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The solution offered in this article is the winner of the Cisco & Google Cloud problem contest in 2018 – accomplished with Bucher & Suter and Expertflow:
Cisco consumer Care, now Cisco customer experience solutions (CJS), is via definition the best structure to experience and assist the present maximum priority in large businesses – client journey sales innovation, the #1 priority for 71% of the enterprise leaders (2017 global CX Benchmarking report). CJS, very often considered a cost middle during the past, is now viewed by way of agencies as a driver of revenue, able to enhance customer loyalty, retention cost, and significant economic metrics such because the Annual Renewal fee (ARR).
these days, 65% of consumers decide on Chats versus typical voice calls to consumer care (BT international features-Cisco-Davies Hickman partners 2017). thus, to consider these alterations of users habit, a modern CJS has to offer a range of contact methods, called Omnichannel, and at the same time offer the possibility to flow seamlessly between interaction channels bringing the context alongside.Conversational self provider powered by using artificial intelligence
shoppers also expect a near fast response time and quick decision of their wants – each being key business metrics confirmed to force customer retention and loyalty. One third of the time it needs two or more interactions to get to the bottom of the subject, inflicting client dissatisfaction and forty% of them eventually leaving to find a brand new issuer (ICMI, 451 analysis). This company ask is surroundings a different obligatory need for a latest CJS: it has to offer Conversational Self provider solutions powered by way of artificial Intelligence that are effective, productive and reasonable.
The four primary company needs addressed by the “Hybrid Chat,synthetic Intelligence solution for Cisco CCE/CCX/HCS”
The subsequent picture describes the architecture of the answer developed by Bucher & Suter and Expertflow, a Cisco Ecosystem accomplice. The architecture is constituted of a couple of constructing blocks in a position to engage, speak, and orchestrate through OPEN API’s to allow handy customization of the end customer answer:
Let’s see the manner it works, beginning with a description of its hybrid approach
When implementing a chat bot in a digital CJS you always need a hand-off approach for all these situations where the BOT isn’t assured satisfactory to answer and for that reason wants a human agent. This skill that in a standard answer a chat is always managed either via a BOT or by using an agent, which very regularly effects in very low productivity of the CJS, above all if the chat bot is not powered with AI.
The solution offered in this article elements a distinct imaginitive strategy where the agent, the BOT, and the person are always engaged in a continuous Chat convention, and the agent can video display multiple chats and leverage the BOT all through the whole conversation, thereby cutting back the workload and response time. After a hand-off to an agent, the BOT continues to be within the dialog and works as an agent assistant so upon every consumer utterance query, the Hybrid Chat presents probably the most appropriate answers identified by way of the BOT to the agent.
a coloured icon indicators the agent which chats demand an intervention (purple), the conversations where the BOT can run independently (eco-friendly), and those where the BOT has numerous options (together with a “strike probability view”) but it surely isn't a hundred% sure so gold standard could be having the agent picking out the correct one or overwriting (YELLOW). The agent can let the BOT auto-answer with the highest-scoring reply, intervene and choose one amongst people who the BOT suggests, or even draft a new response to the customer.
A timer displayed with a coloured circle across the chat icons shows timeouts upon which definite configurable actions are taken.
The BOT uses a model created with laptop studying powered by Google Dialogflow to answers chats, but the solution is fairly imaginative also since the messages tagged and validated via the brokers may also be used as new working towards facts to the BOT in an effort to enrich future consciousness fees (natural Language knowing) and answers (talk Engine).
The chatbot is continuously discovering through conversations from adult-to-grownup (consumers and brokers) making the entire answer self-tuning on the job, the place the performances of the BOT are continually enhancing in a particular contest further reducing engagement of the brokers and hence raising productiveness and decreasing costs. The interaction between consumer, agents, and the BOT also reduces the response time, expanding the nice of the provider delivered and enabling greater client pride and loyalty.
Let’s now analyze the way this solution interacts and integrates with a Cisco CCX/CCE or HCS CJS.
As highlighted via the diagram above, the Conversational Engine developed through Expertflow is holding a standing of the chats allocated to every agent, but it surely additionally at all times predicts predicted “depth and human work volume” with computer gaining knowledge of, in accordance with the type of unserved diagnosed intents and the class of media (SMS is slower than FB Chat). according to such evaluation, it assigns numerous chats in parallel to agents interacting with Cisco CJS through Open APIs (CTI and UQ API), making certain that each agent has the equal work quantity. If an agent is thoroughly charged, the Conversational engine makes a brand new synchronous media routing request to the CJS to reserve the subsequent full-time agent. Conversely, if a chat session requires a full-time collaboration session (escalation to audio and/or video and monitor sharing), all different ongoing chats are given lower back to the frequent chat pool and distributed to other brokers and that agent is reserved for the whole-time session.
The solution offered in this article is displaying the surprising knowledge of combining collectively the Cisco architectures with Google artificial intelligence to design customized options concentrated on the modern enterprise needs of huge, medium, and small organisations: consumer event, consumer loyalty, customer retention, elevated renewal earnings, diminished expenses.
EUC with HCI: Why It concerns
Cisco's announcement remaining week of its application Centric Infrastructure (ACI), which the networking big has been setting up through its spin-out Insieme, made waves in the networking world. Of selected observe is Cisco's statement that utility described networking (SDN) isn't ample, according to Cisco VP Ish Limkakeng, who spoke to enterprise Networking Planet's Sean Michael Kerner in regards to the vendor's ACI imaginative and prescient and strategy.
vital to Cisco's imaginative and prescient is the belief that purposes are probably the most critical part of any facts core and will power the infrastructure. vital to Cisco's strategy, in the meantime, is...Cisco hardware. particularly, the brand new ACI-optimized Nexus 9000 switch household, as Sean pronounced.
As might be expected, no longer every person in the business is on board with ACI. Over on ENP sister web page eWeek, Jeffrey Burt pointed out that the very concept of application defined networking represents a risk to Cisco's enterprise and that "rivals had been brief to color ACI as Cisco's manner of guaranteeing consumers proceed buying its expensive hardware even though SDN comprises the promise of being in a position to run their networks via application housed on reduce cost boxes."Juniper and PLUMgrid pros query Cisco's ACI approach
Mike Marcellin, senior vp of method and advertising for Juniper's Platform techniques Division, is a vocal critic of ACI. based on Marcellin, Cisco's ACI approach will work to lock valued clientele in to a proprietary Cisco SDN stack. The proven fact that Cisco is working on an utility coverage Infrastructure Controller (APIC) to head together with its Nexus 9000 ACI switches tends to endure this out.
Marcellin referred to as out Cisco's should give protection to its legacy enterprise and contrasted it with Juniper's MetaFabric architecture and method, which "underscores Juniper's commitment to simplification and openness," he stated in an announcement to ENP and eWeek.
"Cisco's reply to the consumer want for more application agility is to double the variety of chips in each container. That worked when Doritos delivered their birthday celebration size bag, but not so a good deal in networking," Marcellin pointed out.
Marcellin isn't the only 1 questioning Cisco's approach, both. Pere Monclus, CTO of overlay SDN startup PLUMgrid, questioned Cisco's focus on hardware. "In launching their hardware-centric SDN stack, Cisco highlighted scalability and protection (issues that we trust virtual community infrastructure excels at) as SDN boundaries that a hardware-concentrated method can tackle, but skirted the ideas of openness, extensibility, and feature agility essential during this business. application overlays can provide that, not ASICs and hardware infrastructure," Monclus told business Networking Planet. Monclus delivered that "usual, the Insieme/ACI announcement is first rate validation of the networking fashions that the SDN community and vendors like PLUMgrid had been deploying in valued clientele for the final twelve months, however it indicates that a mismatch of cultures remains present in the Cisco answer."
Monclus expressed some optimism, although. "We seem to be forward to the chance to set up our superior VNI answer on suitable of Insieme hardware fabric to complement the obstacles and shortcomings of a hardware-based mostly strategy to software-conscious infrastructure," he observed.Plexxi: high quality about ACI
not every person's piling on Cisco. Over at Plexxi, the response is high-quality. Michael Bushong, VP of marketing (and low commercial enterprise Networking Planet guest contributor), advised me that he is of the same opinion with "Cisco's critical thesis that applications ought to come first." He introduced that "our business must start and conclusion with the utility. here is one among Plexxi's founding ideas, and we are thrilled to see the trade dialogue shift in our route."
And the networking world must understand that hardware nonetheless concerns, Bushong said. "So plenty of the networking focal point right now is on application, with SDN, network virtualization, NFV, and DevOps all garnering consideration. however there's a physical point of providing software workloads that can not be not noted."
What Cisco is doing correct is "providing software workload orchestration," Bushong noted. "The ability to specify what is crucial to an software, translate that into decrease-degree device behavior, and supply the actual infrastructure to bring it really is powerful. Cisco has wrapped this right into a tightly integrated answer. The tradeoff right here is flexibility, and valued clientele will ultimately should make a decision the extent to which they need alternative and freedom. but so long as the result is a dynamic, software-pushed environment, purchasers may be ."
Bushong suggested towards providers giving in to the impulse to tear aside rivals' products, pointing out that vendor self-interest is "a part of the reason the community is at nighttime a while relative to different parts of the records middle." For the trade to flow ahead, he stated, the trade must collaborate a good deal more than it has to this point, not handiest on development of recent applied sciences, but additionally on education of the user base.
"The ultimate component we need is a tit-for-tat war," he mentioned.
What's your response to Cisco's ACI announcement, and providers' reactions to it? tell us within the comments.
Jude Chao is govt editor of enterprise Networking Planet. follow her on Twitter @judechao.
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By almost any measure, Consolidated Edison's Brooklyn-Queens Demand Management program has been a success, so it is no surprise the utility wants to expand on it. But just how much more energy efficiency can Con Ed squeeze from the neighborhood?
At least 11 MW, according to the utility's plan for 2019.
But first, a refresher: It's been five years since Con Edison proposed the BQDM project. Facing a $1.2 billion substation upgrade, the utility instead went about lining up distributed resources, demand response and efficiency.
While not everything has gone as planned, so far the utility is achieving its goals. Problems with its demand response offering and a scrapped commercial refrigeration program were offset by voltage optimization gains that significantly exceeded expectations.
The plan included 52 MW of demand reductions from non-traditional customer-side and utility-side solutions by the summer of 2018. While there have been some hiccups along the way, the utility has not only avoided the substation but has helped pioneer the "non-wires alternative" as a strategy for utilities everywhere.
The New York Public Service Commission has already approved a petition from Con Edison to extend the BQDM program beyond 2018, allowing the utility to obtain additional load reductions without additional funding. On Jan. 29, the utility filed its 2019 implementation plan with the commission.A change in the plan
While ConEd achieved its 52 MW peak load reduction target for summer 2018, the utility says it got there with some changes to the original plan. Officials say the program achieved 33.5 MW of peak load reduction from Customer-Sided Solutions (CSS) and about 18 MW from Utility-Sided Solutions (USS). That's not the mix they were initially aiming for, but the utility sees it as an opportunity to build on.
"In aggregate, BQDM achieve[d] its 52 MW peak load reduction as originally anticipated," Con Edison told Utility Dive in an email, adding, "there are several initiatives that continue to provide additional peak load reduction from CSS programs."
The 18 MW of USS was more than the 11 MW originally planned, thanks in part to the utility's Conservation Voltage Optimization (CVO) program and a Distributed Energy Storage System it deployed.
Officials say the CVO efforts "outperformed based on voltage reduction optimization," from 1.5% to 2.5%-3.0%.
ConEd projects that it will achieve customer-side load reductions greater than the 41 MW cumulative level by 2021. In terms of total capacity, Con Edison officials told Utility Dive that the BQDM program "is anticipated to achieve more than 55 MW of peak load reduction by summer 2022."More load reductions
The utility told regulators it has been evaluating existing projects in the BQDM program and identifying opportunities for DER to provide additional load reductions, "such as through emerging storage technologies that can be a callable resource or provide constant load reduction, while maintaining the reliability of the system."
Based on initial analyses and load relief needs, the company told the PSC that it "anticipates that it can procure approximately 11 MWs of additional customer-side load reductions. Projects that can be implemented in a timely manner by the summers of 2019 through 2021 will be prioritized."
The utility is looking to build on its Commercial Direct Install program, which helps identify and install efficiency measures for customers with a peak demand of 300 kW or less, past a May 2019 peak reduction goal of 12.2 MW. The utility will also pursue opportunities in its multi-family efficiency program, past the June 2019 goal of 4.9 MW.
Con Edison's process for acquiring load reductions in the BQDM program has typically been to cast a wide net, using auctions and requests for proposals. But the utility also told regulators there will likely be situations which justify a sole-source acquisition approach, "most likely where a unique solution is available or a specific customer presents an opportunity."
But the plan is to continue deploying "various competitive procurement approaches," Con Edison said. "Just as the Company originally anticipated, procurement approaches have not been static, one-time buying events, but rather a series of actions on a strategic timing basis as deemed most appropriate for each solution. "Best practice
The utility's strategy is becoming a best practice for others. The Rocky Mountain Institute (RMI) developed a "playbook" for implementing non-wires solutions, and pointed to Con Edison's use of a reverse auction in addition to the more-traditional RFP approach.
RMI noted that a successful auction "requires a fairly mature market, with a pool of prequalified bidders that have a good understanding of the solicitation requirements and expectations."
While auctions may provide transparency to the market, RMI cautioned they are "a blunt mechanism. ... Auctions value different types of resources on the basis of price alone and may not allow for comparing the unique attributes of those resources."
Con Edison noted it has used a variety of strategies, depending on the necessary resource.
"To help meet the BQDM peak reliability need, the Company designed and conducted a descending clock auction to procure demand response resources with specific performance attributes," the utility told regulators. "The auction allowed the Company to procure DR resources during fixed windows, while avoiding any resulting snap back of load during other over-load hours."
Despite the successful auction, the utility's BQDM demand response program has been scrapped.Hiccups in demand response, commercial cooling
Not all of the resources have worked out as planned, and Con Edison officials say they have abandoned some ideas originally included.
A demand response auction procured 22.7 MW of load reduction for 2018, but more than 19 MW was declared "deficient," the utility said. More than half of those awarded demand response contracts had proposed battery storage as a primary means of providing demand response.
"However, with the lack of clarity in the battery permitting process and lengthy time involved, these awardees were not able to have their battery energy storage solution installed for the 2018 capability period," the utility told regulators in its report. "Others also declared partial deficiency due to difficulty with customer acquisition."
Con Edison's Eduardo Guerra, a manager in the company’s energy efficiency unit, told Utility Dive that "customer acquisition and lack of permitting clarity were a barrier to implementation," and that "those resources are no longer pursued."
A commercial refrigeration project also fell through, the utility said.
Con Edison released an RFP in July 2015 and engaged with a new technology vendor for a refrigeration thermal storage battery.
"This new technology vendor has contracted for the full 1.5 MW of load reduction to be provided by summer 2018," the utility said. But "after working with Con Edison personnel and conducting thorough targeted research, the implementation of thermal storage technology was unsuccessful."
That idea has been shelved for now, officials say.
"The company has no plans to acquire load reductions from commercial refrigeration within the BQDM territory at this time," the utility told the PSC.
Despite some difficulties, Guerra said the utility had taken this into account. The "BQDM portfolio of solutions was built with some buffer to mitigate potential underperformance risks," he said.
Earnings per share of $0.65; solid performance partially offset by annual preventative maintenance shutdowns
Net Sales of $572.4 million; year-over-year revenue gains across all end-use markets
Backlog up 9% sequentially and 38% year-over-year
Continuing to invest in targeted growth areas including additive manufacturing and soft magnetics
PHILADELPHIA, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal first quarter ended September 30, 2018. For the quarter, the Company reported net income of $31.5 million, or $0.65 earnings per diluted share.
“Our first quarter results reflect further execution of our commercial strategy and success in capitalizing on strong market conditions partially offset by our annual preventative maintenance shutdowns at certain key work centers,” said Tony Thene, Carpenter’s President and CEO. “While this created a near-term headwind, our solutions focus continues to generate significant customer response as our backlog increased 9% on a sequential basis and 38% compared to last year.”
“Demand patterns are robust and all five of our end-use markets delivered year-over-year revenue growth. In the Aerospace and Defense end-use market, engine activity remains near record levels and we are also generating healthy customer demand in other sub-markets. We also continue to experience strong demand for our titanium solutions in the Medical end-use market as we further implement our solutions-focused approach and broaden our relationships with leading industry OEMs.”
“Looking ahead, we are focused on executing our commercial and manufacturing strategies while also strategically investing in targeted growth areas that will enhance our long-term growth profile. This includes our announced acquisition of LPW Technology Ltd., a leader in advanced metal powders and powder lifecycle management solutions for additive manufacturing, and the investment in our high-value soft magnetics portfolio. These priorities are consistent with our strategic mandate to be a complete solutions provider for our customers and best position Carpenter to deliver increasing long-term value to shareholders.”
Financial Highlights($ in millions) Q1 Q1 Q4 FY2019 FY2018 FY2018 Net Sales $ 572.4 $ 479.8 $ 618.0 Net Sales Excluding Surcharge (a) $ 456.3 $ 409.8 $ 494.5 Operating Income $ 45.0 $ 42.2 $ 59.9 Net Income $ 31.5 $ 23.4 $ 42.8 Cash Provided from (Used for) Operating Activities $ 9.4 $ (7.4 ) $ 118.5 Free Cash Flow (a) $ (41.7 ) $ (44.9 ) $ 55.9
(a) Non-GAAP financial measures explained in the attached tables
Net sales for the first quarter of fiscal year 2019 were $572.4 million compared with $479.8 million in the first quarter of fiscal year 2018, an increase of $92.6 million (or 19.3 percent), on 3.6 percent higher volume. Net sales excluding surcharge were $456.3 million, an increase of $46.5 million (or 11.3 percent) from the same period a year ago.
Operating income was $45.0 million compared to $42.2 million in the prior year period. These results primarily reflect stronger end-use market conditions compared to the prior year period as well as the further execution of a solutions-focused commercial approach.
Cash provided from operating activities in the first quarter of fiscal year 2019 was $9.4 million, compared to cash used of $7.4 million in the same quarter last year. The increase in operating cash flow was primarily related to increased earnings and improving working capital. Free cash flow in the first quarter of fiscal year 2019 was negative $41.7 million, compared to negative free cash flow of $44.9 million in the same quarter last year. Capital expenditures were $41.6 million in the first quarter of fiscal year 2019 compared to $28.9 million in the same quarter last year due to increased investment in target growth areas including additive manufacturing and soft magnetics.
Total liquidity, including cash and available revolver balance, was $411.0 million at the end of the first quarter of fiscal year 2019. This consisted of $17.0 million of cash and $394.0 million of available borrowings under the Company’s credit facility.
Conference Call and Webcast Presentation
Carpenter Technology will host a conference call and webcast presentation today, October 24th at 10:00 a.m. ET, to discuss the financial results of operations for the first quarter of fiscal year 2019. Please dial +1 412-317-9259 for access to the live conference call. Access to the live webcast will be available at Carpenter Technology’s website (http://www.cartech.com), and a replay will soon be made available at http://www.cartech.com. Presentation materials used during this conference call will be available for viewing and download at http://www.cartech.com.
Non-GAAP Financial Measures
This press release includes discussions of financial measures that have not been determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). A reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP, accompanied by reasons why the Company believes the non-GAAP measures are important, are included in the attached schedules.
About Carpenter Technology
Carpenter Technology Corporation (NYSE: CRS) is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical and consumer markets. Founded in 1889, Carpenter has evolved to become a pioneer in premium specialty alloys, including titanium, nickel and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production. www.cartech.com.
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2018, and the exhibits attached to that filing. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, industrial, transportation, consumer, medical, and energy, or other influences on Carpenter’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions, including LPW Technology Ltd.; (11) the availability of credit facilities to Carpenter, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; and (15) fluctuations in oil and gas prices and production. Any of these factors could have an adverse and/or fluctuating effect on Carpenter’s results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Carpenter undertakes no obligation to update or revise any forward-looking statements.
PRELIMINARYCONSOLIDATED STATEMENTS OF INCOME(in millions, except per share data)(Unaudited)Three Months Ended September 30, 2018 2017 NET SALES $ 572.4 $ 479.8 Cost of sales 480.7 394.1 Gross profit 91.7 85.7 Selling, general and administrative expenses 46.7 43.5 Operating income 45.0 42.2 Interest expense (6.3 ) (7.2 ) Other income, net 1.6 0.2 Income before income taxes 40.3 35.2 Income tax expense 8.8 11.8 NET INCOME $ 31.5 $ 23.4 EARNINGS PER COMMON SHARE: Basic $ 0.66 $ 0.49 Diluted $ 0.65 $ 0.49 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 47.6 47.1 Diluted 48.2 47.3 Cash dividends per common share $ 0.20 $ 0.18
PRELIMINARYCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(Unaudited)Three Months Ended September 30, 2018 2017 OPERATING ACTIVITIES: Net income $ 31.5 $ 23.4 Adjustments to reconcile net income to net cash provided from (used for) operating activities: Depreciation and amortization 29.7 28.7 Deferred income taxes 1.2 0.6 Net pension expense 2.9 3.6 Share-based compensation expense 3.0 4.2 Net loss on disposals of property and equipment 0.1 0.1 Changes in working capital and other: Accounts receivable (3.5 ) (1.2 ) Inventories (50.5 ) (46.3 ) Other current assets (6.5 ) (9.0 ) Accounts payable 47.5 15.9 Accrued liabilities (40.8 ) (21.7 ) Pension plan contributions (2.3 ) (4.2 ) Other postretirement plan contributions (0.8 ) (0.5 ) Other, net (2.1 ) (1.0 ) Net cash provided from (used for) operating activities 9.4 (7.4 ) INVESTING ACTIVITIES: Purchases of property, plant, equipment and software (41.6 ) (28.9 ) Proceeds from disposals of property and equipment 0.1 — Proceeds from sale of marketable securities 2.9 — Net cash used for investing activities (38.6 ) (28.9 ) FINANCING ACTIVITIES: Net change in short-term credit agreement borrowings — 3.3 Dividends paid (9.6 ) (8.6 ) Proceeds from stock options exercised 3.2 1.4 Withholding tax payments on share-based compensation awards (4.1 ) (0.2 ) Net cash used for financing activities (10.5 ) (4.1 ) Effect of exchange rate changes on cash and cash equivalents 0.5 (1.0 ) DECREASE IN CASH AND CASH EQUIVALENTS (39.2 ) (41.4 ) Cash and cash equivalents at beginning of period 56.2 66.3 Cash and cash equivalents at end of period $ 17.0 $ 24.9
PRELIMINARYCONSOLIDATED BALANCE SHEETS(in millions)(Unaudited)September 30, June 30, 2018 2018 ASSETS Current assets: Cash and cash equivalents $ 17.0 $ 56.2 Accounts receivable, net 381.6 378.5 Inventories 740.5 689.2 Other current assets 49.0 54.9 Total current assets 1,188.1 1,178.8 Property, plant and equipment, net 1,316.8 1,313.4 Goodwill 268.7 268.7 Other intangibles, net 61.7 63.3 Deferred income taxes 4.5 4.3 Other assets 167.9 178.5 Total assets $ 3,007.7 $ 3,007.0 LIABILITIES Current liabilities: Accounts payable $ 255.9 $ 214.7 Accrued liabilities 107.5 148.6 Total current liabilities 363.4 363.3 Long-term debt 545.5 545.7 Accrued pension liabilities 285.1 288.8 Accrued postretirement benefits 108.7 108.2 Deferred income taxes 155.7 161.6 Other liabilities 58.6 53.5 Total liabilities 1,517.0 1,521.1 STOCKHOLDERS' EQUITY Common stock 278.9 278.6 Capital in excess of par value 310.0 310.0 Reinvested earnings 1,498.8 1,475.9 Common stock in treasury, at cost (335.9 ) (338.8 ) Accumulated other comprehensive loss (261.1 ) (239.8 ) Total stockholders' equity 1,490.7 1,485.9 Total liabilities and stockholders' equity $ 3,007.7 $ 3,007.0
PRELIMINARYSEGMENT FINANCIAL DATA(in millions, except pounds sold)(Unaudited)Three Months Ended September 30, 2018 2017 Pounds sold (000): Specialty Alloys Operations 62,714 61,190 Performance Engineered Products 2,732 3,526 Intersegment 170 (1,370 ) Consolidated pounds sold 65,616 63,346 Net sales: Specialty Alloys Operations Net sales excluding surcharge $ 361.5 $ 325.6 Surcharge 114.0 71.2 Specialty Alloys Operations net sales 475.5 396.8 Performance Engineered Products Net sales excluding surcharge 108.0 100.5 Surcharge 3.7 0.2 Performance Engineered Products net sales 111.7 100.7 Intersegment Net sales excluding surcharge (13.2 ) (16.3 ) Surcharge (1.6 ) (1.4 ) Intersegment net sales (14.8 ) (17.7 ) Consolidated net sales $ 572.4 $ 479.8 Operating income: Specialty Alloys Operations $ 52.8 $ 50.5 Performance Engineered Products 7.3 5.3 Corporate costs (15.8 ) (12.9 ) Intersegment 0.7 (0.7 ) Consolidated operating income $ 45.0 $ 42.2
The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”).
The SAO segment is comprised of Carpenter’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama.
The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Powder Products (CPP) business, the Amega West business, the CalRAM business and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. It is our belief this model will ultimately drive overall revenue and profit growth. The pounds sold data above for the PEP segment includes only the Dynamet and CPP businesses.
Corporate costs are comprised of executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also included are items that management considers not representative of ongoing operations and other specifically-identified income or expense items.
PRELIMINARYNON-GAAP FINANCIAL MEASURES(in millions)(Unaudited)Three Months Ended September 30, NET SALES AND OPERATING MARGIN EXCLUDING SURCHARGE 2018 2017 Net sales $ 572.4 $ 479.8 Less: surcharge 116.1 70.0 Net sales excluding surcharge $ 456.3 $ 409.8 Operating income $ 45.0 $ 42.2 Operating margin 7.9 % 8.8 % Operating margin excluding surcharge 9.9 % 10.3 %
Management believes that removing the impact of raw material surcharge from net sales and operating margin provides a more consistent basis for comparing results of operations from period to period, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. Management uses its results excluding surcharge to evaluate its operating performance and to discuss its business with investment institutions, the Company’s board of directors and others.Three Months Ended September 30, FREE CASH FLOW 2018 2017 Net cash provided from (used for) operating activities $ 9.4 $ (7.4 ) Purchases of property, plant, equipment and software (41.6 ) (28.9 ) Proceeds from disposals of property and equipment 0.1 — Dividends paid (9.6 ) (8.6 ) Free cash flow $ (41.7 ) $ (44.9 )
Management believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses.
PRELIMINARYSUPPLEMENTAL SCHEDULES(in millions)(Unaudited)Three Months Ended September 30, NET SALES BY END-USE MARKET 2018 2017 End-Use Market Excluding Surcharge: Aerospace and Defense $ 239.6 $ 215.6 Energy 37.5 28.8 Transportation 31.4 30.6 Medical 39.5 33.4 Industrial and Consumer 74.6 71.7 Distribution 33.7 29.7 Total net sales excluding surcharge 456.3 409.8 Surcharge 116.1 70.0 Total net sales $ 572.4 $ 479.8
Media Inquiries:William J. Rudolph, Jr.+1 email@example.com
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(EDGAR Online via COMTEX) -- ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
TABLE OF CONTENTS
Page Overview 48 Outlook 48 Industry Trends 50 Impact of a Low Interest Rate Environment 51 Results of Operations 54 Consolidated Results of Operations 54 Segment Results of Operations 55 Segment Measures 57 Impact of Foreign Currency Exchange Rates 58 Accounting Policies & Pronouncements 60 Application of Critical Accounting Estimates 60 Adoption of New Accounting Pronouncements 72 Results of Operations by Segment 72
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Certain of the statements included in this section constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the "Risk Factors" and "Forward-Looking Statements" sections herein.
Our principal operations are comprised of five divisions, which together encompass seven segments, and our Corporate and Other operations. The PGIM division is comprised of our PGIM segment (formerly named the Investment Management segment). The U.S. Workplace Solutions division consists of our Retirement and Group Insurance segments. The U.S. Individual Solutions division consists of our Individual Annuities and Individual Life segments. The International Insurance division consists of our International Insurance segment, and the Closed Block division consists of our Closed Block segment. Our Corporate and Other operations include corporate items and initiatives that are not allocated to business segments and businesses that have been or will be divested or placed in run-off.
Revenues and Expenses
We earn our revenues principally from insurance premiums; mortality, expense, asset management and administrative fees from insurance and investment products; and investment of general account and other funds. We receive premiums primarily from the sale of certain individual life insurance, group life and disability insurance, retirement and annuity contracts. We earn mortality, expense, and asset management fees primarily from the sale and servicing of separate account products including variable life insurance and variable annuities, and from the sale and servicing of other products including universal life insurance. We also earn asset management and administrative fees from the distribution, servicing and management of mutual funds, retirement products and other investment management products and services. Our operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, dividends to policyholders, commissions and other costs of selling and servicing our products and interest credited on general account liabilities.
Our profitability depends principally on our ability to price our insurance and annuity products at a level that enables us to earn a margin over the costs associated with providing benefits and administering those products. Profitability also depends on, among other items, our actuarial and policyholder behavior experience on insurance and annuity products, and our ability to attract and retain customer assets, generate and maintain favorable investment results, effectively deploy capital and utilize our tax capacity, and manage expenses.
Historically, the participating products included in the Closed Block have yielded lower returns on capital invested than many of our other businesses. As we have ceased offering domestic participating products, we expect that the proportion of the traditional participating products in our in-force business will gradually diminish as these older policies age, and we grow other businesses. However, the relatively lower returns to us on this existing block of business will continue to affect our consolidated results of operations for many years.
Management expects that results in 2019 will continue to benefit from our differentiated mix of market-leading businesses that complement each other to provide competitive advantages. Our mix of high-quality protection, retirement and investment management businesses creates growth potential due to earnings diversification and the opportunity to provide customers with integrated cross-business solutions, as well as capital benefits from a balanced risk profile. While challenges exist in the form of a low interest rate environment (see "Impact of a Low Interest Rate Environment"), fee compression in certain of our businesses and other market factors, we expect that our choice of businesses coupled with strong execution will produce attractive returns.
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We are well positioned to meet the needs of customers and tap into significant market opportunities through our U.S. Financial Wellness businesses, PGIM, our investment management business and our International Insurance business. U.S. Financial Wellness represents our Workplace Solutions and Individual Solutions businesses. We see an opportunity to address the evolving needs of individual customers, workplace clients, and society at large through our increasingly important financial wellness solutions. We possess the key components to execute on this strategy, including a workplace platform covering twenty million individuals; solutions that cover protection, retirement, savings, income, and investment needs; and a customer-centric approach with different ways to engage with our clients through multiple channels such as meeting with one of our financial advisors, calling or video-conferencing with an advisor, or interacting with us in a purely digital manner. Our goal is to meet our customers' needs when, where and how they want. By leveraging technology and our scale, we can significantly expand the addressable market, build deeper and longer-lasting relationships with customers and clients, and make a meaningful difference in the financial wellness of their lives.
PGIM has also produced differentiated outcomes with strong investment performance that has led to consistently positive annual net institutional flows over the past sixteen years. In addition to providing solutions for its third-party clients, PGIM provides our U.S. Financial Wellness and International Insurance businesses with a competitive advantage through its investment expertise across a broad array of asset classes, including specialty classes such as real estate, private placements, and commercial mortgages.
Our International Insurance business includes our world-class Japanese life insurance operation and investments in high-growth markets with large populations such as Brazil, India, Indonesia and China. We approach these markets in a differentiated way, and that has led to steady overall growth, attractive returns and significant capital generation.
In summary, we feel confident about our prospects for the future supported by our integrated and complementary businesses. Specific outlook considerations for each of our businesses include the following:
U.S. Workplace Solutions. In our Retirement business we continue to provide products that respond to the needs of plan sponsors to manage risk and control their benefit costs, while ensuring we maintain appropriate pricing and return expectations under changing market conditions. Our differentiated capabilities and demonstrated execution in the pension risk transfer business is expected to continue to generate attractive growth opportunities. We expect, however, that growth will not be linear given the episodic nature of larger cases, which is the segment of the market where we are most competitive and where the returns are the most compelling. In addition, while we foresee continuation of the spread and fee compression that we have been experiencing in our full-service business, we believe these are manageable headwinds. In our Group Insurance business, we are focused on expanding our Premier market segment, while maintaining a leadership position in the national segment. We are seeing benefits from our multi-year underwriting efforts, especially in our disability business where improved claims management and our continued pricing discipline have resulted in improvements to our benefits ratio. In both Retirement and Group Insurance, we believe our Financial Wellness platform provides meaningful differentiation in the market and is helping us build deeper customer relationships.
U.S. Individual Solutions. Our Individual Annuities business remains focused on helping its customers meet their investment and retirement needs. We expect continued strong results and stable free cash flows, with near-term returns on assets above our long-term target. We expect to incur costs associated with our enhanced risk management strategy, but this program is expected to produce less volatile net income and cash flows, particularly in adverse scenarios. In addition, we expect a natural reduction in average fee rates due to the maturation of the existing block and due to sales of newer products which generally have lower rate structures. We expect the combination of these factors to cause our returns on assets to migrate to the long-term target over time. We continue to execute on our product diversification strategy and remain focused on a broad range of outcome-oriented solutions for customers. Our Individual Life business is continuing to execute on its product diversification strategy in order to maintain a diversified product mix and an attractive risk profile. We continue to deepen relationships with distribution partners while developing a more customer-oriented experience. Recent product actions could result in a slightly higher portion of sales in term and variable life as we remain committed to achieving a diversified product offering.
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PGIM. Our investment management business is focused on maintaining strong investment performance while leveraging both the scale of its approximately $1.2 trillion distinctive multi-manager model and Prudential enterprise relationships. PGIM is making targeted investments to further diversify its product offerings, expand its global investment and distribution footprint, selectively acquire new investment capabilities, and further strengthen external recognition as a leading global asset manager. These capabilities will enable PGIM to continue to meet our clients' evolving needs and, in turn, to generate flows across multiple asset classes, client segments and geographies. Underpinning our growth strategy is our ability to continue to deliver robust investment performance, and to attract and retain high-caliber investment talent. While we are experiencing fee pressures, our average fee yield has remained relatively flat due to new flows coming into higher fee yielding strategies within fixed income, equities and alternatives such as real estate and private fixed income, and because of our diverse business profile.
International Insurance. We continue to concentrate on deepening our presence in Japan and other markets in which we currently operate and expanding our distribution capabilities in emerging markets. We continue to focus on protection solutions and innovate as clients' needs evolve. The returns on our death protection products are largely driven by mortality margins which helps mitigate the exposure of results to interest rates. We have seen a shift in sales mix with a greater emphasis on U.S. dollar-denominated products in Japan. We expect this trend to continue. We are also focused on achieving scale in select growth markets outsides of Japan. With regard to distribution, we are seeking to grow Life Planners in all countries where that model exists and to strategically expand the Bank and Independent Agency channel, however we may see a decline in Gibraltar Life Insurance Company, Ltd. ("Gibraltar Life") Consultants as we continue to focus on increasing quality and productivity standards.
In order to capitalize on the growth opportunities in our domestic and international markets highlighted above, we continue to make investments in and across our businesses. These investments are focused on product development, distribution and technology. We are investing in product innovation through the use of data and digital initiatives to better understand and serve the needs of a customer base with changing demographics and to achieve a goal of offering a broader array of cost effective and easily comprehensible products. We are investing in expanding our distribution capabilities through a focus on customer experience and technology enabled advice and distribution, cross-business collaboration, further development of work site relationships with individuals and expanding our ability to offer relevant products and services to customers through whichever channels they choose. In addition, we are making investments in our information technology infrastructure in order to streamline processes and enhance the effectiveness of our administrative systems.
While we expect these strategic investments to ultimately generate business growth, they may result in elevated expenses in the near term. In addition, we expect the time periods required for these investments to generate returns to vary. These investments are being funded through a combination of operating cost efficiencies and the returns generated by our businesses, and we expect to be able to continue to absorb some of these investment costs through efficiency gains.
Our U.S. and international businesses are impacted by financial markets, economic conditions, regulatory oversight, and a variety of trends that affect the industries where we compete.
Financial and Economic Environment.
U.S. Businesses - As discussed further under "Impact of a Low Interest Rate Environment" below, interest rates in the U.S. remain lower than historical levels, which may continue to negatively impact our portfolio income yields and our net investment spread results. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".
International Businesses - Our international insurance operations, especially in Japan, continue to operate in a low interest rate environment. Although the local market in Japan has adapted to low interest rates, as discussed under "Impact of a Low Interest Rate Environment" below, the current reinvestment yields for certain blocks of business in our international insurance operations are now generally lower than the current portfolio yield supporting these blocks of business, which may negatively impact our net investment spread results. The continued low interest rate environment in the U.S. may also impact the relative attractiveness of U.S. dollar-denominated products to yen-denominated products in Japan. In addition, we are subject to financial impacts associated with movements in foreign currency rates, particularly the Japanese yen. Fluctuations in the value of the yen will continue to impact the relative attractiveness of both yen-denominated and non-yen denominated products. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".
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U.S. Businesses - Customer demographics continue to evolve and new opportunities present themselves in different consumer segments such as the millennial and multicultural markets. Consumer expectations and preferences are changing. We believe existing customers and potential customers are increasingly looking for cost-effective solutions that they can easily understand and access through technology-enabled devices. At the same time, income protection, wealth accumulation and the needs of retiring baby boomers are continuing to shape the insurance industry. A persistent retirement security gap exists in terms of both savings and protection. Despite the ongoing phenomenon of the risk and responsibility of retirement savings shifting from employers to employees, employers are becoming increasingly focused on the financial wellness of the individuals they employ.
International Businesses- Japan has an aging population as well as a large pool of household assets invested in low-yielding deposit and savings vehicles. The aging of Japan's population, along with strains on government pension programs, have led to a growing demand for insurance products with a significant savings element to meet savings and retirement needs as the population prepares for retirement. We are seeing a similar shift to retirement-oriented products across other Asian markets, including Korea and Taiwan, each of which also has an aging population.
Regulatory Environment. See "Business-Regulation" for a discussion of regulatory developments that may impact the Company and the associated risks.
Competitive Environment. See "Business-" for a discussion of the competitive environment and the basis on which we compete in each of our segments.Impact of a Low Interest Rate Environment As a global financial services company, market interest rates are a key driver of our results of operations and financial condition. Changes in interest rates can affect our results of operations and/or our financial condition in several ways, including favorable or adverse impacts to: investment-related activity, including: investment income returns, net interest margins, net investment spread results, new money rates, mortgage loan prepayments and bond redemptions; insurance reserve levels, market experience true-ups and amortization of both deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA");
customer account values, including their impact on fee income;
fair value of, and possible impairments on, intangible assets such as goodwill;
product offerings, design features, crediting rates and sales mix; and
policyholder behavior, including surrender or withdrawal activity.
See below for discussions related to the current interest rate environments in our two largest markets, the United States and Japan; the composition of our insurance liabilities and policyholder account balances; and the hypothetical impacts to our results if these interest rate environments are sustained.
U.S. Operations excluding the Closed Block Division
Interest rates in the U.S. have experienced a period of historically low levels in large part due to Federal Reserve efforts to assist with the economic recovery subsequent to the financial crisis of 2008. However, more recently market interest rates have begun to climb in conjunction with a series of Federal Reserve decisions to raise interest rates in response to a strengthening economy. While market conditions and events make uncertain the timing, amount and impact of any further monetary policy decisions by the Federal Reserve, a trend of rising interest rates may enhance our reinvestment yields, primarily for our investments in fixed maturity securities and commercial mortgage loans. As interest rates rise, our reinvestment yield may approach or exceed the overall portfolio yield. Conversely, if interest rates were to decline, our reinvestment yield may fall below our overall portfolio yield, resulting in an unfavorable impact to earnings.
For the general account supporting our U.S. Individual Solutions division, U.S. Workplace Solutions division, PGIM division and our Corporate and Other operations, we estimate annual principal payments and prepayments that we would be required to reinvest to be approximately 6.0% of the fixed maturity security and commercial mortgage loan portfolios through 2020. The portion of the general account attributable to these operations has approximately $198 billion of such assets (based on net carrying value) as of December 31, 2018. The average portfolio yield for fixed maturity securities and commercial mortgage loans is approximately 4.3%, as of December 31, 2018.
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Included in the $198 billion of fixed maturity securities and commercial mortgage loans are approximately $113 billion that are subject to call or redemption features at the issuer's option and have a weighted average interest rate of approximately 4%. Of this $113 billion, approximately 64% contain provisions for prepayment premiums. If we reinvest scheduled payments or prepayments (not subject to a prepayment fee) at rates below the current portfolio yield, including in some cases at rates below those guaranteed under our insurance contracts, future operating results will be impacted to the extent we do not, or are unable to, reduce crediting rates on in-force blocks of business, or effectively utilize other asset/liability management strategies described below, in order to maintain current net interest margins.
The following table sets forth the insurance liabilities and policyholder account balances of our U.S. Operations excluding the Closed Block Division, by type, for the date indicated:As of December 31, 2018 (in billions) Long-duration insurance products with fixed and guaranteed terms $ 124 Contracts with adjustable crediting rates subject to guaranteed minimums 57 Participating contracts where investment income risk ultimately accrues to contractholders 15 Total $ 196
The $124 billion above relates to long-duration products such as group annuities, structured settlements and other insurance products that have fixed and guaranteed terms, for which underlying assets may have to be reinvested at interest rates that are lower than portfolio rates. We seek to mitigate the impact of a prolonged low interest rate environment on these contracts through asset/liability management, as discussed further below.
The $57 billion above relates to contracts with crediting rates that may be adjusted over the life of the contract, subject to guaranteed minimums. Although we may have the ability to lower crediting rates for those contracts above guaranteed minimums, our willingness to do so may be limited by competitive pressures. The following table sets forth the related account values by range of guaranteed minimum crediting rates and the related range of the difference, in basis points ("bps"), between rates being credited to contractholders as of December 31, 2018, and the respective guaranteed minimums.
Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:Greater than 1-49 50-99 100-150 150 At bps above bps above bps above bps above guaranteed guaranteed guaranteed guaranteed guaranteed minimum minimum minimum minimum minimum Total ($ in billions) Range of Guaranteed Minimum Crediting Rates: Less than 1.00% $ 0.5 $ 1.2 $ 0.5 $ 0.1 $ 0.0 $ 2.3 1.00% - 1.99% 1.0 4.1 11.1 2.1 0.6 18.9 2.00% - 2.99% 1.3 0.7 1.9 1.1 0.7 5.7 3.00% - 4.00% 26.7 2.0 0.2 0.2 0.0 29.1 Greater than 4.00% 0.9 0.0 0.0 0.0 0.0 0.9 Total(1) $ 30.4 $ 8.0 $ 13.7 $ 3.5 $ 1.3 $ 56.9 Percentage of total 54 % 14 % 24 % 6 % 2 % 100 % __________
. . .
Feb 15, 2019
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Citrix [48 Certification Exam(s) ]
CIW [18 Certification Exam(s) ]
Cloudera [10 Certification Exam(s) ]
Cognos [19 Certification Exam(s) ]
College-Board [2 Certification Exam(s) ]
CompTIA [76 Certification Exam(s) ]
ComputerAssociates [6 Certification Exam(s) ]
Consultant [2 Certification Exam(s) ]
Counselor [4 Certification Exam(s) ]
CPP-Institue [2 Certification Exam(s) ]
CPP-Institute [1 Certification Exam(s) ]
CSP [1 Certification Exam(s) ]
CWNA [1 Certification Exam(s) ]
CWNP [13 Certification Exam(s) ]
Dassault [2 Certification Exam(s) ]
DELL [9 Certification Exam(s) ]
DMI [1 Certification Exam(s) ]
DRI [1 Certification Exam(s) ]
ECCouncil [21 Certification Exam(s) ]
ECDL [1 Certification Exam(s) ]
EMC [129 Certification Exam(s) ]
Enterasys [13 Certification Exam(s) ]
Ericsson [5 Certification Exam(s) ]
ESPA [1 Certification Exam(s) ]
Esri [2 Certification Exam(s) ]
ExamExpress [15 Certification Exam(s) ]
Exin [40 Certification Exam(s) ]
ExtremeNetworks [3 Certification Exam(s) ]
F5-Networks [20 Certification Exam(s) ]
FCTC [2 Certification Exam(s) ]
Filemaker [9 Certification Exam(s) ]
Financial [36 Certification Exam(s) ]
Food [4 Certification Exam(s) ]
Fortinet [13 Certification Exam(s) ]
Foundry [6 Certification Exam(s) ]
FSMTB [1 Certification Exam(s) ]
Fujitsu [2 Certification Exam(s) ]
GAQM [9 Certification Exam(s) ]
Genesys [4 Certification Exam(s) ]
GIAC [15 Certification Exam(s) ]
Google [4 Certification Exam(s) ]
GuidanceSoftware [2 Certification Exam(s) ]
H3C [1 Certification Exam(s) ]
HDI [9 Certification Exam(s) ]
Healthcare [3 Certification Exam(s) ]
HIPAA [2 Certification Exam(s) ]
Hitachi [30 Certification Exam(s) ]
Hortonworks [4 Certification Exam(s) ]
Hospitality [2 Certification Exam(s) ]
HP [750 Certification Exam(s) ]
HR [4 Certification Exam(s) ]
HRCI [1 Certification Exam(s) ]
Huawei [21 Certification Exam(s) ]
Hyperion [10 Certification Exam(s) ]
IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IBM [1532 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [64 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [69 Certification Exam(s) ]
Microsoft [374 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [279 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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