AVT
#This is <UNK> again.
I would say no we're not exposed to the comm infrastructure like some of our suppliers are.
Those accounts generally are big and direct for them, so we don't have that same kind of exposure.
And again, being a mass market broad line distributer across our account base, a lot of those smaller ups and downs get normalized out.
So there's no area I see in our (inaudible) markets that we serve, industrial being the biggest, where we see much in the way of weakness today.
Yes, I would say just generally, Will, if and when we have disconnects and by the way it can go both directions depending on where the market is at.
The major categories of significant, I would say, CapEx comm infrastructure as well as the consumer device areas are usually the usual suspects when it comes to any differences to some of the market characterizations you may hear from us versus our suppliers.
And just to follow up on <UNK>'s comment, we've had six quarters of positive book-to-bill so I think that bodes well for the backlog we have within the strength of the core markets.
So the question was around upgrade cycle, which I'm not sure he made a comment around upgrade cycle, <UNK>.
I think he was just talking about the improved execution leading to what we believe are some perhaps better than market growth numbers as TS continues its progress on its financial goals.
So would you make a specific comment on any other ---+ .
Yes, that was really what I meant.
So we have the team really again being externally focused and it's paying off.
And we've done also a few changes, there will be some more changes to come, but I would say we have the base is solid.
And again, the last four quarters we've been surfing on that much stronger base now and taking far more advantage of the market opportunities.
And back to a previous question, have we gained share.
I'm really waiting for some market data to confirm it.
At this moment I'm not able to confirm or to make a judgment on that.
I'm not sure we have a specific driver on the storage strength other than the overall market appetite that's going on, <UNK>.
In other words, trying to drive it down to a specific marketplace like increased video storage or demand increased regulatory, et cetera.
Just don't have that level of resolution available to us.
But again I think our overall characterization is that storage in aggregate continues to be one of the more positive growth stories within the overall TS portfolio, by the way in all regions.
Sure, <UNK>, a couple things I would point to.
We've been continuing our ERP investments over the last few years but specifically over the last 12 months specific to replacements that we've been working on.
In addition, I would point to this quarter we acquired a property in Europe for distribution capability and that really caused the year-over-year impact.
When we come to Analyst Day I'll be sharing more in terms of the go forward outlook, but I would think it to be moderating in the $130 million to $160 million range as we move forward.
Yes, so <UNK>, it's <UNK>.
As I said the most desirable opportunities for us are probably very much in line with the fundamental growth strategies in our businesses.
So you look at EM and fundamental value propositions around design change, supply chain, opportunities to expand and grow on that; the consolidation play is not 100% over particularly in some of the Asian markets as an opportunity.
Continue to expand the value propositions into adjacent opportunities as we did with MSC and embedded systems.
These all make sense to us as targets of opportunity.
For TS, taking a look at the market developments as the evolution of the third platform, I think to use the IDC term, converged solutions, adding select opportunities to grow in software and services makes strategic sense to us along those lines.
So these are the ---+ as the businesses continue to articulate their plans for their long-term growth, the make versus buy decisions that line up in those categories make an awful lot of sense to us.
And then once in awhile a deal will find us based on some other entity making a strategic decision to look for perhaps strategic acquirers, et cetera, and of course we would deal with those on a, as they come basis overall.
But what makes most sense to us is to lay out the road map on the fundamental strategic pillars for growth that we're counting on and hopefully we can align the deployment of capital inorganically as horizontal organic investments towards pursuing those opportunities.
<UNK>, it's <UNK>.
I really couldn't comment on that.
I don't know if there's a high degree of correlation.
I don't think we've ever looked at it when looking at a Fastenal or Grainger against our business.
I think they're different.
And again, all I can base it on is the dashboards that we have and what we're looking at.
And when I ---+ again our book-to-bill in the mass market customer base has been solid for six ---+ been positive for six quarters now, so we have a pretty strong backlog.
And there's no signals in the environment today that lead me to believe that will change.
Again, as <UNK> said in the lead off, we're still in a mixed signal environment so things could change that way.
But there's nothing that we see today that would lead me to believe that we're looking at some weakness in the short term.
<UNK>, it's <UNK>.
I would just reinforce, we remain very vigilant on a number of fronts, watching key indicators not only on the macroeconomic front and what's going on with GDPs, but we're watching PMI, we're watching business confidence, we're watching manufacturing indices.
Believe me, we do not believe we're going to be immune from any protracted significant changes in the marketplace that do ---+ that will eventually impact in the industrial space that's more important to us.
But as <UNK> pointed out vis-a-vis some of the other sort of distribution entities with a different look at the industrial markets than we have, at this point we don't consider that a major disconnect causing us any undue amount of concern.
Well again, guidance just being on a quarterly basis at this point it's much more driven by our internal dashboards, the currently scheduled orders that are on the books and supply chain engagements, the activity levels we're seeing from our partners and bars, quotes, proposals, configurations, et cetera.
So that really is much more impactful as the way we look at it.
However, as I said we keep an eye on the more macro indicators as well to be alert to any signs of any particular impact on our business.
But the best information we have as of today, is reflected in the guidance that we provide.
Sure, hi <UNK>, it's <UNK>.
To clarify the $0.11 is versus the year-ago quarter we provided on a sequential basis.
The number we had referenced earlier was on a sequential basis, so the math actually calculates directionally to what you provided from on a sequential basis in terms of the $0.02 to $0.03 impact from currency.
But the $0.11 is attributable to the year-on-year number.
Thank you for participating in our earnings call today.
Our second-quarter FY15 earnings press release and related CFO commentary can be accessed in downloadable PDF format at our website under the quarterly results section.
Thank you.
