've done in terms of processes versus just being able to move the freight as well.
The last component I would add there is that all of these different services, one of our biggest trends over the last several years has been the full outsource part of our business. So that could be with any of these core services, where increasingly high percentage of our customers had relied on us to manage all their transportation.
This is our business model. I have touched on a little bit. But the first, as I covered in the mission statement, the things that we do invest in, in people, processes and technology, these all of those are differentiators for us versus our competition. How we approach to the marketplace and our go-to-market strategy is though a network of 230 offices. That is an advantage for us.
One in that it is large and that it is global, when we get into large deals, where they are looking for transportation management on multiple continents or multiple modes, our set of core competitors tends to shift or shrink or get very, very small, where we can bring all of those things to the table and know the differentiator there is that it is local.
So especially in this North American business, a very segmented and fragmented carrier base on the truckload side. We're in those local markets and we can serve a major multinational as well as somebody with very short transactional freight and not a lot of it. We also use that to build our carrier relationships, as you'll see later those are primarily about small carriers.
Covered our portfolio of services. Again, a unique differentiator and that we try to bring them altogether in unique ways. It's another way for us to separate ourselves and become a more of unique option for our customers that wants the old one company, one electronic interface for all of those services around the world.
The last thing is what we leverage stability over 100 years in business and financially successful on our scale. We are a market leader in marketplaces, where scale is a unique advantage. We do best in those businesses, where we can aggregate that scale and have more perfect matches and more loads for carriers closer to where they are empty.
So on the right you'll see really the way we take these things to marketplace, so the outcome, managing spend, efficiency, risk and change were frequently with our integrated relationships starting with some type of ROI. A deep dive into our customer and supply chain, and how we might be able to do that better and execute it for them.
So the things that we do, again, invest in people; 11,000 employees around the world and talent management is for us to what asset management maybe for some other companies, training and development is huge. We hire primarily out of universities around the world and train them in our unique approach to the services business in the transportation industry. We promote from within and have a high retention of our management.
Compensation is aligned with the goals of our shareholder, so 40% of our team and all of our management participates in equity. Equity, invest according to the growth rate of the company for most of our employees and all of our management versus over time. So as we invest in equity, if we had our shareholders long-term growth goals.
Our compensation is also at the cash level highly variable, so small basis and a larger percentage from bonus, based on net income of your location or specific service. And given that salary component for us takes on a variable nature, as we do select, recruit and retain with a lot of centralized support, but those decisions are made locally, so those offices can adjust to market conditions quickly than we ever could centralize.
And where we can pull back from a hiring or add from a hiring standpoint really quickly, so even the fixed part of our expense from that personnel, our largest expense takes on a bit of a variable nature. And then again, what we do is proven processes and experience. We're in a lot of different industries, I'll cover those later, but our people's job is finding solutions and being creative and taking those things to market in ways to improve our customer supply chain.
Our technology, this is the way that we talk about our technology to our customers. Just like our competitive advantages we are a customer focused company. All of our language is about how we do things relevant to our customers and this is the way they really talk to us as well about the way they use our technology.
Again, we have one operating system around the world. We are integrating Phoenix into that operating system. But we're aggressive system integrators from an acquisition standpoint. It provides our customers global feasibility. They use it as another application, it's pretty easy to integrate with. And many of our customers, we are easily integrating with multiple versions of their ERP and connecting them to their supply chain around the world.
So they are watching their ocean freight turn in, hitting terminals and trending into road freight, and getting a lot of data back from us as an extension of their supply chain. Again, a unique way, that we can combine all those services in a global network to separate ourselves. We build all of our core systems ourselves as well.
So this is where we are around the world. You can see we've been expanding those services that the hub been 7,800 North American employees. The next largest concentration of offices and from a revenue standpoint be in that European network. Europe, again for us represents a huge opportunity, Tim is going to talk a little bit about market share, but it is freight spend, the size of North America that we are well along our way with a successful business over there.
Asia is more focused on ocean and air services. And across the world, we've build this TMS management services, control tower and a lot of our customers are using us to control transportation and procure even truckload and LTL on the same way into multiple continents. So our job over the last 25 years has been building out this network and continuing to add both organically as well as acquisitions around the world.
So this is our -- another way to look at our business model. People being in the middle, hiring great people, strategic account management is a bit of our science, and one of the most sought after jobs and career paths within the company is managing those customer relationships. Those two things have been the case throughout our 100 years technology, it's been the thing that has been over the last 25 years, increasingly relevant and connecting our people, so that they have open visibility to what's available around the world from a supply standpoint as well as connecting our customers.
So the primary job of those employees across our office locations is interacting with 56,000 carriers, that's a big number, on contract to Robinson. And vast majority of those are in our fragmented marketplaces at truckload Europe and truckload North America. And on the other side 42,000 customers that I'll talk about next.
I guess the biggest thing to think about from a customer standpoint is that our top-500 customers only represent 50% of our business. The largest being less than 3% and it drops off significantly after that. So we've got a diversified robust customer base compared to most of the companies that we model in industry, 42,000 is a large number. Like I said in advantage of our local networks and our global scalability to handle really when you take all those different services, all the way down to small parts, there is probably not a a shipper out there that we couldn't do some type of business with.
Our industry verticals probably represent in general what's out there in the marketplace. Manufacturing breaks down into lot of different areas. Food, 27% of our business being in food is probably the one area that we are overweighed in and that's a high demand business that we find, service global requirements are higher that we can excel in as well as some of the roots in the food business that we have ourselves.
This is an important statistic for us. This is North American truckload only. So 95% of our truckload capacity is purchased on a spot-market basis and 82% of our carriers in North America, again this is the largest about 65% of Robinson truckload business is with small carriers. These are carriers with less than 100 trucks.
It models very similarly in Europe, although small would be a much smaller size carrier, but similar percentages. And one thing we like about this is that it roughly approximates the marketplace. So we are contracting and moving our freight with the type of capacity that's out there. Most estimates have 12% to 15% of overall capacity is in the hands of the large publicly traded companies in North America. So our carrier base reflects what's out there. We work with those large publicly traded companies. They are some of our largest carriers today, but the components of our freight has moved down, after aggregating small carriers and trying to add value to them.
So we're trying to be their preferred source. We are trying to single-source with them. We are trying to have more freight available to them, electronically integrate with them. Pay them extremely quickly. Give them one easy way to work with us to cost multiple offices and give them access to freight that was previously unavailable to them, especially as larger shippers in the world have consolidated in the core carrier program. So we're aggregating a lot of what's out there and putting it, guiding them out, spending a lot of time contracting them, and putting a corporate wrap around them and bring them to marketplace electronically as one large supply capacity for our customers.
So those last two advantages, stability and scale, we try to make those really relevant both from a leverage standpoint, leveraging that scale both for our carriers and for our customers, and then making these things matter to our customer. So having proven ourselves to them over 50 years with some of our customers we've been doing business with for a long time. And with without a start off, we're not going anywhere and we leverage this broad industry experience with great people to be able to add more value to both our carriers and our customers.
So that wraps up a little bit background of the company and Tim's going to cover our opportunities for growth.
Thanks, Chris. I have really good proximity to the sharp clock here, and I see that we're getting along, so we have a plenty of time for questions. So I'm going to race-through some facts and figures here. And if I go too fast, feel free to ask a question as we go along. And Chris went through a good history of all of that we've become as a company through over 100 years in business and we get a lot of questions around our current market share or opportunity to grow going forward.
And we thought we'd spend a minute or two here on that. And this Slide is kind of a busy slide and it's very North America centric. But dramatically, the point we want to make here is in lieu of and this is pretty well documented, a very tough economic environment today in truckload environment in North America especially. And we still have a lot of confidence and a lot of drive to grow our business going forward into the future.
And I know a lot of people probably can't see the slide here, but to sum it up, we have a pretty -- as large as we are, by far the largest provider here in North America and across many of our modes, we have between 2% and 3% across our core surface-based transportation services here in North America, truckload, LTL and intermodal. And so again, with as large as we are today, we still believe that there is a big upside for us.
Some of the reasons, we believe that, one, in 2012 and really beyond, we've been able to sustain our volume growth. This is even though our net revenue growth has been challenged here in the climate that we're in. We're continuing to be able to grow our volumes and we're very focused on that.
Additionally, third-party penetration of the for higher spent here in North America is growing and we believe that there is still addressable market there as well. And beyond North America, Chris talked a little bit about Europe and Asia and South America as well that globally there is a big opportunity in our shares on the downside of some of the percentages that I've mentioned. So there is still a large opportunity for us to grow both here in North America and globally.
So this Slide does a nice job of looking back over the past 10 years that are net revenue by mode and this is across all geographies in all modes. So you can see here and again kind of a busy chart. I believe grown our business -- our net revenue over three times over the past 10 years and that has been a pretty diverse growth across all of our modes.
So easy to talk about the opportunity and see that we have a small share and there is addressable market remaining and how we can get there. Our three long-term growth strategies and initiative to support that strategy have been in place for several years. The tactic by which we approach and change as the market changes, but the initiatives have been pretty consistent in our strategy over time.
The first being to grow our share with our current customers and with new customers, and we do that in various ways across all of our services. I mentioned earlier our volume growth in truckloads that's one of the indicators that we look at. And growing our share of wallet with our current customer base and pursuing new business in marketplace. I mean that's one of the [ph] tenants and our strategy for growth is to continue to grow our share with our current customers and with new customers throughout the world.
The second initiative relates to our services and continuing to add services. This again has been a part of our history and our service portfolio is expanding. The portfolio that Chris alluded to is at a parent-level. There is a lot of sub-services that reside beneath the parent services within truckload that might be drive-in or temperature controls or flatbed, as an example, and that that is the case in many of our services.
And we consistently are asked by our customers to provide value and provide solutions for challenges they are having. So our mindset is to be very customer-led in terms of our focus and the solutions we provide and we're always looking to add additional services to strengthen our value proposition and the stickiness in the relationship that we have with our customers.
And the third pillar is and Chris talked a little bit about this, as he showed our network is expanding and optimizing our global network. 2012, there is obviously a busy year for us over the past several quarters with the acquisition of Phoenix. We added over 40 new offices over 2,000 new employees to our network, not all of those globally, but a big part of them globally. And it would be acquisition of Apreo as well. And we recently opened our first office in Istanbul, Turkey, and a lot of personnel assignments in Europe over the past 12 months are all examples of our increased focus globally.
Additional, again, Chris talked about the Navisphere Technology, but our investment in technology and really enabling one technology platform to facilitate our business around the world is important to us in our efficiency and how we work together. But it's also very important to our customers, as they look to optimize their supply chains and really provide better outcomes and contain their costs and get to a more holistic solution in their supply chains and transportation spent.
So those are our initiatives that really enable us to achieve the growth goals that we've talked about. That would be helpful to look at our 10 year performance across some of our key metrics, net income -- our net revenue, net income and earrings per share. Over the past 10 years, the year ended 2012, you can see that we've got over 15% growth across two of those three metrics and over 13% growth in net revenue.
So we've got a strong performance of compounded annual growth across those parent metrics in our business. Now, over the last five years that growth has flowed and we acknowledge that. We're still proud of the fact that we've been able to grow our business even through the last five years, about half of that growth rate or just over half of that growth rate over the last five years.
Year-to-date, more challenging for us. We have net revenue through the second quarter 10% revenue growth and that's influenced by the new Phoenix and Apreo business. The pro forma growth rate in net revenue is around 3% year-to-date and our operating income down 0.9% through the second quarter and earnings per share down 1.5% through the second quarter. So this year has been challenging. We've talked about the fact that the climate is challenging and we expect that that will probably continue into the second half of the year, but long-term we're confident in our strategy and our ability to execute on our initiative.
So quickly and in closing then we'll turn it over to questions here. Just a little bit on our capital structure. Again, we get a lot of questions on this as well. We have had a stated approach to returning capitals to shareholders. Returning 90% to 100% equity to shareholders in the form of dividend and share repurchases. Over the past five years, we've averaged 102%, I believe this is the number, 45% on average dividends or remainder share repurchases. That continues to be our strategy going forward.
In late August, we announced an accelerated share repurchase of $500 million. We took on long-term debt to support that repurchase. And again, I'll maybe leave it to questions, on the specifics around that transaction, but important to note, with that event to repurchase shares in late August, we continue to be committed to that approach to returning equity to shareholders of 90% to 100% ongoing through the dividends and ongoing share repurchases. So I can erased through those slides, I realize if you have some questions for myself or Chris as we move forward, we're happy to take them.
So we'll transition back to you Chris for Q&A.
And Tim, I appreciate the presentation. So our mission, to start off on kind of some of the comments that Tim you just made about the growth rates longer term and more recently. And when you think out over the next couple of years, I think there still is a 15% long-term growth target out there, I think for both net revenue as well as earnings. When you think about that is that something that probably is still defensible in this type of situation and maybe go into a little bit of what you think is cyclically impacting your business and causing the slower growth and maybe what could be a secular change that might result in longer-term slower growth?
I'll take an initial swing at it and Chris you can add color commentary as appropriate. We do think it's defensible. If we look back at history and realize that there are different market dynamics that occur from time to time. The one we've been in, the very challenging environment has sustained for a longer period than we've seen in quite sometime.
So under these conditions is 15% growth defensible, probably not. But will these conditions endure for another five years or whatever the period of time that we wouldn't forecast that. We hope that that's not the case. It could be the case. 15% would be very difficult to achieve if for the next five years we have these conditions.
We do believe though that if you look back at history that there are times that volatility is more present and the landscape and if that occurs again or when that occurs again that we do have the opportunity to realize different times and types of results that typically come when volatility occurs, where unplanned activities are present or the blend of transactional or spot market opportunities with those that are planned are in that more balanced spend for us, where we've seen more predictability and more of the committed business and really the pricing pressures, competitive pressures are more prevalent there and you've seen the impact in our result.
So I think probably spoke on both sides. I'm out there with that answer in terms of we think it's defensible, because if we get volatility or the market moves a bit, we expect that we can grow, but on the current environment that should be challenging to do that. Chris, I don't know if you want to add anything to that?
It's sort of hard to tell what succulently you get through a cycle, but we do acknowledge that cyclically there is a lot of challenges right now in the North American truckload growth and margin compression is a real issue. And the bigger drivers of that to us are demand, and capacity plays is a certainly a component there, but that hasn't been an issue, that has outstrip this low sort of inflationary demand increases to low that over the last several years. It has always been a cyclical marketplace. This one is really long and it's hard to say, we don't see anything in the short-term that looks different than what we've seen recently.
So just following up on that too, it sounds like demand is kind of the key here. So just layering in what we've seen recently with the changes in hours of service and that has a negative utilization impact on the truckload fleet in there. That probably is not the catalyst to snap us out of this absent actual economic growth, which would drive incremental demand. Is that a fair statement?
I think so. Its hard to say, I mean that is so new and a couple of us talking about the increase in efficiency alone doesn't change it, but if it is broad and if price increases are passed on, it's hard to say, but it's generally a combination of things. Demand increases are always going to move things little bit faster to us. If there is a -- but supply side can move things as well, there has not been a net a material improvement in driver availability that's sort of masked by the overall reception and then slow growth.
There is a lot out there that you could say, hey, together these things from a supply side could push, but they take time too in announcement, and then getting the price increase are two different things. And price increases -- the shipper will some times say, okay, but then you don't see a load, then you find out you've been fired based on your price increase. It just takes a while for these things to get through the system. Demand helps increase things to go faster. There are construction on the supply side, but in general there has always been some type of issue on the supply side that has combined with demand to change a cycle, and today we just have few little things that's encountered over the last several years.
I want to make sure that audience has an opportunity to ask questions. So certainly if anybody has, feel free to raise your hand.
So one thing that we do not invest in is physical asset, so we don't have a fleet of trucks out there. We do have a fleet of intermodal containers that we operate through [indiscernible]. So the natural gas, it's been good for Robinson and that there is great patterns of change in North America when you look at the fracking areas and the expansion of Bakken.
So we're involved in those energy areas, but we're not a consumer of natural gas. It's something we watch very closely. We think overall it's good for the trucking industry to have a cheaper source of fuel, but the big question being how quickly can we get distribution out there at North American [indiscernible].
Yes. I mean that there has been recent announcement of greater engine purchases in the natural gas area. Our own internal estimates of about a year ago look to be pretty conservative compared to what we're seeing now. I mean that the acceptance of it and the commitment of Pilot and Clean Energy to go out there and build a couple hundred trucks out there over the next couple of years. UPS announcing that that's bringing out only purchase there.
We're seeing the short off fleet converge pretty quickly, especially when they return to home, where they've got longer time to fill up especially using regular natural gas or compressed, but longer-term, well, it's a matter of availability and the economics are certainly there for the trucking companies. But most of what we've seen lately, it looks like a slight acceleration based on conservatives estimates and a longer four or five year conversion and long haul-trucking.
[indiscernible] can you explain the math behind buyback versus the higher dividend [indiscernible]?
I would be challenge to explain the details of it. Obviously, we've talked about the rationale for the buyback in terms of just interest rate today and where RPE is versus where it's been historically and as we model it the predictability with an accretive outcome, if you will. In terms of the rational dividend versus buyback, I would be challenge to give you the details or the comparatives on that.
Can I follow-up a little bit on net revenue margin. So I think it all goes hand-in-hand with the previous question when I asked about longer-term growth rates, right. But I guess what I'm curious about is when you think about where we stand now and competitive dynamics and how that ultimately will play -- may play out. I guess I just want to make -- so to understand maybe where this trends overtime or how you guys internally think about the trends overtime. We had XPO here yesterday kind of suggesting that they weren't necessarily confident that you're going to see a meaningful expansion of net revenue margin over the near-term or medium-term, but again, defended the idea that they didn't necessarily need to go from 15%, say to 10%. So just wanted to kind of get a couple of thoughts on that if we could?
I guess, I could start. It's hard -- with all those supply and demand factors it's hard to say when we would say that we need some material change in the marketplace for us to expand margin. And in the short-term for the rest of the year that doesn't -- we don't see the evidence that that's going to happen.
So for the short-term tough to change, longer-term tough to when, but this has always been a cyclical marketplace. And in the meantime, we are always trying to sell to new customers and the freight that comes in today is at prevailing lower margins and there is a transactional piece of the marketplace that just simply not narrows around, too many interruptions -- that generally moving as it's planned. We benefit from that and a lot of our contractual customers and that we're getting what we were allocated. But over the longer-term, it's really hard to predict, when that short-term that does look out for us.
I had a question about [indiscernible].
So almost all of our freight is awarded somehow and some type of pricing exercise. So based on service and price, we have to win almost every load that we get. Customers, they go through a formal RFP process and sometimes that's us bidding against ourselves, with our outsourcers. Looking at benchmarks in the industry and talking to them about what rate changes may look like. The top 500, 10 could be a mix of our medium size customers that are outsourced and then some of the world's largest shippers.
The majority of those world's largest shippers go through some type of RFP process. And they have a lot of different practices, for how frequently that might be. So we have the opportunity to lock, for locking in a rate for a longer-term, you may get a longer-term award. And it's always some type of estimation that where you think the marketplace is going to go to, what that customer strategy is. On average a lot of larger shippers would have to do an annual RFP process.
So we've also got pretty diverse customer base in that top-500 across the services some of which we're selling fresh produce that has a pretty unique price negotiation and seasonality to it and that sort of thing. So it's hard to answer with a general response, without various services that our customers are taking advantage of across top-500.
And there is always a lot of opportunities within RFP or annual processes to renegotiated rates by either party as well.
So we're almost out of time, I just wanted to make sure we touched on the Phoenix acquisition and the integration of Phoenix. If you could just give us a little bit of update, I know you guys have been focused on making sure that it's clear and deliberate the process, because how bigger transaction it's for you, just want to get a sense where we stand?
I will start it. It's going really well. We are integrating systems. We've integrated CRM already in North America. Operating systems are coming along well. We have taking advantage of our combined volume already with our suppliers on the ocean and air and especially the consolidation side. We've -- management retention has been strong. Their CEO has become our Senior Vice President of Global Forwarding Services and that's going really well. As we looked at it and are modeling for the strategic things that we'd bring to table, all those things are happening really well. The customer response has been great and we are aggressively cross-selling there customer base domestic services around the world today as well.
So when you guys gave some of those longer terms outlook couple of calls ago, I guess, if I am not mistaken, there is nothing that you've seen that's changed basically since you've sorted out that, I think you've given us a long term way to think about profitability and revenue growth, the opportunity?
No, near-term environment is challenging. And we've got our pro forma numbers out there that are evidence of that. Nothing has changed, call it, five to seven year forecast now.
Okay, well, thank you very much. We've run out of time. I appreciate you guys coming and presenting. Thanks very much.
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