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Endurance International Group Holdings Inc  (NASDAQ:EIGI)
Q4 2018 Earnings Conference Call
Feb. 07, 2019, 8:00 a.m. ET

Contents:

Prepared Remarks:

Operator

Good day ladies and gentlemen, and welcome to the Endurance International Group 2018 Fourth Quarter and Full-Year Results Financial Results Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference may be recorded.

I would now like to introduce your host for today's conference, Angela White, VP, Investor Relations. Ma'am, you may begin.

Angela White -- Vice President, Investor Relations.

Thank you Moni. Good morning, everyone. It's my pleasure to welcome you to our fourth quarter and full-year 2018 earnings call. First, we'll go through some prepared remarks after which we'll turn to Q&A. We have prepared a presentation to accompany our comments, which is available in the Investor Relations section of our website at ir.endurance.com. While not necessary to follow along, we recommend referencing the presentation slides alongside our prepared remarks. As is customary, let me now read the Safe Harbor statement.

Statements made on today's call will include forward-looking statements about Endurance's future expectations, plans and prospects. All such forward-looking statements are subject to risks and uncertainties. Please refer to the cautionary language in today's earnings release and to our Form 10-Q filed with the SEC on November 2, 2018 for a discussion of the risks and uncertainties that could cause our actual results to be materially different from those contemplated in these forward-looking statements. Endurance does not assume any obligation to update any forward-looking statements. During the call, we'll reference several non-GAAP financial measures, including adjusted EBITDA, free cash flow, net debt and bank adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is available in the presentation located in the Investor Relations sections of our website.

With that, I'll turn the call over to Jeff Fox, our President and CEO.

Jeffrey H. Fox -- President, Chief Executive Officer

Thanks Angel, and good morning. Before Mark and I dive into details, I'd like to put our 2018 progress into strategic context. We are a scale multi-brand platform in the large and growing SMB Solutions marketplace. We have a set of valuable market leading assets that generate significant cash flow on a base approximately 4.8 million customers. In 2018, we focused on integrating assets we had acquired over multiple years and increased investment in our strategic brands to position the company for a return to growth.

As a team, we made a lot of progress and I'm pleased with our financial and operating performance. Specifically, the team executed with an owner-operator mindset and with a focus on driving long-term value on our strategic brands. The team effectively managed expenses and made progress simplifying operations while delivering adjusted EBITDA above the top end of expectations we set out a year ago.

Turning to Slide six. Full-year 2018 revenue was $1.145 billion and adjusted EBITDA was $338.1 million. We ended the year with approximately 4.802 million subscribers on our platform as we turned our focus to a narrowed set of strategic brands. In 2018, we reduced our debt by over $100 million, reflecting our commitment to deleveraging our balance sheet. In the fourth quarter, revenue was $282.4 million and adjusted EBITDA was $79.3 million. Our year-over-year revenue and adjusted EBITDA declines reflect our 2018 investment plan and the continued impact to revenue primarily from our declining non-strategic assets.

Turning to Slide seven. Our plan in 2019 remains focused on delivering increased value for our customers, whether starting with an idea for business or seeking to actively grow their business. We will build off our 2018 investment in product and engineering as we continue to expand solutions and improve user experience across Constant Contact, Bluehost, HostGator and Domain.com. In 2019, we will increase our investment in analytics and test progressively into brand and channel expansion. We expect to fund this primarily through reallocation of spend from historic channels. We believe that our increasing focus on our strategic brands will drive the effectiveness of our sales and marketing spend in 2019.

Our 2019 plan also includes increased investment in international operations to complement growth initiatives on our strategic brands. In our Latin America region, our team did an excellent job in Brazil and expanded into Chile and Colombia in 2018. In 2019, we plan to increase marketing and solution spend to drive additional growth in the region. In our Asia-Pacific region, we added key leadership in 2018 and made progress integrating teams while improving profitability. In 2019, we will invest in our solutions and selected brands to position to grow the region. We will also use our technology team in Holland as an innovation hub as we continue to expand solutions for customers across all of our strategic brands.

Turning now to Slide eight. In 2018, we grew our email marketing segment year-over-year, due in part to increases in customer contact list, as -- along with driving higher revenue per customer through price increases. We invested in rebuilding our engineering and development capabilities and the team did a great job improving our solution set by adding incremental functionality and third-party integrations such as e-commerce and social media marketing. In 2019, we will refresh our brand and will expand into new channels and new markets. We will move the Constant Contact brand beyond email marketing and build on its position as a small business solution provider.

Turning now to our web presence segment. We were pleased by the progress we made in our Bluehost and HostGator brands in 2018. Revenue for the year was impacted primarily by the decline in net units on our non-strategic assets. At Bluehost, the team worked hard to deliver a simplified experience for users of the world class WordPress platform and to add additional solutions. In 2019, we will invest in the Bluehost brand to leverage our position as a leading WordPress hosting partner. We will continue to expand our solution set by adding additional capabilities such as e-commerce, digital advertising, and Microsoft Office 365. At HostGator, we will focus on strengthening capabilities, simplifying the business systems and increasing investment in Latin America.

In 2018, our Domain team did an excellent job improving the user experience by introducing a new front of site on our Domain.com brand. Later in the year, we launched Microsoft Office 365 and are pleased with the early results. In 2019, we will add additional capabilities to our Domain.com platform allowing SMBs to get online through the domain-first experience and add products such as hosting, site builder, and security services.

Slide 11, this year we will continue to add capabilities across our strategic assets to increase the value we deliver to our customers. The team will continue to execute with an owner-operator mindset as we increase our capabilities in product and marketing. Our 2019 plan calls for growth in the second half, a result of work completed in 2018, and our investments in the first half of 2019. At the same time, we are committed to continuing to reduce our debt with our excess free cash flow in 2019. We're looking forward to the new year.

And with that, I'll turn the call over to Marc Montagner, our CFO.

Marc Montagner -- Chief Financial Officer

Thank you Jeff. On Slide 13, I am pleased to review our fiscal year 2018 and fourth quarter result. For the full-year, GAAP revenue was $1.145 billion, adjusted EBITDA was $338.1 million, and free cash flow, defined as cash flow from operation, less capital expenditures and financed equipment, was $129.2 million after the payout of a $8 million fine to the SEC.

GAAP cash flow from operations in 2018 was $182.6 million. CapEx was $53.3. Revenue was in line with our expectation for the year and we exceeded adjusted EBITDA expectations through disciplined cost control and the delay of some investment into 2019. Free cash flow was higher than expected due to the higher adjusted EBITDA and slightly lower-than-expected CapEx. Our year-over-year decline in adjusted EBITDA was due mostly to the impact of lower revenue and our planned increase in engineering and development expenses. This was offset by the benefit from lower data center costs, lower customer support costs, and lower G&A cost.

Slide 14, for the fourth quarter of 2018, GAAP revenue was $282.4 million, adjusted EBITDA was $79.3 million and free cash flow was $23.6 million. GAAP cash flow from operation in the fourth quarter was $49 million, CapEx was $25.4 million. The decline in adjusted EBITDA year-over-year in the fourth quarter was due mostly to a decrease in quarterly revenue and an increase in engineering and development investment.

Slide 15, we finished the fourth quarter and the year with 4.8 million subscriber approximately. Total subscriber decreased by approximately 50,000 from the third quarter. In 2018, total subscriber decreased by 249,000. As we have said previously, our decision to de-prioritize non-strategic brand and to focus on marketing spend on higher value customers, has been the primary driver of the declines in subscribers throughout the year. In the fourth quarter, combined monthly average revenue per subscriber or ARPS was $19.50. In web presence, it was $13.45 (sic); in email marketing $69.22; and in domain $15.63. For the fiscal year, ARPS was $19.37 versus $18.82 last year. In web presence it was $13.47; in email marketing $67.28; and in domain $16.05.

Slide 16, as of the date of this call, our guidance for 2019, is the following. GAAP revenue of $1.140 billion to $1.160 billion. Adjusted EBITDA of $310 million to $330 million; and free cash flow of $115 million to $125 million. Free cash flow guidance for 2019 includes a $7 million impact for the expected payment of the previously disclosed settlement of two of our shareholder class action lawsuits. We expect capital expenditures of approximately $55 million in 2019. We intend to use our excess free cash flow to pay down approximately $100 million of debt in 2019.

Slide 17, we ended the year with $1.855 billion in total senior debt. Including other deferred purchase obligations and capital leases of $12 million, and total cash on the balance sheet of $91 million, total net debt at the end of the period was $1.776 billion. During the fourth quarter we paid down approximately $25 million of our term loan debt. In the full year, we paid down over $100 million in our term loan debt and reduced our deferred consideration by $4.5 million.

Interest payments over the year totaled approximately $134 million. Our revolving credit facility remains at a zero balance and we maintain an available credit balance of $165 million. Our LTM bank adjusted EBITDA for the period ending December 31, 2018 was $340.2 million. Our senior debt leverage ratio was 4.19 times(ph) and remains well below our maximum senior secured leverage ratio of 6.0 times.

Thank you for joining us today. Now I'll turn the call back to Jeff.

Jeffrey H. Fox -- President, Chief Executive Officer

Thanks, Mark. We have turned our focus to our 2019 integrated operating plan. We will continue to drive investment in our strategic brands and focus on the value we deliver to our customers.

Thank you for joining us this morning. Now I'll turn the call back to the operator to begin Q&A.

Questions and Answers:

Operator

Thank you. (Operator Instructions) Our first question will come from Brian Essex with Morgan Stanley. Your line is now open.

Brian Essex -- Morgan Stanley -- Analyst

Hi, good morning and thank you for taking the question. Jeff, I had a quick question on, on subscribers for you. I think prior calls, you've been hesitant to kind of break-out by cohort. But I was wondering if you could give us a little bit of insight on the growth profile for the core products versus the non-strategic?

Jeffrey H. Fox -- President, Chief Executive Officer

So I'm not sure if that's a specific enough question for me to answer. But, though -- here's the way we're looking at a, Brian.

Brian Essex -- Morgan Stanley -- Analyst

Sure.

Jeffrey H. Fox -- President, Chief Executive Officer

We have a very profitable platform and we're moving money into different channel structures, brands and solutions, and so we're very focused on inflecting our revenue and all units are not created equal. So, for us, we feel like the way the team came together in 2018 and is handling the complexity and the focus, we're being very clear that our plan calls for top line year-over-year growth in the back half of the year. And we feel like our unit losses will have to track, but we're a little less focused on the specific unit numbers, because there's a lot of volatility in our plan between the harvest and the growth.

Brian Essex -- Morgan Stanley -- Analyst

Got it, understood. And maybe for a follow-up, if I could maybe unpack a little bit the ARPS increase, in terms of the primary drivers, I mean just interested in getting a little bit of color around mix versus maybe better attach, versus, I guess, apples-to-apples price increases on a like-for-like basis for specific products.

Jeffrey H. Fox -- President, Chief Executive Officer

I think we described what's going on at Constant Contact, right. And our plan for Constant Contact is very clear. We have a brand that will be outside of email only during the year with a lot of testing and we feel good about that. It actually short-term may affect ARPS one way or the other, maybe potentially down, right. But if you then look at the rest of our mix, I -- it depends on what brand and what set of bundles. Our ultimate objective is to increase ARPS by moving to our higher value brands and moving to more value and more solution adoption on those brands. That is ultimately what we're trying to drive in our Domain and our Web Presence segments.

It's also the same thing we're trying to drive on the Constant Contact or email marketing segment, but in 2018, the specificity of how those numbers are going to turn around, they ought to improve in terms of ARPS, because we are churning out mostly lower ARPS customers and replacing it mostly on brands where we have higher value and higher solution adoption strategies over the life of that customer. That makes sense.

I'm bringing all together --

Brian Essex -- Morgan Stanley -- Analyst

Yes, that it does.

Jeffrey H. Fox -- President, Chief Executive Officer

-- a lot of the brand parts, but it's the -- we got caught at some level in more of a CTA to unit acquisition model and we are transforming our business rationally into CTA to lifetime revenue, lifetime value. And I feel like the team has really dug in and executing that better and better every day, which is why we're around, 2019 is our execute base.

Brian Essex -- Morgan Stanley -- Analyst

Alright, now that's helpful. Thank you. I was just trying to get a feel for, is growth entirely reliant on price increases, but it sounds like there is an element of mix shift and product development as well involved with that.

Jeffrey H. Fox -- President, Chief Executive Officer

Yes and it's very -- it's not reliant materially on implementing price increases, there are some natural price increase that goes with the duration of a base, in both of -- in all of our businesses.

Brian Essex -- Morgan Stanley -- Analyst

Okay, super helpful. Thank you.

Jeffrey H. Fox -- President, Chief Executive Officer

Okay, yes.

Operator

Thank you. Our next question comes from Mark Grant with Goldman Sachs. Your line is now open.

Mark Grant -- Goldman Sachs Group Inc. -- Analyst

Great, thanks for taking the question. Quickly Jeff on Constant Contact. You mentioned expanding to add more functionality for small businesses. I was wondering if you could give a bit more color around the specifics of that plan. Do you see specific kinds of functionality or new products that you'd plan to add and how well positioned do you think Constant Contact is to compete in those new adjacencies? And then related to that, do you think that's going to have a greater impact on bringing new users into the ecosystem or is that more of an effort to drive higher ARPU? Thanks.

Jeffrey H. Fox -- President, Chief Executive Officer

So to keep it simple and not be in the forecasting business, we spent 2018 rebuilding some of our engineering team there. I think if you actually look at our Q4 2017 engineering number, you can see the -- we hit a low just because there was an investment strategy that had to be implemented. But -- and so as we rebuilt our engineering team, we feel like we make -- made real progress in terms of adding to the functionality of the core platform with no specific price increase so that our base gets more value for the dollars they're paying us right now. And so, we feel like we've made good progress and had more, more we can do to increase the ability of our base to know more about their customers and to do more through automation and integration off of our platform with either e-commerce or social. So those are things we added in 2018, which will continue to be improved frankly forever.

And so, we feel like that the roughly 0.5 million customers we have at Constant Contact are getting good value using the platform that I have, that's a high return activity for our customers. And so, at a strategy level, we feel like it's really important for us to always be investing in bringing new capabilities to a customer that has put our platforms somewhere in their customer contact or marketing automation environment. So that's the macro. It's -- and that's when I use the phrase, invest to increase the value customers get. We feel like if you bought something from us, we need to take seriously that continued investment value for the dollars you are spending. And then ultimately when our customers grow, we should be able to grow with them through additional, through their natural growth, which we do in Constant Contact. As our customers list sizes grow, then we get some natural growth in what we get paid, it's a very good business model for both us and our customers in my view.

When you then step-back and say -- and then when you think strategically, we've said since I've been here that we intend to start opening up some freemium funnels around our core email marketing, which is a paid service because it's a high ROI application. And so freemium funnels, I think continuing to test in some international markets are part of our test and invest agenda in 2019, not only on Constant Contact, but on Bluehost, HostGator, and Domain.com. Okay?

Mark Grant -- Goldman Sachs Group Inc. -- Analyst

Great, thank you.

Operator

Thank you. And our next question comes from Naved Khan with SunTrust. Your line is now open.

Naved Khan -- SunTrust Robinson Humphrey -- Analyst

Yes, thanks a lot. A couple of questions. Jeff, in your commentary, you talked about potentially expanding some of the brand spend. Can you talk about the timing? I think you said something about using analytics to kind of make sure you spend dollars correctly, but can you just give a sense of timing as to how this would progress for the year? And then on the Office 365, do you have a sense of the -- what the opportunity is within your base to sort of cross sell this kind of solution?

Jeffrey H. Fox -- President, Chief Executive Officer

So that's an easy one. We believe that we have a really good opportunity and we expect some real dollars (ph) in our plan, hence the debate between actual units and ARPS, but we definitely have -- we now have two of our four strategic brands actively working Office 365. I think there is a learning and adoption curve and so I really look at that as some back half of the year additional revenue with some long-term momentum. It's clearly a value for certain customers and so it's very brand aligned in terms of the way we're thinking.

As it relates to brand spend, we're specifically just doing some refresh work. The company hasn't -- historically Constant Contact was more a brand-centric, but they were bought three years ago, if I get my dates right, about three years ago and so we feel like as we -- really doubling down and investing more heavily in that solution set and in expanding the capabilities beyond just email marketing. We are doing some brand refresh work and we will be thoughtful about the economics of that as a specific component of our spend as we test and learned this year.

And we also are doing brand refresh thinking on our other three larger strategic brands, Domain.com, HostGator and Bluehost, but again those were assets where the history of the company was more direct acquisition spend versus brand, but as search volume and our strategic scale are now clear -- clearly delineated, we will need to begin to make some brand investment in -- in all three of those assets properly. And again, we will do it in proportion to the success we're seeing in terms of attracting customers and driving value to those customers. So, it's just part of the plan, it's not a big new announcement.

Naved Khan -- SunTrust Robinson Humphrey -- Analyst

Okay, and then maybe one last kind of big picture question. Can you just comment on the sort of the -- the competitive dynamics in all of your markets, the US and abroad? And maybe as it relates -- so as it relates to the health of small and micro business, has anything changed in recent months versus the prior year or a couple of years?

Jeffrey H. Fox -- President, Chief Executive Officer

I couldn't hear what you said, the second part of question.

Naved Khan -- SunTrust Robinson Humphrey -- Analyst

Yes, just -- can you just give a sense of the competitive landscape and if anything has changed at the macro level in terms of the health of the small and macro business?

Jeffrey H. Fox -- President, Chief Executive Officer

So the competitive landscape is just as competitive and dynamic as it was this time last year. I think that we're seeing the rewards for growth in the stock market as this -- and so we see folks leaning into investing to grow. When I look across the sales and marketing and engineering budgets of some of our competitors to the extent I have that information, we see folks putting money into attracting customers and then taking a long journey, that's part of what we're doing as well.

I think I've said since day one, we're a scale operating platform. We do have of a little bit of dilution for multiple brands, but we feel like we're more than armed for the battle of getting our share of what we think are growing markets as we face in our investments and adjust our approach over time. We think 2019 is a big year to make movement and so we are becoming more competitive, but the market is absolutely competitive and we think that's a positive. We would rather see a market that's got a lot -- that's drawing a lot of investment effort because that says, we're all seeing the same growth opportunity.

As it relates to your second question, we've not seen anything material as this relates to a change in the SMB environment. We -- if anything, they are under more pressure to find more answers, more effectively and more efficiently and that's a big part of what we're trying to reposition our big four assets to compete for, which is to be a simpler, easier to do business with supply.

Naved Khan -- SunTrust Robinson Humphrey -- Analyst

Thank you, Jeff.

Operator

Thank you. (Operator Instructions) Our next question comes from Brent Thill with Jefferies. Your line is now open. (Operator Instructions)

Unidentified Participant -- -- Analyst

Hi, can you hear me?

Jeffrey H. Fox -- President, Chief Executive Officer

Yep.

Unidentified Participant -- -- Analyst

This is (inaudible) for Brent Thill. Thank you. Just two questions. One on, you talked a lot about doing more solution sales. Could you talk a little bit more specifically about, I don't know, how it might involve bundles or additional new products?

And the second question for Mark is, you mentioned some delay of some investments into 2019. Is there any specifics you can share on that? Thank you.

Marc Montagner -- Chief Financial Officer

Yes, let me take the last question first. Delay of some investment, obviously we have planned to invest more in engineering and development, it just takes time to hire the coding engineer. So, we've done tremendous progress, invested a lot, but we haven't filled every single rack and we will do that in 2019. And on the IT side, same thing, we were beefing up our security team, cyber security team and we haven't filled up all the racks, but this is coming in the first quarter.

Operator

Hello?

Marc Montagner -- Chief Financial Officer

Yep, solution set, Jeff, you want to --

Jeffrey H. Fox -- President, Chief Executive Officer

I mean, I'll just give you a couple of examples. I mean, we've -- on Bluehost and Constant Contact, we see -- as an example, we do a lot of business, obviously Bluehost is a top tier provider of hosting on the WordPress platform. And we've launched a couple of services bundles there that are really good value, if you want to help. And we're seeing those do nicely, and again, we priced those to make sure that customers get really good value and it is a good price point for us as well. It's a fair economic exchange. We've done exactly the same thing short-term on Constant Contact. And, but our plan on Constant Contact near-term involves more automation, and using what we've learned with some of the services offerings to embed more capabilities into the base product, and the ability for the customer to get, if you will, more recommendation value out of our analytics embedded in the platform of Constant Contact. So those are examples of us putting things together, so that the customer gets more success, where we will charge a bundled price or unbundle it depending on what package they are on.

Obviously Office 365 -- launching Office 365, which is a proven valuable solution, and we were just -- frankly, we were behind on that. I'm very thank -- very much want to thank the team for making that a good user experience on the platforms we've launched it on, and those are things we're -- I don't love to call out stuff where we were behind and playing catch up. Okay?

Unidentified Participant -- -- Analyst

Thank you very much.

Operator

Thank you. And our next question comes from Stephen Ju with Credit Suisse. Your line is now open. (Operator Instructions)

Stephen Ju -- Credit Suisse -- Analyst

Sorry. Jeff, thanks for taking the questions. So, I guess I'm wondering if you could talk a little bit more about your push into the LatAm and APAC regions, they are obviously very big regions with lots of different countries. I'm just wondering if it's going to be a targeted in a certain country first, and I think in particular for APAC, I think you guys have had a presence I think in India before. So I'm just wondering what's new or different in terms of what your plans might be? Thank you.

Jeffrey H. Fox -- President, Chief Executive Officer

Yes, so LatAm is easy, the primary brand that we've gone to market with is HostGator and frankly we have a really good team there. They've really done a nice job, thinking through how that brand plays, starting in Brazil, but they've now expanded obviously to Chile and Colombia, and there are few other markets. And so for us LatAm is a region that we see competitors in, and we just -- we happen to have a good team that frankly was and we hope will continue to do a great job, taking a brand that started off in the US and making it -- giving it a larger total addressable market. Latin America is a place where we will also, through that team, bring additional solutions in 2019. Example would be, I don't know exactly -- I don't have in front of me may be exact ways that they're going to leverage some of our builder technology, but I know that they've got aspirations to use our builder stack as well in their offerings.

Asia-Pac, we bought a business several years ago. And I think what we did in 2018 was, we started to refresh the strategy. We are a sizable player in India and we're a sizable player through a platform we have called ResellerClub, which we put on the slide. So we already have a very good presence in India. And what we're really doing is refreshing our global brand strategies, and trying to make sure that as we go beyond India, that we solidify the right brand and solution strategies. And so we've been refreshing the leadership team there, but our India team serves two purposes, we actually do some work supporting our US operations there and the team has really come together and done a great job as an operating part of our platform.

And then from the growth, perspective, we feel like Asia-Pac, there are several countries in Asia where we feel like as we get our brand strategies and solutions lined up here in early 2019, we'll make an investment for some additional growth in those markets. Again, that's not a big announcement, but I am trying to remind people that our total addressable market is bigger than we've really been investing to compete in on our core solutions and brands. We are a bit more business unit oriented until -- till the transformation we started to go through.

Stephen Ju -- Credit Suisse -- Analyst

Thank you.

Jeffrey H. Fox -- President, Chief Executive Officer

Yup.

Operator

Thank you. And our next question comes from Robert Main with DCM (ph). Your line is now open.

Robert Main -- DCM -- Analyst

Hey guys, thanks for the questions. I'm just curious on the capital structure, given that your bonds are now callable, curious what your thoughts are there? And also, what's your first lien target leverages and if you're at that level, would you consider just using the free cash flow to pay down the bonds, instead of the term loan, given it's more expensive capital? Thanks.

Marc Montagner -- Chief Financial Officer

Yes, Robert, thanks for the question. I think our goal for 2019 is to pay down another $100 million of debt out of our excess free cash flow. We will be opportunistic about which senior debt to go after the higher or the term loan, but you have to realize that using excess free cash flow deal (ph) restriction and to the term loan, and we are very limited in our ability to buyback the high yield debt out of excess free cash flow.

Robert Main -- DCM -- Analyst

Alright. Thank you so much.

Operator

Thank you, this concludes today's Q&A session. I would now like to turn the call back over to Jeff Fox, President and CEO for closing remarks.

Jeffrey H. Fox -- President, Chief Executive Officer

We appreciate your interest in our company. Thanks for the great questions, and we look forward to meeting you guys some day. Thanks, impressed.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone have a great day.

Duration: 37 minutes

Call participants:

Angela White -- Vice President, Investor Relations.

Jeffrey H. Fox -- President, Chief Executive Officer

Marc Montagner -- Chief Financial Officer

Brian Essex -- Morgan Stanley -- Analyst

Mark Grant -- Goldman Sachs Group Inc. -- Analyst

Naved Khan -- SunTrust Robinson Humphrey -- Analyst

Unidentified Participant -- -- Analyst

Robert Main -- DCM -- Analyst

Stephen Ju -- Credit Suisse -- Analyst

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