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2718249.0_2_0 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 0 | guidance_outlook | management | market and investment banking outlook | outlook. And to be sure, it's not as if we're super optimistic. But it's important to note that part of the issue here is how quickly things change in 2022, specifically with respect to rates as that affects the debt business and valuations as it affects M&A and DCM as well. And one of the sort of necessary conditions ... |
2718249.0_2_1 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 1 | qa | analyst_and_management | Basel III finalization and capital requirements | That's really helpful color. And just for my follow-up on finalization of Basel III. Sorry, Jeremy, I couldn't help myself here. But in [ Bar's ] December speech, you strongly hinted at capital requirements moving higher for you and peers. You also alluded in your comments or in response to one of the questions that th... |
2718249.0_2_2 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 2 | qa | analyst_and_management | securities book management and yield curve outlook | The next question is coming from the line of Matthew O'Connor from Deutsche Bank. How do you guys think of the managing of the securities book, given the outlook of lower deposit? Obviously, the yield curve is quite inverted depending on what part you're looking at or most part, frankly. And at the same time, the secur... |
2718249.0_2_3 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 3 | qa | analyst_and_management | credit quality and reserve builds | The final question is coming from the line of Andrew Lim from Societe Generale. So the first one on credit quality, thanks for giving us commentary on the shape of NCOs, I guess, specifically for credit cards topping out at the end of this year. Could you give us a bit more color on how reserve builds should shape out ... |
2718249.0_2_4 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 4 | qa | analyst_and_management | net interest income outlook | Sure. Okay. Let's drill down into NII then. I just want to square a few comments you made there, Jeremy. So if I heard you correctly, I think you're still talking about sequential increases in NII, so I guess, looking towards like $20 billion plus for 1Q, maybe even 2Q. So I guess we're hitting about $40 billion for 1H... |
2718249.0_2_5 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 2 | 5 | closing | operator | call closing | We have no additional questions in queue. I would now like to hand the call back to Mr. Barnum. That's it. Thank you very much. Thank you very much. We'll talk to you all soon. That concludes today's conference. Thank you all for participating. You may disconnect at this time. |
411229.0_1_0 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 0 | qa | analyst_and_management | long-term care pricing and operational progress | over the course of the year. So we go into a relatively flat plan as we're looking out into 2013. But we're hopeful with what we saw in the fourth quarter that things can look pretty good there. Great. And then on long-term care? Yes, maybe we'll break it out into 2 pieces again, Suneet. And maybe, Kevin, just on opera... |
411229.0_1_1 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 1 | qa | management | long-term care loss ratio experience | Rick? Yes, if I could pick up on the long-term care question around experience, we saw that. You would have seen our loss ratio come in a little bit in the fourth quarter relative to the third. So we're certainly happy to see that. But as you see, our -- just under 90%, so we're back within our range of expectations ar... |
411229.0_1_2 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 2 | qa | analyst_and_management | long-term care premium split and regulatory treatment | Got it. And then just one quick follow-up on the long-term care, if I could. If I look at your block, I think it looks like maybe half of it in terms of premium is group LTC and the other half is individual, roughly. Just as you're going for these price increases, do the regulators look at individual versus group diffe... |
411229.0_1_3 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 3 | qa | analyst_and_management | economic improvement impact on U.S. business | Moving on, we have a question from Jay Gelb from Barclays Capital. I wanted to get your perspective on how an improvement in the economy and payrolls would essentially act as a tailwind to your overall business, particularly in U.S.? Kevin, you want to pick up on it? You spend a fair amount of time on that. Yes. Well, ... |
411229.0_1_4 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 4 | qa | analyst_and_management | U.K. business and runoff operations status | Okay. And then just to get your level of comfort in the U.K. business and the runoff operations, are things tracking according to plan there? Kevin, you want to pick up on that again? Also, I think, Jay, too, you remember we went through some of this before in the U.S. I think as we think about what's happening there, ... |
411229.0_1_5 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 5 | qa | analyst_and_management | U.S. segment discount rate impact and sales growth | And we'll go next to Yaron Kinar from Deutsche Bank. Can we start with the U.S. segment for a second? When I think of the 50-basis-point reduction in discount rate, I guess I was somewhat surprised to see group long-term disability new sales grow by 15% in the quarter with that. So any additional color you may be able ... |
411229.0_1_6 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 6 | qa | analyst_and_management | U.K. reinsurance program details | Okay. And then the U.K. segment, could you -- I'm sorry if I missed this, but can you provide a little more color on the reinsurance program? Does that -- you put on kind of the size or structure of it? Absolutely. Rick, you want to pick that one up? Yes, certainly. There's 2 elements to it. And as I mentioned, it's re... |
411229.0_1_7 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 7 | qa | analyst_and_management | RBC ratio and capital return philosophy | Got it. And if I could sneak in one more, the RBC ratio came down to kind of within the target range now. How should we think of the ability to return excess capital, with the target range kind of in -- being in the target range already? Rick? Certainly. When you look at where our RBC level is, we're within our target ... |
411229.0_1_8 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 8 | qa | analyst_and_management | discount rate change considerations | And we'll take a question from Randy Binner from FBR. Just one on the discount rate change. The -- we look at the 10-year and then credit spreads have been tighter too. And so the 10-year, I guess, is moving higher, credit spreads are still tight. But my question is, I mean, what would need to change in those metrics w... |
411229.0_1_9 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 9 | qa | analyst_and_management | Colonial benefit ratio and sales outlook | Okay, understood. And then on Colonial, I just kind of had a couple broad questions. And so it's really starting with the benefit ratio. I mean it came in kind of where we thought it would, maybe 52.5%. And that's been where we've been running, but it's higher than we were I guess in kind of '11 and looking back to '10... |
411229.0_1_10 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 10 | qa | analyst_and_management | large-case market sales growth and UnitedHealthcare partnership | Chris Giovanni from Goldman Sachs has our next question. I guess first question for Kevin. So we saw some good sales growth, a lot of it or all of it was really driven by the large-case market versus kind of your core market. I think some of this is driven by your partnership with UnitedHealthcare. But I guess how shou... |
411229.0_1_11 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 11 | qa | analyst_and_management | U.K. business stabilization and growth outlook | Okay. And then, Rick, you gave some pretty good insight in terms of the near- to intermediate-term strategy for the U.K. But I guess when do you expect we see that shift from stabilization to growth? Is that something we could see a year from now? Or could it take longer than that, just given the duration of some of th... |
411229.0_1_12 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 12 | qa | analyst_and_management | Dodd-Frank implications on hedging strategy | Okay, great. And then just one last quick one. I guess regarding your hedging strategy, curious if you can comment at all on any implications from Dodd-Frank around collateral requirements or if it causes you to increase your cash balances at all. Yes, certainly. We're looking at that. I mean there's one area in the bu... |
411229.0_1_13 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 13 | qa | analyst_and_management | Closed Block price increases and loss ratio outlook | And we'll hear next from Mark Hughes from SunTrust. With the price increases in the Closed Block coming in later in the year, is that going to lead to declining loss ratios? Rick, you want to talk just to the outlook for the Closed? So when you look at the Closed Block, and it's 2 different pieces. Our individual disab... |
411229.0_1_14 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 14 | qa | analyst_and_management | U.S. voluntary business growth outlook | Got you. And then the -- in voluntary within the U.S. business, that growth has decelerated a little bit. What's the outlook there? Kevin? We still look to grow at about sort of 150% to 200% of the marketplace, given our position, our ability to package products between voluntary lines and group lines. As you know, we ... |
411229.0_1_15 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 15 | qa | management | natural growth signs from existing customers | Then one final question. Have you started to see any movement in that natural growth, more people, higher wages with your existing customers? Not yet, not at least in any way that you can see flow through the numbers. I think there are good signs out there that employment may be sort of stabilizing, that this employmen... |
411229.0_1_16 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 16 | qa | analyst_and_management | earnings base and growth outlook for 2013 | [Operator Instructions] Our next question is from Steven Schwartz from Raymond James & Associates. A quickie first. Rick, earnings came in I think a little bit better than everybody was looking for. There were a few items here or there. What do you think -- what would be the base for the growth for 2013, I guess, in yo... |
411229.0_1_17 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 17 | qa | analyst_and_management | Unum UK reinsurance line and coverage | Okay, great. And then I want to go back to Unum UK, make sure I understand what is happening here. The reinsurance is on which line? The group life line, purely. It's purely the group life line. And it's 50% of the in force, is that correct? Or is it 50% of new business? Yes, that's correct. It's in force and new busin... |
411229.0_1_18 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 1 | 18 | qa | analyst_and_management | 4Q and 3Q 2012 normalized expense and reinsurance impact | Okay. And -- [Audio Gap] 4Q '12 and 3Q '12. In 3Q '12, you stated that you thought there was just some volatility, that the normalized number in pounds was still GBP 20 million to GBP 25 million. I understand from Tom -- so you reported about GBP 22 million. I understand from Tom, there was about a $5 million hit from ... |
411229.0_2_0 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 0 | qa | analyst_and_management | reinsurance and GBP 20-25 million range outlook | there. That would kind of get you to 26, 27, somewhere in that range. Are you still thinking that, that GBP 20 million to GBP 25 million is the range for this year? And if so, how does the reinsurance play into that, if it does at all? Yes, so the reinsurance we've incorporated in terms of our outlook, so when you thin... |
411229.0_2_1 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 1 | qa | analyst_and_management | Colonial business underwriting | Right. Sorry about that. And then on Colonial, I don't know if you answered this, how much of Colonial's business is individually underwritten versus group underwritten? Randy, you want to pick that up, just a little bit about your block of business? Yes, the vast majority of our business is still on an individual basi... |
411229.0_2_2 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 2 | qa | analyst_and_management | EBSA FAQ impact on group indemnity insurance | Okay. The reason why I ask that is that, Randy, you may or may not be aware that the EBSA came out with a FAQ regarding group indemnity insurance, and whether or not it would be exempt under ACA, certain types of products? I am familiar with that, yes. So it sounds to me like that doesn't affect you at all. But would i... |
411229.0_2_3 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 3 | qa | analyst_and_management | U.K. reinsurance transaction and risk transfer | Moving on, we'll hear from Mark Finkelstein from Evercore Partners. I also want to go back to the U.K. just to make sure I understand it. I guess the way I'll ask the question is I think, Rick, you opened it up as kind of -- describing it as smoothing. And I guess my question is, is the ultimate loss content unchanged ... |
411229.0_2_4 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 4 | qa | analyst_and_management | Group life and disability product relationship in U.K. | Okay. Yes, I got on late. I apologize if I misinterpreted you. I guess the other question I was thinking about is just looking at the persistency of group life and the sales levels of group life in the U.K., how tied is the group life product to disability in the U.K. market? And how cognizant do you have to be in term... |
411229.0_2_5 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 5 | qa | analyst_and_management | U.K. reinsurance volatility and earnings impact | We'll go next to Jeff Schuman from KBW. I'm sorry to do this, but I think I'm going to come back to the U.K. for the ninth time. And it's probably been well explained, but I didn't quite follow it. I guess what I think I'm hearing is that you're ceding a significant amount of the volatility and you're ceding some of th... |
411229.0_2_6 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 6 | qa | analyst_and_management | Reinsurer participation in profits and upside | Okay. So at this point, they're participating in the modest level of profits, which is not much of a give-up. But then going forward, they would also participate in some of the upside, is that... That's correct. That's correct. And so as we go through these repricing actions, we have to factor that in. |
411229.0_2_7 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 7 | qa | analyst_and_management | U.S. corporate America employment market strength | Okay. And then one kind of high-level question. I think I heard Kevin say that -- Kevin was asked a couple questions about kind of U.S. corporate America and the employer situation. And it sounds like you're not necessarily yet seeing a lot of emerging strength. Thinking back a few quarters, I think, at one point last ... |
411229.0_2_8 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 8 | qa | analyst_and_management | LTC earnings improvement timeline and rate increase process | Our next question is from Seth Weiss from Bank of America Merrill Lynch. A quick question on the LTC. I was just a little bit confused by recent remarks that the improvements in earnings would be gradual over time. I thought you had mentioned earlier in the call that you're 60% of the way through this process and that ... |
411229.0_2_9 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 9 | qa | analyst_and_management | LTC repricing cycle duration | Okay, great. And if we think about this cycle of how long it takes to reprice the book, is it 2 to 3 years? Is that a fair sort of assessment when we start thinking about late 2013 as a starting point? About 2 years, I would say, 2013 into 2014, and then you start to see the emergence following that. But I think it's g... |
411229.0_2_10 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 10 | qa | analyst_and_management | Capital excess level and macro triggers | Okay, great. Very clear. And just one high-level question on capital. You've been pretty consistent about signaling $500 million next year. I don't know if that will still have a pretty nice cash cushion. When we think going forward, what's the main trigger in terms of bringing that down? I believe you said macro event... |
411229.0_2_11 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 11 | qa | analyst_and_management | Tax rate and corporate earnings guidance | And that last question will come from Sean Dargan from Macquarie. Most of my questions have been asked and answered. But just when I look at the tax rate and the corporate earnings relative to where our model was, it seems that the corporate loss was higher, but the consolidated effective tax rate was lower. Should we ... |
411229.0_2_12 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 12 | closing | management | call closing remarks | Thank you, Sean. And I know it's been a busy morning for many of you. So thank you for taking time to join us on this morning's call. This will complete our fourth quarter 2012 earnings call. Thank you. |
411229.0_2_13 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 2 | 13 | noise | operator | conference closing | And that does conclude our conference for today. Thank you all for your participation. |
2718249.0_1_0 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 0 | segment_discussion | management | commercial real estate lending and credit assumptions | then just the overall backdrop today. Sure. Let me just do CRE quickly, Ebrahim. As you know, our sort of multifamily commercial term lending business is really quite different from the classic office type business. Our office portfolio is very small, Class A, best developers, best locations. So the vast majority of th... |
2718249.0_1_1 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 1 | management_discussion | management | risk weighted assets and capital optimization | Noted. And I guess just as a follow-up on you've managed RWA growth pretty well when you look at like loan growth year-over-year versus RWA, stayed relatively flat. As we think about just managing capital, how should we think about the evolution of RWA? Are there still opportunities to optimize that going into whatever... |
2718249.0_1_2 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 2 | qa | analyst_and_management | levered loans market and bank balance sheets | The next question is coming from the line of Glenn Schorr from Evercore ISI. I'm curious, I want to talk levered loans for a second. You've done a good job avoiding some of these -- put on these loans for the like the better half of the last half year. So good call on your part. Things have gotten a lot cheaper. Howeve... |
2718249.0_1_3 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 3 | qa | analyst_and_management | competitive landscape in higher rate environment | Interesting. So maybe a bit [ lasting ], more so. Okay. Maybe, Jamie, while we have you. In the last annual letter, you talked about low competitive moats and intense competition from all angles, not just fintech. And I was just trying to think out loud. Is that better or worse, that competitive landscape in a much hig... |
2718249.0_1_4 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 4 | qa | analyst_and_management | payments business equity write-downs and private equity risks | The next question is coming from the line of Gerard Cassidy from RBC Capital Markets. Jeremy, you mentioned in your payments business that if you took out the equity investment write-downs, the growth was over 50%. Can you share with us on the equity write-downs -- obviously, private equity is going through some challe... |
2718249.0_1_5 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 5 | qa | analyst_and_management | loan loss reserve buildup and Shared National Credit exam | Great. And then as a follow-up question, you guys did a good job building up that loan loss reserve this quarter. Two questions to that. First, the Shared National Credit exam results are always released in February. Does the reserve buildup takes some of that into account? And second, how much of the reserve build was... |
2718249.0_1_6 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 6 | qa | analyst_and_management | RWA mitigation efforts and income statement effects | The next question is coming from the line of Ken Usdin from Jefferies. I'm just wondering if you can help us understand the ongoing efforts on your mitigation for the RWAs in advance of all the points we've made already about the pending capital regime. How do we -- can you help us understand what type of effects that ... |
2718249.0_1_7 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 7 | qa | analyst_and_management | loan loss reserve and unemployment rate scenarios | Okay. And then on the -- one follow-up, just coming back to the reserving process. Can you just help us understand relative to the 5% peak in 3Q that you gave for your unemployment rate quarterly average in the 3.9 average baseline, just where does this fourth quarter reserve get you to? And does that rule of thumb tha... |
2718249.0_1_8 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 8 | qa | analyst_and_management | expense management and operating leverage | The next question is coming from the line of Betsy Graseck from Morgan Stanley. I wanted to understand a little bit about how you're thinking about managing the expense line as you go through this year. I know we talked already about how it's hard to predict NII. Obviously, markets has pushes and pulls. Can you help us... |
2718249.0_1_9 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 9 | qa | analyst_and_management | capital charges and operating leverage debate | Okay. And part of the reason for asking is one of the debate points on JPMorgan stock has been around the capital charges, the capital march, and will capital be a bigger burden for you to bear as we go through the next couple of years? As you deliver on the positive operating leverage side, it gives you room to absorb... |
2718249.0_1_10 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 10 | qa | analyst_and_management | financial discipline and acquisition strategy | The next question is coming from the line of Mike Mayo from Wells Fargo Securities. I recognize you're evolving your business model and you're spending money to make more money and that your track record last decade was strong there. But as it relates to the Frank acquisition that's been in the news, I'm just wondering... |
2718249.0_1_11 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 11 | qa | analyst_and_management | organic growth and payments business investment responsibility | Let me follow up on that. So that relates to the inorganic growth. As it relates to the organic growth, such as in the Payments business, which I know is a focus that cuts across a lot of different business lines. So as you invest more in Payments, which is -- can be a 20 or 30 PE business, which could be great if you ... |
2718249.0_1_12 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 12 | qa | analyst_and_management | expense growth and expected returns on investments | And then last follow-up to my first start, the general comment. I mean this is the third year in a row of about $5 billion of expense growth, and you have Slide 11 there. But -- I mean, that's a lot of certain front-loaded expenses for less certain back-ended benefits. How is your comfort level that you're going to see... |
2718249.0_1_13 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 1 | 13 | qa | analyst_and_management | investment banking and trading outlook | Next question is coming from the line of Steve Chubak from Wolfe Research. So I wanted to start off with a question on the outlook for trading in the Investment Banking businesses. Just Jeremy, given the strong pipelines you cited, I was hoping you can provide some additional color just in terms of what you're hearing ... |
411229.0_0_0 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 0 | noise | operator | operator logistics | Good day, everyone, and welcome to the Unum Group Fourth Quarter 2012 Earnings Results Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to the Senior Vice President, Investor Relations, Mr. Tom White. Please go ahead. |
411229.0_0_1 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 1 | introduction | investor_relations | opening remarks and introductions | Great. Thank you, Kim. Good morning, everyone, and welcome to the fourth quarter 2012 analyst and investor conference call for Unum. Our remarks this morning will include forward-looking statements, which are statements that are not of current or historical fact. As a result, actual results might differ materially from... |
411229.0_0_2 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 2 | management_discussion | management | company performance overview | Thank you, Tom, and good morning, everybody. Our fourth quarter was another solid one with operating earnings per share growth of 5.1%, and for the full year, our earnings per share grew 5.7%. This represents the seventh consecutive year of operating earnings per share growth at the company. In the fourth quarter, we s... |
411229.0_0_3 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 3 | financial_review | management | operating results overview | Great. Thank you, Tom. As you can see from our press release yesterday afternoon, we reported net income of $233.9 million for the fourth quarter of 2012 or $0.85 per diluted common share compared to a net loss in the year-ago quarter of $369 million or $1.26 per diluted common share. Included in net income for the fou... |
411229.0_0_4 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 4 | management_discussion | management | profit trends and growth analysis | Great. Thank you, Tom, and good morning, everyone. This morning, I'll cover the profit trends we experienced in our business segments this quarter, a little more detail on our growth trends, and I'll also update you on our investment results and capital position. First, on operating results in the fourth quarter, our U... |
411229.0_0_5 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 5 | financial_review | management | sales and growth trends | Now I'd like to move to discussion of our sales and growth trends, beginning with Unum US. We continue to be pleased with our sales results, with a 4.8% growth in overall sales in the fourth quarter and 7.5% for the full year. This quarter, sales growth was a bit more skewed to the large-case market, where we remain di... |
411229.0_0_6 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 6 | financial_review | management | balance sheet and investment portfolio | Moving on to the balance sheet and the investment portfolio, there is little change to our recent trends of strong credit quality in the midst of a challenging environment for new money yields. This is due to the low level of interest rates as well as tight corporate bond spreads. On credit quality, the net unrealized ... |
411229.0_0_7 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 7 | financial_review | management | capital position | Now moving on to our capital position, which closed the year in a very strong position. As we've discussed in the past, the important driver is statutory net income, which totaled $188 million for our traditional U.S. life insurance company in the fourth quarter and $625 million for the full year. This performance help... |
411229.0_0_8 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 8 | guidance_outlook | management | 2013 earnings outlook | And finally, in closing, we remain consistent with the overall outlook we introduced at our December meeting, as we anticipate growth in operating earnings per share for 2013 to be within the range of 0% to 6%. |
411229.0_0_9 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 9 | closing | management | closing remarks before Q&A | Thanks, Rick. As we move to your questions, I'll close by reiterating what I said earlier. We are generally pleased with our financial and operating results this quarter and for the full year of 2012. Unum US and Colonial Life continue to generate strong results in the quarter, while the results in Unum UK and the Clos... |
411229.0_0_10 | 411,229 | Unum Group | Unum Group, Q4 2012 Earnings Call, Feb 06, 2013 | 2013-02-06T00:00:00 | 0 | 10 | qa | analyst_and_management | U.K. and long-term care business questions | Our first question today is from Suneet Kamath from UBS. So I wanted to focus on the U.K. and the long-term care business which surprised relative to what we were expecting. So I was just wondering if you could comment on 2 things. First, in terms of the U.K. and LTC, how much of the better-than-expected claims experie... |
1154858.0_1_0 | 1,154,858 | Revolution Lighting Technologies, Inc. | Revolution Lighting Technologies, Inc., Q4 2016 Earnings Call, Mar 09, 2017 | 2017-03-09T00:00:00 | 1 | 0 | management_discussion | management | LED technology and controls importance | and I mentioned it briefly in my introduction, controls are going to become a much more important differentiator going forward. Not only is the customer now educated in what LEDs can do in reducing his energy cost by 60%, reducing his maintenance cost, extending the life of the product from 2 to 3 years to 8 or 9 years... |
1154858.0_1_2 | 1,154,858 | Revolution Lighting Technologies, Inc. | Revolution Lighting Technologies, Inc., Q4 2016 Earnings Call, Mar 09, 2017 | 2017-03-09T00:00:00 | 1 | 2 | qa | analyst_and_management | Navy PIN number and bidding process | Our next question comes from Lisa Thompson of Zacks Investment Research. I have a couple of them. First off, on the Navy, you say you're waiting for a PIN number. Does that mean that you're sitting with a bunch of proposals on your desk that just need to fill in a number and then you send it out for bidding? Well, I do... |
1154858.0_1_3 | 1,154,858 | Revolution Lighting Technologies, Inc. | Revolution Lighting Technologies, Inc., Q4 2016 Earnings Call, Mar 09, 2017 | 2017-03-09T00:00:00 | 1 | 3 | qa | analyst_and_management | Buy America program and compliance | Okay, great. Now could talk a little bit about this Buy America program that you got? I don't know what is that certified for, you have products in. Talk about where that is applicable and what that means going forward. In order to comply with U.S. government procurement regulations, many of the procurements have Buy A... |
1154858.0_1_4 | 1,154,858 | Revolution Lighting Technologies, Inc. | Revolution Lighting Technologies, Inc., Q4 2016 Earnings Call, Mar 09, 2017 | 2017-03-09T00:00:00 | 1 | 4 | closing | management | closing remarks and outlook | Well, thanks very much for participating in the call. I think you've got from our enthusiasm that we like where we are, we like our company's position, we like the space and we look forward to having a very, very good 2017, positive cash flow, good gross margins, good organic growth. And we look forward to talking to y... |
1154858.0_1_5 | 1,154,858 | Revolution Lighting Technologies, Inc. | Revolution Lighting Technologies, Inc., Q4 2016 Earnings Call, Mar 09, 2017 | 2017-03-09T00:00:00 | 1 | 5 | noise | operator | conference conclusion | The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. |
2730049.0_2_0 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 2 | 0 | management_discussion | management | industry transition and competitive positioning | up. And we've seen quite a few emerging suppliers in the EV, e-mobility space really struggled the last 12 months with deliveries or profitability. Do you see some of the dynamics driving OEM conversations back to you and traditional suppliers as we start looking ahead to some of these key dates and trying to adopt mor... |
2730049.0_2_1 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 2 | 1 | closing | management | closing remarks | At this time, I'd like to turn the floor back over to Mr. Clulow for closing comments. Thank you all for your participation today. That concludes our teleconference. I really appreciate the interest. And as always, the Investor Relations team will be available for questions after the call this afternoon. Take care. |
2730049.0_2_2 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 2 | 2 | noise | operator | call closing instructions | Ladies and gentlemen, thank you for your participation and interest in today's conference. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day. |
2718249.0_0_0 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 0 | noise | operator | operator logistics | Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's Fourth Quarter 2022 Earnings Call. This call is being recorded. [Operator Instructions] We will now go live to the presentation. Please stand by. At this time, I would like to turn the call over to JPMorgan Chase's Chairman and CEO, Jamie Dimon; and Chief ... |
2718249.0_0_1 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 1 | introduction | management | opening remarks | Thank you very much. Good morning, everyone. The presentation is available on our website, and please refer to the disclaimer on the back. Starting on Page 1. |
2718249.0_0_2 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 2 | financial_review | management | quarterly financial results overview | The firm reported net income of $11 billion, EPS of $3.57, on revenue of $35.6 billion and delivered an ROTCE of 20%. This quarter, we had 2 significant items in Corporate, a $914 million gain on the sale of Visa B shares, offset by $874 million of net investment securities loss. Touching on a few highlights. Combined ... |
2718249.0_0_3 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 3 | financial_review | management | fourth quarter detailed results | On Page 2, we have more on our fourth quarter results. Revenue of $35.6 billion was up $5.2 billion or 17% year-on-year. NII ex Markets was up $8.4 billion or 72% driven by higher rates. NIR ex Markets was down $3.5 billion or 26%, predominantly driven by lower IB fees as well as management and performance fees in AWM,... |
2718249.0_0_4 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 4 | financial_review | management | full year financial results | Looking at the full year results on Page 3. The firm reported net income of $37.7 billion, EPS of $12.09 and record revenue of $132.3 billion, and we delivered an ROTCE of 18%. |
2718249.0_0_5 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 5 | financial_review | management | balance sheet and capital | On the balance sheet and capital on Page 4, we ended the quarter with a CET1 ratio of 13.2%, up 70 basis points, primarily driven by the benefit of net income, including the sale of Visa B shares less distributions, AOCI gains and lower RWA. RWA declined approximately $20 billion quarter-on-quarter, reflecting lower RW... |
2718249.0_0_6 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 6 | management_discussion | management | business overview and consumer health | Now let's go to our businesses, starting on Page 5. Starting with a quick update on the health of U.S. consumers and small businesses based on our data. They are generally on solid footing, although sentiment for both reflects recessionary concerns not yet fully reflected in our data. Combined debit and credit spend is... |
2718249.0_0_7 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 7 | financial_review | management | Banking & Wealth Management financials | Now moving to financial results. This quarter, CCB reported net income of $4.5 billion on revenue of $15.8 billion, which was up 29% year-on-year. You'll notice in our presentation that we renamed Consumer & Business Banking to Banking & Wealth Management. Starting there, revenue was up 56% year-on-year, driven by high... |
2718249.0_0_8 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 8 | financial_review | management | Card Services & Auto financials | Moving to Card Services & Auto. Revenue was up 12% year-on-year, predominantly driven by higher card services NII on higher revolving balances, partially offset by lower Auto lease income. Card outstandings were up 19%. Total revolving balances were up 20%, and we are now back to pre-pandemic levels. However, revolving... |
2718249.0_0_9 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 9 | financial_review | management | Corporate & Investment Bank financials | Next, the CIB on Page 6. CIB reported net income of $3.3 billion on revenue of $10.5 billion for the fourth quarter. Investment Banking revenue of $1.4 billion was down 57% year-on-year. IB fees were down 58%, in line with the market. In Advisory, fees were down 53%, reflecting lower announced activity earlier in the y... |
2718249.0_0_10 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 10 | financial_review | management | Commercial Bank financials | Moving to the Commercial Bank on Page 7. Commercial Banking reported net income of $1.4 billion. Record revenue of $3.4 billion was up 30% year-on-year, driven by higher deposit margins, partially offset by lower investment banking revenue and deposit-related fees. Gross Investment Banking revenue of $700 million was d... |
2718249.0_0_11 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 11 | financial_review | management | Asset & Wealth Management financials | Then to complete our lines of business, AWM on Page 8. Asset & Wealth Management reported net income of $1.1 billion with pretax margin of 33%. Revenue of $4.6 billion was up 3% year-on-year, driven by higher deposit margins and lower balances, predominantly offset by reductions in management and performance and placem... |
2718249.0_0_12 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 12 | financial_review | management | Corporate segment financials | Turning to Corporate on Page 9. Corporate reported a net gain of $581 million. Revenue of $1.2 billion was up $1.7 billion year-on-year. NII was $1.3 billion, up $2 billion year-on-year, due to the impact of higher rates. NIR was a loss of $115 million and reflects the 2 significant items I mentioned earlier. And expen... |
2718249.0_0_13 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 13 | guidance_outlook | management | 2023 net interest income outlook | With that, let's pivot to the outlook for 2023, which I will cover over the next few pages, starting with NII on Page 10, while I take a sip of water. Okay. We expect total NII to be approximately $73 billion and NII ex Markets to be approximately $74 billion. On the page, we show how the significant increases in quart... |
2718249.0_0_14 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 14 | guidance_outlook | management | 2023 expense outlook | Now turning to expenses on Page 11. We expect 2023 adjusted expense to be about $81 billion, which includes approximately $500 million from the higher FDIC assessment. Going through some of the other drivers. We expect increases from labor inflation, which, while it seems to be abating on a forward-looking basis, is ef... |
2718249.0_0_15 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 15 | guidance_outlook | management | 2023 credit outlook | Moving to credit on Page 12. On the page, you can see how exceptionally benign the credit environment was in 2022 for the company across wholesale, Card and the rest of consumer. Turning to the 2023 outlook, for Card net charge-off rates specifically, Marianne gave quite a bit of detail about this at our recent confere... |
2718249.0_0_16 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 16 | management_discussion | management | 2022 performance summary and 2023 expectations | So let's turn to Page 13 for a brief wrap-up before going to Q&A. We're very proud of the 2022 results, producing an 18% ROTCE and record revenue in what was a quite dynamic environment. Throughout my discussion of the outlook, I've emphasized the uncertainty in many of the key drivers of 2023 results. And while we are... |
2718249.0_0_17 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 17 | qa | analyst_and_management | NII outlook and deposit cost drivers | Our first question is coming from the line of John McDonald from Autonomous Research. Jeremy, I wanted to ask about the NII outlook, Slide 10. The range of outcomes on deposit costs is quite wide. As you mentioned, it looks like 1.5% to 2% demonstrated there. Does the $74 billion NII line up with kind of the midpoint o... |
2718249.0_0_18 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 18 | qa | analyst_and_management | buybacks and capital decisions | Okay. And on buybacks, how will you think about approaching buybacks and putting it in that mix of capital decisions that you have? And any thoughts on kind of the size or quantifying the potential buybacks? Yes, sure. So sort of in the mode of like helping you guys out to put a number in the model, if you sort of look... |
2718249.0_0_19 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 19 | qa | analyst_and_management | deposit attrition and beta guardrails | The next question is coming from the line of Erika Najarian from UBS. Jeremy, my first question is just, as you can imagine, following up on the NII line of questioning. Appreciate that there is a significant amount of uncertainty in this year's NII forecast in particular. But to follow up with John's question, I'm won... |
2718249.0_0_20 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 20 | qa | analyst_and_management | ROTCE outlook and recession impact | And my follow-up is exactly in that line of questioning. Let's zoom out for a second here. To your point, Jamie, the returns are still good. You mentioned that your outlook already captures a mild recession. And I'm going to reask the question I asked in the third quarter. As you think about 2023, do you think JPMorgan... |
2718249.0_0_21 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 21 | management_discussion | management | allowance and forecast conservatism | And Erika, let me just add a very minor clarifying point. I just want to be crystal clear about this. So as you know and as we discussed a lot, like through the pandemic in terms of the way we construct and build the allowance, while it's anchored around our economist central case forecast, which is you correctly say i... |
2718249.0_0_22 | 2,718,249 | JPMorgan Chase & Co. | JPMorgan Chase & Co., Q4 2022 Earnings Call, Jan 13, 2023 | 2023-01-13T00:00:00 | 0 | 22 | qa | analyst_and_management | credit assumptions and CRE concerns | The next question is coming from the line of Ebrahim Poonawala from Bank of America Merrill Lynch. I guess maybe, Jeremy, just following up on the credit assumptions underlying. If you could give us a sense of what's assumed in that reserve ratio at the end of the year, be it in terms of the unemployment rate and your ... |
2730049.0_0_0 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 0 | 0 | noise | operator | operator logistics | Greetings, and welcome to the Cummins Inc. Fourth Quarter 2022 Earnings Conference. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Clulow, Vice President of Investor Relations. Thank you. Please go ahead. |
2730049.0_0_1 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 0 | 1 | introduction | investor_relations | call introduction and participants | Thank you very much. Good morning, everyone, and welcome to our teleconference today to discuss Cummins' results for the fourth quarter of 2022 as well as the full year performance. Participating with me today are Jennifer Rumsey, our President and Chief Executive Officer; and Mark Smith, our Chief Financial Officer. W... |
2730049.0_0_2 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 0 | 2 | safe_harbor | investor_relations | legal disclaimer | Before we start, please note that some of the information that you will hear or be given today will consist of forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Such statements express our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future. ... |
2730049.0_0_3 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 0 | 3 | management_discussion | management | 2022 summary and strategic initiatives | With that out of the way, I will turn you over to our President and CEO, Jennifer Rumsey, to kick us off. Thank you, Chris. Good morning. I'll start with a summary of 2022, discuss our fourth quarter and full year results and finish with a discussion of our outlook for 2023. Mark will then take you through more details... |
2730049.0_0_4 | 2,730,049 | Cummins Inc. | Cummins Inc., Q4 2022 Earnings Call, Feb 06, 2023 | 2023-02-06T00:00:00 | 0 | 4 | financial_review | management | Q4 and full year 2022 revenue and EBITDA performance | Demand for our products remain strong across all of our key markets and regions with the notable exception of China, resulting in strong revenues in the fourth quarter. Fourth quarter revenues totaled $7.8 billion. Excluding the Meritor business, revenues for the fourth quarter of 2022 were $6.6 billion, an increase of... |
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