Consolidation in the LTL Industry
|
|
- Moses Willis
- 8 years ago
- Views:
Transcription
1 Consolidation in the LTL Industry SMC 3 Summer Meeting June 17, 2004
2 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact Shipper Impact Critical Success Factors 2
3 Merger & Acquisition Overview Merger/acquisition announcements make big headlines Recent M&A Bids Comcast s bid for Disney JP Morgan s bid for Bank One Cingular s bid for AT&T Wireless Oracle s bid for PeopleSoft 3
4 Merger & Acquisition Overview When successful, M&A transactions can bring considerable benefits Revenue Benefits New markets New products Improved revenue mix Costs Benefits Improved asset utilization Operating efficiencies Decreased back-office/ administrative costs Increased buying scale 4
5 Merger & Acquisition Overview Bank One grew from a community bank in Columbus, OH to a banking leader during the late 1980 s and 1990 s $40 Geographic expansion through acquisitions Adding new services (e.g., credit cards) Stock Price $35 $30 $25 $20 $15 $10 $5 $0 Dec- 87 Dec- 88 Dec- 89 Dec- 90 Dec- 91 Dec- 92 Dec- 93 Dec- 94 Dec- 95 Dec- 96 Dec- 97 Sources: Yahoo Finance, Hoovers 5
6 Merger & Acquisition Overview Tyco became a conglomerate with $35 billion in annual revenue through serial acquisitions ADT ($6.6 b) AT&T s submarine cable unit Keystone Intl. (industrial valves) Wells Fargo s alarm business United States Surgical (surgical products) AMP (electrical and electronic connectors) Raychem (electronic components) Source: Hoovers 6
7 Merger & Acquisition Overview And achieved strong stock price growth during the period $60 $50 Stock Price $40 $30 $20 $10 $0 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Source: Yahoo Finance 7
8 Merger & Acquisition Overview However, expected benefits are not always achieved Flawed Synergy Assumptions Market opportunities Cost savings Integration Complexity Sales & Marketing Operations People/culture 8
9 Merger & Acquisition Overview It is estimated that more than half of business combinations fail to produce value Value from Mergers Destroyed Value 53% Added Value 17% Neutral 30% M&A failure rate of 60% to 70% (Chairman, Bain & Co.) M&A failure rate of 60% to 80% (CEO A.T. Kearney) Source: KPMG,
10 Merger & Acquisition Overview AOL/Time Warner has suffered through considerable turmoil since their merger $166 Billion Merger Announced CEO Gerald Levin Retires Company Reports $45b Quarterly Loss AOL/TW Merger Approved COO Bob Pittman Resigns Chairman Steve Case Steps Down AOL dropped from name 10
11 Merger & Acquisition Overview AOL/Time Warner s stock price has suffered as well $80 $70 $60 Stock Price $50 $40 $30 $20 $10 $0 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Source: Yahoo Finance 11
12 Merger & Acquisition Overview The Daimler Benz - Chrysler merger has also not achieved the benefits expected from the global marriage of auto makers $90 $80 $70 Stock Price $60 $50 $40 $30 $20 $10 $0 Oct- 98 Apr- 99 Oct- 99 Apr- 00 Oct- 00 Apr- 01 Oct- 01 Apr- 02 Oct- 02 Apr- 03 Oct- 03 Apr- 04 Source: Yahoo Finance 12
13 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact Shipper Impact Critical Success Factors 13
14 LTL Consolidation As the U.S. economy recovers, strong freight volume is benefiting LTL carriers Fuel Insurance Economic Recovery HOS Impacts Interest Rates 14
15 LTL Consolidation And is driving improved carrier stock performance this year Source: BigCharts.com 15
16 LTL Consolidation Continued growth is important for above-average stock appreciation Impact of Growth on Shareholder Value Market Value Annual Growth 20% 16% 12% 8% 4% 0% Shrinking Unprofitable Growth Cost Cutting Profitable Growth Source: Grow to be Great
17 LTL Consolidation Bigger may mean better Operating Ratio to Size* 110% 105% Operating Ratio 100% 95% 90% 85% 80% $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 Revenue (Millions) But is this really true or just a function of the smallest carriers? *All LTL carriers reporting with the DOT in 2000 Source: ATA Motor Carrier Annual Report, 2000 data 17
18 LTL Consolidation The benefits may still hold when carriers under $100M are removed from the analysis Operating Ratio to Size* Regional and Multi-Regional Carriers 100% Operating Ratio 95% 90% 85% $- $400 $800 $1,200 $1,600 $2,000 Revenue (Millions) *Regional/multi-regional carriers with $100 million or greater in revenue reporting with the DOT in 2000 Source: ATA Motor Carrier Annual Report, 2000 data 18
19 LTL Consolidation This may be due to a cost advantage for larger LTL carriers 250,000 Operating Cost/Employee by Size* Operating Cost/Employee 200, , ,000 50,000 - $- $500 $1,000 $1,500 $2,000 Revenue (Millions) *Regional/multi-regional carriers with $75 million or greater in revenue reporting with the DOT in 2000 Source: ATA Motor Carrier Annual Report, 2000 data 19
20 LTL Consolidation Carriers can grow either organically through internal growth or through acquisitions Internal Growt h Acquisition Low risk op erationally High ris k competitively Low risk co mpetitively High ris k operationally 20
21 LTL Consolidation Within the LTL industry, there are 2 general types of consolidation opportunities Side-By-Side End-To-End + + Gain operating efficiency Generally costdriven Open new markets Generally service-driven 21
22 LTL Consolidation Mergers that are successfully executed will challenge competing carriers Characteristic Service Offering Cost Structure Profit Impact Competitive Position Merged Carrier Improved Lower cost Improved or gain share Improved vs. regional competitors New entrant in crossregion market Competing Carriers No change No change No change or decreased Regionals: Worse vs. merged carrier Cross-region: Worse due to new entrant 22
23 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact - Side-by-Side Consolidation - End-to-End Consolidation Shipper Impact Critical Success Factors 23
24 Carrier Impact Side-by-Side Consolidation Side-by-side combinations can provide significant cost reduction benefits Potential Cost Benefits Increased Density Benefits Back-Office Benefits Improved terminal efficiency Improved equipment utilization Improved line haul efficiency Increased capacity Decreased administrative cost Improved purchasing power 24
25 Carrier Impact Side-by-Side Consolidation Service benefits from a side-by-side combination are driven by increased density Potential Service Benefits Increased Density Benefits Greater geographic area for 1-day or 2-day service Improved service to midsized or small cities where density is gained 25
26 Carrier Impact Side-by-Side Consolidation Princeton Optimization ran an LTL Side-by-Side merger scenario Example Terminal Operating Savings (per Day) Bill Count Total Loads Primary Direct Head Loads Acquiring Carrier Acquired Carrier Source: Princeton Optimization Inc. 26
27 Carrier Impact Side-by-Side Consolidation Acquiring Carrier: North Carolina Terminal Source: Princeton Optimization Inc. 27
28 Carrier Impact Side-by-Side Consolidation Merged Carrier: North Carolina Terminal Source: Princeton Optimization Inc. 28
29 Carrier Impact Side-by-Side Consolidation The networks are similar because we went from 19 daily loads Source: Princeton Optimization Inc. 29 Total Loads = 19
30 Carrier Impact Side-by-Side Consolidation To only 24 loads, with more direct and head loads Source: Princeton Optimization Inc. 30 Total Loads = 24
31 Carrier Impact Side-by-Side Consolidation Merger Benefits to Acquiring Carrier Financial Benefits 50% Revenue 20% Costs Operating Benefits 26% Loads % Directs 20% Head Loads
32 Carrier Impact Side-by-Side Consolidation Improved revenue mix comes from improved service offerings, not a decrease in the number of carriers Revenue Mix Benefit Decrease in number of competing carriers Decrease in industry capacity Improved service offering Improved capabilities to service customers Broader customer base 32
33 Carrier Impact Side-by-Side Consolidation Yellow Roadway achieved improved financial performance in its first quarter as a merged company 1Q 2004 Performance LTL Revenue (Billions) $1.6 $1.5 $1.4 Revenue Operating Ratio 98% 97% 96% LTL Operating Ratio $1.3 1Q Q 2004 *LTL business only Source: Yellow Roadway First Quarter, 2004 Press Release 33 95%
34 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact - Side-by-Side Consolidation - End-to-End Consolidation Shipper Impact Critical Success Factors 34
35 Carrier Impact End-to-End Consolidation End-to-end combinations can improve a company s service offerings Potential Service Benefits New Service Increased Density Benefits Larger service territory Increased number of lanes Greater geographic area for 1-day or 2-day service Improved service to mid-sized or small cities where density is gained 35
36 Carrier Impact End-to-End Consolidation A secondary benefit of an end-to-end combination can be decreased costs Potential Cost Benefits Increased Density Benefits Improved flowing of traffic over the existing regional networks Fewer intermediate handlings Back- Office Benefits Decreased administrative cost Improved purchasing power 36
37 Carrier Impact End-to-End Consolidation FedEx Freight has successfully grown following the AF acquisition, even during the slow economy $14 Performance Revenue/CWT Operating Ratio 94% Revenue/CWT $13 $12 93% 92% Operating Ratio $ * % *Fiscal Year 2001 did not include a full year of FedEx Freight East performance Source: FedEx SEC Filings and Annual Report 37
38 Carrier Impact End-to-End Consolidation SCS is lowering its operating ratio while integrating several carriers acquired during the period 100% Operating Ratio* 98% 96% 94% 92% 90% *Annual O.R.s include performance of separate carriers prior to being acquired Sources: SCS financial filings; ATA Motor Carrier Annual Report, data 38
39 Carrier Impact End-to-End Consolidation Other LTL industry deals did not result in the intended benefits Ryder PIE Helms Burns ANR Con-Way Penn Yan End-to-end Great strategic fit Operational combination failed Side-by-side deal No longer in business 3-way end-to-end deal Company went bankrupt End-to-end deal Penn Yan was liquidated 39
40 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact Shipper Impact Critical Success Factors 40
41 Shipper Impact There is plenty of opportunity for consolidation in the regional and multi-regional marketplace Estimated Regional/Multi-Regional LTL Market Share* ConWay 8% FedEx Freight 8% USFC 7% Overnite 5% All Other 57% AAA Cooper 2% SEFL 2% SCS 3% Estes/GI 4% ODFL 2% Averitt 2% *Based on Stephens Inc. estimate of $27 billion in regional LTL revenue 41
42 Shipper Impact Going forward, there may be more limited consolidation within the long-haul LTL segment Estimated Long-Haul LTL Market Share* All Other 25% Watkins 8% ABF 17% Yellow Roadway 50% *Based on Stephens Inc. estimate of $12 billion in long-haul revenue 42
43 Shipper Impact Shippers should benefit from service improvements following consolidation TODAY Many carriers with: Limited service Limited capabilities PREFERRED Fewer carriers with: Broad service offerings Strong capabilities 43
44 Shipper Impact Consolidation among regional/multi-regionals won t eliminate competition, and could actually lower shipper rates SE Region Carriers AAA Cooper Averitt CWS SCS - SAIA Estes FedEx Freight East ODFL Overnite R&L SEMF USF Dugan Consolidation Impact on Shipper Rates Competitive rates with 1/2 as many carriers Carriers with lower costs Fewer expensive 1-off shipments 44
45 Consolidation in the LTL Industry Contents Merger & Acquisition Overview LTL Consolidation Carrier Impact Shipper Impact Critical Success Factors 45
46 Critical Success Factors How does a merged company ensure that the pieces of the puzzle fit together properly? 46
47 Critical Success Factors Successful mergers are well conceived, Assess merger fit with company strategy Compare merger to other options Understand the potential synergies - Revenue enhancement - Cost take-out 47
48 Critical Success Factors well planned, Assess potential merger partners - Network - Synergies - Culture Analyze potential competitor responses Difficult Ease of Integration Insurance Inventory Management Plan the postmerger integration Sales Force Purchasing Illustrative Easy Small Systems Benefits Large 48
49 Critical Success Factors and executed according to the plan Difficult Illustrative Ease of Integration Inventory Management Insurance Sales Force Purchasing Easy Small Systems Benefits Large Task Identify Best Practices Identify Impact on Suppliers Communicate with Suppliers Implement System Changes Implement Process Changes Week
50
Less than Truckload Market in the US 2015-2019
Brochure More information from http://www.researchandmarkets.com/reports/3287755/ Less than Truckload Market in the US 2015-2019 Description: About Less Than Truckload Less than truckload (LTL) service
More informationUnited States House Committee on Transportation and Infrastructure. Subcommittee on Highways and Transit
United States House Committee on Transportation and Infrastructure Subcommittee on Highways and Transit Improving the Nation s Highway Freight Network Testimony of Henry J. Maier President and Chief Executive
More informationThe 7 Secrets To Slashing Your Freight Expenses In Tomorrow s Economy
Industry Insider Reveals The 7 Secrets To Slashing Your Freight Expenses In Tomorrow s Economy By Dave Gerlach Freight Solutions Expert GlobalTranz If you re like 95% of shippers, the last 2 years have
More informationINDUSTRY CONSOLIDATION TRENDS
Appendix C INDUSTRY CONSOLIDATION TRENDS Consolidation through mergers and acquisitions is a major trend in many industries. A central goal of most mergers has been to improve investment returns through
More informationSupply Chain Trends in Intermodal
Supply Chain Trends in Intermodal Ken Miller VP Operations 1 SERVICE REVIEW: MARKET SHARE Market overview (segment specific) Market size: $12 Billion Capacity: 205,000 53 foot Containers Industry outlook:
More information2010: LTL Carrier Accessorial and
2010: LTL Carrier Accessorial and Special Service Charges by Jim Bramlett, SmartFreightWare By evaluating a sample of carrier specific accessorial and special service charges, the purpose of this study
More informationBest Practices for Transportation Management
Best Practices for Transportation Management www.ohl.com or 877-401-6400 Introduction The mantra for all transportation professionals is simple: reduce costs and increase customer satisfaction levels.
More informationIndustry Outlook One Year Later. Presenter: Derek J. Leathers President & Chief Operating Officer Werner Enterprises
Industry Outlook One Year Later Presenter: Derek J. Leathers President & Chief Operating Officer Werner Enterprises Company Profile Premium provider of transportation and logistics services, specializing
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were
More informationThe Down and Dirty Guide to LTL Shipping
The Down and Dirty Guide to LTL Shipping 3 Step Action Plan for Improving Service and Saving Money TheLogisticsofLogistics.com Copyright protected, 2012 Page 1 Introduction: The Down & Dirty Guide to LTL
More informationLockheed Martin Corporation
Lockheed Martin Corporation 4 th Quarter 2015 Financial Results Conference Call 11:00 am EST Webcast login at www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. EST at www.lockheedmartin.com/investor.
More informationMCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA
MCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA Echo Global Logistics, Inc. Roy Ma 2/28/2013 1 STOCK PERFORMANCE 2/28/2013 P/E: 30.99 Current Share Price: 18.67 (3:24 PM EST) 52 Week Range:
More informationCarrier Procurement Insights. Trucking Company Volume, Cost and Pricing Tradeoffs 2009
Carrier Procurement Insights Trucking Company Volume, Cost and Pricing Tradeoffs 2009 White Paper Carrier Procurement Insights 2 In Brief As a shipper of products, when approaching the transportation industry
More informationQ1 Fiscal 2015 Statistics
Q1 Fiscal 2015 Statistics FedEx Corporation Financial and Operating Statistics First Quarter Fiscal 2015 September 17, 2014 This report is a statistical supplement to FedEx s interim financial reports
More informationThe Physical Security Business 2014 to 2018; Access Control, Intruder Alarms & Video Surveillance
Brochure More information from http://www.researchandmarkets.com/reports/3049614/ The Physical Security Business 2014 to 2018; Access Control, Intruder Alarms & Video Surveillance Description: The game
More informationBrochure More information from http://www.researchandmarkets.com/reports/3384898/
Brochure More information from http://www.researchandmarkets.com/reports/3384898/ Application Virtualization Market by Types (ERP, CRM, Hypervisor Security), Platform (OS and Software Development Virtualization),
More informationKeep on Trucking: Sunlight or Headlights at the End of the Tunnel?
Keep on Trucking: Sunlight or Headlights at the End of the Tunnel? By Stephen E. Kylander Over the past year, trucking stocks have been discovered, or perhaps rediscovered, by investors. Stock prices have
More informationHow to Use Supply Chain Design to Craft Successful M&A Activities
How to Use Supply Chain Design to Craft Successful M&A Activities Mergers and acquisitions (M&A) present an incomparable number of options for the design of the new organization s supply chain; a staggering
More informationShipments (thousands) 7,708
O V E R N I T E Shipments (thousands) 7,708 Tonnage (thousands) 4,198 Revenue (per hundredweight) $12.26 Total Revenue (millions) $1,062 Operating Ratio (%) 98.1 VISION STATEMENT: To be the most successful
More informationAT&T: A Natural Monopoly Worth Preserving or Destroying?
AT&T: A Natural Monopoly Worth Preserving or Destroying? The saga of the rise and fall of AT&T in America is a story of ever adjusting social and political attitudes toward the economic and social benefits
More informationNine Ways Food and Beverage Companies Can Use Supply Chain Design to Drive Competitive Advantage
Nine Ways Food and Beverage Companies Can Use Supply Chain Design to Drive Competitive Advantage From long-term, strategic decision-making to tactical production planning, supply chain modeling technology
More informationEARNINGS RELEASE FOR IMMEDIATE RELEASE EXPEDITORS REPORTS FOURTH QUARTER 2014 EPS OF $0.51 PER SHARE 1
By: Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 EARNINGS RELEASE CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More informationUNIQUE BROADBAND SYSTEMS ANNOUNCES FIRST QUARTER RESULTS Company s rebuilding efforts on track
UNIQUE BROADBAND SYSTEMS ANNOUNCES FIRST QUARTER RESULTS Company s rebuilding efforts on track Toronto, Canada (October 30, 2002) Unique Broadband Systems, Inc. (TSX Venture: UBS) today reported its results
More informationQE Reversal
Sell Short Con-Way (CNW) Cyclical, Capital Intensive (and Expensive) Trucking VALUEx Vail 2012 Dan Amoss, CFA Editor, Strategic Short Report http://strategicshortreport.agorafinancial.com/ Core Long-Term
More informationTime Warner Cable Inc. (TWC) - Financial and Strategic SWOT Analysis Review
Brochure More information from http://www.researchandmarkets.com/reports/1495312/ Time Warner Cable Inc. (TWC) - Financial and Strategic SWOT Analysis Review Description: Time Warner Cable Inc. (TWC) -
More informationLockheed Martin 4 th Quarter 2013 Financial Results Conference Call
Lockheed Martin 4 th Quarter 2013 Financial Results Conference Call January 23, 2014 3:00 p.m. EST Webcast login at www.lockheedmartin.com/investor Webcast replay & podcast available by 8:00 p.m. EST January
More informationIntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009
IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements
More informationNASSTRAC State of the Industry Report:
Issue 5 - Spring 2013 In This Issue... Pg. 1 - NASSTRAC State of the Industry Report Pg. 2 - NASSTRAC Report cont d Pg. 3 - NASSTRAC Carrier of the Year Awards, Hours of Service Rules Pg. 4 - YRC Freight
More informationSYMANTEC CORPORATION 4Q13 and FY13 RESULTS PREPARED REMARKS
Introduction Helyn Corcos, Vice President Investor Relations Good afternoon and thank you for joining our call to discuss our fourth quarter and fiscal year 2013 results. With me today are Steve Bennett,
More informationUpside in the Energy Downturn
April 2015 Upside in the Energy Downturn Surprising opportunity arises amid downturn in energy prices One thing is certain in North America s energy industry today: not a second goes by that anything is
More informationFOR IMMEDIATE RELEASE
By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More informationAdelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012. Presented by: Mark Chellew Managing Director & CEO.
Adelaide Brighton Ltd Morgan Stanley Emerging Companies Conference 14 June 1012 Presented by: Mark Chellew Managing Director & CEO Disclaimer The following presentation has been prepared by Adelaide Brighton
More informationMuddy Waters Investment Competition. MBA Case Competition 2014 ZILLOW ACQUISITION OVER TRULIA ANALYSIS FULL PAPER
Muddy Waters Investment Competition MBA Case Competition 2014 ZILLOW ACQUISITION OVER TRULIA ANALYSIS FULL PAPER William Vidal Adriana Martins Raquel Clara W.A.R. Consultancy Team 1 Introduction This report
More informationMcQueen Financial Advisors
Fall Leadership Development Conference Interest Rate Risk and Industry Trends Jim Craven McQueen Financial Advisors SEC Registered Investment Advisor $4 Billion + under management Municipal & Corporate
More informationThird Quarter 2014 Earnings Conference Call. 13 August 2014
Third Quarter 2014 Earnings Conference Call 13 August 2014 Safe Harbor Statement & Disclosures The earnings call and accompanying material include forward-looking comments and information concerning the
More informationUnderstanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt
Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should
More informationFast Starter By Shelly Garcia
San Fernando Valley Business Journal August 1, 2005 Fast Starter By Shelly Garcia When it opened in May, California United Bank held the distinction of being the largest publicly-held state-chartered bank
More informationFREIGHT MANAGEMENT TODAY: HOW TO COMPETE FOR CAPACITY
FREIGHT MANAGEMENT TODAY: HOW TO COMPETE FOR CAPACITY Where Technology and Logistics Merge FREIGHT MANAGEMENT TODAY: HOW TO COMPETE FOR CAPACITY SHIPPERS MUST TAKE AGGRESSIVE STEPS TO EVOLVE IN A CHANGING
More informationCHINA GREEN AGRICULTURE, INC.
CHINA GREEN AGRICULTURE, INC. NYSE: CGA Customized Fertilizer Solutions Diversified Products to Diversified Markets September 2015 Safe Harbor Statement This presentation contains forward-looking statements
More informationMERGERS AND ACQUISITIONS: THEORY MEETS PRACTICE. Sergey Barabanov and Mufaddal Baxamusa University of St Thomas
MERGERS AND ACQUISITIONS: THEORY MEETS PRACTICE Sergey Barabanov and Mufaddal Baxamusa University of St Thomas Fundamentals 4-step process Agenda Mini Case Valuation Fundamentals Mergers occur in waves
More informationFormed by merger of Bell Atlantic and GTE in June 2000. $67.8b - 2003 Revenue - from four business segments: Domestic Telecom Fiber Optic Network
1. BACKGROUND Verizon Communications formed by the merger of two big and successful companies, Atlantic Corp. and GTE Corp., is the largest telecommunication company. Verizon Communications, Inc. has many
More informationCASE STUDY: IIS GIVES A GLOBAL BEAUTY AND FASHION COMPANY AN IT MAKE-OVER MISSION ACCOMPLISHED
CASE STUDY: IIS GIVES A GLOBAL BEAUTY AND FASHION COMPANY AN IT MAKE-OVER MISSION ACCOMPLISHED IIS GIVES A GLOBAL BEAUTY AND FASHION COMPANY AN IT MAKE-OVER IIS is a long-time trusted resource to one of
More informationManagement analysis using cash flow statement
Management analysis using cash flow statement Bureau of Waterworks, Metropolitan Government 1 Introduction The business management using cash flow statement, i.e. the cash flow management is increasingly
More informationCross Check. A Study of Qantas Financial Health. Almotairi Adhikari Saputro Vannadeth
Cross Check A Study of Qantas Financial Health Almotairi Adhikari Saputro Vannadeth 1 Financial Analysis of Qantas Airlines With Virgin Australia as benchmark (for the year 2011) Hamoud Almotairi Indra
More informationHealth Information Exchange (HIX) Market by Setup Types, Vendors, Implementation Models, Application - Global Trends & Forecast to 2018
Brochure More information from http://www.researchandmarkets.com/reports/2773710/ Health Information Exchange (HIX) Market by Setup Types, Vendors, Implementation Models, Application - Global Trends &
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationLaw School on. Competition Law Aspects of. By Bahadır BALKI
Law School on Mergers & Acquisitions Competition Law Aspects of Mergers & Acquisitions iti in Turkey By Bahadır BALKI For a global transaction 1. you have to keep your competition law sensor open, 2. Right
More informationMuddy Waters Investment Competition. Analysis on the Zillow Trulia Merger
The Economist MBA Case Competition 2014 Muddy Waters Investment Competition Analysis on the Zillow Trulia Merger Authors Michael Jonas, Juan Guillermo Rintha, Philipp Soechtig Full-Time MBA Class of 2015
More informationThe Coming Volatility
The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April
More informationCORPORATE PROFILE BUSINESS OVERVIEW
CORPORATE PROFILE BUSINESS OVERVIEW Bankrate s business model has enabled it to become the Internet s leading consumer banking marketplace and a company that has a very sound financial foundation. Bankrate,
More informationSpecialty Insurance Where Are We Headed?
2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for
More informationMarketing Analytics Software Market by Application, by Deployment - Global Forecast to 2019
Brochure More information from http://www.researchandmarkets.com/reports/3066976/ Marketing Analytics Software Market by Application, by Deployment - Global Forecast to 2019 Description: Marketing Analytics
More informationNexage Analytics Report December 2013
Nexage Analytics Report December 2013 Programmatic: Becoming the strategic technology foundation of mobile advertising Programmatic is gaining steam. It has rapidly shifted from a disruptive force to the
More informationNetflix Strategic Analysis
XMBA 2013 Netflix Strategic Analysis Global Strategic Thinking Joey M. Reed, XMBA 2013 4/17/2013 EXECUTIVE SUMMARY In 1999, Reed Hastings launched an online movie rental service called, Netflix. The company
More informationFitch stated that Nationwide Life s risk-adjusted capitalization is considered strong relative to its peers.
Rating Action: Nationwide (Affirmed) On August 25, Fitch Ratings affirmed the A (Strong) insurer financial strength ratings of Nationwide Life Insurance Co. (Nationwide Life). The rating outlook is stable.
More informationGlobal Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12
Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by
More informationAlly Financial Reports Full Year and Fourth Quarter 2015 Financial Results
Ally Financial Reports Full Year and Fourth Quarter 2015 Financial Results Full Year 2015 Financial Highlights Net income of $1.3 billion, up 12% compared to $1.2 billion Adjusted EPS of $2.00, up 19%
More informationA Robust Approach to Procuring Transportation Services - Guarantee that the savings make it to your bottom-line
A Robust Approach to Procuring Transportation Services - Guarantee that the savings make it to your bottom-line Gary Girotti, Vice President Jeff Zoroya, Sr. Manager Chainalytics LLC May 13, 2008 Who is
More informationTrade on the news? Information Trading"
Trade on the news? Information Trading" Aswath Damodaran Aswath Damodaran! 1! Information and Value" Investors attempt to assess the value of an asset based upon the information that they have about that
More informationTOUGH TIMES-- 10 Supply Chain Initiatives to Survive and Thrive this Downturn
TOUGH TIMES-- 10 Supply Chain Initiatives to Survive and Thrive this Downturn Terry Harris, Chicago Consulting These are tough times. We don t know how much worse they ll get or how long they ll last.
More informationCable Industry Analysis. Team Peloton: Steve Corley Marty Taylor Jason Shaub Bala Selvakrishnan Kal Patel
Cable Industry Analysis Team Peloton: Steve Corley Marty Taylor Jason Shaub Bala Selvakrishnan Kal Patel Objective & Background To give an overview of the cable industry. Illustrate the capital intensive
More informationTRUCK DRIVER SHORTAGE ANALYSIS 2015
TRUCK DRIVER SHORTAGE ANALYSIS 2015 Bob Costello Chief Economist & Senior Vice President American Trucking Associations Rod Suarez Economic Analyst American Trucking Associations Published October 2015
More informationNorth American Freight Rail Industry. Transportation Research Board Washington, DC March 14, 2014
North American Freight Rail Industry Transportation Research Board Washington, DC March 14, 2014 Railroads Help Keep Coal- Based Electricity BNSF CN CP CSX FXE KCS/KCSM NS UP Other RRs Freight Railroads
More informationWin by Losing: How to Respond Effectively to a Shipper s RFP
DAT RateView Win by Losing: How to Respond Effectively to a Shipper s RFP By Mark Montague, Industry Pricing Manager, DAT Solutions Win by Losing: How to Respond Effectively to a Shipper s RFP In recent
More informationDiluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity
Summary of Consolidated Financial Results for the Nine months Ended December 31, 2008 February 3, 2009 Listed company name : Sysmex Corporation Code : 6869 Listed stock exchanges : Tokyo Stock Exchange
More informationWellCare Health Plans, Inc (WCG) - Financial and Strategic SWOT Analysis Review
Brochure More information from http://www.researchandmarkets.com/reports/2522448/ WellCare Health Plans, Inc (WCG) - Financial and Strategic SWOT Analysis Review Description: WellCare Health Plans, Inc
More informationSocial Media Analytics Market by Type, Applications, Vertical, Region - Global Forecast to 2020
Brochure More information from http://www.researchandmarkets.com/reports/3617252/ Social Media Analytics Market by Type, Applications, Vertical, Region - Global Forecast to 2020 Description: "Social Media
More informationHitachi Transfers Hard Disk Drive Business to Western Digital
FOR IMMEDIATE RELEASE Hitachi Transfers Hard Disk Drive Business to Western Digital Irvine, Calif., U.S., and Tokyo, Japan, March 7, 2011 --- Western Digital Corporation (NYSE: WDC, WD ) and Hitachi, Ltd.
More informationMitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 2989 Investor Relations Inquiries Investor Relations Group
More informationAsset Based Carrier or 3PL?
Rome Logistics Group of Companies 509 Mill Street Second Floor Suite #203 Kitchener, ON, N2G2Y5 By Peter Dann Derrick Stroebel Asset Based Carrier or 3PL? Page 1 When first starting to ship large and small
More informationMitel and Aastra Announce Plan to Merge
NEWS RELEASE Mitel and Aastra Announce Plan to Merge Combination creates a billion dollar company with a global installed base and the technology and scale to migrate those customers, and the broader market,
More informationlast page of this release. 3 Operating margin is calculated as operating income divided by net revenues.
By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More informationMellanox Achieves Record Quarterly and Annual Revenue
PRESS RELEASE Mellanox Technologies, Ltd. Press/Media Contact Allyson Scott McGrath/Power Public Relations and Communications +1-408-727-0351 allysonscott@mcgrathpower.com Investor Contact Mellanox Technologies
More informationAT&T Rural Broadband Coverage in North Carolina
AT&T Rural Broadband Coverage in North Carolina AT&T Services, Inc. April 07, 2008 2007 AT&T Intellectual Property. All rights reserved. AT&T and the AT&T logo are trademarks of AT&T Intellectual Property.
More informationCommercial Non-Life Insurance Brokers in Northern and Central Europe
Brochure More information from http://www.researchandmarkets.com/reports/1194948/ Commercial Non-Life Insurance Brokers in Northern and Central Europe Description: Finaccord s report titled Commercial
More informationStatement by Kasper Rorsted Chairman of the Management Board Conference-Call August 12, 2015, 10.30 a.m.
Statement by Kasper Rorsted Chairman of the Management Board Conference-Call August 12, 2015, 10.30 a.m. Welcome to our conference call. This morning you will have received our news release and our financial
More informationIntel Reports Fourth-Quarter and Annual Results
Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com
More informationHardware & Lumber Limited. Unaudited Financial Statements 30 September 2015
Unaudited Financial Statements Index Page CEO s Report Statements Unaudited Income Statement 1 Unaudited Statement of Comprehensive Income 2 Unaudited Statement of Financial Position 3 Unaudited Statement
More informationNEWS RELEASE. R&I Affirms Ratings: 3 Major P&C Insurance Groups. Rating and Investment Information, Inc. (R&I) has announced the following:
May 14, 2014 R&I Affirms Ratings: 3 Major P&C Insurance Groups Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE ---- Tokio Marine & Nichido Fire Insurance
More informationOutlook for the CRM Software Market: Trends and Forecast (Executive Summary) Executive Summary
Outlook for the CRM Software Market: Trends and Forecast (Executive Summary) Executive Summary Publication Date: October 30, 2002 Authors Thomas Topolinski Chad Eschinger Pranav Kumar This document has
More informationHyundai Marine & Fire Insurance Co., Ltd. (1450) : Company Profile and SWOT Analysis
Brochure More information from http://www.researchandmarkets.com/reports/2633083/ Hyundai Marine & Fire Insurance Co., Ltd. (1450) : Company Profile and SWOT Analysis Description: Synopsis 'Hyundai Marine
More informationUnit 1: Alliances. Preview. Listening 1 2. Keynotes. Reading: UNIT OBJECTIVES. Spring in their steps Language: Reading 1. Review of tenses Vocabulary:
UNIT 1 Unit 1: Alliances UNIT OBJECTIVES Reading: Spring in their steps Language: Review of tenses Vocabulary: Definitions; metaphors Career skills: Building relationships Culture at work: Working relationships
More informationPost, Broadcasting & Telecommunications Annual Market Review 2012/2013
Post, Broadcasting & Telecommunications Annual Market Review 2012/2013 Legal Disclaimer 2 Contents 5 10 14 18 24 28 32 35 36 3 Overview Godfrey Mutabazi Executive Director This review presents the performance
More informationSECOND QUARTER 2014 EARNINGS CONFERENCE CALL
SECOND QUARTER 2014 EARNINGS CONFERENCE CALL July 31, 2014 SAFE HARBOR Statements in this presentation, including those related to the outlook for 2014 and beyond, the continuing integration of Motorola
More informationDoha Bank Q.S.C. (LSE) : Company Profile and SWOT Analysis
Brochure More information from http://www.researchandmarkets.com/reports/2163954/ Doha Bank Q.S.C. (LSE) : Company Profile and SWOT Analysis Description: Synopsis World Market Intelligence's 'Doha Bank
More informationCONSOLIDATED FINANCIAL HIGHLIGHTS
CONSOLIDATED FINANCIAL HIGHLIGHTS January 29, 2014 Nintendo Co., Ltd. 111 Hokotatecho, Kamitoba, Minamiku, Kyoto 6018501 Japan Consolidated Results for the Nine Months Ended December 2012 and 2013 (1)
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace,
More informationInvesting in a 3-D World
Investing in a 3-D World February 10, 2016 by Bill Nasgovitz of Heartland Advisors Executive Summary Slowing growth and swelling corporate debt are expected to result in challenges in the coming quarters.
More informationTech Briefing 2001 A Free-Market Guide to Navigating Tech Issues in the 107th Congress
Tech Briefing 2001 A Free-Market Guide to Navigating Tech Issues in the 107th Congress Telecommunications and Media Mergers by James Gattuso TELECOMMUNICATIONS AND MEDIA MERGERS 8 Over the past two years,
More informationWAN Optimization Market by Solutions, by Services, by Deployment Type, by Verticals, by End Users, by Regions - Global Trends and Forecast 2014-2019
Brochure More information from http://www.researchandmarkets.com/reports/3114299/ WAN Optimization Market by Solutions, by Services, by Deployment Type, by Verticals, by End Users, by Regions - Global
More informationPerformance Food Group Company Reports First-Quarter Fiscal 2016 Earnings
NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737
More informationJohnson & Johnson (JNJ) : Company Profile and SWOT Analysis
Brochure More information from http://www.researchandmarkets.com/reports/2193025/ Johnson & Johnson (JNJ) : Company Profile and SWOT Analysis Description: Synopsis 'Johnson & Johnson (JNJ) : Company Profile
More informationTransportation Management Systems Solutions:
Transportation Management Systems Solutions: The Workhorse of Logistics 866.672.2862 m33integrated.com 511 Rhett Street, Suite 3 Greenville, South Carolina 29601 Few advances in commercial transportation
More informationFEDEX AND BUSINESS INTELLIGENCE (BI)
FEDEX AND BUSINESS INTELLIGENCE (BI) Farhan Alanazi 1. INTRODUCTION FedEx Corporation is providing logistics services in United States and its headquarters is situated in Memphis and Tennessee. The purpose
More informationWorldwide Express Less-than-Truckload Carrier Profiles
A. Duie Pyle Limits: 20 Linear Ft. / 20,000 lbs. / Liability: $10.00 / lbs. (CL.85 New) Freight Requiring High Status of Visibility (Advanced Technology) Hazardous Substance Moves in the Northeast Long-term,
More informationWorld Digital Asset Management - Investment Analysis and Growth Opportunities
Brochure More information from http://www.researchandmarkets.com/reports/365451/ World Digital Asset Management - Investment Analysis and Growth Opportunities Description: Frost & Sullivan's Software Financial
More informationWEBSITE NEWS. NETFLIX WILL SUPPORT CHARTER ACQUISITION OF TIME WARNER CABLE Originally appeared in Bloomberg By: Alex Sherman July 15, 2015
Filed by Charter Communications, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Act of 1934 Subject Company: Time Warner Cable
More informationAviation Radar 2013. Mai 2013. European Aviation Radar 2013_final.pptx
1 Aviation Radar 2013 Airline and airport managers are cautiously positive about the future of European aviation. However, fundamental changes are underway. The industry players might be forced to adapt
More informationORACLE CORP FORM 8-K. (Current report filing) Filed 09/18/14 for the Period Ending 09/18/14
ORACLE CORP FORM 8-K (Current report filing) Filed 09/18/14 for the Period Ending 09/18/14 Address 500 ORACLE PARKWAY MAIL STOP 5 OP 7 REDWOOD CITY, CA 94065 Telephone 6505067000 CIK 0001341439 Symbol
More informationHow Convergence of IT, Telecom and. the M&A Market
Consolidation Continues: How Convergence of IT, Telecom and Managed Services Will Impact the M&A Market Monday, October 3, 2011 2:30-3:15 p.m. M&A COMPTEL PLUS 2011 Orlando PLEASE SILENCE YOUR CELL PHONES
More information