NCR Corporation Earnings Call Nuggets: Order Rate, Retail Soft Spots
Gil Luria – Wedbush Securities: First of all, the – you continue to grow orders in spite of the fact that you’re now comping quarters where you had very high order growth, specifically in the U.S. Now that we’ve passed the deadlines for ADA, do you expect that order rate to drop off post March 15 deadline? Have you seen that order rate drop-offs, should we expect that to happen this year?
William Nuti – Chairman, President and CEO: No, you shouldn’t, Gil. We’re seeing improved or increased activity in the funnel in the U.S. and in the Americas. Now the funnel increase is a combination of financial continuing to grow, but also retail kicking-in in the U.S. a bit, so we remain optimistic that the U.S. market and the Americas in particular – North America in particular will continue to grow this year. Frankly, I – right now, I think, I could see Q2 orders being – for the total NCR being quite positive year-on-year as well.
Gil Luria – Wedbush Securities: Then on the Radiant side, SONIC that’s a very big signing. It sounds like there is a couple of other big signings in the pipeline, have you seen a noticeable difference in your ability to close these deals since you acquired Radiant with increased scale and geographic reach?
William Nuti – Chairman, President and CEO: No question, Gil. I have to tell you we’ve been pleasantly surprised that a number of customers, not just in the U.S., but outside the U.S. have come us and have said, look, we think the world of Radiant, they’re a great company, but the fact that they have your global scale and your capability gives us a lot more confident. You can support as large an opportunity as the one we potentially want to give you, so SONIC is a good example of that, and there to your point are others in the pipeline that would – I think, would be equal to SONIC.
Retail Soft Spots
Julio Quinteros – Goldman Sachs: I was wondering if you might be able to just sort of parse out the Retail segment in terms of the soft spots and where – when you expect some of those things to turnaround, what the key drivers would be for that? And then just as a point of clarification, the Hospitality segment, I will make sure that when we think about that majority of that I think is still the Radiant business or is there something else in there just relative to the way that you guys are disclosing it now as well?
William Nuti – Chairman, President and CEO: On Retail, the soft spots are the – the U.S. was actually a soft spot in Q1 as was Europe. As I said to Gil earlier, we are seeing a better funnel in the U.S. right now for Retail. I am expecting to have a better second quarter in Retail to be very candid with you in the U.S. Europe will continue to be somewhat of a challenge in Western Europe. We are doing really well in Eastern Europe. As I said earlier in the prepared remarks, financial orders grew 17% for us in Europe overall in Q1. So we had a great quarter there, but the soft spot for Retail was the Americas and Europe. We’ve had good performances in the Middle East and Africa, in Australia, throughout other market. So it’s been more emerging markets than developed markets to be candid with you.
Julio Quinteros – Goldman Sachs: Then the performance of the Radiant business, how is that tracking versus your expectations. I think that’s where the bump up was, right, the $435 million to $445 million now $490 million to $500 million?
William Nuti – Chairman, President and CEO: If you think about the $115 million, the $113 million of total revenue for Hospitality we reported in Q1, $98 million of that was what we would consider to be the old Radiant and $15 million of that were the Hospitality accounts that we had at NCR that we transferred over Radiant. These were traditional hospitality customers that NCR had won in previous years, but are better served by the business unit that does business in that space. So we moved them to what we are now calling Hospitality, which is essentially the Radiant businesses operating that for us.
Julio Quinteros – Goldman Sachs: And some of that Radiant business is also in Retail?
Bob Fishman – SVP, CFO and CAO: That’s a net number that Bill gave. Just to explain a little bit further, I gave full year guidance, and I talked about a net $50 million to $60 million coming over to the hospitality business. So, maybe just to clarify a little further, call that $55 million. And roughly speaking, the gross numbers are you’ve got $100 million of specialty retail going from the old Radiant business to Retail, and you’ve got $155 million of Hospitality accounts from the old NCR moving into our new hospitality line of business, that’s really the way to think about it.