The document summarizes Motorola's Q4 2008 earnings conference call. It provides financial results for Q4 2008, including a year-over-year decline in sales but improved operating margins when excluding special items. It also highlights business segment results, with growth in operating earnings for Home and Networks Mobility and Enterprise Mobility Solutions, but an operating loss for Mobile Devices. The document outlines participants in the upcoming Q&A section and includes boilerplate text about forward-looking statements and the use of non-GAAP measures.
• B-Toto is worth a bet now as i) its core gaming operations remained resilient even
during the post-CNY off-peak period and appear likely to surpass our 6-7% gaming
revenue growth target for FY4/09, ii) 2009’s special draw allocations for all three
NFOs could take place over the next few weeks and iii) there is upside potential to its
6-8% gross dividend yield based on its policy of a minimum payout of 75% if B-Toto
dishes out higher dividends to lend its parent a helping hand.
• Adjusting earnings but implied yields still decent. We raise our FY09-11’s
revenue per draw growth assumptions by 2-4% pts following the stronger-thanexpected
YTD showing. But FY10-11’s bottomline is lowered by 4-5% as we also
raise our blended prize payout assumption from 62-64% to 63-64% to better reflect
the payout trends seen so far. FY09’s numbers are largely intact despite these
adjustments. Even after a 3-5% cut in our FY10-11 DPS projections (unchanged
80% payout ratio), our forecasts still imply a decent yield.
• Reiterate OUTPERFORM. Our DPS downgrades trim our end-CY09 target price
from RM5.95 to RM5.65, based on an unchanged 5% discount to its DDM value. We
continue to like B-Toto for its steady, low-risk topline growth, superior ROEs and
sustainable dividend yields. Being a low-beta stock, B-Toto may fall out of favour in a
rising market. However, we flag the likelihood of bumper dividends over the short
term. This is a potential share price catalyst that underpins our OUTPERFORM
recommendation, along with the normalisation of luck factor and market share gains.
• B-Toto is worth a bet now as i) its core gaming operations remained resilient even
during the post-CNY off-peak period and appear likely to surpass our 6-7% gaming
revenue growth target for FY4/09, ii) 2009’s special draw allocations for all three
NFOs could take place over the next few weeks and iii) there is upside potential to its
6-8% gross dividend yield based on its policy of a minimum payout of 75% if B-Toto
dishes out higher dividends to lend its parent a helping hand.
• Adjusting earnings but implied yields still decent. We raise our FY09-11’s
revenue per draw growth assumptions by 2-4% pts following the stronger-thanexpected
YTD showing. But FY10-11’s bottomline is lowered by 4-5% as we also
raise our blended prize payout assumption from 62-64% to 63-64% to better reflect
the payout trends seen so far. FY09’s numbers are largely intact despite these
adjustments. Even after a 3-5% cut in our FY10-11 DPS projections (unchanged
80% payout ratio), our forecasts still imply a decent yield.
• Reiterate OUTPERFORM. Our DPS downgrades trim our end-CY09 target price
from RM5.95 to RM5.65, based on an unchanged 5% discount to its DDM value. We
continue to like B-Toto for its steady, low-risk topline growth, superior ROEs and
sustainable dividend yields. Being a low-beta stock, B-Toto may fall out of favour in a
rising market. However, we flag the likelihood of bumper dividends over the short
term. This is a potential share price catalyst that underpins our OUTPERFORM
recommendation, along with the normalisation of luck factor and market share gains.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
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 what'sapp contact of my personal pi merchant to trade with
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
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 what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
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Q4 2008 Motorola, Inc. Earnings Conference Call Presentation
1. Motorola Q4 2008
Earnings Conference Call
February 3, 2009
Q4 2008 Earnings Release- February 3, 2009 Slide - 1
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
2. Dean Lindroth
Investor Relations Officer
Q4 2008 Earnings Release- February 3, 2009 Slide - 2
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
4. Greg Brown
Co-CEO of Motorola and
CEO of Broadband Mobility Solutions
Q4 2008 Earnings Release- February 3, 2009 Slide - 4
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
5. Q4 2008
Earnings Call
Q4 2008 Earnings Release- February 3, 2009 Slide - 5
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
6. Ed Fitzpatrick
Acting Chief Financial Officer
Q4 2008 Earnings Release- February 3, 2009 Slide - 6
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
7. Q4 2008 Financial Results
Q4
($ in Millions) Q3 Q4
GAAP 2008 2008 2007
$ 7,136
Sales $ 7,480 $ 9,646
$ (1,675)
Operating Loss $ (452) $ (19)
-23.5%
Operating Margin -6.0% -0.2%
$ (3,576)
Earnings (Loss) from Continuing Operations $ (397) $ 111
EPS from Continuing Operations $ (1.57) $ (0.18) $ 0.05
Excluding Highlighted Items
$ 96
Operating Earnings $ 205 $ 381
1.3%
Operating Margin 2.7% 3.9%
$ (19)
Earnings (Loss) from Continuing Operations $ 113 $ 319
$ (0.01)
EPS from Continuing Operations $ 0.05 $ 0.14
Slide -- 7
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
8. Cash Flow and Cash
Q4 Q3 Q4
2008
($ in Millions) 2008 2007
$ (3,576)
Earnings (Loss) from Continuing Operations $ (397) $ 111
4,318
Depreciation, Amortization, Deferred Income Taxes and Other, net 708 22
(541)
Change in Assets and Liabilities, net (131) 337
$ 201
Net Cash provided by Operating Activities $ 180 $ 470
($ in Billions)
Total Cash* $ 7.4 $ 7.6 $ 8.6
*Includes Cash and cash equivalents, Sigma Fund (current and non-current) and Short-term investments
Slide -- 8
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
9. Greg Brown
Co-CEO of Motorola and
CEO of Broadband Mobility Solutions
Q4 2008 Earnings Release- February 3, 2009 Slide - 9
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
10. Home and Networks Mobility Financials
Q4
($ in Millions) Q3 Q4
GAAP 2008 2008 2007
$ 2,596
Sales $ 2,369 $ 2,724
$ 257
Operating Earnings $ 263 $ 192
9.9%
Operating Margin 11.1% 7.0%
Excluding Highlighted Items
$ 282
Operating Earnings $ 268 $ 207
10.9%
Operating Margin 11.3% 7.6%
Slide -- 10
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
11. Home and Networks Mobility Highlights
• Expanded operating margin year over year in both Home
and Networks
• Shipped 4.7 million digital entertainment devices
• Positioned by Gartner as a leader in Fiber-To-The-Home
• Continued to make progress in 4G
– Initial sales on WiMAX
– Completed industry’s first over-the-air Long-Term Evolution
(LTE) data sessions in the 700MHz spectrum
Slide -- 11
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
12. Enterprise Mobility Solutions Financials
Q4
($ in Millions) Q3 Q4
GAAP 2008 2008 2007
$ 2,215
Sales $ 2,030 $ 2,138
$ 466
Operating Earnings $ 403 $ 451
21.0%
Operating Margin 19.9% 21.1%
Excluding Highlighted Items
$ 475
Operating Earnings $ 411 $ 466
21.4%
Operating Margin 20.2% 21.8%
Slide -- 12
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
13. Enterprise Mobility Solutions Highlights
• Strong operating margins for the segment
• Continued strong international demand in the
government and public safety markets
• Launched first product integrating AirDefense acquisition
• Maintained momentum around new APX product line with
initial shipments of infrastructure equipment
Slide -- 13
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
14. Sanjay Jha
Co-CEO of Motorola and
CEO of Mobile Devices
Q4 2008 Earnings Release- February 3, 2009 Slide - 14
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
15. Mobile Devices Financials
Q4
($ in Millions) Q3 Q4
GAAP 2008 2008 2007
$ 2,350
Sales $ 3,116 $ 4,811
Operating Loss $ (840) $ (388)
$ (595)
Operating Margin -27.0% -8.1%
-25.3%
Excluding Highlighted Items
Operating Loss $ (295) $ (82)
$ (476)
-20.3%
Operating Margin -9.5% -1.7%
Units (M) 25.4 40.9
19.2
6.5%
Market Share (Estimate) 8.4% 12.4%
Slide -- 15
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
16. Portfolio Segmentation
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Slide -- 16
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
= Began shipping in Q408
NEW
17. Q4 2008
Earnings Call
Q4 2008 Earnings Release- February 3, 2009 Slide - 17
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
.
18. Q&A Participants
Sanjay Jha
Greg Brown
Co-CEO of Motorola and
Co-CEO of Motorola and
CEO of Mobile Devices
CEO of Broadband Mobility
Solutions
Larry Raymond
Ed Fitzpatrick
Motorola Treasurer
Acting Motorola CFO
Dean Lindroth
Marc Rothman
Investor Relations Officer
Mobile Devices CFO
Slide -- 18
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.
20. Use of Non-GAAP Measures
In addition to the GAAP results provided during this conference call, Motorola has presented certain non-
GAAP measurements. Motorola has provided these non-GAAP measurements as a measure to help
investors better understand its core operating performance, enhance comparisons of Motorola’s core
operating performance from period to period and to allow better comparisons of Motorola’s operating
performance to that of its competitors. Among other things, the Company’s management uses these
operating results, excluding the identified items, to evaluate the performance of its businesses and to
evaluate results relative to incentive compensation targets. Management uses operating results excluding
these items because they believe this measure enables them to make better period-to-period evaluations
of the financial performance of its core business operations. There are inherent limitations in the use of
operating results excluding these items because the company’s GAAP results do not include the impact of
these items. The non-GAAP measures are intended only as a supplement to the comparable GAAP
measures and the company compensates for the limitations inherent in the use of non-GAAP measures by
using GAAP measures in conjunction with the non-GAAP measures. As a result, investors should
consider these non-GAAP measures in addition to, and not in substitution for, or as superior to, measures
of financial performance prepared in accordance with GAAP.
Details of these items and reconciliations of the non-GAAP measurements provided during this call to
GAAP measurements can be found on Motorola’s website at www.motorola.com/investor.
Slide -- 20
Q4 2008 Earnings Release- February 3, 2009
MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office.