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Endava plc (NYSE:DAVA)
Q1 2019 Earnings Conference Call
November 29, 2018, 8:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning. My name is Jessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Endava Earnings Release First Quarter Fiscal year 2019 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press * then the No. 1 on your telephone keypad. If you would like to withdraw your question, please press the # key. Thank you. Ms. Laurence Madsen, Manager of Investor Relations, you may begin your conference.

Laurence Madsen -- Investor Relations Manager

Thank you. Good afternoon, everyone, and welcome to Endava's First Quarter Earnings Conference Call. As a reminder, this conference call is being recorded. Joining me today are John Cotterell, Endava's Chief Executive Officer; and Mark Thurston, Endava's Chief Financial Officer.

Before we begin, a quick reminder to our listeners. Our remarks today include forward-looking statements, including our guidance for Q2 Fiscal Year '19 and for the full Fiscal Year 2019, and other forward-looking statements. These statements are subject to risk and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Actual results, and the timing of certain events, may differ materially from the results or timing predicted or implied by such forward-looking statements, and reported results should not be considered as an indication of future performance. Please note that the forward-looking statements made during this conference call speak only as of today's date, and the company undertakes no obligation to update them to reflect subsequent events or circumstances other than to the extent required by law.

Please refer to our SEC filings as well as our financial results press release for a more detailed description of the risk factors that may affect our results. Also during the call, we'll present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which you can find on our Investor Relations websites. A link to the replay of this call will also be available there. With that, I'll turn the call over to John.

John Cotterell -- Chief Executive Officer

Thank you very much, everyone, for joining us our Q1 Fiscal Year '19 Earnings Call. We're pleased with our results for the quarter, with revenue of £66.4 million, up 39.7% year-on-year from £47.5 million in the same quarter in the previous financial year. Our revenue growth rate at constant currency was 39.8%.

We ended the quarter with 262 active clients compared to 258 at the end of June 2018, and 192 in the same quarter in the previous fiscal year. We define active clients as those who paid us for services over the preceding 12-month period. Additionally, during the quarter, we recognized revenue for 15 new logos in all three regions and across all verticals. The number of our largest clients, who spend greater than £1 million per annum with us, grew over 40%, from 37 in the first quarter of Fiscal Year '18 to 52 in the first quarter of Fiscal Year '19. And, of these, the number spending over £5 million doubled from five to 10 during the same period.

On a rolling 12 months basis, revenue from clients who spent greater than £1 million per annum with us increased 34% year-over-year in the first quarter of Fiscal Year '19, while revenue from those wo spent over £5 million increased 58% in the same period. This is line with our focus on growing our large account relationships, built on the quality of our services and the impact that technology can have on their business models.

We continue to expand in all three of our industry verticals. Our payment and financial services vertical grew 24% year-over-year. Worldpay continues to grow and remains our largest client. Revenue from Worldpay accounts for 9.8% of revenue at the end of September 2018, compare to 12.1% in the same quarter of the previous fiscal year and 9.4% in the previous quarter.

We continue to diversify our geographic and sector revenue mix. We're a good way toward completing the integration of Velocity Partners. As I mentioned in our last earnings call, we completed the integration of the sales team. And this quarter our combined team signed up five new logos in North America, mainly in the TMT sector. North America accounted for 27% of our revenue at the end of Q1 Fiscal Year '19, up from 15% in the same quarter last year, and continues to expand strongly.

Expansion in our other sectors was strong, growing to 20% of our revenue in quarter one Fiscal Year '19, up from 11% in the equivalent period last year. The consumer goods industry was one of the strong areas of growth and is facing significant challenges. Some of the key areas relevant to the services Endava provides includes digitization to drive differentiation, customer insights, and buying behavior, as well as changing consumer demands and engagement.

One of our recent projects in this vertical has been in the US, where Endava partnered with Citizen Watch to develop the new MyCitizen app that will enhance the overall ownership experience and help streamline the timepiece registration process. By giving users access to optical character recognition technology using their phone's camera, the user can now recognize their watch model using front and back of the watch scans. With this, Citizen gains valuable insight into their customers while watch owners now quickly and easily complete warranty detail, build their watch collection dashboard, and gain access to user guides, video, and other targeted content. With this information saved and managed within he MyCitizen app, users will house all details in one location and receive notifications for new product releases and quick tap access to setting instructions when daylight savings or time zone changes have been detected.

Endava is also working with a global CPG company to build a new total reward system that will be launched to their employees in early 2019. This brand-new platform replaces a legacy system and will enable both staff and managers globally to see their total rewards, enabling the company to manage employee compensation much more efficiently. Endava has also won a partnership with a global consumer goods company, initially as their European mobile application service provider.

As you know, on our last earnings call, we announced our partnership with Bain & Company, bringing together Bain's management consulting services and Endava's next generation technology services. This partnership has been accelerated by our formal announcement, including a significant win starting up a digital transformation program for a Fortune 500 company and the joint delivery of an analytics tool that helps CPG clients to improve their category value creation discussions with retailers.

On the technology side, Endava is seeing an increase in the demand of strategic assistance in bringing diverse culture and ways of working in traditional enterprise settings such as financial services, logistics, and other sectors. Broadly speaking, the demand is for expertise in the design and realization of continuous delivery pipelines as well as the enabling techniques and changes the teams need to embrace and build a diverse culture. Moving to a diverse culture greatly accelerates agility within organizations. Going beyond continuous integration systems, the whole scale continuous delivery approaches allows enterprises to embrace automation, take advantage of large-scale test automation efforts, reduce service downtime, and increase the frequency of software releases.

Endava is well placed to support this demand by bringing cross domain expertise to demanding high volume enterprise clients. An Endava client in the global logistics space wanted to dramatically improve the availability and consistency of their online portal, a business-critical component of their overall customer experience and interaction model. To achieve this, Endava helped them embrace agile and diverse ways of working, gaining leverage through the provisioning of a continuous delivery pipeline. As a result, uptime improved dramatically and releases, which previously took months to plan and execute, were now deployable in minutes, enabling the client to become much more responsive to their market.

We ended the quarter with 5,182 employees, a 32% increase compared to the same quarter in the previous fiscal year. We increased our average operational employees by 268, compared to the previous quarter, for a total of 4,608 people. Our average operational headcount increased 30% year-over-year.

During the quarter, we moved to a new and much larger office in New York City, where the majority of our US-based sales team is located. And finally, with Brexit drawing closer, we've reviewed any potential impact across the business. Currently, we have not identified any clients who are adjusting their spending plans with us as a result of Brexit. I will now pass the call on to Mark Thurston, our CFO, who will walk you through our financial results.

Mark Thurston -- Chief Financial Officer

Thanks, John. Here are some highlights for the most recent quarter. Endava's revenue totaled £66.4 million for the three months ended September 30th, 2018, compared to £47.5 million in the same period last year, a 39.7% increase over the same period in the prior year. In constant currency, our revenue growth rate was 39.8%.

Our adjusted gross profit was £26.8 million for the three months ended September 30th, 2018, compared to £18.4 million in the same period last year, a 46% increase over the same period in the prior year. Our adjusted gross profit margin was 40.4% for the quarter, up from 38.6% for the same period last year. The year-over-year improvement was mainly due to continued improvement in pricing and strong utilization. Adjusted gross profit is our reported gross profit excluding allocated cost of sales and the impact of share-based compensation. Adjusted gross profit margin is calculated as a percentage of our total revenue.

Our adjusted profit before tax for the three months ended September 30th, 2018 was £11.7 million, compared to £7.8 million for the same period last year, a 49.4% year-over-year increase. Our adjusted profit before tax margin was 17.6% for the three months ended September 30th, 2018, compared to 16.4% for the same period last year. The year-over-year improvement in our adjusted profit before tax margin is mainly the improved adjusted gross margin offset by increased spending on SG&A due to Velocity Partners' integration and public company running costs.

Adjusted PBT is defined as our profit before taxes, adjusted to exclude the impact to share-based compensation expense, amortization of acquired intangible assets, realized and unrealized foreign currency exchange gains and losses, fair value movement on contingent consideration, and initial public offering expenses incurred, all of which are non-cash other than realized foreign currency exchange gains and losses and initial public offering expenses. Adjusted PBT margin is calculated as a percentage of our total revenue. Our adjusted diluted EPS was £0.17 for the three months ended September 30th, 2018, calculated on 53.8 million diluted shares as compared to £0.13 for the same period last year, calculated on 49.2 million diluted shares, up 30.8% year-over-year.

We are growing with our largest clients. Revenue from our 10 largest clients decreased to 39% of revenue for the three months ended September 30th, 2018 from 46% of revenue for the same period last year. But the average spend per client from our 10 largest clients increased from £2.2 million to £2.6 million. We are also growing outside of our top 10 clients. The number of clients who paid us at least £1 million on a rolling 12-month basis grew to 52 at September 30th, 2018, compared to 37 at September 30th, 2017 and to 46 in June 30th, 2019. . These large clients operate in all three of our geographical locations -- North America, Europe, and UK.

We continue to diversify our geographic mix. In the three months ended September 30th, 2018, North America accounted for 27% of revenue, compared to 15% in the same period last year. Europe accounted for 29% of revenue, compared to 37% in the same period last year, and the UK for 44% of revenue, compared to 48% in the same period last year. Revenue from North America grew 156% for the three months ended September 30th, 2018 of the same quarter of 2017 with Velocity Partners making a significant contribution.

Comparing the same periods, revenue from Europe grew 7%, and the UK 30%. We grew in all three of our industry verticals during the quarter. Revenue from payments and financial services grew 24% for the three months ended September 30th, 2018, over the same quarter of 2017, and accounted for 53% of revenue compared to 60% in the same period last year. Revenue from TMT grew 32% for the three months ended September 30th, 2018, over the same quarter of 2017, and accounted for 27% of revenue, compared to 29% in the same period last year. Revenue from other grew 139% for the three months ended September 30th, 2018, over the same quarter of 2017, and now accounts for 20% of revenue, compared to 11% in the previous fiscal year.

Our free cash flow continues was £0.3 million for the three months ended September 30th, 2018, compared to £2.2 million during the same period last year. Free cash flow was impacted by exceptional cash outflows associated with our IPO and an increase in working capital arising from the timing of receipts from some of our larger clients. In addition, we did not receive payment for the research and development from the UK Tax Authority in this quarter as we did in a comparable period. Our free cash flow is our net cash provided by or used in operating activities, less grants received, less purchases of non-current tangible and intangible assets.

CapEx for the three months ended September 30th, 2018 as a percent of revenue was 2.9%, down from 3.4% in the same period last year. Our IFRS results for the three months to September 30th reflect a fair value adjustment to contingent consideration of £5.8 million in relation to the Velocity Partners acquisition, which is shown as a charge in net finance expense. A contingent consideration was recognized on acquisition as a financial liability, but was settled on IPO date by equity shares. Equity shares were measured using the share price at the IPO, which was higher than the original estimated share price used to record the financial liability at the date of acquisition.

The fair value adjustment is excluded as part of the adjusted profit before tax financial measure. The financial liability was fully settled and the other reserves in the balance sheet was increased by the equity shares to be issued.

Our guidance for Q2 Fiscal '19 is as follows: We expect revenues will be in the range of £67.0-67.5 million, representing constant currency growth of between 33-34%. We expect diluted adjusted EPS to be in the range of £0.15-0.16 per share. Our guidance for the full Fiscal Year 2019 is as follows: We expect revenues will be in the range of £275-278 million, representing constant currency growth of between 25-26%. We expected diluted adjusted EPS to be in the range of £0.64-0.66 per share. This concludes our prepared comments.

...

Operator, we are now ready to open the line for Q&A.

Questions and Answers:

Operator

Thank you. At this time, if you would like to ask a question, please press * followed by the No. 1 on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Maggie Nolan from William Blair. Please go ahead.  

Maggie Nolan -- William Blair & Company -- Analyst

Hi, guys. I'm hoping you can give us a little more information on the five new logos that you signed in North America, and whether any of these have potential to become meaningful customers, what kind of work you're doing, and why you think you won the contracts. Any additional information you can share.

John Cotterell -- Chief Executive Officer

Hi, Maggie. Thanks for that. Yes, four out of the five new logos that we signed in North America are in the TMT segment. And the work is across the whole bundle of different areas across Endava. I haven't actually got the breakdown in front of me, and I might come back to it as to what are the specific projects that we've been undertaking for them.

Maggie Nolan -- William Blair & Company -- Analyst

Sure. That's fine. Then, turning our attention to adjusted PVT, you had a strong quarter in terms of the margin there. I know that that's a metric that you're looking to expand over the coming years. Can you give us an update on the expectation for adjusted PBT margin for the full fiscal year and what level of expansion you expect to see?

Mark Thurston -- Chief Financial Officer

So, you're right. We did have a good level of adjusted PBT. So, we were at 17.6%, and we have guided over the medium term for 17%. But the quarter was very strong on adjusted gross margin through high utilization. We see that coming off somewhat as we go forward through the year, and especially need to be cognizant of our main pay rounds taking place with effect from the first of January. So, I would view the quarter as being abnormally high but at a sort of staging point on an annual basis, moving toward that 17% medium term target.

Maggie Nolan -- William Blair & Company -- Analyst

Understood. Thank you, and congrats on a good quarter and guide.

John Cotterell -- Chief Executive Officer

Thank you, Maggie.

Operator

Your next question comes from the line of Bryan Keane from Deutsche Bank. Please go ahead.  

Bryan Keane -- Deutsche Bank Securities, Inc. -- Analyst

Hi, guys. Congrats on the healthy results here. Just want to ask, on that guidance, is there a way to think about the tax rate expected, and maybe share count, for Fiscal Year '19?

Mark Thurston -- Chief Financial Officer

Yes, the adjusted tax rate which we're focusing on for the quarter was 19.4%. I would guide that we will be between 19-20%, which is in line with what we've guided previously. In terms of the share count, the current share count was £53.8 million for the quarter. It will move up in Q2 by circa, about £1 million, as we get the full dilutionary impact of the IPO coming through, and also, the contingent consideration shares related to Velocity Partners.

Bryan Keane -- Deutsche Bank Securities, Inc. -- Analyst

Okay, helpful. And then, on headcount, obviously strong headcount growth. Can you talk a little bit about expectations for headcount growth this year? And, in particular, if you look at your headcount, it's coming mostly from Central Europe and Latin America, not so much in Western Europe and North America. Is that the right way to think about headcount as it grows, growing in those areas versus Western Europe and North America as it goes forward?

John Cotterell -- Chief Executive Officer

So, our headcount growth, I think, as we touched on at the last call, had fallen a little bit behind our revenue growth, pushing our attrition up a little -- not attrition -- our utilization up a little bit. And one of the things that happened this quarter is that we've caught up a little bit on the headcount growth, and we see that trend continuing. A mixture between our initial delivery centers and our onshore people, we expect to maintain broadly. And, if you look at the mix between Latin America and Central Europe, that's also being broadly maintained. So, we're seeing all parts of the business growing pretty much in step.

Bryan Keane -- Deutsche Bank Securities, Inc. -- Analyst

Okay. And then, just final question -- just thinking about overall IT spend, and maybe discretionary spend, going into the fourth quarter, it sounds pretty healthy with no signs of weakness whatsoever. But could you just maybe talk about broader implications for IT spend as you talk to clients heading into your fourth calendar year quarter, obviously, and what people are saying?

John Cotterell -- Chief Executive Officer

Yeah, so the conversations we're having with clients remain very strong. So, not forgetting we operate within a [audio cuts out] segment of the market, which is around next gen technologies, and digital, and automation. So, we continue to see new opportunities, new projects, new areas of business change that we can ideate and work on with clients. And if we look forward, we see the mixture of our contracted and committed spend with clients and the pipeline that's coming through on top of that, being a consistent mix with the guidance that we've given.

Bryan Keane -- Deutsche Bank Securities, Inc. -- Analyst

Okay. Helpful. Thanks for taking the questions.

Operator

Your next question comes from the line of Brian Essex from Morgan Stanley. Please go ahead.  

Brian Essex -- Morgan Stanley & Co. LLC -- Analyst

Hi, good morning, and thank you for taking the question. I was wondering if maybe you could expand a little bit on the Worldpay relationship. I mean, that still remains a meaningful customer, which is nice to see that growing. Considering the consolidation we've seen on that end, is your relationship still with legacy Worldpay or have you started to see signs that they might be looking at utilizing your services throughout the broader consolidated company. Maybe if we just get a little bit more color on how that relationship is progressing.

John Cotterell -- Chief Executive Officer

Sure. So, the relationship with Worldpay remains strong and we're building the much more senior relationships now with the guys in Cincinnati and so on as part of that. As I touched on earlier, the Worldpay proportion of our revenues grew from 9.4% last quarter to 9.8% this quarter, so that was a 13% quarter-over-quarter growth. Most of that came in the core part of our relationship with them, rather than in the captive relationship that we have with them. So, that remains positive and strong. We have a few conversations going with them in the US, but we expect it to take a quarter or two perhaps to develop and see how those will move going forward. But the context, it remains very positive in terms of our relationship with them.

Brian Essex -- Morgan Stanley & Co. LLC -- Analyst

Got it. That's great to hear. And maybe to follow-up -- do you have a contribution from Velocity Partners in the quarter? I think it was £7.8 million last quarter. And the new deals that you won in the US, were those Velocity deals or were they legacy Endava sales force driven deals?

John Cotterell -- Chief Executive Officer

So, we've integrated our sales teams, as I mentioned last quarter, between the Velocity and the Endava guys. So, it gets more and more difficult for us to separate out their specific revenues. If you look at the five deals that we did the US, and you apply them by salesperson as to which salesperson they came from, four out of the five were Velocity Partners salespeople and one was out of the Endava team. So, the Velocity guys are fitting in well and driving growth. That doesn't reflect reflective growth between the VP client base and the Endava client base, which is -- well, Mark, perhaps you could unpack a little bit on that.

Mark Thurston -- Chief Financial Officer

Yeah, I mean, we're certainly not going to pull out the figures for you on Velocity, but you can take the Q4 exit run rate -- you can think about the growth that John has talked about and you can get to our underlying constant currency organic growth from there.

Brian Essex -- Morgan Stanley & Co. LLC -- Analyst

Yeah, I think more concerned, or more interested, in the impact that Velocity's having on your penetration of the US market. And I guess, to that end, can we assume that four out of five would be delivered out of Latin America? Or would these be all Latin American deals? What's the mix on the delivery side?

Mark Thurston -- Chief Financial Officer

No, it's not a direct -- all of those four go to Lat Am and the other one doesn't. So, it is mixing up more than that now. We're starting to see cross service of clients from Endava -- ex Endava centers into North American clients as well as the Lat Am centers building out. And you can see that in the way the headcounts are expanding across Lat Am as well as the rest of Endava.

Brian Essex -- Morgan Stanley & Co. LLC -- Analyst

Right. Okay, and very helpful. Thank you very much and congratulations on the results. Good quarter.

John Cotterell -- Chief Executive Officer

Thank you, Brian.

Mark Thurston -- Chief Financial Officer

Thank you.

Operator

If there are any additional questions at this time, please press * followed by the No. 1 on your telephone keypad. Your next question comes from the line of Bryan Bergin from Cowen. Please go ahead.  

Bryan Bergin -- Cowen & Co. LLC -- Analyst

Hey, guys. Nice job. Just one for me. I wanted to ask about the competitive environment for talent in Central America. Are you guys seeing any increased competition from the large offshore vendors?

John Cotterell -- Chief Executive Officer

So, the markets in Latin America remain very similar to what we experienced in Central Europe. Our ability to establish ourselves as an attractive destination to work and an attractive brand through the projects that we do, through the way in which we develop our people and so on, is having the same impact in Latin America as it has in Central Europe. The one difference that is visible to us is that the times to recruit are generally slightly lower in Latin America than in Central Europe, i.e. once you make someone an offer, they onboard more quickly in Latin America. But, apart from that, we see great similarities.

Bryan Bergin -- Cowen & Co. LLC -- Analyst

Thank you.

Operator

Your next question comes from the line of Ashwin Shirvaikar from Citi. Please go ahead.  

Ashwin Shirvaikar -- Citigroup Global Markets, Inc. -- Analyst

Thanks. I guess, one question I had was, as the Velocity Partners acquisition becomes run rate for you guys in organic terms, are you looking to invest inorganically further in the US and North America?

John Cotterell -- Chief Executive Officer

So, we continue to keep an eye out for potential good inorganic opportunities, and North America would be one of the areas where we'd pay great attention to. But we don't have anything lined up, or a particular pipeline that's developed, that we'd call out at the moment. So, it's just one of the things that we'll keep looking at.

Ashwin Shirvaikar -- Citigroup Global Markets, Inc. -- Analyst

Got it. And then, the other question I had was with regards to the new clients who signed up -- a lot of them in TMT. Is there a forward view in mind with regards to how you prefer to have that distribution of verticals down the road? Are you actively looking to lower the percentage contribution from payments and financial services, or is it just kind of something that's happened that you haven't designed for TMT clients?

John Cotterell -- Chief Executive Officer

So, the thing that drives us in this space, Ashwin, is those technology waves and how they're hitting the various industries. And, clearly, payment has been a huge technology wave that we've ridden over the last five to seven years. And one of the things we're actively looking at is where are those waves hitting other industries? And I called out CPG in the script earlier as being one of the areas where we're seeing great acceleration. We're seeing a number of new clients coming on board in that space over the last 12 months.

And so, yes, we are actively looking to see other factors where our next gen technology and disruptive approach can make a real impact on those sectors, and to establish a position and then ride the waves of change through.

Ashwin Shirvaikar -- Citigroup Global Markets, Inc. -- Analyst

Got it. Understood. Thank you. See you next week.

John Cotterell -- Chief Executive Officer

Thank you.

Operator

Your next question comes from the line of Charlie Brennan from Credit Suisse. Please go ahead.  

Charles Brennan -- Credit Suisse Group -- Analyst

Good morning. Congratulations on the results, and thanks for taking the question. I just wanted to come back on the margin performance. I think in your prepared remarks, you called out favorable pricing in the quarter. We're not hearing many companies talking about decent pricing at the moment. Can you talk us through the dynamics behind that and how you're getting such good pricing?

John Cotterell -- Chief Executive Officer

Hi, Charlie. Yes. So, we are seeing pricing holding up pretty well. I mean, margin is also a function of utilization, which has remained high as indicated in previous quarters. But we aren't seeing any sort of weakness in terms of the pricing that we can command from our clients, because they see the value that we deliver. We are getting a little bit of help from our exposure to Lat Am specifically, so Argentina with the devaluation of the currency. But the main driver is pricing and utilization.

Mark Thurston -- Chief Financial Officer

I think it's also true to say that the new customers who are coming through, with the high visible impact, the technologies we're working on with them, and how we're winning them as a result of that, you're seeing better pricing on the new customers coming through. And so, that's helping lift the overall pricing picture.

Charles Brennan -- Credit Suisse Group -- Analyst

And just to be clear, when you're talking about better pricing, does that mean that pricing is, on a like-for-like basis, up year-on-year? Or is pricing just better than you expected to achieve?

Mark Thurston -- Chief Financial Officer

It's up year-on-year. We've seen pretty good momentum through our Fiscal '18, and it has continued, actually, into the current year. I mean, we are in uncertain times at the moment, but our pricing is holding up well.

Charles Brennan -- Credit Suisse Group -- Analyst

Great. Thank you.

John Cotterell -- Chief Executive Officer

Thanks, Charlie.

Operator

There are no further questions at this time. We turn the call back over to management for closing remarks.

John Cotterell -- Chief Executive Officer

Thank you, everyone, for joining us on the call. And we look forward to speaking with you on next quarter's call in the new year. Thank you.

...

Operator

This concludes today's conference call. You may now disconnect.

Duration: 38 minutes

Call participants:

Laurence Madsen -- Investor Relations Manager

John Cotterell -- Chief Executive Officer

Mark Thurston -- Chief Financial Officer

Brian Essex -- Morgan Stanley & Co. LLC -- Analyst

Bryan Keane -- Deutsche Bank Securities, Inc. -- Analyst

Maggie Nolan -- William Blair & Company -- Analyst

Bryan Bergin -- Cowen & Co. LLC -- Analyst

Charles Brennan -- Credit Suisse Group -- Analyst

Ashwin Shirvaikar -- Citigroup Global Markets, Inc. -- Analyst

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