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A
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Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,014
| 1
|
2014Q1
|
2014Q1
|
2014-02-13
| 2.951
| 2.967
| 3.249
| 3.232
| 4.57
| 17.87
| 17.52
|
Executives: Bill Sullivan - President and CEO Ron Nersesian - CEO, Keysight Technologies Didier Hirsch - SVP, CFO Mike McMullen - President, Chemical Analysis Group Fred Strohmeier - President of Life Sciences and Diagnostics Group Neil Dougherty - CFO, Keysight Guy Séné - SVP of R&D and Sales Alicia Rodriguez - VP, Investor Relations Analysts : Tycho Peterson - JPMorgan Brandon Couillard - Jefferies Paul Knight - Janney Capital Isaac Ro - Goldman Sachs Ross Muken - ISI Group Tim Evans - Wells Fargo Securities Derik de Bruin - Bank of America Merrill Lynch Jon Groberg - Macquarie Capital Patrick Newton - Stifel Nicolaus Doug Schenkel - Cowen & Company Dan Arias - UBS Bryan Kipp - Janney Capital Markets Operator : At this time, I would like to welcome everyone to Q1 ’14 Agilent Technologies Incorporated earnings conference call. [Operator instructions.] Alicia Rodriguez, you may begin your conference. Alicia Rodriguez : Thank you, operator, and thank you and welcome everyone to Agilent’s first quarter conference call for fiscal year 2014. With me are Bill Sullivan, Agilent’s President and CEO; Ron Nersesian, CEO of Keysight Technologies; and Didier Hirsch, Agilent Senior Vice President and CFO. Joining in the Q&A after Didier's comments will be the presidents of our chemical analysis and life sciences and diagnostics groups, Mike McMullen and Fred Strohmeier. Also joining from Keysight will be Neil Dougherty, CFO; and Guy Séné, Senior Vice President of R&D and Sales. You can find the press release and information to supplement today's discussion on our website at www.investor.agilent.com. While there, please click on the link for Financial Results under the Financial Information tab. There you will find an investor presentation along with revenue breakouts, business segment results, and historical financials for Agilent's operations. We will also post a copy of the prepared remarks following this call. Today’s comments by Bill, Ron, and Didier will refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. We will make forward-looking statements about the financial performance of the company. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them. Please look at the company's recent SEC filings for a more complete picture of our risks and other factors. Before turning the call over to Bill, I’d like to remind you that will host its annual analysts meeting in New York City on March 6. Details about the meeting and webcast will be available on the Agilent investor website two weeks prior to that date. And now I’d like to turn the call over to Bill. Bill Sullivan : Thanks, Alicia, and hello, everyone. Today Agilent reported first quarter orders of $1.68 billion, down 2% from last year and flat on a core basis. Q1 revenues of $1.68 billion were unchanged from a year ago, up 1% on a core basis. While revenues came in at the low end of guidance, adjusted earnings of $0.67 per share were at the high end of the guidance, up 8% from a year ago. Operating margin was 17.6%. We saw a mixed business environment with continued steady growth in life science and applied markets. This was offset by continued weakness in our electronic measurement markets, particularly in aerospace and defense. Despite some ongoing economic headwinds, we continue to benefit from our commitment to manage expenses and reduce manufacturing costs. We also continue to make excellent progress in preparing for the split of the company. On January 7, we announced Keysight Technologies as the name of the new EM company. We expect the separation to be completed by early November. As I indicated last quarter, Agilent will increasingly differentiate our electronic measurement and LDA businesses in preparation for the company’s separation. Today, I will share performance highlights for the life science diagnostics and applied markets. These businesses will be the focus of the new Agilent, as the company continues under my leadership. Following my remarks, Ron Nersesian will discuss our electronic measurement performance, which will be the focus of the new spinoff company under his leadership. Finally, Didier Hirsch will provide a more detailed discussion of Agilent’s overall financial results as well as our guidance for fiscal second quarter and the full year. Turning to LDA, our first quarter performance continued to show solid revenue growth across instruments, services, and consumables. Q1 revenues of $1 billion increased 5% year over year, reflecting strength across most end markets and a healthy Q4 backlog. Q1 orders of $979 million increased 2% over last year. The slowing in the order growth is driven by weaker demand in academic and government markets. Operating margins were up 210 basis points to 19.2%, consistent with our margin expansion goals for the businesses. We continue to focus on attractive end markets, our leading product portfolio, and significant operational leverage. Our end market performance in LDA was particularly strong in pharmaceutical, biotech, clinical, food, and forensics. Pharma revenue grew 8% year over year, with strength in Europe and Japan offsetting slow demand in the U.S. Food revenues were up 14% over last year, as globalization of the industry continued to drive demand for food safety. Forensics grew 26%, driven by the need to identify and characterize new designer drugs entering the global market. And [energy] was up 3%, led by Europe and large refinery projects in the Middle East. Conversely, academic and government markets declined 10% year over year. Research spending remains constrained, impacted by slow budget releases, particularly in the U.S. and China. Diagnostics and clinical revenues were up 10%. The [unintelligible] was slow, due to a very slow start for the quarter, but the clinical business was robust, driven by CGH arrays and target enrichment. On a regional basis, LDA performance was mixed. Europe continued to see the strongest regional performance, driven by strength in pharma and services. Asia, ex-Japan, also showed strong growth, while Japan was down primarily due to weak currency. Americas was up slightly, constrained by delayed budget releases in Canada and the United States. Within LDA, our life science and diagnostic group, or LDG, had Q1 revenues of $592 million, up 5% from a year ago. Orders of $554 million were flat year over year, reflecting softer instrument demand in the Americas and China. Operating margin was 17%. We signed a new companion diagnostics agreement with Merck [and Amgen]. Development projects will include treatments for lung, breast, and gastric cancer. And LDG released the third version of our intelligent system emulation technology for our 1290 Infinity LC systems. The new [isat] allows for emulation of competitors’ systems. Our chemical analysis business continues to show strength across both its instruments and reoccurring revenue portfolios. Q1 revenue grew 6% to $417 million, driven by chemical and energy, as well as non-government food safety markets. Q1 orders grew 4% to $412 million. Operating margin was 23%. In the quarter, chemical analysis launched two spectroscopy systems. The new ICP-MS and MP-AES systems introduced more streamlined operational features and a user-friendly interface. This will enable a wider range of applications and improve accessibility to a broader range of lab personnel. LDA’s outlook for fiscal FY2014 remains positive, as the world economy continues to improve and budgets are settled. While the comparisons will get more difficult starting in Q2, we expect growth trends to continue. Our gross margin proven initiatives continue to progress well, and we see additional opportunities to grow share with new product releases in the pipeline. Our priorities will continue to be centered on improving the customer experience, driving organic growth, increasing our margins, and improving our return on invested capital. LDA revenues for the second fiscal quarter of FY14 are expected to be between $995 million to $1.02 billion, or 4.1% core growth at the midpoint. We expect operating margins at the midpoint of 18.1%. For the full year, we project a revenue range for LDA of $4.03 billion to $4.13 billion. At the midpoint, LDA’s operating margin is expected to be 19.5%. Didier will provide additional details in his commentary. Thank you for being on the call. Now I’ll turn it over to Ron to talk about the electronic measurement business. Ron Nersesian : Thank you, Bill, and hello, everyone. For the first quarter, the electronic measurement group reported orders of $699 million, down 7% year over year. EMG revenues also declined 7% in the quarter to $671 million. While orders were consistent with expectations, the impact of Lunar New Year on our ability to recognize revenue late in the quarter was greater than anticipated. This resulted in revenues that were below our guidance. The book to bill ratio was 1.04 for the quarter. Despite lower than expected revenues, solid gross margin management and disciplined expense control yielded an operating margin of 15.2%. Taking a closer look at our end market performance, aerospace and defense revenue declined 27% year over year against a tough compare. The first quarter of FY13 was the peak of our aerospace and defense business, prior to U.S. sequestration budget reductions. Consistent with the positive signals that I noted last quarter, industrial computers and semiconductor revenue increased 4% year over year, driven by investments in next-generation semiconductor process technologies. Communications revenue declined 5% year over year due to softness in wireless R&D and broadband spending. Wireless manufacturing was up 1% year over year. Long term growth drivers remain intact. Wireless standards continue to evolve, driving investment in emerging network technologies. As a result of two key product introductions, EMG is well-positioned to capitalize on these macro trends. As I’ve said before, we are committed to winning in the wireless ecosystem. In November, we introduced a new modular wireless manufacturing test platform called EXM. It is getting strong reviews for both cellular and wireless land tests, and just two weeks ago, we introduced a major new wireless R&D platform called UXM. Both the manufacturing and R&D platforms have multiformat architectures to support 4G standards and can be upgraded as standards evolve. Another key part of our product strategy is to build a modular product offering that leverages our technology leadership in feature-rich instrumentation. Our modular business continues to gain momentum, with orders for PXI and AXIe offerings again showing strong double-digit growth in Q1. Shifting from Q1 results, we remain focused on our FY14 priorities which are to launch ourselves as an independent company, focus solely on electronic measurement customers, strengthen our position in wireless communications and modular solutions, and to continue to generate strong profit margins for our shareholders. As Bill commented about the split, I am pleased to report that we continue to make excellent progress and remain on track to separate EMG from Agilent. On January 7, we announced the name of our new company as Keysight Technologies. As we plan to begin operating under the Keysight Technologies name as a subsidiary of Agilent, effective August 1, the spinoff is expected to occur in November. Despite the extensive work involved with the separation, we remain intensely focused on managing our business without interruption and delivering the quality, innovation, and service that our customers deserve and expect. Turning to our outlook for Q2, Keysight revenues are expected to be in the range of $705 million and $745 million. We expect operating margins at the midpoint to be 18.2%. With expected growth of approximately 8% in the second half of FY14, revenues are now expected to be in the range of $2.84 billion to $3.0 billion, or 2% core growth at the midpoint for FY14. We expect operating margins at the midpoint to be 18.7%. I will now turn it over to Didier to provide more details on Agilent’s financial results. Didier Hirsch : Thank you, Ron, and hello, everyone. To recap the quarter, our revenue, adjusted for $5 million of unfavorable currency, was $6 million, or 0.4%, below the midpoint of our guidance, but our EPS was $0.01 over. Once again, we were able to deliver on our EPS commitment thanks to our disciplined management of expenses, in line with our operating model. Please note that that Q1 core revenue growth by segment and by geography is reported in the slide deck, posted on our website. This quarter, currency subtracted about 1.5 percentage points from our year over year revenue growth and acquisitions had no material impact. A final note on Q1, we bought back $100 million of stock in Q1, and therefore completed the $1 billion stock repurchase program authorized by the board in May of 2013. I’ll now turn to the guidance for our second quarter. We expect Q2 revenues of $1.72 billion to $1.74 billion and EPS of $0.71 to $0.73. At the midpoint, revenue will grow 1% on a core basis. Our 18.2% projected operating margin at the midpoint will be 60 basis points higher than in Q1, and 110 basis points lower than Q2 of last year. Remember that we initiated a drastic cut in discretionary expenses early February of last year that resulted in over $30 million of expense savings in Q2 last year, so we face a tough compare. While we are maintaining our spending discipline, we’re also investing in key growth initiatives. Now to the revised guidance for fiscal year 2014. We’re now expecting fiscal year ’14 revenues to range from $6.9 billion to $7.1 billion and at the midpoint this translates into 3.6% core revenue growth. As stated by Ron, EMG has revised down its midpoint revenue guidance by $55 million, to a year over year core growth of 2%. Midpoint operating profit guidance for EMG has been reduced by $35 million and operating margin guidance at the midpoint is 18.7%. At the same time, LDA has increased its midpoint revenue guidance by $5 million to a year over year core growth of 5%. Midpoint operating profit guidance is increased by $4 million, leading to an operating margin midpoint of 19.5%. Agilent EPS is now projected to range from $2.96 to $3.16 and the midpoint of $3.06 is down $0.12 from the November guidance, which represents a reduction of $0.13 coming from EMG offset by an increase of $0.01 from LDA. With that, I’ll turn it over to Alicia for the Q&A. Alicia Rodriguez : Thank you, Didier. Operator, will you please give the instructions for the Q&A? Operator : [Operator instructions.] And your first question comes from the line of Tycho Peterson of JPMorgan. Tycho Peterson - JPMorgan : I’m trying to walk through the math on guidance here. You’ve cut revenues by $15 million. If you assume maybe a 6% decremental, then you’re talking $25 million to EBIT or $0.06. So why are you cutting the bottom line so much? Maybe just talk about why you don’t have additional leverage you could call to maybe offset some of the impact on earnings? Didier Hirsch : As I mentioned, the $55 million revenue decline for EM triggers $35 million operating profit decline. And I’ll let Ron just talk about the incremental decremental. Ron Nersesian : With regards to the decremental, we’ve looked at that closely, and we are anticipating growth of 8% in the second half. And accordingly, we are continuing to invest to bring up new platforms that we think will drive that growth in the second half. Tycho Peterson - JPMorgan : And just to follow up, Ron, in your comments you talked about the latest from the Chinese, that looked bigger. Can you maybe just talk to us about whether things have picked up post the quarter and do you expect those delays to come through in the first half? Bill Sullivan : Our orders were right on expectation at $699 million. What happened was we built about $15 million in pipeline due to Lunar New Year. So this is basically products that we’ve received orders for, we shipped, but we’re not able to recognize revenue because of the way Lunar New Year fell. We anticipated and forecasted that to a certain extent, but it was greater than what we thought. We plan to flush that backlog, that $15 million worth of backlog in Q2, as well as have a sequential increase of $39 million to bring our revenue up $54 million in Q2. Operator : Your next question comes from the line of Brandon Couillard from Jefferies. Brandon Couillard - Jefferies: Ron, could you elaborate a little more just on the puts and takes to the EMG guidance takedown? What are you factoring for the aerospace and defense business? And if you could give us a view around the comms segment, that would be helpful. Bill Sullivan : For the aerospace and defense segment, that is the biggest segment that really is driving the change. We had expected that to be flat. It actually was down 27% because of the tough compare. So in particular for the year, we’re moving it from flat for the year to down 5%. The comms business, we were forecasting 3% growth before, and now for the year 2% growth. And industrial computer and semi, we were forecasting 5% growth, and we still are. And that business has been turning, especially in the semiconductor space. So the decline is basically driven in the aerospace defense spending. Even though the budget was approved in September, it’s been a slow start. We have seen more acceleration towards the end of Q1 on quote activity and orders start to pick up, but we do believe that there’s a bit of a lag in that recovery. Brandon Couillard - Jefferies : Any chance you could give us a view around the orders within EMG by division? Bill Sullivan : No, we mainly don’t report that for competitive purposes. Operator : Your next question comes from the line of Paul Knight from Janney Capital. Paul Knight - Janney Capital : Could you talk about the [unintelligible] PXI and the dynamics surrounding PXI versus the box business. You know, double digit PXI would suggest you’re, I guess, keeping share. But is the market on the box side coming down? And so can you talk a little bit about share and also the dynamics of box versus PXI? Bill Sullivan : The box business is much greater than the PXI or the modular business, and it continues to be so, but we are building our modular offering because that provides advantages for certain customers. Our modular business is relatively small, and it continues to grow. We’ve stated that it’s roughly $100 million in the past. Last quarter we saw approximately 50% growth and this quarter it was well into double digits, getting close to that same 50% number. So we are seeing traction. At first we brought out some of the infrastructure products, and now we’re coming out with core RF and wireless products to go forward. As a matter of fact, the platform that we had for manufacturing is a modular platform that we just introduced, and the reviews on that product are very, very good. We’re very pleased with it. Paul Knight - Janney Capital : Where do you think market share is? Any change? Is there a gain? Is there a loss? What’s your thought there? Bill Sullivan : We’re definitely gaining share in the PXI market. There’s no doubt about it. I believe our growth is quicker at roughly 50% the last two quarters. But we will continue to work on that. That is a multiyear strategy that we’ll continue to drive over the next five plus years, until we’re number one. Operator : Your next question comes from the line of Isaac Ro from Goldman Sachs. Isaac Ro - Goldman Sachs : : On the academic budgets, I want to ask a little bit about the comments there. It seemed like across the rest of the industry in life sciences there was decent fourth quarter budget flushes. So if you could put some color beyond the geographic comments you made there, that would be helpful. Bill Sullivan : I’ll make a comment about China, which is more difficult, then turn it over to Fred to talk about the U.S. Again, a lot of these is who your customer base is, and exactly where you are in the process. Clearly, in China and there, our belief in January was a slowdown in terms of commitments in academic and research. And that was impacted by the Lunar New Year. So I don’t think that we’re going to get a really solid feel to exactly where our position will be in academic and research until Q2. And I’ll have Fred comment about the U.S., which is obviously a large market. Fred Strohmeier : I think, you know, the NIH [unintelligible], if you look at the NIH [project], we’ve defended it for a large piece of the spending. You see that this is below the spending of 2012. And if you look to the pattern of things which are sold at the moment, there is some hesitation to spend the money on instrumentation as well as on services and consumables, and this is a consideration as we see it at the moment. Bill Sullivan : And I’ll put my editorial on it again. Not to make an excuse, but every time Lunar New Year is in our January, or our Q1, we have a lot of anomalies that are difficult, and unfortunately it only shows up every three or four years. But if you go back over that period of time, it is always an interesting quarter to describe when we have this event. Isaac Ro - Goldman Sachs : And then just as a follow up, if I could, on Dako, I don’t think I heard it, but if you could give the growth in the quarter there, that would be great. And just if you had any updated views regarding long term strategy here, on moving the [genomics] business in there along with diagnostics. And wondering if we might see some meaningful updates to the strategy for that combined asset base before the deal closes. Bill Sullivan : Again, we combined the two organizations between the clinical and our pathology. We’re absolutely convinced our array CGH business as well as our target enrichment is going, and we had a very, very robust growth rate. But we did have a slow quarter versus our Q4. I’ll have Fred make a couple of comments about the pathology specifically, and any other color commentary regarding genomics. Fred Strohmeier : The pathology business, as Bill said, was indeed a bit weak. We have pulled in a lot of orders in Q4 of last year. That was one effect. And quite honestly, if you look to the first quarter of fiscal year ’13, this also was impacted by an artifact so that at the moment, Q1 looks a bit low. I think we believe the demand for pathology is pretty robust, and in particular, as Bill mentioned, we see a lot, in particular in the clinical space, I think the micro arrays are outgrowing by far, at the moment, our competitors. Sure [fisher] is making inroads into the market, and by the way, also the microfluidics business is growing double digits, mid double digits, and this together gives a good footprint in the clinical space with the genomics products we are providing. Operator : Your next question comes from the line of Ross Muken with ISI Group. Ross Muken - ISI Group : I guess I’m still struggling a little bit in some of the deltas for the quarter, particularly as we look at aerospace and defense. We sort of came into the year, as you said, [unintelligible] flat, and now we’re down 5, but we just had a down 27, when I think last quarter we were down at about 11. So it was a pretty big deterioration. I’m just trying to get a sense for how something like that is so difficult to forecast. Or did it come in closer to where your forecast is and then the comps are going to drive it, etc.? I’m just not sure I totally understand. I know the Lunar New Year and some of the other factors, but I’m just trying to see what transpired maybe from a pacing perspective to where this was so difficult to sort out. Bill Sullivan : Our forecast was to exceed the midrange of the guidance all the way up towards the end of the quarter. And right near the middle of January, the middle to second half of January, we received a very substantial number of requests to delay delivery until after Chinese New Year. That happened in China. We also saw some of that in other areas. In aerospace/defense, the budget was signed in December, but at first what was happening, the end users didn’t know how much money they were going to get, because it wasn’t passed out to them. We actually saw nice acceleration in aerospace/defense right at the end of the quarter, but obviously that did not translate into revenue. And don’t forget that Q1 ’13 was the largest quarter that we had in over eight quarters, where in Q4 of ’12, people were placing their last orders before sequestration and then we shipped that, about $195 million, in Q1 of ’13. So we had a very high compare on that standpoint. So aerospace/defense, basically it was a very slow start to spending the money that picked up at the end of the quarter, and then in China, we saw some pushouts, and two orders alone accounted for $11 million worth of the delta. Ross Muken - ISI Group : On the guide, the two things that are sort of perplexing to me, or I would say three, one, it seems like some of the issues we had were temporal and there are some assumptions of improvement, and yet sort of the guide, it doesn’t feel as if it reflects all of that. It seems as if you sort of took it down, at least on the revenue side, by more than the delta. So I’m a little bit confused there. And then on the dropdown, again, to Tycho’s point, it seems like the decrementals are pretty substantial, just relative to the revenue change. Was there any thought process to maybe do more on the cost side? I know it’s always tough, but we’re sort of looking at an earnings picture here that’s similar to where we were four years ago. So it’s been a pretty frustrating period, I know. Just trying to sense the temporal versus structural nature of some of this, because the guidance implies some of it’s temporal and some of it’s not. So I’m trying to sort out how you thought through that. Bill Sullivan : From a management perspective, the thinking was very straightforward. Recovery of electronic measurement or [unintelligible] was in the second half of the year. That was the assumption of the guidance. We had a difficult Q1 to interpret. So we’re going into Q2 with quite frankly a fair amount of uncertainty because of the issue that Ron outlined very, very well. So then the question that comes in is if we don’t change the guidance, then the second half recovery is just enormous, and I think that that would set wrong expectations. So we said if Q2 is what we think it’s going to be, then the second half snap back can’t make up the difference from the first half. So that’s logic number one, and hope we’re wrong, but that’s the logic path that we went in. On the expense side, we’re in a big Catch 22. We have to win in modules. We have to win in communication. We’ve got to get these new products out. LDA has a whole string of products, and so to take draconian expense cuts, given this uncertainty that we have, also is I don’t think the right answer. And so we made those two tradeoffs moving forward, and try to lay out to investors the best we can what we think will happen, given the problems that we had in Q1 in electronic measurement and the continued uncertainty going forward. Ross Muken - ISI Group : And just one follow up. What about on the repo side? You’ve obviously got some flexibility. Stock will be down 5%. I think it’s over that now. I mean, I know there was a lot of hesitance to do that before the split. How much will the volatility and what we’re seeing here, if you do believe somewhat in the recovery thesis, how much does that sort of push you to consider maybe ramping that up a bit? Bill Sullivan : We have been authorized by the board to maintain our share count at I believe it’s 335, and this quarter we’re actually at 338. So yes, we have the cash available, and yes, we have the authorization to continue to make stock repurchases. Operator : Your next question comes from the line of Tim Evans from Wells Fargo Securities. Tim Evans - Wells Fargo Securities : Let me just make sure that I understand, just to follow up on Ross’s question, the surprises in the quarter were really twofold, one being the Lunar New Year pushouts, and one being the weakness in the aerospace and defense market. Is that correct? Bill Sullivan : : Tim Evans - Wells Fargo Securities : And I guess Ron, I think you mentioned that your orders were actually in line with expectations. I’m just trying to square those two comments in my mind. Ron Nersesian : Yes, orders were fine, and that means that our Q2 guidance we could have met if we didn’t have the $15 million delays in the actual revenue recognition or customer acceptance. Longer term, for the second half, we just think that the aerospace/defense market, given its hole in Q1, and given where it’s coming from, is going to be a little bit slower. So as Bill had mentioned, we have a real hockey stick, from roughly 7% decline in Q1, and we’re forecasting an 8% increase in growth in the second half, so we are expecting a significant upturn. And we’ve seen things like Europe. Europe has posted growth for seven months in a row. That feels very good. The semiconductor market overall feels very good. But there are other mix things that would cause us not to count on more than 8% growth in the second half. Operator : Your next question comes from the line of Derik de Bruin from Bank of America Merrill Lynch. Derik de Bruin - Bank of America Merrill Lynch : So just sort of looking at some of your more government exposed spending, correct me if I’m wrong, but I believe that your environmental forensics, core was down like 7% in Q3 ’13, it was flat Q4, up 7%. You know, is that environmental that’s rebounding there? Or if it is environmental, is it outside of the U.S. that’s doing that? I’m just curious, that also does have some government exposure to it. Mike McMullen : As you know, we report the combined environmental forensic number externally. The story there actually, and it was a nice surprise, is the strength of the forensics business. And it was up fairly significantly in Q1. A lot of it is being driven by concerns about designer drugs and drugs abuse testing on a global basis, particularly we’re doing very well with various police and security authorities globally. So that’s been a real area of strength for us in the first quarter. I would tell you that in the more developed countries, particularly in the United States, budgets remain quite sluggish. But I will tell you it’s a different picture than it was last year, which was we knew we were facing sequestration. This year we know the budgets have been restored in certain agencies such as the EPA. We haven’t yet seen those budgets being released. So I hope that gives you some clarity. Derik de Bruin - Bank of America Merrill Lynch : And can you tell us how the OMIX platform did, in [backup]? Fred Strohmeier : Yes, the OMIX platform is picking up as we speak. We have shipped a couple of dozen in the latest quarter. The feedback we are getting back from our customers remains positive. And we have put a couple of new assays during the quarter on the platform as well. We are just rolling the product out as the others come in. Derik de Bruin - Bank of America Merrill Lynch : And just one final question, have you done any more work in terms of looking at the tax implications of the spend, and just how the tax rates are going to fall? Bill Sullivan : Yes, we have. I apologize for not answering it directly, but we will share that in the Mach analyst day meeting. But we are very, very close to determining essentially what the tax rate will be for the new Agilent moving forward, and the range for our key sites in there. But please wait until March, and we will have that. I think it’s important that I don’t give the number now, because the Form 10 will be published right before that, and then you will get a historical perspective of what the actual tax rates have been for what the two companies have been if they were independent. So I think it’s good to see the total answer in context moving forward. I continue to say that we are taking the opportunity to look at ways to ensure that we have sufficient cash in the U.S. Obviously Keysight has to have sufficient cash in the U.S. moving forward, and so there will be some tweaking of the overall tax rate. Operator : Your next question comes from the line of Jon Groberg of Macquarie Capital. Jon Groberg - Macquarie Capital : Bill, on the first quarter, on the LDA side, the area of life science and diagnostics, if we look at the gap between order and revenues, trying to go back in history a little bit, it looks a little bit out of the ordinary from a historical perspective. You mentioned you had [unintelligible] demand in the U.S. and China, but anything else that kind of ends up [unintelligible] in terms of the orders [unintelligible]? Bill Sullivan : No, I think as Fred said, there’s clearly a lot of orders that were pulled into the last month of our Q4. The start off in November was terrible. We ended in January, I think, quite fine, I think a 7% growth rate, but we had a terrible start to the quarter. And I don’t know if we’ve trained all of our new employees about how the compensation system works at Agilent, for many, many decades, but nonetheless, we just had a terrible start to Q1. January was fine, so basically some of the order shortfall in November got booked in October is basically what I’m saying, and we exited the quarter on the runway, and we think that we’re going to have solid growth as we move forward. But we did have a slow start to our Q1. Mike McMullen : Hey, Bill, can I add some initial commentary from the chemical analysis side, which is, as you know, we have a large footprint of our businesses in Asia, so the story of Chinese New Year really did impact us, because we lost basically a good week or so worth of quarter end orders. And then also, back to the comments on U.S. government spending, I know earlier we were focusing on the life science implications of the U.S. government spending, but also it had a material impact on the results for CA in terms of the order rates coming in for the first quarter, albeit it’s a much different story than it was a year ago, because budgets have been restored, and we just need to wait for them to be released. Jon Groberg - Macquarie Capital : And then, if I could just ask the question, maybe a little bit of a two-parter here, you talked about emerging markets like they’re one country. Obviously they’re all individual countries. Historically Agilent has had a nice, strong presence there. [unintelligible] has been a little bit less robust recently, so I guess one, can you give us some color about how you’re seeing the forecast in those markets for you for the rest of your ’14? And then maybe tying that into strong EM business, maybe help me understand what gives you confidence that you will see that 8% growth in the second half. Historically, I know there’s always been a bit of a hockey stick, but talking to competitors now, everyone seems to say that they’re not seeing it yet, and I guess what are the major drivers this time around? Bill Sullivan : I’ll make a couple of comments on the LDA side, and then turn it over to Ron on the Keysight side. Again, our non-GAAP in East Asia business grew 8%. Obviously China/Korea was very, very strong for us in the quarter. India continues to struggle. I think in the Americas, Brazil has its challenges moving forward. And so there are issues out there that we have to address, but quite frankly China just dominates the position for LDA. So how China goes, that’s how our emerging markets will go. Ron Nersesian : As far as emerging markets, we sell in aerospace/defense to some of the emerging markets, in particular Russia, a little bit to India, and some to China. And we saw those markets were soft. As a matter of fact, if you add them up, like some other competitors have announced previously, our orders were off 16% in Q1 in the emerging markets. And again, that’s an overlay with aerospace/defense in certain areas. So that’s the environment that we’re seeing there, which tends to correlate with the guidance that we have going forward. The things that make us excited is when we look at the second half, Europe continues to be strong, from the standpoint that it’s grown seven months in a row. And we had two major product platforms that we’ll start shipping in the second half. One is the wireless manufacturing platform, which is a modular based platform that’s getting excellent reviews, and the latest is the new one that we just announced a couple of weeks ago, which is a new wireless R&D platform. And just to give you an idea, this platform is the latest and greatest. It’s up there, and customers have been giving us reviews saying it’s the best platform that exists on the market. It handles LTE advanced and category six data rates up to 300 megabits. It does carrier aggregations, all the latest things. And it has integrated fading, which is typically something that someone would have to buy a [unintelligible] product and hook it up with their wireless product in order to make the solution happen. So when we take a look at the strength of the products, the feedback that we’ve had in these areas, how Europe has turned around, and also how things are starting to pick up in some other areas, that gives us the confidence for the second half. Operator : [Operator instructions.] And your next question comes from the line of Patrick Newton with Stifel Nicolaus. Patrick Newton - Stifel Nicolaus : Ron, one clarification. You sized your PSI business at roughly $100 million. I’m curious if that’s a trailing 12-month basis, or is that from annualizing current quarterly results? Ron Nersesian : That’s from a trailing 12-month, and that’s our PSI/AXIe modular business. Total modular business. Patrick Newton - Stifel Nicolaus : And I guess I was curious, when you talked about the drivers for the [unintelligible] in the second half, you didn’t mention necessarily the Chinese opportunity, and you didn’t really mention wireless test directly. I guess you did talk about your two major product lines. So I’m curious, can you update us on timing or opportunity with China Mobile? I think you previously sized that at, I think, a $30 million annual opportunity. And can you talk about wireless test and expectations there? Ron Nersesian : There’s no doubt with our new platform that’s coming out, we are gaining momentum. If you look at two areas where we probably had the biggest product holes on a competitive basis, it was in the wireless manufacturing and wireless R&D platforms. And we have really come a very long way in those areas within the past year. With regard to China Mobile, for the TDD/LTE spectrum, it was awarded to all three players ahead of schedule. Commercial licenses have been issued, and China Mobile plans to put in place 500,000 LTE base stations in 340 Chinese cities. And we’re very much engaged in that. Obviously Ericsson is number one in share, Huawei two, NSM three, and Alcatel Lucent four, and we are very strong in the base station area, and will continue to try to win that business. Patrick Newton - Stifel Nicolaus : And I guess going back to the wireless test side, you had a competitor that said that the market compressed from about a $1.3 billion opportunity to $1 billion since 2013. Do you agree with that assessment? And two, do you expect that the competition is going to continue to compress that market in 2014? Or should that industry come back to growth? : Ron Nersesian : We see growth in communications for us. We have forecasted a 2% growth for the year. The market’s probably flat. There are two things that are going on there. We’re obviously seeing the unit volume increases from 1.8 billion phones or the 1 billion smartphones that are being produced today. But you also do see some price erosion that goes on as we’ve seen more consolidation in the marketplace, and you’ve seen a couple of the smartphone manufacturers actually put a little bit more pressure on the market. The good thing about this market is these standards continue to evolve. They are very highly complex technical challenges, and accordingly, we seem to offset that with our business in R&D or by having leading edge technology. But looking at all that, we still see that 2% growth when you factor in the unit growth and the pricing situation. Patrick Newton - Stifel Nicolaus : And last one, I guess for Bill, there’s some components and subsystem suppliers in your academic and government food chain that are seeing an uptick in demand, especially in North America, given the Ryan Murray budget deal. And although you reported this area as being a soft area for you in the quarter, I’m curious if you’ve seen any impact at all from the budget deal. Bill Sullivan : I’m not sure that I know. No, there’s nothing for us. Again, we’ve been a late entry into that market since our program that we made in triple quad and [unintelligible], and obviously in our genomics area. And so I’m not sure that our own issues are somewhat unique to what our investment strategy is and exactly who those customers are. So we’re not of knowledge that any particular impact good or bad, versus the [unintelligible] that you had asked about. Operator : And your next question comes from the line of Doug Schenkel with Cowen & Company. Doug Schenkel - Cowen & Company: My first question is on the decrementals again. I mean, the decrementals implied in the EMG guidance are, to be fair, pretty surprising. If we go back 12 to 18 months, you said you couldn’t cut spending any more in [EMC] without cutting into bone. Then last year you found ways to cut a lot more than people expected. Now it doesn’t seem like you’re getting to the leverage one would have expected to see if the cuts you had made in the second half of last year were sustainable. In hindsight, did you guys cut too far last year? And has something changed that suggest that you now need to invest more in what appears to be a more challenging environment than you had anticipated? Bill Sullivan : There’s no doubt we cut very deeply, and I would say that we were on edge. There are a couple of product areas where we really needed to invest and win. It’s as simple as that. The wireless one box testers, we talked about those key products. And again, we’re in this for the long haul. We don’t want to be short sighted. If we didn’t anticipate an upturn that would be coming within quarters, we would potentially do something different. But given how important it is for us to be number one, and given what we see coming, we believe that this is in the best interest of the shareholders and they’ll be happy for it over time. Doug Schenkel - Cowen & Company : The last few quarters you talked about picking up share in areas like LC and to an extent mass-spec. And looking at your results, it’s not clear that that continued into Q1, especially when you look at your growth and how it compares to your peers. And related to this, it doesn’t seem like your pharma growth was nearly as robust as some of your peers. What was different this quarter for you? Bill Sullivan : Again, be very careful comparing quarter to quarter, particularly given our quarter is off all of our competitors. We had a very strong end of the year. Our competitors had a very strong close at their end of the year. You really have to look at the rolling four quarters when you look at Agilent moving forward. If you in fact look at the organic growth rate, the last four, we’re basically at the overall market. I would argue the second half of the last two quarters we have been slightly above that. At the beginning of the year we were slightly below that moving forward. But again, I’d be very cautious of making those comparisons, because I’m sure that many people ask our competitors, how come Agilent had such a great four? And again, I think you’ve got to really normalize it on a calendar day to really get a true view of what the true organic growth rate is. Bottom line is, last four quarters we were basically growing at the overall market, which we believe is about 5% organic growth rate. Didier Hirsch : And even this quarter, we’ve grown 6.4% on the currency adjusted. Taking into account the fact that we had China New Year, which our competitors don’t, and last year it wasn’t there, it was in February. Doug Schenkel - Cowen & Company : All good points, but to be fair, you guys were the ones who proactively said you were picking up share in some of these areas. Do you still believe you’re picking up share? Bill Sullivan : I am very cautious on market share. All the comment was is that our growth in the fiscal year was higher at that point in time than the competition. Then they ended their fiscal year and you saw that little bit of shift moving forward. We are very, very cautious on doing it. The competition is very, very good. They have their up and down quarters, we have our up and down quarters, specifically in areas that we have done well, such as the LC, other areas that we have been below the market. And so in aggregate, right now, if you look at where everyone is today, plus our additional month, we’re roughly, non currency adjusted, at a 5% organic growth rate, which is the weighted average of the market. Doug Schenkel - Cowen & Company : And last question, and I think it’s an important one, even though right now it’s not a huge part of your business, as we look ahead, and we think about the company post-split, one of the things that’s got people excited about the story is the prospects of life sciences being an above-market grower with the potential to really expand margins at your growth levels. But one important component of that is really anatomical pathology growing strongly, and you guys did talk about not having a great quarter there. And again, one quarter doesn’t make a trend, but can you tell us, were autostainer placements about where you expected them to be, or was that a source of weakness in the quarter relative to plan? Bill Sullivan : No, as Fred said, our placement is going exactly as we want it to do. I’ve also been very clear that we are taking a very deliberate path to install, to ensure that the equipment works, that there aren’t issues moving forward, that we have the right products that are validated on it, that we have new releases. And again, we’ve said this for many years, this is going to be a slow, methodical process. We did not want to get ourselves in a situation where we overextend ourselves, we get placements in place that aren’t performing to what we believe the instrument can perform. So we are systematically engaging, as Fred said, and installing a dozen systems every quarter. Operator : And your next question comes from the line of Dan Arias from UBS. Dan Arias - UBS: Maybe just two on the cost within the P&L. In the past, you guys have talked a little bit about your ability to, within your model, take down fixed costs in addition to some of the variable portions if you do need to. How much of a lever are you actually finding that to be at this point? And I guess the follow up, what portion of the cost structure is actually variable at this point? Bill Sullivan : I’m going to go back to the broad strategic decision. We, based on our guidance, given the uncertainty, are not going to pull the trigger right this moment to dramatically reduce our variable spending. We could do that, Didier talked about it. We did a year ago and took $30 million out. All of the triggers that we have in place still exist. There is too much uncertainty in the quarter to execute that. The issue clearly is in Keysight. [Ron’s story], soon to be a large shareholder, is all about growth, and we have to continue to execute on the programs that we have had. And obviously Ron and the team, as they move forward the new board - in fact, if you don’t have the [unintelligible], you can pull those triggers. So we can do that tomorrow. It is quite easy to pull the triggers. All the variable components that we have in place are exactly the way they were in the past. But just given the outlook it is, I’m in 100% support of Ron and his decision to continue to execute the plan and be realistic on what the second half recovery can be, and not just sit here today at the beginning of the year and hope for somehow you’re going to get a huge growth in the second half of the year. And I just don’t want to set unrealistic expectations. Operator : And your final question comes from the line of Bryan Kipp of Janney Capital Markets. Bryan Kipp - Janney Capital Markets : Any split costs you guys have in your assumptions for guidance for the rest of the year? Or is it probably the same thing, the 25 that you saw this quarter and the pull through? Bill Sullivan : No, we’ll give more detail in the March meeting. But in terms of the split cost, what we will say is that the one-time separation costs will be higher than what we said before. We’re doing two things. One is we’re accelerating and expanding the branding of Keysight, and I think that’s clearly a worthwhile investment. And we are making greater progress on the separation than we had alluded to. The outcome of that will be that the synergy costs on the Keysight side are going to be minimal, and the synergies on the Agilent side are going to be higher, just because of the great job the team has done in separating. : Operator : And we have reached our allotted time for questions. Alicia Rodriguez, back over to you for closing remarks. Alicia Rodriguez : Thank you, operator, and just wanted to say thank you, everybody for joining us on the call today. If you have any questions, please give us a call in IR. And I’d like to wish you a good day.
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A
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Agilent Technologies
| 1,090,872
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Health Care
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Life Sciences Tools & Services
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Santa Clara, California
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1999
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2000-06-05
| 2,014
| 2
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2014Q2
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2014Q2
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2014-05-14
| 2.987
| 3.007
| 3.258
| 3.29
| 4.6
| 17.11
| 18.02
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Executives: Alicia Rodriguez - Vice President, Investor Relations Bill Sullivan - President and Chief Executive Officer Ron Nersesian - Chief Executive Officer, Keysight Technologies Didier Hirsch - Senior Vice President and Chief Financial Officer Mike McMullen - President, Chemical Analysis Group Fred Strohmeier - President, Life Sciences and Diagnostics Group Neil Dougherty - Chief Financial Officer, Keysight Guy Séné - Senior Vice President, R&D and Sales Analysts : Jon Groberg - Macquarie Doug Schenkel - Cowen & Company Richard Eastman - Robert W. Baird Dan Leonard - Leerink Tycho Peterson - JPMorgan Bryan Kipp - Janney Capital Markets Isaac Ro - Goldman Sachs Brandon Couillard - Jefferies Operator : Good day, ladies and gentlemen and welcome to the Agilent Technologies’ Second Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions) Please note, today’s conference is being recorded. I would like to hand the conference over to Alicia Rodriguez, Vice President of Investor Relations. Ma’am, please go ahead. Alicia Rodriguez : Thank you, Karen, and welcome everyone to Agilent’s second quarter conference call for fiscal year 2014. With me are Bill Sullivan, Agilent’s President and CEO; Ron Nersesian, CEO of Keysight Technologies; and Didier Hirsch, Agilent Senior Vice President and CFO. Joining in the Q&A after Didier’s comments will be the presidents of our chemical analysis and life sciences and diagnostics groups, Mike McMullen and Fred Strohmeier. Also joining from Keysight will be Neil Dougherty, CFO; and Guy Séné, Senior Vice President of R&D and Sales. You can find the press release and information to supplement today’s discussion on our website at www.investor.agilent.com. While there, please click on the link for Financial Results under the Financial Information tab. There you will find an investor presentation along with revenue breakouts, business segment results, and historical financials for Agilent’s operations. We will also post a copy of the prepared remarks following this call. Today’s comments by Bill, Ron, and Didier will refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. We will make forward-looking statements about the financial performance of the company and the separation of the electronic measurement business. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them. Please look at the company’s recent SEC filings for a more complete picture of our risks and other factors. Lastly, as we expect the third quarter to be the final quarter before Agilent’s Electronic Measurement Group begins operating as Keysight Technologies, comments today will also refer to the Electronic Measurement Group as Keysight. And now, I’d like to turn the call over to Bill. Bill Sullivan : Thanks, Alicia, and hello everyone. Today, Agilent reported second quarter revenues and EPS in line with commitments, with solid growth in orders. Revenues of $1.73 billion were unchanged from a year ago. Q2 orders of $1.81 billion were up 7% over last year. Adjusted earnings of $0.72 per share were at the midpoint of our guidance. Operating margin was 18.2%. Keysight revenues came in at the high end of expectations. LDA revenues were slightly below the low end of our guidance. Both businesses built backlog as orders accelerated late in the quarter. Book-to-bill for Agilent was 1.05 positioning us well as we move into Q3. Our work to split the company continues to proceed smoothly. By the beginning of August, we expect Keysight to operate independently as a wholly-owned subsidiary of Agilent. We continue to expect the separation to be completed by early November. Today, I will share performance highlights for the life science, diagnostics and applied markets that will become the new Agilent. Following my remarks, Ron will discuss electronic measurement markets that will become Keysight. Finally, Didier will provide a more detailed discussion of Agilent’s overall financial results, as well as our guidance for fiscal Q3 and fiscal year. Turning to LDA, second quarter revenue of $988 million grew 2% year-over-year on both a reported and core basis. We saw good growth across pharma, clinical and diagnostics, energy and food businesses tempered by the results in academic and government and environmental markets. Orders accelerated at the end of the quarter as we built backlog. Book-to-bill for LDA was 1.04, with orders of $1.03 billion, up 4% or 5% on a core basis over last year. Operating margins, adjusted to revenue, were in line with guidance. Turning now to performance by end market, in life sciences, we saw strength in pharma/biotech, up 4% led by demand from midsized and specialized pharma customers. Diagnostics and clinical revenues were up 7% driven by record companion diagnostics growth and strong demand for CGH arrays and target enrichment solutions. Academic and government remained soft, down 6% year-over-year as government spending delays in the U.S. and China pressured results. In the applied markets Food Testing was up 10% with globalization of the food supply and brand protection continuing to drive strong demand. Energy grew 2% led by the U.S. and refinery projects in the Middle East conversely environmental and forensics were down 5% impacted by government funding. On a regional basis LDA performance was mixed. Double digit growth in Europe was broad based across markets. In the Americas revenues were down 2% on delays in U.S. government spending and softness in Latin America. Asia-Pacific was down 3% affected by slower government funding and lengthened approval cycles in China. We saw improvement in China towards the end of the quarter. Within LDA our life science and diagnostic group had Q2 revenue of $577 million, up 1% from a year ago as recurring revenues offset softness in instrumentation. Orders of $598 million were up 3% year-over-year, operating margin was 13% for the quarter. In early May LDG recently announced the latest version of chromatography data systems CDS software called OpenLAB CDS. New features include flexible data capture, improved automation and faster data analysis. We also introduced a range of new LC products during this quarter’s HPLC 2014 in New Orleans. Announcements include a new next generation UHP-LC multi-sampler which sets a new benchmark in throughput, speed and carryover. We also introduced an updated two dimensional LC system for higher resolution applications. And we are launching a series of new LC/MS and GC/MS products at ASMS next month. These solutions are differentiated by higher performance and lower cost of ownership making them ideally suited for the applications in our core markets. The chemical analysis group had Q2 revenues of $411 million, up 3% and led by strong demand for GC/MS and ICP-MS and services. Orders of $432 million grew 6% year-over-year. Operating margin was 22% for the quarter. The ultra high performance of 7200 GC/Q-TOF continues to exceed expectations with Europe leading all regions for the adaption of high-resolution, accurate GC/MS. CAG recently signed a major contract with a leading environmental company in Beijing. Agilent will supply GC/MS technology for online air monitoring systems, related to ozone and other air pollution – airborne pollutants. Looking forward, LDA’s outlook remains positive, supported by our backlog build, a robust pipeline of new products and expectations for increased flows in government spending. We remain committed to creating shareholder value by increasing our organic growth rate, delivering complete workflow solutions for our customers and growing earnings faster than revenues. Moving forward, our priorities are to continue our late-Q2 order momentum into Q3, launch a series of new products and continue to drive our manufacturing cost reduction programs. LDA revenues for the fiscal third quarter of FY ‘14 are expected to be between $1 billion and $1.02 billion, or nearly 5% core growth at the midpoint. We expect operating margins at the midpoint of 18.5%. For the full year, we now expect LDA revenues to range from $4.02 billion to $4.12 billion with operating margins at the midpoint of 19.3%. Didier will provide additional details in his commentary. Thank you for being on the call. Now I will turn it over to Ron to talk about Keysight and the Electronic Measurement business. Ron Nersesian : Thank you, Bill and hello everyone. I have three key headlines for you regarding Keysight’s performance in Q2. First, Keysight came in at the top end of its revenue and operating profit margin guidance. Second, Keysight orders returned to growth in Q2. And third, Keysight is on track with its plans to separate from Agilent. Now, moving to the specifics, revenue of $743 million declined 2% or 1% on a core basis, while orders of $782 million were up 11% year-over-year. This resulted in a book to bill ratio of 1.05. Keysight continued to not only effectively manage gross margins and spending, but also had a favorable mix profile this quarter. Keysight generated operating profit of $148 million and an operating margin of 20% for the quarter. Looking to our end market performance, aerospace and defense revenues declined 6% year-over-year. With U.S. budget approvals in place, direct government demand has improved, while prime contractor business in the U.S. remains soft. International aerospace and defense demand was mixed but steady. Industrial computers and semiconductors revenues increased 3% year-over-year, investments in next generation semiconductor process technologies continued in the second quarter, while computer markets remains soft. Communications revenue declined 6% year-over-year. We continue to see strength in 4G base station infrastructure demand, while handset device manufacturing remains moderate. On a regional basis, we saw very good growth in Asia excluding Japan, which grew over 20% with strength across most market segments. The Americas region was down double-digits year-over-year versus the strong compare. Decline – Japan declined 12% or down 4% on a core basis, which excludes the impact of currency. Europe was essentially flat year-over-year. As I discussed during our Analyst Day in March, Keysight is transforming its product portfolio with the goal of returning to market growth rates. This quarter, we began shipping both UXM wireless test set for R&D and the EXM wireless test set for manufacturing. The EXM wireless test set won 2013 Product of the Year award from the Electronic Products China. In April, Keysight expanded its performance network analyzer series with a low price model targeted at low cost RF components used in handsets and consumer products. Keysight also introduced two high performance portable oscilloscopes deploying next generation technology. One set a new standard for signal integrity and the other set a new standard for price performance. We expect Keysight to begin operating as a subsidiary of Agilent on August 1, and to complete the spin-off in early November. As part of our journey, we are announcing today that we expect Keysight common stock to trade on the New York Stock Exchange under the ticker symbol KEYS. In addition, at the end of this quarter we will implement an operational cut over of our IT systems. This transition requires tight coordination of our shipment and delivery plans. We are working with customers on the cut over which could cause some revenue to ship between the quarters. As Bill had said, it takes a lot of work to create two great companies from one. Along with all of the excellent internal work, we continue to focus on our customers and all of their measurement solutions needs. Turning to the outlook for Q3, we expect Keysight to return to revenue growth with revenues in the range of $720 million to $760 million. We project core growth at the midpoint to be 5% and operating margins at the midpoint to be 18.4%. For the full year, we expect revenues in the range of $2.86 billion to $3 billion, which represents 2% core growth at the midpoint. Operating margins for the full year are expected to be 18.9% at the midpoint. I’ll now turn it over to Didier to provide the details of Agilent’s overall financial results. Didier Hirsch : Thank you, Ron, and hello everyone. To recap the quarter, our revenue of $1,731 million, operating margin of 18.2% and earnings per share of $0.72 were all at the midpoint of our guidance. Orders exceeded our expectations, but the quarter end orders queue was also higher than usual. By business, most of the operating profit variance versus the midpoint of our guidance was due to volume and mix. Please note that Q2 core revenue growth by segment and by geography is reported on the slide deck posted on our website. This quarter, currency subtracted about 0.9 percentage points from our year-over-year revenue growth, and acquisitions had no material impact. Finally, we bought back $50 million of stock in Q2 and generated $272 million in free cash flow, slightly higher than last year. I will now turn to the guidance for our third quarter. We expect Q3 revenues of $1.74 billion to $1.76 billion and EPS of $0.72 to $0.74. At midpoint, revenue will grow 5% on a core basis. Our 18.5% projected operating margin at midpoint will be 30 basis points higher than Q2 fiscal year ‘14 and 20 basis points higher than Q3 of last year. Now, remember that we initiated a drastic cut in discretionary expenses early February of last year that resulted in significant expense reductions in the ensuing months. So, we face a tough compare. While we are maintaining our spending discipline, we are also investing in key growth initiatives. Now, to the guidance for fiscal year 2014, we are confirming the guidance we provided last quarter for both revenue and EPS. And as a reminder, we expect fiscal year ‘14 revenues to range from $6.9 billion to $7.1 billion and fiscal year ‘14 EPS to range from $2.96 to $3.16. With that, I will turn it over to Alicia for the Q&A. Alicia Rodriguez : Thank you, Didier. Karen, will you please give the instructions for the Q&A? Operator : Certainly. (Operator Instructions) Our first question comes from the line of Jon Groberg from Macquarie. Jon Groberg - Macquarie: Hey, good afternoon. Thanks for taking the questions. So maybe for both Bill and Ron, can you maybe talk a little bit more about the kind of the pacing in the quarter, I think you made some comments that orders picked up towards the end of the quarter, in particular in China that some of the delay you start to see materialize. I don’t know if that was more just an LDA comment or if that was also a Keysight comment? And then can you maybe talk a little bit about some of the other emerging markets and whether you are seeing any impact in countries like Russia or Eastern Europe given the environment over there? Bill Sullivan : Yes, I will just make a couple of comments, Jon, regarding LDA and then turn it over to Ron, because the real start of the quarter in my mind is the fantastic order performance of Keysight will maintain their operational excellence. As Didier alluded to, the orders in LDA came in late in the quarter, which is atypical given that half the business is in consumables and parts that it tends to have a more uniform order pattern than you typically see in Keysight. So, we had a back end bias, that obviously affect our revenue. Our revenue was below our own internal expectations and external guidance moving forward. The good news is the orders were there. And as we guided going forward, I think we are in solid position moving into Q3, but we really did have a surge of orders at the end that was out of typical sequence moving forward. And I will rather turn it over to Ron and talk about Keysight. And Jon, if you have any other questions, I can have Mike and Fred talk specifically in terms of what they saw in their respective businesses. Ron? Ron Nersesian : The story was a little bit different in Keysight where we saw orders that were a little bit more balanced throughout the quarter. Clearly with wireless manufacturing, the orders are lumpy. And the good news is that with the wireless manufacturing and semiconductor business that we had, we achieved more orders towards the first two-thirds of the quarter and that enabled us to exceed our revenue guidance. As far as the emerging markets, Russia is the biggest wildcard that we have given that everything of that is going on over there politically. We actually had a decent quarter, but we are cautiously watching what will happen as we look in Q3. We expect our performance in Q3 in Russia to be flat and all signs so far on a local level appear to be consistent with that. Bill Sullivan : I will just follow up, Jon. And maybe Mike, you could make some comments with the order pattern on the applied side and then Fred on the life science and diagnostics side. Mike McMullen : Yes, sure, Bill. Jon, it’s Mike McMullen. I just had some additional commentary on the quarter, very pleased with the overall order rate for the business. And I think you can see the backlog we have built and the difference between the growth rate of our segment orders versus revenue and particularly pleased by a return to really solid growth in our core instrumentation platforms. And as you know, that’s been an area of struggle in the last several quarters, where you have been looking for this churn on in the replacement market. So, what we are seeing is warming up of the replacement market and signs of return of spending on some of the government side, particularly in the U.S. and promises in China. So, very encouraged by the overall global results, in particular how we have finished the quarter in China. Fred Strohmeier : Yes, let me just add also couple of comments. If you look to the different markets we saw strength in the pharmaceutical market as Bill has pointed out on the one side even so the consolidation puts some hold on it and the growth rate was predominantly coming from smaller pharma companies. I think if you look to the geographies, I think China was a little bit behind I think with a bit suffering in the U.S. I think Europe was doing quite well and specifically to the comment on Russia, even so there is impact, I think the size of the business from an LDG perspective is rather marginal, so minor impact from that perspective. Jon Groberg - Macquarie: Okay. And maybe just kind of two quick follow-ups on, from the LDA side, just to be clear maybe what did you grow in China in the quarter and what’s your expectation for the year? And then for Ron, on the Keysight side, I think you guided to 5% core growth in the third quarter, I think in the – at your Analyst Day, you kind of commented on high single-digit growth for Keysight in the second half of the year. So, I am just curious if that guidance still stands as well? Thanks. Bill Sullivan : They give you an indication in round numbers. China’s business was down mid single-digits. The flipside orders were up mid single-digits. Ron Nersesian : And on the Keysight, our guidance from last quarter still stands and we had expected 5% in Q3 and then that accelerates in Q4. Operator : Thank you. Our next question comes from the line of Doug Schenkel from Cowen & Company. Doug Schenkel - Cowen & Company: Hi, good afternoon. So you essentially reiterated LDA revenue and you guided the July revenue quarter about in line with what we were expecting. So all-in-all, no real change in guidance or quarterly placing to revenue. However, your fiscal Q2 operating performance in LDA was much weaker than expected and you guided fiscal Q3 op margin for the group a bit below our expectations. So, this implies that fiscal Q4 operating margin I think gets up to somewhere between 21.5% and 22% assuming them doing the math right? And if so this implies an incremental above 30%, so year-over-year, this doesn’t seem Herculean, but it does arguably represent a pretty material level of improvement over the last two quarters of the year relative to what was a weak quarter this quarter. So, can you talk about how confident you are in this guidance and more specifically what makes you so confident that you can get to those levels subsequent to this performance? And I think as you are talking about this, I think to be fair, you guys didn’t spend a lot of time explaining why the margins in LDA came in, in these levels in the quarter. So maybe you can talk a little bit more about that? Didier Hirsch : So, hi Doug, this is Didier. I was talking about the numbers and then probably my colleagues will want to talk about their confidence to achieve the second half, but in terms of Q2 what happened is yes, LDA’s operating profit was below the guidance that is very much in line with our revenue mix, which again was due to orders being skewed towards the end of the quarter. And therefore, we will recover that mix into the second half. And that explains the second half patterns. So, basically nothing fundamental, nothing special in Q2, the only – the main reason by far for the operating margins performed below the guidance is volume and mix and as we are recovering because we have a high backlog go into Q3, obviously we will see that the offset in the second half. Now within the second half, there is no doubt that Q4 I mean even the second half even though there is an expectation of a significant improvement in operating margin between Q2 and Q3 for LDA, there is further improvement expected from Q3 to Q4 in line with the revenue growth. Bill Sullivan : I will just add on to Didier and it goes back, (your think) is correct Q4 is our strongest quarter of the year, very typical and at companies like ours that last quarter tends to be strong. And if you go back in 2013 LG went from Q3 to Q4 from 60% operating profit to 19% and the chemical analysis went from 21.5% to 25%. So again we are not forecasting anything that is we have not seen in the past and obviously both Mike and Fred have committed to meet this guidance. Okay. Didier Hirsch : Absolutely, Bill. I am very confident on our plans for the second half. Doug Schenkel - Cowen & Company: Alright, thank you for that. That’s helpful and if I could ask one more, I think it’s interesting that you noted challenges for LDA in China within the academic government end market due to the release of budgets, over the course of the recent earnings season, we have really heard this only from Waters, I mean we heard a little bit from others, but they didn’t really call it out as notably as you and Waters have. And I am pointing the companies like Thermo, Danaher, PKI and Bruker to name a few, so on the surface the common denominator here seems to be maybe instrument mix as a percentage of sales and possibly more exposure to LC, I am just curious if you would speak to what specifically you are seeing in terms of what’s slowing down in China within the academic government end market and what isn’t, I think it would just be helpful to sort of contextualize what is going on and why this seems to be specifically impacting some more than others? Thank you. Bill Sullivan : Yes. One of these – I will have both Fred and Mike comment on that and again the China FDA is in major reorganization and parts of the business they regulate we have very large market shares. And but I will have Fred start on the academic research and then also Mike can chime in on some of the applied and food areas where we have very strong positions. Fred Strohmeier : Yes. Thank you, Bill. Let me make one statement about the growth in China overall. If you look to the second quarter and compare that to this year’s second quarter and you compare that to the second quarter last year, I think the growth in general has slowed as such, so that’s the general observation. Secondly, I think if you look to the pharmaceutical industry, there has been quality regulation imposed to the pharmaceutical industry in the GMP space, good manufacturing practices. And this why is the part of the consolidation in India, China – in the China pharmaceutical industry which means another investment is retarded quite a bit. So China academic spending as Bill already pointed out I think this has been also a temporary slow down due to some regulations, which have been put in place in terms of anticorruption, which is also something which probably will go away over time once the process has been installed. And finally, as Bill also pointed out, China FDA is at the moment restructuring the food testing labs. And until this restructuring has been completed, I think we will see a shorter investment pattern of the food labs which probably is in the order of a couple of $10 million a quarter. And I think this will – as soon as this has been removed although it will stimulate the orders again. Mike McMullen : I am just building on Fred’s comments specific to the food market, it’s a heavy platform usage of LC in the food market where Agilent as you know has a leadership position. So where the double-edged sword where we really are affected when see budgets shift to latter part of the year, I think there is a heavy concentration of liquids base used in that market segment. And again that’s why in the early part of the call I indicated I was very delighted by our performance in Q2 from the order perspective because despite the challenges that were highlighting here in terms of timing of the food orders in China. We saw a very strong growth in the environmental side as well as expanding in the petrochemical and chemical side, in the private sector side of the marketplace. So that’s why we’re looking ahead to second half 2014 you’re getting a positive view overall about the business. Bill Sullivan : Just one final comment with regards to China I mean it’s slightly different in this space of genomics and diagnostic, this is where we saw a different pattern and we saw pronounced close beyond the instrumentation Mike and I were talking before. Operator : Thank you. Our next question comes from the line of Richard Eastman from Robert W. Baird. Richard Eastman - Robert W. Baird: Yes. Just Bill could you just kind of address I think when you were talking about LDA in total you commented about revenue out of Europe being plus double-digits with pretty much Americas and Asia-Pac softer. Could you just be a little bit more specific, is that end-markets are – what was as strong in Europe? Bill Sullivan : Well Europe is as strong as I had noted across all markets and again Fred having – living in Europe talk a little bit about it and then Mike chime in. But our Europe team just did an outstanding job across all of our products to be able to grow in the low teens growth rate in orders. Fred. Fred Strohmeier : Yes. I think Europe is as we see the recovery particularly in the academia and government royalty we’re seeing a stimulus of the autos. And if you look to the different industries and then Mike can comment on the chemical analysis side. We saw a significant pickup in the pharmaceutical industry, these are pretty successful particularly that was the LC/MS and I believe this will continue in the second half. Mike McMullen : And just to build on Fred’s comments what a difference a year makes. So Europe was a real area of strength for us in the quarter. As Bill mentioned our team is doing an outstanding job driving share in what is now a growing market for us and we started to see an uptake in the chemical energy space in terms of replacement side of the business, investments in the food area continue to be very strong in Europe as well as in the forensic area. Richard Eastman - Robert W. Baird: Okay. And then just a quick question on Keysight, when we look at the order growth the 12% order growth year-over-year, I’m curious if – Ron can you give a picture of is that order growth strengthened significantly in either any of these three pieces in particular comps or A&D and is there some recapture of market share that you could – that you can identify? Ron Nersesian : First of all, 11% order growth was driven with two main areas. As you know the wireless manufacturing business is a lumpy business and we’re very successful in that area in the base station growth as we mentioned. The second thing we talked about last quarter as well as today is in the semiconductor expansion as they move to new technologies and again that was something that also drove our business. I was pleased to see double-digit order growth in all of our major regions except Japan which is having some problems, so that is a nice point that led to our 11% growth. Richard Eastman - Robert W. Baird: Ron, one of the things that we kind of picked up in the channel in the A&D business in particular on the defense side, the Department of Defense, U.S. they I believe they’ve changed the way they are purchasing and previously they had purchased test equipment and pushed that test equipment down to the vendors stating the protocol and providing the test equipment. And our understanding is that, that has switched around now the DoD is asking the vendors to purchase the equipment and I’m curious is that changed anything in the channel for instance lease verse purchase or.. Ron Nersesian : No, we’ve always seen a mix between direct government purchases and purchases by the prime contractors. As I mentioned earlier the direct government purchases has picked up but the prime purchasing has not. And if you look at the financial results of the prime contractors in the U.S. that would sort of explain it. Internationally there was no significant change there that business was roughly consistent with where it was before. Richard Eastman - Robert W. Baird: Okay, okay, very good. Thank you. Ron Nersesian : You’re welcome. Operator : Thank you. Our next question comes from the line of Dan Leonard from Leerink. Dan Leonard - Leerink: Great. Thank you. Could you speak to the order trends in large pharma, I know you mentioned mid-size and I think specialty pharma was strong, but I’m asking because there was an increase in M&A chatter towards the end of the quarter. And I’m wondering if it has put any freeze on ordering? Bill Sullivan : Look we’re seeing in the pharmaceutical market at this point in time that the consolidation talks between the big pharmas like Pfizer and AstraZeneca is certainly putting some hold on the whole investment pattern in the pharmaceutical industry. I think as I said before the smaller pharma companies are driving the growth at this point in time and I think over time as soon as this situation has speed up I think we will see that those big companies will go to single vendor their concepts and I think our opportunity there is to be a systems provider for those big pharmaceutical companies. Dan Leonard - Leerink: That’s helpful. And Didier a follow-up on Doug’s question from earlier. Can you elaborate a bit more on the negative mix component in LDG and still trying to get my arms around since it was the lowest performance in a couple of years? Didier Hirsch : Yes, I mean I won’t go into the detail but when you do the math we have about you would expect 65% contribution margin versus the variable cost of sales. So if you do the math on the reduction in revenue versus the guidance that we provided and you still get 65% of the reduction in revenue will fold to the bottom line basically it was flat it’s like $4 million to $5 million and doing the analysis and again we have plenty, plenty of products and the markets and the product lines like that. Whatever it is not explained by peer volume which is about $4 million we could explain it mostly by mix factor. Dan Leonard - Leerink: Thank you. And then finally a really quick one. Did you notice anything in the Life Science and Diagnostic and Chemical Analysis businesses? Did you notice anything unusual about the revenue or ordering patterns from Japan in the quarter, and I ask because there has been some discussion that a tax change for one might have shipped it around some purchasing and you guys with in April and quarters should have – could have some insight into that? Fred Strohmeier : I think the one – I think it was in March, I think we saw a pretty good month because this was just before the tax rate and I think this good all the way got partially compensated by the April, by the fact that there was a higher sales tax. And but in general if you look to LDG I think you have exhibited some overall growth in Japan. Dan Leonard - Leerink: Great. That’s helpful. Thank you, Fred. Operator : Thank you. Our next question comes from the line of Tycho Peterson from JPMorgan. Tycho Peterson - JPMorgan: Hi, thanks for taking the question. EMG came in at the high end of guidance. Can you talk to maybe where you’re most surprised to the upside? And then looking ahead you did have a competitor that’s talking about in handset testing another $300 million or so coming out of that market, you maybe just talk us whether you still think flat growth to that market is the right assumption? Bill Sullivan : Sure. The semiconductor market or the semiconductor test equipment market was very hot and we have very high margins in that business and accordingly that helped us and that’s why we had such outstanding incremental above the midpoint of the guidance over 80%, but that’s not something that we expect to repeat. We had been seeing a lot of price pressure in the handset wireless manufacturing segment, that is why our strategy continues to be to move more and more to R&D, but that pressure that is there on the pricing continues to accelerate. So if you take a mix of high let’s just call it a lot of semiconductor shipments and very little or less handset manufacturing shipments you get the very, very strong incrementals. As we go to next quarter we expect to have a much more normal balance as we move from Q2 to Q3. Tycho Peterson - JPMorgan: And your view on just kind of the overall handset testing market I mean do you think that, that market remains flat or or do you see it consolidating in fact? Bill Sullivan : I think there is enough – there is significant price pressure as that market has become crowded and manufactures continue to look for simpler ways to test their products. It’s all about cost per test. The market is very competitive and it’s one of the lower margin areas or one of the lower margin businesses that are there. We are seeing competitors will be acting more desperate ways on the pricing side and we are doing the right thing for the shareholder and making sure we are going to return in everything that we invest in and where we put our effort. Tycho Peterson - JPMorgan: And then for LDA it sounds like environmental front (excludes) kind of the delta relative to the expectation, can you maybe just talk to it, it sounds like you are expecting a recovery in that business for the back half of the calendar year, is that driving the potential upside. And then you had previously called out some delays I think in pathology did those come through this quarter? Ron Nersesian : I will jump right in and my perspective here. So the environmental and forensic business was down in Q2. The story here remains the weakness in government spending particularly in the more developed countries and economies. When I look to the second half, we are expecting to see improvement in the area as some of the government budgets are released let’s say in the U.S. So we are expecting some uptick in the second half in those areas, both at the federal and state level. But I also think the bigger driver is China as the overall global food market and the growth in the chemical energy space, our major customers are now talking about and in investing in capacity in the U.S. because of the lower feedstocks making their overall operations much more profitable. So clearly there is an element of recovery building around the environmental forensics market, but I also expect strong growth in other two larger markets. Tycho Peterson - JPMorgan: And then Bill, can you just comment on that, did you have some policy orders that came through from the prior quarter? Bill Sullivan : I will let Fred, give a response again our clinical and diagnostic business grew 7% in the quarter. Fred Strohmeier : Yes. This is – it looks like you are right I think we had a really strong quarter for diagnostics and genomics. And particular the diagnostics piece was growing mid-single digits and it’s driven by the pathology business and even more so by the companion diagnostics which we believe was outstanding as Bill mentioned at his initial comments, I think genomics we see a pronounced need in the market at the moment I think its growing about mid-digit to high-mid digit range. And it’s predominantly driven by cytogenetics and the CGH race. And secondly the target enrichment business, which is going very nicely were also relative to our competitors. Tycho Peterson - JPMorgan: Okay, thank you. Operator : Thank you. Our next question comes from the line of Paul Knight from Janney Capital Markets. Bryan Kipp - Janney Capital Markets : Thanks for taking the question, actually, Bryan Kipp on behalf of Paul. Ron, I just wanted to start on EMG. I know its kind have been discussed throughout some additional question here you talked about wireless manufacturing orders and semiconductor orders starting off pretty strong and then pull through in the quarter. Where it’s some of those orders stuff you expected in the second – I guess in the third quarter. I know you said that 5% expect progress anyway and then in addition to that first quarter growth obviously has to be in that high end of prior guidance the second half alluded to 8%. What’s really driving that for I know you mentioned strength in the wireless or semiconductor demand but is it new products some existing products legacy products. Just to give more clarity on that? Ron Nersesian : Sure. First of all, there was nothing pulled up to when we look at the 5% nothing was pulled into Q3 that would make that Q3 looked weaker that’s probably this components with the 5%. We’ve always assumed an economic outlook that would pick-up towards the end of the year that’s where as a low level base line and top of that’s a government which has not been purchasing very much obviously during sequestration, they finally are getting their act together on getting money out to the people that make to decisions. So we expect the government business to accelerate towards the end of the fiscal year for the government in September in the U.S. On top that our seasonally high quarter is always Q4 so Q4 is our strongest quarter and if you look at what we did last year $705 million in Q4 was a relatively low compare. So if you take a look at the low compare you look at your 780 ish million dollars in orders in Q2 we typically see Q2 and Q4 be strong against a compare of $705 million you can do the math and get there pretty quickly with any type of economic strength or slow recovery and with some new products that are coming out. I mentioned the UXM and EXM where our competitive position is very strong, it’s as strong as it has been in years in those areas but will continue to build on those. Bryan Kipp - Janney Capital Markets : Appreciate it. And… Bill Sullivan : Sure. Bryan Kipp - Janney Capital Markets : And on the – go ahead. Bill Sullivan : No, I was just wondering if that was suitable to your – to answer your question. Bryan Kipp - Janney Capital Markets : Yes. I appreciate it. And then I guess just an additional follow-up on the chemical side. You cited (indiscernible) office a strong adoption in Europe, I think it since consecutive quarters of strong refinery demand in the Middle East. The order bookings were plus 7% on a core basis is to be driven by broader QC adoption and demand or what’s really driving that core order growth there? Bill Sullivan : Great question. So thanks for that. So, on the mass spectrometry side there continued to be demand particularly for technologies that allow you look for unknown. This has become an increasingly desired capability both in the food but also in the forensics area and that’s why I spoke earlier to some bright spots in terms of forensics coming up. So the demand from mass spectrometry is really been driven by – continuing to driven by the food market but also there is emerging requirement to identify unknown both in the food supply as well as in designer drugs for forensics. And then you hit the nail really in the head in terms of what’s going out in terms of Middle East we’re seeing infrastructure build-out, major projects coming to fruition and Agilent is very strong in this space and we’re getting the business. Bryan Kipp - Janney Capital Markets : Thanks. Bill Sullivan : I hope that answered your question. Bryan Kipp - Janney Capital Markets : Yes. Thank you. Bill Sullivan : Thanks. Operator : Thank you. Our next question comes from the line of Isaac Ro from Goldman Sachs. Isaac Ro - Goldman Sachs : Good afternoon. Thanks for taking the question. Wondering if on the LDA side just wanted to talk a little bit more into the weakness this quarter on revenue. Was there any meaningful impact from your exit last year from the high end NMR markets? I’m just trying to get a sense of whether that was a factor and just as we move to the balance of the year maybe you could put some color around that wakened your expectations just given we’ll be lapping through the exit on that business but at the same time you had a pretty healthy order dynamic this quarter? Bill Sullivan : Yes. Our shortfall in revenue in the quarter as we have said is really directed to the late orders that came in they were atypical. The NMR business was non-material to that issue at all. And as you can hear from the comments for every place that we had some good news we had some offsetting bad news. And so quite frankly it was the mixed quarter and I think the message is the orders ended up being strong and we feel comfortable with the guidance that we’ve given as we move into the second half of the year. Isaac Ro - Goldman Sachs : Got it. And I apologize if you guys gave the number, but just hoping for the overall growth rate in China, if you could speak to that, I know you guys gave a consolidated Asia Japan number, but maybe try to tease out China on the growth rate and looking what you’re expecting for the balance of the year there? Thank you. Bill Sullivan : On the LDA side the business was down mid single digits, orders were up mid single digits moving forward. And for us to be able to grow 5% in the second half we have to continue to see the order momentum in China as we move forward I think both Mike and Fred talked about where we think that there will be opportunity as the government reorganizations and focus are completed. And that was indicative of stronger orders in China at the end of the quarter. Isaac Ro - Goldman Sachs : Got it. Thanks so much. Operator : Thank you. Our next question comes from the line of Brandon Couillard from Jefferies. Brandon Couillard - Jefferies: Thanks. Good afternoon. Bill, in terms of the late 2Q order surge, was it attributable to any particular end market customer or geography or would you characterize it as more broad-based? Bill Sullivan : Mike and Fred make a comment from an aggregate it was broad-base, but Mike and Fred probably a little more insight, if there is any nuances, I am not sure statistically there is a lot of variation. We do tend to have a surge of orders at the end of every year on the LDA side as I had mentioned, it’s because only half the business at capital equipment, it tends not be as high as you typically see in Keysight, but Mike if you have some thoughts and then Fred. Mike McMullen : Yes. Just to build on Bill’s comments, geographically I think the story we have already talked about China and the strong close there. We also saw in the United States and in Europe. And I think those three geographies really drove the results for the quarter. And just to repeat some of the earlier commentary in terms of strength in the food market, which continues to globally very strong market for us, even with the government push-up in China in terms of major projects. And I said earlier, the return to growth in the chemical and energy space is really promising to see. Fred Strohmeier : Yes. Also building on the Mike’s comments, I think we talked about the pharmaceutical industry and I think you will see a slight uptick in the second half. I mean, we talked about the academia and government market, we believe there will be some relief of the budgets that we can participate. And I think Europe in general as Mike said was going quite well. So, from that perspective, I think we are positive that we can deliver the results Didier was referring to. Brandon Couillard - Jefferies: Thanks. And then Didier, I didn’t hear you mentioned our expected share count for end of the year. Should we still expect about 100 million of share repurchase activity in the back half? Didier Hirsch : We have – last time at the analyst meeting we talked about spending $400 million over the next, I mean this year – over this year and next. So far, we have got $115 million this fiscal year and we will see. In terms of the share count, you can assume for the projections 338 million shares in Q3 and 339 million shares in Q4. Brandon Couillard - Jefferies: Thank you. Operator : Thank you. (Operator Instructions) Our next question comes from the line of Patrick Newton from Stifel. Unidentified Analyst : Great, thank you. Good afternoon. Thanks for taking my call. This is Robert for Patrick this afternoon. Couple of questions. We talked a lot about China and LDA. I am just wondering, Ron, if you could perhaps decide on how EMG fared in China, any impacts from the LTE rollout? Ron Nersesian : We, as I mentioned earlier on a broad basis that we did very well in base station infrastructure build. There is a lot of manufacturing that goes on in that area, but nothing unique in China this quarter. So, we continue to be very competitive in that space, but nothing significant to report. Unidentified Analyst : Great, thank you for that. And sort of staying on the kind of EMG tales, I am wondering if you can provide any update on UXM and how – has that led to an improvement in your position in wireless or have you see any gain in share of the customers you had previously lost share in? Bill Sullivan : Yes. By adding the UXM, which is the R&D wireless test set, we have actually been involved in much more direct conversations, more bids in winning more business than we have done previously. The way it’s typically done is someone will test out the box, figure out if it has the right type of coverage or testing capability. And then it’s a like it enough with one product, they will start using it and then that gets replicated. The response on UXM has been excellent, but the R&D market is not like the manufacturing market, where someone likes it, they will go buy 2,000 of them at once that will rollout in a much slower area. So, R&D, we see a much steadier pace not as volatile, not as fast up, not as fast down, but we are very pleased with both the UXM and the EXM in their competitiveness. Unidentified Analyst : Great. Thanks for taking my questions. Bill Sullivan : Sure. Operator : Thank you. And that concludes our question-and-answer session for today. I would like to turn the conference back to Alicia Rodriguez for any closing comments. Alicia Rodriguez : Thank you, Karen. And I just wanted to thank everybody for joining us today and wish you all a good day. If you have any questions, please call us at IR and we will be happy to give them an answer. Thank you. Operator : Thank you. Ladies and gentlemen, thank you for your participation in today’s conference. This does conclude the program and you may now disconnect. Everyone, have a good day.
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A
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Agilent Technologies
| 1,090,872
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Health Care
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Life Sciences Tools & Services
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Santa Clara, California
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1999
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2000-06-05
| 2,014
| 3
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2014Q3
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2014Q3
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2014-08-14
| 3.026
| 3.045
| 3.325
| 3.363
| 4.58
| 17.09
| 17.51
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Executives: Alicia Rodriguez - Vice President of Investor Relations William P. Sullivan - Chief Executive Officer, President, Executive Director and Member of Executive Committee Ronald S. Nersesian - Executive Vice President, Chief Executive Officer of Electronic Measurement Group and President of Electronic Measurement Group Didier Hirsch - Chief Financial Officer and Senior Vice President Guy Sene - Senior Vice President and President Electronic Measurement Group Fred A. Strohmeier - Senior Vice President and President of Agilent's Life Sciences & Diagnostics Group Michael R. McMullen - Senior Vice President and President of the Chemical Analysis Group Neil Dougherty - Chief Financial Officer Analysts : Daniel L. Leonard - Leerink Swann LLC, Research Division Richard C. Eastman - Robert W. Baird & Co. Incorporated, Research Division Patrick M. Newton - Stifel, Nicolaus & Company, Incorporated, Research Division Isaac Ro - Goldman Sachs Group Inc., Research Division S. Brandon Couillard - Jefferies LLC, Research Division Ross Muken - ISI Group Inc., Research Division Daniel Anthony Arias - Citigroup Inc, Research Division Douglas Schenkel - Cowen and Company, LLC, Research Division Jonathan P. Groberg - Macquarie Research Bryan Kipp - Janney Montgomery Scott LLC, Research Division Derik De Bruin - BofA Merrill Lynch, Research Division Tycho W. Peterson - JP Morgan Chase & Co, Research Division Operator : Good day, ladies and gentlemen, and welcome to the Agilent Technologies Inc. Fiscal Third Quarter 2014 Earnings Conference Call. [Operator Instructions] Please note, today's conference is being recorded. I would now like to hand the conference over to Alicia Rodriguez, Vice President of Investor Relations. Please go ahead. Alicia Rodriguez : Thank you, Karen, and welcome, everyone, to Agilent's Third Quarter Conference Call for Fiscal Year 2014. With me are : Bill Sullivan, Agilent President and CEO; Ron Nersesian, Keysight President and CEO; and Didier Hirsch, Agilent Senior Vice President and CFO. Joining in the Q&A after Didier's comments will be the Presidents of Agilent's Life Sciences, Diagnostics and Applied Markets, or LDA, businesses, Mike McMullen and Fred Strohmeier. Also joining from Keysight will be Neil Dougherty, CFO; and Guy Séné, Senior Vice President of Measurement Solutions and Worldwide Sales. You can find the press release and information to supplement today's discussion on our website at www.investor.agilent.com. While there, please click on the link for Financial Results under the Financial Information tab. There you will find an investor presentation, along with revenue breakouts, business segment results and historical financials for Agilent's operations. We will also post a copy of the prepared remarks following this call. Today's comments by Bill, Ron and Didier will refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. We will make forward-looking statements about the financial performance of the company and the separation of the Electronic Measurement business. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them. Please look at the company's recent SEC filings for a more complete picture of our risks and other factors. Lastly, we expect this to be the final quarter in which we conduct a joint conference call for both Agilent and Keysight. We expect the company's separation to be finalized in early November, after which Keysight will operate and report as an independent company. And now I'd like to turn the call over to Bill. William P. Sullivan: Thanks, Alicia, and hello, everyone. Today Agilent reported third quarter revenues of $1.77 billion, an increase of 7% versus last year and above the high end of guidance. Orders of $1.74 billion were up 9% over a year ago. Adjusted earnings of $0.78 per share also exceeded the high end of guidance and increased 15% over last year. Operating margin was 19.2%, up 90 basis points from the third quarter of fiscal 2013. Both Keysight and LDA delivered on revenue and earnings commitments. In most end markets, we saw continued improvement and good order growth across both businesses. Our work to split the company continues to go very well. On August 1, Keysight began operating as a wholly-owned subsidiary of Agilent. We expect the separation of the company to be completed by early November as planned. Today, I will share performance highlights of LDA, or the life science, diagnostics and applied market businesses that comprise Agilent moving forward. Following my remarks, Ron will share performance highlights for Keysight. Finally, Didier will provide a more detailed discussion of Agilent's overall financial results, as well as our guidance for the fiscal fourth quarter. Turning to LDA. Third quarter revenues came in at $1.01 billion, up 6% over a year ago or 5% on a core basis. Orders grew 10% to $1.02 billion or 9% on a core basis. Operating margin was 19%, up 50 basis points from last year. In our Diagnostics and Clinical markets, revenue grew 6%, with strength in array CGH, target enrichment, as well as demand for pathology products in the U.S. and Europe. Revenue from analytical lab markets also grew 6% in Q3. We were pleased with the growth we saw across our instruments, services and consumables portfolio fueled by new offerings to the marketplace. Within the Life Science and Applied markets that make up Analytical Laboratories, Pharma/Biotech was up 8%, led by midsized and specialized Pharma customers. Life Sciences Research was up 4%, posting the best year-over-year growth in 2 years. Results were driven by increased government spending on capital equipment in the U.S. and Europe. Government spending also was the catalyst behind 16% growth in Environmental and 12% growth in Forensics. In Food, revenues were up 4% over last year as results in the U.S. and Europe were offset by the impact of the FDA restructuring in China. Chemical and Energy revenues were relatively flat, growing 1%, largely due to softer demand from China versus a year ago. Geographically, economic recovery and government funding drove growth in the Americas and Europe, up 6% and 8%, respectively. Asia Pacific grew 4%. China continues to work through government agency reorganizations, which is resulting in a longer approval cycle. Turning to the business segments within LDA. Life Science and Diagnostics Group's revenue grew 5%. Orders grew 11%, with broad strength across LDG products. Operating margin was almost 16%, down slightly from last year and up 260 basis points from last quarter. LDG introduced a number of new products in the quarter. One highlight was the 6495 LC Triple Quad Mass Spectrometer which provides higher sensitivity, robustness and reliability. Another highlight was the introduction of the IQFISH work flow for bone marrow and custom FISH service through Sure Design. Both FISH products provide high-quality results with significantly shorter turnaround times -- from 16 hours to 2.5 hours in the case of the IQFISH. LDG also signed a development and commercialization agreement with Merck & Co. for a companion diagnostics device, using Dako's IHC solutions with Merck & Co.'s anti-PD-L1 cancer drug. In the Chemical Analysis Group, revenues and orders increased 8%. Operating margin was over 23%, up 180 basis points from a year ago. CAG announced the 5100 ICP-OES in July. The new product runs analyses 55% faster and uses 50% less gas per sample than competitive systems. The 5100 is suited to applications in Environmental, Food, Energy and Pharmaceutical markets. CAG's recently introduced 7010 GC Triple-Quad Mass Spectrometer, targeted for the Food Safety market, lowers costs and improves ease of use compared to current high-resolution mass spec systems. The 7010 significantly strengthens Agilent's market position with a range of pricing options, performance and productivity benefits. In July, the Cary 700 Universal Spectrophotometer was named a 2014 R&D 100 Award winner. The award recognizes the 100 most technically significant products introduced in the marketplace over the past year. This award marks the third consecutive year Agilent's spectrophotometers have been recognized as R&D 100 Award winners. In 2013, the Agilent 8800 Triple Quad ICP-MS won the award and the Agilent 4100 Microwave Plasma-Atomic Emission Spectrophotometer won in 2012. These awards demonstrate the benefit of our investment in spectroscopy. Looking forward to Q4, we expect mid single-digit growth across LDA as we continue to build on our order momentum, gain traction with new products and drive manufacturing cost reduction. We remain committed to creating shareholder value through : increasing our organic growth rate by leveraging Agilent's strength in the analytical lab into the fast-growing genomics and diagnostic markets; continuing to differentiate through best-in-class tools, workflow solutions and customer experience; and finally, expanding operating margins and return on invested capital consistent with our long-term operating model. Turning to guidance, LDA revenues for the fiscal fourth quarter of 2014 are expected to be between $1.07 billion to $1.09 billion or 6.2% core growth at the midpoint. We expect operating margins at the midpoint of 21.1%. For the full year, we expect LDA revenue in a range from $4.07 billion to $4.09 billion, with operating margins at the midpoint of 19%. Didier will provide additional details in his remarks. Thank you for being on the call. I will now turn it over to Ron to talk about Keysight and the Electronic Measurement business. Ronald S. Nersesian: Thank you, Bill, and hello, everyone. I'm pleased to report that Keysight had a very good quarter and we continue to focus on returning to market growth rates while meeting operating margin expectations. Turning to our performance, I will start by highlighting 3 key headlines from Keysight's third quarter. First, Q3 revenues came in at the top end of our guidance range and operating margins were above expectations. Second, our overall outlook and forecast for the second half remains unchanged despite potential disruption from geopolitical, macroeconomic and company-separation risks. And third as Bill mentioned, we began operating as Keysight Technologies on August 1 and remain on track to be fully separate from Agilent in November. Now let's move to the specifics. Keysight revenues of $757 million increased 8% year-over-year while orders of $722 million were up 7%, resulting in a book-to-bill ratio of 0.95. Keysight continues to deliver solid profit margins, generating operating profit of $149 million for the quarter, which corresponds to an operating margin of 20%. Last quarter, we highlighted the operational separation of Keysight that occurred on August 1. This was a massive step that had the potential to impact the timing of customer shipments. In fact, some customers requested early deliveries to ensure no delays during our transition, and this moved some revenue from Q4 into Q3. As we have consistently noted throughout the year, we expected our Aerospace and Defense and Communications markets to grow in the second half. These markets were the drivers of Keysight's Q3 growth, but strength in these markets were offset in the Industrial and Computer markets. Aerospace and Defense revenue grew 13% this quarter with strengths in both government and prime contractor business as well as regional strength in the Americas and Asia. Communications revenue grew 16% in Q3. Wireless basestation and component manufacturing were strong. However, handset manufacturing was weak as customer buying power and increased competition accelerated price erosion in that business. Industrial Computers and Semiconductor revenue was flat year-over-year. Continued strength in semiconductor end markets was offset by the softer computer business. On a regional basis, revenues grew year-over-year in all regions, with the exception of Japan. Europe grew 16% versus a soft compare last year; Asia Pacific excluding Japan, improved 11%, with positive growth across nearly all segments; the Americas grew 8%; while Japan declined 13% due to declines in government aerospace and defense spending. Overall, Keysight continues to invest in the transformation of our product portfolio with a focus on modular, software and certain wireless solutions. Aligned with this focus, in Q3, Keysight was awarded the Global Frost & Sullivan Award for Growth Excellence Leadership in the PXI instrumentation market. We also announced a strategic partnership to collaborate in early 5G research with China Mobile, the world's largest mobile network operator, and we announced participation in the Korea 5G Forum. Keysight introduced new products in the quarter, including our modular Bit Error Rate Tester, which provides a new level of scalability and flexibility for the fast-paced, high-speed digital markets. In addition, in July, we began volume shipments of our PXI vector signal analyzer. It is the world's fastest and most accurate microwave vector signal analyzer that significantly reduces test times across a wide range of applications and markets. As you know, Keysight began operating as a subsidiary of Agilent on August 1 and we expect to complete the spinoff in early November. Our focus throughout this journey is to make this significant transition as seamless as possible for our customers. Our successful results to date are due to the hard work of our employees, who are implementing a separation plan that includes working closely with thousands of customers to coordinate our shipments and delivery plans in this transition period. I am very pleased with their achievement so far. Turning to the outlook for the remainder of the year, we are facing several headwinds in a handful of areas, most notably Russia. Our sales to Russia have represented 3% of Keysight's total revenue. The volatile political environment, as well as new export restrictions on certain products, may halt growth in one of our fastest-growing regions. Despite the geopolitical, macroeconomic and company-separation risks, we are reiterating our second half and annual guidance. We expect the FY '14 revenues to be in the range of $2.91 billion to $2.95 billion which represents 2% core growth at the midpoint. We have tightened the range but the midpoint is the same as we have communicated last quarter. Similarly, our expectation for full year operating margin remains unchanged at 18.9% at the midpoint. This implies Q4 revenues are expected to be in the range of $740 million to $780 million with operating margins at the midpoint of 20.5%. I will now turn it over to Didier to provide the details of Agilent's overall financial results. Didier Hirsch : Thank you, Ron, and hello, everyone. To recap the quarter, orders grew 9% year-over-year, revenues grew 7%, and our revenue of $1.766 billion operating margin of 19.2% and EPS of $0.78 were all higher than the high end of our guidance. Please note that Q3 core revenue growth by segment and by geography is reported in the slide deck posted on our website. This quarter, currency added about 0.6 percentage points to our year-over-year revenue growth and acquisitions had no material impact. We bought back $50 million of stock in Q3, redeemed $500 million of debt and generated $28 million in operating cash flow. This is lower than traditional for 3 main reasons : number one, we prepaid about $60 million of supplier invoices at the end of July as we will not make any payment in the early part of August; number two, we paid $29 million for the redemption of the 2015 notes and also prepaid the current interest on that note; and number three, pre-separation expenses amounted to over $60 million. I will now turn to the guidance for our fourth quarter. We expect Q4 revenues of $1.81 billion to $1.85 billion and EPS of $0.87 to $0.91. At midpoint, revenue will grow 6.5% and EPS, 10%. Our 21% projected operating margin at midpoint will be 180 basis points higher than Q3 fiscal year '14 and 60 basis points higher than Q4 of last year. While we are maintaining our spending discipline, we're also investing in key growth initiatives. We expect to generate about -- over $300 million of operating cash flow in Q4 and incur about $60 million of pre-separation costs. Now to the fiscal year 2014. The fiscal year '14 guidance at midpoint remains the same as previously communicated, but we are narrowing the range. We expect fiscal year '14 revenues to range from $6.99 billion to $7.03 billion and fiscal year '14 EPS to range from $3.04 to $3.08. With that, I'll turn it over to Alicia for the Q&A. Alicia Rodriguez : Thank you, Didier. Karen, will you please give the instructions for the Q&A? Operator : [Operator Instructions] Our first question comes from the line of Dan Leonard from Leerink. Daniel L. Leonard - Leerink Swann LLC, Research Division : Great. I just want to clarify, it's unclear what your expectation for Russia is -- unclear to me what your expectation for Russia is in the Keysight guidance. Are you reiterating that you can deliver guidance even if Russia -- business in Russia halts? Or are you retreating the guidance while cautioning us that Russia could drive downside? Ronald S. Nersesian: We can deliver -- our plan is to deliver the guidance with the Russia halt. This quarter, we saw very good revenue growth in Russia and we saw negative order growth in Russia. But we have taken that into consideration in our guidance. Daniel L. Leonard - Leerink Swann LLC, Research Division : Got it. And my follow-up question. In the Agilent business, you have a competitor which is exiting the gas chromatography market. Is there any way you can quantify what this means to your opportunity in that market, either from a revenue or a margin perspective? William P. Sullivan: Agilent Technologies is a leader in gas chromatography, and we will do everything we can to support our existing customers and future customers as we go forward. Operator : And our next question comes from the line of Richard Eastman from Robert W. Baird. Richard C. Eastman - Robert W. Baird & Co. Incorporated, Research Division : Just a quick question. When you look at China in total, and maybe, Ron, I'm thinking more on the Key [ph] side of the business. Could you just kind of speak to the tone in China and in Japan as well, just Asia in general, and how that looks over the next 3 to 6 months? Ronald S. Nersesian: Sure. First, I'll start with China. We've seen hot basestation manufacturing orders as -- and we've also seen strong orders for components. On the handset side and handset manufacturing, there has been considerable price pressure and that market has undergone some real price erosion. But overall in China, our business looks pretty solid. We have seen some increases on export restrictions for China, as well as Russia, and that has affected our business a little bit. With regard to Japan, the government has not been funding any new programs that we're aware of for satellites or defense work, and that has led to a continued soft environment. Richard C. Eastman - Robert W. Baird & Co. Incorporated, Research Division : And just one thought is this -- as you know, Apple -- I know we don't talk customers, but the last time there were some fairly significant share shift. It was attributed to Apple basically. And as they ramp up on the iPhone 6, can you -- is the test content into that automation and production run, which they want to start in September, is the test content considerably less than it was as they ramped up on the previous generation? Or has pricing eroded to a point where it does not have as significant of an impact on the industry in general? Ronald S. Nersesian: I'm sorry, Richard, I'm not allowed to comment on particular customers' buying or test strategies. Richard C. Eastman - Robert W. Baird & Co. Incorporated, Research Division : Okay. And then just -- well, let me just ask, the PXI VSA that you just started shipping, that is a bench top instrument. Ronald S. Nersesian: No, it's a PXI modular instrument that could be married with other instruments in a modular form factor. It could be used on the bench or it could be used in production. Operator : Our next question comes from the line of Patrick Newton from Stifel. Patrick M. Newton - Stifel, Nicolaus & Company, Incorporated, Research Division : I guess, Ron, your 4Q op margin guidance for Keysight of 20.5% is above the high end of your market growth model that you laid out at the Analyst Day, and I'm wondering if you could discuss what dynamics are driving this upside. And I assume mix is helping and then can you talk about the sustainability of this elevated margin? Ronald S. Nersesian: Sure. Well overall, first of all, we had predicted 8% growth in the second half. We delivered 8% in Q3 and if you look at the midpoint of our guidance, it's 8% in Q4. We did have very high incrementals above the middle of our guidance during this last quarter, but we do need to still invest in this multiyear transformation to get our product line growing at market and then eventually above market. But the guidance that we just gave right now factors everything in place. Don't forget Q4 is seasonally a strong quarter which basically when you have a significant amount of fixed costs drives higher margins. Patrick M. Newton - Stifel, Nicolaus & Company, Incorporated, Research Division : Great, and then just shifting gears to basestation strength that you talked about in your prepared remarks. Can you talk about that on a geographic basis, and when we look at LTE and TD LTE markets in China, I'm curious how this market is faring relative to expectations and the kind of visibility or duration that you're expecting from these deployments. Ronald S. Nersesian: Sure. Well, first of all, the basestation build that is obviously 4G and TD LTE for China, et cetera, and FTE [ph] for the rest of the world. But we see players in Europe and in Asia that are doing this. So when you look at some of the major players that are centered out of Europe, we see strength and then we also see strength in China in Asia in the basestation market. Patrick M. Newton - Stifel, Nicolaus & Company, Incorporated, Research Division : Any comment on the visibility or duration at this point? Ronald S. Nersesian: Guy, I don't know if you want to add any comments on that at this point. Guy Sene : Well, the only other thing I could add on is the fact that especially the whole -- the 3 operators in China are now starting to deploy 4G. So that's the trend that is going to be here for probably a few years, but with ups and downs at the capacity we'll have to build. Operator : Our next question comes from the line of Isaac Ro from Goldman Sachs. Isaac Ro - Goldman Sachs Group Inc., Research Division : Bill, I wanted to start with the LDA side. It looks like the order growth in the core business there was really solid, and wanted to kind of get a little bit more color from you on the product specifics there. It really seems like you guys are taking at least a little bit of market share from your competitors just given their growth rates versus yours. It'll be helpful to see a little bit of color on where you think you're doing the best. William P. Sullivan: Yes, I'll give an overview comment and then turn it over to Mike and Fred to comment in their respective businesses. But my first warning is, I've always had, is you really have to look at the overall performance of the marketplace as a rolling 4 quarters, and again, we're very happy with the performance in Q3. I'm particularly pleased with the rebound from Fred's business from last quarter. I mean, if there is anything in the last quarter that we had is that the growth in revenue in the Life Science side was below expectations. And so that's really the story from my mind is that we've got great order momentum across all of Fred's product lines going forward, and I'll have him comment on that. And of course, Mike's business just continues to roll along. I mean, we are the leader in the applied side of the market. We have a lot of competition because people see that but his team is just doing an outstanding job of holding and if not growing position. But I'll turn it over to Fred, and I'm going to flip the order, put -- go to Fred, because it really is the biggest change sequentially, and then turn it over to Mike. Fred A. Strohmeier: Thanks, Bill. I think we are very pleased with the results we're seeing from all the platforms, I mean, almost across the board, starting on the top, I mean, the LC/MS growth rebounded quite significantly over the last 4 to 5 months after a pretty difficult fiscal year '13. And so we are confident that the new products are really pushing our business forward, starting with the new triple quad which we have introduced at ASMS. And also the single quad which we introduced is keeping up very well against the competition, by the way, really nice growth there. Secondly, we are seeing informatics as a key element. And as we have talked several times about it, increased investments there, informatics is really growing along with that and is pulling instrumentation with it. And third piece is in the classic instrumentation piece is the LCs, which are growing nicely as well from a revenue perspective. And turning to the pieces actually Mike owns but assigned to the Life Science business. Consumables and services were strong as well. So turning over to the genomics and diagnostics space, we saw really significant growth in the genomics space, predominantly driven by the target enrichment of the assembly preparation [ph] for next-generation sequencing. We saw solid growth in the space of pathology, mainly driven by the IQFISH with a few things we have introduced there, which are real significant advantage from a customer's perspective. And we also saw the companion diagnostic rolling at the rate we were expecting. And finally, the companion diagnostic. Also the contract with Merck, they have signed, but we are seeing an increasing demand on companion diagnostic, which is in line with what we are seeing in the market in general. Isaac Ro - Goldman Sachs Group Inc., Research Division : That's helpful. And just maybe one other if I may. On China, you guys mentioned some of the changes with the SFDA. And now that, that's behind us, can you maybe give us a sense of what's baked into your outlook for China both in LDA, as well as EMG for the balance of the year? William P. Sullivan: I'm going to turn it back to Mike, if you don't mind, to answer the first question, because again, he's got a great story on the applied side from a market perspective. And then our China business for LDA was flat. Again, Asia was up 4%, China down -- or Japan down a little bit, China, flat. And so we obviously had a very strong non-China Asia performance. I'm going to have Mike talk a little about his products and then comment on China because a lot of his is in China. But our China business was flat for LDA in the context of overall strong Asia that was up 4%. Obviously, China dominates that performance. And then after Mike answers, I'll have it turn it over to Ron to talk about China specifically for Keysight. Michael R. McMullen: Thanks, Isaac, for the earlier question. So first of all building on Fred's commentary about the drivers for a quarter which we're very pleased with in terms of both the revenue and the incoming order rate, we saw this strong services and consumables performance in this CAG segment space for Q3. But we're also seeing the growth being driven by the new product introductions we have been making over the last several quarters and the past year or so, from our introductions in the mass spectrometry area, on GC/MS and ICP-MS, and as you saw in the earnings call, we highlighted that we got one other what I believe to be an award-winning product in the spectroscopy area. So we saw strong growth in the mass spectrometry business both gas space and inorganic side, as well as our base of spectroscopy business. So the innovative products we're bringing to market are actually driving growth, and this was in an environment where we had a challenged market situation in China. So I think it's fairly well publicized. The food ministries, reorganizations are underway. I think it's taking longer for those to settle out and for them to get organized and really get the procurement side going in terms of the new purchases. So we were delighted with the results of these type of growth rates and in a market, as Bill described, it was relatively flat in China. Ron? Ronald S. Nersesian: As far as China, our revenue growth was a little bit over 20% for the quarter, but our order growth was 5%. Operator : And our next question comes from the line of Brandon Couillard from Jefferies. S. Brandon Couillard - Jefferies LLC, Research Division : Mike, just back on that same question. Could you give us a sense to how orders performed in China in the period if there was any delta between the revenue experience and the order experience? Michael R. McMullen: Yes, thanks, Brandon, for the question. So slightly better view, about 2% order growth in Q3. And I will again reemphasize, I think the long-term growth prospects in China remain strong. And we see some of these challenges we're seeing right now in the food market as just really, kind of a temporal kind of thing as they get their agencies organized, but a slightly better view on the order growth rate, but I'll also say that we finished the quarter very strong in China. S. Brandon Couillard - Jefferies LLC, Research Division : And then one more for Bill or Didier. Is there an opportunity for share repurchase activity to accelerate for LDA, post-spin here going forward? William P. Sullivan: Our stated strategy to date as we had talked about is to, first of all, ensure that we keep our bondholders whole and reduce the debt to ensure that we can maintain our investment grade. We're also committed to making a dividend payment of $130 million, which we believe will be roughly the same percentage dividend as what it was before under Agilent. Stating that, the new Agilent is very, very profitable and has very high cash flow. Our priority continues to be to look on ways to invest in the business. But I've been very clear that we have to digest a lot with the separation, the acquisitions that we have made, and we will continue to work with the Board of Directors to figure out the best way to return cash back to our shareholders. Operator : And our next question comes from the line of Ross Muken from the ISI Group. Ross Muken - ISI Group Inc., Research Division : Maybe, Ron, starting on the sort of basestation and more so focused on the U.S. business. It seemed like a number of peers called out weakness at a number of the large carriers here. Could you just maybe talk about sort of what you've seen from the demand base from those folks and maybe how your business differs from some of the others where they've seen weakness, like in the business you sold to JDS. Ronald S. Nersesian: Sure. Obviously, we have a major difference in what we do in communications where some of the competitors obviously look at network monitoring and features that are basically, let's say, software testing of higher levels. We're testing R&D and manufacturing processes. So that is a significant difference. But I'll let Guy add a little bit of color commentary. Guy Sene : Yes, Ross, I would add that we have a very strong position in R&D and manufacturing with all the infrastructure OEMs, basestation builders. And as this market has been strong in Q3, you'll see the results in our wireless numbers. Ross Muken - ISI Group Inc., Research Division : Great. And maybe just, Didier, quickly on the cash flow. Could you just -- I know some of the moving parts for the quarter, but could you just remind us some of the key headwinds of why this is sort of a sub-par a year on cash flow versus what we would be used to given the sort of top line and profit results. Didier Hirsch : Yes. I mean, on the year-over-year basis, most of the reduction in the cash flow from 2013 to 2014 will come from the separation cost, about $180 million, and debt redemption cost, these pluses and minuses. Also we are ending the year -- we are planning to end the year very, very strong. And even though we have best-in-class DSO of about 47, 48 days, that basically -- last year, we had a positive impact on receivables. This year we just need to -- we are building receivables, we are planning to build receivables at the end of the year to support basically, the much higher revenue growth expectation. Then again, we have best-in-class DSO so there's no deterioration of DSO just applied to a higher revenue in Q4. So those are some of the main things. Operator : Our next question comes from the line of Dan Arias from Citigroup. Daniel Anthony Arias - Citigroup Inc, Research Division : Just a question on the improvement in the academic and government spending. Was that a late quarter phenomenon or did you see pretty steady improvement during the quarter, just trying to get a feel for the pacing there a bit. William P. Sullivan: Fred, why don't you take that one, please? Fred A. Strohmeier: Yes, what we are seeing is, in general, a rebound in the different geographies. I think the business is coming back honestly on easy compare relative to last year. I mean, I just can give you a few numbers. Worldwide academic research spending is pretty much flat in Europe, according to our information. China is spending about 12% growth in government funding. However, all [ph] to the things Mike was highlighting, this picture is distorted, so that probably some of the money is spent towards the later part of the year and the U.S. is growing in about 2%. So overall I think it is a situation where we can say that it's a relief in this market overall and we are seeing that in our order pattern as well. Daniel Anthony Arias - Citigroup Inc, Research Division : Okay. Great. And then just curious what you're seeing in large pharma. You guys had called out spec and midsized companies as being strong. But I think last quarter, it sounded like order patterns had been disrupted a bit. So I guess, as the big deal speculation dies down a bit are you seeing things loosen somewhat or not really? Fred A. Strohmeier: That's a good question. We still see big pharma still not loosening their clutches completely. I mean, we are done seeing the big deals we have seen in the past. I think the growth, as Bill has outlined, is coming off of mid to small companies. I mean, the reason for that is they are still in the situation of potential consolidation going on. But there's also the patent cliff for small molecules. Even that is almost over and we are seeing a new trend in Europe, for example, that companies, traditional companies, are starting generic businesses after a lot of that business has been moved to India. And this helps, of course, the pharma market in general. But your specific question about big pharma, I would say this is not yet completely there. Operator : Our next question comes from the line of Doug Schenkel from Cowen and Company. Douglas Schenkel - Cowen and Company, LLC, Research Division : Just I guess a quick cleanup on the China dynamic. Would you be willing to quantify what percentage of total sales is exposed to this government-related, as well as the, I guess, the China FDA reorganization challenges in China. William P. Sullivan: I'll give you an opinion. The problem is, as you know, in China, is what do you define as government and what do you define as private? Because quite technically, all of the big chem companies, even though they're held as a company, are effectively owned by the government. So I think that from our perspective and where Agilent is, essentially all of the issues are related to impact of government decisions. Douglas Schenkel - Cowen and Company, LLC, Research Division : So it's really the vast majority of LDA, China sales. William P. Sullivan: And I'm again just defining anything the government effectively controls, the investment strategy is effectively government-owned. And again if you look at -- I mean, the food industry, the pharmaceutical industry and the chemical industry, it's all highly government-impacted. And so they really do make those fundamental decisions at the end of the day. And so if you take our definition, then it is essentially 100% driven by government decision. Douglas Schenkel - Cowen and Company, LLC, Research Division : Okay. And then I just want to I guess follow up on that by asking, I guess on one hand, it doesn't sound like you're expecting that to come back in Q4. On the other hand, at the end of last quarter, you talked about strong order momentum in China. You said that again I think this quarter. I believe you typically don't count something as an order unless you expect it to be fulfilled within about 6 months. So I'm just trying to reconcile these seemingly contradictory dynamics. And if my understanding is correct, are you trying to basically say that you do expect China to come back, but it may not be this quarter, it may be, say, Q1 of next year based on what you're seeing from an order standpoint? William P. Sullivan: Yes, I think that all of us are in the conventional wisdom that -- or a conventional view of thought that organizational changes are relatively straightforward. And that China continues to be the most -- the country with the greatest growth opportunities that we have. Every quarter, you're a little bit disappointed. I think as Mike said, exactly right, I mean, we're confident in the future, you just never know how the funding breaks. And you see that in the defense business, in Ron's business. So I think we're in a position of -- the guidance that we have is our best forecast of what's going to happen in China, so we're not expecting obviously any miracles, and we'll just have to play it out. The good news is, is that in Asia overall, our business is pretty good. In other parts of Asia, we've been quite successful. And we'll keep our fingers crossed and hope that Q4, the bottleneck breaks and we get stronger momentum going into '15. Douglas Schenkel - Cowen and Company, LLC, Research Division : Okay and one last one. You've been tracking a bit ahead of plan thus far this year. If we think about that in the context of what you talked about in terms of dis-synergies on the new Agilent side going back to your March Analyst Day, has the fact that you've done a little bit better than expected provided you any opportunity to maybe pull some of that required investment forward and maybe benefit you from a dis-synergy standpoint next year? William P. Sullivan: It's actually working the opposite direction. Ron and the team and our whole core of a [ph] team is doing so well for them to become independent that we have the risk of increasing the dis-synergies. As we said in -- and again, by dis-synergies, that's meaning there's more residual left over in Agilent to be able to manage through. However, and you see it based on our debt -- buying down our debt, we are still quite confident that first order dis-synergies in the new Agilent going forward will be offset by lower interest payments. Operator : Our next question comes from the line of Jon Groberg from Macquarie. Jonathan P. Groberg - Macquarie Research : Can I just spend a minute on gross margin? I'm wondering if kind of by each business, by LDG, by Chemical and by EMG. I'm just kind of looking at absolute revenues. I know for you guys, given the mix of business and the instrumentation, never occurred [ph] whether to look year-over-year or sequentially, but if I just look at absolute revenues in LDG and then EMG in particular, you're still not back to the kind of gross margins that you were at previously, and chemical doing a little bit better. So can you maybe just talk about gross margin trends by business and kind of where you're at in your journey there? William P. Sullivan: I'll have Ron start on Keysight, again obviously, a lot of mix impact depending on what type of deals he takes. And then we'll talk about the LDA going forward. Ronald S. Nersesian: Yes, exactly right. But I'll let Neil give some color commentary. Neil Dougherty : Yes, so I would echo exactly what Bill just said. So as we move from quarter-to-quarter, the mix of our products, the mix of our sales has a pretty significant impact on our gross margins. And the other point that's certainly relevant, as Ron mentioned in the script, is the price erosion that we see in certain markets, most notably in the wireless manufacturing space over the past several years, if you're looking at multiple-year trends, has impacted gross margins. William P. Sullivan: And I'll just make some high-level comments, again, Jon, if you have additional details, the guys can give an answer. But LDG is by far the most competitive market that we have. I mean, our base comes from the applied. I think we continue to make great progress in Life Science and Diagnostics. The overall gross margin is solid. I would say very, very competitive in the market. But it is the most competitive market that we have moving forward. We have to win. I'm absolutely convinced this will continue to be the long-term growth engine of the company. But this is where the investment is, this is where by far, the most competition is. Fortunately on Mike's team, on the Applied side, continues to do a superlative job. And you can really see the investment that we have made in spectroscopy and again, I alluded to it, and I'll put the plug in, we have systematically redesigned every Varian product line that we received since 2010. And so the NMR, as we said in the past, which is counted in Fred's gross margin, is behind that. We've introduced one product but we really have to turn the product line one more time. But spectroscopy, we're basically done, not only did we spend the money to do it right, secondly, the market sees it. We're winning the awards that indicate how successful we have with the Varian engineers working together with the Agilent engineers to really develop a great product. And so I think in summary, I think the differential change has been the progress we made on the spectroscopy side. Jonathan P. Groberg - Macquarie Research : I guess, just to follow up quickly on that, Bill. I guess, thinking about LDA overall as you go forward, I guess my question was around, you highlighted that there are a lot of opportunities on the gross margin side there given, in particular some of the other product lines that you just mentioned from Varian. Are we -- I guess, kind of has anything changed in terms of what you think the potential of that could be over the next 2 to 3 years, given what you're seeing rolling now? Or is it going to take a little bit longer or is everything on track? I'm just trying to understand I guess the timing of these improvements. William P. Sullivan: Everything is on track and you should assume a 1 percentage point improvement per year. Jonathan P. Groberg - Macquarie Research : Okay. And then if I can quickly, Ron, can you, on the Electronic Measurement side, I know -- the way a lot of people have reported and it's always hard as you already alluded to in earlier comments to compare one company to another depending on their mix and other pieces of business. But you guys obviously have a lot easier comps than others did in terms of what they were doing a year ago, you had some customer losses and things like that. I guess how would you just overall describe the environment and the overall test measurement market kind of putting aside all of these individual company issues? Maybe just give us a sense of how you describe the overall market. Ronald S. Nersesian: Sure. If you look at the -- sure, I'll just break down by some of the segments. The semiconductor market looks good as they moved to some 20-nanometer pitches. The industrial market looks relatively flattish. The computer market itself is not growing very rapidly from all of the tablet conversion from PCs. In communications, we are seeing a buildout of the infrastructure in basestations, and that certainly helps as people move over to 4G. But there is massive handset manufacturing test pressure on pricing. As more people have entered into the market and people have been very, very aggressive on pricing, that really affects the attractiveness of that market. In aerospace/defense as we saw a nice rebound, a 13% growth in this past quarter, that's from a free up from some of the spending that we saw last quarter and we expect to continue into Q4 with the end of the U.S. fiscal year. So overall on the markets, what we had talked about last year, we see communications a little bit better than the 2% growth that we outlined last quarter for fiscal year '14. We see also the aerospace/defense doing a little bit better than what we had outlined, but we do not see the industrial and computer segment tracking to the 5% that we outlined. So 2 segments are a little bit up, 1 segment is down and net-net, that gives us to our 8% growth for the half. William P. Sullivan: We believe the market growth for next year will be in the 2.5% to 3.5% range, and we're trying to get back to that growth rate. Operator : Our next question comes from the line of Paul Knight from Janney Capital Markets. Bryan Kipp - Janney Montgomery Scott LLC, Research Division : This is actually Bryan Kipp, on behalf of Paul. First one, I think I just want to piggyback on an earlier question on the specialty pharma growth. What's really underlying that? I mean, there's been commentary that there's been an uptick in India. And I wonder if that's kind of supporting some of the growth there. And is it additional products that you guys are seeing, is it focused in one area and one vertical for your business, or is it multiple? Just color on that will be helpful. Fred A. Strohmeier: I think we are seeing, as I said before, we are seeing pharma, in general, the big pharma probably more restrained than the smaller ones. I think the product portfolio we have at the moment is really ideally suited at this point in time to enter this market. I think with the new introductions in the LC space and in the LC/MS space, I think we have made inroads in that and the driving force is increasing productivity. These are the reasons why customers even under tight pressure are deciding to move on to purchase instruments in these times. And I think particular in India, I think we're seeing an uptick. The growth in the market overall, we are seeing there the total market is probably at double-digit market growth at this point in time. And so yes, we are hoping that and are optimistic that the big pharma spending starts continuing towards the end of this year. Bryan Kipp - Janney Montgomery Scott LLC, Research Division : Okay, and you think that the tail for the specialty pharma investment, especially I mean, the 11% you alluded to in India, do you think that has some longevity to it? And I guess in addition, I think there's a question on pacing for academic and government especially in Europe, how do you guys see that pace throughout the quarter? Do you see -- I know you said rebound overall, but did it get stronger month over month? Fred A. Strohmeier: The rates, yes, I believe even so that the spending as I said before is relatively flat, I think that the batches [ph] is released and we are seeing continuous investments being made by the institutions and just one fact, in Europe, the European Parliament has just released a fund of about $5 billion for the next 10 years for bio-related research. Bryan Kipp - Janney Montgomery Scott LLC, Research Division : Okay. And then, Mike, if I can do a quick follow-up. I know U.S. refining capacity has been pretty strong to start the year. U.S. is I think you guys have alluded to, has been not robust but it's has been steady grower for you all to start the year, hasn't been too crazy. Color around that and then I didn't see anything on the Middle East. Is that starting to fall off a little bit or be more flat, are you still seeing support there? Michael R. McMullen: Yes, great question. Thanks for the opportunity to provide additional color. So let's maybe start with the Middle East. That part of the world continues to be a very strong growth region for us. They're investing in capacity in-country, moving -- trying to move higher end of the value chain of refined products. So that area is growing nicely for us. And in the U.S., I think the commentary is still relatively the same as last quarter, which was overall, the industry has probably never been healthier in the U.S. fueled by the low-cost of the fuel stocks from shale gas. And we're seeing plans by our major customers to add infrastructure, build capacity. That hasn't yet come online and translated into new business. So the business is still a steady grower, but I think as the profit pools continue to grow and invest, I think we could look toward a healthier investment environment for us down the road. Operator : Our next question comes from the line of Derik De Bruin from Bank of America Merrill Lynch. Derik De Bruin - BofA Merrill Lynch, Research Division : Actually, I sort of have a mechanics question, and just sort of looking more in terms of how you're going to report fourth quarter. And I just want to make sure I understand. So you basically said you're just going to report the Agilent LDA business as it sort of stands and no commentary on Keysight, is that correct? William P. Sullivan: No. We will report Agilent results with Keysight in Q4. We will discuss in the earnings call the new Agilent going forward. And Ron and team will have a separate investor call afterwards to talk about the results of Q4 and their guidance for FY '15. Didier Hirsch : So for Agilent, no change except that obviously, in terms of our financial report, but obviously the focus of the presentation will solely be on LDA. And then on -- at the same time about Keysight will present their financial results and provide their report on their business separately from Agilent. Derik De Bruin - BofA Merrill Lynch, Research Division : Okay great. Just want to clarify that. So you'd mentioned some strengths in the single quad market. Is that the new 6120 that you're talking about? Didier Hirsch : Exactly. Derik De Bruin - BofA Merrill Lynch, Research Division : Yes, okay. And then I mean, that goes against -- I mean, you're targeting that for the chromatography market, and that's going against one of your competitor's product, the QDa, on that. Is that -- is that wins against gap products in that market, or just a little bit dynamics on what you're seeing since that's obviously a new sort of instrument for that sort of chromatographic researcher standpoint. Fred A. Strohmeier: I think that's actually a good question. I think we are winning against our competitors at the moment, particularly the product is refilling [ph] just by the fact that our product is more universally usable, and it's more flexible in the application space. It can be deployed and I think that's the major difference between the product, which actually is also from a price perspective, very competitive, and I think those 2 factors are driving the growth in the total single quad market, but also particular against this instrument. Derik De Bruin - BofA Merrill Lynch, Research Division : Great. And I guess is this driving new system placements for LC as well or is it just basically... Fred A. Strohmeier: I would say it's driving also new instruments in the LC space, particular where these single quads are used in more routine applications, pharma clearly. This is one of the reasons why we are seeing small -- in the small pharma space, small company pharma space, we are seeing this growth rates. Derik De Bruin - BofA Merrill Lynch, Research Division : Great. And then just one quick question. On the PDL1 ligand, the companion diagnostic. How do we -- I've had a number of questions from investors about how to sort of think about the size of that market and that opportunity for companion diagnostic. Can you give us some color around that, and I guess relate that to maybe what your experience was sort of with the [indiscernible] Fred A. Strohmeier: I mean, it is -- yes, sorry, good question as well. I think it is very difficult to say how big the market is because there is no real commercial product at the market at the moment. At the moment, Agilent is providing services, development services, for products which are not yet on the market. And I think this is the value proposition at this point in time. However, once those products -- I mean, I'm talking about the pharmaceutical products, make it through the value chain, I think, then we can talk about markets that is why it is very difficult at the moment to assess that. William P. Sullivan: And again, I think as Fred said, just look at it as a service opportunity, that we're providing services, and the big payoff is, if we're lucky enough to -- and skillful enough to partner with somebody that they will deliver a differential product in the marketplace, we will get the additional revenue from supporting those reagents and instruments. Fred A. Strohmeier: I mean just one anecdotal information, if you look to the development of new drugs at the moment, I think a big part of the drugs, and if you correlate that with the success of the drugs in the clinics, it's correlating with companion diagnostic, which is codeveloped basically with the drug itself. And I think this is the opportunity afterwards beyond the service business, as Bill just said. Operator : And our final question for today comes from the line of Tycho Peterson from JPMorgan. Tycho W. Peterson - JP Morgan Chase & Co, Research Division : Ron, I'm wondering, you mentioned revenue pull forward for Keysight ahead of the official go live date on August 1. Is there any way you can quantify that? Ronald S. Nersesian: Yes, it was approximately $15 million, which would have put us right around the midpoint of our guidance. Tycho W. Peterson - JP Morgan Chase & Co, Research Division : Okay. And then is there any chance you guys might be wanting to comment at all on '15? I mean if we look -- the Street's, I think, 5% core for LDG and 5.5% for EMG. Ron, you just talked about the market growing 2.5% to 3%. So as we think out there for next year any preliminary thoughts? William P. Sullivan: We're going to have to wait to next earnings call before we give the '15 guidance moving forward. And also I think it's important not speaking for Ron, but working with his new board to make sure that everyone's aligned for their guidance in '15, and likewise with our board. Tycho W. Peterson - JP Morgan Chase & Co, Research Division : Okay. And then lastly, you explicitly in the pathology talked about Europe being strong. Can you maybe just talk to the dynamics there and then what was going on in the U.S. and if there was a reason that wasn't called out today? William P. Sullivan: In terms of on the LDA side, you mean? Tycho W. Peterson - JP Morgan Chase & Co, Research Division : Correct. William P. Sullivan: Yes, well, Fred's clearly the expert in Europe, so I'll have Fred talk about again, the continued strength that we have in Europe both from a product standpoint and a customer standpoint. Fred A. Strohmeier: I think you see a tremendous tick-up in our sales in Europe and this is mainly driven through the product categories I have been talking about. And it's across the market, so including Mike's markets as well. And we see the academia [ph] government for the reasons I have given before also picking up. And I believe it is the pharmaceutical industry which drives growth, even though we don't see the full potential yet, so I'm optimistic that this trend really continues. Michael R. McMullen: And Fred, this is Mike. If I can maybe just build on your comments and maybe add a geographic perspective. Within Europe, we often think of Europe as being Western Europe. But if you look to what we call the IDO, the Eastern Europe part of our business, it actually is growing quite strongly as well, so there's both a economic, geographic dimension sort of under the covers if you will in our European numbers. Operator : And that concludes our question-and-answer session for today. I would like to turn the conference back to Alicia Rodriguez for any closing comments. Alicia Rodriguez : Thank you, Karen. And on behalf of the management team and myself, I'd like to thank everybody for joining us on the call today. If you have any questions, please call us at IR and we'll be happy to get back to you. Thank you. Operator : Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may now disconnect. Everyone, have a good day.
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,014
| 4
|
2014Q4
|
2014Q4
|
2014-11-18
| 2.983
| 2.823
| 2.631
| 1.783
| 2.61
| 19.21
| 22.3
| " Executives: Alicia Rodriguez - Vice President, Investor Relations Bill Sullivan - Chief Executi(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,015
| 1
|
2015Q1
|
2015Q1
|
2015-02-17
| 2.662
| 2.482
| 1.799
| 1.813
| 2.54
| 22.44
| 23.24
| " Executives: Alicia Rodriguez - VP, IR Bill Sullivan - CEO Mike McMullen - President, COO and CE(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,015
| 2
|
2015Q2
|
2015Q2
|
2015-05-19
| 2.313
| 2.147
| 1.841
| 1.88
| 2.6
| 22.85
| 21.06
| " Executives: Alicia Rodriguez - Vice President-Investor Relations Michael R. McMullen - Presiden(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,015
| 3
|
2015Q3
|
2015Q3
|
2015-08-17
| 1.986
| 1.812
| 1.912
| 1.948
| 2.58
| 20.39
| 18.75
| " Executives: Alicia Rodriguez - Vice President, Investor Relations Mike McMullen - President and(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,015
| 4
|
2015Q4
|
2015Q4
|
2015-11-17
| 1.744
| 1.765
| 1.945
| 1.94
| 2.62
| 19.37
| 21.36
| " Executives: Mike McMullen - President, Chief Executive Officer Didier Hirsch - Senior Vice Pres(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,016
| 1
|
2016Q1
|
2016Q1
|
2016-02-16
| 1.781
| 1.79
| 1.966
| 1.977
| 2.64
| 19.42
| 19.72
| " Executives: Alicia Rodriguez - Vice President-Investor Relations Michael R. McMullen - Presiden(...TRUNCATED)
|
A
|
Agilent Technologies
| 1,090,872
|
Health Care
|
Life Sciences Tools & Services
|
Santa Clara, California
|
1999
|
2000-06-05
| 2,016
| 2
|
2016Q2
|
2016Q2
|
2016-05-16
| 1.818
| 1.853
| 2.032
| 2.097
| 2.76892
| 20.79
| 21.43
| " Executives: Alicia Rodriguez - VP-IR Michael McMullen - President and CEO Didier Hirsch - CFO a(...TRUNCATED)
|
End of preview. Expand
in Data Studio
S&P 500 Earnings Call Transcripts
Dataset Description
This dataset provides earnings call transcripts for S&P 500 companies, primarily covering 2014-2024, along with quarterly financial metrics and company fundamentals.
📄 Paper: This dataset was prepared for and used in Ca'Zorzi, Manu, Lopardo. Verba Volant, Transcripta Manent: What Corporate Earnings Calls Reveal About the AI Stock Rally. No. 3093. European Central Bank, 2025.
Coverage Statistics
- Time Period: 2013Q2 to 2025Q1
- Number of Companies: 496
- Total Transcripts: 20,681
Column Descriptions
1. Company Information
Static company identifiers and descriptive information (source: Wikipedia - List of S&P 500 companies).
| Column | Description |
|---|---|
ticker |
Stock ticker symbol (e.g., "AAPL", "MSFT") |
company |
Full legal company name |
cik |
Central Index Key - SEC identifier for the company |
sector |
GICS sector classification (e.g., "Information Technology", "Financials") |
industry |
GICS sub-industry classification (more specific than sector) |
headquarters |
Location of company headquarters (city, state/country) |
founded |
Year the company was founded |
date_added |
Date the company was added to the S&P 500 index |
2. Time Dimensions
| Column | Description |
|---|---|
earnings_date |
Date of the earnings announcement (format: YYYY-MM-DD) |
datacqtr |
Calendar quarter when the earnings call was held, format YYYYQN (e.g., "2014Q1") |
year |
Calendar year when the earnings call was held (extracted from datacqtr) |
quarter |
Calendar quarter when the earnings call was held (e.g., "Q1", "Q2", "Q3", "Q4") |
datafqtr |
Fiscal quarter being reported, format YYYYQN - company-specific fiscal period |
3. Financial Metrics
Quarterly earnings per share (EPS) and price-to-earnings (P/E) valuation metrics.
| Column | Description |
|---|---|
eps12mtrailing_qavg |
Trailing 12-month EPS (quarterly average) - actual average EPS over past year |
eps12mtrailing_eoq |
Trailing 12-month EPS (end of quarter) - actual EPS snapshot at quarter end |
eps12mfwd_qavg |
Expected 12-month forward EPS (quarterly average) - analyst estimates for next year |
eps12mfwd_eoq |
Expected 12-month forward EPS (end of quarter) - forward EPS estimate at quarter end |
eps_lt |
Expected long-term EPS growth rate (10-year horizon) |
peforw_qavg |
Forward P/E ratio (quarterly average) - stock price relative to expected earnings |
peforw_eoq |
Forward P/E ratio (end of quarter) - P/E snapshot at quarter end based on expected earnings |
4. Transcript Data
Full text of earnings call transcripts.
| Column | Description |
|---|---|
transcript |
Complete earnings call transcript text - includes prepared remarks and Q&A |
Citation
If you use this dataset, please cite:
@article{ecb2025genai,
title={Verba Volant, Transcripta Manent: What Corporate Earnings Calls Reveal About the AI Stock Rally},
author={Ca' Zorzi, Michele and Lopardo, Gianluigi and Manu, Ana-Simona},
year=2025,
institution={European Central Bank},
number={3093},
type={Working Paper Series},
pdf={https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3093%7E458d28b4bc.en.pdf},
url={https://glopardo.com/corporatetalks/},
}
Coverage by Company
The table below shows the transcript coverage for each company in the dataset (full table available as CSV at transcript_coverage.csv):
| Ticker | Coverage Start | Coverage End | Expected | Found | Missing | Missing Quarters |
|---|---|---|---|---|---|---|
| A | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| AAPL | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| ABBV | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ABNB | 2021Q1 | 2024Q4 | 16 | 16 | 0 | - |
| ABT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ACGL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ACN | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| ADBE | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| ADI | 2013Q4 | 2024Q4 | 45 | 44 | 1 | 2014Q4 |
| ADM | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ADP | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| ADSK | 2013Q2 | 2024Q1 | 44 | 44 | 0 | - |
| AEE | 2014Q3 | 2024Q4 | 42 | 42 | 0 | - |
| AEP | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AES | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2024Q2 |
| AFL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| AIG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AIZ | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AJG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| AKAM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ALB | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ALGN | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ALL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ALLE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AMAT | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| AMCR | 2014Q2 | 2024Q4 | 43 | 39 | 4 | 2015Q2, 2015Q3, 2019Q2, 2021Q4 |
| AMD | 2013Q3 | 2024Q4 | 46 | 44 | 3 | 2021Q1, 2021Q2, 2021Q3 |
| AME | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| AMGN | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| AMP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| AMT | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AMZN | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ANET | 2014Q3 | 2024Q4 | 42 | 42 | 0 | - |
| ANSS | 2014Q2 | 2023Q4 | 39 | 39 | 0 | - |
| AON | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| AOS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| APA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| APD | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| APH | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| APO | 2024Q2 | 2024Q4 | 3 | 4 | 0 | - |
| APTV | 2017Q2 | 2024Q4 | 31 | 32 | 0 | - |
| ARE | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ATO | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| AVB | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| AVGO | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2015Q2 |
| AVY | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| AWK | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2021Q4 |
| AXON | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| AXP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| AZO | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| BA | 2017Q2 | 2025Q1 | 32 | 32 | 0 | - |
| BAC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| BALL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| BAX | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2021Q4 |
| BBY | 2013Q2 | 2024Q2 | 45 | 45 | 0 | - |
| BDX | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| BEN | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| BG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| BIIB | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| BK | 2014Q2 | 2025Q1 | 44 | 43 | 1 | 2024Q1 |
| BKNG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| BKR | 2014Q2 | 2025Q1 | 44 | 37 | 7 | 2015Q2, 2015Q3, 2015Q4, 2016Q1, 2016Q2, 2017Q3, 2018Q1 |
| BLDR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| BLK | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| BMY | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| BR | 2013Q4 | 2024Q4 | 45 | 37 | 8 | 2021Q4, 2022Q1, 2022Q2, 2022Q3, 2022Q4, 2023Q1, 2023Q2, 2023Q3 |
| BRO | 2014Q4 | 2025Q1 | 42 | 42 | 0 | - |
| BSX | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| BWA | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| BX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| BXP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| C | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CAG | 2013Q3 | 2024Q4 | 46 | 44 | 2 | 2016Q1, 2020Q3 |
| CAH | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| CARR | 2020Q2 | 2024Q4 | 19 | 20 | 0 | - |
| CAT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CB | 2014Q2 | 2025Q1 | 44 | 43 | 1 | 2016Q1 |
| CBOE | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CBRE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CCI | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CCL | 2014Q1 | 2024Q4 | 44 | 41 | 3 | 2020Q1, 2020Q2, 2020Q4 |
| CDNS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CDW | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CEG | 2022Q2 | 2024Q4 | 11 | 11 | 0 | - |
| CF | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CFG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CHD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CHRW | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CHTR | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CI | 2014Q2 | 2025Q1 | 44 | 40 | 4 | 2015Q3, 2015Q4, 2016Q1, 2016Q2 |
| CINF | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CL | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CLX | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| CMCSA | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CME | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CMG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CMI | 2014Q1 | 2024Q4 | 44 | 39 | 6 | 2016Q4, 2018Q1, 2019Q2, 2020Q3, 2021Q3, 2022Q2 |
| CMS | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CNC | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CNP | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| COF | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| COO | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| COP | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| COR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| COST | 2013Q4 | 2024Q4 | 45 | 41 | 4 | 2014Q3, 2017Q3, 2018Q3, 2019Q3 |
| CPAY | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2024Q3 |
| CPB | 2013Q4 | 2024Q4 | 45 | 44 | 1 | 2016Q4 |
| CPRT | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| CPT | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CRL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CRM | 2013Q2 | 2024Q2 | 45 | 45 | 0 | - |
| CRWD | 2019Q3 | 2024Q2 | 20 | 20 | 0 | - |
| CSCO | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| CSGP | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2023Q4 |
| CSX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CTAS | 2013Q3 | 2024Q3 | 45 | 34 | 11 | 2014Q2, 2015Q2, 2016Q2, 2017Q2, 2018Q2, 2019Q2, 2020Q2, 2021Q2, 2022Q2, 2023Q2, 2024Q2 |
| CTRA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CTSH | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| CTVA | 2019Q3 | 2024Q4 | 22 | 23 | 0 | - |
| CVS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| CVX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| CZR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| D | 2014Q2 | 2024Q4 | 43 | 41 | 2 | 2015Q1, 2018Q2 |
| DAL | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| DAY | 2018Q2 | 2024Q4 | 27 | 27 | 1 | 2022Q1 |
| DD | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| DE | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| DECK | 2014Q3 | 2024Q3 | 41 | 41 | 0 | - |
| DELL | 2014Q2 | 2024Q2 | 41 | 40 | 1 | 2016Q3 |
| DFS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| DG | 2014Q2 | 2024Q4 | 43 | 42 | 2 | 2023Q2, 2023Q3 |
| DGX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| DHI | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| DHR | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| DIS | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| DLR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| DLTR | 2014Q2 | 2024Q4 | 43 | 39 | 4 | 2021Q2, 2021Q3, 2021Q4, 2022Q1 |
| DOC | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2023Q4 |
| DOV | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| DOW | 2014Q2 | 2025Q1 | 44 | 38 | 6 | 2017Q4, 2018Q1, 2018Q2, 2018Q3, 2018Q4, 2019Q1 |
| DPZ | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| DRI | 2013Q3 | 2024Q3 | 45 | 43 | 2 | 2016Q1, 2016Q3 |
| DTE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| DUK | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| DVA | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2015Q2 |
| DVN | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| DXCM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EA | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| EBAY | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ECL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EFX | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| EG | 2016Q4 | 2024Q4 | 33 | 34 | 0 | - |
| EIX | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EL | 2013Q4 | 2024Q4 | 45 | 37 | 8 | 2021Q4, 2022Q1, 2022Q2, 2022Q3, 2022Q4, 2023Q1, 2023Q2, 2023Q3 |
| ELV | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| EMN | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| EMR | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| ENPH | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| EOG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EPAM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EQIX | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EQR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| EQT | 2023Q4 | 2024Q4 | 5 | 5 | 0 | - |
| ERIE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ES | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ESS | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ETN | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ETR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EVRG | 2018Q3 | 2024Q4 | 26 | 26 | 0 | - |
| EW | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| EXC | 2014Q2 | 2024Q4 | 43 | 41 | 2 | 2016Q3, 2022Q1 |
| EXPE | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| EXR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| F | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| FANG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| FAST | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| FCX | 2014Q2 | 2025Q1 | 44 | 43 | 1 | 2022Q4 |
| FDS | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| FDX | 2013Q3 | 2024Q3 | 45 | 44 | 1 | 2020Q2 |
| FE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| FFIV | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| FI | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| FICO | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| FIS | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| FITB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| FMC | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2015Q2 |
| FOXA | 2013Q4 | 2024Q4 | 45 | 29 | 16 | 2015Q2, 2015Q3, 2016Q2, 2016Q3, 2016Q4, 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2018Q1, 2018Q2, 2018Q3, 2018Q4, 2019Q1, 2019Q2, 2024Q3 |
| FRT | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| FSLR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| FTNT | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| FTV | 2016Q3 | 2024Q4 | 34 | 35 | 0 | - |
| GD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| GDDY | 2015Q2 | 2024Q4 | 39 | 39 | 0 | - |
| GE | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| GEHC | 2023Q1 | 2024Q4 | 8 | 8 | 0 | - |
| GEN | 2013Q3 | 2024Q3 | 45 | 43 | 2 | 2021Q2, 2023Q4 |
| GEV | 2024Q2 | 2025Q1 | 4 | 4 | 0 | - |
| GILD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| GIS | 2013Q3 | 2024Q3 | 45 | 43 | 2 | 2015Q2, 2020Q2 |
| GL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| GLW | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| GM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| GNRC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| GOOG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| GOOGL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| GPC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| GPN | 2013Q4 | 2024Q4 | 45 | 42 | 3 | 2016Q1, 2017Q2, 2017Q3 |
| GRMN | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| GS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| GWW | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| HAL | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| HAS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| HBAN | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| HCA | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| HD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| HES | 2014Q2 | 2023Q3 | 38 | 38 | 0 | - |
| HIG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| HII | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| HLT | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| HOLX | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| HON | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| HPE | 2016Q1 | 2024Q4 | 36 | 36 | 0 | - |
| HPQ | 2013Q3 | 2024Q4 | 46 | 44 | 2 | 2017Q2, 2017Q3 |
| HRL | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| HSIC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| HST | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| HSY | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| HUBB | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| HUM | 2014Q2 | 2024Q4 | 43 | 37 | 7 | 2015Q3, 2015Q4, 2016Q1, 2016Q2, 2016Q3, 2016Q4, 2017Q1 |
| HWM | 2020Q2 | 2024Q4 | 19 | 19 | 0 | - |
| IBM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ICE | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| IDXX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| IEX | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| IFF | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| INCY | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| INTC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| INTU | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| INVH | 2017Q2 | 2024Q4 | 31 | 30 | 1 | 2017Q3 |
| IP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| IPG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| IQV | 2016Q2 | 2024Q4 | 35 | 36 | 0 | - |
| IR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| IRM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ISRG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| IT | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ITW | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| IVZ | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| J | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| JBHT | 2018Q4 | 2025Q1 | 26 | 26 | 0 | - |
| JBL | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| JCI | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| JKHY | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| JNJ | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| JNPR | 2014Q2 | 2023Q4 | 39 | 39 | 0 | - |
| JPM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| K | 2014Q2 | 2024Q3 | 42 | 42 | 0 | - |
| KDP | 2018Q4 | 2024Q4 | 25 | 25 | 0 | - |
| KEY | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| KEYS | 2015Q1 | 2024Q4 | 40 | 40 | 0 | - |
| KHC | 2014Q3 | 2024Q4 | 42 | 40 | 2 | 2015Q2, 2019Q2 |
| KIM | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| KKR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| KLAC | 2013Q4 | 2024Q4 | 45 | 41 | 4 | 2015Q4, 2016Q1, 2016Q2, 2016Q3 |
| KMB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| KMI | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| KMX | 2013Q2 | 2024Q2 | 45 | 35 | 10 | 2014Q1, 2015Q1, 2016Q1, 2017Q1, 2018Q1, 2020Q1, 2021Q1, 2022Q1, 2023Q1, 2024Q1 |
| KO | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| KR | 2013Q2 | 2024Q4 | 47 | 40 | 7 | 2021Q1, 2021Q2, 2021Q3, 2023Q2, 2023Q3, 2023Q4, 2024Q1 |
| KVUE | 2023Q3 | 2024Q4 | 6 | 7 | 0 | - |
| L | 2014Q2 | 2024Q2 | 41 | 41 | 0 | - |
| LDOS | 2013Q2 | 2024Q4 | 47 | 44 | 4 | 2015Q2, 2015Q3, 2015Q4, 2016Q1 |
| LEN | 2014Q1 | 2024Q4 | 44 | 40 | 4 | 2014Q4, 2017Q3, 2018Q3, 2019Q3 |
| LH | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| LHX | 2013Q4 | 2025Q1 | 46 | 43 | 3 | 2018Q4, 2019Q4, 2020Q1 |
| LII | 2024Q2 | 2025Q1 | 4 | 4 | 0 | - |
| LIN | 2019Q2 | 2024Q4 | 23 | 24 | 0 | - |
| LKQ | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| LLY | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| LMT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| LNT | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| LOW | 2014Q2 | 2024Q4 | 43 | 41 | 3 | 2021Q4, 2022Q4, 2023Q3 |
| LRCX | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| LULU | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| LUV | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| LVS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| LW | 2017Q1 | 2024Q4 | 32 | 32 | 0 | - |
| LYB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| LYV | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MA | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MAA | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MAR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MAS | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MCD | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MCHP | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| MCK | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| MCO | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MDLZ | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MDT | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| MET | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| META | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MGM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MHK | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MKC | 2014Q1 | 2025Q1 | 45 | 33 | 12 | 2014Q3, 2015Q2, 2016Q4, 2017Q4, 2018Q4, 2019Q3, 2020Q4, 2021Q2, 2021Q4, 2022Q3, 2023Q3, 2024Q3 |
| MKTX | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MLM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MMC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MMM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MNST | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MO | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MOH | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MOS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MPC | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2018Q2 |
| MPWR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MRK | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MRNA | 2019Q2 | 2024Q4 | 23 | 23 | 0 | - |
| MS | 2014Q2 | 2025Q1 | 44 | 39 | 5 | 2015Q1, 2015Q4, 2016Q2, 2017Q1, 2020Q4 |
| MSCI | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MSFT | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| MSI | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| MTB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| MTCH | 2016Q2 | 2024Q4 | 35 | 36 | 0 | - |
| MTD | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| MU | 2014Q1 | 2024Q4 | 44 | 40 | 4 | 2014Q4, 2015Q3, 2016Q3, 2020Q4 |
| NCLH | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| NDAQ | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NDSN | 2014Q1 | 2024Q4 | 44 | 43 | 1 | 2022Q1 |
| NEE | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NEM | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| NFLX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NI | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2022Q4 |
| NKE | 2013Q3 | 2024Q4 | 46 | 37 | 9 | 2015Q1, 2015Q2, 2015Q3, 2015Q4, 2016Q1, 2016Q2, 2016Q3, 2016Q4, 2024Q3 |
| NOC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NOW | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NRG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| NSC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NTAP | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| NTRS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NUE | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| NVDA | 2013Q2 | 2024Q2 | 45 | 45 | 0 | - |
| NWS | 2014Q1 | 2024Q3 | 43 | 19 | 25 | 2014Q2, 2014Q3, 2014Q4, 2015Q1, 2015Q2, 2015Q4, 2016Q1, 2016Q2, 2016Q3, 2016Q4, 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2018Q1, 2018Q2, 2018Q3, 2018Q4, 2019Q1, 2019Q2, 2019Q3, 2019Q4, 2023Q4, 2024Q1, 2024Q2 |
| NWSA | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| NXPI | 2014Q2 | 2024Q4 | 43 | 38 | 6 | 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2018Q1, 2018Q2 |
| O | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ODFL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| OKE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| OMC | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ON | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2016Q1 |
| ORCL | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| ORLY | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| OTIS | 2020Q2 | 2025Q1 | 20 | 20 | 0 | - |
| OXY | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PANW | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| PARA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PAYC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PAYX | 2013Q4 | 2024Q4 | 45 | 36 | 9 | 2014Q2, 2015Q2, 2017Q3, 2018Q3, 2019Q3, 2020Q2, 2021Q1, 2024Q1, 2024Q3 |
| PCAR | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PCG | 2014Q2 | 2024Q4 | 43 | 37 | 6 | 2019Q1, 2019Q2, 2019Q3, 2019Q4, 2020Q1, 2020Q2 |
| PEG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PEP | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2016Q4 |
| PFE | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| PFG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| PG | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| PGR | 2014Q3 | 2024Q4 | 42 | 39 | 3 | 2015Q2, 2017Q1, 2018Q2 |
| PH | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| PHM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PKG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PLD | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PLTR | 2020Q4 | 2024Q4 | 17 | 18 | 0 | - |
| PM | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| PNC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PNR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| PNW | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PODD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| POOL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PPG | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PPL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PRU | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| PSA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PSX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| PTC | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| PWR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| PYPL | 2016Q2 | 2024Q4 | 35 | 36 | 0 | - |
| QCOM | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| RCL | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| REG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| REGN | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| RF | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| RJF | 2014Q1 | 2025Q1 | 45 | 41 | 4 | 2015Q1, 2016Q1, 2017Q2, 2021Q2 |
| RL | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| RMD | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| ROK | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| ROL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ROP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| ROST | 2014Q2 | 2024Q4 | 43 | 43 | 1 | 2023Q3 |
| RSG | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| RTX | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| RVTY | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| SBAC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| SBUX | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| SCHW | 2016Q2 | 2025Q1 | 36 | 16 | 20 | 2016Q3, 2016Q4, 2017Q1, 2017Q2, 2017Q3, 2017Q4, 2018Q1, 2018Q2, 2018Q3, 2019Q1, 2019Q2, 2019Q3, 2019Q4, 2020Q2, 2020Q3, 2021Q1, 2021Q2, 2021Q3, 2021Q4, 2022Q1 |
| SHW | 2014Q2 | 2025Q1 | 44 | 43 | 1 | 2015Q3 |
| SJM | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| SLB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| SMCI | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| SNA | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| SNPS | 2014Q1 | 2024Q4 | 44 | 44 | 0 | - |
| SO | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| SOLV | 2024Q3 | 2024Q3 | 1 | 1 | 0 | - |
| SPG | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| SPGI | 2014Q2 | 2024Q4 | 43 | 41 | 3 | 2018Q4, 2020Q4, 2021Q3 |
| SRE | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| STE | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| STLD | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| STT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| STX | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| STZ | 2013Q3 | 2024Q3 | 45 | 38 | 7 | 2016Q3, 2017Q3, 2018Q3, 2019Q3, 2021Q3, 2022Q3, 2023Q3 |
| SWK | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| SWKS | 2014Q1 | 2024Q4 | 44 | 45 | 0 | - |
| SYF | 2014Q4 | 2025Q1 | 42 | 42 | 0 | - |
| SYK | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| SYY | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| T | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TAP | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| TDG | 2014Q1 | 2024Q4 | 44 | 44 | 1 | 2024Q3 |
| TDY | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TECH | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| TEL | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| TER | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TFC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TFX | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| TGT | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2023Q3 |
| TJX | 2013Q2 | 2024Q2 | 45 | 45 | 0 | - |
| TMO | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TMUS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| TPL | 2024Q2 | 2024Q4 | 3 | 3 | 0 | - |
| TPR | 2013Q4 | 2024Q4 | 45 | 45 | 0 | - |
| TRGP | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| TRMB | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| TROW | 2023Q2 | 2024Q4 | 7 | 8 | 0 | - |
| TRV | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TSCO | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TSLA | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TSN | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| TT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TTWO | 2013Q3 | 2024Q3 | 45 | 45 | 0 | - |
| TXN | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TXT | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| TYL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| UAL | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| UBER | 2019Q2 | 2024Q4 | 23 | 24 | 0 | - |
| UDR | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| UHS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ULTA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| UNH | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| UNP | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| UPS | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| URI | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| USB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| V | 2014Q1 | 2025Q1 | 45 | 45 | 0 | - |
| VICI | 2018Q2 | 2024Q4 | 27 | 27 | 0 | - |
| VLO | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| VLTO | 2023Q4 | 2024Q4 | 5 | 6 | 0 | - |
| VMC | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| VRSK | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| VRSN | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| VRTX | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| VST | 2017Q1 | 2024Q4 | 32 | 30 | 2 | 2017Q4, 2021Q2 |
| VTR | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| VTRS | 2014Q2 | 2024Q4 | 43 | 42 | 1 | 2017Q1 |
| VZ | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| WAB | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| WAT | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| WBA | 2013Q4 | 2025Q1 | 46 | 37 | 9 | 2015Q1, 2017Q3, 2018Q3, 2019Q1, 2019Q3, 2021Q2, 2022Q3, 2023Q3, 2024Q3 |
| WBD | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| WDAY | 2023Q2 | 2024Q2 | 5 | 5 | 0 | - |
| WDC | 2013Q4 | 2024Q4 | 45 | 44 | 1 | 2020Q4 |
| WEC | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| WELL | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| WFC | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| WM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| WMB | 2014Q2 | 2024Q4 | 43 | 40 | 3 | 2022Q1, 2023Q1, 2024Q1 |
| WMT | 2013Q2 | 2024Q2 | 45 | 40 | 5 | 2018Q3, 2018Q4, 2019Q2, 2019Q3, 2019Q4 |
| WRB | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| WST | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| WTW | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| WY | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| WYNN | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| XEL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| XOM | 2014Q2 | 2025Q1 | 44 | 44 | 0 | - |
| XYL | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| YUM | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ZBH | 2014Q2 | 2024Q4 | 43 | 44 | 0 | - |
| ZBRA | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
| ZTS | 2014Q2 | 2024Q4 | 43 | 43 | 0 | - |
Legend:
- Expected: Total number of quarters in the company's coverage period
- Found: Number of quarters with available transcripts
- Missing: Number of quarters without transcripts
- Missing Quarters: List of specific quarters without transcripts (or "-" if complete coverage)
Note: Coverage varies by company due to different S&P 500 entry/exit dates (see date_added) and missing transcripts for some quarters.
Dataset compiled by: Gianluigi Lopardo (@gigilopardo)
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