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Intuit (INTU) Q3 2013 Earnings Call May 21, 2013 4:30 pm ET Executives Matt Rhodes Brad D. Smith - Chief Executive Officer, President, Director and Member of Executive Committee R. Neil Williams - Chief Financial Officer and Senior Vice President Analysts Peter L. Goldmacher - Cowen and Company, LLC, Research Division Brent Thill - UBS Investment Bank, Research Division Gregory Dunham - Goldman Sachs Group Inc., Research Division Brad A. Zelnick - Macquarie Research Gil B. Luria - Wedbush Securities Inc., Research Division Sterling P. Auty - JP Morgan Chase & Co, Research Division Scott A. Schneeberger - Oppenheimer & Co. Inc., Research Division Ross MacMillan - Jefferies & Company, Inc., Research Division Kartik Mehta - Northcoast Research James R. MacDonald - First Analysis Securities Corporation, Research Division Yun S. Kim - Janney Montgomery Scott LLC, Research Division Jennifer Swanson Lowe - Morgan Stanley, Research Division James Ellman Kash G.

Silver Wheaton Corporation (SLW) Annual Shareholder Meeting Call May 21, 2013 4:00 PM ET Executives Doug Holtby – Chairman Randy Smallwood – President and CEO Presentation Doug Holtby Good afternoon, ladies and gentlemen. And welcome to the Annual Special Meeting of Silver Wheaton Corporation. And welcome to those joining us today to our webcast. My name is Doug Holtby and I’m Chairman of the board and I will Chair this meeting. Before we begin the formal business of the meeting, I would like to introduce your Board of Directors and certain members of Senior Management present here this afternoon. In the front row, are our Directors, Larry Bell, stand up Larry, thank you. Peter Gillin, George Brack, and Wade Nesmith and beside me we have our President and CEO and our Director, Randy Smallwood. Beside him is Gary Brown, Senior Vice President and Chief Financial Officer. And beside Gary is

Apollo Investment (NASDAQ:AINV) will report earnings before markets open on Thursday, May 23rd. Apollo Investment Corporation is a closed-end management investment company incorporated in the USA. The Company generates both current income and capital appreciation through debt and equity investments. Here is your Cheat Sheet to Apollo Investment Earnings: Earnings Expectations: Analysts expect earnings of $0.21 per share on revenues of $83.66 million. Currently, the company’s P/E ratio stands at 11.31. Analyst Trends: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.21 and has not changed. For the current year, the average estimate is a profit of $0.83, which is the same as the estimate ninety days ago. The stock market is at 5-year highs! Discover the best stocks to buy in today’s market. CLICK HERE for Your Stock Investor Cheat Sheet NOW! Earnings Trends: Here’s how Apollo Investment has been performing on an annual basis: Fiscal Year 2009 2010 2011 2012 Revenue ($) in millions 377 340 359 358 Diluted EPS ($) 1.48 1.65 0.93 -0.24 Next, our CHEAT SHEET investing framework asks us to drill down to the recent quarterly data: Quarter Mar. 31, 2012 Jun. 30, 2012 Sep. 30, 2012 Dec. 31, 2012 Revenue ($) in millions 85.20 80.33 83.83 83.21 Diluted EPS ($) 0.57 0.19 0.35 -0.11 Past Performance: Apollo Investment has beat analyst estimates 1 time in the past four quarters. This is not consistent enough to get bullish yet. “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our successful CHEAT SHEET investing framework. Don’t waste another minute – click here to discover our CHEAT SHEET stock picks now! (Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com) Read the original article from Wall St. Cheat Sheet

America’s Car-Mart (NASDAQ:CRMT) will report earnings after markets close on Thursday, May 23rd. America’s Car-Mart, Inc, sells and finances the sale of used automobiles and trucks. The Company operates its dealerships primarily in small cities and rural locations throughout the South-Central United States and provides financing for substantially all of its customers. Car-Mart’s customers are principally consumers with limited or damaged credit histories. Here is your Cheat Sheet to America’s Car-mart Earnings: Earnings Expectations: Analysts expect earnings of $0.93 per share on revenues of $119.20 million. Currently, the company’s P/E ratio stands at 14.13. Analyst Trends: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.82 to a profit $0.86. For the current year, the average estimate is a profit of $3.36, which is better than the estimate ninety days ago. The stock market is at 5-year highs! Discover the best stocks to buy in today’s market. CLICK HERE for Your Stock Investor Cheat Sheet NOW! Earnings Trends: Here’s how America’s Car-mart has been performing on an annual basis: Fiscal Year 2009 2010 2011 2012 Revenue ($) in millions 299 339 379 430 Diluted EPS ($) 1.52 2.27 2.54 3.24 Next, our CHEAT SHEET investing framework asks us to drill down to the recent quarterly data: Quarter Apr. 30, 2012 Jul. 31, 2012 Oct. 31, 2012 Jan. 31, 2013 Revenue ($) in millions 113.48 110.00 110.22 118.92 Diluted EPS ($) 0.97 0.83 0.76 0.84 Past Performance: America’s Car-mart has beat analyst estimates 2 times in the past four quarters. This is not consistent enough to get bullish yet. “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our successful CHEAT SHEET investing framework. Don’t waste another minute – click here to discover our CHEAT SHEET stock picks now! (Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com) Read the original article from Wall St. Cheat Sheet

The Children’s Place Retail Stores (NASDAQ:PLCE) will report earnings before markets open on Thursday, May 23rd. The Children’s Place Retail Stores, Inc. retails value-priced apparel and accessories for newborn to 12 year old children. The Company designs, contracts to manufacture, and sells its products under The Children’s Place brand name. The Children’s Place operates stores primarily located in regional shopping malls in the eastern half of the United States. Here is your Cheat Sheet to The Children’s Place Retail Stores Earnings: Earnings Expectations: Analysts expect earnings of $0.61 per share on revenues of $416.58 million. Currently, the company’s P/E ratio stands at 19.47. Analyst Trends: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.55 to a loss $0.6. For the current year, the average estimate is a profit of $3, which is worse than the estimate ninety days ago. The stock market is at 5-year highs! Discover the best stocks to buy in today’s market. CLICK HERE for Your Stock Investor Cheat Sheet NOW! Earnings Trends: Here’s how The Children’s Place Retail Stores has been performing on an annual basis: Fiscal Year 2009 2010 2011 2012 2013 Revenue ($) in millions 1,630 1,644 1,674 1,716 1,809 Diluted EPS ($) 2.79 3.08 3.03 3.01 2.61 Next, our CHEAT SHEET investing framework asks us to drill down to the recent quarterly data: Quarter Apr. 30, 2012 Jul. 31, 2012 Oct. 31, 2012 Jan. 31, 2013 Revenue ($) in millions 438.51 360.83 500.93 509.22 Diluted EPS ($) 0.96 -0.74 1.44 0.80 Past Performance: The Children’s Place Retail Stores has beat analyst estimates 3 times in the past four quarters. Shareholders could expect a boost if the company beats estimates. “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our successful CHEAT SHEET investing framework. Don’t waste another minute – click here to discover our CHEAT SHEET stock picks now! (Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com) Read the original article from Wall St. Cheat Sheet

Campbell Soup Co (NYSE:CPB) recently reported its third quarter earnings and discussed the following topics in its earnings conference call. Baking Side Jason English – Goldman Sachs: I wanted to focus on the rest of your business, aside from Soup. I think you’ve addressed some of the weakness in Beverages and Foodservice. I want to focus on the Baking side of the business. Top lines look great, but year-to-date, there’s been no bottom line growth. Can you help us understand some the drivers of the margin weakness there? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! B. Craig Owens – SVP, CFO and CAO: Yeah, in the Global Baking and Snacking segment, we have continued to cycle, if you’ll recall, last year, we had a very difficult year in Australia, we essentially reset trade spending levels in that market and through the first three quarters of this year, we have been cycling against that reduction and against lower gross margins. The Pepperidge business has performed at a stronger rate than that, through the first three quarters and we are, I guess we’re probably about flat in gross margin at Pepperidge through the first three quarters of the year. Jason English – Goldman Sachs: When are you done cycling that Australian trade spend adjustment and also, if you could comment a little bit onto the wheat cost, where your inflation numbers sit and what the outlook is going forward? B. Craig Owens – SVP, CFO and CAO: Yeah, so we should finish cycling the Australian trade adjustment in the fourth quarter, and if you look at the inflation forecast, this year of course has been a tough one on flours and grains, particularly in the early part of the year. I think, as we look forward, we would expect, although it’s a little early to tell, in terms of timing of crops and what not, we would expect a more normal inflation rate in those businesses next year. Gross Margins Andrew Lazar – Barclays Capital: I guess in Campbell’s base business excluding Bolthouse perhaps if I am doing the math right, maybe the gross margin was still down a bit in the quarter despite a really strong obviously top line performance from the high-margin Soup business. Final part of, that is obviously, trends in Beverages and Foodservice, but trying to get a bit of additional color maybe on the magnitude of gross margins and the change in the Soup and Simple Meals segment. Just to give us some comfort that the operating leverage that one would expect from that type of sales growth in Soup was what we had expected to be or wasn’t compromised in any way. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! B. Craig Owens – SVP, CFO and CAO: Yes. So gross margin on Soup and Simple Meals did show the positive impact of a leverage that you should be looking for, we don’t disclose precisely but it was up over 150 basis points in the quarter. You’re right, the things that were depressing the gross margin ex-Bolthouse would have been NAFs and U.S. Beverage both of which had pretty significant declines in both and gross margin largely related to increased promotional spend. Read the original article from Wall St. Cheat Sheet

JA Solar Holdings Co., ADR (NASDAQ:JASO) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Shipments to Japan Brandon Heiken – Credit Suisse: This is Brandon Heiken speaking on behalf of Satra Kumar. I was wondering for, one, if you could talk about the shipments to Japan. Do you think a more sustainable level or was this the result of say one large order of shipment? Then I have a follow-up if, I may please? Jian Xie – COO: I think our shipment to Japan is sustainable and we have ability – the market over the past two years and this year we had a very good result in Japanese market and the result for the future will continue to be very strong. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Brandon Heiken – Credit Suisse: I know you guys have been working on some project development activity. Can you give an update maybe on the projects megawatts that you expect for the year? If you could give maybe a longer-term outlook up for that as well, please? Jian Xie – COO: So most our projects that developed this year are at early stages. So in total, I think we’re at around the 50 to 100 megawatts will be installed this year. So the profit I think will be a small part of our total like margin. Brandon Heiken – Credit Suisse: If I may ask one more; can you talk about your progress on cost reductions for the year, what you foresee for reducing your cost and if you could talk about what your costs were for the first quarter, please? Jian Xie – COO: I think our cost reduction effort has been materialized in Q1. Compared to the Q4, our costs (indiscernible) still reduce $0.04 on average and we will continue to do a cost reduction (for full years). Brandon Heiken – Credit Suisse: How much do you expect the cost to come down this year for …? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Jian Xie – COO: Our target by end of the year that processing cost is $0.46. Brandon Heiken – Credit Suisse: So that’s for non… Jian Xie – COO: End of the year. Processing cost, our non-silicon processing cost. Brandon Heiken – Credit Suisse: Okay. For the margin, okay? Jian Xie – COO: Yes. Brandon Heiken – Credit Suisse: What is it in the first quarter? Bill Chen – VP of Strategic Development: In Q1, it’s $0.52. Average Selling Price Outlook Edwin Mok – Needham & Company LLC: First question is on your average selling price. How much of that increased sequentially from the fourth quarter to first quarter? How do you expect your average selling price to trend as again in the second quarter and the rest of the year? Bill Chen – VP of Strategic Development: I think our ASP has been increased for at least ($0.03) on a sequential basis. On an annual basis, I think that we’ll continue this trend. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Jian Xie – COO: In Q1, our ASP is about ($0.54) for module and the last quarter it’s $0.61; so less (indiscernible) improvement and we speculate further stabilization of our ASP this year. Edwin Mok – Needham & Company LLC: (I’d say) the (NASDAQ:CELL) increased by similar amount or so? Jian Xie – COO: The same percentage. Edwin Mok – Needham & Company LLC: In the first quarter, how much of your revenue came from module? Can you give us that break out? Jian Xie – COO: I have 60% revenue come from module sales. Edwin Mok – Needham & Company LLC: Did you say 50? Jian Xie – COO: 60%. Edwin Mok – Needham & Company LLC: Then can I ask you – when I look at your guidance, you got – if I just take your guidance range during the second quarter and then I take

Vodafone Group PLC (NASDAQ:VOD) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call. Dividend Announcement Timing William Power – Robert W. Baird: So I guess the first question is, I’d be interested in any commentary you could provide around the timing of the latest dividend announcement. Is this something we perhaps expect to occur twice a year going forward? What was the principal driver, I guess, around the timing of the latest dividend from Verizon? The second question, I guess I’d be interested in any commentary you can provide on the competitive environment. In Germany the subscriber growth has been under some pressure there the last couple of quarters. What’s the opportunity to turn things around in that market? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Andy Halford – CFO: So two questions; the Verizon Wireless dividend timing. I think Verizon have always said that they would be good custodians of the cash in the Verizon Wireless business, i.e., they would not let it accumulate unnecessarily, and clearly the cash balance was starting to rise. So hence why the dividend has come out now. I guess it is a little bit nearer to the last dividend in time terms, which itself was closer to the one before. So the frequency has slightly increased, but underlying the key thing, I think, really is the business continues to generate roughly 1.25 billion of cash per month. Clearly, Verizon are keen that what is not needed in the business will be returned to shareholders, and we were very happy to receive our share of the $7 billion, will be (indiscernible) when it arrives next month. Germany; market there I think is still reasonably robust. Clearly, we have got a very significant presence in the mobile space, and it is that one market in Europe where we pressed on with LTE the earliest of any of our markets, and we’re gaining of good traction on that front. So, I think a combination of pressing on with LTA, the Red price plans and propositions that are going into the market, and also Germany pushing very hard now on smartphones that probably have or had a lower proportion based on smartphones than some of our other big markets, but are now catching up on the front. So, I think as we look forward, hopefully all of those will start to bear fruit. United Kingdom Analysis Allan Nichols – Morningstar: On Cable & Wireless Worldwide, you talked about that it was significant increase for Northern and Central Europe, but it didn’t seem to have much of an impact on the U.K. which was a little surprising, 40% of their business is in the U.K. Can you talk about why that wasn’t there and what are the weaknesses in the U.K. that caused the numbers to be down so much there? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Andy Halford – CFO: First of all, Allan, remember that we only bought Cable and Wireless part way through the year. So, we have got sort of a part year contribution for it from the business. Secondly, when we do the organic calculations, we will exclude businesses that have not been with us for both the current and the previous years and hence Cable & Wireless is excluded from the organic growth calculations. But overall, Cable & Wireless is not as we expected it, so in terms of its ongoing revenues and profitability, it is very much in line with its recent past. What has been, I think, encouraging is the process of integrating it and spending some money to get its network more integrated is progressing well, and we remain very confident of the commitment to get GBP150 million to GBP200 million pounds of cash synergy out of the business in the next three years or so remains very much on track. Read the original article from Wall St. Cheat Sheet

Urban Outfitters (NASDAQ:URBN) recently reported its first quarter earnings and discussed the following topics in its earnings conference call. Investment Details Kimberly Greenberger – Morgan Stanley: I wanted to ask about some of the investments that you’re making here in 2013, and we’re assuming that there’ll be ongoing investments continuing into 2014. Could you just help us understand in sort of large buckets to the extent that you can, which items – what kind of capital projects are you looking to invest in, and where do you see the biggest bang for the buck in terms of allocating some incremental SG&A dollars to your budget, either where have you started to see that as you’ve been spending more money there and where do you expect to see it in the future? NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Richard A. Hayne – Chairman, President and CEO: Kimberly, I’m going to take a shot at and let Frank come in and probably finish. I think the two main buckets that I look at is in merchandising and designs and that’s talent; and the second one is around marketing and marketing both hard and soft. So, hard marketing is the segmentation personalization and data analytics that we discussed and soft marketing is around content and how to – a perfect example of that is the investment we made in FP Me, the Free People Brand. And so those are the main areas that I think are going drive the most incremental business to the direct channel. Of course, we’re still driving a lot of business in the bricks and mortar side by investing in retail stores. So those of the primary areas. And I know we’re doing a lot in the area of technology but we’re also doing a lot in the home office and that actually may consume more capital dollars. Frank, do you have any further thing to say about that? Frank J. Conforti – CFO: No, Dick is correct in that the majority of our SG&A spend is more around headcount and marketing initiatives. So, it’s headcount that support the marketing initiatives around customer analytics, data segmentation and other marketing initiatives, more so than any capital itself. The technology piece that rolls into SG&A is capital and that’s around initiatives here to support different functionality on our website. We are we are launching a Free People app this year as well as other mobile enhancements within any other brand of business and technology spends will hit the capital spend and depreciation for the year. Progress Outlook Janet Kloppenburg – JJK Research: First, Dick, I was wondering if you could talk a little bit about Urban Outfitters and how you saw their progress in the first quarter and what we could look forward to for that brand, some of the new initiatives there for fiscal ’14? And Frank, I wondered if you would give us a little hint on SG&A in the second quarter because the first quarter came in a little light to the original indications you had given us and I was thinking a high-teen bump-up in SG&A for the second quarter. Just wanted to see if that has remained consistent. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Richard A. Hayne – Chairman, President and CEO: Well Janet, I’m going to let Ted Marlow talk about Urban, since he is right here and he is much closer to it than I. Ted? Tedford Marlow – CEO, Urban Outfitters Group: In regard to the Urban brand in the quarter, the focus really for – our key focus over the past year, as you know, has been distorting our opportunity through direct-to-consumer. We’ve realized a very strong quarter, both in the North America and European market and direct. While our North American and European retail businesses did treat us positively, the distortion of the business really was on the direct side. We’ve been drivin

AutoZone (NYSE:AZO) recently reported its third quarter earnings and discussed the following topics in its earnings conference call. Commercial Program Alan Rifkin – Barclays Capital: A couple of questions if I may. First, on the commercial program, can you maybe give a little bit of color on what the productivity levels are for the programs that are under three years old, since it’s such a significant portion compared to the more mature programs? Then, I have a follow-up. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! William C. Rhodes, III – Chairman, President and CEO: Yeah Alan, I don’t want to get into too many specifics on it, but clearly they’re much less mature and they come out significantly below the existing programs. The other thing that I think is important and I’m not sure everybody understands, is as those programs open many times, probably most of the time, the also cannibalize the existing programs. So, some of the growth in the productivity of the commercial programs right now is muted, because we do have those 900 stores that over the last three years have done some cannibalization of the existing programs. At the end of the day, we’re not meeting our aspiration, but the underlying performance of the new programs and the existing programs when you take everything into account, we’re generally pleased with it. Alan Rifkin – Barclays Capital: So, for the select group of markets Bill, like the west, where you said was better, and let’s say the southeast where weather really was not an impact, those markets collectively performed on your plan? William C. Rhodes, III – Chairman, President and CEO: I think, for the first two-thirds of this quarter, I would say they were generally aligned with where our expectations were. In the last third of the quarter, frankly the Northeast and Midwest is where we really saw very strong performance as they rebounded in a significant way… Alan Rifkin – Barclays Capital: Then just lastly real quick the 82 expanded hubs, I mean any sort of color as to how much more productive these hubs are and do you ultimately plan to expand every single one of the 154? William C. Rhodes, III – Chairman, President and CEO: Our objective is to expand all the 154. Obviously we made great progress so far in getting 82 open in less than three years, 82 expanded or relocated in less than three years. As we get farther down the cycle, because these are real estate deals, we have done the easy ones, now we have more complicated ones ahead. So the pace will likely slow. As for how they are performing, this is the first time that we have ever deployed capital really for our hub stores. If you think originally all we did was take existing space that was there and leverage it to put the product assortments. So the easiest way for me to show you that they are meeting our expectations is we continue to make real estate acquisitions and build buildings because they’re exceeding our expectations – meeting or exceeding our expectations, so we are pretty pleased with them. NEW! Discover a new stock idea each week for less than the cost of 1 trade. CLICK HERE for your Weekly Stock Cheat Sheets NOW! Weather Impacts Simeon Gutman – Credit Suisse: It’s Simeon Gutman for Gary. Two questions, first Bill Rhodes, you talked a lot about the regionality and so I think that kind of helps explain some of I guess cyclical versus secular arguments. Is there anything else you can point to be at age of vehicles or other factoids that they kind of point to that this I guess a year ago’s downturn was more cyclical? William C. Rhodes, III – Chairman, President and CEO: Yeah, I think we’re going to stick with what we said for the last year. This isn’t a new story. I think the last three calls we talked about the fact that we thoug