The document discusses Builders FirstSource's non-GAAP financial measures and forward-looking statements. It provides cautionary language regarding forward-looking statements, noting that actual results could differ materially from projections. It also notes that non-GAAP measures should be considered in addition to GAAP measures but should not be considered substitutes for GAAP results. Reconciliation tables are included to reconcile non-GAAP measures to their GAAP equivalents.
- The report initiates coverage on Ply Gem Holdings' 9% senior subordinated notes with a buy recommendation, believing the notes will outperform comparable peers due to Ply Gem's ability to mitigate risks from a slowing housing market.
- While Ply Gem relies on new home construction for 68% of sales, the report expects it can offset this exposure through acquisitions and cost savings, projecting positive free cash flow and improving liquidity.
- However, future acquisitions and debt-funded activities increase credit risks, though the company's appetite for deals may be tempered in the current housing slowdown.
The document summarizes Maria das Graças Silva Foster's presentation at the 4th Itaú BBA LATAM Commodities Conference on September 26th, 2012. The presentation discusses:
1) Brazil's economic and social development over the past decade including reduced unemployment and extreme poverty rates, and increased social mobility.
2) Growth in Brazil's oil products market with gasoline and diesel consumption increasing 49% and 43% respectively between 2000-2011, above the world averages of 15% and 29%.
3) A disclaimer stating the presentation may contain forward-looking statements and non-SEC compliant reserves data.
This document provides a summary of average home sale prices from 2005 to 2010 for various zip codes in Brookline and surrounding areas. It includes tables displaying average condominium and single-family home sale prices by zip code over this time period. The document also includes a map of the area showing parks, forests and other landmarks to provide context. It concludes by recommending contacting a local realtor for more information on how these market trends should impact real estate plans.
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
A jury found Robert Pickton guilty of six counts of second-degree murder for the killings of six women. Pickton had long been a suspect in the disappearances of dozens of women from Vancouver's Downtown Eastside. The jury's verdict brings some closure to the victims' families and the community.
This document discusses the historic evolution of tiered electricity rates in California. Key points include:
1. Prior to 1978, rates were based on bundled pricing controlled by utilities using marginal cost formulas.
2. PURPA in 1978 encouraged time-of-use rates and discouraged block rates. AB 1890 established a power exchange market in 1996 but this collapsed due to price instability.
3. AB 1X after the 2000 crisis enabled complex multi-tiered pricing and subsidized renewables. Retiring rate reduction bonds from AB 1890 were used to fund programs like the California Solar Initiative without explicit rate increases.
4. The crisis was caused by a rate freeze coupled with market mechanisms, not manipulation, leading to
This document is the 2014 annual report for Girl Scouts of South Carolina Mountains to Midlands. It summarizes the organization's 2014 programming, leadership awards earned, and travel destinations attended by local Girl Scouts. While membership declined slightly from the previous year, the organization remained focused on providing high-quality leadership development opportunities for girls through programming in areas like STEM, literacy, and outdoor activities. Key events included piloting a new literacy program and expanding engineering-focused badge options. The report highlights the 22 Girl Scouts who earned the Gold Award and over 95 who earned the Silver Award for their leadership projects.
Creating Effective Pediatric Assent Forms: Overcoming Common Obstaclesjbarag
This document discusses creating effective pediatric assent forms by overcoming common obstacles. It identifies five main obstacles: 1) treating assent as an afterthought, 2) lack of direction from sponsors/IRBs, 3) failure to account for developmental ages and reading levels, 4) difficulty creating readable forms, and 5) not planning the assent process logistics. It provides tools to write forms at appropriate reading levels, ensure all elements of assent are addressed, and plan who will obtain assent and where. The goal is to engage children in a developmentally-appropriate way and respect their participation in research decisions.
- The report initiates coverage on Ply Gem Holdings' 9% senior subordinated notes with a buy recommendation, believing the notes will outperform comparable peers due to Ply Gem's ability to mitigate risks from a slowing housing market.
- While Ply Gem relies on new home construction for 68% of sales, the report expects it can offset this exposure through acquisitions and cost savings, projecting positive free cash flow and improving liquidity.
- However, future acquisitions and debt-funded activities increase credit risks, though the company's appetite for deals may be tempered in the current housing slowdown.
The document summarizes Maria das Graças Silva Foster's presentation at the 4th Itaú BBA LATAM Commodities Conference on September 26th, 2012. The presentation discusses:
1) Brazil's economic and social development over the past decade including reduced unemployment and extreme poverty rates, and increased social mobility.
2) Growth in Brazil's oil products market with gasoline and diesel consumption increasing 49% and 43% respectively between 2000-2011, above the world averages of 15% and 29%.
3) A disclaimer stating the presentation may contain forward-looking statements and non-SEC compliant reserves data.
This document provides a summary of average home sale prices from 2005 to 2010 for various zip codes in Brookline and surrounding areas. It includes tables displaying average condominium and single-family home sale prices by zip code over this time period. The document also includes a map of the area showing parks, forests and other landmarks to provide context. It concludes by recommending contacting a local realtor for more information on how these market trends should impact real estate plans.
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
A jury found Robert Pickton guilty of six counts of second-degree murder for the killings of six women. Pickton had long been a suspect in the disappearances of dozens of women from Vancouver's Downtown Eastside. The jury's verdict brings some closure to the victims' families and the community.
This document discusses the historic evolution of tiered electricity rates in California. Key points include:
1. Prior to 1978, rates were based on bundled pricing controlled by utilities using marginal cost formulas.
2. PURPA in 1978 encouraged time-of-use rates and discouraged block rates. AB 1890 established a power exchange market in 1996 but this collapsed due to price instability.
3. AB 1X after the 2000 crisis enabled complex multi-tiered pricing and subsidized renewables. Retiring rate reduction bonds from AB 1890 were used to fund programs like the California Solar Initiative without explicit rate increases.
4. The crisis was caused by a rate freeze coupled with market mechanisms, not manipulation, leading to
This document is the 2014 annual report for Girl Scouts of South Carolina Mountains to Midlands. It summarizes the organization's 2014 programming, leadership awards earned, and travel destinations attended by local Girl Scouts. While membership declined slightly from the previous year, the organization remained focused on providing high-quality leadership development opportunities for girls through programming in areas like STEM, literacy, and outdoor activities. Key events included piloting a new literacy program and expanding engineering-focused badge options. The report highlights the 22 Girl Scouts who earned the Gold Award and over 95 who earned the Silver Award for their leadership projects.
Creating Effective Pediatric Assent Forms: Overcoming Common Obstaclesjbarag
This document discusses creating effective pediatric assent forms by overcoming common obstacles. It identifies five main obstacles: 1) treating assent as an afterthought, 2) lack of direction from sponsors/IRBs, 3) failure to account for developmental ages and reading levels, 4) difficulty creating readable forms, and 5) not planning the assent process logistics. It provides tools to write forms at appropriate reading levels, ensure all elements of assent are addressed, and plan who will obtain assent and where. The goal is to engage children in a developmentally-appropriate way and respect their participation in research decisions.
12월 5주차 주간 인기랭킹(2012.12. 31. ~01. 06.)
공식페이지: https://www.facebook.com/calcuttac
한 주간 애플 앱스토어 인기 앱을 소개합니다.
이번주 최고의 인기앱은 “컴투스 홈런왕 for Kakao (개발사: Com2uS Inc.)”으로 4계단 상승하여 아이폰 무료 앱 1위를 차지했습니다. “FIFA 13 by EA SPORTS (개발사: Electronic Arts $0.99)가 변동 없이 아이폰 유료 앱 부분에서 1위 자리를 지켰습니다.
[아이패드 앱 부분]
“YouTube (개발사: Google, Inc)”이 2계단 상승하여 iPad 무료 앱 부문에서 1위를 차지했고, FIFA 13 by EA SPORTS (개발사: Electronic Arts $0.99)” 가 변동 없이 iPad 유료 앱 부문에서 1위 자리에 올랐습니다.
[금주의 앱 배틀 : 생산성부분 메모의 최강 아이패드 앱배틀! UPAD VS 어썸노트 ]
한주간 생산성부분 인기최고의 아이폰부분 유료앱은 “Clear($1.99)”라는 앱으로 할일을 체크하여 말끔하게 정리해주는 체크리스트 싱천용 앱입니다. 총 16개 국가에서 1위의 자리를 차지하고 있습니다.
아이패드 유료앱중에서 메모기능으로 강력한 유명한 두가지 앱의 애틀을 소개합니다. UPAD와 어썸노트HD의 인기는 한국은 물론 세계적으로 잘나가는 인기앱입니다. 메모 기본의 기능은 물론 사진과 함께 편집이 쉽고 실제 노트의 UI를 반영한 매우 편리한 노트앱입니다. 유료 구매를 하셔도 절대 후회하지 않을 앱이라고 자부합니다.
This curriculum vitae summarizes the qualifications and experience of Syed Mohd Ilyas Bin Syed Mohd Nassir. He has 10 months of experience as a plant engineer and is seeking a salary increase to MYR 2,800. He is leaving his current role to expand his technical knowledge and work on larger projects. He has a Bachelor's in Mechanical Engineering with honors from Universiti Tenaga Nasional and relevant experience in areas like biodiesel plant design, maintenance, and safety assessments.
This document discusses student retention in Massive Open Online Courses (MOOCs). It begins by providing background on the rapid growth of MOOCs and their extremely high dropout rates. The document then outlines a study that uses text mining, opinion mining, and machine learning techniques to build explanatory and predictive models of the factors that influence student retention in MOOCs. These factors include characteristics of students, courses, platforms, and universities. The study aims to identify the most important determinants of retention and provide insights to improve MOOC and online education design.
The document provides guidance for journalists on using Twitter to improve journalism, connect with communities, and change newsroom culture. It discusses how Twitter can help locate sources, monitor discussions, and promote content. The document then gives specific tips for journalists on setting up an account, following others, tweeting, using hashtags and retweets, and ethical considerations of using Twitter. It also provides lists of journalists, editors, bloggers, academics, and locals that would be good for other journalists to follow on Twitter.
The document discusses Builders FirstSource's non-GAAP financial measures and forward-looking statements, provides an overview of the company and industry, and highlights the company's strategic growth plan, fully integrated distribution platform, product and service offerings, experienced management team, and financial performance in 2011 with an 11.2% increase in sales and 150 basis point increase in gross margins.
This document provides an overview of bitcoin and its key features through a series of images and captions. It discusses what bitcoin is, how it works as a digital currency using blockchain technology, the process of mining new bitcoins through solving cryptographic puzzles, and some of bitcoin's claimed advantages over traditional currencies such as its decentralized nature and lack of government involvement. It also touches on criticisms of bitcoin relating to speculative bubbles, Ponzi schemes, and similarities to historical financial crises.
Christine Baker founded Walk4Good to inspire people to practice kindness. This presentation, first made to Vaughn College, highlights Walk4Good and how institutions from the inside out can create a culture of kindness.
Triptofanito Julio Frenk el viaje por el cuerpo humanoBiologia Epo
Nuestra historia comienza en una granja. Esta granja era muy hermosa. En ella había verduras, frutas, vacas, toros y muchas, pero muchas, gallinas. Además, en la granja vivía un granjero. El comía las verduras, las frutas, la leche, la carne y los huevos que se producían en su granja.
Gracias a esto el granjero vivía como un rey. Aquí dejamos nosotros a Triptofanito y Lisina. Estamos seguros de
que ellos podrán llevar a cabo sus hermosos sueños. Pero esta historia no ha terminado aún. Recuerden siempre, amigos lectores, que cada vez que coman estarán llevando a su organismo unos nuevos aminoácidos. Unos aminoácidos que estarán siempre dispuestos a ser sus amigos, siempre dispuestos a entregarles algo, siempre dispuestos a realizar un nuevo viaje por el Cuerpo Humano.
The top 5 most significant leadership changes in the O&G industry in 2014fgh3
The document discusses 5 significant leadership changes in the oil and gas industry in 2014:
1) Paolo Scaroni was ousted as CEO of ENI due to a corruption scandal and replaced internally.
2) Helge Lund left Statoil to become CEO of BG Group, bringing hopes to take the company in new directions.
3) The sudden death of Christophe de Margerie, CEO of Total, left the company reeling and his replacement under pressure.
4) Jiang Jiemin was arrested and removed as chairman of CNPC amid a corruption investigation at the company.
5) Jean-Francois Cirelli unexpectedly quit GDF SUEZ when a
The document is a message from Ps Phua Seng Tiong for the Sungai Way-Subang Methodist Church on November 1, 2015. It discusses the importance of having a relationship with God, reflecting on scripture together, and responding to God's call through serving together as the church. Key verses cited encourage being strong in faith through knowing God and using all abilities to do God's work.
The document provides details for a March holidays camp for the Raffles Institution Chinese Orchestra. It includes an overview of the camp schedule and activities such as team-bonding games, an oral quiz, and an Amazing Race competition between groups. The schedule outlines the timeline and locations for each activity. The document also lists the group allocations and objectives to promote bonding between members. Descriptions are provided for each of the main activities, including instructions for facilitators. The goal of the camp is to build unity and a sense of belonging within the orchestra.
This resume summarizes the qualifications and experience of Muhammad Salahuddin, a Pakistani nurse seeking a career in a reputable healthcare organization. He has over 20 years of experience working in critical care units in Pakistan and the UAE. His experience includes working as a senior nurse, head nurse, and intensive care technician. He has extensive skills in caring for patients on ventilators, managing cardiac patients, and overseeing nursing staff. He is licensed in the UAE and has numerous certifications in critical care nursing.
Lịch sử phát triển Web
2. Lý do ra đời của ASP.NET MVC
2.1 Giới thiệu ASP.NET truyền thống
2.2 Nhược điểm ASP.NET truyền thống
2.3 Giới thiệu ASP.NET MVC (model-view-controller)
2.3.1 Nguồn gốc ASP.NET MVC
2.3.2 Các thành phần cấu thành ASP.NET MVC
2.3.3 Cấu trúc mặc định của một dự án ASP.NET MVC
2.4 So sánh giữa ASP.NET và ASP.NET MVC
2.5 MVC2
3. Tìm hiểu các thành phần bên trong ASP.NET MVC
3.1 Controllers và Actions
3.1.1 Controllers là gì ?
3.1.2 Controller Actions là gì ?
3.2 Views
3.2.1 Views là gì ?
3.2.2 Tạo Views như thế nào ?
3.2.2 Sử dụng Views như thế nào ?
3.3 Models
3.3.1 Models là gì ?
3.3.2 Tạo Database
This document provides an overview of duopoly, which is a market structure with two sellers. It discusses the two types of duopoly - collusive duopoly where firms coordinate their decisions, and non-collusive duopoly where they do not. Game theory models like the prisoner's dilemma and Cournot competition are explained. The kinked demand curve model is also summarized, which suggests duopoly prices will be rigid as firms will not trigger a price war by undercutting each other. Real-world examples and criticisms of the kinked demand curve are briefly mentioned.
The document outlines Avon's strategic management case study, including an analysis of Avon's internal strengths and weaknesses as well as external opportunities and threats, and recommends potential strategies for Avon such as expanding into key Asian and African markets to pursue growth opportunities, building their brand image among Generation Y consumers in North America, and focusing on innovations in their core beauty products.
Rollins 2015 annual report and 2016 proxy statementamy_ostler
- Rollins, Inc. reported financial results for 2015, with revenues increasing 5.2% to a record $1.485 billion and net income growing 10.5% to $152.1 million.
- Key strategic initiatives for 2016 include improving customer service and experience while boosting productivity and sales.
- The company continued its acquisition strategy in 2015, purchasing 12 companies, including Critter Control, expanding its wildlife removal services.
- Rollins celebrated the opening of its Heritage Center to showcase the company's history from its founding in the early 1900s.
1st NRG Corp is an exploration and production company with assets in Colorado and Ohio. The document summarizes 1st NRG's recent drilling of the Townley 1S well in southeast Ohio, which encountered potential reservoirs in the Utica Shale, Beekmantown Dolomite, and Conasauga Formation. Analysis of samples from these formations indicated their hydrocarbon potential. The document also includes projections for production, revenues, costs, and cash flow from the Beekmantown and Conasauga formations over the next five years.
Rollins, inc. 2014 form 10 k and 2015 proxy statement[5]amy_ostler
- Revenues for Rollins increased 6% to $1.41 billion in 2014 compared to 2013, with net income up 12% to $137.6 million. Earnings per diluted share increased 13% to $0.63.
- All of Rollins' business lines, including residential pest control, commercial pest control, and termite services contributed to revenue growth in 2014. Rollins also acquired two pest control companies in Australia and one in North America during 2014.
- Looking forward, Rollins aims to continue improving customer service and developing its Branch Operating Support System to enhance operating efficiencies across the organization, with the goal of becoming the best service company in the world.
The document provides an investor presentation for Park City Group. It summarizes Park City Group's solutions for reducing out-of-stocks by improving visibility and collaboration across the supply chain. Their solutions use point-of-sale data to better match supply and demand. Their ReposiTrak product provides traceability across the food and drug supply chain to improve safety. The presentation outlines their business model, customer value proposition, growth opportunities through national accounts and ReposiTrak, a large total addressable market, and experienced leadership team.
The document provides an investor presentation for Park City Group. It summarizes Park City Group's solutions for reducing out-of-stocks by improving visibility and collaboration across the supply chain. Their solutions use point-of-sale data to better match supply and demand. Their ReposiTrak product provides traceability across the food and drug supply chain to improve safety. The presentation outlines their business model, customer value proposition, growth opportunities through national accounts and ReposiTrak, large total addressable market, and leadership team.
12월 5주차 주간 인기랭킹(2012.12. 31. ~01. 06.)
공식페이지: https://www.facebook.com/calcuttac
한 주간 애플 앱스토어 인기 앱을 소개합니다.
이번주 최고의 인기앱은 “컴투스 홈런왕 for Kakao (개발사: Com2uS Inc.)”으로 4계단 상승하여 아이폰 무료 앱 1위를 차지했습니다. “FIFA 13 by EA SPORTS (개발사: Electronic Arts $0.99)가 변동 없이 아이폰 유료 앱 부분에서 1위 자리를 지켰습니다.
[아이패드 앱 부분]
“YouTube (개발사: Google, Inc)”이 2계단 상승하여 iPad 무료 앱 부문에서 1위를 차지했고, FIFA 13 by EA SPORTS (개발사: Electronic Arts $0.99)” 가 변동 없이 iPad 유료 앱 부문에서 1위 자리에 올랐습니다.
[금주의 앱 배틀 : 생산성부분 메모의 최강 아이패드 앱배틀! UPAD VS 어썸노트 ]
한주간 생산성부분 인기최고의 아이폰부분 유료앱은 “Clear($1.99)”라는 앱으로 할일을 체크하여 말끔하게 정리해주는 체크리스트 싱천용 앱입니다. 총 16개 국가에서 1위의 자리를 차지하고 있습니다.
아이패드 유료앱중에서 메모기능으로 강력한 유명한 두가지 앱의 애틀을 소개합니다. UPAD와 어썸노트HD의 인기는 한국은 물론 세계적으로 잘나가는 인기앱입니다. 메모 기본의 기능은 물론 사진과 함께 편집이 쉽고 실제 노트의 UI를 반영한 매우 편리한 노트앱입니다. 유료 구매를 하셔도 절대 후회하지 않을 앱이라고 자부합니다.
This curriculum vitae summarizes the qualifications and experience of Syed Mohd Ilyas Bin Syed Mohd Nassir. He has 10 months of experience as a plant engineer and is seeking a salary increase to MYR 2,800. He is leaving his current role to expand his technical knowledge and work on larger projects. He has a Bachelor's in Mechanical Engineering with honors from Universiti Tenaga Nasional and relevant experience in areas like biodiesel plant design, maintenance, and safety assessments.
This document discusses student retention in Massive Open Online Courses (MOOCs). It begins by providing background on the rapid growth of MOOCs and their extremely high dropout rates. The document then outlines a study that uses text mining, opinion mining, and machine learning techniques to build explanatory and predictive models of the factors that influence student retention in MOOCs. These factors include characteristics of students, courses, platforms, and universities. The study aims to identify the most important determinants of retention and provide insights to improve MOOC and online education design.
The document provides guidance for journalists on using Twitter to improve journalism, connect with communities, and change newsroom culture. It discusses how Twitter can help locate sources, monitor discussions, and promote content. The document then gives specific tips for journalists on setting up an account, following others, tweeting, using hashtags and retweets, and ethical considerations of using Twitter. It also provides lists of journalists, editors, bloggers, academics, and locals that would be good for other journalists to follow on Twitter.
The document discusses Builders FirstSource's non-GAAP financial measures and forward-looking statements, provides an overview of the company and industry, and highlights the company's strategic growth plan, fully integrated distribution platform, product and service offerings, experienced management team, and financial performance in 2011 with an 11.2% increase in sales and 150 basis point increase in gross margins.
This document provides an overview of bitcoin and its key features through a series of images and captions. It discusses what bitcoin is, how it works as a digital currency using blockchain technology, the process of mining new bitcoins through solving cryptographic puzzles, and some of bitcoin's claimed advantages over traditional currencies such as its decentralized nature and lack of government involvement. It also touches on criticisms of bitcoin relating to speculative bubbles, Ponzi schemes, and similarities to historical financial crises.
Christine Baker founded Walk4Good to inspire people to practice kindness. This presentation, first made to Vaughn College, highlights Walk4Good and how institutions from the inside out can create a culture of kindness.
Triptofanito Julio Frenk el viaje por el cuerpo humanoBiologia Epo
Nuestra historia comienza en una granja. Esta granja era muy hermosa. En ella había verduras, frutas, vacas, toros y muchas, pero muchas, gallinas. Además, en la granja vivía un granjero. El comía las verduras, las frutas, la leche, la carne y los huevos que se producían en su granja.
Gracias a esto el granjero vivía como un rey. Aquí dejamos nosotros a Triptofanito y Lisina. Estamos seguros de
que ellos podrán llevar a cabo sus hermosos sueños. Pero esta historia no ha terminado aún. Recuerden siempre, amigos lectores, que cada vez que coman estarán llevando a su organismo unos nuevos aminoácidos. Unos aminoácidos que estarán siempre dispuestos a ser sus amigos, siempre dispuestos a entregarles algo, siempre dispuestos a realizar un nuevo viaje por el Cuerpo Humano.
The top 5 most significant leadership changes in the O&G industry in 2014fgh3
The document discusses 5 significant leadership changes in the oil and gas industry in 2014:
1) Paolo Scaroni was ousted as CEO of ENI due to a corruption scandal and replaced internally.
2) Helge Lund left Statoil to become CEO of BG Group, bringing hopes to take the company in new directions.
3) The sudden death of Christophe de Margerie, CEO of Total, left the company reeling and his replacement under pressure.
4) Jiang Jiemin was arrested and removed as chairman of CNPC amid a corruption investigation at the company.
5) Jean-Francois Cirelli unexpectedly quit GDF SUEZ when a
The document is a message from Ps Phua Seng Tiong for the Sungai Way-Subang Methodist Church on November 1, 2015. It discusses the importance of having a relationship with God, reflecting on scripture together, and responding to God's call through serving together as the church. Key verses cited encourage being strong in faith through knowing God and using all abilities to do God's work.
The document provides details for a March holidays camp for the Raffles Institution Chinese Orchestra. It includes an overview of the camp schedule and activities such as team-bonding games, an oral quiz, and an Amazing Race competition between groups. The schedule outlines the timeline and locations for each activity. The document also lists the group allocations and objectives to promote bonding between members. Descriptions are provided for each of the main activities, including instructions for facilitators. The goal of the camp is to build unity and a sense of belonging within the orchestra.
This resume summarizes the qualifications and experience of Muhammad Salahuddin, a Pakistani nurse seeking a career in a reputable healthcare organization. He has over 20 years of experience working in critical care units in Pakistan and the UAE. His experience includes working as a senior nurse, head nurse, and intensive care technician. He has extensive skills in caring for patients on ventilators, managing cardiac patients, and overseeing nursing staff. He is licensed in the UAE and has numerous certifications in critical care nursing.
Lịch sử phát triển Web
2. Lý do ra đời của ASP.NET MVC
2.1 Giới thiệu ASP.NET truyền thống
2.2 Nhược điểm ASP.NET truyền thống
2.3 Giới thiệu ASP.NET MVC (model-view-controller)
2.3.1 Nguồn gốc ASP.NET MVC
2.3.2 Các thành phần cấu thành ASP.NET MVC
2.3.3 Cấu trúc mặc định của một dự án ASP.NET MVC
2.4 So sánh giữa ASP.NET và ASP.NET MVC
2.5 MVC2
3. Tìm hiểu các thành phần bên trong ASP.NET MVC
3.1 Controllers và Actions
3.1.1 Controllers là gì ?
3.1.2 Controller Actions là gì ?
3.2 Views
3.2.1 Views là gì ?
3.2.2 Tạo Views như thế nào ?
3.2.2 Sử dụng Views như thế nào ?
3.3 Models
3.3.1 Models là gì ?
3.3.2 Tạo Database
This document provides an overview of duopoly, which is a market structure with two sellers. It discusses the two types of duopoly - collusive duopoly where firms coordinate their decisions, and non-collusive duopoly where they do not. Game theory models like the prisoner's dilemma and Cournot competition are explained. The kinked demand curve model is also summarized, which suggests duopoly prices will be rigid as firms will not trigger a price war by undercutting each other. Real-world examples and criticisms of the kinked demand curve are briefly mentioned.
The document outlines Avon's strategic management case study, including an analysis of Avon's internal strengths and weaknesses as well as external opportunities and threats, and recommends potential strategies for Avon such as expanding into key Asian and African markets to pursue growth opportunities, building their brand image among Generation Y consumers in North America, and focusing on innovations in their core beauty products.
Rollins 2015 annual report and 2016 proxy statementamy_ostler
- Rollins, Inc. reported financial results for 2015, with revenues increasing 5.2% to a record $1.485 billion and net income growing 10.5% to $152.1 million.
- Key strategic initiatives for 2016 include improving customer service and experience while boosting productivity and sales.
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The Utica Shale formation extends across several US states and parts of Canada. It is found approximately 2,000 feet below the Marcellus Shale. Recent technological advances have led operators to explore the Utica Shale's potential as an oil resource, comparing it to oil-rich shales like the Eagle Ford and Bakken. Estimates from the USGS indicate the Utica Shale contains 38 trillion cubic feet of recoverable natural gas, 940 million barrels of oil, and 208 million barrels of liquids. Several major energy companies have acquired acreage in Ohio to develop the Utica Shale.
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2. Safe Harbor & Non-GAAP Financial Measures
Cautionary Notice
Statements in this presentation which are not purely historical facts or which necessarily depend upon future events,
including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations,
hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are
cautioned not to place undue reliance on forward-looking statements. All forward-looking statements in this presentation
are based upon information available to Builders FirstSource, Inc. on the date of this presentation. Except as required by
law, Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and
uncertainties that could cause actual events or results to differ materially from the events or results described in the
forward-looking statements, including risks or uncertainties related to the Company’s revenues and operating results
being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders
FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could
affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.’s most recent
Form 10-K filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this
presentation are qualified by the factors, risks and uncertainties contained therein
Use of Non-GAAP Financial Measures
This presentation includes financial measures and terms not calculated in accordance with accounting principles generally
accepted in the United States (“GAAP”) in order to provide investors with an alternative method for assessing our
operating results in a manner that enables investors to more thoroughly evaluate our current performance as compared to
past performance. We believe these non-GAAP measures provide investors with a better baseline for modeling our future
earnings expectations. Our management uses these non-GAAP measures for the same purpose. We believe that our
investors should have access to the same set of tools that we use in analyzing our results. These non-GAAP measures
should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute
for or superior to GAAP results. Our calculations of non-GAAP measures are not necessarily comparable to similarly
titled measures reported by other companies. Schedules that reconcile non-GAAP financial
measures to their GAAP equivalents are included later in this presentation.
1
5. Company Overview
Third largest building products provider1 operating in the estimated $106.8 billion single family residential
home construction market2
The Company is a fully-integrated supplier, manufacturer and installer of structural and related building
products
Lumber & Lumber Sheet Windows & Doors Prefabricated Components Millwork Other Products & Services
Products include Manufacturing, Factory-built substitutes Distribution of interior Cabinets, gypsum,
dimensional lumber, assembly and for job side-framing trim, exterior trim, roofing and insulation.
plywood and oriented distribution of including floor trusses, columns and posts. Services include turn-
strand board (“OSB”) aluminum and vinyl roof trusses, wall Manufacturing of custom key framing, shell
windows panels, stairs, and exterior features under construction, design
Assembly and engineered wood the Synboard™ assistance, and
distribution of interior brand name installation
and exterior door units
Notes:
1 According to ProSales Magazine among those with manufacturing capabilities, based on 2011 revenues
2 2011 National Association of Home Builder (“NAHB”)
4
6. Revenue Distribution
Over 50% of BFS sales are from value added product categories — Prefabricated Components,
Millwork and Windows & Doors
Over 20% of sales are related to our installation services
FY 2011 Q3 YTD 2012
5
7. Our Customers
Top 10 customers represented approximately 23% of total sales, with no one customer
exceeding 5% for FY 2011
Customer mix consists of large national homebuilders, regional homebuilders and local
builders
Approximately 15% of sales are related to light commercial and multi-family construction
Large builders, making up a significant portion of the Company’s customers, are winning
market share due to cost advantages, land positions and easier access to financing
6
8. Geographic Footprint
BFS has operations in 32 markets in 9 states primarily in the southern and eastern
regions of the United States
Hagerstown North East
Emmitsburg
Frederick
Port of Rocks
Manassas
BFS is in 17 of the nation’s
Culpeper
top 50 Metropolitan Statistical
Areas (as ranked by single Bristol
Hillsborough
Kingsport Piney Flats
family housing permits) Clarksville
Nashville
Johnson City
Knoxville Asheville
High Point
Apex Washington
Hendersonville Fayetteville
Charlotte
Cashiers Brevard Aberdeen
Cowpens
Approximately 46% of 2011 Blairsville
Gainsville
Seneca
Spartanburg
Greenville
Florence
Wilmington
Southport
Loris
U.S. housing permits were Atlanta Anderson
Columbia
Sumter
Goose Creek
Conway
Pawleys Island
Chelsea
issued in states in which BFS Shelby
LaGrange Charleston
Johns Island
Columbus Edisto Island
operates Auburn
CherryPoint
53 distribution centers and 44
Jacksonville
manufacturing facilities, some Freeport
of which are co-located Bunnell
Lewisville
Dallas Headquarters
Arlington
Grand Prairie
Tampa
Orlando
Austin
West Palm Beach
Houston
San Antonio
7
9. Strong Market Position
BFS is the third largest building products provider in an estimated
$106.8 billion single family residential construction market1
Building Products Suppliers with Manufacturing Capabilities
2011 Pro Segment 2010 Pro Segment
Pro Distributor Sales ($mm) Sales ($mm) % Change
ProBuild Holdings $2,838 $3,045 -6.8%
84 Lumber 1,278 1,378 -7.2%
Builders FirstSource 779 700 11.3%
Stock Building Supply 735 818 -10.1%
BMC 631 570 10.7%
Carter Lumber 557 535 4.2%
US LBM 429 270 59.3%
Harvey Building Products 400 n/m n/m
McCoy’s Building Supply 380 377 0.6%
Golden State Lumber 213 212 0.4%
Source: ProSales Magazine, 2011 & 2010
Note:
1 2011 NAHB
8
11. New Construction Market Trends
Recent downturn in residential new construction market is without precedent since World War II
Since 2008, housing starts have been well below the long term trend of 1.5 million total starts and
1.1 million single family starts.
Overbuild/Underbuild
2.5
2.1 Long Term Average: 1.5mm
2.0
2.0 1.8 1.8 Underbuild
Total Starts (mm units)
1.7
1.6
1.5 1.4
Overbuild 0.9
1.0
0.6 0.6 0.6
0.5
-
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
10
Sources: US Census
12. The Macro Environment
The residential new construction market has experienced a substantial downturn in recent
years as a result of the recession
The downturn resulted in the largest decline in housing starts since the Great Depression
falling by 74% from the 2005 peak to the current trough
Building products sales have had a corresponding decline
Trends that will drive a recovery in U.S. housing demand include:
Low interest rates, the aging of housing stock, and population growth due to
immigration and birthrates exceeding death rates
The National Association of Home Builders (“NAHB”) is predicting that 2012 U.S.
single family housing starts will grow approximately 21% from 2011, with
approximately 528,000 single family housing starts predicted
NAHB predicts single family housing starts will increase to 665,000 in 2013,
representing a 26% increase over the 2012 forecast
BFS is well positioned to take advantage of anticipated renewed demand
11
13. Commodity Price Trends
Commodity prices have steadily increased from the beginning of the year. Higher commodity prices
will typically result in increased gross profit dollars and improved EBITDA flow through.
12
15. Strategic Growth Plan
Management continues to focus on profitable, disciplined growth and free cash
flow generation
Expand into Focus on Cost, Working Selective
Expand Current
Multi-Family and Light Capital and Operating Acquisitions Subject to
Customer Base
Commercial Business Improvements Liquidity
Grow sales Diversify revenue base Focus on remaining a Focus on growing high
to production into more stable end low cost supplier margin prefabricated
homebuilders as they markets through operational component business
continue to gain Utilize existing efficiencies such as and geographic
market share capabilities of large implementation of expansion
Continue with plan design centers and computer systems Acquire market-leading
to prudently expand personnel with linking customers to distributors and
presence in the custom necessary expertise to BFS network expand by adding
homebuilder base effectively compete in Continued focus on product offerings
these markets all aspects of and/or integrated
working capital manufacturing facilities
The Company regularly
evaluates its facilities
in an effort to reduce
fixed costs without
compromising service
14
16. Fully Integrated Distribution Platform
BFS has an integrated business model that differentiates it from
competitors that operate with a decentralized collection of facilities
Network of 53 distribution centers and 44 manufacturing facilities, some which are co-
located
Size of facilities tailored to each market to meet customer needs
Offering large-scale, full-service branches in larger markets and smaller, more tailored
facilities in secondary markets
Highly customized, proprietary information technology system drives internal efficiencies
allowing the Company to respond rapidly to customers and reduce their costs
BFS operates and owns the source code to its Enterprise Resource Planning (“ERP”)
computer system that is tailored to the building supply industry in addition to laser
technology that facilitates precision, speed and efficiency in the manufacturing process
15
17. Full Offering of Manufactured Products and
Construction Services
BFS acts as both a supplier and advisor to the homebuilding customer
Due to the breadth of its product offering (63,000 SKUs), BFS functions as a “one-stop shop”
Homebuilders value the convenience and efficiency of using one supplier throughout building process
Supplier to
Homebuilders
Trusted Consultant
BFS provides customers with a full range of services including professional installation, turn-key
framing and shell construction and design
BFS’s salespeople are typically trained homebuilders who understand the challenges that might be
encountered at the job site
Just-in-time delivery of just the right amount of product
Value-added advice and consultation on engineering, building codes and other building matters
16
18. Experienced Management Team
Over 40 years of industry experience
Floyd F. Sherman
President and CEO Prior experience: Chairman & CEO of Triangle Pacific / Armstrong
Flooring
48 years of industry experience
Morris E. Tolly
Senior Vice President – Operations Prior experience: Area Manager at Pelican Companies, Inc.
13 years of industry experience
Chad Crow Prior experience: Director of Accounting at Pier One Imports and five
Senior Vice President and CFO
years experience with PriceWaterhouse
20 years of industry experience
Donald F. McAleenan Prior experience: VP & Deputy General Counsel of Fibreboard, Asst
Senior VP and General Counsel
General Counsel of AT&E, nine years as a securities lawyer
Over 30 years of industry experience
Frederick B. Schenkel
Vice President – Manufacturing
Prior experience: Manufacturing management positions with Builders
Supply and Lumber and The Ryland Group
Average BFS tenure of 20 years
Area VPs
17 17
19. Summary
Differentiating factors that will enhance BFS’s ability to take advantage of
anticipated housing recovery
Leading Local
Fully Integrated
Market Positions
Distribution
in Attractive
Platform
Geographies
Full Offering of
Experienced Manufactured
Management Products and
Team Construction
Services
Diversification
into Multi-family Superior
and Light Customer
Commercial End Service
Markets
Streamlined
Operations and
Attractive Cost
Position
18
21. Review of 2011 Operating Results
Sales for 2011 were 11.2% higher than 2010 primarily due to increased sales volume
Comparing our sales growth to an 8.6% decline in U.S. single family housing starts indicates
significant market share gains
For the year, gross margins increased 150 bps, from 18.8% in 2010 to 20.3% in 2011
Margins improved 90 bps due to increased sales volume and our ability to leverage fixed costs
in cost of goods sold
Improving customer pricing, coupled with less volatility in the commodity market also
contributed to margin improvement
Margins are positioned to expand further due to operating leverage upon increased builder
demand as well as an improved commodity inventory position
Selling, general, and administrative expenses have been monitored closely by management and as a
percentage of sales decreased from 27.3% in 2010 to 24.2% in 2011 (excluding stock compensation
expense and 2010 litigation settlement)
20
22. Summary Financial Performance
After declines in 2007-2009, revenues stabilized in 2010 and grew 11% in 2011
Historical margins demonstrate the potential for expansion from current margins as the business
builds toward historical scale and leverages a leaner cost structure
Proven ability to conserve capital through tight working capital management and reduced capital
spending
Fiscal Year
$mm except Sales per SF Start 2005 2006 2007 2008 2009 2010 2011
South Region Single Family Housing Starts 1 831,300 756,500 539,500 323,600 232,100 247,200 229,200
South region sales per SF start $2,572 $2,728 $2,722 $3,066 $2,921 $2,833 $3,399
U.S. Single Family Housing Starts 1 1,715,800 1,465,300 1,046,100 622,000 445,000 471,100 430,500
U.S. sales per SF start $1,246 $1,408 $1,404 $1,595 $1,523 $1,487 $1,810
Total Revenue $2,138.1 $2,063.5 $1,468.4 $992.0 $677.9 $700.3 $779.1
% growth -3.5% -28.8% -32.4% -31.7% 3.3% 11.2%
Gross Profit $543.4 $544.8 $363.2 $215.5 $142.4 $131.8 $157.9
% margin 25.4% 26.4% 24.7% 21.7% 21.0% 18.8% 20.3%
Operating Expenses 2 $388.6 $401.5 $341.9 $280.0 $201.4 $194.1 $193.0
% revenue 18.2% 19.5% 23.3% 28.2% 29.7% 27.7% 24.8%
Adjusted EBITDA3 $172.7 $169.9 $53.2 ($32.4) ($35.1) ($43.6) ($15.0)
% margin 8.1% 8.2% 3.6% -3.3% -5.2% -6.2% -1.9%
Capex 4 $29.7 $27.2 $10.1 $8.2 $2.1 $9.0 $4.8
% revenue 1.4% 1.3% 0.7% 0.8% 0.3% 1.3% 0.6%
Net Working Capital5 $182.6 $184.6 $140.4 $95.3 $53.9 $61.0 $85.8
% revenue 8.5% 8.9% 9.6% 9.6% 7.9% 8.7% 11.0%
Notes:
1 Source: U.S. Census
2 2005 operating expenses adjusted to exclude $35.5mm anti-dilution payment to stock option holders
3 See Adjusted EBITDA reconciliation on page 28
4 2005 and 2006 capex includes expansion expenditures.
21 5 Net working capital calculated as accounts receivable plus inventories plus other current assets minus accounts payable minus
accrued liabilities. 2008 and 2009 net working capital excludes taxes receivable of $35mm and $34mm, respectively.
23. Recent Quarterly Performance
Recent quarterly performance demonstrates strong revenue trends with five
consecutive quarters of revenue growth greater than 20%
Increasing sales per start indicates market share gains
2011 2012
$mm except Sales per SF Start Q1 Q2 Q3 Q4 Q1 Q2 Q3
South Region Single Family Housing Starts 1 52,100 63,800 61,700 51,600 62,000 77,200 78,800
South region sales per SF start $3,125 $3,235 $3,520 $3,734 $3,539 $3,522 $3,703
U.S. Single Family Housing Starts 1 89,500 123,400 117,700 99,900 105,500 151,100 151,800
U.S. sales per SF start $1,819 $1,673 $1,845 $1,929 $2,080 $1,799 $1,922
Total Revenue $162.8 $206.4 $217.2 $192.7 $219.4 $271.9 $291.8
% growth y-o-y 0.9% -2.4% 20.4% 31.0% 34.7% 31.7% 34.3%
Gross Profit $31.4 $42.8 $44.4 $39.3 $45.1 $53.7 $57.7
% margin 19.3% 20.7% 20.4% 20.4% 20.6% 19.7% 19.8%
Operating Expenses $46.7 $49.0 $50.2 $47.1 $50.8 $55.0 $58.7
% revenue 28.7% 23.7% 23.1% 24.4% 23.2% 20.2% 20.1%
Adjusted EBITDA2 ($9.7) ($1.3) ($0.7) ($3.3) ($2.1) $2.1 $3.0
% margin -6.0% -0.6% -0.3% -1.7% -1.0% 0.8% 1.0%
Capex $0.5 $1.1 $1.1 $2.1 $1.7 $2.3 $5.2
% revenue 0.3% 0.5% 0.5% 1.1% 0.8% 0.8% 1.8%
Notes:
1 Source: U.S. Census
2 See Quarterly Adjusted EBITDA reconciliation on page 29
22
24. Market Share Gains
BFS sales per South Region single-family housing start for FY 2011 grew 20%
year-over-year.
Gains continued in 2012 as Q3 YTD sales per single-family start grew 9%
compared to Q3 YTD 2011.
23
25. Sales & Adjusted EBITDA Trends
Consistent sales and adjusted EBITDA growth
Five straight quarters of y/o/y sales growth greater than 20%
Seven straight quarters of y/o/y adjusted EBITDA improvement
In Q2 2012, achieved positive adjusted EBITDA for the first time in 19 quarters
and breakeven LTM adjusted EBITDA at the end of Q3 2012
24
26. September YTD 2012 Update
Sales for Q3 YTD 2012 were $783.1 million, a 33.5% increase over sales of $586.4 million for Q3
YTD 2011
Sales growth was primarily driven by volume
U.S. single family housing starts (South region) were up only 22.7% over the same period
U.S. single family units under construction (South region) were up only 3.7% over the same
period
Combination of these data points, indicate market share gains
Gross margins was 20.0% for Q3 YTD 2012 compared to 20.2% for Q3 YTD 2011. Increased sales
volume was offset by intra-quarter commodity lumber price inflation relative to quarterly customer
pricing commitments, particularly in Q2 and Q3 2012. Higher than expected sales volume resulted
in us replacing inventory during the latter half of the quarters at higher costs.
At September 30, 2012, our LTM Adjusted EBITDA had improved $23.9 million – ($0.3) million
compared to ($24.2) million for the same period in 2011
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27. Capital Structure Summary
$mm 9/30/2012 Coupon Maturity Call Provisions
Cash & Cash Equivalents $90.7
Term Loan * 160.0 L+950 bps (2% Libor floor) Sep-15 Interest make-whole through Dec 2014
Second-lien Floating Rate Notes 139.7 L+1000 bps (3% Libor floor) Feb-16 Currently callable at 101
Other debt 4.1
Total Debt $303.8
Stockholders' Equity 58.9
Total Capitalization $362.7
* Financing also includes an LC facility that provides for the issuance of up to $20mm letters of credit
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