This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
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
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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.
Here is the telegram contact of my 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
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
1. Earnings Conference Call
Third Quarter Fiscal 2008
August 1, 2008
Robert G. Bohn
Chairman and Chief Executive Officer
Charles L. Szews
President and Chief Operating Officer
David M. Sagehorn
Executive Vice President and Chief
Financial Officer
Patrick N. Davidson
Vice President of Investor Relations
2. Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include statements
that we believe are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. All statements other than statements of historical fact, including
without limitation, statements regarding the Company’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans
and objectives of management for future operations, are forward-looking statements. When used in
this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”
“should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are
generally intended to identify forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond the Company’s control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. These factors
include the consequences of financial leverage associated with the JLG acquisition and the level of
the Company’s associated borrowing costs; the cyclical nature of the Company’s access
equipment, commercial and fire & emergency markets, especially during a recession, which many
believe the U.S. has already entered; the Company’s ability to offset rising steel, fuel and other
costs through other cost decreases or product selling price increases; the expected level and timing
of U.S. Department of Defense procurement of products and services and funding thereof; risks
related to reductions in government expenditures and the uncertainty of government contracts; risks
associated with international operations and sales, including foreign currency fluctuations; risks
related to the collectibility of access equipment receivables; the Company’s ability to turn around its
Geesink business; and the potential for increased costs relating to compliance with changes in laws
and regulations. Additional information concerning these and other factors and assumptions is
contained in our filings with the SEC, including our Form 8-K filed August 1, 2008. Except as set
forth in such Form 8-K, we disclaim any obligation to update such forward-looking statements.
2
3. Oshkosh Fiscal Q3 2008 Highlights
Sales increased 6.6%
OSK Q3 Performance
to $1.97 billion
(millions)
Operating income* decreased $2,500 $300.0
5.9% to $181.2 million
Operating Income*
Sales Revenue
$250.0
$1,969
$2,000 $1,847
EPS* decreased 1.7% to $200.0
$1,500 $192.7
$1.19 $150.0
$181.2
$1,000 $888
$100.0
Revised FY 2008 EPS* $500 $82.6
$50.0
estimate range of
$0 $0.0
$3.15 to $3.30 2006 2007 2008
Sales Revenue Operating Income*
$78.6 million of debt pay
down
* Figures exclude non-cash charges to operating income for
asset impairment of $175.2 million or $173.1 million net of tax
3
4. Managing Proactively for
Market Conditions
Launched multiple cost reduction initiatives
– Reducing operating expenses
– Expanding global sourcing initiatives
Aggressively raised pricing as previously announced
Increasing focus on cash flow generation
– Inventory reduction
Continuing to invest in areas of growth
4
5. Access Equipment
Europe:
– Double-digit growth in Q3, even with
reduced outlook
– Mixed results expected in 2009
North America:
– IRC demand remained strong in Q3
Continuing to expand presence in
emerging markets
Adjusted production rates
New pricing effective October 1 to
address cost pressures
5
6. Defense
Significant parts & service growth
in quarter
Recently signed supplemental
supports strong sales outlook
Ramp-up of Harrison Street
facility is complete
JLTV downselect decision
expected late summer or fall
6
7. Fire & Emergency
Strong orders and market share
gains for Pierce in a down market
New product innovations continue
to drive customer activity at
Pierce
Continued strong international
airport products activity, primarily
in Asia
Weakness remains for towing &
recovery and mobile medical
markets
7
8. Commercial
Geesink Norba Group update:
– Impairment charges of $175.2 million
due to reduced outlook and higher
operating costs as announced on
June 26
– New managing director reinvigorating
team
– Restructuring actions expected to yield
improved performance
U.S. concrete markets remain soft
Domestic refuse collection product
sales grew over prior year quarter in
slightly down market
8
9. Consolidated Results
(Dollars in millions, except per share amounts)
Third Quarter Comments
2008* 2007 Solid results in access
equipment and defense
Net Sales $1,969.3 $1,847.3
Challenging market
% Growth 6.6% 108.1%
conditions impacting
commercial and fire &
emergency segments
Operating Income $ 181.2 $ 192.7
Limited third quarter
% Margin 9.2% 10.4%
impact from rising steel
% Growth (5.9)% 133.2% and other commodity
prices
Debt reduction of $78.6
Earnings Per Share $ 1.19 $ 1.21
million
% Growth (1.7)% 68.1%
* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million, or $173.1 million net of tax ($2.33/share)
9
10. Access Equipment
(Dollars in millions, except per share amounts)
Comments
Third Quarter
2008 2007 Double-digit European
sales growth vs. prior year
Net Sales $920.2 $873.8
Lower North American
% Growth 5.3% NA
performance driven by
weak economy
Operating Income $125.2 $ 98.3
Improvement driven by:
% Margin 13.6% 11.3% – Currency
– Aftermarket parts & service
% Growth 27.3% NA
– Product mix
Backlog down 51.7%
vs. prior year
10
11. Defense
(Dollars in millions, except per share amounts)
Comments
Third Quarter
2008 2007 Strong performance
from both parts &
Net Sales $489.5 $376.3
service and truck
% Growth 30.1% 29.1%
deliveries
Margin impacted by
Operating Income $ 66.5 $ 65.3 product mix &
% Margin 13.6% 17.3% development costs
% Growth 2.0% 33.1% Backlog down 21.9%
vs. prior year
11
12. Fire & Emergency
(Dollars in millions, except per share amounts)
Third Quarter Comments
2008 2007
Solid performance by
domestic fire apparatus
Net Sales $281.3 $290.2
and international airport
% Growth (3.1)% 13.7%
products offset by towing
& recovery and mobile
medical
Operating Income $ 17.9 $ 29.0
Margins impacted by:
% Margin 6.4% 10.0%
–Lower volumes
% Growth (38.2)% (2.7)%
–Product mix
–Facility work stoppage
Backlog up 10.3% vs.
prior year
12
13. Commercial
(Dollars in millions, except per share amounts)
Comments
Third Quarter
Geesink inefficiencies
2008* 2007
and lower concrete
Net Sales $294.5 $317.8
mixer sales drove loss
% Growth (7.3)% (9.3)%
Continued solid
domestic refuse
Operating Income $ (6.2) $ 17.8 collection orders
% Margin (2.1)% 5.6% Backlog up 11.6% vs.
prior year
% Growth (134.5)% (29.7)%
* Figures other than net sales exclude non-cash charges to operating income for asset impairment of $175.2 million
13
14. Oshkosh Fiscal 2008 Estimates
Revenue of $7.03 to $7.10 billion
Expectations:
Access Equipment sales to
increase approximately 20%
Defense sales to
increase approximately 35%
Fire & Emergency sales
to increase slightly
Commercial sales to
decrease approximately 15%
14
15. Oshkosh Fiscal 2008 Estimates
Operating Income* of $560 to $575 million
Expectations:
Access Equipment margins to
improve by 80 to 100 bps
Defense margins to
decline by 330 to 350 bps
Fire & Emergency margins
to decline by 150 to 170 bps
Commercial operating loss*
of 2.5% to 3.0% of sales
Corporate expense to
increase by approximately
$20 million
* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million
15
16. Oshkosh Fiscal 2008 Estimates
Other Estimates
Interest expense and other Approximately $215 million (expense)
Effective tax rate 34%*
Equity in earnings $8.0 to $8.5 million (income)
Average shares outstanding 75 million
* Figures exclude non-cash charges to operating income for asset impairment of $175.2 million
16
17. Oshkosh Fiscal 2008 Estimates
FY08 EPS* estimate range
of $3.15 to $3.30
Q4 EPS estimate range
of $0.50 to $0.65
Capital spending expected to
approximate $85 million
Expect debt between $2.85 and
$2.90 billion at fiscal year-end
* Figures exclude non-cash charges for asset impairment of $2.31/share
17
18. Oshkosh Fiscal 2009 Comments
Segment outlooks:
– Defense
Top line growth with modestly lower operating income margin
– Fire & Emergency
Steady performer with solid backlog
– Commercial
Recent restructuring actions expected to yield improved
performance at Geesink
Slightly improved outlook for concrete mixers and domestic
refuse collection
– Access Equipment
Growth in select markets, but lower expected total revenue
Driving cost reduction and resizing of operations
Focus on cash flow
18
19. Appendix: Non-GAAP Financial Measures
Fiscal 2008 Estim ates
The tables below present reconciliations of the Company’s presented non-GAAP measures
Low High
to the most directly comparable GAAP measures (in millions, except per share amounts):
End End
Three Months Non-GAAP pre-tax incom e $ 345 $ 360
Ended Intangible asset im pairm ent charges (175) (175)
June 30, 2008 GAAP pre-tax incom e $ 170 $ 185
Non-GAAP operating incom e $ 181.2 Non-GAAP incom e tax expense $ 118 $ 122
Intangible asset im pairm ent charges (175.2) Incom e tax benefit associated w ith intangible
GAAP operating incom e $ 6.0 asset im pairm ent charges (2) (2)
GAAP incom e tax expense $ 116 $ 120
Non-GAAP net incom e $ 88.8
Intangible asset im pairm ent charges (175.2) Non-GAAP effective incom e tax rate 34.0% 34.0%
Incom e tax benefit assoicated w ith intangible GAAP effective incom e tax rate 68.2% 64.9%
asset im pairm ent charges 2.1
GAAP net (loss) incom e $ (84.3) Non-GAAP EPS $ 3.15 $ 3.30
Intangible asset im pairm ent charges per share (2.31) (2.31)
Non-GAAP EPS $ 1.19 GAAP EPS $ 0.84 $ 0.99
Intangible asset im pairm ent charges per share (2.33)
GAAP (loss) earnings per share $ (1.14) Non-GAAP fiscal 2008 operating incom e $ 560 $ 575
Intangible asset im pairm ent charges (175) (175)
Non-GAAP com m ercial segm ent operating loss $ (6.2) GAAP fiscal 2008 operating incom e $ 385 $ 400
Intangible asset im pairm ent charges (175.2)
GAAP com m ercial segm ent operating loss $ (181.4) Non-GAAP com m ercial segm ent
operating loss m argin (3.0)% (2.5)%
Effect of intangible asset im pairm ent charges (17.0)% (16.0)%
GAAP com m ercial segm ent
operating loss m argin (20.0)% (18.5)%
19