CVS earnings call for the period ending September 30, 2018.
Good morning, everyone. I'm Mike McGuire, Senior Vice President of Investor Relations for CVS Health. Thanks for standing by and thanks for joining us for our Third Quarter 2018 Earnings Conference Call. As a reminder, this call is being recorded on Tuesday, November 6, 2018. In addition to this call and our press release, we have posted a slide presentation on our website that summarizes the information in our prepared remarks as well as some additional facts and figures regarding our operating performance and guidance. Our Form 10-Q will be filed at the end of the day today and that too will be available on our website. After prepared remarks, we'll be opening the call up for Q&A. In order to provide more people with a chance to ask their questions, please limit yourself to no more than one question with a quick follow-up.
During this call, we will make certain forward-looking statements that reflect our current views related to our future financial performance, future events, and industry and market conditions as well as the expected consumer benefits, financial projections, and synergies from the soon to be completed acquisition of Aetna. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from what may be indicated in the forward-looking statements. We strongly encourage you to review the information in the reports we file with the SEC regarding these specific risks and uncertainties; in particular, those that are described in the Risk Factors section of our most recently filed Annual Report on Form 10-K and the cautionary statement disclosures in our quarterly report on Form 10-Q.
You should also review the section entitled forward-looking statements in our earnings press release. Additionally, we will use non-GAAP financial measures when talking about our company's performance during this call. In accordance with SEC regulations, you can find a discussion of these non-GAAP measures and the comparable GAAP measures in the associated reconciliation document we posted on the Investor Relations portion of our website. And as always, today's call is being webcast on our website and it will be archived there following the call for one year.
Now, I'll turn this over to our President and CEO, Larry Merlo.
Thanks, Mike. Good morning, everyone, and thanks for joining us today. We're pleased with the solid performance of our business in the third quarter as strong revenue and adjusted earnings per share along with significant cash flow year-to-date demonstrate our success in driving value. And I would note that Aetna reported its quarterly results on October 30th, which were also strong. And the performance of both companies highlights the very solid financial foundation on which we will build a revolutionary new model, which will transform the healthcare experience for consumers and in the process deliver substantial value for our shareholders. Now as most of you know, we received Department of Justice approval of the transaction on October 10th and we're now in the final stages of the state approval process.
Of the 28 states, we have approvals in 23 including Connecticut, our lead regulator, and we're well down the line with the remaining five and expect to close prior to Thanksgiving. In the meantime, our integration work continues to make great progress and our teams are working extremely well together to assure that once final approvals are obtained, we can immediately begin to execute our integration plans. Both CVS and Aetna are passionate about revolutionizing the consumer healthcare experience and while we have been clear that the cost savings are substantial, this transaction is about the significant value creation that will be realized as a result of growth. We'll be able to share more of the specifics after our two teams comes together to begin the real groundbreaking work, but we thought it would be helpful to get a bit more granular by highlighting the work streams we have under way.
And our integration and innovation teams' immediate priorities in preparation for close fall into two broad categories. First is successfully delivering on our stated goal for year two synergies. And a second is executing on the foundational pieces of our new healthcare model to achieve longer-term growth and value creation. Today, we have a clear line of sight into year two synergies that now exceed our original $750 million goal by just combining our existing assets and capabilities. The majority of these synergies will be derived from the reduction of corporate expenses and the integration of our operations along with some reductions in medical costs. We plan to accomplish the latter through actions that increase adherence to prescription regimens and close gaps in care along with programs that optimize the site of care either to reduce unnecessary emergency room visits or move expensive therapies such as infusion to lower cost sites of care.
The longer-term medical cost savings will come from new programs that are only made possible through the combination and close integration of our two companies and we are targeting substantial savings through a specific portfolio of products and services. One example is the better management of five common chronic conditions; diabetes, cardiovascular disease, hypertension, asthma, and behavioral health. And we'll accomplish this by building upon our near-term medical cost savings through the tighter integration of pharmacy and medical claims, the rich clinical dataset we will have, along with our community assets. Another example is the optimization and extension of primary care by expanding the scope of services available at MinuteClinic to help with the early identification and ongoing management of chronic disease.
A third example is programs and services that reduce avoidable hospital readmissions by joining Aetna's clinical programs with the CVS community presence to better support patients during and after the discharge process. And a fourth example is the development of comprehensive programs to better manage complex chronic diseases such as kidney disease where the goal is to reduce hospitalizations and delay the progression of the disease or oncology where our objective is to align provider incentives to focus on quality and outcomes while enhancing patient support. Importantly, our solutions will be accessible through a broad range of channels from local community-based assets to virtual and digital solutions, all coordinated across the member's journey in order to simplify the process. And we will make these solutions not only available to our Aetna clients and their members, but also to the wide array of healthcare partners we work with today through an open platform model.
Remaking the consumer experience will be an increasingly important competitive differentiator and we are hard at work creating a plan to differentiate CVS Health in these patient journeys with the goal of making them simpler and more personalized while making care more accessible. As a cornerstone of this work, we will have our first concept stores up and running early next year and through these stores, we will pilot the programs just mentioned and explore new services to better address the cost, quality, access challenges of consumers and identify the most effective and scalable solutions so they can be rolled out more broadly across our footprint. So in summary, our year two synergy plan is largely complete and we're ready to begin implementation upon closing. At the same time, we've developed a foundational plan that will benefit post close from a deeper dive into Aetna's strategies and operations leading to longer-term value creation.
And in our posted material, we summarize how this integrated model comes to life through the focus areas just mentioned along with the enablers and tools necessary for implementation. And while it is early to provide detailed quantification of the foundational pieces of our plan that will drive value long term, we can share with you the areas of value creation we're focused on which includes substantial medical cost reductions, increased revenues through membership growth, increased customer satisfaction and retention, customer value expansion through CVS assets, and growth enabled by an open platform model. And as we look at the size of the opportunities across healthcare, it is defined in billions and we expect to have much more to share in the coming weeks and months as we begin rolling out these new initiatives.
So with that, let me turn the call over to Eva Boratto to focus on the financials of our stand-alone CVS Health operations, which obviously continue to be very important. And as announced last month, Eva will be our CFO once the transaction closes. She has been an indispensable member of our executive team during her 10 years at CVS Health, most recently as Controller and Chief Accounting Officer. And prior to joining CVS, she served in senior finance roles in the pharmaceutical manufacturing and PBM industries. Eva has experience in all aspects of the financial functions of a multifaceted organization along with a deep knowledge of our organization and we welcome Eva to her new role.
Thanks, Larry, and good morning, everyone. I look forward to seeing many of you in person in the weeks and months ahead. This is a transformational moment for our company and I'm excited to have the opportunity in this new role to help shape the future of our combined companies. Over the past number of months, I've been deeply involved in our integration and planning effort and I look forward to helping lead the company in bringing this vision to life. This morning I'll share some business and financial highlights and provide a brief update on our guidance. Additional details are included in the slide presentation we posted on our website as well as in our SEC filings. Overall, our financial performance was solid as we met or exceeded all elements of our guidance in the quarter.
Let me start with a review of our capital allocation program. Year-to-date through the third quarter we have generated approximately $4.9 billion in free cash, in line with our expectations. Our full-year expectations of approximately $7 billion for the stand-alone business remain on track. Due to the acquisition, our share repurchase program and our shareholder dividend increases remain suspended until we achieve a leverage ratio in the low 3 times adjusted debt-to-EBITDA. In Q3 $2.25 billion of senior notes were paid at maturity and upon the closing of the deal, we'll take on $8.2 billion of Aetna senior notes. As discussed previously, with the addition of Aetna's business and balance sheet and given the additional debt issued for the acquisition, our combined company pro forma trailing 12-month leverage ratio is expected to be approximately 4.6 times.
We are committed to improving this ratio to about 3.5 times within two years after closing utilizing the strength of our business and our strong cash generating capabilities. Turning to the third quarter income statement. We generated adjusted EPS of $1.73 per share, an increase of 15.5% over last year and at the high end of our guidance range. These results are on a comparable basis and the reconciliation of GAAP to adjusted EPS can be found in the press release and on the Investor Relations portion of our website. GAAP diluted earnings from continuing operations was $1.36 per share. The increase year-over-year was driven by a lower effective tax rate combined with lower net interest expense. Better-than-expected interest and tax drove the results to the high end of our guidance range for the quarter. Consolidated revenue grew 2.4% in the quarter, in line with our expectations.
Gross profit, operating expenses, operating profit, net interest expense, and the tax rate reflect non-GAAP adjustments in both the current and prior periods where applicable and have been reconciled and posted on our website. Our guidance for the third quarter also reflected these adjustments. Gross margin for the company improved slightly over Q3 of '17 largely due to segment mix while total enterprise gross profit dollars increased 2.9% year-over-year. Total operating expense dollars increased 6.4%, in line with our expectation largely driven by investments in the business from a portion of the savings from tax reform. We continue to make progress on our enterprise streamlining efforts that are driving process improvements and technology enhancements. In the third quarter, new improvements included enhanced specialty order routing to decrease the time to dispense medications.
As a result of our ongoing efforts, we still expect to generate approximately $475 million in gross benefits this year from streamlining. Looking ahead to 2019, we expect these savings to ramp in line with our original expectations. Operating profit for the enterprise declined 3.5% from last year to $2.4 billion, in line with expectations while operating margin contracted approximately 30 basis points. The decline was primarily driven by pricing and reimbursement pressures we continue to see in both our operating segments as well as investment in the business from a portion of the savings from tax reform offset to a large degree by growth in retail volume and improvements in purchasing. Going below the line, net interest expense improved as did our effective income tax rate relative to our expectations. Our weighted average share count was in line with our expectations for the quarter.
Turning to the PBM segment. Revenue grew 2.6% to $33.8 billion, in line with our expectations. Growth in claims volumes and brand inflation drove the year-over-year increase partially offset by rebates, continued pricing pressure, and as we have stated previously, the administration of rebates for Aetna's Medicare Part D business, which is new this year. PBM adjusted claims grew by 5.7% largely driven by strong net new business and continued adoption of maintenance choice. PBM gross margin increased about 20 basis points compared to Q3 '17 while gross profit dollars grew 6.5% in line with our expectations. The growth was primarily due to volume increases. PBM operating expenses as a percentage of sales deteriorated slightly year-over-year as operating expenses increased. The expense increase was primarily driven by the reinstatement of the ACA's health insurer fee this year and the benefit realized in 2017 of partially reserved receivables.
Given the gross profit and operating expenses results were mostly in line with expectations, PBM operating profit was also in line with expectations growing 1.4% while operating margin remained relatively flat. The timing of client commitments discussed last quarter impacted the third quarter as expected. We continue to make progress on the implementation work for onboarding Anthem members in 2020. The costs incurred through third quarter are in line with our expectations. Looking at the 2019 selling season, our current gross wins stand at approximately $2.6 billion with net new business of approximately $875 million, an improvement of about $675 million from our last update. Keep in mind this does not include any impact from our Medicare Part D PDP. To date, we have completed more than 90% of our client renewals, roughly in line with where we were at this time last year and our retention rate is about 98%.
As we turn our attention to a new selling season, CVS Caremark continues to innovate. Currently, we're excited about several new cost management opportunities that allow us to demonstrate the power of our enterprise assets. For example, CMS recently announced its decision to allow the use of step therapy to help reduce cost for Medicare Advantage plans for drugs administered under Part B. The new rule, which takes effect on January 1st of 2019, enables payers to direct patients who are new to treatment to the most cost effective clinically appropriate therapies first before moving on to more expensive options. Our solutions, which are enabled by NovoLogix, can help bring the same precision we apply to Part D plans to drugs administered under Part B. Using NovoLogix, payers can implement core PBM cost management strategies that help ensure appropriate use for Part B drugs.
Additionally, we're talking with consultants and clients about new simpler economic models, which better reflect alignment of incentives while accounting for the changing market trends. Although it's too early to provide detail, we expect that this will be another step demonstrating CVS Health's leadership in the market to bring pricing simplicity and alignment of incentives to pharmacy benefit management contracting. Within our retail long-term care business, revenues increased 6.4% to $20.9 billion. This increase was primarily driven by strong comp script growth from continued adoption of our Patient Care Programs, successful partnering with PBMs and health plans across the industry, including our preferred position in a number of Med D networks this year. The expanded relationships we have built with other PBMs and health plans continues to favorably impact script growth and we continue to see opportunities ahead.
Our strong script growth contributed to an increase in our retail market share of about 150 basis points in the quarter to an all-time high of 25.2%. Same-store sales grew 6.7% exceeding the high end of guidance by 45 basis points while adjusted same-store prescription growth of 9.2% came in near the midpoint of the guidance range. Front store same-store sales increased 0.8% driven by increased volume with continued strength in the health and beauty categories. Gross margin in the Retail long-term care segment was down approximately 120 basis points to 27.9%. This contraction was driven by continued pressure on reimbursement rates and partially offset by favorable purchasing driven by Red Oak as well as front store rate improvement. Gross profit dollars grew in line with expectations mainly due to increased volume across the pharmacy and front store partially offset by continued reimbursement pressure.
Retail long-term care operating expenses were slightly above expectations for the quarter. The growth in expenses year-over-year was primarily due to investments in wages and benefits of savings from tax reform. Also contributing to the increase were higher expenses related to script volume growth. Operating profit declined 6.3% to $1.5 billion within Retail long-term care, in line with expectations while operating margin contracted 100 basis points to 7.2%. Before moving on to corporate, I want to touch on our long-term care pharmacy business. We continue to see challenges in the skilled nursing facility space as the market continues to experience bed loss in these facilities. Longer term the opportunity is in the assisted and independent living market. As we've discussed before, we have put our plan in place for growth into action and will update you with progress as we get further along.
Within the Corporate segment, expenses declined year-over-year and were generally in line with our expectations. In summary, we continue to push forward on our initiatives to drive growth. We're creating new service offerings and reaping the benefits from the enterprise streamlining initiatives and we are generating script growth from our expanded relationships with PBMs and health plans. Let me now provide an update on our outlook for the remainder of 2018 starting with the CVS Health stand-alone business. With third quarter results within our expectation, we remain comfortable with our outlook for consolidated revenue, adjusted operating profit, and adjusted EPS for the year. Given some moving pieces within the segments, the PBM's operating profit growth is trending at the lower end of our prior guidance range while operating profit in Retail long-term care is expected to be solidly within the range we gave last quarter.
Additionally, our revenue metrics also remain intact. The guidance is on an adjusted basis. You can find the reconciliation of GAAP to adjusted figures in our press release and on the Investor Relations portion of our website. As we approach the closing of this transaction, there are a few details to keep in mind. From a non-GAAP perspective upon closing, the net interest expense associated with the deal related debt raise in March will be included in the non-GAAP figures. We expect to issue approximately 285 million shares. There will be a slight increase in the combined company's tax rate relative to the CVS stand-alone rate. There will be an increase in our revenue eliminations to reflect the elimination of Aetna's fully insured pharmacy revenue also recorded on Caremark's books. And of course, we'll have Aetna's operating profit.
Given the timing of the close, the impact of these items on adjusted EPS is expected to be dilutive in both Q4 and the year. Looking ahead to 2019, while we've done a great deal of work on integration planning, we have not had access to Aetna's detailed financials. Accordingly, we will not be providing specific earnings estimates for next year until our February earnings call. Over the past several months, CVS has been planning for the transformational changes that will take place as we combine with Aetna. 2019 will be highly focused on the integration of the businesses and executing on this new healthcare model. And while we understand the importance of establishing a baseline, this unique model is groundbreaking and the appropriate amount of time needs to be spent to ensure we fully comprehend how our companies combine to form our 2019 goals.
After we close the transaction, we'll be in a much better position to provide you with that clarity. We're excited about the opportunities in front of us. We have a strong organization to support us in these efforts and we'll be as transparent as possible as soon as possible. This transaction is about growth. We feel great about the value we can create and I look forward to being at the forefront of the effort to realize the full potential of this transformational event.
And now, I'll turn it over to Larry.
Thanks, Eva. And as we near the close of the transaction, we are confident in the long-term value we believe this deal will create for shareholders and the clients and members we serve. Before I turn the call over to your questions, I'd like to ask that you reserve time in your calendars for our CVS Health Analyst Day, which will be held on Tuesday, June 4th in New York City. Again, that's Tuesday, June 4th. With several months of integration planning under our belts, our Senior Management team will be able to provide you with a deeper dive into our short and long-term strategies for growth, updates on our integration work, and the status of our efforts to drive both short and long-term synergies and medical cost savings.
In the meantime, as Eva mentioned, we won't be silent. We know how important it is that you thoroughly understand our strategy, our progress, and the benefits we expect to derive from the bold, disruptive, and truly unique model we are creating. Our companies have put in many hours of thoughtful and meaningful work to get to this point and I would like to thank both the CVS and Aetna teams for their contributions. And we certainly look forward to welcoming our new colleagues from Aetna upon closing. We know there is a lot more work ahead of us and we've got the team and the plan to get it done.
So with that; Jon Roberts, our Chief Operating Officer, is joining us today for the Q&A. And let's go ahead and open it up for your questions.
(Operator Instructions) And our first question comes from the line of Ricky Goldwasser with Morgan Stanley. Please proceed, your line is open.
Yes, hi. Good morning. Thank you for all the details. And Eva, welcome and looking forward to working with you in the future. A couple of questions here. We appreciate it's little bit early to talk about 2019 and 2020, but when you announced the deal, you gave us some idea also of the -- how we should think about the accretion in year two. Do you have any updated thoughts for us or give us some context on how we should be thinking about that or any changes from what you disclosed in the past?
So hi, Ricky. This is. Eva. I look forward to meeting you -- working with you in the future. We have not changed our point of view on the value being created by the transaction. As you know and as Larry stated earlier on the call, we have increased our synergy target to more than $750 million in year two and feel very comfortable with that. So overall, we're comfortable with our previous comments.
Okay. And when we think about the pilot program, the potential opportunity there. Is the pilot really going to be focused on Aetna members or do you have early health plan customers that are early adopters that are interested in participating as well? And if you can give us some more color on how we should think about the opportunity that relates both to your commercial customers, but also to the faster growing Medicare population that you manage?
Sure. Ricky, good morning. It's Larry. Ricky, we will start obviously with the Aetna members where, as we mentioned in our prepared remarks, the integration and innovation teams are working closely around that. But as you've heard us state many times, our goal is to create an open platform model that we can partner broadly. Today, we've got more than 70 health plan clients. And I do believe that there will be elements of innovation that will apply broadly in the marketplace. But to be clear, we'll be starting first with our Aetna members.
Thank you. Our next question comes from the line of Ralph Giacobbe with Citi. Please proceed, your line is open.
Thanks. Good morning. I just want to go back to the -- to exceeding the $750 million. Any way you can sort of help frame the size of that or how meaningful above the $750 million, where that incremental savings is coming from, and maybe the visibility that you have on that, and then the last piece is just the piecing of it? Obviously it's a two-year target, is it half and half? Is the bulk of it front-end loaded? Just any consideration of timing around that captured?
Yes. Ralph, it's Larry. Listen, we will talk more about that as we get into next year and talk more about '19 and beyond. Obviously the integration teams are doing a terrific job as we mentioned in our prepared remarks. And listen, we're continuing to push the teams. I don't want to say that we're done yet. And again we've talked about the areas of opportunity as part of the initial integration work. There's really nothing that has changed beyond that. We've talked about some expense and operating savings as well as some elements of medical cost savings that are, I'll put it under the heading of, low-hanging fruit from the two companies coming together. So again, we'll talk more about that as we get into next year in terms of quantifying the cadence of it as well as the dollar value.
Okay. Alright, fair enough. And then just a follow-up. Can you give any more details around the new economic models you're discussing with consultants and customers? Is that largely fee-based with risk sharing, any details there? And then maybe also what the reception has been to this point in going back to those customers and consultants? Thanks.
Yes. Ralph, this is Jon. So, today the model that is in the marketplace is based on unit discounts off of AWP and we feel there is an opportunity to create better alignment and reduce the complexity. So when we talk about alignment, today we're aligned around not only unit discounts, but we think there's an opportunity to align around drug mix which also drives overall cost to our clients and that's not in the pricing model today. And when we think about complexity, there's 14 pricing levers approximately that consultants use to evaluate and compare price points. But again there is no net cost to the client based on changes to drug mix that are driven by formularies that we have in the marketplace. So, we feel like there is an opportunity to greatly simplify the model and create alignment. I would say the clients are very interested and I think the market is right for this type of change and we'll have more to say about this next year.
Thank you. Our next question comes from the line of Michael Cherny with Bank of America Merrill Lynch. Your line is open, please proceed.
Good morning and thanks for all the details as well. Thinking about the quarter and I know again not trying to get to 2019 guidance. But if you think about the performance on the Retail/LTC side, we've seen the strong script growth come in over the course of the year thanks to your payer partnerships and PBMs. How do you think especially in the future world where you own Aetna some of those preferred or narrower networks start to develop for other payers that are not Aetna? And what is the appetite as you've seen yourself setting up for 2019 network access for either expansion or potentially even reductions of preferred networks?
Hi, Mike. This is Eva. Let me try to break apart your question. Overall from a script performance, we're very extremely pleased with the progress that we've made achieving nearly 9% script comp growth this year. That growth came from three different key areas; our clinical programs, our network arrangements beyond care markets of PBM with other payers, and including our strong position in Med D. So, we continue to see substantial opportunity here to continue to outpace the market and continue to grow our retail share.
And Michael, this is Jon. I think as CVS and Aetna comes together and with our programs, we can demonstrate the activities that pharmacies can drive around improving health and lowering overall healthcare costs. We think there's an opportunity to move the market to more performance-based networks where part of the pharmacy's reimbursement will be based on their ability to execute against clinical programs that do lower cost for our clients. So, I think there's lots of opportunity here.
Great, thanks. Just one quick housekeeping question. The five states that are left, I believe New York and California are two, can you just update us on who the other three are?
Sure. Mike, it's Larry. Let me just talk about where we're at with the remaining states broadly. You mentioned, New York, we're pretty far down the road in our engagement with the Department of Financial Services, we're an active and productive discussions. We look forward to bringing those conversations to a successful close in the very near term. California, I am pleased that after productive discussions and engagement, we have reached agreement on all the material terms with the state and we're in the process of finalizing the form of agreement and all the appropriate paperwork. We expect that that will be done over the next couple of days. As far as the remaining couple of states, what I can add is that New Jersey was the very last state to have a hearing, that took place yesterday. So, the other couple of states are in the process of finalizing their orders and all of that's reflected in our earlier comments that we expect to close before Thanksgiving.
Thank you. Our next question comes from the line of Lisa Gill with JPMorgan. Your line is open, please proceed.
Great. Thanks very much. Eva, when we look at where current consensus is for 2019, I know that some people have the transaction included, some don't have it included. When we think about core CVS in '19, is there a way to maybe think about some of the headwinds and tailwinds for the core business so that everybody can get aligned and then Aetna's going to be what it's going to be when you add that on top of it?
Yes. Thanks, Lisa, for the question. Obviously we're going to have much more to say in February, but let me try to outline for you some of the moving pieces. As I think about tailwinds, we just spoke about one of them, continued strength in our retail script growth and outpacing the market due to the programs I mentioned previously. As you heard on the call, PBM had a net positive selling season albeit lower than the last few years, still net positive and we continue to see specialty as a growth driver. Streamlining continues, our expectations continue to accelerate there to deliver the long-term savings Dave outlined a couple of years ago.
From a headwinds perspective, I would say it's going to be a lighter year from a break-open generics perspective. You can think about pricing and reimbursement pressures at comparable levels to what we've seen the last few years and obviously we'll have the wrap of the tax reform investments that started about mid-year this year. The other thing is there are also some unknowns with the regulatory changes and some of those what HHS is talking about could be positive or negative. So, we're going to take -- continue to evaluate that and have our clarity on our call in February.
Okay. That's helpful. And then Larry, looking back at the slides where you talked about the building blocks of multiple levers being medical costs, membership, et cetera. As we think about the health plan business and growth in membership, there really hasn't been a lot of growth in membership for Aetna over the last several years. Can you talk about philosophically how you think about trading off membership growth for price in the market?
Well, Lisa, listen as you've heard us mention since we announced the transaction, actually it's coming up on a year, that we really view the opportunity of the two companies coming together as a growth story. And obviously there's tremendous -- continues to be tremendous opportunity in the Medicare space. And I do believe for the reasons that we've begun to talk about -- to be clear, we have a lot of work ahead of us. But you look at the billions of dollars that are being spent unnecessarily, they could be prevented, avoided in just the management of chronic disease. And the opportunity through this new model to meaningfully help people achieve a better health outcome at a reduce -- at a lower cost or reduced cost, we believe can create a new model that will allow for membership growth in the marketplace. So again, we've got a lot of work ahead of us, but that's the trajectory that we're working toward.
Our next question comes from the line of Robert Jones with Goldman Sachs. Your line is open, please proceed.
Great. Thanks for the questions. And it sounds like we'll obviously get a lot more detail not only in February, but in June. But Larry, you guys did share a few more examples of kind of the longer-term goal of bringing these two companies together. You mentioned medical adherence, infusion, generally expanding the scope of care within the MinuteClinic, the concept stores. So, I guess it seems like we'll get more detail that's a little bit maybe down the road. But I was wondering if you could maybe just share directionally how we should be thinking about the necessary infrastructure relative to kind of the current CVS footprint in order to accomplish some of these examples that you've laid out today?
Yes. Bob, it's Larry. Maybe I'll start and then I'll ask Eva to jump in as well. But Bob, I think you've probably heard us talk a little bit about that. You look at the CVS community assets today, we've got 10,000 points of distribution in communities all across the country and we envision a hub and spoke concept where as we've talked about the concept stores or some have referred to them as health hubs, we don't know what we'll call them yet, but think about those as the hubs. And we would have those in a set number of stores within a given market and the balance of the stores would have a core set of offerings that would serve as a referral source to those hub stores. So from a bricks and mortar perspective, I think we have the assets to create that local presence in communities again across the country. And let's not forget about the role that digital plays or the fact that we're going to have almost 40,000 healthcare professionals that not just work within those bricks and mortar assets, but are within a few miles of where people live. So, there's the concept of we can come to them at their doorsteps as well. Maybe I'll flip it over to Eva to talk more about how we're thinking about the CapEx component of that.
Yes. Hi, Bob. If you think about our capital allocations between the two companies, our CapEx is about $2.5 billion to $2.8 billion. As Larry said, what will be changing in the stores, think about that as a shifting of investment from our normal refreshes to investing in some of these health hub changes for which we will need. So, largely we expect to be able to do this within what you would consider normal CapEx spend.
Got it. And then I guess just one quick follow-up. If I look at the performance in the retail gross margin, Eva, you mentioned the strong script growth and how some of those programs could help carry that through to next year. The margin decline in the quarter seemed to be a little bit worse than what we saw in the first half. So, I was just wondering was there anything worth calling out there? And then relative -- again not looking for guidance, but just directionally relative to how script trends are going in the retail pharmacy segment, anything you can share to help us think about how we should be modeling those margins going forward?
Sure. In terms of the quarter-to-quarter impact, Bob, I would say there was really nothing unique in the third quarter. As CIR has become an increasing component and that's performance based, relative Q2 versus Q3 you had some timing differences there year-over-year. As we look at overall margin, things that will pressure our margins are success in Medicare Part D. We've spoken many times that those are at lower margins. Additionally, as we increase our 90-day penetration, that carries a slightly lower margin as well.
Okay, got it. Thanks so much.
Thank you. Our next question comes from George Hill with RBC. Your line is open, please proceed.
Good morning, guys. Thanks for taking the question and, Eva, welcome to the call. I guess my question is two parts is I guess Larry and Eva, number one, can you talk about how you think about synergy delivery gross versus net? So, I guess how much gets generated by the end of year two versus how much flows to the bottom line? And then typically when you see transactions of this size, there is a significant level of investment spend that comes with executing the deal. I don't know if you've contemplated that as we think about '19 and if there's any color that you can provide around that like is there a -- either a big charge or a big investment spend number coming forward that investors should be looking toward?
Yes. George, it's Larry. I'll start. Towards -- in terms of what we talked about in our prepared remarks around the synergies, those are net synergy numbers reflecting investments that we would need to make. I'll say ongoing investments that would be tied to achieving those synergy dollars.
Thank you. Our next question comes from the line of Eric Percher with Nephron Research. Please proceed, your line is open.
Hi, good morning. This is actually Clayton Meyers on the line for Eric this morning. And Eva, welcome to the team, looking forward to working with you going forward. I know people have been kind of asking about the 2020 EPS number and I want to try to come at it from a different direction. When the time the deal was announced, it was expected to be relative -- accretive relative to consensus at that point. Is the way that we should think about it is to take that consensus number and then kind of adjust it for tax reform and then adjust it for the lines of the business that is happening -- the increased operating investment that's happening in the business? Do you think that logic's kind of roughly sound as you think about where to base the accretion number as we go forward to 2020?
So Eric, this is Eva. Obviously you're on the mark in terms of tax reform has occurred since we jumped off of that consensus number. So, that's one of the biggest things that had happened. The base is no longer valid. So, it's difficult with all of the moving pieces for us at this point to update that. But what I can say is as it pertains to the transaction, there have been no changes.
Okay. Very cool, helps. Thanks for the color. That's helpful. And then just one other question going back to the Part B mechanisms that's coming through step therapy. Is that an area that you think CVS asset in quorum is used particularly to benefit as it comes to CVS and how have the payers been responsive to CVS' PBM capabilities within the space given that Part B hasn't really been the space that PBMs have played with within the past? And then finally, just a follow-up to that. With the new advanced notice for the Part B IPI, would that impact CVS' business in any way and how should we think about the role that CVS could potentially play as a vendor for that proposal?
Yes, it's Larry. Let me just talk broadly about the proposals that we've seen in terms of B to D and obviously we see a tremendous opportunity to be an important part of that solution. For the reasons that I think have been well quantified in terms of there is more competition today in Part B with the various therapies from where the reimbursement model started with Part D many years ago when there were single sourced products and very little competition. We would sit here today and say the Part B mimicking the role that the private sector pays -- plays as part of Part D is the answer. I would sit here and say it's highly unlikely that an international price index, the other proposal, would result in net prices that are lower than what the private sector can negotiate through competition and innovation as part of the processes that exist with Part D. So -- and we are excited by the opportunity to play a bigger role there.
Thank you. Our next question comes from the line of Justin Lake with Wolfe Research. Your line is open, please proceed.
Thanks. Good morning. My first question is just on your segment guidance, it appears the retail business for the fourth quarter would be down mid-teens on an EBIT perspective with the PBM up high single digits. So just with that divergence, if my math is correct in the first place, I was hoping you can share what is driving that seasonality in divergence versus the year-to-date results and how we should think about that as informing our view into 2019, if at all?
Hi, Justin. This is Eva. As it pertains to our guidance, I think your math is -- we said for the year down low single digits so in the quarter obviously given our year-to-date performance, you would be down in the mid to high single digits depending on what points you picked. In terms of any context for 2019, it's really too early to provide, as I earlier discussed, some of the headwinds and tailwinds.
Okay. And then just a follow-up on the debt side. Is there anything you could share with us in terms of where you expect your gross and net debt to look like at year-end post the deal close?
Let me get back to you on that, Justin, if I could.
Okay. Thank you very much..
(Operator Instructions) Our next question comes from the line of Charles Rhyee with Cowen. Please proceed, your line is open.
Hi. It's actually James on for Charles. So, Teladoc recently talked about the soft rollout of the telehealth capabilities in about 18 states and in Washington DC. Can you talk about how Teladoc affects your clinical strategy and when we should expect a full blown rollout?
Yes. James, it's Larry. It's -- as you mentioned, we've been rolling it out state-by-state. There are some state processes that we're going through to turn them on and once we get more of a critical mass, we will begin broader marketing of that. As you look at the complementary strategy to the clinics, it has the opportunity to expand our reach as well as expand our scope of -- our scope of practice. And those are the use cases that we've been piloting. We're pleased with how it's going and we see more opportunities there especially with the role that it can play after hours, the role that it can play as part of what -- the announcement that you saw in terms of the role that telemedicine can play with Medicare and more to come.
Okay, great. And so synergies are now expected to exceed $750 million by year two, which is ahead of the original expectations. Can you elaborate for us where the upside in synergies is coming from? Is it more corporate expenses, reduction in medical cost? Also, can you maybe touch on revenue synergy opportunities a little bit more? Thank you.
Yes. James, it's really -- we're not going to break those out at this point. It's really the areas that we broadly talked about. And as I mentioned earlier, the teams are continuing to work hard in those areas. And we'll talk about the opportunities for revenue synergies as we work through our longer-term plans and we'll get into more details around that next year. So Melanie, we'll take -- I think we have time for two more questions.
Thank you. Our next question comes from the line of Steven Valiquette with Barclays. Please proceed, your line is open.
Thanks. Good morning, everyone. So during the quarter there was obviously a large expanded store within a store deal announced away from you for greater lab services in the retail pharmacy setting. So I'm just curious if you can maybe just remind investors what your general preferences are in relation to that type of opportunity or are you just kind of looking past that and then in the marketplace and just focusing on the other concepts that you're talking about for your retail footprint? Thanks.
Yes, Steve. So, there's certainly opportunities in front of us as we think about the companies coming together and the -- you think about whether it's through integration and absolutely having aligned incentives to value that can be created, that can't necessarily be achieved through partnerships. At the same time, I want to be clear we are certainly not opposed to partnerships. And as I mentioned earlier, as we build out these new programs and service offerings, we intend to create an open platform for others to participate in and we'll go from there.
And our final question comes from the line of David Larsen with Leerink Partners. Please proceed, your line is open.
Hi. Can you talk a bit about the PBM selling season? It looks like there was a pretty good increase there, the retention rate looks pretty high. Express Scripts reported a very high retention rate and pretty good core claims growth expectations for '19. Just how is that shaping up and what does that lead you to think preliminarily about 2019 growth expectations and operating income? Thanks.
Yes. David, this is John. So, we saw less movement of business from one PBM to another this year. I think that has a lot to do with mergers that are happening in healthcare. And our retention, as EVA talked about, was 98% so very happy and a little higher than we've historically had. As far as 2020, it's too early for us to really comment on the RFP activity. It's just starting to gear up. And then as we mentioned, we do have the Anthem contract that's coming on board for 1/1/2020, which is a very large health plan obviously.
And as we think about that Anthem contract, you could think about it in terms of a net accounting contract given the terms of that business.
Okay. Has there been any sort of shift in the sort of profitability or nature of the PBM contracts that are going to roll on in '19 and '20 like any general thoughts there? Has it been a highly competitive selling season, has pricing been aggressive, or any commentary will be helpful?
This is Jon. The pricing environment, it's a very competitive industry as we all know and it typically gets a little more competitive as you go through the season. I would say it's consistent with what we've seen over the last several years. So, not really a step change. We do from time to time see some PBMs get very aggressive on certain accounts for -- based on their own strategies and I think this year is no different than what we've seen in years past.
Okay. And then just one more quick one for Eva. Can you talk a little bit about your streamlining effort there and operating income sort of growth expectations in Retail? Retail has obviously been under a lot of pressure. Just any thoughts around cost reduction efforts, initiatives, and when can that streamlining gross benefit turn into a net benefit? Any thoughts around that at a high level will be great, Eva. Thanks.
Yes. So overall as it pertains to the streamlining, we're extremely pleased with the results we've rolled out in numerous programs. We highlighted the one in specialty today. We're also looking to reduce overall call volume that comes into the retail channels through better sharing of data between the PBMs not only Caremark, but other PBMs not only to reduce our cost, but to make the customer experience better as well. We continue to expect to see these benefits ramp in 2019. To give broader color than that, we'll provide more in February.
Justin, you had asked the question about the total debt on the balance sheet post closure. It would be around $75 billion when you look at our existing debt plus bringing on Aetna's debt.
So with that, everyone, thanks again for your time this morning. And as always, if there are any follow-up questions, Mike's available. And we'll see many of you soon and have a great Thanksgiving.


text:
Haitian Children Begin Enrolling In US Schools
MIRAMAR, Fla. (AP) -- Some of the children arrived with no school records at all, some with only the clothes on their backs. A few still bear scrapes and bruises. All carry terrible memories.
Nearly 1,000 youngsters who survived Haiti's catastrophic earthquake have enrolled in the Miami-Fort Lauderdale area's public schools, joining the largest concentration of Haitians in the United States.
The influx is putting teachers, administrators and grief counselors to the test. Many of the children are struggling with the horrors they witnessed, while also trying to adjust to their new surroundings. Some lost friends or loved ones in the quake, along with their homes and schools. Some are anxious and fearful.
"I cry every night," said Madjany Mouscardy, now a fifth-grader at Silver Shores Elementary.
Madjany had to dig herself out of the rubble after the Jan. 12 quake, spent days sleeping outdoors and saw swollen corpses in the street before she was finally flown to safety in the United States.
She arrived at Silver Shores with no academic records in hand, and shoes a size too small. The staff gave her a backpack and uniform. She is staying with her stepmother's sister; her father and stepmother are still in Haiti. She still has a wound on her ankle.
The students have arrived on military planes and aboard private flights. Some were in the process of being adopted before the quake and were granted special permission to come to the U.S. after the disaster. Most have relatives living in the United States.
Seasoned from decades of hurricanes, the Florida school systems have mobilized quickly.
In the week after the quake, 1,000 counselors with the Miami-Dade schools were trained in cultural sensitivity, how to deal with grief-stricken students and how to help teachers identify signs of post-traumatic stress disorder.
Some of the children "may have not experienced loss as far as a family member or physical being," said Brendaliz Davila, a member of the Miami-Dade school district's crisis team. "But they're experiencing the loss of their home and their homeland."
Teachers and counselors say the students have been remarkably resilient, though some are afraid of being indoors and worry about another earthquake. A few still think the ground is moving.
"Some students will randomly say, `Hey, did you feel that tremor?'" Davila said. "It comes and it goes."
Because students' academic records were destroyed or lost in the quake, teachers and other specialists must quickly decide which classes they need. To test language skills, Eleanor Ospina, a reading specialist at Silver Shores, shows students a book of images they are asked to identify in English: a stove with a boiling pot on a burner, two children under an umbrella in a storm.
Ospina said most of the students she has seen largely speak Creole. Because the Broward County district already has a large Haitian population - there are an estimated 177,000 Haitian-born people living in South Florida - the students can be paired with buddies who can help in class.
District officials are talking with federal authorities in hopes of securing additional funding for the new students.
Silver Shores Elementary is 18 miles north of Miami in a community of neatly paved streets, trimmed lawns and homes painted in pastel colors with patios and pools in the backyards. The school has received about a dozen students who survived the quake - their stories heartbreaking and, at times, uplifting.
Garvey Fils-Aime, an 11-year-old who lost his mother in the quake, has made fast friends with two brothers who also survived the disaster. He likes the houses here - they are stronger and less likely to crumble in a quake.
Five-year-old Yann Jean Baptiste reluctantly let go of his mother's hand and attended his first day of kindergarten in Silver Shores.
He sat cross-legged on a rainbow-colored carpet, dressed in khaki pants and a white, collared shirt, as his teacher, Ahkeelah Lamb, introduced him to the other children as a new student from Haiti.
She gently asked him to come to the front of the classroom and teach them a word in Creole. But Yann stood silently, his hands in his pockets.
"You're a little shy?" Lamb asked, allowing him to sit back down.
A few minutes later, the shyness vanished at recess as Yann climbed a jungle gym, laughing and shouting to the other children in English, Creole and French.
Written by
By CHRISTINE ARMARIO, Associated Press Writer

redpajama_set_name: RedPajamaCommonCrawl


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An explosion rocked an apartment in Malmo, Sweden, police said on Thursday.
"There has been an explosion in one of the apartments," police spokesperson Anna Goransson told reporters. She said the cause of the blast is being investigated.
"We do not know what caused it," she said, according to the Expressen, Sweden's largest daily newspaper.
Police received reports of the blast just before 10 p.m. local time. The explosion took place in an apartment around Trelleborg Road.
Goransson said bomb technicians are on the scene, adding that "we have cordoned off the street." Residents were asked to stay indoors.
It's unclear if anyone was injured or if anyone was inside the apartment.
It comes two days after someone shot and wounded a man in a shopping mall in Malmo. The victim was shot in the leg and was hospitalized.
Police haven't identified as a suspect or a motive. No arrests were made.
Malmo, located in southern Sweden, is the third largest city in the country and the sixth largest in the Nordic countries.


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Women have always had tumultuous relationships with their bodies, whether of love, hate, or simply an informal truce. Our bodies are the medium upon which our life histories are written in blood, scars and stretch marks. We often have conversations about our bodies, but how often do we speak directly to them?
Beautiful Machines: Letters to Our Bodies is a collection of real women's letters to their bodies. What secrets spill when we address our bodies, our forever homes, in frank confession? The results are funny, thoughtful, tender, painful and bitter. Submitted by respondents to postings on Craig's List and the Beautiful Machines Web site, these letters shine with power, quiver with shame and transcend even the most cavalier of dismissals.
This project is open to cisgender women and those who identify as female, queer, trans or intersex. This project explores women's experiences of being female, however they choose to express womanhood along the femininity-masculinity scale.
HOW DO I WRITE A LETTER TO MY BODY?


Sheriff Nugent was shot and killed by a shop owner while staking out the shop after a recent string of burglaries. The shop owner had requested that the Sheriff watch the store but did not know he was coming that night. The owner heard sounds near the wood pile and as he left at 0130 hours Sheriff Nugent turned on his flashlight and ordered the owner to put his hands up. Thinking it was a burglar, the owner opened fire with his shotgun, striking Sheriff Nugent in the chest. A deputy returned fire before going to get help. When the deputy returned he arrested the owner. The man was never charged and the shooting was ruled an accident.
Sheriff Nugent had been with the agency for 20 years and was survived by his wife.
Because the choices I have made in my life I have been on both sides of the law, I have noticed over the years the The courageous men and women that serve the public as police sheriff and emergency responders are just like anyone else, dads moms, sisters, brothers, sons and daughters, uncles and aunts. when these people are no longer in our lives we seem to feel that sense of abandonment, and helplessness. What is life like when there is no one to turn to for help when we have reached the end of the rope? I can tell you it feels like a man hanging from the tree with the noose around his neck, I know this because I am feeling that way now. With all my family and loved ones deserting me I am left with a empty soul and really no where to turn. I want to be that man my children can be proud of, and feel like no will help me. What keeps me going is the Father I want to become and desire to carry on. So just think where you would be if the people in your life never made it home? would you have the strength to carry on? We respect the men and women that have been chosen to lead us on our journey and have been given the power of authority by us to keep us safe and sound. If these men and women continue to to abide by the oath they have taken then we will continue to respect them knowing that they will give their lives if necessary for public safety and security. help these men and women continue to arrive home alive and well with all their bearings intact.


text:
Une dyade (du grec ancien : δυάς, duás, « paire ») est, en philosophie, une entité constituée de deux éléments. Cette notion pythagoricienne implique le principe d'altérité et s'oppose à celui de monade.

Présentation
La dyade, archétype du nombre deux, regroupe tout ce qui relève de binaire. En termes de pensée symbolique, elle pose la question de l'Un et du multiple, et, partant, celle de la création.

Selon Numénios d'Apamée, philosophe néopythagoricien du IIe siècle, Pythagore a donné le nom de « monade » à Dieu, et celui de « dyade » à la matière. La dyade est, pour Littré, « l'être qui se détache de la monade ou de Dieu (dans le système pythagoricien) ».

Des néoplatoniciens et des idéalistes tels que Plotin voient la dyade comme une cause seconde.

Dans une approche plus théologique, une dyade divine peut se transformer en triade et conduire à l'Un.

Références

Articles connexes
 Monade
 L'Un
 Démiurge
 Cause première
 Triade
 Tétrade

Concept philosophique
Concept métaphysique
2 (nombre)

redpajama_set_name: RedPajamaWikipedia


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text:
Sony apologizes, details PlayStation Network attack
Is Sony getting a bad rap on its data breach?
PlayStation network hack timeline
US Congress wants answers from Sony on PlayStation hack
Data and Information Security
Sony cuts off Sony Online Entertainment service after hack
The widely publicized hack of Sony's computer networks is worse than previously thought, also affecting 24.6 million Sony Online Entertainment network accounts.
By Robert McMillan
Sony -- which has kept its Sony PlayStation Network offline for nearly two weeks as it investigates a computer intrusion -- took a second gaming network offline on Monday, saying it too appears to have been hacked. It said banking and credit card information belonging to more than 23,000 customers outside the U.S. may have been compromised.
The Sony Online Entertainment network, used for massively multiplayer online games like EverQuest, Star Wars Galaxies and Matrix Online, has been suspended temporarily, Sony said Monday. Add this to the 77 million accounts that may have been compromised last week, and Sony is responsible for one of the largest recorded data breaches.
The entertainment network is separate from the PlayStation Network but both hacks have similar traits, said Mai Hora, a spokeswoman for Sony Computer Entertainment in Tokyo.
In both cases, the stolen data includes customer names, e-mail addresses and hashed versions of their account passwords. That data could be used to spam customers or trick them with phishing e-mails.
Last week Sony said PlayStation Network and Quirocity users may have had their credit card numbers accessed, but that those numbers were encrypted. Sony now says some credit card numbers may have been taken from a different database. It did not say if that data was encrypted.
The hackers gained access to an "outdated database from 2007," Sony said in its press release. That database included card numbers and expiration dates for 12,700 customers based outside of the U.S., and direct withdrawal data belonging to some customers in Austria, Germany, the Netherlands and Spain.
Sony has been dealing for weeks with the public relations crisis spawned by the hacks. On Sunday, as the head of Sony's gaming division was apologizing for the hack in a news conference, investigators were learning about the Sony Online Entertainment and credit card database hacks.
Last week, rumors surfaced on underground hacking forums that the thieves had obtained millions of credit card numbers, but Sony maintains that this is untrue. "There is no evidence that our main credit card database was compromised. It is in a completely separate and secured environment," Sony said Monday.
(Martyn Williams in Tokyo contributed to this story.)
Robert McMillan covers computer security and general technology breaking news for The IDG News Service. Follow Robert on Twitter at @bobmcmillan. Robert's e-mail address is robert_mcmillan@idg.com


text:
Click to copyhttps://apnews.com/b4db3b5760d441e2a6d69f3b627cc637
Electrical problems cause multiple rail delays, suspensions
NEWARK, N.J. (AP) — A series of electrical problems has caused delays and service suspensions for trains on the northeast corridor through New York.
Amtrak says an overhead power problem between Trenton and Philadelphia on Wednesday morning caused train stoppages between Philadelphia and New York. Three trains were stuck in the Hudson River tunnel between New Jersey New York during that time.
A second power outage north of New York around noon caused another short suspension of service. Travelers also were affected by a problem with a transformer near New Brunswick.
Amtrak was reporting residual delays as long as two hours at 2 p.m.
New Jersey Transit reports delays up to an hour on its Northeast Corridor and North Jersey Coast lines.


text:
Nelbener Grund und Georgsburg ist ein Naturschutzgebiet in der Kleinstadt Könnern im Salzlandkreis in Sachsen-Anhalt.

Das Naturschutzgebiet mit dem Kennzeichen NSG 0084 ist rund 8 Hektar groß. Es ist Bestandteil des FFH-Gebietes "Saaledurchbruch bei Rothenburg" und vom Landschaftsschutzgebiet "Saale" umgeben. Das Gebiet steht seit 1967 unter Schutz (Datum der Verordnung: 11. September 1967). Zuständige untere Naturschutzbehörde ist der Salzlandkreis.

Das Naturschutzgebiet liegt westlich von Könnern im Naturpark Unteres Saaletal. Es stellt einen circa 40 Meter hohen, nach Westen bzw. Süden exponierten Steilhang des Saalberges sowie einen Teil des Nelbener Grundes, ein tief eingeschnittenes Erosionstal, am rechten Ufer der Saale in deren Durchbruchstal unter Schutz. Auf den Hängen siedeln Trocken- und Halbtrockenrasengesellschaften. So sind Thymian-Blauschwingelrasen aus Rankern, Mauerpfefferfluren und Therophytengesellschaften auf Felsstandorten bzw. Wimperperlgrasfluren auf Skelettböden, Berggamander-Blauschwingelfluren auf flachgründigen Kalkstandorten und Pfriemengrasgesellschaften auf tiefgründigen Lößstandorten. Bemerkenswerte Pflanzen im Schutzgebiet sind Bodentragant, Schmalblütige Traubenhyazinthe, Steppenfenchel, Gelber Zahntrost, Zottiger Spitzkiel, Gewöhnliches Nadelröschen, Haarpfriemengras und Bartgras. Auf einer von Norden in das Naturschutzgebiet hineinragenden Kupferschieferhalde siedeln Kupferblümchen und Hallers Grasnelke.

Im Naturschutzgebiet sind u. a. Grünspecht, Wendehals, Neuntöter, Nachtigall, Pirol und Sperbergrasmücke heimisch. Auch verschiedene Schmetterlinge sowie Schnecken wie Wulstige Kornschnecke, Zylinderwindelschnecke und Kleine Glattschnecke sind zu finden.

Die Rasenflächen des Naturschutzgebietes verbuschen durch Schlehen- und Ligustergebüsche zunehmend.

Das Naturschutzgebiet grenzt auf der Plateaufläche des Saalberges an Ackerflächen. Im Saaletal grenzt es an einen Gleisanschluss.

Weblinks
 Nelbener Grund und Georgsburg, Landesverwaltungsamt Sachsen-Anhalt

Naturschutzgebiet im Salzlandkreis
Geographie (Könnern)
Schutzgebiet (Umwelt- und Naturschutz) in Europa


text:
HUD Took a Strong Stance Against Local Control and Hardly Anyone Noticed
Earlier this year, the U.S. Department of Housing and Urban Development devoted an entire issue of a quarterly newsletter to land use regulations and the idea that local laws are strangling the nation's supply of affordable housing.
August 1, 2018 - James Brasuell
Louisiana State Senate Votes to Preempt Locals on Inclusionary Zoning
Earlier this week, the Louisiana State Senate approved SB 462, which preempts local authorities from approving inclusionary zoning.
April 13, 2018 - The New Orleans Advocate
Tennessee Legislature Blocks Nashville's 2016 Inclusionary Zoning Policy
Republicans in the Tennessee State Legislature made sure Nashville will never know if its inclusionary zoning policy would have delivered affordable housing in the city.
April 2, 2018 - Tennessean
'By-Right' Housing Law a Shot in the Arm for California Housing Developments
The effect of SB 35 on development projects in California might be more significant than YIMBYs have imagined, after a second project forges ahead confident in the support of state law for a large development.
March 28, 2018 - The Mercury News
National League of Cities to Study State Preemption of Local Laws
The mission of the National League of Cities is to advocate for cities—and the organization is now gathering evidence to push back on growing amount of state preemption of local control.
March 27, 2018 - CitiesSpeak
More National Attention Focused on Controversial California Housing Bill
Conor Dougherty, a Bay Area-based New York Times economics reporter, and Brad Plumer, a Times climate reporter, team-up to tackle the controversy surrounding SB 827 that has hit a raw nerve with groups that purport to support the bill's goals.
March 20, 2018 - The New York Times
Amendments Proposed for California's Landmark Pro-Housing Development Legislation
Amendments are circulating for one of the most-closely watched, and passionately debated, pieces of housing legislation in the country.
March 5, 2018 - Medium
Detroit Approves Moratorium on New Marijuana Dispensaries
Michigan voters decided that the Detroit City Council shouldn't have as much power to limit marijuana in their city, so the Detroit City Council shut it all down.
February 15, 2018 - The Detroit Free Press
A Pro-Housing Policy List of Your Wildest YIMBY Dreams
This list is a wishlist of the most ambitious possible YIMBY political platform.
January 14, 2018 - Urbanize LA
Governor's Veto Gives Locals Control Over 5G Infrastructure in California
A bill designed to streamline the implementation of 5G Internet infrastructure onto public poles and lights has been vetoed by California Governor Jerry Brown.
October 16, 2017 - Los Angeles Times
Subscribe to State Control


If you apply a fresh coat of varnish or sealer as soon as the finish starts to dull or show signs of wear and touch up nicks, your work will be very easy and your profit margin sustainable.
You'll want to wear a nice set of protective gloves, long pants and a long sleeve shirt. Some of these products will have some strong acids in them, which are used to de-clean the teak.
With a very stiff brush, do not use a wire brush, or try using bronze wool or stainless steel wool but not steel wool, begin usually with the step one cleaner. Apply on a wet surface, the wet teak, scrub in thoroughly, rinse, and let dry for a couple of minutes.
You can either progress onto the last step after letting this dry thoroughly usually taking several hours, or you may proceed to lighten the teak wood as some people like it with a step two product which kind of bleaches the wood out.
Basically it is the same as you do with step one. You put it on a wet surface, scrub gently, rinse and let dry.
Teak must be extremely dry before applying any of the teak oil. Putting oil on teak that is not completely dry will result in splotchiness and an uneven finish. Properly cleaned teak will be tan in color. If it is grey it isn't clean enough. Remember that teak will begin to oxidize within an hour or two so treat it right away. Before applying any products to teak, make sure you know how the teak has been taken care of in the past. Be sure not to get any cleaners on adjacent surfaces such as fiberglass, polished metals or aluminum moldings. If it is varnished or has been varnished in the past, using the steps described previously will not work.
Applying a teak oil or sealer is a lot easier than applying varnish. There is no industry-wide standard that spells out the difference between a teak 'sealer' and a teak 'oil', so merely seeing these words in a product's name is not always an accurate indicator of how one product differs from another. Both are penetrating finishes that are designed to soak in to the pores of the wood and leave a matte finish. Broadly speaking, a teak sealer is supposed to contain more solids than a teak oil, which leads some manufacturers to claim that the sealer will require fewer coats or will last longer. However, some products labeled teak sealers do not last any longer than those that are labeled as teak oils - and some oils actually may last longer than some sealers.
All tend to darken the wood somewhat, but the amount of darkening will vary considerably from one brand to another.
The only way to tell how much a particular finish will darken your teak is to try it on a small area, or see what it looks like on someone else's boat. Most of these oils and sealers will oxidize and darken over time, so the color may change as the finish ages. All of these oils and sealers are difficult to remove from fiberglass, gel coat and painted surfaces after they dry, so be very careful to avoid runs, drips and smears when applying them. Masking tape helps, but don't trust it too much. Some of the oils have such a low viscosity that they will work their way under the tape. In addition, many will soften the adhesive on the tape. Your best protection is to wipe off smears and drips immediately. You can apply it with an inexpensive throw-away foam-type brush or even a sponge mop or roller. There is never a worry about brush marks. If you really want to go fast use a long handled mop sponge.
Another idea is to use a mixture of half turpentine and half boiled linseed oil. Shake mixture well. Pour a small amount of this potion onto a rag and rub back and forth in the direction of the wood grain. If you put too much teak oil on, don't worry. Sprinkle on corn starch to absorb excess stain and oil. Allow to sit one hour and then dust off. You'll find it shiny underneath. Teak oils and sealers should be re-applied every six to eight weeks. If you do not have a lot of experience in revarnishing, you are advised not to recommend this as it requires a long learning curve and very expensive products to do this and is very time consuming.
However, if you are good at working with wood and you have the patience, please contact the home office for some of the procedures on how to do it and some of the recommended products.
As mentioned, unless you have gone through an extensive training program and have practiced a lot on teak that is not on an actual boat, it is definitely not recommended that you try varnishing and all the steps involved with it. The good news is that the marine industry is working currently on a system to radically reduce the time for reconditioning teak with a minimal of products. This will be available soon.
When using the cleaning products on teak, always be careful to keep them away from the gel coat and other striping as they sometimes can stain. Make sure you wet the area down when you are doing it and if you are ever going to redo teak, make sure that it's done as the first step before you start on the rest of the boat. You may even wish to tape off an area with high grade masking tape. That way by the time it dries, you are able to apply the teak oil or other coatings as a last step.


Welcome to Miners Den Bendigo part of Miners Den Australia network of recreational prospecting and fossicking supplies. As Australia's largest distributor of world class Minelab metal detectors you get the convenience of buying from one of our five dedicated stores located in Melbourne, Bendigo, Sydney, Adelaide and Brisbane. You can also purchase through our online store and be confident your product will arrive promptly and packed with care.


In this two-year series of workshops in Southern Ontario we will explore traditional Yang-style Taijiquan push-hands curriculum in an integrated and dynamic way. Friday night we will playfully explore push hands in various 'free-style' formats preparing us for learning and reviewing classical material. Prepare to be challenged, inspired, and renewed in your taijiquan!
Times: Fri 7-9:30 p.m.; Sat & Sun 10 a.m. - 6 p.m.
Cost: Full weekend $275; Sat & Sun $250; Friday night only $50.


Anytun is included in Ubuntu, Debian, Arch Linux and Gentoo. For other distributions please use the source package.
Anytun depends on Boost and OpenSSL, GCrypt or Nettle.
OpenSSL, GCrypt, Nettle and Boost are included in all major Linux distributions.


Available to study a PhD in the School of Social & Political Science in the College of Social Sciences under the supervision Dr Sarah Armstrong (Sociology, School of Social & Political Sciences).
Please see ESRC Data Sets Studentship for more details.
Home/EU applicants are eligible to apply.


The French Group has been retained by Mission Health, one of the nation's top health systems, to identify exceptional candidates for this newly created position.
The VP Health Plan Solutions is an experienced health plan operations executive who will be expected to generate significant impact through the strategic and tactical direction of a health benefits company. This position will report directly to the SVP of Health Plan Solutions and will serve as a member of the executive team. The VP Health Plan Solutions will have oversight of Provider Network Operations, Contracting, Provider Practice Improvement, Accreditation, Compliance, Medical Cost Management and all strategic external vendor relationships.
This is a highly visible and strategic position requiring exceptional leadership skills and substantial experience in health plan or integrated clinical network operations. The VP Health Plan Solutions is a critical business leader thus requiring superior interpersonal, negotiation, influencing and presentation skills. The successful candidate will have a creative mind with an entrepreneurial spirit and a passion for making a difference. A proven track record for product development and performance improvement is strongly preferred.
Bachelor's degree in a business discipline required; advanced degree is highly preferred.


text:
var express = require('express');
var cookieParser = require('cookie-parser');
var bodyParser = require('body-parser');
var session = require('cookie-session');

///////////////////////////////////////////////////////////////////////////////////////// MIDDLEWARE

var app = express();

// Needed to handle JSON posts
app.use(bodyParser.json());

// Cookie parsing needed for sessions
app.use(cookieParser('notsosecretkey'));

// Session framework
app.use(session({secret: 'notsosecretkey123'}));

// Consider all URLs under /public/ as static files, and return them raw.
app.use(express.static(__dirname + '/public'));

/////////////////////////////////////////////////////////////////////////////////////////// HANDLERS

function getName(req, res) {
    if (req.session.name) {
        return res.json({ name: req.session.name });
    }
    else {
        return res.json({ name: '' });
    }
}

function setName(req, res) {
    if(!req.body.hasOwnProperty('name')) {
        res.statusCode = 400;
        return res.json({ error: 'Invalid message' });
    }
    else {
        req.session.name = req.body.name;
        return res.json({ name: req.body.name });
    }
}

function logout(req, res) {
    req.session = null;
    return res.json({});
}

///////////////////////////////////////////////////////////////////////////////////////////// ROUTES

app.get('/name', getName);
app.post('/name', setName);
app.get('/logout', logout);

////////////////////////////////////////////////////////////////////////////////////// SERVER LISTEN
var port = process.env.PORT || 3000;
app.listen(port, function () { console.log("Listening on port " + port); });/**
 * Created by Jeevjyot on 7/7/16.
 */

redpajama_set_name: RedPajamaGithub


or you are welcome to bring cash or a check (payable to BEAM) to the event.
community on the labyrinth, with live music provided by Dennis & Kathy Lang and John Guinta.
BEAM's (Beaches Emergency Assistance Ministry) mission is to help families through emergencies and guide them to self-sufficiency via financial assistance, food pantry, thrift store, and grace garden – which provided over 10,000 lbs of fresh produce to their clients last year!
Labyrinth opens for walking meditation.
6:00 The music continues for our all-levels vinyasa experience in the round with Melissa.
7:00 Learn about BEAM, walk the Labyrinth again, and enjoy the good vibes you have created!
We will have some light refreshments, and you are welcome to bring something to share as we enjoy our sacred space.


On Saturday, Oct 20, 2012 I will be sea kayaking 9.5 miles around Angel Island on San Francisco Bay in support of Environmental Traveling Companions (ETC) accessible outdoor adventure programs for people with disabilities and economically disadvantaged youth.
I have set a personal goal of raising $3,000 and am asking you to support me by making a contribution. The awesome news is that every dollar I raise will be MATCHED by Planet Granite Gym up to a total of $40,000! All sponsorships are tax-deductible and you will be formally acknowledged with a thank you letter from ETC after the event. www.
Since 1972, ETC has been opening the doors to wilderness adventures for over 62,000 individuals with special needs. Last year alone, ETC's family of volunteer guides led 2,100 people with disabilities and low-income youth on exciting and educational sea kayaking, whitewater rafting and cross-country skiing adventures. I deeply believe in ETC's mission and I hope you will assist me in my efforts to raise money on their behalf.
Thank you for joining me in support of keeping outdoor adventures accessible to everyone in our communities!
... I have set a personal goal of raising $3,000 and am asking you to support me by making a contribution. The awesome news is that every dollar I raise will be MATCHED by Planet Granite Gym up to a total of $40,000! All sponsorships are tax-deductible and you will be formally acknowledged with a thank you letter from ETC after the event. www.


The Agender Oil from NOTO Botanics is an organic hemp oil infused with vetiver and lavender to soften, protect, and subtly perfume hair. This oil is multi-use and can be massaged into face or body as a soothing scent. 2oz.


Construction of Western Interceptor Sewer Sewage Pumping Station and approximately 6km long Western Interceptor Sewer (WIS). WIS consists of 2.5 km long x DN 1800 concrete gravity mains, 1.5 km long x DN 900 HDPE twin rising mains with DN 1400 sleeve pipe, and 2 km long twin cell box culvert.
Contract No. HY/2004/09 Improvements to San Tin Interchange, N.T.


Each year Madura Tea Estates receive numerous requests for assistance. As we only have limited resources available, we cannot support all applications. Only submissions that deliver a suitable commercial or community benefit will progress to evaluation. Each application is assessed individually, based on our marketing guidelines and the event's merits.
How shall we help each other?
Due to the large volume of sponsorship and donation requests received on a monthly basis all applications must be submitted online or in writing and received at least 90 days in advance.