Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Investor Day (May 2014)
76 slides from Ashford Hospitality Trust's investor day presentation, May 15, 2014
Slide 1: Investor & Analyst Day – May 2014
Investor & Analyst Day – May 2014
Slide 2: Introduction
2 Introduction Deric Eubanks Senior Vice President - Finance
Slide 3: Safe Harbor
3 Safe Harbor In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely
Slide 4: Management Team Attending
4 Management Team Attending Monty J. Bennett Chairman & Chief Executive Officer Douglas Kessler President Jeremy Welter EVP – Asset Management David Brooks Chief Operating Officer & General Counsel David Kimichik Chief Financial Officer Rob Hays SVP – Corp. Finance & Strategy Deric Eubanks SVP - Fin
Slide 5: Timeline
5 Timeline 9:05 to 9:25am Corporate, Economy & Industry Overview Monty J. Bennett, Chairman & Chief Executive Officer 9:25 to 9:40am Capital Structure & Balance Sheet Overview David Kimichik, Chief Financial Officer 9:40 to 9:50am Ashford Investment Management Overview Rob Hays, Senior Vice Presiden
Slide 6: Timeline
6 Timeline 10:20 to 10:30am Coffee Break & Sign-up for 1-on-1 Meetings 10:30 to 11:00am Growth & Acquisition Strategy Douglas Kessler, President 11:00 to 11:30am Question & Answer Session Management Team 11:30 to 12:30pm Lunch with Management
Slide 7: Ashford on Mobile & Social Media
7 Ashford on Mobile & Social Media • Follow Chairman and Chief Executive Officer, Monty J. Bennett, on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford • The Ashford App is now available for free download at Apple's App Store by searching "Ashford”
Slide 8: Presentation Overview
8 Presentation Overview Monty J. Bennett Chairman & Chief Executive Officer
Slide 9: Presentation Overview
9 Presentation Overview • Ashford has delivered superior shareholder returns • Multiple ways to invest with this highly-experienced management team • There is still significant upside remaining in this lodging cycle • Proven asset management expertise • Attractive growth opportunities across all Ash
Slide 10: 10-Year Track Record of Outperformance
10 10-Year Track Record of Outperformance • Disciplined growth, operational expertise, and capital allocation to maximize shareholder returns • AHT and AHP expect to benefit from strong management capabilities 26% 108% 43% 113% 245% 82% 116% 144% 202% 197% 23% 46% 41% 45% 152% 4% -24% -8% 20% 78% 11
Slide 11: Ashford Total Returns
11 Ashford Total Returns Ashford Trust (NYSE: AHT) Total Returns vs. Benchmarks Total Returns as of 5/9/14 Ashford Bloomberg Hotel REIT Index MSCI U.S. REIT Index DJ U.S. Real Estate Index S&P 500 Index 1- Year 25.6% 19.8% 2.0% 0.9% 17.9% 3-Year 43.2% 39.0% 37.2% 32.4% 49.0% 5-Year 381.6% 177.4% 180
Slide 12: Total Shareholder Return - Volatility
12 Total Shareholder Return - Volatility 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 6-Yr 7-Yr 8-Yr 9-yr 10-yr Inception AHT Peer Avg Peer average includes: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Trailing Volatility as of 5/9/2014 Source: Bloomberg • Ash
Slide 13: Ashford Family of Companies
13 Ashford Family of Companies - Publicly Traded (NYSE: AHP) - 10 hotels - 3,469 owned rooms - Market Cap of $1.2 billion - High RevPAR portfolio - US & international gateway markets - Lower-leverage platform - Publicly Traded (NYSE: AHT) - 114 hotels - 22,667 owned rooms - Market Cap of $4.0 billio
Slide 14: Management Focus
Management Focus 14 • 123 Assets • $4.9b Asset Value • 25,721 Owned Rooms Ashford Trust Pre-Prime Spin-off • 114 Assets • $4b Asset Value • 22,667 Owned Rooms Ashford Trust • 10 Assets • $1b Asset Value • 3,469 Owned Rooms Ashford Prime Ashford Inc. Management Team - Same management team running com
Slide 15: Corporate Structure – High Alignment
15 • Ashford Trust and Ashford Prime have highly-aligned management and fee structures as well as attractive corporate governance provisions Corporate Structure – High Alignment • Insider ownership of 14%* • Two-thirds independent directors • Directors elected on an annual basis • Lead director is i
Slide 16: Economic & Industry Overview
16 Economic & Industry Overview
Slide 17: Historical US Debt Balances
17 Historical US Debt Balances 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% U.S. Debt Balances as a % of GDP (as of Q4 2013) Home Mortgage Consumer Credit Other Household Debt Nonfinancial Business State & Local Government Federal Government Domestic Financial Foreign Borrowing in the U.S. Source:
Slide 18: Hotel Demand Driven by Economy
18 Hotel Demand Driven by Economy Source: Smith Travel Research & U.S. Dept. of Commerce: BEA -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Real GDP Growth Hotel Demand Growth
Slide 19: Real RevPAR Growing
19 Real RevPAR Growing • Real RevPAR remains well below the previous peak and each recent new peak has exceeded prior cycles Source: Smith Travel Research $54.00 $56.00 $58.00 $60.00 $62.00 $64.00 $66.00 $68.00 $70.00 $72.00 $74.00 $76.00 Seasonally-Adjusted Real RevPAR (as of March 2014) Average 3-
Slide 20: Attractive Supply/Demand Imbalance
20 • Demand expected to exceed supply through at least 2015 Attractive Supply/Demand Imbalance -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F Y ea r- o v e r- Y ea r % Gro w th Supply Growth Demand Growth PKF Forecast
Slide 21: Historical Industry Stock Returns
21 • Historically, attractive returns remain for investors from this point in the lodging cycle Historical Industry Stock Returns Index includes AHT, BEE, DRH, FCH, HST, HT, LHO, and SHO. Companies are included in the data from the time of their IPO Current data as of March 31, 2014 % 50% 100% 150%
Slide 22: PKF RevPAR Growth Forecasts
22 PKF RevPAR Growth Forecasts 7.7% 6.1% -2.0% -16.7% 5.4% 8.2% 6.8% 5.4% 6.6% 7.0% 4.7% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Historical RevPAR Growth Forecasted RevPAR Growth
Slide 23: PKF RevPAR Growth Forecasts
23 PKF RevPAR Growth Forecasts • With strong potential RevPAR gains, those companies with reasonable flow-throughs could experience significant EBITDA growth • PKF estimates 2-year cumulative EBITDA growth of about 28%* CUMULATIVE 2-YEAR EBITDA GROWTH COMPOUNDED 2-YEAR REVPAR GROWTH RATE 28.1% 5.5%
Slide 24: Highest Insider Ownership
24 Highest Insider Ownership 18%* 14%* 4% 3% 3% 3% 3% 2% 2% 2% 1% 1% 1% 1% 1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% AHT AHP HT CLDT FCH RLJ INN CHSP Peer Avg HST DRH PEB SHO BEE LHO Public Lodging REITs include: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Sourc
Slide 25: Estimated Value per Key
25 Estimated Value per Key $248,496 $392,676 $173,605 $372,334 $163,862 $301,713 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 Ashford Trust Ashford Prime Replacement Cost Private Market Value Current Trading Value • Ashford Trust and Ashford Prime are currently tra
Slide 26: Capital Structure & Balance Sheet
26 Capital Structure & Balance Sheet David Kimichik Chief Financial Officer
Slide 27: Ashford Prime Capital Structure
27 Ashford Prime Capital Structure (1) Ashford Prime's pro rata share (2) As of 3/31/14 $ in millions except per share data Stock Price (as of 5/9/14) $15.47 Fully diluted shares outstanding (mm) (2) 34.1 Equity value $527.6 Debt (1) (2) 719.7 Total Market Capitalization $1,247.3 Less: Net working c
Slide 28: Ashford Prime Net Working Capital
28 Ashford Prime Net Working Capital Ashford Prime's pro rata share as of 3/31/14 $ in millions Cash and cash equivalents $172.4 Restricted cash 5.2 Accounts receivable, net 10.3 Prepaid expenses 3.7 Due from affiliates, net (0.9) Due from 3rd party hotel managers, net 20.1 Total current assets $210
Slide 29: Ashford Prime Debt Maturities
29 Ashford Prime Debt Maturities 414.5 8.1 266.4 - 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 2014 2015 2016 2017 2018 D e b t ( $ in m il lio n s) Fixed-Rate Floating-Rate
Slide 30: Ashford Prime Balance Sheet Initiatives
30 Ashford Prime Balance Sheet Initiatives • Target (Net Debt + Preferred)/EBITDA < 5.0x • Maintain mix of fixed and floating rate debt • Ladder maturities • Maintain excess cash balance to capitalize on opportunities • Focus on property-level, non-recourse debt
Slide 31: Ashford Trust Capital Structure
31 Ashford Trust Capital Structure (1) Includes Ashford Trust's 71.74% share of the Highland Portfolio (2) As of 3/31/14 $ in millions except per share data Stock Price (as of 5/9/14) $10.46 Fully diluted shares outstanding (mm) (2) 102.4 Equity value $1,070.8 Preferred equity (Par value) (2) 393.9
Slide 32: Ashford Trust Net Working Capital
32 Ashford Trust Net Working Capital As of 3/31/14 * Includes Ashford Trust's 71.74% share of the Highland Portfolio $ in millions Cash and cash equivalents* $171.7 Marketable securities, net 27.2 Restricted cash* 123.4 Accounts receivable, net* 47.1 Prepaid expenses* 18.7 Due from affiliates, net*
Slide 33: Ashford Trust Debt Maturities
33 Ashford Trust Debt Maturities 106.8 242.7 273.3 492.6 151.8 652.0 346.0 - 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.0 2014 2015 2016 2017 2018 D e b t ( $ in m il lio n s) Fixed-Rate Floating-Rate
Slide 34: Ashford Trust Balance Sheet Initiatives
34 Ashford Trust Balance Sheet Initiatives • Target Net Debt/Gross Assets of 50-60% • Maintain mix of fixed and floating rate debt • Ladder maturities • Proactively refinance upcoming maturities • Maintain excess cash balance to capitalize on opportunities • Focus on property-level, non-recourse deb
Slide 35: Ashford Investment Management
35 Ashford Investment Management Rob Hays Senior Vice President – Corporate Finance & Strategy – Ashford Inc. President & Chief Strategy Officer – Ashford Investment Management
Slide 36: Goals of Ashford Investment Management
36 Goals of Ashford Investment Management Ashford hopes to achieve multiple goals through the creation of AIM Create value for investors Management expertise Insightful & unique data Rigorous analysis & research Create new fee steams Diversify asset base Future growth opportunities
Slide 37: Long-term Opportunity in Real Estate Securities
37 Long-term Opportunity in Real Estate Securities Real estate has offered attractive long-term mid-teen returns, but with high volatility Opportunity in capturing upside while hedging volatility1 Past performance is not an indication of future results. 1. The strategy does not attempt to replicate
Slide 38: Real Estate Hedged Equity ("REHE") Strategy
38 Real Estate Hedged Equity ("REHE") Strategy Objective Strategy characteristics Capture attractive net returns in liquid, primarily U.S. listed real estate securities with mitigated volatility1 1. No assurance can be given that the investment objective will be achieved or that an investor will rec
Slide 39: Next Steps
39 Next Steps Focus in the near future is on REHE Strategy execution and capital raising Continue to build on strong track record of REHE Strategy Greater focus on raising capital Target date for launch is second half of 2014 Investigate additional strategies and products for the platform
Slide 40: Asset Management Overview
40 Asset Management Overview Jeremy Welter Executive Vice President – Asset Management
Slide 41: Best-in-Class Asset Management
Best-in-Class Asset Management 41 • Big Data / Revenue Optimization Initiatives at Remington • Forward-looking Business Intelligence • Continuous Room Revenue, F&B and Ancillary Revenue Strategy Dialogue Proprietary Revenue Generating Strategies • Aligned with owners • Rapid response • Benchmark ver
Slide 42: Historical Flow-Through vs. Peers
Historical Flow-Through vs. Peers 42 Historical EBITDA Flow-Throughs Ashford Portfolio includes Ashford Trust & Ashford Prime Peers include: BEE, CHSP, DRH, FCH, HST, HT, LHO, PEB, SHO Source: Company Filings 51% 37% 53% 104% 63% 65% 49% 39% 8% 49% 41% 50% 53% 38% 0% 20% 40% 60% 80% 100% 120% 2007 2
Slide 43: Historical Margin Outperformance
43 Historical Margin Outperformance Ashford Portfolio includes Ashford Trust & Ashford Prime Peers include: BEE, CHSP, DRH, FCH, HST, HT, LHO, PEB, SHO Source: Company Filings +253 bps 78 -106 -487 53 132 145 62 114 -58 -406 86 184 160 50 -600 -500 -400 -300 -200 -100 0 100 200 2007 2008 2009 2010 2
Slide 44: Reinvestment in Assets
Reinvestment in Assets 44 Capex Spend as % of Total Revenue Ashford Portfolio includes Ashford Trust & Ashford Prime Peers include: BEE, CHSP, DRH, FCH, HST, HT, LHO, PEB, SHO Source: Company Filings 12.8% 11.1% 8.4% 7.4% 6.9% 8.8% 10.6% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 2007 2008 2009 2010 2011 2012
Slide 45: Portfolio Overview – Ashford Trust
*FY 2013 Hotel EBITDA Portfolio Overview – Ashford Trust 45 48% 30% 5% 5% 7% 5% Ashford Trust Brands by EBITDA Marriott Hilton Hyatt IHG Starwood Independent 33% 57% 6% 4% 1% Ashford Trust Managers by EBITDA Marriott Remington Hilton Hyatt Interstate 72% 17% 11% Ashford Trust MSA by EBITDA Top 25 To
Slide 46: Portfolio Overview – Ashford Prime
46 Portfolio Overview – Ashford Prime 58% 27% 10% 4% Ashford Prime Brands by EBITDA Marriott Hilton Sofitel Independent 58% 4% 27% 10% Ashford Prime Managers by EBITDA Marriott Remington Hilton Accor 96% 4% Ashford Prime MSA by EBITDA Top 25 Other 30% 55% 15% Ashford Prime Segment by EBITDA Upscale
Slide 47: Asset Performance – Ashford Trust
Asset Performance – Ashford Trust 47 The above table assumes for quarterly periods the 114 properties owned and included in continuing operations March 31, 2014 were owned as of the beginning of each of the periods shown The above table assumes for annual periods the 115 properties owned and include
Slide 48: Asset Performance – Ashford Prime
53.7% 90.3% 63.7% 55.7% 38.8% 0% 20% 40% 60% 80% 100% 2009 2010 2011 2012 2013 Hotel EBITDA Flow-Through Asset Performance – Ashford Prime 48 2012 2013 Q1 2013 Q1 2014 Var RevPAR $140.20 $148.64 $140.03 $147.69 5.5% Hotel Revenue $221,188 $233,475 $66,830 $69,179 3.5% Hotel EBITDA $66,993 $71,757 $1
Slide 49: Ashford Trust Top Markets – New Supply Analysis
Ashford Trust Top 10 Markets – New Supply Analysis 49 Supply growth rate includes projects In Construction only Data by Smith Travel Research as of January 1, 2014 Supply growth includes markets within MSA in which Ashford Trust owns assets Houston, TX Boston, MA Orlando, FL San Francisco/Oakland, C
Slide 50: Ashford Prime Markets – New Supply Analysis
Ashford Prime Markets – New Supply Analysis 50 1 Key West represents growth rate of the Key West Tract Supply growth rate includes projects In Construction only Data by Smith Travel Research as of January 1, 2014 Supply growth includes markets within MSA in which Ashford Prime owns assets San Diego,
Slide 51: Remington Revenue Initiatives
Remington Revenue Initiatives 51 Group Retail Rate Pricing Guidelines Centralized Lead Development Catering Revenues Increased Staffing Aggressive Marketing Goals Big Data Initiative Ashford-owned, Remington-managed assets gained 190 bps in Q1 2014 RevPAR Index. After the initial successes of these
Slide 52: Ashford Energy Initiatives
Ashford Energy Initiatives *Usage and savings calculated with Ashford Trust Portfolio only Energy Annual Savings Electricity $1,692,123 Natural Gas $253,753 Water $93,935 Total $2,039,812 FY 2013 Savings* vs Baseline (2008) at Current Rates • Ashford utilizes a four-pronged approach to energy cost m
Slide 53: Revenue Optimization Initiatives
Revenue Optimization Initiatives Beyond Rooms Analytics & Data Driven Pricing & Yield Sales Strategy Distribution Strategy Increasing Market Share via Relentless Revenue Focus 53
Slide 54: Case Study – Revenue Optimization
92 94 96 98 100 102 104 106 July 2013 Aug 2013 Sept 2013 Oct 2013 Nov 2013 Dec 2013 Jan 2014 Feb 2014 Case Study – Revenue Optimization • VP of Revenue Optimization partnered with Marriott Sales Leadership to restructure group lead generation • Increased property dedicated Revenue Management & Sales
Slide 55: Parking Initiatives
Parking Initiatives 55 • Combined revenue of $29m in 2013, an increase of 6.8% over 2012 • Combined profits increase of 12% and flow of 104% Contract Re-bidding Rate/Split Increases First-to-Charge Outsourcing • Conduct detailed annual surveys for each of the 50 parking locations in the combined por
Slide 56: Case Study – Acquisition & Conversion to Remington-Managed
Case Study – Acquisition & Conversion to Remington-Managed 56 Jun-Mar 2013 Pre-Takeover Jun-Mar 2014 Post-Takeover Var RevPAR $ 277.09 $ 316.10 14.1% Total Revenue $ 15,519 $ 17,317 11.6% EBITDA $ 4,579 $ 6,630 44.8% EBITDA Flow 114.0% • Eliminated $1.5m in expenses through cost cutting initiatives:
Slide 57: Case Study – Renovation
80 90 100 110 120 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 • Extensive lobby, restaurant, and rooms renovation between April 2012 and June 2013 • Significant revenue improvement since completion • All-time peak 116.4 RevPAR index and ranked number 1 in RevPAR index YTD through March • Ashford asset manage
Slide 58: Case Study – Aggressive Asset Management
• Acquired asset in early 2011 as part of 28-property Highland portfolio • Extraordinary revenue improvement since Ashford takeover • Frequent sales meetings with property •Achieved all-time peak 135.4 RevPAR index in 2013 – Increase of 1,750 bps from 2010 • Ashford asset management performed a Deep
Slide 59: Case Study – Conversion from Brand-Managed to Remington-Managed
37.0% 38.0% 39.0% 40.0% Nov-11 May-12 Nov-12 May-13 Nov-13 59 Case Study – Conversion from Brand-Managed to Remington-Managed • In November 2011, Ashford Trust converted property to franchise • Ashford & Remington have driven 9.2% revenue growth with 71.0% flow-through to GOP since conversion • Repl
Slide 60: Case Study – Value Enhancement
60 Case Study – Value Enhancement Transaction Summary: Hilton Ft. Worth • Extended Parking Lease – Successfully extended parking garage ground lease with the City of Ft. Worth for an additional 40 years • Reduced Lease Payment – Renegotiated lease payment structure resulting in estimated annual savi
Slide 61: Case Study – Repositioning
61 Case Study – Repositioning Ashford Asset Management: • Asset management team identified a significant imbalance of full-service Marriott brands within the densely populated Beverly Hills/Los Angeles market • No full-service Marriott within a 6.5- mile radius • Entered into a franchise agreement t
Slide 62: Asset Management Takeaways
62 Asset Management Takeaways • Best-in-class asset management platform • Asset management performance consistently exceeds the performance of our peers • We strategically invest in our assets to drive optimal performance • The Ashford asset management team can add significant value to any asset acq
Slide 63: Coffee Break Sign up for 1-on-1s
63 10 Minute Coffee Break Sign up for 1-on-1s
Slide 64: Growth & Acquisition Strategy
64 Growth & Acquisition Strategy Douglas Kessler President
Slide 65: Acquisition & Growth Strategy
65 Acquisition & Growth Strategy Highly quantitative approach focused on long-term accretion for each platform Proven track record of value-creating acquisitions Disciplined capital allocation Multiple ways to grow each platform: Single asset acquisitions Portfolio acquisitions Incubat
Slide 66: Investment Focus: Ashford Prime vs. Ashford Trust
66 Ashford Prime Ashford Trust Investment Focus Full-service and select-service hotels anticipated to generate RevPAR at least twice the national average All segments of the hospitality industry, with RevPAR criteria outside the Ashford Prime investment focus Investment Type Direct hotel investments
Slide 67: Highland Investment Update
67 Highland Investment Update Acquisition • Transformational 28-hotel, $1.3 billion acquisition • Invested in the mezzanine debt in 2008 via joint venture • Completed foreclosure & restructuring in March 2011 with new $150 million investment from Ashford Trust & $50 million investment from JV partne
Slide 68: Chicago Sofitel Transaction
68 Chicago Sofitel Transaction Property Information: • Location: Downtown Chicago (Gold Coast submarket) • Rooms: 415 (including 32 suites) • Year Built: 2002 • 10,000 sf of meeting space • Fee simple; 32 story tower • Segmentation: 70% transient; 30% group Acquisition Overview: • Purchase Price: $1
Slide 69: Marriott Gateway & ROFO Hotels
69 Marriott Gateway & ROFO Hotels Hotel Market Rooms Ritz-Carlton Atlanta, GA 444 Rooms Hilton Back Bay Boston, MA 390 Rooms Courtyard Downtown Boston, MA 315 Rooms Embassy Suites Portland, OR 276 Rooms Embassy Suites Crystal City Washington, D.C. 267 Rooms Crowne Plaza Beverly Hills Los Angeles, CA
Slide 70: Projected Hotel Room Value Growth
70 $0 $10 $20 $30 $40 $50 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F U .S . H o te l T ra n sa ct io n V o lume in $B il (JL L ) Pr iv a te U .S . H o te l M a rk et V
Slide 71: Well Positioned For Growth
71 Well Positioned For Growth • Unique built in pipeline of option hotels and right of first offer hotels • Targeted acquisitions consistent with investment guidelines • Internal growth from asset performance • Opportunistic, value add transactions • Internal growth from asset performance • Excess c
Slide 72: Ashford Inc. Growth Opportunities
72 Ashford Inc. Growth Opportunities Real Estate Hedged Equity Strategy Ashford Inc. Pro Forma Structure To be spun-off as a publicly traded entity (ticker "AINC") Asset management platform Fee structure based on 70bps of total enterprise value plus incentive fees based on total shareholder
Slide 73: Presentation Overview
73 Presentation Overview • Ashford has delivered superior shareholder returns • Multiple ways to invest with this highly-experienced management team • There is still significant upside remaining in this lodging cycle • Proven asset management expertise • Attractive growth opportunities across all As
Slide 74: Q&A
Q&A UN YY ASHFORD.
Slide 75: Lunch with Management
75 Lunch with Management
Slide 76: Investor & Analyst Day – May 2014
Investor & Analyst Day – May 2014