The document summarizes a presentation given by CSX Corporation at the Dahlman Rose Global Transportation Conference in September 2008. The summary discusses CSX's strong earnings growth and operating margins driven by productivity gains and pricing increases. It also notes that while housing and automotive sectors remain weak, CSX's diverse business portfolio and secular growth trends insulate it from economic downturns. The presentation raises CSX's long-term earnings growth targets based on its higher performance in 2008.
Brian X. Tierney, American Electric Power executive vice president and chief financial officer presented to an audience of investors at the Credit Suisse Energy Summit in Vail, Colo., on Feb. 8, 2011.
A webcast of the presentation can be accessed through the Internet at http://www.aep.com/investors/webcasts/.
During the conference, AEP reaffirmed its 2011 ongoing earnings guidance of $3.00 to $3.20 per share.
Brian X. Tierney, American Electric Power executive vice president and chief financial officer presented to an audience of investors at the Credit Suisse Energy Summit in Vail, Colo., on Feb. 8, 2011.
A webcast of the presentation can be accessed through the Internet at http://www.aep.com/investors/webcasts/.
During the conference, AEP reaffirmed its 2011 ongoing earnings guidance of $3.00 to $3.20 per share.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
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@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Falcon Invoice Discounting: Optimizing Returns with Minimal Risk
csx Dahlman Rose Conference 09.11.08
1. Dahlman Rose
Global Transportation Conference
September 2008
1
1
2. Forward-Looking Disclosure
This information and other statements by the company contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings,
revenues, cost-savings, expenses, or other financial items; statements of management’s plans, strategies and
objectives for future operation, and management’s expectations as to future performance and operations and the time
by which objectives will be achieved; statements concerning proposed new products and services; and statements
regarding future economic, industry or market conditions or performance. Forward-looking statements are typically
identified by words or phrases such as “believe,” “expect,” “anticipate,” “project,” “estimate” and similar expressions.
Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to
update or revise any forward-looking statement. If the company does update any forward-looking statement, no
inference should be drawn that the company will make additional updates with respect to that statement or any other
forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could
differ materially from that anticipated by these forward-looking statements. Factors that may cause actual results to
differ materially from those contemplated by these forward-looking statements include, among others: (i) the company’s
success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic or
business conditions, including those affecting the rail industry (such as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with
safety and security; and (v) the outcome of claims and litigation involving or affecting the company.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-
looking statements are specified in the company’s SEC reports, accessible on the SEC’s website at www.sec.gov and
the company’s website at: www.investors.csx.com
2
2
3. Current CSX environment
Strong earnings growth continues at record levels
— Yields supported by stable service platform and evolving marketplace
— Productivity driving greater efficiency and margin expansion
Secular strength overcoming effects of softer economy
— Diverse business portfolio offsets weakness in housing and auto markets
— Substantial earnings growth continues even in this environment
Long-term railroad environment remains strong
Fuel prices provide a tailwind for third quarter earnings
3
3
4. Earnings and margin growth remains significant
Comparable Operating Comparable
Income in Millions Operating Margin
$2,495 23.3%
22.3%
$2,233
20.7%
$1,981
2006 2007 LTM 2006 2007 LTM
CSX Peer Group (indexed)
Note: See GAAP reconciliation; peer group includes BNI, CNI, CP, NSC and UNP
4
4
5. Management actions driving margin expansion
Comparable Operating Margin
23.3%
22.3%
20.7%
18.1% Rolled out TSI initiative
Realigned network with disciplined investment
13.3%
11.6%
Focused on process excellence teams and value pricing
Rolled out ONE Plan Aligned resources with ONE Plan
Restructured management Developed a culture of accountability
2003 2004 2005 2006 2007 LTM
Note: See GAAP reconciliation
5
5
6. Strong service and market environment driving price
+
Strong Evolving Pricing
Service Marketplace Opportunity
On-time Increasing Highway “Same Store Sales”
Originations Congestion Price Increase
6.7%
6.6% 6.6%
79% 79%
76%
5.7%
51%
Pricing environment
favorable through 2008+
CSX Territory
2005 2006 2007 LTM 2005 2006 2007 LTM
6
6
7. Rail pricing is still in the early stages of recovery
Inflation-Adjusted Pricing Big-6 Capitalization
Indexed: 1981 = 100 Dollars in Billions
$157
100
$82 billion of
value created
51 $75
40
1981 2004 2008 2004 2008
Source: Association of American Railroads; Big-6 Capitalization reflects market performance through September 5, 2008
7
7
8. Housing and automotive sectors remain weak . . .
Housing Starts Auto Production
6.3%
5.2%
(0.0%)
(0.7%)
(1.5%)
(3.1%)
(12.6%)
(15.8%)
(26.0%) (18.5%)
2004 2005 2006 2007 LTM 2004 2005 2006 2007 LTM
Source: Global Insight, August 2008
8
8
9. . . . although ton miles and operations remain stable
Revenue Ton Miles Velocity (mph)
20.9
and Volume 20.8
19.9
19.2
253.0
249.0
247.9
247.4
7,358
7,350
2005 2006 2007 LTM
7,116
7,026
Dwell Time (hours)
29.7
25.1
23.2 22.7
2005 2006 2007 LTM
2005 2006 2007 LTM
RTM's (billions) Volume (000)
9
9
10. Diversity of business is key to secular strength
2008 Year-to-Date Revenue
Forest
Automotive
. Emerging Mkts
7%
7%
6%
Chemicals
Food & Consumer
13% .
4%
.
Agriculture
9%
Intermodal
13%
Phosphates
5%
Metals
Coal
7%
29%
Note: Year-to-date data through June 2008
10
10
11. Export coal growing 50% to 30 million tons in 2008
Newport News
— Source: Central Appalachia
— 2008 estimate: 19 million tons
Baltimore
—
Baltimore
Source: Northern Appalachia
— 2008 estimate: 5 million tons
Newport News
Mobile
— Source: Southern Appalachia
— 2008 estimate: 6 million tons
Mobile
Coal Reserves
11
11
12. Global influences are driving long-term demand
• China evolved from being an
exporter to an importer of coal
• Australian and South African
coal being consumed by China
• Ocean freight rates have
increased significantly
• Foreign exchange rates favor
the U.S. dollar
Mining Regions Exports Increase Exports Decrease
12
12
13. Long-term drivers support coal car investment
Reinvestment Profile Coal fleet continually exceeds
reinvestment hurdle rates
Strategic Ownership Value
Strategic ownership value is
high for this business
Investing in additional coal
car capacity
— $70 million in 2008
— $60 million in 2009
Returns by Car Type
Projected IRR
Bathtub Gondola Coal Cars
21%
Bottom Dump Coal Cars
13
13
14. Macro trends drive long-term opportunity for CSX
Trucking industry is challenged
Today
Highway congestion worsening; fuel costs
and environmental advantages favor rail
Global consumption is rising
Population, globalization drive demand
for energy, food and other goods
Rail is valued by the public
2020
Public funding increasing for expanded
and improved service products
East Coast ports are growing
CSX
Panama Canal expansion and increased
Territory
Suez Canal trade flows create opportunity
Source: USDOT FHWA Freight Analysis Framework
14
14
15. National Gateway enhances intermodal network
Links major metropolitan
Intermodal Network
markets with key ports
Boston
Ohio transfer yard brings
Chicago
service to major new markets
New York
Baltimore
Expedites traffic through
VA Ports
St Louis
Chicago and St Louis
Wilmington
Public-private partnership
Memphis
Atlanta
with CSX, federal and states
New Orleans National Gateway Project with Double-stack
Existing/Planned Double-stack Clearance
Central Florida
Howard Street Tunnel Clearance Restriction
15
15
16. 2008 Financial Update . . .
FCF before dividends increases
FCF Before Dividends
to about $1.0 billion
Dollars in Millions
Capital spending increases to
$1,000
$1.75 billion; includes coal cars
Raising EPS guidance to
$3.65 – $3.75, driven by:
— Pricing gains of 6%+
$376
— Productivity and efficiency gains
— Diverse business portfolio
— Moderating fuel prices
2007 Actual 2008 Forecast
Note: Free Cash Flow and capital spending include the impact of recent storm related damages
16
16
17. Moderating fuel prices will benefit third quarter
Highway Diesel Prices versus Two Month Lag
Positive Lag Impact
Negative Lag Impact
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Weekly HDF Monthly HDF (two-month lag)
Source: Energy Information Administration and NYMEX; HDF actual data through August 2008
17
17
18. Raising long-term targets on higher 2008 base . . .
New
Previous
2009–2010
2008–2010
Targets
Targets
15%–20%
Operating 13%–15%
CAGR
Income CAGR
20%–25%
Earnings 18%–21%
CAGR
Per Share CAGR
High 60’s
Operating Low 70’s
By 2010
Ratio By 2010
Built off Builds off
2007’s results 2008’s results
Note: New earnings per share targets include impact of current share repurchase program
18
18
19. Dahlman Rose
Global Transportation Conference
September 2008
19
19
21. GAAP Reconciliation Disclosure
CSX reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However,
management believes that certain non-GAAP financial measures used to manage the company’s business that fall
within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the SEC may provide users of
the financial information with additional meaningful comparisons to prior reported results.
CSX has provided financial information for certain items, which are non-GAAP financial measures. The company’s
management evaluates its business and makes certain operating decisions (e.g., budgeting, forecasting, employee
compensation, asset management and resource allocation) using these adjusted numbers
Likewise, this information facilitates comparisons to financial results that are directly associated with ongoing
business operations as well as provides comparable historical information. Lastly, earnings forecasts prepared by
stock analysts and other third parties generally exclude the effects of items that are difficult to predict or measure in
advance and are not directly related to CSX’s ongoing operations. A reconciliation between GAAP and the non-GAAP
measure is provided. These non-GAAP measures should not be considered a substitute for GAAP measures.
21
21
22. GAAP reconciliation to comparable results
Dollars in millions 2003 2004 2005 2006 2007 LTM
Operating Revenue $ 7,573 $ 8,040 $ 8,618 $ 9,566 $ 10,030 $ 10,698
Operating Expense 7,058 7,043 7,062 7,417 7,770 8,192
Operating Income $ 515 $ 997 $ 1,556 $ 2,149 $ 2,260 $ 2,506
Less Pretax Gain on Insurance Recoveries - - - (168) (27) (11)
Plus Restructuring Charge 22 71 - - - -
Plus Provision for Casualty Claims 232 - - - - -
Plus Additional Loss on Sale 108 - - - - -
Comparable Operating Income $ 877 $ 1,068 $ 1,556 $ 1,981 $ 2,233 $ 2,495
Comparable Operating Margin 11.6% 13.3% 18.1% 20.7% 22.3% 23.3%
Note: LTM is July 2007 through June 2008
22
22