kbh q3 script

8/10/2019 KBH Q3 Script

1/33

KB Home's (KBH) CEO Jef Mezger on

Q3 2014 Results E!rn"ngs C!ll

#r!ns$r"%t&e% 24 2014 *20 +M E# , -.out* KB Home (KBH)

KB Home (/&E*KBH)

Q3 2014 Results E!rn"ngs Coneren$e C!ll

&e%tem.er 24 2014 11*30 !m E#

Executives

Jef Mezger +res"ent C"e Ee$ut"5e O6$er 7"re$tor

Jef K!m"ns8" C"e 9"n!n$"!l O6$er Ee$ut"5e :"$e +res"ent

Analysts

M"$!el Re!ut J+Morg!n

Bo. ;eten!ll RBC C!%"t!l M!r8ets

elm!n >elm!n !n -sso$"!tes

+!tr"$8 Murr!= Cre"t &u"sse

&te5e K"m B!r$l!=s

J!$8 M"$en8o &us?ue!nn!


2/33

e!rn"ngs $oneren$e $!ll -t t"s t"me !ll %!rt"$"%!nts "ll .e "n ! l"stenonl=

moe #o!='s $oneren$e "s .e"ng re$ore !n ! l"5e e.$!st "s !5!"l!.le on

KB Home's e.s"te !t 8.ome$om 9ollo"ng te $om%!n='s o%en"ng

rem!r8s e "ll o%en te l"nes or ?uest"ons (O%er!tor


3/33

"ll ten %ro5"e s%e$"D$ et!"ls on our Dn!n$"!ls !ter "$ < "ll m!8e !

e $on$lu"ng rem!r8s !n "n turn o%en "t u% or ?uest"ons

On$e !g!"n t"s ?u!rter our results re"nor$e t!t our "n5estment !n %rou$t

%os"t"on"ng str!teg"es !re or8"ng !n e !re ell %os"t"one or $ont"nue

re5enue !n %roDt grot Our ?u!rteren .!$8log 5!lue o G11 ."ll"on .est

"llustr!tes t"s %o"nt #"s "s our "gest ?u!rteren .!$8log s"n$e 200

;e $ont"nue to g!"n momentum "n gro"ng our $ommun"t= $ount 7ur"ng te

?u!rter e o%ene 2I ne $ommun"t"es !n "t our $urrent %roFe$t"on or

o%en"ngs "n te ourt ?u!rter e "ll en te =e!r !5"ng o%ene !lmost !s

m!n= $ommun"t"es t"s =e!r !s e " "n te %r"or to =e!rs $om."ne #"s

sets us u% or sol" un"t !n re5enue grot o%%ortun"t"es enter"ng 201

Aoo8"ng !e! e "ll $ont"nue to "n5est "n l!n !n l!n e5elo%ment "n

su%%ort o our grot t!rgets "t te go!l o "n$re!s"ng m!r8et s!re "t"n

our $urrent o%er!t"ng oot%r"nt

O5er te %!st e =e!rs e !5e .u"lt ! sol" grot tr!Fe$tor= troug

est!.l"s"ng ! s%e$"D$ set o o.Fe$t"5es t!t e !5e s!re on %re5"ous

e!rn"ngs $!lls !n e !re no st!rt"ng to see te results o t"s str!teg= %l!=

out ;e m!e su.st!nt"!l %rogress on m!n= ronts "t"n te ?u!rter !n !re%le!se "t te o5er!ll trens e !re see"ng "n our .us"ness

Re5enues or te ?u!rter "n$re!se to GI m"ll"on !n net "n$ome gre to

G2 m"ll"on Our re5enue "n$re!se .= e5en "t ! sl"gt e$l"ne "n un"ts

el"5ere #"s re5enue "n$re!se "s ! "re$t ree$t"on o te $ont"nue

rot!t"on o our $ommun"t= m" to!rs stronger su.m!r8ets t!t e!ture sol"

em!n l"m"te "n5entor= "ger "n$omes !n "ger me"!n ome %r"$es

;"le e m!e %rogress "n m!n= !re!s o te .us"ness our results ere

"lute .= ! "s!%%o"nt"ng %erorm!n$e "n $los"ngs -t te .eg"nn"ng o te

?u!rter e ! ! sol" r=tm o s!les .!$8log !n "% "n %l!$e to su%%ort

! mu$ "ger num.er o el"5er"es .ut " not !$"e5e our norm!l %ull

troug "n $los"ngs #"s "s e5"en$e .= our .!$8log $on5ers"on r!t"o $om"ng


4/33

"n !t 3 ! ull D5e to 10 %er$ent!ge %o"nts .elo our t=%"$!l .!$8log

$on5ers"on !n !lso our loest $on5ers"on r!t"o "n ?u"te some t"me

#ere ere 5!r"ous el!=s !roun te s=stem #e tem%ere $los"ngs su$ !

su.$ontr!$tor sort!ges "n!e?u!te mun"$"%!l st!6ng !mong $"t= "ns%e$tors

!n te "n!."l"t= o ut"l"t= $om%!n"es to get ne $ommun"t"es energ"ze or

meters "nst!lle on $om%lete omes ;e !l!=s !$e tese t=%es o

$!llenges .ut te= !re more %ronoun$e !t t"s %o"nt "n te $=$le en te

"nustr= "s r!m%"ng .!$8 u% !n e !re sel e5elo%"ng te m!For"t= o our

ne $ommun"t"es Com%oun"ng tese "ssues ur"ng te ?u!rter !n ! more

s"gn"D$!nt "m%!$t on $los"ngs !s te tr!ns"t"on rom our %reerre mortg!ge

rel!t"ons"% "t /!t"onst!r to our ne Fo"nt 5enture Home Commun"t=

Mortg!ge

#ere "s ne5er !n "e!l %o"nt "n t"me to $ommen$e ! tr!ns"t"on o t"s

m!gn"tue !n t!t tere "ll !l!=s .e some le5el o "sru%t"on t!t "ners

te ome $los"ngs "n %ro$ess ;e !nt"$"%!te some m"nor el!=s oe5er e

e%er"en$e !r more %!%eror8 %ro$ess"ng !n !%%ro5!l "ssues t!n e

e%e$te "t te l!un$ #e "n"t"!l "sru%t"on "s no .e"n us !n "le e

!5e more or8 to o "n Dnetun"ng t"s ne .us"ness e e%e$t ! smooter

$los"ng %ro$ess "t"n te mortg!ge 5enture go"ng or!r

;eter te el!=s ere rel!te to eten te $onstru$t"on s$eules or

mortg!ge tr!ns"t"on "ssues te 5!st m!For"t= o te !fe$te $los"ngs ere

not lost !n "ll o$$ur "n our ourt ?u!rter 9or te =e!r e st"ll %roFe$t to

el"5er 200 to 400 omes #ese el"5er= $!llenges !lso .lurre te

$ont"nue %rogress "t our gross %roDt m!rg"n !n &@L- "m%ro5ements !s

e not onl= eerre m!n= "gm!rg"n $los"ngs "n C!l"orn"! e !lso !

"m"n"se re5enue le5er!ge

;"le our $los"ng %erorm!n$e or te ?u!rter !s .elo our e%e$t!t"ons

our l!rger str!teg= $ont"nues to ="el s"gn"D$!nt g!"ns or te $om%!n= On

te orers ront e ere %le!se "t our net orer 5!lue "n$re!se o 1I

Our un"t orer grot o !s "n l"ne "t our "n$re!se "n !5er!ge


5/33

$ommun"t= $ount or te ?u!rter ;e $ont"nue to %rou$e one o te to%

orer r!tes %er $ommun"t= "n te %eer grou% !n !s e !5e s!re e o

not "nten to m!ter"!ll= %us our !.sor%t"on r!tes unt"l e !$"e5e our gross

m!rg"n go!ls


6/33

!5er!ge sell"ng %r"$e !n m!rg"ns "n /ortern C!l"orn"! !re mo5"ng

r!m!t"$!ll= "ger !n e .el"e5e t"s tren soul $ont"nue "nto net =e!r

Our se$on 8e= "n"t"!t"5e "s to gro re5enue %er $ommun"t= ;e !re

su$$essull= "n$re!s"ng our !5er!ge sell"ng %r"$e troug ! s"t "n our

lo$!t"ons !n %rou$t m" .ut t"s "s onl= one $om%onent o our str!teg=

;"t our .u"lt to orer !%%ro!$ e !5e mult"%le "n$rement!l re5enue

o%%ortun"t"es su$ !s lot %rem"ums stu"o s!les ele5!t"on %rem"ums !n

m!"m"z"ng %r"$e on "gre?uen$= .u=er sele$t"ons

#ese re5enue o%%ortun"t"es !re more re!"l= !5!"l!.le "t ! "ger "n$ome

.u=er !n !ll o tese $om%onents !re $ontr".ut"ng to our s!les %r"$e g!"ns

O5er t"me e o e%e$t to "n$re!se our orer r!tes to more "stor"$!l le5els

to r"5e !"t"on!l re5enue grot %er $ommun"t= Hoe5er !s < s!re "n

te sort run e !re more o$use on re5enue grot troug m!"nt!"n"ng

our $urrent %!$e !n g!"n"ng %r"$e "le o%en"ng !"t"on!l $ommun"t"es

unt"l e !5e !$"e5e our st!te gross m!rg"n go!l "n te lo to m"20s

Our t"r "n"t"!t"5e "s to en!n$e our %roDt %er un"t troug re!l"z"ng $ost

e6$"en$"es E5er= "5"s"on !s !n !$t"on %l!ns "n %l!$e to loer te"r $ost to

.u"l "tout $om%rom"s"ng on ?u!l"t= or %rou$t !%%e!l #ese "n$lue$!%tur"ng .u="ng s!5"ngs on "re$t $ost !s e gro our s$!le "n our ser5e

m!r8ets !n !lso troug te .eneDts o gre!ter e5en o %rou$t"on "$

"s .e"ng re!l"ze !s our .!$8log gros "t"n e!$ "5"s"on

;e !lso $ont"nue to o$us on 5!lue eng"neer"ng our st!n!r"ze %rou$t

ser"es ere !n e6$"en$= "e! "ent"De "n one "5"s"on $!n .e ?u"$8l=

!%%l"e !$ross te s=stem ;"le e !re relentless "n %ursu"ng !=s to loer

our $ost to .u"l e !lso !5e re!l o%%ortun"t"es or !"t"on!l &@L-

le5er!ge !s e r"5e re5enue grot "le $ontroll"ng $osts "n our $urrent

o%er!t"ng oot%r"nt

#roug tese tree 8e= "n"t"!t"5es !n our KBnt .us"ness moel e

$ont"nue to en!n$e ee$ut"on to !$"e5e su%er"or results Our $ore o.Fe$t"5e


7/33

"s to gener!te sust!"ne %roDt!.le grot "le t!8"ng m!r8et s!re "n our

ser5e m!r8ets troug "n5est"ng "n our uture reDn"ng our %rou$ts !n

el"5er"ng on our %r"m!r= str!teg"$ go!ls


8/33


9/33

;e !re see"ng some em%lo=ment grot .ut not !t le5els t=%"$!l o %re5"ous

re$o5er"es Houseol "n$omes !5e not "n$re!se "n m!n= =e!rs ;"t t"s

l"m"te "n$ome grot tere "s !lso no !5!n$ement "n .u="ng %oer Bot

Fo. !n "n$ome grot !re essent"!l to ! ulsome ous"ng re$o5er=

On te %os"t"5e s"e $onsumer $onDen$e $ont"nues to r"se !n "s no !t "ts

"gest le5el s"n$e O$to.er 200 Ao "nterest r!tes $ont"nue to r"5e

!5or!.le !for!."l"t= le5els !n "t r"s"ng rents omeoners"% "s !

$om%ell"ng o%t"on


10/33

grot !n %roDt tr!Fe$tor= t!t e .el"e5e "ll !$$eler!te urter " te

re$o5er= ere to strengten

-s < oten %o"nt out ome.u"l"ng "s ! 5er= lo$!l .us"ness !n e !re see"ng

5er= "5erse m!r8et =n!m"$s trougout our our reg"ons ;e l"8e our

$urrent oot%r"nt "$ !s .een $!reull= sele$te or "ts !5or!.le long

term e$onom"$ !n emogr!%"$ %roFe$t"ons


11/33

sele$t"5el= r!m%"ng u% our $ommun"t= $ount "n .ot o tese reg"ons A!s

:eg!s "n %!rt"$ul!r $ont"nues to %erorm 7ur"ng te ?u!rter e su$$essull=

gr!n o%ene e"gt ne $ommun"t"es "n A!s :eg!s "t tree o te ne

o%en"ngs !t


12/33

;e no !5e ! sol" .us"ness %!rtner t!t s!res mutu!l go!ls !n !s te

te!m !t Home Commun"t= Mortg!ge $ont"nues to m!ture e e%e$t to

!$"e5e ! $!%ture r!te "n te 0 to 0 r!nge -t t!t le5el o retent"on e

soul !lso see ! me!n"ngul "n$ome stre!m e5elo% or te $om%!n=


13/33

m!r8et $on"t"ons e ere !.le to "m%ro5e our !5er!ge sell"ng %r"$e .= I

"le m!"nt!"n"ng our s!les %!$e %er $ommun"t= !s $om%!re to te %r"or

=e!r

-s Jef ment"one e !re ee$ut"ng ell on our str!teg"es .ut !re

"s!%%o"nte t!t el!=s "n $onstru$t"on s$eules !n ! tr!ns"t"on to our

ne mortg!ge Fo"nt 5enture eerre some o te el"5er"es e ere

!nt"$"%!t"ng "n te t"r ?u!rter #"s tem%ere our to% l"ne grot

moer!te our gross m!rg"n %erorm!n$e !n ult"m!tel= le to net "n$ome

t!t ell .elo our e%e$t!t"ons

Our .!$8log $on5ers"on r!t"o or te 2014 t"r ?u!rter e$l"ne to 3 te

loest le5el "n se5er!l =e!rs ;"le e !re t!8"ng ste%s to !ress te !$tors

t!t "m%!$te our Q3 el"5er"es !n "nten to !5e most o tese !$t"ons

"m%lemente .= te en o te ourt ?u!rter "t "s "m%ort!nt to note t!t te

5!st m!For"t= o tese el"5er"es ere eerre !n not lost -s e re!l"ze

"m%ro5ements rom te $orre$t"5e !$t"ons e e%e$t to re%ort ! mu$ "ger

Q4 .!$8log $on5ers"on r!t"os $om%!re to te t"r ?u!rter "n te r!nge o

N to 0 "$ oul result "n !%%ro"m!tel= 2200 to 2400 el"5er"es

or te ourt ?u!rter

#e =e!ro5er=e!r "n$re!se "n our t"r ?u!rter re5enues !s %r"m!r"l=

r"5en .= grot "n te Centr!l !n &oute!st reg"ons o 1N !n 1

res%e$t"5el= Our &outest reg"on $ontr".ute =e!ro5er=e!r re5enue

grot o N !n "n te ;est Co!st reg"on re5enues ere essent"!ll= !t !t

G2NN m"ll"on !s ! I un"t e$l"ne "n el"5er"es $om%!re to ! =e!r !go !s

ofset .= 21 "n$re!se "n te !5er!ge sell"ng %r"$e ;e !nt"$"%!te ! strong

ourt ?u!rter re5enue %erorm!n$e rom our ;est Co!st reg"on r"5en .=

t"r ?u!rter net orers t!t ere u% 24 rom ! =e!r !go !n "n$re!se "n net

orer 5!lue o 3 !n ! N Fum% "n te ?u!rteren .!$8log 5!lue

;e ere %!rt"$ul!rl= %le!se .= tese strong results re!l"ze ur"ng te

?u!rter rom our l!rgest re5enue !n e!rn"ngs %rou$"ng ome.u"l"ng

reg"on ;e .el"e5e te el"5er= o omes t!t ere el!=e rom te t"r


14/33

?u!rter !s ree$te "n te .!$8log soul urter en!n$e te ourt ?u!rter

re5enue %erorm!n$e o te ;est Co!st reg"on

#urn"ng to !5er!ge sell"ng %r"$e ;e !5e no %oste =e!ro5er=e!r

"n$re!ses or te l!st 1 ?u!rters Our o5er!ll !5er!ge sell"ng %r"$e rose to

G32000 re%resent"ng !n "n$re!se o I rom ! =e!r !go #"s le5el o

grot 5ersus te ou.le"g"t =e!ro5er=e!r "n$re!ses or te %re5"ous

se5en ?u!rters "s "n l"ne "t our e!rl"er gu"!n$e On ! reg"on!l .!s"s =e!r

o5er=e!r -&+ "n$re!ses r!nge rom I "n our Centr!l !n &oute!st reg"ons

to 21 "n our ;est Co!st reg"on ree$t"ng our $ont"nue %os"t"on"ng o ne

ome $ommun"t"es "n l!n $onstr!"ne su.m!r8ets !s ell !s gener!ll=

!5or!.le m!r8et $on"t"ons


15/33

!"t"on $om."ne "t te e%e$te "n$re!se "n our o5er!ll !5er!ge sell"ng

%r"$e e .el"e5e t!t te "m%ro5ement "n our ourt ?u!rter gross %roDt

oll!rs %er un"t "ll .e %!rt"$ul!rl= strong

7ur"ng te t"r ?u!rter e re$ore ! G34 m"ll"on "m%!"rment $!rge

rel!t"ng to te %l!nne uture s!le o ! l!n %!r$el "n -tl!nt! ! m!r8et ere

e o not !5e ongo"ng o%er!t"ons ;e !re $urrentl= s$eule to $lose t!t

tr!ns!$t"on "n te ourt ?u!rter


16/33

B!se on our ourt ?u!rter $ommun"t= o%en"ng %l!ns e e%e$t our =e!r

en $ommun"t= $ount to "n$re!se !%%ro"m!tel= 1 !s $om%!re to

/o5em.er 30 2013 !n our !5er!ge $ommun"t= $ount or te ?u!rter to .e

u% !.out 10 5ersus te ourt ?u!rter te %r"or =e!r #e "n$re!se

$ommun"t= $ount !s e enter 201 "s e%e$te to %ro5"e ! strong t!"l"n

or net =e!r's net orers .eg"nn"ng "n te Drst ?u!rter !n te st!rt o te

"m%ort!nt s%r"ng sell"ng se!son

#o !5!n$e our $ommun"t= $ount go!ls e "n5este G334 m"ll"on "n l!n

!$?u"s"t"on e5elo%ment ur"ng te ?u!rter !n e rem!"n on tr!$8 to "n5est

!%%ro"m!tel= G1N ."ll"on or te =e!r e!rto!te !s o -ugust 31 2014

e "n5este G12 ."ll"on "$ "s u% 34 rom te s!me %er"o o 2013 ;e

$ont"nue to m!"nt!"n our unerr"t"ng st!n!rs or l!n !$?u"s"t"ons "n

su%%ort o re5enue !n m!rg"n "m%ro5ement mo5"ng or!r !n e !re

"ent"="ng !t e .el"e5e !re strong "n5estment o%%ortun"t"es

#urn"ng no to our eerre t! !sset -s e !5e "n"$!te "n our %!st

gu"!n$e e $ont"nue to e%e$t to re5erse most o our 7#- 5!lu!t"on

!llo!n$e "n te ourt ?u!rter #"s e5ent "ll s"gn"D$!ntl= "m%ro5e our

sto$8olers e?u"t= !n .oo8 5!lue %er s!re "le !lso su.st!nt"!ll=

reu$"ng our e.t to $!%"t!l r!t"o -t te en o te t"r ?u!rter te

5!lu!t"on !llo!n$e "s !%%ro"m!tel= G33 m"ll"on

Beore < $on$lue m= rem!r8s < oul l"8e to $o5er ! ourt ?u!rter

ouse8ee%"ng "tem 7ue to $om%le"t"es rel!t"ng to te $!l$ul!t"on !n !u"t

o our 7#- 5!lu!t"on !llo!n$e re5ers!l e !nt"$"%!te t!t e "ll .e

rele!s"ng our ourt ?u!rter results "n e!rl= J!nu!r= !s o%%ose to %r"or to te

ol"!= .re!8 !s e !5e one te %!st e =e!rs


17/33

$om%!re to te %r"or =e!r !n e !re %!rt"$ul!rl= e$"te !.out our

%roFe$te =e!ren $ommun"t= $ount !n .!$8log 5!lue t!t soul %ro5"e

strong t!"l"ns or .ot net orers !n el"5er= grot net =e!r

/o Jef Mezger "ll s!re "s $on$lu"ng $omments

Jef Mezger +res"ent C"e Ee$ut"5e O6$er 7"re$tor

#!n8s Jef < oul l"8e to t!8e ! .r"e moment to t!n8 !ll em%lo=ees !t KB

Home or te"r $ontr".ut"on "n el%"ng us !$"e5e our go!ls ;"le < !m out

5"s"t"ng "5"s"ons !$ross te $ountr= te "gl"gt or me "s e%er"en$"ng te

%!ss"on !n e"$!t"on o our em%lo=ees !n te %r"e te= e"."t "t te

?u!l"t= o our %rou$t !n te"r role "n el"5er"ng te -mer"$!n re!m


18/33

Jef Kaminski C"e 9"n!n$"!l O6$er Ee$ut"5e :"$e +res"ent

es M"8e #!t's $orre$t ;e " see some "m%!$t o.5"ousl= $om"ng rom te

loer ;est Co!st el"5er"es &ome o tose ere r!ter "g !s =ou $!n

"m!g"ne "g oll!r -&+s !s ell !s "g oll!r m!rg"ns !n "g %er$ent!ge

m!rg"ns !.o5e te $om%!n= !5er!ge .ut te l!rger "m%!$t !s on te

le5er!ge .ut te m" ! !n "n$rement!l "m%!$t !s ell

Mic!ael "e!aut J+Morg!n

O8!= &o m!=.e te 40 ."%s on te le5er!ge !n ten ! l"ttle "n$rement!l l"8e

=ou !re s!="ng rom te m"



19/33

tose "t's not Fust gett"ng !n ele$tr"$ meter %lugge "n "t's gett"ng te

$ommun"t= energ"ze -n te ut"l"t= $om%!n"es reu$e st!f "n te

onturn Fust l"8e e5er=one else !n te= !re re!ll= struggl"ng "t te"r

"nr!stru$ture to 8ee% u%

-n ! goo e!m%le t!t gets .!$8 to some lost C!l"orn"! el"5er"es < "ll

use +l!=! :"st! !s !n e!m%le .e$!use ! lot o =ou ere out tere !t our


20/33

ere !t /!t"onst!r m!e tem em%lo=ees !t Home Commun"t= Mortg!ge

got tem tr!"ne e5elo%e ne s=stems to le!rn !n ten "n ! m!tter o !

e !=s tr!nserre 100 lo!ns rom /!t"onst!r to Home Commun"t=

Mortg!ge -n "le te= !re te s!me em%lo=ees "t's ! "ferent $om%!n=

!n e ! to re%ro$ess $re"t re%orts !n o$ument!t"on "n te n!me o

Home Commun"t= Mortg!ge

&o "n essen$e e st!rte o5er on ! lot o lo!ns t!t e tougt e oul o

"t "n te m"le o te ?u!rter t!t =ou $oul !5o" !n= m!For "ssues !n "t

too8 longer t!n e e%e$te "t to -n !g!"n !s Jef !n < s!re "n our

$omments e !5e !lre!= t!8en ste%s ;e too8 te .ro!s"e " =ou "ll

!n e !re $ont"nu"ng to or8 on t"ngs to smoot out te %ro$ess go"ng

or!r -s "t m!tures e !re o%eul t!t "t %erorms l"8e our %re5"ous J:s

" !n !s =ou get =our retent"on r!te u% !n =ou st!rt ee$ut"ng ell "$

m!= t!8e ! ?u!rter or to .= t!t t"me "t soul s%"n of %roDts or us !n

e !5e 0 o te %roDts t!t t!t .us"ness m!8es

Operator

#!n8 =ou #e net ?uest"on "s ! ollou% rom M"$!el Re!ut +le!se go

!e!

Mic!ael "e!aut J+Morg!n

#!n8s < !%%re$"!te t!t < guess < !s $ut of rom m= se$on ?uest"on < Fust

!nte to $"r$le .!$8 !lso to &@L- < !%%re$"!te te "n$rement!l $olor !.out

te sto$8 .onus t!t !fe$te te =e!r !go or te sto$8 $om%ens!t"on t"m"ng

@o"ng or!r o o =ou t"n8 !.out &@L- !n !t's =our ult"m!te go!l

tere Be$!use < t"n8 "n 4Q !g!"n g"5en te t"m"ng o t!t e !5e =our 4Q

2013 &@L- !t 11N !n so < t"n8 tere m"gt .e !"t"on!l $onus"on tere

t!t soul .e !5o"e .ut longer term o o =ou t"n8 !.out &@L- "n

terms o te r"gt num.er let's s!= "n ! uller re5enue t=%e o =n!m"$ or

te $om%!n= let's s!= to =e!rs out

http://seekingalpha.com/search/transcripts?term=Michael+Rehaut&sasource=participanthttp://seekingalpha.com/search/transcripts?term=Jeff+Kaminski&sasource=participanthttp://seekingalpha.com/search/transcripts?term=Michael+Rehaut&sasource=participanthttp://seekingalpha.com/search/transcripts?term=Jeff+Kaminski&sasource=participant


21/33

R"gt < !m gl! =ou !s8e t!t ?uest"on M"8e #ere !re ! e $omments

kbh q3 script

Documents