Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State &...

39
Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO

Transcript of Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State &...

Page 1: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Scot MellandChairman, President & CEO

Mike DurneySVP, Finance & CFO

Page 2: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsForward Looking Statement

This presentation contains forward-looking statements. You should not place undue reliance on those

statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-

looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “may,”

“will,”

“should,”

“believe,”

“expect,”

“anticipate,”

“intend,”

“plan,”

“estimate”

or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors

could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, competition from existing and future competitors, failure to maintain and develop our reputation and brand recognition, failure to increase or maintain the number of customers who purchase recruitment packages, cyclicality or downturns in the economy or industries we serve, and the failure to attract qualified professionals or grow the number of qualified professionals who use our websites. These factors and others are discussed in more detail in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, under the headings “Risk Factors,”

“Forward-Looking Statements”

and “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

You should keep in mind that any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which we make it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no

obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws. All statements contained in this presentation are made only as of the date of this presentation.

This presentation includes certain "Non-GAAP financial information." A reconciliation of such information to the most directly comparable GAAP data can be found in the Company’s most recent earnings release.

Page 3: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

BUILD

the leading global network of specialized career sites for professional communities

Goal

Page 4: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

Technology / Engineering

Capital Markets / Financial Services

Accounting and Finance

Job Fairs, Open Houses

U.S.

U.K. Base 18 Global Markets

U.S.

U.S.

66%

28%

6%

Government Security ClearancesU.S.

Dice Holdings Today

Market% of

Q2 08 Revenue

Page 5: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

Relevant Job Opportunities

Deep Career Information

Faster / Easier Search

Forum for Peer to Peer Exchange

“Filtered”

Talent Pool

Unique, Highly-Experienced Candidates

Customized Search Tools

Industry-Knowledgeable Customer Support

RELEVANCY

and success build loyalty

Advantages of Vertical Focus…

Professionals Recruiters/Employers

Page 6: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions…Results in an Attractive Business Model

►Employers/recruiters purchase: job postings; resume database access; advertising

►“Subscription-like”

revenue stream

►High operating margins–

User generated content (job postings, resumes, peer-to-peer)–

Vertically-focused marketing–

Strong traffic driven by leading brands

►Network effect: Professionals Postings Professionals

►Critical mass creates barrier to entry

Page 7: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

MARKET OPPORTUNITY

Page 8: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsGlobal Online Recruitment Market 2007-2008

Source: Dice Holdings Estimates

*Does not include Africa, South America.

$2.4 $2.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2007 2008

($BN) U.S.

$1.8

$2.3

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2007 2008

($BN) INTERNATIONAL*

5%30%

Page 9: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsProfessional Verticals Exhibit Tighter Demand

Unemployment Rates: Technology and Finance Verticals Strong

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Jan-04

Apr-04

Jul-04

Oct-04

Jan-05

Apr-05

Jul-05

Oct-05

Jan-06

Apr-06

Jul-06

Oct-06

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

OverallFinancialTechnology

Source: Bureau of Labor Statistics; overall unemployment rates are seasonally adjusted –

Technology and Finance are not seasonally adjusted.

Page 10: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsStrong Demand Expected for Professionals

Source: Bureau of Labor Statistics, November 2007

U.S. Employment Growth by Sector 2006 –

2016(in millions)

Professional & Business Services 4.1

Health Care 4.0

Leisure & Hospitality 1.9

State & Local Gov’t 1.4

Financial Activities 1.2

Other Services 0.8

Retail 0.7

Page 11: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

PROFESSIONAL COMMUNITIES

Page 12: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

FOCUSED

on technology and engineering professionals for 18 years

Largest Technology Career Site Serving the U.S.

Filtered Talent Pool of Unique, Highly Qualified Candidates

Customized & Efficient Search Tools

Career Content to Enhance Community Loyalty

Page 13: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

Critical Mass Highly-Skilled Professionals

► Approximately 1.8 to 2 million unique visitors per month(1)

► 20% of traffic from paid sources

► 450K Job Alerts delivered each day

► 690K searchable resumes

► Experienced professionals: 75% have more than 5 years of experience; almost half have 10+ years

► “Passive” job seekers audience: 64% are currently employed

► Highly compensated: Average Dice candidate earns $74,600

► Well educated: Approximately

70% have bachelor’s degree or higher

Large and Targeted Community

Source: Dice Internal Reports(1)

Based on Omniture reporting initiated September 2007.

Page 14: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsLeadership with Tech Professionals

61%

47%41%

36%

6%

24%23%

29%

40%

16%11%

19%

32%

9%6%

19%

7%4%

10%

26%

4%2%6%

11%

Quality of techjobs

The best websitefor tech jobs

The #1 tech jobsite One-stop shop fortech careerresources

Dice Monster Careerbuilder HotJobs Linked In Craigslist

Dice Internal Report done by Harris Interactive; November, 2007

Page 15: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsDiverse Customer Base

Page 16: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

Founded in 2000

Site network includes some of the world’s leading financial media companies

Infrastructure for global expansion

FOCUSED on capital markets professionalsin 18 markets worldwide

Global Leader in Financial Services

Presenter
Presentation Notes
Aim of slide: “First say who we are, where we are today and layout the terrific opportunity ahead of us” brief intro to eFC. Where we are today. Quote revenues today & split by region? Outline vision of where want to go – young in number of markets – like Asia, still relatively unknown in quite a lot of U.S.; not in Latin America, Eastern Europe, relatively new in Middle East etc. Partner network – our reach includes How much traffic from partner network? Unique U, apps.
Page 17: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

► Experienced professionals: 55% have more than 6 years of experience; almost 33% have 10+ years(2)

► Well educated: More than 40% have Master’s degree(2)

Highly-Skilled Finance Professionals

Large, Diverse, Valuable Talent Pool

(1)

Includes visitors who visited more than one site in the network during the month.(2)

NORAS 2008 Survey on eFC.co.uk

UK eFinancialCareers

Critical Mass

► Approximately 1.6 to 2 million unique visitors per month(1)

►Traffic growth of 42% in 1H 2008 vs. 1H 2007

► Approximately 200K Job Alerts globally

► 450K searchable resumes

Presenter
Presentation Notes
Focused product brings highly skilled and qualified community – and in large numbers Aim: facts support claim in previous slide and illustrate that we understand and speak the finance language leads to higher quality of audience = deliver to clients for difficult roles and enables us to charge premium for service. (If we were an online financial publication we would have one of the largest readerships in Asia ?) Bell curve showing seniority of audience?
Page 19: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions20 Largest Capital Markets*

*Source: World Bank: Market capitalization of listed companies ($USm

2006)

Note: Regions in yellow were launched in 2008; Regions in Red established prior to 2008.

United States

ChinaFrance

U.K.

Japan

Hong Kong/Singapore

India

Canada

Germany

Russian Federation

Brazil

Scandinavia

Spain

Benelux

Switzerland

Korea

Australia

Italy

Gulf

South Africa

Page 20: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

0

5,000

10,000

15,000

20,000

25,000

Feb-06 May-06 Aug-06 Nov-06 Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-080

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

`

Total Number of Live Local JobsTotal Number of Local Applications to Local Jobs

Sites launch

Local office opens

Market Entry Strategy: Hong Kong & Singapore

Presenter
Presentation Notes
Leverage current assets to enter new markets – keep flexible cost efficient & able to learn about market Aim of slide: How are we going to exploit market opportunity? To show how enter new markets e.g Asia with global database, client offering from day 1, media partner boosts brand and traffic with both seekers & clients. Show how network enables offer bloomberg global campaign. Example of Asia with time line, opening office in Sg with 1 person, client count, entry trial and conversion ratio to established clients. Show how help agencies recruit through region. Rev growth, client growth, job numbers, traffic growth. Show how we can leverage relationships with clients in older markets to open dialogue with their local offices in new markets.
Page 21: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsThree-Pronged Growth Strategy

Maximize customer opportunity

Pursue new verticals and professional communities -

likely through acquisition

Expand core technology and finance verticals globally

Page 22: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

FINANCIAL SUMMARY

Page 23: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsFinance Update

►Financial Model

►Third Quarter Update

►Cost Structure

►Capital Structure

Page 24: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

ROW

NorthAmerica

Dice Holdings Segments

66%

25%

3%

% of Q2 08 Revenue

2%

2%

1%

Other

DCS Online 68%

7%

Note: May not add to 100% due to rounding

Page 25: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

$7.5

$21.5

$37.7

$62.5

-$10.0

$5.0

$20.0

$35.0

$50.0

$65.0

$80.0

2004PF 2005PF 2006PF 2007A

$39.1

$67.0

$104.4

$143.9

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

2004PF 2005PF 2006PF 2007A

Revenue Growth Adjusted EBITDA

Growth % — 71% 56% 38% Margin % 19% 32% 36% 44%

Actual eFC pre-acquisition Addback of Deferred Revenue Written Off

($MM) ($MM)

Note: 2006 actual includes 2 months of eFC

Highly Profitable Model to Build On

Page 26: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions

$26.7

$33.6

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

1H07 1H08

First Half 2008 Results

Actual Addback of Deferred Revenue Written Off

Revenue

$66.0

$79.9

$0.0

$15.0

$30.0

$45.0

$60.0

$75.0

$90.0

1H07 1H08

($MM)

Margin % 40% 42%

($MM) ($MM)

Adjusted EBITDA Cash flow from Operations

$27.4

$37.0

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

1H07 1H08

Page 27: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions2008 Preliminary Estimates – Third Quarter

Low to Mid

Update

Revenue

($ in millions)

As of July 24, 2008

$ 39.5 –

40.0

Impact of Exchange Rates

DCS Online 68%eFinancialCareers 25%

Page 28: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions2008 Preliminary Estimates – Third Quarter

Low to Mid

Update

Revenue

($ in millions)

As of July 24, 2008

$ 39.5 –

40.0

Above

Above

Low End

Adjusted EBITDA Margin

Sales & Marketing Expense

Adjusted EBITDA $ 17.0 –

17.5

43 –

44%

14.3 –

14.8

Page 29: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsDice.com: Preliminary Customer Metrics

Recruitment Package Customers on September 30, 2008 8,800

Average Length of Contract ~10.4 months

Recruitment Package Customers under Annual Contract 82%

Estimated Average Monthly Revenue per Recruitment PackageCustomer for the quarter ended September 30, 2008 ~$849

Page 30: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionseFinancialCareers: Preliminary Views

Page 31: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing Solutions2008 Preliminary Estimates – Third Quarter

Low to Mid

Update

Revenue

($ in millions)

As of July 24, 2008

$ 39.5 –

40.0

Above

Above

Low End

Adjusted EBITDA Margin

Sales & Marketing Expense

Adjusted EBITDA $ 17.0 –

17.5

43 –

44%

14.3 –

14.8

►Financial & Business Impacts on 4Q

Page 32: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsMargin Expansion with Discretionary Spending

23%

31%

46%

Sales and Marketing Cost of Revenue, Product Development and G&A EBITDA

43%

22%

37%

►2007 Revenue 4x 2004 Level

2004

23%

31%

46%

Page 33: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsSales & Marketing Expense

Marketing

Salespeople Compensation

Other Selling Costs

Marketing to Professionals

Lead Generation and Marketing to Customers

Marketing Personnel

Sales

Page 34: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsOther Expenses

Customer Support

Technology Infrastructure

Job Fairs

Executive

Accounting & Finance

Strategic Planning, Investor Relations, Legal, Insurance

Office Leases & Support

Audit, Sarbanes-Oxley

Website Development and Product Enhancement

Editorial/Content Development

Cost of Revenue

ProductDevelopment

G&A

Page 35: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsCapital Structure

►$200 million Facility (March 2007)–

$125 million Term Loan due March 2012–

$75 million Revolver –

Libor + 325 bps

►$122 million Term Loan Outstanding (June 2008)–

$80 million Hedged ~7.13%–

$90 million in Cash & Cash Equivalents

►Revolver Undrawn

Page 36: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsCapital Structure: Net Debt to Adjusted EBITDA

Net Debt (1)

/ Adjusted EBITDA (2)

(1) Net debt is defined as total debt less cash and cash equivalents and marketable securities.(2) Adjusted EBITDA on a trailing 12 months basis.

Repaid $21 million of Term Loan in September

Estimated Cash & cash equivalents -

$77 million at Sept. 30, 2008

Evaluating Further Repayments

1.7x

July 31,2007

1.5x

Sept. 30,2007

1.1x

Dec. 31,2007

0.7x

Mar. 31,2008

0.5x

June 30,2008

0.3x

Sept. 30,2008

Page 37: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsCapital Structure: Looking Forward

►Attractive Pricing (in Current Market)

►Value of Hedges on $80 million

►Limitations on Acquisitions–

Size–

Structure–

Geography–

Cash/Stock

►Balance between Debt Repayment and Potential Acquisition Financing Cost

Page 38: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Look to Dice for Your Staffing SolutionsDice Holdings Highlights

►Vertically focused unlike major competitors

►Small share of sizeable global market

►Growth opportunities for key verticals

►Excellent margins coupled with strong cash generation

Page 39: Scot Melland Chairman, President & CEO Mike Durney SVP, Finance & CFO · 2015. 10. 16. · State & Local Gov’t. 1.4. Financial Activities. 1.2. Other Services. 0.8. Retail . 0.7.

Scot MellandChairman, President & CEO

Mike DurneySVP, Finance & CFO