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Importantly, we ended the quarter with a leverage of 3.7x and expect to end the year at 3.8x, both below the midpoint of our targeted leverage range.

So basically from a gross margin standpoint, we saw very good performance in terms of what our plans are and what our outlook was.

With respect to the skin market, we believe we are in an excellent position for sequential growth for skin eBx as we continue activating and ramping up sites in the back half of 2016.

And then now that you've added the refinery that will leverage your refining capabilities amongst the other assets that you've got in Wyoming, can you give a little update on -- you shifted your focus for acquisition targets, what are finding and seeing where you're looking and where you're seeing opportunity?

End markets remain strong in all the regions of the world and our industry segments.

They have committed capacity to those pipelines, but not admitted to our -- or maybe a little hesitant to then -- or to commence capacity on the Mainline, potentially being in a situation where they have double capacity?

This year has shaped us well as a foundational year in line with our plan to achieve our goals, generating annual revenue between $200 million to $225 million and EBITDA margins of 12% to 14% in fiscal year 2017, '18.

The circuit is one of several projects to de-bottleneck and optimize gold production from oxide ore. Could I please ask you now to turn to Slide 12 to discuss the full year 2012 outlook?

In addition though in this first quarter I would say that we were probably a little extra-diligent in managing cost and scrutinizing everything; some of the discrete spending that we had planned for the quarter whether it be meetings, travel, consulting, other programs was either eliminated or deferred, and at least for the first quarter, I think we are in good shape in doing that without having any adverse impact on the business.

With Q4 earnings coming in at the high end of our expectations, we paid a Q4 dividend of $1 per share, which included a $0.30 per share component related to excess gains from assets sold during 2018.

The new sources of underground ore at Wassa and Prestea will increase annualized production levels to an estimated 240,000 ounces once in full production.

We projected a stabilized yield of 5.9%, and with the final lease signed in October, a 6.6% yield will actually be achieved on total cost.

And then I wanted to go back to the project bidding activity.

This is a positive trend we look to continue as we gain greater experience with targeting our media spend and the effectiveness of the LCA call center.

And that is showing that in the next quarters, it is the acceleration of sales because capacities, et cetera, are all installed, is not linked with higher [ bird ] but should lead to an improvement of the situation.

We concluded then that long term cash flows from residential landline phone service and traditional video service would eventually enter in into an inevitable decline, due to both shrinking units and shrinking margins.

This was not reflective of the state of the trade sale market for aircraft, which has remained strong for the last several months during the recovery, especially for the age profile and type of aircraft in our fleet.

Please also be aware that this call and our associated earnings materials contain forward-looking statements, which are based upon forecasts, expectations and other information available to management as of April 30, 2015.

We are particularly pleased with our adjusted EBITDA margins of 28.6%, and 24.6% respectively for the fourth quarter and full year 2012, which are at the high end of our previously stated expected range in adjusted EBITDA margins of 20% to 25%, particularly during periods where we continue to invest in our business, as we did during 2012.

So that's why we're confident with our guidance and we're really seeing the new salesforce has a real impact on the sales of EGRIFTA.

We now assume revenue in Mainland China will decline approximately 20% year-over-year in the third quarter and approximately 10% in the fourth quarter.

As expected, and as noted during our conference calls in July and August, we have now completed actions related to the operating expense portion of the plan.

And you had -- you called out, again, one particular contract that you didn't renew with a fair number of locations but not a lot of profitability associated with it.

And still a lot of it is determined by the timing of product turnover and closeouts, and also competition of course, and then finally, the inflation that we have for the full year, which isn't expected to be much.

Remember we have restructured a bit of business set up there last year which has given us better influence and our marketing and sales of our products we are actually from a very low place, almost doubling volumes in the market but the constant rate on 5 or 6 big cities the basic example that highlights the future growth potential is actually that in the City of Hanoi.

Our focus on these operational strategies to drive stronger earnings are matched by an equal commitment to enhancing our capital efficiency to achieve greater balance sheet and cash flow optimization.

Third, an expectation among consumers of that our economy will improve is key to increasing demand for RVs and all types of housing.

They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

So that if we continue to implement our plan, and if we continue to manage with the right methods, and we have methodology, we have systems, we have technology, we have knowhow to do this, I think no impact direct on our company may arrive from this situation.

We've also broken the land speed record with respect to targeting revenue synergy.

Our projected midpoint for 2011, gives total company guidance of 603 million a day it represents a slight increase of and Mid-Continent Permian programs projected to continue to offset any forecasted decline that we see in Gulf Coast, which currently have a 23% from a reported average of 174 million a a day in the Gulf Coast period full year projection, which will include the production in Q1 and Q2 to give us the full year average of approximately 100 million for the Gulf Coast with a few words on our testing costs before our completion costs.

I will say it is comforting to see our liquidity in balance sheet position, and if that is one of the things that we don't have to worry about and we believe that somewhere along the way that will benefit us and maybe some unknown could unfold because there is so much... so many things happening that haven't happened previously.

The initial plan for the mill contemplates a $400 million board foot capacity with a product lineup and flexibility of our Friesau mill, but we expect to build the mill in such a way that will allow for incremental capacity increases in the future.

And as Tony said, we do -- for what it's worth, when we build our budget, we do go project by project, country by country.

Our vacation ownership business did slightly better than expected during the quarter, a testament to our strong brands and world-class salesforce.

Although I had hoped to never again bring up COVID in the context of the company's financial performance, on a macro level, as we have seen with other medical technology companies that have recently reported, the COVID Delta wave has had a negative impact on financial results across the board.

In particular, China and India each were up close to 15% in the first quarter, with strength across most of the ESS portfolio, and we expect this to continue into the second quarter.

However, our key focus is to continue to attract customer to the firm as we believe more customers create more opportunity to position our balance sheet regardless of the interest rate cycle, and thus enhance shareholder value over the long term.

And then, assuming you do get -- from higher revenues going forward, I would assume there's even pretty substantial leverage beyond what you saw this quarter?

The remaining part of that cash flow for -- after debt reduction, we'll have to talk about.

As a reminder, we are planning to achieve 20% or greater adjusted EBITDA margins in 2020.

Where do you feel the best about kind of getting new projects coming out of the ground?

We will continue to manage to our cost-income ratio target.

So we are busy with several projects.

Loan level derivative income increased to $3.6 million as demand for interest rate swap products remains elevated.

And so our expectation is that the engagement with customers will be a blend of face-to-face as well as remote.

We expect to book revenues from these 23 systems this quarter.

The new client is a top 15 P&C carrier in the United States who will be outsourcing to Crawford 100% of the claims administration for their small business program, where we expect to handle claims for workers' compensation, liability, auto and property.

The product roadmap is ahead of plan.

So that's why we've been so focused on remaining very, very disciplined, keeping our budgeted volumes flat, operating in a maintenance capital standpoint.

Over the last 10-plus years, we've made significant strides toward our goal of positioning the company to generate consistent, sustainable long-term performance.

This substantial industrial project is indicative of the changing of the guard that is taking place in the world of consumer spending.

Our time horizon here is long, and we believe we are doing the right things foundationally to set this company up for long-term success and to maximize benefit from end-market recovery.

New VSF capacity is anticipated to drive up demand for dissolving pulp.

However, we have now determined that the sanctions are not applicable, and the earnings are expected to be realized but on a delayed basis.

Total non-healthcare recovery revenue in the fourth quarter of 2021 was $2.3 million, down from the $17.5 million that we recorded in the fourth quarter of last year and the expected decline from the $5.5 million reported in the third quarter of this year.

I think, again, it has to do with some of the confidence that they have in the market.

That when we entered project, we also incorporated into the Board very strong guarantees, and possibility of the producer.

It remains a safe, profitable and efficient producer and is expected to be a valuable contribution to the group going forward.

[Korean] To answer your first question, the fuel cost forecast that we had given you earlier, that does not take into consideration coal tax.

And using our cash flow to reduce leverage remains our capital structure priority.

The territory of Alberta lowered its corporate income tax rate from 12% to 8%, which will lower the average Canadian income tax paid from 27% to an estimated 25.5% in 2021.

Would you think that, that happens when some of the later in calendar Q1, early Q2 releases from the carriers come out, is that the kind of timing that's generally expected right now.

This guidance assumes no additional acquisitions, no material change in foreign currency exchange rates or other significant or extraordinary transaction, other than those described in our earnings release.

Actual results may differ materially from those projected or implied in these statements because of various risk and uncertainties, including those described in our most recent Form 10-K and other documents filed with the Securities and Exchange Commission and the cautionary statement in today's earnings release.

And as soon as I get it, it goes to the operational fleet.

I think you know at this point, doing this for 20 years and continuing to beat everybody's expectations about the profitability of what this company can't produce, I would suggest to you that things are not what others say they are.

So the strength of the relationships, our Minnesota growth has in their marketplace, is very significant, and has led us to a very strong pipeline for future events.

So it remains fundamentally at the center of our go-to-market motion.

We are assuming a slow gradual economic recovery and therefore, an improvement in our volumes and productivity globally as the activity resumes and our efficiency plans unfold.

I would suspect that even if you were to sell something in the next month or 2, you probably wouldn't get settlement until the next financial year.

Despite execution challenges as logistics systems become more stretched, we remain well positioned to capture market growth and generate healthy free cash flow as we go forward.

We see that just by starting focus and the dialogue with the product companies, they start holding back and they get these targets.

That pipeline dries up and now we're re-shifting and we're shoving product around to each one of the plants to meet our customer requirements.

I understand we're to hear today what the federal government is planning to do with EI program to replace the CERV in terms of cash in the system for people and how that impacts discretionary spending money people have to spend and so on.

It is important to note that the 3-year outlook we provided in January of this year does not reflect any contribution from Joaquin and COSE.

And so therefore, we are anticipating or plan EBIT in a range of EUR 75 million to EUR 85 million in 2022.

We obviously added a decent amount of EBITDA to the overall forecast for the year.

So all of the customers we have interfaced with even just up till a few weeks ago before I came down to Sydney very much focused on understanding what that means to their plans.

And then just in terms of development, you mentioned starting a new project in Charlotte and buying the land in San Diego and starting in Houston later this year.

Investments in our underwriting claims and IT operations explained most of the remainder of the increase in the expense ratio.

Underlying demand is strong, and the ability for the industry to add new capacity remains challenging.

In the second half of this year, we will continue to execute our plans, and we will reinvest a portion of our gains for future business growth.

On all the regulatory activity that you guys have in process and you expect over the next year, year and a half, how concerned are you about ROE cuts that could come under 10% rather, given where interest rates are and some other rate case decisions we’ve seen across the U.S.?

Our overrunning strategy, therefore, remains to decant the Earls Court business to Olympia in the medium term, once we have secured appropriate planning consents at the Earls Court site and regeared our leasehold interest with TfL, a lease I know you're all keen to understand.

So in -- so in addition to the faster growing January, would you please share more colors of the top line growth outlook in 2019 and the key growth driver behind that.

Further, it's worth noting that as a result of the utility industry's mutual assistance program, the hurricane response caused many utility service providers to redirect their efforts to support the emergency Gulf Coast repairs, causing delays in projects that would have otherwise moved ahead.

However, there have been some positive developments in this business recently that are worth mentioning as we believe they will generate momentum as we move into 2019.

And although we expect pays per control growth will naturally slow in the coming quarters, employment conditions today remain strong with our client data suggesting that near-term demand for labor remains healthy.

Electrical has less overhead and more project work.

And the (inaudible) companies prepare to have these complete solution and don't like to (inaudible) the project for many subcontractors.

Our capital structure remains quite simple, with one class of stock and a combination of property in corporate level debt.

The coming program relaunch will, we believe, deepen that connection and further expand the program's already broad-based appeal by making Total Rewards more relevant to modest gamblers and by making our Total Rewards currency easier to earn and redeem.

So that was just to whet our appetites, talk about our projects.

Of course, different projects also have different costs.

We also expect higher energy costs with colder weather and the pattern of extremely wet weather in the South putting pressure on wood cost and availability.

Near term, our priority remains to navigate our business through the challenges presented by COVID-19, including driving sales, controlling expenses, protecting cash and maximizing liquidity.

So we estimate crop size of the 3 major grains; corn, wheat and barley in Ukraine of 73 million tons in the current season, which is up 8% driven mainly by wheat and barley production growth.

The plan focuses on attracting and retaining high-value customers by creating an exceptional customer experience, while remaining vigilant in reducing the costs to deliver the product.

We hear every day from carriers that "Hey, I get how implementing your product would produce a positive return, but that return isn't large enough to become 1 of the 2 or 3 projects we'll tackle this coming year."