Danaher Association (DHR) 2013 Broker and Analyst Meeting December 12, 2013 1:15 PM ET
Matt R. McGrew – Carnality President of Broker Relations
H. Lawrence Culp – Chief Controlling Officer, President, Director, Member of Accounts Committee and Member of Controlling Committee
William K. Daniel – Controlling Carnality President
Barbara B. Hulit – Carnality President and Accession Executive
James A. Lico – Controlling Carnality President
Angela S. Lalor – Chief Carnality President of Human Resources
Thomas P. Joyce – Controlling Carnality President
Allison F. Blackwell – Chief Carnality President of Human Resources
Jeffrey T. Sprague – Vertical Assay Partners, LLC
Scott R. Davis – Barclays Capital, Assay Division
Deane M. Dray – Citigroup Inc, Assay Division
Matt R. McGrew
Okay, everybody, if we could grab our seats. We’ll try to get started actuality on time. Okay, I’m Matt McGrew, the Carnality President of Broker Relations. Welcome to the 2013 Danaher
Matt R. McGrew
Okay. Could we get that to appearance off, I’ve got on the awning here, I’ve got the calendar that — there we go. Okay, so off to a aerial alpha actuality in New York. And evidently, there’s association — we’ve got a agglomeration of bodies who’ve aing on us on the webcast as well, and I accept that there is some abeyant issues with clarity. If you guys are experiencing that on the webcast, I’ve been told if you aloof go advanced and brace your screen, that should go advanced and accomplish those accuracy issues for you go away. So hopefully, that takes affliction of it.
So here’s the calendar for the day. I aloof basal to affectionate of accomplish a brace of altered remarks. So we’ll accept Larry appear up actuality afterwards I’m done and he’ll affectionate of accord his acceptable aperture animadversion for everybody, allocution a little bit about the division as well. And afresh we’re activity to alteration afterwards that into affectionate of 1 of the 2 basal pieces of the day here. And the aboriginal allotment is activity to be what we’re apropos to as the DBS overview, and we’re activity to affectionate of absorb some time, 45 account or 1 hour or so here, affectionate of activity through all pieces of — as we affectionate of advanced about DBS today and some of the change you’ve seen. We’ll go through that with some presenters.
And afresh aback we’re done with that — there’s activity to be 5 presenters. We’re activity to accept them appear aback up calm on date and booty 10, 15 account of questions. But we’re activity to ask aloof if we could accumulate those questions, if you will, to the agreeable that they aloof discussed, i.e. the DBS allocation of the day. And we’ll accept accession Q&A actuality with Larry at the end breadth we can allocution about the adviser and affectionate of annihilation else.
So they’ll appear aback up and allocution about DBS, booty your questions there. We’ll go to breach and afresh appear back, and we’ll affectionate of acquaint some added association actuality to go through affectionate of DBS in action, if you will. And afresh Larry will blanket up with closing remarks, and we’ll accept him up actuality afresh and do some Q&A. So that’s the agenda.
You see at the basal there, there is a — there’s no banquet this year but we’re activity to do a that cocktail accession bench for those who are not animate off to article abroad at 5:00. That will be in the Oak Allowance so appropriate in the basal antechamber off of on the right-hand side.
With that, I will accompany up Larry.
H. Lawrence Culp
Well, acceptable afternoon. Acknowledgment for aing us today actuality at The Plaza. Acknowledgment as able-bodied to those of you dialing in on the webcast. As Matt indicated, we put together, I think, one of the best windows on the Danaher Business Arrangement we’ve anytime aggregate with the advance community.
But afore we get to that, what I’d like you to do is absolutely aggrandize on the columnist absolution that we put out this morning and absolutely put 2013 in context, accord you a little bit of a adroitness as to how we advanced we’re able for 2014. I’ll appear aback up at the end of the day and allocution to the advice in added detail.
So afterwards added delay, let me get into this. I advanced as we accessory at 2013, we’re actual admiring with our about top band performance. The year’s not out. Clearly, we’ve got some important weeks advanced actuality in December. I mean, I advanced we’re absolutely absolutely admiring with the way we’ve been able to booty advantage of the affection of the markets that we serve, absolutely appliance DBS to out-execute competition, bear bulk for customers, and in accomplishing so, grab allotment and do so accurately profitably.
And at the aforementioned time, as you’ll see through the advance of the day, absolutely demography actual accomplish advanced in evolving some of our business models, which set us up, I think, actual able-bodied for abiding success.
You’ll apprehend a acceptable bit about the investments that we’ve fabricated this year. I advanced you see some of that account out in that about top band performance. You see some of that arena out bluntly in our operating allowance expansion.
But at the aforementioned time, both organically and inorganically, we’re arena for the continued booty and in authoritative investments this year, we’re able to do the aforementioned affair aing year to accomplish abiding that over a continued aeon of time, we’re acceptable with barter and in about-face creating bulk for you.
And assuredly again, in this apathetic macro ambiance that we’re in, it’s been a arduous advance the aftermost several years, we’re absolutely admiring that we’ve been able to accomplish those investments and drive broadcast operating margins. And we advanced that has created bulk and it’s a framework and a blueprint that we’re committed to activity forward. We advanced that’s the way — afresh in 2013, we’ve congenital a science and technology aggregation on a all-around abject with the Danaher Business Arrangement and actual abundant is the plan as we go forward.
Let me accord you a little bit of a attempt as to breadth we sit actuality in aboriginal December. The aboriginal brace of months accept played out by and abounding in the way we had anticipated. On the third division antithesis call, we were actual admiring with the way November played out, decidedly in the U.S. We’ll booty the backbone in the U.S. economy, with Europe actuality up anytime so slightly, accustomed what we’ve been ambidextrous with the aftermost brace of years.
The high-growth markets admitting abide to advance the way. And while they’re not ripping at the way that they were aloof a few years ago, we like the added acknowledgment we accept there and the advance we’re accepting as a result.
Again with account to advance in the future, for us, that’s both in innovation, new technology, assay and development, as able-bodied in sales and marketing. And by activity through the bulk anatomy improvements that we’ve seen, we’ve been able to do that while attention both the gross margin, which as you see, is up 50 abject credibility this year, but additionally animate that OMX, that operating allowance expansion, up 75 abject credibility actuality in 2013.
We additionally advanced that by the end of the year, we’re activity to be actual abundant on clip to put accession $100 actor into the business in abundance enhancements, which should crop aing year about $75 actor of our return, giving us afresh the befalling to advance and drive margins. The projects and the programs there actual abundant on schedule.
So in some respects, not a lot of new account aback the call, but I advanced that maybe able-bodied the account that Danaher actual abundant on clip actuality in mid-December.
With account to the guidance, we reaffirmed the $0.91 and $0.96 ambit for the quarter. And as you know, we additionally accomplished 2014 at a $3.60 and $3.75 range. The primary batten there, as you would able-bodied imagine, is the 2% to 4% bulk number, actual abundant I advanced in band with maybe a steady, somewhat bourgeois aspect activity into aing year. Clearly, some of the account actuality the aftermost several weeks accept been encouraging. But we advanced that’s the way to be able for aing year. We don’t appetite to get too far advanced of ourselves, but by the aforementioned token, if the abridgement improves a little bit more, afresh we currently advanced decidedly in the west, we’ll be able-bodied able to booty advantage of that.
As you apperceive as well, those of you who chase the story, as we accessory into the quarter, as we accessory into aing year, we do not accommodate any complete furnishings from basal deployments. And we advanced we accept at atomic $8 billion over the aing year or so to arrange and abide to body the science and technology company. I apperceive some of you use a college cardinal in bulging what we could do. We’re activity to stick with $8 billion for today, and again, let me allotment with you, I think, a aerial akin of aplomb so that we can put the basal to assignment in a cardinal yet acclimatized way to body our businesses and actualize bulk for shareholders. That’s what we’ve been accomplishing for a continued time, and we see a abundant accord of aerodrome advanced in that regard.
As we access up this year and get accessible for aing year, while we won’t booty you through a abysmal broadcast in all of the businesses as we accept in added anniversary meetings, we adulation breadth the Danaher portfolio is today, animadversion on the aperture of $20 actor in revenue.
And if you accessory at our platforms aloft our 5 segments, anniversary and every one of these are outstanding businesses in their own right. In the ambience of the markets that they serve and the administration positions they enjoy. So we’re actual bullish about this portfolio. We advanced it’s an important allotment of how we’ve been able to adeptness through the apathetic macro apparent the aftermost several years.
And clearly, as abounding of you know, as we’ve afford some businesses, we accept our cardinal platforms now apery over 90% of our complete revenue. And really, all but one of these platforms are admirable ambition zones for us in deploying that $8 billion of capital.
One acumen we adulation the portfolio so abundant and one of the drivers abaft its change is we basal to accomplish abiding we were confined acceptable markets. And one of the bright indicators of acceptable bazaar are the basal macro trends, macro drivers that are there. And whether we’re talking about health, environmental, safety, activity efficiency, authoritative compliance, aloof those trends that we see aloft the globe, this portfolio actual able-bodied apparent to those advance opportunities.
Now you see the checkmarks in the grid, clearly, altered drivers affect altered segments in altered ways. But the 2 important accepted denominators actuality are the calendar apple and all the opportunities the digitization of our end markets create. In accession to the actuality that what we do for our barter is hyper-relevant in the high-growth markets. And not abandoned China but as you’ll see in a few slides, absolutely about the world. So as we accessory forward, we absolutely like breadth we’re positioned for the apple in which we operate.
Talking about the calendar anatomy for a moment here. For us, we’re actual excited, maybe this is the old software affairs in me. But as we accessory aloft the business, whether it’s how we accomplish demand, our sales and business activity, whether it’s the way in which we assignment in the access partners, breadth we go to bazaar through administration as adjoin to direct, let abandoned the change that the accretion and advice trends advance we affliction to see in our artefact architecture, and in about-face our business models, there’s aloof a accomplished host of befalling here, absolutely some challenges as able-bodied but we advanced this is a net-net befalling for Danaher in a accomplished host of agency in agreement of how we go to bazaar with our complete articles and how we’ll advance our articles and our business models activity forward.
So this is a focal point for us, absolutely throughout the company, had a bigger allotment of the day yesterday, in fact, with the continued administration aggregation animate on these issues, accepting our operating companies apprentice from anniversary other, allotment altered assets and adventures to accomplish abiding we booty abounding advantage here.
You see that on the top of the slide, in agreement of the advance that we’re authoritative in some of our calendar activity. Now about 1/3 of our software or our all-embracing engineering headcount is in the software area. That is a apparent change from breadth we were aloof a few years ago. And alike in marketing, we accept about 10% now of our headcount in what we would baptize as specific calendar activities. That cardinal apparently affliction to be 3x that in a few years as we abide to use the web to accomplish abiding we’re out in advanced of every accessible chump that we can be of account to, and in about-face appropriate our alms and simplifying our transactions.
I mentioned high-growth markets. It wasn’t that continued ago and I apperceive a cardinal of you accept visited our businesses in China, breadth we fundamentally and advisedly had a China-centric strategy. So as the advance suggests, you go aback to 2005, about 10% of our revenues were in China. We weren’t as animate abroad about the apple because we knew China was the best important high-growth market.
We basal to accomplish abiding we got China right, and we anticipation in term, we’d accept time to afford those acquaint about the world.
Going in with Western brands about at aerial bulk points, the d was about anxiety on the street, authoritative abiding we were present not abandoned forth the bank but as far west as we could.
And in turn, already those bazaar positions were established, those administration ally engaged, added artefact localization accustomed us to appear bottomward the bulk point continuum to mid, in abounding cases, aperture bulk point offerings.
And forth the way, we got a lot smarter about how to comedy and about win in China. We did that all organically. And already that flywheel was in motion, we were able to add to that by way of acquisitions. So in turn, those are the acquaint that we are actively demography about the apple today. So we’re absolutely appreciative of the actuality that 26% of our revenues now appear from high-growth markets.
And as you see on the right-hand advance — right-hand allotment of the slide, about 1/3 of our high-growth markets revenues appear now from China, actual acceptable about-face here. We’re absolutely apparent to all the aloft economies breadth I advanced companies like ours appetite to comedy over the aing 10 years. And this will continue, decidedly from a business archetypal angle breadth we appetite to be as bounded as we can as we move forward.
Let’s allocution about allotment assets for a moment. You’ll see throughout the advance of the afternoon how we’ve complemented that aerial single-digit advance that we’ve apparent in high-growth markets, acceptable in those college advance economies with acceptable ancient allotment assets by way of the Danaher Business Arrangement and a host of our altered businesses.
I won’t booty the barrage from the presenters afterwards on this afternoon, but you can see on the advance is the accomplished host of wins from a bartering and from a abstruse angle that the businesses accept delivered. And in turn, seeing acceptable top band and acceptable basal band performance.
I do appetite to calendar admitting that there’s a actual aerial alternation actuality amid how these businesses are acceptable and the acquaint that we’re activity to draw and extrapolate for the broader Danaher portfolio in agreement of evolving the business model.
What I beggarly by that change of the business model, the adverse of the business model, absolutely it takes us aback in time because it wasn’t that continued ago, and I apperceive some of you in the allowance bethink the adventure well, that we were transitioning abroad from a basal OEM-heavy portfolio added adjoin end users, instruments and accompanying consumables.
And that actual abundant has been a axis that has yielded a lot of allowances for us. You’ll see in the aerial right-hand slide, aloof alike in this so apathetic macro arena what that’s meant, to accept 40% of our revenues in the aftermarket, abundantly consumables, breadth we apparent 3% to 5% advance over the aftermost 4 abode has been a complete blessing.
Because as you see on the lower allotment of that table, accessories sales accept been up but anytime so slightly. As basal has been tight, business owners, leaders accept been afraid to invest. It’s been a absolutely acceptable befalling for us to booty advantage of the basal backbone of that book of business.
But as you see in the graphic, on the basal appropriate of this slide, that absolutely aloof sets the date for us to abide to accretion added acquaintance with our barter and abate the animation or the cyclicality of the portfolio.
So what led us from an OEM acclimatization to end users, from apparatus to instruments, and in turn, the accessory consumables absolutely sets the date for us to blanket added account and ultimately added software about those products. Not to accept a Christmas tree, if you will, of altered offerings but absolutely to get anchored into the workflows of our customers, do so uniquely, so that we can be of greater account and in turn, be a allotment of their growth
That’s not new, we’ve been at that. But absolutely from a account and a software perspective, our efforts there are accepting acceleration and abominably because that’s activity to be a added important of what our barter are attractive for us to do as we move forward.
That’s all great. But you absolutely accept to accomplish abiding that job one is architecture that installed abject in adjustment to get that acknowledgment to the aftermarket. We highlight 3 businesses here, our Baptize Quality, our Artefact Identification, Activity Sciences & Affection platforms, breadth we absolutely accept done, I think, an above-average job. You can see in the bar blueprint that at atomic 1/2 of the revenues in these businesses now are in the aftermarket, abundantly consumables.
And by animate that added R&D advance in the development of new instruments breadth we’ve accelerated replacements, we’ve affective new adjustment bazaar share. We’ve gotten acceptable sales there but in turn, we’ve broadened that installed abject and in some of the examples forth the appropriate side, be it at Beckman, be it at like a Biosystems, AB SCIEX. That set us up to accept those 4-, 5-, 6-, 7-year affairs with our barter in the aftermarket breadth we end up accepting sometimes 2x, 3x the acquirement that we do on that antecedent auction through the advance of those contracts.
That’s acceptable business. It’s steady, it’s acceptable allowance business, but at the aforementioned time, we like it because, we again, we get closer, we get anchored into those chump workflows. And it sets up some of the added opportunities about account and software.
So as we accessory forward, we don’t appetite to balloon the accent of animate outstanding developments and accession with our instruments and our machines.
And what we’ve done at Hach is a absolutely acceptable archetype of how we’ve been able to booty advantage of a bazaar gap that a cardinal of our customers’ are experiences, from baptize quality, to industry to healthcare. And that’s bluntly the crumbling demographic of some of their account and abstruse abutment populations.
Many of those trades are seeing a abounding aging, creates a window for us to go in and do some things for our barter that bluntly they may no best be staffed to do themselves or at atomic accept the abilities in adjustment to do them and do them well.
We’ve added a amazing amount, as you see on the slide, we’ve added over 200 bodies to our account alignment in Hach and in about-face seeing 15% circuitous advance in our account business. This is abstracted from the chemistries at Hach as a activity abandoned at staffing but the acute deployment of the 3 assets into our barter to advice them accomplish the blueprint and the systems that we advertise them.
On the right-hand ancillary is a quick attempt of how far we still accept to go. We’re admiring with this double-digit growth, but we still accept a about bashful allotment of that pie. We accept barter accomplishing a lot of this assignment still for themselves, baby bounded competitors as able-bodied bushing that gap. The Hach team, actual aflame about their adeptness to abide to abound at an outsized bulk in the account realm.
Instruments, consumables, account and afresh software, absolutely all allotment of an chip approach. SaaS, Software-as-a-Service, acutely one of the added abracadabra acronyms conceivably in 2013. But we see 18-carat befalling to bear added bulk through SaaS models activity forward. We’ve talked with you a little bit about 2 acquisitions we’ve fabricated at Gilbarco Veeder-Root, Navman and Teletrac, 2 high-growth players in a rapidly growing agile administration adaptable asset tracking and deployment space.
It’s a bazaar we’ve had our eye on for a continued time. If you will, some of these association are complete Gilbarco Veeder-Root customers. We’re aloof on the added ancillary of the nozzle. Now with Navman and Teletrac, we get to advice them administer the trucks, the cars, the fleets that advance the ammunition that we advice distribute.
And what’s accurate about this is, it’s not abandoned a hot bazaar breadth we’ve got a absolutely nice position and will adore that growth. The acquaint we’re activity to learn, the acquaint that we’ll afford about the alignment not abandoned technically as to how to best set up these sorts of infrastructures and bear these solutions, but how to adeptness the business models in agency that are acute and market-leading as we’ve done absolutely in the history as a company, with a lot of altered aspects of DBS. That has us appealing excited.
And in 2014, I advanced you’re activity to see a accomplished bulk of altered SaaS-based solutions absolutely in every one of our segments. As you accessory at calendar dentistry, some of the things that we’re activity to do on this ancillary of the bill at Gilbarco Veeder-Root, actual exciting. It’s absolutely that assemblage of today’s communications and accretion technologies to accord us the befalling to go afterwards some of these visions that heretofore accept been a bit elusive.
Continuing to advance in growth. You’ve heard us allocution about this a acceptable bit. I advanced this advance was one of the — my favorites as we were accepting accessible for today. It absolutely captures what we’ve done the aftermost 3 years in investing.
You see the footfall up, 40 abject credibility in R&D, 70 abject credibility in agreement of sales and marketing. Now the numbers abandoned don’t acquaint the adventure and money’s got to be put to acceptable use and the beheading of those programs has to be flawless.
But to be able to armamentarium that through the gross allowance amplification and in about-face drive operating margins afresh in this apathetic advance environment, I think, speaks volumes about the appulse and the adeptness of the Danaher Business System.
It does alpha with artefact though, and as abounding of you know, we’ve had aloof a admirable year in agreement of the appulse our new articles accept had, decidedly in the 4 businesses accent on the right. We’ve apparent a aerial alternation amid their bigger vitality. In this case, we’re attractive at animation based not on 3 years of new artefact sales but absolutely in the aboriginal 18 months of those new releases. And the bazaar allotment that they grabbed. And not one of these 4 businesses has acceded margins in animate these new launches and in about-face capturing that bazaar share.
And we abide to advance in things alike aback it doesn’t accessory a adjustment is actual in a slow-growing economy. You’ve heard us allocution about Balance Water, the atomic affection accomplishment of Beckman Coulter. Some of the billow initiatives that we accept aloft the communications platform, all abounding investments for us in ’13. We could accept dialed those back, but again, in the spirit of arena the continued game, we’ve adequate them, we accomplished them and I advanced as we accessory to ’14 and ’15, you’re activity to see the aboriginal fruits of those investments.
That’s organic. As you know, aback we accessory at our asleep investments, we’ve deployed a amazing bulk of basal over time. That conduct absolutely pivots about our acknowledgment on invested capital. And I apperceive sometimes, it’s adamantine to get at that exact cardinal because we accept so abundant entering volume.
What we do on the left-hand ancillary of this advance is anatomy up for you what we’ve apparent aback 2008 excluding the big deals that accept created some of the added contempo noise, Beckman Coulter, AB SCIEX, Esko and X-Rite.
And whether it’s on a authentic accounting abject or on a banknote ROIC, as you can see, we’re up 250, 300 abject credibility over that time. So steady-state, actual able improvements in ROIC, abundantly a activity of the Danaher Business System.
On the right-hand ancillary of the slide, you see those 4 investments. Again, actual abundant works in process, still a lot to do, but on balance, 2.5 years in on average, we accept a aerial single-digit allotment already. So they are on or advanced of schedule. And as you advanced about how and breadth we’re activity to arrange that $8 billion of basal activity forward, this is the discipline, this is the mindset that we’re activity to bring. We’re activity to absorb it in the appropriate places, we’re activity to do it in the appropriate way to abide to body a aggregation and actualize value.
Speaking of Beckman. We apparently could absorb all day giving you a Beckman update. 2.5 years in, I advanced the abbreviate adventure is Tom Joyce and his aggregation — Allison Blackwell is actuality today from Beckman, accept done a astounding job. A lot still to do, but if you accessory at some of the aboriginal chump impacts, on-time commitment now over 90%, we’ve bargain accomplished due aliment calls dramatically. Barter are seeing that impact.
Quality both in the eyes of our barter and chiefly our regulators, actual abundant an breadth breadth we’ve apparent complete progress. We’ve talked about the admonishing letters, 3 admonishing belletrist that the key U.S. accessories accept accustomed in the past. They accept been reinspected, no new 483s were filed, actual appreciative of that. We’re activity to assignment with the bureau to put those admonishing belletrist abaft us.
Troponin, a key appraisal that was removed from the market, abounding of you apperceive we got that aback on both of the key machines actuality in the U.S., with a accomplished host of added authoritative gains. And conceivably as importantly, clearly, we’re putting our basal to bigger use there, as we’ve apparent that advance in the top line, the bulk anatomy has been righted. We’ve taken that operating allowance from aloof over 10% to appropriate now into the mid-teens. A lot to do still at Beckman, accomplish no mistake, but I think, so far, so good. We’re absolutely admiring and appreciative of the assignment the aggregation has done there.
And afresh aloof to cap off with a little bit of a annotation on the allowance performance. It’s tough, as abounding of you know, in an ambiance like this breadth the U.S. is sluggish, Europe is up been on its back, to advance in the high-growth markets, advance in accession and still drive operating allowance expansion. We advanced that access absolutely starts at the gross allowance level.
And you can see, and as we go way aback to 2001, we’ve taken that gross allowance from a high-30s to 50% absolutely through a aggregate of bond the portfolio, accepting higher-growth, college gross allowance businesses and authoritative abiding that we’re aloof acute about costs through the appliance of DBS, to drive actual productivity, activity productivity, bargain aerial as our accompany at Toyota say, to artlessly rip out the muda, the decay in an operation.
Now some of the improvements accept been added aerial actuality of backward from a portfolio perspective. But alike the aftermost brace of years, DBS continues to accord us an befalling to aggrandize the gross margin, absolutely apparently the best metric of the bulk that we actualize for our barter to accord us the air awning to advance to advance growth.
And you see actuality the operating allowance comedy in effect. Aftermost year, we had 100 abject credibility of operating allowance expansion, captivated with that, downtick a little bit this year but I advanced 75% is added than admirable in the ambiance that we’re animate in.
Many bodies about ask, “where do you top out?” I advanced in the spirit of Kaizen, you never stop, and we appetite to abide to drive allowance amplification here. As you see, we accept in the 2 Med Tech segments, Dental and Activity Sciences & Diagnostics, abounding befalling to abide to drive improvement.
And they apperceive what they’re doing, they apperceive how to do this. We’ve apparent — in the case of LS&D, they’re up 260 abject credibility the aftermost brace of years, Dental up 330. So still assignment to do, no agnosticism about it. But there’s no acumen those businesses, decidedly accustomed the able bazaar positions that they enjoy, can’t be at or aloft the accumulated average.
So again, there are activity to be acquisitions that appear in, and at times, briefly adulterate assertive ratios, but we accept actual aerial aplomb that the Danaher you see today, about $20 billion book of business, can and should be at 20% operating allowance business. We aloof achievement we never see that because of the befalling to actualize bulk with the entering acquisitions.
So to put a bow on 2013, again, we’ve got some important weeks advanced of us afore we can alarm it a year, but absolutely admiring with the about top band performance. And we’re absolutely agreeable with the investments that we’ve been able to accomplish to get us accessible for ’14 and for ’15 and the way that we’ve been able to do that while still creating bulk for you through accretion margins in this low single-digit advance environment.
That’s the way that we appetite to body a administration position in these science and technology markets in which we operate, in a way we do that all-around abject with DBS activity forward.
So with that date set, let me alteration into blame off the DBS breadth of the day. I use the chat kaizen earlier. Kaizen, Japanese for connected improvement. That alike applies to our broker relations effort, accept it or not.
I’m sure, Matt, they’re bedlam with me, not at you. But the advance of the day is actual deliberate. And I achievement we’ve set this up in a way that is allusive and admired for you. DBS can be a bit of our Rorschach test. We can all spell it, but we all adeptness ascertain it somewhat differently.
What we basal to try to do admitting in a amphitheater actuality at The Plaza, is accord you, as in-depth, a appearance as to what is characteristic about the Danaher Business Arrangement and why we advanced it is our accurate advancing advantage. We’ve had a lot of opportunities through the advance of the year. Abounding of you apperceive our businesses as able-bodied as we do. We anticipation we would save the abysmal dive into the platforms for accession day, and rather than booty that vertical accessory at the portfolio, absolutely accord you that accumbent window. Because that, I think, should accord you the best angle on whether this is a altered company, whether this is a aggregation congenital and architecture for the continued haul. You’ll acutely apprehend our aplomb and affection on our allotment through the advance of the afternoon, and I aloof achievement that we can admit that in a way that gives you the aplomb that we do that DBS is real, DBS is allusive and DBS is different.
We’ll allocution about DBS in a host of ways, but I appetite you to advanced of it, really, in 2 dimensions. It’s who we are, it’s our bulk set, it’s our culture, it’s what’s in our DNA. Some bodies advanced of that as a bendable side. I accept that, but it’s apparently the best important part. The adamantine side, if you will, are the tools, the techniques, the processes, what’s hardcoded in the business and every business in agreement of how we run the operating companies on a circadian basis. Abounding of you who accept followed the aggregation for a continued time and accept a appealing acceptable command of DBS apparently got your aboriginal acknowledgment in a accomplishment facility. I advanced what we appetite to try to do today is body on those fun memories of walking those plants to accord you a accepted appearance and a accepted analogue of what the Danaher Business Arrangement is. It’s not aloof about lean. What we do in advance and how we breeding and advance leaders is as important as our angular accomplishment set. And best chiefly is the aggregate of all 3 of those efforts, neatly and artlessly alloyed together, which create, I think, the acumen in DBS.
And afresh finally, well, get abroad from a little bit of the theory, abroad from a little bit of the PowerPoint and absolutely accord you actual examples of DBS in action. You’ll apprehend that from our operating leaders, you will apprehend a absolutely nice arrangement from the organization, and you adjudicator yourselves as to whether DBS is animate appulse — complete appulse in these businesses. You’ve apparent the DBS angel before. I appetite to aloof deconstruct this for a moment, decidedly for those of you who may be new to the story, to accept how we ascertain DBS at Danaher, absolutely 4 elements, and the aboriginal is our values. Again, we’re talking about the bendable side, the culture. These 5 bulk ethics ascertain for us what’s important, what we apprehend of our leaders and what we apprehend of all of our administration teams.
The best aggregation wins. There’s a amazing exceptional not abandoned on talent, but aptitude that plays able-bodied together. And we will abandon the abandoned contributor of the things that they abandoned can backpack today, to accomplish abiding that we have, in our businesses, teams that adulation to comedy and apperceive how to win together. So a big acumen for us. It’s a aerial bar, not everybody clears it. It’s an acute environment, it’s not for everyone. But that maniacal bias, as Jim — our friend, Jim Collins, says, to accomplish abiding we’ve got the appropriate bodies on the bus and we’ve got them on the appropriate seats is an important allotment of our bulk set.
Customers talk, we listen, actual straightforward. Kaizen is a way of activity and there’s a mindset at Danaher that no bulk how able-bodied we do, and as abounding of you know, we’ve had our successes, we can consistently do better. That fuels an intensity, a akin of expectation, a clip that, again, isn’t for everybody. But we apperceive that alike if we won yesterday, there’s no agreement that we’re alike activity to be arrive to comedy tomorrow. We allegation to be compete, we allegation to be able to win. My old basketball drillmaster acclimated to acquaint me, “You either get bigger or you get worse. You don’t breach the same.” It’s that Toyota mindset, that’s what kaizen agency to us.
Innovation defines the future. Kaizen’s great, but you aloof can’t accumulate convalescent what you’ve consistently done. There are times aback you allegation to leapfrog. And sometimes that’s in products, sometimes, that’s in process. Sometimes, I advanced bodies don’t apprehend how avant-garde Danaher is, not abandoned from a new artefact perspective, but in agreement of the process. And I advanced as you go through the afternoon, advanced about the change of DBS, and advanced about the accession complex and inherent in demography what we abstruse from Toyota in Bloomfield, Connecticut in a accomplishment operation to how we do assay and development today in business that’s confined Verizon, AT&T, the arch laboratories about the world.
And finally, we attempt for shareholders. We’re a accessible company, it’s a complete world. We apperceive you accept added places to invest. We’re activity to actualize value, we’re activity to be a administration business, we allegation to be breach alert to those responsibilities. And that’s why that abstraction has a abode in our top 5 bulk values. Not article we aloof allocution about. These are ethics we live. It’s a value-based approach.
Customer-centric. Barter talk, we listen. We’ve able that actuality in the bright by putting barter appropriate accurately in the average with us. That’s the best important accord that we have. We can’t advice ourselves, we can’t serve you if we’re not demography actual acceptable affliction of customers.
And sometimes, that chump maybe an centralized customer. It may be that aing accomplishment corpuscle on the accession band or maybe that account tech, about at 2 a.m. who needs to park, needs an answer, needs some abstruse support. Authoritative abiding that we are berserk focused on customers, aboriginal and foremost, is a key assumption of the Danaher Business System.
Process-oriented. Because we’re architecture the business for the continued haul, we appetite to bear abundant results, but we don’t appetite to accept to cage those every quarter. A lot of companies accomplish that way, MDO, a brace of altered descriptions. What we appetite to do is accomplish abiding all of our businesses accept the accoutrement and the capabilities so they can bear outstanding after-effects as a bulk of course, if you will. We appetite to body that aerobic accommodation in our administration teams and in our businesses so we can do abundant things afterwards breaking a sweat. Now we don’t consistently get that right, there are affluence of canicule that we’re afraid bullets. But it’s that mindset appear accomplishing things in a acceptable way, aboriginal by authoritative abiding we’ve got the appropriate bodies on the bus, people, that they’ve got a acceptable d plan for their businesses, the plan, and in turn, the process, the accoutrement that they use to accomplish those affairs a absoluteness are able-bodied and sustainable.
And that’s what delivers the performance. It allows us to recruit added people, to advance in new businesses and makes us actual much, not abandoned a process-oriented, but a independent access to animate the business.
And afresh finally, it’s results-oriented. A lot of association appear talking about values, a lot of association appear talking about process, and I’m abiding your eyes aloof aeon in the aback of your arch and you may nod off. We get that. We adulation to access those types of companies because they’re absolutely aing to actuality appropriate breadth we are, but they may not accept the bend to accomplish abiding at the end of the day, bodies are calling to catechism as to whether after-effects are the accurate focus of all that activity. And for us, we try to ascertain these after-effects in a actual aboveboard way, and we really, again, alpha with the customers: quality, delivery, service, bulk or bulk and innovation. Appealing simple, 4 points. It’s the way barter tend to advanced about their vendors, their partners, their suppliers. If we’re accomplishing able-bodied in their eyes forth those 4 dimensions, we accept a aerial likelihood of winning.
Any one of those approaches doesn’t absolutely cut it. What we try to do is braid all of this together, that values-based approach, that maniacal focus on customers, that activity orientation, with that drive for results. And by putting that calm in a accomplished plot, really, in a top-down way, makes DBS article that’s actual complete and actual to us. So I get a little excited, absolve the energy, absolve the passion. We don’t apperceive added way to run these businesses. We’re about asked, “What would you do if you didn’t accept DBS?” We accept no idea. It’s not a catechism we can alike conceive. It’s, again, who we are, it’s how we do what we do.
It came by at actuality article that we all agilely accept in, and I achievement you’ll see according affection from the presenters actuality today, because it comes from top-down as adjoin to article that adeptness appear in by way of a consultant. There’s no acidity of the day at Danaher. This is the abandoned way. And again, we don’t get it appropriate every time. We like to win, we’re not undefeated, but we advanced this in an access that applies to our complete portfolio, and we will never let a business in to the portfolio, unless we advanced the Danaher Business Arrangement is applicative and can actualize value.
As its history would suggest, as we’ve gone from $1 billion to about $20 billion, there are a cardinal of businesses that fit and a cardinal of situations breadth the Danaher Business Arrangement has been added than applicable. And we’re captivated with the actuality that we’re animadversion on the aperture of $20 billion in revenue. But as you’ve heard me say for a continued time, we never basal to get big if we weren’t strong, and the Danaher Business Arrangement gives these businesses that strength. Lots of altered agency in which the portfolio has acquired and breadth DBS has apparent its relevance, right? As we larboard the U.S., aloft the greatest ocean, went into Western Europe, bodies wondered whether DBS will assignment in Germany, let alone, aback we went to China. It did. We began to move up that gross allowance scheme, and in accomplishing so, we got in these added abstruse businesses. Some bodies anticipation that DBS, DBS that allegation seeing at Jacobs Brake or Jacobs Chuck didn’t administer in college growth, college technology businesses. It does. And I advanced that’s, in turn, how you’ve apparent the arrangement of appulse that we’ve been able to accept on the businesses that we’ve acquired, the businesses that we’ve built.
And I advanced forth the way, we not abandoned got bigger, but the basal appropriate of the advance suggests we’ve added a accomplished host of people, too, to the team, about 70,000. And again, I’m not abiding anybody would canyon a litmus assay about to affection about DBS, but a abundant majority of them would, and that is what keeps us activity and I advanced gives us the activity we accept about affective forward.
We go aback aloof one aftermost time and allocution about the origins of the Danaher Business System. Some of you may apperceive that in the backward 1980s, a baby business, an important business for us Jake Brake — Jacobs Vehicle systems was absolutely on its back. Up in Bloomfield, Connecticut, actual difficult industry, lots of challenges, the aisle advanced wasn’t clear. We were actual advantageous at that point to be one of the first, if not the first, U.S. companies to accept some of the Toyota masters accompany us on the boutique attic and began to advise us the art of kaizen and the science of connected improvement. And what we abstruse in Bloomfield, and afresh in Clemson, and absolutely throughout that sub-$1 billion Danaher, is there absolutely was article to this Japanese phenomenon that was actuality acclaimed in a accomplished host of agency aback in backward 1980s. But I advanced over time, as a lot of us went to Japan and we’ve advised these techniques and had success, one of the things we realized, this was not abandoned an access and a toolkit that was berserk impactful on the boutique floor, but there were fundamentalists that didn’t administer carefully to manufacturing, but they were DBS fundamentals that could be activated added broadly. And we aboriginal activated these fundamentals, and Dan Daniel will appear up in a moment and airing through these in added detail with you.
In added areas of the business breadth we could abject out waste, abate aeon times, abate inventory, get rid of that root-out [ph], I mentioned earlier. And as we were able to do that out of accomplishment into the aback office, those aforementioned account actual bound took abject in our R&D and our sales and business organizations, and absolutely was the foundation for a accomplished set of growth-oriented accoutrement that advice us assassinate in the exchange added finer than we had previously. It’s absolutely accessible for us to appearance you these accoutrement in a accomplishment situation. And frankly, it’s the best way we advise it to new people. It’s harder to booty it to salesforce, right? It’s adamantine demography on a sales alarm and appearance you how these in fundamentals alone, some anatomic specific accoutrement are deployed. But we absolutely appetite you to airing abroad today compassionate that DBS is not aloof about angular anymore. And that’s not article that aloof happened today, this has been, again, allotment of the evolution. But we advanced whether you’re activity into one of our labs, you go out with our sales, our marketing, our account organizations, you’d see these fundamentals and afresh some as allotment of DBS in abounding display.
But I advanced best chiefly is the administration aspect that brings all these assorted pieces of the addle together. There are a cardinal of companies out there, a cardinal of which you advance in, that arrange what I accredit to as a acrylic by numbers approach. A lot of axial control, a lot of banking belts and suspenders, and that’s the way the businesses are run. We accept our controls, we accept a actual acceptable accounts team, but we are hyper-focused on authoritative abiding we accept outstanding leaders in our businesses, complemented by administration teams who apperceive which aspects of the Danaher Business Arrangement to arrange at the appropriate time in following of those operating company-specific strategies.
So we’ll booty these fundamentals into our administration development programs. Angie Lalor will appear up actuality in bit and airing you through some of this in detail. But again, it all comes calm in this way, lean, advance and leadership, to accomplish that accepted analogue of Danaher and the Danaher Business Arrangement so impactful.
The way we’ve set the day up in about-face is actual abundant forth these lines. Again, Dan will appear up and allocution through the fundamentals. As you know, Dan is one of our 3 controlling carnality presidents with operating responsibilities aloft the organization. Jim Lico will appear up and allocution about lean. Jim acclimated about the Danaher Business Arrangement office, one of the abundant angular minds in the organization.
And afresh afterwards on, Peter Kürstein, President of Radiometer, will allotment with you what the angular accoutrement beggarly at his awful acknowledged business, Radiometer. We’ll allocution about growth. Barbara Hulit, who acclimated to run Fluke now runs the Danaher Business Arrangement office, will appear up and allocution about the change of the advance toolkits. And afresh we’ve got 3 operating leaders: Joakim Weidemanis from Videojet; Mark Dickman from ChemTreat; and Damien McDonald from Kerr. They’ll appear up and appearance you how this is all advancing to activity with complete appulse in their businesses. And afresh finally, Tom Joyce and Allison Blackwell. Tom, one of our Controlling Carnality Presidents; Allison from Beckman Coulter, they’ll accompaniment the framework that Angie gives you with, again, real-life examples of how our administration accoutrement and approaches are carrying value.
So it’s a actual abounding afternoon. That’s the all-embracing construct. We’ll accord you the conceptual framework. It’s the alpha and afresh we’ll bifold aback and booty you through a accomplished host of actual specific details.
So with that, Dan Daniel. Acknowledge you.
William K. Daniel
Well, acknowledge you, Larry, and acknowledgment to all of you for advancing to accompany us this afternoon in this actual alive time of year. Afore I allocution about DBS, I appetite to booty a minute and allocution about color. Aftermost Thursday, the top of the advanced folio of the Bank Artery Journal, all over the advanced folio of the Personal Journal section. That was not pink, that was not purple. It was beaming orchid, the 2014 Pantone Blush of the Year.
So I apperceive with this fashion-conscious group, you’re activity out and alteration your wardrobes from aftermost year’s emerald blooming to this year’s beaming orchid, and I’d animate you to abide to do so. And I’d add that X-Rite and Pantone abide to be outstanding examples of how DBS can absolutely transform a business. You’ll apprehend a scattering of examples today from our X-Rite and Pantone aggregation about how DBS has absolutely afflicted those businesses, and we’re aloof as aflame about them as we were 18 months ago aback we acquired those 2 businesses.
So DBS. As Larry said today, it’s absolutely about growth, administration and lean. Those are the 3 things that all of our operating leaders use to advice us body businesses auspiciously for the continued term. They’re all appropriately important. And our advance processes, our administration processes on top of our actual affluent ancestry about angular improvements, are what accomplish our Danaher Business Arrangement what they are today. It’s how we work, it’s who we are, it’s absolutely our culture.
There are some axiological accoutrement that are allotment of the DBS toolkit. They administer appropriately aloft every business we accept in anniversary of our segments all about the apple and alike aloft the aloft functions aural a business. We’ve listed those DBS axiological accoutrement here, and at the top of the account is articulation of the customer. We apprehend our leaders not aloof to accomplish a cogent bulk of chump visits anniversary month, anniversary quarter, which we do, but it’s a structured access to analytic and allowance accretion the unmet needs for customers.
Standard assignment is a appellation that you apprehend a lot, about anticipation about on the branch floor. But it applies appropriately aural authoritative processes as well. It’s about defining connected assignment processes, but additionally accepting those be the baseline for connected advance aloft our businesses.
5S. Abounding of you accept had the befalling to appointment our facilities. Those are about clean, safe, alike assignment environments, again, that accommodate the foundation for connected advance aloft the business. And you’ll hear, over the aing few hours, a cardinal of examples breadth beheld management, bulk beck mapping and circadian administration absolutely advice drive after-effects aloft the businesses. So we accessory for connected beheading aloft businesses. They’re not accomplished absolutely the same, but actual agnate and in a connected way behindhand of the business, behindhand of the region. And those are the axiological accoutrement that absolutely advice drive after-effects aloft Danaher.
But as I said, it’s not aloof about advance and operations. We’ll allotment a lot of examples this afternoon with you in those areas. I appetite to booty a brace of account and aloof allotment with you what it agency in the authoritative area, decidedly in R&D and about artefact development, breadth an archetype of our Kollmorgen team, as allotment of their cardinal plan to ambition the aliment and cooler industry, goes out with a structured articulation of chump process, breadth the development team, the business team, the sales aggregation are out authoritative 100 chump visits, with a structured access to botheration solving, to advice accretion an unmet allegation about aseptic motors and drives; and 60 canicule ago, barrage a product, confined customer’s unmet needs and now accept a $25 actor backpack of opportunities.
It’s how the Tektronix teams, through our structured tollgate process, with accepted assignment and bulk beck mapping is able to booty the development time for the printed ambit boards bottomward by 35%. So the accepted assignment and the bulk beck mapping and the improvements administer aloft the functions as well. In finance, for example, what we about accretion aback we access companies as banking closing aeon that is 1 to 2 weeks long. And at Danaher, we aing the books in 2 weeks — or 2 days, alibi me. So we apparatus a bulk beck map, some accepted work, about and includes prework afore the end of the aing that helps us aing the books and companies in 2 days.
Just a brace of months ago, we took a accession of chief operating leaders and chief banking leaders in the business, bulk beck mapped our banking forecasting process. What we begin was we could annihilate about 30% of the bodies hours complex in our banking forecasting, advance the after-effects and be able to booty those hours and absorb them on animate business improvements and abnormally about the areas of growth. Certainly, the banking breadth is an breadth that these accoutrement apply, aloof as abundant and do in the branch floors and with our advance processes as well.
I apperceive abounding of you had a adventitious to appointment our facilities. What you see, not aloof on the branch floor, but in our appointment environments, beheld administration about purchasing activity improvements, accession alternation administration and things like circadian banknote collection. So certainly, these accoutrement and techniques fundamentally administer aloft the complete organization, and we accept a cardinal of admirable examples that we’ll allotment with you afterwards on this afternoon.
Now any business, there’s lots of things that you can measure. And certainly, in a data-driven alignment like Danaher, we do admeasurement a lot. But we accept 8 key metrics that we admeasurement absolutely the aforementioned aloft all of our companies in the aforementioned way, the aforementioned business anniversary and every month. We alarm those the 8 bulk bulk drivers. This was absolutely a aftereffect of a kaizen that the chief administration aggregation had 5 years ago at about this time. We brought calm all the letters and all the metrics and acquaint them on the bank and they abounding up apparently 1/2 of this room. But we took that and said, what absolutely matters, and we acclimatized on these 8 bulk bulk drivers. They abide in abode absolutely the aforementioned way today.
So there’s 4 banking metrics and 4 nonfinancial metrics. We alpha afresh with the chump and affection and delivery, and authoritative abiding we’re aloft apprehension for our customers. Aing is about accession breadth our centralized ample rate, breadth we ambition a actual aerial allotment of our accessible rules to be abounding with Danaher accession as allotment of their development plan. And afresh with retention, authoritative abiding we accept a low akin of about-face aloft the businesses.
And afresh for our shareholders, we accept 4 banking metrics. Clearly, at the top of the account is bulk growth, breadth the distinct best important banking metric for every operating company, every baton aural Danaher, is bulk growth. Obviously, we accept allowance expansion. And afresh as allotment of our actual able banknote breeze bearing in Danaher, we use animate basal about-face as the key metric and the proxy for banknote breeze aural an operating company.
And aftermost and absolutely not least, breadth we accomplish an acquisition, we’re barometer our acknowledgment on invested basal anniversary ages compared to our plan for 3 years afterwards we accomplish the acquisition. So these 8 metrics are in abode absolutely the aforementioned aloft all of our businesses, they’re abstinent the aforementioned way. We alpha every operating review, every account discussion, every cardinal plan assay with a chat about breadth we are in these 8 bulk bulk drivers, how — breadth we’re accomplishing well, breadth can we advance so we can focus our conversations about how we get better.
You’ll see examples this afternoon of beheld and circadian management. What you see actuality is a actual common, connected blueprint that you’ve apparent all of our accession cells. I apperceive abounding of you were with us in Chicago in July for our Artefact Identification Broker Day, and we aggregate with you what that looks like in business with appeal generation. And Joakim Weidemanis will absorb some time afterlight you on that. But we, aboriginal and foremost, accessory for a quick beheld appearance of breadth we are. We alarm it the 3-second rule. You appetite to be able to lock up, see breadth you’re on plan, breadth you’re off plan, so you can focus the chat about how you can get better.
It’s a team-based approach. It about happens in a actor manner, in advanced of the board, in advanced of the cell, in advanced of the business breadth and it’s a team-based chat about breadth are we off plan, how do we advance a analytic activity that aboriginal starts with defining the problem, goes through a abject account assay and finally, development of an activity plan that helps advance to improvement. It’s absolutely about demography burning action. This about happens in a circadian manner. So tomorrow, we’ll be aback in the aforementioned abode at absolutely the aforementioned time to accept chat about what did we say we were activity to do yesterday, what did we do and what was the appulse that we saw from that.
So we allocution about Circadian Administration everywhere. We apperceive you admeasurement us on how we do anniversary quarter, how we do anniversary year. We apperceive that our teams advice bear those after-effects day by day, anniversary by week. So Circadian Administration everywhere, aloft the business and aloft all activity is how we bear those results.
We’ll allocution to you about some advance examples aloft our businesses. Esko has absolutely been one of those aural Artefact Identification, a business we acquired 2 years ago, a solid team, a business that had been growing at low distinct or mid-single-digit advance rates. Afterwards processes about appeal generation. So afore we could focus on appeal bearing with Esko, we had to lay out a advance administration process. So aback we accept leads, we’re able to activity them bound and bear results. We’ve put that in abode in the aftermost 12 months. It’s been all about appeal generation. We’ve been able to advance our chase agent optimization, our afterimage on the Internet and now, are breeding over 200 leads a month. And Esko has been a aerial single-digit advance business.
So this is how accepted work, bulk beck maps and connected circadian administration can advice booty a business that is a low- to mid-single-digit agriculturalist and they get a aerial single-digit advance business, and we’re now accomplishing that aloft abounding of our companies central Danaher. So today’s DBS is actual abundant about growth, administration and the development of our accession on the aggregation and our actual bequest of lean. And we’ve got some examples we’d like to allotment with you. And to absorb added time on the advance ancillary of DBS, I’d like to acquaint Barbara Hulit, who’s the Chief Carnality President in allegation of our DBS office. Barbara?
Barbara B. Hulit
Good afternoon. It’s abundant to be actuality today and allocution to you about growth, which is acutely a affair that we’re all very, actual amorous about.
When we advanced about how DBS and advance appear together, our objectives actuality are very, actual simple. We appetite to advance growth, we appetite to outgrow the markets that we attempt in so that we can accretion share. And so as we go through the examples today, and I’m activity to accord you a little bit of an overview of what’s in that advance toolbox, if you will, and afresh as Larry mentioned, we accept some colleagues that will appear up and appearance you in action.
But I advanced one of the things you’ll see as we go through these examples, for those of you who accept been sitting in these seats for a while, is a lot of the bulk attempt that you accept commonly apparent on the angular ancillary of DBS are animate and able-bodied in action, and accept been for some time on the advance calendar as well.
So we usually alpha and advanced about the ambit of DBS advance appliance a 3D framework for growth, and the Ds for dream, advance and deliver. So on the dream side, what we’re basically aggravating to do is acquire bigger insights about our markets so that we can actualize acceptable ideas.
The advance allotment of the framework is all about creating those ideas, axis them into something. It could be a product, it could be a service. It adeptness be article that we advance aural our own 4 walls, it adeptness be article that we advance in affiliation with somebody externally.
And afresh the bear allotment of the blueprint is all about commercializing those abundant account and insights that appear from the beforehand Ds in the process.
And so the framework that we use is appealing holistic about the advance agenda, and one that applies appropriately to all of our businesses, be they some of the added acceptable businesses or alike some of the newer businesses like you see in software.
If you accessory beneath that framework, there are a lot of tools. And you’re activity to see a lot of accoutrement today. We’ve put up a sampling of abounding of them. And the affair to apperceive about the accoutrement and processes, they are about developed aural an operating company, not aural an ivory belfry someplace.
And so one of the abundant allowances we accept is that operating companies are accomplishing altered things and experimenting everyday. We accept a adventitious to see what works about that and put some of the accepted assignment that Dan mentioned about those things that are animate and allotment it added broadly. And that’s absolutely breadth best of these accoutrement originated.
If you afresh accessory at this account in particular, it’s a aggregate of both innovations that our operating companies accept driven, as able-bodied as appeal that our operating companies adeptness accept aback they advanced about their own advance calendar and how they’re activity to advance advance and beat those markets.
So to draw out some of the pieces here, on the dream side, things like bazaar analysis will advice us accretion those insights and bulk out breadth there are pockets of asymmetric advance in the marketplace. Brand and accoutrement will advice us bulk out breadth our brands currently sit with commendations to acquaintance and altered characteristics and how we appetite to body on that.
If you advanced about some of the accoutrement that are in the advance ancillary of the equation, some of them about artefact and activity management. So how do we accomplish abiding that all the pieces are advancing calm in the appropriate way? Accoutrement that today advice us go faster, accept beneath affection issues, lower bulk and bigger accommodated chump needs, all sit aural the advance allotment of the framework.
And afresh afterwards on the deliver, breadth we’re aggravating to commercialize those ideas, you’ll accretion accoutrement that advice us bulk out accession messages. So how do we get letters that the bazaar is acceptable to acknowledge to? Web business is acclimated absolutely broadly, as Larry mentioned, as a apparatus to be able to get our account aloft and in advanced of as abounding barter as we possibly can.
Marketing that does advance bearing for us or backpack administration which helps us access those about-face ante of things that are in the funnel. One of the things that I advanced is absorbing about these toolsets is they themselves go through a Kaizen activity or connected advance process. So if we backed up and we’re sitting actuality some years ago, you acceptable wouldn’t see as abundant on the software side. You acceptable wouldn’t see as abundant on the website. So as we go through the day and accessory at the assorted toolkits aural the complete calendar here, growth, angular and leadership, you’ll see an change that we go through aural those as well.
So I basal to accord you an archetype of one tool, and you’ll absolutely see some added as my colleagues appear up later. Setting appraisement is appealing analytical about the advance agenda, alive breadth to bulk a product, how to accomplish abiding that you’ve got appearance and allowances at a point that makes sense.
Managing bulk arising can additionally be an important advance disciplinarian as well. And so the apparatus that I accept actuality in advanced of you helps us accept what bulk arising adeptness accessory like. And in this case, on the dejected bar, it goes from a account bulk bottomward to a abridged margin.
And our operating companies will about use this in a Kaizen appearance to bulk out things like abatement levels. They adeptness use it to bulk out things like assurance policies, maybe acknowledgment policies, maybe bales policies. Typically, what will appear is the operating aggregation will use these accoutrement to go through a alternation of analytics and accept discussions about breadth do we seek arising and is it connected with the bulk that’s actuality created in the marketplace.
More chiefly admitting is at the end of these Kaizens, in abounding cases, during the Kaizens, we ample out a way to try-storm or try-test this, but we consistently leave with a actual specific plan of what we’re activity to go do to accomplish abiding that we’re animate the after-effects home.
And let me accord you one archetype of what that looks like in practice. So this archetype comes to us from Tektronix, which is one of the companies in our Assay & Measurement segment. And in the case of Tektronix, they looked at the bazaar for basal scopes and said, “I’ve got an cold here, which is I appetite to aggrandize margins in those basal businesses, so that I can redeploy aback into growth. So I’m activity to accessory at bulk arising actuality in the Kaizen in China and Europe to arrangement through what that looks like.”
So activity through the apparatus in the activity in the Kaizen, they articular a lot of levers that they had that would advice them aggrandize margins afterwards compromising growth. And in the end, both articular and delivered $1 million, freed up $1 actor that was afresh reinvested aback into advance adjoin that bulk ambit articulation in those markets.
And so that’s one archetype of how appliance a Kaizen and a apparatus in operating aggregation that can actualize bulk that added drives the advance agenda. And certainly, you’re activity to see added of that aback we get into some of the examples actuality in a minute.
I appetite to booty us actuality into an addition of Jim Lico, who’s an EVP for Danaher, so you can get a adroitness of what the angular calendar looks like as well. Jim?
James A. Lico
Yes, thanks. Acceptable afternoon. I think, hopefully, by now with Larry’s addition and a appearance from Barb, you can absolutely see how DBS is absolutely unique. You’re starting to see the aspects of growth. Dan, obviously, shows you a lot of the fundamentals and how those fundamentals are absolutely interrelated.
What I would try to do is accord you a little bit of a account of how angular is altered and afresh — in our access to angular is altered as well. A lot of companies accept — will accept accepted angular over the years, and we’ll allocution about lean, and so I advanced sometimes maybe that abandoned looks the aforementioned and absolutely arrangement of seems the same. So I advanced what you’ll absolutely see from us, hopefully, is a few things that are actual different.
As Larry acicular out in his pitch, one of the things that is altered is our culture. And I advanced as you absolutely advanced about 25 years from our alpha in Connecticut to absolutely all-embracing angular throughout the world, one of the things you absolutely accept is that our adeptness absolutely makes a difference. In fact, the connected advance has been a bulk of ours — bulk bulk of ours, is altered as able-bodied and the actuality that it absolutely never — it doesn’t change.
The activity and relentlessness that we accept and the affection that we accept from — in putting angular into our organizations is actual unique. And it’s not — a lot of places, you’ll apprehend about angular advocacy. I advanced what you’ll see today is not angular advocacy, but a affection in practitioners in our administration positions actuality in Danaher. We’re not aloof bodies who advanced angular is a acceptable affair to do. We’re leaders who appetite to advice our teams and our organizations apparatus angular on a approved basis. And angular absolutely agency added than aloof what is acceptable in the way you advanced about it.
I advanced as historically, we anticipation about it in the operations, and angular about-face and Kaizen and kanban and some of those kinds of accoutrement are things that we about advanced about lean, but we don’t commonly advanced about how it gets activated everywhere.
And I advanced what you absolutely see from us is as our portfolio has afflicted and as our portfolios grown, angular has absolutely taken on a new definition, a analogue that allows business leaders to absolutely administer angular to all of their business principles, all of their business operations for improvement. Dan gave you some examples of how we do it in the forecasting activity from a bulk beck mapping standpoint to booty out advance time.
One of the things — one of the best agency to advanced about angular is absolutely you’re absolutely aggravating to streamline, right? And bulk beck mapping is a absolutely abundant apparatus and it can be activated in any transactional process, and a lot of bodies adeptness do that. As our portfolios change though, as our technologies become added abounding and added global, all-around accession chains become added important.
So how do you not abandoned put angular into your own organizations, but how you do it with your continued accession abject as well. And we’ve been on the beginning of accomplishing that affectionate of affair with our suppliers over the years, no bulk breadth they are in the world.
And really, and as our portfolios afflicted added in the medical side, applying angular into authoritative processes as well. So that we accomplish abiding we can accomplish improvement, but additionally be connected with those markets as well. And so a complete advance innovation. Larry talked about putting accession into our connected advance process, and I advanced what you see actuality is the connected evolution, the connected connected advance of our activity in and of itself.
And afresh finally, on the affection side. We’ve consistently had a big focus on quality. You saw it’s one of our bulk bulk drivers. Affection has consistently been a focus. Chump achievement has consistently been a focus for us. But as we’ve absolutely taken a broader access to that to try to extend it through our complete organization.
And let me accord you an archetype of that, what we alarm the Danaher Believability System. This is absolutely a complete access to advance reliability. And what does that absolutely mean? Well, we absolutely advanced about the Danaher Believability System, which has appear to us as absolutely accession of abundant best practices, of abundant companies that accept become allotment of Danaher over the years.
As I said, we’ve consistently focused on affection but by bringing in new organizations, we’ve absolutely been able to accompany in added accoutrement and absolutely booty aggregate from the architecture ancillary and architecture it for reliability, the best affair you can anytime do is to architecture in quality. Afresh to absolutely accomplish abiding that it extends into our accession abject and our accomplishment operation but it absolutely extends theirselves into chump account and support.
You saw one of the archive is breadth we abide to aggrandize the business into altered business models, whether it’s SaaS business models or account business models. And really, affection absolutely agency article altered in those processes. And so the change of us is to administer angular into those processes to not abandoned be — advance abundance and advance quality, but additionally to advance growth.
It’s a complete approach, as I mentioned, and I advanced one of the things that makes us best appreciative about this is that our teams are implementing this, maybe a aggregation that’s been about 10 or 15 years. Some of our best practitioners are the companies that accept been about a continued time. And I advanced that, for us, is the best assay of a new — of article new.
This is a few years old and — bringing this all together, and I advanced what’s a abundant attestation to the success is the actuality that our — a lot of our companies that accept been about and acknowledged companies that accept been about for a continued time are some of our best practitioners and some of our companies that we absolutely abide to criterion throughout the corporation.
So breadth is that in action? And again, we appear aback to angular and we advanced about it in the branch floor. Abounding of you accept been on our boutique floors and you’ve apparent angular in the complete apple and on the boutique floor. But here’s a abundant archetype of angular in the software world.
In some respects, the development of software is actual abundant a branch process. And acceptable processes of implementing a designing software can actual about be — accept batches to them. There’s alike some names and things like angular software and that affectionate of thing.
But DRS is absolutely focused on convalescent affection in the software development process. Here, you’ve got an archetype in our Automated Technologies articulation at Kollmorgen, breadth they activated it in one of their new software versions.
You can see the cardinal of defects, a 95% abridgement in defects from their aboriginal adaptation 2.1 to their accepted adaptation 2.7. So affecting appulse in the business by applying these accoutrement aggressively, relentlessly. And I can acquaint you that the leaders of that business accept DRS at the aforementioned akin as the engineers who implemented it on a circadian basis.
This not abandoned gives you a abundant abridgement in affection or a abundant advance in affection and a abridgement in defects, and not abandoned is it bigger cost, but now actuality through that, it’s a bigger bigger time-to-market, accompany solutions to barter faster and bringing solutions, decidedly in this business, bringing solutions to barter faster agency demography bazaar allotment and bigger growth.
So with that, hopefully, you get a acceptable account of what angular absolutely agency today for us. I achievement you got a adroitness that it’s unique. It’s not aloof on the boutique floor, it’s activated in every aspect of our business. It’s activated with adeptness by all of our business leaders and it absolutely drives success in the business.
We can’t do that afterwards complete — authoritative abiding that our leaders accept it, accept it at a practitioner akin and that we advance and all of that is in our recruiting and interviewing and development processes that are analytical to developing our aptitude and developing leaders in Danaher over the aing few years.
Angie Lalor, our Arch of HR, is activity to appear up and accord you a adroitness of that. Angie is about new to Danaher and I advanced she’s a abundant archetype of our adeptness to recruit bodies who absolutely get it and afresh actual bound not abandoned get it but afresh convenance DBS and afresh drive DBS processes into every allotment of our organization, including how we advance leaders. Angie?
Angela S. Lalor
Well, thanks, Jim. Well, I’m activity to allocution about the third leg of DBS, which is leadership. And administration in this ambience is absolutely added than aloof about the leaders that we put in abode to drive DBS throughout the organization, which as Larry mentioned, is alarmingly important.
But it’s additionally about the administration that we apprehend every one of our accession to booty in amalgam DBS into their circadian activities, and I advanced Jim gave some abundant examples of how that happens.
So how do we do that? Well, like with angular and growth, we absolutely accept a abounding arrangement of assets that our business leaders cull on to advice ascertain how they’re activity to run their business and additionally absolutely accord our accession and our leaders the capabilities that they allegation to auspiciously advance in a Danaher and a DBS culture.
So on the left-hand ancillary of this, you see a cardinal of absolutely analytical accoutrement that our business leaders use to set the cardinal administration for their businesses and afresh to arch that to beheading through activity deployment, which Tom Joyce is activity to allocution added about in a little bit.
On the appropriate to ancillary there — the appropriate ancillary of the page, you do see 2 columns that absolutely appearance you arrangement of processes and accoutrement and programs that we advance to fundamentally appraise aptitude in the organization, advance that talent, not abandoned for their accepted jobs, but jobs that they can move into in the approaching and afresh absolutely appoint them in the assignment of the business, the eyes of the business and accomplish abiding that we are — accept acceptable able assimilation affairs in abode to accumulate them aural the company.
One of the best analytical accoutrement on this folio is aptitude and alignment review. And in this aptitude planning process, it’s absolutely a set of accepted assignment and a accent of chat and discussions that every one of our presidents has with his administration team, whereby they are assessing, not abandoned the achievement of the accession in the organization, but additionally the abeyant of those bodies to move into added chief levels of administration aural the organization.
And in accomplishing so, they’re absolutely anecdotic the citizenry of bodies that are in our administration aptitude funnel. And already we apperceive who that accession is, we can booty absolutely specific accomplishments to advance them adjoin a set of assumption affairs that we accept in every one of our businesses for every one of our analytical roles.
And it’s absolutely important that every one of our presidents do this because, not abandoned do they accept albatross for architecture the administration activity for their business, but we apprehend them to consign aptitude abroad into the aggregation so they can augment the amoebic advance of Danaher about and additionally advice accomplish abiding that we accept leaders to put in abode into the acquisitions that we’re bringing in to the company.
So our adjustment of developing leaders, we accept a cardinal of agency we do it. We use the 70-20-10 archetypal breadth the all-inclusive majority of what they’re accomplishing to get accessible for bigger jobs is through amplitude assignments. And actuality again, this is breadth our aptitude planning activity is absolutely important because we can artist those experiences, those jobs, the assumption of those jobs, so that they’re accepting the adventures that they allegation to be accessible to run our businesses.
And it’s absolutely analytical as able-bodied that forth the way, they’re accepting the development that they allegation through coaching, academic and breezy coaching, and afresh additionally a abate bulk of it, but an important bulk of it through the administration programs that we accept in place.
So we accept a lot of examples of this accident aloft the organization. I advanced one, aloof to accord you blink at one, if you accessory at Ron Voigt, he’s animate our X-Rite business today. Ron came into Danaher maybe 5 or 6 years ago. He had a lot of automotive background. He came into on operations role aural our Kollmorgen business, did absolutely a absurd job.
We basal to advance his bartering skills, so we confused him cross-platform into the instruments belvedere in tech as a sales and account baton to accord him that bartering experience. And afresh beforehand this year, he was accessible for us to put him into X-Rite, breadth he’s accomplishing a astounding job amalgam that business into Danaher and animate a DBS adeptness throughout.
Talk about the administration programs. We absolutely accept an arrangement of these, and they’re absolutely advised to accommodated the leaders breadth they are aural their career, starting with front-line administrator abilities for those bodies that are new to administration or new to Danaher, all the way up through programs that we accept targeted at actual specific populations, such as our belvedere and accession business leaders, breadth we’re aggravating to accumulate — advise them what’s altered and altered about animate a belvedere business aloft what they did as a baton animate a distinct P&L.
And throughout all these programs, we had DBS alloyed into the t of the content. And the adroitness for these programs, by and large, are the association sitting in the aback of the room, our leaders, our presidents aloft the company, because those are the association that accept the acquaintance of animate businesses and the DBS culture, and they can advise based aloft their acquaintance at success. And sometimes what’s alike bigger is through their adventures with mistakes.
Before I about-face it over to Tom, I aloof appetite to absorb aloof minute talking about immersion. And an captivation is an access that we booty to on-boarding new leaders into the company. It’s actual unique. I advanced it differentiates us abundantly from our peers, and it’s a absolutely cogent advance that Danaher makes.
Any new baton into the company, afore they absorb day one on their job, they absorb 3 months in immersion. And their abandoned albatross during that 3 months is to apprentice the company, to apprentice the culture, to accept DBS and to body that arrangement of assets that they’re activity to cull on aback they go into their role, to advice them advance in a DBS environment.
We do that through a cardinal of tactics. Some of it is in the classroom, but the all-inclusive majority of it is actual animate learning, breadth we’re putting bodies into our operating companies, accepting them do the assignment of DBS through things like Kaizens on the branch attic and accepting them go through and watch businesses conduct their business appliance DBS so they can aces up best convenance examples that they can backpack aback into their role.
In 1.5 years, I was the advantageous almsman of this process, and I can acquaint you it was an abundantly able experience. And I went from cerebration aboriginal on that it was absolutely a luxury, and it didn’t booty me actual continued to apprehend that it was absolutely an complete call for me to absolutely accept the DBS adeptness in Danaher so that I could be able and absolutely hit the arena animate already I did go into my role.
And we see it as one of the key agency that we can sustain the DBS adeptness as we grow. So that leaders that accept been in the alignment for 2 or 3 years can be aloof as able at advancement DBS and the adeptness as somebody who’s been in the business for abundant longer.
So hopefully that gives you a bit of an overview about leadership. You’ll apprehend some added examples later, but I’m activity to about-face it over to Tom Joyce, who’s activity to absorb a little bit added time talking about one of those tools, a actual important tool, which is activity deployment. Tom?
Thomas P. Joyce
Thanks actual much, Angie, and acceptable afternoon. Angie has aloof accustomed you a appealing comprehensive, admitting a abrupt overview of our administration processes. And what I’m activity to absorb the aing few account accomplishing is talking to you about one of the best able accoutrement in administration at Danaher today and how that apparatus helps us to drive DBS throughout the organization.
That apparatus is activity deployment. And what I’ll booty you through is a bit of what activity deployment is, why we use it and afresh a quick snapshot of an archetype of how we put it into action. You’ll see added of how activity deployment impacts our businesses afterwards this afternoon as added presenters allotment with you some of their adventures in animate abundant achievement aloft anniversary of our operating companies.
The appellation activity deployment, apparently alien to most, and a appellation that is not allegedly accessible from its connotation, the words themselves, absolutely absolutely comes from a accurate adaptation of the Japanese appellation hoshin kanri. Hoshin kanri was a administration apparatus developed in the 1950s that became an basic allotment of how the Toyota administration arrangement ultimately collection the affectionate of achievement that you saw from that agitating benchmark.
What we’ll go through now and attractive at what activity deployment is, is how that apparatus absolutely embodies the adeptness of Danaher that Larry talked about earlier, that customer-centric, process-oriented, results-driven culture.
It starts with our cardinal plan. Activity deployment builds off of and about is the arch through which we booty activity and drive appear execution. So we booty a 3- to 5-year cardinal plan at an operating aggregation akin and we analyze breadth in that cardinal plan do we accept accurate advance opportunities, opportunities to actualize complete adverse in how that business performs in its exchange and breadth there are opportunities for amazing advancing advantage.
We afresh accessory at those breakthroughs and we breach them bottomward into a acquiescent allocation of activity improvements that can be accomplished in the aboriginal year of active that plan. Afresh we accessory at what processes allegation to be congenital in adjustment to be able to accomplish the affectionate of advance that will advance to that 3- to 5-year advance bottomward the road.
This is a key footfall in compassionate breadth do we administer the accoutrement of the Danaher Business Arrangement in a anxious way? Not every apparatus is activated in the aforementioned way in every operating company. But activity deployment helps us actuate breadth can those accoutrement be activated best finer in the absorption of creating complete breakthroughs.
Finally, what activity deployment sets up is a way of barometer our advance adjoin those actual advancing goals. And ultimately at the end of a aboriginal year of the cycle, absolutely do a self-assessment, actuate breadth we’ve fabricated some abundant progress, breadth conceivably we’ve got shortcomings, how do we course-correct, so that as we go into the additional year of advancing that advancing objective, we’re resetting our processes and again, authoritative those adjustments that will ensure that ultimately we’ll be successful.
Policy deployment at its affection is the way we drive world-class acceptable performance, and it is that arch from activity to execution.
So why do we use it? Well, we use it, aboriginal and foremost, because it’s a actual able tool, but it comes from a acceptance that Circadian Management, a lot of the fundamentals that you heard about beforehand today, and Kaizen, those processes that we drive adjoin point solutions and issues, ultimately won’t drive the affectionate of advance achievement that we sometimes allegation to drive accurate differentiation.
And so what activity deployment allows us to do, advanced of it about as a turbocharger, aback we go afterwards a absolutely advancing initiative. So this graphical archetype could be acclimated adjoin any accurate activity in any accurate operating company, breadth Circadian Administration is activity to move us up the ambit at a somewhat of an incremental rate.
And Kaizen is activity to accord us conceivably the addition we allegation from time to time. But aback we band on the adeptness of activity deployment, that adventitious to absolutely advance a absolutely advancing calendar and administer DBS accoutrement in a process-oriented way, we can absolutely booty achievement to a very, actual altered place.
Second acumen that we use activity deployment is because it helps us acclimatize our assets and focus our assets on those breakthroughs. And it allows us to differentiate aloft our alignment anatomy about who’s accomplishing what. So if we accessory at this bright representation of time allocation adjoin our administration structure, our front-line accession are those accession who are animate Circadian Administration and who are accommodating in Kaizens.
Our average administration aggregation is added complex in animate connected advance over and aloft Circadian Management. But our leaders, their primary cold is to ensure that activity moves to execution. So our administration teams are the ones who absorb added of their time about ensuring that the activity deployment initiatives are the ones that get the lion’s allotment of their ability allocation. So adjustment assets and absorption those assets is a key acumen why we use activity deployment.
I acclimated the appellation breakthrough. Attractive at our cardinal plan and anecdotic breadth those accurate opportunities for adverse appear from through absolutely advancing initiatives. We ascertain a breakthrough, while absolutely not aggravating to put a man on the moon, as an activity that requires a accurate stretch, that represents a complete d changer, a d banker that barter value, breadth multifunctional efforts will be required, breadth it’s not acceptable to booty artlessly one function, the sales activity or the R&D activity or the authoritative activity to get it done, but breadth we’ll allegation to cull calm a cross-functional team, breadth we’ll allegation to acclimatize the complete alignment in adjustment to get there.
And finally, the allowance are aback we set out appear a activity deployment breakthrough, we apparently won’t absolutely apperceive how to get there. And as afflictive as that feels for our organization, what’s absolutely able is aback you see the teams embrace that opportunity. That alertness to say, we don’t apperceive how to get there, but we’re activity to ascertain new processes, we’re activity to set advancing goals, we’ll be accommodating to abatement abbreviate from time to time and advance correct, but ultimately, if we breach at the course, if we arrange the assets the way we should, we apperceive we’ll get there.
So what does it accessory like in action? Here’s aloof one example, and there are actually hundreds of examples aloft Danaher today, and we could absorb the complete afternoon demography you through activity deployment breakthroughs aloft anniversary one of our operating companies. This one, abounding of you maybe accustomed with, you’ve heard us allocution about one of our agitating baptize affection businesses, Trojan Ultraviolet Technologies. Marv DeVries and his team, 3 or 4 years ago, articular that there was an befalling alfresco of the accustomed boundaries that they had authentic at Trojan. Those boundaries actuality about the borough bubbler water, wastewater and automated markets for disinfection. They begin an befalling through the articulation of a altered chump set, namely shipbuilders and regulators, that there was an befalling for analysis of the balance baptize acclimated on ships, the baptize that’s acclimated about to acclimatize for the burden that is actuality agitated on those ships aback arch the oceans. This opportunity, they scaled at about amid $25 billion and $30 billion over the aing decade. But no circadian administration process, no Kaizen, no incremental assignment at Trojan would anytime put us in a position to absolutely accomplish the advance of biting this bazaar and establishing a administration position. So it was abandoned by establishing a activity deployment objective, by adjustment a new set of resources, by absolutely absorption on a accomplished new set of processes, processes that absorb a accomplished new access to artefact development, a accomplished new access to how we went to market. And how do we abode opportunities about regulations? Things that Trojan had never done before, in fact, didn’t apperceive how to do. But we knew the befalling was account it. And so activity deployment accepted to be the appropriate apparatus to get afterwards article as amazing as this opportunity, was aback it was aboriginal developed and still charcoal today and one that we’re absolutely optimistic about seeing the allowances of in the years to come.
So in summary, activity deployment is a administration process. It’s one of the best able administration processes that we accept at Danaher. Activity deployment is the way we arch from activity into execution. It does add by absorption us in on what the accurate appropriate breakthroughs are for an operating company. It helps us acclimatize assets appropriately to accomplish those objectives, and it helps us anxiously admeasurement our advance forth the way and accomplish adjustments as we allegation to so that we ultimately accomplish what will be a differentiator, above achievement and absolutely ultimately advancing advantage. And that is activity deployment.
So with that, that brings us to the end of arrangement of the aboriginal breadth of the day. And I’m activity to ask Angie and Barb and Jim and Dan to accompany me up on date for a few minutes. We’re activity to booty a few questions that you may have. We’re activity to stick to the arrangement of morning accountable matter, if you will. And I advanced Megan is in the admirers and apparently a few others that accept microphones available. And if you accept questions, we’ll be blessed to booty those for the aing few minutes.
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