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And then the remainder of the contract that is for the subscription base is recognized over the life of the contract, simple straight-line amortization.

This project management and people management has been a focused area.

Orders were broadly in line with our expectations in the first half, although clearly, the volatile environment did push some project FIDs to the right.

Last quarter, you had given a guidance for the company to get orders worth approximately INR 5,000 crores for this financial year, which was post you taking over the INR 2,100 crores project.

And as online dating adoption continues to broaden and the market matures, we expect the offerings to further cater to specific audiences, increasing the importance of community based and niche offerings.

To close out, the Ventas team is cohesive, determined and sharply focused on delivering against our financial commitments as we close out 2018.

And with Corfina and SBI Holdings we will establish 50-50 venture company and E-LOAN business model will be transplanted in this company in Indonesia.

So really, I think you could expect to see our R&D number, it was $3.1 million during the period, maybe seeing it drop down to something more normalized like about $2.3 million, something like that.

Some of it being the VAVE projects you've heard Vicente talk about, some of it being the Lean initiatives that we've implemented and are in the middle of implementing, and then also additions just because of the overall headcount restructuring that is evident in the business.

There is a dispute going on with a firm -- London-based firm on the software development for the spot [ grow ] project, okay?

The planned maintenance turnarounds at Yarwun and Burrup were completed in the half, and all continuous manufacturing plants operated at available capacity as commodity prices drove strong market demand.

Are those targets that, that JV is targeting?

So we don't -- we want to be cautious and yes, maybe we're a bit more cautious than the market expected, but we feel it's important to realize that there will be volatility as consumer behavior is still adapting itself to perceived risk levels.

In addition, there are additional savings opportunities in network optimization, procurement and continuous improvement projects that will underpin delivery.

They obviously have, clearly, a lot more experience of the project than we do and we want to harness that yield -- the greatest return as we can.

As I said, remaining single legacy single-family portfolio declined to 16% of the credit guaranty portfolio from just 15% in first quarter, due in part to our focus on reducing less -- liquid assets through sales, sometimes combines with evaluative structuring and not just waiting for run-off.

Consequently, Premier will plan to pick this project up again and review its basis of design post deal completion.

We continue to expect the impact of the adoption to be immaterial to Moody's Corporation revenue and expenses for the full year of 2018.

We are confident this process to maximize the value of our FTTx segment will materialize and are also certain that Axtel's presence, competitive positioning and value proposition for customers is better reflected in our position in the Enterprise and Government segment.

The project to lift synergies of at least EUR 150 million by the end of 2020 has started.

The last question that we had that came in was that you didn't mention the dividend in the press release, what are your plans?

Let me first briefly remind you of the operating environment and compare it with the assumptions in our business plan.

The LIBOR integration that is so important to get it done right of these two companies is taking longer than expected.

Diluted shares outstanding should be approximately 37.7 million shares for the second quarter, based on yesterday's closing stock price and these expectations translate to adjusted earnings per share of $0.22 to $0.23.

Should we expect the same kind of a headwind for 2012 earnings?

And what we will look forward to as a more normalized tax rate?

Specifically in the U.S., there are a handful of customers, maybe 70 or so, that we expect to reorder that didn't.

As we now ramp into our Live Events inside the service, we expect the participation in Ultimate Team will continue to grow.

Now we estimate the glass market at retail for 2014 was approximately $4.4 billion square feet, up approximately 10%.

So it looks like you're not going to get 100% drop-through on the incremental sales dollars, so should we expect closer to the midpoint of that range?

Another question is 6 months ago, we were all talking about potential capacity addition in India that you would acrylic acid plant in India.

We believe if we get that right, other European clients will follow.

We believe that slowdown is primarily driven by new product releases and we believe that is the most important area we can address.

G&A expenses remained relatively consistent at $12.4 million and $48.7 million for the fourth quarter and full year 2022 compared to $13.2 million and $45.8 million for the corresponding period in 2021.

But I mean really, Mitesh until we see the long wall come on and we're expecting that in the first quarter of 2014, we're not going to see any meaningful production coming from that operation.

At the end of the third quarter, we had approximately $205 million drawn on our credit facility, which leaves us with approximately $245 million in cash and committed liquidity.

Product support revenues remained flat for Q2 and decreased 4% for the first half of the year versus last year.

We expect production volumes to be up 8% to 9% in the fourth quarter of 2011 versus the comparable period in 2010.

And then looking at the payment recapture contract with the Department of Education, can you give us an update on that is that coming along better or worse than anticipated?

During the course of today's call, we may make a number of forward-looking statements, including comments on our business strategy and priorities, product pipeline, clinical trial timing and plans and the associated resource requirement; regulatory pathways for our development program; the achievement of clinical and commercial milestones; partnering our codevelopment effort; the advancement of our technologies and our proprietary codevelopment partnered products and product candidate; the competitive landscape and pricing pressure for our products; the potential impact of market consolidation of our product divestitures; trends with respect to our revenues, expenses and cash flows; our ability to generate revenue growth and our ability to manage costs and other matters.

We provide insurance verification before services are rendered, leading to fewer claims rejections and denials and also lays the foundation for the accuracy of the financial transaction to follow.

Slides 13 to 15 show the projects we launched in the second and third quarters of last year.

But even inside the plant as well, we actually believe we have some quite good sprint capacity in the plant to go above 12 million tonne per annum should we desire.

And so the sales productivity issue and maybe too high expectations that we've recalibrated around now and unfortunately, we have adjust our guidance reflective of lower expectation and lower results in the second quarter.

In particular, we're seeing nice traction with destination marketing organizations, hoteliers, airlines, and more recently, financial buyers, as these advertisers seek to leverage TripAdvisor's global consumer reach.

Aurora Spine does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.On this call, management may refer to EBITDAC, adjusted EBITDAC, adjusted net income, adjusted EPS, which are not measures of financial performance under generally accepted accounting principles, or GAAP.

Dhiaa has also going to briefly update you on the progress of our two nuclear plants that we're looking at constructing.Today's discussion is necessarily forward-looking.

Looking ahead to 2012, we've set an operating income target of $6.70 to $7.30 per share and consolidated to the growth of approximately 7% to 9%.

So therefore, we are quite confident that our market approach and the way we position our solutions and our network competence in the market is successful.

And as I said, other projects will follow, and we will use this cash position to execute upon our strategy.

We believe NCI is ideally positioned in the largest areas of the cybersecurity market, specifically protecting and defending our customers' mission-critical enterprise computing environments.

There is a CapEx plan made for automating our half part of the assembly line, which will improve the productivity from 32 per man-hours at present to almost 55, but that's going to take some time.

Also our R&D center, we expect to start in first half of this year.

As you mentioned, Deborah, the principal objective this morning is to update about Q2 and give a bit of outlook.

And the question is, what do you expect to be the cost decline on a per ton basis for the whole year, assuming that the current financial environment stays the way it is?

So this is an aspect that a telco -- it's very difficult for a telco to provide you with a clearer picture because it's not something that we would intentionally set the handset margin.

This is mostly driven by the 2 contract renewals in North America and associated negative operating leverage.

As we look at that guidance and what you said just now about treatment revenues and potential secondary unit placements or at least demand, let's say, in some of these accounts that are seeing a rebound, why shouldn't we assume a bigger impact from the new BDMs you've hired in the second quarter?

So Ken, what I'd add is, look, our outlook for the year on spend remains unchanged because we've instituted operational rigor and discipline and continue to make very hard choices in investing in the right areas to drive the transition and divesting sort of noncore projects and noncore activities and just keep a tight focus on managing spend.

<TAG>John Taylor - Arcadia Investment Corporation</TAG> Can you give us a sense of how you expect that might change going into next year?

On the capital side, currently while we're seeing some small cap work, a lot of the refiners don't have big, large capital projects spending, which, while we don't do large-cap projects in the refineries, we do get some of the fallout on those kind of projects.

I think in terms of 2019, right, we have already done a very big strategic organizational upgrade, which is indicative of our focus for the future, right?

Offset by slightly higher than expected client attrition.

What accounts for the remaining 3% increase in the expense ratio?

Is there -- I was wondering if you could remind us on the argument for why you believe that, that is an appropriate allocation of shareholder capitals could -- giving people that many shares for this level of EBITDA growth?

I am expecting growth in the non-aviation component of the business.

Effective October 1, 2014, Arch agreed to acquire complete ownership of Gulf Re and has also instituted a loss portfolio transfer, including an unearned premium reserve transfer and established an ongoing 90% quarter share agreement for renewal business.

And what applications specifically I believe there will be investments in HPC in the second half of the fiscal year.

Well, it's part of a new fund that we just introduced, and it's a tactical asset allocation that has a sleeve with managed futures in that.

We've been working on this project for a couple of years and obviously right now, it's much farther interest in this quarter than it was three years ago with this initiative.

Is this like a $100 increase per appraisal for the value-add products moving to next year or maybe something smaller?

At our wholly-owned China facility, we continue to move forward on our project to upgrade our thionyl chloride primary ER cells and manufacturing processes.

The goal is to grow transactions and item units, which continue to be key to our market share performance.

And yes, similarly here at Techcombank, I believe this is the potential for development for Techcombank because we are seeing the same situation with Malaysian and other Asian countries for the last 5 and 6 years.

Can you maybe just frame the growth expectations in that market?

When can we expect a potential partnership?

Obviously, this is hard to predict but it is possible that full year comparable net sales growth could exceed our guidance range due to these changes in Venezuela.

In addition, the draft of the 2017 auction volumes published on the 23rd of November with an estimated volume of between 300 to 350 megawatts based on megawatt hour capacity, the actually volume dependent on the location of projects relative to radiation levels.

That has recovered, in particular, services side, whereas we are now kind of seeing a weaker environment in the CapEx side, in particular, oil and gas projects.

Total merger expenses for the Whitney transaction are expected to approximate $125 million and we do expect the book that remainder of expenses during the second quarter.

We remain on track to introduce new products and Industrial Coatings in 2018 at a double-digit rate of growth.

Therefore, taking this into account, along with our current view on the likely growth in group profitability in this uncertain economic environment, and despite an encouraging start to trading in the second half, we've decided that whilst the previous level of dividend remains affordable today, it is no longer appropriate to maintain the dividend at that level, which has been uncovered for the last 2 years.

So it's a multipronged approach that we're taking in terms of proof-of-concepts with business prospects, as well as looking to recruit more resellers.

Our balance sheet remains strong, and we are confident in our ability to maintain this competitive policy and return to shareholders.

The timing of these expense reductions will vary depending upon the nature of the expense although a meaningful amount is expected to be realized in early 2020.

So, we believe these opportunities exist in the marketplace and are reflected in our pipeline of activity.

Any comments here just on the state of the coal market in that area and would you be expecting some closures if these prices lasted another 9 months or so?

Following price decreases in the economy, together with the company's price investment, Biedronka's basket deflation remains negative at minus 3.3% in the 6 months.

And just since your word has been in evaluation with certain customers, should we then assume that you're currently in tender process for ASTar?

We believe that this pricing strategy was very effective based on a significant increase in sales of value deals and improved margins resulted from reduced discounting.

So it looks like the inventory adjustment period a little bit longer than everybody expect or even longer than the core chip maker like NPK or [ Qualcomm ], that's the reason why.

So can you give us a bit more assurance and confidence on how -- why you see that ramp-up coming in the second half, please?

When this capacity is fully utilized by the exit of 2023, we expect to reach volumes of approximately 45,000 BOEs per day and be maintained through 2024.

We're expecting margin headwinds at Bell this year, primarily due to lower military margins as well as slightly higher spending on R&D and S&A, resulting in a margin range outlook of 13% to 14%.

Then on the second question, just as a follow-up, to what extent can we expect maybe the cadence of physician ordering on prostate to increase with -- as reimbursement is likely to come in?

To that end, we have cut GBP 10 million from our overall capital expenditure plans for this year.

We continue to be in the enviable position in this turbulent market with low leverage over $168 million of cash on hand at quarter end, nothing drawn on our $1 billion line of credit, no scheduled debt maturities in 2024 and expected operating cash flow after dividend payments of over $150 million for 2022.

One of the reasons we are optimistic about our future is the favorable biotech funding environment in the U.S., which we expect to generate new business throughout our organization.

Considering the product cycles that you're levered to, improving leverage into China, I was hoping you could talk what typical seasonality looks like and how I would imagine you would expect to surpass that going into the second half?

For example, the mass production of DDR5 at full scale, market is expected to, therefore, expand and therefore, server markets are expected to record meaningful increase in share.