member benefit webinar -...
TRANSCRIPT
![Page 1: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/1.jpg)
Member Benefit Webinar
Moderator:Audrey MickahailSenior Manager, Research
National Investor Relations Institute, Vienna, VA
Best Practices in
Non-Deal Roadshows
August 4, 2009 4-5 p.m. ET
![Page 2: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/2.jpg)
Highlights of NIRI Survey
Introduction of Panelists
Company Overview & Philosophy
Roundtable Discussion
Q & A
Agenda
![Page 3: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/3.jpg)
3
How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?
![Page 4: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/4.jpg)
4
How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?:
2008
![Page 5: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/5.jpg)
5
How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?:
2009
![Page 6: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/6.jpg)
6
Who arranged these non-deal road shows? (Select all that apply.)
![Page 7: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/7.jpg)
7
Who arranged these non-deal road shows? (Select all that apply.)
![Page 8: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/8.jpg)
8
In which regions do you generally conduct non-deal road shows? (Select all that apply.)
![Page 9: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/9.jpg)
9
NIRI Annual Conference "Nearly Real Time" Survey: Non-Deal Road Shows: In which regions do you generally conduct non-deal road shows? (Select all that apply.)
![Page 10: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/10.jpg)
10
In which regions do you generally conduct non-deal road shows? (Select all that apply.)
![Page 11: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/11.jpg)
11
Please rate the extent of your agreement with the statement, "The sell-side has been an effective partner for conducting non-deal road shows.”
![Page 12: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/12.jpg)
12
Today’s Panelists
Dave DragicsSenior Vice President, Investor Relations
CACI International, Arlington, VA
Katharine W. KennyVice President, Investor Relations
CarMax, Inc., Richmond, VA
![Page 13: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/13.jpg)
13
Today’s Panelists
John HyreDirector, Investor Relations & Corporate Communications
The Commercial Vehicle Group, New Albany, Ohio
Muriel S. LangeInvestor Relations Manager
American Water, Voorhees, NJ
![Page 14: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/14.jpg)
14
• A $2.7 billion provider of professional services and IT solutions to the US government with a market cap of approximately $1.4 billion
• Currently covered by 16 sellside analysts; have approximately 240 institutional holders (as of March 2009)
• Active outreach program to institutional holders.
– Use the sellside for only 25%-30% of one-on-one (non-deal) trips
– Have ten members of senior management “trained” and able to meet with members of the financial community
– Annual goal (outside of conferences) of visiting NYC at least quarterly; Boston at least three times; Chicago at least twice; West Coast at least once. Annually select three additional cities with highest investment profile match
– Active use of teleconference one-on-ones with the buy-side
• In our FY09, conducted 13 trips (22 days) of one-on-one meetings
![Page 15: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/15.jpg)
CarMax CarMax, a FORTUNE 500 company, and one of the FORTUNE 2009 “100 Best
Companies to Work For,” is the nation’s largest retailer of used cars. Headquartered
in Richmond, Va., CarMax currently operates 100 used car superstores in 46 markets.
The unique CarMax consumer offer provides our customers the opportunity to shop
for vehicles the way they shop for items at other national retailers, and it is structured
around four customer benefits: low, no-haggle prices; a broad selection; high quality
vehicles; and a customer-friendly sales process. During the fiscal year ended
February 28, 2009, the company retailed 345,465 used vehicles and sold 194,081
wholesale vehicles at its in-store auctions.
Fiscal Year 2009 Revenues: $6.97 billion
Shares Outstanding: 220 million
Average Trading Volume: 2.9 million
Current Market Cap: $3.5 billion
Analyst Coverage: 14
Largest Shareholders: Davis Selected; Dodge & Cox; PRIMECAP
Mng.; Capital World; Berkshire Hathaway
(GEICO)
![Page 16: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/16.jpg)
16
Quick View
Largest supplier of heavy-duty truck seats and related products in North America
Largest supplier of seating and related products to heavy- and medium-duty construction equipment manufacturers globally
2008 Revenues $763.5 million
Market Capitalization $17.4 million ($504.5 million in ‘06)
Operates 30 manufacturing facilities in 8 countries
Two sell-side and two fixed-income analysts
Perform two to four road shows a year -- with sell-side help
IR – Corporate Communications Team: the Director
![Page 17: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/17.jpg)
NYSE: AWK
Market Cap: $~3.4 Billion
IPO: April 2008
• The largest investor-owned U.S. water and wastewater utility company • Headquarters in in Voorhees, N.J.• More than 7,000 employees• ~ 15 million customers• 32 states and Ontario, Canada
![Page 18: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/18.jpg)
18
Planning Checklist – Recent AWK Non-deal
Roadshow Hosted Third PartyTimeline Process Non-deal Roadshow, AWK, Muriel Lange, Voyager
Host to OH, PA
Completed
date
Notes
Beginning of IR Calandar year (or
by invitation) 1 Month minimum 1 Strategic planning
New Market +
one holder
Voyager to host
Ohio and PA
Beginning of IR Calandar year (or
by invitation) 1 Month minimum 2 Select the date 2-Feb-09 2-Apr-09
Beginning of IR Calandar year (or
by invitation) 1 Month minimum 3 Confirm availability of management 2-Feb-09 CFO and IRO
Beginning of IR Calandar year (or
by invitation) 1 Month minimum 4 Add to IR Calendar 2-Feb-09
Invitation officially
added to CFO
calendars and
legal
1 Month* 5 Handle registration, hotel, transportation logistics 2-Mar-09
Confirmations
transmitted to
V'ger
1 Month* 6 Contact 1:1 administrator; send final 1:1 list to surveillance 2-Mar-09 Ownership noted
3 weeks prior to event 7 Selling Group conference call technology plan (if appropriate) n/a no sales group
1 week prior to event 8 Prepare presentation; Disclosure Cte. Review 19-Mar-09 Authorized
1 week prior to event 9 Prepare Briefing Book** 23-Mar-09
Reviewed V'ger
book, added
company history
3 days prior to event 11 Ship handouts/kits to hotel or host; keep enough for first meeting 30-Mar-09 Tracking #
1 day prior to event 12 Distribute Briefieng book and final itinerary 31-Mar-09 Email, hard copy
Event 13 Roadshow date(s) 2-Apr-09
Personal prep by
V'ger
Event 14 Post presentation in archives 2-Apr-09 2-Apr-09
1 Day following event 15 Follow up with host for feedback 3-Apr-09
Call, follow-up
questions noted
1 Week Following Event 16 Get report from surveillance on post-tour activity 13-Apr-09 DTC report
1 Week Following Event 17 Send Thank you notes (company sponsored) 10-Apr-09 Signed, mailed
* minimum - many of these are reschedule half a dozen times before execution
** completed by company, sellside or Third Party
For example only
![Page 19: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/19.jpg)
19
Sellside
(Almost) all of the targeting, logistics done by bank teams
Unless the company screens, may fill with hedge fund clients
Many institutions will not allow sellside into the meeting
Easier international investor access
Management Driven Shows
Time consuming
Combine with non-IR Management trips for best use of time; *allow
enough time for both purposes
More personal, effective communication
Third party regional providers
No cost for planning / logistics
Great preparation and feedback
Widening number of regions
Not all providers equal – reputation / trust important to company and to
investor
Planning the non-deal roadshow - Hosts
![Page 20: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/20.jpg)
20
Determine the purpose of the non-deal
roadshow
No matter who is the host, every meeting
should achieve your company-selected
objective
New investors only “Welcome to AWK” (company)
Peer owned, but not company (sellside)
Reinforce the story and the model (sellside)
Under visited markets Introduction (Third party)
Combination of above
![Page 21: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/21.jpg)
21
Best Practices
Disclosure Committee reviews materials
Review handouts
Post handouts on IR website presentation/event archives
Inform counsel in advance of IR non-deal
roadshows
Furnish Reg FD 8-K, in the event of selective disclosure of
material non-public information
Time non-deal shows close after earnings to
prevent inadvertent financial slips
Circulate questions / comments to official
spokespersons
Follow up with institution attendees directly on
open questions
![Page 22: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/22.jpg)
22
For speaker bios, please go to the event page for today’s webinar.
![Page 23: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/23.jpg)
23
Ask a QuestionDuring the live event only
August 4, 2009 – 5:00 p.m ET
On the Telephone – follow the operator’s
instructions
On your computer – click on the “Questions”
link on the right side of your screen
Telephone access provided by In Comm
![Page 24: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/24.jpg)
24
Replay via telephone until midnight on 8/18/09 (Eastern time). Call 877-660-6853 (USA) or 201-612-7415 (International) The account number is 286 and the conference I.D. is 329256.
View this forum on the web until 1/31/10 by going to the Webinars on demand web page:
http://www.niri.org/Main-Menu-Category/learn/on-demand.aspx
Webcast provided by VCall, a service of Precision IR
Replay Options
![Page 25: Member Benefit Webinar - MediaPlatformedg1.vcall.com/docs/145072/W080409-Roadshows-Slides-final.pdf · profile match – Active use of ... Roadshow Hosted Third Party Timeline Process](https://reader036.vdocuments.net/reader036/viewer/2022070610/5aebdf2d7f8b9ad73f8f02d0/html5/thumbnails/25.jpg)
25
Archived Webinars
If you miss the live event, all member benefit
webinars are available on demand for six months.
See the full list here:http://www.niri.org/Main-Menu-Category/learn/on-demand.aspx