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While we have received considerable input from investors regarding whether it is best to go direct in Europe or best to partner in Europe, we believe it is best to see what proposals the partnering process produces and then to make a decision, most likely in the third quarter of this year.

We expect that the expressway that connects the airport terminals to Entertainment City will likely open later this year, alleviating some of the traffic congestion issues in and around Entertainment City.

We completed Phase 1 of the solar project on the Harting portfolio.

In parallel with the ongoing discussions, we continue to work towards an appraisal well on the Liatårnet discovery and are now targeting a well next year to collect more information about the reservoir, the oil quality and to perform a production test.

We fundamentally believe that unlocking the potential of providing human tutoring in concert with our world-class content is going to be an important innovation for the company.

Can you talk about were there capital projects, were there -- was it just the Peptan business?

And we have the tax rate impact and the accelerated buyback, which is probably more than I think you guys probably modeled in January.

Just one update that I would like from your end is on the Mumbai Mahalaxmi projects, please?

We're also working on digitization projects with consultant firms, Deloitte and Accenture.

I would say they, at least, met our expectations, and we are doing our best to package these products and send them out.

I go back to this point that he made in his introductory remarks, where we -- our target has been for our operating underwriting expenses and salaries everything, but loss in LAE to be around 40% of revenue.

Critical for competition as you look out into the future of this industry.

We're planning a morning event, probably running from 8:00 a.m. to 1:00 p.m., and this will be shortly after our third quarter earnings call.

But clearly, it's interesting because when we started NTZ, this is coming from a phenotypic screen, and one advantage of doing a phenotypic screen is that you're able to identify potential drug candidates, which work through different mechanisms, which is not necessarily dependent on a single primary target.

And while our interest coverage is 9.6x, down due to the increase in interest expense and a reduction in reported EBITDA, we anticipate that our refinancing activity will positively impact this ratio going forward.

I'm just trying to figure out how much of this is a change in the type of product where the customers are interacting with you versus how much of it gets resolved with some of your warehouse projects.

And as I said, one of the most interesting you see here is the Luno II prospect.

Under normal course of business, we also expect to have approximately $80 million to $100 million in cash and cash equivalents when we turn cash flow positive from operations.

In an effort to achieve this goal, we expect to demonstrate operating leverage in 2020 particularly in our G&A expenses.

That new plant in China that you mentioned was originally expected to come online sometime between January and March this year, but that additional supply has not happened yet.

Consistent with the operating expense reductions reflected in the second quarter, we will continue to seek efficiencies in our business to drive to profitability.

And remember, we service not only Boeing but the Airbus planes as well.

At current spot rates, FX is expected to negatively impact 2017 versus '16 revenues by $30 million to $40 million, adjusted OIBDA by only 0 to $10 million and adjusted EPS by $0.10 to $0.12, given the below-the-line FX gains in 2016.

Last 1 real quick, if demand stay near current levels, absorption per community going into next year, if you look at your spec home strategy, maybe demands a little bit better going in to next year.

So as we enter -- our goal is always to remain competitive in the market and with our customers.

We are confident that we can let the vacant space over the coming months given current interest.

But a good thing about our renewal process, that at the end of 2015, the age of our contracts were over 5 years.

So as I mentioned in our prepared remarks, our plan is to do $25 million to $50 million of equity [ by ] year-end and use those proceeds [ to pay down ] debt.

The DIR fees, the fact that they were simply higher than we expected them to be as we look forward, we see that the DIR fees are expanding.

As we see those projects such as additional student housing similar to what they have had with over and [ a couple of weeks ago ] .

I highlighted a few projects in Albany that we continue to work on, and that's a perfect example of it.

As you know, we've funded OM to this point by harvesting the cash flow from our legacy businesses and we believe we are well-positioned sales efficiency with an attractive growth profile.

So the 18.5% to 19.5% assumes, going forward, that there'll be the impact of the Affordable Care Act, which we estimate to be about $10,000 per company unit at Jack in the Box, I think $6,000 for company unit at Qdoba.

In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws.

And since this is about 15% of your premiums, we would have expected by now that the accident year loss ratio would be coming down significantly in the reinsurance business and yet it seems to be about the same if you exclude the Chile development.

Perhaps you don't want to make a doubling comment similar to what you made a year ago or so, but any kind of projected expectation for the Disk Systems and Software business in fiscal 2012, for example?

Cromwell seeks to recycle capital to enhance future earnings quality and minimize risk in future costs.

And it’s down because public administration has frozen a number of their projects.

So we have -- that project is still very much in the works, but there is no new update on that collaboration at this point.

And in some cases, how do you wring out those efficiencies and save some costs, so you can afford to make the investments into the future?

Actually, for the full year 2020, we had previously guided that we expected gross client demand of about $15 billion to $19 billion, together with client tail-down effects and redemptions of about $7.5 billion to $9 billion.

But once we have removed that volume from the business, the intention is to -- very much looking for stability.

We currently anticipate interest and other expense will be about $300,000 and the non-GAAP tax rate to be approximately 3%.

We talked a little bit, and I'll start first about SG&A, and we talked about the fact that depreciation as a percent of sales, we continue to believe that it will decline.

So I would say the mix of the business, we're not expecting to fundamentally change a lot.

Net interest margin is expected to be a few basis points lower for the same reason.

I think that the target we've communicated is our goal of being in the mid-30s on a debt-to-asset basis and 6x to sub-6x debt-to-EBITDA, there is nothing new there.

I'm sure that there must have been some amount of inventory back in 3Q that you're already sitting on, and as you rightly mentioned that the price fall was gradual, how did we manage the inventory and eventually subsequently passing on these prices or being able to sell at a higher realization?

Broadband and Pay TV clients remained almost constant totaling 4.2 million and 3.5 million, respectively.

EUR 20 million was maybe a conservative estimate or was the performance higher than expectations?

Our strong second quarter results demonstrate the leverage in our operating model, and we expect to generate increased profit in cash as revenue continues to grow.

Another positive was we believe we have either maintained or actually grew share in certain key markets based on our analysis of industry trends in the overall construction market.

Thank you for interest in the company, and we look forward to further progress on our efforts to grow the company, grow our earnings and cash flow from our RPO business and further reductions in corporate costs.

Is this more kind of a pull forward of the spending plans for the year?

It's about investing for our future through data-led operations, consumer centricity, product innovation, network optimization and core competencies for the future.

So still believe in the industrial logic, still believe in the project's overall goal.

We previously provided the segments growth estimates at our Investor Day in December, and as you can see, not much has changed.

We have achieved all of our ambitious targets, targets as far as EBITDA performance is concerned, targets as far as working capital performance is considered.

So looking into next year, we expect that we would keep operating expenses relatively steady, ranging in that $42 million to $44 million range with a break even may be at $114 million to $118 million range.

Can you also remind us of the dollar of inventory you believe was in excess last quarter, what that is this quarter again because I've heard a couple of numbers, but I might have missed it.

How they've funded over the last couple of years and again, the changes next year, given the lying down of a lot of those funds?

The Q3 depreciation and amortization expense came in at EUR 32.9 million, an 18% increase year-over-year, remaining consistent with the increase in our depreciable asset base resulting from the ongoing investments in our data centers.

We like good returns in those projects.

We are really pleased with our equipment performance during fiscal '21 growth of about, I believe, 8% year-over-year, which did exceed our expectations.

So we should expect this type of expense for 2023.

Across our hospital network, total claims paid within 40 days reached 80%, and nearly 70% of our hospital clients achieved over 104% of their baseline cash flow during March 2017.

We continue to believe that we can accelerate our growth through unit acquisition.

So in the -- as we look forward in that business, we don't expect necessarily significant swings of expenses by any means.

Looking ahead to the rest of the year, based upon our current plans for investment in regeneration, our best estimate at the moment is for average daily net cash flow for the year to be an excessive GBP 80 million, which is slightly better than our previous guidance.

And that partially explains why we're being cautious in terms of its effects whether operating our profit -- earnings guidance or not because we realized if we do that, there might be temporary impact on the sales of the next quarter.

Throughout this past year, we had focused on communicating that investors should not expect growth in 2016 similar to that in 2015.

We planned 3,800, so we're close by.

We have also said that we will manage the balance sheet efficiently, as and when surplus capital rises, we will seek to invest that surplus capital firstly into new business.

We've launched a new channel, the employment platforms to assess the opportunities provided by different business acquisition models, and our staff engagement remains at industry-leading highs.

If I kind of think about Cetera, it seems like rough estimate would be about $80 million of EBITDA, you guys did about $107 million of EBITDA in '13.

With the learnings from the Phase II trial, we're now engaged with regulatory authorities in the United States and Europe with the objectives of designing a coordinated Phase III program in patients with PFIC to support the potential approval of the A4250 in both regions.

Second, as I covered in the fourth quarter discussion, the year-over-year changes in our key metrics were largely driven by the acquired 832 megawatts of Invenergy wind plants in the U.S., Midwest and Texas, which have higher capacity factors and lower prices per megawatt versus the existing TERP fleet.

So and you would expect that in any market, but particularly in a market where growth rates and volume, in particular, have been fairly low.

There are a couple of customers who had to moderate their manufacturing plant due to plant damage, which will impact our business with them somewhat in Q2 and Q3.

We expect that operating expenses will increase in the second half of 2020, driven by increases in sales headcount and marketing investments as we enhance our solutions and invest for growth in future quarters.

I'll just add that funding side, [indiscernible] bring that down further and have a question on the margin is really probably behind us and so we don't really expect to see any benefit there.

The strong core business, industry growth trends and a full portfolio for retailers, we have a compelling story that we believe will lead to new locations in 2015 and beyond.

Also, reconciliations of non-GAAP financial measures discussed during this call to the most directly comparable financial measures presented in accordance with GAAP, including EBITDA, which we believe to be useful supplemental information for investors, are posted on www.encorewire.com.

The project also involves a significant reconfiguration of our flagship Foot Locker store that is downstairs from our current offices.

Certainly, we expect to see those debtors reduced during the December quarter.

The comment you made around the LTC interest adjusted benefit ratio, you talked about an expected range of 71% to 75%.

In fact, our current outlook for 2011 is capacity constraint for some products such as excavators and many of our large mining products.

Please turn to Slide 9 as I'd like to remind all of our investors generally how our RC projects work economically.

Home and Building Technologies performance was mixed, with strong organic sales, but lower than anticipated margin rate growth.

Fee income growth surpassed our expectations, which brings us another upside.

No, we think that -- at least we're hopeful that the $200 to $300 is going to -- in revenue, we're hopeful will also corresponding into a margin improvement, again, back to the expense per day.

We also expect to complete the integration of the Ohio broadband assets by further interconnecting this network with the Breezeline network and launching our IPTV platform in that market by the end of this calendar year.

As a result, the board and management of Six Flags have considered the strong momentum and taken the decision to set a new long-term financial goal for the organization, $600 million of modified EBITDA by 2017.

Secondly, and here, it looks like part of your earnings beat versus Street expectations was in the Lodging segment, but you noted in your press release that you did have favorable timing of loyalty and marketing expenses.

Now in terms of repricing, I think -- or contracts that renew, Andy has gone through those number before, but we -- roughly 35% of our business is long-term multi-year contracts.

And I think, right now, that if oil stabilizes or stabilizes as a number closer, a little bit lower than where it is today, our clients feel that they will still proceed with projects.

So there are different partners just to learn from each other, to learn how, for example, there's an interplay between the renewable installations and hydrogen, when can hydrogen be used for renewables and how can hydrogen be used whenever it's supposed to be used in industry.

We have a few corporate folks that their job is to continue to monitor the market and evaluate how we're doing and think about the future.

R&D costs were allowed to be deferred over 5 years, and this has been removed, resulting in accelerated tax payments.

The acquisition of U.S. Amines added approximately 3% to sales as well.Sales volume decreased approximately 18%, driven primarily by the unfavorable impact of the extended planned turnaround and lower production output compared to the prior year.