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Just in terms of the -- your ROIC hurdle for key projects.

And at this time, we're unable to predict the ultimate resolution of the government investigations and accordingly, can't reasonably estimate any possible flaws or range of loss.

While the proceeds from the condo sales are recycled in the investment program, the proceeds from the multifamily home and the noncore sales will be reinvested in the goal of maximizing IR.

Well-received because not only is it faster delivery on custom, but we intentionally couldn't -- offer them at fairly -- at very attractive pricing, which has attracted us not only a custom -- our current customer base, but we are starting to see new customers, especially as you can -- especially younger people, the Millennials.

And do you expect that the product growth rate would kind of go back to be more towards a high single-digit growth rate kind of going forward?

High base from special demand during the pandemic period is expected to weigh down heavily on commerce growth for Q2 in the second half of the year.

On a more macro basis, you've heard us talk about that we're committed, that we viewed about half of our SG&A expense reduction as structural as having changed the breakeven points for the company.

Or is there some kind of inventory bunching up in 4Q or something that happened which will not be there next year?

Most of our comments today, however, will be based upon gross revenues and various relationships to gross revenues because we believe such information is: one, more informative as to the level of our business activity; two, more useful in managing and analyzing our operations; and, three, adds more transparency to the trends within our business.

This underlying performance is consistent with our projections for the quarter and leaves us well positioned in the Commercial business over the remainder of 2015 and into 2016.

And is that possibly a future opportunity to drive stronger net REVPAR?

Well, I think on the first part, I mean, I think that the shift from Power-Gen to T&D has been a contributing factor, and we expect that dynamic to continue.

And then for our 2017 guidance, despite the revenue pressure, we also project a modest increase in our EBITDA.

These are the first of the products designed to reposition Acoustic Research as our high-end wireless brand targeted at the discriminating audio and videophile.

Our plans will be to aggressively pursue both acquisitive and organic growth in our core business, as well as exploring opportunities in adjacent markets.

We believe ZPA is the best implementation of ZTNA, and we are well positioned to capitalize on this rapidly growing market opportunity.

And our aim would be for those financial institution, for most of them to adhere to this financing contract, just like was the case when we discussed the refinancing strategy and -- so that we won't have to resort to homologation.

The average earnings of the 331 sites in our commercial property estate have grown to GBP 67,000 at the full year, up from GBP 62,000 at the end of last financial year and comfortably in our target range.

And then as the hydro becomes available in Q2 and Q3, we're going to see less demand on the thermal plants.

It's, to me, equally as impressive as the contract announcements, given that you had a lot going on with the integration, the fact that you were able to perform on the upside and also raised the outlook.

And as we would expect, again, as we expand our go-to-market teams, it is very stable, it has been very stable for a long period of time, good increase in partners, looking at increase in productivity.

So can we be reasonably confident that dividends with this outlook, which is reasonably attainable, particularly in London, will be growing progressively and that we don't face the same experience again on the next downturn?

I believe it's about 100 basis points is what we're talking about, and it saves us on cost when we use ZCS services, our own internal services, and a transaction that we're closing with ZO.

Secondly, based on an ongoing dispute with a customer, we recorded a reduction to revenue and gross margin of $7 million related to certain outstanding EPC project receivables.

I mean, North America and the U.S., in particular, continue to represent a very high return on investment target and a lot of our effort in investment is concentrated there for that reason, but we've certainly recognize the international growth opportunities.

And so there's significant opportunity that we believe both on the supply chain as well as the administrative side and we're working through that now.

Clearly -- we're constantly looking at contracts and renewing agreements.

And so, you can assume some reasonable share of that $70 million decline is due to the investments we made in acquisition.

Margins are tangentially improving but margins are very, very low prices so we have been divesting all our joint ventures in the mainstream market lately and concentrating on what we call segment leadership and we don't intend to change course on that.

We will take -- we are playing on the [indiscernible], and we will take the innovation business to television, and we are hopeful that '24 will be a very different year.

On today's first quarter earnings call, I'd like to cover 3 topics, including a review of our first quarter results, a quick update on our price increases and recent takeaway trends and our current outlook for fiscal 2013.

We believe this will allow us to successfully navigate near-term economic challenges and emerge from this difficult period stronger and better positioned for profitable and accelerated growth.

Lower planned interest expense for the quarter decreased by $2 million over the prior year quarter, driven primarily by lower inventory levels, coupled with lower LIBOR rates.

Excluding the impacts of COVID though,, the financials are broadly in line with our expectations at this stage of our transformation plan.

The net revenue margin for the third quarter was 77%, down from the 98% in the second quarter, although it remains well above our expected normalized range of 50% to 60% as credit quality, which is the most significant driver of portfolio fair value, remains solid.The change in the fair value line item included 2 main components for the reporting period: net charge-offs and changes to the portfolio's fair value resulting from updates to key valuation inputs, including future credit loss expectations, pre-payment assumptions and the discount rate.

So we do expect property taxes to grow around 5% this year.

You've been very clear to highlight that and you've said that it's improving but can you quantify how much partners participate now in terms of bringing deals and what you expect them to contribute moving forward?

And while we believe these judgments are reasonable, these forward-looking statements are not guarantees of future performance and involve certain assumptions, risks and uncertainties.

So just to be clear, I mean, on AWS though we should expect the margins to be lower, right?

How should we think about the recurring business as a percentage of revenues as we move closer to these implicit targets?

And since PC business is a very important business for us, we have to accelerate various measures to solidify this business.

All SAP operating in implementation costs for the current implementation schedule are included in our mid-term financial goals introduced in December 2009.

What will be the rules if they go on project-by-project basis or if they go to the producers, and then they are allocated to projects.

We expect our labor costs to be lower as a percentage of revenue by 100 to 120 basis points for the full year 2011 compared to last year.

However, we plan to continue to redeploy much of that operating leverage towards the sales, marketing and R&D initiatives and inventory and spinal implants set build capital expenditures that are critical to driving sustained revenue growth.

But can you talk about any clarity that may be developing as we look maybe towards the tips of the decade here and potentially when we could see you all maybe roll that target out another year or 2.

So we'll continue and emphasizing this segment for this item to remain at this level or improve.

With performance against our initiatives on track, we continue to forecast low to mid-single-digit comp growth for the year.

Although our Japanese operation coped admirably with the challenges they faced in March and we were pleased that our manufacturing facility and more portably our employees is significant harm, our internal expectations for sales in Japan have been lowered for the remainder of the year.

And that keeps us optimistic and excited about the opportunity.

Residential loans over time will shrink down, will continue to shrink, but I would anticipate the charge-offs and provisions will shrink and its profitability will rise, even with a smaller portfolio.

The remaining part is made of bank branches, office and retail, city center located with a good liquidity.

That abundance of liquidity, $255 million, we will expect to deploy.

I think when you look at that business and you look at the long-term growth of that business it is delivered and the long-term growth prospects of that business, we still feel very confident in the double-digit growth in that business.

Carrefour then is on course and maintains its objectives for 2016.

Our 2020 and 2021 forecast continue to assume an immaterial amount of equity issuances, as previously indicated.

As such, we are concerned about the share price evolution as we believe there are no fundamentals supporting its recent decline, and that it's only a consequence of recent market volatility in emerging markets and lack of liquidity of our share in the public stock market, given the shareholders' agreement ending restrictions.

Before we do it, we wanted to make sure we gathered enough information and had some long-term well tests or flow tests in place so that we have a firm basis to actually do some of the development planning work [ph].

As expected, Harmony of the Seas is enjoying particularly strong demand.

We expect to receive some significant orders in the third quarter for that product.

Is there any risk that there's another major CapEx project coming because you need to expand capacity?

Identifying the attributes most correlated with success and compiling learnings from our store management teams will aid us in planning any future Refresh programs.

Shawn mentioned an estimated 50% total increase in R&D expenses for fiscal '17 relative to fiscal '16.

It is where a luxury tenant is willing to pass a great location just because of a current different sale and when retailers are in trouble, the size and consistency of our portfolio, coupled with our intensive management style and relatively high rents of our portfolio allows us to anticipate problems and deal quickly with unproductive tenants.

Sales growth, we are still confident that we should be doing a high double-digit growth between 15% and 20% in the high teens.

And the reason is, is that every good salesman always finds a way to meet their target.

The Investment Management segment fourth quarter 2016 EBITDA margin of 34% remains above our 30% corporate target.

In the near term, we are focused on 3 main operational goals: one, drive consistently in -- consistency in operational excellence across our network of stores in order to provide customers with a quality experience they need to support their business; two, reduce branch operational costs by leveraging on the size of our overall network, identifying synergies and eliminating redundancy; three, finally, we'll drive efficiency through the network by rationalizing processes and standards with the help of the vast knowledge base that we have in our many experienced people.

BEST project?

So again, renewals first, elongation of contracts second and then ES2.

In this segment, the New Nexans' plan is focused both on fixed cost reduction and restructuring in Asia and Europe and also in improving profitability, enhancing pricing and broadening our offer.

When the hedges mature, they will be recognized in our P&L at the hedged rate rather than spot rate, which is already reflected in our future financial forecasts.

On a euro basis, there would be no change in content per vehicle or sales expectations for Europe.

And certainly, we're not pleased with negative performance, but I expect the full year to be positive in Construction, and that business is really only at about 50% of the revenue that, that business has achieved in prior peaks.

So from here, our next question can be, when do you expect to see the negative margin continue to -- completely to ease?

While this delay reduces our forecasted revenue for the full fiscal year of 2022, we still expect a return to growth in quarter 4, a stronger year-over-year growth in 2023.

These statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance or achievements to be materially different from any future results or performance expressed or implied in this presentation.

The GBP 500 million we expect to generate will enable this, and this will mean more enterprise value flows to equity holders.

We're not just testing the well for a short period of time to give the markets some unexpected long-term rate.

So my question is, could you just refresh us on your expected schedule of cash cost production for agriculture through the second half and the developments into 2021?

If we anticipated higher tax rate going forward, we would've revalued our DTA.

Finally, we would expect cash taxes to be a little lower in 2020 than in 2019.

Also, we ceased operations in 3 manufacturing facilities during the quarter, bringing the year-to-date total to 10, which is in excess of the 9 plant closures for the year.

My first question, I'm just wondering, you talked about last quarter already and today about adding 2500 seats, I'm just wondering how do you expect the progression through the year, and is any of the Q1 strike just -- that you haven't had in the lot yet year-to-date and that you're just getting good margins because those new seats have not come on yet.

Within CapEx, our fiscal '22 outlook includes $90 million to $100 million in spend on POP as well as material spending on systems implementations, product development and other nonrecurring project-based investments.

C, we plan to make additional investments in sales and marketing domestically and internationally.

The Mississippian play is exceeding expectations, and the offshore business is delivering consistent results.

I will ask a separate question real quick, just give me - I know you are giving me an update on the buyback on the third quarter call, any other timeline or your excess capital position is there anything else you anticipate this year in knowing a dividend or buyback?

Excluding the Insurance results, our overall performance was inline with our expectations, as our core businesses reported 6% quarterly revenue growth year-over-year, led by 15% growth in our loyalty segment.

Our in-quarter international recurring revenue is forecast slightly behind plan at the moment, but we are also seeing good momentum.

I think as Mel mentioned earlier, overall, we'd expect to be able to get the revenue margin up relatively close to where it was in pre-COVID times for leisure.

Could you maybe talk a little bit about the bigger projects you think can go ahead this year and this any delays outside of those German land corridors?

But in terms of the cash coming out of the Upstream, the $14 billion to $15 billion is pretty well underpinned now for 2021 with the projects we got onstream.

They are not -- forget funding those projects, we don't even have them as additional collateral or anything like this.

Consistent with our expectations, the United States Supreme Court granted our appeal of the Fourth Circuit's Cowpasture decision, which relates to ACP's crossing underneath the Appalachian trail.

And then as we think about these supply chain headwinds going forward, how do you anticipate things to trend in 4Q relative to 3Q?

We will also add to our broad list of approved uses for HUMIRA with the launch of several new indications, as well as other product enhancements that we anticipate will further improve the overall patient experience.

With the recent stabilization of oil prices and political support for the approval of key pipelines, we believe that this will bring some confidence back into the Alberta market.

In Q3, we experienced a gain where we believe is evidence of a multiyear demand cycle for semiconductor capital equipment, enabled by our differentiated composite materials and diamond-based products.

As we indicated on our Q4 call, we expected to see growth plateau in the market in Q1 2020.