Dana Incorporated Conference Call Summary Company Overview - **Company**: Dana Incorporated - **Industry**: Automotive parts manufacturing, focusing on light and commercial vehicle systems Key Points and Arguments Business Strategy and Performance - Dana has successfully divested its off-highway business for **$2.7 billion**, netting **$2.4 billion** after transaction costs and debt assumption, allowing a focus on core on-highway markets [5][10] - The company has increased its cost reduction target from **$300 million** to **$325 million** for 2026, driven by efficiencies in R&D, SG&A, and cost of goods sold [7][11] - Dana's EBITDA for Q4 was approximately **$200 million**, with a margin of **10.7%**, and for the full year 2025, revenue was about **$7.5 billion** with an adjusted EBITDA of **$600 million** and a margin of **8%** [30][31] - The company expects sales to remain flat in 2026 at around **$7.5 billion**, with an EBITDA target of **$800 million** and an implied margin of **10.5%** [31][32] Market Outlook - Dana's three-year backlog stands at **$750 million**, showing growth despite challenges in the EV market [9][14] - The light vehicle segment is projected to generate about **$5.2 billion** in revenue for 2025, with significant contributions from major customers like Ford and Stellantis [18][19] - The commercial vehicle segment is heavily reliant on PACCAR, which accounts for about **50%** of global turnover, with a balanced regional presence [26][27] Financial Health - The company has reduced its debt by approximately **$1.9 billion** and expects to maintain a strong capital structure with no near-term debt [33][34] - Free cash flow for 2025 was reported at **$315 million**, with expectations of **$300 million** in 2026 [32][33] - Dana plans to return **$200 million to $300 million** to shareholders through share repurchases in 2026 [10][11] Challenges and Risks - The EV market has seen a deterioration, impacting Dana's operations, but the company has managed to negotiate recoveries and price increases to mitigate damage [6][9] - The heavy-duty truck market in North America is expected to decline by more than **10%**, which poses a risk to revenue projections [62][63] Future Growth and Investments - Dana is focusing on internal investments to enhance operational efficiency and automation, which are expected to drive margin improvements [85][88] - The company is also exploring growth opportunities in the aftermarket and defense sectors, which are seen as high-margin areas [45][66] Upcoming Events - Dana plans to host a capital markets day on **March 25** in New York to discuss long-term aspirations and growth strategies [36][66] Additional Important Information - The company has a diverse customer base, including strong relationships with Toyota, Volkswagen, and others, which helps mitigate risks associated with reliance on a few key clients [13][19] - Dana's aftermarket business represents about **12%** of overall revenue, indicating a significant area for potential growth [14][45] This summary encapsulates the key insights from Dana Incorporated's conference call, highlighting the company's strategic direction, financial performance, market outlook, and future growth opportunities.

Navigator Gas Conference Call Summary Company Overview - **Company Name**: Navigator Gas (NYSE: NVGS) - **Industry**: Seaborne transportation of petrochemical gases - **Fleet Composition**: - 43 handy-sized gas carriers - 16 ethylene-capable vessels - 9 small gas vessels - 5 mid-sized gas carriers (4 ethylene-capable) - 6 new buildings ordered for delivery between 2027 and 2028 - **Joint Venture**: 50% ownership in Morgan's Point ethylene export terminal with a capacity of 1.55 million tons per year [1][3][4] Core Points and Arguments - **Market Leadership**: Navigator Gas is the largest owner and operator of handy-sized gas carriers, holding a 32% market share in the handy-size segment [8] - **Cargo Flexibility**: The fleet can carry various cargo types (butane, ammonia, propane, ethane, ethylene), providing stability in cash flows and utilization rates [7][12] - **Geographical Operations**: Major trading routes originate from Texas to Asia and Europe, with a focus on long-haul routes contributing significantly to earnings [8][12] - **Corporate Governance**: Navigator Gas has improved its ESG score, ranking first among 64 shipping companies, reflecting strong corporate governance practices [9][10] - **Growth Drivers**: Anticipated growth in U.S. natural gas liquids production and global seaborne trade expected to exceed 200 million tons by 2028 [18] Financial Performance - **Record Results**: - Highest quarterly time charter equivalent (TCE) of $30,966 per day - Record quarterly EBITDA of $85 million - Net income of $33 million, highest quarterly net income on record with EPS of $0.50 [20][22] - **Utilization Rates**: Fleet utilization rebounded to 89%, close to the preferred benchmark of 90% [22] - **Cash Break-even**: Estimated all-in cash break-even for 2025 is $20,510 per day per vessel, providing significant headroom above average TCE revenue [23][24] - **Liquidity Position**: Cash and equivalents of $216 million, total liquidity of $301 million, and no significant refinancing due until 2029 [24][29] Capital Return Policy - **Dividend Increase**: Fixed dividend increased from $0.05 to $0.07 per share, with a payout policy raised from 25% to 30% of net income [31][45] - **Share Buybacks**: 12 million shares repurchased for $174 million, with a total of $210 million returned to shareholders over the last three years [32][33] Future Outlook - **Morgan's Point Terminal**: Expected throughput for 2026 to exceed 2025 levels, driven by strong demand in Europe for ethylene imports from the U.S. [47][48] - **Fleet Modernization**: Ongoing strategy to sell older vessels and replace them with modern tonnage, including six newbuilds scheduled for delivery [35][36] - **Market Conditions**: Anticipated stable cash flows and robust demand for petrochemicals, LPG, and ammonia, supporting healthy utilization levels [53] Additional Insights - **Acquisition Strategy**: Active monitoring of potential acquisition targets in the handy-sized and mid-sized segments to consolidate market position [50][51] - **Venezuela Market**: Potential for re-entering the Venezuelan market as conditions improve for LPG exports [64][65] This summary encapsulates the key points discussed during the Navigator Gas conference call, highlighting the company's operational strengths, financial performance, and strategic outlook for the future.

Summary of OptimumBank Holdings Conference Call Company Overview - **Company Name**: OptimumBank Holdings - **Ticker Symbol**: OPHC - **Founded**: 2000 - **Location**: Fort Lauderdale, South Florida - **Total Assets**: $1.1 billion as of December 31, 2023 [3] - **Market Capitalization**: Approximately $90 million, trading below book value [4] Financial Performance - **Net Earnings**: $16.6 million for 2025, a 27% increase from 2024 [6] - **Earnings Per Share (EPS)**: $0.72, up from $0.63 the previous year [6] - **Return on Equity (ROE)**: GAAP ROE at 14.83%, core ROE at 21.6% [4][34] - **Net Interest Margin (NIM)**: 4.28%, expected to rise further [5][8] - **Loan Portfolio Growth**: Grew nearly 20% in 2025, with expectations of 25%-30% growth in 2026 [10][11] Key Business Highlights - **Loan-to-Deposit Ratio**: Just over 100% [3] - **Gross Loan Portfolio**: Approximately $959 million [3] - **Deposits**: $932 million [3] - **Non-Interest Income**: Increased by 46% from the previous year [6] - **Commercial Real Estate Focus**: Portfolio primarily consists of owner-occupied properties, average loan size around $5 million [9][10] Growth Strategy - **Geographic Expansion**: Plans to expand into the Tampa area and beyond, focusing on where customer relationships exist [23] - **Vertical Integration**: Intent to create sister companies to support the bank, including HUD and bridge lending [24] - **Capital Raising**: Plans to attract new investors to grow the capital base, aiming for $15-20 million to support growth [27] Customer Relationship Management - **Customer Base**: Strong loyalty with a "cult following," leading to organic growth in deposits and loans [10][12] - **Service Approach**: Emphasis on providing a "white glove" service to all customers, regardless of wealth [12] Technology and Innovation - **Technology Upgrades**: Significant investment in technology improvements, with a new product launch expected in March or April 2024 [32][33] Risk Management - **Credit Risk**: No significant bad loans reported; proactive management of borrower relationships to mitigate risks [19][20] - **Economic Resilience**: Strong customer relationships expected to provide stability during economic downturns [38] Future Outlook - **Market Positioning**: Aiming for a market cap of $75 million to facilitate capital raises and increase trading volume [44][46] - **Sustainable Growth**: Focus on controlled and stable growth, with a strong emphasis on customer care [43] Additional Considerations - **Dividend Policy**: Discussions on potential dividends based on shareholder interest, balancing growth needs with shareholder returns [29][30] - **Investor Engagement**: Encouragement for potential investors to engage with the bank and its offerings [46]

Ampco-Pittsburgh Conference Call Summary Company Overview - **Company Name**: Ampco-Pittsburgh - **Ticker**: AP - **Founded**: 1929 - **Segments**: - Forged and cast engineered products - Air and liquid processing - **2024 Revenue**: Approximately $400 million - **Employees**: About 1,500 [1][2] Core Business Insights Forged and Cast Engineered Products - **Market Position**: Global leader in forged and cast rolls for steel and aluminum rolling mills, primarily in North America and Europe [2][4] - **Revenue Contribution**: Revenue from rolling mill rolls is estimated at $250-$300 million, with the global market for rolling mill rolls around $2 billion annually [8][9] - **Customer Base**: Major customers include U.S. Steel, Steel Dynamics, and Cleveland-Cliffs [5][11] - **Production Facilities**: Operations in the U.S., Sweden, and Slovenia, with a joint venture in China [6][10] - **Market Dynamics**: The company expects $7-$8 million annual EBITDA improvement from the business reset, focusing on operational efficiencies and growth [3][16] Air and Liquid Processing - **Business Segments**: - Aerofin: Heat exchange products for nuclear power and industrial processes - Buffalo Air Handling: Custom air handling units for specialized environments - Buffalo Pumps: Centrifugal pumps primarily for the U.S. Navy and power generation [17][18] - **Growth**: 55% revenue growth over the last three years, with continued expansion expected [18][19] - **Strategic Importance**: Long-term supplier to the U.S. Navy, with significant investments to modernize facilities [20][21] Financial Performance - **EBITDA Improvement**: Anticipated annualized improvement of $7-$8 million from exiting underperforming assets [23][24] - **Debt Leverage**: Expected to improve as the company modernizes plants and exits unprofitable operations [23][24] - **Pension Plan**: Moving towards a fully funded status, which will positively impact financial health [24] Market Trends and Opportunities - **End Market Growth**: Major end markets projected to grow 3-5% over the next five years, contrasting with previous years of flat or declining growth [15][24] - **Tariff Impact**: Anticipated increase in demand due to tariff changes in Europe, potentially increasing demand by 10%-15% [14][28] - **Nuclear and Navy Markets**: Significant growth opportunities in the nuclear sector and U.S. Navy contracts, with barriers to entry providing competitive advantages [19][21] Risks and Challenges - **Market Demand Fluctuations**: Previous delays in roll purchases due to tariffs and market conditions, but signs of improvement are noted [28][29] - **Competitive Landscape**: Limited competition in the U.S. for rolling mill rolls, but ongoing monitoring of competitors like Villares is necessary [9][34] Conclusion - **Future Outlook**: Positive growth trajectory anticipated, with a focus on improving performance, reducing debt, and capitalizing on market opportunities in both segments [36]

Summary of Radiopharm Theranostics Conference Call Company Overview - **Company Name**: Radiopharm Theranostics - **Stock Symbols**: NASDAQ: RADX, ASX: RAD - **Industry**: Clinical stage radiotherapeutics - **Focus**: Development of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical needs [2][3] Core Business and Partnerships - **Core Business**: Radiopharmaceuticals, with a focus on first-in-class products [3] - **Strategic Partnerships**: - **Lantheus**: Largest shareholder with approximately 15% ownership [3] - **MD Anderson Cancer Center**: Scientific partnership for research and development [3] Pipeline and Clinical Trials - **Clinical Stage Molecules**: Five molecules currently in clinical stage [3] - **Key Products**: - **RAD101**: Imaging agent for brain metastasis, currently in Phase II with over 50% trial recruitment [4][6] - **PD-L1 Nanobody**: In Phase I, targeting multiple solid tumors [10] - **HER2 Nanobody**: In Phase I, targeting breast and gastroesophageal cancer [10] - **RV01**: Monoclonal antibody targeting B7-H3, expected to dose first patient in February [5] - **KLK3-targeting Monoclonal Antibody**: Radiolabeled with Terbium-161, also expected to dose first patient soon [5] Clinical Milestones and Data - **Upcoming Milestones**: - Completion of Phase II enrollment for RAD101 expected by March or April 2026 [14] - Full data release for Phase II anticipated before June 2026 [14] - Significant clinical data for RAD204 and RAD102 expected mid-2026 [14] - **Interim Data**: Positive interim results for RAD101, with 92% of patients achieving primary endpoint [7][8] Market Position and Competition - **Competitive Advantage**: No other radiopharmaceuticals in development for brain metastasis imaging, positioning RAD101 as a first-in-class product [16] - **Comparison with Competitors**: - **Novartis**: Established leader with commercial products but focused on different therapeutic areas [24] - **Telix**: More focused on imaging rather than therapeutics [24] - **Point Biopharma**: Acquired by Lilly, with no direct competition to Radiopharm's pipeline [25] Financial Overview - **Burn Rate**: Approximately $6 million to $7 million per quarter, with sufficient cash to reach Q1 2027 [19] - **Revenue Generation Potential**: RAD101 is closest to commercialization, with potential market launch by 2029 [21] Supply Chain and Manufacturing - **Isotope Supply Chain**: Multiple suppliers secured for Lutetium-177 to ensure reliable supply [18] Strategic Vision - **Partnership Strategy**: Focus on clinical development with openness to partnerships or licensing as trials progress [27] - **Long-term Goals**: Aim to deliver clinical data in 2026 that supports future financing needs [19][29] Conclusion - **Outlook**: 2026 is expected to be a pivotal year for Radiopharm Theranostics, with a strong focus on execution and addressing unmet medical needs in cancer treatment [29]

Summary of DigiPowerX Conference Call Company Overview - **Company Name**: DigiPowerX - **Ticker Symbol**: DGHI - **Industry**: Energy Infrastructure, specifically focusing on high-performance computing (HPC) data centers and sustainable energy assets [1][2] Core Business and Strategy - DigiPowerX specializes in acquiring, building, and managing infrastructure for Tier I and Tier III HPC data centers tailored for AI workloads [2] - The company has a robust portfolio, including a wholly owned combined cycle power plant in Upstate New York, which is transitioning into a Tier III facility [3] - The strategy includes leveraging existing infrastructure to expedite the deployment of additional Tier III data centers and providing scalable modular solutions [4] Financial Position - As of the latest update, DigiPowerX has approximately **$94 million** in cash and cash equivalents and a market capitalization of about **$250 million** with no long-term debt [3] - The company anticipates generating revenue through its Tier III HPC and AI services, with expected revenue from NYISO capacity payments estimated between **$3 million and $5 million** [5] Infrastructure and Capacity - Current operational footprint includes: - **Columbiana, Alabama**: 70 MW operational capacity (converted to Tier III) - **Upstate New York**: 123 MW capacity from the power plant and 19 MW in Buffalo [4][5] - Plans to develop a site in North Carolina with a capacity of **200 MW** for future use [5] Technological Developments - Partnership with Supermicro to deploy modular ARMS pods powered by NVIDIA GPUs [2] - Introduction of NeoClouds, a GPU-as-a-service offering, aimed at providing on-demand AI computing resources [2][7] - The ARMS modular units are designed for quicker deployment and lower capital expenditure requirements [7] Market Position and Growth Potential - The company is well-positioned to capture the surging demand for AI-driven colocation services, with a focus on high-density data center development [4] - Plans to expand operational capacity by **20 MW by mid-2026** and **40 MW by the end of 2026** [9] - Transitioning from Bitcoin mining to Tier III data centers is expected to enhance asset value per megawatt [9] Strategic Collaborations - Collaboration with Nano Nuclear Energy to explore zero-emission energy solutions, with results expected in the future [6] - Plans to establish a direct sales model for ARMS modular units globally through partnerships [16] Revenue Generation and Future Outlook - The introduction of GPU-as-a-service is anticipated to differentiate the company and accelerate revenue growth in the first half of 2026 [14] - Ongoing discussions for enterprise-level pilot programs with Tier 1 customers, with potential agreements expected within the next 90 days [11][12] Marketing and Efficiency - The company plans to promote the environmental benefits and efficiency of its liquid cooling systems over traditional air cooling to attract high-density AI clients [17] Conclusion - DigiPowerX is strategically positioned in the growing AI and HPC market, with a strong financial foundation and innovative technology partnerships aimed at driving future growth and sustainability in energy infrastructure [1][2][3]

Summary of Prenetics Conference Call Company Overview - **Company Name**: Prenetics - **Ticker**: PRE - **CEO**: Danny Young - **Industry**: Life Sciences and Nutritional Supplements Key Points and Arguments Company Background - Prenetics was co-founded by Danny Young, who has a background in entrepreneurship and e-commerce, notably as the East Asia CEO of Groupon from 2010 to 2014 [2][3] - The company initially focused on DNA testing and pivoted to COVID-19 PCR testing during the pandemic, generating approximately $800 million in revenue and $100 million in net profit [3][4] - Prenetics went public on Nasdaq in 2022 with a valuation of $1 billion, which subsequently declined as COVID testing demand decreased [4] IM8 Brand Launch - In 2023, Prenetics launched IM8, a nutritional supplement brand co-founded with David Beckham, aimed at simplifying nutrition [4][5] - IM8 achieved $60 million in revenue for 2025 and is projected to reach $180 million to $200 million in 2026, with a long-term goal of $350 million to $400 million in 2027 [9][29] Financial Metrics - Prenetics has approximately $110 million in cash and 510 Bitcoin on its balance sheet, with zero debt [6] - The company has a net asset value of about $560 million, including a $380 million valuation for the IM8 business and a $70 million investment in Insighta [21][22] Market Position and Growth - The global supplement market is projected to reach $700 billion by 2030 [13] - IM8 has achieved a $120 million annual recurring revenue (ARR) and is noted for being the fastest supplement brand to reach $100 million ARR in under 12 months [11][12] - The average order value has increased from $110 to $200 due to new product launches and subscription options [34] Customer Engagement and Marketing Strategy - IM8 operates primarily as a direct-to-consumer brand, with 98% of sales through its website [12] - The company has a high customer retention rate, with 80% of customers on monthly or three-month renewal subscriptions [14] - Marketing strategies include leveraging AI for ad creation and targeting, with plans to expand into new channels like YouTube and TikTok [23][26] Product Differentiation - IM8 products are NSF Certified for Sport, ensuring they are free from banned substances, which is crucial for professional athletes [17][32] - The product simplifies supplementation by combining 16 different supplements into one powder, enhancing convenience for users [15][10] Future Outlook - Prenetics plans to invest in new marketing channels, product localization, and partnerships with athletes across various sports to drive growth [22][23] - The company aims to build brand recognition and community engagement, with a goal of becoming one of the world's largest supplement brands within the next three to five years [37][38] Additional Important Information - Prenetics has divested from other business units, focusing primarily on IM8 and its core competencies in nutritional supplements [5][9] - The company has faced challenges due to legacy issues from previous business models, but is optimistic about its growth trajectory and market potential [27][36]

Summary of Charles Schwab's 2026 Winter Business Update Company Overview - **Company**: Charles Schwab (NYSE:SCHW) - **Event**: 2026 Winter Business Update - **Date**: January 21, 2026 Key Points Financial Performance - **Record Year**: 2025 was a record year for Schwab, with total net revenues reaching **$23.9 billion**, a **22% increase** from 2024 [3][4] - **Adjusted Earnings**: Adjusted earnings per share were **$4.87**, up **50%** year-over-year [4][24] - **Core Net New Assets (NNA)**: Schwab attracted **$519 billion** in core NNA, a **42% increase** over the previous year [3][42] - **New Accounts**: Clients opened **4.7 million** new brokerage accounts, a **13% increase** from 2024 [3] Client Engagement and Growth Strategies - **Client Engagement**: Supported **1.9 billion trades** and **30 million calls** to service centers, with **2.2 billion digital logins**, an **18% increase** from 2024 [6][8] - **Client Accounts**: Ended the year with over **46 million client accounts** and nearly **$12 trillion** in total client assets [9] - **Growth Levers**: Focus on attracting more clients and deepening relationships by serving more of their financial needs [10][12] Innovations and Services - **New Offerings**: Launched several new services, including Advisor ProDirect and a long-short separately managed accounts program [5] - **Acquisitions**: Entered an agreement to acquire Forge to enhance access to alternative investments and made a strategic investment in Carta [5][19] - **Wealth Management**: Expanded wealth services and improved capabilities in tax, trust, and estate planning [14][16] Market Position and Competitive Advantage - **Industry Leader**: Ranked number one among peers by total client assets and daily average trades, which reached **7.7 million** per day [9] - **Cost Efficiency**: Decreased cost per account by **20%** over the last five years, maintaining a competitive edge in expense on client assets [20][21] Future Outlook - **2026 Projections**: Anticipate total revenue growth of **9.5%-10.5%** and full-year organic asset growth of around **5%** [29][60] - **Interest Rates**: Expect interest rates to decrease, with a target Fed funds rate of **3.25%** by the end of 2026 [27] - **Earnings Growth**: Projected adjusted earnings of around **$5.70-$5.80**, representing upper teens year-over-year growth [32] Capital Management - **Capital Return**: Strong capital return strategy with **$11.8 billion** returned to shareholders in various forms [26][27] - **Tier 1 Ratio**: Adjusted Tier 1 leverage ratio finished at **7.1%**, above the target range of **6.75%-7%** [26][61] Additional Insights - **Client Demographics**: Average retail client age has decreased to the **40s**, with a significant portion of new clients being Gen Z [12][43] - **Lending Opportunities**: Significant growth potential in lending, with only **9%** penetration of Pledged Asset Line among ultra-high net worth clients [17][47] - **Alternative Investments**: Growing interest in alternative investments, with expectations of increased client engagement in this area [19][40] This summary encapsulates the key insights and data points from Charles Schwab's 2026 Winter Business Update, highlighting the company's strong performance, strategic initiatives, and future outlook.

Kaltura Inc. Conference Call Summary Company Overview - **Company Name**: Kaltura Inc. (Ticker: KLTR) - **Industry**: Video Management and AI-Driven Virtual Agents - **Founded**: 2006 - **Revenue**: $180 million, profitable business model [3][32] Core Products and Innovations - **Initial Offerings**: Video management platform evolved into advanced video experiences for enterprises, including content management systems for video [3][4] - **Key Products**: - Video portal for corporate use (white label YouTube) [3] - Integration with learning environments, particularly in higher education [4] - Real-time conversation tools and virtual events [4] - AI capabilities, including a product called Genie for hyper-targeted video responses [5][6] - **New Innovations**: Introduction of immersive virtual agents, which are photorealistic, multilingual, and hyper-personalized avatars that enhance user interaction [12][14] Market Position and Competition - **Market Standing**: Kaltura is positioned in the top right quadrant of the video management market, competing with companies like Brightcove and Vimeo [8] - **Customer Base**: 30% of the top 50 technology companies, including Amazon, Adobe, NVIDIA, Salesforce, and Oracle [10] - **Market Challenges**: The video industry has flattened post-COVID, with some companies experiencing declines. Kaltura has seen only single-digit growth [9][32] Financial Performance and Projections - **Current Financial Status**: The company has returned to profitability and is generating cash flow from operations [33][40] - **Future Growth Expectations**: Aiming for double-digit growth and a return to a "Rule of 30" company status by 2028 [33][34] - **Adjusted EBITDA**: Positive margins reported, with expectations for GAAP profitability to improve [40] Investment Thesis - **Leading Technology**: Kaltura is the only public company in the immersive virtual agent space, providing a unique investment opportunity [34] - **Large and Growing Total Addressable Market (TAM)**: Transitioning from a video market to a broader customer experience (CX) and employee experience (EX) market [34][52] - **Customer Retention**: High gross retention rates, particularly in the enterprise market, indicating strong customer loyalty [49] Additional Insights - **AI Integration**: The company is leveraging AI to enhance user engagement and create personalized experiences [6][14] - **Sales Cycle**: Generally ranges from three months to a year, with larger projects potentially taking longer [44] - **Balance Sheet**: Approximately $60 million in gross cash with $30 million in debt, indicating a stable financial position [47] Conclusion - Kaltura is positioned for significant growth with its innovative offerings in immersive virtual agents, backed by a strong customer base and a commitment to profitability. The transition into a broader market presents substantial opportunities for investors [51][52]

Ryanair (NasdaqGS:RYAA.Y) Update / briefing January 21, 2026 05:00 AM ET Company ParticipantsMichael O'Leary - CEOEddie Wilson - CEOStephen Murphy - Ireland CorrespondentConference Call ParticipantsNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystIan Begley - AnalystMichael O'LearyLadies and gentlemen, you're all very welcome. We had originally called this press conference to ...