Cindy Taylor – President, CEO
Brad Dodson – CFO
Oil States International Inc (OIS) Company Conference Call September 6, 2012 10:30 AM ET
Good morning, everyone. We're going to keep things moving forward. Up next we have Oil States International. Oil States is a leading provider of remote site accommodations in Canada and Australia and a manufacturer of offshore equipment.
Given the strong underlining trends in earnings visibility in both of these businesses, Oil States continues to be one of our favorite mid-cap names in the group. Cindy Taylor will be presenting for Oil States today.
Cindy has been President and CEO of Oil States since May of 2007. She has also served as COO, CFO and Treasurer for the company, has been with Oil States since 2000. She'll be joined with Brad Dodson who has been with Oil States since 2001 serving a number of roles and is currently CFO.
Please welcome Cindy Taylor.
Thank you so much, (Shawn), and thanks to all of you for joining us today. Good morning to everybody. I see some new faces, so we'll kind of go through the introductory slides and give some of the company overview and then break that down and go through each of the business segments between Bradley and I.
Oil States is a diversified oilfield services company. We deliver our products and services through four business segments. Those are accommodations, offshore products, well site services and tubular services.
A lot of the things that we're going to try to update you on today really deal with the drivers for activity and demand for our products and services. We're going to focuses on resource developments in both Canada and Australia, which drive demand for our accommodations services, also investments in global deep water capital equipment is, again, on a global basis, the driver for our offshore products.
And then lastly, drilling and completion activity in North America impacts demand for our product and services in the tubular services and well site services business lines.
One of the things that I hope you take away from the presentation is, again, one thing we think differentiates our company is the fact that between our accommodations business and our offshore products business, we have very good visibility into future revenues, EBITDA and cash flow that really comes from the contract coverage that we have in place in our accommodations segment, also the backlog that we have in our offshore products.
As noted on this slide and really supported by the next one, that represents 66% of our trailing 12 EBITDA. Again, accommodations is 50%, offshore products is 16%.
The balance of 34% is really driven by North American drilling and completion activity. Again, you see well site services at 25%, tubular services at 9%.
For that 12-month period that we're focusing on, EBITDA totaled $882 million. I was kind of doing the math last night and that figure is up 76% from the comparable period just a year ago, so, again, I think you'll see what is demonstrated in this chart is significant growth for our company as a whole.
Over the period of time, there was a downward inflection in 2009 with the global financial crisis but, absent that, a very good track record of growth. The other major message is really the changing landscape in terms of the business line contribution to our results.
If you look in 2008, roughly 55% to 60% of our earnings came from the more cyclical North American based businesses. Today, again, demonstrated by the earlier chart and this one, significant growth in our accommodations business and offshore products now has mitigated the more cyclical contribution from North America to the 34% that we highlighted earlier.
We run the business based on returns on invested capital. This is a nice chart provided from another company that follows us. The takeaways here are growing contributions, high levels of returns on invested capital. And, again, I think it's notable that we have the expanded returns, again, despite devoting a lot of growth capital into our business over the last three years or so.
We'd like to give you an update. I tried to takeaway some of the high-level points in the presentation on business line basis. But the major takeaways for our accommodation's business recent activities: we're on track to ad 2000 to 3000 incremental lodge and village rooms between our markets in Canada and Australia this year.
I think Patricia's last measure was 1164 with the addition of our Karratha village on the northwest shelf of Australia. We mentioned Callipe and Karratha because that expands our geographic footprint in Australia, gives us exposure to the eastern coast L&G developments, (inaudible) gas developments and then on the northwest shelf, conventional gas developments, L&G developments in that region and longer term iron ore – projected iron ore expansions in the (Pilbar) region.
We bought and opened a new manufacturing facility in Colorado to diversity our supply sources in the North American market and to also further penetrate opportunities in the United States.
We've – I think a lot of you know us and know that we've had delays from permitting but I am pleased to tell you that we are finally going to open our facility in the Eagle Ford early in the first quarter, so we've got some progress there.
Our manufacturing facilities have now been certified by the state and so we'll also look at deployment opportunities elsewhere in the state of Texas, particularly in the Permian Basin.
The major takeaways for offshore products, Bradley is going to take you more fully through that, but record backlog level coming out of the second quarter, very high demand for our proprietary products that are tied to FPSO developments, TLP developments, so the message there is very high backlog levels but also a very good mix of our products and services in that backlog.
Seeing a lot of strong bidding and quoting activity with a particular focus and emphasis on Brazil, West Africa, Southeast Asia and Australia.
And then lastly, you had a lot of commentary I'm sure from the companies in this conference on North American activity. I won't belabor the movements in the rig count that we've experienced and kind of the shift from dry gas basins to oilier basins.
The same is true for us. I think throughout this year, while modestly down sequentially, we've performed very well on a relative basis. Our OCTG volumes have been particularly strong and have outperformed the rig count movements over the period.
Our rental tools have held up well, albeit modest declines in our EBITDA margin performance, given the shifting activity. Again, Bradley will give you more details there but a key for us is staying focused on the technology, higher end equipment, broad network of facilities penetrating all the major shale plays and I think that has really helped us mitigate some of the pricing pressures in the various business lines and then also a positive throughput is improving activity in the US Gulf of Mexico.
I’m going to spend a little more time hitting the highlights of our accommodations business. Again, it's 50% of our trailing 12 EBITDA, so it's a very important business segment for us.
What we're really trying to convey here is that we are a one stop shop. We do everything from the engineering design work, we own our own manufacturing facilities, in source all of that work, site preparation, all of the installation, the logistics work and ultimately the long-term catering and facilities management.
So a customer need only come to us and we'll take care of all these basic work-related projects.
To give you an overview of our assets, we focus a lot of time on our major lodges which are strategically located in the Canadian oil sands, both supporting mining developments and SAGD developments, also nine villages in the country of Australia, serving a broad natural resource base.
However, the current activities and current facilities are weight to met coal but there is growing exposure, particularly to L&G, iron ore and other minerals long term. So we think it's a very good long term place to be.
Given the nature of the activity in North America, we also hold a fleet of mobile assets that can be configured in a broad size range and generally house people and work that tends to move periodically supporting SAGD drilling north of the Canadian border, pipeline construction projects broadly and then south of the Canadian border, shale play developments in the US ultimately.
I think if you look at the pictures, actually visit our facilities, you'll see that these are a very high-quality, good place to accommodate our customers. It does help with worker productivity and retention to afford them a high-quality place to stay and very good meal service.
We highlight our Wapasu Creek Lodge. It is our biggest facility on a global basis. There are actually over 5000 rooms in this facility, three central core facilities. It affords us the ability to rent out roughly 4500 beds. The balance usually 10% per facility is dedicated for internal use to support work in the region given its remoteness.
We're showing you a map to basically show you the vastness of the resource. The concentration of the yellow dots are our major oil sands lodges. But, again, we do participate in conventional areas, SAGD areas and we highlighted some of the areas that we are targeting with our mobile, our open camp assets as well.
Right now, I just – we have a very supportive environment for investment by our customer base in the region. Oil prices are at a healthy level for development and particularly gas prices, which are an input cost for SAGD development also lends itself towards long-term investment in the region.
There are a number of notable new projects on the drawing boards. That's no secret that (Suncore) and (Totale) have several of those Greenfield investment opportunities that are very sizeable that will be incremental to the region.
That activity, coupled with planned expansions in the SAGD region, lead to substantial projections of increases in headcount, as many as 35,000 to 40,000 additional workers in the region by 2015, so again, people, headcount, remote region, that's a key driver for our activity and the trend lines look very favorable in the area at this stage.
Here, we're going to highlight for you our largest village in Australia. It is called our Coppabella Village and here, again, a little different terrain, different geographic footprint but I think you can see it is a very high-quality, nice place for our workers to stay when they're on rotation working in the mining region.
I want to give you a map. We get a lot of questions about where these facilities are located. And you'll see kind of in the upper right hand side the concentration of the existing villages kind of in the (Boen) Basin, the Queensland region. Again, a large driver currently is met coal.
Prospectively, the resource base is significant and varied in the country. We've moved a little bit south and east with L&G developments off Curtis Island. And then if you look at the upper right hand side, we are opening – have opened a new facility on the northwest shelf. All of these things we expect to grow with time.
There's a lot of conversations around Australia. It is a major export market for natural resources. Again, met coal and iron ore both have had certain impacts from a pricing standpoint, particularly given the projections of demand coming out of China.
But nonetheless, it remains a significantly market, a growth market. The rate of growth I think is the question of the day. But for us, if you look at that right hand chart, it's got a varied mineral resource base, significant impact from coal for us, particularly met coal, copper (bocside), iron ore, certain gold deposits as well, again, L&G, (inaudible) gas, so a lot of things will drive our activity going forward.
We focus on L&G and I think that second bullet tells you why right now. Australia should deliver about 70% of the new L&G capacity in the world between now and probably 2020. So they are making significant long-term investments around that operation.
Again, I just want to highlight for you – we update this quarterly, you can track our room count, you can see the various areas where our rooms are deployed, kind of understand the drivers, which in the oil sands are oil sands. It's both mining and L&G.
But then if you look at the nine major villages in Australia, you'll see, as I mentioned, current exposure significant to met coal but expanding beyond that as new projects and new developments get underway.
We also give you a quarterly rollout of our rooms. The blue represents our legacy operations in the Canadian oil sands. These are, again, the semi permanent lodge rooms. The red – I think most of you know, we closed a significant acquisition that gave us the exposure to Australia at the very end of 2010 and the red bars show not only the contribution but the significant growth that we've experienced in Australia as well.
Early on in the presentation, we talked about visibility, contracted visibility. For 2012, between the two major markets it's 94%, 2013 we're already at 55%. We do have that Wapasu Creek facility that comes up for contract renewal on April 1st.
We fully expect that percentage to increase fairly significantly assuming that renewal at this point in time. So contract, for those of you that don't know it, they're binding. They're high-quality, customer-based. There's contract minimums in place. There is inflationary cost flow through, so it's always been good for us throughout the cycles.
I wanted to focus just a limited amount of time on our mobile camp assets. They, too, are important particularly given the future around SAGD developments in the Canadian oil sands. They are also ideally suited for things like pipeline construction where people and assets need to move periodically and then, again, we're targeting shale plays in the US to a certain extent given the demand that is there.
I mentioned that we have a new manufacturing source in Johnstown, Colorado to further penetrate this market.
United States is developed and, therefore, the opportunities may be a little more limited. However, we have shown you the basins of interest. We have a concentration right now in the Bakken with existing opportunities, again, some new assets being deployed in the Eagle Ford but we'll be looking at some of these other basins for opportunities long term.
A lot of people ask us, you give us the numbers for lodge and village rooms. We do that because it doesn't vary so much quarter-by-quarter as the mobile assets. The major message here is that lodge and village contribution is the large majority of our revenue generation, over 70% of the total segmental revenues for the accommodations business line.
Bradley is going to pick it up and take you through the balance of our product lines and then close with some concluding comments.
Thank you, Cindy. I'll take you through the offshore products segment. We are a deep water capital equipment manufacturer. We've tried to divide up our products here on this slide, Slide 24, by the different activity drivers.
So about 40% to 50% of revenues out of this segment come from the sanctioning and spending for new floating production facilities, so that's the FPSOs and TLPs and, to a lesser extent, Spars.
We have a very high market share in our proprietary products, specifically the riser components, so the steel catenary riser and receptacles, the TLP tendons, which is the mooring lines that secure a TLP to the C4 as well as riser tensioning equipment.
Our second major group of products is subsea pipeline equipment. So this is really the interconnections on major subsea pipeline systems, so collet connectors, jumpers, manifolds, pipeline in manifolds, pipeline in terminals, tie-ins, hot tapping, et cetera, as well as repair equipment and this usually accounts for about 20% to 30% of our revenues out of the segment.
Lastly, we have a small suite of products for deep water floating drilling rigs as well as vessels, primarily around the mooring systems and we also have the Flex Joint technology, which is used on drilling risers as well as conductor casing and some riser repair services.
We have a global scope of operations. We can serve and have served and have delivered products into every major deep water market. We primarily manufacture those in Texas, Louisiana, Singapore and Scotland but have a growing presence on the manufacturing side in Brazil. Obviously Brazil will be an important market for us for the whole industry going forward.
We've had a service presence down there for over 10 years and are looking to expand our manufacturing capabilities there over the next 12 to 18 months.
The outlook for deep water spending is very positive. For us, the key is the number of production facilities as well as subsea pipelines that get sanctioned. Over the next five to 10 years there is an overwhelming amount of activity that looks to be sanctioned and this is third-party data, 145 FPSOs, 15 TLPs.
We don't need all of this activity to come to fruition in order for it to be a very positive outlook for not only our company but the industry as a whole.
A very popular topic of conversation is what is your company's FPSO content? On this slide we've tried to outline that. Typically for an FPSO we feel fairly confident we're going to get $20 million to $40 million worth of revenues per FPSO and that is really just based on the content on the right side of this slide, so that's the SCR content where we have our proprietary equipments, not only the Flex elements but also the Merlin Connectors and the receptacles.
The other equipment, cranes, mooring systems, fairleads, et cetera, we have very competitive equipment but it is a more competitive market. We don't win that work as often as we do on the riser equipment. That can be another $30 million to $50 million worth of revenues per FPSO. But, again, that is more competitive work. We don’t win that as much as we do on the riser work.
As Cindy alluded to earlier, we're at record backlog levels. At the end of the second quarter, we have $562 million worth of backlog. That's an all time record for us. This is backlog that is not only major projects but is also for some of the floating drilling rigs, et cetera. This bodes very well for our offshore product segment for the next 12 to 18 months.
We have forecasted that our backlog will stay in this range over the rest of the second half of 2012 and that will be very positive for us. But in addition, there's some major projects out there but in Brazil, Southeast Asia, Australia as well as West Africa that are very meaningful for us, so the outlook remains very strong.
Typically our backlog will turn over in the forward 12 months, so about 75% of backlog will turn into revenues in the forward 12 months, so the outlook for the back half of 2012 looks very good and we're starting to build backlog for '13 and beyond.
On this slide, we just tried to highlight some of the major projects that we've won over the last really 24 months. As you can see, coming out of the recession, the first thing was – were really Gulf of Mexico projects, so Jack St Malo, Mars B, Bigfoot, et cetera.
But then we started to see Brazil content start to enter the market with things like PapaTerra and Guara/Lula. And longer term we see additional opportunities in Brazil, as I mentioned, as well as a couple TLPs that will be sanctioned hopefully in the forward 12 months in Australia as well as one in Malaysia.
Lastly, I'll walk you through our North American services. We have really three business lines here. This comprises our well site services and tubular services segments. Within the well site services segment, we have a small land drilling business, 33 land drilling rigs, 25 in the Permian, eight in the Rockies, very good utilization, very good day rates, very good cash margins year-to-date.
Those are the number one and number three vertically drilled markets in the US. We're a small kind of niche drilling company and have had very good results out of that segment year-to-date.
Our tubular service segment, we are a distributor of oil country tubular goods, so this is casing and tubing that's run down hole. It's a consumable. Our volumes year-to-date in tubulars have been spectacular. We've well exceeded the rig count year-to-date and that's not only a testimony to our market penetration. We've taken some share as well as what Cindy mentioned, the recovery or the reemergence of the Gulf of Mexico market.
The largest business of the three in North American services is our completion services business. So we provide equipment and personnel on the well site during the completion phase of the well.
So while the pressure companies out there, while the wire line company is out there, while the tubing company is out there, our personnel will be out there as well providing services. So we're not a pressure pumper. We're not a wire line company. We're not a "tubing" company. But our equipment has the same activity drivers as those companies and has benefitted from the increasing complexity of the US horizontal plays.
On this slide, we've tried to highlight some of the major services that we've provided our completion services segment. There are probably two or three that are really the most important.
It would be wire line support, our isolation equipment, which is critical in many cases to the multizone completions in a horizontal well as well as flowback and well testing.
As Cindy mentioned, I think our North American services business has performed very well in the first half of this year and really we believe for the balance of the year relative to the overall market.
It's been a flat to slightly down US rig count market. There's obviously been a significant shift in where that activity is occurring and because of our footprint and because of our strategy, we've performed fairly well.
We were in all the different shale play markets, so when the activity shifted form the Hanesville, the Barnet, the Marcellus to the Permian, the Bakken and South Texas, we didn't have to set up new shops. We were already in these plays.
We were able to move our investment, our personnel fairly efficiently and you've seen our results both on the volumes and on the margin side held up pretty admirably year-to-date.
Over the last 24 months, there's been a significant shift in US drilling, not only gas to oil but also vertical to horizontal. With the horizontal rig count being a proxy for the overall complexity of a completion, we've seen a significant opportunity for increased revenues for both our well site services business as well as our tubular services business.
And on this slide, what we're trying to show is that rig count is a mediocre proxy for overall completion activity but it's the best one that we have. And you can see that as the rigs become more efficient, as the laterals become longer, as there are more zones completed per lateral, we've had a greater revenue opportunity both in our completion services business as well as in our tubular services business, whether that's revenue per rig in the top left graph for our rental tool business or the number of tons we've shipped per active rig in our tubular services business.
So just to wrap up our prepared comments, we've had very strong occupancy in our accommodations business year-to-date, both in Canada and Australia. RevPar has been very strong with the lodges and villages at 123 a day in both Q1 and Q2.
We see continued organic growth opportunities in both markets. As Cindy referred to, we've probably added – or we have added 1160 plus rooms in both – and combined – across both markets year-to-date. Likely going to add somewhere between another 1000 to let's say 1900 for the back half of the year in both markets.
The mobile camp business has been very good, both supporting SAGD in Canada as well as the shale play development in the US. And we see continued opportunities to expand the Mountain West assets that we acquired in the end of 2010.
In terms of deepwater spending, again, our offshore product segment has record backlog but the outlook beyond what we already have booked in backlog continues to be quite positive.
We're looking to expand operations internationally, specifically that Brazilian manufacturing capability as well as the overall outlook for deepwater continues to be compelling for our customers, which ultimately will drive how much activity we are going to see in the deepwater market.
The North American business, I think we're well positioned. We're certainly taking advantage of the market that has been there. 1900 rig count is still pretty healthy. As a result, we've seen good results out of both our tubular services and well site services segments.
It's helped that the Gulf of Mexico market has come back. I think we're well positioned. We'll have to see how the spending plans of our customers play out for the rest of this year and next but I think we're as well positioned as we can be in that one-third of our overall business that is North American services.
So with that, I'll turn it over for some question.
Could you guys talk a little bit about the – so we've heard from the subsea equipment guys this week and they've been very bullish on the back half of this year, this kind of expected ramp in large projects. Can you talk about how that eventually translates into opportunity for your offshore products business?
It correlates to production equipment field development at the end of the day, leads to that kind of growth trajectory for our TLPs, FPSOs. We also participate subsea connecting the well head, obviously, and the production flow into the facility.
Again, ours is very tangible. It's one thing to show an industry chart but our bidding and quoting activity really is supportive of the statement that leads to the conclusion that there's going to be significant activity on that front.
What proportion of the accommodation units that you sell do you keep on your balance sheets?
I'm sorry, could you speak up just a little bit?
What portion of the accommodation units that you operate or sell, what portion of that do you keep on your balance sheet just as rent out effectively?
Yes, we own our assets. That's a real differentiator for us. And I'd say 100%. Again, we're doing our own internal manufacturing. We do the deployment, the engineering design work. But we commit the capital.
And again, we'd like to work in areas of clusters of development, so you're not tied to just one project or one customer and it really does afford us some very good opportunities. But one of the big things that we heard going into the Australian market is they really haven't had anyone of consequence offer this fully integrated model and be willing to commit the capital ourselves.
And then, of course, you control your own destiny if you own it. Obviously you're going to do the catering and facilities management work.
So on average, what's the payback period for those?
The question was kind of what's our average payback period and I'd say generally we target anywhere from four to five months payback where – I'm sorry, I said months – years, sorry, years payback. And, again, it's all based on our forward view. But utilization and pricing we're looking for strong returns on invested capital and that really comes back to kind of targeted paybacks in the four to five-year horizon.
We have clearly done better than that at times, largely because of the exceeding the utilization assumptions that were set our initially.
Are all of the different business units considered to be core going forward?
I think what you've seen from our actions and that early chart, we are focusing on the business that we think have long-term secular growth drivers, significant expansions and accommodations business segment, also offshore products.
We are very committed and a believer in shale play developments in North America and I think there's strong likelihood that this expands on a global basis. All of those things we consider core because of the strength of the drivers that underlie the segments.
As it relates, Bradley mentioned we've got 33 drilling rigs. We're really not looking to grow that, so it had shrunk in terms of relative contribution for us and we really enjoy the OCTG market but it's very much a US-centric business.
We are a distributor and so what it's been for us is very good returns on invested capital and free cash flow that have largely fed growth in the other business lines.
When you think about I guess room count growth in the accommodations business over the next three years, what are the specific opportunities that you would point to in the oil sands and on the L&G side that would really account for most of the growth that you'd expect to see?
I will answer that but a lot of what I characterize as big Greenfield opportunities in the Canadian oil sands are controlled by the (Suncore), (Totale) joint venture that is – the (boys are up greater), Fort Hills development, both of which will be run and managed by (Suncore) and then (Joslin), which will be operated by (Totale) from an operating standpoint. But again, they've entered into a joint venture and really we'll sanction both simultaneously as the two companies go forward.
As I think about Australia, if you think of that concentration of activity in the (Boen) Basin, we're expanding in that basin and taking it further south and some of the new areas of the development. I think I specifically mentioned growth in the L&G regions, both on the east coast and on the northwest shelf.
And again, there's quite a lot of optimism around iron ore. However, I think everybody knows that we've taken a temporary hiatus and prices have softened there. But I think it's still a long-term good opportunity for us.
And I guess just as a follow up to that, given that (Suncore) has been a little bit more conservative in terms of their overall statements on those three projects, how would you think about allocating capital in the event that those projects don't go through?
That they don't go through?
I think we'll still have fairly good growth in the SAGD region if they don't proceed. Again, I think we're kind of bucketing them all, the three projects. My view about (Suncore) and (Totale) right now, they came out for RFQs late last year. They've had some leadership changes.
They are unequivocally kind of pressuring the supply chain to give up some of the economics on the original bids. I will call it somewhat slow playing the projects, trying to optimize the bids that they get, number one.
Number two, they know from past experience they can be their own worst enemy by trying to start all these projects at once. At one point, in the hay day of the Canadian oil sands, inflation was projected at 15% in a given year and they don't want to do that again.
So I really think that's what this is all about. However, if that were to be just kind of go away or shift to the right, a lot of our focus is going to be, in my view, growth in Australia, growth in the SAGD region, a little bit of growth tied to shale play developments in the US as well.
But then, it depends on the overall level of free cash flow, then I think clearly M&A has been part of our profile. We're going to continue the same patterns there. And share repurchases are also an option that we view favorably, particularly I would say at the multiples that we trade at currently.
Have you seen any declines in occupancy or anything related to some of the coal mine shutdowns?
We really haven't. It's the mixed message out there. (Reo) and others are pretty bullish on their growth projects. (BHP) had some fairly significant CapEx headline news reductions. Both of those projects that were referenced were not projects that were on our five-year radar screen. So I think the market's kind of disregarded that announcement just a little bit.
They are going to proceed with their (Caval) Ridge mine expansion. That is important to our existing base of operations in the country.
And as far as utilization levels, they've been very strong in Q1 and Q2, continuing into Q3. There's really only one facility that is performing nominally below our budgeted utilization in that facility and all conversations with the customers suggest that those will pick up in September and October.
So we really don't see any trend line changes. There's just a lot of, like we say, headline news right now. But we're aware of the macro and met coal pricing have clearly softened, as has iron ore.
The one beauty of Australia is the quality of the resource base. The underlying economics are still sound at this level of pricing and, of course, they have a significant transport advantage to the end using market. And so we still are fairly bullish on the long-term opportunities in the country.
Thank you, (Shawn), and thanks to everybody for joining us today.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.org. Thank you!