This document provides talking points for an Ameriprise Financial earnings call for the third quarter of 2006. It discusses key challenges faced after becoming an independent company, solid financial results for Q3 including revenue and earnings growth, progress on strategic objectives, and segment financial results. Management is satisfied with executing the separation while delivering business results and feel the company is well positioned for continued growth.
- Ameriprise Financial held a second quarter 2006 earnings call to discuss financial results and progress on strategic objectives.
- Key highlights included adjusted revenues growing 13% and adjusted earnings growing 22%, above long-term targets. Adjusted return on equity improved but was below the 12-15% target.
- The company executed several strategic initiatives including growing the mass affluent client base, maintaining a focus on financial planning, improving advisor productivity, developing new products, and ensuring an efficient operating platform.
- Financially, the quarter saw strong operating performance with adjusted earnings of $195 million, up 22% year-over-year. The company continued optimizing its capital structure and returning capital to shareholders
This document summarizes Ameriprise Financial's fourth quarter 2006 earnings conference call. It discusses strong adjusted revenue, earnings, and return on equity growth for both the quarter and full year. The separation from American Express is on track. Brand awareness has increased and distribution capabilities have been strengthened through advisor productivity improvements and growth in fee-based assets and clients.
The document provides talking points for Ameriprise Financial's first quarter 2007 earnings call. Key points include:
- Revenues grew 6% and adjusted earnings grew 16% over the previous year. Adjusted return on equity reached 12.2%.
- Total number of mass affluent and affluent clients grew 8% year-over-year and advisor productivity increased 18%.
- The company is focused on improving profitability by being more selective in hiring, enhancing advisor productivity, and retaining top advisors. Asset growth was strong across the business.
The document summarizes a company's first quarter 2008 earnings conference call. It discusses challenges faced by weak equity markets and volatility in credit markets. While earnings were lower than desired, the company's financial foundation remains strong with high client retention rates. The company is focused on executing its long-term strategy and emerging from the downturn in a good position.
This document contains summaries of several job openings:
1) An oilfield services company is seeking a FP&A Director with strategic focus and experience in financial planning, modeling, and reporting to a CFO.
2) A large chemical company seeks a Corporate Accounting Manager with accounting research and process improvement skills.
3) An energy company needs a Finance Manager experienced in project finance, structured finance, and energy projects.
Rajat Monga has 9 years of experience in IT pricing, finance, and transaction advisory. He currently works as a Senior Manager of Pricing and FP&A at EXL Service, where he leads pricing for the insurance vertical. He is responsible for pricing RFPs, contract renewals, and financial forecasting. Previously, he worked at HCL Technologies as an Associate Manager, evaluating large deals over $25M. He has a Bachelor's in Commerce from Delhi University and is a Chartered Accountant.
Banco Indusval S.A. announced its fourth quarter and full year 2011 financial results. Some key highlights include:
- The credit portfolio grew 12.7% in the fourth quarter and 30.6% for the full year, in line with the strategy of generating better quality assets.
- Net profit increased 41% in the fourth quarter. However, operating expenses and loan loss provisions resulted in a net loss of R$31.7 million for the period.
- The corporate lending segment now represents 28% of the credit portfolio, up from 14% at the end of 2010, as the bank shifts its strategy toward better quality borrowers.
- Funding costs declined due to
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
- Ameriprise Financial held a second quarter 2006 earnings call to discuss financial results and progress on strategic objectives.
- Key highlights included adjusted revenues growing 13% and adjusted earnings growing 22%, above long-term targets. Adjusted return on equity improved but was below the 12-15% target.
- The company executed several strategic initiatives including growing the mass affluent client base, maintaining a focus on financial planning, improving advisor productivity, developing new products, and ensuring an efficient operating platform.
- Financially, the quarter saw strong operating performance with adjusted earnings of $195 million, up 22% year-over-year. The company continued optimizing its capital structure and returning capital to shareholders
This document summarizes Ameriprise Financial's fourth quarter 2006 earnings conference call. It discusses strong adjusted revenue, earnings, and return on equity growth for both the quarter and full year. The separation from American Express is on track. Brand awareness has increased and distribution capabilities have been strengthened through advisor productivity improvements and growth in fee-based assets and clients.
The document provides talking points for Ameriprise Financial's first quarter 2007 earnings call. Key points include:
- Revenues grew 6% and adjusted earnings grew 16% over the previous year. Adjusted return on equity reached 12.2%.
- Total number of mass affluent and affluent clients grew 8% year-over-year and advisor productivity increased 18%.
- The company is focused on improving profitability by being more selective in hiring, enhancing advisor productivity, and retaining top advisors. Asset growth was strong across the business.
The document summarizes a company's first quarter 2008 earnings conference call. It discusses challenges faced by weak equity markets and volatility in credit markets. While earnings were lower than desired, the company's financial foundation remains strong with high client retention rates. The company is focused on executing its long-term strategy and emerging from the downturn in a good position.
This document contains summaries of several job openings:
1) An oilfield services company is seeking a FP&A Director with strategic focus and experience in financial planning, modeling, and reporting to a CFO.
2) A large chemical company seeks a Corporate Accounting Manager with accounting research and process improvement skills.
3) An energy company needs a Finance Manager experienced in project finance, structured finance, and energy projects.
Rajat Monga has 9 years of experience in IT pricing, finance, and transaction advisory. He currently works as a Senior Manager of Pricing and FP&A at EXL Service, where he leads pricing for the insurance vertical. He is responsible for pricing RFPs, contract renewals, and financial forecasting. Previously, he worked at HCL Technologies as an Associate Manager, evaluating large deals over $25M. He has a Bachelor's in Commerce from Delhi University and is a Chartered Accountant.
Banco Indusval S.A. announced its fourth quarter and full year 2011 financial results. Some key highlights include:
- The credit portfolio grew 12.7% in the fourth quarter and 30.6% for the full year, in line with the strategy of generating better quality assets.
- Net profit increased 41% in the fourth quarter. However, operating expenses and loan loss provisions resulted in a net loss of R$31.7 million for the period.
- The corporate lending segment now represents 28% of the credit portfolio, up from 14% at the end of 2010, as the bank shifts its strategy toward better quality borrowers.
- Funding costs declined due to
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
Jethro Delgado has over 20 years of experience in the auto finance and customer service industry, working at both Reliable Auto and Marjet Auto Sales. At Reliable Auto, he held several promotions, most recently as Assistant Vice President where he oversaw repossession operations. He has received multiple awards for his work, including Employee of the Year in 2014. Currently, he owns Marjet Auto Sales and sells used cars in Tampa, Florida.
Atento baird global service conference june 8 2016atentoinvestors
Atento reported financial results for the first quarter of 2016. Revenue increased 2.5% year-over-year to $419 million driven by 16% growth in the Americas region. Adjusted EBITDA grew 5.6% to $48.8 million with margins expanding 30 basis points. The company won over 2,700 new workstations, over half from new clients, and continued diversifying its revenue base. Atento reaffirmed its full-year 2016 guidance and remains focused on balancing growth, profitability and reducing debt levels.
The document is a transcript from Ameriprise Financial's fourth quarter 2008 earnings call on January 28, 2009.
In the call, Jim Cracchiolo, Chairman and CEO of Ameriprise Financial, discusses the company's disappointing financial results for Q4 2008 which included a net loss of $369 million due to impacts from the deteriorating market conditions. However, he emphasizes that the company's financial foundation remains strong with healthy capital ratios and a solid balance sheet. Looking ahead, the company expects challenging market conditions to continue through 2009 and is taking actions to reduce expenses and better prepare for potential further credit market issues.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
This document contains forward-looking statements about the company's plans, intentions and expectations, which are based on management's views of historical trends and future developments. It cautions that actual results may differ from these statements due to risks and uncertainties. It also believes the case studies presented provide a representative sample of how merchants have used its platform, but notes other factors may have contributed to increases in visits, growth and sales. Finally, it supplements GAAP financial measures with non-GAAP measures to provide additional information, and includes reconciliations between the GAAP and non-GAAP measures.
The document provides a summary of Robert Coward's experience leading operations and finance roles for global companies. It outlines his experience delivering revenue growth, margin expansion, and cost reductions through initiatives like global strategic planning, financial governance, KPI management, and talent development. Specific achievements highlighted include expense reductions, revenue increases, and profitability improvements for businesses ranging from $300M to $8.5B in size across industries like software, outsourcing, and document management.
This document contains forward-looking statements about the company's plans, estimates, beliefs and assumptions. It notes that actual results may differ materially from what is projected. It also discusses non-GAAP financial measures used by the company to supplement GAAP reporting and provide additional useful information. Case studies of merchant experiences are also discussed but it is noted that many factors could have contributed to reported increases, not just the company's platform.
This document contains forward-looking statements about the company's plans, intentions and expectations, which are based on management's views of historical trends and future developments. It notes that actual results may differ materially from these statements due to known and unknown risks and uncertainties. It also notes that case studies of merchant results do not necessarily mean the company's platform was the only contributing factor to growth. Financial measures are supplemented with non-GAAP measures to provide additional context.
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
Moelis company october investor pres_vfinalMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning 100% of excess capital to shareholders.
Moelis company October Investor PresentationMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning excess capital to shareholders.
This document contains the resume of John Kirou, who has over 10 years of experience as a Financial Controller. He has extensive knowledge of GAAP and is currently enrolled in the CGA program. He has a proven track record of delivering clean audits, managing staff, implementing systems, and performing financial analysis. His most recent role was as Controller at Weston Premium Woods, where he strengthened financial controls and improved efficiency.
This document provides information about Robert Half Management Resources, which offers CFO services to companies. They have over 60 years of experience providing interim CFOs and senior financial support. Their CFOs help companies with strategies in various areas, including business, capital/financing, regulatory/compliance, operations, and technology. Robert Half Management Resources offers experienced CFO consultants and access to business consulting services. Two case studies are described where their interim CFO services helped companies reduce costs and integrate an acquisition.
Tenet's COO provided an update on the company's strategies to improve volume growth. Early results from their Physician Sales and Service Program (PSSP) showed a 3.5% increase in admissions for targeted physicians. Their Centers of Excellence (COE) strategy led to a 22% increase in cardiology volumes for designated hospitals. The COO summarized their strategy as: 1) Identifying physician needs through research, 2) Accelerating capital spending on physician priorities, 3) Fine-tuning PSSP communications, and 4) Enhancing their value proposition through COE designations. The COO expressed optimism that continued momentum with PSSP and COE, along with quality initiatives, can achieve net
- Kevin O'Reilly is an experienced CPA and finance executive seeking new opportunities. He has over 25 years of experience in accounting, finance, and operations roles.
- As a finance leader, he has streamlined operations, improved efficiency, and increased profitability and cash flows at various organizations.
- He has experience in M&A transactions, system implementations, cost reductions, and improving internal controls and financial reporting.
ADP has delivered strong total shareholder returns and margin expansion through executing on its strategy. Over the past 5 years, ADP achieved 7% annual revenue growth, a 580 basis point increase in net operational margins, and 10% annual growth in adjusted EPS. This has allowed ADP to return $11.3 billion to shareholders since 2011 through share repurchases and dividends, with 42 consecutive years of dividend increases. Benchmarking shows ADP has significantly outperformed various peer groups in total shareholder return under its current CEO. ADP will continue transforming through technology investments, streamlining operations, and leveraging its global presence.
The document provides a summary of a conference call discussing Tenet Healthcare Corporation's financial results for Q4 2008.
1) Tenet reported strong operating results for Q4 2008, with improvements in same-hospital volumes, revenues, and profits. However, Tenet's stock price declined sharply in Q4.
2) Despite economic uncertainties, the speaker remains optimistic about Tenet's business fundamentals due to progress in physician recruitment, outpatient business stabilization, growth in targeted service lines, and quality achievements.
3) Tenet expects its 2009 adjusted EBITDA to range from $735 million to $800 million, either flat or up 9% from 2008, due to uncertainties around volumes, payor
The document discusses how businesses can use social media for marketing purposes. It outlines several tactics like advertising on LinkedIn and Facebook to drive traffic, posting jobs on LinkedIn for recruitment, and creating Facebook pages or LinkedIn company pages to promote brands. Some key strategies mentioned are blogging to start conversations, commenting on other blogs, liking and bookmarking content to promote ideas, and examining social media profiles for background checks. Reasons given for why businesses should use social media include providing additional communication channels, increasing online presence, and often being included in blended search results.
Jethro Delgado has over 20 years of experience in the auto finance and customer service industry, working at both Reliable Auto and Marjet Auto Sales. At Reliable Auto, he held several promotions, most recently as Assistant Vice President where he oversaw repossession operations. He has received multiple awards for his work, including Employee of the Year in 2014. Currently, he owns Marjet Auto Sales and sells used cars in Tampa, Florida.
Atento baird global service conference june 8 2016atentoinvestors
Atento reported financial results for the first quarter of 2016. Revenue increased 2.5% year-over-year to $419 million driven by 16% growth in the Americas region. Adjusted EBITDA grew 5.6% to $48.8 million with margins expanding 30 basis points. The company won over 2,700 new workstations, over half from new clients, and continued diversifying its revenue base. Atento reaffirmed its full-year 2016 guidance and remains focused on balancing growth, profitability and reducing debt levels.
The document is a transcript from Ameriprise Financial's fourth quarter 2008 earnings call on January 28, 2009.
In the call, Jim Cracchiolo, Chairman and CEO of Ameriprise Financial, discusses the company's disappointing financial results for Q4 2008 which included a net loss of $369 million due to impacts from the deteriorating market conditions. However, he emphasizes that the company's financial foundation remains strong with healthy capital ratios and a solid balance sheet. Looking ahead, the company expects challenging market conditions to continue through 2009 and is taking actions to reduce expenses and better prepare for potential further credit market issues.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
This document contains forward-looking statements about the company's plans, intentions and expectations, which are based on management's views of historical trends and future developments. It cautions that actual results may differ from these statements due to risks and uncertainties. It also believes the case studies presented provide a representative sample of how merchants have used its platform, but notes other factors may have contributed to increases in visits, growth and sales. Finally, it supplements GAAP financial measures with non-GAAP measures to provide additional information, and includes reconciliations between the GAAP and non-GAAP measures.
The document provides a summary of Robert Coward's experience leading operations and finance roles for global companies. It outlines his experience delivering revenue growth, margin expansion, and cost reductions through initiatives like global strategic planning, financial governance, KPI management, and talent development. Specific achievements highlighted include expense reductions, revenue increases, and profitability improvements for businesses ranging from $300M to $8.5B in size across industries like software, outsourcing, and document management.
This document contains forward-looking statements about the company's plans, estimates, beliefs and assumptions. It notes that actual results may differ materially from what is projected. It also discusses non-GAAP financial measures used by the company to supplement GAAP reporting and provide additional useful information. Case studies of merchant experiences are also discussed but it is noted that many factors could have contributed to reported increases, not just the company's platform.
This document contains forward-looking statements about the company's plans, intentions and expectations, which are based on management's views of historical trends and future developments. It notes that actual results may differ materially from these statements due to known and unknown risks and uncertainties. It also notes that case studies of merchant results do not necessarily mean the company's platform was the only contributing factor to growth. Financial measures are supplemented with non-GAAP measures to provide additional context.
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
Moelis company october investor pres_vfinalMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning 100% of excess capital to shareholders.
Moelis company October Investor PresentationMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning excess capital to shareholders.
This document contains the resume of John Kirou, who has over 10 years of experience as a Financial Controller. He has extensive knowledge of GAAP and is currently enrolled in the CGA program. He has a proven track record of delivering clean audits, managing staff, implementing systems, and performing financial analysis. His most recent role was as Controller at Weston Premium Woods, where he strengthened financial controls and improved efficiency.
This document provides information about Robert Half Management Resources, which offers CFO services to companies. They have over 60 years of experience providing interim CFOs and senior financial support. Their CFOs help companies with strategies in various areas, including business, capital/financing, regulatory/compliance, operations, and technology. Robert Half Management Resources offers experienced CFO consultants and access to business consulting services. Two case studies are described where their interim CFO services helped companies reduce costs and integrate an acquisition.
Tenet's COO provided an update on the company's strategies to improve volume growth. Early results from their Physician Sales and Service Program (PSSP) showed a 3.5% increase in admissions for targeted physicians. Their Centers of Excellence (COE) strategy led to a 22% increase in cardiology volumes for designated hospitals. The COO summarized their strategy as: 1) Identifying physician needs through research, 2) Accelerating capital spending on physician priorities, 3) Fine-tuning PSSP communications, and 4) Enhancing their value proposition through COE designations. The COO expressed optimism that continued momentum with PSSP and COE, along with quality initiatives, can achieve net
- Kevin O'Reilly is an experienced CPA and finance executive seeking new opportunities. He has over 25 years of experience in accounting, finance, and operations roles.
- As a finance leader, he has streamlined operations, improved efficiency, and increased profitability and cash flows at various organizations.
- He has experience in M&A transactions, system implementations, cost reductions, and improving internal controls and financial reporting.
ADP has delivered strong total shareholder returns and margin expansion through executing on its strategy. Over the past 5 years, ADP achieved 7% annual revenue growth, a 580 basis point increase in net operational margins, and 10% annual growth in adjusted EPS. This has allowed ADP to return $11.3 billion to shareholders since 2011 through share repurchases and dividends, with 42 consecutive years of dividend increases. Benchmarking shows ADP has significantly outperformed various peer groups in total shareholder return under its current CEO. ADP will continue transforming through technology investments, streamlining operations, and leveraging its global presence.
The document provides a summary of a conference call discussing Tenet Healthcare Corporation's financial results for Q4 2008.
1) Tenet reported strong operating results for Q4 2008, with improvements in same-hospital volumes, revenues, and profits. However, Tenet's stock price declined sharply in Q4.
2) Despite economic uncertainties, the speaker remains optimistic about Tenet's business fundamentals due to progress in physician recruitment, outpatient business stabilization, growth in targeted service lines, and quality achievements.
3) Tenet expects its 2009 adjusted EBITDA to range from $735 million to $800 million, either flat or up 9% from 2008, due to uncertainties around volumes, payor
The document discusses how businesses can use social media for marketing purposes. It outlines several tactics like advertising on LinkedIn and Facebook to drive traffic, posting jobs on LinkedIn for recruitment, and creating Facebook pages or LinkedIn company pages to promote brands. Some key strategies mentioned are blogging to start conversations, commenting on other blogs, liking and bookmarking content to promote ideas, and examining social media profiles for background checks. Reasons given for why businesses should use social media include providing additional communication channels, increasing online presence, and often being included in blended search results.
It is very important to call if you cannot make it to your appointment. The clinic and the parent decide on a rescheduled appointment time. The appointment will now take place a different day and the clinic will be able refill that time slot with another patient. Some clinics will not make any more appointments with people who have not shown up to scheduled appointments in the past. By calling and telling the clinic you cannot come will allow you to still make appointments at that clinic.
The document does not contain any substantive information to summarize. It appears to be a blank document created by Dinisha but without any text, details, or context provided.
This short document provides information about a song titled "Can You Feel the Love Tonight" by Elton John. It was created by Dinisha and includes a link to her SlideShare profile page. The document signals the end of including song information.
This document summarizes paradoxes of modern times, noting that while houses are larger, families are smaller, and conveniences have increased, free time has decreased. It also notes that we have more education but less common sense, more experts but more problems. It encourages making the most of every day rather than waiting for some future time, expressing love to family and friends, and not delaying things that bring joy. The key message is that every day is special and not to wait to appreciate life and loved ones.
Week 2 slides for "Visual Instructional Design" with SaraJoy Pond. Topic : Balance : visual weight, symmetrical and asymmetrical balance and implications for communication.
This document lists the names of over 40 waterfalls located around the world. It includes waterfall names and locations in countries like the USA, Canada, Germany, Jamaica, China, Brazil, Iceland, Australia, South Africa, Croatia, and more. The waterfalls range greatly in size and type, from small creek falls to massive multi-tiered falls. The list concludes with Waimea Falls in Oahu, Hawaii.
This document provides information about ancient India's achievements and discoveries in various fields like science, mathematics, medicine, astronomy, language, and art. Some key points include:
- India invented concepts like the number zero, place-value system, quadratic equations, and trigonometry, as well as calculating pi and the speed of light, centuries before other civilizations.
- Ancient Indian texts from thousands of years ago describe advanced medical knowledge including surgery, anesthesia, and embryology.
- Fields like astronomy, physics, and chemistry had major contributions from ancient Indian scholars, including the theory of gravity, space travel, and the speed of light.
- India developed diverse artistic traditions including classical dance forms,
This very short document does not contain any substantive information to summarize in 3 sentences or less. It consists of a title "THE END" and attribution to the presenter "Presented by DINISHA" along with a website. The document provides no context or content that could be meaningfully summarized.
This one sentence document simply states "THE END" without providing any other context or information. It includes a presentation attribution to "DINISHA" and includes a URL for a slideshare site but does not give any indication of the topic or content being summarized.
This document summarizes an interview with Gale Klappa, Executive Vice President and CFO of Southern Company, about the company's strong financial performance in 2002 and outlook for 2003. Some of the factors contributing to 2002 results were regional growth, favorable weather, a strong balance sheet, and successful competitive generation business. The company expects earnings of $1.84 per share in 2003, assuming no significant industrial demand growth. Investors can be confident in Southern Company's financial reporting and dividend history. Progress on a $35 million annual goal for the products and services business by 2004 was also discussed.
Morgan Stanley had a very successful 2004 fiscal year, with net revenues increasing 14% and earnings per share growing 18%. However, the firm's stock price did not increase and it did not achieve a higher return on equity than its competitors. The letter discusses Morgan Stanley's strategic focus on growth areas like payments, financial advice, asset management and capital markets. It emphasizes the firm's commitment to putting clients and employees first to generate superior long-term returns for shareholders.
Evine earnings investor presentation f16 q4evine2015
The company reported improved financial results for the fourth quarter and full year 2016. Key highlights include:
- Adjusted EBITDA increased 31% in Q4 2016 and 76% for the full year 2016 compared to the prior year periods.
- Gross profit margin improved 260 basis points in Q4 2016 and 190 basis points for the full year, driven by balancing the merchandising mix.
- Net income increased 207% in Q4 2016 and 29% for the full year 2016, reflecting profitability gains.
- Digital sales grew to 52% of total sales in Q4 2016, up from 49% in the prior year, and purchase frequency on digital platforms increased 11%.
So in
Evine investor presentation september 2017 finalevine2015
This document provides an investor presentation for Evine Live, Inc. It includes a safe harbor statement noting forward-looking statements are based on management expectations and are subject to uncertainties. It defines adjusted EBITDA as a non-GAAP measure excluding certain items to assess operating performance. The presentation provides an overview of the company, its leadership team, and reasons for investing including progress improving financial performance, paying down debt, converting to HD, and planned growth initiatives.
The Win Strategy™ is the Parker business system and was introduced in 2001. It has been instrumental in transforming the company’s operations and optimizing performance. The Win Strategy has served Parker exceptionally well and many of its core principles will remain in place. However, under new leadership, the company has reached an opportune time to set a new course for Parker in a fast-changing and increasingly challenging global environment. The new Win Strategy will position the company to achieve top quartile financial performance among its diversified industrial proxy peer companies. Over time, executing the new Win Strategy will ensure Parker is on track to achieve its vision of Engineering Your Success.
Download your copy at Parker's Website -http://www.parker.com/parkerimages/Parker.com/About%20Us/Literature/Parker%202015%20AR.pdf
Atento reported its fourth quarter and full year 2014 results. The company delivered strong financial results in 2014 with 7.7% revenue growth in constant currency terms and an adjusted EBITDA margin of 13.3%. Atento achieved margin expansion through improved operations productivity and reduced staff turnover. It also strengthened its balance sheet through deleveraging. Atento is well positioned for continued growth and margin expansion in 2015 based on its existing client base, closed contracts in 2014, and initiatives to drive efficiency and revenue growth.
The document is the transcript of a conference call by Ameriprise Financial discussing their 4Q07 earnings.
- Ameriprise reported solid operating results for the quarter and full year 2007 despite tough market conditions, with revenue growth of 8% and adjusted EPS growth of 14%.
- The company's balance sheet remained strong without significant write-downs, due to their conservative risk management approach.
- Looking ahead, Ameriprise plans to manage expenses prudently while continuing to invest in long-term growth, in order to navigate the difficult market environment.
The document discusses Manpower's performance and strategies during a period of economic uncertainty in 2002. It summarizes that Manpower strengthened its financial position, improved efficiency, expanded services, and increased customer relationships despite challenging market conditions. Manpower emerged stronger and confident in its leadership position. The speed of work increased pressure on companies, but Manpower provided flexibility and quality service to help customers.
- Atento reported strong financial results for Q4 and full year 2014, with 7.7% constant currency revenue growth and adjusted EBITDA margin expansion of 70 basis points to 13.3%.
- Revenue growth was driven by a 10.5% increase in Latin America, with double digit growth in the Americas region. Adjusted EBITDA grew 13.7% in constant currency terms.
- The company achieved significant margin improvements in Brazil through operational efficiencies and commercial initiatives, expanding adjusted EBITDA margin by 110 basis points over 2013.
August '23 Sustainability Investor Presentation.pdfssuserfebf7d
AECOM recognizes the severity of the wildfires in Hawaii and has launched recovery efforts including a $100,000 employee donation matching program and corporate donation through the Red Cross. The company has a history of delivering for clients and communities in Hawaii during disasters. AECOM provides forward-looking statements about plans and performance but actual results could differ due to various economic and performance factors. The company uses non-GAAP measures to evaluate performance but these should not replace GAAP measures and may lack comparability.
Michael Scherbaum is the Senior Manager of Partner Field Development at Salesforce. The presentation covers account planning for the current fiscal year. It emphasizes developing a strategic plan for each account that drives consistent activities to ensure effective strategic, tactical, and territory planning. It provides templates for account profiles, analysis, strategy development, and action planning. The presentation stresses that account planning is a team effort and reviews best practices for sharing the strategy and vision with customers.
Use These Five Step to Ensure the Future Success of Your BusinessMatthew Wirgau
Business is unpredictable, and the one thing we know for sure is that we will face changes and challenges.
To ensure success, you must rigorously measure the performance of your business.
We have identified five key strategic areas to help you determine if your business will be successful in the future.
They will help you get started on deriving your own solutions to the key challenges, hurdles, and problems you may face.
Over the next few pages we review five (5) key strategic elements on which all business owners–CEOs– Presidents should focus to be successful.
This document discusses the importance of customer renewals and minimizing attrition. It provides strategies for a lifecycle approach to renewals that begins at the start of the customer relationship. Key aspects of the renewal process include performing account reviews early to assess renewal risk, collaborating across teams on renewal strategy, engaging customers in renewal discussions, and ensuring a successful renewal outcome. The presentation emphasizes taking a proactive, preventative approach to renewals by identifying and resolving any potential customer issues that could impact renewal.
great atlantic & pacific tea Annual_Report_2005finance33
This document is the annual report of The Great Atlantic & Pacific Tea Company (A&P) for fiscal year 2005. It includes letters to stockholders from the Executive Chairman and President/CEO. The Chairman's letter discusses the sale of the Canadian business, leadership changes, cost reductions, and improved second half results in 2005. The CEO letter outlines the strategic plan to improve results through 2007 by building sales profitably through lower costs and upgraded stores, reducing costs, and improving 75% of stores by 2008 under three new formats.
great atlantic & pacific tea Annual_Report_2005finance33
This document is the annual report to stockholders for The Great Atlantic & Pacific Tea Company (A&P) for fiscal year 2005. It includes letters from the Executive Chairman and President/CEO, which discuss actions taken in 2005 to strengthen A&P's financial position through the divestiture of its Canadian operations, reduce costs, and launch new retail strategies. The letters also outline plans to continue improving operations, reducing costs, and converting stores to new prototype formats going forward to return the company to profitability.
The document summarizes presentations from a CFO leadership breakfast on technology, tools, and trends for finance leaders. Linda Pinion discusses how CFOs can become more tech-savvy by making metrics timely, relevant, accurate and actionable for managers using cloud ERP systems. David Marroncelli then discusses the new ASC 606 revenue recognition standard and how it establishes a five-step approach that differs from previous GAAP guidelines. The standard takes effect for private companies after December 2018.
- nem was founded in 2001 by three former senior executives to assist organizations accelerate their business objectives through non-conventional consulting approaches focused on identifying blockages and ensuring management understands barriers.
- nem has grown to over 40 principals operating nationally from three offices, making it arguably Australia's largest boutique consulting firm serving the SME market between $2-100M annual turnover.
- nem relies on principal expertise to undertake reviews, identify strategies, and document implementation programs to guide clients internally and with external providers. This contrasts with conventional consulting's reliance on commercially inexperienced staff.
The document is an annual report from The Warehouse Group that summarizes the company's performance in FY17 and outlines plans for transformation. Key points:
- FY17 adjusted net profit was $59.2 million, down 7.7% but above guidance. Group retail sales were $2,980.8 million, up 1.9%
- The company has accelerated change programs including restructuring and selling parts of the business in response to a weaker first half of FY17 and increasing disruption
- FY18 will see operational investment and costs to drive the company's transformation plan focusing on fixing retail fundamentals and investing in digital
- The board has full confidence in the leadership team and transformation plan
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future competition. While sales growth was achieved through new store openings, existing store sales did not grow as expected due to excess inventory levels. The company took steps to better align inventory levels with sales. It also streamlined its buying structure to improve accountability and gain leverage in the market. Going forward, Nordstrom aims to generate quality sales growth from both new and existing stores through various new initiatives focused on the customer experience.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future success and increased competition. Key points include:
- Sales growth was driven by new full-line store openings and Rack store expansion. However, inventory levels had expanded faster than sales.
- The company realigned its buying structure to streamline decision making and gain leverage in the market.
- Initiatives are outlined to drive quality sales growth from existing stores through listening to customers and inspiring brand loyalty.
- The company is well positioned for future growth through new store opportunities and adapting to changing customer demands.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
Nordstrom's 2001 Annual Report provides key financial highlights and performance metrics for the fiscal year. It discusses comparable store sales growth, total sales growth, earnings per share, and other metrics. The report also features interviews with Nordstrom employees discussing how the company is responding to challenges in retail by focusing on great products, customer service, and relationships. Employees discuss benefits of new initiatives like Perpetual Inventory and how Nordstrom transfers its core values to new markets. An operations executive also discusses bringing expenses under control by focusing on the customer experience and leveraging the company's size.
Nordstrom reported financial results for fiscal year 2001 with net sales increasing 1.9% to $5.6 billion and net earnings growing 22.3% to $124.7 million. Nordstrom saw comparable store sales growth and increased sales per square foot. The company focused on offering great styles, value, and customer service during challenging times for retail. Nordstrom implemented Perpetual Inventory to improve inventory management and the customer experience.
The annual report for 2002 provides financial highlights for the company including:
- Net sales increased 6.1% from 2001 to $5.975 billion.
- Earnings before income taxes decreased 4.3% to $195.6 million.
- Net earnings decreased 27.6% to $90.2 million.
The annual report summarizes Nordstrom's financial performance in 2002. Net sales increased 6.1% to $5.975 billion compared to 2001. Earnings before taxes decreased 4.3% to $195.6 million. Net earnings decreased 27.6% to $90.2 million and basic earnings per share decreased 28% to $0.67. Nordstrom made progress increasing sales and reducing expenses as a percentage of sales but recognizes there is still work to be done to reach its goals.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on listening to customers, providing quality service, and investing in employees and tools to build long-term customer loyalty and competitive advantage.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on disciplined growth, delivering the right merchandise assortments to each store, and leveraging technology improvements to better serve customers and drive profitable growth.
The document lists various job roles within the fashion retail business, including designers, salespeople, managers, and support staff. It then provides financial highlights and key metrics for Nordstrom, Inc. for the year 2004, including total revenue, net earnings, earnings per share, and total number of employees. The roles listed help illustrate the wide range of positions involved in operating a large retail fashion business.
The document lists various job roles within the fashion retail business of Nordstrom, Inc. It includes designers, salespeople, managers, servers, and other operational roles across the company. The roles support functions like design, sales, store operations, visual merchandising, and supply chain management.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including retail stores, direct, credit, and other. It provides an overview of Nordstrom's operations, including its store count, real estate strategy, brands, suppliers, seasonality, inventory management, and competitive environment. The report also addresses risks to Nordstrom's business from economic conditions, consumer spending, competition, and other factors.
This document is Nordstrom's annual report on Form 10-K for the fiscal year ending January 31, 2009. It provides information on Nordstrom's business operations and financial results. Specifically, [1] it describes Nordstrom's retail operations including its full-line department stores, Nordstrom Rack off-price stores, and clearance stores; [2] it notes that Nordstrom operates 171 stores across 28 U.S. states as of March 2009; and [3] it divides Nordstrom's business into four segments: Retail Stores, Direct, Credit, and Other. The filing also includes details on store openings, financial and operating results, risk factors, properties, legal proceedings, and other disclosures required in an annual
- Nordstrom reported strong financial results for fiscal year 2005 with total sales increasing 8.3% to $7.7 billion and same-store sales growth of 6%. Net earnings increased 40.1% to $551 million compared to 2004.
- The company aims to continue its growth in 2006 by focusing on maximizing sales in women's apparel, providing a seamless shopping experience across channels, and expanding into new markets like Boston.
- Nordstrom's strategies for continuous improvement include testing new store concepts, enhancing its online presence, leveraging technology investments, and refining inventory management tools.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion and net earnings increased 23% to $678 million. Other highlights included gross profit and earnings before taxes reaching record high percentages of net sales. Nordstrom also announced a $2.8 billion capital plan to fund new stores, remodels, and other customer-facing initiatives to drive further growth. The company is well positioned for future growth given its focus on serving customers through both stores and online channels.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion, with earnings before taxes exceeding $1 billion for the first time. The gross profit rate was 37.5% and expenses as a percentage of sales improved for the sixth consecutive year. Nordstrom also announced a $2.8 billion capital investment plan focused on new stores, remodels, and technology improvements to enhance the customer experience across channels. The Chairman expressed optimism for Nordstrom's future given its focus on serving customers and executing narrow initiatives through the lens of its values.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including Retail Stores, Direct, Credit, and Other. It provides an overview of Nordstrom's operations including its store count, real estate strategy, and sales by segment. It also outlines the company's trademarks, return policy, seasonality, inventory management, competition, employees, and risk factors associated with its business.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
This assessment plan proposal is to outline a structured approach to evaluati...
ameriprise TalkingPoints_3Q06
1. Ameriprise Financial, Inc.
Third Quarter 2006 Earnings
Conference Call Talking Points
Laura Gagnon – VP, Investor Relations
Thank you and welcome to the Ameriprise Financial third quarter earnings call.
With me on the call today are Jim Cracchiolo, Chairman and CEO and Walter
Berman, Chief Financial Officer. After our prepared remarks, we will open the
lines for Q&A.
During the call, you will hear references to various non-GAAP financial measures
like “adjusted earnings” or “adjusted premiums.” Management believes that the
presentation of these adjusted financial measures best reflects the underlying
performance of the company’s operations. The adjusted numbers exclude
discontinued operations and AMEX Assurance from prior periods, and non-
recurring separation costs in both periods.
The presentation of adjusted earnings is consistent with the non-GAAP financial
information presented in the Company’s annual report and Form 10-K for the
year ended 2005. Reconciliations of non-GAAP numbers discussed in this
presentation to the respective GAAP numbers can be found in the Earnings
Release and Statistical Supplement issued today available on our website and
furnished under an 8-K filed with the Securities and Exchange Commission.
Some of the statements that we make in this discussion may constitute quot;forward-
looking statements.quot; These statements reflect management's expectations about
future events and operating plans and performance and speak only as of today’s
date. These forward-looking statements involve a number of risks and
uncertainties. A list of factors that could cause actual results to be materially
different from those expressed or implied by any of these forward-looking
statements is detailed under the heading “Forward-Looking Statements” in our
2005 Annual Report to Shareholders, a complete copy of which is available on
1
2. our website, and under the heading quot;Risk Factors,” and elsewhere in our 2005
10-K report, already on file with the SEC. We undertake no obligation to update
publicly or revise these forward-looking statements for any reason.
With that, I’d like to turn the call over to Jim Cracchiolo, Chairman and CEO.
James Cracchiolo, Chairman and Chief Executive Officer
Thank you, Laura.
And - - welcome everyone.
I’m pleased to have you join us today, to review not only our third quarter results,
but also the completion of our first full year as an independent company.
Overall, I’m particularly satisfied with how we’ve executed a large and complex
separation while delivering solid business results.
There are three main areas I want to touch on today:
• First, the key challenges we faced when we went public and how we
responded to them;
• Second, the results we’ve achieved against our financial targets for the third
quarter;
• And, lastly the overall progress we continue to make as we execute our
strategy.
So, let’s begin with the main challenges we faced when we went public. At the
time, we knew we needed to:
• Establish a recognizable brand - - to replace the American Express brand,
• Retain our advisor force and ensure their continued productivity,
2
3. • And, lastly, successfully execute our separation to establish our public
company.
I believe we’ve been effectively addressing these challenges, while positioning
the firm to capitalize on our growth opportunities, serve client and advisor needs,
and generate shareholder value. In fact, our independence presented a terrific
opportunity for the company.
• First, we’ve been building a strong position with our brand.
o We’re gaining traction in the marketplace with awareness well above what
we expected. After just one year, our brand has achieved greater than 45
percent awareness, which is significantly higher than when we were
American Express Financial Advisors.
o Importantly, our brand is now more closely established around our core
value proposition, which better reinforces our leadership in financial
planning and advice.
• Next, is the challenge we faced with our advisor force.
• I’ve never felt better about our connection with advisors. Many of our most
senior and productive advisors tell me this is the best they’ve felt in decades –
they’re energized by our independence and what we’re building for the future.
o They’re pleased with our focus on the business, the investments we’ve
made in our brand and marketing, and the enhanced products, services
and technology we’re delivering to help them better meet client needs and
grow their practices.
o This focus has led to a turnaround in advisor retention and strong
improvements in productivity.
Franchisee retention has returned to pre-separation levels at 93
percent - - the same level we reported in the fourth quarter of 2004,
which was just prior to the spin off announcement.
3
4. And, we’ve seen a 14 percent increase in advisor productivity, as
measured by our total gross dealer concession.
• As for the spin-off, we’ve completed a major portion of the separation without
any material, negative impact to the business. From de-linking and re-
establishing our technology platform, creating our capital structure, to
revamping marketing materials and advisor office signage across the country
- - we’re on track and on budget to complete the separation while further
establishing our platform for growth.
• Overall, against the major challenges presented by the spin-off, we’re on
target and delivering what we said we would do, with a strong foundation in
place.
Now, to our third quarter results, which reflect this continued progress:
o Adjusted revenue grew 5 percent,
o Adjusted earnings grew 29 percent,
o And, adjusted return on equity reached 11.2 percent, up from 10.4 percent
in the prior-year period and 10.7 percent at the end of the second quarter.
This performance reflects our ability to continue to meet client needs and grow
our mass affluent base, contributing to growth in retail client assets and
increases in advisor productivity. With that, we’re experiencing strong inflows to
fee-based wrap products as well as movement to variable equity-based products,
like variable annuities. This aligns with our efforts to derive an increasing portion
of revenues from higher-margin, less capital-intensive businesses.
These positives more than offset the pressure we, and others in the industry, are
experiencing from the reduction in investment income in our spread products,
due to declining account balances and a challenging rate environment.
4
5. Let’s now turn to the progress we’re making in executing our strategy.
First, our strategy remains the same. This continued focus ensures we draw
upon the strengths and differentiators in our model to deliver on our shareholder
objectives.
Beginning with our clients, and our target market - - mass affluent clients,
our focus is to attract them to our franchise and grow their assets.
o Total mass affluent client groups increased 7 percent year-over-year.
o And, average assets from newly acquired mass affluent clients are now
more than $300,000.
Second - - Financial Planning. We continue to focus on financial planning,
especially for mass affluent clients. That has resulted in:
A 59 percent financial planning penetration of newly acquired mass
o
affluent clients.
o At the same time, we’re also moving toward a more prescribed client
experience. In fact, our most recent advertising highlights the client
experience we’ve built around financial planning - - our unique Dream >
Plan > Track >SM approach.
o It’s one-to-one, face-to-face financial planning that focuses on helping
clients engage in planning that goes beyond the numbers.
o Moving forward, we are further refining our financial planning capabilities,
tools and processes ensuring an enhanced value proposition that we
intend to deliver next year.
Our third strategic objective is to deliver profitable growth and productivity
in our advisor network. As I mentioned, I feel good about the stability and
productivity of our advisors. This is clearly evident in the 93 percent franchisee
retention rate, and the 13 percent increase in per branded advisor GDC.
5
6. o Total advisors grew 2 percent to 12,427 with branded advisors up 1
percent. We continue to emphasize productivity and will further refine our
platforms to drive improved economics in our retail network.
o One of the major satisfiers for advisors this year has been our focus on
upgrading their systems environment. We’re about mid-way through a
phased technology release to provide them with enhanced tools and
programs supporting their practices.
Let’s now turn to our fourth strategic objective - - capturing greater assets
through enhanced product solutions. Today, our product solutions are
broader, deeper and higher performing.
Over the last year, we’ve introduced more than 20 new asset management,
annuity, insurance and lending products.
o We’re seeing that clients are increasingly choosing fee-based
arrangements, leading to strong growth in our #1 ranked wrap program,
where assets are up 31 percent year-over-year.
o Consistent with the industry, living benefits on RiverSource variable
annuities resulted in strong sales and net inflows of $1.4 billion, both
within Ameriprise and through third-party banks and broker-dealers.
Within asset management, I’m pleased with the progress we’re making at
RiverSource Investments. We’re delivering strong performance across our
investment teams demonstrated in many of our one-, three-, and in some
instances, five-year track records. In addition, our product enhancements include
innovative new solutions that align with investor goals like the RiverSource
Retirement Plus and Income Builder Series.
These improvements and our expanded wholesaling capabilities are helping to
drive more sales and fewer redemptions in our advisor channel.
6
7. During the quarter, we established the operational infrastructure necessary to
distribute RiverSource Funds in third party channels. We now intend to sign
selling agreements with banks and other broker-dealers for RiverSource mutual
funds, as we have been doing for annuities.
Overall, I feel good about the improved flow momentum we’re seeing. However,
there is one outflow we anticipate in the fourth quarter. American Express has
informed us that they intend to reposition their 401(k) investment alternatives,
which will primarily impact the y-share balances we report by approximately $800
million. Once this is complete, our y-share balances will be below $2 billion.
In addition to RiverSource, Threadneedle is becoming a key contributor to our
results. Threadneedle is growing profitability according to its plan, with strong
investment performance, a broad product suite and positive flows in higher
margin products. Threadneedle’s institutional outflows were driven by continued
withdrawals of lower margin assets, which is similar to what we’ve seen in earlier
quarters.
Beyond asset accumulation, we also help protect client assets. We are a leader
in variable universal life and offer a broad suite of variable universal life, universal
life and disability income insurance products. At quarter-end, life insurance in-
force reached $171 billion, up 9 percent.
Another growing contributor in our protection segment is Auto and Home, where
we’re experiencing good performance with solid growth in premiums and
effective risk management, which is achieving the target returns we’ve
established for this business.
Finally, we’re committed to our fifth strategic objective, further
strengthening our operating platform and infrastructure. We’re completing
the build out of our corporate structure and our people are fully engaged - -
embracing our independence. Significant investments are being made in
technology, compliance, marketing capabilities, client servicing and advisor
training.
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8. Reengineering continues to free up resources, with the majority of our saves
allocated to support our investment agenda. We have more than 100 projects in
place focused on process and capability improvements and are on track to
deliver our annual target of $175 million.
So, in sum, it was a strong quarter and full year as an independent company. We
continue to build momentum against our targets and believe the focus we’ve had
on our separation, and on our strategy, have served our clients, advisors and
shareholders quite well.
With that, I’d like to turn it over to Walter.
Walter Berman, Chief Financial Officer
Thanks Jim,
• Adjusted revenue growth in the quarter of 5 percent was slightly below our
targeted range, primarily as a result of product mix shifts, as well as the
impact of the sale of our 401(k) business.
• Adjusted profit measures are quite good:
o PTI is up 13 percent vs. last year
o Adjusted earnings and EPS are both up 29 percent vs. last year, and
o And finally, adjusted ROE, including OCI, increased 11.2 percent, vs. 10.4
percent last year – narrowing the gap to our target of 12 percent in 2008.
The drivers of this performance were:
o Significant growth in fee-based equity products --- balanced by an
anticipated decline in income from spread products, and
o Effective management of operating expenses.
Let me give you more insight into each of these two trends:
First, growth in fee based equity products:
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9. In the third quarter, this growth was fueled by a 31 percent increase in wrap
assets and 24 percent growth in annuity variable account assets. Assets in our
wrap products are now over $70 billion and total managed assets are $283
billion, up 9 percent vs. last year.
This strong growth was balanced by the impact of declining spread income
The year-over-year decline in pretax spread income, from annuities and
certificates, was $42 million – excluding the impact of the hedge fund loss. It’s a
testament to the benefits and diversity of our model that we generated solid
financial results in-spite of this headwind.
The decrease in spread income is the result of two factors:
o First, the anticipated $1.3 billion in outflows as we shift our product mix,
and
o Declining spread rates driven by the challenging interest rate environment
faced by all annuity writers.
However, these product mix shifts, away from fixed annuities and certificates, are
resulting in declines in required capital - relative to our overall growth. Our
capital position is increasingly strong, driven by our earnings growth and lower
levels of capital needed to support our business activities. Our balance sheet
remains conservative, positioning us well for future redeployment.
The second trend driving this quarter’s results is the continued tight
control of our operating expenses.
Combined, our Non-field Compensation and Benefits line and Other Expense line
showed a 4 percent year-over-year decline.
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10. If you exclude the impact of higher legal expenses in 2005 and higher expenses
in 2006 from consolidating certain limited partnerships under EITF-04-5, year-
over-year expenses in those combined lines increased 4 percent.
This relates to our tight control of staff counts, which is virtually flat vs. last year.
Increases are primarily driven by the higher cost of being an independent
company and accruals in the quarter in recognition of the impact of our year-to-
date financial performance on our annual management incentives.
In the quarter, we also continued our stock buyback program.
In the third quarter, we repurchased 2.3 million shares for $106 million. Total
year-to-date repurchases were 9.7 million shares for a total of $422 million. This
program reduced our basic shares to 243.5 million vs. approximately 250 million
at year end 2005, a decline of almost 4 percent. The third quarter ending diluted
share count of 245.8 million reflected both these repurchases and an increase in
dilution caused primarily by an increase in our stock price.
In addition, we report the impact of our annual DAC unlocking in the third
quarter of each year.
The impact this year was a pretax benefit of $25 million vs. a benefit of $67
million last year – a $42 million decline. The Asset Accumulation & Income
segment reflects $28 million of that decline.
As many of you already know, there is an accounting change expected in the first
quarter of 2007 related to SOP 05-1. This change will require us to record a
below the line write-off of DAC associated with internal replacement of insurance
and annuity contracts, when adopted. While we are in the process of assessing
and quantifying the implications of this change, we do expect to be impacted.
Our advice model inherently creates internal replacement activity at a level we
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11. generally believe is above the industry. We will communicate the expected
impact early next year.
Let’s take a look at our segment financials.
The 13 percent increase in overall pretax income was generated by:
o Asset Accumulation and Income segment growth of 4 percent
o Protection segment growth of 17 percent, and
o A 9 percent improvement in the Corporate segment
On the segment front, the AA&I pretax income growth of 4 percent reflects:
o The good growth in our core fee-based products in the quarter, partially
offset by the full impact of our annuity fixed account and certificate spread
declines
o Second, while outflows of RiverSource mutual funds are less than half
what they were a year ago, this product is still in outflows,
o And finally, the strong variable annuity flows we’ve reported this year don’t
have an immediate PTI impact, but will drive PTI growth in the future.
In addition, the AA&I segment PTI growth reflects the significant decline in legal
and regulatory expenses compared to last year, offset by
o A year-over-year decline of $28 million from DAC unlocking, and
o The impact of recognizing $8 million in PTI related to Threadneedle’s
hedge fund performance fees in the third quarter of 2005. All fees for
2006 will be recognized when earned, in the fourth quarter.
o And finally, the increased accruals in the quarter for higher estimated
annual performance compensation for year-to-date performance and for
year-end improved investment management performance.
In the Protection segment, strong results reflected in PTI growth of 17 percent
were driven by solid performance across all of our Life & Health products and
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12. Auto & Home. This strong PTI growth is a result of a combination of good
revenue growth and stable margins in these products.
Before I finish, I’d like to spend a few minutes reviewing the highlights on
our overall GMWB hedging program.
• First, our products are designed to both meet our clients needs and give us a
balanced risk-return profile
o For example, while our GMWB for Life product has a higher initial
percentage withdrawal than some competitors, we balance this risk
through:
The use of a required investment allocation model, and
By not increasing this percentage over time, as other competitors do.
• Second, we believe our current variable annuity hedging program is within the
best practices in the industry.
o Our core program is static. Meaning, we’ve purchased long-dated
customized options that closely match the options we’ve sold to our
customers.
• We believe our approach is superior to dynamic hedging for several reasons:
o We are not exposed to the risk of discontinuous market movements and
severe liquidity events because our program doesn’t rely on frequent
dynamic rebalancing and the ability to trade in the market.
o Second, because we do not rely on frequent rebalancing, our transaction
costs are mostly fixed up-front when the hedge is established.
o And then finally, in addition, we believe our static program results in lower
aggregate operational costs and risks such as systems and execution
errors.
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13. • The hedging program has two objectives: to manage economic risk and to
mitigate earnings volatility. We believe the program is working effectively on
both counts.
In conclusion,
I’d like to say that, with another quarter behind us and the benefits of our
diversified model strongly visible, I am confident in our plans to deliver on our
shareholder targets and reach a 12 percent return on equity in 2008.
With that, let me turn it back to Jim.
James Cracchiolo, Chairman and Chief Executive Officer
I’ll close our formal remarks up by sharing that Walter and I feel good about the
continued progress we’re making and the direction we’re headed. We're highly
focused on our strategic initiatives to grow mass affluent clients, continue our
lead in financial planning, build a productive advisor force, gather assets by
developing high performing product solutions and enable our operations through
investments in our underlying infrastructure.
For those of you who will be in attendance at our November 15th financial
community presentation, I look forward to sharing my view of our key points of
differentiation and plans for the journey ahead, to ensure we deliver on our long-
term commitments.
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